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Corporation Tax Act 2009

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Section 1322

SCHEDULE 1E+W+S+N.I.Minor and consequential amendments

This schedule has no associated Explanatory Notes

Part 1E+W+S+N.I.Income and Corporation Taxes Act 1988

1The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.E+W+S+N.I.

2(1)Amend section 6 (the charge to corporation tax and exclusion of income tax and capital gains tax) as follows.E+W+S+N.I.

(2)Omit subsections (1) to (3).

(3)In subsection (4) omit the words from “, sections” to “248”.

(4)Omit subsection (4A).

3Omit section 8 (general scheme of corporation tax).E+W+S+N.I.

4(1)Amend section 9 (computation of income: application of income tax principles) as follows.E+W+S+N.I.

(2)Omit subsections (1) to (4).

(3)In subsection (5) omit “, by virtue of this section or otherwise,”.

(4)Omit subsection (6).

5In section 11 (companies not resident in United Kingdom) omit subsections (1) to (2A).E+W+S+N.I.

6Omit section 11AA (determination of profits attributable to permanent establishment).E+W+S+N.I.

7Omit section 12(1) to (7ZA) and (9) (basis of, and periods for, assessment).E+W+S+N.I.

8Omit section 15 (Schedule A).E+W+S+N.I.

9Omit section 18 (Schedule D).E+W+S+N.I.

10Omit section 21A (computation of amount chargeable under Schedule A).E+W+S+N.I.

11Omit section 21B (application of other rules applicable to Case I of Schedule D).E+W+S+N.I.

12Omit section 21C (the Schedule A charge and mutual business).E+W+S+N.I.

13(1)Amend section 24 (construction of Part 2) as follows.E+W+S+N.I.

(2)In subsection (1)—

F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)omit the definition of “premium”.

(3)Omit subsections (2) to (4).

(4)In subsection (5) omit the definitions of “intermediate landlord”, “premium” and “reversion”.

(5)Omit subsection (6)(a).

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1Sch. 1 para. 13(2)(a) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) and said provision also repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22)

14Omit section 30 (expenditure on making sea walls).E+W+S+N.I.

15Omit sections 31ZA to 31ZC (deductions for expenditure on energy-saving items).E+W+S+N.I.

16Omit sections 34 to 39 (premiums, leases at undervalue etc).E+W+S+N.I.

17Omit section 40 (tax treatment of receipts and outgoings on sale of land).E+W+S+N.I.

18(1)Amend section 42 (appeals against determinations under sections 34 to 36 of ICTA etc) as follows.E+W+S+N.I.

(2)Omit subsection (1)(a) and the “or” immediately after it.

(3)In the title omit “sections 34 to 36 or”.

19Omit section 46 (savings certificates and tax reserve certificates).E+W+S+N.I.

20Omit section 53 (farming and other commercial occupation of land (except woodlands)).E+W+S+N.I.

21Omit section 55 (mines, quarries and other concerns).E+W+S+N.I.

22(1)Amend section 56 (transactions in deposits with and without certificates or in debts) as follows.E+W+S+N.I.

(2)In subsection (2) for the words from “annual” to the end substitute “ an amount to which the charge to corporation tax on income applies ”.

(3)In subsection (4B) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of CTA 2009 ” and “ that Part ” respectively.

23Omit section 70 (basis of assessment etc).E+W+S+N.I.

24Omit section 70A (Case V income from land outside UK).E+W+S+N.I.

25Omit section 72 (apportionments etc for purposes of Cases I, II and VI).E+W+S+N.I.

26Omit section 74 (general rules as to deductions not allowable).E+W+S+N.I.

27Omit section 75 (expenses of management: companies with investment business).E+W+S+N.I.

28Omit section 75A (accounting period to which expenses of management are referable).E+W+S+N.I.

29Omit section 75B (amounts reversing expenses of management deducted: charge to tax).E+W+S+N.I.

30(1)Amend section 76 (expenses of insurance companies) as follows.E+W+S+N.I.

(2)In subsection (1) for “section 75 is not to apply” substitute “ sections 1219 to 1223 of CTA 2009 (expenses of management of a company's investment business) do not apply ”.

(3)In subsection (2) for the words from “paragraph 4(2)” to the end substitute “ section 388 of CTA 2009 (basic rule: deficit set off against income and gains of deficit period) ”.

(4)In subsection (4) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.

(5)At Step 2 in subsection (7)—

(a)in paragraph (a) for “in computing income for the purposes of Schedule A” substitute “ in computing, for corporation tax purposes, the profits of a UK property business ”, and

(b)in paragraph (c) for “section 121(3)” substitute “ section 272 of CTA 2009 ”.

(6)At Step 3 in subsection (7)—

(a)omit the entries relating to—

(i)paragraph 4(4)(b) of Schedule 11 to the Finance Act 1996,

(ii)paragraph 23 of Schedule 22 to the Finance Act 2001,

(iii)paragraph 13(2) of Schedule 12 to the Finance Act 2002, and

(iv)paragraph 36(3) of Schedule 29 to that Act, and

(b)at the end insert—

section 391(3)(b) of CTA 2009 (carried forward non-trading deficit on loan relationships);

section 1080(2) of CTA 2009 (30% additional deduction for qualifying R&D expenditure of company carrying on life assurance business);

section 1161 of CTA 2009 (150% relief for remediation expenditure on contaminated land owned by company carrying on life assurance business).

31After section 76 insert—E+W+S+N.I.

Payments for restrictive undertakingsE+W+S+N.I.

76ZAPayments for restrictive undertakings

(1)This section applies if a payment—

(a)is treated as earnings of an employee by virtue of section 225 of ITEPA 2003 (payments for restrictive undertakings), and

(b)is made, or treated as made for the purposes of section 226 of that Act (valuable consideration given for restrictive undertakings), by a company in relation to which section 76 applies.

(2)The payment is treated as expenses payable which fall to be brought into account at Step 1 in section 76(7), so far as it otherwise would not be.

32After section 76ZA insert—E+W+S+N.I.

Seconded employeesE+W+S+N.I.

76ZBEmployees seconded to charities and educational establishments

(1)This section applies if a company to which section 76 applies makes the services of a person employed for the purposes of the company's life assurance business available to—

(a)a charity, or

(b)an educational establishment,

on a basis that is stated and intended to be temporary.

(2)Expenses of the employer that are attributable to the employee's employment during the period of the secondment are treated as expenses payable which fall to be brought into account at Step 1 in section 76(7).

(3)In this section—

  • educational establishment” has the same meaning as in section 70 of CTA 2009, and

  • the period of the secondment” means the period for which the employee's services are made available to the charity or educational establishment.

33After section 76ZB insert—E+W+S+N.I.

Counselling and retraining expensesE+W+S+N.I.

76ZCCounselling and other outplacement services

(1)This section applies if—

(a)a company carrying on life assurance business (“the employer”) incurs counselling expenses,

(b)the expenses are incurred in relation to a person (“the employee”) who holds or has held an office or employment under the employer, and

(c)the relevant conditions are met.

(2)The expenses are brought into account under section 76 as expenses payable (so far as they otherwise would not be).

(3)In this section “counselling expenses” means expenses incurred—

(a)in the provision of services to the employee in connection with the cessation of the office or employment,

(b)in the payment or reimbursement of fees for such provision, or

(c)in the payment or reimbursement of travelling expenses in connection with such provision.

(4)In this section “the relevant conditions” means—

(a)conditions A to D for the purposes of section 310 of ITEPA 2003 (employment income exemptions: counselling and other outplacement services), and

(b)in the case of travel expenses, condition E for those purposes.

34After section 76ZC insert—E+W+S+N.I.

76ZDRetraining courses

(1)This section applies if—

(a)a company carrying on life assurance business (“the employer”) incurs training course expenses,

(b)they are incurred in relation to a person (“the employee”) who holds or has held an office or employment under the employer, and

(c)the relevant conditions are met.

(2)The expenses are brought into account under section 76 as expenses payable (so far as they otherwise would not be).

(3)In this section—

  • retraining course expenses” means expenses incurred in the payment or reimbursement of retraining course expenses within the meaning given by section 311(2) of ITEPA 2003, and

  • the relevant conditions” means—

    (a)

    the conditions in subsections (3) and (4) of section 311 of ITEPA 2003 (employment income exemptions: retraining courses), and

    (b)

    in the case of travel expenses, the conditions in subsection (5) of that section.

35After section 76ZD insert—E+W+S+N.I.

76ZERetraining courses: recovery of tax

(1)This section applies if—

(a)an employer's liability to corporation tax for an accounting period is determined on the assumption that it is entitled by virtue of section 76ZD to bring an amount into account in determining the amount of a deduction to be made under section 76, and

(b)without section 76ZD the employer would not have been so entitled.

(2)If, subsequently—

(a)the condition in section 311(4)(a) of ITEPA 2003 is not met because of the employee's failure to begin the course within the period of one year after ceasing to be employed, or

(b)the condition in section 311(4)(b) of ITEPA 2003 is not met because of the employee's continued employment or re-employment,

an assessment of an amount or further amount of corporation tax due as a result of the condition not being met may be made under paragraph 41 of Schedule 18 to FA 1998.

(3)Such an assessment must be made before the end of the period of 6 years immediately following the end of the accounting period in which the failure to meet the condition occurred.

(4)If subsection (2) applies, the employer must give an officer of Revenue and Customs a notice containing particulars of—

(a)the employee's failure to begin the course,

(b)the employee's continued employment, or

(c)the employee's re-employment,

within 60 days of coming to know of it.

(5)If an officer of Revenue and Customs has reason to believe that the employer has failed to give such a notice, the officer may by notice require the employer to provide such information as the officer may reasonably require for the purposes of this section about—

(a)the failure to begin the course,

(b)the continued employment, or

(c)the re-employment.

(6)A notice under subsection (5) may specify a time (not less than 60 days) within which the required information must be provided.

36After section 76ZE insert—E+W+S+N.I.

Redundancy payments etcE+W+S+N.I.

76ZFRedundancy payments and approved contractual payments

(1)Sections 76ZG to 76ZI apply if—

(a)a company to which section 76 applies (“the employer”) makes a redundancy payment or an approved contractual payment to another person (“the employee”), and

(b)the payment is in respect of the employee's employment wholly in the employer's life assurance business or partly in the employer's life assurance business and partly in one or more other capacities.

(2)For the purposes of this section and sections 76ZG to 76ZH “redundancy payment” means a redundancy payment payable under—

(a)Part 11 of the Employment Rights Act 1996, or

(b)Part 12 of the Employment Rights (Northern Ireland) Order 1996.

(3)For the purposes of this section and those sections—

  • contractual payment” means a payment which, under an agreement, an employer is liable to make to an employee on the termination of the employee's contract of employment, and

  • a contractual payment is “approved” if, in respect of that agreement, an order is in force under—

    (a)

    section 157 of the Employment Rights Act 1996, or

    (b)

    Article 192 of the Employment Rights (Northern Ireland) Order 1996.

37After section 76ZF insert—E+W+S+N.I.

76ZGPayments in respect of employment wholly in employer's business

(1)This section applies if the payment is in respect of the employee's employment wholly in the employer's life assurance business.

(2)The payment is treated as expenses payable which fall to be brought into account at Step 1 in section 76(7), so far as it otherwise would not be.

(3)The amount brought into account by virtue of this section for an approved contractual payment must not exceed the amount which would have been due to the employee if a redundancy payment had been payable.

(4)If the payment is referable to an accounting period beginning after the business has permanently ceased to be carried on, it is treated as referable to the last accounting period in which the business was carried on.

38After section 76ZG insert—E+W+S+N.I.

76ZHPayments in respect of employment in more than one capacity

(1)This section applies if the payment is in respect of the employee's employment with the employer—

(a)partly in the employer's life assurance business, and

(b)partly in one or more other capacities.

(2)The amount of the redundancy payment, or the amount which would have been due if a redundancy payment had been payable, is to be apportioned on a just and reasonable basis between—

(a)the employment in the life assurance business, and

(b)the employment in the other capacities.

(3)The part of the payment apportioned to the employment in the life assurance business is treated as a payment in respect of the employee's employment wholly in the life assurance business for the purposes of section 76ZG.

39After section 76ZH insert—E+W+S+N.I.

76ZIAdditional payments

(1)This section applies if the employer's business, or part of it, ceases (permanently) to be carried on and the employer makes a payment to the employee in addition to—

(a)the redundancy payment, or

(b)if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.

(2)If—

(a)the additional payment would not otherwise be regarded as expenses payable for the purposes of section 76, but

(b)that is only because the business, or the part of the business, has ceased to be carried on,

the additional payment is regarded as expenses payable for the purposes of section 76.

(3)So far as the additional payment would, apart from this subsection, be regarded as expenses payable for the purposes of Step 5 in subsection (7) of section 76, it is not to be so regarded for the purposes of that subsection (or of subsection (2) above so far as relating to section 76).

(4)The amount treated under this section as expenses payable for the purposes of section 76 is limited to 3 times the amount of—

(a)the redundancy payment, or

(b)if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.

(5)If the payment is referable to an accounting period beginning after the business or the part of the business has ceased to be carried on, it is treated as referable to the last accounting period in which the business, or the part concerned, was carried on.

40After section 76ZI insert—E+W+S+N.I.

76ZJPayments by the Government

(1)This section applies if—

(a)a redundancy payment or an approved contractual payment is payable by a company to which section 76 applies (“the employer”), and

(b)a payment to which subsection (2) applies is made in respect of the payment.

(2)This subsection applies to—

(a)payments made by the Secretary of State under section 167 of the Employment Rights Act 1996, and

(b)payments made by the Department for Employment and Learning under Article 202 of the Employment Rights (Northern Ireland) Order 1996.

(3)So far as the employer reimburses the Secretary of State or Department for the payment, sections 76ZG to 76ZI apply as if the payment were—

(a)a redundancy payment, or

(b)an approved contractual payment,

made by the employer.

41After section 76ZJ insert—E+W+S+N.I.

Contributions to local enterprise organisations or urban regeneration companiesE+W+S+N.I.

76ZKContributions to local enterprise organisations or urban regeneration companies

(1)This section applies if a company to which section 76 applies (“the contributor”) incurs expenses in making a contribution (whether in cash or in kind)—

(a)to a local enterprise organisation, or

(b)to an urban regeneration company.

(2)The expenses are treated for the purposes of section 76 as expenses payable which fall to be brought into account at Step 1 in section 76(7).

(3)But if, in connection with the making of the contribution, the contributor or a connected person—

(a)receives a disqualifying benefit of any kind, or

(b)is entitled to receive such a benefit,

the amount treated in accordance with subsection (2) is restricted to the amount of the expenses less the value of the benefit.

(4)For this purpose it does not matter whether a person receives, or is entitled to receive, the benefit—

(a)from the local enterprise organisation or urban regeneration company concerned, or

(b)from anyone else.

(5)Subsection (6) applies if—

(a)an amount has been brought into account in accordance with subsection (2), and

(b)the contributor or a connected person receives a disqualifying benefit that is in any way attributable to the contribution.

(6)The contributor is to be treated as receiving, when the benefit is received, an amount—

(a)which is equal to the value of the benefit (so far as not brought into account in determining the amount of the deduction), and

(b)to which the charge to corporation tax on income applies.

(7)In this section—

  • disqualifying benefit” means a benefit the expenses of obtaining which, if incurred by the contributor directly in a transaction at arm's length, would not be expenses payable for the purposes of section 76,

  • local enterprise organisation” has the meaning given by section 83 of CTA 2009,

  • urban regeneration company” has the meaning given by section 86 of CTA 2009.

(8)Section 839 (“connected person”) applies for the purposes of subsections (3) and (5).

42After section 76ZK insert—E+W+S+N.I.

Unpaid remunerationE+W+S+N.I.

76ZLUnpaid remuneration

(1)This section applies if—

(a)an amount is charged in respect of employees' remuneration in the accounts for a period of a company to which section 76 applies,

(b)the amount would apart from this section be brought into account under section 76 as expenses payable, and

(c)the remuneration is not paid before the end of the period of 9 months immediately following the end of the period of account.

(2)If the remuneration is paid after the end of that period of 9 months, the amount is brought into account for the period of account in which it is paid.

(3)But—

(a)subsection (2) is subject to section 86 of FA 1989 (spreading of relief for acquisition expenses), and

(b)in interpreting that section the remuneration is treated as expenses payable which fall to be included at Step 1 in section 76(7) for the period of account in which the remuneration is paid.

(4)The amount is not brought into account under section 76 as expenses payable if it is not paid.

43After section 76ZL insert—E+W+S+N.I.

76ZMUnpaid remuneration: supplementary

(1)For the purposes of section 76ZL an amount charged in the accounts in respect of employees' remuneration includes an amount for which provision is made in the accounts with a view to its becoming employees' remuneration.

(2)For the purposes of section 76ZL it does not matter whether an amount is charged for—

(a)particular employments, or

(b)employments generally.

(3)If the profits of the company are calculated before the end of the 9 month period mentioned in section 76ZL(1)(c)—

(a)it must be assumed, in making the calculation, that any remuneration which is unpaid when the calculation is made will not be paid before the end of that period, but

(b)if the remuneration is subsequently paid before the end of that period, nothing in this subsection prevents the calculation being revised and any tax return being amended accordingly.

(4)For the purposes of this section and section 76ZL remuneration is paid when it—

(a)is treated as received by an employee for the purposes of ITEPA 2003 by section 18 or 19 of that Act (receipt of money and non-money earnings), or

(b)would be so treated if it were not exempt income.

(5)In this section and section 76ZL—

  • employee” includes an office-holder and “employment” therefore includes an office, and

  • remuneration” means an amount which is or is treated as earnings for the purposes of Parts 2 to 7 of ITEPA 2003.

44After section 76ZM insert—E+W+S+N.I.

Car or motor cycle hireE+W+S+N.I.

76ZCar or motor cycle hire

(1)Subsection (2) applies if—

(a)in calculating the corporation tax to which a company is liable for an accounting period, an amount representing expenses incurred on the hiring of a car or motor cycle can be brought into account under section 76 as expenses payable,

(b)the car or motor cycle is not a qualifying hire car or motor cycle, and

(c)the retail price of the car or motor cycle when new exceeds £12,000.

(2)The amount that would otherwise be capable of being brought into account as expenses payable is reduced by multiplying the amount by the fraction—

where RP is the retail price of the car or motor cycle when new.

(3)Subsection (4) applies if an amount is reduced as a result of subsection (2), or a corresponding provision, and—

(a)subsequently—

(i)there is a rebate (however described) of the hire charges, or

(ii)a debt in respect of any of the hire charges is released otherwise than as part of a statutory insolvency agreement, and

(b)an amount is brought into account in respect of the rebate or release.

(4)For the purposes of subsection (3)(b) an amount is brought into account in respect of a rebate of hire charges or the release of a debt if—

(a)the amount of a reversal representing the rebate or release falls to be deducted under Step 4 in section 76(7), or

(b)(in the case of a rebate of hire charges) an amount representing the rebate is chargeable under section 85(1) of the Finance Act 1989 (c. 26).

(5)The amount that would otherwise be deductible as mentioned in subsection (4)(a) or chargeable as mentioned in subsection (4)(b) is reduced by multiplying it by the fraction set out in subsection (2).

(6)In this section “corresponding provision” means—

(a)section 56(2) of CTA 2009 (car or motor cycle hire: trade profits and property income),

(b)section 1251(2) of CTA 2009 (car or motor cycle hire: companies with investment business), and

(c)section 48(2) of ITTOIA 2005 (car or motor cycle hire: trade profits and property income).

(7)The power under section 74(4) of CAA 2001 to increase or further increase the sums of money specified in Chapter 8 of Part 2 of CAA 2001 includes the power to increase or further increase the sum of money specified in subsection (1)(c) or (2).

(8)In this section “car or motor cycle” and “qualifying hire car or motor cycle” have the meanings given by section 57 of CTA 2009.

F245. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F2Sch. 1 para. 45 omitted (with effect in accordance with Sch. 11 paras. 65-67 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 64(b)

46Omit section 76A (levies and repayments under FISMA 2000).E+W+S+N.I.

47Omit section 76B (levies and repayments under the FISMA 2000: investment companies).E+W+S+N.I.

48Omit section 79 (contributions to local enterprise agencies).E+W+S+N.I.

49Omit section 79A (contributions to training and enterprise councils and local enterprise companies).E+W+S+N.I.

50Omit section 79B (contributions to urban regeneration companies).E+W+S+N.I.

51Omit section 82A (expenditure on research and development).E+W+S+N.I.

52Omit section 82B (payments to research associations, universities etc).E+W+S+N.I.

53Omit section 83 (patent fees etc and expenses).E+W+S+N.I.

54Omit section 83A (gifts in kind to charities etc).E+W+S+N.I.

55Omit section 84 (gifts to educational establishments).E+W+S+N.I.

56(1)Amend section 84A (costs of establishing share option or profit sharing schemes: relief) as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)in paragraph (a) omit “Schedule D or”,

(b)omit paragraph (b) and the “or” immediately before it, and

(c)omit paragraph (c).

(3)Omit subsection (3ZA)(b).

57Omit section 85 (payments to trustees of approved profit sharing schemes).E+W+S+N.I.

58Omit section 85A (costs of establishing employee share ownership trust: relief).E+W+S+N.I.

59Omit section 85B (which introduces Schedule 4AA).E+W+S+N.I.

60Omit section 86 (employees seconded to charities and educational establishments).E+W+S+N.I.

61Omit section 86A (charitable donations: contributions to agent's expenses).E+W+S+N.I.

62Omit sections 87 and 87A (taxable premiums etc).E+W+S+N.I.

63Omit section 88 (payments to Export Credits Guarantee Department).E+W+S+N.I.

64Omit section 88D (restriction of deductions in respect of certain debts).E+W+S+N.I.

65Omit section 89 (debts proving to be irrecoverable after discontinuance etc).E+W+S+N.I.

66Omit section 90 (additional payments to redundant employees).E+W+S+N.I.

67Omit section 91 (cemeteries).E+W+S+N.I.

68Omit section 91A (waste disposal: restoration payments).E+W+S+N.I.

69Omit sections 91B and 91BA (waste disposal: preparation expenditure).E+W+S+N.I.

70Omit section 91C (mineral exploration and access).E+W+S+N.I.

71Omit section 92 (regional development grants).E+W+S+N.I.

72Omit section 93 (other grants under Industrial Development Act 1982 etc).E+W+S+N.I.

73Omit section 94 (debts deducted and subsequently released).E+W+S+N.I.

74Omit section 95 (taxation of dealers in respect of distributions etc).E+W+S+N.I.

75In section 95ZA(1) (taxation of UK distributions received by insurance companies) for “section 208” substitute “ section 1285 of CTA 2009 ”.E+W+S+N.I.

76Omit section 97 (treatment of farm animals etc).E+W+S+N.I.

77Omit section 98 (tied premises: receipts and expenses treated as those of trade).E+W+S+N.I.

78Omit section 99 (dealers in land).E+W+S+N.I.

79Omit section 100 (valuation of trading stock at discontinuance of trade).E+W+S+N.I.

80Omit section 101 (valuation of work in progress at discontinuance of profession or vocation).E+W+S+N.I.

81Omit section 102 (provisions supplementary to sections 100 and 101).E+W+S+N.I.

82Omit sections 103 to 106 (Case VI charges on receipts).E+W+S+N.I.

83Omit section 110 (interpretation etc).E+W+S+N.I.

84Omit section 111(1) (treatment of partnerships).E+W+S+N.I.

85Omit sections 114 and 115 (special rules for computing profits and losses).E+W+S+N.I.

F386. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F3Sch. 1 para. 86 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

87Omit section 118ZA (treatment of limited liability partnerships).E+W+S+N.I.

88Omit section 119 (rent etc payable in connection with mines, quarries and similar concerns).E+W+S+N.I.

89Omit section 120 (rent etc payable in respect of electric line wayleaves).E+W+S+N.I.

90Omit section 121 (management expenses of owner of mineral rights).E+W+S+N.I.

91Omit section 122 (relief in respect of mineral royalties).E+W+S+N.I.

92Omit section 125 (annual payments for dividends or non-taxable consideration).E+W+S+N.I.

93Omit section 128(2) and (3) (commodity and financial futures etc: losses and gains).E+W+S+N.I.

94(1)Amend section 130 (meaning of “company with investment business” and “investment company” in Part 4) as follows.E+W+S+N.I.

(2)Omit “ “company with investment business” means any company whose business consists wholly or partly in the making of investments”.

(3)For the title substitute “ Meaning of “investment company” in Part 4 ”.

95In section 187(10) (interpretation of sections 185 and 186) for “, within the meaning of section 486,” substitute “ , as defined in section 834(1) ”.E+W+S+N.I.

96Omit section 208 (UK company distributions not generally chargeable to corporation tax).E+W+S+N.I.

F497. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F498. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F499. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F4100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F4101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F4102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F4Sch. 1 paras. 97-102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

103Omit section 337 (company beginning or ceasing to carry on trade).E+W+S+N.I.

104(1)Amend section 337A (computation of company's profits or income: exclusion of general deductions) as follows.E+W+S+N.I.

(2)Omit subsection (1)(a).

(3)In subsection (2)—

F5(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)omit paragraph (b) and the “and” immediately before it.

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Amendments (Textual)

F5Sch. 1 para. 104(3)(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

F6105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6106. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F6113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6Sch. 1 paras. 105-113 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

114In section 398(b) for “Schedule D” substitute “ Part 5 of CTA 2009 (loan relationships) ”.E+W+S+N.I.

F7115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F7Sch. 1 para. 115 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F8116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F8Sch. 1 para. 116 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

117Omit section 401 (relief for pre-trading expenditure).E+W+S+N.I.

F9118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F9124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9Sch. 1 paras. 118-124 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

125In section 414(1)(b) (close companies) omit “within the meaning of section 486(12)”.E+W+S+N.I.

126(1)Amend section 431 (interpretation of provisions relating to insurance companies) as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)in paragraph (b) of the definition of “free assets amount” for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009 (see section 303 of that Act) ”,

(b)in the definition of “the I minus E basis” for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”,

(c)at the appropriate place insert—

life assurance trade profits provisions” means the provisions applicable for the purposes of the taxation under section 35 of CTA 2009 (charge on trade profits) of the profits of life assurance business carried on by an insurance company;, and

(d)in the definition of “net value” for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009: see section 303 of that Act ”.

(3)In subsection (2YC)(a) omit “under Schedule A or Case III, V or VI of Schedule D”.

(4)In subsection (2YD)(a) for “paragraph 4 of Schedule 11 to the Finance Act 1996” substitute “ sections 387 to 391 of CTA 2009 ”.

127(1)Amend section 431G (company carrying on life assurance business) as follows.E+W+S+N.I.

(2)In subsection (3) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (4) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

(4)In subsection (5) for “provision of Case I of Schedule D” substitute “ of the life assurance trade profits provisions ”.

128In section 431H(3) (company carrying on life assurance business and other insurance business) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

129(1)Amend section 432YA (long-term business other than life assurance business_adjustment consequent on change in Insurance Prudential Sourcebook) as follows.E+W+S+N.I.

(2)In subsection (2) for “to Case I of Schedule D” substitute “ for the purposes of section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (6) for paragraph (b) and the word “and” immediately before it substitute—

(b)the reference in section 82E(4) to life assurance business were a reference to PHI business, and

(c)the reference in section 82E(7) to the life assurance trade profits provisions were a reference to the provisions applicable for the purposes of section 35 of CTA 2009.

130(1)Amend section 432A (apportionment of income and gains) as follows.E+W+S+N.I.

(2)In subsection (1ZA)—

(a)in paragraph (a) for “Schedule A in respect of any separate Schedule A” substitute “ Chapter 3 of Part 4 of CTA 2009 (profits of a property business) in respect of any separate UK property ”,

(b)for paragraph (b) substitute—

(b)income chargeable under Chapter 3 of Part 4 of CTA 2009 in respect of distributions treated by section 121(1)(a) of the Finance Act 2006 as profits of a UK property business carried on by the company,,

(c)in paragraph (c) for “Case V of Schedule D” substitute “ Chapter 3 of Part 4 of CTA 2009 ”,

(d)for paragraph (d) substitute—

(d)income chargeable under Chapter 2 of Part 10 of CTA 2009 (dividends of non-UK resident companies) or Chapter 6 of that Part (sale of foreign dividend coupons),

(da)income chargeable under Chapter 7 of Part 10 of CTA 2009 (annual payments not otherwise charged) or Chapter 8 of that Part (income not otherwise charged) which arises from a source outside the United Kingdom,,

(e)in paragraph (f) for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009 ”,

(f)in paragraph (g) for “Schedule 26 to the Finance Act 2002” substitute “ Part 7 of CTA 2009 ”,

(g)in paragraph (h) for the words from “Case III” to the end substitute “ Chapter 5 of Part 10 of CTA 2009 (distributions from unauthorised unit trusts) or Chapter 7 of that Part (annual payments not otherwise charged) ”,

(h)in paragraph (i) for “Part 3 of Schedule 29 to FA 2002” substitute “ Chapter 2 of Part 8 of CTA 2009 ”, and

(i)in paragraph (j) for “Case VI of Schedule D” substitute “ any provision to which section 834A (miscellaneous charges) applies ”.

(3)In subsection (1ZB)—

(a)in paragraph (a) for “Schedule A businesses” substitute “ UK property businesses ”,

(b)in paragraph (c) for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009 ”,

(c)in paragraph (d) for “Schedule 26 to the Finance Act 2002” substitute “ Part 7 of CTA 2009 ”,

(d)in paragraph (e) for “Part 2 of Schedule 29 to FA 2002” substitute “ Chapter 3 of Part 8 of CTA 2009 ”, and

(e)in paragraph (f) for “Case VI of Schedule D” substitute “ any provision to which section 834A applies ”.

131(1)Amend section 432AA (Schedule A business or overseas property business) as follows.E+W+S+N.I.

(2)In subsection (1) for “is treated as carrying on separate Schedule A businesses or overseas property businesses” substitute “ is treated (despite sections 205 and 206 of CTA 2009) as carrying on separate UK property businesses or overseas property businesses ”.

(3)For the title substitute “ UK property business or overseas property business ”.

132(1)Amend section 432AB (losses from Schedule A business or overseas property business) as follows.E+W+S+N.I.

(2)In subsection (1) for “Schedule A business” substitute “ UK property business ”.

(3)In subsection (4)(a) for “Schedule A business” substitute “ UK property business ”.

(4)In the title for “Schedule A business” substitute “ UK property business ”.

133In section 434(1) (franked investment income etc) for “provisions applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.E+W+S+N.I.

134(1)Amend section 434A (computation of losses and limitation of relief) as follows.E+W+S+N.I.

(2)In subsection (2) for the words “provisions of this Act applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(3)In subsection (2A)—

(a)omit the words from “which” to “1996”, and

(b)for “Chapter II of Part IV of that Act” substitute “ Part 5 of CTA 2009 ”.

135(1)Amend section 436A (gross roll-up business: separate charge on profits) as follows.E+W+S+N.I.

(2)For subsection (1) substitute—

(1)The charge to corporation tax on income applies to profits arising to an insurance company from gross roll-up business.

(3)In subsection (2)(b) for “provisions of this Act applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(4)In subsection (7) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.

136In section 440(6) (transfers of assets etc) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

137In section 440A(7) (securities) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

138(1)Amend section 440B (modifications where tax charged under Case I of Schedule D) as follows.E+W+S+N.I.

(2)In subsection (1) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (4A) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

(4)In subsection (4B) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

(5)In the title for “Case I of Schedule D” substitute “ section 35 of CTA 2009 ”.

139(1)Amend section 440C (modifications for change of tax basis) as follows.E+W+S+N.I.

(2)In subsection (1)(b) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (4)—

(a)in paragraph (a) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”, and

(b)in paragraph (c) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

(4)In subsection (6)(b) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

(5)In subsection (7)(b) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 ”.

140In section 442(2) (overseas business of UK companies) for “of this Act applicable to Case I of Schedule D” substitute “ applicable for the purposes of section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

141In section 442A(1) (taxation of investment return where risk reinsured) for “Case VI of Schedule D” substitute “ the charge to corporation tax on income ”.E+W+S+N.I.

142(1)Amend section 444AZA (transfers of life assurance business: Case VI losses of the transferor) as follows.E+W+S+N.I.

(2)In subsection (1)(c) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (2)—

(a)for “ “Case VI loss”” substitute “ “qualifying loss of the transferor” ”, and

(b)omit “(a “Case I loss”)”.

(4)In subsection (4) for “Case VI loss” substitute “ qualifying loss of the transferor ”.

(5)In the title for “Case VI” substitute “ gross roll-up business ”.

143(1)Amend section 444AZB (transfers of life assurance business: Case I losses of the transferor) as follows.E+W+S+N.I.

(2)In subsection (1)(b) for “in accordance with Case I of Schedule D” substitute “ under section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (2)—

(a)for “ “Case I loss”” substitute “ “qualifying loss of the transferor” ”, and

(b)omit “(a “Case VI loss”)”.

(4)In subsection (4) for “Case I loss” substitute “ qualifying loss of the transferor ”.

(5)In the title for “Case I” substitute “ trade ”.

144In section 444ABD(1A) (transferor's period of account including transfer)—E+W+S+N.I.

(a)for “in accordance with Case I of Schedule D”, in the first place where it occurs, substitute “ under section 35 of CTA 2009 (charge on trade profits) ”, and

(b)for “in accordance with Case I of Schedule D”, in the second place where it occurs, substitute “ under section 35 of that Act ”.

145(1)Amend section 444AEA (transfer schemes: anti-avoidance rule) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)in paragraph (a) for “Case I” substitute “ life assurance trade profits ”, and

(b)in paragraph (b) omit “Case I”.

(3)In subsection (3)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)omit “transferor's Case I”.

(4)In subsection (4)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)omit “transferee's Case I”.

146(1)Amend section 444AEB (Case I advantage: transferor) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(3)In subsection (2)—

(a)for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

(b)for “the Case I advantage” substitute “ the advantage ”, and

(c)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(4)In subsection (4)—

(a)for “ “Case 1 profits”” substitute “ “section 35 profits” ”,

(b)for “ “Case 1 losses”” substitute “ “section 35 losses” ”, and

(c)for “provisions of Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(5)In the title for “Case I” substitute “ Life assurance trade profits ”.

147(1)Amend section 444AEC (Case I advantage: transferee) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(3)In subsection (2)—

(a)for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

(b)for “the Case I advantage” substitute “ the advantage ”, and

(c)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(4)In subsection (4) for “Case I”, in both places where it occurs, substitute “ section 35 ”.

(5)In the title for “Case I” substitute “ Life assurance trade profits ”.

148(1)Amend section 444AECA (parts of transfer scheme arrangements: anti-avoidance rule) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)in paragraph (a) for “Case I” substitute “ life assurance trade profits ”, and

(b)in paragraph (b) omit “Case I”.

(3)In subsection (3)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)omit “transferor's Case I”.

(4)In subsection (4)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)omit “transferee's Case I”.

149(1)Amend section 444AECB (parts of transfer scheme arrangements: Case I advantage transferor) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(3)In subsection (2)—

(a)for “Case I profits” substitute “ section 35 profits ”,

(b)for “Case I losses” substitute “ section 35 losses ”, and

(c)for “Case I advantage” substitute “ life assurance trade profits advantage ”.

(4)In subsection (3)—

(a)for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

(b)for “the Case I advantage” substitute “ the advantage ”, and

(c)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(5)In subsection (5)—

(a)for “a Case I advantage” substitute “ a life assurance trade profits advantage ”, and

(b)for “the Case I advantage” substitute “ the advantage ”.

(6)In subsection (6) for “Case I”, in both places where it occurs, substitute “ section 35 ”.

(7)In the title for “Case I” substitute “ life assurance trade profits ”.

150(1)Amend section 444AECC (parts of transfer scheme arrangements: Case I advantage transferee) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Case I advantage” substitute “ life assurance trade profits advantage ”, and

(b)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(3)In subsection (2)—

(a)for “Case I profits” substitute “ section 35 profits ”,

(b)for “Case I losses” substitute “ section 35 losses ”, and

(c)for “Case I advantage” substitute “ life assurance trade profits advantage ”.

(4)In subsection (3)—

(a)for “a Case I advantage” substitute “ a life assurance trade profits advantage ”,

(b)for “the Case I advantage” substitute “ the advantage ”, and

(c)in paragraphs (a) and (b) for “Case I” substitute “ section 35 ”.

(5)In subsection (5) for “Case I”, in both places where it occurs, substitute “ section 35 ”.

(6)In the title for “Case I” substitute “ life assurance trade profits ”.

151(1)Amend section 444AED (clearance: no avoidance or group advantage) as follows.E+W+S+N.I.

(2)In subsection (2) for “Case I”, in both places where it occurs, substitute “ life assurance trade profits ”.

(3)In subsection (3) for “Case I”, in both places where it occurs, substitute “ life assurance trade profits ”.

152In section 444AF(5) (demutualisation surplus: life assurance business)—E+W+S+N.I.

(a)in paragraph (a) for “provisions of this Act applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”, and

(b)in paragraph (b) omit “under Case VI of Schedule D”.

153In section 444AH (modification of section 444AG etc for Case VI businesses) in the heading for “Case VI” substitute “ gross roll-up ”.E+W+S+N.I.

154In section 444AK(3) (mutual surplus: gross roll-up business) for “provisions of this Act applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.E+W+S+N.I.

155In section 444BA(1) (equalisation reserves for general business) for “Case I or V of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

156In section 444BB(2) (modification of section 444BA for mutual or overseas business and for non-resident companies) for “to Case I of Schedule D” substitute “ for the purposes of section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

157Omit section 469(4A) to (5) and (6) (other unit trusts).E+W+S+N.I.

158Omit section 472A (trading profits etc from securities: taxation of amounts taken to reserves).E+W+S+N.I.

159Omit section 473 (conversion etc of securities held as circulating capital).E+W+S+N.I.

160In section 475 (tax-free Treasury securities: exclusion of interest on borrowed money)—E+W+S+N.I.

F10(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)in subsection (2), omit paragraph (b) and the “and” immediately before it, and

(c)in subsection (4) omit the words from “or to be brought” to the end.

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Amendments (Textual)

F10Sch. 1 para. 160(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

161In section 477A (building societies: loan relationships), omit subsections (3)(a) and (aa), (4) and (10).E+W+S+N.I.

162Omit section 477B (incidental costs of issuing qualifying shares).E+W+S+N.I.

163(1)Amend section 486 (industrial and provident societies and co-operative associations) as follows.E+W+S+N.I.

(2)In subsection (1), omit from the word “but” to the end.

(3)Omit subsections (4) and (7).

(4)Omit subsections (10) and (11).

(5)In subsection (12) omit the definition of “registered industrial and provident society”.

164Omit section 487 (credit unions).E+W+S+N.I.

165Omit section 491 (distribution of assets of body corporate carrying on mutual business).E+W+S+N.I.

F11166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F11167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F11168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F11169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F11170. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F11171. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11Sch. 1 paras. 166-171 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

172In section 503(1)(a) (letting of furnished holiday accommodation treated as a trade for certain corporation tax purposes)—E+W+S+N.I.

(a)for “Schedule A business” substitute “ UK property business ”, and

(b)for “trade the profits of which are chargeable to corporation tax under Case I of Schedule D,” substitute “ trade carried on wholly or partly in the United Kingdom the profits of which are chargeable to corporation tax under Part 3 of CTA 2009, ”.

173Omit section 504 (meaning of “commercial letting of furnished holiday accommodation”).E+W+S+N.I.

F12174. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F12Sch. 1 para. 174 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F13175. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F13Sch. 1 para. 175 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

176Omit section 509 (reserves of marketing boards etc).E+W+S+N.I.

F14177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F14Sch. 1 para. 177 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F15178. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F15Sch. 1 para. 178 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

179Omit section 524 (taxation of receipts from sale of patent rights).E+W+S+N.I.

180Omit section 525 (capital sums: winding up or partnership change).E+W+S+N.I.

181Omit section 526 (relief for expenses).E+W+S+N.I.

182Omit section 528 (manner of making allowances and charges).E+W+S+N.I.

183Omit section 531 (provisions supplementary to section 530).E+W+S+N.I.

184Omit section 532 (application of Capital Allowances Act).E+W+S+N.I.

185Omit section 533 (interpretation of sections 520 to 532).E+W+S+N.I.

186Omit section 556 (activity treated as trade etc and attribution of income).E+W+S+N.I.

187Omit section 558(5) and (6) (visiting performers: supplementary provisions).E+W+S+N.I.

188In section 568(1) (deductions from profits of contributions paid under certified schemes)—E+W+S+N.I.

(a)omit “section 74 of this Act or”,

(b)after “section 33 of ITTOIA 2005” insert “ or section 53 of CTA 2009 (no deduction for capital expenditure) ”, and

(c)for “under Case I of Schedule D or under Part 2 of ITTOIA 2005,” substitute “ under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009, ”.

189In section 570(4) (payments under certified schemes which are not repayments of contributions), in the words after paragraph (c), for the words from “section 337(1)” to the end substitute “ section 18 of ITTOIA 2005 or section 41 of CTA 2009 (company starting or ceasing to be within charge to corporation tax) is to be treated as effecting a cessation of trading. ”E+W+S+N.I.

190(1)Amend section 571 (cancellation of certificates) as follows.E+W+S+N.I.

(2)In subsection (1) omit the words from “(in” to “Schedule D)”.

(3)After subsection (1A) insert—

(1B)So far as relating to corporation tax, the charge to tax under subsection (1) has effect as an application of the charge to corporation tax on income.

191Omit section 577 (business entertaining expenses).E+W+S+N.I.

192Omit section 577A (expenditure involving crime).E+W+S+N.I.

193Omit section 578 (housing grants).E+W+S+N.I.

194Omit sections 578A and 578B (expenditure on car hire).E+W+S+N.I.

195Omit sections 579 and 580 (statutory redundancy payments).E+W+S+N.I.

196Omit section 582 (funding bonds issued in respect of interest on certain debts).E+W+S+N.I.

197Omit section 584 (relief for unremittable overseas income).E+W+S+N.I.

198Omit sections 586 and 587 (disallowance of deductions for war risk premiums and of certain payments in respect of war injuries to employees).E+W+S+N.I.

199In section 587B(2)(b) (gifts of shares, securities and real property to charities etc) for “section 83A,” substitute “ section 105 of CTA 2009 (gifts of trading stock to charities etc), ”.E+W+S+N.I.

200Omit section 588 (training courses for employees).E+W+S+N.I.

201Omit section 589A (counselling services for employees).E+W+S+N.I.

202Omit section 589B(5) (interpretation of section 589A).E+W+S+N.I.

203Omit section 617 (social security benefits and contributions).E+W+S+N.I.

204Omit section 695 (limited interests in residue).E+W+S+N.I.

205Omit section 696 (absolute interests in residue).E+W+S+N.I.

206Omit section 697 (supplementary provisions as to absolute interests in residue).E+W+S+N.I.

207Omit section 698 (special provisions as to certain interests in residue).E+W+S+N.I.

208Omit section 699A (untaxed sums comprised in the income of the estate).E+W+S+N.I.

209In section 700 (adjustments and information)—E+W+S+N.I.

(a)omit subsections (1) to (3),

(b)in subsection (4) omit “this Part or”,

F16(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F16Sch. 1 para. 209(c) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

F17Sch. 1 para. 209(d) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

210Omit section 701 (interpretation).E+W+S+N.I.

211Omit section 702 (application to Scotland).E+W+S+N.I.

212In section 703(3) (cancellation of corporation tax advantage) omit the words from “(the amount” to “accordingly)”.E+W+S+N.I.

F18213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F18Sch. 1 para. 213 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F19214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F19Sch. 1 para. 214 omitted (with effect in accordance with Sch. 25 para. 10 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(3)(i)

F20215. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F20Sch. 1 para. 215 omitted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the commencing Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 9(f), 12 and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

216In section 736C(9) (deemed interest: cash collateral under stock lending arrangements)—E+W+S+N.I.

(a)in paragraph (a) for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009 ”, and

(b)in paragraph (b) for “section 100” to “lending of money)” substitute “ Chapter 2 of Part 6 of that Act applies (relevant non-lending relationships) ”.

217In section 747(1B) (controlled foreign companies: company residence for purposes of Chapter), for “section 249 of the Finance Act 1994” substitute “ section 18 of CTA 2009 ”.E+W+S+N.I.

218In section 751(3) (controlled foreign companies: accounting periods) for “subsections (3), (5) and (7) of section 12” substitute “ sections 10(1) and (5), 11(1) and (2) and 12 of CTA 2009 ”.E+W+S+N.I.

219(1)Amend section 755A (treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business) as follows.E+W+S+N.I.

(2)In subsection (5) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.

(3)In subsection (7) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 ”.

(4)In subsection (11BA)—

(a)for “Case I profits”, in both places where it occurs, substitute “ section 35 profits ”, and

(b)for “provisions applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

220(1)Amend section 761 (charge to income tax or corporation tax of offshore income gain) as follows.E+W+S+N.I.

(2)In subsection (1)(b)(ii) for “as a profit or gain under Case VI of Schedule D” substitute “ , under the charge to corporation tax on income, ”.

(3)In subsection (2) for “section 11(2A)(c)” substitute “ section 19(3)(c) of CTA 2009 ”.

F21221. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F21Sch. 1 paras. 221-224 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F21222. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F21Sch. 1 paras. 221-224 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F21223. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F21Sch. 1 paras. 221-224 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F21224. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F21Sch. 1 paras. 221-224 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

225In section 774(1) (transactions between dealing company and associated company) for “Case VI of Schedule D” substitute “ the charge to corporation tax on income ”.E+W+S+N.I.

F22226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F22Sch. 1 paras. 226-229 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) and repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 10 (with Sch. 9 paras. 1-9, 22)

F22227. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F22Sch. 1 paras. 226-229 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) and repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 10 (with Sch. 9 paras. 1-9, 22)

F22228. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F22Sch. 1 paras. 226-229 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) and repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 10 (with Sch. 9 paras. 1-9, 22)

F22229. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F22Sch. 1 paras. 226-229 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2) and repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 10 (with Sch. 9 paras. 1-9, 22)

F23230. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F23Sch. 1 para. 230 omitted (with effect in accordance with Sch. 25 para. 10 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(3)(i)

F24231. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F24Sch. 1 para. 231 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

232(1)Amend section 779 (sale and lease-back: limitation on tax reliefs) as follows.E+W+S+N.I.

F25(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In subsection (13)—

(a)omit paragraph (a),

F26(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)in paragraph (d) leave out “75 or”, and

F27(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F25Sch. 1 para. 232(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F26Sch. 1 para. 232(3)(b) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F27Sch. 1 para. 232(3)(d) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F28233. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F28Sch. 1 para. 233 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

234(1)Amend section 781 (assets leased to traders and others) as follows.E+W+S+N.I.

(2)In subsection (1) omit the words from “(in” to “Schedule D)”.

F29(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In subsection (4)—

F30(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)in paragraph (c) leave out “75 or”, and

F31(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F29Sch. 1 para. 234(3) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F30Sch. 1 para. 234(4)(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F31Sch. 1 para. 234(4)(c) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

235In section 782(9) (leased assets: special cases) omit the words from “, and where” to the end.E+W+S+N.I.

F32236. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F32Sch. 1 para. 236 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

237In section 785ZA(3) (restrictions on use of losses: leasing partnerships) for “section 114(2)” substitute “ sections 1262 to 1264 of CTA 2009 ”.E+W+S+N.I.

238In section 785ZB(8) (section 785ZA: definitions)—E+W+S+N.I.

(a)in paragraph (a) for “(Schedule A losses)” substitute “ (UK property business losses) ”, and

(b)in paragraph (d) for “(Case VI losses)” substitute “ (losses from miscellaneous transactions) ”.

239In section 785C(4)(a) (section 785B: interpretation) for “under Schedule A” substitute “ under Chapter 3 of Part 4 of CTA 2009 as profits of a UK property business ”.E+W+S+N.I.

240In section 785D(3) (section 785B: lease of plant and machinery and other property) for “under Schedule A” substitute “ under Chapter 3 of Part 4 of CTA 2009 as profits of a UK property business ”.E+W+S+N.I.

F33241. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F33Sch. 1 para. 241 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 10 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

242(1)Amend section 787 (restriction of relief for payments of interest) as follows.E+W+S+N.I.

F34(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)Omit subsection (1A).

(4)In subsection (2) omit “or total profits”.

(5)Omit subsection (3).

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Amendments (Textual)

F34Sch. 1 para. 242(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

243In section 788(7) (relief by agreement with other territories) omit the words from “, and, in” to the end.E+W+S+N.I.

244In section 790(11) (unilateral relief) omit the words from “, and, in” to the end.E+W+S+N.I.

F35245. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F35Sch. 1 para. 245 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F36246. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F36Sch. 1 para. 246 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

247(1)Amend section 797A (foreign tax on items giving rise to a non-trading credit: loan relationships) as follows.E+W+S+N.I.

F37(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In subsection (2)—

F38(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)omit “and gains”.

F39(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F37Sch. 1 para. 247(2) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F38Sch. 1 para. 247(3)(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F39Sch. 1 para. 247(4)-(8) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F40248. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F40Sch. 1 paras. 248-251 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F40249. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F40Sch. 1 paras. 248-251 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F40250. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F40Sch. 1 paras. 248-251 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F40251. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F40Sch. 1 paras. 248-251 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F41252. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F41Sch. 1 paras. 252-254 omitted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 30(e)

F41253. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F41Sch. 1 paras. 252-254 omitted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 30(e)

F41254. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F41Sch. 1 paras. 252-254 omitted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 30(e)

F42255. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42256. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42257. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42258. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42259. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42260. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42261. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42262. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42263. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

F42264. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F42Sch. 1 paras. 255-264 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

265Omit section 817 (deductions not to be allowed in computing profits or gains).E+W+S+N.I.

266In section 821(1)(a) (under-deductions from payments made before passing of annual Act) omit “under under Case III of Schedule D”.E+W+S+N.I.

267(1)Amend section 826 (interest on tax overpaid) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)in paragraph (d) for “Schedule 20 to the Finance Act 2000” substitute “ Chapter 2 or 7 of Part 13 of CTA 2009 ”,

(b)omit paragraph (da), and

(c)in paragraph (e) for “Schedule 22 to the Finance Act 2001” substitute “ Part 14 of CTA 2009 ”.

(3)Omit subsection (3AA).

(4)Omit subsections (5) and (5A).

(5)In subsection (7C)—

(a)in paragraph (b) for “section 83(2)(c) of the Finance Act 1996 or paragraph 4(3) of Schedule 11 to that Act” substitute “ section 389(1) or 459(1)(b) of CTA 2009 ”, and

(b)in the words following paragraph (c) for “section 83(2)(c) of that Act or, as the case may be, paragraph 4(3) of Schedule 11 to that Act” substitute “ section 389(1) or 459(1)(b) of CTA 2009 ”.

(6)In subsection (8A)—

(a)in paragraph (a) for “(d), (da)” substitute “ , (d) ”, and

(b)in paragraph (b)(ii), omit “, tax credit under Schedule 13 to the Finance Act 2002”.

(7)In subsection (8BA), omit (in both places) “, tax credit under Schedule 13 to the Finance Act 2002”.

268Omit section 827 (VAT penalties etc).E+W+S+N.I.

269(1)Amend section 828 (orders and regulations made by the Treasury or the Board) as follows.E+W+S+N.I.

(2)In subsection (4) omit “79B(5),”.

(3)In subsection (5)—

(a)for “or section 717 of ITEPA 2003” substitute “ , section 717 of ITEPA 2003 or section 1310 of CTA 2009 ”,

(b)in paragraph (a) for “or ITEPA 2003” substitute “ , ITEPA 2003 or CTA 2009 ”, and

(c)in paragraph (b) for “either” substitute “ any ”.

270Omit section 830(2) to (4) (territorial sea and designated areas).E+W+S+N.I.

271In section 831(3) (interpretation of ICTA) before the definition of “ITEPA 2003” insert—E+W+S+N.I.

CTA 2009” means the Corporation Tax Act 2009;.

F43272. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F43273. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F43274. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F43275. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F43276. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F43277. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F43Sch. 1 paras. 272-277 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

278Omit Schedule A1 (determination of profits attributable to permanent establishment: supplementary provisions).E+W+S+N.I.

279Omit Schedule 4AA (share incentive plans: corporation tax deductions).E+W+S+N.I.

280Omit Schedule 5 (treatment of farm animals etc for purposes of Case I of Schedule D).E+W+S+N.I.

281In paragraph 13(3) of Schedule 18A (group relief: overseas losses of non-resident companies) for “Schedule A purposes” substitute “ the purpose of calculating the profits of a UK property business under Part 4 of CTA 2009 ”.E+W+S+N.I.

282(1)Amend Schedule 19ABA (modification of life assurance provisions of the Corporation Tax Acts in relation to BLAGAB group reinsurers) as follows.E+W+S+N.I.

F44(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F44(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In paragraph 23 for “Case I” substitute “ life assurance trade ”.

(5)In the italic cross-heading before paragraph 23 for “Case I” substitute “ life assurance trade ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F44Sch. 1 para. 282(2) (3) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)

283In paragraph 6(6)(b) of Schedule 19B (petroleum extraction activities: exploration expenditure supplement), at the end insert “ or starts to be within the charge to corporation tax in respect of such a ring fence trade. ”E+W+S+N.I.

F45284. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F45Sch. 1 para. 284 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F46285. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F46Sch. 1 para. 285 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

286(1)Amend Schedule 24 (assumptions for calculating chargeable profits, creditable tax and corresponding United Kingdom tax of foreign companies) as follows.E+W+S+N.I.

(2)In paragraph 1(3) (general) for “section 154(2) of the Finance Act 1996” substitute “ section 1279 of CTA 2009 ”.

(3)In paragraph 12 (unremittable overseas income)—

(a)for “section 584” substitute “ Part 18 of CTA 2009 ”,

(b)for “paragraph (a) or paragraph (b) of subsection (1) of that section” substitute “ section 1274(3) or (4) of that Act ”, and

(c)for the words from “a notice” to “given” substitute “ a claim under section 1275 of that Act (claim for relief for unremittable income) may be made ”.

287(1)Amend Schedule 25 (cases where section 747(3) does not apply) as follows.E+W+S+N.I.

(2)In paragraph 2(1A)—

(a)for paragraph (a) substitute—

(a)it is chargeable neither under Chapter 2 of Part 3 of CTA 2009 as profits of a trade carried on wholly or partly in the United Kingdom nor under section 436A (gross roll-up business: separate charge on profits);, and

(b)in paragraph (b) for the words from “Case I” to “above” substitute “ Chapter 2 of Part 3 of CTA 2009 as profits of a trade carried on wholly or partly in the United Kingdom, or under section 436A ”.

(3)In paragraph 2(1B)(a) for “section 208” substitute “ section 1285 of CTA 2009 ”.

(4)In paragraph 4(1A)—

(a)for paragraph (a) substitute—

(a)it is chargeable neither under Chapter 2 of Part 3 of CTA 2009 as profits of a trade carried on wholly or partly in the United Kingdom nor under section 436A (gross roll-up business: separate charge on profits);, and

(b)in paragraph (b) for the words from “Case I” to “above” substitute “ Chapter 2 of Part 3 of CTA 2009 as profits of a trade carried on wholly or partly in the United Kingdom, or under section 436A ”.

(5)In paragraph 12(6) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 ”.

288In Schedule 26 (reliefs against liability for tax in respect of chargeable profits) in paragraph 1(3)(c) for “section 75(1)” substitute “ section 1219(1) of CTA 2009 ”.E+W+S+N.I.

289(1)Amend Schedule 27 (distributing funds) as follows.E+W+S+N.I.

(2)In paragraph 1(1)(d)(ii)—

(a)omit the words from “in accordance” to “(Schedule D)”,

(b)for “Case III of Schedule D” substitute “ Part 5 of CTA 2009 (loan relationships) or Chapter 7 of Part 10 of that Act (annual payments not otherwise charged) ”, and

(c)for “Case V of Schedule D” substitute “ Chapter 2 of Part 10 of CTA 2009 (dividends of non-UK resident companies) or Chapter 8 of that Part (income not otherwise charged) ”.

(3)For the heading for paragraph 3 substitute “ Certain foreign income ”.

(4)In paragraph 3(1)(aa)—

(a)in sub-paragraph (i) for “Case III of Schedule D” substitute “ Part 5 of CTA 2009 (loan relationships) or Chapter 7 of Part 10 of that Act (annual payments not otherwise charged) ”, and

(b)in sub-paragraph (ii) for “Case V of Schedule D” substitute “ Chapter 2 of Part 10 of CTA 2009 (dividends of non-UK resident companies) or Chapter 8 of that Part (income not otherwise charged) ”.

(5)In paragraph 4(3)(b) for “section 75” substitute “ section 1219 of CTA 2009 ”.

(6)In paragraph 5(3)—

(a)in paragraph (c) for “section 208” substitute “ section 1285 of CTA 2009 ”,

(b)in paragraph (d) for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of CTA 2009 ”, and

(c)in paragraph (e) for “Schedule 26 to the Finance Act 2002” substitute “ Part 7 of CTA 2009 ”.

(7)In paragraph 5(5) for “section 154(2) of the Finance Act 1996” substitute “ section 1279 of CTA 2009 ”.

F47290. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F47Sch. 1 para. 290 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

291(1)Amend Schedule 28AA (provision not at arm's length) as follows.E+W+S+N.I.

F48(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In paragraph 6E—

(a)omit “Case III of Schedule D or”, and

F49(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F50(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)Omit paragraph 8(1), (3) and (4).

F51(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F48Sch. 1 para. 291(2)-(4) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

F49Sch. 1 para. 291(5)(b) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

F50Sch. 1 para. 291(6) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

F51Sch. 1 para. 291(8) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

292(1)Amend Schedule 30 (transitional provisions and savings) as follows.E+W+S+N.I.

(2)Omit paragraphs 2 to 4.

(3)Omit paragraph 5.

(4)In paragraph 7(5)(b) after “business” insert “ , or begins to carry on a trade, ”.

Part 2E+W+S+N.I.Other enactments

Finance Act 1950 (c. 15)E+W+S+N.I.

293The Finance Act 1950 is amended as follows.E+W+S+N.I.

294In section 39(3) (treatment for taxation purposes of enemy debts etc written off during the war), in paragraph (b) of the proviso—E+W+S+N.I.

(a)in sub-paragraph (i) for “section 75(1) of the Income and Corporation Taxes Act 1988” substitute “ section 1219 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (ii) for “that Act” substitute “ the Income and Corporation Taxes Act 1988 ”.

Taxes Management Act 1970 (c. 9)E+W+S+N.I.

295The Taxes Management Act 1970 is amended as follows.E+W+S+N.I.

296In section 12(5) (information about chargeable gains) for “section 100(2) of the principal Act” substitute “ section 163 of CTA 2009 ”.E+W+S+N.I.

297Omit section 12AE (choice between different Cases of Schedule D).E+W+S+N.I.

298In section 17 (interest paid or credited by banks, building societies etc without deduction of income tax) after subsection (7) insert—E+W+S+N.I.

(8)References in this section to interest include references to—

(a)alternative finance return within the meaning of Chapter 5 of Part 2 of the Finance Act 2005 (see section 57 of that Act), and

(b)alternative finance return within the meaning of Chapter 6 of Part 6 of CTA 2009 (see sections 511 to 513 of that Act).

299In section 18 (interest paid without deduction of income tax) at the end insert—E+W+S+N.I.

(5)References in this section to interest include references to—

(a)alternative finance return within the meaning of Chapter 5 of Part 2 of the Finance Act 2005 (see section 57 of that Act), and

(b)alternative finance return within the meaning of Chapter 6 of Part 6 of CTA 2009 (see sections 511 to 513 of that Act).

300(1)Amend section 19 (information for purposes of charge on profits of UK property business or under Schedule A) as follows.E+W+S+N.I.

(2)In subsection (1) for “as the profits of a UK property business or under Schedule A” substitute “ , or under Chapter 3 of Part 4 of CTA 2009, as the profits of a UK property business ”.

(3)Omit subsection (2).

301Omit section 31(3) (appeals: right of appeal).E+W+S+N.I.

302In section 42(7) (procedure for making claims etc)—E+W+S+N.I.

(a)in paragraph (a)—

(i)omit “, 84, 91B, 101(2),” and “504, 531,”, and

(ii)for the words from “571(4)” to the end substitute “ 571(4) and 732(4) of the principal Act; ”,

(b)omit paragraph (b),

(c)omit the “and” immediately after paragraph (e), and

(d)at the end insert , and

(“g)sections 109(1), 124(2), 127(2), 178 and 268 of CTA 2009.

303In section 46B(5) (questions to be determined by Special Commissioners), after paragraph (d) insert or E+W+S+N.I.

(f)section 1313 of CTA 2009.

304In section 71(1) (bodies of persons) omit the words from “Subject to” to “companies),”.E+W+S+N.I.

305In section 87A(4A)(b) (interest on overdue corporation tax etc) for “section 83(2)(c)” to “that Act” substitute “ section 389(1) or 459(1)(b) of CTA 2009 ”.E+W+S+N.I.

306(1)Amend section 90 (disallowance of relief for interest on tax) as follows.E+W+S+N.I.

(2)In subsection (1) omit paragraph (b) and the “and” immediately before that paragraph.

(3)Omit subsection (2).

(4)For the title substitute “ Interest on tax payable gross ”.

307(1)Amend section 98 (special returns, etc) as follows.E+W+S+N.I.

(2)In the first column of the Table—

(a)omit the entry relating to section 38(5) of ICTA,

F52(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)omit the entry relating to section 588(7) of ICTA,

(d)omit the entry relating to paragraph 10 of Schedule 5 to ICTA, and

(e)at the end insert—

Section 75(5) of CTA 2009;

Section 126 of CTA 2009;

Section 241 of CTA 2009;

Section 245 of CTA 2009;

Section 966(1) of CTA 2009.

(3)In the second column of the Table—

(a)at the appropriate place in the list of entries relating to ICTA insert— “ section 76ZE(4); ”,

(b)omit the entry relating to section 577(4) of ICTA,

(c)omit the entry relating to section 588(6) of ICTA, and

(d)at the end insert— “ Section 75(4) of CTA 2009. ”

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

308After section 109 insert—E+W+S+N.I.

109AResidence of companies

Chapter 3 of Part 2 of CTA 2009 (rules for determining residence of companies) applies for the purposes of this Act as it applies for the purposes of the Corporation Tax Acts.

309In section 118 (interpretation) at the appropriate place insert—E+W+S+N.I.

CTA 2009” means the Corporation Tax Act 2009,.

310In Schedule 3 (rules for assigning proceedings to General Commissioners), in paragraph 10—E+W+S+N.I.

(a)omit “102(1),” and

(b)for “and section 563 of the Capital Allowances Act.” substitute “ , section 563 of the Capital Allowances Act and section 171 of CTA 2009. ”

Finance Act 1973 (c. 51)E+W+S+N.I.

F53311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F53Sch. 1 para. 311 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

F54312. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F54Sch. 1 para. 312 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

Oil Taxation Act 1975 (c. 22)E+W+S+N.I.

313The Oil Taxation Act 1975 is amended as follows.E+W+S+N.I.

314In section 3(2) (allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure)) in the first sentence—E+W+S+N.I.

(a)omit “under subsection (2) of section 579 of the Taxes Act or”,

(b)after “(“ITTOIA 2005”)” insert “ or section 77 of the Corporation Tax Act 2009 ”, and

(c)omit “that subsection or”.

Inheritance Tax Act 1984 (c. 51)E+W+S+N.I.

315The Inheritance Tax Act 1984 is amended as follows.E+W+S+N.I.

316(1)Amend section 91 (administration period) as follows.E+W+S+N.I.

(2)In subsection (2) for paragraph (c) substitute—

(c)subject to subsection (3) below, “charges on residue” means, in relation to the estate of a deceased person, the following liabilities properly payable out of the estate and interest payable in respect of those liabilities—

(i)funeral, testamentary and administration expenses and debts,

(ii)general legacies, demonstrative legacies, annuities and any sum payable out of the residue of the estate to which a person is entitled under the law of intestacy of any part of the United Kingdom or any other country, and

(iii)any other liabilities of the deceased person's personal representatives as such,

(d)specific disposition” has the meaning given in section 947(6) of the Corporation Tax Act 2009, and

(e)the reference to the completion of the administration of the estate shall be construed as if it were in Chapter 3 of Part 10 of that Act.

(3)After subsection (2) insert—

(3)If, as between—

(a)persons interested under a specific disposition or in a general or demonstrative legacy or in an annuity, and

(b)persons interested in the residue of an estate,

any such liabilities as are mentioned in paragraph (c) of subsection (2) above fall exclusively or primarily on the property that is the subject of the specific disposition or on the legacy or annuity, only such part (if any) of those liabilities as falls ultimately on the residue shall be treated as charges on residue.

(4)In the application of this section to Scotland, “charges on residue” shall include, in addition to the liabilities specified in subsection (2)(c), any sums required to meet—

(a)claims in respect of prior rights or legal rights by a surviving spouse or civil partner, or

(b)claims in respect of legal rights by children.

317In section 94(2)(a) (charge on participators) for “section 208 of the Taxes Act 1988” substitute “ section 1285 of the Corporation Tax Act 2009 (exemption for UK company distributions) ”.E+W+S+N.I.

Films Act 1985 (c. 21)E+W+S+N.I.

318The Films Act 1985 is amended as follows.E+W+S+N.I.

319In paragraph 1(1) of Schedule 1 (certification of British films for the purposes of film tax relief), in the definition of “film production company”, for the words from “Chapter 3” to the end substitute “ Part 15 of the Corporation Tax Act 2009 (see section 1182 of that Act) ”.E+W+S+N.I.

Airports Act 1986 (c. 31)E+W+S+N.I.

320The Airports Act 1986 is amended as follows.E+W+S+N.I.

321In section 77(3) (corporation tax) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

Finance Act 1986 (c. 41)E+W+S+N.I.

322The Finance Act 1986 is amended as follows.E+W+S+N.I.

323In section 78(7)(d) (loan capital) after “2005” insert “ or section 507 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

324In section 79 (loan capital: new provisions)—E+W+S+N.I.

(a)in subsection (6), as it has effect by virtue of subsection (8A)(a) of that section, after “2005”, in both places where it occurs, insert “ or section 507(1) of the Corporation Tax Act 2009 ”, and

(b)in subsection (8A)(b) after “2005” insert “ or section 507 of the Corporation Tax Act 2009 ”.

325In section 99(9A) (interpretation) after “2005” insert “ or section 507 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

Gas Act 1986 (c. 44)E+W+S+N.I.

326The Gas Act 1986 is amended as follows.E+W+S+N.I.

327In section 60(3) (tax provisions) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

British Steel Act 1988 (c. 35)E+W+S+N.I.

328The British Steel Act 1988 is amended as follows.E+W+S+N.I.

329In section 11(7) (corporation tax) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

Finance Act 1988 (c. 39)E+W+S+N.I.

330The Finance Act 1988 is amended as follows.E+W+S+N.I.

331Omit section 65 (commercial woodlands).E+W+S+N.I.

332Omit section 66 (company residence).E+W+S+N.I.

333Omit section 66A (residence of SE or SCE).E+W+S+N.I.

334Omit section 73(2) to (4) (consideration for certain restrictive undertakings).E+W+S+N.I.

335Omit Schedule 6 (commercial woodlands).E+W+S+N.I.

336Omit Schedule 7 (exceptions to the rule in section 66(1)).E+W+S+N.I.

337In paragraph 3 of Schedule 12 (building societies: change of status)—E+W+S+N.I.

(a)omit sub-paragraph (1), and

(b)in sub-paragraph (2) for “those Acts” substitute “ the Capital Allowances Act 2001 ”.

Finance Act 1989 (c. 26)E+W+S+N.I.

338The Finance Act 1989 is amended as follows.E+W+S+N.I.

339Omit section 43 (Schedule D: computation (unpaid remuneration)).E+W+S+N.I.

340Omit section 44 (companies with investment business and insurance companies: computation).E+W+S+N.I.

341In section 82(1) (calculation of profits: bonuses etc) for the words from “, for” to the end substitute “ computed in accordance with the provisions applicable for the purposes of the taxation of such profits under section 35 of the Corporation Tax Act 2009 (charge on trade profits) ”.E+W+S+N.I.

342In section 82D(2) (treatment of profits: life assurance_adjustment consequent on change in Insurance Prudential Sourcebook) for the words from “for the purposes” to “Schedule D” substitute “ in accordance with the life assurance trade profits provisions ”.E+W+S+N.I.

343In section 82E(7) (section 82D: treatment of transferors under insurance business transfer schemes) for the words from “for the purposes” to “Schedule D” substitute “ in accordance with the life assurance trade profits provisions ”.E+W+S+N.I.

344(1)Amend section 83 (receipts to be taken into account) as follows.E+W+S+N.I.

(2)In subsection (1) for the words from “, for” to the end substitute “ computed in accordance with the provisions applicable for the purposes of the taxation of such profits under section 35 of the Corporation Tax Act 2009 (charge on trade profits) ”.

(3)For subsection (2ZA)(a) to (c) substitute—

(a)section 464 of the Corporation Tax Act 2009 (priority of Part 5 of that Act for corporation tax purposes),

(b)section 699 of that Act (priority of Part 7 of that Act for corporation tax purposes), and

(c)section 906 of that Act (priority of Part 8 of that Act for corporation tax purposes).

(4)In subsection (2AB)(a) for “of the Taxes Act 1988 applicable to Case I of Schedule D” substitute “ applicable to the taxation of such profits under section 35 of the Corporation Tax Act 2009 ”.

345(1)Amend section 83YC (FAFTS: charge in relevant period of account) as follows.E+W+S+N.I.

(2)In subsection (6)(b) for “provisions of Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(3)In subsection (10) for “provisions of Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

346In section 83YD(3)(a) (FAFTS: deduction in subsequent periods of account) for “section 82(2)(b) of the Finance Act 1996” substitute “ section 297(3) of the Corporation Tax Act 2009 ”.E+W+S+N.I.

347(1)Amend section 83YF (financial reinsurance arrangements: further provision) as follows.E+W+S+N.I.

(2)In subsection (2) for “provisions of Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(3)In subsection (3) for “provisions of Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

348(1)Amend section 85 (charge of certain receipts of basic life assurance business) as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “there shall be chargeable under Case VI of that Schedule” substitute “ the charge to corporation tax on income shall apply to ”,

(b)in paragraph (a) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 (charge on trade profits) ”, and

(c)in paragraph (b) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.

(3)In subsection (2)(e) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.

(4)For subsection (2B) substitute—

(2B)Expenses are deducted from receipts falling within subsection (1) so far as is necessary for calculating the full amount of the profits.

This is subject to subsection (2BA).

(2BA)The provisions of Chapter 1 of Part 20 of the Corporation Tax Act 2009 (general rules for restricting deductions) apply to the calculation of those profits.

349(1)Amend section 85A (excess adjusted Case I profits) as follows.E+W+S+N.I.

(2)In subsection (1) for the words “Case I profits under Case VI of that Schedule” substitute “ life assurance trade profits under the charge to corporation tax on income ”.

(3)In subsection (2) for “Case I”, in both places where it occurs, substitute “ life assurance trade ”.

(4)In subsection (3)—

(a)for “Case I profits” substitute “ life assurance trade profits ”, and

(b)in paragraph (a) for “provisions applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(5)In subsection (4) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.

(6)In subsection (6)(b) omit “under Case VI of Schedule D”.

(7)In subsection (8)—

(a)in paragraph (b)—

(i)after “loan relationships” insert “ under Part 5 of the Corporation Tax Act 2009 ”, and

(ii)omit the words from “by” to “1996”, and

(b)in paragraph (c)—

(i)for “paragraph 4(3) of that Schedule” substitute “ section 389(1) of the Corporation Tax Act 2009 ”, and

(ii)omit “(in accordance with paragraph 4(5) of that Schedule)”.

(8)In the title for “Case I” substitute “ life assurance trade ”.

350In section 88(3)(b) (corporation tax: policy holders' share of profits) omit “under Case VI of Schedule D”.E+W+S+N.I.

351(1)Amend section 89 (policy holders' share of profits) as follows.E+W+S+N.I.

(2)In subsection (1)(a) for “Case I” substitute “ life assurance trade ”.

(3)In subsection (1A)—

(a)omit “under Case VI of Schedule D”, and

(b)for “Case I”, in both places where it occurs, substitute “ life assurance trade ”.

(4)In subsection (2) for “Case I” substitute “ life assurance trade ”.

(5)In subsection (3) for “Case I” substitute “ life assurance trade ”.

(6)In subsection (4) for “Case I”, in both places where it occurs, substitute “ life assurance trade ”.

(7)In subsection (7)—

(a)for “ “Case I profits”” substitute “ “life assurance trade profits” ”, and

(b)for “provisions of the Taxes Act 1988 applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(8)In subsection (7B) for “Case I” substitute “ life assurance trade ”.

Finance Act 1990 (c. 29)E+W+S+N.I.

352The Finance Act 1990 is amended as follows.E+W+S+N.I.

353Omit section 126(2) and (3) (pools payments for football ground improvements).E+W+S+N.I.

354In Schedule 14 (amendments correcting errors in ICTA) omit paragraph 2.E+W+S+N.I.

Finance Act 1991 (c. 31)E+W+S+N.I.

355The Finance Act 1991 is amended as follows.E+W+S+N.I.

F55356. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F55Sch. 1 para. 356 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 6 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

357Omit section 121(2) and (3) (pools payments to support games etc).E+W+S+N.I.

Taxation of Chargeable Gains Act 1992 (c. 12)E+W+S+N.I.

358The Taxation of Chargeable Gains Act 1992 is amended as follows.E+W+S+N.I.

359In section 1(2) (the charge to tax) for “section 6 of the Taxes Act” substitute “ section 2 of CTA 2009 ”.E+W+S+N.I.

360In section 10B (non-resident company with United Kingdom permanent establishment) for subsection (4) substitute—E+W+S+N.I.

(4)In this section—

(a)references to a trade include an office, and

(b)references to carrying on a trade include holding an office.

361In section 33A (value shifting: modification of sections 30 to 33 in relation to chargeable intangible asset)—E+W+S+N.I.

(a)in subsection (1) for “Schedule 29 to the Finance Act 2002” substitute “ Part 8 of CTA 2009 ”,

(b)in subsection (2)—

(i)in paragraph (a) for “that Schedule (see paragraph 19 of that Schedule” substitute “ that Part (see section 734 of that Act ”,

(ii)in paragraph (b) for “paragraph 55 of that Schedule” substitute “ section 775 of that Act ”, and

(iii)in paragraph (c) for “paragraph 58 or 60 of that Schedule” substitute “ section 780 or 785 of that Act ”,

(c)in subsection (3) for “that Schedule (see paragraph 15 of that Schedule” substitute “ that Part (see section 723 of that Act ”, and

(d)in subsection (4) for “that Schedule” substitute “ that Part ”.

362In section 40(4) (interest charged to capital) after “relationships)” insert “ and CTA 2009 (Part 5 of which re-enacts that Chapter) ”.E+W+S+N.I.

363In section 41(4) (restriction of losses by reference to capital allowances)—E+W+S+N.I.

(a)in paragraph (b)—

(i)omit “any relief given under section 30 of the Taxes Act or”, and

(ii)after “ITTOIA 2005” insert “ or section 254 of CTA 2009 ”, and

(b)in paragraph (c)—

(i)omit “section 91 of the Taxes Act or”, and

(ii)after “ITTOIA 2005” insert “ or section 147 of CTA 2009. ”

364In section 48(4) (consideration due after time of disposal) for the words from “Chapter 2” to the end substitute “ Part 5 of CTA 2009 (see sections 302(5) and 313(6)) ”.E+W+S+N.I.

365(1)Amend section 59 (partnerships) as follows.E+W+S+N.I.

(2)In subsection (2)(b) after “capital gains tax” insert “ or corporation tax ”.

(3)In subsection (3)—

(a)after “arrangements” insert “ (so far as providing for that relief) ”, and

(b)after “capital gains tax” insert “ or corporation tax ”.

366(1)Amend section 116 (reorganisations, conversions and reconstructions) as follows.E+W+S+N.I.

(2)In subsection (8A)—

(a)in the first sentence, for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of CTA 2009 ” and “ that Part ” respectively, and

(b)in the second sentence for the words from “transaction” to the end substitute “ relevant loan relationship transaction ”.

(3)After subsection (8A) insert—

(8AA)In subsection (8A) “relevant loan relationship transaction” means a transaction to which any of the following provisions applies—

  • section 342 of CTA 2009 (continuity of treatment on transfers within groups or reorganisations: issues of new securities on reorganisations: disposal at notional carrying value),

  • section 343 of that Act (continuity of treatment on transfers within groups or reorganisations: receiving company using fair value accounting),

  • section 424 of that Act (European cross-border transfers of business: reorganisations involving loan relationships),

  • section 425 of that Act (European cross-border transfers of business: original holder using fair value accounting),

  • section 435 of that Act (European cross-border mergers: reorganisations involving loan relationships),

  • section 436 of that Act (European cross-border mergers: original holder using fair value accounting).

(4)In subsection (16) for “section 80(5) of the Finance Act 1996” and “Chapter II of Part IV” substitute “ section 464(1) of CTA 2009 ” and “ Part 5 ” respectively.

367After section 116 insert—E+W+S+N.I.

116AHolding beginning or ceasing to fall within section 490 of CTA 2009

(1)Section 116 applies in accordance with the following assumptions if—

(a)a holding that is a relevant holding for the purposes of section 490 of CTA 2009 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) is held by a company both at the end of one accounting period and at the beginning of the next, and

(b)that section applies to the holding for one of those periods but not for the other.

(2)The assumptions in subsections (3) and (4) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the first of those periods.

(3)The relevant holding is assumed to have ceased to be a relevant holding for the second of those periods as a result of a transaction such as is mentioned in section 116(1) (“the reorganisation transaction”) occurring at the beginning of that period.

(4)In relation to the reorganisation transaction within subsection (3), for the purposes of section 116—

(a)the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and

(b)the relevant holding immediately after the beginning of that period is assumed to be the new asset.

(5)The assumptions in subsections (6) and (8) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the second of those periods.

(6)The holding is assumed to have become a relevant holding for the second of those periods as a result of the occurrence at the end of first period of a transaction such as is mentioned in section 116(1).

(7)But subsection (6) does not apply if the first of those periods is a period at the end of which a disposal of the relevant holding is treated as having occurred under section 212 (annual deemed disposal of holdings of unit trusts etc by insurance companies).

(8)In relation to the reorganisation transaction within subsection (6), for the purposes of section 116—

(a)the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and

(b)the relevant holding immediately after the beginning of that period is assumed to be the new asset.

116BShares beginning or ceasing to be shares to which section 523 of CTA 2009 applies

(1)If at any time section 523 of CTA 2009 (application of Part 5 of that Act to certain shares as rights under a creditor relationship) begins or ceases to apply in the case of a share held by the investing company it is treated for the purposes of this Act—

(a)as having disposed of the share immediately before that time for consideration of an amount equal to its fair value at that time, and

(b)as having immediately reacquired it for consideration of the same amount.

(2)In this section—

  • fair value” has the same meaning as in Part 5 of CTA 2009, (loan relationships) (see section 313(6) of that Act), and

  • investing company” has the same meaning as it has for the purposes of Chapter 7 of Part 6 of that Act (shares with guaranteed returns) (see section 522(3) of that Act).

368In section 117(6D) (meaning of “qualifying corporate bond”) after “section 48A” insert “ of that Act or section 507 of CTA 2009 ”.E+W+S+N.I.

369In section 143(1) (commodity and financial futures and qualifying options)—E+W+S+N.I.

(a)for “section 128 of the Taxes Act” substitute “ section 981 of CTA 2009 ”, and

(b)in paragraph (a) for “Schedule D otherwise than as the profits of a trade” substitute “ Chapter 8 of Part 10 of CTA 2009 ”.

370After section 151D insert—E+W+S+N.I.

151EExchange gains and losses from loan relationships: regulations

(1)The Treasury may by regulations make provision for or in connection with bringing into account in prescribed circumstances for the purposes of this Act amounts to which section 328(1) of CTA 2009 does not apply because of section 328(3) or (4) of that Act.

(2)The regulations may—

(a)make different provision for different cases, and

(b)make provision subject to an election or to other prescribed conditions.

151FTreatment of alternative finance arrangements

(1)This section applies if under arrangements to which section 503 (purchase and resale arrangements), 504 (diminishing shared ownership arrangements) or 507 (investment bond arrangements) of CTA 2009 applies an asset is sold by one party to the arrangements to the other party.

(2)The alternative finance return (as defined in section 511, 512 or 513(3) of that Act, as the case may be) is excluded in determining for the purposes of this Act the consideration for the sale and purchase of the asset.

(3)This section does not affect the operation of any provision of this Act which provides that the consideration for a sale or purchase is to be taken for any purpose to be an amount other than the actual consideration.

151GRegulations where non-qualifying shares conditions altered

(1)If the Treasury make regulations under section 533 of CTA 2009 (power to change conditions for non-qualifying shares) adding, varying or removing such a condition as is mentioned in subsection (1) of that section, they may also by regulations amend this Act so as to make provision for or in connection with taxation in the case of any asset or transaction that is or was mentioned in the condition.

(2)Regulations under this section may—

(a)make different provision for different cases, and

(b)make incidental, supplemental, consequential and transitional provisions and savings.

(3)Regulations made under subsection (2)(b) may, in particular, include provision amending any enactment or any instrument made under an enactment.

371In section 156(4) (assets of Class 1)—E+W+S+N.I.

(a)omit “section 98 of the Taxes Act or”, and

(b)after “ITTOIA 2005” insert “ or section 42 of CTA 2009 ”.

372After section 156 insert—E+W+S+N.I.

156ZAIntangible fixed assets: roll-over relief

(1)This section applies if a company is entitled to relief under Chapter 7 of Part 8 of CTA 2009 (roll-over relief in case of realisation and reinvestment) as a result of—

(a)section 898 of that Act (roll-over relief where pre-FA 2002 assets disposed of on or after 1 April 2002), or

(b)section 899 of that Act (roll-over relief where degrouping charge on pre-FA 2002 asset arises on or after 1 April 2002).

(2)The company is treated for the purposes of this Act as if the consideration for the disposal of the old asset were reduced by the amount available for relief.

(3)Subsection (2) does not affect the treatment for any purpose of the Taxes Acts of the other party to any transaction involved in the disposal of the old asset or the expenditure on other assets.

(4)In this section—

  • the old asset” has the same meaning as in Chapter 7 of Part 8 of CTA 2009 (see section 754(2)), and

  • the Taxes Acts” means the enactments relating to income tax, corporation tax or chargeable gains.

156ZBIntangible fixed assets: interaction with relief under Chapter 7 of Part 8 of CTA 2009

(1)This section applies if there is a disposal on or after 1 April 2002 of an asset that is both—

(a)an asset of a class specified in section 155, and

(b)an intangible fixed asset for the purposes of Part 8 of CTA 2009.

(2)The period specified in section 152(3)—

(a)does not include any period beginning on or after 1 April 2002, and

(b)may not be extended so as to include any such period.

(3)Classes 4 to 7A in section 155 do not apply for the purposes of corporation tax as respects the acquisition of new assets that are chargeable intangible assets for the purposes of Part 8 of CTA 2009 (see section 741 of that Act).

(4)In the case of an acquisition before 22 March 2005, subsection (3) applies as if it referred to Classes 4 to 7, instead of Classes 4 to 7A.

373In section 158(2) (activities other than trades, and interpretation) omit the words from “but” to the end.E+W+S+N.I.

374In section 161(3)(a) (appropriations to and from stock) for “under Case I of Schedule D” substitute “ under Chapter 2 of Part 3 of CTA 2009 and the trade is carried on wholly or partly in the United Kingdom ”.E+W+S+N.I.

375In section 170(9)(c) (interpretation of sections 171 to 181) omit “within the meaning of section 486 of the Taxes Act”.E+W+S+N.I.

376In section 171(3A) (transfers within a group: general provisions) for “section 91A of the Finance Act 1996” substitute “ section 524 of CTA 2009 ”.E+W+S+N.I.

377Omit section 201(2) (relationship between section 201 of TCGA 1992 and section 119(1) of ICTA).E+W+S+N.I.

378For section 203(1) substitute—E+W+S+N.I.

(1)Sections 274 to 276 of CTA 2009 (meaning of “mineral royalties” etc) apply for the interpretation of this section and sections 201 and 202 as they apply for the interpretation of Chapter 7 of Part 4 of CTA 2009.

379(1)Amend section 210A (ring-fencing of losses) as follows.E+W+S+N.I.

(2)In subsection (10A)—

(a)for “Case I profits”, in both places where it occurs, substitute “ life assurance trade profits ”, and

(b)for “provisions applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

(3)In subsection (11)(c) (ring-fencing of losses) for “paragraph 4(3) of Schedule 11 to the Finance Act 1996” substitute “ section 389(1) of CTA 2009 ”.

380(1)Amend section 241 (furnished holiday lettings) as follows.E+W+S+N.I.

(2)In subsection (2), in the second sentence for “has the meaning given by section 504 of the Taxes Act” substitute “ has the same meaning as it has for the purposes of Chapter 6 of Part 4 of CTA 2009 ”.

(3)In subsection (3)(a) omit “(within the meaning of the Income Tax Acts), or any Schedule A business (within the meaning of the Taxes Act),”.

381In section 251(8) (general provisions) omit—E+W+S+N.I.

(a)paragraph (a), and

(b)in paragraph (b) the words “(even apart from those provisions)”.

382In section 253(3) (relief for loans to traders) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of CTA 2009 ”.E+W+S+N.I.

383In section 275B (section 275A: supplementary provisions) for subsection (3) substitute—E+W+S+N.I.

(3)In section 275A—

  • future” has the meaning given by section 581 of CTA 2009, and

  • option” has the meaning given by section 580 of that Act.

384After section 286 insert—E+W+S+N.I.

286AResidence of companies

Chapter 3 of Part 2 of CTA 2009 (rules for determining residence of companies) applies for the purposes of—

(a)this Act (so far as relating to capital gains tax), and

(b)any other enactment relating to capital gains tax,

as it applies for the purposes of the Corporation Tax Acts.

385In section 288(1) (interpretation)—E+W+S+N.I.

(a)at the appropriate place insert—

CTA 2009” means the Corporation Tax Act 2009;,

(b)for the definition of “personal representatives” substitute—

personal representatives” has the same meaning as in Chapter 3 of Part 10 of CTA 2009 (see section 968 of that Act);,

(c)in the definition of “trading stock” for “section 100(2) of the Taxes Act” substitute “ section 163 of CTA 2009 ”, and

(d)at the appropriate place insert—

UK property business” means—

(a)a UK property business within the meaning of the Income Tax Acts (see section 989 of ITA 2007), or

(b)a UK property business within the meaning of the enactments relating to corporation tax (see section 834B of the Taxes Act);.

386In Schedule 7AC (exemptions for disposals by companies with substantial shareholding) omit paragraph 34(2).E+W+S+N.I.

387In Schedule 7D (approved share schemes and share incentives), in paragraph 2(4), for “paragraph 9 of Schedule 4AA to the Taxes Act” substitute “ section 989 of CTA 2009 ”.E+W+S+N.I.

388(1)Amend Schedule 8 (leases) as follows.E+W+S+N.I.

(2)In paragraph 5—

(a)in sub-paragraph (1) for the words from “section 34” to “property business (within the meaning of that Act)” substitute “ any of sections 277 to 281 of ITTOIA 2005 or sections 217 to 221 of CTA 2009 as a receipt of a UK property business ”,

(b)in sub-paragraph (2) for the words from “section 34” to “property business (within the meaning of that Act)” substitute “ any of sections 277 to 281 of ITTOIA 2005 or sections 217 to 221 of CTA 2009 as a receipt of a UK property business ”,

(c)in sub-paragraph (3) for the words from “section 36” to “property business (within the meaning of that Act)” substitute “ section 284 or 285 of ITTOIA 2005 or section 224 or 225 of CTA 2009 (sale of land with right to reconveyance or leaseback) as a receipt of a UK property business ”, and

(d)in sub-paragraph (5) omit paragraph (a).

(3)In the italic cross-heading before paragraph 5 for “under Schedule A” substitute “ as receipts of a property business ”.

(4)In paragraph 6—

(a)in sub-paragraph (1) for the words from “If” to the end of paragraph (b) substitute “ If under section 292 of ITTOIA 2005 or section 232 of CTA 2009 (allowance where, by the grant of a sublease, a lessee has converted a capital amount into a right to income) a person is to be treated as incurring expenses in consequence of having granted a sublease, ”

(b)in sub-paragraph (2) for the words from “by virtue of section 35” to the end substitute “ by virtue of section 282 of ITTOIA 2005 or section 222 of CTA 2009 (assignments for profit of lease granted at undervalue) as a receipt of a UK property business. ”, and

(c)for sub-paragraph (3) substitute—

(3)If any adjustment is made—

(a)under section 301 or 302 of ITTOIA 2005, or

(b)under section 238 or 239 of CTA 2009,

on a claim made under that section, any necessary adjustment shall be made to give effect to the consequences of the claim on the operation of this paragraph or paragraph 5 above.

(5)In paragraph 7 for paragraphs (a) and (b) substitute—

(a)under section 277 of ITTOIA 2005 any amount is brought into account by virtue of section 278 of that Act as a receipt of a UK property business which is carried on by any person, or

(b)under section 217 of CTA 2009 any amount is brought into account by virtue of section 218 of that Act as a receipt of a UK property business which is carried on by any company,.

(6)In paragraph 7A omit “Schedule A business or”.

Finance (No. 2) Act 1992 (c. 48)E+W+S+N.I.

F56389. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F56Sch. 1 para. 389 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F57390. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F57Sch. 1 para. 390 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22) and provision also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

Finance Act 1994 (c. 9)E+W+S+N.I.

391The Finance Act 1994 is amended as follows.E+W+S+N.I.

392(1)Amend section 219 (Lloyd's underwriters: taxation of profits) as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)in paragraph (a) for “Case I of Schedule D” substitute “ Part 3 of the Corporation Tax Act 2009 ”, and

(b)in paragraph (b) for the words from “under” to the end substitute “ otherwise than under Part 3 of the Corporation Tax Act 2009 ”.

(3)In subsection (3)—

(a)for “Case I of Schedule D” substitute “ Part 3 of the Corporation Tax Act 2009 ”, and

(b)for the words from “under any other” to the end substitute “ otherwise than under Part 3 of that Act ”.

F58(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F58(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F58Sch. 1 para. 392(4)(5) omitted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 30(e)

393In section 220(3) (accounting period in which certain profits or losses arise) for “section 72 of the Taxes Act 1988” substitute “ section 52 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

394In section 225(4) (stop-loss and quota share insurance) in the definition of “apportioned part” for “section 72 of the Taxes Act 1988” substitute “ section 52 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

395In section 226(3) (provisions which are not to apply) for “Schedule 26 to the Finance Act 2002” substitute “ Part 7 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

396In section 229(1)(ca) (regulations) for sub-paragraph (ii) substitute—E+W+S+N.I.

(ii)arrangements involving repos (within the meaning given by section 554(4) of the Corporation Tax Act 2009); or

(iii)arrangements meeting the conditions in section 554(2) of that Act (redemption arrangements);.

397Omit sections 249 and 250 (certain companies treated as non-resident).E+W+S+N.I.

398In paragraph 20(1) of Schedule 24 (provisions relating to the Railways Act 1993), in the words after paragraph (b) omit the words from “the trade” to “but”.E+W+S+N.I.

Finance Act 1995 (c. 4)E+W+S+N.I.

399The Finance Act 1995 is amended as follows.E+W+S+N.I.

400In section 126(7A) (UK representatives of non-residents) omit paragraph (b) and the “or” immediately before it.E+W+S+N.I.

401In section 127(1) (persons not treated as UK representatives)—E+W+S+N.I.

F59(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)omit paragraph (cb).

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F59Sch. 1 para. 401(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 11 (with Sch. 9 paras. 1-9, 22)

Finance Act 1996 (c. 8)E+W+S+N.I.

402The Finance Act 1996 is amended as follows.E+W+S+N.I.

403Omit section 80 (taxation of loan relationships).E+W+S+N.I.

404Omit section 81 (meaning of “loan relationship” etc).E+W+S+N.I.

405Omit section 82 (methods of bringing amounts into account).E+W+S+N.I.

406Omit section 83 (non-trading deficit on loan relationships).E+W+S+N.I.

407Omit section 84 (debits and credits brought into account).E+W+S+N.I.

408Omit section 84A (exchange gains and losses from loan relationships).E+W+S+N.I.

409Omit section 85A (computation in accordance with generally accepted accounting practice).E+W+S+N.I.

410Omit section 85B (amounts recognised in determining a company's profit or loss).E+W+S+N.I.

411Omit section 85C (amounts not fully recognised for accounting purposes).E+W+S+N.I.

412Omit section 87 (accounting method where parties have a connection).E+W+S+N.I.

413Omit section 87A (meaning of “control” in section 87).E+W+S+N.I.

414Omit section 88 (exemption from section 87 in certain cases).E+W+S+N.I.

415Omit section 88A (accounting method where rate of interest is reset).E+W+S+N.I.

416Omit section 90A (change of accounting basis applicable to assets or liabilities).E+W+S+N.I.

417Omit section 91A (shares subject to outstanding third party obligations).E+W+S+N.I.

418Omit section 91B (non-qualifying shares).E+W+S+N.I.

419Omit section 91C (Condition 1 for section 91B(6)(b)).E+W+S+N.I.

420Omit section 91D (Condition 2 for section 91B(6)(b)).E+W+S+N.I.

421Omit section 91E (Condition 3 for section 91B(6)(b)).E+W+S+N.I.

422Omit section 91F (power to add, vary or remove Conditions for section 91B(6)(b)).E+W+S+N.I.

423Omit section 91G (shares beginning or ceasing to be subject to section 91A or 91B).E+W+S+N.I.

424Omit section 91H (payments in return for capital contribution).E+W+S+N.I.

425Omit section 91I (change of partnership shares).E+W+S+N.I.

426Omit section 93C (creditor relationships and benefit derived by connected persons).E+W+S+N.I.

427Omit section 94 (indexed gilt-edged securities).E+W+S+N.I.

428Omit section 94A (loan relationships with embedded derivatives).E+W+S+N.I.

429Omit section 94B (loan relationships treated differently by connected debtor and creditor).E+W+S+N.I.

430Omit section 95 (gilt strips).E+W+S+N.I.

431Omit section 96 (special rules for certain other gilts).E+W+S+N.I.

432Omit section 97 (manufactured interest).E+W+S+N.I.

433Omit section 98 (collective investment schemes).E+W+S+N.I.

434Omit section 99 (insurance companies).E+W+S+N.I.

435Omit section 100 (money debts etc not arising from the lending of money).E+W+S+N.I.

436Omit section 101 (financial instruments).E+W+S+N.I.

437Omit section 103 (interpretation of Chapter).E+W+S+N.I.

438In section 154 (FOTRA securities), omit subsections (2), (3), (5), (6) and (8).E+W+S+N.I.

439In section 203(9) (modification of the Agriculture Act 1993) for “Chapter II of Part IV of this Act” substitute “ Part 5 of the Corporation Tax Act 2009 (loan relationships) ”.E+W+S+N.I.

440Omit Schedule 8 (loan relationships: claims etc relating to deficits).E+W+S+N.I.

441Omit Schedule 9 (loan relationships: special computational provisions).E+W+S+N.I.

442Omit Schedule 10 (loan relationships: collective investment schemes).E+W+S+N.I.

443Omit Schedule 11 (loan relationships: special provisions for insurers).E+W+S+N.I.

444(1)Amend Schedule 15 (loan relationships: savings and transitional provisions) as follows.E+W+S+N.I.

(2)Omit—

(a)paragraph 2 (loan relationships terminated before 1st April 1996),

(b)paragraph 3 (basic rules for transitional accounting periods),

(c)paragraph 3A (adjustment of opening value where new accounting basis adopted as from an accounting period beginning on 1st April 1996), and

(d)paragraph 4 (application of accruals basis to pre-commencement relationships).

(3)In paragraph 5—

(a)in sub-paragraph (5) for “this Chapter is” substitute “ this Chapter (as it had effect immediately before 1st April 2009) was ”,

(b)in sub-paragraph (6)(b)—

(i)for “which is” substitute “ which was ”, and

(ii)after “this Chapter” insert “ (as it had effect immediately before 1st April 2009) ”, and

(c)in sub-paragraph (7)—

(i)for “taken to be” substitute “ taken to have been ”,

(ii)for “is treated” substitute “ was treated ”, and

(iii)after “paragraph 4 above” insert “ (as it had effect immediately before 1st April 2009) ”.

(4)In paragraph 6—

(a)in sub-paragraph (3) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”,

(b)for sub-paragraphs (4) to (7) substitute—

(4)Sub-paragraphs (1) to (3) above do not apply if the company duly made an election for the purposes of this sub-paragraph as it had effect on 30th September 1996., and

(c)in sub-paragraph (8)—

(i)for “section 82(2) of this Act” substitute “ section 297 of the Corporation Tax Act 2009 ”, and

(ii)at the end insert “ under Part 5 of that Act ”.

(5)In paragraph 9—

(a)in sub-paragraph (1) after “this Chapter” insert “ or Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (2)—

(i)after “this Chapter”, in the first place where it occurs, insert “ or that Part ”, and

(ii)after “this Chapter”, in the second place where it occurs, insert “ or, as the case may be, that Part ”.

(6)Omit paragraph 10 (adjustments of opening value for mark to market accounting in the case of chargeable assets).

(7)In paragraph 11 (other adjustments in the case of chargeable assets etc)—

(a)in sub-paragraphs (1) and (3)(a) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”,

(b)in sub-paragraph (6) at the end insert “ under Part 5 of the Corporation Tax Act 2009 ”, and

(c)in sub-paragraph (8) after “this Chapter” insert “ and Part 5 of the Corporation Tax Act 2009 ”.

(8)In paragraph 11A(2) (reduction of paragraph 11 credit where section 251(4) of 1992 Act prevents paragraph 8 loss) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”.

(9)In paragraph 12 (notional closing values of relevant assets)—

(a)in sub-paragraph (2) for “makes” substitute “ made ”, and

(b)in sub-paragraph (3)—

(i)for “is made” substitute “ was made ”, and

(ii)after “this Chapter” insert “ and Part 5 of the Corporation Tax Act 2009 ”.

(10)Omit—

(a)paragraph 13 (further transitional rules where interest under loan relationships),

(b)paragraph 14 (transitional in respect of incidental expenses already allowed), and

(c)paragraph 15 (holdings of unit trusts etc).

(11)In paragraph 16 (bad debt relieved before commencement of FA 1996)—

(a)in sub-paragraph (2)—

(i)after “this Chapter”, in the first place where it occurs, insert “ or Part 5 of the Corporation Tax Act 2009 ”, and

(ii)after “this Chapter”, in the second place where it occurs, insert “ or that Part ”,

(b)in sub-paragraph (3)—

(i)after “this Chapter”, in the first place where it occurs, insert “ and Part 5 of the Corporation Tax Act 2009 ”, and

(ii)after “this Chapter”, in the second place where it occurs, insert “ and that Part ”, and

(c)in sub-paragraph (4) for “falls” substitute “ fell ”.

(12)In paragraph 17 (transitional for overseas sovereign debt etc)—

(a)in sub-paragraph (1) after “this Chapter” insert “ and Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (3)—

(i)after “this Chapter”, in the first place where it occurs, insert “ and Part 5 of the Corporation Tax Act 2009 ”, and

(ii)after “this Chapter”, in the second place where it occurs, insert “ and that Part ”.

(13)Omit paragraph 18 (transitional for accrued income scheme).

(14)In paragraph 19 (deep discount securities)—

(a)omit sub-paragraphs (1) and (2),

(b)in sub-paragraphs (3A), (4), (5), (6), (7) and (8) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”,

(c)omit sub-paragraph (10), and

(d)in sub-paragraph (11)(b) for “this Chapter is” substitute “ this Chapter was ”.

(15)In paragraph 20 (deep gain securities)—

(a)omit sub-paragraph (1),

(b)in sub-paragraphs (2A) and (3) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(c)in sub-paragraph (5) for “this Chapter is” substitute “ this Chapter (as it had effect immediately before 1st April 2009) was ”.

(16)In paragraph 21 (convertible securities)—

(a)omit sub-paragraph (1), and

(b)in sub-paragraphs (2) and (4) for “this Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ”.

Broadcasting Act 1996 (c. 55)E+W+S+N.I.

445The Broadcasting Act 1996 is amended as follows.E+W+S+N.I.

446(1)Amend Schedule 7 (transfer schemes relating to BBC transmission networking: taxation provisions) as follows.E+W+S+N.I.

(2)In paragraph 11(2) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.

(3)In paragraph 21—

(a)in sub-paragraph (1) for “Section 35 of the Taxes Act 1988 (charge on lease” substitute “ Section 222 of the Corporation Tax Act 2009 (lease ”,

(b)in sub-paragraph (2) for “Section 87 of the Taxes Act 1988 (taxable premiums)” substitute “ Sections 62 to 67 of the Corporation Tax Act 2009 (tenants occupying land for purposes of trade treated as incurring expenses) ” and for “that section to the amount chargeable” substitute “ those sections to the taxed receipt ”, and

(c)in sub-paragraph (3) for “Part II of the Taxes Act 1988” substitute “ Part 4 of the Corporation Tax Act 2009 (see section 291 of that Act) ”.

Finance Act 1997 (c. 16)E+W+S+N.I.

F60447. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F60Sch. 1 paras. 447, 448 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 8 (with Sch. 9 paras. 1-9, 22) and provisions also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

F60448. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F60Sch. 1 paras. 447, 448 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 8 (with Sch. 9 paras. 1-9, 22) and provisions also repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)

Finance (No. 2) Act 1997 (c. 58)E+W+S+N.I.

449The Finance (No. 2) Act 1997 is amended as follows.E+W+S+N.I.

450Omit section 40 (carry-back of loan relationship deficits).E+W+S+N.I.

Finance Act 1998 (c. 36)E+W+S+N.I.

451The Finance Act 1998 is amended as follows.E+W+S+N.I.

452Omit section 42 (computation of profits of trade, profession or vocation).E+W+S+N.I.

453In section 46 (minor and consequential provisions about computations) omit subsections (1) and (2).E+W+S+N.I.

454(1)Amend Schedule 18 (company tax returns, assessments and related matters) as follows.E+W+S+N.I.

(2)In paragraph 9(2) for “section 6(2) of the Taxes Act 1988” substitute “ section 3 of the Corporation Tax Act 2009 ”.

(3)In paragraph 10—

(a)omit sub-paragraphs (2B) and (3), and

(b)in sub-paragraph (5)—

(i)for “section 32(7) of the Finance Act 2006” substitute “ section 1182(7) of the Corporation Tax Act 2009 ”, and

(ii)for “section 32(8)(a)” substitute “ section 1182(8)(a) ”.

(4)In paragraph 13(3) in the definition of “trading stock” for “section 100(2) of the Taxes Act 1988” substitute “ section 163 of the Corporation Tax Act 2009 ”.

(5)In paragraph 26(1)(b) for the words from “section 12(5A)” to “Board” substitute “ section 11(3) of the Corporation Tax Act 2009 (power of officer of Revenue and Customs ”.

(6)In paragraph 52—

(a)in sub-paragraph (2)—

(i)in paragraph (ba), for “Schedule 20 to the Finance Act 2000” substitute “ Chapter 2 or 7 of Part 13 of the Corporation Tax Act 2009 ”,

(ii)in paragraph (bb), for “Schedule 22 to the Finance Act 2001” substitute “ Part 14 of the Corporation Tax Act 2009 ”,

(iii)omit paragraph (bc), and

(iv)in paragraph (bd) after “credit” insert “ under Part 15 of the Corporation Tax Act 2009 ”,

(b)omit sub-paragraph (4), and

(c)in sub-paragraph (5)—

(i)omit paragraph (ad), and

(ii)at the end, omit “, (ad)”.

(7)In paragraph 83A for “Schedule 20 to the Finance Act 2000” substitute “ Part 13 of the Corporation Tax Act 2009 ”.

(8)In paragraph 83F(1)—

(a)in paragraph (a), after “tax credit” insert “ under Chapter 2 or 7 of Part 13 of the Corporation Tax Act 2009 ”, and

(b)in paragraph (b), after “by it” insert “ under that Chapter ”.

(9)In paragraph 83G—

(a)in paragraph (a) for “paragraph 14 of Schedule 22 to the Finance Act 2001” substitute “ section 1151 of the Corporation Tax Act 2009 ”, and

(b)in paragraph (b) for “paragraph 24 of that Schedule” substitute “ section 1164 of that Act ”.

(10)Omit Part 9BA.

(11)Omit Part 9C.

(12)Omit paragraph 84 and the italic cross-heading before it.

Finance Act 1999 (c. 16)E+W+S+N.I.

455The Finance Act 1999 is amended as follows.E+W+S+N.I.

456Omit section 54 (tax treatment of reverse premiums).E+W+S+N.I.

457Omit section 63 (treatment of transfer fees under existing contracts).E+W+S+N.I.

458(1)Amend section 81 (acquisitions disregarded under insurance companies concession) as follows.E+W+S+N.I.

(2)In subsection (4)—

(a)omit paragraph (a), and

(b)in paragraph (b) for “paragraph 6(4)(a)” substitute “ paragraph 6(4) ”.

(3)In subsection (8) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 (see section 302(5)) ”.

(4)In subsection (9)—

(a)for “section 473 of the Taxes Act 1988” substitute “ section 129 of the Corporation Tax Act 2009 ”,

(b)for “the purposes of that Act” substitute “ the purpose of calculating the profits of a company's trade ”, and

(c)for “paragraph 12(2) of Schedule 9 to the Finance Act 1996” and “Chapter II of Part IV of that Act of 1996” substitute “ section 340(2) to (4) of the Corporation Tax Act 2009 ” and “ Part 5 of that Act ” respectively.

(5)In subsection (13) for “Schedule 22 to the Finance Act 2002” substitute “ Chapter 14 of Part 3 of the Corporation Tax Act 2009 ”.

459Omit Schedule 6 (tax treatment of receipts by way of reverse premium).E+W+S+N.I.

Commonwealth Development Corporation Act 1999 (c. 20)E+W+S+N.I.

460The Commonwealth Development Corporation Act 1999 is amended as follows.E+W+S+N.I.

461(1)Amend paragraph 6 of Schedule 3 (tax) as follows.E+W+S+N.I.

(2)In sub-paragraph (2)—

(a)in paragraph (a) for “section 208 of the Income and Corporation Taxes Act 1988” substitute “ section 1285 of the Corporation Tax Act 2009 ”, and

F61(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In sub-paragraph (3) for the words from “as income” to the end substitute “ as dividends of a non-UK resident company chargeable under Chapter 2 of Part 10 of the Corporation Tax Act 2009. ”

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F61Sch. 1 para. 461(2)(b) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Finance Act 2000 (c. 17)E+W+S+N.I.

462The Finance Act 2000 is amended as follows.E+W+S+N.I.

463(1)Amend section 46 (exemption for small trades etc) as follows.E+W+S+N.I.

(2)For subsection (1)(b) substitute—

(b)from corporation tax chargeable—

(i)under Part 3 of the Corporation Tax Act 2009 in respect of a trade carried on wholly or partly in the United Kingdom, or

(ii)under or by virtue of any provision to which section 834A of the Taxes Act 1988 (miscellaneous charges) applies,.

(3)In subsection (2)(b) for “under Case VI of Schedule D” substitute “ under or by virtue of any provision to which section 834A of the Taxes Act 1988 applies ”.

(4)In subsection (2A)—

(a)for the words from “, 703” to “790” substitute “ or 776 ”, and

(b)omit paragraph (b).

(5)In subsection (6), in the definition of “income”, for paragraph (b) substitute—

(b)any profits or gains or other income—

(i)which is chargeable to corporation tax under Part 3 of the Corporation Tax Act 2009 in respect of a trade carried on wholly or partly in the United Kingdom, or

(ii)which is chargeable to corporation tax under or by virtue of any provision to which section 834A of the Taxes Act 1988 applies,

and which (in either case) is not, apart from this section, exempted from corporation tax chargeable under or by virtue of that Part or provision.

464Omit section 50 (phasing out of relief for payments to trustees of profit sharing schemes).E+W+S+N.I.

465Omit section 69(1) (which introduces Schedule 20).E+W+S+N.I.

466Omit section 143(2) (power to provide incentives to use electronic communications).E+W+S+N.I.

467In Schedule 12 (provision of services through an intermediary) omit paragraphs 17 and 18.E+W+S+N.I.

468In Schedule 15 (the corporate venturing scheme) in paragraph 60(1) omit “under Case VI of Schedule D”.E+W+S+N.I.

469Omit Schedule 20 (tax relief for expenditure on research and development).E+W+S+N.I.

470(1)Amend Schedule 22 (tonnage tax) as follows.E+W+S+N.I.

(2)In paragraph 50(2)—

(a)in paragraph (a) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)in paragraph (c) for “under Schedule 26 to the Finance Act 2002 (derivative contracts)” substitute “ in accordance with Part 7 of the Corporation Tax Act 2009 (derivative contracts) ”.

(3)For paragraph 51(3) and (4) substitute—

(3)For the purposes of this paragraph “income from investments” includes anything chargeable to tax under—

(a)Part 4 of the Corporation Tax Act 2009 (property income),

(b)section 299 of that Act (loan relationships: non-trading profits),

(c)Chapter 5 of Part 10 of that Act (distributions from unauthorised unit trusts), or

(d)Chapter 7 of that Part (annual payments not otherwise charged).

(4)In paragraph 61(6) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.

(5)In paragraph 62(6) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.

(6)In paragraph 63(2)—

(a)in paragraph (a) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”,

(b)in paragraph (b) for “under Schedule 26 to the Finance Act 2002 (derivative contracts)” substitute “ in accordance with Part 7 of the Corporation Tax Act 2009 (derivative contracts) ”, and

(c)in paragraph (c) for “section 103(1A) of the Finance Act 1996” substitute “ section 475 of the Corporation Tax Act 2009 ”.

Transport Act 2000 (c. 38)E+W+S+N.I.

471The Transport Act 2000 is amended as follows.E+W+S+N.I.

472(1)Amend Schedule 7 (transfer schemes: tax) as follows.E+W+S+N.I.

(2)In paragraph 12(5) for “section 100 of the 1988 Act” substitute “ section 163 of the Corporation Tax Act 2009 ”.

(3)In paragraph 17—

(a)in sub-paragraph (2) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (3) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ” and “ that Part ” respectively.

473(1)Amend Schedule 26 (transfers: tax) as follows.E+W+S+N.I.

(2)In paragraph 7—

(a)in sub-paragraph (2) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (4) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ” and “ that Part ” respectively.

(3)For paragraph 13(1) substitute—

(1)Sub-paragraphs (2) to (4) apply if—

(a)the transferor ceased to carry on a trade by virtue of a relevant transfer taking effect, and

(b)on the taking effect of that transfer, the transferee began to carry on the trade.

This sub-paragraph is to be read with sub-paragraph (8).

(4)In paragraph 17—

(a)in sub-paragraph (2) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (3) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ” and “ that Part ” respectively.

(5)In paragraph 29—

(a)in sub-paragraph (2) for “Chapter II of Part IV of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (3) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ” and “ that Part ” respectively.

(6)In paragraph 35—

(a)in sub-paragraph (1) for “paragraph 11 of Schedule 9 to the Finance Act 1996” substitute “ section 444 of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (2) for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of the Corporation Tax Act 2009 ” and “ that Part ” respectively.

Capital Allowances Act 2001 (c. 2)E+W+S+N.I.

474The Capital Allowances Act 2001 is amended as follows.E+W+S+N.I.

475In section 2(4) (general means of giving effect to capital allowances) for “section 6 of ICTA” substitute “ Part 2 of CTA 2009 (see section 2(2) of that Act) ”.E+W+S+N.I.

476In section 15(1)(f) (qualifying activities) for “section 55(2) of ICTA” substitute “ section 39(4) of CTA 2009 ”.E+W+S+N.I.

477In section 16 (ordinary property business) omit “, or a Schedule A business,”.E+W+S+N.I.

478(1)Amend section 17 (furnished holiday lettings) as follows.E+W+S+N.I.

(2)In subsection (1) omit “, or a Schedule A business,”.

(3)In subsection (3), in the second sentence for “has the meaning given by section 504 of ICTA” substitute “ has the same meaning as it has for the purposes of Chapter 6 of Part 4 of CTA 2009 (see section 265) ”.

479(1)Amend section 18 (managing investments of a company with investment business) as follows.E+W+S+N.I.

(2)In subsection (1) for “section 75 of ICTA” substitute “ section 1219 of CTA 2009 ”.

(3)In subsection (2) for “section 130 of ICTA” substitute “ section 1218 of CTA 2009 ”.

480In section 28(2B)(a) (thermal insulation of buildings) for “section 31ZA of ICTA” substitute “ section 251 of CTA 2009 ”.E+W+S+N.I.

481In section 38 (production animals etc) for paragraphs (a) and (b) substitute—E+W+S+N.I.

(a)animals or other creatures to which section 30 of ITTOIA 2005 or section 50 of CTA 2009 (animals kept for trade purposes) applies,

(b)animals or other creatures to which Chapter 8 of Part 2 of ITTOIA 2005 or Chapter 8 of Part 3 of CTA 2009 (herd basis rules) applies, or

(c)shares in animals or creatures such as are mentioned in paragraph (a) or (b).

482(1)Amend section 63 (cases in which disposal value is nil) as follows.E+W+S+N.I.

(2)In subsection (2)(c) for “section 84 of ICTA” substitute “ section 106 of CTA 2009 ”.

(3)In subsection (4) for “sections 83A(4) and 84(4) of ICTA” substitute “ section 108 of CTA 2009 ”.

483In section 105(3)(a) (“profits chargeable to tax”) for “section 830(4) of ICTA” substitute “ section 1313(2) of CTA 2009 ”.E+W+S+N.I.

484(1)Amend section 106 (the designated period) as follows.E+W+S+N.I.

(2)In subsection (3)(b) for the words from “each of which” to the end substitute “ each of which there was a change in the persons carrying on the qualifying activity in relation to which Condition A or Condition B was met. ”

(3)After subsection (3) insert—

(3A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(3B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

485(1)Amend section 108 (effect of disposal to connected person on overseas leasing pool) as follows.E+W+S+N.I.

(2)In subsection (1)(b) for the words from “is one” to “reconstructions)” substitute does not occur on the occasion of a change in the persons carrying on the qualifying activity—

(i)which falls within section 343(1) of ICTA (company reconstructions without change of ownership), or

(ii)in relation to which Condition A or Condition B is met.

(3)After subsection (1) insert—

(1A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(1B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

486(1)Amend section 112 (excess allowances: connected persons) as follows.E+W+S+N.I.

(2)In subsection (1) for paragraph (b) and the “and” immediately after that paragraph substitute—

(b)the transaction was not effected (or, if more than one, none of the transactions was effected) on the occasion of a change in the persons carrying on the qualifying activity—

(i)which falls within section 343(1) of ICTA (company reconstructions without change of ownership), or

(ii)in relation to which Condition A or Condition B is met, and.

(3)After subsection (1) insert—

(1A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(1B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

487(1)Amend section 115 (prohibited allowances: connected persons) as follows.E+W+S+N.I.

(2)In subsection (1) for paragraph (c) and the “and” immediately after that paragraph substitute—

(c)the transaction was not effected (or, if more than one, none of the transactions was effected) on the occasion of a change in the persons carrying on the qualifying activity—

(i)which falls within section 343(1) of ICTA (company reconstructions without change of ownership), or

(ii)in relation to which Condition A or Condition B is met, and.

(3)After subsection (1) insert—

(1A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(1B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

488(1)Amend section 122 (short-term leasing by buyer, lessee, etc) as follows.E+W+S+N.I.

(2)In subsection (2)(c) for the words from “on the occasion of each of which” to the end substitute “ on the occasion of each of which there was a change in the persons carrying on the qualifying activity in relation to which Condition A or B was met. ”

(3)After subsection (2) insert—

(2A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(2B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

489(1)Amend section 125 (other qualifying purposes) as follows.E+W+S+N.I.

(2)In subsection (3)(c) for the words from “on the occasion of each of which” to the end substitute “ on the occasion of each of which there was a change in the persons carrying on the qualifying activity in relation to which Condition A or B was met. ”

(3)After subsection (3) insert—

(3A)Condition A is that—

(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and

(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.

(3B)Condition B is that—

(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,

(b)a company which was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and

(c)at least one company which carried the activity on before the change continued to carry it on after the change.

490In section 252 (mines, transport undertakings etc) for “section 55(2) of ICTA” substitute “ section 39(4) of CTA 2009 ”.E+W+S+N.I.

491(1)Amend section 253 (companies with investment business) as follows.E+W+S+N.I.

(2)In subsection (2) for “section 75(4) of ICTA” substitute “ section 1233 of CTA 2009 ”.

(3)In subsection (4) for “Case I of Schedule D” substitute “ Part 3 of CTA 2009 ”.

(4)In subsection (6) for “section 75(4) of ICTA” substitute “ section 1233 of CTA 2009 ”.

492(1)Amend section 256 (different giving effect rules for different categories of business) as follows.E+W+S+N.I.

(2)In subsection (2)(b) for the words from “amount” to the end substitute “ company as receiving for the chargeable period in question an amount which is equal to the amount of the charges (or parts of charges) and to which the charge to corporation tax on income applies ”.

(3)In subsection (4) for “under Case VI of Schedule D” substitute “ chargeable under section 436A of ICTA ”.

493In section 257(2)(a) (supplementary) for “Case I” substitute “ life assurance trade ”.E+W+S+N.I.

494In section 260(8) (special leasing: corporation tax (excess allowance)) for “section 6 of ICTA (charge to corporation tax etc)” substitute “ Part 2 of CTA 2009 (see section 2(2) of that Act) ”.E+W+S+N.I.

495(1)Amend section 263 (qualifying activities carried on in partnership) as follows.E+W+S+N.I.

(2)For subsection (1)(c) substitute—

(c)if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.

(3)For subsection (1A) substitute—

(1A)For income tax purposes, the condition is that a person carrying on the trade or property business immediately before the change continues to carry it on after the change.

(1B)For corporation tax purposes, the condition is that a company carrying on the trade or property business in partnership immediately before the change continues to carry it on in partnership after the change.

496(1)Amend section 265 (successions: general) as follows.E+W+S+N.I.

(2)For subsection (1)(b) substitute—

(b)if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.

(3)For subsection (1A) substitute—

(1A)For income tax purposes, the condition is that no person carrying on the trade or property business immediately before the succession continues to carry it on after the succession.

(1B)For corporation tax purposes, the condition is that no company carrying on the trade or property business in partnership immediately before the succession continues to carry it on in partnership after the succession.

497In section 282 (buildings outside the United Kingdom) for the words from “or that apply” to the end substitute “ or corporation tax purposes. ”E+W+S+N.I.

498In section 291(3)(a) (supplementary provisions with respect to elections) for “section 38(1) to (4) and (6) of ICTA,” substitute “ sections 243 and 244 of CTA 2009, ”.E+W+S+N.I.

499In section 326(1) (interpretation of section 325), in the definition of “premium” for paragraph (a) and the “or” immediately after it substitute—E+W+S+N.I.

(a)an amount brought into account as a receipt in calculating the profits of a property business under sections 217 to 221 of CTA 2009 that is calculated by reference to the sum, or.

500In section 331(1)(b) (meaning of “capital value”) for sub-paragraph (i) and the “or” immediately after it substitute—E+W+S+N.I.

(i)an amount brought into account as a receipt in calculating the profits of a property business under sections 217 to 221 of CTA 2009 that is calculated by reference to the sum, or.

501(1)Amend section 353 (lessors and licensors) as follows.E+W+S+N.I.

(2)In subsection (2) omit “, or a Schedule A business,”.

(3)In subsection (4) for “Schedule A business” substitute “ UK property business ”.

502(1)Amend section 354 (buildings temporarily out of use) as follows.E+W+S+N.I.

(2)In subsection (3), in the words after paragraph (b)—

(a)for “section 105 of ICTA” substitute “ section 196 of CTA 2009 ”, and

(b)for “section 103 or 104(1) of ICTA” substitute “ Chapter 15 of Part 3 of CTA 2009 ”.

(3)In subsection (5) for “section 18 of ITTOIA 2005 or section 337(1) of ICTA” substitute “ section 577(2A) of this Act or section 18 of ITTOIA 2005 ”.

503In section 390(1) (interpretation of section 389), in the definition of “premium” for paragraph (a) and the “or” immediately after it substitute—E+W+S+N.I.

(a)an amount brought into account as a receipt in calculating the profits of a UK property business under sections 217 to 221 of CTA 2009 that is calculated by reference to the sum, or.

504(1)Amend section 392 (UK property business and Schedule A business) as follows.E+W+S+N.I.

(2)In subsection (2) omit “, or a Schedule A business,”.

(3)In subsection (2A)—

(a)omit the words from “is within” to “and he”, and

(b)for “treating him as if he had been carrying on” substitute “ treating the person as having carried on ”.

(4)Omit subsection (3).

(5)For the title substitute “ UK property businesses ”.

505In section 393B(4) (meaning of “qualifying expenditure”) omit “or Schedule A business”.E+W+S+N.I.

506In section 393J(3)(a) (entitlement to writing-down allowances) for “section 38(1) to (4) and (6) of ICTA,” substitute “ sections 243 and 244 of CTA 2009, ”.E+W+S+N.I.

507(1)Amend section 393T (giving effect to allowances and charges) as follows.E+W+S+N.I.

(2)In subsection (2) omit “, or a Schedule A business,”.

(3)In subsection (2A)—

(a)for the words from “person” to “his” substitute “ person's ”,

(b)for “by him” substitute “ by the person ”, and

(c)for “treating him as if he had been carrying on” substitute “ treating the person as having carried on ”.

(4)Omit subsection (3).

508(1)Amend section 406 (reduction where premium relief previously allowed) as follows.E+W+S+N.I.

(2)In subsection (1)(b) for “sections 87 and 87A of ICTA” substitute “ sections 62 to 67 of CTA 2009 ”.

(3)In subsection (2) for “sections 87 and 87A of ICTA” substitute “ sections 62 to 67 of CTA 2009 ”.

509In section 454(1)(c) (qualifying expenditure) for “section 531(3)(a) of ICTA” substitute “ section 178 of CTA 2009 ”.E+W+S+N.I.

510In section 455(4) (excluded expenditure) for “section 531(2) of ICTA” substitute “ section 178(3) of CTA 2009 ”.E+W+S+N.I.

511In section 462(3) (disposal values) for “section 531(2) of ICTA” substitute “ section 178(2) of CTA 2009 ”.E+W+S+N.I.

512In section 481(5)(b) (anti-avoidance: limit on qualifying expenditure) for “section 524 of ICTA” substitute “ section 912 of CTA 2009 ”.E+W+S+N.I.

513In section 483(c) (meaning of “income from patents”) for “section 524 or 525 of ICTA” substitute “ section 912 or 918 of CTA 2009 ”.E+W+S+N.I.

514In section 488(3)(a) (balancing allowances) for “section 18 of ITTOIA or section 337(1) of ICTA” substitute “ section 577(2A) of this Act or section 18 of ITTOIA 2005 ”.E+W+S+N.I.

515(1)Amend section 529 (giving effect to allowances and charges) as follows.E+W+S+N.I.

(2)In subsection (1) omit “, or a Schedule A business,”.

(3)In subsection (1A)—

(a)omit the words from “is within” to “and he”, and

(b)for “treating him as if he had been carrying on” substitute “ treating the person as having carried on ”.

(4)Omit subsection (2).

516In section 536(5)(a)(v) (contributions not made by public bodies and not eligible for tax relief) for “section 55(2) of ICTA” substitute “ section 39(5) of CTA 2009 ”.E+W+S+N.I.

517In section 545(4) (investment assets) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.E+W+S+N.I.

518(1)Amend section 558 (effect of partnership changes) as follows.E+W+S+N.I.

(2)For subsection (1)(c) substitute—

(c)the condition in subsection (1A) or (1B) (whichever is appropriate) is met.

(3)After subsection (1) insert—

(1A)For income tax purposes, the condition is that a person carrying on the relevant activity immediately before the change continues to carry it on after the change.

(1B)For corporation tax purposes, the condition is that a company carrying on the relevant activity in partnership immediately before the change continues to carry it on in partnership after the change.

519(1)Amend section 559 (effect of successions) as follows.E+W+S+N.I.

(2)For subsection (1)(b) substitute—

(b)the condition in subsection (1A) or (1B) (whichever is appropriate) is met.

(3)For subsection (1A) substitute—

(1A)For income tax purposes, the condition is that no person carrying on the relevant activity immediately before the succession continues to carry it on after the succession.

(1B)For corporation tax purposes, the condition is that no company carrying on the relevant activity in partnership immediately before the succession continues to carry it on in partnership after the succession.

520(1)Amend section 577 (other definitions) as follows.E+W+S+N.I.

(2)In subsection (1), in the definition of “property business” omit “, a Schedule A business”.

(3)After subsection (2) insert—

(2A)A person's ceasing to carry on a trade, property business, profession or vocation is treated for the purposes of this Act as the permanent discontinuance of the trade, property business, profession or vocation, whether or not it is in fact discontinued.

(2B)For income tax purposes, a change in the persons carrying on a trade, property business, profession or vocation is not treated as the permanent discontinuance of the trade, property business, profession or vocation if a person carrying it on immediately before the change continues to carry it on after the change.

(2C)For corporation tax purposes, a change in the persons carrying on a trade or property business is not treated as the permanent discontinuance of the trade or property business if a company carrying it on in partnership immediately before the change continues to carry it on in partnership after the change.

521(1)Amend Schedule A1 (first-year tax credits) as follows.E+W+S+N.I.

(2)In paragraph 5—

(a)in sub-paragraph (1) for “Schedule A business” substitute “ UK property business ”, and

(b)in sub-paragraph (2) for “(Schedule A losses)” substitute “ (UK property business losses) ”.

(3)In paragraph 7—

(a)in sub-paragraph (1)(a) for “Schedule A business” substitute “ UK property business ”, and

(b)in sub-paragraph (3) for “Schedule A business” substitute “ UK property business ”.

(4)In paragraph 8(2) for paragraph (a) substitute—

(a)the sum of the amounts mentioned in section 1223(2) of CTA 2009, exceeds.

(5)In paragraph 11(4) for paragraphs (a) to (d) substitute—

(a)Chapter 2 or 7 of Part 13 of CTA 2009 (tax credits for expenditure on research and development or vaccine research etc),

(b)Chapter 3 of Part 14 of that Act (tax credits for remediation of contaminated land), and

(c)Chapter 3 of Part 15 of that Act (film tax credits).

(6)In paragraph 12—

(a)in sub-paragraph (1) for “Schedule A business” substitute “ UK property business ”, and

(b)in sub-paragraph (2)(c) for “Part 3 of Schedule 22 to FA 2001” substitute “ Chapter 3 of Part 14 of CTA 2009 ”.

(7)In paragraph 14—

(a)in sub-paragraph (1)(a) for “Schedule A business” substitute “ UK property business ”,

(b)in sub-paragraph (4)(a) for “Part 3 of Schedule 22 to FA 2001” substitute “ Chapter 3 of Part 14 of CTA 2009 ”, and

(c)in sub-paragraph (6)(b) for “paragraph 4(4) of Schedule 11 to FA 1996” substitute “ section 391(3)(b) of CTA 2009 ”.

(8)In paragraph 15(3) for “section 75(9) of that Act” substitute “ section 1223 of CTA 2009 ”.

(9)In paragraph 16—

(a)in sub-paragraph (2)(a) for “Part 4 of Schedule 22 to FA 2001” substitute “ Chapter 4 of Part 14 of CTA 2009 ”, and

(b)in sub-paragraph (3)(b) for “paragraph 4(4) of Schedule 11 to FA 1996” substitute “ section 391(3)(b) of CTA 2009 ”.

(10)In paragraph 20—

(a)in sub-paragraph (b) for “section 75(9) of that Act (relief of expenses and charges against future profits)” substitute “ section 1223 of CTA 2009 (carrying expenses forward) ”,

(b)in sub-paragraph (c)—

(i)for “Schedule A business” substitute “ UK property business ”,

(ii)for “Schedule A losses” substitute “ UK property business losses ”, and

(iii)for “that Act” substitute “ ICTA ”, and

(c)in sub-paragraph (d) for “that Act” substitute “ ICTA ”.

(11)In paragraph 21(1) for “Schedule A business” substitute “ UK property business ”.

522(1)Amend Schedule 1 (abbreviations and defined expressions) as follows.E+W+S+N.I.

(2)In Part 1 at the end insert—

CTA 2009The Corporation Tax Act 2009

(3)In Part 2—

(a)in the entry for “accounting period”, in the second column, for “section 12 of ICTA” substitute “ Chapter 2 of Part 2 of CTA 2009 ”,

(b)after the entry for “car (in Part 2)” insert—

the charge to corporation tax on incomesection 2(3) of CTA 2009 (as applied by section 834(1) of ICTA),

(c)in the entry for “overseas property business”, for the words in the second column substitute “ Chapter 2 of Part 3 of ITTOIA 2005 (as applied by section 989 of ITA 2007) and Chapter 2 of Part 4 of CTA 2009 (as applied by section 834B of ICTA) ”,

(d)omit the entry for “Schedule A business”, and

(e)in the entry for “UK property business”, in the second column, at the end insert “ and Chapter 2 of Part 4 of CTA 2009 (as applied by section 834B of ICTA) ”.

Finance Act 2001 (c. 9)E+W+S+N.I.

523The Finance Act 2001 is amended as follows.E+W+S+N.I.

524Omit section 70(1) and (2) (which introduces Schedule 22).E+W+S+N.I.

525Omit Schedule 22 (remediation of contaminated land).E+W+S+N.I.

Finance Act 2002 (c. 23)E+W+S+N.I.

526The Finance Act 2002 is amended as follows.E+W+S+N.I.

527Omit section 53 (which introduces Schedule 12 to that Act).E+W+S+N.I.

528Omit section 54 (which introduces Schedules 13 and 14 to that Act).E+W+S+N.I.

529Omit section 55 (gifts of medical supplies and equipment).E+W+S+N.I.

530Omit section 64 (adjustment on change of basis).E+W+S+N.I.

531(1)Amend section 65 (postponement of change to mark to market in certain cases) as follows.E+W+S+N.I.

(2)In subsection (1) for “of Case I of Schedule D” substitute “ applicable for the purposes of section 35 of the Corporation Tax Act 2009 (charge on trade profits) ”.

(3)In subsection (2)(b) for “section 42 of the Finance Act 1998 (c. 36) ” substitute “ section 46 of the Corporation Tax Act 2009 ”.

532Omit section 71 (accounting method where rate of interest etc is reset).E+W+S+N.I.

533In section 81(3)(b) (transitional provision) for “Chapter 2 of Part 4 of the Finance Act 1996” substitute “ Part 5 of the Corporation Tax Act 2009 ”.E+W+S+N.I.

534In section 83 (derivative contracts) omit subsections (1)(a) and (2).E+W+S+N.I.

535Omit section 84(1) (gains and losses from intangible fixed assets of company).E+W+S+N.I.

536Omit Schedule 12 (tax relief for expenditure on research and development).E+W+S+N.I.

537Omit Schedule 13 (tax relief for expenditure on vaccine research etc).E+W+S+N.I.

538In Schedule 16 (community investment tax relief) in paragraph 27(4) omit “under Case VI of Schedule D”.E+W+S+N.I.

539(1)Amend Schedule 18 (relief for community amateur sports clubs) as follows.E+W+S+N.I.

(2)In paragraph 4(4) for the words from “means” to the end substitute profits that (apart from this paragraph) are chargeable under Chapter 2 of Part 3 of CTA 2009 and are—

(a)means profits of a trade carried on wholly or partly in the United Kingdom, or

(b)profits of an activity other than a trade.

(3)In paragraph 5(3)(a) for the words from “on” to the end substitute “ which (apart from this paragraph) would be required to be brought into account under Part 5 of the Corporation Tax Act 2009 (loan relationships) as a non-trading credit of the club; ”.

(4)Omit paragraph 9(3)(a).

540Omit Schedule 22 (computation of profits: adjustment on change of basis).E+W+S+N.I.

541(1)Amend Schedule 23 (exchange gains and losses from loan relationships etc) as follows.E+W+S+N.I.

(2)Omit paragraph 25 (anti-avoidance: change of accounting period).

(3)In paragraph 26 (deferred foreign exchange gains)—

(a)in sub-paragraph (2)—

(i)in paragraph (a) for “Chapter 2 of Part 4 of the Finance Act 1996 (c. 8)” substitute “ Part 5 of the Corporation Tax Act 2009 ”,

(ii)in paragraph (b) for “that Chapter” substitute “ that Part ”, and

(iii)in paragraph (c) for “section 82(2) of the Finance Act 1996” substitute “ section 297(2) of the Corporation Tax Act 2009 ”, and

(b)in sub-paragraph (5) for “subsection (8) of section 84A of the Finance Act 1996” and “subsection (9)” substitute “ section 328(5) of the Corporation Tax Act 2009 ” and “ subsection (6) ” respectively.

542In Schedule 25 (loan relationships) omit paragraphs 61 to 64.E+W+S+N.I.

543Omit Schedule 26 (derivative contracts).E+W+S+N.I.

544(1)Schedule 28 (derivative contracts: transitional provisions etc) is amended as follows.E+W+S+N.I.

(2)Omit paragraph 1 (anti-avoidance: change of accounting period).

(3)After paragraph 2(4) (qualifying contracts to which company ceases to be party before commencement day) insert—

(4A)In relation to a subsequent accounting period ending on or after 1 April 2009, the reference in sub-paragraph (4) to Schedule 26 is to be read as a reference to Part 7 of the Corporation Tax Act 2009.

(4)Omit paragraph 3 (qualifying contracts which become derivative contracts).

(5)After paragraph 4(7) (contracts which became derivative contracts: chargeable assets) insert—

(7A)In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (7) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.

(6)After paragraph 5(9) (contracts: election to treat as two assets) insert—

(9A)In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (9) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.

(7)After paragraph 6(8) (contracts which become derivative contracts: contracts within Schedule 5AA to ICTA) insert—

(8A)In relation to an accounting period ending on or after 1 April 2009—

(a)the reference in sub-paragraph (7) to paragraph 14(3) of Schedule 26 is to be read as a reference to section 574 of the Corporation Tax Act 2009,

(b)the reference in that sub-paragraph to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009, and

(c)the references in sub-paragraph (8) to Schedule 26 are to be read as references to Part 7 of the Corporation Tax Act 2009.

545Omit Schedule 29 (gains and losses of a company from intangible fixed assets).E+W+S+N.I.

Proceeds of Crime Act 2002 (c. 29)E+W+S+N.I.

546The Proceeds of Crime Act 2002 is amended as follows.E+W+S+N.I.

547(1)Amend Schedule 10 (tax) as follows.E+W+S+N.I.

(2)In paragraph 9—

(a)in sub-paragraph (1) for “section 84” to “that Act)” substitute “ Part 5 of the Corporation Tax Act 2009 (loan relationships) ”, and

(b)in sub-paragraph (2) for the words “that Chapter” substitute “ that Part ”.

(3)In paragraph 11—

(a)in sub-paragraph (3) for the words from “section 100” to the end substitute “ section 173 of ITTOIA 2005 or section 162 of the Corporation Tax Act 2009 (valuation of trading stock on cessation). ”, and

(b)in sub-paragraph (4) for the words from “section 100” to the end substitute “ section 174 of ITTOIA 2005 or (as the case