PART 2CONSEQUENTIAL AMENDMENTS TO PRIMARY LEGISLATION COMING INTO FORCE ON 6TH APRIL 2008
The Income and Corporation Taxes Act 1988 (c. 1)
Introduction6
The Income and Corporation Taxes Act 1988 is amended as follows.
Reduction of vendor’s interest as shareholder7
In section 221(7) for “Part VIII of the Companies Act 1985” substitute “Part 23 of the Companies Act 2006”.
Insurance companies: long term business other than life assurance business8
In section 432YA(5)3, in the definition of “long term business provision”, for “Schedule 9A to the Companies Act 1985” substitute “Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008”.
Insurance companies: apportionment of income and gains9
In section 432A(8A)4, in the definition of a reattribution that is “relevant”, for “section 425 of the Companies Act 1985” substitute “Part 26 of the Companies Act 2006”.
Share loss relief: the unquoted status requirement10
In section 576H(3)5 (the unquoted status requirement) for the definition of debenture substitute—
“debenture” has the meaning given by section 738 of the Companies Act 2006,
Interpretation of sections 765 to 76711
In section 767(5) for the definition of ““share”, “debenture” and “director”” substitute—
“share” has, in relation to any body corporate, the meaning given by Part 26 of the Companies Act 1985 in relation to a company;
“debenture” has, in relation to any body corporate, the meaning given by section 738 of the Companies Act 2006 in relation to a company;
“director” has, in relation to any body corporate, the meaning given by section 250 of the Companies Act 2006 in relation to a company;
Interpretation of section 804C in relation to other insurance business12
In section 804E(7)6 for paragraph (b) substitute—
b
in the provisions of section B of Part 1 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (the required formats) which relate to the profit and loss account format (within the meaning of sub-paragraphs (1) and (2) of paragraph 1 of that Schedule),
Interpretation of the Corporation Tax Acts13
In section 834(1)7, in the definition of “statutory insolvency arrangement”, for paragraph (b) substitute—
b
a compromise or arrangement that has taken effect under Part 26 of the Companies Act 2006, or
Cases where section 747(3) does not apply14
1
Amend Schedule 258 as follows.
2
In paragraph 11A—
a
for sub-paragraph (4) substitute—
4
“Insurance group” shall be construed in accordance with section 1165(5) of the Companies Act 2006, but does not include such an insurance group if it falls within sub-paragraph (5) below.
b
in sub-paragraph (5) omit the words “(within the meaning of that Part as so read)”.
3
In paragraph 11B(3)—
a
in paragraph (a) for “section 247(5) of that Act 1985 or Article 255(5) of that Order” substitute “sections 382(5) and 465(5) of the Companies Act 2006”;
b
in paragraph (b) for “section 262(1) of that Act 1985 or Article 270(1) of that Order” substitute “section 474(1) of that Act”;
c
in paragraph (c) for “section 247(6) of that Act 1985 or Article 255 of that Order” substitute “sections 382(6) and 465(6) of that Act”.
Provisions not at arm’s length15
In paragraph 5A of Schedule 28AA9 for sub-paragraph (4) substitute—
4
In this paragraph “dormant” has the same meaning as in section 1169 of the Companies Act 2006.