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Finance Act 2001

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This is the original version (as it was originally enacted).

Artificially inflated claims for deduction, relief or tax credit

29(1)To the extent that a transaction is attributable to arrangements entered into wholly or mainly for a disqualifying purpose, it shall be disregarded in determining for an accounting period the amount of—

(a)any deduction for capital expenditure which is allowed under paragraph 1,

(b)any land remediation relief to which a company is entitled under paragraph 12,

(c)any land remediation tax credit to which a company is entitled under paragraph 14,

(d)any relief to which a company carrying on life assurance business is entitled under paragraph 22, and

(e)any life assurance company tax credit to which such a company is entitled under paragraph 24.

(2)Arrangements are entered into wholly or mainly for a “disqualifying purpose” if their main object, or one of their main objects, is to enable a company to obtain—

(a)a deduction for capital expenditure which would not otherwise be allowed or of a greater amount than that which would otherwise be allowed;

(b)land remediation relief to which the company would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled;

(c)a land remediation tax credit to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled;

(d)relief under paragraph 22 to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled; or

(e)a life assurance company tax credit to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled.

(3)In this paragraph “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.

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