Search Legislation

Finance Act 2009

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 17

 Help about opening options

Alternative versions:

Changes to legislation:

Finance Act 2009, Paragraph 17 is up to date with all changes known to be in force on or before 14 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

This section has no associated Explanatory Notes

17(1)In its application in relation to a relevant accounting period of a qualifying holding company, Part 2 of Schedule 25 to ICTA has effect subject to the modifications in this paragraph.U.K.

(2)Sub-paragraph (4) or (4A) of paragraph 6 applies to a company only if—

(a)the condition specified in that sub-paragraph is met, and

(b)conditions A and B are met.

(3)Condition A is that at all material times the company was a member of a group with the same ultimate corporate parent.

(4)For this purpose the following times are “material”—

(a)the beginning of 9 December 2008, and

(b)all times during the accounting period in question.

(5)Condition B is that amount X does not exceed amount Y.

(6)Amount X is the amount of the company's gross income in the accounting period in question that is non-qualifying gross income.

(7)Amount Y is (subject to sub-paragraph (8))—

(a)where there are three reference periods in relation to the company, the greatest of the amounts of the company's non-qualifying gross income in each of those periods,

(b)where there are two reference periods in relation to the company, the greater of the amounts of the company's non-qualifying gross income in each of those periods,

(c)where there is one reference period in relation to the company, the amount of the company's non-qualifying gross income in that period, or

(d)where there is no reference period in relation to the company, the amount of the company's non-qualifying gross income in the period of 12 months ending with 9 December 2008.

(8)Where the number of days in the period by reference to which amount X is determined is not the same as the number of days in the period by reference to which amount Y is determined, amount Y is to be multiplied by—

where—

DX is the number of days in the period by reference to which amount X is determined, and

DY is the number of days in the period by reference to which amount Y is determined.

(9)In this paragraph—

  • non-qualifying gross income” means gross income that does not satisfy the test in paragraph 6(3), (4) or (4A) of Schedule 25 to ICTA;

  • a reference period”, in relation to a company, means an accounting period of the company that—

    (a)

    is one of the last three accounting periods of the company to end before 9 December 2008, and

    (b)

    is an accounting period in relation to which the company is an exempt holding company.

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?