Section 30
SCHEDULE 5U.K.Provision not at arm’s length: related amendments
Taxes Management Act 1970U.K.
Notice of enquiryU.K.
1(1)Section 9A of the Taxes Management Act 1970 (c. 9) is amended as follows.U.K.
(2)For subsection (4) (scope of inquiry) substitute—
“(4)An enquiry extends to—
(a)anything contained in the return, or required to be contained in the return, including any claim or election included in the return,
(b)consideration of whether to give the taxpayer a transfer pricing notice under paragraph 5C of Schedule 28AA to the principal Act (provision not at arm’s length: medium-sized enterprise),
but this is subject to the following limitation.”.
Income and Corporation Taxes Act 1988U.K.
F12U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 5 para. 2 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
Petroleum extraction activities: ring fence trade: charges on incomeU.K.
3(1)Section 494 of the Taxes Act 1988 (charges on income) is amended as follows.U.K.
(2)In subsection (2) (which restricts the loan relationship debits that may be brought into account in a manner resulting in reduction of ring fence profits)—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)omit paragraph (d) (which imposes a restriction by reference to a reasonable commercial rate of return and is superseded by the application of paragraphs 1A and 1B of Schedule 28AA to the Taxes Act 1988 by virtue of paragraph 11 of that Schedule);
(c)omit the third sentence (which defines “net debit” for the purposes of paragraph (d)).
(3)Omit subsection (2B) (which relates to the net debit within the meaning of subsection (2)(d)).
Textual Amendments
F2Sch. 5 para. 3(2)(a) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
Assumptions for calculating chargeable profits etc: transfer pricingU.K.
4U.K.In Schedule 24 to the Taxes Act 1988, paragraph 20 shall cease to have effect.
Finance Act 1996U.K.
Loan relationships: introductoryU.K.
F35U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 5 paras. 5-8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
Transactions not at arm’s lengthU.K.
F36U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 5 paras. 5-8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
Continuity of treatment: groups etc.U.K.
F37U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 5 paras. 5-8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
Amounts imputed under Schedule 28AA to the Taxes Act 1988U.K.
F38U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 5 paras. 5-8 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
Finance Act 1998U.K.
IntroductoryU.K.
9U.K.The Finance Act 1998 (c. 36) is amended as follows.
Scope of enquiryU.K.
10(1)In Schedule 18 (company tax returns, assessments and related matters) paragraph 25 is amended as follows.U.K.
(2)In sub-paragraph (1), for the words following paragraph (b) substitute— “ and also extends to consideration of whether to give the company a transfer pricing notice under paragraph 5C of Schedule 28AA to the Taxes Act 1988 (provision not at arm’s length: medium-sized enterprise). But this is subject to the following limitation. ”.
Finance Act 2000U.K.
Introductory: tonnage tax: transactions not at arm’s lengthU.K.
F411U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Sch. 5 paras. 11-13 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)
Transactions between tonnage tax company and another personU.K.
F412U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Sch. 5 paras. 11-13 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)
Transactions between tonnage tax trade and other activities of same companyU.K.
F413U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Sch. 5 paras. 11-13 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)
Finance Act 2002U.K.
F514U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 5 paras. 14-16 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F515U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 5 paras. 14-16 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F516U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 5 paras. 14-16 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)