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Session 2009 - 10
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Other Bills before Parliament

Corporation Tax Bill


Corporation Tax Bill

xxvii

 

Supplementary

598   

Chapter 10: supplementary

Chapter 11

Part 12: supplementary

Miscellaneous

599   

Calculation of profits

600   

Power to make regulations about cases involving related persons

601   

Availability of group reliefs

602   

Effect of deemed disposal and reacquisition

603   

Regulations

Interpretation

604   

Property rental business: exclusion of listed business

605   

Property rental business: exclusion of business producing listed income

606   

Groups

607   

Meaning of “entry” and “cessation” etc

608   

References to assets

609   

Definitions

Part 13

Other special types of company etc

Chapter 1

Corporate beneficiaries under trusts

Discretionary payments

610   

Discretionary payments by trustees to companies

Trustees’ expenses

611   

Income tax provisions to apply in relation to trustees’ expenses

Chapter 2

Authorised investment funds

Introduction

612   

Overview of Chapter

Open-ended investment companies

613   

Meaning of “open-ended investment company”

614   

Applicable corporation tax rate

615   

Umbrella companies

 
 

Corporation Tax Bill

xxviii

 

Authorised unit trusts

616   

Meaning of “authorised unit trust” and “unit holder”

617   

Authorised unit trust treated as UK resident company

618   

Applicable corporation tax rate

619   

Umbrella schemes

Court investment funds

620   

Court investment funds

Chapter 3

Unauthorised unit trusts

621   

Treatment of income

622   

Treatment of capital expenditure

Chapter 4

Securitisation companies

623   

Meaning of “securitisation company”

624   

Power to make regulations about the taxation of securitisation companies

625   

Regulations: supplementary

Chapter 5

Companies in liquidation or administration

Introduction

626   

Meaning of “final year”, “penultimate year” etc

627   

Meaning of “rate of corporation tax” in case of companies with small profits

Companies in liquidation

628   

Company in liquidation: corporation tax rates

629   

Company in liquidation: making of assessment to tax

Companies in administration

630   

Company in administration: corporation tax rates

631   

Company in administration: making of assessment to tax

Supplementary

632   

Meaning of rate being “fixed” or “proposed”

633   

Exemption for interest on overpaid tax in final accounting period

Chapter 6

Banks etc in compulsory liquidation

634   

Overview of Chapter

 
 

Corporation Tax Bill

xxix

 

635   

Application of Chapter

636   

Charge to corporation tax on winding up receipts

637   

Transfer of rights to payment

638   

Allowable deductions

639   

Election to carry back

640   

Relationship of Chapter with other corporation tax provisions

641   

Interpretation of Chapter

Chapter 7

Co-operative housing associations

642   

Disregard of rent from members and of interest payable

643   

Exemption for gains on a sale of property

644   

Approval of housing associations

645   

Tests to be satisfied by the association

646   

Delegation of powers to the Regulator of Social Housing

647   

Claims under section 642 or 643

648   

Adjustments of liability

649   

Power to make further provision

Chapter 8

Self-build societies

650   

Meaning of “self-build society”

651   

Disregard of rent from members

652   

Exemption for gains on disposals of land to members

653   

Approval of self-build societies

654   

Delegation of powers to the Regulator of Social Housing

655   

Claims under section 651 or 652

656   

Adjustments of liability

657   

Power to make further provision

Chapter 9

Community amateur sports clubs

Basic concepts

658   

Meaning of “community amateur sports club” and “registered club”

659   

Meaning of “open to the whole community”

660   

Meaning of “organised on an amateur basis”

661   

Meaning of “eligible sport”, “qualifying purposes” etc

Exemptions

662   

Exemption for UK trading income

663   

Exemption for UK property income

664   

Exemption for interest and gift aid income

665   

Exemption for chargeable gains

 
 

Corporation Tax Bill

xxx

 

Restrictions on exemptions

666   

Exemptions reduced if non-qualifying expenditure incurred

667   

Rules for attributing surplus amount to earlier periods etc

668   

How income and gains are attributed

Deemed disposal and acquisition of asset

669   

Asset ceasing to be held for qualifying purposes etc

Decisions and appeals

670   

Notification of HMRC decision

671   

Appeals

Part 14

Change in company ownership

Chapter 1

Introduction

672   

Overview of Part

Chapter 2

Disallowance of trading losses

673   

Introduction to Chapter

674   

Disallowance of trading losses

675   

Disallowance of trading losses: calculation of balancing charges

676   

Disallowance of trading losses where company reconstruction without

change in ownership

Chapter 3

Company with investment business: restrictions on relief: general provision

Introduction

677   

Introduction to Chapter

Notional split of accounting period in which change in ownership occurs

678   

Notional split of accounting period in which change in ownership occurs

Restrictions on relief

679   

Restriction on debits to be brought into account

680   

Restriction on the carry forward of non-trading deficit from loan relationships

681   

Restriction on relief for non-trading loss on intangible fixed assets

682   

Restriction on the deduction of expenses of management

683   

Disallowance of UK property business losses

684   

Disallowance of overseas property business losses

 
 

Corporation Tax Bill

xxxi

 

Apportionment of amounts

685   

Apportionment of amounts

686   

Meaning of certain expressions in section 685

Adjustment to balancing charges if relief is restricted

687   

Adjustment to balancing charges if relief is restricted

Meaning of “significant increase in the amount of a company’s capital”

688   

Meaning of “significant increase in the amount of a company’s capital”

689   

Amount A

690   

Amount B

691   

Meaning of “amount of capital”

Chapter 4

Company with investment business: restrictions on relief: asset transferred

within group

Introduction

692   

Introduction to Chapter

693   

Meaning of “amount of profits which represents a relevant gain”

694   

Meaning of “the relevant provisions”

Notional split of accounting period in which change in ownership occurs

695   

Notional split of accounting period in which change in ownership occurs

Restrictions on relief

696   

Restriction on debits to be brought into account

697   

Restriction on the carry forward of non-trading deficit from loan relationships

698   

Restriction on relief for non-trading loss on intangible fixed assets

699   

Restrictions on the deduction of expenses of management

700   

Disallowance of UK property business losses

701   

Disallowance of overseas property business losses

Apportionment of amounts

702   

Apportionment of amounts

703   

Meaning of certain expressions in section 702

Chapter 5

Company without investment business: disallowance of property losses

704   

Company carrying on UK property business

705   

Company carrying on overseas property business

 
 

Corporation Tax Bill

xxxii

 

Chapter 6

Recovery of unpaid corporation tax

General definitions

706   

Meaning of “linked” person

707   

Meaning of “control”

708   

Rights to be attributed for the purposes of section 707

709   

Meaning of “the relevant period”

Recovery of unpaid corporation tax for accounting period beginning before change

710   

Recovery of unpaid corporation tax for accounting period beginning before

change

711   

Conditions relating to company’s trade or business

712   

Meaning of “a major change in the nature or conduct of a trade or business”

Recovery of unpaid corporation tax for accounting period ending on or after change

713   

Recovery of unpaid corporation tax for accounting period ending on or after

change

714   

The expectation condition

715   

Meaning of “transaction entered into in connection with change in

ownership”

Miscellaneous

716   

Interest

717   

Effect of payment in pursuance of assessment under section 710 or 713

718   

Meaning of “associated company”

Chapter 7

Meaning of “change in the ownership of a company”

Meaning of “change in the ownership of a company”

719   

Meaning of “change in the ownership of a company”

720   

Section 719: supplementary

721   

When things other than ordinary share capital may be taken into account:

Chapters 2 to 5

722   

When things other than ordinary share capital may be taken into account:

Chapter 6

Changes in indirect ownership

723   

Changes in indirect ownership

Disregard of change in ownership

724   

Disregard of change in company ownership

 
 

Corporation Tax Bill

xxxiii

 

Supplementary provision

725   

Provision applying for the purposes of Chapters 2 to 5

726   

Interpretation of Chapter

Chapter 8

Supplementary provision

727   

Extended time limit for assessment

728   

Provision of information about ownership of shares etc

729   

Meaning of “company with investment business”

730   

Meaning of “relevant non-trading debit”

Part 15

Transactions in securities

Introduction

731   

Overview of Part

732   

Meaning of “corporation tax advantage”

Company liable to counteraction of corporation tax advantage

733   

Company liable to counteraction of corporation tax advantage

734   

Exception where no tax avoidance object shown

Circumstances in which corporation tax advantages obtained or obtainable

735   

Abnormal dividends used for exemptions or reliefs (circumstance A)

736   

Receipt of consideration representing company’s assets, future receipts or

trading stock (circumstance C)

737   

Receipt of consideration in connection with relevant company distribution

(circumstance D)

738   

Receipt of assets of relevant company (circumstance E)

739   

Meaning of “relevant company” in sections 737 and 738

740   

Abnormal dividends: general

741   

Abnormal dividends: the excessive return condition

742   

Abnormal dividends: the excessive accrual condition

Procedure for counteraction of corporation tax advantages

743   

Preliminary notification that section 733 may apply

744   

Opposed notifications: statutory declarations

745   

Opposed notifications: determinations by tribunal

746   

Counteraction notices

747   

Timing of assessments in section 738 cases

Clearance procedure

748   

Application for clearance of transactions

749   

Effect of clearance notification under section 748

 
 

 
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Revised 19 November 2009