http://www.legislation.gov.uk/ukpga/2009/10/section/62Finance Act 2009An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.texttext/xmlenStatute Law Database2024-06-11Expert Participation2024-05-24 Part 2 Income tax, corporation tax and capital gains tax<Emphasis>Miscellaneous anti-avoidance provisions</Emphasis>Transfers of trade to obtain terminal loss relief62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S. 62 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
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<ukm:UnappliedEffect AffectingEffectsExtent="E+W+S+N.I." EffectId="key-f0e5a9cb0a1fc4200590ad2086c7a35d" Notes="Sch. 9 para. 10 is amended before it comes into force by 2017 c. 32, Sch. 4 para. 182" RequiresApplied="true" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2009/10" AffectingYear="2010" URI="http://www.legislation.gov.uk/id/effect/key-f0e5a9cb0a1fc4200590ad2086c7a35d" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2010/33" Comments="The amending provision is itself amended before it comes into force by 2017 c. 32, Sch. 4 para. 182: "(1) In paragraph 10 of Schedule 9 to F(No.3)A 2010 (interest), the new Part A1 to be inserted into Schedule 54 to FA 2009 is amended as follows. (2) In paragraph A1 (interest on tax repaid as a result of carrying back a non-trading deficit on company's loan relationships)- (a) in sub-paragraph (1)(c) for "or 459(1)(b)" substitute " , 459(1)(b) or 463B(1)(b) ", and (b) in sub-paragraph (2) for "or 459(1)(b)" substitute " , 459(1)(b) or 463B(1)(b) ". (3) After paragraph A2 insert- "A2A(1)This paragraph applies where- (a)a company has profits arising in an accounting period ("the earlier period"), (b)the company ceases to carry on a trade in a later accounting period ("the later period"), (c)on a claim under section 45F of CTA 2010 (terminal losses), the whole or any part of a loss incurred in the trade has been set off for the purposes of corporation tax against the profits of the earlier period, (d)the earlier period does not fall wholly within the period of 12 months immediately preceding the later period, and (e)a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that period. (2) So much of the repayment mentioned in sub-paragraph (1)(e) as falls to be made as a result of the claim under section 45F does not carry repayment interest. (3) But sub-paragraph (2) does not apply (and, accordingly, the amount mentioned in that sub-paragraph carries repayment interest) after the expiry of 9 months from the end of the later period." (4)In paragraph A3 (interest on tax repaid as a result of a claim under section 77 of TIOPA 2010) in sub-paragraph (4) after "A4" insert " or A5 ". (5)After paragraph A4 insert- "A5(1)This paragraph applies where- (a)a company has profits arising in an accounting period ("the middle period"), (b)the company ceases to carry on a trade in a later accounting period ("the later period"), (c)on a claim under section 45F of CTA 2010 (terminal losses), the whole or any part of a loss incurred in the trade has been set off for the purposes of corporation tax against the profits of the middle period, (d)the middle period does not fall wholly within the period of 12 months immediately preceding the later period, (e)as a result of the claim under section 45F, an excess or increased excess arises in the middle period as described in section 72 of TIOPA 2010 (amounts of unrelieved foreign tax), (f)on a claim under section 77 of that Act, credit for the whole or any part of the excess is allowed against corporation tax in respect of an accounting period before the middle period ("the earlier period") and, (g)a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that period. (2)So much of the repayment mentioned in sub-paragraph (1)(g) as falls to be made as a result of the claim under section 77 does not carry repayment interest. (3)But sub-paragraph (2) does not apply (and, accordingly, the amount mentioned in that sub-paragraph carries repayment interest) after the expiry of 9 months from the end of the later period.""" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedNumber="10" AppendedCommentary="(as amended by 2017 c. 32, s. 25(2), Sch. 4 paras. 182, 190)" AffectedYear="2009" Row="399" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedProvisions="Sch. 54 Pt. A1" AffectingProvisions="Sch. 9 para. 10" AffectingNumber="33" Type="inserted" Modified="2024-06-12T08:34:36Z">
<ukm:AffectedTitle>Finance Act 2009</ukm:AffectedTitle>
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<ukm:Section Ref="schedule-54" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/54">Sch. 54 </ukm:Section>
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<ukm:AffectingTitle>Finance (No. 3) Act 2010</ukm:AffectingTitle>
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<ukm:Section Ref="schedule-9" URI="http://www.legislation.gov.uk/id/ukpga/2010/33/schedule/9">Sch. 9 </ukm:Section>
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<ukm:AffectedTitle>Finance Act 2009</ukm:AffectedTitle>
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<ukm:Section Ref="schedule-55" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/55">Sch. 55 </ukm:Section>
<ukm:Section Ref="schedule-55-paragraph-6-3A-za" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/55/paragraph/6/3A/za" FoundRef="schedule-55-paragraph-6">para. 6(3A)(za)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Finance Act 2015</ukm:AffectingTitle>
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<ukm:Section Ref="schedule-20" URI="http://www.legislation.gov.uk/id/ukpga/2015/11/schedule/20">Sch. 20 </ukm:Section>
<ukm:Section Ref="schedule-20-paragraph-15-2-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/11/schedule/20/paragraph/15/2/a">para. 15(2)(a)</ukm:Section>
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</ukm:InForceDates>
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<ukm:AffectedTitle>Finance Act 2009</ukm:AffectedTitle>
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<ukm:Section Ref="schedule-55" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/55">Sch. 55 </ukm:Section>
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<ukm:AffectingTitle>Finance Act 2015</ukm:AffectingTitle>
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<ukm:Section Ref="schedule-20" URI="http://www.legislation.gov.uk/id/ukpga/2015/11/schedule/20">Sch. 20 </ukm:Section>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedExtent="E+W+S+N.I." AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/11" AffectingEffectsExtent="E+W+S+N.I." AffectingNumber="11" AffectedYear="2009" URI="http://www.legislation.gov.uk/id/effect/key-4df15d08c2bfa3fa5ebb033e8c03b8f4" EffectId="key-4df15d08c2bfa3fa5ebb033e8c03b8f4" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2009/10" AffectingYear="2015" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedProvisions="Sch. 55 para. 17(4)(ba)" Type="inserted" AffectingProvisions="Sch. 20 para. 19" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedNumber="10" Modified="2024-06-12T08:34:36Z" Row="630" RequiresApplied="true">
<ukm:AffectedTitle>Finance Act 2009</ukm:AffectedTitle>
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<ukm:Section Ref="schedule-55" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/55">Sch. 55 </ukm:Section>
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</ukm:AffectedProvisions>
<ukm:AffectingTitle>Finance Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-20" URI="http://www.legislation.gov.uk/id/ukpga/2015/11/schedule/20">Sch. 20 </ukm:Section>
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<ukm:AffectedTitle>Finance Act 2009</ukm:AffectedTitle>
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<ukm:Section Ref="schedule-54A-paragraph-2-e" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/54A/paragraph/2/e" FoundRef="schedule-54A-paragraph-2">para. 2(e)</ukm:Section>
-
<ukm:Section Ref="schedule-54A-paragraph-2-g" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/schedule/54A/paragraph/2/g" FoundRef="schedule-54A-paragraph-2">(g)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Finance Act 2024</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2024/3/schedule/2">Sch. 2 </ukm:Section>
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<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2024/3/schedule/2">Sch. 2 </ukm:Section>
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<ukm:Alternative Date="2009-08-03" URI="http://www.legislation.gov.uk/ukpga/2009/10/pdfs/ukpgaen_20090010_en.pdf" Title="Explanatory Note"/>
</ukm:Alternatives>
</ukm:Notes>
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<ukm:CorrectionSlip URI="http://www.legislation.gov.uk/ukpga/2009/10/pdfs/ukpgacs_20090010_en.pdf" Date="2010-10-15" Title="Correction Slip" Size="14780"/>
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<ukm:Alternative Date="2009-07-22" URI="http://www.legislation.gov.uk/ukpga/2009/10/pdfs/ukpga_20090010_en.pdf" Title="Print Version"/>
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<Part DocumentURI="http://www.legislation.gov.uk/ukpga/2009/10/part/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/10/part/2" NumberOfProvisions="61" id="part-2" RestrictStartDate="2017-04-27">
<Number>
<Strong>Part 2</Strong>
</Number>
<Title>Income tax, corporation tax and capital gains tax</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2009/10/part/2/crossheading/miscellaneous-antiavoidance-provisions" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/10/part/2/crossheading/miscellaneous-antiavoidance-provisions" NumberOfProvisions="14" id="part-2-crossheading-miscellaneous-antiavoidance-provisions" RestrictStartDate="2011-04-01">
<Title>
<Emphasis>Miscellaneous anti-avoidance provisions</Emphasis>
</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2010-04-01">
<Title>Transfers of trade to obtain terminal loss relief</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/10/section/62" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/10/section/62" id="section-62">
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62
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<P1para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P1para>
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<Para>
<Text>
<CitationSubRef id="cbc1wrso2-00004" SectionRef="section-62" URI="http://www.legislation.gov.uk/id/ukpga/2009/10/section/62">S. 62</CitationSubRef>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2010/4" id="cbc1wrso2-00005" Class="UnitedKingdomPublicGeneralAct" Year="2010" Number="4" Title="Corporation Tax Act 2010">Corporation Tax Act 2010 (c. 4)</Citation>
,
<CitationSubRef id="cbc1wrso2-00006" CitationRef="cbc1wrso2-00005" SectionRef="section-1184-1" URI="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</CitationSubRef>
,
<CitationSubRef id="cbc1wrso2-00007" CitationRef="cbc1wrso2-00005" SectionRef="schedule-3-part-1" URI="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1" Operative="true">Sch. 3 Pt. 1</CitationSubRef>
(with
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)
</Text>
</Para>
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