Chwilio Deddfwriaeth

Finance Act 2010

Changes over time for: SCHEDULE 3

 Help about opening options

Alternative versions:

Status:

Point in time view as at 08/04/2010.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2010, SCHEDULE 3. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Section 24

SCHEDULE 3U.K.Sideways relief etc

This Atodlen has no associated Nodiadau Esboniadol

Amendments of Chapter 2 of Part 4 of ITA 2007U.K.

1U.K.Chapter 2 of Part 4 of ITA 2007 (trade losses) is amended as follows.

2U.K.In section 60(1)(c) (overview of Chapter), for “(see sections 75” substitute “ and capital gains relief (see sections 74ZA ”.

3U.K.In section 64(8) (deduction of losses from general income)—

(a)in paragraph (ba), for “74A” substitute “ 74ZA ”,

(b)at the end of paragraph (c), insert “ and ”, and

(c)omit paragraph (e).

4U.K.In section 72(5) (relief for individuals for losses in first 4 years of trade)—

(a)in paragraph (ba), for “74A” substitute “ 74ZA ”,

(b)at the end of paragraph (c), insert “ and ”, and

(c)omit paragraph (e).

5U.K.Before section 74A insert—

74ZANo relief for tax-generated losses

(1)This section applies if—

(a)during a tax year a person carries on (alone or in partnership) a trade, profession or vocation (“the relevant activity”),

(b)the person makes a loss in the relevant activity in that tax year, and

(c)the loss arises directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements.

(2)No sideways relief or capital gains relief may be given to the person for the loss (but subject to subsection (5)).

(3)In subsection (1) “relevant tax avoidance arrangements” means arrangements—

(a)to which the person is a party, and

(b)the main purpose, or one of the main purposes, of which is the obtaining of a reduction in tax liability by means of sideways relief or capital gains relief.

(4)In subsection (3) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

(5)This section has no effect in relation to any loss that derives wholly from qualifying film expenditure (see section 74D).

(6)For the purposes of this section—

(a)capital gains relief is, in relation to a loss, the treatment of a loss as an allowable loss by virtue of section 261B of TCGA 1992 (use of trading loss as a CGT loss), and

(b)capital gains relief is given for a loss when it is so treated.

6U.K.Omit section 74B (no relief for tax-generated losses in case of non-active individuals carrying on trade).

7(1)Section 74C (meaning of “non-active capacity” for purposes of sections 74A and 74B etc) is amended as follows.U.K.

(2)In subsection (1), for “sections 74A and 74B” substitute “ section 74A ”.

(3)In the heading, for “sections 74A and 74B” substitute section 74A.

8(1)Section 74D (meaning of “qualifying film expenditure” for purposes of sections 74A and 74B) is amended as follows.U.K.

(2)In subsections (1) and (4), for “74A and 74B” substitute “ 74ZA and 74A ”.

(3)In the heading, for “74A and 74B” substitute 74ZA and 74A.

9U.K.Omit section 81 (dealings in commodity futures).

Other amendmentsU.K.

10U.K.In FA 2009, in Schedule 6, in paragraph 1(11)—

(a)in paragraph (b), for “74B” substitute “ 74ZA ”,

(b)at the end of paragraph (c), insert “ and ”, and

(c)omit paragraph (e) (and the “and” before it).

CommencementU.K.

11(1)The amendments made by this Schedule have effect in relation to a loss if it arises directly or indirectly in consequence of, or otherwise in connection with—U.K.

(a)arrangements which are entered into on or after 21 October 2009, or

(b)any transaction forming part of arrangements which is entered into on or after that date.

(2)But those amendments do not have effect where the arrangements are, or any such transaction is, entered into pursuant to an unconditional obligation in a contract made before that date.

(3)An unconditional obligation” means an obligation which may not be varied or extinguished by the exercise of a right (whether or not under the contract).

Yn ôl i’r brig

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Nodiadau Esboniadol

Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill