Corporation Tax Act 2009

739 (1) Amend Schedule 13 (transfer schemes: tax provisions) as follows. U.K.

(2) In paragraph 3 (interpretation: supplementary) after the definition of “CAA 2001” insert—

““CTA 2009” means the Corporation Tax Act 2009;”.

(3) In paragraph 5(5) (computation of profits and losses in respect of transfer of trade) for the words from “under” to the end substitute “ under Part 3 of CTA 2009 in respect of the trade or part of a trade in question for periods in which the trade was carried on wholly or partly in the United Kingdom. ”

(4) In paragraph 6(5) (transfers of trading stock) for “has the same meaning as in section 100 of ICTA” substitute “ has the meaning given by section 163 of CTA 2009 ”.

(5) In paragraph 13 (continuity in relation to transfer of intangible assets)—

(a) in sub-paragraph (1) for “Schedule 29 to FA 2002” substitute “ Part 8 of CTA 2009 ”, and

(b) in sub-paragraph (2) for “Schedule”, in both places where it occurs, substitute “ Part ”.

(6) In paragraph 14 (continuity in relation to loan relationships)—

(a) in sub-paragraph (1) for “Chapter 2 of Part 4 of FA 1996” substitute “ Part 5 of CTA 2009 ”, and

(b) in sub-paragraph (2) for “paragraph 12(8) of Schedule 9 to” substitute “ section 335(6) of ”.

(7) In paragraph 15 (continuity in relation to derivative contracts)—

(a) in sub-paragraph (1) for “Schedule 26 to FA 2002” substitute “ Part 7 of CTA 2009 ”, and

(b) in sub-paragraph (2) for “paragraph 28(6) of that Schedule” substitute “ section 624(3) of that Act ”.

(8) In paragraph 18(6) (transfers of trading stock) for “has the same meaning as in section 100 of ICTA” substitute “ has the meaning given by section 163 of CTA 2009 ”.

(9) In paragraph 23 (neutral effect of transfer of intangible assets)—

(a) in sub-paragraph (1) for “Schedule 29 to FA 2002” substitute “ Part 8 of CTA 2009 ”, and

(b) in sub-paragraph (2) for “Schedule”, in both places where it occurs, substitute “ Part ”.

(10) In paragraph 24 (neutral effect of transfer for loan relationships and derivative contracts)—

(a) in sub-paragraph (a) for “Chapter 2 of Part 4 of FA 1996” substitute “ Part 5 of CTA 2009 ”, and

(b) in sub-paragraph (b) for “Schedule 26 to FA 2002” substitute “ Part 7 of that Act ”.

(11) In paragraph 34(6) (transfers of trading stock) for the words from “has” to the end substitute “ has the meaning given by section 174 of ITTOIA 2005 (as respects income tax) or section 163 of CTA 2009 (as respects corporation tax). ”

(12) In paragraph 40 (transfers involving private persons: loan relationships)—

(a) in sub-paragraph (1) for “Paragraph 11 of Schedule 9 to FA 1996” substitute “ Section 444 of CTA 2009 ”, and

(b) in sub-paragraph (2) for “Chapter 2 of Part 4 of FA 1996” and “that Chapter” substitute “ Part 5 of CTA 2009 ” and “ that Part ” respectively.