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Corporation Tax Act 2009

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Changes and effects yet to be applied to Part 14 Chapter 4 Crossheading Relief-for-qualifying-chapter-4-expenditure:

  • 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):

Relief F1...U.K.

Textual Amendments

F1Words in Pt. 14 Ch. 4 cross-heading omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(8)

1161Relief in respect of I minus E basis: F2... expenses payableU.K.

(1)A company is entitled to relief for an accounting period if conditions A, B and C are met.

(2)Condition A is that [F3a major interest in] land in the United Kingdom is a management asset of the company.

[F4(3)Condition B is that—

(a)in the case of land in a contaminated state, the land was in a contaminated state at the time of the acquisition by the company of a major interest in the land, and

(b)in the case of land in a derelict state, the land was in a derelict state throughout the period beginning with the earlier of—

(i)1 April 1998, and

(ii)the date on which a major interest in the land was first acquired by the company or a person who was connected with the company.

(3A)The Treasury may by order—

(a)specify circumstances in which the condition in paragraph (a) of subsection (3) need not be met, or

(b)replace the date for the time being specified in paragraph (b)(i) of that subsection with a later date.

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

(4)Condition C is that the company incurs qualifying [F5land remediation] expenditure in the accounting period in respect of the land F6....

F7(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)The relief is that the company may treat F8... the qualifying Chapter 4 expenditure as expenses payable which fall to be brought into account for the accounting period at Step 1 in [F9section 76 of FA 2012] (deduction for expenses payable).

(7)For the purposes of this section land is a management asset of a company if it is—

(a)an asset provided for use or used for the management of [F10basic life assurance and general annuity business] carried on by the company, or

(b)an asset in respect of which expenditure is being incurred with a view to such use by the company.

Textual Amendments

F2Word in s. 1161 heading omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(7)

F3Words in s. 1161(2) inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 12(2)

F4S. 1161(3)-(3B) substituted for s. 1161(3) (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 12(3)

F5Words in s. 1161(4) substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 12(4)(a)

F6Words in s. 1161(4) omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(4)(b)

F7S. 1161(5) omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(5)

F8Words in s. 1161(6) omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(6)

F9Words in s. 1161(6) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 198(2)

F10Words in s. 1161(7)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 198(3)

[F111162Additional reliefU.K.

(1)If a company is entitled to relief under section 1161 for an accounting period it is also entitled to relief under this section for the period.

(2)For the company to obtain the relief it must make a claim.

(3)The relief is that the company may treat 50% of the qualifying Chapter 4 expenditure [F12for the purposes of section 76 of FA 2012 as deemed BLAGAB management expenses for the accounting period].

(4)For the purposes of this Chapter “the qualifying Chapter 4 expenditure” means—

(a)the company's qualifying land remediation expenditure for the accounting period, less

(b)the amount (if any) [F13of the expenditure which, for the purposes of section 76 of FA 2012, is not an ordinary BLAGAB management expense of the company referable to the accounting period as a result of the application of section 77(2)(b) of that Act].]

Textual Amendments

F11S. 1162 substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 13

F12Words in s. 1162(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 199(2)

F13Words in s. 1162(4)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 199(3)

1163No relief if company responsible for contamination [F14or dereliction or polluter has interest]U.K.

[F15(1)]A company is not entitled to relief under section 1161 [F16or 1162] in respect of expenditure on land all or part of which is in a contaminated [F17or derelict state if the land is in a contaminated or derelict] state wholly or partly as a result of any thing done, or omitted to be done, at any time by—

(a)the company, or

(b)a person with a relevant connection to the company (see section 1178).

[F18(2)A company is not entitled to relief under this Chapter in respect of expenditure on land all or part of which is in a contaminated or derelict state if—

(a)the land is in that state wholly or partly as a result of any thing done, or omitted to be done, by a person not within subsection (1), and

(b)that person, or a person connected with that person, has a relevant interest in the land.

(3)For the purposes of subsection (2) a person has a relevant interest in land if—

(a)the person holds any interest in, right over or licence to occupy the land (including an option to acquire any such interest, right or licence in any circumstances), or

(b)has disposed of any estate or interest in the land for a consideration that to any extent reflects the impact, or likely impact, on the value of the land of the remediation of its contamination or dereliction.]

Textual Amendments

F14Words in s. 1163 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 14(5)

F15S. 1163(1): s. 1163 renumbered as s. 1163(1) (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 14(2)

F16Words in s. 1163(1) inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 14(3)(a)

F17Words in s. 1163(1) substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 14(3)(b)

F18S. 1163(2)(3) inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 14(4)

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