Finance Act 2003

Valid from 10/07/2003

184 Intangible fixed assets: tax avoidance arrangements and related parties U.K.

(1) Schedule 29 to the Finance Act 2002 (c. 23) (gains and losses of a company from intangible fixed assets) is amended as follows.

(2) In paragraph 111 (tax avoidance arrangements to be disregarded)—

(a) in sub-paragraph (1) for the words following “in determining” substitute “ whether a debit or credit is to be brought into account under this Schedule or the amount of any such debit or credit ”, and

(b) in sub-paragraph (2)—

(i) for “under paragraph 9” in paragraph (a), and

(ii) for “under Part 4” in paragraph (b),

substitute “ under this Schedule ”.

(3) In paragraph 95(1) (cases in which persons are “related parties”) at the end add—

“Case Four

P is a company and C is another company in the same group.”

(4) The amendments in this section—

(a) have effect in relation to the debits or credits to be brought into account for accounting periods beginning on or after 20th June 2003, and

(b) in relation to the debits or credits to be brought into account for any such period shall be deemed always to have had effect.

(5) For this purpose an accounting period beginning before, and ending on or after, that date is treated as if so much of that period as falls before that date, and so much of that period as falls on or after that date, were separate accounting periods.