556 Activity treated as trade etc. and attribution of income.U.K.
(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F2(2)If—
(a)under section 13(5) of ITTOIA 2005 a payment made to a person is treated as made instead to the performer, and
(b)the person to whom the payment is actually made is a company within the charge to corporation tax,
the company is treated for corporation tax purposes as if the payment had not been made to it.]
(3)Regulations may provide—
(a)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)that any liability to [F4corporation tax] which would, apart from subsection (2) above, arise in relation to the payment shall not arise or shall arise only to a prescribed extent.
(4)M1References in this section to a payment include references to a transfer.
(5)M2This section shall not apply unless the payment or transfer is one to which section 555(2) or (3) applies, and subsections (2) and (3) above shall not apply in such circumstances as may be prescribed.
Textual Amendments
F1S. 556(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 230(2), Sch. 3 (with Sch. 2)
F2S. 556(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 230(3) (with Sch. 2)
F3S. 556(3)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 230(4)(a), Sch. 3 (with Sch. 2)
F4Words in s. 556(3)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 230(4)(b) (with Sch. 2)
Modifications etc. (not altering text)
C1 For regulations see Part III Vol.5 (under
“Entertainers and sportsmen”).
Marginal Citations
M1Source-1986 Sch.11 6(4) 7(6)
M2Source-1986 Sch.11 6(2), 7(5)