- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2015)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 26/03/2015.
Corporation Tax Act 2010, Cross Heading: Changes in equity share: activation of allowance is up to date with all changes known to be in force on or before 15 March 2025. 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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Textual Amendments
F1Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3
(1)Sections 356GA to 356GD apply to a company in respect of an accounting period and a licensed area that is or contains a site, if the following conditions are met—
(a)the company is a licensee in the licensed area for the whole, or for part, of the accounting period;
(b)the company has different shares (greater than zero) of the equity in the licensed area at different times during the accounting period.
(2)In a case where a company has three or more different shares of the equity in a licensed area during a particular day, sections 356GA to 356GD (in particular, provisions relating to the beginning or end of a day) have effect subject to the necessary modifications.
(1)For the purposes of sections 356GB to 356GD, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the accounting period for which the company is a licensee, are to be divided into reference periods (each of which “belongs to” the site concerned).
(2)A reference period is a period of consecutive days that meets the following conditions—
(a)at the beginning of each day in the period, the company is a licensee in the licensed area;
(b)at the beginning of each day in the period, the company's share of the equity in the licensed area is the same;
(c)each day in the period falls within the accounting period.
(1)The amount (if any) of activated allowance that a company has with respect to a site for a reference period is the smaller of the following—
(a)the company's relevant income from the site in the reference period;
(b)the total amount of unactivated allowance that is attributable to the reference period and the site (see section 356GD).
(2)The company's relevant income from the site in the reference period is—
where—
I is the company's relevant income from the site in the whole of the accounting period;
R is the number of days in the reference period;
L is the number of days in the accounting period for which the company is a licensee in the licensed area concerned.
(1)If, in the case of a reference period (“RP1”) of a company, the amount mentioned in subsection (1)(b) of section 356GB exceeds the amount mentioned in subsection (1)(a) of that section, an amount equal to the difference between those amounts is treated as onshore allowance held by the company for the site concerned for the next period.
(2)If RP1 is immediately followed by another reference period of the company (belonging to the same site), “the next period” means that reference period.
(3)If subsection (2) does not apply, “the next period” means the next accounting period of the company.
(1)For the purposes of section 356GB(1)(b), the total amount of unactivated allowance attributable to a reference period and a site is—
where—
P is the amount of allowance generated by the company in the reference period at the site (including any amount treated under section 356F(7) or 356HB(1) as generated by the company in that accounting period at that site);
Q is the amount given by subsection (2) or (3);
R is any amount to be deducted under section 356HA(1) in respect of a disposal of the whole or part of the company's share of the equity in a licensed area that is or contains the site.
(2)Where the reference period is not immediately preceded by another reference period but is preceded by an accounting period of the company, Q is equal to the amount (if any) that is to be carried forward from that preceding accounting period under section 356EB(2).
(3)Where the reference period is immediately preceded by another reference period, Q is equal to the amount carried forward by virtue of section 356GC(2).]
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