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Finance Act 2012

Details of the Section

2.Subsection (2) replaces the existing section 168(3) of the Income Tax (Trading and Other Income) Act (ITTOIA) 2005 with new subsections (3) and (3A).

3.New section 168(3) provides the rules governing the timing of a deduction depending on whether a payment is made, directly or indirectly, to a connected person or otherwise made.

4.New section 168(3A) provides that no deduction is available for a payment arising from arrangements to which the person is party where the main purpose, or one of the main purposes, of the arrangements is to obtain a deduction for a site restoration payment.

5.Subsection (3) inserts new section 168(7). This defines “arrangements” for the purposes of new section 168(3A).

6.Subsection (5) replaces the existing section 145(3) of the Corporation Tax Act 2009 with new sections 145(3) and (3A).

7.New section 145(3) provides the rules governing the timing of a deduction depending on whether a payment is made, directly or indirectly, to a connected person or otherwise made.

8.New section 145(3A) provides that no deduction is available for a payment arising from arrangements to which the person is party where the main purpose, or one of the main purposes, of the arrangements is to obtain a deduction for a site restoration payment.

9.Subsection (6) inserts new section 145(7). This defines “arrangements” for the purposes of new section 145(3A).

10.Subsection (7) provides commencement rules.

11.Subsection (8) defines “an unconditional obligation” for the purposes of subsection (7).

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