SCHEDULES
F1F1F2SCHEDULE 28AA Provision not at arm’s length
Sch. 28AA inserted (with effect in accordance with s. 108(5)-(7) of the amending Act) by Finance Act 1998 (c. 36), s. 108(2), Sch. 16
General interpretation etc.
14
1
In this Schedule—
“the actual provision” and “the affected persons” shall be construed in accordance with paragraph 1(1) above;
“the arm”s length provision’ shall be construed in accordance with paragraph 1(2) and (3) above;
“double taxation arrangements” means arrangements having effect by virtue of section 788;
“foreign tax” means any tax under the law of a territory outside the United Kingdom or any amount which falls for the purposes of any double taxation arrangements to be treated as if it were such tax;
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“losses” includes amounts which are not losses but in respect of which relief may be given in accordance with any of the following enactments—
F3“medium-sized enterprise” shall be construed in accordance with paragraph 5D above;
F4“non-qualifying territory” has the meaning given by paragraph 5E above;
F5“paragraph 6C claim” has the meaning given by paragraph 6C(2) above;
“profits” includes income;
F6“qualifying territory” has the meaning given by paragraph 5E above;
“the relevant activities”, in relation to a person who is one of the persons as between whom any provision is made or imposed, means such of his activities as—
- i
comprise the activities in the course of which, or with respect to which, that provision is made or imposed; and
- ii
are not activities carried on either separately from those activities or for the purposes of a different part of that person’s business;
- i
F7“small enterprise” shall be construed in accordance with paragraph 5D above;
“transaction” and “series of transactions” shall be construed in accordance with paragraph 3 above.
2
Without prejudice to paragraphs 9(2) and 11(3) above, references in this Schedule to a person controlling a body corporate or a partnership shall be construed in accordance with section 840.
3
In determining for the purposes of this Schedule whether a person has an entitlement, in pursuance of any double taxation arrangements or under section 790(1), to be given credit for foreign tax, any requirement that a claim is made before such a credit is given shall be disregarded.
4
Any adjustments required to be made by virtue of this Schedule may be made by way of discharge or repayment of tax, by the modification of any assessment or otherwise.
5
This Schedule shall have effect as if—
a
a unit trust scheme were a company that is a body corporate;
b
the rights of the unit holders under such a scheme were shares in the company that the scheme is deemed to be;
c
rights and powers of a person in the capacity of a person entitled to act for the purposes of the scheme were rights and powers of the scheme; and
d
provision made or imposed as between any person in such a capacity and another person were made or imposed as between the scheme and that other person.
Sch. 28AA repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 111, Sch. 10 Pt. 2 (with Sch. 9)