Section 1139 | “Tax advantage”

(1)This section has effect for the purposes of the provisions of the Corporation Tax Acts which apply this section.

(2)“Tax advantage” means—

(a)a relief from tax or increased relief from tax,

(b)a repayment of tax or increased repayment of tax,

(c)the avoidance or reduction of a charge to tax or an assessment to tax, ...^F1

(d)the avoidance of a possible assessment to tax , ...^F2F3

(da)the avoidance or reduction of a charge or assessment to a charge under Part 9A of TIOPA 2010 (controlled foreign companies), or^F2F4F5

(e)the avoidance or reduction of a charge or assessment to the bank levy under Schedule 19 to FA 2011 (the bank levy) ...^F2F6

(f)Repealed^F6

(3)For the purposes of subsection (2)(c) and (d) it does not matter whether the avoidance or reduction is effected—

(a)by receipts accruing in such a way that the recipient does not pay or bear tax on them, or

(b)by a deduction in calculating profits or gains.

(3A)The avoidance or reduction of a charge or assessment to the bank levy as a result of arrangements to which paragraph 47 of Schedule 19 to FA 2011 (bank levy: anti-avoidance) applies is to be ignored for the purposes of subsection (2)(e) to the extent that it results from arrangements, or part of arrangements, to which any of paragraph 47(7) to (12) of that Schedule applies.^F7

(4)Repealed^F8