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Session 2009 - 10 Internet Publications Other Bills before Parliament

Corporation Tax Bill

Corporation Tax Bill xv
312    Qualifying pre-commencement expenditure
313    Unrelieved group ring fence profits for accounting periods
314    Taxable ring fence profits for an accounting period
Pre-commencement supplement
315    Supplement in respect of a pre-commencement accounting period
316    The mixed pool of qualifying pre-commencement expenditure and
supplement previously allowed
317    Reduction in respect of disposal receipts under CAA 2001
318    Reduction in respect of unrelieved group ring fence profits
319    The reference amount for a pre-commencement period
320    Claims for pre-commencement supplement
Post-commencement supplement
321    Supplement in respect of a post-commencement period
322    Amount of post-commencement supplement for a post-commencement
period
323    Ring fence losses
324    Special rule for straddling periods
325    The pool of ring fence losses and the pool of non-qualifying Schedule 19B
losses
326    The ring fence pool
327    Reductions in respect of utilised ring fence losses
328    Reductions in respect of unrelieved group ring fence profits
329    The reference amount for a post-commencement period
Chapter 6
Supplementary charge in respect of ring fence trades
330    Supplementary charge in respect of ring fence trades
331    Meaning of “financing costs” etc
332    Assessment, recovery and postponement of supplementary charge
Chapter 7
Reduction of supplementary charge for certain new oil fields
Reduction of adjusted ring fence profits
333    Reduction of adjusted ring fence profits
Pool of field allowances
334    Company’s pool of field allowances
335    Carrying part of pool of field allowances into following period
336    Carrying whole of pool of field allowances into following period
Field allowance: when held and unactivated amount
337    Initial licensee to hold a field allowance
338    Holding a field allowance on acquisition of equity share
Corporation Tax Bill xvi
339    Unactivated amount of field allowance
No change in equity share: activation of allowance
340    Introduction to section 341
341    Activation of field allowance
Change in equity share: activation of allowance
342    Introduction to sections 343 and 344
343    Reference periods
344    Activation of field allowance
Change in equity share: transfer of field allowance
345    Introduction to sections 346 and 347
346    Reduction of field allowance if equity disposed of
347    Acquisition of field allowance if equity acquired
Miscellaneous
348    Adjustments
349    Orders
Interpretation
350    “New oil field”
351    “Authorisation of development of an oil field”
352    “Qualifying oil field”
353    “Small oil field”
354    “Ultra heavy oil field”
355    “Ultra high pressure/high temperature oil field”
356    “Total field allowance for a new oil field”
357    Other definitions
Part 9
Leasing plant or machinery
Chapter 1
Introduction
358    Introduction to Part
Chapter 2
Long funding leases of plant or machinery
Introduction
359    Overview of Chapter
Corporation Tax Bill xvii
Lessors under long funding finance leases
360    Lessor under long funding finance lease: rental earnings
361    Lessor under long funding finance lease: exceptional items
362    Lessor under long funding finance lease making termination payment
Lessors under long funding operating leases
363    Lessor under long funding operating lease: periodic deduction
364    “Starting value”: general
365    “Starting value” where plant or machinery originally unqualifying
366    Long funding operating lease: lessor’s additional expenditure
367    Determination of remaining residual value resulting from lessor’s first
additional expenditure
368    Determination of remaining residual value resulting from lessor’s further
additional expenditure
369    Lessor under long funding operating lease: termination of lease
Cases where sections 360 to 369 do not apply
370    Plant or machinery held as trading stock
371    Adjustments where sections 360 to 369 subsequently disapplied by section
370
372    Lessor also lessee under non-long funding lease
373    Other avoidance
374    Provision supplementing section 373
375    Adjustments where sections 360 to 369 subsequently disapplied by section
373
376    Films
Lessees under long funding finance leases
377    Lessee under long funding finance lease: limit on deductions
378    Lessee under long funding finance lease: termination
Lessees under long funding operating leases
379    Lessee under long funding operating lease
380    “Starting value” in section 379
Interpretation
381    Interpretation of Chapter
Chapter 3
Sales of lessors: leasing business carried on by a company alone
Introduction
382    Introduction to Chapter
Income and matching expense in different accounting periods
383    Income and matching expense in different accounting periods
Corporation Tax Bill xviii
384    Amount of income and expense
385    No carry back of the expense
386    Relief for expense otherwise giving rise to carried forward loss
“Business of leasing plant or machinery”
387    “Business of leasing plant or machinery”
388    “Relevant plant or machinery value” for condition A in section 387
389    Provision supplementing section 388
390    Relevant plant or machinery value where relevant company lessee under
long funding lease etc
391    Relevant company’s income for condition B in section 387
“Qualifying change of ownership”
392    “Qualifying change of ownership”
393    Qualifying 75% subsidiaries
394    Consortium relationships
395    No qualifying change of ownership in certain intra-group reorganisations
396    No qualifying change of ownership where principal company’s interest in
consortium company unchanged
397    Companies owned by consortiums and members of consortiums
398    “Qualifying 75% or 90% subsidiary” etc
The amount of the income
399    The amount of the income: the basic amount
400    “PM” in section 399
401    Provisions supplementing section 400
402    “PM” where relevant company lessee under long funding lease etc
403    “TWDV” in section 399
404    Amount to be nil if basic amount negative
405    Adjustment to the basic amount: qualifying 75% subsidiaries
406    Adjustment to the basic amount: consortium relationships
407    Migration
“Associated company”
408    “Associated company”
Chapter 4
Sales of lessors: leasing business carried on by a company in partnership
Introduction
409    Introduction to Chapter
“Business of leasing plant or machinery”
410    “Business of leasing plant or machinery”
411    “Relevant plant or machinery value” for condition A in section 410
412    Provision supplementing section 411
Corporation Tax Bill xix
413    Relevant plant or machinery value where partnership lessee under long
funding lease etc
414    Partnership’s income for condition B in section 410
“Qualifying change” in company’s interest in a business
415    “Qualifying change” in company’s interest in a business
416    Determining the percentage share in the profits or loss of business
Qualifying changes in partner company’s interest in business
417    Partner company’s income and other companies’ matching expense
418    Amount of income and expense
419    Relief for expense otherwise giving rise to carried forward loss
420    Exception: companies carrying on business ceasing to share in its profits
421    The amount of the income: the basic amount
422    Amount to be nil if basic amount negative
423    Adjustment to the basic amount
424    The amount of expense
Qualifying changes of ownership in relation to partner company
425    Partner company’s income and matching expense in different accounting
periods
426    Amount of income and expense
427    No carry back of the expense
428    Relief for expense otherwise giving rise to carried forward loss
429    The amount of the income
Interpretation
430    “Associated company”
431    “Profits” and “loss”
Chapter 5
Sales of lessors: anti-avoidance provisions
432    Restrictions on relief for Chapter 3 or 4 expenses: introduction
433    Restrictions applying to the restricted loss amount
434    Introduction to sections 435 and 436
435    Disregard of increases and decreases in balance sheet amounts
436    Balance sheet amounts determined on assumption company has no liabilities
Chapter 6
Sales of lessors: general interpretation
437    Interpretation of the sales of lessors Chapters
Corporation Tax Bill xx
Part 10
Close companies
Chapter 1
Overview of Part
438    Overview of Part
Chapter 2
Basic definitions
Meaning of “close company": general
439    “Close company”
440    Basis of winding up under section 439(3)
441    Treatment of some persons as participators or directors for the purposes of
section 439(3)
Companies which are not to be close companies
442    Particular types of company
443    Companies controlled by or on behalf of Crown
444    Companies involved with non-close companies
445    Section 444: registered pension schemes
446    Particular types of quoted company
447    Section 446: meaning of “shares beneficially held by the public” etc
Meaning of other expressions in this Part
448    “Associate”
449    “Associated company”
450    “Control”
451    Section 450: rights to be attributed etc
452    “Director”
453    “Loan creditor”
454    “Participator”
Chapter 3
Charge to tax in case of loan to participator
Charge to tax in case of loan to participator
455    Charge to tax in case of loan to participator
Exceptions to the charge to tax under section 455
456    Exceptions to the charge under section 455
457    Section 456: meaning of “material interest in a company”
Corporation Tax Bill xxi
Relief in case of repayment or release of loan
458    Relief in case of repayment or release of loan
Loan treated as made to participator
459    Loan treated as made to participator
Loan treated as made by close company
460    Loan treated as made by close company
461    Exception to section 460
462    Determination of particular questions as a result of section 460
Taxation of debtor on release of loan to trustees of settlement which has ended
463    Taxation of debtor on release of loan to trustees of settlement which has
ended
464    Section 463: other person treated as releasing or writing off debt
Chapter 4
Power to obtain information
465    Power to obtain information
Part 11
Charitable companies etc
Chapter 1
Introduction
466    Overview of Part
467    Meaning of “charitable company”
468    Meaning of “eligible body”
469    Conditions for qualifying as a scientific research association
470    Meaning of “research and development” in section 469
Chapter 2
Gifts and other payments
Gifts and other payments to charitable companies
471    Gifts qualifying for gift aid relief: income tax treated as paid
472    Gifts qualifying for gift aid relief: corporation tax liability and exemption
473    Gifts of money from companies: corporation tax liability and exemption
474    Payments from other charities: corporation tax liability and exemption
Gifts to eligible bodies
475    Gifts qualifying for gift aid relief: income tax treated as paid and exemption
476    Gifts of money from companies: exemption

© Parliamentary copyright 2010	Revised 28 January 2010

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