Section 153 — Finance Act 2003: General replacement of references to branch or agency of company

General replacement of references to branch or agency of company 153 1 In the following provisions (which relate only to companies) for “branch or agency” or “branches or agencies”, wherever occurring, substitute “ permanent establishment ” or “ permanent establishments ” . The provisions are—

a in the Taxes Act 1988, sections ..., ... ... 442(1), ... ..., 748A(1)(c) and (2), ...; in Schedule 15, paragraphs 17(3)(c) and 25(2)(c); ... in Schedule 24, paragraphs 1 and 8;

and in Schedule 25, paragraphs 6(2A) and (2C), 8 and 11(3);

b in the Taxation of Chargeable Gains Act 1992 (c. 12), sections 140(1), 140C(1)(a), 173(3)(b), 175(1A)(b), 185(4) and 213(5A);

c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d in the Capital Allowances Act 2001 (c. 2), sections 560(2) and 561(1)(c);

e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 In the following provisions (which relate to companies and other persons), any reference to a branch or agency shall be read, in relation to a company, as a reference to a permanent establishment. The provisions are—

a in the Taxes Act 1988, sections ... ... 806K(1) ... ... ...;

b in the Taxation of Chargeable Gains Act 1992, sections 25(2), (3) and (5), 80(4)(a) and (b) and (7)(b), 199(2) and (4) and 276(7);

c in the Finance Act 1999 (c. 16), section 85(2)(a);

d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Any reference to a branch or agency—

a in subordinate legislation made under an enactment contained in the Tax Acts or relating to chargeable gains, or b that is to be construed as having the same meaning as in any such enactment, shall be read, in relation to a company, as a reference to a permanent establishment. “ Subordinate legislation ” here has the same meaning as in the Interpretation Act 1978 (c. 30).

4 This section has effect in relation to accounting periods beginning on or after 1st January 2003.