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Finance Act 2006

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Changes over time for: Paragraph 12

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No versions valid at: 06/04/2006

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Point in time view as at 06/04/2006.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. Help about Status

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There are currently no known outstanding effects for the Finance Act 2006, Paragraph 12. Help about Changes to Legislation

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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