Section 250: The receipt scheme conditions
516.This section specifies the “receipt scheme conditions”. It is based on section 832(3) of ICTA and sections 26(2) to (5), (8), (11) and (13) and 27(4) of F(No 2)A 2005.
517.Section 26(5) of F(No 2)A 2005 uses the expression “tax purposes”, and by virtue of section 832(3) of ICTA “tax” in that context means “income tax or corporation tax”. Elsewhere in the Part, however, “tax purposes” is used with a different meaning. Accordingly, to prevent possible confusion, subsection (6) expands “tax purposes” to “income tax purposes or corporation tax purposes”.
518.Section 26(4) of F(No 2)A 2005 provides: “Condition C is that, as regards the qualifying payment made by the paying party, there is an amount that … may be deducted or otherwise allowed in respect of the payment under the tax law of any territory outside the United Kingdom.” The definition of “deductible amount” in subsection (7) omits as otiose the italicised words.
