SCHEDULE 16 Taxation of Coronavirus Support Payments
Finance Act 2020 (2020 c 14) | Legislation

SCHEDULE 16 Taxation of Coronavirus Support Payments

Section 106

Accounting for coronavirus support payments referable to a business

1

(1)     This paragraph applies if a person carrying on, or who carried on, a business (whether alone or in partnership) receives a coronavirus support payment that is referable to the business.

(2)     So much of the coronavirus support payment as is referable to the business is a receipt of a revenue nature for income tax or corporation tax purposes and is to be brought into account in calculating the profits of that business—

(a)     under the applicable provisions of the Income Tax Acts, or

(b)     under the applicable provisions of the Corporation Tax Acts.

(3)     Subject to paragraph 2(5), sub-paragraph (2) does not apply to an amount of a coronavirus support payment if—

(a)     the business to which the amount is referable is no longer carried on by the recipient of the amount, and

(b)     the amount is not referable to activities of the business undertaken at a time when it was being carried on by the recipient of the amount.

(4)     If an amount of the coronavirus support payment is referable to more than one business or

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can

LEXISNEXIS

Arms length management organisations (ALMOs)

Arms length management organisations (ALMOs)An arms length management organisation (ALMO) is a not-for-profit company that provides housing services on behalf of a local housing authority (LHA). Usually an ALMO is set up by the LHA to manage and improve all or part of its housing stock with the LHA