Point in time view as at 01/04/2010.
Greater London Authority Act 1999, Paragraph 7 is up to date with all changes known to be in force on or before 10 March 2025. 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.
7E+W+SAny payment made by a relevant body to a company in pursuance of a PPP agreement shall be deemed for the purposes of the Corporation Tax Acts—
(a)in the case of the relevant body, to be an expense of a revenue, rather than a capital, nature (and deductible accordingly in computing profits under [F1Part 3 of the Corporation Tax Act 2009]); and
(b)in the case of the company, to be a receipt of a trade carried on by the company (and taxable accordingly under [F2Part 3 of the Corporation Tax Act 2009]).
Textual Amendments
F1Words in Sch. 33 para. 7(a) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 296(a) (with Sch. 9 paras. 1-9, 22)
F2Words in Sch. 33 para. 7(b) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 296(b) (with Sch. 9 paras. 1-9, 22)
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