SCHEDULES

SCHEDULE 8Corporation tax exit charges

PART 2Repeal of certain postponement provisions

9

1

Section 187 of TCGA 1992 (postponement of charge on deemed disposal under section 185) is repealed.

2

The following amendments have effect in consequence of that repeal.

3

In section 185(1) of TCGA 1992 (deemed disposal of assets on company ceasing to be resident in UK) for “and section 187 apply” substitute “applies”.

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) omit paragraph (b), and

b

in paragraph 3 (interpretation: exit charge assets and liabilities)—

i

in subparagraph (2)(a) omit “, (b)”, and

ii

in subparagraph (2)(c)(ii) omit “or (b)”.

5

The amendments made by this paragraph have effect in relation to a company in a case where section 185 of TCGA 1992 applies to the company by reason of its ceasing to be resident in the United Kingdom on or after 1 January 2020.