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House of Commons

Session 2008 - 09 Internet Publications Other Bills before Parliament

Corporation Tax Bill

Corporation Tax Bill xlviii
1000    Deduction for costs of setting up employee share ownership trust
Part 12
Other relief for employee share acquisitions
Chapter 1
Introduction
Introductory
1001    Overview of Part
Interpretation
1002    “Employment”
1003    “Shares” etc
1004    Groups, consortiums and commercial associations of companies
1005    Other definitions
Chapter 2
Relief if shares acquired by employee or other person
Introductory
1006    Overview of Chapter
Requirements to be met for relief to be available
1007    Basic requirements for relief under Chapter 2
1008    Conditions relating to shares acquired
1009    Conditions relating to employee’s income tax position
Calculation of amount of relief
1010    Calculation of relief if shares are neither restricted nor convertible
1011    Calculation of relief if shares are restricted or convertible
1012    Reduction in amount of relief
Giving of relief
1013    How the relief is given
Chapter 3
Relief if employee or other person obtains option to acquire shares
Introductory
1014    Overview of Chapter
Corporation Tax Bill xlix
Requirements to be met for relief to be available
1015    Basic requirements for relief under Chapter 3
1016    Conditions relating to shares acquired
1017    Condition relating to employee’s income tax position
Calculation of amount of relief
1018    Calculation of relief if shares are neither restricted nor convertible
1019    Calculation of relief if shares are restricted or convertible
1020    Reduction in amount of relief
Giving of relief
1021    How the relief is given
Takeovers and transfers of businesses
1022    Takeover of company whose shares are subject to option
1023    Supplementary provision for purposes of section 1022
1024    Transfer of qualifying business by group transfers
Chapter 4
Additional relief in cases involving restricted shares
1025    Additional relief available if shares acquired are restricted shares
1026    Relief available on occurrence of chargeable event
1027    Relief available on death of employee
1028    Supplementary provision for purposes of sections 1026 and 1027
1029    Transfer of qualifying business by group transfers
Chapter 5
Additional relief in cases involving convertible securities
1030    Application of Chapter
1031    Additional relief available if shares acquired are convertible shares etc
1032    Meaning of “chargeable event”
1033    Relief available on occurrence of chargeable event
1034    Relief available following death of employee
1035    Supplementary provision for purposes of sections 1033 and 1034
1036    Transfer of qualifying business by group transfers
Chapter 6
Relationship between relief under this Part and other reliefs
1037    Priority of Chapter 1 of Part 11
1038    Exclusion of other deductions
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Part 13
Additional relief for expenditure on research and development
Chapter 1
Introduction
Introductory
1039    Overview of Part
1040    Relief may be available under more than one Chapter of Part
Interpretation
1041    “Research and development”
1042    “Relevant research and development”
Chapter 2
Relief for SMEs: cost of R&D incurred by SME
Introductory
1043    Overview of Chapter
Reliefs
1044    Additional deduction in calculating profits of trade
1045    Alternative treatment for pre-trading expenditure: deemed trading loss
Reliefs: further provision
1046    Relief only available where company is going concern
1047    Elections under section 1045
1048    Treatment of deemed trading loss under section 1045
1049    Restriction on consortium relief
Threshold
1050    R&D threshold
Qualifying expenditure
1051    Qualifying Chapter 2 expenditure
1052    Qualifying expenditure on in-house direct R&D
1053    Qualifying expenditure on contracted out R&D
Tax credit: entitlement and payment
1054    Entitlement to and payment of tax credit
1055    Meaning of “Chapter 2 surrenderable loss”
1056    Amount of trading loss which is “unrelieved”
1057    Tax credit only available where company is going concern
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Amount of tax credit
1058    Amount of tax credit
1059    Total amount of company’s PAYE and NIC liabilities
Supplementary
1060    Payment of tax credit
1061    Tax credit payment not income of company
1062    Restriction on losses carried forward where tax credit claimed
Chapter 3
Relief for SMEs: R&D sub-contracted to SME
Relief
1063    Additional deduction in calculating profits of trade
Threshold
1064    R&D threshold
Qualifying expenditure
1065    Qualifying Chapter 3 expenditure
1066    Expenditure on sub-contracted R&D undertaken in-house
1067    Expenditure on sub-contracted R&D not undertaken in-house
Chapter 4
Relief for SMEs: subsidised and capped expenditure on R&D
Relief
1068    Additional deduction in calculating profits of trade
Threshold
1069    R&D threshold
Qualifying expenditure
1070    Qualifying Chapter 4 expenditure
1071    Subsidised qualifying expenditure on in-house direct R&D
1072    Subsidised qualifying expenditure on contracted out R&D
1073    Capped R&D expenditure
Chapter 5
Relief for large companies
Relief
1074    Additional deduction in calculating profits of trade
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Threshold
1075    R&D threshold
Qualifying expenditure
1076    Qualifying Chapter 5 expenditure
1077    Qualifying expenditure on in-house direct R&D
1078    Qualifying expenditure on contracted out R&D
1079    Qualifying expenditure on contributions to independent R&D
Insurance companies
1080    Entitlement to relief: I minus E basis
Chapter 6
Chapters 2 to 5: further provision
1081    Insurance companies treated as large companies
1082    R&D expenditure of group companies
1083    Refunds of expenditure treated as income chargeable to tax
1084    Artificially inflated claims for relief or tax credit
Chapter 7
Relief for SMEs and large companies: vaccine research etc
Introductory
1085    Overview of Chapter
1086    Meaning of “qualifying R&D activity”
Reliefs
1087    Deduction in calculating profits of trade
1088    Large companies: declaration about effect of relief
1089    SMEs: amount of deduction
1090    Modification of section 1089 for larger SMEs
1091    Large companies: amount of deduction
1092    SMEs: deemed trading loss for pre-trading expenditure
1093    Modification of section 1092 for larger SMEs
1094    Relief only available to SME where company is going concern
Deemed trading loss: further provision
1095    Elections under section 1092
1096    Treatment of deemed trading loss under section 1092
Threshold
1097    R&D threshold
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Qualifying expenditure
1098    Meaning of “qualifying Chapter 7 expenditure”
1099    SMEs: qualifying expenditure “for” an accounting period
1100    Large companies: qualifying expenditure “for” an accounting period
1101    Qualifying expenditure on in-house direct R&D
1102    Qualifying expenditure on contracted out R&D
Tax credit: entitlement and payment
1103    Entitlement to and payment of tax credit
1104    Meaning of “Chapter 7 surrenderable loss”
1105    Amount of trading loss which is “unrelieved”
1106    Tax credit only available where company is going concern
Amount of tax credit
1107    Amount of tax credit
1108    Total amount of company’s PAYE and NIC liabilities
Supplementary
1109    Payment of tax credit
1110    Tax credit payment not income of company
1111    Restriction on losses carried forward where tax credit claimed
Tax avoidance
1112    Artificially inflated claims for relief or tax credit
Chapter 8
Cap on aid for R&D
1113    Cap on R&D aid under Chapter 2 or 7
1114    Total R&D aid
1115    “The tax credits”
1116    “The actual reduction in tax liability”
1117    “The potential relief”
1118    “The notional relief”
Chapter 9
Supplementary
SMEs and large companies
1119    “Small or medium-sized enterprise”
1120    Qualifications to section 1119
1121    “Larger SME”
1122    “Large company”
Staffing costs
1123    “Staffing costs”
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1124    Staffing costs: attributable expenditure
Software or consumable items
1125    “Software or consumable items”
1126    Software or consumable items: attributable expenditure
Qualifying expenditure on externally provided workers
1127    “Qualifying expenditure on externally provided workers”
1128    “Externally provided worker”
1129    Qualifying expenditure on externally provided workers: connected persons
1130    Election for connected persons treatment
1131    Qualifying expenditure on externally provided workers: other cases
1132    External workers: attributable expenditure
Sub-contractor payments
1133    “Sub-contractor” and “sub-contractor payment”
1134    Qualifying element of sub-contractor payment: connected persons
1135    Election for connected persons treatment
1136    Qualifying element of sub-contractor payment: other cases
Miscellaneous
1137    Accounting periods: company not within charge to corporation tax
1138    “Subsidised expenditure”
1139    “Intellectual property”
1140    “Relevant payments to the subjects of a clinical trial”
1141    “Payment period”
1142    “Qualifying body”
Part 14
Remediation of contaminated land
Chapter 1
Introduction
Introductory
1143    Overview of Part
Basic definitions
1144    “Qualifying land remediation expenditure”
1145    Land “in a contaminated state”
1146    “Relevant land remediation”

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