SCHEDULES
F2F2F3Schedule 28AF1Change in ownership of company with investment business: deductions
Sch. 28A inserted (with effect in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 3
Sch. 28A heading substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 39(11)
Part IVF14Disallowed debits and non-trading deficits
Sch. 28A Pt. 4 title substituted (with effect in accordance with Sch. 7 para. 3(9) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 3(8)
11
1
A debit falls within this paragraph if it is a non-trading debit which—
a
F6b
so falls to be brought into account—
i
with an adjustment under F8sections 406 to 412 of that Act (debit relating to amount of discount referable to the relevant accounting period to be brought into account instead for the accounting period in which the security is redeemed); or
ii
on the assumption, specified in F9section 373(1) of that Act, that the interest to which it relates does not accrue until it is paid; and
2
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
The debits that fall within this paragraph also include any non-trading debit which—
a
is not such a debit as is mentioned in sub-paragraph (1) F12. . . above;
b
is a debit in respect of a debtor relationship of the company or, as the case may be, the relevant company;
c
d
relates to an amount that accrued before the change in the ownership of that company.
4
In this paragraph “post-change accounting period” means the accounting period beginning immediately after the change in the ownership of the company or, as the case may be, the relevant company.
Sch. 28A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)