SCHEDULES

SCHEDULE 33 E+W+S Taxation provisions

Part II E+W+S Public-Private Partnership Agreements

Revenue nature of payments under PPP agreements E+W+S

7 E+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 [F1 Part 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 [F2 Part 3 of the Corporation Tax Act 2009]).

Textual Amendments

F1 Words 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)

F2 Words 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)