- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2006)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 19/07/2006. This version of this provision has been superseded.
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(1)For the purposes of corporation tax, the business of C (tax-exempt) shall be treated as a separate business (distinct from—
(a)any business carried on by C (pre-entry),
(b)any business carried on by C (residual), and
(c)any business carried on by C (post-cessation)).
(2)For the purposes of corporation tax C (tax-exempt) shall be treated as a separate company (distinct from—
(a)C (pre-entry),
(b)C (residual), and
(c)C (post-cessation)).
(3)In particular—
(a)a loss incurred by C (tax-exempt) may not be set off against profits of C (residual),
(b)a loss incurred in respect of C (residual) may not be set off against profits of C (tax-exempt),
(c)a loss incurred in respect of C (pre-entry) may not be set off against profits of C (tax-exempt) (but this section does not prevent a loss of that kind from being set off against profits of C (residual)),
(d)a loss incurred by C (tax-exempt) may not be set off against profits arising to C (post-cessation) (in respect of business of any kind), and
(e)receipts accruing after entry but relating to business of C (pre-entry) shall not be treated as receipts of C (tax-exempt).
(4)In subsection (3) a reference to a loss includes a reference to a deficit, expense, charge or allowance.
(5)Section 392B of ICTA (ring-fencing of losses from overseas property business) shall not apply to business of C (tax-exempt).
(6)Paragraphs 5B and 5C of Schedule 28AA to ICTA (transfer pricing: exemption for small and medium enterprises) shall not apply to a company to which this Part applies (whether to C (tax-exempt) or to C (residual)).
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