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Corporation Tax Act 2010

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Changes over time for: Section 938B

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Point in time view as at 06/04/2014.

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Corporation Tax Act 2010, Section 938B is up to date with all changes known to be in force on or before 24 December 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. Help about Changes to Legislation

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[F1938BMeaning of “a group mismatch scheme” and “the scheme group”U.K.

This adran has no associated Nodiadau Esboniadol

(1)A scheme is “a group mismatch scheme” if—

(a)the parties to the scheme are, or include, members of the same group, and

(b)condition A or B is met.

(2)Condition A is that, at the time the scheme is entered into, there is no practical likelihood that the scheme will fail to secure a relevant tax advantage of £2 million or more.

(3)The Treasury may by order substitute a higher amount for the amount for the time being specified in subsection (2).

(4)Any such substitution is to have effect in relation to schemes entered into on or after the day on which the order comes into force.

(5)Condition B is that—

(a)the purpose, or one of the main purposes, of any member of the scheme group in entering into the scheme is to obtain the chance of securing a relevant tax advantage (of any amount), and

(b)at the time the scheme is entered into—

(i)there is no chance that the scheme will secure a relevant tax disadvantage, or

(ii)there is such a chance, but the expected value of the scheme is nevertheless a positive amount.

(6)If, at the time the company enters into the scheme, there are chances that the scheme would, if carried out, secure different relevant tax advantages or disadvantages in different circumstances, the amounts and probabilities of each must be taken into account in determining the expected value of the scheme.

(7)In determining whether condition A or B is met, it is to be assumed that the parties to the scheme carry it out.

(8)Where, at the time the scheme is entered into, the length of the scheme period is uncertain, condition A or B is met if it would be met on any reasonable assumption as to the length of the scheme period.

(9)In determining whether condition A or B is met, section 938A (scheme profits and losses to be left out of account) is to be disregarded.

(10) In this Part “ the scheme group ” means the group mentioned in subsection (1)(a). ]

Textual Amendments

F1Pt. 21B inserted (with effect in accordance with Sch. 5 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 5 para. 2

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