Source: http://www.legislation.gov.uk/ukpga/2010/13/schedule/16/crossheading/amendments
Timestamp: 2013-05-19 07:47:23
Document Index: 124187882

Matched Legal Cases: ['art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21', 'art 21']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchFinance Act 2010You are here:2010 c. 13SCHEDULE 16AmendmentsTable of ContentsContentExplanatory NotesMore ResourcesPrevious: CrossheadingNext: CrossheadingPlain ViewPrint Options
Changes to legislation:There are currently no known outstanding effects for the Finance Act 2010, Cross Heading: Amendments.Changes to LegislationRevised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.AmendmentsE+W+S+N.I.1CTA 2010 is amended as follows.E+W+S+N.I.2In section 1(4) (overview of Act) omit the “and” at the end of paragraph (g), insert “ , and ” at the end of paragraph (h) and after that paragraph insert—E+W+S+N.I.“(i)risk transfer schemes (see Part 21A).”
3After Part 21 insert—E+W+S+N.I. “Part 21A E+W+S+N.I.Risk transfer schemesIntroductionE+W+S+N.I.937AOverviewThis Part contains rules about the treatment of certain losses made by companies as a result of risk transfer schemes.
Basic definitionsE+W+S+N.I.937CMeaning of “risk transfer scheme”(1)A scheme to which a company (“company A”) is a party is a “risk transfer scheme” if conditions 1 to 3 are met.
Treatment of ring-fenced scheme lossesE+W+S+N.I.937GRing-fenced scheme loss: treatment in period in which made(1)This section applies for the purpose of determining the amount (if any) of a ring-fenced scheme loss that may be brought into account by a company in the accounting period in which it is made.
(2)If the amount of the company's profits pool for the scheme as at the beginning of the period is nil, the ring-fenced scheme loss may not be brought into account.
(3)If the amount of the company's profits pool for the scheme as at the beginning of the period is—
A is the amount of the company's profits pool as at the beginning of the period, and
(5)If the amount of the company's profits pool for the scheme as at the beginning of the period is equal to or greater than the total of the ring-fenced scheme losses made in the period in relation to the scheme by the company, the ring-fenced scheme loss may be brought into account in full.
(c)the amount of the company's losses pool for the scheme as at the beginning of the period is greater than nil.
A is so much of the amount of the company's losses pool as at the beginning of the period as does not exceed the total of the relevant scheme profits made in the period in relation to the scheme by the company, and
A company's losses pool and profits poolE+W+S+N.I.937IA company's losses pool and profits pool(1)The amount of a company's losses pool for a risk transfer scheme as at the beginning of an accounting period (“the current accounting period”) is—
(2)The amount of a company's profits pool for a risk transfer scheme as at the beginning of an accounting period (“the current accounting period”) is—
GeneralE+W+S+N.I.937JTax capacity assumption(1)This section applies for the purpose of determining whether condition 2 in section 937C is met.
(b)the company's profits chargeable to corporation tax, before doing so, were equal to the debit (or the reduction in any credit) determined by reference to the loss.
Power to amend this PartE+W+S+N.I.937OPower to amend this Part in its application to dealers in securities(1)The Treasury may by order amend any enactment contained in this Part so as to apply (with or without modifications) the rules in this Part about scheme losses and scheme profits to losses and profits made in a trade.
4In Schedule 4 (index of defined expressions), insert at the appropriate places—E+W+S+N.I.“associated with (in Part 21A)section 937K”“economic loss (in Part 21A)section 937L”“economic profit (in Part 21A)section 937L”“the relevant group (in Part 21A)section 937B(3)”“relevant scheme profit (in Part 21A)section 937F”“ring-fenced scheme loss (in Part 21A)section 937F”“risk transfer scheme (in Part 21A)section 937C”“scheme (in Part 21A)section 937N”“scheme loss (in Part 21A)section 937E”“scheme profit (in Part 21A)section 937E”“the scheme rate, index or value (in Part 21A)section 937D”Previous: CrossheadingNext: CrossheadingBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint The Whole SchedulePDF The Whole ScheduleWeb page The Whole SchedulePrint This Cross Heading onlyPDF This Cross Heading onlyWeb page This Cross Heading onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open Schedules only The Schedules only you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openLegislation is available in different versions:Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.See additional information alongside the contentGeographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.Opening OptionsDifferent options to open legislation in order to view more content on screen at onceExplanatory Notes