Search Legislation

Corporation Tax Act 2009

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As enacted)
 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Finance Act 1996 (c. 8)

 Help about opening options

Alternative versions:

Changes to legislation:

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

Close

Changes to Legislation

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

View outstanding changes

Changes and effects yet to be applied to Schedule 1 Part 2 Crossheading Finance-act-1996-c-8:

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

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

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

Finance Act 1996 (c. 8)U.K.

402U.K.The Finance Act 1996 is amended as follows.

403U.K.Omit section 80 (taxation of loan relationships).

404U.K.Omit section 81 (meaning of “loan relationship” etc).

405U.K.Omit section 82 (methods of bringing amounts into account).

406U.K.Omit section 83 (non-trading deficit on loan relationships).

407U.K.Omit section 84 (debits and credits brought into account).

408U.K.Omit section 84A (exchange gains and losses from loan relationships).

409U.K.Omit section 85A (computation in accordance with generally accepted accounting practice).

410U.K.Omit section 85B (amounts recognised in determining a company's profit or loss).

411U.K.Omit section 85C (amounts not fully recognised for accounting purposes).

412U.K.Omit section 87 (accounting method where parties have a connection).

413U.K.Omit section 87A (meaning of “control” in section 87).

414U.K.Omit section 88 (exemption from section 87 in certain cases).

415U.K.Omit section 88A (accounting method where rate of interest is reset).

416U.K.Omit section 90A (change of accounting basis applicable to assets or liabilities).

417U.K.Omit section 91A (shares subject to outstanding third party obligations).

418U.K.Omit section 91B (non-qualifying shares).

419U.K.Omit section 91C (Condition 1 for section 91B(6)(b)).

420U.K.Omit section 91D (Condition 2 for section 91B(6)(b)).

421U.K.Omit section 91E (Condition 3 for section 91B(6)(b)).

422U.K.Omit section 91F (power to add, vary or remove Conditions for section 91B(6)(b)).

423U.K.Omit section 91G (shares beginning or ceasing to be subject to section 91A or 91B).

424U.K.Omit section 91H (payments in return for capital contribution).

425U.K.Omit section 91I (change of partnership shares).

426U.K.Omit section 93C (creditor relationships and benefit derived by connected persons).

427U.K.Omit section 94 (indexed gilt-edged securities).

428U.K.Omit section 94A (loan relationships with embedded derivatives).

429U.K.Omit section 94B (loan relationships treated differently by connected debtor and creditor).

430U.K.Omit section 95 (gilt strips).

431U.K.Omit section 96 (special rules for certain other gilts).

432U.K.Omit section 97 (manufactured interest).

433U.K.Omit section 98 (collective investment schemes).

434U.K.Omit section 99 (insurance companies).

435U.K.Omit section 100 (money debts etc not arising from the lending of money).

436U.K.Omit section 101 (financial instruments).

437U.K.Omit section 103 (interpretation of Chapter).

438U.K.In section 154 (FOTRA securities), omit subsections (2), (3), (5), (6) and (8).

439U.K.In 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) ”.

440U.K.Omit Schedule 8 (loan relationships: claims etc relating to deficits).

441U.K.Omit Schedule 9 (loan relationships: special computational provisions).

442U.K.Omit Schedule 10 (loan relationships: collective investment schemes).

443U.K.Omit Schedule 11 (loan relationships: special provisions for insurers).

444(1)Amend Schedule 15 (loan relationships: savings and transitional provisions) as follows.U.K.

(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 ”.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

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

Would you like to continue?

You have chosen to open The Whole Act as a PDF

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

Would you like to continue?

You have chosen to open The Whole Schedule

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

Would you like to continue?

You have chosen to open The Whole Schedule as a PDF

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

Would you like to continue?

You have chosen to open The Whole Part

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

Would you like to continue?

You have chosen to open The Whole Part as a PDF

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

Would you like to continue?

You have chosen to open the Whole Act

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

Would you like to continue?

You have chosen to open the Whole Act without Schedules

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

Would you like to continue?

You have chosen to open Schedules only

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

Would you like to continue?

Close

Legislation is available in different versions:

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

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

Close

See additional information alongside the content

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

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

Close

Opening Options

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

Close

Explanatory Notes

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

Close

More Resources

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

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

Timeline of Changes

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

Close

More Resources

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

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

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

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