CORPORATION TAX

HC Deb 09 April 1986 vol 95 cc314-5

Amendments made: No. 62, in page 63, line 42, leave out 'Income and Corportation Taxes Act 1970 and insert '1970 Act'.

No. 63, in page 64, line 12 at end insert— '(5) Where in the case of a claim for group relief—

1. (a) the claimant company is the BAA or the successor company and the surrendering company is a company to whom property, rights or liabilities have been transferred by a scheme made under section 1, and
2. (b) the claim relates to the accounting period of the surrendering company first ending after that transfer, and
3. (c) the corresponding accounting period of the claimant company ends with the same date as that accounting period,

then, for the purposes of section 261(2) of the 1970 Act (corresponding accounting periods) as it applies in relation to the claim, those accounting periods shall be taken to coincide and, for the purposes of section 262(1) of the 1970 Act (companies joining or leaving group) as it so applies, the claimant company and the surrendering company shall be taken to have been members of the same group throughout each of those periods (notwithstanding anything in section 262(2) and (3) of that Act). (6) In this section "the 1970 Act" means the Income and Corporation Taxes Act 1970, and in subsection (5) above expressions used in sections 258 to 264 of that Act (group relief) have the same meanings as in those sections.'.—[Mr. Michael Spicer.]