|
|
| |
| |
|
| | (4) | Subsection (1) does not apply, in the case of debits in respect of a loan |
|
| | relationship to which Chapter 2 of Part 6 of CTA 2009 (relevant non- |
|
| | lending relationships) applies, so far as— |
|
| | (a) | the payment of interest under the relationship is expenditure |
|
| | incurred as mentioned in subsection (2)(a), or |
|
| | (b) | the exchange loss arising from the relationship is in respect of |
|
| | a money debt on which the interest payable (if any) is, or |
|
| | would be, such expenditure. |
|
| | |
| | (a) | falls to be brought into account for the purposes of Part 5 of |
|
| | CTA 2009 in respect of a loan relationship of the contractor, |
|
| | |
| | (b) | as a result of this section cannot be brought into account in a |
|
| | way that results in any reduction of what would otherwise be |
|
| | the contractor’s ring fence profits, |
|
| | | the debit is to be brought into account for those purposes as a non- |
|
| | trading debit despite anything in section 297 of that Act. |
|
| | (6) | References in this section to a loan relationship, in relation to the |
|
| | borrowing of money, do not include a relationship to which Chapter 2 |
|
| | of Part 6 of CTA 2009 (relevant non-lending relationships) applies. |
|
| | 356NC | Restriction on credits to be brought into account |
|
| | (1) | Credits in respect of exchange gains from the contractor’s loan |
|
| | relationships may not be brought into account for the purposes of Part |
|
| | 5 of CTA 2009 (loan relationships) in any way that results in an |
|
| | increase of what would otherwise be the contractor’s ring fence |
|
| | profits, but this is subject to subsections (2) to (4). |
|
| | (2) | Subsection (1) does not apply so far as a loan relationship is in respect |
|
| | of money borrowed by the contractor which has been— |
|
| | (a) | used to meet expenditure incurred by the contractor in |
|
| | carrying on oil contractor activities, or |
|
| | (b) | appropriated to meeting expenditure to be so incurred by the |
|
| | |
| | (3) | Subsection (1) does not apply, in the case of credits falling to be |
|
| | brought into account as a result of section 329 of CTA 2009 (pre-loan |
|
| | relationship and abortive expenses) in respect of a loan relationship |
|
| | that has not been entered into, so far as the relationship would have |
|
| | been one entered into for the purpose of borrowing money to be used |
|
| | or appropriated as mentioned in subsection (2). |
|
| | (4) | Subsection (1) does not apply, in the case of credits in respect of a loan |
|
| | relationship to which Chapter 2 of Part 6 of CTA 2009 (relevant non- |
|
| | lending relationships) applies, so far as— |
|
| | (a) | the payment of interest under the relationship is expenditure |
|
| | incurred as mentioned in subsection (2)(a), or |
|
| | (b) | the exchange gain arising from the relationship is in respect of |
|
| | a money debt on which the interest payable (if any) is, or |
|
| | would be, such expenditure. |
|
|
|
| |
| |
|
| | |
| | (a) | falls to be brought into account for the purposes of Part 5 of |
|
| | CTA 2009 in respect of a loan relationship of the contractor, |
|
| | |
| | (b) | as a result of this section cannot be brought into account in a |
|
| | way that results in any increase of what would otherwise be |
|
| | the contractor’s ring fence profits, |
|
| | | the credit is to be brought into account for those purposes as a non- |
|
| | trading credit despite anything in section 297 of that Act. |
|
| | (6) | Section 356NB(6) applies for the purposes of this section. |
|
| | |
| | 356ND | Management expenses |
|
| | No deduction under section 1219 of CTA 2009 (expenses of |
|
| | management of a company’s investment business) is to be allowed |
|
| | from the contractor’s ring fence profits. |
|
| | |
| | Relief in respect of a loss incurred by the contractor may not be given |
|
| | under section 37 (relief for trade losses against total profits) against the |
|
| | contractor’s ring fence profits except so far as the loss arises from oil |
|
| | |
| | |
| | (1) | On a claim for group relief made by a claimant company in relation to |
|
| | a surrendering company, group relief may not be allowed against the |
|
| | claimant company’s contractor’s ring fence profits except so far as the |
|
| | claim relates to losses incurred by the surrendering company that arose |
|
| | from oil contractor activities. |
|
| | (2) | In section 105 (restriction on surrender of losses etc within section |
|
| | 99(1)(d) to (g)) the references to the surrendering company’s gross |
|
| | profits of the surrender period do not include the company’s relevant |
|
| | contractor’s ring fence profits for that period. |
|
| | (3) | The company’s “relevant contractor’s ring fence profits” for that |
|
| | |
| | (a) | if for that period there are no qualifying charitable donations |
|
| | made by the company that are allowable under Part 6 |
|
| | (charitable donations relief), the company’s contractor’s ring |
|
| | fence profits for that period, or |
|
| | (b) | otherwise, so much of the contractor’s ring fence profits of the |
|
| | company for that period as exceeds the amount of the |
|
| | qualifying charitable donations made by the company that are |
|
| | allowable under section 189 for that period. |
|
| | (4) | In this section “claimant company” and “surrendering company” are |
|
| | to be read in accordance with Part 5 (group relief) (see section 188). |
|
| | |
| | A capital allowance may not to any extent be given effect under |
|
| | section 259 or 260 of CAA 2001 (special leasing) by deduction from |
|
| | the contractor’s ring fence profits.” |
|
|
|
| |
| |
|
| | 5 | In Schedule 4 (index of defined expressions), insert the following entries at the |
|
| | |
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
| | |
| | 6 | This Schedule is to be treated as having come into force on 1 April 2014 (“the |
|
| | |
| | 7 | Section 356L of CTA 2010 has effect in relation to activities carried out on or |
|
| | after the commencement date. |
|
| | 8 (1) | If, on the commencement date, a company was carrying on a trade that |
|
| | consisted of, or included, carrying out oil contractor activities, an accounting |
|
| | period ends (if it would not otherwise do so) with 31 March 2014. |
|
| | (2) | Sub-paragraph (3) applies if— |
|
| | (a) | but for sub-paragraph (1), a company would have had an accounting |
|
| | period that began before the commencement date and ended on or after |
|
| | that date (“the split accounting period”), and |
|
| | (b) | the company’s accounting period beginning with 1 April 2014 ends |
|
| | when the split accounting period would have ended but for that sub- |
|
| | |
| | (3) | For the purposes of Chapter 4 of Part 22 of CTA 2010 (surrender of tax refund |
|
| | |
| | (a) | the company is to be treated as having the split accounting period, |
|
| | (b) | any tax refund due to the company for— |
|
| | (i) | the accounting period ending with 31 March 2014, or |
|
| | (ii) | the accounting period beginning with 1 April 2014, |
|
| | | is to be treated as if it were a tax refund due to the company for the |
|
| | split accounting period, and |
|
| | (c) | if the company surrenders a tax refund that is so treated (or part of such |
|
| | a refund), the references in section 964(6) of CTA 2010 to the date on |
|
| | which corporation tax became due and payable are to be treated as |
|
| | references to the date on which corporation tax would have become |
|
| | due and payable had the company had the split accounting period. |
|
| | 9 (1) | A company may be given relief under section 45 of CTA 2010 (carry forward |
|
| | of trade loss against subsequent trade profits) for a loss made in an accounting |
|
| | period ending before the commencement date against profits of a ring fence |
|
| | trade so far as (and only so far as) the loss would have been a loss of the ring |
|
| | fence trade had section 356L of that Act had effect in relation to activities |
|
| | carried out before the commencement date and Part 8ZA therefore applied. |
|
| | (2) | In sub-paragraph (1) “ring fence trade” means oil contractor activities that |
|
| | constitute a separate trade (whether by virtue of section 356M of that Act or |
|
| | |
| |
| Mr Chancellor of the Exchequer |
|
| | |
| To move the following Schedule— |
|
| | “General Block Exemption Regulation |
|
| | 1 | CAA 2001 is amended as follows. |
|
| | 2 (1) | Section 45DB (exclusions from allowances under section 45DA) is amended |
|
| | |
| | (2) | In subsection (3)(a), for “a firm in difficulty for the purposes of the Community |
|
| | Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty |
|
|
|
| |
| |
|
| | (2004/C 244/02)” substitute “an undertaking in difficulty for the purposes of |
|
| | the General Block Exemption Regulation”. |
|
| | (3) | In subsection (4)(a), for “Council Regulation (EC) No 104/2000” substitute |
|
| | “Regulation (EU) No 1379/2013 of the European Parliament and of the |
|
| | |
| | (4) | In subsection (11), in the definition of “General Block Exemption Regulation”, |
|
| | for “(EC) No 800/2008” substitute “(EU) No 651/2014”. |
|
| | (5) | In subsection (12), for paragraph (c) substitute— |
|
| | “(c) | Regulation (EU) No 1379/2013 of the European Parliament |
|
| | |
| | 3 | In section 45K (expenditure on plant and machinery for use in designated |
|
| | assisted areas), after subsection (8) insert— |
|
| | “(8A) | Condition C is met by virtue of subsection (8)(c) only if the amount of |
|
| | the expenditure exceeds the amount by which the relevant plant or |
|
| | machinery is depreciated in the period of 3 years ending immediately |
|
| | before the beginning of the chargeable period in which the expenditure |
|
| | |
| | (8B) | “Relevant plant or machinery” means the plant or machinery being |
|
| | used at the end of the period of 3 years mentioned in subsection (8A) |
|
| | for the purposes of the product, process or service mentioned in |
|
| | |
| | 4 (1) | Section 45M (exemptions from allowances under section 45K) is amended as |
|
| | |
| | (2) | In subsection (1), for “(6) or (7)” substitute “(7) or (7A)”. |
|
| | (3) | In subsection (3)(a), for “a firm in difficulty for the purposes of the Community |
|
| | Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty |
|
| | (2004/C 244/02)” substitute “an undertaking in difficulty for the purposes of |
|
| | the General Block Exemption Regulation”. |
|
| | |
| | (a) | in paragraph (a), for “Council Regulation (EC) No 104/2000” |
|
| | substitute “Regulation (EU) No 1379/2013 of the European |
|
| | Parliament and of the Council”, and |
|
| | (b) | after paragraph (b) insert— |
|
| | “(ba) | in the transport sector or related infrastructure, |
|
| | (bb) | relating to energy generation, distribution or |
|
| | |
| | (bc) | relating to the development of broadband networks,”. |
|
| | (5) | After that subsection insert— |
|
| | “(4A) | Expressions used in subsection (4)(b), (ba), (bb) or (bc) and in the |
|
| | General Block Exemption Regulation have the same meaning as in |
|
| | |
| | |
| | (7) | After subsection (7) insert— |
|
| | “(7A) | Expenditure is within this subsection if— |
|
| | (a) | the area by reference to which the condition in section |
|
| | 45K(1)(a) is met is not an area which falls within Article |
|
| | 107(3)(a) of the Treaty on the Functioning of the European |
|
| | |
| | (b) | the condition in section 45K(8)(a) is not met in relation to the |
|
| | |
|
|
| |
| |
|
| | (c) | at the time the expenditure is incurred the company is not an |
|
| | SME for the purposes of the General Block Exemption |
|
| | |
| | |
| | (a) | in the first definition, for the words from ““coal” to “have” substitute |
|
| | |
| | (b) | in the definition of “General Block Exemption Regulation”, for “(EC) |
|
| | No 800/2008” substitute “(EU) No 651/2014”. |
|
| | (9) | In subsection (15), for paragraph (c) substitute— |
|
| | “(c) | Regulation (EU) No 1379/2013 of the European Parliament |
|
| | |
| | 5 (1) | Section 45N (effect of plant or machinery subsequently being primarily for use |
|
| | outside designated assisted areas) is amended as follows. |
|
| | |
| | (a) | for “designated assisted area within the meaning of section 45K” |
|
| | substitute “relevant area”, and |
|
| | (b) | for “such a designated assisted” substitute “a relevant”. |
|
| | (3) | After subsection (3) insert— |
|
| | “(3A) | “Relevant area” means— |
|
| | (a) | in relation to expenditure which would be within subsection |
|
| | (7A) of section 45M if paragraph (a) of that subsection were |
|
| | omitted, a designated assisted area within the meaning of |
|
| | section 45K which falls within Article 107(3)(a) of the Treaty |
|
| | on the Functioning of the European Union, and |
|
| | (b) | in relation to any other expenditure, a designated assisted area |
|
| | within the meaning of section 45K.” |
|
| | 6 | In section 212T(6) (cap on first-year allowances: zero-emission goods |
|
| | vehicles), in the definition of “undertaking”, for “(EC) No 800/2008” |
|
| | substitute “(EU) No 651/2014”. |
|
| | 7 | In section 212U(5) (cap on first-year allowances: expenditure on plant and |
|
| | machinery for use in designated assisted areas), in the definition of “single |
|
| | investment project”, for “(EC) No 800/2008” substitute “(EU) No 651/2014”.” |
|
| | 8 | The amendments made by this Schedule have effect in relation to expenditure |
|
| | incurred on or after the day on which this Act is passed.” |
|
| |
| Mr Chancellor of the Exchequer |
|
| | |
| To move the following Schedule— |
|
| | “Taxation of co-operative societies etc |
|
| | Taxation of Chargeable Gains Act 1992 (c. 12) |
|
| | 1 | In section 217D of TCGA 1992 (disposal of assets on union, amalgamation or |
|
| | transfer of engagements), in subsection (3), after paragraph (a) insert— |
|
| | “(aa) | a society registered as a credit union under the Credit Unions |
|
| | (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)),”. |
|
|
|
| |
| |
|
| | Co-operative and Community Benefit Societies Act 2014 (c. 14) |
|
| | 2 | Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 |
|
| | (consequential amendments) is amended as follows. |
|
| | 3 | In paragraph 47 (which amends section 140E of TCGA 1992)— |
|
| | (a) | in sub-paragraph (2), after “Co-operative and Community Benefit |
|
| | Societies Act 2014” insert “or a society registered or treated as |
|
| | registered under the Industrial and Provident Societies Act (Northern |
|
| | |
| | (b) | in sub-paragraph (3), after “Co-operative and Community Benefit |
|
| | Societies Act 2014” insert “, a society registered or treated as |
|
| | registered under the Industrial and Provident Societies Act (Northern |
|
| | |
| | 4 | In paragraph 48 (which amends section 140F of TCGA 1992) after “Co- |
|
| | operative and Community Benefit Societies Act 2014” insert “or a society |
|
| | registered or treated as registered under the Industrial and Provident Societies |
|
| | Act (Northern Ireland) 1969”. |
|
| | 5 | In paragraph 49 (which amends section 140G of TCGA 1992) after “Co- |
|
| | operative and Community Benefit Societies Act 2014” insert “or a society |
|
| | registered or treated as registered under the Industrial and Provident Societies |
|
| | Act (Northern Ireland) 1969”. |
|
| | 6 | In paragraph 50 (which amends section 170 of TCGA 1992)— |
|
| | (a) | in sub-paragraph (2), for “within the meaning of the Co-operative and |
|
| | Community Benefits Societies Act 2014” substitute “(see section |
|
| | |
| | (b) | in sub-paragraph (3), for “within the meaning of the Co-operative and |
|
| | Community Benefits Societies Act 2014” substitute “(see section |
|
| | |
| | 7 | In paragraph 53 (which amends Schedule 7AC of TCGA 1992) for “within the |
|
| | meaning of the Co-operative and Community Benefits Societies Act 2014” |
|
| | substitute “(see section 1119 of that Act)”. |
|
| | 8 | In paragraph 82 (which amends paragraph 28 of Schedule 2 to ITEPA 2003), |
|
| | in the sub-paragraph (5) substituted by sub-paragraph (3)— |
|
| | (a) | omit the “or” following paragraph (b), and |
|
| | (b) | at the end of paragraph (c) insert “, or |
|
| | (d) | an SCE formed in accordance with Council |
|
| | Regulation (EC) No 1435/2003 on the Statute for a |
|
| | European Cooperative Society.”. |
|
| | 9 | In paragraph 94 (which amends section 379 of ITTOIA 2005), in the definition |
|
| | of “registered society” inserted by sub-paragraph (4)— |
|
| | (a) | omit the “or” following paragraph (a), and |
|
| | (b) | after paragraph (b) insert— |
|
| | “(c) | a society registered as a credit union under the Credit |
|
| | Unions (Northern Ireland) Order 1985 (S.I. 1985/ |
|
| | |
| | (d) | an SCE formed in accordance with Council |
|
| | Regulation (EC) No 1435/2003 on the Statute for a |
|
| | European Cooperative Society,”. |
|
| | 10 | In paragraph 105 (which amends section 151 of ITA 2007), in the definition of |
|
| | “registered society” inserted by sub-paragraph (3)— |
|
| | (a) | omit the “or” following paragraph (a), and |
|
| | (b) | at the end of paragraph (b) insert “or |
|
|