Income and Corporation Taxes Act 1988

Special provisions U.K.

[F1 95A Creative artists: relief for fluctuating profits U.K.

F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 S. 95A inserted (11.5.2001) by Finance Act 2001 (c. 9), s. 71(1)

F2 S. 95A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 75, Sch. 3 (with Sch. 2)

96 Farming and market gardening: relief for fluctuating profits. U.K.

F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 S. 96 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 76, Sch. 3 (with Sch. 2)

97 Treatment of farm animals etc. U.K.

M1 Schedule 5 shall have effect with respect to the treatment, in computing [F4 profits] for the purposes of Case I of Schedule D, of animals and other living creatures kept for the purposes of farming or any other trade.

Textual Amendments

F4 Words in s. 97 substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1

Marginal Citations

M1 SOURCE-1970 s. 139

[F5 98 Tied premises: receipts and expenses treated as those of trade. U.K.

(1) This section applies [F6 for corporation tax purposes] where [F7 a company (“the trader”)]—

(a) carries on a trade,

(b) in the course of the trade supplies, or is concerned in the supply of, goods sold or used on premises occupied by [F8 a person other than the trader],

(c) has an estate or interest in those premises, and

(d) deals with that estate or interest as property employed for the purposes of the trade.

(2) Where this section applies the receipts and expenses in connection with the premises that would otherwise fall to be brought into account in computing the profits of a Schedule A business carried on by the trader shall instead be brought into account in computing the profits of the trade.

(3) Any necessary apportionment shall be made on a just and reasonable basis of receipts or expenses—

(a) which do not relate only to the premises concerned, or

(b) where the conditions in subsection (1) are met only in relation to part of the premises.

(4) This section applies to premises outside the United Kingdom as if the premises were in the United Kingdom.]

Textual Amendments

F5 S. 98 substituted (17.3.1998) by Finance Act 1998 (c. 36), s. 41(1)(3) (with s. 41(4)-(7))

F6 Words in s. 98(1) 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. 77(a) (with Sch. 2)

F7 Words in s. 98(1) substituted (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. 77(b) (with Sch. 2)

F8 Words in s. 98(1)(b) substituted (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. 77(c) (with Sch. 2)

99 Dealers in land. U.K.

(1) M2 In computing for [F9 corporation tax purposes] the [F10 profits] of a trade of dealing in land, there shall be disregarded—

(a) so much of the cost of woodlands in the United Kingdom purchased in the course of the trade as is attributable to trees or saleable underwood growing on the land; and

(b) where any amount has been disregarded under paragraph (a) above and, on a subsequent sale of the woodlands in the course of the trade, all or any of the trees or underwood to which the amount disregarded was attributable are still growing on the land, so much of the price for the land as is equal to the amount so disregarded in respect of those trees or underwood.

(2) M3 In computing the [F10 profits] of a trade of dealing in land, any trading receipt falling within subsection (1), (4) or (5) of section 34 or section 35 or 36 shall be treated as reduced by the amount on which [F11 corporation tax] is chargeable by virtue of that section.

(3) Where, on a claim being made under subsection (2)(b) of section 36, the amount on which [F12 corporation tax] was chargeable by virtue of that section is treated as reduced, subsection (2) above shall be deemed to have applied to the amount as reduced, and any such adjustment of liability to [F12 corporation tax] shall be made (for all relevant [F13 accounting periods]) whether by means of an assessment or otherwise, as may be necessary, and may be so made at any time at which it could be made if it related only to [F12 corporation tax] for the [F14 accounting period] in which that claim is made.

(4) M4 Subsection (1) above shall not apply where the purchase mentioned in paragraph (a) of that subsection was made under a contract entered into before 1st May 1963.

Textual Amendments

F9 Words in s. 99(1) substituted (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. 78(2) (with Sch. 2)

F10 Words in s. 99(1)(2) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1

F11 Words in s. 99(2) substituted (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. 78(3) (with Sch. 2)

F12 Words in s. 99(3) substituted (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. 78(4)(a) (with Sch. 2)

F13 Words in s. 99(3) substituted (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. 78(4)(b) (with Sch. 2)

F14 Words in s. 99(3) substituted (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. 78(4)(c) (with Sch. 2)

Marginal Citations

M2 SOURCE-1970 s. 142(1)

M3 SOURCE-1970 s. 142(2), (4)

M4 SOURCE-1970 s. 142(2), (4)