Search Legislation

Finance Act 2015

Status:

This is the original version (as it was originally enacted).

Corporation tax: investment business

This section has no associated Explanatory Notes

6In Chapter 3 of Part 16 of CTA 2009 (investment business: amounts treated as expenses of management), after section 1244 insert—

Contributions to flood and coastal erosion risk management projects

1244AContributions to flood and coastal erosion risk management projects

(1)This section applies if a company with investment business (“the contributor”) incurs expenses in making a qualifying contribution to a qualifying flood or coastal erosion risk management project.

(2)The expenses are treated for the purposes of Chapter 2 as expenses of management.

(3)But if, in connection with the making of the contribution, the contributor or a connected person—

(a)receives a disqualifying benefit, or

(b)is entitled to receive such a benefit,

no deduction is allowed under section 1219.

(4)For the purposes of subsection (3) it does not matter whether a person receives, or is entitled to receive, the benefit—

(a)from the carrying out of the project, or

(b)from any person.

(5)In this section “disqualifying benefit” means a benefit consisting of money or other property, but it does not include—

(a)a refund of the contribution, if the contribution is a sum of money;

(b)compensation for the contribution, if the contribution is the provision of services;

(c)a structure that—

(i)is or is to be used for the purposes of flood or coastal erosion risk management, and

(ii)is put in place in carrying out the project;

(d)an addition to a structure where—

(i)the structure is or is to be used for the purposes of flood or coastal erosion risk management, and

(ii)the addition is made in carrying out the project;

(e)land, plant or machinery that is or is to be used, in the realization of the project, for the purposes of flood or coastal erosion risk management;

(f)a right over land that is or is to be used, in the realization of the project, for the purposes of flood or coastal erosion risk management.

(6)In subsection (5) “structure” includes road, path, pipe, earthwork, plant and machinery.

(7)Section 86B applies for the purposes of this section as it applies for the purposes of section 86A.

Back to top

Options/Help

Print Options

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?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources