The Investment Trust (Approved Company) (Tax) (Amendment) Regulations 2013
| Jurisdiction | UK Non-devolved |
| Citation | SI 2013/1406 |
| Year | 2013 |
2013 No. 1406
Corporation Tax
The Investment Trust (Approved Company) (Tax) (Amendment) Regulations 2013
Made 6th June 2013
Laid before the House of Commons 7th June 2013
Coming into force 28th June 2013
The Treasury make the following Regulations in exercise of the powers conferred by section 1159 of the Corporation Tax Act 20101.
Citation, commencement and effect
1.—(1) These Regulations may be cited as the Investment Trust (Approved Company) (Tax) (Amendment) Regulations 2013 and shall come into force on 28th June 2013.
(2) These Regulations shall have effect in relation to accounting periods beginning on or after that date.
Amendment to the Investment Trust (Approved Company) (Tax) Regulations 2011
2.—(1) The Investment Trust (Approved Company) (Tax) Regulations 20112are amended as follows.
(2) In regulation 19 (the income distribution requirement)—
(a)
(a) for paragraph (1) substitute—
“1 The maximum amount an investment trust is permitted to retain in respect of an accounting period is the highest of the following amounts—
(a) 15% of its income for the accounting period,
(b) where paragraph (1A) applies, the accumulated revenue losses brought forward from previous accounting periods, and
(c) any amount of income that the investment trust is required to retain in respect of the accounting period by virtue of a restriction imposed by law.”, and
(b)
(b) after paragraph (1) insert—
“1A This paragraph applies if in the accounting period the amount of income the investment trust is permitted to retain under this regulation and regulation 21 (taken together and ignoring this paragraph and paragraph (1)(b)) does not exceed the amount of any accumulated revenue losses brought forward from previous accounting periods.”.
(3) In regulation 20 (calculation of income), in paragraph (1) for “regulation 19(1)” substitute “regulation 19(1)(a)”.
(4) In regulation 22 (the income distribution requirement: exceptions)—
(a)
(a) omit paragraph (2), and
(b)
(b) in paragraph (3)—
(i) for “paragraphs (1) and (2)” substitute “paragraph (1)”, and
(ii) for “paragraphs (1) and (2)(b)(ii)” substitute “that paragraph”.
Robert Goodwill
Mark Lancaster
Two of the Lords Commissioners of Her Majesty’s Treasury
6th June 2013
EXPLANATORY NOTE
(This note is not part of the Regulations)
These...
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