Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

SCHEDULE 24 U.K. M1 ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES

Modifications etc. (not altering text)

C1 Sch. 24 modified (28.7.2000) by Finance Act 2000 (c. 17), Sch. 22 para. 54(2)-(5)

Marginal Citations

M1 Source-1984 Sch. 16, 1985 Sch. 14 16

Capital allowances[F1 and expenditure on car hire] U.K.

Textual Amendments

F1 Words in cross-heading relating to Sch. 24 para. 11A inserted (with effect in accordance with s. 579 of the amending Act) by virtue of Capital Allowances Act 2001 (c. 2), Sch. 2 para. 66(3)(a)

10 (1) [F2 Subject to paragraph 12 below,] if, in an accounting period falling before the beginning of the first accounting period— U.K.

[F3 (a) in respect of which [F4 an apportionment under section 747(3) falls to be made], F5 . . .

(b) F5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the] company incurred any capital expenditure on the provision of [F6 plant or machinery for the purposes of its trade, that plant or machinery shall be assumed, for the purposes of Part 2 of the Capital Allowances Act], to have been provided for purposes wholly other than those of the trade and not to have been brought into use for the purposes of that trade until the beginning of that first accounting period, and [F7 section 13 of that Act (use for qualifying activity of plant or machinery provided for other purposes)] shall apply accordingly.

(2) This paragraph shall be construed as one with [F8 Part 2 of the Capital Allowances Act].

Textual Amendments

F2 Words in Sch. 24 para. 10(1) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 21(a); S.I. 1998/3173, art. 2

F3 Words in Sch. 24 para. 10(1) substituted (with effect in accordance with s. 182 of the amending Act) by Finance Act 1996 (c. 8), Sch. 36 para. 3(10)

F4 Words in Sch. 24 para. 10(1)(a) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 21(b); S.I. 1998/3173, art. 2

F5 Sch. 24 para. 10(1)(b) and preceding word omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 2(6)(g) (with Sch. 16 paras. 7, 8)

F6 Words in Sch. 24 para. 10(1) substituted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 66(1)(a)

F7 Words in Sch. 24 para. 10(1) substituted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 66(1)(b)

F8 Words in Sch. 24 para. 10(2) substituted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 66(2)

11 U.K. F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Sch. 24 para. 11 repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 17 para. 22, Sch. 27 Pt. 3(27), Note; S.I. 1998/3173, art. 2

[F10 11A U.K. F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F10 Sch. 24 para. 11A inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 25 para. 6(4)

F11 Sch. 24 para. 11A repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(6), Note