Source: http://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/450
Timestamp: 2013-05-24 14:25:15
Document Index: 63221316

Matched Legal Cases: ['art. 13', 'art. 14', 'art. 5', 'art. 16', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Income Tax (Trading and Other Income) Act 2005Section 450Table of ContentsContentExplanatory NotesMore ResourcesPrevious: ParagraphNext: ParagraphPlain ViewPrint Options
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This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Whole provisions yet to be inserted into this Act (including any effects on those provisions):Pt. 8A inserted by 2012 c. 14 Sch. 2 para. 1(1)Pt. 21A inserted by 2010 c. 13 Sch. 16 para. 3Pt. 21B inserted by 2011 c. 11 Sch. 5 para. 2Pt. 21C inserted by 2011 c. 11 Sch. 3 para. 2s. 9A 9B inserted by 2011 c. 11 Sch. 7 para. 3s. 67A applied by 2001 c. 2 s. 250A(2) (as inserted) by 2011 c. 11 Sch. 14 para. 12(14)s. 67A inserted by 2011 c. 11 Sch. 14 para. 8(3)s. 67B and cross-heading inserted by 2012 c. 14 Sch. 16 para. 218s. 134A inserted by 2010 c. 33 Sch. 6 para. 5s. 146A 146B inserted by 2010 c. 33 Sch. 6 para. 9s. 155A 155B inserted by S.I. 2012/266 art. 13(1)s. 174A 174B inserted by S.I. 2012/266 art. 14(1)s. 210A inserted by 2010 c. 13 Sch. 7 para. 7s. 330A-330C inserted by 2012 c. 14 Sch. 21 para. 3s. 349A inserted by 2012 c. 14 Sch. 22 para. 15s. 355A-355C inserted by S.I. 2012/3153 art. 5s. 394A and cross-heading inserted by 2010 c. 13 Sch. 18 para. 5s. 394A(1) s. 394A renumbered as s. 394A(1) by 2012 c. 14 s. 24(5)(a)s. 394A(2) inserted by 2012 c. 14 s. 24(5)(b)s. 394ZA inserted by 2012 c. 14 s. 24(4)s. 398A-398G and cross-heading inserted by 2010 c. 13 Sch. 18 para. 6s. 398A(1)(a) words inserted by 2011 c. 11 s. 54(1)s. 398D(6)(6A) substituted for s. 398D(6) by 2012 c. 14 Sch. 20 para. 38s. 398G(2) omitted by 2011 c. 11 Sch. 6 para. 6(2)s. 398G(3)(4) substituted for s. 398G(3) by 2011 c. 11 Sch. 6 para. 6(3)s. 437A-437C inserted by 2011 c. 11 Sch. 6 para. 22s. 472A inserted by 2010 c. 13 Sch. 8 para. 1(2)s. 477A and cross-heading inserted by 2010 c. 13 Sch. 8 para. 7s. 477A(A1) inserted by 2012 c. 14 Sch. 15 para. 3(2)s. 477A(1) word inserted by 2012 c. 14 Sch. 15 para. 3(3)s. 491A and cross-heading inserted by 2012 c. 14 Sch. 15 para. 4s. 528A 528B inserted by 2012 c. 14 Sch. 4 para. 16s. 530A inserted by 2012 c. 14 Sch. 4 para. 23s. 554A inserted by 2010 c. 33 Sch. 4 para. 8s. 562A inserted by 2012 c. 14 Sch. 4 para. 9s. 562B 562C inserted by 2012 c. 14 Sch. 4 para. 18s. 573A inserted by 2012 c. 14 Sch. 4 para. 11s. 573B inserted by 2012 c. 14 Sch. 4 para. 20s. 599A applied by 2007 c. 3 s. 973(3B) (as inserted) by 2010 c. 33 Sch. 4 para. 2s. 599A inserted by 2010 c. 33 Sch. 4 para. 10s. 661A-661C inserted by 2010 c. 13 Sch. 6 para. 32s. 661D and cross-heading inserted by 2012 c. 14 Sch. 15 para. 6s. 665A and cross-heading inserted by 2012 c. 14 Sch. 15 para. 7s. 931H heading word substituted by 2010 c. 33 Sch. 3 para. 3(3)(a)s. 931H(1) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(b)(ii)s. 931H(1) words inserted by 2010 c. 33 Sch. 3 para. 3(3)(b)(i)s. 931H(2) words substituted by 2010 c. 33 Sch. 3 para. 3(3)(c)s. 931H(3) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(d)(i)s. 931H(3) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(d)(ii)s. 931H(4) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(d)(i)s. 931H(4) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(d)(ii)s. 931H(5) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(e)(i)s. 931H(5) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(e)(ii)s. 931H(5) word substituted by 2010 c. 33 Sch. 3 para. 3(3)(e)(iii)s. 931RA and cross-heading inserted by 2010 c. 33 Sch. 3 para. 3(4)s. 938M(1) words substituted by 2012 c. 14 Sch. 20 para. 39(2)s. 938M(2) words substituted by 2012 c. 14 Sch. 20 para. 39(3)(a)s. 938M(2) words substituted by 2012 c. 14 Sch. 20 para. 39(3)(b)s. 939C(8) modified (temp.) by 2011 c. 11 Sch. 3 para. 31(b)s. 940A s. 938 renumbered as s. 940A by 2011 c. 11 Sch. 5 para. 3(1)(a)s. 940A(2) word substituted by 2011 c. 11 Sch. 5 para. 3(2)(a)s. 940A(3) word substituted by 2011 c. 11 Sch. 5 para. 3(2)(b)s. 940B s. 939 renumbered as s. 940B by 2011 c. 11 Sch. 5 para. 3(1)(b)s. 940C s. 940 renumbered as s. 940C by 2011 c. 11 Sch. 5 para. 3(1)(c)s. 1027A inserted by 2010 c. 33 Sch. 3 para. 1(3)s. 1030A 1030B and cross-heading inserted by S.I. 2012/266 art. 16(3)Commencement Orders yet to be applied to the Corporation Tax Act 2010:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2011/2977 art. 2 commences (2011 c. 11)S.I. 2012/628 art. 2-8 commences (2011 c. 20)S.I. 2012/887 art. 2 3 coming into forceS.I. 2012/1662 art. 2(2)(b) commences (2011 c. 24)This section has no associated Explanatory Notes450After section 148E insert—E+W+S+N.I.“148EADetermination of remaining residual value resulting from lessor's first additional expenditure(1)This section sets out how the remaining residual value of the plant or machinery resulting from the additional expenditure (“RRV”) is determined for the purposes of section 148E(4) if section 148E has not applied in relation to any previous additional expenditure incurred by the person in relation to the leased plant or machinery.
(2)RRV depends on whether—
(a)the amount (“ARV”) which is expected to be the residual value of the plant or machinery at the time when the additional expenditure is incurred, exceeds
(b)the amount (“CRV”) which at the commencement of the term of the lease is expected to be its residual value (or, if section 148DB applies, would have been expected to be that value had that value been estimated at that time).
(3)If ARV exceeds CRV, RRV is the part of the excess that is a result of the additional expenditure.
(4)Otherwise, RRV is nil.
(5)For the meaning of “residual value”, see section 148J(2).
148EBDetermination of remaining residual value resulting from lessor's further additional expenditure(1)This section sets out how the remaining residual value of the plant or machinery resulting from the additional expenditure (“RRV”) is determined for the purposes of section 148E(4) if section 148E has applied in relation to previous additional expenditure incurred by the person in relation to the leased plant or machinery.
(a)the amount which is expected to be the residual value of the plant or machinery at the time when the further additional expenditure is incurred (“FARV”), exceeds
(b)the sum of the amounts in subsection (3).
(a)the amount which at the commencement of the term of the lease is expected to be the residual value of the plant or machinery (or, if section 148DB applies, would have been expected to be that value had that value been estimated at that time), and
(b)any amounts that were subtracted under section 148E(4) as the remaining residual value of the plant or machinery resulting from the previous additional expenditure.
(4)If FARV exceeds the sum of the amounts in subsection (3), RRV is the portion of the excess that is a result of the further additional expenditure.
(5)Otherwise, RRV is nil.
(6)For the meaning of “residual value”, see section 148J(2).”