Finance Act 2005

Part 2 Income tax, corporation tax and capital gains tax

(1) Extension of outplacement services etc exemption: part-time employees

Short title and chapter	Extent of repeal
These repeals have effect in accordance with section 18(5) of this Act.
Income Tax (Earnings and Pensions) Act 2003 (c. 1)	In section 310(4), “full-time”.
	In section 311— (a)   in subsection (3), paragraph (d) and the word “and” before it; (b)   in subsection (4)(c), “full-time”.

(2) Employee securities

Short title and chapter	Extent of repeal
This repeal has effect in accordance with section 22 of this Act.
Taxation of Chargeable Gains Act 1992 (c. 12)	In section 119A(3), the words following the paragraphs.

(3) Films: restrictions on relief for production and acquisition expenditure

Short title and chapter	Extent of repeal
(1) The repeals in section 40A(5) and 43(1) of F(No 2)A 1992 have effect in accordance with paragraph 31(3) of Schedule 3 to this Act. (2) The repeals in section 42 of that Act have effect in accordance with paragraph 1(6) to (8) of that Schedule. (3) The repeals in section 48 of F(No 2)A 1997 have effect in accordance with paragraph 10(2) to (4) of that Schedule. (4) The repeal of section 101 of FA 2002 has effect in accordance with paragraph 2(2) and (3) of that Schedule. (5) The repeals in section 138 of ITTOIA 2005 have effect in accordance with paragraph 11(5) to (7) of that Schedule. (6) The repeal in section 138A of that Act has effect in accordance with paragraph 12(6) to (8) of that Schedule. (7) The repeal in section 139(1) of that Act has effect in accordance with paragraph 4(4) and (5) of that Schedule. (8) The repeal in section 139(5) of that Act has effect in accordance with paragraph 13 of that Schedule. (9) The repeal in section 140(6) of that Act has effect in accordance with paragraph 14 of that Schedule. (10) The remaining repeals in that section have effect in accordance with paragraph 5(4) to (6) of that Schedule.
Finance (No. 2) Act 1992 (c. 48)	Section 40A(5).
	In section 42— (a)   in subsection (2), the word “and” immediately before paragraph (b), and (b)   in subsection (3), the word “and” immediately before paragraph (b).
	In section 43(1), the definitions of “master disc”, “master negative” and “master tape”.
Finance (No. 2) Act 1997 (c. 58)	Section 48(3), (4) and (5).
Finance Act 2002 (c. 23)	Section 101.
Income Tax (Trading and Other Income) Act 2005 (c. 5)	In section 138 (as substituted by this Act), in subsection (5), in Calculation 2, paragraph (c) and the word “and” immediately before it.
	In section 138A(5), Calculation 2.
	In section 139— (a)   in subsection (1), the word “and” immediately before paragraph (e), and (b)   in subsection (5)(d) the words “, or section 42 of that Act (but not as applied by section 48(1) and (2) of F(No 2)A 1997),”.
	In section 140— (a)   in subsection (1), paragraph (b) and the word “and” immediately before paragraph (f), (b)   subsection (2), and (c)   in subsection (6)(d), the words “, or section 42 of that Act (but not as applied by section 48(1) to (3) of F(No 2)A 1997),”.

(4) Partners: removal of restriction on interest relief

Short title and chapter	Extent of repeal
These repeals have effect in accordance with section 72(7) to (12) of this Act.
Income and Corporation Taxes Act 1988 (c. 1)	In section 117— (a)   in subsection (1), the words “353,” and, in paragraph (a), the words “, or of interest paid by him in connection with the carrying on of a trade,”, (b)   in subsection (2), in the definition of “the aggregate amount”, the words “353,” and, in paragraph (a), the words “, or of interest paid by him in connection with carrying it on,”, and (c)   in that subsection, in the definition of “the appropriate time”, the words “or the interest paid”.
	In section 118ZB(2), the words “, or interest paid by him in connection with the carrying on of a trade,”.
	In section 118ZE(1), the words “353,” and “, or interest paid by him in connection with the carrying on of a trade,”.
	In section 118ZF(1), the words “353,” and “, or of interest paid by him in connection with carrying it on,”.
	In section 118ZG(2)(b)(ii), the words “353,” and “, or of interest paid by him in connection with carrying it on,”.
	In section 118ZJ— (a)   in subsection (3), the words “353,” and “, and interest paid by him in connection with carrying it on,”, (b)   in subsection (4), the words “the sum of”, paragraph (b) and the word “and” immediately before that paragraph, and (c)   in subsection (5), paragraph (b) and the word “and” immediately before it.

(5) Bad debts and related matters

Short title and chapter	Extent of repeal
These repeals have effect in accordance with section 80(4) of this Act.
Income and Corporation Taxes Act 1988 (c. 1)	Section 74(1)(j) and (2).
	Section 94(2).
	Section 103(4A).
Finance Act 1994 (c. 9)	Section 144(1), (5) and (6).
Finance Act 1996 (c. 8)	In Schedule 9— (a)   paragraph 6B; (b)   paragraph 6C(2); (c)   paragraph 8; (d)   paragraph 9.
Finance Act 2002 (c. 23)	In Schedule 25, paragraph 26.
	In Schedule 29, paragraph 115(2).
Finance Act 2004 (c. 12)	In Schedule 10— (a)   paragraph 24; (b)   paragraph 25(4); (c)   paragraph 26; (d)   paragraph 27.

(6) Foreign currency accounting

Short title and chapter	Extent of repeal
These repeals have effect in accordance with paragraph 24(2) of Schedule 4 to this Act.
Income and Corporation Taxes Act 1988 (c. 1)	Section 747(4A) and (4B).
	Section 747A.
	Section 748(4) and (5).
	Section 750(5) to (8).
	In Schedule 24, paragraph 11A.
Finance Act 1995 (c. 4)	In Schedule 25— (a)   paragraphs 2 to 5; (b)   paragraph 6(4).
Finance Act 1996 (c. 8)	In Schedule 36, paragraph 1(3)(b) and (c).
Finance Act 1998 (c. 36)	In Schedule 17, paragraph 2.
Capital Allowances Act 2001 (c. 2)	In Schedule 2, paragraph 66(3).
Finance Act 2002 (c. 23)	In Schedule 23, paragraph 19.

(7) Other provisions connected with accounting practice

Short title and chapter	Extent of repeal
(1) The repeals in sections 50, 51, 52 and 54 of FA 2004 have effect in accordance with paragraph 50 of Schedule 4 to this Act. (2) The other repeals have effect in accordance with section 80(4) of this Act.
Income and Corporation Taxes Act 1988 (c. 1)	In section 43A(3), paragraphs (a) and (b) and the word “and” preceding paragraph (a).
	Section 836A.
Finance Act 1996 (c. 8)	In Schedule 9, paragraph 19A(6).
Finance Act 1997 (c. 16)	In Schedule 12, in paragraph 30(1), the definitions of “consolidated group accounts”, “group of companies” and “member” in relation to a group of companies.
Finance Act 2002 (c. 23)	Section 103(2).
	In Schedule 25, paragraph 12(2).
	In Schedule 29— (a)   paragraph 6(2); (b)   in paragraph 15(4), in the definitions of “Previous Debits” and “Previous Credits” the words from “under” to “accounting policy)”; (c)   paragraph 20(1)(a), (b) and (c); (d)   in paragraph 27(1), in the definitions of “Debits” and “Credits” the words from “under” to “accounting policy)”; (e)   in paragraph 134(1), the words following paragraph (b).
Finance Act 2004 (c. 12)	In sections 50(6), 51(6), 52(3) and 54(2), paragraph (b) and the word “and” preceding it.
	In Schedule 10— (a)   paragraph 12; (b)   paragraph 72; (c)   paragraph 73(3); (d)   paragraphs 74 to 76.

(8) Double taxation relief: limits on credit

Short title and chapter	Extent of repeal
This repeal has effect in accordance with the provisions of section 86 of this Act.
Income and Corporation Taxes Act 1988 (c. 1)	Subsections (4) to (9) of section 803.

(9) Tax avoidance involving annual payments and double taxation relief

Short title and chapter	Extent of repeal
These repeals have effect in accordance with section 91(8) of this Act.
Income and Corporation Taxes Act 1988 (c. 1)	Section 801(4A) to (4D).
Finance Act 2001 (c. 9)	In Schedule 27, paragraph 3.

(10) Tonnage tax

Short title and chapter	Extent of repeal
This repeal has effect in accordance with paragraph 18(1) of Schedule 7 to this Act.
Finance Act 2000 (c. 17)	In Schedule 22, paragraph 105.