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Finance Act 2007

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Changes to legislation:

Finance Act 2007, Part 1 is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Part 1U.K.Amendments

Income and Corporation Taxes Act 1988 (c. 1)U.K.

1U.K.ICTA is amended as follows.

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7U.K.Omit section 439A (taxation of pure reinsurance business).

F28U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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F39U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

10U.K.In section 755A(2) and (6)(a) (controlled foreign companies: apportionments to companies carrying on life assurance business), for “not charged to tax under Case I of Schedule D in respect of its profits from” substitute “ charged to tax under the I minus E basis in respect of ”.

Finance Act 1989 (c. 26)U.K.

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Finance Act 1991 (c. 31)U.K.

17U.K.In paragraph 16(1) of Schedule 7 to FA 1991 (transitional relief for old general annuity contracts), for “, otherwise than in accordance with the provisions applicable to Case I of Schedule D,” substitute “ under the I minus E basis ”.

Taxation of Chargeable Gains Act 1992 (c. 12)U.K.

18U.K.In section 212 of TCGA 1992 (annual deemed disposal of holdings of unit trusts etc), omit subsection (7A) (which applies section 440B(5) of ICTA).

Finance (No. 2) Act 1992 (c. 48)U.K.

19U.K.In F(No.2)A 1992, omit section 65 (life assurance business: I minus E basis).

Finance Act 1996 (c. 8)U.K.

F520U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Sch. 8 para. 20 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Finance Act 1998 (c. 36)U.K.

21U.K.In paragraph 84 of Schedule 18 to FA 1998 (company tax returns, assessments and related matters), for sub-paragraphs (1) to (3) substitute—

(1)This paragraph applies where amounts may be brought into charge to tax either—

(a)in computing profits chargeable to tax under Case I of Schedule D, or

(b)as amounts within Case III or V of that Schedule.; and the italic heading before that paragraph accordingly becomes Choice between Case I and Case III or V of Schedule D.

Capital Allowances Act 2001 (c. 2)U.K.

22U.K.CAA 2001 is amended as follows.

23U.K.In section 256(1) (different giving effect rules for different categories of business), for paragraph (b) substitute—

(b)is charged to tax under the I minus E basis in respect of its life assurance business.

24U.K.In section 257(2) (life assurance: supplementary), for paragraphs (a) and (b) substitute—

(a)section 85A(3) of the Finance Act 1989 (excess adjusted Case I profits), or

(b)section 89 of that Act (policy holders' share of profits).

Finance Act 2002 (c. 23)U.K.

F625U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 8 paras. 25-27 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F626U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 8 paras. 25-27 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F627U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 8 paras. 25-27 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

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