- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Finance Act 2020, Cross Heading: Anti-forestalling provision.
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46(1)This sub-paragraph applies if—U.K.
(a)a company has an accounting period ending before 1 April 2020,
(b)the company would, apart from this paragraph, obtain a tax advantage as a result of a deduction, or an increased deduction, under section 2A(1)(b) of TCGA 1992,
(c)the tax advantage arises as a result of arrangements entered into on or after 29 October 2018, and
(d)the main purpose, or one of the main purposes, of the arrangements is to secure a tax advantage as a result of the fact that section 269ZBA of CTA 2010, inserted by this Schedule, is not to have effect for the accounting period for which the deduction would be made.
(2)If sub-paragraph (1) applies, the deductions made by the company for the accounting period under section 2A(1)(b) of TCGA 1992 may not exceed 50% of the company's qualifying chargeable gains for the period.
(3)So far as necessary for the purposes of this paragraph, Part 7ZA of CTA 2010 is treated as having come into force on the same day as this paragraph.
(4)This paragraph is treated as having come into force on 29 October 2018.
(5)Where a company has a straddling period, the pre-commencement period and the post-commencement period are treated for the purposes of this paragraph as separate accounting periods.
(6)In this paragraph—
(a)“arrangements” includes any agreement, understanding, scheme transaction or series of transactions (whether or not legally enforceable),
(b)“straddling period”, “pre-commencement period” and “post-commencement period” have the same meaning as they have for the purposes of paragraph 44, and
(c)“tax advantage” has the meaning given by section 1139 of CTA 2010.
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