No versions valid at: 06/04/2006
Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2006, Paragraph 12.
Valid from 19/07/2006
12(1)Section 113(1) to (4) shall apply in relation to G (property rental business), G (pre-entry), G (residual) and G (post-cessation) as they apply in relation to C (tax-exempt), C (pre-entry), C (residual) and C (post-cessation).U.K.
(2)Section 113(1) to (6) shall also apply in relation to each UK resident company which is a member of the group; for which purpose—
(a)a reference to C (tax-exempt) is a reference to the company if or in so far as it is a member of G (property rental business),
(b)a reference to C (pre-entry) is a reference to the company as a member of G (pre-entry) (or, in the case of a company which joins a group to which Part 4 applies, a reference to the company before joining),
(c)a reference to C (residual) is a reference to the company if or in so far as it is a member of G (residual), and
(d)a reference to C (post-cessation) is a reference to the company as a member of G (post-cessation) (or, in the case of a company which leaves a group to which Part 4 applies, a reference to the company after leaving).
(3)Where a percentage of the profits of a member of G (property rental business) is excluded from a financial statement in accordance with paragraph 31(5), the excluded percentage shall be treated for the purposes of section 113 as profits of G (residual).
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