SCHEDULES

SCHEDULE 33 Taxation provisions

Part II Public-Private Partnership Agreements

Revenue nature of payments under PPP agreements

7

Any 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).