Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 356EB — Carrying forward of unactivated allowance
Carrying forward of unactivated allowance 356EB 1 This section applies where X is greater than Y in the case of an accounting period of a company and a site, where— X is the closing balance of…
Section 356GB — Activation of allowance: reference periods
Activation of allowance: reference periods 356GB 1 The amount (if any) of activated allowance that a company has with respect to a site for a reference period is the smaller of the following— a the…
Section 356HB — Acquisition of allowance if equity acquired
Acquisition of allowance if equity acquired 356HB 1 A transferee is treated as generating at the site concerned, at the beginning of the reference period or accounting period of the transferee that…
Section 356JB — Other definitions
Other definitions 356JB In this Chapter (except where otherwise specified)— “ adjusted ring fence profits ”, in relation to a company and an accounting period, means the adjusted ring fence profits…
Section 356LB — “Associated person”
“Associated person” 356LB 1 For the purposes of this Part each of the following is an “associated person”— a the contractor, b any person who is, or has been, connected with the contractor, c any…
Section 356NB — Restriction on debits to be brought into account
Restriction on debits to be brought into account 356NB 1 Debits may not be brought into account for the purposes of Part 5 of CTA 2009 (loan relationships) in respect of the contractor's loan…
Section 356BC — “Site”
“Site” 356BC In this Chapter “site” (except in the expression “ drilling and extraction site ”) means— a a drilling and extraction site that is not used in connection with any oil field, or b an oil…
Section 356C — Generation of onshore allowance
Generation of onshore allowance 356C 1 Subsection (2) applies where a company incurs any relievable capital expenditure in relation to a qualifying site. 2 The company is to hold an amount of…
Section 356GC — Carry-forward of unactivated allowance from a reference period
Carry-forward of unactivated allowance from a reference period 356GC 1 If, in the case of a reference period (“RP1”) of a company, the amount mentioned in subsection (1)(b) of section 356GB exceeds…
Section 356LC — “Lease”
“Lease” 356LC In this Part “ lease ” has the meaning given by section 868 and “leased” and “leasing” are to be construed accordingly.
Section 356NC — Restriction on credits to be brought into account
Restriction on credits to be brought into account 356NC 1 Credits in respect of exchange gains from the contractor's loan relationships may not be brought into account for the purposes of Part 5 of…
Section 356D — Reduction of adjusted ring fence profits
Reduction of adjusted ring fence profits 356D 1 A company's adjusted ring fence profits for an accounting period are to be reduced by the cumulative total amount of activated allowance for the…
Section 356GD — Unactivated amounts attributable to a reference period
Unactivated amounts attributable to a reference period 356GD 1 For the purposes of section 356GB(1)(b), the total amount of unactivated allowance attributable to a reference period and a site is— P +…
Section 356LD — “Contractor's ring fence profits”
“Contractor's ring fence profits” 356LD In this Part the “ contractor's ring fence profits ”, in relation to an accounting period, means the contractor's income arising from oil contractor activities…
Section 356ND — Management expenses
Management expenses 356ND No deduction under section 1219 of CTA 2009 (expenses of management of a company's investment business) is to be allowed from the contractor's ring fence profits.
Section 356E — Activation of allowance: no change of equity share
Activation of allowance: no change of equity share 356E 1 This section applies where— a a company is a licensee in a licensed area for the whole or part (“the licensed part”) of an accounting period,…
Section 356NE — Losses
Losses 356NE Relief in respect of a loss incurred by the contractor may not be given under section 37 (relief for trade losses against total profits) against the contractor's ring fence profits…
Section 356F — Transfer of allowances between sites
Transfer of allowances between sites 356F 1 This section applies if a company has, with respect to a site, an amount (“N”) of onshore allowance available to carry forward to an accounting period— a…
Section 356NF — Group relief
Group relief 356NF 1 On a claim for group relief made by a claimant company in relation to a surrendering company, group relief may not be allowed against the claimant company's contractor's ring…
Section 356G — Introduction to sections 356GA to 356GD
Introduction to sections 356GA to 356GD 356G 1 Sections 356GA to 356GD apply to a company in respect of an accounting period and a licensed area that is or contains a site, if the following…
Section 356NG — Capital allowances
Capital allowances 356NG A capital allowance may not to any extent be given effect under section 259 or 260 of CAA 2001 (special leasing) by deduction from the contractor's ring fence profits.
Section 356H — Introduction to sections 356HA and 356HB
Introduction to sections 356HA and 356HB 356H 1 Sections 356HA and 356HB apply where a company (“ the transferor ”)— a disposes of the whole or part of its share of the equity in a licensed area that…
Section 356I — Adjustments
Adjustments 356I 1 This section applies if there is any alteration in a company's adjusted ring fence profits for an accounting period after this Chapter has effect in relation to the profits. 2 Any…
Section 356J — “Authorisation of development”: drilling and extraction sites
“Authorisation of development”: drilling and extraction sites 356J 1 References in this Chapter to authorisation of development of a site are to be interpreted as follows in relation to a drilling…
Section 356K — Overview of Part
Overview of Part 356K 1 This Part is about the corporation tax treatment of oil contractor activities. 2 Chapter 2 contains basic definitions used in this Part. 3 Chapter 3 treats oil contractor…
Section 356L — “Oil contractor activities” etc
“Oil contractor activities” etc 356L 1 The definitions in this section have effect for the purposes of this Part. 2 “ Oil contractor activities ” means activities carried on by a company (“the…
Section 356M — Oil contractor activities treated as separate trade
Oil contractor activities treated as separate trade 356M If the contractor carries on oil contractor activities as part of a trade, those activities are treated for the purposes of the charge to…
Section 356N — Restriction on hire etc of relevant assets to be brought into account
Restriction on hire etc of relevant assets to be brought into account 356N 1 This section applies if the contractor makes, or is to make, one or more payments under a lease of— a a relevant asset, or…
Section 360BA — Expenditure not treated as qualifying expenditure if delay in carrying out works etc
Expenditure not treated as qualifying expenditure if delay in carrying out works etc 360BA 1 This section applies where— a (ignoring this section) qualifying expenditure is incurred on works,…
Section 360L — Grants affecting entitlement to allowances
Grants affecting entitlement to allowances 360L 1 No initial allowance or writing-down allowance under this Part is to be made in respect of qualifying expenditure in respect of a qualifying building…
Section 393A — Close investment-holding companies
Close investment-holding companies 393A 1 For the purposes of sections 392 and 393, a close company (“the candidate company”) is a close investment-holding company in an accounting period unless…
Section 421JA — Annual returns
Annual returns 421JA 1 This section applies in relation to a person who is (or has been) a responsible person (see section 421L) in relation to reportable events (see section 421K). 2 The person must…
Section 421JB — Returns to be given electronically
Returns to be given electronically 421JB 1 A return under section 421JA, and any information accompanying the return, must be given electronically. 2 But, if HMRC consider it appropriate to do so,…
Section 421JC — Penalties for late returns
Penalties for late returns 421JC 1 This section applies if a person fails to give a return under section 421JA for a tax year (containing, or accompanied by, all required information) on or before…
Section 421JD — Penalty if information not given correctly
Penalty if information not given correctly 421JD 1 This section applies if a return under section 421JA, or any information accompanying such a return— a is given otherwise than in accordance with…
Section 421JE — Assessment of penalties
Assessment of penalties 421JE 1 This section applies if a person is liable for a penalty under section 421JC or 421JD. 2 HMRC must assess the penalty and notify the person of the assessment. 3…
Section 421JF — Appeals
Appeals 421JF 1 A person may appeal against a decision of HMRC that the person is liable for a penalty under section 421JC or 421JD. 2 A person may appeal against a decision of HMRC as to the amount…
Section 430A — Application of this Chapter where securities exchanged for further securities
Application of this Chapter where securities exchanged for further securities 430A 1 This section applies if— a an associated person disposes of the employment-related securities (“the old…
Section 431A — Foreign permanent establishment exemption
Foreign permanent establishment exemption 431A 1 Subsection (2) applies if— a an election under section 18A of CTA 2009 has effect in relation to a company, and b the company carries on any trade…
Section 431B — Disposal value: no allowance/no charge cases
Disposal value: no allowance/no charge cases 431B 1 If— a an election under section 18A of CTA 2009 has effect in relation to a company, and b the operation of sections 431A and 421(1)(b)(ii) and (2)…
Section 431C — Notional allowances
Notional allowances 431C 1 Subsection (2) applies if— a an election under section 18A of CTA 2009 has effect in relation to a company, and b but for section 18A of CTA 2009 and section 431A(2)(b), an…
Section 492 — Holding coming within section 490: calculation to undo avoidance
Holding coming within section 490: calculation to undo avoidance 492 1 Subsection (2) applies if— a section 490 applies for an accounting period of a company to a relevant holding held by the…
Section 661E — Tax treatment of gifts of money from companies
Tax treatment of gifts of money from companies 661E If a registered club receives a gift of a sum of money from a company which is not a charity, the gift is treated as an amount in respect of which…
Section 689A — Oil and gas workers on the continental shelf
Oil and gas workers on the continental shelf 689A 1 This section applies if— a any payment of, or on account of, PAYE income of a continental shelf worker in respect of a period is made by a person…
Section 695A — Disguised distribution arrangements involving derivative contracts
Disguised distribution arrangements involving derivative contracts 695A 1 This section applies if— a a company (“A”) is a party to arrangements involving one or more derivative contracts (each of…
Section 716B — Employment intermediaries to keep, preserve and provide information etc
Employment intermediaries to keep, preserve and provide information etc 716B 1 For purposes connected with Chapter 7 of Part 2 (treatment of workers supplied by agencies) or Part 11 (PAYE), the…
Section 724A — Disregard of change in parent company
Disregard of change in parent company 724A 1 Where a new company (“N”) acquires all the issued share capital of another company (“C”), the resulting ownership change is disregarded for the purposes…
Section 757A — Application of Chapter
Application of Chapter 757A 1 This Chapter applies if directly or indirectly in consequence of, or otherwise in connection with, arrangements involving a company within the charge to corporation tax…
Section 757B — Relevant amount to be treated as income
Relevant amount to be treated as income 757B 1 The relevant amount is to be treated as income of the transferor chargeable to corporation tax in the same way and to the same extent as that in which…
Section 779A — Application of Chapter
Application of Chapter 779A 1 This Chapter applies if conditions A and B are met. 2 Condition A is that directly or indirectly in consequence of, or otherwise in connection with, arrangements…