Corporation Tax Act 2010

Capital Allowances Act 2001

364 (1) Amend Schedule A1 (first-year tax credits) as follows.

(2) In paragraph 1—

(a) in sub-paragraph (4) for the words from “entitled” to the end substitute “entitled to make—

(a) a claim under section 642 or 643 of CTA 2010 (reliefs for co-operative housing associations),

(b) a claim under section 651 or 652 of CTA 2010 (reliefs for self-build societies), or

(c) a relevant claim under Part 11 of CTA 2010 (charitable companies etc).”, and

(b) after sub-paragraph (4) insert—

“(5) For the purposes of sub-paragraph (4)(c) a claim under Part 11 of CTA 2010 is a relevant claim unless—

(a) it is a claim for exemption under—

(i) section 475 or 476 (reliefs for certain heritage bodies etc),

(ii) section 480 (exemption for profits of small-scale trades), or

(iii) section 481 (exemption from charges under provisions to which section 1173 of CTA 2010 applies), or

(b) the company is entitled to make it only by virtue of section 490 (application of exemptions to certain heritage bodies etc).”

(3) In paragraph 5(2) for “section 392A of ICTA (UK property business losses) applies” substitute “sections 62 and 63 of CTA 2010 (UK property business losses) apply (see section 64 of that Act)”.

(4) In paragraph 6(2)—

(a) for “section 392B of ICTA” substitute “section 66 of CTA 2010”, and

(b) after “applies” insert “(see section 67 of that Act)”.

(5) In paragraph 11—

(a) in sub-paragraph (2)(a) for “section 393A(1)(a) of ICTA to set the loss against profits of whatever description” substitute “section 37(3)(a) of CTA 2010 to deduct the loss from total profits”,

(b) in sub-paragraph (2)(b) for “section 393A(1)(b) or 393B(3) of that Act (losses set against” substitute “section 37(3)(b) or 42 of that Act (losses deducted from”,

(c) in sub-paragraph (2)(c) for “section 403(1)” substitute “Part 5”,

(d) in sub-paragraph (2)(e) for “section 400” substitute “Chapter 7 of Part 4”,

(e) in sub-paragraph (3)(a) for “section 393(1) of ICTA” substitute “section 45 of CTA 2010”,

(f) in sub-paragraph (3)(b) for “section 393A(1)(b) or 393B(3)” substitute “section 37(3)(b) or 42”, and

(g) in sub-paragraph (3)(c) for “section 395” substitute “section 53”.

(6) In paragraph 12—

(a) in sub-paragraph (2)(a) for “section 392A(1) of ICTA to set the loss against profits of whatever description” substitute “section 62(1) to (3) of CTA 2010 to deduct the loss from total profits”,

(b) in sub-paragraph (2)(b) for “section 403(1)” substitute “Part 5”,

(c) in sub-paragraph (2)(d) for “section 400 of ICTA” substitute “Chapter 7 of Part 4 of CTA 2010”, and

(d) in sub-paragraph (3) for “section 392A(2) of ICTA” substitute “section 62(5) of CTA 2010”.

(7) In paragraph 13—

(a) in sub-paragraph (2) for “section 400 of ICTA” substitute “Chapter 7 of Part 4 of CTA 2010”, and

(b) in sub-paragraph (3) for “section 392B(1) of ICTA” substitute “section 66 of CTA 2010”.

(8) In paragraph 14(4)(b) for “set of against the loss under section 400 of ICTA” substitute “set off against the loss under Chapter 7 of Part 4 of CTA 2010”.

(9) In paragraph 15(2)—

(a) in paragraph (a) for “section 403(1) of ICTA” substitute “Part 5 of CTA 2010”, and

(b) in paragraph (b) for “section 400” substitute “Chapter 7 of Part 4”.

(10) In paragraph 16(2)(b) for “section 400 of ICTA” substitute “Chapter 7 of Part 4 of CTA 2010”.

(11) In paragraph 20—

(a) in sub-paragraph (a) for “section 393 of ICTA” substitute “section 45 of CTA 2010”,

(b) in sub-paragraph (c) for “section 392A(2) of ICTA” substitute “section 62(5) of CTA 2010”, and

(c) in sub-paragraph (d) for “section 392B of ICTA” substitute “section 66 of CTA 2010”.