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Finance Act 2007
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Rhagor o Adnoddau
Changes over time for: Part 2
Alternative versions:
- 06/04/2007- Amendment
- 01/04/2009- Amendment
- 17/12/2014
Point in time
Status:
Point in time view as at 17/12/2014.
Changes to legislation:
Finance Act 2007, Part 2 is up to date with all changes known to be in force on or before 28 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Part 2U.K.Calculation of profits of MSCs: deduction for deemed employment payments
Deduction for deemed employment payments for income tax purposesU.K.
9U.K.In ITTOIA 2005, after section 164 insert—
“Managed service companiesU.K.
164ADeduction for deemed employment payments
(1)This section applies for the purpose of calculating the profits of a trade, profession or vocation carried on by a managed service company (“the MSC”) which is treated as making a deemed employment payment in connection with the trade, profession or vocation.
(2)A deduction is allowed for—
(a)the amount of the deemed employment payment, and
(b)the amount of any employer's national insurance contributions paid by the MSC in respect of it.
(3)The deduction is allowed for the period of account in which the deemed employment payment is treated as made.
(4)The amount of the deduction allowed under subsection (2) is limited to the amount that reduces the profits of the firm for the tax year to nil.
(5)No deduction in respect of—
(a)the deemed employment payment, or
(b)any employer's national insurance contributions paid by the MSC in respect of it,
may be made except in accordance with this section.
(6)In this section “deemed employment payment”, “employer's national insurance contributions” and “managed service company” have the same meaning as in Chapter 9 of Part 2 of ITEPA 2003.”
Deduction for deemed employment payments for corporation tax purposesU.K.
F110U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 3 para. 10 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 724, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
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