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Version Superseded: 01/04/2010
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Income and Corporation Taxes Act 1988, Section 774G is up to date with all changes known to be in force on or before 14 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)For the purposes of sections 774A to 774D “arrangement” includes any agreement or understanding (whether or not legally enforceable).
(2)For the purposes of sections 774A to 774D “income deduction” means—
(a)a deduction in calculating any income for tax purposes, or
(b)a deduction against total income or total profits.
(3)For the purposes of sections 774A to 774D—
(a)references to a person's receiving any asset [F2include—
(i)the person's] obtaining directly or indirectly the value of any asset or otherwise deriving directly or indirectly any benefit from it, [F3and
(ii)the discharge (in whole or in part) of any liability of the person,]
(b)references to a disposal of an asset include anything which constitutes a disposal of the asset for the purposes of the 1992 Act,
(c)references to payments in respect of any asset [F4include—
(i)payments in respect of any other asset substituted for it under the arrangement, and
(ii)obtaining] directly or indirectly the value of any asset or otherwise deriving directly or indirectly any benefit from it.
(4)For the purposes of sections 774A to 774D, section 839 (connected persons) applies.
(5)For the purposes of sections 774A to 774D references to the accounts of any person who is a company include the consolidated group accounts of a group of companies of which it is a member.]
[F5(5A)In determining for the purposes of sections 774A to 774D whether an amount is recorded as a financial liability in respect of the advance it is to be assumed that the period of account in which the advance is received ended immediately after the receipt of the advance.]
(6)If any person does not draw up accounts in accordance with generally accepted accounting practice, sections 774A to 774D apply as if the accounts had been drawn up by the person in accordance with that practice.
(7)Sections 277 to 281 of ITTOIA 2005 and [F6sections 217 to 221 of CTA 2009] (lease premiums) are not to apply in relation to a premium paid in respect of a grant of a lease where the grant constitutes a disposal of an asset for the purposes of section 774A(2)(c) or 774C(2)(a).
Textual Amendments
F1Ss. 774A-774G and preceding cross-heading inserted (with effect in accordance with Sch. 6 para. 6(2)-(7) of the amending Act) by Finance Act 2006 (c. 25), Sch. 6 para. 6(1)
F2Words in s. 774G(3)(a) substituted (with effect in accordance with Sch. 5 para. 7(1)-(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 6(2)(a)
F3S. 774G(3)(a)(ii) and preceding word inserted (with effect in accordance with Sch. 5 para. 7(1)-(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 6(2)(b)
F4Words in s. 774G(3)(c) substituted (with effect in accordance with Sch. 5 para. 7(1)-(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 6(3)
F5S. 774G(5A) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 5 paras. 6(4), 7(6)
F6Words in s. 774G(7) 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. 229 (with Sch. 2 Pts. 1, 2)
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