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Corporation Tax Bill


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

 
 

Corporation Tax Bill

lxii

 

Miscellaneous

1301   

Restriction of deductions for annual payments

1302   

Social security contributions

1303   

Penalties, interest and VAT surcharges

1304   

Crime-related payments

1305   

Dividends and other distributions

Chapter 2

Other general rules

Miscellaneous profits and losses

1306   

Losses calculated on same basis as miscellaneous income

1307   

Apportionment etc of miscellaneous profits and losses to accounting period

Expenditure on research and development

1308   

Expenditure brought into account in determining value of intangible asset

Visiting performers

1309   

Payments treated as made to visiting performers

Part 21

Other general provisions

Orders and regulations

1310   

Orders and regulations

Apportionment to different periods

1311   

Apportionment to different periods

Interpretation

1312   

Abbreviated references to Acts

1313   

Activities in UK sector of continental shelf

1314   

Meaning of “caravan”

1315   

Claims and elections

1316   

Meaning of “connected” persons and “control”

1317   

Meaning of “farming” and related expressions

1318   

Meaning of grossing up

1319   

Other definitions

1320   

Interpretation: Scotland

1321   

Interpretation: Northern Ireland

Final provisions

1322   

Minor and consequential amendments

1323   

Power to make consequential provision

1324   

Power to undo changes

 
 

Corporation Tax Bill

lxiii

 

1325   

Transitional provisions and savings

1326   

Repeals and revocations

1327   

Index of defined expressions

1328   

Extent

1329   

Commencement

1330   

Short title

Schedule 1   —   

Minor and consequential amendments

Part 1   —   

Income and Corporation Taxes Act 1988

Part 2   —   

Other enactments

Schedule 2   —   

Transitionals and savings

Part 1   —   

General provisions

Part 2   —   

Changes in the law

Part 3   —   

Charge to corporation tax on income

Part 4   —   

Accounting periods

Part 5   —   

Company residence: exceptions to section 14

Part 6   —   

Trading income

Part 7   —   

Property income

Part 8   —   

Loan relationships

Part 9   —   

Relationships treated as loan relationships

Part 10   —   

Derivative contracts

Part 11   —   

Intangible fixed assets

Part 12   —   

Beneficiaries’ income from estates in administration

Part 13   —   

Relief for share incentive plans

Part 14   —   

Other relief for employee share acquisitions

Part 15   —   

Research and development

Part 16   —   

Remediation of contaminated land

Part 17   —   

Film production

Part 18   —   

Management expenses

Part 19   —   

Unremittable income

Part 20   —   

General exemptions

Part 21   —   

Other provisions

Schedule 3   —   

Repeals and revocations

Part 1   —   

Repeals and revocations on 1 April 2009

Part 2   —   

Prospective repeals

Schedule 4   —   

Index of defined expressions

 
 

 
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