Finance (No. 2) Act 2015
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
40 Changes in trading stock not made in course of trade
(1) In section 161 of CTA 2009 (changes in trading stock: transfer pricing rules to take precedence), after subsection (1) insert— (1A) Subsection (1B) applies in relation to a disposal or acquisition if— (a) by virtue of subsection (1), section 159 or 160 does not apply, and (b) the market value amount is greater than the Part 4 TIOPA amount. (1B) An amount equal to the market value amount less the Part 4 TIOPA amount is to be brought into account in calculating the profits of the trade (in addition to the Part 4 TIOPA amount). (1C) In subsections (1A) and (1B)— “market value amount” means the amount referred to in section 159(2)(a) or 160(2)(a); “Part 4 TIOPA amount” means the amount which, following the application of Part 4 of TIOPA 2010 to the relevant consideration, is brought into account in respect of the relevant consideration in calculating the profits of the trade. (2) In section 172F of ITTOIA 2005 (changes in trading stock: transfer pricing rules to take precedence), after subsection (1) insert— (1A) Subsection (1B) applies in relation to a disposal or acquisition if— (a) by virtue of subsection (1), section 172D or 172E does not apply, and (b) the market value amount is greater than the Part 4 TIOPA amount. (1B) An amount equal to the market value amount less the Part 4 TIOPA amount is to be brought into account in calculating the profits of the trade (in addition to the Part 4 TIOPA amount). (1C) In subsections (1A) and (1B)— “market value amount” means the amount referred to in section 172D(2)(a) or 172E(2)(a); “Part 4 TIOPA amount” means the amount which, following the application of Part 4 of TIOPA 2010 to the relevant consideration, is brought into account in respect of the relevant consideration in calculating the profits of the trade. (3) The amendments made by this section apply in relation to a disposal or acquisition made on or after 8 July 2015, unless it is made pursuant to an obligation, under a contract, that was unconditional before that date. (4) For the purposes of subsection (3), an obligation is “unconditional” if it may not be varied or extinguished by the exercise of a right (whether under the contract or otherwise).
40 Changes in trading stock not made in course of trade
(1) In section 161 of CTA 2009 (changes in trading stock: transfer pricing rules to take precedence), after subsection (1) insert— (1A) Subsection (1B) applies in relation to a disposal or acquisition if— (a) by virtue of subsection (1), section 159 or 160 does not apply, and (b) the market value amount is greater than the Part 4 TIOPA amount. (1B) An amount equal to the market value amount less the Part 4 TIOPA amount is to be brought into account in calculating the profits of the trade (in addition to the Part 4 TIOPA amount). (1C) In subsections (1A) and (1B)— “market value amount” means the amount referred to in section 159(2)(a) or 160(2)(a); “Part 4 TIOPA amount” means the amount which, following the application of Part 4 of TIOPA 2010 to the relevant consideration, is brought into account in respect of the relevant consideration in calculating the profits of the trade. (2) In section 172F of ITTOIA 2005 (changes in trading stock: transfer pricing rules to take precedence), after subsection (1) insert— (1A) Subsection (1B) applies in relation to a disposal or acquisition if— (a) by virtue of subsection (1), section 172D or 172E does not apply, and (b) the market value amount is greater than the Part 4 TIOPA amount. (1B) An amount equal to the market value amount less the Part 4 TIOPA amount is to be brought into account in calculating the profits of the trade (in addition to the Part 4 TIOPA amount). (1C) In subsections (1A) and (1B)— “market value amount” means the amount referred to in section 172D(2)(a) or 172E(2)(a); “Part 4 TIOPA amount” means the amount which, following the application of Part 4 of TIOPA 2010 to the relevant consideration, is brought into account in respect of the relevant consideration in calculating the profits of the trade. (3) The amendments made by this section apply in relation to a disposal or acquisition made on or after 8 July 2015, unless it is made pursuant to an obligation, under a contract, that was unconditional before that date. (4) For the purposes of subsection (3), an obligation is “unconditional” if it may not be varied or extinguished by the exercise of a right (whether under the contract or otherwise).
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.