[96A Capital receipts under, or after leaving, cash basis]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[96A  Capital receipts under, or after leaving, cash basis]

[[(1)     This section applies in relation to a trade carried on by a person in two cases—

(a)     Case 1 (see subsections (2) to (3A)), and

(b)     Case 2 (see subsections (3B) to (3E)).

(2)     Case 1 is a case in which conditions A and B are met.

(3)     Condition A is that the person receives disposal proceeds or a capital refund in relation to an asset at a time when [the cash basis applies] in relation to the trade.

For the meaning of “disposal proceeds” and “capital refund” see subsections (3F) and (3G).

(3A)     Condition B is that—

(a)     an amount of capital expenditure (see subsection (3H)) relating to the asset has been brought into account in calculating the profits of the trade on the cash basis, or

(b)     an amount of capital expenditure relating to the asset which—

(i)     has been incurred (or treated as incurred) by the person before the tax year for which the person last entered the cash basis, and

(ii)     is cash basis deductible in relation to that tax year (see section 96B(4)) [except to the extent that it is expenditure in respect

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Schemes of arrangement—procedure

Schemes of arrangement—procedureProduced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note looks at the detailed procedures to be followed to implement the acquisition by a buyer (offeror) of all the shares, or one or more classes of shares, in a company

LEXISNEXIS

Common law offence of false imprisonment

Common law offence of false imprisonmentThe offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with

LEXISNEXIS

CPR Part 8 claims (alternative procedure for claims)

CPR Part 8 claims (alternative procedure for claims)This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further

LEXISNEXIS

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and