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- Point in Time (22/02/2024)
- Original (As enacted)
Point in time view as at 22/02/2024.
There are currently no known outstanding effects for the Finance (No. 2) Act 2023, Section 176E.
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(1)Where this section applies, to determine the extent to which flow-through tax benefits provided to an investor in an accounting period under a tax equity partnership arrangement are qualifying, take the following steps—
Step 1
Determine the amount of capital investment provided by the investor to the arrangement at its commencement.
Step 2
Divide the flow-through through tax benefits provided under the arrangement in the accounting period by the total flow-through tax benefits expected to be provided over the whole term of the arrangement.
Step 3
Multiply the result of Step 1 by the result of Step 2.
Step 4
Add the following together—
the amounts, if any, of tax credits made available to be used by the investor under the arrangement in the accounting period;
the value of the amounts, if any, of tax deductible losses made available to be used by the investor under the arrangement in the accounting period;
the amounts, if any, of distributions made to the investor in the accounting period;
the amounts, if any, received by the investor for the sale of any part of its investment in the arrangement in the accounting period.
Step 5
If the result of Step 3 is equal to or greater than the result of Step 4, all of the flow-through tax benefits provided under the arrangement in the accounting period are qualifying.
Otherwise proceed to Step 6.
Step 6
Subtract the result of Step 3 from the result of Step 4.
Step 7
The amount of the flow-through benefits provided under the arrangement in the accounting period that is qualifying is the amount given by reducing the amount of those benefits (but not below nil) by the result of Step 6.
(2)Accordingly, the amount by which those benefits are reduced in accordance with Step 7 represents non-qualifying flow-through tax benefits which are to be reflected as a credit in the investor’s covered tax balance.]
Textual Amendments
F1Ss. 176D-176F and cross-heading inserted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 16(1)
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