xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Textual Amendments
F1S. 76ZN and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 44 (with Sch. 2 Pts. 1, 2)
(1)Subsection (2) applies if—
(a)in calculating the corporation tax to which a company is liable for an accounting period, an amount representing expenses incurred on the hiring of a car or motor cycle can be brought into account under section 76 as expenses payable,
(b)the car or motor cycle is not a qualifying hire car or motor cycle, and
(c)the retail price of the car or motor cycle when new exceeds £12,000.
(2)The amount that would otherwise be capable of being brought into account as expenses payable is reduced by multiplying the amount by the fraction—
where RP is the retail price of the car or motor cycle when new.
(3)Subsection (4) applies if an amount is reduced as a result of subsection (2), or a corresponding provision, and—
(a)subsequently—
(i)there is a rebate (however described) of the hire charges, or
(ii)a debt in respect of any of the hire charges is released otherwise than as part of a statutory insolvency agreement, and
(b)an amount is brought into account in respect of the rebate or release.
(4)For the purposes of subsection (3)(b) an amount is brought into account in respect of a rebate of hire charges or the release of a debt if—
(a)the amount of a reversal representing the rebate or release falls to be deducted under Step 4 in section 76(7), or
(b)(in the case of a rebate of hire charges) an amount representing the rebate is chargeable under section 85(1) of the Finance Act 1989 (c. 26).
(5)The amount that would otherwise be deductible as mentioned in subsection (4)(a) or chargeable as mentioned in subsection (4)(b) is reduced by multiplying it by the fraction set out in subsection (2).
(6)In this section “corresponding provision” means—
(a)section 56(2) of CTA 2009 (car or motor cycle hire: trade profits and property income),
(b)section 1251(2) of CTA 2009 (car or motor cycle hire: companies with investment business), and
(c)section 48(2) of ITTOIA 2005 (car or motor cycle hire: trade profits and property income).
(7)The power under section 74(4) of CAA 2001 to increase or further increase the sums of money specified in Chapter 8 of Part 2 of CAA 2001 includes the power to increase or further increase the sum of money specified in subsection (1)(c) or (2).
(8)In this section “car or motor cycle” and “qualifying hire car or motor cycle” have the meanings given by section 57 of CTA 2009.]
Textual Amendments
F2S. 76ZN and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 44 (with Sch. 2 Pts. 1, 2)
(1)Section 76ZN does not apply to expenses incurred on the hiring of a car with low CO2 emissions, or an electrically-propelled car, if—
(a)the car was first registered on or after 17 April 2002, and
(b)the period of hire begins before 1 April 2013 under a contract entered into before that date.
(2)For this purpose—
“car with low CO2 emissions” has the meaning given by section 45D of CAA 2001, and
“electrically-propelled car” has the meaning given by that section.]
Textual Amendments
F3S. 76ZO inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 45 (with Sch. 2 Pts. 1, 2)
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F4Ss. 76A, 76B inserted (1.12.2001) by Financial Services and Markets Act 2000 (c. 8), ss. 411(2), 431(2); S.I. 2001/3538, art. 2(1)
F5S. 76A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 46, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F6Ss. 76A, 76B inserted (1.12.2001) by Financial Services and Markets Act 2000 (c. 8), ss. 411(2), 431(2); S.I. 2001/3538, art. 2(1)
F7S. 76B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 47, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F8S. 77 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 47, Sch. 3 (with Sch. 2)
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9S. 78 repealed with saving (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 10, Sch. 41 Pt. 5(3), Note (with Sch. 15)
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10S. 79 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 48, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F11S. 79A inserted by Finance Act 1990 (c. 29), s.76
F12S. 79A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 49, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F13S. 79B inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 180(1)
F14S. 79B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 50, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F15S. 80 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 51, Sch. 3 (with Sch. 2)
F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F16S. 81 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 52, Sch. 3 (with Sch. 2)
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F17S. 82 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 53, Sch. 3 (with Sch. 2)
F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F18Ss. 82A, 82B inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 5(1) (with Sch. 19 para. 5(2)(3))
F19S. 82A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 51, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F20Ss. 82A, 82B inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 5(1) (with Sch. 19 para. 5(2)(3))
F21S. 82B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 52, Sch. 3 Pt. 1 (with Sch. 2 Pt. 12)
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F22S. 83 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 53, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F23S. 83A inserted (with effect in accordance with s. 55(3) of the amending Act) by Finance Act 1999 (c. 16), s. 55(1)
F24S. 83A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 54, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F25S. 84 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 55, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
(1)Subsection (2) below applies where—
(a)a company incurs expenditure on establishing a share option scheme which the Board approve and under which no employee or director obtains rights before such approval is given, or
(b)a company incurs expenditure on establishing a profit sharing scheme which the Board approve and under which the trustees acquire no shares before such approval is given.
(2)In such a case the expenditure—
(a)shall be deducted in computing for the purposes of F27. . . [F28 Part 2 of ITTOIA 2005] the [F29profits] of a trade carried on by the company, F30. . .
[F31(b)F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(3)In a case where—
(a)subsection (2) above applies, and
(b)the approval is given after the end of the period of nine months beginning with the day following the end of the period of account in which the expenditure is incurred,
[F33for the purpose of applying subsection (2) above the expenditure shall be treated in accordance with subsection (3ZA) below.]
[F34(3ZA)Where this subsection applies—
(a)in applying subsection (2)(a) above, the expenditure shall be treated as incurred in the period of account in which the approval is given (and not the period of account mentioned in subsection (3)(b) above),
(b)F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F36(3A)In this section, “” means—
(a)an SAYE option scheme within the meaning of the SAYE code (see section 516(4) of ITEPA 2003 (approved SAYE option schemes)), or
(b)a CSOP scheme within the meaning of the CSOP code (see section 521(4) of that Act (approved CSOP schemes)).]
(4)References in this section to approving are to approving under Schedule 9 [F37to this Act or under Schedule 3 or 4 to ITEPA 2003 (approved SAYE option schemes and approved CSOP schemes)].
(5)This section applies where the expenditure is incurred on or after 1st April 1991.]
Textual Amendments
F26S. 84A inserted by Finance Act 1991 (c. 31), s. 42
F27Words in s. 84A(2)(a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 56(2)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F28Words in s. 84A(2)(a) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 59 (with Sch. 2)
F29Words in s. 84A(2)(a) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F30S. 84A(2)(b) and preceding word repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 56(2)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F31S. 84A(2)(b)(c) substituted for s. 84A(2)(b) (28.9.2004 with effect in accordance with art. 1(2) of the amending Order) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 4(2)
F32S. 84A(2)(c) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 56(2)(c), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F33Words in S. 84A(3) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending Order) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 4(3)
F34S. 84A(3ZA) inserted (28.9.2004 with effect in accordance with art. 1(2) of the amending Order) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 4(4)
F35S. 84A(3ZA)(b) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 56(3), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F36S. 84A(3A) inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 11(2) (with Sch. 7)
F37Words in s. 84A(4) inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 9), s. 723, Sch. 6 para. 11(2) (with Sch. 7 para. 92)
F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F38S. 85 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F39S. 85A inserted by Finance Act 1991 (c. 31), s. 43
F40S. 85A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 58, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F41S. 85B inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 12 (with Sch. 7)
F42S. 85B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 59, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F43S. 86 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 60, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F44S. 86A inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 69
F45S. 86A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 61, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F46S. 87 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F47S. 87A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 63 (with Sch. 2)
F48S. 87A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F49S. 88 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 63, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F50Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74
F51Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)
F53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F52Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74
F53Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)
F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F54Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74
F55Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)
F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F56S. 88D inserted (with effect in accordance with s. 80(3)(4) of the amending Act) by Finance Act 2005 (c. 7), Sch. 4 para. 2
F57S. 88D repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F58S. 89 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 65, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F59S. 90 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 66, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F60S. 91 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F61Ss. 91A, 91B inserted by Finance Act 1990 (c. 29), s. 78
F62S. 91A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F63Ss. 91A, 91B inserted by Finance Act 1990 (c. 29), s. 78
F64S. 91B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 69, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F65S. 91BA inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 89
F66S. 91BA repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 69, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F67S. 91C inserted (with application in accordance with s. 66(3)(4) of the amending Act) by Finance Act 1997 (c. 16), s. 66(1)
F68S. 91C repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)