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Finance Act 2004

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part 1 Excise duties

    1. Tobacco products duty

      1. 1.Rates of tobacco products duty

    2. Alcoholic liquor duties

      1. 2.Rate of duty on beer

      2. 3.Rates of duty on wine and made-wine

      3. 4.Duty stamps for spirits etc

    3. Hydrocarbon oil etc duties

      1. 5.Rates

      2. 6.Road fuel gas

      3. 7.Sulphur-free fuel

      4. 8.Definition of “fuel oil”

      5. 9.Mixing of rebated oil

      6. 10.Bioethanol

      7. 11.Biodiesel

      8. 12.Fuel substitutes

      9. 13.Warehousing

      10. 14.Treatment of certain energy products

    4. Betting and gaming duties

      1. 15.General betting duty: pool betting

      2. 16.Rates of gaming duty

    5. Amusement machine licence duty

      1. 17.Amusement machine licence duty: rates

    6. Vehicle excise duty

      1. 18.Fee for payment of duty by credit card

  3. Part 2 Value added tax

    1. 19.Disclosure of VAT avoidance schemes

    2. 20.Groups

    3. 21.Reverse charge on gas and electricity supplied by persons outside UK

    4. 22.Use of stock in trade cars for consideration less than market value

  4. Part 3 Income tax, corporation tax and capital gains tax

    1. Chapter 1 Income tax and corporation tax charge and rate bands

      1. Income tax

        1. 23.Charge and rates for 2004-05

        2. 24.Personal allowances for those aged 65 or more

      2. Corporation tax

        1. 25.Charge and main rate for financial year 2005

        2. 26.Small companies' rate and fraction for financial year 2004

        3. 27.Corporation tax starting rate and fraction for financial year 2004

        4. 28.The non-corporate distribution rate

      3. Trusts

        1. 29.Special rates of tax applicable to trusts

    2. Chapter 2 Corporation tax: general

      1. Transfer pricing

        1. 30.Provision not at arm’s length: transactions between UK taxpayers etc

        2. 31.Exemptions for dormant companies and small and medium-sized enterprises

        3. 32.Special applications of paragraph 6 of Schedule 28AA to the Taxes Act 1988

      2. Penalties: temporary relaxation

        1. 33.Provision not at arm’s length: temporary relaxation of liability to penalty

      3. Thin capitalisation

        1. 34.Payments of excessive interest etc

        2. 35.Elimination of double counting etc

        3. 36.Balancing payments and elections to pay tax instead

      4. Transfer pricing and thin capitalisation: commencement

        1. 37.Commencement and transitional provisions

      5. Expenses of companies with investment business and insurance companies

        1. 38.Expenses of management: companies with investment business

        2. 39.Accounting period to which expenses of management are referable

        3. 40.Expenses of insurance companies

        4. 41.Related amendments to other enactments

        5. 42.Commencement of sections 38 to 41

        6. 43.Companies with investment business: transitional provisions

        7. 44.Insurance companies: transitional provisions

      6. Amounts reversing expenses of management deducted

        1. 45.Amounts reversing expenses of management deducted: charge to tax

      7. Power to make consequential amendments

        1. 46.Power to make consequential amendments

      8. Insurance companies: miscellaneous

        1. 47.Insurance companies etc.

      9. Loan relationships and derivative contracts

        1. 48.Loan relationships: miscellaneous amendments

        2. 49.Derivative contracts: miscellaneous amendments

      10. Accounting practice

        1. 50.Generally accepted accounting practice

        2. 51.Use of different accounting practices within a group of companies

        3. 52.Amendment of enactments that operate by reference to accounting practice

        4. 53.Treatment of expenditure on research and development

        5. 54.Trading profits etc. from securities: taxation of amounts taken to reserves

      11. Miscellaneous

        1. 55.Duty of company to give notice of coming within charge to corporation tax

        2. 56.Relief for community amateur sports clubs

    3. Chapter 3 Construction industry scheme

      1. Introduction

        1. 57.Introduction

        2. 58.Sub-contractors

        3. 59.Contractors

      2. Deductions on account of tax from contract payments to sub-contractors

        1. 60.Contract payments

        2. 61.Deductions on account of tax from contract payments

        3. 62.Treatment of sums deducted

      3. Registration of sub-contractors

        1. 63.Registration for gross payment or for payment under deduction

        2. 64.Requirements for registration for gross payment

        3. 65.Change in control of company registered for gross payment

        4. 66.Cancellation of registration for gross payment

        5. 67.Registration for gross payment: appeals

        6. 68.Registration for payment under deduction: cancellation and appeals

      4. Verification, returns etc and penalties

        1. 69.Verification etc of registration status of sub-contractors

        2. 70.Periodic returns by contractors etc

        3. 71.Collection and recovery of sums to be deducted

        4. 72.Penalties

      5. Supplementary

        1. 73.Regulations under this Chapter: supplementary

        2. 74.Meaning of “construction operations”

        3. 75.Meaning of “the Inland Revenue” etc and delegation of Board’s functions

        4. 76.Consequential amendments

        5. 77.Commencement and transitional provision

    4. Chapter 4 Personal taxation

      1. Taxable benefits

        1. 78.Childcare and childcare vouchers

        2. 79.Exemption for loaned computer equipment

        3. 80.Vans

        4. 81.Emergency vehicles

        5. 82.European travel expenses of MPs and other representatives

      2. Gift aid

        1. 83.Giving through the self-assessment return

      3. Gifts with a reservation

        1. 84.Charge to income tax by reference to enjoyment of property previously owned

      4. Employment-related securities and options

        1. 85.Relief where national insurance contributions met by employee

        2. 86.Shares in employee-controlled companies and unconnected companies

        3. 87.Restricted securities with artificially depressed value

        4. 88.Shares under approved plans and schemes

        5. 89.Shares acquired on public offer

        6. 90.Associated persons etc.

      5. Miscellaneous

        1. 91.Income of spouses: jointly held property

        2. 92.Minor amendments of or connected with ITEPA 2003

    5. Chapter 5 Enterprise incentives

      1. 93.Enterprise investment scheme

      2. 94.Venture capital trusts

      3. 95.Corporate venturing scheme

      4. 96.Enterprise management incentives: subsidiaries

    6. Chapter 6 Exemption from income tax for certain interest and royalty payments

      1. Introductory

        1. 97.Introductory

      2. Exemption from income tax

        1. 98.Exemption from income tax for certain interest and royalty payments

        2. 99.Permanent establishments and “25% associates”

      3. Exemption notices

        1. 100.Interest payments: exemption notices

      4. Payment without deduction

        1. 101.Payment of royalties without deduction at source

        2. 102.Claim for tax deducted at source from exempt interest or royalty payments

      5. Special relationships and anti-avoidance

        1. 103.Special relationships

        2. 104.Anti-avoidance

      6. Supplementary

        1. 105.Consequential amendments

        2. 106.Transitional provision

    7. Chapter 7 Savings income: double taxation arising from withholding tax

      1. Introductory

        1. 107.Introductory

      2. Credit etc for special withholding tax

        1. 108.Income tax credit etc for special withholding tax

        2. 109.Capital gains tax credit etc for special withholding tax

        3. 110.Credit under Part 18 of Taxes Act 1988 to be allowed first

      3. Computation of income etc

        1. 111.Computation of income etc subject to special withholding tax only

        2. 112.Computation of income etc subject to foreign tax and special withholding tax

      4. Certificates to avoid levy of special withholding tax

        1. 113.Issue of certificate

        2. 114.Refusal to issue certificate and appeal against refusal

      5. SupplementaryM

        1. 115.Supplementary

    8. Chapter 8 Chargeable gains

      1. 116.Restriction of gifts relief etc

      2. 117.Private residence relief

      3. 118.Authorised unit trusts: treatment of umbrella schemes

    9. Chapter 9 Avoidance involving loss relief or partnership

      1. Individuals benefited by film relief

        1. 119.Individuals benefited by film relief

        2. 120.“Disposal of a right of the individual to profits arising from the trade”

        3. 121.“The losses claimed” and “the individual’s capital contribution to the trade”

        4. 122.Computing the chargeable amount

        5. 123.“Film-related losses” and “non-taxable consideration”

      2. Individuals in partnership: restriction of relief

        1. 124.Restriction of relief: non-active partners

        2. 125.Partnerships exploiting films

      3. Individuals in partnership: exit charge

        1. 126.Losses derived from exploiting licence: introductory

        2. 127.Charge to income tax

        3. 128.Definitions for purposes of section 127

        4. 129.Disposals to which section 126 applies

        5. 130.“A significant amount of time”

      4. Companies in partnership

        1. 131.Companies in partnership

        2. 132.Companies in partnership: supplementary

        3. 133.Relationship with chargeable gains

    10. Chapter 10 Avoidance: miscellaneous

      1. 134.Finance leasebacks

      2. 135.Rent factoring of leases of plant or machinery

      3. 136.Manufactured dividends

      4. 137.Manufactured payments under arrangements having an unallowable purpose

      5. 138.Gilt strips

      6. 139.Gifts of shares, securities and real property to charities etc

      7. 140.Life policies etc.: restriction of corresponding deficiency relief

    11. Chapter 11 Miscellaneous

      1. Reliefs for business

        1. 141.Relief for research and development: software and consumable items

        2. 142.Temporary increase in amount of first-year allowances for small enterprises

        3. 143.Deduction for expenditure by landlords on energy-saving items

        4. 144.Lloyd’s names: conversion to limited liability underwriting

      2. Offshore matters

        1. 145.Offshore funds

        2. 146.Meaning of “offshore installation”

      3. Health

        1. 147.Immediate needs annuities

        2. 148.Corporation tax: health service bodies

  5. Part 4 Pension schemes etc

    1. Chapter 1 Introduction

      1. Introductory

        1. 149.Overview of Part 4

      2. Main concepts

        1. 150.Meaning of “pension scheme”

        2. 151.Meaning of “member”

        3. 152.Meaning of “arrangement”

    2. Chapter 2 Registration of pension schemes

      1. Registration

        1. 153.Registration of pension schemes

        2. 154.Persons by whom registered pension scheme may be established

        3. 155.Persons by whom scheme may be established: supplementary

        4. 156.Appeal against decision not to register

      2. De-registration

        1. 157.De-registration

        2. 158.Grounds for de-registration

        3. 159.Appeal against decision to de-register

    3. Chapter 3 Payments by registered pension schemes

      1. Introductory

        1. 160.Payments by registered pension schemes

        2. 161.Meaning of “payment” etc

        3. 162.Meaning of “loan”

        4. 163.Meaning of “borrowing” etc

      2. Authorised member payments

        1. 164.Authorised member payments

        2. 165.Pension rules

        3. 166.Lump sum rule

        4. 167.Pension death benefit rules

        5. 168.Lump sum death benefit rule

        6. 169.Recognised transfers

        7. 170.Appeal against decision to exclude recognised overseas pension scheme

        8. 171.Scheme administration member payments

      3. Unauthorised member payments

        1. 172.Assignment

        2. 173.Benefits

        3. 174.Value shifting

      4. Authorised employer payments

        1. 175.Authorised employer payments

        2. 176.Public service scheme payment

        3. 177.Authorised surplus payment

        4. 178.Compensation payments

        5. 179.Authorised employer loan

        6. 180.Scheme administration employer payments

      5. Unauthorised employer payments

        1. 181.Value shifting

      6. Borrowing

        1. 182.Unauthorised borrowing: money purchase arrangements

        2. 183.Effect of unauthorised borrowing: money purchase arrangements

        3. 184.Unauthorised borrowing: other arrangements

        4. 185.Effect of unauthorised borrowing: other arrangements

    4. Chapter 4 Registered pension schemes: tax reliefs and exemptions

      1. Scheme investments

        1. 186.Income

        2. 187.Chargeable gains

      2. Members' contributions

        1. 188.Relief for contributions

        2. 189.Relevant UK individual

        3. 190.Annual limit for relief

        4. 191.Methods of giving relief

        5. 192.Relief at source

        6. 193.Relief under net pay arrangements

        7. 194.Relief on making of claim

        8. 195.Transfer of certain shares to be treated as payment of contribution

      3. Employers' contributions

        1. 196.Relief for employers in respect of contributions paid

        2. 197.Spreading of relief

        3. 198.Spreading of relief: cessation of business

        4. 199.Deemed contributions

        5. 200.No other relief for employers in connection with contributions

        6. 201.Relief for employees

      4. Inland Revenue contributions

        1. 202.Minimum contributions under pensions legislation

      5. Inheritance tax exemptions

        1. 203.Inheritance tax exemptions

    5. Chapter 5 Registered pension schemes: tax charges

      1. Charges on authorised payments

        1. 204.Authorised pensions and lump sums

        2. 205.Short service refund lump sum charge

        3. 206.Special lump sum death benefits charge

        4. 207.Authorised surplus payments charge

      2. Unauthorised payments charge

        1. 208.Unauthorised payments charge

        2. 209.Unauthorised payments surcharge

        3. 210.Surchargeable unauthorised member payments

        4. 211.Valuation of crystallised rights for purposes of section 210

        5. 212.Valuation of uncrystallised rights for purposes of section 210

        6. 213.Surchargeable unauthorised employer payments

      3. Lifetime allowance charge

        1. 214.Lifetime allowance charge

        2. 215.Amount of charge

        3. 216.Benefit crystallisation events and amounts crystallised

        4. 217.Persons liable to charge

        5. 218.Individual’s lifetime allowance and standard lifetime allowance

        6. 219.Availability of individual’s lifetime allowance

        7. 220.Pension credits from previously crystallised rights

        8. 221.Non-residence: general

        9. 222.Non-residence: money purchase arrangements

        10. 223.Non-residence: other arrangements

        11. 224.Transfers from recognised overseas pension scheme: general

        12. 225.Overseas scheme transfers: money purchase arrangements

        13. 226.Overseas scheme transfers: other arrangements

      4. Annual allowance charge

        1. 227.Annual allowance charge

        2. 228.Annual allowance

        3. 229.Total pension input amount

        4. 230.Cash balance arrangements

        5. 231.Cash balance arrangements: uprating of opening value

        6. 232.Cash balance arrangements: adjustments of closing value

        7. 233.Other money purchase arrangements

        8. 234.Defined benefits arrangements

        9. 235.Defined benefits arrangements: uprating of opening value

        10. 236.Defined benefits arrangements: adjustments of closing value

        11. 237.Hybrid arrangements

        12. 238.Pension input period

      5. Scheme sanction charge

        1. 239.Scheme sanction charge

        2. 240.Amount of charge

        3. 241.Scheme chargeable payment

      6. De-registration charge

        1. 242.De-registration charge

    6. Chapter 6 Schemes that are not registered pension schemes

      1. Non-UK schemes

        1. 243.Overseas pension schemes: migrant member relief

        2. 244.Non-UK schemes: application of certain charges

      2. Employer-financed retirement benefit schemes

        1. 245.Restriction of deduction for contributions by employer

        2. 246.Restriction of deduction for non-contributory provision

        3. 247.Abolition of income tax charge in respect of employer payments

        4. 248.Employer’s cost of insuring against non-payment of benefit

        5. 249.Taxation of non-pension benefits

    7. Chapter 7 Compliance

      1. Information

        1. 250.Registered pension scheme return

        2. 251.Information: general requirements

        3. 252.Notices requiring documents or particulars

        4. 253.Appeal against notices

      2. Accounting and assessment

        1. 254.Accounting for tax by scheme administrators

        2. 255.Assessments under this Part

      3. Registration regulations

        1. 256.Enhanced lifetime allowance regulations

      4. Penalties

        1. 257.Registered pension scheme return

        2. 258.Information required by regulations

        3. 259.Documents and particulars required by notice

        4. 260.Accounting return

        5. 261.Enhanced lifetime allowance regulations: documents and information

        6. 262.Enhanced lifetime allowance regulations: failures to comply

        7. 263.Lifetime allowance enhanced protection: benefit accrual

        8. 264.False statements etc

        9. 265.Winding-up to facilitate payment of lump sums

        10. 266.Transfers to insured schemes

      5. Discharge of tax liability: good faith

        1. 267.Lifetime allowance charge

        2. 268.Unauthorised payments surcharge and scheme sanction charge

        3. 269.Appeal against decision on discharge of liability

      6. Scheme administrator

        1. 270.Meaning of “scheme administrator”

        2. 271.Liability of scheme administrator

        3. 272.Trustees etc. liable as scheme administrator

        4. 273.Members liable as scheme administrator

        5. 274.Supplementary

    8. Chapter 8 Supplementary

      1. Interpretation

        1. 275.Insurance company

        2. 276.Relevant valuation factor

        3. 277.Valuation assumptions

        4. 278.Market value

        5. 279.Other definitions

        6. 280.Abbreviations and general index

      2. Other supplementary provisions

        1. 281.Minor and consequential amendments

        2. 282.Orders and regulations

        3. 283.Transitionals and savings

        4. 284.Commencement

  6. Part 5 Oil

    1. 285.Certain receipts not to be tariff receipts

    2. 286.Petroleum extraction activities: exploration expenditure supplement

    3. 287.Restrictions on expenditure allowable

    4. 288.Terminal losses

  7. Part 6 Other taxes

    1. Climate change levy

      1. 289.Supplies to producers of commodities

    2. Aggregates levy

      1. 290.Transitional tax credit in Northern Ireland: changes to existing scheme

      2. 291.Transitional tax credit in Northern Ireland: new scheme

    3. Lorry road-user charge

      1. 292.Lorry road-user charge

    4. Inheritance tax

      1. 293.Delivery of accounts etc

      2. 294.Grant of probate

      3. 295.Amendments to penalty regime

    5. Stamp duty land tax and stamp duty

      1. 296.Miscellaneous amendments

    6. Stamp duty land tax

      1. 297.Leases

      2. 298.Notification, registration and penalties

      3. 299.Claims not included in returns

      4. 300.Assents and appropriations by personal representatives

      5. 301.Chargeable consideration

      6. 302.Charities relief

      7. 303.Shared ownership leases

      8. 304.Application to certain partnership transactions

      9. 305.Liability of partners

  8. Part 7 Disclosure of tax avoidance schemes

    1. 306.Meaning of “notifiable arrangements” and “notifiable proposal”

    2. 307.Meaning of “promoter”

    3. 308.Duties of promoter

    4. 309.Duty of person dealing with promoter outside United Kingdom

    5. 310.Duty of parties to notifiable arrangements not involving promoter

    6. 311.Arrangements to be given reference number

    7. 312.Duty of promoter to notify client of number

    8. 313.Duty of parties to notifiable arrangements to notify Board of number, etc.

    9. 314.Legal professional privilege

    10. 315.Penalties

    11. 316.Information to be provided in form and manner specified by Board

    12. 317.Regulations under Part 7

    13. 318.Interpretation of Part 7

    14. 319.Part 7: commencement and savings

  9. Part 8 Miscellaneous matters

    1. 320.Exclusion of extended limitation period in England, Wales and Northern Ireland

    2. 321.Exclusion of extended prescriptive period in Scotland

    3. 322.Mutual assistance: customs union with the Principality of Andorra

    4. 323.Ending of shipbuilders' relief

    5. 324.Government borrowing: preparations for possible adoption of Euro

    6. 325.Premium bonds

  10. Part 9 Supplementary provisions

    1. 326.Repeals

    2. 327.Interpretation

    3. 328.Short title

  11. SCHEDULES

    1. SCHEDULE 1

      New Schedule 2A to the Alcoholic Liquor Duties Act 1979

    2. SCHEDULE 2

      Disclosure of value added tax avoidance schemes

      1. Part 1 Principal amendments of Value Added Tax Act 1994

        1. 1.After section 58 of the Value Added Tax Act 1994...

        2. 2.After Schedule 11 to that Act insert— SCHEDULE 11A Disclosure...

      2. Part 2 Consequential amendments

        1. 3.In section 70 of the Value Added Tax Act 1994...

        2. 4.In section 83 of that Act (appeals) after paragraph (z)...

        3. 5.(1) Section 84 of that Act (further provisions relating to...

        4. 6.In section 97 of that Act (orders, rules and regulations)...

    3. SCHEDULE 3

      Corporation tax: the non-corporate distribution rate: supplementary provisions

      1. Part 1 General provisions

        1. 1.Introduction

        2. 2.Meaning of “non-corporate distribution”

        3. 3.Calculation of company’s “underlying rate of corporation tax”

        4. 4.Matching: distributions not exceeding basic profits

        5. 5.Matching: distributions exceeding basic profits

      2. Part 2 Allocation of excess NCDs to other companies

        1. 6.Allocation of excess NCDs to other companies

        2. 7.Allocation of excess NCDs to other group companies

        3. 8.Allocation of excess NCDs: period or periods to which amount to be allocated

        4. 9.Allocation of excess NCDs: degrouping

        5. 10.Allocation of excess NCDs: procedure

        6. 11.Allocation of excess NCDs: amounts proving to be excessive

        7. 12.Allocation of excess NCDs to companies not resident in the United Kingdom

      3. Part 3 Other supplementary provisions

        1. 13.Carry forward of excess NCDs

        2. 14.Definition of a group

        3. 15.Accounting period treated as ending if company ceases to be a member of a group

        4. 16.Treatment of distributions made otherwise than in an accounting period

        5. 17.Holding companies treated as carrying on a business

        6. 18.Interpretation

    4. SCHEDULE 4

      Amendments relating to the rate applicable to trusts

      1. 1.Sums paid to settlor otherwise than as income

      2. 2.Trustees chargeable to income tax at 30 per cent in certain cases

      3. 3.Commencement

    5. SCHEDULE 5

      Provision not at arm’s length: related amendments

      1. Taxes Management Act 1970

        1. 1.Notice of enquiry

      2. Income and Corporation Taxes Act 1988

        1. 2.Valuation of trading stock at discontinuance of trade

        2. 3.Petroleum extraction activities: ring fence trade: charges on income

        3. 4.Assumptions for calculating chargeable profits etc: transfer pricing

      3. Finance Act 1996

        1. 5.Loan relationships: introductory

        2. 6.Transactions not at arm’s length

        3. 7.Continuity of treatment: groups etc.

        4. 8.Amounts imputed under Schedule 28AA to the Taxes Act 1988

      4. Finance Act 1998

        1. 9.Introductory

        2. 10.Scope of enquiry

      5. Finance Act 2000

        1. 11.Introductory: tonnage tax: transactions not at arm’s length

        2. 12.Transactions between tonnage tax company and another person

        3. 13.Transactions between tonnage tax trade and other activities of same company

      6. Finance Act 2002

        1. 14.Introductory

        2. 15.Derivative contracts

        3. 16.Intangible fixed assets

    6. SCHEDULE 6

      Expenses of companies with investment business and insurance companies

      1. Income and Corporation Taxes Act 1988

        1. 1.Levies and repayments under Financial Services and Markets Act 2000: investment companies

        2. 2.Incidental costs of obtaining loan finance

        3. 3.Change in ownership of investment company: deductions generally.

        4. 4.Deductions: assets transferred within group

        5. 5.Change in ownership of company carrying on property business

        6. 6.Change in ownership of company with unused non-trading loss on intangible fixed assets

      2. Finance Act 1989

        1. 7.Charge of certain receipts of basic life assurance business

        2. 8.Spreading of relief for acquisition expenses

      3. Finance Act 1996

        1. 9.Loan relationships: special provisions for insurers: treatment of deficit

    7. SCHEDULE 7

      Insurance companies etc

      1. 1.Transfers of business

      2. 2.(1) Section 444AB of the Taxes Act 1988 (charge on...

      3. 3.(1) In the Taxes Act 1988, after section 444AB insert—...

      4. 4.(1) In section 444AD of the Taxes Act 1988 (modification...

      5. 5.(1) In section 82(1) of the Finance Act 1989 (c....

      6. 6.Chargeable gains

      7. 7.Double taxation

      8. 8.Meaning of “referable”

      9. 9.(1) In the following provisions of the Taxes Act 1988—...

    8. SCHEDULE 8

      Loan relationships: miscellaneous amendments

      1. 1.Introductory

      2. 2.Late interest: close companies where limited partnership is collective investment scheme etc

      3. 3.Bad debts etc: release of amount where creditor is subject to insolvency proceedings

      4. 4.Bad debt etc: parties having connection and creditor in insolvent administrative receivership

      5. 5.Deemed assignment of assets and liabilities on company ceasing to be resident in UK etc

      6. 6.Discounted securities of close companies: limited partnership collective investment scheme etc

      7. 7.Interpretation of references to major interest

    9. SCHEDULE 9

      Derivative contracts: miscellaneous amendments

      1. 1.Introductory

      2. 2.Power to amend provisions of Schedule 26

      3. 3.Deemed assignment of derivative contracts on company ceasing to be resident in UK etc

      4. 4.Derivative contracts for unallowable purposes

      5. 5.Open-ended investment companies: capital profits and losses

    10. SCHEDULE 10

      Amendment of enactments that operate by reference to accounting practice

      1. Part 1 Loan relationships

        1. 1.Main computational provisions

        2. 2.(1) Section 84A of that Act (exchange gains and losses...

        3. 3.For sections 85 and 86 of that Act (authorised accounting...

        4. 4.In section 87 of that Act (accounting method where parties...

        5. 5.In section 88 of that Act (exemption from section 87...

        6. 6.(1) Section 88A of that Act (accounting method where rate...

        7. 7.Omit section 90 of that Act (changes of accounting method)....

        8. 8.After that section insert— Change of accounting basis applicable to...

        9. 9.(1) Omit section 92 of that Act (convertible securities etc.:...

        10. 10.Omit section 92A of that Act (convertible securities etc.: debtor...

        11. 11.(1) Omit sections 93, 93A and 93B of that Act...

        12. 12.Omit section 94 of that Act (indexed gilt-edged securities).

        13. 13.After that section insert— Loan relationships with embedded derivatives (1) This section applies where a company is permitted or...

        14. 14.In section 95 of that Act (gilt strips), in subsection...

        15. 15.In section 96 of that Act (special rules for certain...

        16. 16.In section 101 of that Act (financial instruments), after subsection...

        17. 17.(1) Section 103 of that Act (interpretation) is amended as...

        18. 18.Special computational provisions

        19. 19.In paragraph 3 (1) (options etc.) for “an authorised accruals...

        20. 20.(1) Paragraph 5 (bad debts etc.) is amended as follows....

        21. 21.(1) Paragraph 5A (bad debts and consortium relief) is amended...

        22. 22.(1) Paragraph 6 (bad debts etc where parties have a...

        23. 23.(1) Paragraph 6A (bad debts etc.: parties having connection and...

        24. 24.(1) Paragraph 6B (bad debts etc.: companies becoming connected) is...

        25. 25.(1) Paragraph 6C (bad debts etc.: cessation of connection) is...

        26. 26.In paragraph 8 (restriction on writing off overseas sovereign debts...

        27. 27.(1) Paragraph 9 (further restriction on bringing into account losses...

        28. 28.In paragraph 10 (imported losses etc.), for sub-paragraph (1) substitute—...

        29. 29.In paragraph 10A (deemed disposal on company ceasing to be...

        30. 30.In paragraph 11 (transactions not at arm’s length), for sub-paragraph...

        31. 31.In paragraph 12 (continuity of treatment: groups etc.), in sub-paragraph...

        32. 32.In paragraph 13 (loan relationships for unallowable purposes), in the...

        33. 33.(1) Paragraph 14 (debits and credits treated as relating to...

        34. 34.In paragraph 16 (amounts imputed under Schedule 28AA to the...

        35. 35.(1) Paragraph 19 (partnerships involving companies) is amended as follows....

        36. 36.After paragraph 19 insert— Adjustment on change of accounting policy...

        37. 37.Collective investment schemes etc.

        38. 38.For paragraph 1A (investment trusts and venture capital trusts: capital...

        39. 39.(1) Paragraph 2A (authorised unit trusts) is amended as follows....

        40. 40.(1) Paragraph 2B (open-ended investment companies) is amended as follows....

        41. 41.(1) Paragraph 4 (company holdings in unit trusts and offshore...

        42. 42.In Schedule 11 to the Finance Act 1996 (c. 8)...

        43. 43.Consequential amendments

        44. 44.In section 730A of that Act (treatment of price differential...

        45. 45.In Schedule 28A of that Act (change in ownership of...

        46. 46.In paragraph 7(3) of Schedule 26 to the Transport Act...

      2. Part 2 Derivative contracts

        1. 47.Method of taxation

        2. 48.(1) Paragraph 16 of that Schedule (exchange gains and losses...

        3. 49.Accounting methods

        4. 50.For paragraphs 17 to 20 of that Schedule (authorised accounting...

        5. 51.In paragraph 21 (basis of accounting for contracts falling within...

        6. 52.Special provision for bad debt etc.

        7. 53.(1) Paragraph 22 of that Schedule (bad debts etc.) is...

        8. 54.Special computational provisions

        9. 55.In paragraph 23 of that Schedule (derivative contracts for unallowable...

        10. 56.(1) Paragraph 25 of that Schedule (debits and credits treated...

        11. 57.In paragraph 30 of that Schedule (transactions within groups: authorised...

        12. 58.In paragraph 31A of that Schedule (amounts imputed under Schedule...

        13. 59.Collective investment schemes

        14. 60.(1) Paragraph 33 of that Schedule (open-ended investment companies: capital...

        15. 61.In paragraph 34 of that Schedule (power to amend paragraphs...

        16. 62.In paragraph 36 of that Schedule (contracts relating to holdings...

        17. 63.For paragraph 38 of that Schedule (investment trusts and venture...

        18. 64.Miscellaneous

        19. 65.In paragraph 49(4) of that Schedule (partnerships involving companies: provisions...

        20. 66.For paragraph 50 of that Schedule (partnerships involving companies: application...

        21. 67.After that paragraph insert— Adjustment on company changing to international...

        22. 68.Interpretation

        23. 69.In paragraph 54 (1) of that Schedule (interpretation)—

        24. 70.Consequential amendment

      3. Part 3 Intangible fixed assets

        1. 71.Excluded assets: assets in respect of which capital allowances previously made

        2. 72.Adjustment on change of accounting policy

        3. 73.References to amounts recognised in profit and loss account

        4. 74.Consequential amendments

        5. 75.In paragraph 20 (1) of that Schedule (realisation of asset...

        6. 76.In paragraph 27 (1) of that Schedule (calculation of tax...

      4. Part 4 Foreign currency accounting

        1. 77.Main provisions

        2. 78.Consequential amendments

    11. SCHEDULE 11

      Conditions for registration for gross payment

      1. Part 1 Conditions to be satisfied by individuals

        1. 1.General

        2. 2.The business test

        3. 3.The turnover test

        4. 4.The compliance test

      2. Part 2 Conditions to be satisfied by firms

        1. 5.General

        2. 6.The business test

        3. 7.The turnover test

        4. 8.The compliance test

      3. Part 3 Conditions to be satisfied by companies

        1. 9.General

        2. 10.The business test

        3. 11.The turnover test

        4. 12.The compliance test

      4. Part 4 Supplementary provisions

        1. 13.Power to amend conditions for registration for gross payment

        2. 14.“Qualifying period”

        3. 15.Regulations under this Schedule

        4. 16.Regulations under paragraph 3(1), 7 (1) or 11 (1) prescribing...

    12. SCHEDULE 12

      Construction industry scheme: consequential amendments

      1. 1.Records to be kept for purposes of returns

      2. 2.General rule as to when corporation tax is due and payable

      3. 3.Claim for repayment in advance of liability being established

      4. 4.Priority of claim for tax

      5. 5.Recovery of tax in Scotland

      6. 6.Priority of claim for tax in Scotland

      7. 7.Special returns etc

      8. 8.Special penalties in the case of certain returns

      9. 9.Sub-contractors in the construction industry

      10. 10.Designated international organisations: miscellaneous exemptions

      11. 11.Application of Income Tax Acts to public departments etc

      12. 12.Provisions for securing payment by company of outstanding tax

      13. 13.Supplementary provisions relating to contributions: Great Britain

      14. 14.Supplementary provisions relating to contributions: Northern Ireland

      15. 15.Transitional provisions concerning construction workers supplied by agencies

      16. 16.Company tax returns, assessments and related matters

      17. 17.Calculation of deemed employment payment

    13. SCHEDULE 13

      Childcare and childcare vouchers

      1. 1.Childcare

      2. 2.Childcare vouchers

      3. 3.In Chapter 6 of Part 4 of the Income Tax...

    14. SCHEDULE 14

      Vans

      1. 1.The Income Tax (Earnings and Pensions) Act 2003 (c. 1)...

      2. 2.(1) Section 114 (cars, vans and related benefits) is amended...

      3. 3.In section 116(2) (when car is first made available and...

      4. 4.In section 119 (where alternative to benefit of car offered),...

      5. 5.For sections 155 to 166 substitute— Cash equivalent of the...

      6. 6.After section 169 insert— Van available to more than one...

      7. 7.(1) Section 170 (orders etc.) is amended as follows.

      8. 8.In section 237 (exemption from Chapter 10 of Part 3...

    15. SCHEDULE 15

      Charge to income tax on benefits received by former owner of property

      1. 1.Introductory

      2. 2.Section 839 of the Taxes Act 1988 (connected persons) applies...

      3. 3.Land

      4. 4.(1) For any taxable period the chargeable amount in relation...

      5. 5.(1) For the purposes of paragraph 4 the annual value...

      6. 6.Chattels

      7. 7.(1) For any taxable period the chargeable amount in relation...

      8. 8.Intangible property comprised in settlement where settlor retains an interest

      9. 9.(1) For any taxable period the chargeable amount in relation...

      10. 10.Excluded transactions

      11. 11.Exemptions from charge

      12. 12.Chargeable person resident or domiciled outside the United Kingdom

      13. 13.Exemption in cases where aggregate notional annual values do not exceed £5,000

      14. 14.Power of Treasury to confer further exemptions by regulations

      15. 15.Valuation

      16. 16.Changes in distribution of deceased’s estate

      17. 17.Guarantees

      18. 18.Persons chargeable under different provisions by reference to same property

      19. 19.Relationship with Part 3 of Income Tax (Earnings and Pensions) Act 2003

      20. 20.Regulations

      21. 21.Election for application of inheritance tax provisions

      22. 22.(1) This paragraph applies where— (a) a person (“the chargeable...

      23. 23.(1) In this paragraph— “election” means an election under paragraph...

    16. SCHEDULE 16

      Relief where national insurance contributions met by employee

      1. 1.Income tax relief: restricted securities

      2. 2.Income tax relief: convertible securities

      3. 3.Income tax relief: securities options

      4. 4.Consequential amendments: PAYE

      5. 5.Consequential amendments: corporation tax relief

      6. 6.Consequential amendments: capital gains tax

      7. 7.Other consequential amendments

    17. SCHEDULE 17

      Minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003

      1. 1.Free or subsidised meals

      2. 2.Payments to non-approved pension schemes: exception for employment where earnings not within main charging provisions

      3. 3.Time limit for assessment: income received after year for which it is assessable

      4. 4.Computation of profits or gains under Schedule D: delayed payment of remuneration

      5. 5.Donations to charity by individuals: application to Crown employment

      6. 6.Payments on account of income tax

      7. 7.Tax relief for expenditure on R&D or remediation of contaminated land: staff costs

      8. 8.Gains and losses of a company from intangible fixed assets: delayed payment of remuneration

      9. 9.Minor corrections of the Income Tax (Earnings and Pensions) Act 2003

      10. 10.Other minor corrections

    18. SCHEDULE 18

      Enterprise investment scheme

      1. Part 1 Income tax relief

        1. 1.(1) Section 289 of the Taxes Act 1988 (eligibility for...

        2. 2.(1) Section 289A of the Taxes Act 1988 (form of...

        3. 3.In section 289B of the Taxes Act 1988 (attribution of...

        4. 4.(1) In section 290(2) of the Taxes Act 1988 (maximum...

        5. 5.(1) Section 293 of the Taxes Act 1988 (qualifying companies)...

        6. 6.(1) In section 300 of the Taxes Act 1988 (value...

        7. 7.(1) In section 303 of the Taxes Act 1988 (value...

        8. 8.(1) In section 303A of the Taxes Act 1988 (restriction...

        9. 9.In section 308 of the Taxes Act 1988 (application to...

        10. 10.(1) In section 310 of the Taxes Act 1988 (information)—...

        11. 11.(1) Section 312 of the Taxes Act 1988 (interpretation) is...

      2. Part 2 Deferral relief

        1. 12.Schedule 5B to the Taxation of Chargeable Gains Act 1992...

        2. 13.(1) In paragraph 1(2) (definition of qualifying investment)—

        3. 14.In paragraph 1A (failure of conditions of application)—

        4. 15.(1) In paragraph 10 (re-investment in same company, etc)—

        5. 16.(1) In paragraph 13 (value received by investor) in sub-paragraph...

        6. 17.(1) In paragraph 14 (value received by other persons) in...

        7. 18.(1) In paragraph 14A (certain receipts to be disregarded for...

        8. 19.(1) In paragraph 16 (information)— (a) in sub-paragraph (6), for...

        9. 20.(1) In paragraph 19 (1) (interpretation)— (a) before the definition...

      3. Part 3 Commencement

        1. 21.Except where otherwise provided, the amendments made by this Schedule...

    19. SCHEDULE 19

      Venture capital trusts

      1. Part 1 Increase in relief on investments and distributions

        1. 1.In paragraph 1(3) of Schedule 15B to the Taxes Act...

        2. 2.In paragraph 8 (1) of that Schedule (meaning of “permitted...

        3. 3.The amendments made by this Part have effect for the...

      2. Part 2 Abolition of deferral relief

        1. 4.Main amendments

        2. 5.Schedule 5C to that Act (venture capital trusts: deferred charge...

        3. 6.Consequential amendment

        4. 7.Commencement

      3. Part 3 Miscellaneous

        1. 8.Schedule 28B to the Taxes Act 1988 (venture capital trusts:...

        2. 9.In paragraph 3 (requirement as to company’s business)—

        3. 10.After paragraph 5 insert— Meaning of “relevant qualifying subsidiary” (1) For the purposes of this Schedule, a company (“the...

        4. 11.In paragraph 6 (requirements as to the money raised by...

        5. 12.In paragraph 10 (meaning of “qualifying subsidiary”)—

        6. 13.After paragraph 10 insert— Requirement as to property managing subsidiaries...

        7. 14.In paragraph 11 (winding up of the relevant company)—

        8. 15.In paragraph 11A (company in administration or receivership) in sub-paragraph...

        9. 16.The amendments made by this Part have effect for the...

    20. SCHEDULE 20

      Corporate venturing scheme

      1. 1.Schedule 15 to the Finance Act 2000 (c. 17) (the...

      2. 2.In paragraph 3 (meaning of “the qualification period”)—

      3. 3.In paragraph 15 (introduction) after paragraph (e) insert—

      4. 4.In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2)...

      5. 5.(1) Paragraph 21 (meaning of “qualifying subsidiary”) is amended as...

      6. 6.After paragraph 21 insert— The property managing subsidiaries requirement (1) The issuing company is not a qualifying issuing company...

      7. 7.In paragraph 23 (the trading activities requirement)—

      8. 8.In paragraph 24 (ceasing to meet trading requirements by reason...

      9. 9.In paragraph 25 (meaning of “qualifying trade”) in sub-paragraph (3)(b),...

      10. 10.In paragraph 35 (requirement as to the shares) in sub-paragraph...

      11. 11.In paragraph 36 (requirement as to money raised)—

      12. 12.In paragraph 40 (entitlement to claim)— (a) in sub-paragraph (2),...

      13. 13.In paragraph 102 (minor definitions etc) after sub-paragraph (7) insert—...

      14. 14.In paragraph 103 (index of defined expressions), after the entry...

      15. 15.The amendments made by this Schedule have effect in relation...

    21. SCHEDULE 21

      Chargeable gains: restriction of gifts relief etc

      1. 1.Penalties for failure to furnish particulars etc

      2. 2.Charge on settlor with interest in settlement etc: supplementary provisions

      3. 3.Relief for gifts of business assets

      4. 4.Gifts relief not to be available on certain transfers to settlor-interested settlements etc

      5. 5.Gifts on which inheritance tax is chargeable etc

      6. 6.Payment by instalments of tax on gifts

      7. 7.Recovery of tax from donee

      8. 8.Application of taper relief

      9. 9.Relief for gifts of business assets

      10. 10.Commencement

    22. SCHEDULE 22

      Chargeable gains: private residence relief

      1. 1.Relief on disposal of private residence

      2. 2.Amount of relief

      3. 3.Amount of relief: further provisions

      4. 4.Private residence occupied under terms of settlement

      5. 5.Private residence held by personal representatives

      6. 6.Private residence relief: cases where relief obtained under section 260

      7. 7.Commencement

      8. 8.Transitional provision

    23. SCHEDULE 23

      Finance leasebacks: transitional provision

      1. 1.Introduction

      2. 2.Section 228B

      3. 3.(1) This paragraph applies where— (a) the existing leaseback terminates,...

      4. 4.Section 228C

      5. 5.(1) Section 228C applies subject to this paragraph where—

      6. 6.(1) This paragraph applies if— (a) the existing leaseback terminates...

      7. 7.Section 228D

      8. 8.(1) This paragraph applies where— (a) the existing leaseback terminates,...

      9. 9.Section 228E

      10. 10.Chargeable gains

      11. 11.Interpretation

    24. SCHEDULE 24

      Manufactured dividends

      1. 1.Amendments of sections 231AA, 231AB and 233 of the Taxes Act 1988

      2. 2.Amendments of paragraph 2A of Schedule 23A to the Taxes Act 1988

      3. 3.Amendment of the Taxation of Chargeable Gains Act 1992

    25. SCHEDULE 25

      Lloyd’s names: conversion to limited liability underwriting

      1. 1.The Finance Act 1993 (c. 34) is amended as follows....

      2. 2.After section 179A insert— Conversion to limited liability underwriting Schedule 20A to this Act (which makes provision for certain...

      3. 3.After Schedule 20 insert— SCHEDULE 20A Lloyd’s underwriters: conversion to...

    26. SCHEDULE 26

      Offshore funds

      1. 1.Computation of UK equivalent profits: creditor relationships

      2. 2.Computation of UK equivalent profits: derivative contracts

      3. 3.Treatment of umbrella funds and funds comprising more than one class of interest

      4. 4.(1) Section 757 of that Act (disposal of material interests...

      5. 5.In section 758 of that Act (offshore funds operating equalisation...

      6. 6.(1) Section 759 of that Act (material interests in offshore...

      7. 7.(1) Section 760 of that Act (non-qualifying offshore funds) is...

      8. 8.(1) Schedule 27 to that Act (distributing funds: supplementary) is...

      9. 9.In Schedule 28 to that Act (computation of offshore income...

      10. 10.In section 587B of the Taxes Act 1988 (gifts of...

      11. 11.In section 212 of the Taxation of Chargeable Gains Act...

      12. 12.(1) Schedule 10 to the Finance Act 1996 (c. 8)...

      13. 13.Investment conditions to be met by funds seeking certification as distributing fund

      14. 14.(1) In Schedule 27 to the Taxes Act 1988 (distributing...

      15. 15.Exchange of interests of different classes

      16. 16.Correction of cross-reference

      17. 17.Transitional provision

    27. SCHEDULE 27

      Meaning of “offshore installation”

      1. Part 1 The new definition

        1. 1.In Part 19 of the Taxes Act 1988 (supplemental provisions),...

        2. 2.In section 832 (1) of the Taxes Act 1988 (interpretation...

        3. 3.Subject to the following provisions of this Schedule, paragraphs 1...

      2. Part 2 Minor and consequential amendments

        1. 4.The Taxes Act 1988

        2. 5.(1) Schedule 28B to the Taxes Act 1988 (venture capital...

        3. 6.Finance Act 2000 (c. 17)

        4. 7.(1) In Schedule 22 to the Finance Act 2000 (tonnage...

        5. 8.Capital Allowances Act 2001 (c. 2)

        6. 9.(1) Section 153 of the Capital Allowances Act 2001 (ships...

        7. 10.In Part 2 of Schedule 1 to the Capital Allowances...

        8. 11.(1) Paragraphs 8 to 10 have effect—

        9. 12.Income Tax (Earnings and Pensions) Act 2003 (c. 1)

        10. 13.In section 305 of the Income Tax (Earnings and Pensions)...

        11. 14.For section 385 of the Income Tax (Earnings and Pensions)...

        12. 15.In Part 2 of Schedule 1 to the Income Tax...

        13. 16.Paragraphs 12 to 15 have effect for the year 2004-05...

        14. 17.(1) Schedule 5 to the Income Tax (Earnings and Pensions)...

    28. SCHEDULE 28

      Registered pension schemes: authorised pensions—supplementary

      1. Part 1 Pension rules

        1. Defined benefits and money purchase arrangements

          1. 1.Ill-health condition

          2. 2.Scheme pension

        2. Money purchase arrangements

          1. 3.Lifetime annuity

          2. 4.Unsecured pension and alternatively secured pension

          3. 5.“Alternatively secured pension” means income withdrawal.

          4. 6.Short-term annuity

          5. 7.Income withdrawal

          6. 8.Member’s unsecured pension fund

          7. 9.Unsecured pension year and basis amount for unsecured pension year

          8. 10.(1) The period of five unsecured pension years beginning with...

          9. 11.Member’s alternatively secured pension fund

          10. 12.Alternatively secured pension year and basis amount for alternatively secured pension year

          11. 13.(1) For the first alternatively secured pension year, the basis...

          12. 14.Relevant annuity

      2. Part 2 Pension death benefit rules

        1. Defined benefits and money purchase arrangements

          1. 15.Meaning of “dependant”

          2. 16.Dependants' scheme pension

        2. Money purchase arrangements

          1. 17.Dependants' annuity

          2. 18.Dependants' unsecured pension and dependants' alternatively secured pension

          3. 19.“Dependants' alternatively secured pension” means dependants' income withdrawal.

          4. 20.Dependants' short-term annuity

          5. 21.Dependants' income withdrawal

          6. 22.Dependant’s unsecured pension fund

          7. 23.Unsecured pension year and basis amount for unsecured pension year

          8. 24.(1) The period of five unsecured pension years beginning with...

          9. 25.Dependant’s alternatively secured pension fund

          10. 26.Alternatively secured pension year and basis amount for alternatively secured pension year

          11. 27.(1) For the first alternatively secured pension year, the basis...

    29. SCHEDULE 29

      Registered pension schemes: authorised lump sums—supplementary

      1. Part 1 Lump sum rule

        1. 1.Pension commencement lump sum

        2. 2.(1) If sub-paragraph (2) applies, the permitted maximum is nil....

        3. 3.(1) Where the member becomes entitled to income withdrawal, the...

        4. 4.Serious ill-health lump sum

        5. 5.Short service refund lump sum

        6. 6.Refund of excess contributions lump sum

        7. 7.Trivial commutation lump sum

        8. 8.(1) The value of the member’s relevant crystallised pension rights...

        9. 9.(1) The value of the member’s uncrystallised rights on the...

        10. 10.Winding-up lump sum

        11. 11.Lifetime allowance excess lump sum

        12. 12.Interpretation of Part 1

      2. Part 2 Lump sum death benefit rule

        1. Defined benefits arrangements

          1. 13.Defined benefits lump sum death benefit

          2. 14.Pension protection lump sum death benefit

        2. Money purchase arrangements

          1. 15.Uncrystallised funds lump sum death benefit

          2. 16.Annuity protection lump sum death benefit

          3. 17.Unsecured pension fund lump sum death benefit

          4. 18.Charity lump sum death benefit

          5. 19.Transfer lump sum death benefit

        3. Defined benefits and money purchase arrangements

          1. 20.Trivial commutation lump sum death benefit

          2. 21.Winding-up lump sum death benefit

        4. Interpretation

          1. 22.Interpretation of Part 2

    30. SCHEDULE 30

      Registered pension schemes: employer loans

      1. Definitions

        1. 1.Charge of adequate value

        2. 2.Loan repayment date

        3. 3.Loan year

        4. 4.Required amount

      2. Amount of unauthorised payment

        1. 5.Loan does not comply with section 179(1) when made

        2. 6.Loan ceases to be secured by charge of adequate value

        3. 7.Further reduction in value of charge which is not of adequate value

        4. 8.Loan ceases to comply with repayment terms

        5. 9.Increase in extent to which loan does not comply with repayment terms

        6. 10.Prevention of double charging

        7. 11.Total unauthorised payments not to exceed amount of loan

        8. 12.Amount 1

        9. 13.Amount 2

        10. 14.Amount A

        11. 15.Amount B

        12. 16.Amount C

    31. SCHEDULE 31

      Taxation of benefits under registered pension schemes

      1. 1.Part 9 of ITEPA 2003 (pension income) is amended as...

      2. 2.In section 565 (structure of Part 9), for “Chapters 16...

      3. 3.(1) Section 566(4) (nature of charge to tax on pension...

      4. 4.In section 567(4)(a) (amount charged to tax), for “15” substitute...

      5. 5.In section 568 (person liable to tax), for “15” substitute...

      6. 6.After Chapter 5 insert— Chapter 5A Pensions under registered pension...

      7. 7.Omit Chapters 6, 7, 8 and 9 (pensions under approved...

      8. 8.(1) Section 610 (annuities under sponsored superannuation schemes) is amended...

      9. 9.In section 611(3) (annuities in recognition of another’s service), for...

      10. 10.Omit Chapter 13 (return of surplus additional voluntary contributions under...

      11. 11.After Chapter 15 insert— Chapter 15A Lump sums under registered...

      12. 12.Omit Chapter 16 (lump sums).

      13. 13.In section 644(2) (pensions to which section 580 or 590...

      14. 14.(1) Section 683 of ITEPA 2003 (PAYE income) is amended...

      15. 15.In Part 2 of Schedule 1 to ITEPA 2003 (index...

    32. SCHEDULE 32

      Registered pension schemes: benefit crystallisation events—supplementary

      1. 1.General: meaning of “the relevant pension schemes”

      2. 2.Post-75 events not generally benefit crystallisation events

      3. 3.Benefit crystallisation events 1, 2 and 4: prevention of overlap

      4. 4.(1) This paragraph applies for the purposes of benefit crystallisation...

      5. 5.Benefit crystallisation events 1 and 5: hybrid arrangements

      6. 6.Benefit crystallisation events 2, 3 and 5: meaning of “RVF”

      7. 7.Benefit crystallisation events 2 and 4: early lifetime annuities

      8. 8.Benefit crystallisation event 2: early pensions

      9. 9.Benefit crystallisation event 2: meaning of “P”

      10. 10.Benefit crystallisation event 3: excepted circumstances

      11. 11.Benefit crystallisation event 3: permitted margin

      12. 12.(1) This paragraph applies for the purposes of benefit crystallisation...

      13. 13.Benefit crystallisation event 3: meaning of “XP”

      14. 14.Benefit crystallisation event 5: meaning of “DP” and “DSLS”

      15. 15.Benefit crystallisation event 6: meaning of “relevant lump sum”

      16. 16.Benefit crystallisation event 7: meaning of “relevant lump sum death benefit”

      17. 17.Benefit crystallisation event 8: prevention of overlap with other events

    33. SCHEDULE 33

      Overseas pension schemes: migrant member relief

      1. 1.Relief for members' etc. contributions

      2. 2.Relief for employers' contributions

      3. 3.In ITEPA 2003, after section 308 insert— Exemption of contributions...

      4. 4.Meaning of “relevant migrant member”

      5. 5.Meaning of “qualifying” overseas pension scheme

      6. 6.(1) This paragraph applies where an overseas pension scheme is...

    34. SCHEDULE 34

      Non-UK schemes: application of certain charges

      1. 1.Member payment charges

      2. 2.The member payment provisions do not apply in relation to...

      3. 3.(1) The member payment provisions do not apply in relation...

      4. 4.(1) The member payment provisions do not apply in relation...

      5. 5.Sections 205 and 206 (short service refund lump sum charge...

      6. 6.(1) The amount of any liability to tax imposed on...

      7. 7.(1) The member payment provisions apply with respect to a...

      8. 8.Annual allowance charge

      9. 9.The annual allowance provisions apply by virtue of paragraph 8...

      10. 10.(1) Sections 230 (1) and 234 (1) (cash balance and...

      11. 11.(1) Section 233 (1) (other money purchase arrangements) applies by...

      12. 12.(1) The annual allowance provisions apply by virtue of paragraph...

      13. 13.Lifetime allowance charge

      14. 14.(1) This paragraph applies in relation to the amount crystallised...

      15. 15.(1) An individual who is a relieved member of a...

      16. 16.(1) This paragraph applies on the occurrence of a transfer...

      17. 17.Section 217 (persons liable to charge) applies with respect to...

      18. 18.(1) This paragraph applies where sums and assets held for...

      19. 19.(1) The provisions of this Part of this Act relating...

      20. 20.Meaning of “double tax arrangements”

    35. SCHEDULE 35

      Pension schemes etc: minor and consequential amendments

      1. 1.Taxes Management Act 1970 (c. 9)

      2. 2.Income and Corporation Taxes Act 1988 (c. 1)

      3. 3.In section 21A(2) (Schedule A: computation of amount chargeable), insert...

      4. 4.In section 56(3)(b) (transfers in deposits and debts: exemption for...

      5. 5.In section 127(3)(a) (enterprise allowance), for “623(2)(c) or 833(4)(c)” substitute...

      6. 6.In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a),...

      7. 7.In section 227(8)(a) (purchase of own shares: rules about trustees...

      8. 8.In section 265(3)(c) (transfer of blind person’s allowance to spouse...

      9. 9.In section 266 (1) (life assurance premiums), for “sections 274...

      10. 10.(1) Section 266A (life assurance premiums paid by employer) is...

      11. 11.In section 268(7)(b) (early conversion or surrender of rights: life...

      12. 12.In section 273 (payments securing annuities), for “, 617(3) and...

      13. 13.In section 336(1A)(b) (temporary residents not liable under certain pension...

      14. 14.In section 348(1A)(b) (payments out of profits or gains brought...

      15. 15.In section 349(1A)(b) (payments not out of profits or gains...

      16. 16.(1) Section 349B(3) (payments in case of which requirement to...

      17. 17.In section 360A(9)(a) (meaning of “material interest” in section 360:...

      18. 18.In section 414(7), (close companies: shares held on trust for...

      19. 19.In section 415(4)(b), (certain quoted companies not to be close...

      20. 20.For section 431B (life assurance: meaning of “pension business”) substitute—...

      21. 21.In section 464(5) (policies and contracts to be disregarded in...

      22. 22.(1) Section 466 (interpretation of Chapter 2 of Part 12)...

      23. 23.In section 467(3) (exemption for trade unions and employers' associations:...

      24. 24.In section 503(2) (letting of furnished holiday accommodation treated as...

      25. 25.In section 539(2) (policies of life insurance to which Chapter...

      26. 26.In section 613(4) (parliamentary pension funds)— (a) omit “respective” and...

      27. 27.(1) Section 657(2) (life annuities to which section 656 does...

      28. 28.(1) Section 660A (income arising under a settlement where settlor...

      29. 29.(1) Section 686 (accumulation and discretionary trusts: special rates of...

      30. 30.In section 715(1)(k) (exceptions from section 713 where exemption could...

      31. 31.In section 730A(7) (treatment of price differential on sale and...

      32. 32.In section 737D (1) (manufactured dividends: power to provide eligibility...

      33. 33.In section 824(9) (repayment supplements), after “settlement” insert “, scheme...

      34. 34.In section 828 (orders and regulations), after subsection (5) insert—...

      35. 35.(1) Section 832 (1) (interpretation of the Tax Acts) is...

      36. 36.In section 840A(1)(b)(iv) (definition of “bank”: exclusion of insurance companies),...

      37. 37.Finance Act 1990 (c. 29)

      38. 38.Taxation of Chargeable Gains Act 1992 (c. 12)

      39. 39.In section 13(10B)(b) (attribution of gains to members of non-resident...

      40. 40.For sections 239A and 239B (cessation of approval of retirement...

      41. 41.In section 288 (1) (interpretation), after the definition of “recognised...

      42. 42.(1) Paragraph 2 of Schedule 1 (application of exempt amount...

      43. 43.Finance Act 1996 (c. 8)

      44. 44.In section 148 (mis-sold personal pensions), after subsection (6) insert—...

      45. 45.In paragraph 2(1D) of Schedule 9 (loan relationships: late interest),...

      46. 46.Finance Act 1999 (c. 16)

      47. 47.Capital Allowances Act 2001 (c. 2)

      48. 48.In section 4(2A) (expenditure and sums that are not capital...

      49. 49.In Part 1 of Schedule 1 (abbreviations) insert at the...

      50. 50.Finance Act 2002 (c. 23)

      51. 51.In paragraph 4(2)(c) of Schedule 22 (computation of profits: adjustment...

      52. 52.(1) Schedule 29 (gains and losses of a company from...

      53. 53.In paragraph 114, for sub-paragraph (3) substitute—

      54. 54.Income Tax (Earnings and Pensions) Act 2003 (c. 1)

      55. 55.In section 23(3) (calculation of “chargeable overseas earnings”), in Step...

      56. 56.In section 54 (1) (calculation of deemed employment payment), in...

      57. 57.In section 56(8) (application of Income Tax Acts in relation...

      58. 58.In section 218(4) (“lower-paid employment”: deductions to be subtracted), for...

      59. 59.In section 315(5) (limited exemption for expenses connected with certain...

      60. 60.(1) Section 327 (deductions from earnings: general) is amended as...

      61. 61.In section 381 (deductions from seafarers' earnings: taking account of...

      62. 62.(1) Section 407 (payments and benefits on termination of employment:...

      63. 63.(1) Section 408 (payments and benefits on termination of employment:...

      64. 64.In section 563 (former employees: deductions for liabilities), in the...

      65. 65.(1) Schedule 1 (abbreviations and defined expressions) is amended as...

    36. SCHEDULE 36

      Pension schemes etc: transitional provisions and savings

      1. Part 1 Pre-commencement pension schemes

        1. 1.Deemed registration of existing schemes

        2. 2.Opting out of deemed registration

        3. 3.Power to modify rules of existing schemes

        4. 4.Scheme administrator

        5. 5.Post-commencement withdrawal of approval

        6. 6.Pre-commencement liabilities of scheme administrator

      2. Part 2 Pre-commencement rights: lifetime allowance charge

        1. 7.“Primary protection”

        2. 8.(1) The value of the individual’s relevant uncrystallised pension rights...

        3. 9.(1) This paragraph applies if any of the individual’s uncrystallised...

        4. 10.(1) The value of the individual’s relevant crystallised pension rights...

        5. 11.(1) This paragraph applies where— (a) paragraph 7 makes provision...

        6. 12.“Enhanced protection”

        7. 13.Relevant benefit accrual occurs in relation to an individual under...

        8. 14.(1) For the purposes of paragraph 13(a) a relevant contribution...

        9. 15.(1) For the purposes of paragraph 13(b) “the relevant crystallised...

        10. 16.(1) This paragraph specifies the post-commencement earnings limit if the...

        11. 17.(1) This paragraph specifies the post-commencement earnings limit in any...

        12. 18.Pre-commencement pension credits

        13. 19.Individuals permitted to take pension before normal minimum pension age

        14. 20.Pre-commencement pensions

      3. Part 3 Pre-commencement benefit rights

        1. 21.Rights to take pension before normal minimum pension age

        2. 22.(1) This paragraph applies in relation to a registered pension...

        3. 23.(1) This paragraph applies in relation to a registered pension...

        4. 24.Lump sum rights exceeding £375,000: primary and enhanced protection

        5. 25.(1) The amount of an individual’s total lump sum rights...

        6. 26.(1) This paragraph applies if any of the individual’s uncrystallised...

        7. 27.(1) If (and for so long as) paragraph 12 (enhanced...

        8. 28.(1) If paragraph 12 (enhanced protection) does not apply in...

        9. 29.(1) If (and for so long as) paragraph 12 (enhanced...

        10. 30.(1) Any part of a lump sum falling within paragraph...

        11. 31.Entitlement to lump sums exceeding 25% of uncrystallised rights

        12. 32.(1) Subject to sub-paragraph (2), the value of the individual’s...

        13. 33.(1) Subject to sub-paragraph (2), the value of the individual’s...

        14. 34.(1) Schedule 29 applies with the following modifications.

        15. 35.Winding-up lump sums paid by former approved superannuation funds

        16. 36.Right to payment of lump sum death benefit

      4. Part 4 Other provisions

        1. 37.Pre-commencement ill-health insurance contracts

        2. 38.Pre-commencement loans to sponsoring employers

        3. 39.Retirement annuity contracts: carry-back of pre-commencement contributions

        4. 40.Members' contributions to pre-commencement retirement annuity contracts

        5. 41.Employers' contributions relieved before 6th April 2006

        6. 42.Spreading of employer’s contributions

        7. 43.Taxation of annuities paid under pre-commencement retirement annuity contracts

        8. 44.Taxation of pensions accruing (but not taxed) pre-commencement and paid or received post-commencement

        9. 45.Pensions taxed pre-commencement but accruing post-commencement

        10. 46.Application of PAYE to certain annuities in payment at commencement

        11. 47.Authorised surplus payments charge: pre-19th March 1986 winding-up

        12. 48.Annual allowance charge: post-commencement contributions to discharge pre-commencement unfunded promises

        13. 49.Annual allowance charge: enhanced protection

        14. 50.Saving of sections 605 and 651A of ICTA

        15. 51.Individuals with pre-commencement entitlement to corresponding relief

        16. 52.Continuing operation of section 392 of ITEPA 2003

        17. 53.Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement

        18. 54.(1) This paragraph has effect if— (a) all of the...

        19. 55.(1) This paragraph has effect if paragraph 54 does not....

        20. 56.Inheritance tax

        21. 57.(1) The proportion of the assets of the fund or...

        22. 58.(1) Section 151 of the Inheritance Tax Act 1984 (treatment...

    37. SCHEDULE 37

      Oil taxation: tax-exempt tariffing receipts and assets producing them

      1. Part 1 Amendments of the Oil Taxation Act 1983 relating to allowable expenditure and disposal receipts

        1. 1.Introductory

        2. 2.Expenditure incurred on long-term assets other than non-dedicated mobile assets

        3. 3.Exclusion from s.3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts

        4. 4.Expenditure related to exempt gas: asset use giving rise to tax-exempt tariffing receipts

        5. 5.Disposal receipts from assets used in a way that gives rise to tax-exempt tariffing receipts

        6. 6.Assets no longer in use for the principal field

        7. 7.Brought-in assets

        8. 8.Subsequent use of new asset otherwise than in connection with a taxable field

      2. Part 2 Transitional provision

        1. 9.Expenditure incurred in transitional period: restriction of tax-exempt tariffing receipts

      3. Part 3 Amendments of the Taxes Act 1988

        1. 10.Introductory

        2. 11.Section 496: treatment of tax-exempt tariffing receipts for income and corporation tax

      4. Part 4 Amendments of other enactments

        1. Finance Act 1999

          1. 12.Qualifying assets

    38. SCHEDULE 38

      Schedule to be inserted as Schedule 19B to the Taxes Act 1988

    39. SCHEDULE 39

      Stamp duty land tax and stamp duty

      1. Part 1 Amendments to Part 4 of the Finance Act 2003: general

        1. 1.Introduction

        2. 2.Variation of lease

        3. 3.Agreement for lease

        4. 4.Contract providing for conveyance to third party

        5. 5.Contract and conveyance: effect of transfer of rights

        6. 6.Relief for sale and leaseback arrangements

        7. 7.Registration of land transactions

        8. 8.“Effective date” of a transaction

        9. 9.Chargeable consideration

        10. 10.Provisions relating to leases

        11. 11.(1) Schedule 17A (further provisions relating to leases) (inserted by...

        12. 12.Transfer of rights after 10th July 2003 relating to earlier contract: applicability of SDLT regime

        13. 13.Commencement

      2. Part 2 Re-enactment, with changes, of amendments made by section 109 regulations

        1. 14.Introduction and revocation

        2. 15.Meaning of taking possession

        3. 16.Relief for sale and leaseback arrangements

        4. 17.Relief for certain acquisitions of residential property

        5. 18.Initial transfer of assets to trustees of unit trust scheme

        6. 19.Return or further return in consequence of later linked transaction

        7. 20.Declaration by person authorised to act on behalf of purchaser

        8. 21.Crown application

        9. 22.Further provision relating to leases

        10. 23.Abolition of stamp duty: application to duplicates and counterparts

        11. 24.Application of transitional provisions to certain contracts

        12. 25.Stamping of contract or agreement where transaction on completion or grant of lease subject to stamp duty land tax

        13. 26.Commencement

    40. SCHEDULE 40

      Stamp duty land tax: claims not included in returns

    41. SCHEDULE 41

      Stamp duty land tax: application to certain partnership transactions

      1. 1.In Schedule 15 to the Finance Act 2003 (c. 14)...

      2. 2.The following amendments are consequential on the amendment made by...

      3. 3.(1) The preceding provisions of this Schedule have effect in...

    42. SCHEDULE 42

      Repeals

      1. Part 1 Excise duties

      2. Part 2 Income Tax, Corporation Tax and Capital Gains Tax

      3. Part 3 Pension schemes etc

      4. Part 4 Other taxes

      5. Part 5 Miscellaneous matters

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