Commentary

D1.1114 Other sundry corporate tax loss provisions

Corporate tax
Corporate tax | Commentary

D1.1114 Other sundry corporate tax loss provisions

Corporate tax | Commentary

D1.1114 Other sundry corporate tax loss provisions

Government investment written off

Where a government investment in a company is written off in one of the following circumstances, the amount written off is offset against tax losses (as defined for the purposes of this provision: see below)1. The circumstances are as follows2:

  1.  

    •     a liability of the company to repay money advanced by a Minister is extinguished, the written off amount is the liability extinguished and occurs when the liability is extinguished

  2.  

    •     shares of the company subscribed for out of public funds by a Minister are cancelled, the written off amount is the amount subscribed and occurs when the shares are cancelled

  3.  

    •     a commencing capital debt or public dividend capital of the company reduced other than by being paid or repaid, the written off amount is the amount of the reduction and occurs when the reduction takes place

A Minister means

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