 | |
| |
Section 217C of the Taxation of Chargeable Gains Act 1992 |
| | 32. - (1) In section 217C of the Taxation of Chargeable Gains Act 1992 (disposal of assets by incorporated friendly society), for subsection (2) substitute-
|
| |
 |
"(2) If the disposal by the incorporated society is in the circumstances mentioned in subsection (8) of section 41, the disposal to which section 217A(3) applies shall for the purposes of that subsection be taken to have been a previous transfer of the asset in such circumstances.".
|
|
| |
(2) The above amendment has effect in relation to cases in which the disposal by the incorporated society is on or after 1st April 2000.
|
| |
Section 228 of the Taxation of Chargeable Gains Act 1992 |
| | 33. The main amendments have effect for the purposes of section 228 of the Taxation of Chargeable Gains Act 1992 (conditions for roll-over relief: supplementary) in relation to disposals on or after 1st April 2000.
|
| |
Section 253 of the Taxation of Chargeable Gains Act 1992 |
| | 34. The main amendments have effect for the purposes of section 253 of the Taxation of Chargeable Gains Act 1992 (relief for loans to traders)-
|
| |
(a) in relation to loans made on or after 1st April 2000; |
| |
(b) in relation to guarantees given on or after that date. |
| |
Section 276 of the Taxation of Chargeable Gains Act 1992 |
| | 35. - (1) In section 276 of the Taxation of Chargeable Gains Act 1992 (application of the 1992 Act to the territorial sea and the continental shelf), for subsection (8) substitute-
|
| |
|
"(8) The provisions specified in subsection (9) below shall apply in relation to a disposal of exploration or exploitation rights or exploration or exploitation assets if (and only if) the disposal is-
|
| |
(a) by a company resident in a territory outside the United Kingdom to a company resident in the same territory, |
| |
(b) by a company resident in the United Kingdom to another company which is so resident, or |
| |
(c) by a company which is not resident in the United Kingdom to another company which is resident there. |
| |
(9) Those provisions are-
|
| |
|
| |
(b) section 171 (except subsections (1)(b) and (1A)), |
| |
(c) section 173 (with the omission of the words "to which this section applies" in subsections (1)(a) and (2)(a) and "such" in subsections (1)(c) and (2)(c) and with the omission of subsection (3)), |
| |
(d) section 174(4) (with the substitution of "at a time when both were members of the group" for "in a transfer to which section 171(1) applied"), |
| |
(e) section 179 (except subsections (1)(b) and (1A)), and |
| |
|
| |
(10) The provisions specified in subsection (9) above shall apply in accordance with subsection (8) above with the following modifications-
|
| |
(a) for the purposes of paragraph (a) of subsection (9) above, section 41(8) applies as if section 170 applied, for the purposes of section 171, with the omission of subsection (9), and |
| |
(b) for the purposes of paragraphs (b) to (f) of subsection (9) above, the provisions specified in those paragraphs apply as if in section 170 subsection (9) were omitted." |
|
| |
(2) The above amendment has effect in cases in which section 41, 171, 173, 174(4), 179 or 181, as the case may be, has effect as amended by this Schedule.
|
| |
Schedule A1 to the Taxation of Chargeable Gains Act 1992 |
| | 36. The main amendments have effect for the purposes of paragraph 11 of Schedule A1 to the Taxation of Chargeable Gains Act 1992 (rules for application of taper relief) in relation to any determination whether, at any time on or after 1st April 2000, a company is a 51 per cent subsidiary of another company.
|
| |
Schedule 2 to the Taxation of Chargeable Gains Act 1992 |
| | 37. The main amendments have effect for the purposes of paragraph 5 of Schedule 2 to the Taxation of Chargeable Gains Act 1992 (disposals of assets held on 6th April 1965) in relation to any determination whether, at any time on or after 1st April 2000, a company is a member, or the principal company, of a group of companies.
|
| |
Schedule 3 to the Taxation of Chargeable Gains Act 1992 |
| | 38. The main amendments have effect for the purposes of paragraphs 8 and 9 of Schedule 3 to the Taxation of Chargeable Gains Act 1992 (disposals of assets held on 31st March 1982: supplementary provisions) in relation to any determination whether, at any time on or after 1st April 2000, a company is a member, or the principal company, of a group of companies.
|
| |
Schedule 7B to the Taxation of Chargeable Gains Act 1992 |
| | 39. - (1) Schedule 7B to the Taxation of Chargeable Gains Act 1992 (modification of that Act in relation to overseas life insurance companies) is amended as follows.
|
| |
(2) After paragraph 6 insert-
|
| |
| "6A. In section 171(1A), the words "section 11(2)(b), (c), (d) or (e) of the Taxes Act" shall be treated as substituted for the words "section 10(3)".
|
| | 6B. In section 175(2AA), the words "section 11(2)(b), (c), (d) or (e) of the Taxes Act" shall be treated as substituted for the words "section 10(3)".".
|
|
| |
(3) In paragraph 9 for "section 191(1)(b)" substitute "section 190(2)(b)".
|
| |
(4) After paragraph 14 add-
|
| |
| "15. - (1) In Schedule 7A, in sub-paragraph (3A) of paragraph 1, the words "section 11(2)(b), (c), (d) or (e) of the Taxes Act" shall be treated as substituted for the words "section 10(3)".
|
| |
(2) In that paragraph, the following sub-paragraph shall be treated as inserted after sub-paragraph (4)-
|
|
"(4A) Where-
|
| |
(a) an asset is held by an overseas life insurance company, and |
| |
(b) section 440 of the Taxes Act applies at any time in relation to the asset, |
| |
the asset shall not be treated for the purposes of sub-paragraph (3A)(b) above as having become a chargeable asset at that time.""
|
|
| |
(5) The amendment made by sub-paragraph (2) above has effect in relation to cases where section 171 or, as the case may be, section 175 has effect as amended by this Schedule.
|
| |
(6) The amendment made by sub-paragraph (3) above has effect in relation to cases where section 190 has effect as amended by this Schedule.
|
| |
(7) The amendment made by sub-paragraph (4) above has effect in relation to cases where Schedule 7A has effect as amended by this Schedule.
|
| |
Schedule 7C to the Taxation of Chargeable Gains Act 1992 |
| | 40. The main amendments have effect for the purposes of Schedule 7C to the Taxation of Chargeable Gains Act 1992 (which is inserted by virtue of section 48 of this Act).
|
| |
Section 136 of the Finance Act 1993 |
| | 41. - (1) In section 136 of the Finance Act 1993 (exchange gains and losses: arm's length test in relation to assets and liabilities), for subsection (12)(d) substitute-
|
| |
|
"(d) any question whether companies are members of the same group shall be determined in accordance with section 170 of the Taxation of Chargeable Gains Act 1992." |
|
| |
(2) The above amendment, and the main amendments so far as they apply for the purposes of section 136, have effect in relation to accrual periods beginning on or after 1st April 2000.
|
| |
Section 136A of the Finance Act 1993 |
| | 42. - (1) In section 136A of the Finance Act 1993 (exchange gains and losses: arm's length test in relation to debts of varying amounts), for subsection (10)(d) substitute-
|
| |
|
"(d) any question whether companies are members of the same group shall be determined in accordance with section 170 of the Taxation of Chargeable Gains Act 1992." |
|
| |
(2) The above amendment, and the main amendments so far as they apply for the purposes of section 136A, have effect in relation to accrual periods beginning on or after 1st April 2000.
|
| |
Schedule 17 to the Finance Act 1993 |
| | 43. - (1) In Schedule 17 to the Finance Act 1993 (exchange gains and losses: chargeable gains), in paragraph 7(2)(b) for "171 or 172" substitute "or 171".
|
| |
(2) The above amendment has effect in accordance with paragraph 3(2) above.
|
| |
Schedule 9 to the Finance Act 1996 |
| | 44. - (1) Schedule 9 to the Finance Act 1996 (computational provisions in relation to loan relationships) is amended as follows.
|
| |
(2) In paragraph 11 (transactions not at arm's length), in sub-paragraph (3) for paragraphs (a) and (b) substitute-
|
| |
|
"(a) in the case of any related transaction between two companies that are- |
| |
(i) members of the same group, and
|
| |
(ii) within the charge to corporation tax in respect of that transaction; or
|
| |
(b) in relation to a member of a group of companies, in the case of any transaction which is part of a series of transactions having the same effect as a transaction falling within paragraph (a) above." |
|
| |
(3) In that paragraph, for sub-paragraph (5) substitute-
|
| |
|
"(5) In this paragraph references to a company which is a member of a group of companies shall be construed in accordance with section 170 of the Taxation of Chargeable Gains Act 1992."
|
|
| |
(4) In paragraph 12 (continuity of treatment), in sub-paragraph (1), for paragraphs (a) and (b) substitute-
|
| |
|
"(a) a related transaction between two companies that are- |
| |
(i) members of the same group, and
|
| |
(ii) within the charge to corporation tax in respect of that transaction,
|
| |
(b) a series of transactions having the same effect as a related transaction between two companies each of which- |
| |
(i) has been a member of the same group at any time in the course of that series of transactions, and
|
| |
(ii) is within the charge to corporation tax in respect of the related transaction,".
|
|
| |
(5) The above amendments, and the main amendments so far as they apply for the purposes of paragraphs 11 and 12 of Schedule 9 to the Finance Act 1996, have effect in relation to transactions entered into, or series of transactions begun, on or after 1st April 2000.
|
| |
Schedule 15 to the Finance Act 1996 |
| | 45. - (1) In Schedule 15 to the Finance Act 1996 (loan relationships: savings and transitional provisions), in paragraph 8(2) for "171(1) or 172" substitute "or 171(1)".
|
| |
(2) The above amendment has effect in accordance with paragraph 3(2) above.
|
