- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/05/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 18/11/2015
Point in time view as at 06/05/2014. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 172F.
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(1)Section 172D or 172E does not apply if the relevant consideration—
(a)falls to be adjusted for tax purposes under [F2Part 4 of TIOPA 2010], or
(b)falls within [F3that Part] without falling to be so adjusted.
(2)For the purposes of subsection (1)(b), the relevant consideration falls within [F4Part 4 of TIOPA 2010 without falling to be adjusted under that Part] if—
[F5(a)the condition in section 147(1)(a) of TIOPA 2010 is met, and
(aa)the participation condition is met (see subsection (2B)), but
(b)either—
(i)one of the conditions in section 147(1)(c) and (d) of TIOPA 2010 is not met, or
(ii)one of the exceptions mentioned in subsection (2A) applies.]
[F6(2A)The exceptions are those in—
(a)section 447(5) of CTA 2009 (exchange gains or losses from loan relationships),
(b)section 694(8) of CTA 2009 (exchange gains or losses from derivative contracts),
(c)section 213 of TIOPA 2010 (saving for provisions relating to capital allowances), and
(d)section 214 of TIOPA 2010 (saving for provisions relating to chargeable gains).
(2B)Section 148 of TIOPA 2010 (when the participation condition is met) applies for the purposes of subsection (2)(aa) as it applies for the purposes of section 147(1)(b) of TIOPA 2010.]
(3)In this section “relevant consideration” means—
(a)in relation to section 172D, the consideration for the disposal of the stock, and
(b)in relation to section 172E, the consideration for the acquisition of the trading stock.]
Textual Amendments
F1Pt. 2 Ch. 11A inserted (with effect in accordance with s. 37(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 15 para. 2
F2Words in s. 172F(1)(a) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 121(2) (with Sch. 9 paras. 1-9, 22)
F3Words in s. 172F(1)(b) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 121(3) (with Sch. 9 paras. 1-9, 22)
F4Words in s. 172F(2) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 121(4) (with Sch. 9 paras. 1-9, 22)
F5S. 172F(2)(a)(aa)(b) substituted (1.4.2010) for s. 172F(2)(a)(b) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 121(5) (with Sch. 9 paras. 1-9, 22)
F6S. 172F(2A)(2B) inserted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 121(6) (with Sch. 9 paras. 1-9, 22)
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