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Finance Act 2002
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- 2002 c. 23
- SCHEDULE 8
- Part 2
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- Act amendment to earlier affecting provision SI 2006/3271 regs. 22-24 by S.I. 2007/2146 reg. 22-24
- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Act modified by S.I. 2006/3271 reg. 37-41
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- s. 85A inserted by 2005 c. 22 s. 52
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Commencement Orders bringing provisions within this Act into force:
- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/1472 art. 2 commences (2002 c. 23)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3043 art. 2 commences (2002 c. 23)
- S.I. 2003/3086 art. 2 commences (2002 c. 23)
- S.I. 2004/689 art. 2 commences (2002 c. 23)
- S.I. 2005/2007 art. 2 commences (2002 c. 23)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2007/3546 art. 3 Sch. commences (2007 c. 17)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/3250 art. 2 commences (2007 c. 29)
Part 2E+W+S+N.I.Consequential amendments
Degrouping: time of accrual of chargeable gain or allowable lossE+W+S+N.I.
2In section 179(4) of the Taxation of Chargeable Gains Act 1992 (c. 12) (deemed sale and reacquisition on company ceasing to be member of group: time when chargeable gain or allowable loss treated as accruing), for “which, apart from this subsection, would accrue" substitute “ accruing ”.
Treatment of furnished holiday lettingsE+W+S+N.I.
3(1)Section 241 of the Taxation of Chargeable Gains Act 1992 (furnished holiday lettings) is amended as follows.
(2)In subsection (3) (commercial letting of furnished holiday accommodation to be treated as trade for certain purposes), for the opening words substitute—
“Subject to subsections (4) to (8) below, for the purposes of the provisions mentioned in subsection (3A) below—”.
(3)After that subsection insert—
“(3A)The provisions referred to in subsection (3) above are—
sections 152 to 157 (roll-over relief on replacement of business asset),
section 165 (gifts relief),
Section 253 (relief for loans to traders),
Schedule A1 (taper relief),
Schedule 6 (retirement relief etc), and
Schedule 7AC (exemptions for disposals by companies with substantial shareholding).”.
(4)In subsection (4) for “sections mentioned in subsection (3)" substitute “ provisions mentioned in subsection (3A) ”.
Overseas life insurance companiesE+W+S+N.I.
4In Schedule 7B of the Taxation of Chargeable Gains Act 1992 (c. 12) (modification of Act in relation to overseas life insurance companies), after paragraph 15 add—
“16In Schedule 7AC, in paragraph 3(2)(c)(ii), the words “section 11(2)(b), (c) or (d) of the Taxes Act" shall be treated as substituted for the words “section 10(3)".”.
Corporate venturing schemeE+W+S+N.I.
5In Schedule 15 to the Finance Act 2000 (c. 17) (the corporate venturing scheme), in paragraphs 84(1) and 85(1) after “(see paragraph 83" insert “ and paragraph 4 of Schedule 7AC to the Taxation of Chargeable Gains Act 1992 ”.
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