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Other Bills before Parliament

Corporation Tax Bill


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

 
 

Corporation Tax Bill

xiii

 

253   

Regulations

Deductions for expenditure on sea walls

254   

Deduction for expenditure on sea walls

255   

Transfer of interest in premises

256   

Ending of lease of premises

257   

Transfer involving person within the charge to income tax

Mineral royalties

258   

Relief in respect of mineral royalties

Apportionments on sale of land

259   

Nature of item apportioned on sale of estate or interest in land

Mutual business

260   

Mutual business

Adjustment on change of basis

261   

Adjustment on change of basis

262   

Giving effect to positive and negative adjustments

Integral features

263   

Expenditure on integral features

Chapter 6

Commercial letting of furnished holiday accommodation

Introduction

264   

Overview of Chapter

Definition

265   

Meaning of “commercial letting of furnished holiday accommodation”

266   

Meaning of “relevant period” in sections 267 and 268

267   

Meaning of “qualifying holiday accommodation”

268   

Under-used holiday accommodation: averaging elections

Separate profit calculations

269   

Capital allowances and loss relief

 
 

Corporation Tax Bill

xiv

 

Chapter 7

Rent receivable in connection with a UK section 39(4) concern

Charge to tax on rent receivable in connection with a UK section 39(4) concern

270   

Charge to tax on rent receivable in connection with a UK section 39(4) concern

271   

Meaning of “rent receivable in connection with a UK section 39(4) concern”

Management expenses of owner of mineral rights

272   

Deduction for management expenses of owner of mineral rights

Mineral royalties

273   

Relief in respect of mineral royalties

274   

Meaning of “mineral lease or agreement” and “mineral royalties”

275   

Extended meaning of “mineral royalties” etc in Northern Ireland

276   

Power to determine what counts as “mineral royalties”

Chapter 8

Rent receivable for UK electric-line wayleaves

Charge to tax on rent receivable for UK electric-line wayleaves

277   

Charge to tax on rent receivable for a UK electric-line wayleave

278   

Meaning of “rent receivable for a UK electric-line wayleave”

279   

Extent of charge to tax

Chapter 9

Post-cessation receipts

Charge to tax on post-cessation receipts

280   

Charge to tax on post-cessation receipts

281   

Extent of charge to tax

Meaning of “post-cessation receipts”

282   

Basic meaning of “post-cessation receipt”

283   

Other rules about what counts as a “post-cessation receipt”

284   

Transfer of rights if transferee does not carry on UK property business

Deductions

285   

Allowable deductions

Election to carry back

286   

Election to carry back

 
 

 
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