Part 3Income tax, corporation tax and capital gains tax
Chapter 11Miscellaneous
Reliefs for business
F7141Relief for research and development: software and consumable items
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F6142Temporary increase in amount of first-year allowances for small enterprises
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F1143Deduction for expenditure by landlords on energy-saving items
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144Lloyd’s names: conversion to limited liability underwriting
Schedule 25 to this Act (which makes provision for certain reliefs to be available where a member of Lloyd’s converts to limited liability underwriting) has effect.
Offshore matters
145Offshore funds
1
The provisions of the Taxes Act 1988 relating to offshore funds are amended in accordance with Schedule 26 to this Act.
2
Except as otherwise provided—
a
the amendments have effect for account periods (within the meaning of Chapter 5 of Part 17 of that Act) ending on or after the day on which this Act is passed, and
b
regulations made under a power conferred by virtue of any of the amendments may be made so as to have effect in relation to any such account period.
146Meaning of “offshore installation”
Schedule 27 to this Act (which makes amendments relating to the meaning of “offshore installation”) has effect.
Health
147Immediate needs annuities
F41
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F42
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F33
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F54
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F25
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F26
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148Corporation tax: health service bodies
At the end of section 519A of the Taxes Act 1988 (health service bodies: exemptions from income and corporation tax) add—
3
The Treasury may by order disapply subsection (1)(b) in relation to a specified activity, or class of activity, of an NHS foundation trust.
4
An order under subsection (3) shall make provision for determining the amount of the profits relating to an activity that are to be charged to corporation tax as a result of the disapplication of subsection (1)(b).
5
An order under subsection (3) may, in particular—
a
make provision for disregarding profits of less than a specified amount in respect of a financial year or accounting period or a specified part of a financial year or accounting period;
b
make provision for disregarding a specified part of profits in respect of a financial year or accounting period or a specified part of a financial year or accounting period;
c
make provision for disregarding all or part of profits relating to activity in respect of which receipts or turnover (as defined by the order) are less than a specified amount in respect of a financial year or accounting period or a specified part of a financial year or accounting period.
6
An order under subsection (3)—
a
may apply, with or without modification, a provision of the Tax Acts,
b
may disapply a provision of the Tax Acts,
c
may make provision similar to a provision of the Tax Acts, and
d
may make provision generally or in relation to a specified body or class of bodies.
7
The Treasury may make an order under subsection (3) only—
a
in relation to an activity or class of activity that appears to the Treasury to be of a commercial nature,
b
where it appears to the Treasury to be expedient for the purpose of avoiding, removing or reducing differences between—
i
the fiscal treatment of the body undertaking the activity, and
ii
the fiscal treatment of another body or class of body which is of a commercial nature and which undertakes or might undertake the same or a similar activity, and
c
if a draft has been laid before, and approved by resolution of, the House of Commons.
8
An activity authorised under section 14(1) of the Health and Social Care (Community Health and Standards) Act 2003 shall not be treated as an activity of a commercial nature for the purposes of subsection (7)(a).