|
|
| |
| | |
|
| (b) | the company is treated for corporation tax purposes as if |
|
| section 1217H(3)(a) (treatment as a separate trade) did |
|
| not apply in relation to the theatrical production for any |
|
| |
| (c) | accordingly, sections 1217MA and 1217MB (provisions |
|
| about use of losses) do not apply in relation to the |
|
| theatrical production for any period. |
|
| (4) | Where subsection (3) applies, the company must amend its |
|
| company tax return for any period in which (or in any part of |
|
| which) it was treated as carrying on a separate trade relating to |
|
| the theatrical production. |
|
| (5) | Any amendment or assessment necessary to give effect to this |
|
| section may be made despite any limitation on the time within |
|
| which an amendment or assessment may normally be made. |
|
| (6) | In this section “the relieving provisions” has the same meaning as |
|
| |
| |
| 1217O | Activities involved in developing, producing, running or closing |
|
| |
| | The Treasury may by regulations amend section 1217GC (core |
|
| expenditure) or 1217IC (costs of production) for the purpose of |
|
| providing that activities of a specified description are, or are not, |
|
| to be regarded as activities involved in developing or (as the case |
|
| may be) producing, running or closing— |
|
| (a) | a theatrical production, or |
|
| (b) | a theatrical production of a specified description. |
|
| 1217OA | “Company tax return” |
|
| | In this Part “company tax return” has the same meaning as in |
|
| Schedule 18 to FA 1998 (see paragraph 3(1) of that Schedule). |
|
| |
| |
| “commercial purpose condition” has the meaning given by |
|
| |
| “company tax return” has the meaning given by section |
|
| |
| “core expenditure” has the meaning given by section |
|
| |
| “costs”, in relation to a theatrical production, has the |
|
| meaning given by section 1217IC; |
|
| “EEA expenditure” has the meaning given by section |
|
| |
| “EEA expenditure condition” has the meaning given by |
|
| |
| references to “income from a theatrical production” are to be |
|
| read in accordance with section 1217IB; |
|
|
| |
|
|
| |
| | |
|
| “production company” has the meaning given by section |
|
| |
| “qualifying expenditure” has the meaning given by section |
|
| |
| references to the “separate theatrical trade” are to be read in |
|
| accordance with section 1217I; |
|
| “theatrical production” has the meaning given by section |
|
| 1217FA (read with section 1217FB).” |
|
| |
| |
| 2 (1) | Section 826 of ICTA (interest on tax overpaid) is amended as follows. |
|
| (2) | In subsection (1), after paragraph (fb) insert— |
|
| “(fc) | a payment of theatre tax credit falls to be made to a |
|
| |
| (3) | In subsection (3C), for “or video game tax credit” substitute “, video |
|
| game tax credit or theatre tax credit”. |
|
| |
| (a) | in paragraph (a) for “or (f)” substitute “(f), (fa), (fb) or (fc)”, and |
|
| (b) | in paragraph (b)(ii), after “video game tax credit” insert “or |
|
| |
| (5) | In subsection (8BA), after “video game tax credit” (in both places) insert |
|
| |
| |
| 3 | Schedule 18 to FA 1998 (company tax returns, assessments and related |
|
| matters) is amended as follows. |
|
| 4 | In paragraph 10 (other claims and elections to be included in return), in |
|
| |
| (a) | before “claims” insert “certain”; |
|
| (b) | for “or 15B” substitute “, 15B or 15C”. |
|
| 5 (1) | Paragraph 52 (recovery of excessive overpayments etc) is amended as |
|
| |
| (2) | In sub-paragraph (2), after paragraph (bf) insert— |
|
| “(bg) | theatre tax credit under Part 15C of that Act,”. |
|
| (3) | In sub-paragraph (5)— |
|
| (a) | after paragraph (ah) insert— |
|
| “(ai) | an amount of theatre tax credit paid to a |
|
| company for an accounting period,”; |
|
| (b) | in the words after paragraph (b), after “(ah)” insert “, (ai)”. |
|
| 6 (1) | Part 9D (certain claims for tax relief) is amended as follows. |
|
|
| |
|
|
| |
| | |
|
| (2) | In paragraph 83S (introduction), after paragraph (c) insert— |
|
| “(d) | an additional deduction under Part 15C of CTA 2009, |
|
| (e) | a theatre tax credit under that Part of that Act.” |
|
| (3) | The heading of that Part becomes “Claims for tax relief under Part |
|
| 15, 15A, 15B or 15C of the Corporation Tax Act 2009”. |
|
| |
| 7 | In Schedule A1 to CAA 2001 (first-year tax credits), in paragraph 11(4), |
|
| omit the “and” at the end of paragraph (d) and after paragraph (e) insert |
|
| |
| (f) | section 1217K of that Act (theatre tax credits).” |
|
| |
| 8 | In Schedule 24 to FA 2007 (penalties for errors), in paragraph 28(fa) |
|
| (meaning of “corporation tax credit”), omit the “or” at the end of sub- |
|
| paragraph (ivb) and after that sub-paragraph insert— |
|
| “(ivc) | a theatre tax credit under section 1217K of that |
|
| |
| |
| 9 | In section 104BA of CTA 2009 (R&D expenditure credits: restrictions on |
|
| claiming other tax reliefs), after subsection (3) insert— |
|
| “(4) | For provision prohibiting an R&D expenditure credit being given |
|
| under this Chapter and relief being given under section 1217H or |
|
| 1217K (theatrical productions: additional deduction or theatre |
|
| tax credit), see section 1217JA(2).” |
|
| 10 | In Part 8 of CTA 2009 (intangible fixed assets), in Chapter 10 (excluded |
|
| assets), before section 809 insert— |
|
| “808C | Assets representing expenditure incurred in course of separate |
|
| |
| (1) | This Part does not apply to an intangible fixed asset held by a |
|
| theatrical production company so far as the asset represents |
|
| expenditure on a theatrical production that is treated under Part |
|
| 15C as expenditure of a separate trade (see particularly sections |
|
| |
| |
| “theatrical production” has the same meaning as in Part 15C |
|
| |
| “theatrical production company” means a company which, |
|
| for the purposes of that Part, is the production company |
|
| in relation to a theatrical production (see section |
|
| |
| 11 | In section 1040ZA of CTA 2009 (additional relief for expenditure on |
|
| research and development), after subsection (3) insert— |
|
|
| |
|
|
| |
| | |
|
| “(4) | For provision prohibiting relief being given under this Part and |
|
| under section 1217H or 1217K (theatrical productions: additional |
|
| deduction or theatre tax credit), see section 1217JA(2).” |
|
| 12 | In section 1310 of CTA 2009 (orders and regulations), in subsection (4), |
|
| after paragraph (ej) insert— |
|
| “(ek) | section 1217GB(4) (EEA expenditure condition), |
|
| (el) | section 1217J(4) (amount of additional deduction), |
|
| (em) | section 1217O (activities involved in developing, |
|
| producing, running or closing a production),”. |
|
| 13 | In Schedule 4 to CTA 2009 (index of defined expressions) at the |
|
| appropriate place insert— |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | “income from a theatrical |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | “theatrical production (in |
| | | | | | | | |
|
| |
| 14 | In Schedule 54A to FA 2009 (which is prospectively inserted by F(No. |
|
| 3)A 2010 and contains provision about the recovery of certain amounts |
|
| of interest paid by HMRC), in paragraph 2— |
|
| (a) | in sub-paragraph (2), omit the “or” at the end of paragraph (f) |
|
| and after paragraph (g) insert “, or |
|
|
| |
|
|
| |
| | |
|
| (h) | a payment of theatre tax credit under section |
|
| 1217K of CTA 2009 for an accounting period.”; |
|
| (b) | in sub-paragraph (4), for “(e)” substitute “(h)”. |
|
| |
| 15 (1) | Section 357CG of CTA 2010 (profits arising from the exploitation of |
|
| patents etc: adjustments in calculating profits of trade) is amended as |
|
| |
| (2) | In subsection (3), omit the “and” at the end of paragraph (c) and after |
|
| paragraph (d) insert “, and |
|
| (e) | the amount of any additional deduction for the |
|
| accounting period obtained by the company under Part |
|
| 15C of CTA 2009 in respect of qualifying expenditure on |
|
| a theatrical production.” |
|
| |
| (a) | in the definition of “qualifying expenditure”, omit the “and” at |
|
| the end of paragraph (a) and after paragraph (b) insert “, and |
|
| (c) | in relation to a company that is the |
|
| production company (as defined in |
|
| section 1217FC of that Act) in relation to |
|
| a theatrical production, has the same |
|
| meaning as in Part 15C of that Act,”; |
|
| (b) | omit the “and” at the end of the definition of “television |
|
| production company” and after that definition insert— |
|
| ““theatrical production” has the same meaning as in |
|
| Part 15C of CTA 2009 (see section 1217FA of that |
|
| |
| |
| 16 (1) | Any power to make regulations conferred on the Treasury by virtue of |
|
| this Schedule comes into force on the day on which this Act is passed. |
|
| (2) | So far as not already brought into force by sub-paragraph (1), the |
|
| amendments made by this Schedule come into force in accordance with |
|
| provision contained in an order made by the Treasury. |
|
| (3) | An order under sub-paragraph (2) may make different provision for |
|
| |
| 17 (1) | The amendments made by this Schedule have effect in relation to |
|
| accounting periods beginning on or after 1 September 2014. |
|
| (2) | Sub-paragraph (3) applies where a company has an accounting period |
|
| beginning before 1 September 2014 and ending on or after that date (“the |
|
| |
| (3) | For the purposes of Part 15C of CTA 2009— |
|
|
| |
|
|
| |
| | |
|
| (a) | so much of the straddling period as falls before 1 September 2014, |
|
| and so much of that period as falls on or after that date, are |
|
| treated as separate accounting periods, and |
|
| (b) | any amounts brought into account for the purposes of calculating |
|
| for corporation tax purposes the profits of a trade for the |
|
| straddling period are apportioned to the two separate |
|
| accounting periods on such basis as is just and reasonable.” |
|
|
Insert the following new Schedule— |
|
“Pension flexibility: further amendments |
|
Temporary extension of period by which commencement lump sum may precede pension |
|
1 | In Schedule 29 to FA 2004 (authorised lump sums under registered |
|
pension schemes) after paragraph 1 (conditions for a lump sum to be a |
|
pension commencement lump sum) insert— |
|
“1A(1) | Paragraph 1(1)(c) is to be omitted when deciding whether a |
|
lump sum to which this paragraph applies is a pension |
|
|
(2) | This paragraph applies to a lump sum if— |
|
(a) | the sum is paid in respect of a money purchase |
|
|
(b) | the sum is paid before the member becomes entitled to |
|
|
|
(i) | the sum is paid on or after 19 September 2013 |
|
but before 6 April 2015, or |
|
(ii) | the sum is paid before 19 September 2013, a |
|
contract for a lifetime annuity is entered into to |
|
provide the pension in connection with which |
|
the sum is paid, and on or after 19 March 2014 |
|
the contract is cancelled, and |
|
(d) | the member becomes entitled to the sum before 6 |
|
|
|
(a) | a lump sum to which this paragraph applies is a |
|
pension commencement lump sum but would not be a |
|
pension commencement lump sum if sub-paragraph |
|
|
(b) | the lump sum is paid to the member in connection with |
|
a pension under the scheme to which it is expected that |
|
the member will become entitled (“the expected |
|
|
| no lump sum paid to the member out of the expected-pension |
|
fund is a pension commencement lump sum; and here “the |
|
expected-pension fund” means the sums and assets that from |
|
time to time represent the sums and assets that, when the lump |
|
|
|
|
|
| |
| | |
|
| sum mentioned in paragraph (a) was paid, were held for the |
|
| purpose of providing the expected pension. |
|
| (4) | For the purposes of sub-paragraph (2), if the circumstances are |
|
| as described in sub-paragraph (2)(c)(ii), the member is treated |
|
| as not having become entitled to the arranged pension as a |
|
| result of the cancelled contract having been entered into; and |
|
| here “the arranged pension” means the pension that would |
|
| have been provided by that contract had it not been cancelled.” |
|
| Temporary relaxation to allow transfer of pension rights after lump sum paid |
|
| 2 (1) | In Schedule 29 to FA 2004 after paragraph 1A insert— |
|
| “1B(1) | When deciding whether a lump sum to which this paragraph |
|
| applies is a pension commencement lump sum— |
|
| (a) | paragraph 1(1)(aa) and (c) and (3) are to be omitted, |
|
| (b) | paragraph 1(4) is to be treated as referring to the actual |
|
| pension (see sub-paragraph (2)(h) of this paragraph), |
|
| |
| (c) | paragraph 2(2) is to be treated as referring to the |
|
| arrangement under which the member was expected to |
|
| become entitled to the expected pension (see sub- |
|
| paragraph (2)(b) of this paragraph). |
|
| (2) | This paragraph applies to a lump sum if— |
|
| (a) | the sum is paid in respect of a money purchase |
|
| |
| (b) | the sum is paid to the member in connection with a |
|
| pension under a registered pension scheme to which it |
|
| is expected that the member will become entitled (“the |
|
| |
| (c) | the expected pension is income withdrawal, a lifetime |
|
| annuity or a scheme pension, |
|
| (d) | the sum is paid before the member becomes entitled to |
|
| |
| |
| (i) | the sum is paid on or after 19 September 2013 |
|
| but before 6 April 2015, or |
|
| (ii) | the sum is paid before 19 September 2013, a |
|
| contract for a lifetime annuity is entered into to |
|
| provide the expected pension, and on or after |
|
| 19 March 2014 the contract is cancelled, |
|
| (f) | the sum is not repaid at any time before 6 October 2015, |
|
| (g) | before the member becomes entitled to the expected |
|
| pension, there is a recognised transfer of the sums and |
|
| assets that immediately before the transfer represent |
|
| the sums and assets that when the sum was paid were |
|
| held for the purpose of providing the expected |
|
| |
| (h) | the member becomes entitled before 6 October 2015 to |
|
| a pension under the scheme to which the recognised |
|
| transfer is made (“the actual pension”), |
|
|
| |
|