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House of Commons

Session 2008 - 09 Internet Publications Other Bills before Parliament

Corporation Tax Bill

Corporation Tax Bill lv
Chapter 2
Reliefs for expenditure on contaminated land
1147    Deduction for capital expenditure
1148    Election under section 1147
1149    Additional deduction for qualifying land remediation expenditure
1150    No relief if company responsible for contamination
Chapter 3
Land remediation tax credit
Entitlement and payment
1151    Entitlement to and payment of tax credit
1152    Meaning of “qualifying land remediation loss”
1153    Amount of a loss which is “unrelieved”
Amount of tax credit
1154    Amount of tax credit
Supplementary
1155    Payment of tax credit
1156    Tax credit payment not income of company
1157    Exclusion for capital gains purposes of certain expenditure
1158    Restriction on losses carried forward where tax credit claimed
Chapter 4
Special provision for life assurance business
General
1159    Limitation on relief under Chapter 2
I minus E basis
1160    Provision in respect of I minus E basis
Relief for qualifying Chapter 4 expenditure
1161    Relief in respect of I minus E basis: enhanced expenses payable
1162    Meaning of “qualifying Chapter 4 expenditure”
1163    No relief if company responsible for contamination
Life assurance company tax credits
1164    Entitlement to tax credit
1165    Meaning of “qualifying life assurance business loss”
1166    Amount of tax credit
1167    Payment of tax credit etc
Corporation Tax Bill lvi
1168    Restriction on carrying forward expenses payable where tax credit claimed
Chapter 5
Tax avoidance
1169    Artificially inflated claims for relief or tax credit
Chapter 6
Supplementary
1170    “Staffing costs”
1171    Staffing costs attributable to relevant land remediation
1172    Expenditure on materials
1173    Expenditure incurred because of contamination
1174    Sub-contractor payments
1175    “Qualifying expenditure on sub-contracted land remediation”: connected
persons
1176    “Qualifying expenditure on sub-contracted land remediation”: other cases
1177    “Subsidised expenditure”
1178    Persons having a “relevant connection” to a company
1179    Other definitions
Part 15
Film production
Chapter 1
Introduction
Introductory
1180    Overview of Part
Interpretation
1181    “Film” etc
1182    “Film production company”
1183    “Film-making activities” etc
1184    “Production expenditure”, “core expenditure” and “limited-budget film”
1185    “UK expenditure” etc
1186    “Qualifying co-production” and “co-producer”
1187    “Company tax return”
Chapter 2
Taxation of activities of film production company
Separate film trade
1188    Activities of film production company treated as a separate trade
1189    Calculation of profits or losses of separate film trade
Corporation Tax Bill lvii
Supplementary
1190    Income from the film
1191    Costs of the film
1192    When costs are taken to be incurred
1193    Pre-trading expenditure
1194    Estimates
Chapter 3
Film tax relief
Introductory
1195    Availability and overview of film tax relief
Conditions of relief
1196    Intended theatrical release
1197    British film
1198    UK expenditure
Additional deductions
1199    Additional deduction for qualifying expenditure
1200    Amount of additional deduction
Film tax credits
1201    Film tax credit claimable if company has surrenderable loss
1202    Surrendering of loss and amount of film tax credit
1203    Payment in respect of film tax credit
Miscellaneous
1204    No account to be taken of amount if unpaid
1205    Artificially inflated claims for additional deduction or film tax credit
1206    Confidentiality of information
1207    Wrongful disclosure
Chapter 4
Film losses
1208    Application of sections 1209 and 1210
1209    Restriction on use of losses while film in production
1210    Use of losses in later periods
1211    Terminal losses
Chapter 5
Provisional entitlement to relief
1212    Introduction
1213    Certification as a British film
Corporation Tax Bill lviii
1214    The UK expenditure condition
1215    Film tax relief on basis that film is limited-budget film
1216    Time limit for amendments and assessments
Part 16
Companies with investment business
Chapter 1
Introduction
1217    Overview of Part
1218    “Company with investment business” and “investment business”
Chapter 2
Management expenses
Relief for expenses of management
1219    Expenses of management of a company’s investment business
1220    Meaning of “unallowable purpose”
1221    Amounts treated as expenses of management
1222    Income from a source not charged to tax
1223    Carrying forward expenses of management and other amounts
Accounting period to which expenses are referable
1224    Accounting period to which expenses are referable
1225    Accounts conforming with GAAP
1226    Accounts not conforming with GAAP
1227    Accounts not drawn up
Claw back of relief
1228    Credits that reverse debits
1229    Claw back of relief
1230    Meaning of “reversal amount”
1231    Absence of accounts
Chapter 3
Amounts treated as expenses of management
Preliminary
1232    Chapter applies to amounts not otherwise relieved
Excess capital allowances
1233    Excess capital allowances
Corporation Tax Bill lix
Payments for restrictive undertakings
1234    Payments for restrictive undertakings
Seconded employees
1235    Employees seconded to charities and educational establishments
Contributions to agents’ expenses
1236    Payroll deduction schemes
Counselling and retraining expenses
1237    Counselling and other outplacement services
1238    Retraining courses
Redundancy payments etc
1239    Redundancy payments and approved contractual payments
1240    Payments in respect of employment wholly in employer’s business
1241    Payments in respect of employment in more than one capacity
1242    Additional payments
1243    Payments made by the Government
Contributions to local enterprise organisations or urban regeneration companies
1244    Contributions to local enterprise organisations or urban regeneration
companies
Export Credits Guarantee Department
1245    Payments to Export Credits Guarantee Department
Levies under FISMA 2000
1246    Levies under FISMA 2000
Chapter 4
Rules restricting deductions
1247    Introduction
1248    Expenses in connection with arrangements for securing a tax advantage
1249    Unpaid remuneration
1250    Unpaid remuneration: supplementary
1251    Car or motor cycle hire
Chapter 5
Companies with investment business: receipts
1252    Industrial development grants
1253    Contributions to local enterprise organisations or urban regeneration
companies: disqualifying benefits
Corporation Tax Bill lx
1254    Repayments under FISMA 2000
Chapter 6
Supplementary
1255    Meaning of some accounting terms
Part 17
Partnerships
Introduction
1256    Overview of Part
1257    General provisions
1258    Assessment of partnerships
Calculation of partners’ shares
1259    Calculation of firm’s profits and losses
1260    Section 1259: supplementary
1261    Accounting periods of firms
1262    Allocation of firm’s profits or losses between partners
1263    Profit-making period in which some partners have losses
1264    Loss-making period in which some partners have profits
1265    Apportionment of profit share between partner’s accounting periods
Firms with a foreign element
1266    Resident partners and double taxation agreements
Adjustment on change of basis
1267    Various rules for trades and property businesses
1268    Election for spreading under Chapter 14 of Part 3
1269    Interpretation of clauses 1267 and 1268
Miscellaneous
1270    Special provisions about farming and property income
1271    Sale of patent rights: effect of partnership changes
1272    Sale of patent rights: effect of later cessation of trade
1273    Limited liability partnerships
Part 18
Unremittable income
1274    Unremittable income: introduction
1275    Claim for relief for unremittable income
1276    Withdrawal of relief
1277    Income charged on withdrawal of relief after source ceases
1278    Valuing unremittable income
Corporation Tax Bill lxi
Part 19
General exemptions
Profits from FOTRA securities
1279    Exemption of profits from securities free of tax to residents abroad (“FOTRA
securities”)
1280    Section 1279: supplementary provision
Income from savings certificates
1281    Income from savings certificates
1282    Income from Ulster Savings Certificates
Miscellaneous
1283    Interest from tax reserve certificates
1284    Housing grants
1285    UK company distributions
1286    VAT repayment supplements
1287    Incentives to use electronic communications
Part 20
General calculation rules
Chapter 1
Restriction of deductions
Unpaid remuneration
1288    Unpaid remuneration
1289    Unpaid remuneration: supplementary
Employee benefit contributions
1290    Employee benefit contributions
1291    Making of “employee benefit contributions”
1292    Provision of qualifying benefits
1293    Timing and amount of certain qualifying benefits
1294    Provision or payment out of employee benefit contributions
1295    Profits calculated before end of 9 month period
1296    Interpretation of sections 1290 to 1296
1297    Life assurance business
Business entertainment and gifts
1298    Business entertainment and gifts
1299    Business entertainment: exceptions
1300    Business gifts: exceptions

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