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Changes over time for: Cross Heading: Income and Corporation Taxes Act 1988


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
Status:
Point in time view as at 06/04/2007.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Income and Corporation Taxes Act 1988.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Income and Corporation Taxes Act 1988U.K.
Valuation of trading stock at discontinuance of tradeU.K.
2(1)Section 100 of the Taxes Act 1988 is amended as follows.U.K.
(2)After subsection (1) insert—
“((1ZA))This section does not apply in relation to any trading stock if paragraph 1(2) of Schedule 28AA (provision not at arm’s length) has effect in relation to any provision made or imposed in relation to that stock and having effect in connection with the discontinuance of the trade.”.
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)—
(a)at the end of paragraph (b) insert “ and ”;
(b)omit paragraph (d) (which imposes a restriction by reference to a reasonable commercial rate of return and is superseded by the application of paragraphs 1A and 1B of Schedule 28AA to the Taxes Act 1988 by virtue of paragraph 11 of that Schedule);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)).
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.
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