1 Ref or Duty Relief Title Description 1 Aggregates Levy Aggregate exported from the UK credit may be available against aggregates levy if that aggregate is exported from the UK. 2 Aggregates Levy 3 Aggregates Levy 4 Aggregates Levy Aggregate that again becomes part of the land Aggregates disposed of without further processing Agriculture or forestry use If a quantity of aggregate again becomes part of the land it is exempt from aggregates levy. credit against an aggregates levy may be available where the aggregate is disposed of unprocessed to the originating site. Where aggregate is won from any site and the same person also occupies an agricultural site, the aggregate will be exempt from aggregates levy if it is used for the purposes of forestry or agriculture on another site. 5 Aggregates Levy Bad debt relief credit against an aggregates levy may be available if a bad debt arises to a person who subjects the aggregate to commercial exploitation. 6 Aggregates Levy Beach replenishment credit against an aggregates levy may be available where the aggregate is gravel or sand and is used for beach restoration purposes. 7 Aggregates Levy 8 Aggregates Levy 9 Aggregates Levy China clay or ball clay extraction and separation byproducts Coal, lignite, shale or slate Construction and demolition material Aggregate arising as a by-product of china clay or ball clay extraction and separation is exempt from aggregates levy. Aggregate consisting wholly of coal, lignite, slate or shale is exempt from aggregates levy. Aggregate which has previously been used for construction purposes is exempt from aggregates levy. 10 Aggregates Levy Dimension stone aggregate Rock which is sent for cutting to form a stone with one or more flat sides is exempt from aggregates levy. 11 Aggregates Levy Dredging Aggregate which arises by being removed from the bed of any river is exempt from aggregates levy.
2 12 Aggregates Levy Excavations for new buildings Aggregate consisting wholly of aggregate won by being removed from the ground in the course of excavations is exempt from aggregates levy. 13 Aggregates Levy Exempt process after the aggregates levy has been brought to account credit against an aggregates levy may be available if an exempt process is applied to that aggregate. 14 Aggregates Levy Extracting certain industrial minerals Any process in which a relevant substance is extracted from any aggregate is exempt from aggregates levy (19 industrial minerals are listed). 15 Aggregates Levy Highway construction Aggregate consisting wholly of aggregate won by being removed from a highway is exempt from aggregates levy. 16 Aggregates Levy Industrial or agricultural process credit against an aggregates levy may be available if any of it is used in a prescribed industrial or agricultural process (38 prescribed processes are listed). 17 Aggregates Levy 18 Aggregates Levy 19 Aggregates Levy Lime or cement production Northern Ireland aggregates levy credit scheme Railway construction Any process for the production of lime or cement from limestone is exempt from aggregates levy. Transitional tax credit is available for aggregates levy charged in Northern Ireland. Aggregate which has been won by being removed from the ground of a railway line is exempt from aggregates levy. 20 Aggregates Levy 21 Aggregates Levy Seabed drill cuttings Separation of coal, lignite, slate and shale from other aggregate after extraction Aggregate consisting of the drill-cuttings from any operations for which a licence has been granted is exempt from aggregates levy. Aggregate which consists wholly of the spoil from any process by which coal, lignite, slate or shale has been separated is exempt from aggregates levy. 22 Aggregates Levy Soil, clay & other organic matter Aggregate consisting wholly of clay, soil or other organic matter is exempt from aggregates levy.
3 23 Aggregates Levy 24 Aggregates Levy Spoil from industrial mineral extraction Spoil, waste and other byproducts from any industrial combustion process Aggregate consisting wholly of the spoil from any process by a relevant substance which is separated is exempt from aggregates levy. Aggregate consisting wholly of the byproduct of any industrial combustion process is exempt from aggregates levy. 25 Aggregates Levy Spoil, waste and other byproducts from the refining/smelting of metal Aggregate consisting wholly of the byproduct of the smelting or refining of metal is exempt from aggregates levy. 26 Aggregates Levy Utility works Aggregate which arises in the course of utility works under specified Acts/Orders is exempt from aggregates levy. 27 Aggregates Levy 28 Air Passenger Duty Waste aggregate tax credit Cabin crew credit against an aggregates levy may be available if that aggregate is disposed of and is not used for construction purposes. Cabin crew are exempt from APD. 29 Air Passenger Duty Children under 2 without a seat Children under 2 without a separate seat are exempt from APD. 30 Air Passenger Duty Connecting flights Passengers travelling on connecting flights are exempt from APD. 31 Air Passenger Duty Military flights Applies to flights operated by the military. This can be their own aircraft but also chartered aircraft provided under a 'dry charter' where the military provide their own pilots and crew etc. 32 Air Passenger Duty Passengers not carried for reward An aircraft employee not carried for reward is exempt from APD.
4 33 Air Passenger Duty Reduced rate of APD Distinguishes between the classes of travel taken by passengers. On an aircraft providing more than one class of travel the reduced rate applied to travel in the lowest class of travel available, and the standard (and higher) rate applies to all of the remaining classes. (Specific provisions apply to airlines providing business class only seating, which despite being the lowest class of travel available is considered be premium in nature). 34 Air Passenger Duty 35 Air Passenger Duty Scottish Highlands and Islands Short Pleasure Flights APD is not payable on flights departing from airports in the Scottish Highlands and Islands. Applies to flights that begin and end at the same airport and last less than 60 minutes. Includes pleasure flights and also flights undertaken for training and instruction. 36 Air Passenger Duty Transit passengers Transit Passengers are exempt from APD. 37 Air Passenger Duty Visiting forces, NATO military headquarters personnel An international obligation which applies to flights made for official purposes by members of a NATO visiting force. Includes 'wet charters' where pilots and crew are provided by the commercial operator. In addition applies to any NATO visiting force passenger travelling with a commercial operator but must be evidenced by a specific declaration on the ticket. 38 Bank Payroll Excluded remuneration from bank payroll tax Specified remuneration is excluded from being subject to bank payroll tax. 39 Bank Payroll Exempt activities If a banking group meets the exempt activities test it is exempt from bank payroll tax.
5 40 Capital gains tax Alternative finance investment bonds exemption from capital gains tax for certain transactions relating to underlying assets relating to land Certain transactions relating to underlying assets consisting of land under Alternative Finance Investment Bonds arrangements are not treated as disposals. 41 Capital Gains 42 Capital Gains 43 Capital Gains Annual exempt amount (half of the individual s exemption for trustees) Armed forces - medals and decorations for bravery Business incorporation relief Annual specified exempt amount for CGT. Disposals of decorations for valour (unless acquired for money) are exempt from CGT. Rollover relief, for CGT purposes, on transfer of an unincorporated business to company in return for shares. 44 Capital Gains 45 Capital Gains Capital losses in year of death Capital losses of trustees For CGT purposes, capital losses, in the year of death, can be carried back and set off against capital gains of preceding 3 years. Where an asset passes a trustee to a beneficiary, any capital loss on the deemed disposal of the asset by the trustees that they cannot use against their capital gains can be used by the beneficiary against any gain on a future disposal of the asset. 46 Capital Gains Capital losses when deferred unascertainable consideration received Where the unascertainable deferred consideration subsequently received is lower than the amount estimated, for CGT purposes the consequent capital loss can be carried back against the original gain. 47 Capital Gains 48 Capital Gains Compensation for damages for wrong or injury in course of profession or vocation Compulsory purchase by local authorities Compensation for wrong or injury suffered by individual in his person or in his profession or vocation is exempt from CGT. Where part-disposal of land to an authority is small (no more than 5% of the value of the whole holding of land), for CGT purposes, the consideration can be deducted from allowable costs.
6 49 Capital Gains 50 Capital Gains Death - gains accrued but unrealised EIS deferral On death, assets are uplifted to market value for CGT purposes. Capital gains on disposals of assets can be deferred if matching amount is invested in qualifying EIS shares. 51 Capital Gains Employee trusts Gains by trustees of employee trusts on disposals to employees are exempt from CGT where no consideration is given and the employee is chargeable to income tax. 52 Capital Gains Employment related liabilities If a former employee is entitled to deduct sums relating to employment related liabilities from income, but has insufficient income, he or she can claim to treat surplus liabilities as a capital loss. 53 Capital Gains Enterprise Investment Scheme Disposals of EIS shares after a qualifying period are exempt from CGT. 54 Capital Gains Entrepreneurs' relief Entrepreneurs' relief on disposals chargeable to CGT by individuals and qualifying trustees of all or part of a trade charged at 10% (up to lifetime limit of 5 million of gains). 55 Capital Gains 56 Capital Gains Foreign consular officers Foreign currency and bank accounts for personal expenditure outside UK Gains of foreign consular officers on disposals of overseas assets exempt from CGT. An individual's foreign currency is exempt from CGT if the currency is acquired for personal expenditure outside the UK. 57 Capital Gains Gifts chargeable to IHT If a gift of an asset is immediately chargeable to inheritance tax, the gain on the gift can be rolled forward so that it becomes chargeable to CGT when the recipient disposes of the asset. 58 Capital Gains Gifts of business assets Gains on gifts of qualifying business assets may be rolled forward so that they become chargeable to CGT when the recipient disposes of them. 59 Capital Gains Gifts relief - payment by instalments Where gifts reliefs are not available, CGT may be paid over 10 years.
7 60 Capital Gains 61 Capital Gains 62 Capital Gains 63 Capital Gains Gifts to the nation Grants for giving up agricultural land IHT paid on transfers Lettings relief Gains on disposal of heritage works of art to specified collections or in lieu of IHT exempt from CGT. Grants received for giving up uncommercial agricultural land are not chargeable to CGT. This relief allows a deduction for IHT paid on a transfer where a relief for gifts was given. Lettings relief is available for CGT purposes where the principal private residence has been let, and a gain arises. 64 Capital gains tax 65 Capital Gains 66 Capital Gains 67 Capital Gains Local authorities etc exempt Marriage and civil partnerships Non-domiciled taxpayers Non-resident settlements with non-domiciled settlors Local authorities are exempt from capital gains tax. Transfers between spouses or civil partners are exempt from CGT. If a taxpayer has elected for the remittance basis then foreign gains will be chargeable in the year of remittance to the UK. Where a settlor-interested non-resident trust disposes of assets at a gain if the settlor is UK resident but non-domiciled there is no CGT charge on the settlor. 68 Capital Gains Personal Equity Plans and Individual Savings Accounts PEPs and ISAs are exempt from CGT. 69 Capital Gains 70 Capital Gains 71 Capital Gains 72 Capital Gains 73 Capital Gains Private residence relief Property settled to reduce national debt Registered pension schemes Renewables obligation certificates Repos and stock lending Disposal of principal private residence is exempt from CGT. Gains on property settled on trust to reduce the national debt are exempt from CGT. Gains of registered pension schemes are exempt from CGT. Disposal of a renewables obligations certificate is not subject to CGT if it relates to domestic micro-generation of electricity. As repos and stock lending both involve securities changing hands for a short time before returning to its previous owner, the changes of ownership are disregarded for CGT purposes.
8 74 Capital Gains 75 Capital Gains 76 Capital Gains Saving certificates and securities issued under the National Loan Act 1968 Settled property Settlements on death of life tenant Savings certificates and government nonmarketable securities are exempt from CGT. A disposal of an interest in settled property by a beneficiary is exempt from CGT unless, broadly, the trustees are non-uk resident. On death of life tenant assets are deemed to be disposed of at market value but any gain is not subject to CGT. 77 Capital Gains 78 Capital Gains Share incentive plans Share reorganisations and company reconstructions (paper for paper transaction) Gains arising to trustees of approved share incentive plans when shares are awarded to employees are exempt from CGT. Where shares or securities are received in exchange for other shares or securities there is no disposal for CGT purposes and the new shares and securities are treated as acquired at the time, and for the cost of acquisition of the old shares or securities. 79 Capital Gains Superannuation funds Gains on disposal of rights to payments under certain superannuation schemes are exempt from CGT. 80 Capital Gains Trusts for the vulnerable CGT on gains of trusts for the disabled, or for minor children who have lost a parent, are reduced to the amount that would be payable if the gains were taxable directly upon the beneficiary. 81 Capital Gains Venture Capital Trusts Capital gains on disposals of shares in VCTs are exempt from CGT. 82 Capital Gains Visiting forces exemption Visiting forces and designated allied headquarters staff are treated as non-uk resident for CGT purposes. 83 Capital Gains Works of art Gifts of certain heritage works of art are exempt from CGT if undertakings given that works will be on public display.
9 84 Capital Gains & Authorised unit trusts etc. Gains of authorised unit trusts and similar collective investment vehicles, including venture capital trusts are exempt from corporation tax on chargeable gains. 85 Capital Gains & Capital distributions in respect of shares Where the amount of a capital distribution is small compared with the value of shares in respect of which it arises, for CGT purposes, the distribution can be deducted from the allowable expenditure on shares. 86 Capital Gains & Capital losses Capital losses are deducted from gains of the same year or, if they exceed those gains, carried forward and deducted from gains of future years. 87 Capital Gains & 88 Capital Gains & 89 Capital Gains & 90 Capital Gains & 91 Capital Gains & 92 Capital Gains & 93 Capital Gains & Cars Charities and museums etc. Chattels exceeding 6,000 in value (marginal relief) Chattels if value is 6,000 or less on disposal Chattels which are wasting assets Compensation for deprivation of property Compensation to victims of Nazi persecution Gains on cars (but not other motor vehicles) are not chargeable to CGT. Charities and certain national museums are exempt from CGT. Where proceeds on disposal of a chattel just exceeds 6,000 marginal relief is available for CGT purposes. Gains on chattels realising less than 6,000 are exempt from CGT and CT. Wasting chattels that are not used for business purposes are exempt from CGT. Receipt of compensation under certain schemes for deprivation of assets by actions of foreign governments are exempt from CGT. Gains on disposals of rights to compensation or restoration of assets lost as a result of Nazi persecution are exempt from CGT.
10 94 Capital Gains & Compensation used to replace or restore damaged assets Receipt of compensation or insurance money is not treated as a disposal, for CGT purposes, if monies received are used to restore or replace the asset. 95 Capital Gains & 96 Capital Gains & 97 Capital Gains & Compulsory acquisition of land Disposals to HM Treasury Exchanges of interests in land Any chargeable gain arising on a compulsory acquisition may be rolled over against the purchase of a replacement asset. Gains on disposals to HM Treasury are exempt from CGT. Where interests in jointly owned land are exchanged so that each party has sole ownership of some of the land, the chargeable gain that would otherwise arise is rolled into the acquisition cost of the solely owned land. 98 Capital Gains & Furnished holiday lettings A furnished holiday lettings business is treated as a trade if it meets certain qualifying conditions, attracting favourable CGT treatment. 99 Capital Gains & 100 Capital Gains & 101 Capital Gains & 102 Capital Gains & 103 Capital Gains & Gambling winnings Gifts to charities Gifts to housing associations Gilts Instalment payments Winnings from gambling etc. are exempt from CGT. Gains on gifts to charities are exempt from CGT. Gifts of land to housing associations are exempt from CGT. Gilts are exempt from CGT. Where proceeds of a disposal are payable by instalments, tax on the gain can be spread over the period of instalments (up to a maximum of 8 years).
11 104 Capital Gains & Irrecoverable loans to traders Loans to traders that have become irrecoverable, or payments made under guarantees of loans to traders, may be claimed as capital losses. 105 Capital Gains & 106 Capital Gains & 107 Capital Gains & Life insurance policies March 1982 valuation Mineral rights Gains on disposal of rights under life policy or deferred annuity may be exempt from CGT unless rights have previously been sold. There is an option to rebase the acquisition cost of an asset for capital gains purposes to its market value on 31 March On expiry of a mineral lease, a landowner may claim to be treated as having made a market value disposal of the lease so that for CGT purposes any capital loss is allowable. 108 Capital Gains & 109 Capital Gains & Negligible value claims Part-disposals of land Where shares are owned that have no value remaining, a claim can be made to crystallise the capital loss without the need to sell the shares. If the value of a part-disposal of land is not more than 20% of the value of the entire holding, and not greater than 20,000, then for CGT purposes the proceeds may be deducted from the allowable cost of the whole holding. 110 Capital Gains & 111 Capital Gains & Payments under insurance policies and annuities Political party associations disposing of land following boundary changes Gains on disposals of rights conferred by certain non-life insurance policies and non-deferred annuities are not chargeable gains. Where boundary changes result in land being transferred from a party constituency association to a new association covering the new boundaries, land is transferred at no gain/no loss for CGT purposes. 112 Capital Gains & Qualifying corporate bonds Qualifying corporate bonds, and derivatives over them, are exempt from CGT.
12 113 Capital Gains & 114 Capital Gains & 115 Capital Gains & Rollover relief for replacement of business assets Unauthorised unit trusts with exempt unit-holders Unremittable gains due to currency restrictions etc. Rollover relief, for CGT purposes, is available on replacement of certain business assets. This defers the tax charge until the new asset is sold. Gains of unauthorised unit trusts exempt from corporation tax on chargeable gains if all units held by exempt persons (such as charities). Where proceeds of a foreign disposal cannot be remitted because of the laws of an overseas territory, or because foreign currency cannot be obtained there, the gain is deferred until it is possible to remit the proceeds. 116 Capital Gains & 117 Climate Change Levy 118 Climate Change Levy Wood/trees on commercial land CHP input CHP output reliefs Consideration for disposals of trees, standing or felled, on commercial land is not taken into account in computing CGT. Exemption from Climate Change Levy for input fuels used in the production of a fully exempt combined heat & power station. Electricity generated in wholly exempt CHP stations is outside the scope of the climate change levy. Electricity produced in partly exempt CHPs and supplied either directly or indirectly to the end consumer is also exempt. 119 Climate Change Levy Climate Change Agreements Reduction in the climate change levy for energy intensive users. Covers energy intensive industries that have entered into a negotiated climate change agreement with DECC. 120 Climate Change Levy Commodities not burnt in the UK Exemption from climate change levy for taxable commodities not burnt in the UK (i.e. exports and wholesale supplies). 121 Climate Change Levy Commodities not used as fuel Exemption from climate change levy for commodities not used as fuel. Includes non-fuel use (e.g. coal used as a raw material to make carbon filters) and mixed use (i.e. as both a fuel and raw material).
13 122 Climate Change Levy Domestic use Exclusion from climate change levy for domestic use or charity non- business use. Includes use in care homes, hospices and residential accommodation for students/pupils and the armed forces. 123 Climate Change Levy Electricity producers Exemption from climate change levy for taxable commodities used to produce electricity in a generating station, providing that it is not a deemed selfsupply. 124 Climate Change Levy 125 Climate Change Levy 126 Climate Change Levy 127 Climate Change Levy 128 Climate Change Levy 129 Climate Change Levy 130 Climate Change Levy Northern Ireland gas supplies Producers of other commodities Recycling processes Renewables Self supplies Supplies of qualifying electricity from partially exempt CHP stations. Transport Exemption from climate change levy for gas supplies in Northern Ireland. Exemption from climate change levy for supplies to producers of commodities other than electricity (e.g. gas, coal, oils, uranium). Exemption from climate change levy for taxable commodities used in certain metal recycling processes. Exemption from climate change levy for electricity generated from qualifying renewable sources. Exemption from climate change levy for taxable commodities used by the producer (self supplies). Exemption from climate change levy for purchase of electricity from energyefficient CHPs. Exemption from climate change levy for commodities used in some forms of transport, including electrified rail transport and illuminating a ship during journeys outside territorial waters. 131 Agricultural societies on profits of shows Exemption from corporation tax for the profits of a show that are applied for the purposes of an agricultural society. 132 Arbitrage rules for international taxation - de mininis threshold Certain transactions are exempt from the arbitrage legislation if the tax at stake is less than a certain threshold - the tax relief comes from not being subject to the arbitrage rules.
14 133 Arbitrage rules for international taxation - dealers exemption This legislation exempts transactions with dealers from the arbitrage receipts rules - the tax relief comes from not being subject to the arbitrage rules. 134 Bad debt relief on certain unremittable receipts Deduction from profits for trading receipts due from abroad that are unremittable due to foreign exchange restrictions. 135 Building societies deduction from trading profits for incidental costs of raising finance by issuing shares in the society Provides a trading deduction to a Building Society for incidental costs incurred in raising finance through the issue of certain shares to the extent that relief is not otherwise obtained under the loan relationships rules. 136 Capital allowances - environmental assets tax credit Companies can surrender a loss attributable to a claim for 100% capital allowances for investments in specific, environmentally beneficial plant or machinery for a payable credit worth 19% of the loss. 137 Capital allowances: ring-fence oil business trades, first-year capital allowances for plant or machinery Accelerated rate (100%) of capital allowance for expenditure by a company on plant or machinery for use wholly in a ring-fence trade. 138 Capital gains tax exemption for companies Ensures chargeable gains of UK resident companies are chargeable to corporation tax instead of capital gains tax, avoiding a double charge to tax. 139 CFC de minimis There are exemptions to a CFC charge arising on the apportioned profits of a controlled foreign company (CFC).
15 140 CFC debt cap reduction of profits The tax relieved by the exemptions is a CFC charge on the apportioned profits of a controlled foreign company (CFC). The charge is only levied on apportionments to UK corporates holding 25% or more interest in a CFC and the tax is charged on the UK corporate as if it were an amount of corporation tax chargeable on that company. The CFC rules prevent avoidance of UK tax by UK groups of companies by diversion of profits to a subsidiary which is resident in a territory where profits are taxed at a very low rate or not at all. The rules operate by apportioning the profit of the subsidiary to a UK resident parent company which then pays UK tax on those profits. The exemption operates to remove the effect of the CFC rules CFC EEA business establishments CFC excluded countries CFC exempt activities CFC motive test Charity subsidiaries Community Amateur Sports Clubs The exemption operates to remove the effect of the CFC rules. The exemption operates to remove the effect of the CFC rules. The exemption operates to remove the effect of the CFC rules. The exemption operates to remove the effect of the CFC rules. Where a company is wholly owned by a charity, Gift Aid payments to the charity made within nine months of the year end can be deducted. Exemption from corporation tax for property, interest and Gift Aid income, trading profits and chargeable gains of Community Amateur Sports Clubs.
16 147 Company migration - postponement of charge Where an exit charge on accrued gains at the date of migration from the UK arises under s185 TCGA, this may be postponed where a parent company remains in the UK and agrees to accept liability on later disposals by the subsidiary etc. 148 Consortium relief Losses of a corporate joint venture may be claimed by its member companies (in proportion to the interest they hold) for relief against their profits or, in certain circumstances, the profits of other companies in the member company's group Corporate venturing scheme Degrouping charge - exemption Degrouping charge - reallocation to another group company Corporate venturing scheme, relief against corporation tax for share purchases. Expires April Disapplies the degrouping charge rules for grouped companies in respect of certain mergers that are carried out for commercial reasons. Groups can maximise the use of available capital losses by reallocating a degrouping gain or loss between different group companies Degrouping charge - roll-over relief Disposal of assets on amalgamation of building societies Applies the roll-over relief rules for the replacement of business assets to degrouping gains. Treats a disposal of an asset from one building society to another on a tax neutral basis where the disposal occurs as part of an amalgamation of the two societies, or a transfer of engagements from one to the other. 154 Distributions - exceptions for certain transfers between a company and its members Certain transfers of assets or liabilities between a company and its members are not taxed as distributions. 155 Employee share schemes Statutory corporation tax relief for shares acquired by employees as part of an employee share scheme.
17 156 Fiduciary or representative capacity Where profits accrue to a company in a fiduciary or representative capacity, its liability to tax on the income is limited to its own beneficial interest in the profits. 157 Film tax relief Film production companies can claim additional corporation tax relief for film production expenditure in the UK. Companies not making a profit may be able to surrender the relief and receive tax credit. 158 Finance leasing: reduction of rental amounts for finance leases where the return is in a capital form The effect of these sections is to remove possible double taxation that may arise over the period of the lease because of s 905 CTA 2010 requiring taxation of accountancy rental earnings (as defined) if they exceed normal rent (as defined). 159 Financing income exemption This exemption of certain financing income of companies from corporation tax is an integral part of the debt cap rules. 160 Foreign dividends exemption - large companies Certain dividends received by large companies from certain companies in qualifying non-uk territories (broadly those with whom the UK has a Double ation Agreement with a nondiscrimination article) are exempt from corporation tax. 161 Foreign dividends exemption - small companies Certain dividends received by small companies from certain companies in qualifying non-uk territories (broadly those with whom the UK has a Double ation Agreement with a nondiscrimination article) are exempt from corporation tax. 162 Foreign estate income Relief from corporation tax for a company s income from a foreign estate of a deceased person if that estate has already suffered UK income tax.
18 163 Friendly society tax exempt policies Friendly societies are exempt from corporation tax on life insurance business conducted with members provided the policy premiums do not exceed certain limits Gift Aid (corporates) Gifts of medical supplies and equipment tax relief for qualifying charitable donations. Deduction from trading profits for gifts of medical supplies and equipment from companies, which would not otherwise be allowable as wholly and exclusively for the purposes of the company's trade. No receipt is brought into account for donated stock. 166 Group companies - gains on disposals within the group Assets transferred between members of a group do not give rise to an immediate chargeable gain or allowable loss. The transfer is treated as occurring at the amount which produces no gain and no loss. 167 Group companies - reallocation of chargeable gains and losses to another member of group Groups can maximise the use of available capital losses by reallocating a gain or loss between different group companies. 168 Group financing income There is an exemption from corporation tax for intra-group financing income where the payer is denied a deduction. This exemption is an integral part of the debt cap rules. 169 Group relief A loss of an accounting period made by one company in a group may, in some circumstances, be surrendered to another company for relief against the profits of the same accounting period within the same accounting period.
19 170 Harbour authorities Exemption from corporation tax on chargeable gains arising on the transfer of a trade from a company to a harbour authority under a certified harbour reorganisation scheme. 171 Harbour reorganisation schemes tax relief is available for deemed losses against chargeable gains Income tax exemption for companies Indexation allowance Ensures profits of UK resident companies are chargeable to corporation tax instead of income tax, avoiding a double charge to tax. Expenditure deductible in computing a chargeable gain of a company on the disposal of an asset is enhanced by a factor to reflect inflationary effects between the date of the expenditure and disposal. 174 Indexation allowance - share pooling rules Applies alternative method for calculating indexation allowance for disposals of shares from a share pool. 175 Industrial and Provident Societies Gives a deduction against trading profits for discounts rebates dividends or bonuses paid or payable to or by a member of an IPS in respect of the member s transactions with the IPS. 176 Intangible assets exemption for regional development grants, and equivalent grants in Northern Ireland Certain grants received are ignored for the purposes of the legislation at Part 8. These grants are not netted off when calculating the accounting cost of an intangible fixed asset.
20 177 Intangible assets - roll-over relief Companies with taxable gains on the disposal of intangible assets within the scope of the corporate intangible asset regime may deduct an amount equal to the gain from the realisation proceeds of the old assets, and from the acquisition cost of the new assets. There is no immediate tax charge on the element of the gain that is rolled over, but as the sum available for future amortisation is reduced, the relief is recovered over the useful life of the replacement asset. 178 Intangible assets regime Companies may make an irrevocable claim for a 4% annual write down of the value of an intangible fixed asset. 179 Investment managers' exemption Where a UK-resident manager acts for a non-resident investor (commonly a collective investment fund) he will be treated as an agent of independent status and so not expose the non-resident investor to full UK corporation tax liability. 180 Land development gains Exemption from corporation tax for gains arising on land attributable to periods before the intention to develop the land was formed. This ensures that capital gains properly chargeable on capital account are not also chargeable to corporation tax as income under Part 18 CTA Land held as trading stock No liability to corporation tax arises on disposals of shares in companies holding land as trading stock. This ensures that capital gains properly chargeable on capital account are not also chargeable to corporation tax as income under Part 18 CTA 2010.
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