59(1)Schedule 28AA of the Taxes Act 1988 (transactions not at arm’s length) applies to provision made or imposed as between a company’s tonnage tax trade and other activities carried on by it as if—U.K.
(a)that trade and those activities were carried on by two different persons,
(b)the provision were made or imposed between those persons by means of a transaction, and
(c)the two persons were both controlled by the same person at the time of the making or imposition of the provision.
[F1(2)As applied by sub-paragraph (1), Schedule 28AA has effect with the omission of paragraphs 6 to 7A (elimination of double counting etc).]
(3)Expressions used in Schedule 28AA have the same meaning in this paragraph.
(4)Nothing in this paragraph affects the computation of a company’s tonnage tax profits.
Textual Amendments
F1Sch. 22 para. 59(2) substituted (22.7.2004) (with effect in accordance with s. 37 of the amending Act) by Finance Act 2004 (c. 12), Sch. 5 para. 13