Source: http://www.legislation.gov.uk/ukpga/2014/26/schedule/1/part/2/enacted
Timestamp: 2017-11-23 00:25:54
Document Index: 469431465

Matched Legal Cases: ['ART 2', 'art 1', 'art 8', 'art 8', 'art 8', 'art 13', 'art 8', 'art 8', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 8', 'art 3', 'art 3']

PART 2Amendments consequential on Part 1 of this Schedule
6In Schedule 18 to FA 1998 (company tax returns, assessments and related matters), in paragraph 8 (calculation of tax payable), in subsection (1), for “section 19, 20 or 21 of the Corporation Tax Act 2010 (marginal relief for companies with small profits)” substitute “Chapter 3A of Part 8 of the Corporation Tax Act 2010 (marginal relief for companies with small ring fence profits etc)”.
7In Schedule 22 to FA 2000 (tonnage tax), in paragraph 57 (exclusion of relief or set-off against tax liability), in sub-paragraph (6), for paragraph (a) substitute—
“(a)any reduction under Chapter 3A of Part 8 of CTA 2010 (marginal relief for companies with small ring fence profits), or”.
11In section 1114 of that Act (calculation of total R&D aid for the purposes of the cap), after “aid is calculated” insert “(or, in the case of a ring fence trade (within the meaning of section 277 of CTA 2010) the main ring fence profits rate at that time)”.
12In Schedule 4 to that Act (index of defined expressions), at the appropriate place, insert—
“main ring fence profits rate section 279A(4) (as applied by 1119 of CTA 2010)”.
13(1)Chapter 3 of Part 8A of CTA 2010 (profits arising from the exploitation of patents etc: relevant IP profits) is amended as follows.
(2)In section 357CL (companies eligible to elect for small claims treatment)—
(a)in subsection (5) for “the company has no associated company” substitute “no other company is a related 51% group company of the company”,
(i)for “the company has one or more associated companies” substitute “one or more other companies are related 51% group companies of the company,” and
(ii)for “those associated” substitute “those related 51% group”, and
(3)In section 357CM (small claims amount)—
15(1)Part 13 of CTA 2010 (other special types of company etc) is amended as follows.
(2)In section 614 (open-ended investment companies: applicable corporation tax rate), omit “(and sections 18 and 19 (relief for companies with small profits) do not apply)”.
(3)In section 618 (authorised unit trusts: applicable corporation tax rate), omit “(and sections 18 and 19 (relief for companies with small profits) do not apply)”.
(4)In section 627 (companies in liquidation etc: meaning of “rate of corporation tax” in case of companies with small profits)—
“(1)This section applies if corporation tax is chargeable on ring fence profits of a company for a financial year.
(c)if corporation tax on those profits is to be reduced by reference to the marginal relief fraction within the meaning of Chapter 3A of Part 8 (see sections 279B and 279C), as including references to the marginal relief fraction (and with references to a rate being “fixed” or “proposed” read accordingly as references to the marginal relief fraction concerned being fixed or proposed).”
(b)accordingly, in the heading for the section, for “small profits” substitute “ring fence profits”.
(5)In section 628 (company in liquidation: corporation tax rates), for “the rate of corporation tax” (in each place it occurs) substitute “the main rate of corporation tax”.
(6)In section 630 (company in administration: corporation tax rates), for “the rate of corporation tax” (in each place it occurs) substitute “the main rate of corporation tax”.
17(1)Schedule 4 to CTA 2010 (index of defined expressions) is amended as follows.
(2)Insert the following entries at the appropriate places—
“the main ring fence profits rate section 279A(4) (as applied by section 1119)”
“the marginal relief fraction (in Chapter 3A of Part 8) section 279B(3)”
“related 51% group company section 279F (as applied by section 1119)”
“the small ring fence profits rate section 279A(4)”
(3)Omit the entries for—
“associated company (in Part 3)”;
“close investment holding company (in Part 3)”;
“the ring fence fraction (in Part 3)”;
“the small profits rate”;
“the standard fraction (in Part 3)”.
(4)In the entry for “augmented profits (in Part 3)”—
(a)in the first column for “Part 3” substitute “Chapter 3A of Part 8”, and
(b)in the second column, for “32” substitute “279G”.
(5)In the entry for “the lower limit (in Part 3)”—
(b)in the second column for “24” substitute “279E”.
(6)In the entry for “the upper limit (in Part 3)”—
19In section 6 of FA 2013 (main rate for financial year 2015)—
(a)in subsection (1) for “the rate” substitute “the main rate”,
(b)in that subsection, omit “on profits of companies other than ring fence profits”, and
20In Schedule 25 to that Act (charge on certain high value disposals by companies etc), omit paragraph 19.