SCHEDULES

SCHEDULE 8Corporation tax exit charges

PART 2Repeal of certain postponement provisions

10

1

Sections 860 to 862 of CTA 2009 (postponement of gain on deemed realisation under section 859) are repealed.

2

The following amendments have effect in consequence of that repeal.

3

In section 859 of CTA 2009 (asset ceasing to be chargeable intangible asset: deemed realisation at market value) omit subsection (3).

4

In Schedule 3ZB to TMA 1970 (CT exit charge payment plans)—

a

in paragraph 2(3) (meaning of “exit charge provisions” in Part 1)—

i

at the end of paragraph (e) insert “and”, and

ii

omit paragraph (g) and the “and” immediately before it, and

b

in paragraph 3 (interpretation: exit charge assets and liabilities) in subparagraph (2)(c)(i) omit “or (g)”.

5

The amendments made by this paragraph have effect in relation to a company in a case where section 859 of CTA 2009 applies to the company by reason of its ceasing to be resident in the United Kingdom on or after 1 January 2020.