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Energy Act 2004

Part 6 – Supplemental provisions of Schedule 9

570.Paragraph 35 enables the NDA to be treated as a company for the purposes of the capital gains tax rules applying to groups of companies. Similarly it enables the NDA to be a company for the purposes of the intangible fixed assets rules. This confirms that the NDA is to be taxed as if it were an ordinary company – subject to the special rules that are in this Act.

571.Paragraph 36 has the effect of removing the possibility of re-basing elections being made for assets held by an entity as at 31 March 1982 to the extent a disposal is made in accordance with paragraph 3, 18, 29 or 32 of this Schedule.

572.Paragraph 37 provides a list of definitions of terms used in this Schedule.

573.The paragraph also clarifies that Schedule 9 should be construed as one with the Corporation Tax Acts and the 2001 Act in respect of capital allowances.

574.The paragraph provides that the Board of Inland Revenue is to determine whether an asset is part of BNFL’s ‘Nuclear Liabilities Investment Portfolio’ after consulting the Secretary of State. This is for the purpose of paragraph 4(1) of the Schedule (the exclusion of Portfolio assets from the nil acquisition cost rule for capital gains). It does not apply for the purposes of section 42 of the Act. Whether an asset is part of the Portfolio for those purposes is determined under subsection (6) of section 42.

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