Income and Corporation Taxes Act 1988 (c. 1)

PART X U.K. LOSS RELIEF AND GROUP RELIEF

CHAPTER III U.K. LOSS RELIEF: MISCELLANEOUS PROVISIONS

397 Restriction of relief in case of farming and market gardening. U.K.

F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 397 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 35, Sch. 3 Pt. 1 (with Sch. 2)

398 Transactions in deposits with and without certificates or in debts. U.K.

M1 Where [F2 a company] sustains a loss on the exercise or disposal of a right to receive any amount, being a right to which section 56(2) F3 . . . applies, in a case where—

(a) if a profit had arisen from that exercise or disposal, that profit would have been chargeable to [F4 corporation] tax by virtue of section 56(2) F5 . . . , and

(b) [F6 the company is chargeable to corporation tax under [F7 Part 5 of CTA 2009 (loan relationships)]] in respect of interest payable on that amount,

then the amount of that interest shall be included in the amounts against which [F8 the amount of its loss may be set off under [F9 section 91 of CTA 2010].]

Textual Amendments

F2 Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(2) (with Sch. 2)

F3 Words in s. 398 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(3), Sch. 3 Pt. 1 (with Sch. 2)

F4 Words in s. 398(a) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(a) (with Sch. 2)

F5 Words in s. 398(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(b), Sch. 3 Pt. 1 (with Sch. 2)

F6 Words in s. 398(b) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(5) (with Sch. 2)

F7 Words in s. 398(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 114 (with Sch. 2 Pts. 1, 2)

F8 Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(6) (with Sch. 2)

F9 Words in s. 398 substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 36 (with Sch. 2)

Marginal Citations

M1 Source—1973 s.26(2); 1974 s.30(2)

399 Dealings in commodity futures etc: withdrawal of loss relief. U.K.

F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10 S. 399 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 37, Sch. 3 Pt. 1 (with Sch. 2)

400 Write-off of government investment. U.K.

F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F11 S. 400 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 38, Sch. 3 Pt. 1 (with Sch. 2)

401 Relief for pre-trading expenditure. U.K.

F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F12 S. 401 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 117, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)