Tax avoidance arrangements to be disregardedU.K.
111(1)Tax avoidance arrangements shall be disregarded in determining [F1whether a debit or credit is to be brought into account under this Schedule or the amount of any such debit or credit].
(2)Arrangements are “tax avoidance arrangements” if their main object or one of their main objects is to enable a company—
(a)to obtain a debit [F2under this Schedule] to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled, or
(b)to avoid having to bring a credit into account [F3under this Schedule] or to reduce the amount of any such credit.
(3)In this paragraph—
“arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable; and
“brought into account” means brought into account for tax purposes.
Textual Amendments
F1Words in Sch. 29 para. 111(1) substituted (with effect in accordance with s. 184(4) of the amending Act) by Finance Act 2003 (c. 14), s. 184(2)(a)
F2Words in Sch. 29 para. 111(2)(a) substituted (with effect in accordance with s. 184(4) of the amending Act) by Finance Act 2003 (c. 14), s. 184(2)(b)(i)
F3Words in Sch. 29 para. 111(2)(b) substituted (with effect in accordance with s. 184(4) of the amending Act) by Finance Act 2003 (c. 14), s. 184(2)(b)(ii)