 | |
| |
Section 245 of the Taxes Act 1988 |
| | 14. - (1) Section 245 of the Taxes Act 1988 (calculation etc of ACT on change of ownership of company) shall cease to have effect.
|
| |
(2) This paragraph has effect in relation to changes in ownership (within the meaning of section 245 of that Act) occurring on or after 6th April 1999.
|
| |
Section 245A of the Taxes Act 1988 |
| | 15. - (1) Section 245A of the Taxes Act 1988 (restriction on application of section 240 in certain circumstances) shall cease to have effect.
|
| |
(2) This paragraph has effect in relation to changes in ownership (within the meaning of section 245A of that Act) occurring on or after 6th April 1999.
|
| |
Section 245B of the Taxes Act 1988 |
| | 16. - (1) Section 245B of the Taxes Act 1988 (restriction on set-off where asset transferred after change in ownership of company) shall cease to have effect.
|
| |
(2) Sub-paragraph (1) above has effect in relation to disposals on or after 6th April 1999.
|
| |
(3) In relation to an accounting period beginning before, and ending on or after, 6th April 1999, the reference in section 245B(4)(a) of the Taxes Act 1988 to the end of the relevant period shall be taken to be a reference to the end of a period which ends on 5th April 1999.
|
| |
Section 246 of the Taxes Act 1988 |
| | 17. - (1) Section 246 of the Taxes Act 1988 (charge of ACT at previous rate until new rate fixed, and changes of rate) shall cease to have effect.
|
| |
(2) This paragraph has effect in relation to distributions made on or after 6th April 1999.
|
| |
Section 247 of the Taxes Act 1988 |
| | 18. - (1) Section 247 of the Taxes Act 1988 (dividends etc paid by one member of a group to another) shall be amended as follows.
|
| |
(2) Subsections (1), (2) and (3) (which enable dividends paid by one member of a group to another to be excluded from sections 14(1) and 231 of the Taxes Act 1988 etc) shall cease to have effect.
|
| |
(3) In subsection (4), for paragraph (a) there shall be substituted-
|
| |
 |
"(a) the payer company is- |
| |
(i) a 51 per cent. subsidiary of the other or of a company so resident of which the other is a 51 per cent. subsidiary, or
|
| |
(ii) a trading or holding company which does not fall within subsection (1A) above and which is owned by a consortium the members of which include the recipient company, or".
|
|
| |
(4) In subsection (5)-
|
| |
(a) for "Subsections (1) to (4) above shall not apply to dividends or other payments" there shall be substituted "Subsection (4) above shall not apply to payments"; and |
| |
(b) the words "and shall not apply to a dividend" onwards shall cease to have effect. |
| |
(5) In subsection (6)-
|
| |
|
| |
(b) the words "advance corporation tax ought to have been paid or", |
| |
(c) the words "as the case may be", |
| |
(d) the words "paying or", |
| |
(e) the words "receiving or", and |
| |
(f) the words "the advance corporation tax had been duly paid or", |
| |
shall cease to have effect.
|
| |
(6) In subsection (7) the words "paying or" and "receiving or" shall cease to have effect.
|
| |
(7) In subsection (10)-
|
| |
(a) the words "dividends or", and |
| |
(b) the words "and references to "group income" shall be construed accordingly", |
| |
shall cease to have effect.
|
| |
(8) This paragraph has effect in relation to distributions made on or after 6th April 1999.
|
| |
Section 248 of the Taxes Act 1988 |
| | 19. - (1) Section 248 of the Taxes Act 1988 (provisions supplemental to section 247) shall be amended as follows.
|
| |
(2) In subsections (2) and (3) the words "dividends or other" shall cease to have effect.
|
| |
(3) This paragraph has effect in relation to distributions made on or after 6th April 1999.
|
| |
Section 252 of the Taxes Act 1988 |
| | 20. - (1) Section 252 of the Taxes Act 1988 (rectification of excessive set-off of ACT or tax credit) shall be amended as follows.
|
| |
(2) In subsection (1), paragraph (a) (which concerns the set-off of ACT) shall cease to have effect.
|
| |
(3) This paragraph has effect in relation to accounting periods beginning on or after 6th April 1999.
|
| |
Section 253 of the Taxes Act 1988 |
| | 21. - (1) Section 253 of the Taxes Act 1988 (power to modify or replace section 234(5) to (9) and Schedule 13) shall be amended as follows.
|
| |
(2) In subsection (1)-
|
| |
|
| |
(b) the words "and to Schedule 13", |
| |
shall cease to have effect.
|
| |
(3) Subsection (2) (which concerns ACT) shall cease to have effect.
|
| |
(4) In subsection (3)(a) (which contains a reference to ACT) the words "advance corporation tax or" shall cease to have effect.
|
| |
(5) This paragraph has effect in relation to accounting periods beginning on or after 6th April 1999.
|
| |
Section 255 of the Taxes Act 1988 |
| | 22. - (1) Section 255 of the Taxes Act 1988 ("gross rate" and "gross amount" of distributions to include ACT) shall cease to have effect.
|
| |
(2) This paragraph has effect in relation to distributions made on or after 6th April 1999.
|
| |
Section 419 of the Taxes Act 1988 |
| | 23. - (1) Section 419 of the Taxes Act 1988 (loans to participators etc) shall be amended as follows.
|
| |
(2) In subsection (1) (charge at rate of ACT) for the words from "such proportion" onwards there shall be substituted "25 per cent. of the amount of the loan or advance".
|
| |
(3) In subsection (4) (relief in case of repayment of loan or advance)-
|
| |
(a) after "subsection (1) above and" there shall be inserted "(a)"; and |
| |
(b) after "is repaid to the company," there shall be inserted "or |
| |
|
“(b) the whole or part of the debt in respect of the loan or advance is released or written off,". |
|
| |
(4) In subsection (4A) (provision in relation to relief under subsection (4)) after "repayment", in each place where it occurs, there shall be inserted ", release or writing off".
|
| |
(5) Sub-paragraph (2) above has effect in relation to loans or advances made on or after 6th April 1999.
|
| |
(6) Sub-paragraphs (3) and (4) above have effect in relation to the release or writing off of the whole or part of a debt on or after 6th April 1999.
|
