The definition of 'public interest business' for the purposes of the public interest business protection tax (PIBPT) is currently limited to energy supply businesses (ie a business requiring a gas or electricity supply licence under the Gas Act 1986, s 7A(1) or the Electricity Act 1989, s 6(1)(d) respectively). It can apply to such businesses where steps are taken to taken to obtain value from assets which materially contribute to an energy supply business entering into special measures1. The PIBPT will have effect where such steps are taken on or after 28 January 2022 and before 30 April 2024 (or such later date as specified in Regulations).
A person (the principal taxpayer or P) is liable to PIBPT broadly where2:
- Ìý
•ÌýÌýÌýÌý P takes (disqualifying) steps to deny a public interest business carried on by P, or by a person connected to P (as determined in accordance with CTA 2010, s 11223), the benefit of an asset that it is reasonable to conclude was previously held by P for the benefit
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Web page updated on 17 Mar 2025 13:48