SCHEDULES
F1SCHEDULE 3ZBF3CT exit charge payment plans
Words in Sch. 3ZB substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(c)
PART 3Entering into F2a CT exit charge payment plan
Words in Sch. 3ZB substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(a)
F4Part of outstanding balance attributable to particular exit charge asset or liability due
Sch. 3ZB paras. 11-14 and cross-headings substituted for Sch. 3ZB paras. 11-17 (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 6
14
1
This paragraph applies if—
a
a partial trigger event occurs in relation to an exit charge asset or liability during the instalments period, and
b
a trigger event has not previously occurred in relation to that asset or liability during that period.
2
A partial trigger event occurs in relation to a TCGA or trading stock exit charge asset if the company disposes of part (but not all) of the asset.
3
A partial trigger event occurs in relation to a financial exit charge asset or liability if there is a disposal of a right or liability under the loan relationship or derivative contract in question which amounts to a related transaction (as defined in section 304 or 596 of CTA 2009 as the case may be).
4
A partial trigger event occurs in relation to an intangible exit charge asset if there is a transaction which results in a reduction in the accounting value of the asset but not in the asset ceasing to be recognised in the company's balance sheet.
5
On the occurrence of the partial trigger event an amount of the outstanding ECPP tax is due.
6
The amount due is the amount that is just and reasonable having regard to the amount that would have been due had a trigger event occurred in relation to the exit charge asset or liability instead.
7
In this paragraph “trigger event” has the same meaning as in paragraph 13.
Sch. 3ZB inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 6