Search Legislation

Finance (No. 3) Act 2010

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Amendments of Chapter 7 (“financing expense amount” and “financing income amount”)

 Help about opening options

Version Superseded: 16/11/2017

Alternative versions:

Status:

Point in time view as at 16/12/2010.

Changes to legislation:

There are currently no known outstanding effects for the Finance (No. 3) Act 2010, Cross Heading: Amendments of Chapter 7 (“financing expense amount” and “financing income amount”). Help about Changes to Legislation

Amendments of Chapter 7 (“financing expense amount” and “financing income amount”)U.K.

19(1)Section 314 (financing income amounts of a company) is amended as follows.U.K.

(2)In subsection (1), for “or C” substitute “ , C or D ”.

(3)After subsection (5) insert—

(5A)Condition D is that the amount is an amount that would, apart from this Part, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of income that—

(a)is receivable from another company, and

(b)is in consideration of the provision of a guarantee of any borrowing of that other company.

20U.K.In section 315 (interpretation of sections 313 and 314), omit “ “impairment”,”.

21(1)Section 316 (group treasury companies) is amended as follows.U.K.

(2)In subsection (1)(b), for “or C” substitute “ , C or D ”.

(3)For subsection (8) substitute—

(8)Condition 3 is that at least 90% of the relevant income of the company for the relevant period is group treasury revenue.

22U.K.After section 318 (companies engaged in oil extraction activities) insert—

318AIndustrial and provident societies

(1)This section applies if, apart from this section, an amount (“the relevant amount”) is—

(a)a financing expense amount of a company because of meeting condition A in section 313, or

(b)a financing income amount of a company because of meeting condition A in section 314.

(2)The relevant amount is treated as not being a financing expense amount or a financing income amount of the company if it is such an amount only because of section 499 of CTA 2009 (industrial and provident society payments treated as interest under loan relationship).

23U.K.In section 321 (short-term loan relationships)—

(a)in subsection (4), omit “other”, and

(b)omit subsection (7).

24(1)Section 327 (educational and public bodies) is amended as follows.U.K.

(2)In subsection (2), omit the “or” at the end of paragraph (c) and after that paragraph insert—

(ca)a relevant public body, or.

(3)In subsection (4), omit the “and” after the definition of “designated educational establishment” and after the definition of “health service body” insert , and

relevant public body” means a body that—

(a)is not within subsection (2)(a) to (c) and is not a government department,

(b)acts under any enactment for public purposes and not for its own profit, and

(c)is not within the charge to corporation tax.

(4)After that subsection insert—

(5)In this section “enactment” includes—

(a)an enactment contained in subordinate legislation (within the meaning of the Interpretation Act 1978), and

(b)an enactment contained in, or in an instrument made under—

(i)an Act of the Scottish Parliament,

(ii)Northern Ireland legislation, or

(iii)a Measure or Act of the National Assembly for Wales.

Back to top

Options/Help

You have chosen to open The Whole Act

The 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?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The 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?

You have chosen to open Schedules only

The Schedules 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?