Corporation Tax Act 2009
2009 CHAPTER 4
Annex 2: Extra-Statutory Concessions, Case Law and List of Redundant Material Not Rewritten
This Annex is in three parts:
Table 1: a list of ESCs (and one Statement of Practice) that are rewritten in the draft Bill;
Table 2: a list of sections which involve enacting case law principles; and
Table 3: a list of provisions that are redundant in whole or in part and are omitted by the draft Bill.
Table 1
The following ESCs and Statement of Practice are rewritten in the draft Bill.
| ESC etc | Description | See Annex 1 |
|---|---|---|
| C34 | Tax concessions on overseas debts | Change 40 |
| C36 | Treatment of income from caravan sites where there is both trading and associated letting income | Change 4 |
| Sp11/81 | Redundancy payments: cessation of part of a trade | Change 17 |
Table 2
The following table sets out the sections which involve giving statutory effect to principles derived, wholly or mainly, from case law.
| Topic | Section |
|---|---|
| UK company distributions: Strand Options and Futures Ltd v Vojak, 76 TC 220 CA(11) | 1285 |
Table 3
The omission of provisions which are redundant in whole or in part is an integral part of the rewrite process.
But, for ease of reference, those omissions worthy of specific explanation are listed in the table below. The table also sets out where those explanations can be found.
| Redundant provision | Topic | See commentary on section etc |
|---|---|---|
| TMA s.19(2) | Lease premiums etc — information on Case VI charges | Schedule 1 |
| TMA ss.12AE and 31(3) | Legislating the “Crown Option” | Schedule 1 |
| TMA s.90(1)(b) and (2) | Interest on unpaid corporation tax | 1303 |
| ICTA s9(2A) and (6) | Computation of income: application of income tax principles | 969 |
| ICTA s.11(2)(part) | Permanent establishments | 19 |
| ICTA s.12(2)(a)(part) | Accounting periods | 9 |
| ICTA s.12(8) | Accounting periods | Overview of Chapter 2 of Part 2 |
| ICTA s.18(3A): Schedule D Case III(b)(i)(part),(ii) | Annual payments | 977 |
| ICTA s.18(3B) to (3E)(part) | Sale of coupons | Overview of Chapter 6 of Part 10 |
| ICTA s.24(6)(a) | Definition of “lease” | 256 |
| ICTA s.40(1),(2),(3)(part), (4), (4A) | Apportionment of sale proceeds | 259 |
| ICTA s.70(1) | Basis of assessment | 8 |
| ICTA s.74(1)(c) | Private expenses – rent | 54 |
| ICTA s.74(1)(d)(part) | Trade tools | 68 |
| ICTA s.74(1)(da) | CAA: integral features | 60 and 263 |
| ICTA s.74(1)(f)(part) | Interest | Schedule 1 |
| ICTA s.74(1)(g) | Improvements | 53 |
| ICTA s.74(1)(h) | Notional interest | Schedule 1 |
| ICTA s.74(1)(m) | Annuities | Schedule 1 |
| ICTA s.85 | Approved profit sharing schemes | 1000 |
| ICTA s.86(5)(d) | Seconded employees | Schedule 1 |
| ICTA s.92 | Regional development grants | Schedule 1 |
| ICTA s.93(2)(a)(part), (b) | Industrial development grants | 102 |
| ICTA s.95(1C) | Dealers in securities | 130 |
| ICTA s.101 | Valuation of work in progress | Schedule 1 |
| ICTA s.104(3) | Post-cessation receipts | Overview of Chapter 15 of Part 3 |
| ICTA s.105(1)(part), (3)(part) | Post-cessation receipts – capital allowances | 197 |
| ICTA s.110(3),(4),(5) | Post-cessation receipts | Overview of Chapter 15 of Part 3 |
| ICTA s.116(5) | Transfer of relief | 1260 |
| ICTA s.337A(2)(b) | Computation of income: intangible fixed assets | Schedule 1 |
| ICTA s.399(1B) | Dealings in commodity futures etc: withdrawal of loss relief | Schedule 1 |
| ICTA s.491(9),(11)(part) | Mutual concerns – examples dropped | 101 |
| ICTA s.695(6) | Beneficiaries income from estates in administration | 961 |
| ICTA s.698(1)(part) | Aggregate income of an estate | 947 |
| ICTA s.699A(1)(b) | Untaxed sums in income of an estate | 963 |
| ICTA s.700(5)(part) | Statements relating to estate income | 967 |
| ICTA s.701(6), (7) | Charges on residue | 947 |
| ICTA s.826(5A) | Interest payable | Schedule 1 |
| ICTA Sch.5 para.3(4)(b) | Herd basis – replacement of animals | 114 |
| ICTA Sch.5 para.7(part) | Herd basis – working animal rule | 110 |
| ICTA Sch.5 para.9(part) | Herd basis – working animal rule | 110 |
| FA 1988 Sch.7(part) | Company residence | 15 |
| FA 1988 Sch.12(part) | Building societies | Schedule 1 |
| TCGA s. 158(part) | Meaning of “trade” etc | Schedule 1 |
| TCGA s. 201(2) | Mineral leases: royalties | Overview of Chapter 7 of Part 4 |
| FA 1995 s.126(7A)(part) | Non-residents | Schedule 1 |
| FA 1994 s.250 | Supplementary provisions on companies treated as non-UK resident | 18 |
| FA 1996 s.81(6) | Currency other than sterling | 303 |
| FA 1996 s.103(1AA)(b) | Other profits, gains or losses | 475 |
| FA 1996 Sch.8 para.3(2)(a)(ii) | Carry back of deficits | 462 |
| FA 1996 Sch.9 para.12H(2)(b) | Transparent entities | 429 |
| FA 1996 Sch.9 para.19A(4C) | Change of accounting policy: beginning of later period | 318 |
| FA 1996 Sch.10 paras.8(6A), 8(6B) | Class of shares of an open-ended investment company | 495 |
| FA 1996 Sch.10 para.8(7C)(b) | Non-qualifying investments test | 493 |
| FA 1996 Sch.11 para.4(2)(a)(part) | Insurance profits and gains | 388 |
| FA 2000 s.46(2A)(part) | Charitable company exemptions | Schedule 1 |
| FA 2000 s.50 | Approved profit sharing schemes | 1000 |
| FA 2000 Sch.20 para 3(2) | Research and development | 1052, 1053 |
| FA 2000 Sch.20 para 24 | Research and development | 1054 |
| FA 2001 Sch.22 para.1(4)(a) | Contaminated Land | 1147 |
| FA 2001 Sch.22 para.30 | Contaminated Land | 1179 |
| FA 2002 Sch 12 para.4(5) | Research and development | 1077 |
| FA 2002 Sch 12 para.5(5) | Research and development | 1078 |
| FA 2002 Sch 12 para.9(4) | Research and development | 1066 |
| FA 2002 Sch 12 para.10(4) | Research and development | 1067, 1071, 1072 |
| FA 2002 Sch 12 para.10B(c) | Research and development | 1071 |
| FA 2002 Sch 13 para.3(4) | Research and development | 1101 |
| FA 2002 Sch 13 para.7(5) | Research and development | 1102 |
| FA 2002 Sch.26 para. 2A(2)(b)(part) | Derivative contracts | 586 |
| FA 2002 Sch.26 para. 4(2B)(a)(part), (2C)(a)(part) and (2CA)(a)(part) | Derivative contracts | 591 |
| FA 2002 Sch.26 para. 12(4)(part) | Derivative contracts | 582 |
| FA 2002 Sch.26 para. 29(4) | Derivative contracts | 636 |
| FA 2002 Sch.26 para. 34 | Derivative contracts | 637 |
| FA 2002 Sch.26 para. 38(2)(a)(part) and (3) | Derivative contracts | 637 |
| FA 2002 Sch.26 para. 38A(2)(a)(part) and (3) | Derivative contracts | 638 |
| FA 2002 Sch.26 para. 41 | Derivative contracts | Overview of Chapter 6 of Part 7 |
| FA 2002 Sch.26 para. 45C(2) | Derivative contracts | 643 |
| FA 2002 Sch.26 para. 45D(3) | Derivative contracts | 645 |
| FA 2002 Sch.26 para. 45F(3) | Derivative contracts | 648 |
| FA 2002 Sch.26 para. 45G(1B) | Derivative contracts | 650 |
| FA 2002 Sch.26 para. 45J(5)(a)(part) | Derivative contracts | 653 |
| FA 2002 Sch.26 para. 45JA(4)(part) | Derivative contracts | 666 |
| FA 2002 Sch.26 para. 53(2)(part) | Derivative contracts | 578 |
| FA 2002 Sch.26 para 54(1)(part) | Derivative contracts | 710 |
| FA 2002 Sch.29 para.32(4) | Intangible fixed assets | 748 |
| FA 2002 Sch.29 para.132(2) to (4) | Intangible fixed assets | Schedule 1 |
| FA 2002 Sch.29 para.141 | Intangible fixed assets | Schedule 1 |
| FA 2003 Sch.23 para.20(3) | Other relief for employee share acquisitions | 1009 |
| FA 2008 Sch.13 para.6(1) | Company gains from investment life insurance contracts | 566 |
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STC [2004] 64
