Source: http://www.legislation.gov.uk/ukpga/2009/4/part/3/chapter/9
Timestamp: 2020-01-20 18:42:33
Document Index: 278891696

Matched Legal Cases: ['art 3', 'art. 5', 'art. 5', 'art. 5', 'art 2', 'art. 5']

Changes and effects yet to be applied to Part 3 Chapter 9:
Chapter 9U.K.Trade profits: other specific trades
[F1InsurersU.K.
130 Insurers receiving distributions etc U.K.
Industrial and provident societiesU.K.
(5)See also [F3section 1056 of CTA 2010] (dividend or bonus to which this section applies is not treated as a distribution).
F3Words in s. 132(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 598 (with Sch. 2)
Dealers in land etcU.K.
F4135Relief in respect of mineral royaltiesU.K.
F4S. 135 repealed (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 44(1)(a)
F5138Payments by companies liable to pool betting dutyU.K.
F5S. 138 repealed (with effect in accordance with Sch. 39 para. 21(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 22(1)(a)
(d)[F6an authorisation under the Radioactive Substances Act 1960 (c. 34) or the Radioactive Substances Act 1993 (c. 12) for the disposal of radioactive waste, or]
F6S. 144(1)(d) repealed (E.W.) (6.4.2010) by The Environmental Permitting (England and Wales) Regulations 2010 (S.I. 2010/675), reg. 1(1)(b), Sch. 26 Pt. 1 para. 20, Sch. 28 (with reg. 1(2), Sch. 4)
(2)[F7Subject to subsection (3A),] a deduction is allowed for the unrelieved amount of the payment.
[F8(3)The deduction is allowed—
[F9(7)Arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).]
F7Words in s. 145(2) inserted (with effect in accordance with s. 53(7)(8) of the amending Act) by Finance Act 2012 (c. 14), s. 53(4)
F8S. 145(3)(3A) substituted for s. 145(3) (with effect in accordance with s. 53(7)(8) of the amending Act) by Finance Act 2012 (c. 14), s. 53(5)
F9S. 145(7) inserted (with effect in accordance with s. 53(7)(8) of the amending Act) by Finance Act 2012 (c. 14), s. 53(6)
[F10Cemeteries and crematoria: interests in land]U.K.
F10S. 146 crossheading substituted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 5(2) (with art. 5(5))
147Deduction for capital expenditureU.K.
(1)This section applies if, in the relevant period, an interest in land in the cemetery or memorial garden is sold with a view to the land being used—
(a)for the purpose of interments, or
(b)for memorial garden plots.
(a)capital expenditure incurred by the trader, or a predecessor, on the purchase of an interest in the land or on the preparation of the land, and
(b)ancillary capital expenditure allocated to the relevant period under section 148 (allocation of ancillary capital expenditure).
(3)But no expenditure is to be brought into account—
(a)under both paragraphs (a) and (b) of subsection (2), F11...
(b)under both subsection (2)(a) above and section 170(2)(b) of ITTOIA 2005 (relief for income tax purposes) or under both subsection (2)(b) above and section 170(2)(a) of ITTOIA 2005, [F12or
(c)under both subsection (2)(b) above and section 149B(4), 149C(4) or 149D(3).]
whether for the same or different periods of account.
(4)Any purchase price paid on a sale in connection with a change in the persons carrying on the trade is ignored in calculating the amount of the deduction.
(5)No deduction is allowed for any expenditure which is excluded by section 149 (exclusion of expenditure met by subsidies).
F11Word in s. 147(3)(a) omitted (1.3.2012) by virtue of The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 5(3)(a) (with art. 5(5))
F12S. 147(3)(c) and word inserted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 5(3)(b) (with art. 5(5))
148Allocation of ancillary capital expenditureU.K.
(1)The amount of ancillary capital expenditure allocated to the relevant period for the purposes of section 147(2)(b) is the amount given by the formula—
PSR means the number of grave-spaces or memorial garden plots in the cemetery or memorial garden sold in the relevant period, and
PAR means the number of grave-spaces or memorial garden plots in the cemetery or memorial garden which are or could be made available for sale at the end of the relevant period.
(2)“Residual expenditure” means the total of all ancillary capital expenditure incurred at any time before the end of the relevant period, less—
(a)ancillary capital expenditure incurred on buildings or structures which were destroyed before the beginning of the first sale period,
(b)the excluded amount of any remaining old expenditure (see subsection (3)),
(c)if, after the beginning of the first sale period and before the end of the relevant period, an asset representing ancillary capital expenditure was sold or destroyed, the net sale proceeds or the compensation, and
(d)any amount deducted under section 147(2)(b) above, or under section 170(2)(b) of ITTOIA 2005, for a period of account ending before the relevant period.
(3)The excluded amount of remaining old expenditure is calculated by multiplying the remaining old expenditure by the fraction—
PSB means the number of grave-spaces or memorial garden plots in the cemetery or memorial garden sold before the beginning of the basis period for the tax year 1954-55, and
PAB means the number of grave-spaces or memorial garden plots in the cemetery or memorial garden which were or could have been made available for sale immediately before the beginning of the basis period for that tax year.
“compensation”, in relation to the destruction of an asset, means—
insurance money or other compensation received by the trader, or a predecessor, in respect of the destruction, and
money received for the remains of the asset by the trader or predecessor,
“the first sale period” means—
the period of account in which an interest in land in the cemetery or memorial garden was first sold for the purposes of the trade with a view to the land being used for the purpose of interments or for memorial garden plots, or
if later, the basis period for the tax year 1954-55, and
“remaining old expenditure” means ancillary capital expenditure which—
was incurred before the beginning of the basis period for the tax year 1954-55, and
does not fall within subsection (2)(a).
149Exclusion of expenditure met by subsidiesU.K.
(1)Expenditure is excluded for the purposes of section 147 so far as it has been, or is to be, met (directly or indirectly) by—
(b)a government or local or other public authority (whether in the United Kingdom or elsewhere), or
(c)any person other than the person incurring the expenditure.
(2)This is subject to the following exceptions.
(3)Expenditure is not excluded for the purposes of section 147 if it is met (directly or indirectly) by a grant—
(b)declared by the Treasury by an order under section 534 of CAA 2001 to correspond to a grant under Part 2 of the Industrial Development Act 1982 (c. 52).
(4)Expenditure is not excluded for the purposes of section 147 if it is met (directly or indirectly) by—
(5)Expenditure is not excluded for the purposes of section 147 if—
(a)it has been, or is to be, met (directly or indirectly) by a person other than the Crown or a government or local or other public authority, and
(b)no deduction is allowed for the expenditure in calculating for corporation or income tax purposes the profits of a trade carried on by that person.
[F13Crematoria: niches, memorials and inscriptionsU.K.
F13Ss. 149A-149E inserted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 5(4) (with art. 5(5))
Sound recordingsU.K.
150Revenue nature of expenditureU.K.
152Interpretation of sections 150 and 151U.K.
(1)For the purposes of sections 150 and 151—
(a)“sound recording” does not include a film soundtrack,
(b)“original master version” means the master tape or master audio disc of the recording,
(c)references to the original master version of a sound recording include any rights in the original master version that are held or acquired with it, and
(2)In subsection (1)(a) “film” is to be read in accordance with section 1181.
153Reserves of marketing authorities and certain other statutory bodiesU.K.
(1)This section applies to a statutory body if its object (or one of its objects) is—
(a)marketing an agricultural product, or
(b)stabilising the price of an agricultural product.
(2)Subsections (3) and (4) apply if the body is required, by or under an approved scheme or arrangement (“the scheme”), to pay the whole or part of any trading surplus into a reserve fund meeting the conditions specified in section 154.
(3)Any sums which the body is required by or under the scheme to pay into the fund out of the profits of its trade are allowed as deductions in calculating the profits of the trade.
(4)Any sums withdrawn by the body from the fund are taken into account as trading receipts, except so far as—
(a)they are required, by or under the scheme, to be paid to a Minister or department,
(b)they are distributed to producers of the product in question, or
(c)they are refunded to persons who pay any levy or duty.
“approved scheme or arrangement” means a scheme or arrangement approved by, or made with, a Minister or department,
“producers of the product” includes persons producing the product from another product,
“statutory body” means a body established by or under an enactment,
“trading surplus” means a surplus from the body's trading operations or other trade receipts.
154Conditions to be met by reserve fundU.K.
(1)These are the conditions to be met by the reserve fund (see section 153(2)).
(2)The first condition is that no sum may be withdrawn from the fund without the authority or consent of a Minister or department.
(3)The second condition is that if—
(a)money has been paid to the body by a Minister or department—
(i)in connection with arrangements for maintaining guaranteed prices, or
(ii)in connection with the body's trading arrangements, and
(b)the money is repayable to the Minister or department,
sums standing to the credit of the fund are required to be applied (in whole or in part) in repaying the money.
(4)The requirement mentioned in subsection (3) must be imposed by or under the scheme or arrangement mentioned in section 153(2).
(a)the fund is reviewed by a Minister at intervals fixed by or under the scheme or arrangement mentioned in section 153(2), and
(b)if the fund appears to the Minister to exceed what is reasonably required by the body, the excess is withdrawn from the fund.
155Interpretation of sections 153 and 154U.K.
(1)In sections 153 and 154 “Minister” means—
(c)the Welsh Ministers, or
(d)a Minister within the meaning of the Northern Ireland Act 1998 (c. 47).
(2)In sections 153 and 154 “department” means—
(b)a part of the Scottish Administration,
(c)a part of the Welsh Assembly Government, or