Deferment of balancing charges: supplementary provisionsU.K.
155 Change in the persons carrying on the qualifying activityU.K.
(1)This section applies if—
(a)a person is carrying on the qualifying activity previously carried on by the shipowner, and
[F1(b)the only changes in the persons carrying on the qualifying activity since the shipowner carried it on are changes—
(i)which do not involve all of the persons carrying it on before the changes permanently ceasing to carry it on, or
(ii)in respect of which the qualifying activity is treated as continuing under section 343(2) of ICTA.]
(2)For the purposes of the deferment rules—
(a)expenditure incurred by a person mentioned in subsection (1)(a) for the purposes of the qualifying activity is to be treated as incurred by the shipowner, and
(b)in relation to the giving of any notice, a reference to the shipowner is to be read as a reference to the person carrying on the qualifying activity when the notice is given or is required to be given.
Textual Amendments
F1 S. 155(1)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 543 (with Sch. 2 )
156 Connected personsU.K.
(1)For the purposes of the deferment rules a person (“B”) is connected with another person (“A”) at any time if, at that time—
(a)B is connected (in the sense given in section 839 of ICTA) with A,
(b)B is carrying on a qualifying activity previously carried on by A and the condition in subsection (2) is met, or
(c)B is connected (in the sense given in section 839 of ICTA) with a person who is carrying on a qualifying activity previously carried on by A and the condition in subsection (2) is met.
[F2(2)The condition is that the only changes in the persons carrying on the qualifying activity since A carried it on are changes—
(a)which do not involve all of the persons carrying it on before the changes permanently ceasing to carry it on, or
(b)in respect of which the qualifying activity is treated as continuing under section 343(2) of ICTA.]
(3)If expenditure is incurred by a person who is not the shipowner, the persons connected with him at any time include any person connected with the shipowner at that time as a result of subsection (1).
Textual Amendments
F2 S. 156(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 544 (with Sch. 2 )