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Textual Amendments
F1S. 118 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 356, Sch. 3 Pt. 1 (with Sch. 2)
(1)In section 750(1) of the Taxes Act 1988 (meaning of lower level of taxation for purposes of provisions relating to controlled foreign companies) for “one-half” there shall be substituted “ three-quarters ”.
(2)Subsection (1) above shall apply in relation to accounting periods beginning on or after 16th March 1993.
(3)Where a company is by virtue of section 749(1) or (2) of the Taxes Act 1988 regarded as resident in a territory outside the United Kingdom and (apart from this section)—
(a)an accounting period of the company would begin before 16th March 1993 and end on or after that date, and
(b)the company would not be considered to be subject, by virtue of section 750(1) of that Act, to a lower level of taxation in that accounting period in the territory in which it is regarded as resident,
for the purposes of Chapter IV of Part XVII of that Act that accounting period shall be treated as ending on 15th March 1993.
Schedule 14 to this Act (which makes various amendments of the M1Taxes Management Act 1970, the Taxes Act 1988 and the M2Finance Act 1989 with a view to, or in connection with, the introduction of “pay and file”) shall have effect.
Textual Amendments
(1)In subsection (2) of section 829 of the Taxes Act 1988 (restriction on application of Income Tax Acts to public departments), at the end there shall be inserted “ unless it is tax which would not have been so borne but for a failure by a public office or department of the Crown to make a deduction required by virtue of subsection (1) above. ”
(2)The provisions of Parts IX and X of the Taxes Management Act 1970 (interest and penalties) shall apply in relation to public offices and departments of the Crown for the purposes, so far as they so apply, of the other provisions of that Act and of the provisions of the Income Tax Acts mentioned in section 829(1) of the Taxes Act 1988.
(3)This section shall have effect in relation to the year 1993-94 and subsequent years of assessment.
(1)The following section shall be inserted after section 577 of the Taxes Act 1988—
(1)In computing profits or gains chargeable to tax under Schedule A or Schedule D, no deduction shall be made for any expenditure incurred in making a payment the making of which constitutes the commission of a criminal offence.
(2)Such expenditure shall not be included in computing any expenses of management in respect of which relief may be given under the Tax Acts.”
(2)This section shall apply in relation to expenditure incurred on or after 11th June 1993.
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Textual Amendments
F3S. 124 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)