SCHEDULE 4 Supplemental Taxation Provisions for Exempt Activities
Energy Act 2004 (2004 c 20) | Legislation

SCHEDULE 4 Supplemental Taxation Provisions for Exempt Activities

Section 27

Exempt activities to be separate trade

1

Exempt activities carried on—

(a)     by the NDA, or

(b)     by a company while it is an NDA company,

are to be treated for corporation tax purposes as a separate trade distinct from all other activities carried on by the NDA or (as the case may be) that company.

Accounting periods of companies carrying on exempt activities

2

(1)     An accounting period of the NDA or of an NDA company ends (if it would not otherwise do so)—

(a)     where it begins to carry on exempt activities, immediately before it begins to carry them on; and

(b)     where it ceases to carry on such activities, immediately after it so ceases.

(2)     An accounting period of a company which—

(a)     becomes an NDA company, and

(b)     is carrying on exempt activities immediately

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