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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 qualifying transaction due

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Taxes Management Act 1970, Cross Heading: All of outstanding balance attributable to particular qualifying transaction due is up to date with all changes known to be in force on or before 25 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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Yn ddilys o 11/07/2019

[F1All of outstanding balance attributable to particular qualifying transaction dueU.K.

Textual Amendments

F1Sch. 3ZC inserted (retrospective and with effect in accordance with Sch. 7 para. 4(1)(a) of the amending Act) by Finance Act 2020 (c. 14), Sch. 7 para. 2

11(1)This paragraph applies where—U.K.

(a)a CT payment plan is entered into by a company,

(b)during the instalments period a trigger event occurs in relation to a qualifying transaction identified in the plan, and

(c)a trigger event has not previously occurred in relation to that qualifying transaction during the instalments period.

(2)A trigger event occurs in relation to a qualifying transaction if the transferee ceases to be resident in an EEA state and, on so ceasing, does not become resident another EEA state.

(3)A trigger event occurs in relation to a qualifying transaction if the company and the transferee cease to be members of the same group as one another.

(4)A trigger event occurs in relation to a qualifying transaction within sub-paragraph (2) or (5) of paragraph 3 if the transferee disposes of the asset that is the subject of the transaction.

(5)A trigger event occurs in relation to a qualifying transaction within sub-paragraph (3) or (4) of paragraph 3 if the transferee ceases to be a party to the loan relationship or derivative contract concerned.

(6)On the occurrence of the trigger event an amount of the deferred tax is due.

(7)The amount due is—

where—

“A” is the amount of the deferred tax that is attributable to the qualifying transaction (see paragraph 7(2)),

“B” is the amount of the deferred tax that has previously become due under paragraph 12 by reason of a partial trigger event occurring in relation to the qualifying transaction,

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

“T” is the amount of the deferred tax.

(8)In this paragraph “the instalments period” means the period—

(a)beginning with the time the CT payment plan is entered into, and

(b)ending with the day on which the final instalment of the deferred tax is due under paragraph 9.]

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