- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (21/07/2009)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 21/07/2009.
Finance Act 2009, Cross Heading: UK trading income of the worldwide group is up to date with all changes known to be in force on or before 24 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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12(1)This paragraph applies in relation to paragraph 7 for calculating the UK trading income of the worldwide group for a period of account.U.K.
(2)The trading income for that period of a relevant group company is the aggregate of—
(a)the gross income calculated in accordance with sub-paragraph (3), and
(b)the net income calculated in accordance with sub-paragraph (4).
(3)The income referred to in sub-paragraph (2)(a) is the gross income—
(a)arising from the activities of the relevant group company (other than net-basis activities), and
(b)accounted for as such under generally accepted accounting practice,
without taking account of any deductions (whether for expenses or otherwise).
(4)The income referred to in sub-paragraph (2)(b) is the net income arising from the net-basis activities of the relevant group company that—
(a)is accounted for as such under generally accepted accounting practice, or
(b)would be accounted for as such if income arising from such activities were accounted for under generally accepted accounting practice.
(5)Sub-paragraphs (3) and (4) are subject to sub-paragraph (6).
(6)In a case where a proportion of an accounting period of a relevant group company does not fall within the period of account of the worldwide group, the gross income or net income for that accounting period of the company is to be reduced, for the purposes of this paragraph, by that proportion.
(7)Gross income or net income is to be disregarded for the purposes of sub-paragraph (2) if the income arises in respect of an amount payable by another member of the worldwide group that is either a UK group company or a relevant group company.
(8)In this paragraph “net-basis activity” means activity that is normally reported on a net basis in financial statements prepared in accordance with generally accepted accounting practice.
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