Modifications etc. (not altering text)
C1 See—1988 s.434A—limitations on group relief for life assurance company.1989 s.102—surrender of company tax refund etc. within group (from a day to be appointed not earlier than 31March 1992).
C2Pt. 10 Ch. 4 modified (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 5(1)
C3Pt. 10 Ch. 4: The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), reg. 35 to be construed as one with this Chapter (6.4.2006) by virtue of regs. 1, 35(2) of that affecting S.I.
(1)References in section 403 to charges on income, Schedule A losses and management expenses shall be construed as follows.
(2)Charges on income means the aggregate of the amounts paid by the surrendering company in the surrender period by way of charges on income.
(3)A Schedule A loss means a loss incurred by the surrendering company in the surrender period in a Schedule A business carried on by the company.
It does not include—
(a)an amount treated as such a loss by section 392A(2) (losses carried forward from earlier period), or
(b)a loss which would be excluded from section 392A by subsection (5) of that section (certain businesses not carried on with a view to gain).
[F2(4)Management expenses means the aggregate of the amounts deductible under section 75(1) (expenses of management of company with investment business) by the surrendering company for this period.
It does not include an amount deductible by virtue only of section 75(9) or 392A(3) (amounts carried forward from earlier periods).]
(5)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(6)A non-trading loss on intangible fixed assets means a non-trading loss on intangible fixed assets, within the meaning of Schedule 29 to the Finance Act 2002, for the surrender period.
It does not include so much of any such loss as is attributable to an amount being carried forward under paragraph 35(3) of that Schedule (amounts carried forward from earlier periods).]]
Textual Amendments
F1Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)
F2S. 403ZD(4) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), Sch. para. 14(2)(4)
F3S. 403ZD(5) omitted (28.9.2004 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), Sch. para. 14(3)
F4S. 403ZD(6) inserted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 2(2)