|
| |
|
or otherwise) on the assumption that, by virtue only of subsection (3) |
| |
(or subsections (3) and (4)) of section 588 of ICTA, the employer is |
| |
entitled to a deduction on account of the expenditure, and |
| |
(c) | before 1 April 2009, no assessment has been made under paragraph |
| |
41 of Schedule 18 to FA 1998 by virtue of section 588(5) of ICTA of an |
| 5 |
amount due in consequence of the failure by the person in respect of |
| |
whom the expenditure was incurred to meet a condition of the kind |
| |
mentioned in section 312(1)(b)(i) or (ii) of ITEPA 2003. |
| |
(2) | Section 75 (retraining courses: recovery of tax) applies in relation to the |
| |
employer as if the condition in subsection (1) of that section were met. |
| 10 |
(3) | Section 76ZE of ICTA (provision for companies carrying on life assurance |
| |
provision corresponding to section 75) applies in relation to the employer as |
| |
if the condition in subsection (1) of that section were met. |
| |
(4) | In the application of section 75 of this Act and section 76ZE of ICTA to the |
| |
employer, references to “the employee” are to the person in respect of whom |
| 15 |
the expenditure was incurred by the employer. |
| |
| |
140 (1) | This paragraph applies for the purposes of— |
| |
(a) | section 1288 of this Act (unpaid remuneration), and |
| |
(b) | section 76ZL of ICTA (corresponding provision for companies |
| 20 |
carrying on life assurance business). |
| |
(2) | In relation to a period of account ending before 27 November 2002, an |
| |
amount charged in the accounts in respect of employees’ remuneration |
| |
includes an amount which is held by an intermediary with a view to its |
| |
becoming employees’ remuneration. |
| 25 |
(3) | In relation to a period of account ending on or after 27 November 2002, an |
| |
amount charged in the accounts in respect of employees’ remuneration |
| |
| |
(a) | in respect of employee benefit contributions (within the meaning of |
| |
sections 1290 to 1296) made before that date, and |
| 30 |
(b) | which is held by an intermediary, |
| |
| with a view to its becoming employees’ remuneration. |
| |
Employee benefit contributions |
| |
141 | Section 1290 does not apply to deductions that would otherwise be |
| |
| 35 |
(a) | for a period ending before 27 November 2002, or |
| |
(b) | in respect of employee benefit contributions made before that date. |
| |
Interest on overdue corporation tax etc |
| |
142 (1) | The repeal by this Act of section 90(1)(b) of TMA 1970 does not affect the |
| |
| 40 |
(2) | In calculating profits for any corporation tax purpose, no deduction is |
| |
allowed for interest payable under section 86 of TMA 1970 (interest on |
| |
overdue tax for accounting periods ending before 1 October 1993). |
| |
|
| |
|
| |
|
(3) | In calculating profits for any corporation tax purpose, no deduction is |
| |
allowed for interest payable under section 87 of TMA 1970 (interest on |
| |
overdue advance corporation tax and income tax on company payments) or |
| |
section 87A of TMA 1970 (interest on overdue corporation tax etc) on— |
| |
(a) | corporation tax for accounting periods ending before 1 July 1999, or |
| 5 |
(b) | tax assessable in accordance with Schedule 13 or 16 of ICTA for |
| |
return periods in accounting periods ending before 1 July 1999. |
| |
Miscellaneous profits and losses: apportionment to accounting periods ending before 1 April |
| |
| |
143 (1) | This paragraph applies if— |
| 10 |
(a) | a relevant period of account begins before 1 April 2009 and ends on |
| |
| |
(b) | in order to arrive at the profits or losses of an accounting period |
| |
ending before 1 April 2009 it is necessary to apportion the profits or |
| |
losses of the relevant period of account to any part of that period |
| 15 |
| |
(2) | A period of account is a “relevant period” if— |
| |
(a) | section 1307 applies to the period of account, and |
| |
(b) | the profits or losses of the part of the period of account falling in an |
| |
accounting period ending after 31 March 2009 are calculated in |
| 20 |
accordance with this Act. |
| |
(3) | The profits or losses of the relevant period of account— |
| |
(a) | are calculated in accordance with this Act (and therefore, to that |
| |
extent, this Act has effect for accounting periods ending before 1 |
| |
| 25 |
(b) | may be apportioned in accordance with section 1307 to any part of |
| |
the period of account falling in an accounting period ending before 1 |
| |
| |
Purchase and sale of securities: references to setting up and commencement etc of a trade |
| |
144 | In section 731 of ICTA, as that section has effect in accordance with section |
| 30 |
66(6) of FA 2008 (purchase and sale of securities: securities purchased before |
| |
| |
(a) | the reference in subsection (7) to the setting up and commencement |
| |
of a trade is to be read as including any event that would be treated |
| |
as the setting up and commencement of the trade if sections 114(1) |
| 35 |
and 337(1) of ICTA were not repealed by this Act, and |
| |
(b) | the reference in subsection (8) to the deemed discontinuance of a |
| |
trade is to be read as including any event that would be treated as the |
| |
discontinuance of the trade if sections 114(1) and 337(1) of ICTA were |
| |
not repealed by this Act. |
| 40 |
References to Companies Act 2006 |
| |
145 | Until section 658 of the Companies Act 2006 (c. 46) (rule against limited |
| |
company acquiring own shares) comes into force, references to that section |
| |
in sections 807B(3)(f)(ii) and 807D(7)(b) of ICTA (which are inserted by |
| |
Schedule 1 to this Act) have effect as if they were references to section 143 of |
| 45 |
the Companies Act 1985 (c. 6). |
| |
|
| |
|
| |
|
Charges to tax under Case VI of Schedule D in subordinate legislation |
| |
146 (1) | This paragraph applies if— |
| |
(a) | a provision of the Corporation Tax Acts (“the rule”) contains a |
| |
reference such as is mentioned in section 834A(1) of ICTA (that is, a |
| |
reference to any provision to which section 834A of ICTA applies), |
| 5 |
(b) | immediately before 1 April 2009 the reference was to Case VI of |
| |
Schedule D (or, if the rule rewrites a provision that is repealed by this |
| |
Act, the corresponding reference in that provision was to Case VI of |
| |
| |
(c) | by virtue of that reference, the rule (or the provision that it rewrites) |
| 10 |
then applied in relation to amounts charged, under a provision of |
| |
subordinate legislation, to corporation tax under Case VI of Schedule |
| |
| |
(2) | As long as the provision of subordinate legislation continues to be expressed |
| |
by reference to Case VI of Schedule D, the Corporation Tax Acts have effect |
| 15 |
as if it were listed in the table in section 834A(2) of ICTA. |
| |
(3) | In this paragraph “subordinate legislation” has the same meaning as in the |
| |
Interpretation Act 1978 (c. 30). |
| |
147 (1) | This paragraph applies if immediately before 1 April 2009 a provision of |
| |
subordinate legislation (within the meaning of the Interpretation Act 1978) |
| 20 |
treated amounts as losses incurred in a transaction in respect of which a |
| |
person is within the charge to corporation tax under Case VI of Schedule D. |
| |
(2) | As long as the provision continues to be expressed by reference to Case VI |
| |
of Schedule D, it has effect as if it treated the amounts as losses incurred in a |
| |
transaction in respect of which the person is within the charge to corporation |
| 25 |
tax under a provision to which section 834A of ICTA applies. |
| |
| |
| |
| |
| |
| 30 |
Repeals and revocations on 1 April 2009 |
| |
| | Extent of repeal or revocation |
| | | | Taxes Management Act 1970 |
| | | | | | | | | | | | | 35 | | | | | | | | (a) | in paragraph (a) the words “84, 91B, |
| | | | | | | | | | | | | | | (c) | the “and” immediately after paragraph |
| | 40 | | | | | | | | In section 71(1), the words from “Subject to” to |
| | | | | | | |
|
|
| |
|
| |
|
| | Extent of repeal or revocation |
| | | | Taxes Management Act 1970 |
| | | | | | (a) | in subsection (1), paragraph (b) and the |
| | | | | “and” immediately before that |
| | | | | | | 5 | | | | | | | | In the first column of the Table in section 98— |
| | | | | (a) | the entry relating to section 38(5) of |
| | | | | | | | | | (b) | the entry relating to section 588(7) of |
| | 10 | | | | | | | | (c) | the entry relating to paragraph 10 of |
| | | | | | | | | | In the second column of the Table in section |
| | | | | | | 15 | | | (a) | the entry relating to section 577(4) of |
| | | | | | | | | | (b) | the entry relating to section 588(6) of |
| | | | | | | | | | In Schedule 3, in paragraph 10, the word |
| | 20 | | | | | | | Oil Taxation Act 1975 (c. 22) |
| In section 3(2), in the first sentence, the words |
| | | | | “under subsection (2) of section 579 of the |
| | | | | Taxes Act or”, and “that subsection or”. |
| | | | Income and Corporation Taxes |
| | | 25 | | | (a) | subsections (1) to (3), |
| | | | | (b) | in subsection (4), the words from “, |
| | | | | | | | | | | | | | | | | 30 | | | | | | | | (a) | subsections (1) to (4), |
| | | | | (b) | in subsection (5), the words “, by virtue |
| | | | | of this section or otherwise,”, and |
| | | | | | | 35 | | | | | | | | | | | | | Section 12(1) to (7ZA) and (9). |
| | | | | | | | | | | | 40 | | | | | | | | | | | | | (a) | in subsection (1), the definition of |
| | | | | | | | | | (b) | subsections (2) to (4), |
| | 45 | | | (c) | in subsection (5), the definitions of |
| | | | | “intermediate landlord”, “premium” and |
| | | | | | | | | | | | | | | | | 50 | | | | | | | | | | |
|
|
| |
|
| |
|
| | Extent of repeal or revocation |
| | | | Income and Corporation Taxes |
| In section 431(2YC)(a), the words “under |
| | | | | Schedule A or Case III, V or VI of Schedule |
| | | | | | | | | | In section 434A(2A), the words from “which” to |
| | 5 | | | | | | | | In section 444AZA(2), the words “(a “Case I |
| | | | | | | | | | In section 444AZB(2), the words “(a “Case VI |
| | | | | | | 10 | | | | | | | | (a) | in subsection (1)(b), the words “Case I”, |
| | | | | (b) | in subsection (3), the words “transferor’s |
| | | | | | | | | | (c) | in subsection (4), the words “transferee’s |
| | 15 | | | | | | | | | | | | | (a) | in subsection (1)(b), the words “Case I”, |
| | | | | (b) | in subsection (3), the words “transferor’s |
| | | | | | | 20 | | | (c) | in subsection (4), the words “transferee’s |
| | | | | | | | | | In section 444AF(5)(b), the words “under Case |
| | | | | | | | | | Section 469(4A) to (5) and (6). |
| | 25 | | | | | | | | | | | | | (a) | in subsection (2), paragraph (b) and the |
| | | | | “and” immediately before it, and |
| | | | | (b) | in subsection (4), the words from “or to |
| | 30 | | | | | | | | In section 477A, subsections (3)(a) and (aa), (4) |
| | | | | | | | | | | | | | | | | 35 | | | (a) | in subsection (1), the words from “but” |
| | | | | | | | | | (b) | subsections (4) and (7), |
| | | | | (c) | subsections (10) and (11), and |
| | | | | (d) | in subsection (12) the definition of |
| | 40 | | | “registered industrial and provident |
| | | | | | | | | | | | | | | | | | | | | | 45 | | | | | | | | (a) | paragraph (c)(iia), and |
| | | | | (b) | in paragraph (d), the words “under |
| | | | | | | | | | | | 50 | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
| |
|
| | Extent of repeal or revocation |
| | | | Income and Corporation Taxes |
| In section 568(1), the words “section 74 of this |
| | | | | | | | | | In section 571(1), the words from “(in” to |
| | | | | | | 5 | | | | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | 15 | | | | | | | | (a) | subsections (1) to (3), |
| | | | | (b) | in subsection (4), the words “this Part |
| | | | | | | | | | (c) | in subsection (5), paragraph (a), in |
| | 20 | | | paragraph (b) the words “(a) or”, the |
| | | | | words from “deemed” to “this Part or”, |
| | | | | in the first place where they occur, and |
| | | | | the words “this Part or” in the second |
| | | | | | | 25 | | | | | | | | In section 703(3), the words from “(the amount” |
| | | | | | | | | | In section 768B(10), the words “and non-trading |
| | | | | | | 30 | | | In section 768C(9), the words “and non-trading |
| | | | | | | | | | In section 779(13), paragraph (a) and in |
| | | | | paragraph (d) the words “75 or”. |
| | | | | | | 35 | | | (a) | in subsection (1), the words from “(in” to |
| | | | | | | | | | (b) | in subsection (4)(c), the words “75 or”. |
| | | | | In section 782(9), the words from “, and where” |
| | | | | | | 40 | | | In section 787, subsection (1A), in subsection (2) |
| | | | | the words “or total profits” and subsection |
| | | | | | | | | | In section 788(7), the words from “, and, in” to |
| | | | | | | 45 | | | In section 790(11), the words from “, and, in” to |
| | | | | | | | | | In section 797A(2), the words “and gains”. |
| | | | | In section 806B(10), the definition of “the Case V |
| | | | | | | 50 | | | In section 806L(5)(b), the words “Case VI of |
| | | | | Schedule D by virtue of”. |
| | | | | | | | | | In section 821(1)(a), the words “under under |
| | | | | | | 55 |
|
|
| |
|