Finance (No. 3) Bill (HC Bill 200)

(4) 30The “full tax cost” of a profit is the increase in the liability of the
company to corporation tax that would result if—

(a) the profit were brought into account as a credit or as a
reduction in a debit for the purposes of Part 5 or 7 of CTA
2009, and

(b) 35the company’s profits chargeable to corporation tax,
disregarding the profit, were nil.

938H Meaning of “scheme”

In this Part “scheme” includes any scheme, arrangements or
understanding of any kind whatever, whether or not legally
40enforceable, involving a single transaction or two or more

938I Schemes involving repos or quasi-repos

(1) This section applies where—

(a) a scheme includes an arrangement under which a member of
45the scheme group has a debtor repo or a debtor quasi-repo,