Income and Corporation Taxes Act 1988

Part II U.K. Amounts in issue for purposes of section 768B

6 The amounts in issue referred to in section 768B(4)(c) are—

(a) [F1 the amount of any expenses of management referable to the accounting period ([F2 within the meaning of Chapter 2 of Part 16 of CTA 2009])] being divided, except any such expenses as would (apart from section 768B) be deductible in computing profits otherwise than [F3 under section 1219 of CTA 2009 (expenses of management of a company's investment business)];

(b) the amount of any charges which are paid in that accounting period wholly and exclusively for the purposes of the company’s business;

(c) the amount of any excess carried forward under [F4 section 1223 of CTA 2009 (expenses of management carried forward)] to the accounting period being divided;

(d) the amount of any allowances falling to be made for that accounting period by virtue of [F5 section 253 of the Capital Allowances Act] which would (apart from section 768B) be added to the expenses of management for that accounting period by virtue of [F6 section 1233 of CTA 2009 (excess capital allowances)];

[F7 (da) the amount (if any) of the adjusted [F8 non-trading profits] or non-trading deficit of the company for that accounting period [F9 (other than one within sub-paragraph (dc) below)] ;

(db) the amount of any non-trading debit (other than one within sub-paragraph F10 . . . (dd) below) that falls to be brought into account for that accounting period for the purposes of [F11 Part 5 of CTA 2009] (loan relationships) in respect of any debtor relationship of the company;

(dc) the amount of any non-trading [F12 deficit carried forward to that accounting period under][F13 section 457(1) of CTA 2009] (carried forward deficit not set off against profits);

(dd) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F15 (de) the amount of any non-trading credits or debits in respect of intangible fixed assets that fall to be brought into account for that period under [F16 section 751 of CTA 2009];

(df) the amount of any non-trading loss on intangible fixed assets carried forward to that accounting period under [F17 section 753(3) of CTA 2009];]

(e) any other amounts by reference to which the profits or losses of that accounting period would (apart from section 768B) be calculated.

Textual Amendments

F1 Words in Sch. 28A para. 6(a) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by 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(2)

F2 Words in Sch. 28A para. 6(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(a)(i) (with Sch. 2 Pts. 1, 2)

F3 Words in Sch. 28A para. 6(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(a)(ii) (with Sch. 2 Pts. 1, 2)

F4 Words in Sch. 28A para. 6(c) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(b) (with Sch. 2 Pts. 1, 2)

F5 Words in Sch. 28A para. 6(d) substituted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 67(1)

F6 Words in Sch. 28A para. 6(d) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(c) (with Sch. 2 Pts. 1, 2)

F7 Sch. 28A para. 6(da)-(dd) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 54(1) (with Sch. 15)

F8 Words in Sch. 28A para. 6(da) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(d) (with Sch. 2 Pts. 1, 2)

F9 Words in Sch. 28A para. 6(da) inserted (retrospectively) by Finance Act 1998 (c. 36), s. 82(3)(a)(4)

F10 Words in Sch. 28A para. 6(db) repealed (retrospectively) by Finance Act 1998 (c. 36), s. 82(3)(b)(4), Sch. 27 Pt. 3(17), Note

F11 Words in Sch. 28A para. 6(db) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(e) (with Sch. 2 Pts. 1, 2)

F12 Words in Sch. 28A para. 6(dc) substituted (retrospectively) by Finance Act 1998 (c. 36), s. 82(3)(c)(4)

F13 Words in Sch. 28A para. 6(dc) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(f) (with Sch. 2 Pts. 1, 2)

F14 Sch. 28A para. 6(dd) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(g), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F15 Sch. 28A para. 6(de)(df) inserted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 4(4)

F16 Words in Sch. 28A para. 6(de) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(h) (with Sch. 2 Pts. 1, 2)

F17 Words in Sch. 28A para. 6(df) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(2)(i) (with Sch. 2 Pts. 1, 2)

6A For the purposes of paragraph 6(da) above, the amount for any accounting period of the adjusted [F18 non-trading profits] or non-trading deficit of a company is the amount which, as the case may be, would be—

[F19 (a) the amount of the profits arising from the company's loan relationships chargeable under section 299 of CTA 2009 (charge to tax on non-trading profits),] or

(b) the amount of the company’s non-trading deficit on those relationships for that period,

if, in computing that amount, amounts for that period falling within paragraph 6(db) [F20 or (dc)] above were disregarded.

Textual Amendments

F18 Words in Sch. 28A para. 6A substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(3)(a) (with Sch. 2 Pts. 1, 2)

F19 Sch. 28A para. 6A(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(3)(b) (with Sch. 2 Pts. 1, 2)

F20 Words in Sch. 28A para. 6A substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(3)(c) (with Sch. 2 Pts. 1, 2)