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Taxes Management Act 1970

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Changes over time for: Cross Heading: All of outstanding balance attributable to particular exit charge asset or liability due

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Point in time view as at 01/04/2019.

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Taxes Management Act 1970, Cross Heading: All of outstanding balance attributable to particular exit charge asset or liability due is up to date with all changes known to be in force on or before 08 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1[F4All of outstanding balance attributable to particular exit charge asset or liability dueU.K.

Textual Amendments

F1Sch. 3ZB inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 6

F4Sch. 3ZB paras. 11-14 and cross-headings substituted for Sch. 3ZB paras. 11-17 (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 6

13(1)This paragraph applies where—U.K.

(a)a trigger event occurs in relation to an exit charge asset or liability during the instalments period, and

(b)a trigger event has not previously occurred in relation to that asset or liability during that period.

(2)A trigger event occurs in relation to a TCGA or trading stock exit charge asset or an intangible exit charge asset if the company—

(a)disposes of the asset, or

(b)ceases to hold the asset for the purposes of a business carried on by the company in a relevant EEA state and, on so ceasing, does not begin to hold it for the purposes of another such business.

(3)A trigger event occurs in relation to a financial exit charge asset or liability if the company—

(a)ceases to be a party to the loan relationship or derivative contract in question, or

(b)ceases to be a party to the loan relationship or derivative contract in question for the purposes of a business carried on by the company in a relevant EEA state and, on so ceasing, does not begin to be a party to it for the purposes of another such business.

(4)On the occurrence of the trigger event an amount of the ECPP tax is due.

(5)The amount due is—

Where—

“A” is the amount of ECPP tax attributable to the exit charge asset or liability (see paragraph 10(6)),

“B” is the amount of ECPP tax that has previously become due under paragraph 14 by reason of a partial trigger event occurring in relation to the exit charge asset or liability,

“O” is the amount of ECPP tax that is outstanding at the time of the trigger event, and

“T” is the amount of ECPP tax.

(6)In this paragraph and paragraph 14 “the instalments period” means the period—

(a)beginning immediately after—

(i)the company ceases to be resident in the United Kingdom (in the case of a Part 1 company), or

(ii)the occurrence of the PE qualifying event in respects of the asset or liability concerned (in the case of a Part 2 company), and

(b)ending with the day on which the final instalment of the ECPP tax is due under paragraph 11.]]

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