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Index to Corporation Tax Bill

Part 22: Miscellaneous provisions Chapter 1: Transfers of trade without a change of ownership Clause 938: Overview of Chapter Clause 939: Meaning of “transfer of a trade” and related expressions Clause 940: Transfers to which Chapter applies Clause 941: The ownership condition Clause 942: Options that may be applied for the purposes of the ownership condition Clause 943: The tax condition Clause 944: Modified application of Chapter 2 of Part 4 Clause 945: Cases in which predecessor retains more liabilities than assets Clause 946: Rules for determining “L” Clause 947: Rules for determining “A” Clause 948: Modified application of CAA 2001 Clause 949: Dual resident investing companies Clause 950: Transfers of trades involving business of leasing plant or machinery Clause 951: Part of trade treated as separate trade Clause 952: Apportionment if part of trade treated as separate trade Clause 953: Application of Chapter to further transfers of a trade Chapter 2: Transfers of trade to obtain balancing allowances Clause 954: Transfer of activities on complete cessation of trade Clause 955: Transfer of activities on part cessation of trade Clause 956: Apportionment if part of trade treated as separate trade Clause 957: Supplementary and interpretative provisions Chapter 3: Transfer of relief within partnerships Clause 958: Application Clause 959: Arrangements for transfer of relief Clause 960: Restrictions on use of reliefs Clause 961: Non-trading profits and losses Clause 962: Interpretation of Chapter Chapter 4: Surrender of tax refund within group Clause 963: Power to surrender tax refund Clause 964: Effects of surrender of tax refund Clause 965: Interest on tax overpaid or underpaid Clause 966: Payments for surrendered tax refunds Chapter 5: Set off of income tax deductions against corporation tax Clause 968: Deductions from payments received by non-UK resident companies Chapter 6: Collection etc of tax from UK representatives of non-UK resident companies Clause 969: Introduction to Chapter Clause 970: Obligations and liabilities in relation to corporation tax Clause 971: Exceptions Clause 972: Interpretation of Chapter Chapter 7: Recovery of unpaid corporation tax due from non-UK resident company Clause 973: Introduction to Chapter Clause 974: Case in which this Chapter applies Clauses 975 and 976: Meaning of “the relevant period”; meaning of “related company” Clause 977: Notice requiring payment of unpaid tax Clause 978: Time limit for giving notice Clause 979: Amount payable in consortium case Clause 980: Chapter 7: supplementary Chapter 8: Exemptions Clause 981: Exemption for trade unions and eligible employers’ associations Clause 982: Qualifying income or gains Clause 983: Meaning of “trade union” and “eligible employers’ association” Clause 984: Local authorities and local authority associations Clause 985: Health service bodies Clause 986: Meaning of “health service body” Clause 987: NHS foundation trusts Clause 988: Issue departments of the Reserve Bank of India and the State Bank of Pakistan Clause 989: Agricultural societies Chapter 9: Other miscellaneous provisions Clause 990: European Economic Interest Groupings Clause 991: Harbour reorganisation schemes: corporation tax Clause 992: Harbour reorganisation schemes: capital allowances etc Clause 993: Harbour reorganisation schemes: chargeable gains Clause 994: Transfer of part of trade Clause 995: Interpretation of sections 991 to 994 Clause 996: Use of different accounting practices within a group of companies Part 23: Company distributions Chapter 1: Introduction Chapter 2: Matters which are distributions Clause 999: Priority of negative rules Clause 1000: Meaning of “distribution” Clause 1001: Provisions related to paragraphs A to H in section 1000(1) Clause 1002: Exceptions for certain transfers of assets or liabilities between a company and its members Clause 1003: Redeemable share capital Clause 1004: Securities issued otherwise than for new consideration Clause 1005: Meaning of “non-commercial securities” Clause 1006: Distributions exceeding consideration received for issue of security Clause 1007: Securities issued at premium representing new consideration Clause 1008: Consideration for issue of security exceeding amount of principal Clause 1009: Securities reflecting dividends on certain shares etc: exclusion of section 1008 Clause 1010: Meaning of “qualifying index” in section 1009 Clause 1011: Meaning of “associated company” in section 1009 Clause 1012: Hedging arrangements Clause 1013: Exception to section 1012 Clause 1014: Meaning of “hedging arrangements” Clause 1015: Meaning of “special securities” Clause 1016: Meaning of “equity note” in section 1015 Clause 1017: Section 1015: other interpretation Clause 1018: The principal secured: special securities Clause 1019: Relevant alternative finance return Clause 1020: Transfers of assets or liabilities treated as distributions Clause 1021: Section 1020 exceptions Clause 1022: Bonus issue following repayment of share capital treated as distribution Clause 1023: Exceptions to section 1022 Clause 1024: Premiums paid on redemption of share capital Clause 1025: Share capital issued at a premium representing new consideration Clause 1026: Distributions following a bonus issue Clause 1027: Cap on amount of distributions affected by section 1026 Clause 1028: Certain payments connected with exempt distributions Chapter 3: Matters which are not distributions Clause 1030: Distribution in respect of share capital in a winding up Clause 1031: Distribution as part of a cross-border merger Clause 1032: Interest etc paid in respect of certain securities Clause 1033: Purchase by unquoted trading company of own shares Clause 1034: Requirements as to residence Clause 1035: Requirement as to period of ownership Clause 1036: Determining the period of ownership Clause 1037: Requirement as to reduction of seller’s interest as shareholder Clause 1038: Section 1037: effect of entitlement to profits Clause 1039: Requirements where purchasing company is a member of a group Clause 1040: Determining whether interests as shareholders in a group are substantially reduced Clause 1041: Section 1040: effect of entitlement to profits Clause 1042: Other requirements Clause 1043: Relaxation of requirements in certain cases Clause 1044: Advance clearance of payments by Commissioners Clause 1045: Advance clearance: supplementary Clause 1046: Information and returns Clause 1047: Meaning of “group” and “51% subsidiary” in sections 1033 to 1047 Clause 1048: Sections 1033 to 1047: other interpretation Clause 1049: Stock dividends Clause 1050: Application of section 1049 where bonus share capital is converted etc Clause 1051: “Bonus share capital” and “in lieu of a cash dividend” Clause 1052: Share capital to which section 1049 applies: returns Clause 1053: Return periods Clause 1054: Building society payments Clause 1055: Industrial and provident societies: interest and share dividends Clause 1056: Dividend or bonus relating to transactions Clause 1057: UK agricultural or fishing co-operatives: interest and share dividends Clause 1058: Meaning of “UK agricultural or fishing co-operative” Clause 1059: Associated persons Clause 1060: Associated persons: trustees Clause 1061: Associated persons: personal representatives Clause 1062: Connected persons Clause 1063: Section 1062: supplementary Chapter 4: Special rules for distributions made by certain companies Clause 1065: Exception for benefits treated as employment income etc Clause 1066: Exception for certain transfers between UK resident companies Clause 1067: Companies acting in concert or under arrangements Clause 1068: Meaning of “participator” in sections 1064 to 1067 Clause 1069: Additional persons treated as participators Clause 1070: Companies carrying on a mutual business Clause 1071: Companies not carrying on a business Clause 1072: Members of a 90% group Chapter 5: Demergers Clause 1073: Key terms etc Clause 1074: Purpose of provisions about demergers Clause 1075: Exempt distributions Clause 1076: Transfer of shares in subsidiaries to members Clause 1077: Transfer by distributing company and issue of shares by transferee company Clause 1078: Division of business in a cross-border transfer Clause 1079: “The distributing company” Clause 1080: Meaning of “relevant company” Clause 1081: General conditions Clause 1082: Conditions for distributions within section 1076(a) Clause 1083: Conditions for distributions within section 1077 Clause 1084: Cases where condition K does not apply Clause 1085: Conditions to be met if the distributing company is a 75% subsidiary Clause 1086: Chargeable payments connected with exempt distributions Clause 1087: Chargeable payments not deductible in calculating profits Clause 1088: Meaning of “chargeable payment” Clause 1089: Meaning of “chargeable payment”: unquoted companies Clause 1090: Meaning of “company concerned in an exempt distribution” Clause 1091: Advance clearance of distributions Clause 1092: Advance clearance of payments Clause 1093: Requirements relating to applications for clearance Clause 1094: Decision of the Commissioners or tribunal Clause 1095: Exempt distributions: returns Clause 1096: Chargeable payments etc: returns Clause 1097: Information about person for whom a payment is received Clause 1098: “Unquoted company” Clause 1099: Other definitions etc Chapter 6: Information and returns: further provisions Clause 1100: Qualifying distributions: right to request a statement Clause 1101: Non-qualifying distributions etc: returns and information Clause 1102: Non-qualifying distributions etc: additional information Clause 1103: Power to modify or replace sections 1101 and 1102 Clause 1104: Company distributing dividend or interest: duty to provide tax certificates Clause 1105: Duties of nominees Clause 1106: Meaning of “tax certificate” etc Clause 1107: Penalties Clause 1108: Alternative means of compliance with sections 1104 and 1105 Chapter 7: Tax credits Clause 1109: Tax credits for certain recipients of exempt qualifying distributions Clause 1110: Recovery of overpaid tax credit etc Clause 1111: Section 1110: supplementary Chapter 8: Interpretation of Part Clause 1113: “In respect of shares” Clause 1114: “In respect of securities” Clause 1115: “New consideration” Clause 1116: References to married persons, or civil partners, living together Clause 1117: Other interpretation Part 24: Corporation Tax Acts definitions etc Chapter 1: Definitions Clause 1119: The definitions Clause 1120: “Bank” Clause 1121: “Company” Clause 1122: “Connected” persons Clause 1123: “Connected” persons: supplementary Clause 1124: “Control” Clause 1125: “Farming” and related expressions Clause 1126: “Franked investment income” Clause 1127: “Generally accepted accounting practice” and related expressions Clause 1128: “Grossing up” Clause 1129: “Hire-purchase agreement” Clause 1130: “Local authority” Clause 1131: “Local authority association” Clause 1132: “Offshore installation” Clause 1133: Regulations about the meaning of “offshore installation” Clause 1134: “Oil and gas exploration and appraisal” Clause 1135: “Property investment LLP” Clause 1136: “Qualifying distribution” Clause 1137: “Recognised stock exchange” Clause 1138: “Research and development” Clause 1139: “Tax advantage” Clause 1140: “Unauthorised unit trust” Chapter 2: Permanent establishments Clause 1141: Permanent establishments of companies Clause 1142: Agent of independent status Clause 1143: Preparatory or auxiliary activities Clause 1144: Alternative finance arrangements Clause 1145: The independent broker conditions Clause 1146: The independent investment manager conditions Clause 1147: Investment managers: the 20% rule Clause 1148: Section 1147: interpretation Clause 1149: Application of 20% rule to collective investment schemes Clause 1150: Meaning of “investment manager” and “investment transaction” Clause 1151: Lloyd’s agents Clause 1152: Investment managers: disregard of certain chargeable profits Clause 1153: Miscellaneous Chapter 3: Subsidiaries Clause 1154: Meaning of “51% subsidiary”, “75% subsidiary” and “90% subsidiary” Clause 1155: Indirect ownership of ordinary share capital Clause 1156: Calculation of amounts owned indirectly: main rules Clause 1157: Adding fractions together Chapter 4: Investment trusts Clause 1158: Meaning of “investment trust” Clause 1159: Conditions for approval Clause 1160: Calculation of income Clause 1161: The income retention condition: exceptions Clause 1162: The 15% holding limit: exceptions Clause 1163: Basic meaning of “holding in a company” Clause 1164: More about the meaning of “holding in a company” Clause 1165: Other interpretation Chapter 5: Other Corporation Tax Acts provisions Clause 1167: Sources of income within the charge to corporation tax or income tax Clause 1168: Payment of dividends Clause 1169: Settlements and trustees Clause 1170: Territorial sea of the United Kingdom Clause 1171: Orders and regulations Clause 1172: Apportionment to different periods Clause 1173: Miscellaneous charges Part 25: Definitions for purposes of Act and final provisions Clause 1174: Abbreviated references to Acts Clause 1175: Claims and elections Clause 1176: Meaning of “connected” persons and “control” Clause 1177: Minor and consequential amendments Clause 1178: Power to make consequential provision Clause 1179: Power to undo changes Clause 1180: Transitional provisions and savings Clause 1181: Repeals and revocations Clause 1182: Index of defined expressions Clause 1183: Extent Clause 1185: Short title Schedule 1: Minor and consequential amendments Part 1: Income and Corporation Taxes Act 1988 Section 343: Company reconstructions without a change of ownership Section 505: Charitable companies: general Section 511: The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council Section 513: British Airways Board and National Freight Corporation Section 767B: Change of company ownership: supplementary Section 768A: Change in ownership: disallowance of carry back of trading losses Section 768B: Change in ownership of company with investment business: deductions generally Section 774: Transactions between dealing company and associated company Section 776: Transactions in land: taxation of capital gains Section 777: Provisions supplementary to section 776 Schedule 23A: Manufactured dividends and interest Schedule 28A: Change in ownership of company with investment business: deductions Part 2: Other enactments Finance Act 1989 Schedule 12: Close companies: consequential provisions Taxation of Chargeable Gains Act 1992 Section 217D: Industrial and provident societies and co-operatives Sections 256, 256A, 256B, 256C, 256D: Charities and gifts of non-business assets etc Section 257: Gifts to charities etc Charities Act 1993 Finance Act 2000 Paragraph 21A Paragraph 46(2) Capital Allowances Act 2001 Section 99: The monetary limit Section 253: Companies with investment business Schedule A1: First-year tax credits Finance Act 2002 Income Tax (Earnings and Pensions) Act 2003 Schedule 2: Approved share incentive plans Schedule 5: Enterprise management incentives Companies (Audit, Investigations and Community Enterprise) Act 2004 Income Tax (Trading and Other Income) Act 2005 Section 148E: long funding operating lease: lessor’s additional expenditure Section 148F: Lessor under long funding operating lease: termination of lease Chapter 3 of Part 4: Dividends etc. from UK resident companies and tax credits etc. in respect of certain distributions Section 415: Charge to tax under Chapter 6 Finance Act 2005 Income Tax Act 2007 Sections 346, 348(7), 356, 361, 363, 365, 368, 369 and 373: Community investment tax relief Sections 340 and 341: Application and criteria for accreditation and terms and conditions of accreditation Section 355: Securities or shares: no claim after disposal or excessive receipts of value Section 364: Value received by investor during 6 year period: securities or shares Chapter 6 of Part 13: Avoidance involving leases of plant and machinery Section 991: Meaning of “bank” Section 999: Meaning of “local authority” Section 1000: Meaning of “local authority association” Schedule 2 Part 6: Transitionals and savings: losses on disposal of shares Finance Act 2008 Corporation Tax Act 2009 Section 520: Provision not at arm’s length: non-deductibility of relevant return Section 1219: Expenses of management of a company’s investment business Schedule 2: Transitionals and savings etc Part 3: Currency Part 5: Losses on disposal of shares Relief after an exchange of shares for shares in another company Interpretation of Chapter Application in relation to corresponding bonus shares Part 11: Close companies Part 12: Charitable companies etc Exemption for investment income and exemption for certain miscellaneous income Transactions with substantial donors and non-charitable expenditure Part 14: Co-operative housing associations and self-build societies Delegation of functions to the Regulator of Social Housing Part 15: Transactions in securities Part 16: Factoring of income etc Application of section 779 (income-transfer under loan or credit transaction) Part 17: Manufactured payments and repos Manufactured overseas dividends: overseas dividends paid before 22 April 2009 Part 21: Transfers of trade without a change in ownership Part 22: Use of different accounting practices within a group Part 23: Company distributions Exempt distributions Schedule 3: Repeals and revocations Schedule 4: Index of defined expressions FINANCIAL EFFECTS OF THE BILL EFFECTS OF THE BILL ON PUBLIC SERVICE MANPOWER SUMMARY OF THE IMPACT ASSESSMENT EUROPEAN CONVENTION ON HUMAN RIGHTS Clauses 229 and 1107: Penalty provisions Clauses 438 to 465 Clauses 706 to 718 Part 2 of Schedule 2 TERRITORIAL EXTENT COMMENCEMENT

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