Section EW 15 — Income Tax Act 2007: What is included when spreading methods used

EW 15 What is included when spreading methods used Consideration and amounts (1) A person using a spreading method must include, for the purpose of calculating and allocating income and expenditure under the financial arrangement,— (a) all consideration that has been paid, and all consideration that is or will be payable, to the person for or under the financial arrangement, ignoring— (i) non-contingent fees, if the relevant method is not the IFRS financial reporting method in section EW 15D : (ii) non-integral fees, if the relevant method is the IFRS financial reporting method in section EW 15D or the modified fair value method in section EW 15G ; and (b) all consideration that has been paid, and all consideration that is or will be payable, by the person for or under the financial arrangement, ignoring— (i) non-contingent fees, if the relevant method is not the IFRS financial reporting method in section EW 15D : (ii) non-integral fees, if the relevant method is the IFRS financial reporting method in section EW 15D or the modified fair value method in section EW 15G ; and (c) all amounts that have been remitted, and all amounts that are to be remitted, by the person under the financial arrangement; and (d) all amounts that would have been payable to the person under the financial arrangement if the amounts had not been remitted by law. Consideration in particular cases (2) If any of sections EW 32 to EW 48 applies, the consideration referred to in subsection (1)(a) and (b) is adjusted under the relevant section. Defined in this Act: amount , consideration , financial arrangement , IFRS , income , non-contingent fee , non-integral fee , pay , spreading method Compare: 2004 No 35 s EW 15 Section EW 15(1)(a): amended, on 1 April 2008, by section 365(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15(1)(a)(i): inserted, on 1 April 2008, by section 365(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15(1)(a)(ii): amended (with effect on 1 April 2008), on 29 August 2011, by section 31(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section EW 15(1)(b): amended, on 1 April 2008, by section 365(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15(1)(b)(i): inserted, on 1 April 2008, by section 365(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15(1)(b)(ii): amended (with effect on 1 April 2008), on 29 August 2011, by section 31(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section EW 15 list of defined terms IFRS : inserted, on 1 April 2008, by section 365(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15 list of defined terms non-integral fee : inserted, on 1 April 2008, by section 365(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).