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House of Commons

Session 2008 - 09 Internet Publications Other Bills before Parliament

Corporation Tax Bill

Corporation Tax Bill vi
Other receipts
101    Distribution of assets of mutual concerns
102    Industrial development grants
103    Sums recovered under insurance policies etc
104    Repayments under FISMA 2000
Chapter 7
Trade profits: gifts to charities etc
Relief for certain gifts
105    Gifts of trading stock to charities etc
106    Meaning of “designated educational establishment”
107    Gifts of medical supplies and equipment
Benefits associated with gifts
108    Receipt of benefits by donor or connected person
Chapter 8
Trade profits: herd basis rules
Introduction
109    Election for application of herd basis rules
110    Meaning of “animal”, “herd”, “production herd” etc
111    Other interpretative provisions
The herd basis rules
112    Initial cost of herd and value of herd
113    Addition of animals to herd
114    Replacement of animals in herd
115    Amount of receipt if old animal slaughtered under disease control order
116    Sale of animals from herd
117    Sale of whole or substantial part of herd
118    Acquisition of new herd begun within 5 years of sale
119    Section 118: sale for reasons outside farmer’s control
120    Replacement of part sold begun within 5 years of sale
121    Section 120: sale for reasons outside farmer’s control
Elections
122    Herd basis elections
123    Five year gap in which no production herd kept
124    Slaughter under disease control order
Preventing abuse of the herd basis rules
125    Preventing abuse of the herd basis rules
Corporation Tax Bill vii
Supplementary
126    Information if election made
127    Further assessment etc if herd basis rules apply
Chapter 9
Trade profits: other specific trades
Dealers in securities etc
128    Taxation of amounts taken to reserves
129    Conversion etc of securities held as circulating capital
130    Traders receiving distributions etc
Building societies
131    Incidental costs of issuing qualifying shares
Industrial and provident societies
132    Dividends etc granted by industrial and provident societies
Credit unions
133    Annual payments paid by a credit union
Dealers in land etc
134    Purchase or sale of woodlands
135    Relief in respect of mineral royalties
136    Lease premiums etc: reduction of receipts
Mineral exploration and access
137    Mineral exploration and access
Companies liable to pool betting duty
138    Payments by companies liable to pool betting duty
Intermediaries treated as making employment payments
139    Deduction for deemed employment payment
140    Special rules for partnerships
Managed service companies
141    Deduction for deemed employment payments
Waste disposal
142    Deduction for site preparation expenditure
143    Allocation of site preparation expenditure
144    Site preparation expenditure: supplementary
Corporation Tax Bill viii
145    Site restoration payments
Cemeteries and crematoria
146    Cemeteries and crematoria: introduction
147    Deduction for capital expenditure
148    Allocation of ancillary capital expenditure
149    Exclusion of expenditure met by subsidies
Sound recordings
150    Revenue nature of expenditure
151    Allocation of expenditure
152    Interpretation of sections 150 and 151
Reserves of marketing authorities etc
153    Reserves of marketing authorities and certain other statutory bodies
154    Conditions to be met by reserve fund
155    Interpretation of sections 153 and 154
Chapter 10
Trade profits: changes in trading stock
Introduction
156    Meaning of “trading stock”
Transfers of trading stock between trade and trader
157    Trading stock appropriated by trader
158    Trading stock supplied by trader
Other disposals and acquisitions not made in the course of trade
159    Disposals not made in the course of trade
160    Acquisitions not made in the course of trade
Relationship with transfer pricing rules
161    Transfer pricing rules to take precedence
Chapter 11
Trade profits: valuation of stock on cessation of trade
162    Valuation of trading stock on cessation
163    Meaning of “trading stock”
164    Basis of valuation of trading stock
165    Sale basis of valuation: sale to unconnected person
166    Sale basis of valuation: sale to connected person
167    Sale basis of valuation: election by connected persons
168    Connected persons
Corporation Tax Bill ix
169    Cost to buyer of stock valued on sale basis of valuation
170    Meaning of “sale” and related expressions
171    Determination of questions
Chapter 12
Deductions from profits: unremittable amounts
172    Application of Chapter
173    Relief for unremittable amounts
174    Restrictions on relief
175    Withdrawal of relief
Chapter 13
Disposal and acquisition of know-how
176    Meaning of “know-how” etc
177    Disposal of know-how if trade continues to be carried on
178    Disposal of know-how as part of disposal of all or part of a trade
179    Seller controlled by buyer etc
Chapter 14
Adjustment on change of basis
Adjustment on change of basis
180    Application of Chapter
181    Giving effect to positive and negative adjustments
182    Calculation of the adjustment
Expenses previously brought into account
183    No adjustment for certain expenses previously brought into account
Realising or writing off assets
184    Cases where adjustment not required until assets realised or written off
Mark to market
185    Change from realisation basis to mark to market
186    Election for spreading if section 185 applies
187    Transfer of insurance business
Chapter 15
Post-cessation receipts
Charge to tax on post-cessation receipts
188    Charge to tax on post-cessation receipts
189    Extent of charge to tax
Corporation Tax Bill x
Meaning of “post-cessation receipts”
190    Basic meaning of “post-cessation receipt”
191    Other rules about what counts as post-cessation receipts
Sums treated as post-cessation receipts
192    Debts paid after cessation
193    Debts released after cessation
194    Transfer of rights if transferee does not carry on trade
Sums that are not post-cessation receipts
195    Transfer of trading stock
Deductions
196    Allowable deductions
197    Further rules about allowable deductions
Election to carry back
198    Election to carry back
199    Deductions already made are not displaced
200    Election given effect in accounting period in which receipt is received
Chapter 16
Priority rules
201    Provisions which must be given priority over this Part
Part 4
Property income
Chapter 1
Introduction
202    Overview of Part
Chapter 2
Property businesses
Introduction
203    Overview of Chapter
204    Meaning of “property business”
Basic meaning of UK and overseas property business
205    UK property business
206    Overseas property business
Corporation Tax Bill xi
Generating income from land
207    Meaning of “generating income from land”
208    Activities not for generating income from land
Chapter 3
Profits of property businesses: basic rules
Charge to tax on profits of a property business
209    Charge to tax on profits of a property business
Calculation of profits
210    Profits of a property business: application of trading income rules
211    Loan relationships and derivative contracts
212    Items treated as receipts and expenses
213    Certain amounts brought into account under Part 3
214    Relationship between rules prohibiting and allowing deductions
Chapter 4
Profits of property businesses: lease premiums etc
Introduction
215    Overview of Chapter
216    Meaning of “short-term lease”
Amounts treated as receipts: leases
217    Lease premiums
218    Amount treated as lease premium where work required
219    Sums payable instead of rent
220    Sums payable for surrender of lease
221    Sums payable for variation or waiver of terms of lease
222    Assignments for profit of lease granted at undervalue
223    Provisions supplementary to section 222
Other amounts treated as receipts
224    Sales with right to reconveyance
225    Sale and leaseback transactions
226    Provisions supplementary to sections 224 and 225
Additional calculation rule for reducing certain receipts
227    Circumstances in which additional calculation rule applies
228    The additional calculation rule
229    The additional calculation rule: special cases
230    Meaning of “unused amount” and “unreduced amount”
Corporation Tax Bill xii
Deductions in relation to certain receipts
231    Deductions for expenses under section 232
232    Tenants under taxed leases treated as incurring expenses
233    Restrictions on section 232 expenses: the additional calculation rule
234    Restrictions on section 232 expenses: lease of part of premises
Limit on effect of additional calculation rule and deductions
235    Limit on reductions and deductions
Certain administrative provisions
236    Payment of tax by instalments
237    Statement of accuracy for purposes of section 222
238    Claim for repayment of tax payable by virtue of section 224
239    Claim for repayment of tax payable by virtue of section 225
Determinations affecting liability of more than one person
240    Appeals against proposed determinations
241    Section 240: supplementary
242    Determination by tribunal
Effective duration of lease
243    Rules for determining effective duration of lease
244    Applying the rules in section 243
245    Information about effective duration of lease
Other interpretative provisions
246    Provisions about premiums
247    Interpretation
Chapter 5
Profits of property businesses: other rules about receipts and deductions
Furnished accommodation: receipts and deductions
248    Furnished lettings
Treatment of receipts on acquisition of business
249    Acquisition of business: receipts from transferor’s UK property business
Reverse premiums as receipts
250    Reverse premiums
Deductions for expenditure on energy-saving items
251    Deduction for expenditure on energy-saving items
252    Restrictions on relief

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