Version Superseded: 01/04/2010
Point in time view as at 06/04/2007.
There are currently no known outstanding effects for the Finance Act 2004, Part 3.
10U.K.The Taxes Act 1988 is amended in accordance with the following provisions of this Part.
11(1)Section 496 (tariff receipts) is amended as follows.U.K.
(2)In subsection (1)(a) (tariff receipts to be treated as receipts of the separate trade referred to in section 492(1)) after “tariff receipt” insert “ or tax-exempt tariffing receipt ”.
(3)In subsection (2) (activities of participator etc giving rise to tariff receipts to be treated as oil extraction activities) after “tariff receipts” insert “ or tax-exempt tariffing receipts ”.
(4)In subsection (3) (disregard of certain sums in fact received or receivable by person connected with participator)—
(a)in the opening words, after “tariff receipt” insert “ or tax-exempt tariffing receipt ”;
(b)in paragraph (b), after “tariff receipt” insert “ or tax-exempt tariffing receipt ”.
(5)In consequence of the amendments made by this paragraph, the sidenote to the section becomes “ Tariff receipts and tax-exempt tariffing receipts ”.
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