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Finance Act 2006

Changes over time for: Section 113

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Version Superseded: 01/04/2010

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113Ring-fencing of tax-exempt businessU.K.

(1)For the purposes of corporation tax, the business of C (tax-exempt) shall be treated as a separate business (distinct from—

(a)any business carried on by C (pre-entry),

(b)any business carried on by C (residual), and

(c)any business carried on by C (post-cessation)).

(2)For the purposes of corporation tax C (tax-exempt) shall be treated as a separate company (distinct from—

(a)C (pre-entry),

(b)C (residual), and

(c)C (post-cessation)).

(3)In particular—

(a)a loss incurred by C (tax-exempt) may not be set off against profits of C (residual),

(b)a loss incurred in respect of C (residual) may not be set off against profits of C (tax-exempt),

(c)a loss incurred in respect of C (pre-entry) may not be set off against profits of C (tax-exempt) (but this section does not prevent a loss of that kind from being set off against profits of C (residual)),

(d)a loss incurred by C (tax-exempt) may not be set off against profits arising to C (post-cessation) (in respect of business of any kind), and

(e)receipts accruing after entry but relating to business of C (pre-entry) shall not be treated as receipts of C (tax-exempt).

(4)In subsection (3) a reference to a loss includes a reference to a deficit, expense, charge or allowance.

(5)Section 392B of ICTA (ring-fencing of losses from overseas property business) shall not apply to business of C (tax-exempt).

(6)Paragraphs 5B and 5C of Schedule 28AA to ICTA (transfer pricing: exemption for small and medium enterprises) shall not apply to a company to which this Part applies (whether to C (tax-exempt) or to C (residual)).

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