Taxation (International and Other Provisions) Act 2010
Taxation (International and Other Provisions) Act 2010 (2010 c. 8)
- Taxation (International and Other Provisions) Act 2010 (2010 c. 8)
- Part 1 Overview
- 1 Overview of Act
- Part 2 Double taxation relief
- CHAPTER 1 Double taxation arrangements and unilateral relief arrangements
- Double taxation arrangements
- 2 Giving effect to arrangements made in relation to other territories
- 3 Arrangements may include retrospective or supplementary provision
- 4 Meaning of “double taxation” in sections 2 and 3
- 5 Orders under section 2: contents and procedure
- 6 The effect given by section 2 to double taxation arrangements
- 7 General regulations
- Unilateral relief arrangements
- 8 Interpretation: “unilateral relief arrangements” means rules 1 to 9, etc
- 9 Rule 1: the unilateral entitlement to credit for non-UK tax
- 10 Rule 2: accrued income profits
- 11 Rule 3: interaction between double taxation arrangements and rules 1 and 2
- 12 Rule 4: cases in which, and calculation of, credit allowed for tax on dividends
- 13 Rule 5: credit for tax charged directly on dividend
- 14 Rule 6: credit for underlying tax on dividend paid to 10% associate of payer
- 15 Rule 7: credit for underlying tax on dividend paid to sub-10% associate
- 16 Rule 8: credit for underlying tax on dividend paid by exchanged associate
- 17 Rule 9: credit in relation to dividends for spared tax
- CHAPTER 2 Double taxation relief by way of credit
- Effect to be given to credit for foreign tax allowed against UK tax
- 18 Entitlement to credit for foreign tax reduces UK tax by amount of the credit
- 19 Time limits for claims for relief under section 18(2)
- 20 Foreign tax includes tax spared because of international development relief
- Interpretation of Chapter
- 21 Meaning of “the arrangements”, “the non-UK territory”, “foreign tax” etc
- Credits where same income charged to income tax in more than one tax year
- 22 Credit for foreign tax on overlap profit if credit for that tax already allowed
- 23 Time limits for claims for relief under section 22(2)
- 24 Claw-back of relief under section 22(2)
- Cases in which credit not allowed
- 25 Credit not allowed if relief allowed against overseas tax
- 26 Credit not allowed under arrangements unless taxpayer is UK resident
- 27 Credit not allowed if person elects against credit
- Exceptions to requirement to be UK resident
- 28 Unilateral relief for Isle of Man or Channel Islands tax
- 29 Unilateral relief for tax on income from employment or office
- 30 Unilateral relief for non-UK tax on non-resident's UK branch or agency etc
- Calculating income or gains in respect of which credit is allowed
- 31 Calculation of income or gain where remittance basis does not apply
- 32 Calculation of amount received where UK tax charged on remittance basis
- Limits on credit: general rules
- 33 Limit on credit: minimisation of the foreign tax
- 34 Reduction in credit: payment by reference to foreign tax
- 35 Disallowed credit: use as a deduction
- Limit on, and reduction of, credit against income tax
- 36 Amount of limit
- 37 Credit against tax on trade income: further rules
- 38 Credit against tax on royalties: further rules
- 39 Credit reduced by reference to accrued income losses
- Limit on credit against capital gains tax
- 40 Amount of limit
- Limit on total credit against income tax and capital gains tax
- 41 Amount of limit
- Limit on credit against corporation tax
- 42 Amount of limit
- 43 Profits attributable to permanent establishments for purposes of section 42(2)
- 44 Credit against tax on trade income
- 45 Credit against tax on trade income: anti-avoidance rules
- 46 Applying section 44(2): asset in hedging relationship with derivative contract
- 47 Applying section 44(2): royalty income
- 48 Applying section 44(2): “portfolio” of transactions, arrangements or assets
- 49 Restricting section 44(3) if company is a bank or connected with a bank
- 49A Limit on credit in cases involving qualifying loan relationships of CFCs
- 49B Applying section 42(2) to non-trading credits from loan relationships etc
- Calculating tax for purposes of section 42(2)
- 50 Tax for period on loan relationships
- 51 Tax for period on intangible fixed assets
- Allocation of deductions etc to profits for purposes of section 42
- 52 General deductions
- 53 Earlier years' non-trading deficits on loan relationships
- 54 Non-trading debits on loan relationships
- 55 Current year's non-trading deficits on loan relationships
- 56 Non-trading debits on intangible fixed assets
- Taking account of foreign tax underlying dividends
- 57 Credit in respect of dividend: taking account of underlying tax
- 58 Calculation if dividend paid by non-resident company to resident company
- 59 Meaning of “relevant profits” in section 58
- 60 Underlying tax to be left out of account on claim to that effect
- 61 Calculation if section 58 does not apply
- 62 Meaning of “relevant profits” in section 61
- Taking account of tax underlying dividends that is not foreign tax
- 63 Non-UK company dividend paid to 10% investor: relief for UK and other tax
- Tax underlying dividend treated as underlying tax paid by dividend's recipient
- 64 Meaning of “dividend-paying chain” of companies
- 65 Relief for underlying tax paid by company lower in dividend-paying chain
- 66 Limitations on section 65(4)
- Tax underlying dividends: restriction of relief, and particular cases
- 67 Restriction of relief if underlying tax at rate higher than rate of corporation tax
- 68 Meaning of “avoidance scheme” in section 67
- 69 Dividends paid out of transferred profits
- 70 Underlying tax reflecting interest on loans
- 71 Foreign taxation of group as single entity
- Adjustment of foreign tax on profits of overseas permanent establishment
- 71A Circumstances in which section 71B applies
- 71B Reduction of foreign tax paid on profits of overseas PE
- Unrelieved foreign tax on profits of overseas permanent establishment
- 72 Application of section 73(1)
- 73 Carry-forward and carry-back of unrelieved foreign tax
- 74 Rules for carrying back unrelieved foreign tax
- 75 Two or more establishments treated as a single establishment
- 76 Former and subsequent establishments regarded as distinct establishments
- 77 Claims for relief under section 73(1)
- 78 Meaning of “overseas permanent establishment”
- Action after adjustment of amount payable by way of UK or foreign tax
- 79 Time limits for action if tax adjustment makes credit excessive or insufficient
- 80 Duty to give notice that adjustment has rendered credit excessive
- Schemes and arrangements designed to increase relief: anti-avoidance
- 81 Countering effect of avoidance arrangements
- 82 Conditions for the purposes of section 81(1)
- 83 Schemes and arrangements referred to in section 82(4)
- 84 Section 83(2) and (4): schemes enabling attribution of foreign tax
- 85 Section 83(2) and (4): schemes about effect of paying foreign tax
- 85A Section 83(2) and (4): schemes involving deemed foreign tax
- 86 Section 83(2) and (4): schemes about claims or elections etc
- 87 Section 83(2) and (4): schemes that would reduce a person's tax liability
- 88 Section 83(2) and (4): schemes involving tax-deductible payments
- 89 Contents of counteraction notice
- 90 Consequences of counteraction notices
- 91 Counteraction notices given before tax return made
- 92 Counteraction notices given after tax return made
- 93 Amendment, closure notices and discovery assessments in section 92 cases
- 94 Information made available for the purposes of section 92(4)
- 95 Interpretation of sections 89 to 94
- Insurance companies
- 96 Companies with overseas branches: restriction of credit
- 97 Companies with more than one category of business: restriction of credit
- 97A Commercial allocation of relevant income to different categories of long-term business
- 98 Attribution for section 97 purposes if category is gross roll-up business
- 99 Allocation of expenses etc in calculations under section 35 of CTA 2009
- 100 First limitation for purposes of section 99(2)
- 101 Second limitation for purposes of section 99(2)
- 102 Interpreting sections 99 to 101 for life assurance or gross roll-up business
- 103 Interpreting sections 99 to 101 ...
- 104 Interpreting sections 100 and 101: amounts referable to category of business
- CHAPTER 3 Miscellaneous provisions
- Application of Part for capital gains tax purposes
- 105 Meaning of “chargeable gain”
- 106 Chapters 1 and 2 apply to capital gains tax separately from other taxes
- When foreign tax disregarded in applying Part for corporation tax purposes
- 107 Disregard of foreign tax referable to derivative contract
- 108 Disregard of foreign tax attributable to interest under a loan relationship
- 109 Repo cases in which no disregard under section 108
- 110 Stock-lending cases in which no disregard under section 108
- Special rules for discretionary trusts
- 111 When payment to beneficiary treated as arising from foreign source
- Deduction for foreign tax where no credit allowed
- 112 Deduction from income for foreign tax (instead of credit against UK tax)
- 113 Deduction from capital gain for foreign tax (instead of credit against UK tax)
- 114 Time limits for action if tax adjustment makes reduction too large or too small
- 115 Duty to give notice that adjustment has rendered reduction too large
- European cross-border transfers of business
- 116 Introduction to section 117
- 117 Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
- European cross-border mergers
- 118 Introduction to section 119
- 119 Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
- Transparent entities involved in cross-border transfers and mergers
- 120 Introduction to section 121
- 121 Tax treated as chargeable in respect of relevant transactions
- Cross-border transfers and mergers: chargeable gains
- 122 Tax treated as chargeable in respect of gains on transfer of non-UK business
- Interpretation of sections related to the Mergers Directive
- 123 Interpretation of sections 116 to 122
- Cases about being taxed otherwise than in accordance with double taxation arrangements
- 124 Giving effect to solutions to cases and mutual agreements resolving cases
- 125 Effect of, and deadline for, presenting a case
- The Arbitration Convention
- 126 Meaning of “the Arbitration Convention”
- 127 Giving effect to agreements, decisions and opinions under the Convention
- 128 Disclosure under the Convention
- International dispute-resolution instruments and agreements
- 128A Power by regulations to give effect to international obligations etc
- 128B Giving effect to requirements under section 128A regulations
- 128C Disclosure under international obligations etc
- Disclosure of information
- 129 Disclosure where relief given overseas for tax paid in the United Kingdom
- Interpretation of double taxation arrangements
- 130 Interpreting provision about UK taxation of profits of foreign enterprises
- 130A Interpreting provision about UK taxation of pensions etc
- 131 Interpreting provision about interest influenced by special relationship
- 132 Interpreting provision about royalties influenced by special relationship
- 133 Special relationship rule for royalties: matters to be shown by taxpayer
- Assessments
- 134 Correcting assessments where relief is available
- Part 3 Double taxation relief for special withholding tax
- Introductory
- 135 Relief under this Part: introductory
- 136 Interpretation of Part
- Credit etc for special withholding tax
- 137 Income tax credit etc for special withholding tax
- 138 Amount and application of the deemed tax under section 137
- 139 Capital gains tax credit etc for special withholding tax
- 140 Provisions about the deemed tax under section 139
- 141 Credit under Chapter 2 of Part 2 to be allowed first
- Calculation of income or gain on remittance basis where special withholding tax levied
- 142 Conditions for purposes of section 143
- 143 Taking account of special withholding tax in calculating income or gains
- Certificates to avoid levy of special withholding tax
- 144 Issue of certificate
- 145 Refusal to issue certificate and appeal against refusal
- Part 4 Transfer pricing
- CHAPTER 1 Basic transfer-pricing rule
- 146 Application of this Part
- 147 Tax calculations to be based on arm's length, not actual, provision
- 148 The “participation condition”
- 148A Participation condition treated as met: transfer pricing notice
- CHAPTER 2 Key interpretative provisions
- Meaning of certain expressions that first appear in section 147
- 149 “Actual provision” and “affected persons”
- 150 “Transaction” and “series of transactions”
- 151 “Arm's length provision”
- 152 Arm's length provision where actual provision relates to securities
- 153 Arm's length provision where security issued and guarantee given
- 153A Certain guarantees not capable of being arm’s length
- 153B Election for deemed guarantee
- 154 Interpretation of sections 153A and 153B
- 155 “Potential advantage” in relation to United Kingdom taxation
- 156 “Losses” and “profits”
- “Direct participation” in management, control or capital of a person
- 157 Direct participation
- “Indirect participation” in management, control or capital of a person
- 158 Indirect participation: defined by sections 159 to 161
- 159 Indirect participation: potential direct participant
- 160 Indirect participation: one of several major participants
- 161 Indirect participation: involvement in financing arrangements
- 162 Indirect participation: sections 148 , 175 and 219(2): further financing cases
- 162A Agreements for common management
- 162B Arrangements to avoid participation condition
- 163 Meaning of “connected” in sections 159 and 161
- Application of OECD principles
- 164 Part to be interpreted in accordance with OECD principles
- CHAPTER 3 Exemptions from basic rule
- 164A UK to UK Exemption
- 165 Exemption for dormant companies
- 166 Exemption for small and medium-sized enterprises
- 167 Small and medium-sized enterprises: exceptions from exemption
- 167A Small enterprises: exception from exemption: transfer pricing notice
- 168 Medium-sized enterprises: exception from exemption: transfer pricing notice
- 169 Giving of transfer pricing notices
- 170 Appeals against transfer pricing notices
- 171 Tax returns where transfer pricing notice given
- 172 Meaning of “small enterprise” and “medium-sized enterprise”
- 173 Meaning of “qualifying territory” and “non-qualifying territory”
- 173A Exchange gains and losses arising as a result of qualifying loan relationships and derivative contracts
- CHAPTER 4 Position, if only one affected person potentially advantaged, of other affected person
- Claim by affected person who is not advantaged
- 174 Claim by the affected person who is not potentially advantaged etc
- 174A Claims under section 174 where disadvantaged person within charge to income tax
- 175 Application of section 174 where guarantee disallowed
- 176 Claims under section 174: advantaged person must have made return
- 177 Time for making, or amending, claim under section 174
- 178 Meaning of “return” in sections 176 and 177
- Claims: special cases
- 179 Compensating payment if advantaged person is controlled foreign company
- 180 Application of section 174(2)(a) in relation to transfers of trading stock etc
- Alternative way of claiming if borrowing is involved
- 181 Section 182 applies to claims where actual provision relates to borrowing
- 182 Making of section 182 claims
- 183 Giving effect to section 182 claims
- 184 Amending a section 182 claim if it is followed by relevant notice
- Notification to persons who may be disadvantaged
- 185 Notice to potential claimants
- 186 Extending claim period if notice under section 185 not given or given late
- Treatment of interest where claim made
- 187 Tax treatment if actual interest exceeds arm's length interest
- Treatment of interest where claim prevented by section 174A
- 187A Excess interest treated as a ... distribution
- Adjustment of double taxation relief where claim made
- 188 Double taxation relief by way of credit for foreign tax
- 189 Double taxation relief by way of deduction for foreign tax
- Interpretation of Chapter
- 190 Meaning of “relevant notice”
- CHAPTER 5 Position of guarantor of affected person's borrowing liabilities
- 191 When sections 192 to 194 apply
- 192 Attribution to guarantor company of things done by borrower
- 192A Provision for cases within Part 6A
- 193 Interaction between claims under sections 174 and 192(1)
- 194 Claims under section 192(1): general provisions
- CHAPTER 6 Balancing payments
- 195 Qualifying conditions for purposes of section 196
- 196 Balancing payments between affected persons: no charge to, or relief from, tax
- 197 Qualifying conditions for purposes of section 198
- 198 Balancing payments by guarantor to borrower: no charge to, or relief from, tax
- 199 Pre-conditions for making election under section 200
- 200 Election to pay tax rather than make balancing payments
- 201 Pre-conditions for making election under section 202
- 202 Election, in guarantee case, to pay tax rather than make balancing payments
- 203 Elections under section 200 or 202
- 204 Meaning of “capital market condition” in sections 199 and 201
- CHAPTER 7 Oil-related ring-fence trades
- 205 Provision made or imposed between ring-fence trade and other activities
- 206 Meaning of “oil-related ring-fence trade” in sections 205 and 218
- 206A Modification of basic rule where allowances restricted for certain expenditure
- CHAPTER 8 Supplementary provisions and interpretation of Part
- Unit trusts
- 207 Application of Part to unit trusts
- ...
- 208 The determinations which require the Commissioners' sanction
- 209 Determinations exempt from requirement for Commissioners' sanction
- 210 The requirement for the Commissioners' sanction
- 211 Restriction of right to appeal against Commissioners' approval
- Appeals
- 212 Appeals
- Effect of Part on capital allowances and chargeable gains
- 213 Capital allowances
- 214 Chargeable gains
- Adjustments
- 215 Manner of making adjustments to give effect to Part
- Definitions
- 216 Meaning of “the relevant activities”
- 217 Meaning of “control” and “firm”
- Part 4A Assessment of unassessed transfer pricing profits
- Chapter 1 Unassessed transfer pricing profits
- 217A Introduction
- 217B Unassessed transfer pricing profits
- Chapter 2 Conditions for being assessed
- 217C Conditions for being assessed under this Part at the UTPP rate
- 217D Effective tax mismatch outcome
- 217E Tax design condition
- Chapter 3 Assessment
- 217F Preliminary notices
- 217G Representations by the company
- 217H Assessment
- 217I Amendment of company tax return by company
- 217J Amendment of assessment by HMRC
- 217K No postponement except before assessment is finalised for tax on same profits
- 217L Closure notices: rules relating to period for amendments
- 217M Appeal against assessment
- 217N Review of assessment
- 217P Settling of appeal by agreement
- 217Q No repayment
- 217R Exclusion of reliefs, deductions and set-offs
- 217S Assessment otherwise than at UTPP rate: no deduction for excess losses
- Chapter 4 Interpretation
- Interpretation
- 217T Interpretation
- Part 5 Advance pricing agreements
- 218 Meaning of “advance pricing agreement”
- 219 Meaning of “associate” in section 218(2)(e)
- 220 Effect of agreement on party to it
- 221 Effect of revocation of agreement or breach of its conditions
- 222 Effect of agreement on non-parties
- 223 Application for agreement
- 224 Provision in agreement about years ended or begun before agreement made
- 225 Modification and revocation of agreement
- 226 Annulment of agreement for misrepresentation
- 227 Penalty for misrepresentation in connection with agreement
- 228 Party to agreement: duty to provide information
- 229 Modifications of agreement for double taxation purposes
- 230 Interpretation of Part: meaning of “Commissioners” and “officer”
- Part 6 Tax arbitrage
- Introduction
- 231 Overview
- Deduction notices
- 232 Deduction notices
- 233 The deduction scheme conditions
- 234 Schemes achieving UK tax advantage for a company
- 235 Further provisions about deduction notices
- Deduction schemes
- 236 Schemes involving hybrid entities
- 237 Instruments of alterable character
- 238 Shares subject to conversion
- 239 Securities subject to conversion
- 240 Debt instruments treated as equity
- 241 Scheme including issue of shares not conferring qualifying beneficial entitlement
- 242 Scheme including transfer of rights under a security
- Consequences of deduction notices
- 243 Consequences of deduction notices
- 244 The rule against double deduction
- 245 Application of the rule against deduction for untaxable payments
- 246 Cases where payee's non-liability treated as not a result of scheme
- 247 Cases where payee treated as having reduced liability as a result of scheme
- 248 The rule against deduction for untaxable payments
- Receipt notices
- 249 Receipt notices
- 250 The receipt scheme conditions
- 251 Amounts within corporation tax
- 252 Further provisions about receipt notices
- 253 Exception for dealers
- 254 Rule for calculation or recalculation of income etc following receipt notice
- General provisions about deduction notices and receipt notices
- 255 Notices given before tax return made
- 256 Notices given after tax return made
- 257 Amendments, closure notices and discovery assessments where section 256 applies
- Interpretation
- 258 Schemes and series of transactions
- 259 Minor definitions
- PART 6A Hybrid and other mismatches
- CHAPTER 1 Introduction
- 259A Overview of Part
- CHAPTER 2 Key definitions
- Meaning of “tax”
- 259B “Tax” means certain taxes on income and includes foreign tax etc
- Equivalent provision to this Part under foreign law
- 259BA References to equivalent provision to this Part under the law of a territory outside the United Kingdom
- Payments and quasi-payments etc
- 259BB Meaning of “payment”, “quasi-payment”, “payer”, “payee” etc
- Ordinary income
- 259BC The basic rules
- 259BD Chargeable companies in respect of CFCs and foreign CFCs
- Hybrid entity etc
- 259BE Meaning of “hybrid entity”, “investor” and “investor jurisdiction”
- Permanent establishments
- 259BF Meaning of “permanent establishment”
- CHAPTER 3 Hybrid and other mismatches from financial instruments
- Introduction
- 259C Overview of Chapter
- Application of Chapter
- 259CA Circumstances in which the Chapter applies
- 259CB Hybrid or otherwise impermissible deduction/non-inclusion mismatches and their extent
- 259CC Interpretation of section 259CB
- Counteraction
- 259CD Counteraction where the payer is within the charge to corporation tax for the payment period
- 259CE Counteraction where a payee is within the charge to corporation tax
- CHAPTER 4 Hybrid transfer deduction/non-inclusion mismatches
- Introduction
- 259D Overview of Chapter
- Application of Chapter
- 259DA Circumstances in which the Chapter applies
- 259DB Meaning of “hybrid transfer arrangement”, “underlying instrument” etc
- 259DC Hybrid transfer deduction/non-inclusion mismatches and their extent
- 259DD Interpretation of section 259DC
- 259DE The financial trader exclusion
- Counteraction
- 259DF Counteraction where the payer is within the charge to corporation tax for the payment period
- 259DG Counteraction where a payee is within the charge to corporation tax
- CHAPTER 5 Hybrid payer deduction/non-inclusion mismatches
- Introduction
- 259E Overview of Chapter
- Application of Chapter
- 259EA Circumstances in which the Chapter applies
- 259EB Hybrid payer deduction/non-inclusion mismatches and their extent
- Counteraction
- 259EC Counteraction where the hybrid payer is within the charge to corporation tax for the payment period
- 259ED Counteraction where a payee is within the charge to corporation tax
- CHAPTER 6 Deduction/non-inclusion mismatches relating to transfers by permanent establishments
- Introduction
- 259F Overview of Chapter
- Application of Chapter
- 259FA Circumstances in which the Chapter applies
- Counteraction
- 259FB Counteraction of the excessive PE deduction
- 259FC Meaning of excessive PE inclusion income
- CHAPTER 7 Hybrid payee deduction/non-inclusion mismatches
- Introduction
- 259G Overview of Chapter
- Application of Chapter
- 259GA Circumstances in which the Chapter applies
- 259GB Hybrid payee deduction/non-inclusion mismatches and their extent
- Counteraction
- 259GC Counteraction where the payer is within the charge to corporation tax for the payment period
- 259GD Counteraction where the investor is within the charge to corporation tax
- 259GE Counteraction where a hybrid payee is an LLP
- CHAPTER 8 Multinational payee deduction/non-inclusion mismatches
- Introduction
- 259H Overview of Chapter
- Application of Chapter
- 259HA Circumstances in which the Chapter applies
- 259HB Multinational payee deduction/non-inclusion mismatches and their extent
- Counteraction
- 259HC Counteraction of the multinational payee deduction/non-inclusion mismatch
- CHAPTER 9 Hybrid entity double deduction mismatches
- Introduction
- 259I Overview of Chapter
- Application of Chapter
- 259IA Circumstances in which the Chapter applies
- Counteraction
- 259IB Counteraction where the investor is within the charge to corporation tax
- 259IC Counteraction where the hybrid entity is within the charge to corporation tax
- 259ICA Deemed dual inclusion income for the purposes of section 259IC
- 259ID Section 259ID income for the purposes of section 259IC
- CHAPTER 10 Dual territory double deduction cases
- Introduction
- 259J Overview of Chapter
- Application of Chapter
- 259JA Circumstances in which the Chapter applies
- Counteraction
- 259JB Counteraction where mismatch arises because of a dual resident company
- 259JC Counteraction where mismatch arises because of a relevant multinational and the UK is the parent jurisdiction
- 259JD Counteraction where mismatch arises because of a relevant multinational and is not counteracted in the parent jurisdiction
- 259JE Meaning of excessive PE inclusion income
- CHAPTER 11 Imported mismatches
- Introduction
- 259K Overview of Chapter
- Application of Chapter
- 259KA Circumstances in which the Chapter applies
- 259KB Meaning of “dual territory double deduction”, “excessive PE deduction” and “PE jurisdiction”
- Counteraction
- 259KC Denial of the relevant deduction in relation to the imported mismatch payment
- 259KD Deductions from dual inclusion income
- 259KE Limit on reduction under section 259KC
- 259KF Provision for cases within Part 4
- CHAPTER 12 Adjustments in light of subsequent events etc
- 259L Adjustments where suppositions cease to be reasonable
- 259LA Deduction from taxable total profits where an amount of ordinary income arises late
- 259LB Adjustments in light of later treatment for accounting purposes
- CHAPTER 12A Allocation of dual inclusion income within group
- Introduction
- 259ZM Overview of Chapter
- Application of Chapter
- 259ZMA Circumstances in which Chapter applies
- Allocation of DII surplus
- 259ZMB Claims for allocation of DII surplus
- 259ZMC The unused part of the DII surplus
- 259ZMD The unused part of the DII shortfall
- Groups
- 259ZME Groups of companies
- “Dual inclusion income” and “counteraction amount”
- 259ZMF Meaning of “dual inclusion income” and “counteraction amount”
- CHAPTER 13 Anti-avoidance
- 259M Countering the effect of avoidance arrangements
- CHAPTER 13A Special provision concerning transparent funds
- 259MA Meaning of “transparent fund”
- 259MB Application of Chapters 3, 4, 5 and 7
- 259MC Application of Chapter 9
- 259MD Application of Chapter 11
- CHAPTER 14 Interpretation
- Financial instruments
- 259N Meaning of “financial instrument”
- Relevant investment funds
- 259NA Meaning of “relevant investment fund”
- Control groups and related persons
- 259NB Control groups
- 259NC Related persons
- 259ND Meaning of “50% investment” and “25% investment”
- Qualifying institutional investors etc
- 259NDA Meaning of “qualifying institutional investor” etc
- Partnerships
- 259NE Treatment of a person who is a member of a partnership
- Securitisation companies
- 259NEZA Securitisation companies
- Priority
- 259NEA Priority
- Relevant debt relief circumstances
- 259NEB Relevant debt relief circumstances: introductory
- 259NEC Release of debts
- 259NED Release of connected companies debts
- 259NEE Release of connected companies debts during creditor’s insolvency
- 259NEF Corporate rescue: debt released shortly after connection arises
- Definitions
- 259NF Definitions
- Part 7 Tax treatment of financing costs and income
- CHAPTER 1 Introduction
- 260 Introduction
- CHAPTER 2 Application of Part
- 261 Application of Part
- 262 UK net debt of worldwide group for period of account of worldwide group
- 263 Net debt of a company
- 264 Worldwide gross debt of worldwide group for period of account of the group
- 265 References to amounts disclosed in balance sheet of a company
- 265A Different accounting treatment used at company and group levels
- 266 Qualifying financial services groups
- 267 Qualifying activities
- 268 Lending activities and activities ancillary to lending activities
- 269 Insurance activities and insurance-related activities
- 270 Relevant dealing in financial instruments
- 271 UK trading income of the worldwide group
- 272 Worldwide trading income of the worldwide group
- 273 Foreign currency accounting
- 273A Meaning of “group securitisation company”
- CHAPTER 3 Disallowance of deductions
- 274 Application of Chapter and meaning of “total disallowed amount”
- 275 Meaning of “company to which this Chapter applies”
- 275A Meaning of “dual resident investing company”
- 276 Appointment of authorised company for relevant period of account
- 277 Meaning of “the reporting body”
- 278 Statement of allocated disallowances: submission
- 279 Statement of allocated disallowances: submission of revised statement
- 280 Statement of allocated disallowances: requirements
- 280A Statement of allocated disallowances: dual resident investing companies
- 281 Statement of allocated disallowances: effect
- 282 Company tax returns
- 283 Power to make regulations about statement of allocated disallowances
- 284 Failure of reporting body to submit statement of allocated disallowances
- 284A Section 284: supplementary
- 285 Powers to make regulations in relation to reductions under section 284
- CHAPTER 4 Exemption of financing income
- 286 Application of Chapter and meaning of “total disallowed amount”
- 287 Meaning of “company to which this Chapter applies”
- 288 Appointment of authorised company for relevant period of account
- 289 Meaning of “the reporting body”
- 290 Statement of allocated exemptions: submission
- 291 Statement of allocated exemptions: submission of revised statement
- 292 Statement of allocated exemptions: requirements
- 293 Statement of allocated exemptions: effect
- 294 Company tax returns
- 295 Power to make regulations about statement of allocated exemptions
- 296 Failure of reporting body to submit statement of allocated exemptions
- 297 Power to make regulations in relation to reductions under section 296
- 298 Balancing payments between group companies: no tax charge or relief
- 298A Application of Chapter to financing income amounts determined under section 314A
- CHAPTER 5 Intra-group financing income where payer denied deduction
- 299 Tax exemption for certain financing income received from EEA companies
- 300 Meaning of “relevant associate”
- 301 Meaning of “tax-resident” and “EEA territory”
- 302 Qualifying EEA tax relief for payment in current or previous period
- 303 Qualifying EEA tax relief for payment in future period
- 304 References to tax of a territory
- 305 Financing income amounts of a company
- CHAPTER 6 Tax avoidance
- 305A Schemes preventing this Part applying to a large group
- 306 Schemes involving manipulation of rules in Chapter 2
- 307 Schemes involving manipulation of rules in Chapters 3 and 4
- 308 Meaning of “relevant net deduction”
- 309 Calculation of amounts
- 310 Meaning of “carried-back amount” and “carried-forward amount”
- 311 Schemes involving manipulation of rules in Chapter 5
- 312 Meaning of “scheme” and “excluded scheme”
- CHAPTER 7 “Financing expense amount” and “financing income amount”
- 313 The financing expense amounts of a company
- 314 The financing income amounts of a company
- 314A The financing income amounts of a chargeable company under Part 9A
- 315 Interpretation of sections 313 and 314
- 316 Group treasury companies
- 317 Real estate investment trusts
- 317A Companies with permanent establishments profits election
- 318 Companies engaged in oil extraction activities
- 318A Industrial and provident societies
- 319 Intra-group short-term finance: financing expense
- 320 Intra-group short-term finance: financing income
- 321 Short-term loan relationships
- 322 Stranded deficits in non-trading loan relationships: financing expense
- 323 Stranded deficits in non-trading loan relationships: financing income
- 324 Stranded management expenses in non-trading loan relationships: financing expense
- 325 Stranded management expenses in non-trading loan relationships: financing income
- 326 Charities
- 327 Educational and public bodies
- 328 Interpretation of sections 316 to 327
- CHAPTER 8 “Tested expense amount” and “tested income amount”
- 329 The tested expense amount
- 330 The tested income amount
- 331 Companies with net financing deduction or net financing income that is small
- 331ZA Elections disapplying sections 329(5) and 330(5)
- 331A Mismatches between tax treatment and accounting treatment
- CHAPTER 9 “Available amount”
- 332 The available amount
- 332A Groups containing securitisation companies
- 332AA Change of accounting standards: investment entities
- 332B Partnerships: expenses of borrowing
- 332C Partnerships: other expenses
- 333 Group members with income from oil extraction subject to particular tax treatment in UK
- 334 Group members with income from shipping subject to particular tax treatment in UK
- 335 Group members with income from property rental subject to particular tax treatment in UK
- 336 Meaning of accounting expressions used in this Chapter
- 336A Mismatches between tax treatment and accounting treatment
- CHAPTER 10 Other interpretative and supplementary provisions
- 337 The worldwide group
- 338 Meaning of “group”
- 339 Meaning of “ultimate parent”
- 340 Meaning of “corporate entity”
- 341 Meaning of “relevant non-corporate entity”
- 342 Treatment of entities stapled to corporate, or relevant non-corporate, entities
- 343 Treatment of business combinations
- 344 Meaning of “large” in relation to a group
- 345 Meaning of “UK group company” and “relevant group company”
- 346 Financial statements of the worldwide group
- 347 Non-compliant financial statements of the worldwide group
- 348 Non-existent financial statements of the worldwide group
- 348A Financial statements: business combinations to which the worldwide group is a party
- 349 References to amounts disclosed in financial statements
- 350 Translation of amounts disclosed in financial statements
- 351 Expressions taking their meaning from international accounting standards
- 352 Meaning of “relevant accounting period”
- 353 Other expressions
- 353A Effect of Part on parties to capital market arrangements
- 353AA Power to make regulations where accounting standards change
- 353B Regulations and orders
- Part 8 Offshore funds ETC
- Tax treatment of participants in offshore funds
- 354 Power to make regulations about tax treatment of participants
- 355 Meaning of “offshore fund”
- 356 Meaning of “mutual fund”
- 357 Exceptions to definition of “mutual fund”
- 358 Meaning of “relevant income-producing asset”
- 359 Power to make regulations about exceptions to definition of “mutual fund”
- Supplementary
- 360 Treatment of umbrella arrangements
- 361 Treatment of arrangements comprising more than one class of interest
- 362 Meaning of “participant” and “participation”
- 363 Meaning of “umbrella arrangements” and “part of umbrella arrangements”
- 363A Residence of undertakings for collective investment in transferable securities and alternative investment funds
- Part 9 Amendments to relocate provisions of tax legislation
- 364 Oil activities
- 365 Alternative finance arrangements
- 366 Power to amend the alternative finance provisions
- 367 Leasing arrangements: finance leases and loans
- 368 Sale and lease-back etc
- 369 Factoring of income etc
- 370 UK representatives of non-UK residents
- 371 Miscellaneous relocations
- PART 9A Controlled foreign companies
- Chapter 1 Overview
- 371AA Overview of Part
- Chapter 2 The CFC charge
- 371BA Introduction to the CFC charge
- 371BB The CFC charge gateway
- 371BC Charging the CFC charge
- 371BD Chargeable companies
- 371BE Companies which are managers of offshore funds etc
- 371BF Companies which are participants in offshore funds
- 371BG Companies holding shares as trading assets etc
- 371BH Companies carrying on BLAGAB
- 371BI Banking companies
- Chapter 3 The CFC charge gateway: determining which (if any) of Chapters 4 to 8 applies
- 371CA Does Chapter 4 apply?
- 371CB Does Chapter 5 apply?
- 371CC Incidental non-trading finance profits: the 5% rule
- 371CD Incidental non-trading finance profits: the further 5% rule
- 371CE Does Chapter 6 apply?
- 371CEA Section 371CE: meaning of “group treasury company”
- 371CF Does Chapter 7 apply?
- 371CG Does Chapter 8 apply?
- Chapter 4 The CFC charge gateway: profits attributable to UK activities
- 371DA Introduction to Chapter
- 371DB The steps
- 371DC Exclusion: UK activities a minority of total activities
- 371DD Exclusion: economic value
- 371DE Exclusion: independent companies' arrangements
- 371DF Exclusion: trading profits (the basic rule)
- 371DG Exclusion: trading profits (business premises condition)
- 371DH Exclusion: trading profits (income condition)
- 371DI Exclusion: trading profits (management expenditure condition)
- 371DJ Exclusion: trading profits (IP condition)
- 371DK Exclusion: trading profits (export of goods condition)
- 371DL Exclusion: trading profits (anti-avoidance)
- Chapter 5 The CFC charge gateway: non-trading finance profits
- 371EA The basic rule
- 371EB UK activities
- 371EC Capital investment from the UK
- 371ED Arrangements in lieu of dividends etc to UK resident companies etc
- 371EE Leases to UK resident companies etc
- Chapter 6 The CFC charge gateway: trading finance profits
- 371FA The basic rule
- 371FB Qualifying loan relationships
- 371FC Loans from foreign permanent establishments of UK resident companies
- 371FD Exclusion: banking business
- 371FE Exclusion: insurance business
- Chapter 7 The CFC charge gateway: captive insurance business
- 371GA The basic rule
- Chapter 8 The CFC charge gateway: solo consolidation
- 371HA The basic rule
- Chapter 9 Exemptions for profits from qualifying loan relationships
- 371IA The basic rule
- 371IB Loans funded out of qualifying resources
- 371IC What is the “qualifying value” of “relevant pre-acquisition funds or other assets”?
- 371ID The 75% exemption
- 371IE The “matched interest profits” exemption
- 371IF Determining the profits of a qualifying loan relationship
- 371IG What is a “qualifying loan relationship”?
- 371IH Exclusions from definition of “qualifying loan relationship”
- 371II Power to amend definitions
- 371IJ Claims
- Chapter 10 The exempt period exemption
- 371JA Introduction to Chapter
- 371JB The basic rule
- 371JC When does an exempt period begin?
- 371JD How long is an exempt period?
- 371JE Adjustment of profits passing through the CFC charge gateway
- 371JF Anti-avoidance
- 371JG Amendment of company tax returns
- Chapter 11 The excluded territories exemption
- 371KA Introduction to Chapter
- 371KB The basic rule
- 371KC How to determine the territory in which a CFC is resident
- 371KD What is “the threshold amount”?
- 371KE Category A income: the basic rule
- 371KF Category A income: permanent establishments in excluded territories
- 371KG Category B income
- 371KH Category C income
- 371KI Category D income
- 371KJ The IP condition
- Chapter 12 The low profits exemption
- 371LA Introduction to Chapter
- 371LB The basic rule
- 371LC Anti-avoidance
- Chapter 13 The low profit margin exemption
- 371MA Introduction to Chapter
- 371MB The basic rule
- 371MC Anti-avoidance
- Chapter 14 The tax exemption
- 371NA Introduction to Chapter
- 371NB The basic rule
- 371NC Reductions to “the local tax amount”
- 371ND What are “designer rate tax provisions”?
- 371NE How to determine “the corresponding UK tax”
- Chapter 15 Relevant interests in a CFC
- Introduction
- 371OA Application of Chapter
- 371OB Provision about interpretation
- What is a “relevant interest” in a CFC?
- 371OC “Relevant interests” of UK resident companies
- 371OD “Relevant interests” of persons related to UK resident companies
- 371OE Other “relevant interests”
- Chapter 16 Creditable tax of a CFC
- 371PA What is “creditable tax”?
- Chapter 17 Apportionment of a CFC's chargeable profits and creditable tax
- Introduction
- 371QA Application of Chapter
- 371QB Provision about interpretation
- How are the apportionments to be made?
- 371QC The basic rules
- 371QD Apportionments to be made in proportion to shareholding
- 371QE Indirect shareholdings
- 371QF Variable shareholdings
- 371QG Anti-avoidance
- Chapter 18 Control etc
- 371RA Overview of Chapter
- 371RB Legal and economic control
- 371RC Legal and economic control: the 40% rule
- 371RD Legal and economic control: supplementary provision
- 371RE Control determined by reference to accounting standards
- 371RF Power to amend section 371RE etc
- 371RG Companies in which a UK resident company has more than a 50% investment
- Chapter 19 Assumed taxable total profits, assumed total profits and the corporation tax assumptions
- Overview
- 371SA Overview of Chapter
- “Assumed taxable total profits” and “assumed total profits”
- 371SB What are “assumed taxable total profits” and “assumed total profits”?
- “The corporation tax assumptions”
- 371SC What are “the corporation tax assumptions”?
- 371SD UK residence etc
- 371SE Close company
- 371SF Claims and elections
- 371SG Disapplication of assumption in section 371SF(1)
- 371SH Elections under section 9A of CTA 2010
- 371SI Modification of sections 6 and 7 of CTA 2010
- 371SJ Elections for leases to be treated as long funding leases
- 371SK Intangible fixed assets
- 371SKA Restrictions on certain deductions: deductions allowances
- 371SL Group relief etc
- 371SLA Corporate interest restriction
- 371SM Capital allowances
- 371SN Unremittable overseas income
- 371SO Tax advantages
- 371SP Disguised interest: application of Chapter 2A of Part 6 of CTA 2009
- 371SQ Shares accounted for as liabilities: application of section 521C of CTA 2009
- 371SR Double taxation relief: countering effect of avoidance arrangements
- Chapter 20 Residence of CFCs
- 371TA The basic rule
- 371TB How to determine the territory in which the CFC is resident
- 371TC Elections and designations about residence
- Chapter 21 Management
- 371UA Introduction to Chapter
- 371UB Application of the Taxes Acts to the CFC charge
- 371UBA Payments in respect of a charge on a banking company: information to be provided
- 371UC Just and reasonable apportionments
- 371UD Relief against sum charged
- 371UE Appeals affecting more than one person
- 371UF Recovery of sum charged from other UK resident companies
- Chapter 22 Supplementary provision
- 371VA Definitions
- 371VB Accounting periods
- 371VC Accounting profits
- 371VD Adjustments to accounting profits
- 371VE Cell companies etc
- 371VF Connected persons etc
- 371VG Finance profits
- 371VH Interests in companies
- 371VI Property business profits
- 371VIA Relevant finance leases
- 371VJ Regulations
- Part 10 Corporate interest restriction
- CHAPTER 1 Introduction
- 372 Overview
- 373 Meaning of “subject to interest restrictions”, “the total disallowed amount” etc
- 374 Interest restriction returns
- CHAPTER 2 Disallowance and reactivation of tax-interest expense amounts
- 375 Disallowance of deductions: full interest restriction return submitted
- 376 Disallowance of deductions: no return, or non-compliant return, submitted
- 377 Disallowance of deductions: identification of the tax-interest amounts to be left out of account
- 378 Disallowed tax-interest expense amounts carried forward
- 379 Reactivation of interest
- 380 Reactivation of deductions: identification of the tax-interest amounts to be brought into account
- 381 Set-off of disallowances and reactivations in the same accounting period
- CHAPTER 3 Tax-interest amounts
- Tax-interest expense and income amounts: basic rules
- 382 The tax-interest expense amounts of a company
- 383 Relevant loan relationship debits
- 384 Relevant derivative contract debits
- 385 The tax-interest income amounts of a company
- 386 Relevant loan relationship credits
- 387 Relevant derivative contract credits
- Double taxation relief
- 388 Double taxation relief
- Net tax-interest expense
- 389 The “net tax-interest expense” or “net tax-interest income” of a company
- 390 The worldwide group's aggregate net tax-interest expense and income
- Interpretation
- 391 Meaning of “impairment loss”
- 391A Amounts capitalised in carrying value of intangible fixed assets
- CHAPTER 4 Interest capacity
- 392 The interest capacity of a worldwide group for a period of account
- 393 Amount of interest allowance for a period that is “available” in a later period
- 394 When interest allowance is “used”
- 395 Amount of interest allowance for a period of account that is “unexpired” in later period
- 395A Carry forward of interest allowance: new holding company
- CHAPTER 5 Interest allowance
- Interest allowance
- 396 The interest allowance of a worldwide group for a period of account
- 397 Basic interest allowance calculated using fixed ratio method
- 398 Basic interest allowance calculated using group ratio method
- 399 The group ratio percentage
- 400 The debt cap
- 400A Carry forward of excess debt cap: new holding company
- Effect of group ratio (blended) election
- 401 Effect of group ratio (blended) election on group ratio percentage
- 402 Effect of group ratio (blended) election on group ratio debt cap
- 403 Calculations under sections 401 and 402: investor worldwide groups
- 404 Meaning of “investor”, “related party investor” and investor's “share”
- CHAPTER 6 Tax-EBITDA
- 405 The aggregate tax-EBITDA of a worldwide group
- 406 The tax-EBITDA of a company
- 407 Amounts not brought into account in determining a company's tax-EBITDA
- 408 Excluded relevant intangibles debits and excluded relevant intangibles credits
- 409 Double taxation relief
- CHAPTER 7 Group-interest and group-EBITDA
- Group-interest
- 410 Net group-interest expense
- 411 “Relevant expense amount” and “relevant income amount”
- 412 Section 411: interpretation
- 413 Adjusted net group-interest expense
- 414 Qualifying net group-interest expense
- 415 Section 414: interpretation
- Group-EBITDA
- 416 Group-EBITDA
- 417 The capital (expenditure) adjustment
- 418 The capital (fair value movement) adjustment
- 419 The capital (disposals) adjustment
- Treatment of derivative contracts in financial statements of worldwide group
- 420 Derivative contracts subject to fair value accounting
- 421 Derivative contracts subject to fair value accounting: interpretation
- Effect of group-EBITDA (chargeable gains) election
- 422 Group-EBITDA (chargeable gains) election
- Effect of interest allowance (alternative calculation) election
- 423 Capitalised interest brought into account for tax purposes in accordance with GAAP
- 424 Employers' pension contributions
- 424A Unpaid employees’ remuneration
- 425 Employee share acquisitions
- 426 Changes in accounting policy
- Effect of interest allowance (non-consolidated investment) election
- 427 Group interest and group-EBITDA
- 428 Section 427: associated worldwide groups
- 429 Meaning of “non-consolidated associate”
- Effect of interest allowance (consolidated partnerships) election
- 430 Interest allowance (consolidated partnerships) election
- Interpretation
- 431 Interpretation of Chapter
- CHAPTER 8 Public infrastructure
- Overview
- 432 Overview of Chapter
- Key concepts
- 433 Meaning of “qualifying infrastructure company”
- 434 Elections under section 433
- 435 Group elections modifying the operation of sections 433 and 434
- 436 Meaning of “qualifying infrastructure activity”
- 437 Section 436: supplementary
- Exemption and related provision
- 438 Exemption for interest payable to third parties etc
- 438A Application of section 438: certain creditors treated as qualifying infrastructure companies
- 439 Exemption in respect of certain pre-13 May 2016 loan relationships
- 440 Loans etc made by qualifying infrastructure companies to be ignored
- 441 Tax-EBITDA of qualifying infrastructure company to be nil
- 442 Amounts of qualifying infrastructure company left out of account for other purposes
- 443 Interest capacity for group with qualifying infrastructure company etc
- Supplementary
- 444 Joint venture companies
- 445 Joint venture groups
- 446 Joint ventures: supplementary
- 447 Partnerships and other transparent entities
- 448 Decommissioning
- 449 Minor definitions for purposes of this Chapter
- CHAPTER 9 Cases involving particular types of company or business
- Banking companies
- 450 Banking companies
- Oil and gas
- 451 Oil and gas
- REITs
- 452 Real Estate Investment Trusts
- Insurance companies etc
- 453 Insurance entities
- 454 Members of Lloyd's
- Investment managers
- 454A Investments held by investment managers
- Shipping companies
- 455 Shipping companies subject to tonnage tax
- Fair value accounting
- 456 Creditor relationships of companies determined on basis of fair value accounting
- 457 Elections under section 456: deemed debits and credits
- Exemption for tax-interest expense or income amounts
- 458 Co-operative and community benefit societies etc
- 459 Charities
- Leases
- 460 Long funding operating leases and finance leases
- CHAPTER 10 Anti-avoidance
- 461 Counteracting effect of avoidance arrangements
- CHAPTER 11 Interpretation etc
- Related parties
- 462 Expressions relating to “related parties”: introduction
- 463 Whether a person is generally a “related party” of another
- 464 Meaning of “25% investment”
- 465 Attribution of rights and interests
- 466 Certain loan relationships etc to be treated as made between related parties
- 467 Holdings of debt and equity in same proportions
- 468 Debts with same rights where unrelated parties hold more than 50%
- 469 Debt restructuring
- 470 Ordinary independent financing arrangements by banks and others
- 471 Loans made by relevant public bodies
- 472 Finance leases granted before 20 March 2017
- Determining the worldwide group
- 473 Meaning of “a worldwide group”, “ultimate parent” etc
- 474 Interpretation of section 473: “relevant entity”
- 475 Meaning of “non-consolidated subsidiary” and “consolidated subsidiary”
- 476 Continuity of identity of a worldwide group through time
- 477 Treatment of stapled entities
- 478 Treatment of business combinations
- Financial statements and periods of account
- 479 “Financial statements” of a worldwide group
- 480 “Period of account” of worldwide group
- 481 Actual financial statements not drawn up on acceptable principles
- 482 Actual financial statements drawn up on acceptable principles but consolidating wrong subsidiaries
- 483 Actual financial statements covering more than one worldwide group
- 484 No actual financial statements: ultimate parent draws up financial statements
- 485 No actual financial statements: other cases
- 486 Election altering period of account deemed under section 485
- 487 Actual financial statements ignored if for too long a period or too late
- 488 Meaning of “IAS financial statements”
- 489 References to amounts recognised in financial statements
- Other definitions
- 490 Meaning of “relevant accounting period”
- 491 Meaning of “relevant public body”
- 492 Meaning of “UK group company”
- 493 Embedded derivatives
- 494 Other interpretation
- Regulations
- 495 Financial statements: different treatment by group or members
- 496 Parties to capital market arrangements
- 497 Change in accounting standards
- 498 Regulations
- Part 11 General provisions
- Subordinate legislation
- 499 Orders and regulations
- Interpretation
- 500 Abbreviated references to Acts
- Final provisions
- 501 Minor and consequential amendments
- 502 Transitional provisions and savings
- 503 Repeals and revocations
- 504 Index of defined expressions
- 505 Extent
- 506 Commencement
- 507 Short title
- SCHEDULES
- Schedule A1 Assessment of unassessed transfer pricing profits: partnerships and Lloyd’s syndicates
- Part 1 Corporate partner’s unassessed transfer pricing profits
- Unassessed transfer pricing profits: corporate partners
- Part 2 Conditions for being assessed
- Conditions for being assessed
- Part 3 Assessment
- Preliminary notices
- Representations by the partnership
- Assessment
- Amendment of partnership return by partnership
- Amendment of assessment by HMRC
- No postponement except before assessment is finalised for tax on same profits
- Closure notices: rules relating to period for amendments
- Appeal against assessment
- Review of assessment
- Settling of appeal by agreement
- Part 4 Application to Lloyd’s syndicates
- Introduction
- Modifications to Parts 1 to 3 of this Schedule
- SCHEDULE 1 Oil activities: new Chapter 16A of Part 2 of ITTOIA 2005
- SCHEDULE 2 Alternative finance arrangements
- Part 1 New Part 10A of ITA 2007
- Part 2 New Chapter 4 of Part 4 of TCGA 1992
- Part 3 Other amendments
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax Act 2007 (c. 3)
- SCHEDULE 3 Leasing arrangements: finance leases and loans
- Part 1 New Part 11A of ITA 2007
- Part 2 New section 37A of TCGA 1992
- SCHEDULE 4 Sale and lease-back etc: new Part 12A of ITA 2007
- SCHEDULE 5 Factoring of income etc: new Chapters 5B and 5C of Part 13 of ITA 2007
- SCHEDULE 6 UK Representatives of non-UK residents
- Part 1 New Chapters 2B and 2C of Part 14 of ITA 2007
- Part 2 New Part 7A of TCGA 1992
- SCHEDULE 7 Miscellaneous relocations
- Part 1 Relocation of section 38 of, and Schedule 15 to, FA 1973
- Taxes Management Act 1970 (c. 9)
- Finance Act 1973 (c. 51)
- Oil Taxation Act 1975 (c. 22)
- Part 2 Relocation of section 24 of FA 1974
- Taxes Management Act 1970 (c. 9)
- Finance Act 1974 (c. 30)
- Part 3 Relocation of section 42 of ICTA
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Corporation Tax Act 2009 (c. 4)
- Part 4 Relocation of section 84A of ICTA
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 5 Relocation of section 152 of ICTA
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Part 6 Relocation of section 337A(2) of ICTA
- Income and Corporation Taxes Act 1988
- Corporation Tax Act 2009 (c. 4)
- Part 7 Relocation of section 475 of ICTA
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 8 Relocation of section 700 of ICTA
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 9 Relocation of section 787 of ICTA
- Income and Corporation Taxes Act 1988 (c. 1)
- Income Tax Act 2007 (c. 3)
- Part 10 Relocation of sections 130 to 132 of FA 1988
- Taxes Management Act 1970 (c. 9)
- Finance Act 1988 (c. 39)
- Part 11 Relocation of section 151 of FA 1989
- Taxes Management Act 1970 (c. 9)
- Finance Act 1989 (c. 26)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 12 Relocation of Schedule 12 to F(No.2)A 1992 so far as applying for income tax purposes
- Finance (No.2) Act 1992 (c. 48)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Part 13 Relocation of section 200 of FA 1996 so far as applying for income tax purposes
- Finance Act 1996 (c. 8)
- Income Tax Act 2007 (c. 3)
- Part 14 Relocation of section 36 of FA 1998 and section 111 of FA 2009
- Taxes Management Act 1970 (c. 9)
- Finance Act 1998 (c. 36)
- Finance Act 2009 (c. 10)
- Part 15 Relocation of section 118 of FA 1998
- Taxes Management Act 1970 (c. 9)
- Finance Act 1998 (c. 36)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Part 16 Relocation of section 144 of FA 2000
- Taxes Management Act 1970 (c. 9)
- Finance Act 2000 (c. 17)
- Serious Organised Crime and Police Act 2005 (c. 15)
- Serious Crime Act 2007 (c. 27)
- Part 17 Relocation of section 199 of FA 2003
- Taxes Management Act 1970 (c. 9)
- Finance Act 2003 (c. 14)
- Part 18 Relocation of section 61 of F(No.2)A 2005
- Finance Act 1998 (c. 36)
- Finance (No. 2) Act 2005 (c. 22)
- Part 19 Relocation of paragraph 13 of Schedule 13 to FA 2007
- Income Tax Act 2007 (c. 3)
- Finance Act 2007 (c. 11)
- SCHEDULE 7A Interest restriction returns
- PART 1 The reporting company
- Appointment by a worldwide group of a reporting company
- Appointment of company where purported return submitted
- Revocation by worldwide group of appointment under paragraph 1
- Regulations supplementing paragraphs 1 and 2
- Appointment of reporting company by Revenue and Customs
- Appointment by officer of Revenue and Customs of replacement reporting company
- Obligation of reporting company to notify group members of its status
- Submission of interest restriction returns by reporting companies
- Revised interest restriction return
- Extended period for submission of full return for period where no restriction
- Meaning of “consenting company” and “non-consenting company”
- ...
- Penalty for submission of return where no reporting company appointed
- PART 2 Contents of interest restriction return
- Elections
- Group ratio election
- Group ratio (blended) election
- Group-EBITDA (chargeable gains) election
- Interest allowance (alternative calculation) election
- Interest allowance (non-consolidated investment) election
- Interest allowance (consolidated partnerships) election
- Abbreviated return election
- Required contents of interest restriction return: full returns and abbreviated returns
- Statement of calculations
- Statement of allocated interest restrictions
- A company's pro-rata share of the total disallowed amount
- Accounting period's pro-rata share of the total disallowed amount
- Statement of allocated interest reactivations
- “Amount available for reactivation” of company in period of account of group
- Estimated information in statements
- Correction of return by officer of Revenue and Customs
- Penalty for failure to deliver return
- Penalty for incorrect or uncorrected return
- Meaning of “deliberate inaccuracy that is concealed” and discovering inaccuracy after return submitted
- Inaccuracy in return attributable to another company
- Reductions in amount of penalty for disclosure or special circumstances
- Assessment, payment and enforcement of penalty
- Right to appeal against penalty or its amount
- Procedure on appeal
- Payments between companies in respect of penalties
- PART 3 Duty to keep and preserve records
- Duty to keep and preserve records
- Penalty for failure to keep and preserve records
- PART 4 Enquiry into interest restriction return
- Notice of enquiry
- Normal time limits for opening enquiry
- Extended time limits for opening enquiries: discovery of errors
- Scope of enquiry
- Enquiry into return for wrong period or wrong group
- Amendment of self-assessment during enquiry to prevent loss of tax
- Revision of interest restriction return during enquiry
- Completion of enquiry
- Direction to complete enquiry
- Conclusions of enquiry
- Interest restriction returns to be submitted to an officer of Revenue and Customs
- Return in relation to a worldwide group: other entities part of another group
- Appeal against closure notice or notice under paragraph 51
- New groups without existing reporting company
- Matters required to be done on a “just and reasonable” basis
- References to a reporting company where replaced
- PART 5 Determinations by officers of Revenue and Customs
- Power of Revenue and Customs to make determinations where no return filed etc
- Time limit: interest restriction return following determination under paragraph 56
- Power of Revenue and Customs to make determinations following enquiry
- Appeal against determination under paragraph 58
- PART 6 Information powers exercisable by members of group
- Provision of information to and by the reporting company
- Provision of information between members of group where no reporting company appointed
- PART 7 Information powers exercisable by officers of Revenue and Customs
- Power to obtain information and documents from members of worldwide group
- Power to obtain information and documents from third parties
- Notices following submitted interest restriction returns
- Appeals
- Application of provisions of Schedule 36 to FA 2008
- References to checking an interest restriction return etc
- PART 8 Company tax returns
- Elections under section 375, 377 or 380
- Amendments to take account of operation of this Part of this Act (including elections)
- Other cases where company must amend its return etc
- Failure to comply with a requirement to amend company tax return
- Regulations for purposes of paragraph 70(2) etc
- Consequential claims to company tax returns
- Meaning of “company tax return”
- PART 9 Supplementary
- Double jeopardy
- Notice of appeal
- Conclusiveness of amounts stated in interest restriction return
- SCHEDULE 8 Minor and consequential amendments
- Part 1 Double taxation relief
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1989 (c. 26)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1993 (c. 34)
- Finance (No. 2) Act 1997 (c. 58)
- Finance Act 1998 (c. 36)
- Finance Act 2000 (c. 17)
- Capital Allowances Act 2001 (c. 2)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Finance Act 2004 (c. 12)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Finance Act 2008 (c. 9)
- Corporation Tax Act 2009 (c. 4)
- Finance Act 2009 (c. 10)
- Part 2 Transfer pricing and advance pricing agreements
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1998 (c. 36)
- Finance Act 1999 (c. 16)
- Finance Act 2000 (c. 17)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Corporation Tax Act 2009 (c. 4)
- Finance Act 2009 (c. 10)
- Part 3 Tax arbitrage
- Finance (No. 2) Act 2005 (c. 22)
- Part 4 Tax treatment of financing costs and income
- Taxes Management Act 1970 (c. 9)
- Finance Act 2009
- Part 5 Offshore funds
- Inheritance Tax Act 1984 (c. 51)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Finance Act 2008 (c. 9)
- Corporation Tax Act 2009 (c. 4)
- Finance Act 2009 (c. 10)
- Part 6 Oil activities
- Finance Act 1980 (c. 48)
- Finance Act 1982 (c. 39)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1991 (c. 31)
- Finance Act 1999 (c. 16)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Part 7 Alternative finance arrangements
- Finance Act 1986 (c. 41)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Finance Act 2003 (c. 14)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Finance Act 2005 (c. 7)
- Finance Act 2006 (c. 25)
- Income Tax Act 2007 (c. 3)
- Corporation Tax Act 2009 (c. 4)
- Finance Act 2009 (c. 10)
- Part 8 Leasing arrangements: finance leases and loans
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1997 (c. 16)
- Capital Allowances Act 2001 (c. 2)
- Income Tax Act 2007 (c. 3)
- Part 9 Sale and lease-back etc
- Income and Corporation Taxes Act 1988 (c. 1)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Broadcasting Act 1996 (c. 55)
- Finance Act 1999 (c. 16)
- Greater London Authority Act 1999 (c. 29)
- Transport Act 2000 (c. 38)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Corporation Tax Act 2009 (c. 4)
- Part 10 Factoring of income etc
- Income and Corporation Taxes Act 1988 (c. 1)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Part 11 UK representatives of non-UK residents
- Finance Act 1995 (c. 4)
- Income Tax Act 2007 (c. 3)
- Part 12 Amendments for purposes connected with other tax law rewrite Acts
- Solicitors (Northern Ireland) Order 1976 (S.I. 1976/582 (N.I. 12))
- Administration of Justice Act 1985 (c. 61)
- Income and Corporation Taxes Act 1988 (c. 1)
- Broadcasting Act 1996 (c. 55)
- Greater London Authority Act 1999 (c. 29)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Finance Act 2004 (c. 12)
- Finance Act 2005 (c. 7)
- Income Tax Act 2007 (c. 3)
- Corporation Tax Act 2009 (c. 4)
- Part 13 General
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1998 (c. 36)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007 (c. 3)
- Corporation Tax Act 2009 (c. 4)
- Finance Act 2009 (c. 10)
- SCHEDULE 9 Transitionals and savings etc
- Part 1 General provisions
- Continuity of the law: general
- General saving for old transitional provisions and savings
- Interpretation
- Part 2 Changes in the law
- Part 3 Double taxation relief
- Conversion of references to the profits tax in old arrangements
- Effect in relation to capital gains tax of arrangements given effect before introduction of that tax
- Double taxation arrangements to which section 11(3) applies
- Unilateral relief for underlying tax on dividends
- Time limits for claims for relief
- Taking account of underlying tax
- Reduction in credit: payment by reference to foreign tax
- Credit against corporation tax on trade income: anti-avoidance
- Credit against corporation tax on trade income: banks
- Meaning of “relevant profits” in section 58
- Conditions for relief for underlying tax paid by company lower in dividend-paying chain
- Application of sections 109 and 110 in relation to pre-1 October 2007 cases
- Income increased by amounts paid by reference to foreign tax for which deduction allowed
- Offshore fund treated after 1 December 2009 as distributing fund under repealed Chapter 5 of Part 17 of ICTA
- Limited effect of amendments of sections 806A to 806J of ICTA
- Interpretative rules saved for the purposes of applying sections 806A to 806K of ICTA to distributions paid before 1 July 2009
- Repealed references to Part 18 of ICTA saved for purposes of sections 806A to 806K of ICTA
- Part 4 Transfer pricing
- Transfer pricing: meaning of potential advantage
- Part 5 Advance pricing agreements
- Part 6 Tax avoidance (arbitrage)
- Arbitrage: contributions to capital of UK resident companies before 16 March 2005
- Part 7 Tax treatment of financing costs and income
- Periods of account in relation to which Part 7 does not have effect
- Exclusion of certain debits and credits
- Part 8 Offshore funds
- Restriction on regulation-making power under section 354
- Part 9 Oil activities
- Regional development grants
- Reimbursement by defaulter in respect of certain abandonment expenditure
- Part 10 Alternative finance arrangements
- Alternative finance arrangements entered into before certain dates etc
- Alternative finance arrangements not offshore funds
- Alternative finance arrangements entered into before 15 October 2009
- Part 11 Sale and lease-back etc
- New lease of land after assignment or surrender: right to new lease existed pre-22 June 1971
- Part 12 Factoring of income etc
- Application of Chapter 5B of Part 13 of ITA 2007 (finance arrangements) to pre-6 June 2006 arrangements
- Application of section 809BZN of ITA 2007 (finance arrangements: exceptions)
- Application of section 809CZC of ITA 2007 (income-transfer under loan or credit transaction)
- Part 13 Miscellaneous relocations
- Application of sections 925A to 925F of ITA 2007 (repos)
- SCHEDULE 10 Repeals and revocations
- Part 1 Double taxation relief
- Part 2 Transfer pricing and advance pricing agreements
- Part 3 Tax arbitrage
- Part 4 Tax treatment of financing costs and income
- Part 5 Offshore funds
- Part 6 Oil activities
- Part 7 Alternative finance arrangements
- Part 8 Leasing arrangements: finance leases and loans
- Part 9 Sale and lease-back etc
- Part 10 Factoring of income etc
- Part 11 UK representatives of non-UK residents
- Part 12 Miscellaneous relocations
- Part 13 Repeals for purposes connected with other tax law rewrite Acts
- SCHEDULE 11 Index of defined expressions used in Parts 2 to 8
- Part 1 Double taxation relief: index of defined expressions used in Parts 2 and 3
- Part 2 Transfer pricing: index of defined expressions used in Part 4
- Part 2A Unassessed transfer pricing profits: index of defined expressions used in Part 4A
- Part 3 Advance pricing agreements: index of defined expressions used in Part 5
- Part 4 Tax arbitrage: index of defined expressions used in Part 6
- PART 4A Hybrid and other mismatches: index of defined expressions used in Part 6A
- Part 5 Tax treatment of financing costs and income: index of defined expressions used in Part 7
- Part 6 Offshore funds: index of defined expressions used in Part 8
- PART 7 Corporate interest restriction: index of defined expressions used in Part 10
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