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| |
| |
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| | (c) | the no gain/no loss amount (“N”) of the company that receives |
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| | the mixed consideration (“company R”) does not exceed |
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| | (d) | the amount of non-licence consideration (“C”) which |
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| | |
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| Schedule 40, page 316, leave out lines 28 to 44 and insert— |
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| | ‘(2) | As regards the licence, or each licence, which company R acquires, |
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| | company R is to be treated as if it had acquired the licence for nil |
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| | |
| | (3) | In a case where company R disposes of only one licence, company R |
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| | is to be treated as if, on the disposal of the licence, there had arisen a |
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| | gain of—![equation: plus[(*n*)char[C],minus[char[N]]]](missing.gif) |
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| | (4) | In a case where company R disposes of two or more licences, as |
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| | regards each licence disposed of, company R is to be treated as if, on |
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| | the disposal of the licence, there had arisen a gain of—![equation: cross[id[plus[char[C],minus[char[N]]]],over[char[D],times[char[T],char[D]]]]](missing.gif) |
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| | |
| | D is the value of the licence disposed of; |
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| | TD is total value of all the licences disposed of.’. |
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| |
| | |
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| Schedule 40, page 317, line 2, after ‘swap’ insert ‘— |
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| | (a) | whatever the no gain/no loss amount (“N”) of the company |
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| | that gives the mixed consideration (“company G”), and |
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| | (b) | whatever the amount of the non-licence consideration (“C”) |
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| Schedule 40, page 317, leave out lines 3 to 7 and insert— |
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| | ‘(2) | In a case where company G acquires only one licence, company G is |
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| | to be treated as if it had acquired the licence for a consideration of—![equation: plus[char[N],char[C]]](missing.gif) |
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| | (3) | In a case where company G acquires two or more licences, as regards |
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| | each licence acquired, company G is to be treated as if it had acquired |
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| | the licence for a consideration of—![equation: cross[id[plus[char[N],char[C]]],over[char[A],times[char[T],char[A]]]]](missing.gif) |
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| | |
| | A is the value of the licence acquired; |
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| | TA is total value of all the licences acquired.’. |
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| Schedule 40, page 317, line 8, leave out ‘its licence’ and insert ‘a licence under the |
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| Schedule 40, page 317, line 14, leave out from ‘acquires’ to ‘company’ in line 15 |
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| and insert ‘a licence under the swap (“company R”) subsequently disposes of the |
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| | |
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| Schedule 40, page 317, leave out lines 17 to 20 and insert— |
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| | ‘(7) | In this section the reference to the no gain/no loss amount of company |
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| | |
| | (a) | in a case where company G disposes of only one licence, |
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| | company G’s no gain/no loss amount in relation to that |
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| | |
| | (b) | in a case where company G disposes of two or more licences, |
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| | the aggregate of company G’s no gain/no loss amounts in |
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| | relation to all of those disposals.’. |
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| |
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| Schedule 40, page 317, line 22, at end insert— |
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| | ‘(2A) | In subsection (1), after “section 194” insert “and this section”.’. |
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| Schedule 40, page 317, line 32, leave out ‘only’ and insert ‘consideration’. |
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| Schedule 40, page 318, line 2, after ‘licence’ insert ‘, as determined at the time the |
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| swap arrangements are entered into’. |
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| |
| | |
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| Schedule 40, page 318, line 2, at end insert— |
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| | ‘“swap arrangements”, in relation to a licence-consideration swap |
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| | or a mixed-consideration swap, means the arrangements under |
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| | which the swap takes place;”. |
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| | (7) | After subsection (5A) insert— |
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| | “(5B) | In any of sections 195B to 195E, a reference to the value of a licence |
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| | comprised in disposal A or disposal B (see section 195A) is a reference |
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| | to the value of the licence as determined under the swap arrangements |
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| | at the time the swap arrangements are entered into.”.’. |
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| Schedule 40, page 320, line 36, at end insert ‘and disposal consideration’. |
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| Schedule 40, page 320, line 37, leave out ‘198C’ and insert ‘198G’. |
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| Schedule 40, page 320, line 46, leave out ‘P’s ring fence trade’ and insert ‘one or |
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| more of the following trades— |
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| | (i) | P’s ring fence trade; |
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| | (ii) | if P is a member of a group of companies (within the |
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| | meaning given in section 170), a ring fence trade of |
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| | another member of that group’. |
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| |
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| Schedule 40, page 321, line 1, at end insert— |
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| | ‘(2A) | If the disposal consists of— |
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| | (a) | disposal of a licence to which section 195D(3) applies, or |
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| | (b) | disposal of two or more licences to which section 195D(4) |
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| | |
| | | the consideration for the disposal is to be taken to be the whole of the |
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| | non-licence consideration obtained on the disposal (which is referred |
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| | to as “C” in section 195D). |
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| | (2B) | Accordingly, in sections 198A to 198G (including section 198A(4)), |
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| | any reference to the consideration obtained on the disposal has effect |
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| | subject to subsection (2A).’. |
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| Schedule 40, page 321, line 34, leave out ‘(6)’ and insert ‘(7)’. |
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| Schedule 40, page 321, line 39, at end insert— |
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| | ‘(7) | For the purposes of this section it shall be deemed that section 155 includes an |
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| | additional class, “Class 9 - well costs incurred as part of exploration or |
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| | exploitation activities”.’. |
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| Schedule 40, page 322, line 7, leave out ‘(6)’ and insert ‘(7)’. |
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| Schedule 40, page 322, line 12, at end insert— |
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| | ‘(7) | For the purposes of this section it shall be deemed that section 155 includes an |
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| | additional class, “Class 9 - well costs incurred as part of exploration or |
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| | exploitation activities”.’. |
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| Schedule 40, page 322, line 12, at end insert— |
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| | ‘198H | Qualification for section 175 relief |
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| | (1) | This section applies for the purposes of sections 198A to 198G. |
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| | (2) | Section 175 shall apply for the purposes of this section as it applies for the |
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| | purposes of sections 152 to 158.’. |
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| Schedule 44, page 336, line 37, leave out ‘and’ and insert ‘or’. |
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| Clause 91, page 45, line 2, leave out ‘aspire’ and insert ‘use all reasonable |
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| Clause 91, page 45, line 3, at end insert ‘and set out the rights and responsibilities |
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| of taxpayers and other persons with whom HMRC deals’. |
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| Clause 91, page 45, line 5, leave out ‘regularly’. |
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| Clause 91, page 45, line 5, after ‘review’, insert ‘at least once every year’. |
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| Clause 91, page 45, line 5, after ‘review’, insert ‘at least once every 3 years’. |
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| | |
| Clause 91, page 45, line 5, leave out ‘and’ and insert— |
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| | ‘(b) | consult with stakeholders in carrying out the review, and’. |
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| Schedule 46, page 339, line 6, at end insert— |
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| | ‘(3) | The Treasury may by regulations define appropriate accounting arrangements.’. |
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| Schedule 46, page 339, line 8, leave out paragraph 2. |
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| Schedule 46, page 339, line 19, leave out ‘Type A or Type B’. |
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| Schedule 46, page 339, line 21, leave out subsection (2). |
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| Schedule 46, page 339, line 24, leave out ‘Type B’. |
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| Schedule 46, page 341, line 28, at end insert— |
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| | ‘(3) | For the purposes of this Schedule a reasonable excuse for failure to comply |
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| | includes any circumstance where the failure is attributable to any matter outside |
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| | the person’s control or any matter of which a person could not reasonably be |
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| Schedule 46, page 341, line 41, at end insert— |
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| | ‘(3) | No penalty may be assessed under paragraphs 5 to 7 of this Schedule if the matter |
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| | in question has given rise to any civil or criminal penalty under any other |
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| | legislation or enactment whatsoever.’. |
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| Schedule 46, page 343, line 4, after ‘calculated’, insert ‘reasonably’. |
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| Schedule 46, page 343, line 8, at end insert— |
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| | ‘(4) | Accounting arrangements are to be regarded as enabling the liability to taxes and |
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| | duties of the company to be calculated reasonably accurately if the accuracy with |
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| | which those liabilities can be calculated is within the normal bounds of |
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| | materiality as that principle is defined for accounting purposes.’. |
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| Schedule 46, page 343, line 20, leave out ‘or officer’. |
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| | |
| Clause 93, page 45, line 27, leave out ‘£25,000’ and insert ‘the greater of— |
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| | |
| | (ii) | a percentage of the person’s income as determined by an order |
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| Clause 93, page 45, line 30, after ‘deliberate’, insert ‘and concealed’. |
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| Clause 93, page 45, leave out lines 32 to 40. |
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| Clause 93, page 46, line 14, at end insert— |
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| | ‘(5A) | No information may be published without the consent of the Chief Executive of |
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| | Her Majesty’s Revenue and Customs.’. |
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| |
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| | |
| Clause 93, page 46, line 18, at end insert ‘and |
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| | (c) | inform the person of his right of appeal under subsection (11A) below’. |
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| |
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| | |
| Clause 93, page 46, line 36, at end insert— |
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| | ‘(11A) | No information may be published until the person has had the opportunity to |
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| | appeal to the First Tier Tribunal for an in-camera hearing against the decision to |
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| | publish details of that person. |
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| | (11B) | The Treasury may by order made by statutory instrument make provision for and |
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| | in connection with appeals to the First Tier Tribunal under subsection (11A).’. |
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| | |
| Clause 94, page 47, line 11, leave out subsections (2) to (5). |
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| Clause 94, page 47, line 19, at end insert— |
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| | ‘(3A) | An order under this section may not— |
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|