Search Legislation

Corporation Tax Act 2009

Changes over time for: Cross Heading: BLAGAB company tax credits

 Help about opening options

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Corporation Tax Act 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to Part 14 Chapter 4 Crossheading Life-assurance-company-tax-credits:

  • S 1217N(3) modified by 2010 c. 4 s. 357UI (as inserted) by 2015 c. 21 s. 1

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

[F1BLAGAB] company tax creditsU.K.

Textual Amendments

F1Words in s. 1164 cross-heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 200

1164Entitlement to tax creditU.K.

(1)A company is entitled to [F2a BLAGAB tax credit] for an accounting period if it has a [F3qualifying BLAGAB loss] in the period (see section 1165).

(2)For the company to obtain [F4a BLAGAB tax credit] in respect of all or part of the [F5qualifying BLAGAB loss] it must make a claim.

(3)The amount of [F6a BLAGAB tax credit] to which the company is entitled is determined in accordance with section 1166.

(4)See also section 1168, which restricts the carry forward of expenses payable where a company claims [F7a BLAGAB tax credit].

Textual Amendments

F2Words in s. 1164(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(2)(a)

F3Words in s. 1164(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(2)(b)

F4Words in s. 1164(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(2)(a)

F5Words in s. 1164(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(2)(b)

F6Words in s. 1164(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(3)

F7Words in s. 1164(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 201(3)

1165Meaning of [F8“qualifying BLAGAB loss”] U.K.

(1)For the purposes of this Chapter a company has a [F9“qualifying BLAGAB loss”] in an accounting period (“the relevant accounting period”) if in the period—

(a)it is entitled to relief under section 1161 [F10or 1162], and

(b)an amount falls to be carried forward to a subsequent accounting period under [F11section 73 of FA 2012 as excess BLAGAB expenses].

(2)In determining for the purposes of subsection (1)(b) whether there is an amount which falls to be carried forward to a subsequent accounting period under [F12section 73 of FA 2012 as excess BLAGAB expenses], no account is to be taken of the amounts specified in subsection (3).

(3)Those amounts are amounts—

(a)brought forward from an earlier accounting period, and

[F13(b)taken into account in calculating for the purposes of section 73 of FA 2012 the amount of adjusted BLAGAB management expenses of the company for the relevant accounting period as a result of—

(i)the previous application of section 73 or 93 of FA 2012, or

(ii)the carry forward to the relevant accounting period of an amount under section 391 of this Act (surplus deficit).]

(4)The amount of the [F14qualifying BLAGAB loss] is—

(a)the amount which falls to be carried forward as mentioned in subsection (1)(b), or

(b)if less, 150% of the qualifying Chapter 4 expenditure in respect of which the relief was obtained.

Textual Amendments

F8Words in s. 1165 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(6)

F9Words in s. 1165(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(2)(a)

F10Words in s. 1165(1)(a) inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 15

F11Words in s. 1165(1)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(2)(b)

F12Words in s. 1165(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(3)

F13S. 1165(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(4)

F14Words in s. 1165(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 202(5)

1166Amount of tax creditU.K.

(1)The amount of the [F15BLAGAB tax credit] to which a company is entitled for an accounting period is 16% of the amount of the [F16qualifying BLAGAB loss] for the period.

(2)The Treasury may by order replace the percentage for the time being specified in subsection (1) with a different percentage.

(3)An order under subsection (2) may contain incidental, supplemental, consequential and transitional provision and savings.

Textual Amendments

F15Words in s. 1166(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 203(a)

F16Words in s. 1166(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 203(b)

1167Payment of tax credit etcU.K.

(1)The provisions mentioned in subsection (2) have effect in relation to [F17a BLAGAB tax credit] subject to the modifications set out in subsection (3).

(2)The provisions referred to in subsection (1) are—

  • section 1151(4) (payment of tax credit by officer of Revenue and Customs);

  • section 1155 (supplementary provision about payment of tax credit);

  • section 1156 (tax credit payment not income of company);

  • section 1157 (qualifying expenditure excluded for capital gains purposes).

(3)The modifications referred to in subsection (1) are as follows—

(a)for any reference to a land remediation tax credit substitute a reference to [F18a BLAGAB tax credit], and

(b)in section 1157(2) for the reference to qualifying land remediation expenditure substitute a reference to qualifying Chapter 4 expenditure.

Textual Amendments

F17Words in s. 1167(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 204

F18Words in s. 1167(3)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 204

1168Restriction on carrying forward expenses payable where tax credit claimedU.K.

(1)This section applies if a company claims [F19a BLAGAB tax credit] to which it is entitled for an accounting period.

(2)For the purposes of [F20section 73 of FA 2012] the amount which may be—

(a)carried forward from the accounting period under [F21that section as excess BLAGAB expenses], and

(b)brought into account in accordance with [F22step 5 in section 76 of FA 2012],

is treated as reduced by the amount of the surrendered loss for the period.

(3)The “amount of the surrendered loss” for the period means the amount of the [F23qualifying BLAGAB loss] in respect of which the land remediation tax credit is claimed for the period.

Textual Amendments

F19Words in s. 1168(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(2)

F20Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(a)

F21Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(b)

F22Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(c)

F23Words in s. 1168(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(4)

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources