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| | 1217NA | Clawback of provisional relief |
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| | (1) | If a statement is made under section 1217N(2) but it subsequently |
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| | appears that the EEA expenditure condition will not be met on the |
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| | company’s ceasing to carry on the separate theatrical trade, the |
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| | |
| | (a) | is not entitled to relief under any of the relieving provisions |
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| | for any period for which its entitlement depended on such a |
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| | |
| | (b) | must amend its company tax return for any such period |
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| | |
| | (2) | When a company which has made a claim under section 1217H ceases |
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| | to carry on the separate theatrical trade, the company’s company tax |
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| | return for the period in which that cessation occurs must— |
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| | (a) | state that the company has ceased to carry on the separate |
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| | |
| | (b) | be accompanied by a final statement of the amount of the core |
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| | expenditure on the theatrical production that is EEA |
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| | |
| | (3) | If that statement shows that the EEA expenditure condition is not |
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| | |
| | (a) | the company is not entitled to relief under any of the relieving |
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| | provisions for any period, |
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| | (b) | the company is treated for corporation tax purposes as if |
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| | section 1217H(3)(a) (treatment as a separate trade) did not |
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| | apply in relation to the theatrical production for any period, |
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| | |
| | (c) | accordingly, sections 1217MA and 1217MB (provisions |
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| | about use of losses) do not apply in relation to the theatrical |
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| | production for any period. |
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| | (4) | Where subsection (3) applies, the company must amend its company |
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| | tax return for any period in which (or in any part of which) it was |
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| | treated as carrying on a separate trade relating to the theatrical |
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| | |
| | (5) | Any amendment or assessment necessary to give effect to this section |
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| | may be made despite any limitation on the time within which an |
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| | amendment or assessment may normally be made. |
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| | (6) | In this section “the relieving provisions” has the same meaning as in |
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| | |
| | |
| | 1217O | Activities involved in developing, producing, running or closing a |
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| | |
| | | The Treasury may by regulations amend section 1217GC (core |
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| | expenditure) or 1217IC (costs of production) for the purpose of |
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| | providing that activities of a specified description are, or are not, to be |
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| | regarded as activities involved in developing or (as the case may be) |
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| | producing, running or closing— |
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| | (a) | a theatrical production, or |
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| | (b) | a theatrical production of a specified description. |
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| |
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| | 1217OA | “Company tax return” |
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| | | In this Part “company tax return” has the same meaning as in Schedule |
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| | 18 to FA 1998 (see paragraph 3(1) of that Schedule). |
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| | |
| | |
| | “commercial purpose condition” has the meaning given by section |
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| | |
| | “company tax return” has the meaning given by section 1217OA; |
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| | “core expenditure” has the meaning given by section 1217GC; |
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| | “costs”, in relation to a theatrical production, has the meaning given by |
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| | |
| | “EEA expenditure” has the meaning given by section 1217GB; |
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| | “EEA expenditure condition” has the meaning given by section 1217GB; |
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| | references to “income from a theatrical production” are to be read in |
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| | accordance with section 1217IB; |
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| | “production company” has the meaning given by section 1217FC; |
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| | “qualifying expenditure” has the meaning given by section 1217JA; |
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| | references to the “separate theatrical trade” are to be read in accordance |
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| | |
| | “theatrical production” has the meaning given by section 1217FA (read |
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| | |
| | 2 (1) | Section 826 of ICTA (interest on tax overpaid) is amended as follows. |
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| | (2) | In subsection (1), after paragraph (fb) insert— |
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| | “(fc) | a payment of theatre tax credit falls to be made to a company; |
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| | |
| | (3) | In subsection (3C), for “or video game tax credit” substitute “, video game tax |
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| | credit or theatre tax credit”. |
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| | |
| | (a) | in paragraph (a) for “or (f)” substitute “(f), (fa), (fb) or (fc)”, and |
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| | (b) | in paragraph (b)(ii), after “video game tax credit” insert “or theatre tax |
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| | |
| | (5) | In subsection (8BA), after “video game tax credit” (in both places) insert “or |
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| | |
| | |
| | 3 | Schedule 18 to FA 1998 (company tax returns, assessments and related |
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| | matters) is amended as follows. |
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| | 4 | In paragraph 10 (other claims and elections to be included in return), in sub- |
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| | |
| | (a) | before “claims” insert “certain”; |
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| | (b) | for “or 15B” substitute “, 15B or 15C”. |
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| | 5 (1) | Paragraph 52 (recovery of excessive overpayments etc) is amended as follows. |
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| |
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| | (2) | In sub-paragraph (2), after paragraph (bf) insert— |
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| | “(bg) | theatre tax credit under Part 15C of that Act,”. |
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| | (3) | In sub-paragraph (5)— |
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| | (a) | after paragraph (ah) insert— |
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| | “(ai) | an amount of theatre tax credit paid to a company |
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| | for an accounting period,”; |
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| | (b) | in the words after paragraph (b), after “(ah)” insert “, (ai)”. |
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| | 6 (1) | Part 9D (certain claims for tax relief) is amended as follows. |
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| | (2) | In paragraph 83S (introduction), after paragraph (c) insert— |
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| | “(d) | an additional deduction under Part 15C of CTA 2009, |
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| | (e) | a theatre tax credit under that Part of that Act.” |
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| | (3) | The heading of that Part becomes “Claims for tax relief under Part 15, |
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| | 15A, 15B or 15C of the Corporation Tax Act 2009”. |
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| | |
| | 7 | In Schedule A1 to CAA 2001 (first-year tax credits), in paragraph 11(4), omit |
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| | the “and” at the end of paragraph (d) and after paragraph (e) insert “, and |
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| | (f) | section 1217K of that Act (theatre tax credits).” |
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| | |
| | 8 | In Schedule 24 to FA 2007 (penalties for errors), in paragraph 28(fa) (meaning |
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| | of “corporation tax credit”), omit the “or” at the end of sub-paragraph (ivb) and |
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| | after that sub-paragraph insert— |
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| | “(ivc) | a theatre tax credit under section 1217K of that |
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| | |
| | |
| | 9 | In section 104BA of CTA 2009 (R&D expenditure credits: restrictions on |
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| | claiming other tax reliefs), after subsection (3) insert— |
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| | “(4) | For provision prohibiting an R&D expenditure credit being given |
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| | under this Chapter and relief being given under section 1217H or |
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| | 1217K (theatrical productions: additional deduction or theatre tax |
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| | credit), see section 1217JA(2).” |
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| | 10 | In Part 8 of CTA 2009 (intangible fixed assets), in Chapter 10 (excluded |
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| | assets), before section 809 insert— |
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| | “808C | Assets representing expenditure incurred in course of separate |
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| | |
| | (1) | This Part does not apply to an intangible fixed asset held by a theatrical |
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| | production company so far as the asset represents expenditure on a |
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| | theatrical production that is treated under Part 15C as expenditure of a |
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| | separate trade (see particularly sections 1217H and 1217IE). |
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| | |
| | “theatrical production” has the same meaning as in Part 15C (see section |
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| | |
| | “theatrical production company” means a company which, for the |
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| | purposes of that Part, is the production company in relation to a |
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| | theatrical production (see section 1217FC).” |
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| |
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| | 11 | In section 1040ZA of CTA 2009 (additional relief for expenditure on research |
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| | and development), after subsection (3) insert— |
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| | “(4) | For provision prohibiting relief being given under this Part and under |
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| | section 1217H or 1217K (theatrical productions: additional deduction |
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| | or theatre tax credit), see section 1217JA(2).” |
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| | 12 | In section 1310 of CTA 2009 (orders and regulations), in subsection (4), after |
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| | |
| | “(ek) | section 1217GB(4) (EEA expenditure condition), |
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| | (el) | section 1217J(4) (amount of additional deduction), |
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| | (em) | section 1217O (activities involved in developing, producing, |
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| | running or closing a production),”. |
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| | 13 | In Schedule 4 to CTA 2009 (index of defined expressions) at the appropriate |
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| | |
| | | | | | | | | | | | | | | | | | | | | “core expenditure (in Part |
| | | | | | | | | | | | | | | | | | | | “EEA expenditure (in Part |
| | | | | | | | | | | | | | | | | | | | “income from a theatrical |
| | | | | | | | | | | | | | | | | | | | “qualifying expenditure (in |
| | | | | | | | | | | | | | | | | | | | “theatrical production (in |
| | | | | | | | |
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| | |
| | 14 | In Schedule 54A to FA 2009 (which is prospectively inserted by F(No. 3)A |
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| | 2010 and contains provision about the recovery of certain amounts of interest |
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| | paid by HMRC), in paragraph 2— |
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| | (a) | in sub-paragraph (2), omit the “or” at the end of paragraph (f) and after |
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| | paragraph (g) insert “, or |
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| | (h) | a payment of theatre tax credit under section |
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| | 1217K of CTA 2009 for an accounting period.”; |
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| |
| |
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| | (b) | in sub-paragraph (4), for “(e)” substitute “(h)”. |
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| | |
| | 15 (1) | Section 357CG of CTA 2010 (profits arising from the exploitation of patents |
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| | etc: adjustments in calculating profits of trade) is amended as follows. |
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| | (2) | In subsection (3), omit the “and” at the end of paragraph (c) and after |
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| | paragraph (d) insert “, and |
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| | (e) | the amount of any additional deduction for the accounting |
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| | period obtained by the company under Part 15C of CTA 2009 |
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| | in respect of qualifying expenditure on a theatrical |
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| | |
| | |
| | (a) | in the definition of “qualifying expenditure”, omit the “and” at the end |
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| | of paragraph (a) and after paragraph (b) insert “, and |
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| | (c) | in relation to a company that is the |
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| | production company (as defined in section |
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| | 1217FC of that Act) in relation to a |
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| | theatrical production, has the same |
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| | meaning as in Part 15C of that Act,”; |
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| | (b) | omit the “and” at the end of the definition of “television production |
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| | company” and after that definition insert— |
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| | ““theatrical production” has the same meaning as in Part 15C of |
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| | CTA 2009 (see section 1217FA of that Act), and”. |
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| | |
| | 16 (1) | Any power to make regulations conferred on the Treasury by virtue of this |
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| | Schedule comes into force on the day on which this Act is passed. |
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| | (2) | So far as not already brought into force by sub-paragraph (1), the amendments |
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| | made by this Schedule come into force in accordance with provision contained |
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| | in an order made by the Treasury. |
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| | (3) | An order under sub-paragraph (2) may make different provision for different |
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| | |
| | 17 (1) | The amendments made by this Schedule have effect in relation to accounting |
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| | periods beginning on or after 1 September 2014. |
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| | (2) | Sub-paragraph (3) applies where a company has an accounting period |
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| | beginning before 1 September 2014 and ending on or after that date (“the |
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| | |
| | (3) | For the purposes of Part 15C of CTA 2009— |
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| | (a) | so much of the straddling period as falls before 1 September 2014, and |
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| | so much of that period as falls on or after that date, are treated as |
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| | separate accounting periods, and |
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| | (b) | any amounts brought into account for the purposes of calculating for |
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| | corporation tax purposes the profits of a trade for the straddling period |
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| | are apportioned to the two separate accounting periods on such basis |
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| | as is just and reasonable.” |
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| |
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| |
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| Mr Chancellor of the Exchequer |
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| Clause 61, page 52, line 12, leave out “(EC) No 800/2008” and insert “(EU) No |
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| |
| Mr Chancellor of the Exchequer |
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| Clause 61, page 52, line 41, at end insert— |
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| | “( ) | In the application of section 360L of CAA 2001 in relation to expenditure |
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| | incurred before the day on which this Act is passed, the definition of “General |
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| | Block Exemption Regulation” in subsection (6) of that section is to be treated as |
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| | referring to Commission Regulation (EC) No 800/2008.” |
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| Mr Chancellor of the Exchequer |
|
| Clause 73, page 61, line 18, leave out “as follows” and insert “in accordance with |
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| |
| Mr Chancellor of the Exchequer |
|
| Clause 73, page 62, line 9, at end insert— |
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| | “( ) | Accordingly, in section 1 of the Air Passenger Duty (Setting of Rate) Act |
|
| | (Northern Ireland) 2012 (setting of rate of air passenger duty)— |
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| | |
| | (i) | omit “(3)(a) and (b), (4)(a) and (b),”, and |
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| | (ii) | for “(5A)(a), (b) and (c)” substitute “(5A)(c)”, and |
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| | (b) | omit subsections (2) to (5), (8) and (9).” |
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| Mr Chancellor of the Exchequer |
|
| Clause 207, page 138, line 23, at end insert— |
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| | “(2A) | The grounds on which an appeal under subsection (1) may be made include in |
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| | |
| | (a) | that Condition A, B or D in section 197was not met in relation to the |
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| | |
| | (b) | that the judicial ruling specified in the notice is not one which is relevant |
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| | to the chosen arrangements, |
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| | (c) | that the notice was not given within the period specified in subsection (6) |
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| | |
| | (d) | that it was reasonable in all the circumstances for P not to have taken the |
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| | necessary corrective action (see section 201(4)) in respect of the denied |
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| | |
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| |
| |
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| Mr Chancellor of the Exchequer |
|
| Clause 207, page 138, line 43, at end insert— |
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| | “(8A) | The cancellation under subsection (7) of HMRC’s decision on the ground |
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| | specified in subsection (2A)(d) does not affect the validity of the follower notice, |
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| | or of any accelerated payment notice or partner payment notice under Chapter 3 |
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| | related to the follower notice.” |
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| Mr Chancellor of the Exchequer |
|
| Clause 291, page 199, leave out lines 23 to 29 |
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| Mr Chancellor of the Exchequer |
|
| Schedule 6, page 273, line 29, at end insert— |
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| | “139A (1) | Section 94A of ITTOIA 2005 (costs of setting up SAYE option scheme or |
|
| | CSOP scheme) is amended as follows. |
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| | |
| | (a) | in paragraph (a) omit “that is approved by an officer of Revenue and |
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| | |
| | (b) | omit paragraph (b) and the “and” before it. |
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| | |
| | (a) | at the beginning of paragraph (a) insert “Schedule 3”, |
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| | (b) | at the beginning of paragraph (b) insert “Schedule 4”, and |
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| | (c) | omit the final sentence. |
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| | (4) | In subsection (4) for “approval is given” (in both places) substitute “relevant |
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| | |
| | (5) | After subsection (4) insert— |
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| | “(4A) | In subsection (4) “the relevant date”— |
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| | (a) | in relation to a Schedule 3 SAYE option scheme, has the |
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| | meaning given in paragraph 40A(6) of Schedule 3 to ITEPA |
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| | |
| | (b) | in relation to a Schedule 4 CSOP scheme, has the meaning |
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| | given in paragraph 28A(6) of Schedule 4 to ITEPA 2003.”” |
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| Mr Chancellor of the Exchequer |
|
| Schedule 6, page 276, line 42, after “under” insert “section 94A of ITTOIA 2005 |
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| |
| Mr Chancellor of the Exchequer |
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| Schedule 6, page 294, line 48, leave out “paragraph 141” and insert “paragraphs |
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| |
|