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Income Tax Act 2007

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  1. Introductory Text

  2. Part 1 Overview

    1. 1.Overview of Income Tax Acts

    2. 2.Overview of Act

  3. Part 2 Basic provisions

    1. Chapter 1 Charges to income tax

      1. 3.Overview of charges to income tax

      2. 4.Income tax an annual tax

      3. 5.Income tax and companies

    2. Chapter 2 Rates at which income tax is charged

      1. The rates

        1. 6.The starting rate, basic rate and higher rate

        2. 7.The savings rate

        3. 8.The dividend ordinary rate and dividend upper rate

        4. 9.The trust rate and dividend trust rate

      2. Income charged at particular rates

        1. 10.Income charged at the starting, basic and higher rates: individuals

        2. 11.Income charged at the basic rate: other persons

        3. 12.Income charged at the savings rate

        4. 13.Income charged at the dividend ordinary and dividend upper rates: individuals

        5. 14.Income charged at the dividend ordinary rate: other persons

        6. 15.Income charged at the trust rate and the dividend trust rate

        7. 16.Savings and dividend income to be treated as highest part of total income

        8. 17.Repayment: tax paid at basic rate instead of starting or savings rate

        9. 18.Meaning of “savings income”

        10. 19.Meaning of “dividend income”

      3. Starting rate limit and basic rate limit

        1. 20.The starting rate limit and the basic rate limit

        2. 21.Indexation of the starting rate limit and the basic rate limit

    3. Chapter 3 Calculation of income tax liability

      1. 22.Overview of Chapter

      2. 23.The calculation of income tax liability

      3. 24.Reliefs deductible at Step 2

      4. 25.Reliefs and allowances deductible at Steps 2 and 3: supplementary

      5. 26.Tax reductions

      6. 27.Order of deducting tax reductions: individuals

      7. 28.Order of deducting tax reductions: other persons

      8. 29.Tax reductions: supplementary

      9. 30.Additional tax

      10. 31.Total income: supplementary

      11. 32.Liability not dealt with in the calculation

  4. Part 3 Personal reliefs

    1. Chapter 1 Introduction

      1. 33.Overview of Part

    2. Chapter 2 Personal allowance and blind person's allowance

      1. Introduction

        1. 34.Allowances under Chapter

      2. Personal allowances

        1. 35.Personal allowance for those aged under 65

        2. 36.Personal allowance for those aged 65 to 74

        3. 37.Personal allowance for those aged 75 and over

      3. Blind person's allowance

        1. 38.Blind person's allowance

        2. 39.Transfer of part of blind person's allowance to a spouse or civil partner

        3. 40.Election for transfer of allowance under section 39

      4. Supplementary

        1. 41.Allowances in year of death

    3. Chapter 3 Tax reductions for married couples and civil partners

      1. Introduction

        1. 42.Tax reductions under Chapter

        2. 43.Meaning of “the minimum amount”

        3. 44.Election for new rules to apply

      2. Married couple's allowance

        1. 45.Marriages before 5 December 2005

        2. 46.Marriages and civil partnerships on or after 5 December 2005

      3. Elections to transfer relief

        1. 47.Election by individual to transfer relief under section 45 or 46

        2. 48.Joint election to transfer relief under section 45 or 46

        3. 49.Election for partial transfer back of relief

        4. 50.Procedure for making and withdrawing elections under sections 47 to 49

      4. Transfer of unused relief

        1. 51.Transfer of unused relief

        2. 52.Transfer back of unused relief

        3. 53.Transfer of unused relief: general

      5. Supplementary

        1. 54.Tax reductions in the year of marriage or entry into civil partnership

        2. 55.Sections 45 to 53: supplementary

    4. Chapter 4 General

      1. 56.Residence etc of claimants

      2. 57.Indexation of allowances

      3. 58.Meaning of “adjusted net income”

  5. Part 4 Loss relief

    1. Chapter 1 Introduction

      1. 59.Overview of Part

    2. Chapter 2 Trade losses

      1. Introduction

        1. 60.Overview of Chapter

        2. 61.Non-partners: losses of a tax year

        3. 62.Partners: losses of a tax year etc

        4. 63.Prohibition against double counting

      2. Trade loss relief against general income

        1. 64.Deduction of losses from general income

        2. 65.How relief works

      3. Restriction on relief for uncommercial trades

        1. 66.Restriction on relief unless trade is commercial

      4. Restriction on relief for “hobby” farming or market gardening

        1. 67.Restriction on relief in case of farming or market gardening

        2. 68.Reasonable expectation of profit

        3. 69.Whether trade is the same trade

        4. 70.Determining losses in previous tax years

      5. Use of trading loss as CGT loss

        1. 71.Treating trade losses as CGT losses

      6. Early trade losses relief

        1. 72.Relief for individuals for losses in first 4 years of trade

        2. 73.How relief works

        3. 74.Restrictions on relief unless trade is commercial etc

      7. Restrictions on sideways relief for certain capital allowances

        1. 75.Trade leasing allowances given to individuals

        2. 76.First-year allowances: introduction

        3. 77.First-year allowances: partnerships with companies

        4. 78.First-year allowances: arrangements to reduce tax liabilities

        5. 79.Capital allowances restrictions: supplementary

      8. Restriction on sideways relief for specific trades

        1. 80.Ring fence income

        2. 81.Dealings in commodity futures

        3. 82.Exploitation of films

      9. Carry-forward trade loss relief

        1. 83.Carry forward against subsequent trade profits

        2. 84.How relief works

        3. 85.Use of trade-related interest and dividends if trade profits insufficient

        4. 86.Trade transferred to a company

        5. 87.Ring fence trades

        6. 88.Carry forward of certain interest as loss

      10. Terminal trade loss relief

        1. 89.Carry back of losses on a permanent cessation of a trade

        2. 90.Losses that are “terminal losses”

        3. 91.How relief works

        4. 92.Use of trade-related interest and dividends if trade profits insufficient

        5. 93.Mineral extraction trade and carry back of balancing allowances

        6. 94.Carry back of certain interest as loss

      11. Wholly foreign trades

        1. 95.Foreign trades etc: reliefs only against foreign income

      12. Post-cessation trade relief

        1. 96.Post-cessation trade relief

        2. 97.Meaning of “qualifying payment”

        3. 98.Meaning of “qualifying event” etc

        4. 99.Reduction of relief for unpaid trade expenses

        5. 100.Prohibition against double counting

        6. 101.Treating excess post-cessation trade relief as CGT loss

    3. Chapter 3 Restrictions on trade loss relief for certain partners

      1. Introduction

        1. 102.Overview of Chapter

        2. 103.Meaning of “sideways relief”, “capital gains relief” and “firm”

      2. Limited partners

        1. 104.Restriction on reliefs for limited partners

        2. 105.Meaning of “contribution to the firm”

        3. 106.Meaning of “limited partner”

      3. Members of LLPs

        1. 107.Restriction on reliefs for members of LLPs

        2. 108.Meaning of “contribution to the LLP

        3. 109.Unrelieved losses brought forward

      4. Non-active members of LLPs or other partnerships (apart from limited partnerships)

        1. 110.Restriction on reliefs for non-active partners in early tax years

        2. 111.Meaning of “contribution to the firm”

        3. 112.Meaning of “non-active partner” and “early tax year” etc

        4. 113.Unrelieved losses brought forward

      5. Regulations

        1. 114.Exclusion of amounts in calculating contribution to the firm or LLP

      6. Restrictions for film trades carried on in partnership

        1. 115.Restrictions on reliefs for firms exploiting films

        2. 116.Exclusion from restrictions under section 115: certain film expenditure

    4. Chapter 4 Losses from property businesses

      1. Introduction

        1. 117.Overview of Chapter

      2. Carry-forward property loss relief

        1. 118.Carry forward against subsequent property business profits

        2. 119.How relief works

      3. Property loss relief against general income

        1. 120.Deduction of property losses from general income

        2. 121.How relief works

        3. 122.Meaning of “the applicable amount of the loss”

        4. 123.Meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”

        5. 124.Supplementary

      4. Post-cessation property relief

        1. 125.Post-cessation property relief

        2. 126.Treating excess post-cessation property relief as CGT loss

      5. Furnished holiday accommodation

        1. 127.UK furnished holiday lettings business treated as trade

    5. Chapter 5 Losses in an employment or office

      1. 128.Employment loss relief against general income

      2. 129.How relief works

      3. 130.Treating loss in employment or office as CGT loss

    6. Chapter 6 Losses on disposal of shares

      1. Share loss relief against general income

        1. 131.Share loss relief

        2. 132.Entitlement to claim

        3. 133.How relief works

      2. Shares to which EIS relief is not attributable

        1. 134.Qualifying trading companies

        2. 135.Subscriptions for shares

        3. 136.Disposals of new shares

      3. Qualifying trading companies: the requirements

        1. 137.The trading requirement

        2. 138.Ceasing to meet trading requirement because of administration or receivership

        3. 139.The control and independence requirement

        4. 140.The qualifying subsidiaries requirement

        5. 141.The property managing subsidiaries requirement

        6. 142.The gross assets requirement

        7. 143.The unquoted status requirement

        8. 144.Power to amend requirements by Treasury order

      4. Qualifying trading companies: supplementary

        1. 145.Relief after an exchange of shares for shares in another company

        2. 146.Substitution of new shares for old shares

      5. Limits on share loss relief and mixed holdings

        1. 147.Limits on share loss relief

        2. 148.Disposal of shares forming part of mixed holding

        3. 149.Section 148: supplementary

      6. Miscellaneous and supplementary

        1. 150.Deemed time of issue for certain shares

        2. 151.Interpretation of Chapter

    7. Chapter 7 Losses from miscellaneous transactions

      1. Loss relief against miscellaneous income

        1. 152.Losses from miscellaneous transactions

        2. 153.How relief works

      2. Deposit rights

        1. 154.Transactions in deposit rights

      3. Supplementary

        1. 155.Time limit for claiming relief

  6. Part 5 Enterprise investment scheme

    1. Chapter 1 Introduction

      1. EIS relief

        1. 156.Meaning of “EIS relief” and commencement

        2. 157.Eligibility for EIS relief

        3. 158.Form and amount of EIS relief

      2. Miscellaneous

        1. 159.Periods A, B and C

        2. 160.Overview of other Chapters of Part

        3. 161.Other tax reliefs relating to EIS

    2. Chapter 2 The investor

      1. Introduction

        1. 162.Overview of Chapter

      2. The requirements

        1. 163.The no connection with the issuing company requirement

        2. 164.The no linked loans requirement

        3. 165.The no tax avoidance requirement

      3. Meaning of connection with issuing company

        1. 166.Connection with issuing company

        2. 167.Employees, directors and partners

        3. 168.Directors excluded from connection

        4. 169.Directors qualifying for relief despite connection

        5. 170.Persons interested in capital etc of company

        6. 171.Persons subscribing for shares under certain arrangements

    3. Chapter 3 General requirements

      1. Introduction

        1. 172.Overview of Chapter

      2. The requirements

        1. 173.The shares requirement

        2. 174.The purpose of the issue requirement

        3. 175.The use of the money raised requirement

        4. 176.The minimum period requirement

        5. 177.The no pre-arranged exits requirement

        6. 178.The no tax avoidance requirement

      3. Meaning of “qualifying business activity”

        1. 179.Meaning of “qualifying business activity”

    4. Chapter 4 The issuing company

      1. Introduction

        1. 180.Overview of Chapter

      2. The requirements

        1. 181.The trading requirement

        2. 182.Ceasing to meet trading requirement because of administration or receivership

        3. 183.The issuing company to carry on the qualifying business activity requirement

        4. 184.The unquoted status requirement

        5. 185.The control and independence requirement

        6. 186.The gross assets requirement

        7. 187.The qualifying subsidiaries requirement

        8. 188.The property managing subsidiaries requirement

      3. Definitions

        1. 189.Meaning of “qualifying trade”

        2. 190.Meaning of “qualifying 90% subsidiary”

        3. 191.Meaning of “qualifying subsidiary”

      4. Excluded activities

        1. 192.Meaning of “excluded activities”

        2. 193.Excluded activities: wholesale and retail distribution

        3. 194.Excluded activities: leasing of ships

        4. 195.Excluded activities: receipt of royalties and licence fees

        5. 196.Excluded activities: property development

        6. 197.Excluded activities: hotels and comparable establishments

        7. 198.Excluded activities: nursing homes and residential care homes

        8. 199.Excluded activities: provision of services or facilities for another business

      5. Supplementary

        1. 200.Power to amend by Treasury order

    5. Chapter 5 Attribution of and claims for EIS relief

      1. Attribution

        1. 201.Attribution of EIS relief to shares

      2. Claims: general

        1. 202.Time for making claims for EIS relief

        2. 203.Entitlement to claim

      3. Claims: supporting documents

        1. 204.Compliance certificates

        2. 205.Compliance statements

        3. 206.Appeal against refusal to authorise compliance certificate

        4. 207.Penalties for fraudulent certificate or statement etc

    6. Chapter 6 Withdrawal or reduction of EIS relief

      1. Introduction

        1. 208.Overview of Chapter

      2. Disposals

        1. 209.Disposal of shares

        2. 210.Cases where maximum EIS relief not obtained

        3. 211.Call options

        4. 212.Put options

      3. Value received by investor

        1. 213.Value received by the investor

        2. 214.Value received: receipts of insignificant value

        3. 215.Meaning of “receipts of insignificant value”

        4. 216.When value is received

        5. 217.The amount of value received

        6. 218.Value received where there is more than one issue of shares

        7. 219.Value received where part of share issue treated as made in previous tax year

        8. 220.Cases where maximum EIS relief not obtained

        9. 221.Receipts of value by and from connected persons etc

        10. 222.Receipt of replacement value

        11. 223.Section 222: supplementary

      4. Repayments etc of share capital to other persons

        1. 224.Repayments etc of share capital to other persons

        2. 225.Insignificant repayments ignored for purposes of section 224

        3. 226.Amount of repayments etc where there is more than one issue of shares

        4. 227.Single issue affecting more than one individual

        5. 228.Single issue treated as made partly in previous tax year

        6. 229.Maximum relief not obtained for share issue

        7. 230.Repayment of authorised minimum within 12 months

        8. 231.Restriction on withdrawal of relief under section 224

      5. Miscellaneous

        1. 232.Acquisition of a trade or trading assets

        2. 233.Acquisition of share capital

        3. 234.Relief subsequently found not to have been due

    7. Chapter 7 Withdrawal or reduction of EIS relief: procedure

      1. Assessments and appeals

        1. 235.Assessments for the withdrawal or reduction of EIS relief

        2. 236.Appeals against section 234(3)(b) notices

        3. 237.Time limits for assessments

        4. 238.Cases where assessment not to be made

      2. Interest

        1. 239.Date from which interest is chargeable

      3. Information

        1. 240.Information to be provided by the investor

        2. 241.Information to be provided by the issuing company etc

        3. 242.Power to require information where section 240 or 241 applies or could have applied

        4. 243.Power to require information in other cases

        5. 244.Obligations of secrecy

    8. Chapter 8 Supplementary and general

      1. Disposals of shares

        1. 245.Transfers between spouses or civil partners

        2. 246.Identification of shares on a disposal

      2. Acquisition of issuing company

        1. 247.Continuity of EIS relief where issuing company is acquired by new company

        2. 248.Carry over of obligations etc where EIS relief attributed to new shares

        3. 249.Substitution of new shares for old shares

      3. Nominees etc

        1. 250.Nominees and bare trustees

        2. 251.Approved investment fund as nominee

      4. Interpretation

        1. 252.Meaning of a company being “in administration” or “in receivership”

        2. 253.Meaning of “associate”

        3. 254.Meaning of “disposal of shares”

        4. 255.Meaning of “issue of shares”

        5. 256.Meaning of “the termination date”

        6. 257.Minor definitions etc

  7. Part 6 Venture capital trusts

    1. Chapter 1 Introduction

      1. 258.Overview of Part

      2. 259.Venture capital trusts and VCT approvals

      3. 260.Other tax reliefs relating to VCTs

    2. Chapter 2 VCT relief

      1. Entitlement to relief

        1. 261.Eligibility for relief

        2. 262.Entitlement to claim relief

        3. 263.Form and amount of relief

        4. 264.No entitlement to relief if there is a linked loan

        5. 265.No entitlement to relief which would have been lost if it had already been obtained

      2. Loss of relief

        1. 266.Loss of relief if shares disposed of within 5 years

        2. 267.Transfers of shares between spouses or civil partners

        3. 268.Loss of relief if VCT approval withdrawn

        4. 269.Loss of relief which is subsequently found not to have been due

        5. 270.Assessment on withdrawal or reduction of relief

      3. Supplementary

        1. 271.Provision of information

        2. 272.Regulations as to procedure etc

        3. 273.Interpretation of Chapter

    3. Chapter 3 VCT approvals

      1. Giving of approval

        1. 274.Requirements for the giving of approval

        2. 275.Alternative requirements for the giving of approval

        3. 276.Conditions relating to income

        4. 277.The 15% holding limit condition

        5. 278.Conditions relating to value of investments: general

        6. 279.Conditions relating to value of investments: qualifying holdings

        7. 280.Conditions relating to qualifying holdings and eligible shares

      2. Withdrawal of approval

        1. 281.Withdrawal of VCT approval of a company

        2. 282.Withdrawal of VCT approval in cases for which provision made under section 280(3)

      3. Supplementary

        1. 283.Time as from which VCT approval has effect

        2. 284.Power to make regulations as to procedure

        3. 285.Interpretation of Chapter

    4. Chapter 4 Qualifying holdings

      1. Introduction

        1. 286.Qualifying holdings: introduction

      2. The requirements

        1. 287.The maximum qualifying investment requirement

        2. 288.The no guaranteed loan requirement

        3. 289.The proportion of eligible shares requirement

        4. 290.The trading requirement

        5. 291.The carrying on of a qualifying activity requirement

        6. 292.Ceasing to meet requirements because of administration or receivership

        7. 293.The use of the money raised requirement

        8. 294.The relevant company to carry on the relevant qualifying activity requirement

        9. 295.The unquoted status requirement

        10. 296.The control and independence requirement

        11. 297.The gross assets requirement

        12. 298.The qualifying subsidiaries requirement

        13. 299.The property managing subsidiaries requirement

      3. Definitions

        1. 300.Meaning of “qualifying trade”

        2. 301.Meaning of “qualifying 90% subsidiary”

        3. 302.Meaning of “qualifying subsidiary”

      4. Excluded activities

        1. 303.Meaning of “excluded activities”

        2. 304.Excluded activities: wholesale and retail distribution

        3. 305.Excluded activities: leasing of ships

        4. 306.Excluded activities: receipt of royalties and licence fees

        5. 307.Excluded activities: property development

        6. 308.Excluded activities: hotels and comparable establishments

        7. 309.Excluded activities: nursing homes and residential care homes

        8. 310.Excluded activities: provision of services or facilities for another business

      5. Supplementary

        1. 311.Power to amend Chapter

        2. 312.Winding up of the relevant company

        3. 313.Interpretation of Chapter

    5. Chapter 5 Powers: winding up and mergers of VCTs

      1. Winding up

        1. 314.Power to treat VCT-in-liquidation as VCT

        2. 315.Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation

        3. 316.Power to make provision about distributions by VCT-in-liquidation

        4. 317.Power to facilitate disposal to VCT by VCT-in-liquidation

        5. 318.Power in respect of periods before and after winding up

        6. 319.Sections 314 to 318: supplementary

        7. 320.Meaning of “VCT-in-liquidation”

      2. Mergers

        1. 321.Power to facilitate mergers of VCTs

        2. 322.Provision that may be made by regulations under section 321

        3. 323.Meaning of “merger” and “successor company”

      3. Supplementary

        1. 324.Regulations under Chapter

        2. 325.Interpretation of Chapter

    6. Chapter 6 Supplementary and general

      1. Acquisitions for restructuring purposes

        1. 326.Restructuring to which section 327 applies

        2. 327.Certain requirements of Chapter 4 to be treated as met

        3. 328.Supplementary

      2. Conversion of shares etc and company reorganisations

        1. 329.Conversion of convertible shares and securities

        2. 330.Power to facilitate company reorganisations etc involving exchange of shares

      3. Supplementary

        1. 331.Meaning of a company being “in administration” or “in receivership”

        2. 332.Minor definitions etc

  8. Part 7 Community investment tax relief

    1. Chapter 1 Introduction

      1. CITR

        1. 333.Meaning of “CITR”

        2. 334.Eligibility for CITR

        3. 335.Form and amount of CITR

      2. Miscellaneous

        1. 336.Meaning of “making an investment”

        2. 337.Determination of “the invested amount”

        3. 338.Meaning of “the 5 year period” and “the investment date”

        4. 339.Overview of other Chapters of Part

    2. Chapter 2 Accredited community development finance institutions

      1. 340.Application and criteria for accreditation

      2. 341.Terms and conditions of accreditation

      3. 342.Period of accreditation

      4. 343.Delegation of Secretary of State's functions

    3. Chapter 3 Qualifying investments

      1. 344.Qualifying investments: introduction

      2. 345.Conditions to be met in relation to loans

      3. 346.Conditions to be met in relation to securities

      4. 347.Conditions to be met in relation to shares

      5. 348.Tax relief certificates

      6. 349.No pre-arranged protection against risks

    4. Chapter 4 General conditions

      1. 350.No control of CDFI by investor

      2. 351.Investor must have beneficial ownership

      3. 352.No acquisition of share in partnership

      4. 353.No tax avoidance purpose

    5. Chapter 5 Claims for and attribution of CITR

      1. Claims

        1. 354.Loans: no claim after disposal or excessive repayments or receipts of value

        2. 355.Securities or shares: no claim after disposal or excessive receipts of value

        3. 356.No claim after loss of accreditation by the CDFI

      2. Attribution

        1. 357.Attribution: general

        2. 358.Attribution: bonus shares

    6. Chapter 6 Withdrawal or reduction of CITR

      1. Introduction

        1. 359.Overview of Chapter

      2. Disposals

        1. 360.Disposal of loan during 5 year period

        2. 361.Disposal of securities or shares during 5 year period

      3. Repayment of loans

        1. 362.Repayment of loan capital during 5 year period

      4. Receipts of value

        1. 363.Value received by investor during 6 year period: loans

        2. 364.Value received by investor during 6 year period: securities or shares

        3. 365.Receipts of insignificant value to be added together

        4. 366.When value is received

        5. 367.The amount of value received

        6. 368.Value received if there is more than one investment

        7. 369.Effect of receipt of value on future claims for CITR

        8. 370.Receipts of value by or from connected persons

      5. CITR not due

        1. 371.CITR subsequently found not to have been due

      6. Manner of withdrawal or reduction

        1. 372.Manner of withdrawal or reduction of CITR

    7. Chapter 7 Supplementary and general

      1. Miscellaneous

        1. 373.Information to be provided by the investor

        2. 374.Disclosure

        3. 375.Nominees

        4. 376.Application for postponement of tax pending appeal

        5. 377.Identification of securities or shares on a disposal

      2. Definitions

        1. 378.Meaning of “issue of securities or shares”

        2. 379.Meaning of “disposal”

        3. 380.Construction of references to being “held continuously”

        4. 381.Meaning of “associate”

        5. 382.Minor definitions etc

  9. Part 8 Other reliefs

    1. Chapter 1 Interest payments

      1. The relief: introduction

        1. 383.Relief for interest payments

        2. 384.General restrictions on relief under Chapter

        3. 385.General provisions about loans

        4. 386.Loans partly meeting requirements

        5. 387.Exclusion of double relief etc

      2. Loans for plant or machinery

        1. 388.Loan to buy plant or machinery for partnership use

        2. 389.Eligibility requirements for interest on loans within section 388

        3. 390.Loan to buy plant or machinery for employment use

        4. 391.Eligibility requirements for interest on loans within section 390

      3. Loans for interests in close companies

        1. 392.Loan to buy interest in close company

        2. 393.Eligibility requirements for interest on loans within section 392

        3. 394.Meaning of “material interest” in section 393

        4. 395.Meaning of “associate” in section 394

      4. Loans for interests in employee-controlled companies

        1. 396.Loan to buy interest in employee-controlled company

        2. 397.Eligibility requirements for interest on loans within section 396

      5. Loans for investing in partnerships

        1. 398.Loan to invest in partnership

        2. 399.Eligibility requirements for interest on loans within section 398

        3. 400.Film partnerships

      6. Loans for investing in co-operatives

        1. 401.Loan to invest in co-operative

        2. 402.Eligibility requirements for interest on loans within section 401

      7. Loans for paying inheritance tax

        1. 403.Loan to pay inheritance tax

        2. 404.Eligibility requirements for interest on loans within section 403

        3. 405.Carry back and forward of relief for interest on loans within section 403

      8. General and supplementary

        1. 406.Effect of recovery of capital in the case of some loans

        2. 407.Events counting as recovery of capital for section 406

        3. 408.Replacement loans

        4. 409.Business successions between partnerships

        5. 410.Other business successions and reorganisations

        6. 411.Ineligibility of interest where business is occupation of commercial woodlands

        7. 412.Information

    2. Chapter 2 Gift aid

      1. The relief

        1. 413.Overview of Chapter

        2. 414.Relief for gifts to charity

        3. 415.Meaning of “grossed up amount”

        4. 416.Meaning of “qualifying donation”

        5. 417.Meaning of “benefits associated with a gift”

      2. Restrictions on associated benefits

        1. 418.Restrictions on associated benefits

        2. 419.Gifts and benefits linked to periods of less than 12 months

      3. Admission rights

        1. 420.Disregard of certain admission rights

        2. 421.Admission rights: supplementary

      4. Disqualified overseas gifts

        1. 422.Disqualified overseas gifts

      5. Measures to ensure donor's liability not less than tax treated as deducted

        1. 423.Restriction of certain reliefs

        2. 424.Charge to tax

        3. 425.Total amount of income tax to which individual charged for a tax year

      6. Election to carry back relief

        1. 426.Election by donor: gift treated as made in previous tax year

      7. Supplementary

        1. 427.Meaning of “charged amount”

        2. 428.Meaning of “gift aid declaration”

        3. 429.Giving through self-assessment return

        4. 430.“Charity” to include exempt bodies

    3. Chapter 3 Gifts of shares, securities and real property to charities etc

      1. Entitlement to relief

        1. 431.Relief for gifts of shares, securities and real property to charities etc

        2. 432.Meaning of “qualifying investment”

        3. 433.Meaning of “qualifying interest in land”

      2. Amount of relief

        1. 434.The relievable amount

        2. 435.Incidental costs of making disposal

        3. 436.Consideration

      3. Value of net benefit to charity

        1. 437.Value of net benefit to charity

        2. 438.Market value of qualifying investments

        3. 439.Meaning of “disposal-related obligation”

        4. 440.Meaning and amount of “disposal-related liability”

      4. Special provisions about qualifying interests in land

        1. 441.Certificate required from charity

        2. 442.Qualifying interests in land held jointly

        3. 443.Calculation of relievable amount where joint disposal of interest in land

        4. 444.Disqualifying events

      5. Supplementary

        1. 445.Prohibition against double relief

        2. 446.“Charity” to include exempt bodies

    4. Chapter 4 Annual payments and patent royalties

      1. 447.Overview of Chapter

      2. 448.Relief for individuals

      3. 449.Relief for other persons

      4. 450.Other persons: payments ineligible for relief

      5. 451.Special rule for persons affected by section 733 of ICTA

      6. 452.The gross amount of a payment

    5. Chapter 5 Qualifying maintenance payments

      1. 453.Tax reduction for qualifying maintenance payments

      2. 454.Meaning of “qualifying maintenance payment”

      3. 455.Child support maintenance payments

      4. 456.Payments under orders for recovery of benefit etc

    6. Chapter 6 Miscellaneous other reliefs

      1. Payments for life insurance etc

        1. 457.Payments to trade unions

        2. 458.Payments to police organisations

        3. 459.Payments for benefit of family members

        4. 460.Residence etc of claimants

      2. Patent royalty receipts

        1. 461.Spreading of patent royalty receipts

  10. Part 9 Special rules about settlements and trustees

    1. Chapter 1 Introduction

      1. 462.Overview of Part

      2. 463.Interpretation of Part

      3. 464.Scottish trusts

    2. Chapter 2 General provision about settlements and trustees

      1. Overview

        1. 465.Overview of Chapter and interpretation

      2. Settled property

        1. 466.Meaning of “settled property” etc

      3. Settlors

        1. 467.Meaning of “settlor” etc

        2. 468.Meaning of “disposable property”

        3. 469.Person ceasing to be a settlor

        4. 470.Transfers between settlements

        5. 471.Identification of settlor following transfer covered by section 470

        6. 472.Settlor where property becomes settled because of variation of will etc

        7. 473.Deceased person as settlor where variation of will etc

      4. Trustees

        1. 474.Trustees of settlement to be treated as a single and distinct person

        2. 475.Residence of trustees

        3. 476.How to work out whether settlor meets condition C

      5. Sub-funds

        1. 477.Sub-fund elections under Schedule 4ZA to TCGA 1992

      6. Regulations

        1. 478.References to settled property etc in regulations

    3. Chapter 3 Special rates for trustees' income

      1. 479.Trustees' accumulated or discretionary income to be charged at special rates

      2. 480.Meaning of “accumulated or discretionary income”

      3. 481.Other amounts to be charged at special rates for trustees

      4. 482.Types of amount to be charged at special rates for trustees

      5. 483.Sums paid by personal representatives to trustees

    4. Chapter 4 Trustees' expenses and special rates for trustees

      1. 484.Trustees' expenses to be set against trustees' trust rate income

      2. 485.Carry forward of unused expenses

      3. 486.How allowable expenses are to be set against trust rate income

      4. 487.Non-UK resident trustees

    5. Chapter 5 Share incentive plans

      1. 488.Application of section 479 to trustees of approved share incentive plans

      2. 489.The applicable period” in relation to shares

      3. 490.Interpretation of Chapter

    6. Chapter 6 Trustees' first slice of trust rate income

      1. 491.Special rates not to apply to first slice of trustees' trust rate income

      2. 492.Cases where settlor has made more than one settlement

    7. Chapter 7 Discretionary payments

      1. 493.Discretionary payments by trustees

      2. 494.Grossing up of discretionary payment and payment of income tax

      3. 495.Statement about deduction of income tax

      4. 496.Income tax charged on trustees

      5. 497.Calculation of trustees' tax pool

      6. 498.Types of income tax for the purposes of section 497

    8. Chapter 8 Trustees' expenses and beneficiary's income

      1. 499.Application of Chapter

      2. 500.Restrictions on use of trustees' expenses to reduce the beneficiary's income

      3. 501.Non-UK resident beneficiaries

      4. 502.Meaning of “untaxed income” in section 501

      5. 503.How beneficiary's income is reduced

    9. Chapter 9 Unauthorised unit trusts

      1. 504.Treatment of income of unauthorised unit trust

      2. 505.Relief for trustees of unauthorised unit trust

      3. 506.Special rules for trustees affected by section 733 of ICTA

    10. Chapter 10 Heritage maintenance settlements

      1. Introduction

        1. 507.Overview of Chapter

      2. Trustees' election in respect of income etc

        1. 508.Election by trustees

        2. 509.Change of circumstances during a tax year

      3. Absence of election and income treated as income of settlor: special rules

        1. 510.Sums applied for property maintenance purposes

        2. 511.Prevention of double taxation: reimbursement of settlor

      4. Application of property for non-heritage purposes: charge to tax

        1. 512.Charge to tax on some settlements

        2. 513.Income charged

        3. 514.Persons liable

        4. 515.Rate of tax

        5. 516.Transfer of property between settlements

        6. 517.Exemption for income treated as income of settlor

  11. Part 10 Special rules about charitable trusts etc

    1. Introduction

      1. 518.Overview of Part

      2. 519.Meaning of “charitable trust”

    2. Gifts and other payments

      1. 520.Gifts entitling donor to gift aid relief: income tax treated as paid

      2. 521.Gifts entitling donor to gift aid relief: income tax liability and exemption

      3. 522.Gifts of money from companies: income tax liability and exemption

      4. 523.Payments from other charities: income tax liability and exemption

    3. Other exemptions

      1. 524.Exemption for profits etc of charitable trades

      2. 525.Meaning of “charitable trade”

      3. 526.Exemption for profits etc of small-scale trades

      4. 527.Exemption from charges under provisions to which section 1016 applies

      5. 528.Condition as to trading and miscellaneous incoming resources

      6. 529.Exemption for profits from fund-raising events

      7. 530.Exemption for profits from lotteries

      8. 531.Exemption for property income etc

      9. 532.Exemption for savings and investment income

      10. 533.Exemption for public revenue dividends

      11. 534.Exemption for transactions in deposits

      12. 535.Exemption for offshore income gains

      13. 536.Exemption for certain miscellaneous income

      14. 537.Exemption for income from estates in administration

    4. Claims

      1. 538.Requirement to make claim

    5. Restrictions on exemptions

      1. 539.Restrictions on exemptions

      2. 540.The non-exempt amount

      3. 541.Attributing income to the non-exempt amount

      4. 542.How income is attributed to the non-exempt amount

    6. Non-charitable expenditure

      1. 543.Meaning of “non-charitable expenditure”

      2. 544.Section 543: supplementary

      3. 545.Section 543(1)(f): meaning of expenditure

      4. 546.Section 543(1)(f): tax year in which certain expenditure treated as incurred

      5. 547.Section 543(1)(f): payment to body outside the UK

      6. 548.Section 543(1)(i) and (j): investments and loans

    7. Substantial donor transactions

      1. 549.Transactions with substantial donors

      2. 550.Meaning of “relievable gift”

      3. 551.Non-charitable expenditure in substantial donor transactions

      4. 552.Adjustment if section 551(1) and (2) applied to single transaction

      5. 553.Section 551: certain payments and benefits to be ignored

      6. 554.Transactions: exceptions

      7. 555.Donors: exceptions

      8. 556.Connected charities

      9. 557.Substantial donor transactions: supplementary

    8. Approved charitable investments and loans

      1. 558.Approved charitable investments

      2. 559.Securities which are approved charitable investments

      3. 560.Conditions to be met for some securities

      4. 561.Approved charitable loans

    9. Carry back of excess non-charitable expenditure

      1. 562.Excess expenditure treated as non-charitable expenditure of earlier years

      2. 563.Rules for attributing excess expenditure to earlier years

      3. 564.Adjustments in consequence of section 562

  12. Part 11 Manufactured payments and repos

    1. Chapter 1 Introduction

      1. 565.Overview of Part

      2. 566.Meaning of “UK shares” and “UK securities”

      3. 567.Meaning of “overseas securities” and “overseas dividend”

      4. 568.Meaning of “stock lending arrangement”

      5. 569.Meaning of “repo”

      6. 570.Meaning of “buying back” securities etc

      7. 571.Meaning of “related” agreements

    2. Chapter 2 Manufactured payments

      1. Introduction

        1. 572.Overview of Chapter

      2. Manufactured dividends on UK shares

        1. 573.Manufactured dividends on UK shares

        2. 574.Allowable deductions: matching

        3. 575.Allowable deductions: restriction on double-counting

        4. 576.Manufactured dividends on UK shares: Real Estate Investment Trusts

        5. 577.Statements about manufactured dividends

      3. Manufactured interest on UK securities

        1. 578.Manufactured interest on UK securities

        2. 579.Allowable deductions: matching

        3. 580.Allowable deductions: restriction on double counting

      4. Manufactured overseas dividends

        1. 581.Manufactured overseas dividends

        2. 582.Powers about manufactured overseas dividends

      5. Special cases

        1. 583.Manufactured payments exceeding underlying payments

        2. 584.Manufactured payments less than underlying payments

        3. 585.Power to deal with other special cases

      6. General regulation-making powers

        1. 586.Powers about administrative provisions

        2. 587.Power for manufactured payments to be eligible for relief

        3. 588.Regulation-making powers: general

      7. Interpretation

        1. 589.Meaning of “gross amount”: interest and manufactured overseas dividends

        2. 590.Meaning of “relevant withholding tax”

        3. 591.Interpretation of other terms used in Chapter

    3. Chapter 3 Tax credits: stock lending arrangements and repos

      1. Stock lending arrangements

        1. 592.No tax credits for borrower under stock lending arrangement

      2. Repos

        1. 593.No tax credits for interim holder under repo

        2. 594.No tax credits for original owner under repo

      3. Interpretation

        1. 595.Meaning of “manufactured dividend”

    4. Chapter 4 Deemed manufactured payments

      1. Stock lending arrangements

        1. 596.Deemed manufactured payments: stock lending arrangements

        2. 597.Deemed interest: cash collateral under stock lending arrangements

        3. 598.Cash collateral under stock lending arrangements: supplementary

        4. 599.Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral

        5. 600.Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral”

      2. Repos

        1. 601.Repo cases in which deeming rules apply

        2. 602.Deemed manufactured payments: repos

        3. 603.Deemed deductions of tax

        4. 604.Deemed increase in repurchase price: price differences under repos

        5. 605.Deemed increase in repurchase price: other income tax purposes

      3. Interpretation

        1. 606.Interpretation of Chapter

    5. Chapter 5 Price differences under repos

      1. Main tax treatment

        1. 607.Treatment of price differences under repos

        2. 608.Exceptions to section 607

      2. Additional tax treatment

        1. 609.Additional income tax consequences of price differences

      3. Interpretation

        1. 610.Repurchase price in deemed manufactured payment case

      4. Power to modify

        1. 611.Power to modify Chapter in non-arm's length case

    6. Chapter 6 Powers to modify repo provisions

      1. 612.Non-standard repo cases

      2. 613.Redemption arrangements

      3. 614.Sections 612 and 613: supplementary

  13. Part 12 Accrued income profits

    1. Chapter 1 Introduction

      1. 615.Overview of Part

    2. Chapter 2 Accrued income profits and losses

      1. Charge to tax

        1. 616.Charge to tax on accrued income profits

        2. 617.Income charged

        3. 618.Person liable

      2. Securities to which Chapter applies

        1. 619.Meaning of “securities” and when securities are of the same kind

      3. Transfers to which Chapter applies

        1. 620.Transactions which are transfers: general

        2. 621.Transferors and transferees

        3. 622.Application of Chapter to different kinds of transfer

        4. 623.Transfers with accrued interest

        5. 624.Transfers without accrued interest

        6. 625.Transfers with unrealised interest

        7. 626.Transfers of variable rate securities

        8. 627.Meaning of “variable rate securities”

      4. Calculating accrued income profits and losses

        1. 628.Making accrued income profits and losses: general rule

        2. 629.Calculating accrued income profits and losses where section 628 applies

        3. 630.Making accrued income profits: settlement day outside interest period

        4. 631.Amount of accrued income profits where section 630 applies

      5. The payments treated as made on transfers

        1. 632.Payment on transfer with accrued interest

        2. 633.Payment on transfer without accrued interest

        3. 634.Payment on transfer with unrealised interest

        4. 635.Payment on transfer of variable rate securities

      6. Exception where there is a transfer to a legatee

        1. 636.Exception where there is a transfer to a legatee

      7. Relief for losses

        1. 637.Accrued income losses treated as payments in next interest period

      8. Excluded transferors and transferees

        1. 638.Excluded persons: disregard of certain payments and transfers

        2. 639.Small holdings: individuals

        3. 640.Small holdings: personal representatives

        4. 641.Small holdings: trustees of a disabled person's trusts

        5. 642.Traders

        6. 643.Non-residents

        7. 644.Individuals to whom the remittance basis applies

        8. 645.Charitable trusts etc

        9. 646.Pension scheme trustees

        10. 647.Makers of manufactured payments

      9. Further transactions treated as transfers

        1. 648.Strips of gilt-edged securities

        2. 649.New securities issued with extra return

        3. 650.Trading stock appropriations etc

        4. 651.Owner becoming entitled to securities as trustee

        5. 652.Securities ceasing to be held on charitable trusts

      10. Excluded transfers

        1. 653.Stock lending

        2. 654.Sale and repurchase arrangements

        3. 655.Transfers under sale and repurchase arrangements

        4. 656.Power to modify: non-standard sale and repurchase arrangements

        5. 657.Power to modify: redemption arrangements

        6. 658.Powers to modify: supplementary

      11. Special rules about some calculations

        1. 659.Transfers with or without accrued interest: interest in default

        2. 660.Transfers with unrealised interest: interest in default

        3. 661.Successive transfers with unrealised interest in default

        4. 662.New securities issued with extra return: special rules about payments

        5. 663.Transfers without accrued interest to makers of manufactured payments

        6. 664.Foreign currency securities: sterling equivalent of payments on transfers

        7. 665.Foreign currency securities: unrealised interest payable in foreign currency

      12. Nominees and trustees

        1. 666.Certain transfers by or to nominees or trustees treated as made by or to others

        2. 667.Trustees' accrued income profits treated as settlement income

      13. Relief where transfer proceeds unremittable

        1. 668.Relief for unremittable transfer proceeds: general

        2. 669.Relief for unremittable transfer proceeds: section 630 profits

        3. 670.Withdrawal of relief

      14. Interpretation

        1. 671.Meaning of “interest”

        2. 672.Meaning of “interest payment day”

        3. 673.Meaning of “interest period”

        4. 674.Meaning of “the settlement day”

        5. 675.The holding of securities

        6. 676.Nominal value of securities: general

        7. 677.Nominal value: foreign currency securities

    3. Chapter 3 Exemptions relating to interest on securities

      1. 678.Exemptions relating to interest on securities: preliminary

      2. 679.Interest on securities involving accrued income losses: general

      3. 680.Interest on securities involving accrued income losses: foreign trustees

      4. 681.Unrealised interest received by transferee after transfer

  14. Part 13 Tax avoidance

    1. Chapter 1 Transactions in securities

      1. Introduction

        1. 682.Overview of Chapter

        2. 683.Meaning of “income tax advantage”

      2. Person liable to counteraction of income tax advantages

        1. 684.Person liable to counteraction of income tax advantage

        2. 685.Exception where no tax avoidance object shown

      3. Circumstances in which income tax advantages obtained or obtainable

        1. 686.Abnormal dividends used for exemptions or reliefs (circumstance A)

        2. 687.Deductions from profits obtained following distribution or dealings (circumstance B)

        3. 688.Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)

        4. 689.Receipt of consideration in connection with relevant company distribution (circumstance D)

        5. 690.Receipt of assets of relevant company (circumstance E)

        6. 691.Meaning of “relevant company” in sections 689 and 690

        7. 692.Abnormal dividends: general

        8. 693.Abnormal dividends: the excessive return condition

        9. 694.Abnormal dividends: the excessive accrual condition

      4. Procedure for counteraction of income tax advantages

        1. 695.Preliminary notification that section 684 may apply

        2. 696.Opposed notifications: statutory declarations

        3. 697.Opposed notifications: determinations by tribunal

        4. 698.Counteraction notices

        5. 699.Limit on amount assessed in section 689 and 690 cases

        6. 700.Timing of assessments in section 690 cases

      5. Clearance procedure and information powers

        1. 701.Application for clearance of transactions

        2. 702.Effect of clearance notification under section 701

        3. 703.Power to obtain information

      6. The tribunal

        1. 704.The tribunal

      7. Appeals

        1. 705.Appeals against counteraction notices

        2. 706.Rehearing by tribunal of appeal against counteraction notice

        3. 707.Statement of case by tribunal for opinion of High Court or Court of Session

        4. 708.Cases before High Court or Court of Session

        5. 709.Effect of appeals against tribunal's determination under section 706

        6. 710.Appeals from High Court or Court of Session

        7. 711.Proceedings in Northern Ireland

      8. Supplementary

        1. 712.Application of Chapter where individual within section 684 dies

        2. 713.Interpretation of Chapter

    2. Chapter 2 Transfer of assets abroad

      1. Introduction

        1. 714.Overview of Chapter

        2. 715.Meaning of “relevant transaction”

        3. 716.Meaning of “relevant transfer” and “transfer”

        4. 717.Meaning of “assets” etc

        5. 718.Meaning of “person abroad” etc

        6. 719.Meaning of “associated operation”

      2. Charge where power to enjoy income

        1. 720.Charge to tax on income treated as arising under section 721

        2. 721.Individuals with power to enjoy income as a result of relevant transactions

        3. 722.When an individual has power to enjoy income of person abroad

        4. 723.The enjoyment conditions

        5. 724.Special rules where benefit provided out of income of person abroad

        6. 725.Reduction in amount charged where controlled foreign company involved

        7. 726.Non-domiciled individuals

      3. Charge where capital sums received

        1. 727.Charge to tax on income treated as arising under section 728

        2. 728.Individuals receiving capital sums as a result of relevant transactions

        3. 729.The capital receipt conditions

        4. 730.Non-domiciled individuals

      4. Charge where benefit received

        1. 731.Charge to tax on income treated as arising under section 732

        2. 732.Non-transferors receiving a benefit as a result of relevant transactions

        3. 733.Income charged under section 731

        4. 734.Reduction in amount charged: previous capital gains tax charge

        5. 735.Non-domiciled individuals

      5. Exemptions: no tax avoidance purpose or genuine commercial transaction

        1. 736.Exemptions: introduction

        2. 737.Exemption: all relevant transactions post-4 December 2005 transactions

        3. 738.Meaning of “commercial transaction”

        4. 739.Exemption: all relevant transactions pre-5 December 2005 transactions

        5. 740.Exemption: relevant transactions include both pre-5 December 2005 and post-4 December 2005 transactions

        6. 741.Application of section 742 (partial exemption)

        7. 742.Partial exemption where later associated operations fail conditions

      6. General

        1. 743.No duplication of charges

        2. 744.Meaning of taking income into account in charging income tax for section 743

        3. 745.Rates of tax applicable to income charged under sections 720 and 727 etc

        4. 746.Deductions and reliefs where individual charged under section 720 or 727

        5. 747.Amounts corresponding to accrued income profits and related interest

      7. Supplementary

        1. 748.Power to obtain information

        2. 749.Restrictions on particulars to be provided by solicitors

        3. 750.Restrictions on particulars to be provided by banks

        4. 751.Special Commissioners' jurisdiction on appeals

    3. Chapter 3 Transactions in land

      1. Introduction

        1. 752.Overview of Chapter

        2. 753.Meaning of disposing of land

        3. 754.Priority of other income tax provisions

      2. Charge on gains from transactions in land

        1. 755.Charge to tax on gains from transactions in land

        2. 756.Income treated as arising when gains obtained from some land disposals

        3. 757.Person obtaining gain

        4. 758.Income charged

        5. 759.Person liable

        6. 760.Method of calculating gain

      3. Further provisions relevant to the charge

        1. 761.Transactions, arrangements, sales and realisations relevant for Chapter

        2. 762.Tracing value

        3. 763.Meaning of “another person”

        4. 764.Valuations and apportionments

      4. Exemptions

        1. 765.Exemption: gain attributable to period before intention to develop formed

        2. 766.Exemption: disposals of shares in companies holding land as trading stock

        3. 767.Exemption: private residences

      5. Recovery of tax

        1. 768.Recovery of tax where consideration receivable by person not assessed

        2. 769.Recovery of tax: certificates of tax paid etc

      6. Clearances and power to obtain information

        1. 770.Clearance procedure

        2. 771.Power to obtain information

      7. Interpretation

        1. 772.Interpretation of Chapter

    4. Chapter 4 Sales of occupation income

      1. Introduction

        1. 773.Overview of Chapter

        2. 774.Meaning of “occupation”

        3. 775.Priority of other tax provisions

      2. Charge on sale of occupation income

        1. 776.Charge to tax on sale of occupation income

        2. 777.Conditions for sections 778 and 779 to apply

        3. 778.Income arising where capital amount other than derivative property or right obtained

        4. 779.Income arising where derivative property or right obtained

      3. Further provisions relevant to the charge

        1. 780.Transactions, arrangements, sales and realisations relevant for Chapter

        2. 781.Tracing value

        3. 782.Meaning of “other person”

        4. 783.Valuations and apportionments

      4. Exemption for sales of going concerns

        1. 784.Exemption for sales of going concerns

        2. 785.Restriction on exemption: sales of future earnings

      5. Recovery of tax

        1. 786.Recovery of tax where consideration receivable by person not assessed

        2. 787.Recovery of tax: certificates of tax paid etc

      6. Power to obtain information

        1. 788.Power to obtain information

      7. Interpretation

        1. 789.Minor definitions

    5. Chapter 5 Avoidance involving trading losses

      1. Introduction

        1. 790.Overview of Chapter

      2. Individuals in partnership: recovery of excess relief

        1. 791.Charge to tax on income treated as received under section 792

        2. 792.Partners claiming excess sideways or capital gains relief

        3. 793.Calculating the amount of income treated as received

        4. 794.Meaning of “the total amount of trade losses claimed” etc

        5. 795.Meaning of “post-1 December 2004 loss”

      3. Individuals claiming relief for film-related trading losses

        1. 796.Charge to tax on income treated as received under section 797

        2. 797.Individuals claiming sideways or capital gains relief for film-related losses

        3. 798.Meaning of “non-taxable consideration” etc

        4. 799.Meaning of “disposal of a right of the individual to profits” etc

        5. 800.Meaning of “film-related losses” etc

        6. 801.Meaning of “capital contribution”

        7. 802.Exclusion of amounts in calculating capital contribution by a partner

        8. 803.Prohibition against double counting

      4. Individuals in partnership claiming relief for licence-related trading losses

        1. 804.Charge to tax on income treated as received under section 805

        2. 805.Partners claiming relief for licence-related trading losses

        3. 806.Calculation of amount of income treated as received by the individual

        4. 807.Supplementary provision relating to calculation in section 806

        5. 808.Meaning of “disposal of the licence” etc

        6. 809.Other definitions

  15. Part 14 Income tax liability: miscellaneous rules

    1. Chapter 1 Limits on liability to income tax of non-UK residents

      1. Introduction

        1. 810.Overview of Chapter

      2. Limit for non-UK resident individuals, trustees etc

        1. 811.Limit on liability to income tax of non-UK residents

        2. 812.Case where limit not to apply

        3. 813.Meaning of “disregarded income”

        4. 814.Meaning of “disregarded transaction income”

      3. Limit for non-UK resident companies

        1. 815.Limit on liability to income tax of non-UK resident companies

        2. 816.Meaning of “disregarded company income”

      4. The independent broker conditions

        1. 817.The independent broker conditions

      5. The independent investment manager conditions

        1. 818.The independent investment manager conditions

        2. 819.Investment managers: the 20% rule

        3. 820.Meaning of “qualifying period”

        4. 821.Meaning of “relevant disregarded income”

        5. 822.Meaning of “beneficial entitlement”

        6. 823.Treatment of transactions where requirements of 20% rule not met

        7. 824.Application of 20% rule to collective investment schemes

      6. Supplementary

        1. 825.Meaning of “disregarded savings and investment income”

        2. 826.Meaning of “disregarded annual payments”

        3. 827.Meaning of “investment manager” and “investment transaction”

        4. 828.Transactions through brokers and investment managers

    2. Chapter 2 Residence

      1. 829.Residence of individuals temporarily abroad

      2. 830.Residence of individuals working abroad

      3. 831.Foreign income of individuals in the United Kingdom for temporary purpose

      4. 832.Employment income of individuals in the United Kingdom for temporary purpose

      5. 833.Visiting forces and staff of designated allied headquarters

      6. 834.Residence of personal representatives

      7. 835.Residence rules for trustees and companies

    3. Chapter 3 Jointly held property

      1. 836.Jointly held property

      2. 837.Jointly held property: declarations of unequal beneficial interests

    4. Chapter 4 Other miscellaneous rules

      1. 838.Local authorities and local authority associations

      2. 839.Issue departments of the Reserve Bank of India and the State Bank of Pakistan

      3. 840.Government securities held by non-UK resident central banks

      4. 841.Official agents of Commonwealth countries etc

      5. 842.European Economic Interest Groupings

      6. 843.Restriction of deductions for annual payments

      7. 844.Letters patent etc: exempting provisions

      8. 845.Extra return to be treated as interest etc

      9. 846.Interpretation of section 845

  16. Part 15 Deduction of income tax at source

    1. Chapter 1 Introduction

      1. 847.Overview of Part

      2. 848.Income tax deducted at source treated as income tax paid by recipient

      3. 849.Interaction with other Income Tax Acts provisions

    2. Chapter 2 Deduction by deposit-takers and building societies

      1. Introduction

        1. 850.Overview of Chapter

      2. Duty to deduct sums representing income tax

        1. 851.Duty to deduct sums representing income tax

        2. 852.Power to make regulations disapplying section 851

      3. Deposit-takers and relevant investments

        1. 853.Meaning of “deposit-taker”

        2. 854.Power to prescribe persons as deposit-takers

        3. 855.Meaning of “investment” and “deposit”

        4. 856.Investments which are relevant investments

        5. 857.Investments to be treated as being or as not being relevant investments

      4. Investments which are not relevant investments: non-UK resident beneficiaries

        1. 858.Declarations of non-UK residence: individuals

        2. 859.Declarations of non-UK residence: Scottish partnerships

        3. 860.Declarations of non-UK residence: personal representatives

        4. 861.Declarations of non-UK residence: settlements

        5. 862.Inspection of declarations

      5. Other investments which are not relevant investments

        1. 863.General client account deposits

        2. 864.Qualifying uncertificated eligible debt security units

        3. 865.Qualifying certificates of deposit

        4. 866.Qualifying time deposits

        5. 867.Lloyd's premium trust funds

        6. 868.Investments held outside the United Kingdom

        7. 869.Sale and repurchase of securities

        8. 870.Other investments

      6. Supplementary

        1. 871.Power to make regulations to give effect to Chapter

        2. 872.Power to make orders amending Chapter

        3. 873.Discretionary or accumulation settlements

    3. Chapter 3 Deduction from certain payments of yearly interest

      1. Duty to deduct sums representing income tax

        1. 874.Duty to deduct from certain payments of yearly interest

      2. Exceptions from duty to deduct

        1. 875.Interest paid by building societies

        2. 876.Interest paid by deposit-takers

        3. 877.UK public revenue dividends

        4. 878.Interest paid by banks

        5. 879.Interest paid on advances from banks

        6. 880.Interest paid on advances from building societies

        7. 881.National Savings Bank interest

        8. 882.Quoted Eurobond interest

        9. 883.Interest on loan to buy life annuity

        10. 884.Relevant foreign income

        11. 885.Authorised persons dealing in financial instruments

        12. 886.Interest paid by recognised clearing houses etc

        13. 887.Industrial and provident society payments

        14. 888.Statutory interest

    4. Chapter 4 Deduction from payments in respect of building society securities

      1. 889.Payments in respect of building society securities

    5. Chapter 5 Deduction from payments of UK public revenue dividends

      1. Introduction

        1. 890.Overview of Chapter

        2. 891.Meaning of “UK public revenue dividend”

      2. Duty to deduct sums representing income tax

        1. 892.Duty to deduct from certain UK public revenue dividends

      3. Payments which are payable gross

        1. 893.Payments of UK public revenue dividends which are payable gross

        2. 894.Treasury directions

      4. Deduction at source applications

        1. 895.Deduction at source application

        2. 896.Withdrawal of application

      5. Regulations

        1. 897.Power to make regulations

    6. Chapter 6 Deduction from annual payments and patent royalties

      1. Introduction

        1. 898.Overview of Chapter

        2. 899.Meaning of “qualifying annual payment”

      2. Duty to deduct from annual payments

        1. 900.Deduction from commercial payments made by individuals

        2. 901.Deduction from annual payments made by other persons

        3. 902.Meaning of “applicable rate” in section 901

      3. Duty to deduct from patent royalties

        1. 903.Deduction from patent royalties

      4. Supplementary

        1. 904.Annual payments for dividends or non-taxable consideration

        2. 905.Interpretation of Chapter

    7. Chapter 7 Deduction from other payments connected with intellectual property

      1. Certain royalties etc where usual place of abode of owner is abroad

        1. 906.Certain royalties etc where usual place of abode of owner is abroad

        2. 907.Meaning of “relevant intellectual property right”

        3. 908.Royalty payments etc made through UK resident agents

        4. 909.Royalty payments: further provision

      2. Proceeds of a sale of patent rights

        1. 910.Proceeds of a sale of patent rights: payments to non-UK residents

    8. Chapter 8 Chapters 6 and 7: special provision in relation to royalties

      1. Deduction at special rates

        1. 911.Double taxation arrangements: deduction at treaty rate

        2. 912.Power to make directions disapplying section 911

        3. 913.Interpretation of sections 911 and 912

      2. Discretion to make payments gross

        1. 914.EU companies: discretion to make payment gross

        2. 915.Power to make directions disapplying section 914

        3. 916.Duty of payee to notify if payment not exempt

        4. 917.Supplementary

    9. Chapter 9 Manufactured payments

      1. Manufactured dividends

        1. 918.Manufactured dividends on UK shares: Real Estate Investment Trusts

      2. Manufactured interest

        1. 919.Manufactured interest on UK securities: payments by UK residents etc

        2. 920.Foreign payers of manufactured interest: the reverse charge

        3. 921.Cases where interest on underlying securities paid gross

      3. Manufactured overseas dividends

        1. 922.Manufactured overseas dividends: payments by UK residents etc

        2. 923.Foreign payers of manufactured overseas dividends: the reverse charge

        3. 924.Power to reduce section 923 liability

        4. 925.Power to provide set-off entitlement

      4. Supplementary

        1. 926.Interpretation of Chapter

        2. 927.Regulation-making powers: general

    10. Chapter 10 Deduction from non-commercial payments by companies

      1. 928.Chargeable payments connected with exempt distributions

    11. Chapter 11 Payments between companies etc: exception from duties to deduct

      1. Introduction

        1. 929.Overview of Chapter

      2. Exception from duties to deduct for excepted payments

        1. 930.Exception from duties to deduct sums representing income tax

        2. 931.Power to make directions disapplying section 930

        3. 932.Meaning of “qualifying partnership”

      3. Excepted payments

        1. 933.UK resident companies

        2. 934.Non-UK resident companies

        3. 935.PEP and ISA managers

        4. 936.Recipients who are to be paid gross

        5. 937.Partnerships

      4. Incorrect belief that payment is an excepted payment

        1. 938.Consequences of reasonable but incorrect belief

    12. Chapter 12 Funding bonds

      1. 939.Duty to retain bonds where issue treated as payment of interest

      2. 940.Exception from duty to retain bonds

    13. Chapter 13 Unauthorised unit trusts

      1. 941.Deemed payments to unit holders and deemed deductions of income tax

      2. 942.Income tax to be collected from trustees

      3. 943.Calculation of trustees' income pool

    14. Chapter 14 Tax avoidance: directions for duty to deduct to apply

      1. 944.Directions for deduction from payments to non-UK residents

    15. Chapter 15 Collection: deposit-takers, building societies and certain companies

      1. Introduction

        1. 945.Overview of Chapter

        2. 946.Payments within this section

        3. 947.Return periods

        4. 948.Meaning of “accounting period”

      2. Returns of income tax

        1. 949.Payments in an accounting period

        2. 950.Payments otherwise than in an accounting period

      3. Collection and payment of income tax

        1. 951.Collection and payment of income tax

      4. Set-off

        1. 952.Conditions for a set-off claim

        2. 953.How a set-off claim works

        3. 954.Proceedings begun after a set-off claim is made

        4. 955.Proceedings begun before a set-off claim is made

      5. Assessments and errors

        1. 956.Assessments where section 946 payment included in return

        2. 957.Assessments in other cases

        3. 958.Payer's duty to deliver amended return

        4. 959.Application of Income Tax Acts provisions about time limits for assessments

        5. 960.Further provisions about assessments

      6. Supplementary

        1. 961.Relationship between Chapter and Income Tax Acts powers

        2. 962.Power to make regulations modifying Chapter

    16. Chapter 16 Collection: certain payments by other persons

      1. 963.Collection of income tax on certain payments by other persons

    17. Chapter 17 Collection through self-assessment return

      1. 964.Collection through self-assessment return

    18. Chapter 18 Other regimes involving the deduction of income tax at source

      1. Visiting performers

        1. 965.Overview of sections 966 to 970

        2. 966.Duty to deduct and account for sums representing income tax

        3. 967.Calculation of sums representing income tax

        4. 968.Treatment of sums representing income tax

        5. 969.Regulations

        6. 970.Supplementary

      2. Non-resident landlords

        1. 971.Income tax due in respect of income of non-resident landlords

        2. 972.Regulations under section 971

      3. Real Estate Investment Trusts

        1. 973.Income tax due in respect of distributions

        2. 974.Regulations under section 973

    19. Chapter 19 General

      1. Supplementary

        1. 975.Statements about deduction of income tax

        2. 976.Arrangements for payments of interest less tax or at specified net rate

        3. 977.Payments to companies

        4. 978.Application to public departments

        5. 979.Designated international organisations: exceptions from duties to deduct

        6. 980.Derivative contracts: exception from duties to deduct

        7. 981.Foreign currency securities etc: exception from duties to deduct

        8. 982.Income tax is calculated by reference to gross amounts

      2. Interpretation

        1. 983.Meaning of “deposit”

        2. 984.Meaning of “financial instrument”

        3. 985.Meaning of “qualifying certificate of deposit”

        4. 986.Meaning of “qualifying uncertificated eligible debt security unit”

        5. 987.Meaning of “quoted Eurobond”

  17. Part 16 Income Tax Acts definitions etc

    1. Chapter 1 Definitions

      1. 988.Overview of Chapter

      2. 989.The definitions

      3. 990.Meaning of “Act”

      4. 991.Meaning of “bank”

      5. 992.Meaning of “company”

      6. 993.Meaning of “connected” persons

      7. 994.Meaning of “connected” persons: supplementary

      8. 995.Meaning of “control”

      9. 996.Meaning of “farming” and related expressions

      10. 997.Meaning of “generally accepted accounting practice” and related expressions

      11. 998.Meaning of “grossing up”

      12. 999.Meaning of “local authority”

      13. 1000.Meaning of “local authority association”

      14. 1001.Meaning of “offshore installation”

      15. 1002.Regulations about the meaning of “offshore installation”

      16. 1003.Meaning of “oil and gas exploration and appraisal”

      17. 1004.Meaning of “property investment LLP”

      18. 1005.Meaning of “recognised stock exchange”

      19. 1006.Meaning of “research and development”

      20. 1007.Meaning of “unit trust scheme”

    2. Chapter 2 Other Income Tax Acts provisions

      1. 1008.Scotland

      2. 1009.Sources of income within the charge to income tax or corporation tax

      3. 1010.Application of Income Tax Acts to recognised investment exchanges

      4. 1011.References to married persons, or civil partners, living together

      5. 1012.Relationship between rules on highest part of total income

      6. 1013.Territorial sea of the United Kingdom

      7. 1014.Orders and regulations

      8. 1015.Territorial scope of charges under certain provisions to which section 1016 applies

      9. 1016.Table of provisions to which this section applies

  18. Part 17 Definitions for purposes of Act and final provisions

    1. Definitions for the purposes of Act

      1. 1017.Abbreviated references to Acts

      2. 1018.“Act” to include Scottish and Northern Ireland legislation in some cases

      3. 1019.Meaning of “certificate of deposit”

      4. 1020.Claims and elections

      5. 1021.Application of definitions of “connected” persons and “control”

      6. 1022.Meaning of “debenture”

      7. 1023.Meaning of “double taxation arrangements”

      8. 1024.Meaning of “gilt-edged securities”

      9. 1025.Meaning of “modified net income”

      10. 1026.Meaning of “non-qualifying income” for the purposes of section 1025

    2. Final provisions

      1. 1027.Minor and consequential amendments

      2. 1028.Power to make consequential provision

      3. 1029.Power to undo changes

      4. 1030.Transitional provisions and savings

      5. 1031.Repeals and revocations

      6. 1032.Index of defined expressions

      7. 1033.Extent

      8. 1034.Commencement

      9. 1035.Short title

  19. SCHEDULES

    1. SCHEDULE 1

      Minor and consequential amendments

      1. Part 1 Income and Corporation Taxes Act 1988

        1. 1.The Income and Corporation Taxes Act 1988 (c. 1) is...

        2. 2.Omit sections 1 to 2 (the charge to income tax,...

        3. 3.Omit section 3 (certain income charged at basic rate).

        4. 4.Omit section 4 (construction of references in Income Tax Acts...

        5. 5.Omit section 7(1) (deduction of income tax from payments to...

        6. 6.(1) Amend section 9 (computation of income: application of income...

        7. 7.Omit section 42A (non-resident landlords and their representatives).

        8. 8.Omit sections 50, 51 and 51AA (United Kingdom securities: Treasury...

        9. 9.In section 56(3)(c) (transactions in deposits with and without certificates...

        10. 10.In section 105(2) (allowable deductions) omit “or by virtue of...

        11. 11.Omit section 109A (relief for post-cessation expenditure).

        12. 12.In section 110(1) (interpretation of sections 103 to 109A) for...

        13. 13.Omit section 117 (restriction on relief for limited partners: individuals)....

        14. 14.(1) Amend section 118 (restriction on relief for limited partners:...

        15. 15.For section 118ZB substitute— Restriction on relief: companies Section 118 has effect in relation to a member of...

        16. 16.(1) Amend section 118ZC (member's contribution to trade) as follows....

        17. 17.(1) Amend section 118ZD (carry forward of unrelieved losses) as...

        18. 18.Omit sections 118ZE to 118ZK (restriction on reliefs for non-active...

        19. 19.Omit sections 118ZL and 118ZM (restriction on reliefs for partnerships...

        20. 20.Omit sections 118ZN and 118ZO (partners: meaning of “contribution to...

        21. 21.(1) Amend section 125 (annual payments for dividends or non-taxable...

        22. 22.In section 209A(4) (section 209(3AA): link to shares of company...

        23. 23.Omit section 214(1)(b) (chargeable payments connected with exempt distributions: deduction...

        24. 24.(1) Amend section 231AA (no tax credit for borrower under...

        25. 25.(1) Amend section 231AB (no tax credit for original owner...

        26. 26.In section 231B(12) (consequences of certain arrangements to pass on...

        27. 27.(1) Amend section 256 (personal reliefs: general) as follows.

        28. 28.After section 256 insert— Meaning of “adjusted net income” (1) For the purposes of this Chapter an individual's adjusted...

        29. 29.(1) Amend section 257 (personal allowance) as follows.

        30. 30.(1) Amend section 257A (married couple's allowance: pre-5 December 2005...

        31. 31.(1) Amend section 257AB (married couple's allowance: post-5 December 2005...

        32. 32.(1) Amend section 257BA (elections as to transfer of relief...

        33. 33.(1) Amend section 257BB (transfer of relief under section 257A...

        34. 34.(1) Amend section 257C (indexation of amounts) as follows.

        35. 35.(1) Amend section 265 (blind person's allowance) as follows.

        36. 36.(1) Amend section 266 (life assurance premiums) as follows.

        37. 37.(1) Amend section 273 (payments securing annuities) as follows.

        38. 38.Omit section 276 (effect on relief of charges on income)....

        39. 39.Omit section 277 (partners).

        40. 40.(1) Amend section 278 (non-residents) as follows.

        41. 41.Omit section 282 (construction of references to spouses or civil...

        42. 42.Omit sections 282A and 282B (jointly held property).

        43. 43.Omit section 305A (relief for loss on disposal of shares)....

        44. 44.In section 312(2A) (interpretation of Chapter 3), as it applies...

        45. 45.Omit section 320 (Commonwealth Agents-General and official agents etc).

        46. 46.Omit section 323 (visiting forces).

        47. 47.Omit section 332A (venture capital trusts: relief).

        48. 48.Omit section 334 (Commonwealth and Irish citizens temporarily abroad).

        49. 49.Omit section 335 (residence of persons working abroad).

        50. 50.Omit section 336 (temporary residents in the United Kingdom).

        51. 51.(1) Amend section 339 (charges on income: donations to charity)...

        52. 52.(1) Amend section 347A (annual payments: general rule) as follows....

        53. 53.Omit section 347B (qualifying maintenance payments).

        54. 54.Omit section 348 (payments out of profits or gains brought...

        55. 55.Omit section 349 (payments not out of profits or gains...

        56. 56.Omit section 349ZA (extension of section 349: proceeds of sale...

        57. 57.Omit sections 349A to 349D (exceptions to section 349 for...

        58. 58.Omit section 349E (deductions under section 349(1): payment of royalties...

        59. 59.Omit section 350 (charge to tax where payments made under...

        60. 60.Omit section 350A (UK public revenue dividends: deduction of tax)....

        61. 61.Omit section 352 (certificates of deduction of tax).

        62. 62.(1) Amend section 353 (relief for payments of interest: general)...

        63. 63.Omit section 359 (loan to buy machinery or plant).

        64. 64.Omit section 360 (loan to buy interest in close company)....

        65. 65.Omit section 360A (meaning of “material interest” in section 360)....

        66. 66.Omit section 361 (loan to buy interest in co-operative or...

        67. 67.Omit section 362 (loan to buy into partnership).

        68. 68.Omit section 363 (provisions supplementary to sections 360 to 362)....

        69. 69.Omit section 364 (loan to pay inheritance tax).

        70. 70.In section 366(1)(c) (information) omit the words from “(or” to...

        71. 71.In section 367 (provisions supplementary to sections 354 to 366)...

        72. 72.Omit section 368 (exclusion of double relief etc).

        73. 73.Omit Chapter 1 of Part 10 (loss relief: income tax)....

        74. 74.(1) Amend section 397 (restriction of relief in case of...

        75. 75.(1) Amend section 398 (transactions in deposits with and without...

        76. 76.(1) Amend section 399 (dealings in commodity futures etc: withdrawal...

        77. 77.In section 414(1) (close companies) for “Tax Acts” substitute “...

        78. 78.(1) Amend section 458 (capital redemption business) as follows.

        79. 79.In section 459 (exemption for unregistered friendly societies) omit “income...

        80. 80.In section 460(1) (exemption for registered friendly societies: life or...

        81. 81.(1) Section 461 (exemption for registered friendly societies: other business)...

        82. 82.(1) Amend section 461B (exemption for qualifying incorporated friendly societies:...

        83. 83.In section 466 (interpretation of Chapter 2 of Part 12)...

        84. 84.(1) Amend section 467(1) (exemption for trade unions and employers'...

        85. 85.(1) Amend section 468 (authorised unit trusts) as follows.

        86. 86.In section 468A(1) (open-ended investment companies) for “lower rate” substitute...

        87. 87.(1) Amend section 469 (unauthorised unit trusts) as follows.

        88. 88.(1) Amend section 477A (building societies: regulations for deduction of...

        89. 89.Omit sections 480A to 482 (deduction of tax by deposit-takers)....

        90. 90.(1) Amend section 486 (industrial and provident societies and co-operative...

        91. 91.In section 487(2) (credit unions) for “section 486(6)” substitute “...

        92. 92.(1) Amend section 492 (treatment of oil extraction activities etc...

        93. 93.Omit section 504A (letting of furnished holiday accommodation treated as...

        94. 94.(1) Amend section 505 (charities: general) as follows.

        95. 95.(1) Amend section 506 (charitable and non-charitable expenditure) as follows....

        96. 96.(1) Amend section 506A (transactions with substantial donors) as follows....

        97. 97.(1) Amend section 506B (section 506A: exceptions) as follows.

        98. 98.(1) Amend section 506C (sections 506A and 506B: supplemental) as...

        99. 99.In section 507(1) (the National Heritage Memorial fund etc) for...

        100. 100.In section 508(1) (scientific research organisations) for “charity” substitute “...

        101. 101.(1) Amend section 510A (tax treatment of European Economic Interest...

        102. 102.Omit section 515 (exemption for signatories to Operating Agreement for...

        103. 103.Omit section 516 (Government securities held by non-resident central banks)....

        104. 104.In section 517 (exemption for Reserve Bank of India and...

        105. 105.In section 519 (exemption for local authorities and local authority...

        106. 106.(1) Amend section 519A (exemption for Health Service bodies) as...

        107. 107.(1) Amend section 524 (taxation of receipts from sale of...

        108. 108.(1) Amend section 527 (spreading of royalties over several years)...

        109. 109.In section 532 (application of Capital Allowances Act) for “Tax...

        110. 110.Omit sections 536 (taxation of royalties where owner abroad), 537...

        111. 111.In section 539A(8) (conditions for being an excepted group life...

        112. 112.In section 552(5)(f)(i) (information: duty of insurers) for “lower rate”...

        113. 113.Omit section 555 (entertainers and sportsmen: payment of tax).

        114. 114.(1) Amend section 556 (activity treated as trade etc and...

        115. 115.In section 558 (supplementary provisions) omit subsections (1) to (4)....

        116. 116.In section 571 (schemes for rationalising industry: cancellation of certificates)...

        117. 117.(1) Amend section 573 (relief for companies) as follows.

        118. 118.Omit section 574 (share loss relief for individuals).

        119. 119.(1) Amend section 575 (exclusion of relief under section 573...

        120. 120.(1) Amend section 576 (provisions supplementary to sections 573 to...

        121. 121.After section 576 insert— Qualifying trading companies (1) For the purposes of this Chapter a qualifying trading...

        122. 122.After section 576A insert — Qualifying trading companies: the requirements...

        123. 123.After section 576B insert— Ceasing to meet the trading requirement...

        124. 124.After section 576C insert— The control and independence requirement (1) The control element of the requirement is that—

        125. 125.After section 576D insert— The qualifying subsidiaries requirement (1) The qualifying subsidiaries requirement is that any subsidiary that...

        126. 126.After section 576E insert— The property managing subsidiaries requirement (1) The property managing subsidiaries requirement is that any property...

        127. 127.After section 576F insert— The gross assets requirement (1) The gross assets requirement in the case of a...

        128. 128.After section 576G insert— The unquoted status requirement (1) The unquoted status requirement is that, at the time...

        129. 129.After section 576H insert— Power to amend requirements by Treasury...

        130. 130.After section 576I insert— Qualifying trading companies: supplementary provisions Relief...

        131. 131.After section 576J insert— Substitution of new shares for old...

        132. 132.After section 576K insert— Supplemental Interpretation of Chapter (1) In this Chapter (subject to subsections (2) to (5))—...

        133. 133.Omit section 581A (interest on foreign currency securities etc).

        134. 134.(1) Amend section 582 (funding bonds issued in respect of...

        135. 135.Omit section 582A (designated international organisations: miscellaneous exemptions).

        136. 136.Omit section 587A (new issues of securities: extra return).

        137. 137.(1) Amend section 587B (gifts of shares, securities and real...

        138. 138.After section 587B insert— Qualifying interests in land held jointly...

        139. 139.(1) Amend section 587C (supplementary provision for gifts of real...

        140. 140.In section 615(3) (exemption from tax in respect of certain...

        141. 141.In section 657(2)(b) (purchased life annuities to which section 656...

        142. 142.In section 658(4)(b) (supplementary) omit “(notwithstanding anything in section 348)”....

        143. 143.In section 659E(1) (treatment of income from property investment LLPs)...

        144. 144.Omit section 660C(3) (nature of charge on settlor).

        145. 145.Omit sections 685A to 687 (liability of trustees).

        146. 146.(1) Amend section 687A (discretionary payments made by trustees to...

        147. 147.Omit section 689A (disregard of trustees' expenses where beneficiary non-UK...

        148. 148.(1) Amend section 689B (order in which trustees' expenses are...

        149. 149.Omit sections 690 to 694.

        150. 150.Omit section 698A.

        151. 151.In section 699A(4)(b) (untaxed sums comprised in the income of...

        152. 152.In section 701(3A) (interpretation of sections 695 to 700) for...

        153. 153.In the heading for Chapter 1 of Part 17 (cancellation...

        154. 154.(1) Amend section 703 (cancellation of tax advantage) as follows....

        155. 155.(1) Amend section 704 (the prescribed circumstances) as follows.

        156. 156.(1) Amend section 705 (appeals against Board's notices under section...

        157. 157.(1) Amend section 705A (statement of case by tribunal for...

        158. 158.In section 705B(1) (proceedings in Northern Ireland) for the words...

        159. 159.(1) Amend section 707 (procedure for clearance in advance) as...

        160. 160.In section 708 (power to obtain information)—

        161. 161.(1) Amend section 709 (meaning of “tax advantage” and other...

        162. 162.Omit sections 710 to 727A (accrued income scheme).

        163. 163.(1) Amend section 728 (information) as follows.

        164. 164.(1) Amend section 730A (treatment of price differential on sale...

        165. 165.(1) Amend section 730B (interpretation of section 730A) as follows....

        166. 166.(1) Amend section 730BB (exchange gains and losses on sale...

        167. 167.(1) Amend section 731 (application and interpretation of sections 732...

        168. 168.Omit section 733(2) (persons entitled to exemptions).

        169. 169.In section 734(1) (persons other than dealers in securities) for...

        170. 170.In section 736(4) (company dealing in securities: distribution materially reducing...

        171. 171.(1) Amend section 736B (deemed manufactured payments in the case...

        172. 172.(1) Amend section 736C (deemed interest: cash collateral under stock...

        173. 173.(1) Amend section 737A (sale and repurchase of securities: deemed...

        174. 174.(1) Amend section 737C (deemed manufactured payments: further provisions) as...

        175. 175.In section 737D(1) (power to provide for manufactured payments to...

        176. 176.(1) Amend section 737E (power to modify sections 727A, 730A,...

        177. 177.Omit sections 739 to 746 (transfer of assets abroad).

        178. 178.In section 747(4) (imputation of chargeable profits and creditable tax...

        179. 179.(1) Amend section 761 (offshore income gains) as follows.

        180. 180.In section 762 (offshore income gains accruing to persons resident...

        181. 181.In section 763 (deduction of offshore income gain in determining...

        182. 182.Omit section 775 (sale by individual of income derived from...

        183. 183.In section 775A(4)(c) (transfer of rights to receive annual payments)...

        184. 184.(1) Amend section 776 (transactions in land: taxation of capital...

        185. 185.(1) Amend section 777 (provisions supplementary to sections 775 and...

        186. 186.In section 778 (power to obtain information)—

        187. 187.In section 779(13)(ca) (sale and lease-back: limitation on tax reliefs)—...

        188. 188.In section 780 (sale and lease-back: taxation of consideration received)...

        189. 189.(1) Amend section 781 (assets leased to traders and others)...

        190. 190.In section 785 (definitions for the purposes of sections 781...

        191. 191.(1) Amend section 789 (double taxation arrangements made under old...

        192. 192.In section 793 (reduction of United Kingdom taxes by amount...

        193. 193.(1) Amend section 796 (limits on credit for foreign tax:...

        194. 194.In section 798C (disallowed credit: use as deduction) for subsection...

        195. 195.In section 801A (restriction of relief for underlying tax) for...

        196. 196.In section 803(10) (underlying tax reflecting interest on loans) for...

        197. 197.(1) Amend section 804 (relief against income tax in respect...

        198. 198.(1) Amend section 807 (sale of securities with or without...

        199. 199.In section 809(1)(a) (relief in respect of discretionary trusts) for...

        200. 200.In section 811(2) (deduction for foreign tax where no credit...

        201. 201.In section 812(5) (withdrawal of right to tax credit of...

        202. 202.In section 816 (disclosure of information)— (a) in subsection (3)...

        203. 203.Omit section 818 (arrangements for payments of interest less tax...

        204. 204.Omit section 819 (old references to standard rate tax).

        205. 205.In section 821(3) (under-deductions from payments made before passing of...

        206. 206.Omit section 823 (adjustments of reliefs where given at different...

        207. 207.Omit section 827A (territorial scope of charges under certain provisions...

        208. 208.(1) Amend section 828 (orders and regulations made by the...

        209. 209.Omit section 829 (application of Income Tax Acts to public...

        210. 210.In section 830(1) (territorial sea) omit “income tax and”.

        211. 211.In section 831(3) (interpretation of ICTA) after the definition of...

        212. 212.(1) Amend section 832 (interpretation of the Tax Acts) as...

        213. 213.Omit section 833 (interpretation of the Income Tax Acts).

        214. 214.In section 834(1) (interpretation of the Corporation Tax Acts), at...

        215. 215.Omit section 835 (“total income” in the Income Tax Acts)....

        216. 216.Omit section 836 (returns of total income).

        217. 217.Omit section 836B (table of provisions to which that section...

        218. 218.Omit section 837 (“annual value” of land).

        219. 219.(1) Amend section 837A (meaning of “research and development”) as...

        220. 220.In section 837B(1) (meaning of “oil and gas exploration and...

        221. 221.In section 837C(1) and (5) (meaning of “offshore installation”) for...

        222. 222.In section 838(1) (subsidiaries) for “Tax Acts” substitute “ Corporation...

        223. 223.(1) Amend section 839 (connected persons) as follows.

        224. 224.In section 840 (meaning of “control” in certain contexts) for...

        225. 225.After section 840 insert— Meaning of “tax advantage” (1) In any provision of the Corporation Tax Acts in...

        226. 226.In section 840A(1) (banks)— (a) after “In any provision” insert...

        227. 227.(1) Amend section 841 (recognised stock exchanges and recognised investment...

        228. 228.In section 842(1) (investment trusts) for “Tax Acts” substitute “...

        229. 229.Omit section 842AA (venture capital trusts).

        230. 230.In section 842A(1) (meaning of “local authority”) for “Tax Acts”...

        231. 231.(1) Amend section 842B (meaning of “investment LLP” and “property...

        232. 232.(1) Amend Schedule 14 (provisions ancillary to section 266) as...

        233. 233.In Part 1 of Schedule 15 (qualifying policies for the...

        234. 234.Omit Part 1 of Schedule 15B (venture capital trusts: relief...

        235. 235.Omit Schedule 16 (collection of income tax on company payments)....

        236. 236.In paragraph 2(b) of Schedule 19B (petroleum extraction activities: exploration...

        237. 237.(1) Amend Schedule 20 (charities: qualifying investments and loans) as...

        238. 238.(1) Amend Schedule 23A (manufactured dividends and interest) as follows....

        239. 239.In Schedule 28AA (provision not at arm's length) in paragraph...

        240. 240.Omit Schedule 28B (venture capital trusts: meaning of “qualifying holding”)....

      2. Part 2 Other enactments

        1. Chevening Estate Act 1959 (c. 49)

          1. 241.In section 2(1A)(a) of the Chevening Estate Act 1959 (provisions...

        2. Taxes Management Act 1970 (c. 9)

          1. 242.The Taxes Management Act 1970 is amended as follows.

          2. 243.In section 6(1) (declarations on taking office) at the end...

          3. 244.In section 7(6) (notice of liability to income tax and...

          4. 245.(1) Amend section 12AB(1) (partnership return to include partnership statement)...

          5. 246.In section 12B(4A)(a) (records to be kept for purposes of...

          6. 247.(1) Amend section 17 (interest paid or credited by banks...

          7. 248.In section 21(5A) (transactions in securities etc) for “Schedule 23A...

          8. 249.In section 24(3A) (power to obtain information as to income...

          9. 250.In section 31C(2)(b) (appeals: appeals to Special Commissioners) for “section...

          10. 251.In section 36(3A) (fraudulent or negligent conduct)—

          11. 252.(1) Amend section 37A (effect of assessment where allowances transferred)...

          12. 253.In section 42(7) (procedure for making claims etc)—

          13. 254.In section 43A(2A) (further assessments: claims etc)—

          14. 255.(1) Amend section 46B (questions to be determined by Special...

          15. 256.(1) Amend section 46C as follows. (2) In subsection (1)(b)...

          16. 257.In section 55(1) (recovery of tax not postponed)—

          17. 258.For section 87 (interest on income tax on company payments)...

          18. 259.In section 91(3)(c) (effect on interest of reliefs) for “lower...

          19. 260.(1) Amend section 98 (special returns etc) as follows.

          20. 261.In section 99A (certificates of non-liability to income tax) for...

          21. 262.After section 99A insert— Declarations under Chapter 2 of Part...

          22. 263.In section 118(1) (interpretation)— (a) in the definition of “company”...

          23. 264.In paragraph 9(2) of Schedule 1A (claims etc not included...

        3. Finance Act 1971 (c. 68)

          1. 265.Omit section 21 of, and Schedule 3 to, the Finance...

        4. Biological Standards Act 1975 (c. 4)

          1. 266.In section 2(4A)(a) of the Biological Standards Act 1975 (general...

        5. House of Commons Disqualification Act 1975 (c. 24)

          1. 267.In Part 3 of Schedule 1 to the House of...

        6. Inheritance Tax Act 1984 (c. 51)

          1. 268.The Inheritance Tax Act 1984 is amended as follows.

          2. 269.In section 157(6) (non-residents' bank accounts) for “section 840A of...

          3. 270.In section 204(5) (limitation of liability) for “section 739 or...

          4. 271.In section 272 (general interpretation) in the definition of “authorised...

        7. Administration of Justice Act 1985 (c. 61)

          1. 272.In paragraph 36(3) of Schedule 2 to the Administration of...

        8. Building Societies Act 1986 (c. 53)

          1. 273.In section 8(9) of the Building Societies Act 1986 (raising...

        9. Finance Act 1988 (c. 39)

          1. 274.The Finance Act 1988 is amended as follows.

          2. 275.(1) Amend section 130 (provisions for securing payment by company...

          3. 276.In Schedule 6 (commercial woodlands) omit paragraph 3(3) to (5)....

          4. 277.In paragraph 6(1)(b) of Schedule 12 (building societies: change of...

        10. Finance Act 1989 (c. 26)

          1. 278.The Finance Act 1989 is amended as follows.

          2. 279.In section 88(1) (corporation tax: policy holders' fraction of profits)...

          3. 280.In section 111 (residence of personal representatives)—

          4. 281.(1) Amend section 151 (assessment of trustees and personal representatives)...

          5. 282.In section 182(3) (disclosure of information) at the end of...

          6. 283.(1) Amend Schedule 5 (employee share ownership trusts) as follows....

        11. Finance Act 1990 (c. 29)

          1. 284.(1) Amend section 25 of the Finance Act 1990 (c....

        12. Finance Act 1991 (c. 31)

          1. 285.The Finance Act 1991 (c. 31) is amended as follows....

          2. 286.Omit section 53 (Income Tax (Building Society) Regulations 1986).

          3. 287.Omit section 72 (deduction of trading losses).

        13. Social Security Contributions and Benefits Act 1992 (c. 4)

          1. 288.The Social Security Contributions and Benefits Act 1992 (c. 4)...

          2. 289.In section 4A(3)(i)(i) (earnings of workers supplied by service companies...

          3. 290.(1) Amend Schedule 2 (levy of Class 4 contributions with...

        14. Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)

          1. 291.The Social Security Contributions and Benefits (Northern Ireland) Act 1992...

          2. 292.In section 4A(3)(i)(i) (earnings of workers supplied by service companies...

          3. 293.(1) Amend Schedule 2 (Schedule 2 to the Social Security...

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

          1. 294.The Taxation of Chargeable Gains Act 1992 is amended as...

          2. 295.(1) Amend section 4 (rates of capital gains tax) as...

          3. 296.(1) Amend section 6 (rates of capital gains tax: special...

          4. 297.For section 11 (visiting forces, agents-general etc) substitute— Visiting forces...

          5. 298.In section 16(1) (computation of losses) for “section 72 of...

          6. 299.In section 37 (consideration chargeable to tax on income) at...

          7. 300.In section 39 (exclusion of expenditure by reference to tax...

          8. 301.In section 79(8) (charge on settlor with interest in settlement...

          9. 302.In section 97(3) (settlements etc: supplementary provisions) for “section 740(2)(b)...

          10. 303.In section 98(2) (power to obtain information for purposes of...

          11. 304.In section 101B(1)(a) (transfer of a company's assets to VCT),...

          12. 305.In section 101C(7) (transfer within group to VCT), for “section...

          13. 306.(1) Amend section 105A (shares acquired on the same day:...

          14. 307.In section 108(1)(a) (identification of relevant securities) for “section 710...

          15. 308.(1) Amend section 119 (transfer of securities subject to the...

          16. 309.After section 125 insert— Share loss relief Effect of share...

          17. 310.In section 148C(1) (deemed disposals at a loss under section...

          18. 311.(1) Amend section 150A (enterprise investment schemes) as follows.

          19. 312.(1) Amend section 150B (enterprise investment scheme: reduction of relief)...

          20. 313.In section 150D (enterprise investment scheme: application of taper relief)...

          21. 314.In section 151A(7) (venture capital trusts: reliefs) for “the meaning...

          22. 315.(1) Amend section 151B (VCTs: supplementary) as follows.

          23. 316.After section 151B insert— CITR: identification of securities or shares...

          24. 317.After section 151BA insert— CITR: rights issues etc (1) If— (a) an individual or company (“the investor”) holds...

          25. 318.After section 151BB insert— CITR: company reconstructions etc (1) If— (a) an individual or company (“the investor”) holds...

          26. 319.In section 151C(5) (strips: manipulation of price: associated payment giving...

          27. 320.In section 151D(5) (corporate strips: manipulation of price: associated payment...

          28. 321.In section 161 (stock in trade: appropriations to and from...

          29. 322.In section 169D(1) (gifts to settlor-interested settlements: exceptions) for “691(2)...

          30. 323.In section 226B(1) (private residence relief: special cases) for “691(2)...

          31. 324.In section 231(1) and (3) (shares: special provision) after “Taxes...

          32. 325.In section 241(3)(a) (furnished holiday lettings) for the words from...

          33. 326.(1) Amend section 256 (charities) as follows.

          34. 327.After section 256 insert— Attributing gains to the non-exempt amount...

          35. 328.In section 257 (gifts to charities etc) after subsection (2)...

          36. 329.After section 261A insert— Deduction of trading losses or post-cessation...

          37. 330.After section 261E insert— Repurchase price under repos Deemed manufactured...

          38. 331.After section 261F insert— Price differences under repos: effect on...

          39. 332.After section 261G insert— Power to modify section 261G in...

          40. 333.(1) Amend section 263ZA (former employees: employment-related liabilities) as follows....

          41. 334.(1) Amend section 263A (agreements for sale and repurchase of...

          42. 335.(1) Amend section 263D (gains accruing to persons paying manufactured...

          43. 336.After section 263E insert— Power to modify repo provisions: non-standard...

          44. 337.After section 263F insert— Power to modify repo provisions: redemption...

          45. 338.After section 263G insert— Sections 263F and 263G: supplementary provisions...

          46. 339.After section 263H insert— Powers about manufactured overseas dividends (1) The Treasury may by regulations make provision as mentioned...

          47. 340.(1) Amend section 271 (miscellaneous exemptions) as follows.

          48. 341.After section 285 insert— European Economic Interest Groupings (1) The following rules about European Economic Interest Groupings apply...

          49. 342.(1) Amend section 288 (interpretation) as follows.

          50. 343.In paragraph 22(1) of Schedule A1 (application of taper relief)...

          51. 344.In paragraph 14 of Schedule 4A (deemed disposal of underlying...

          52. 345.(1) Amend Schedule 5B (enterprise investment scheme: re-investment) as follows....

          53. 346.In paragraph 1(1)(a) of Schedule 5BA (enterprise investment scheme: application...

          54. 347.In paragraph 3(1)(f) of Schedule 5C (VCTs: deferred charge on...

          55. 348.(1) Amend Schedule 7C (reliefs for transfers to approved share...

          56. 349.In Schedule 8 (leases), in paragraph 5(6) for “any amount...

        16. Finance (No. 2) Act 1992 (c. 48)

          1. 350.In section 28(1)(a) of the Finance (No. 2) Act 1992...

        17. Tribunals and Inquiries Act 1992 (c. 53)

          1. 351.In paragraph 39(c) of Part 1 of Schedule 1 to...

        18. Judicial Pensions and Retirement Act 1993 (c. 8)

          1. 352.In section 3(6) of the Judicial Pensions and Retirement Act...

        19. Charities Act 1993 (c. 10)

          1. 353.In section 25A(1) and (2) of the Charities Act 1993...

        20. Finance Act 1993 (c. 34)

          1. 354.The Finance Act 1993 is amended as follows.

          2. 355.Omit section 80 (transitional relief for charities etc).

          3. 356.Omit section 118 (Scottish trusts).

          4. 357.(1) Amend section 176 (ancillary trust funds) as follows.

          5. 358.(1) Amend section 180 (underwriting profits to be earned income)...

          6. 359.In section 182(1)(ca)(ii) (Lloyd's underwriters: regulations) for the words from...

          7. 360.In section 212 (interpretation) at the end insert “ ,...

          8. 361.(1) Amend Schedule 20A (Lloyd's underwriters: conversion to limited liability...

        21. Agriculture Act 1993 (c. 37)

          1. 362.In paragraph 22(2) of Schedule 2 to the Agriculture Act...

        22. Finance Act 1994 (c. 9)

          1. 363.(1) Amend paragraph 11 of Schedule 20 to the Finance...

        23. Finance Act 1995 (c. 4)

          1. 364.The Finance Act 1995 is amended as follows.

          2. 365.Omit section 73 (venture capital trusts: regulations).

          3. 366.Omit section 90 (relief for post-cessation expenditure).

          4. 367.(1) Amend section 127 (persons not treated as UK representatives)...

          5. 368.Omit section 128 (limit on income chargeable on non-residents: income...

          6. 369.(1) Amend section 154 (short rotation coppice) as follows.

          7. 370.(1) Amend Schedule 22 (prevention of exploitation of Schedule 2...

        24. Finance Act 1996 (c. 8)

          1. 371.The Finance Act 1996 is amended as follows.

          2. 372.In section 88A(1) (loan relationships: accounting method where rate of...

          3. 373.In section 91D(11) (loan relationships: condition 2 for section 91B(6)(b))...

          4. 374.(1) Amend section 97 (manufactured interest) as follows.

          5. 375.(1) Amend section 103 (interpretation of Chapter 2 of Part...

          6. 376.In paragraph 13 of Schedule 9 (loan relationships for unallowable...

        25. Finance (No.2) Act 1997 (c. 58)

          1. 377.The Finance (No.2) Act 1997 is amended as follows.

          2. 378.Omit section 29 (unauthorised unit trusts).

          3. 379.In section 35(3)(a) (transitional relief for charities etc) for “charity”...

        26. Finance Act 1998 (c. 36)

          1. 380.The Finance Act 1998 is amended as follows.

          2. 381.In section 56(4) (transitional provision in connection with section 55...

          3. 382.In section 134(5) (transfer of company's assets to VCT) for...

          4. 383.In section 135(5) (transfer within group to VCT) for “section...

          5. 384.In section 161(2)(a) (non-FOTRA securities) for the words from “sections...

          6. 385.(1) Amend Schedule 18 (company tax returns, assessments and related...

        27. Greater London Authority Act 1999 (c. 29)

          1. 386.The Greater London Authority Act 1999 is amended as follows....

          2. 387.In section 157(4) (restriction on exercise of certain powers except...

          3. 388.In section 419(2) (taxation: certain bodies treated as a local...

        28. Finance Act 2000 (c. 17)

          1. 389.The Finance Act 2000 is amended as follows.

          2. 390.In section 38(4) (payroll deduction scheme) in the definition of...

          3. 391.In section 44 (which makes provision about expenses of trustees)...

          4. 392.(1) Amend section 46 (exemption for small trades etc) as...

          5. 393.In section 155 (interpretation) at the end insert “ and...

          6. 394.(1) Amend Schedule 15 (the corporate venturing scheme) as follows....

          7. 395.In paragraph 41 of Schedule 22 (tonnage tax: the requirement...

        29. Capital Allowances Act 2001 (c. 2)

          1. 396.The Capital Allowances Act 2001 is amended as follows.

          2. 397.(1) Amend section 4 (capital expenditure) as follows.

          3. 398.In section 70V(4) (tax avoidance involving international leasing) for “Chapter...

          4. 399.Omit section 70YI(4) (application of section 839 of ICTA).

          5. 400.In section 138(2)(b) (limit on amount deferred) for “section 385...

          6. 401.In section 156(1)(a) and (c) (connected persons) for “section 839...

          7. 402.In section 220(8)(a) (allocation of expenditure to a chargeable period)...

          8. 403.In section 232(1)(a) (meaning of connected person) for “section 839...

          9. 404.In section 258 (special leasing: income tax) after subsection (3)...

          10. 405.In section 266(5)(a) (election where predecessor and successor are connected...

          11. 406.In section 355 (buildings for miners etc: carry-back of allowances)...

          12. 407.In section 437 (research and development allowances) for subsection (2)...

          13. 408.In section 479 (persons having qualifying non-trade expenditure: income tax)...

          14. 409.At the beginning of Chapter 6 of Part 12 insert—...

          15. 410.In section 574(1) at the end insert “(but, for the...

          16. 411.For section 575 (connected persons) substitute— Meaning of “connected” persons...

          17. 412.In section 577(1) (other definitions)— (a) omit the definition of...

          18. 413.(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....

        30. Finance Act 2002 (c. 23)

          1. 414.The Finance Act 2002 is amended as follows.

          2. 415.Omit section 98.

          3. 416.In section 142 (interpretation) at the end insert “, and...

          4. 417.In paragraph 19 of Schedule 12 (tax relief for expenditure...

          5. 418.In paragraph 27 of Schedule 13 (tax relief for expenditure...

          6. 419.(1) Amend Schedule 16 (community investment tax relief) as follows....

          7. 420.(1) Amend Schedule 18 (relief for community amateur sports clubs)...

          8. 421.In Schedule 25 (loan relationships), omit paragraph 57.

          9. 422.(1) Amend Schedule 26 (derivative contracts) as follows.

          10. 423.Omit Schedule 33 (venture capital trusts).

        31. Proceeds of Crime Act 2002 (c. 29)

          1. 424.In paragraph 4 of Part 2 of Schedule 10 (tax)...

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

          1. 425.The Income Tax (Earnings and Pensions) Act 2003 is amended...

          2. 426.In section 1 (overview of contents of Act) omit subsection...

          3. 427.In section 11(3) (calculation of “net taxable earnings”) for “section...

          4. 428.In section 24(6)(a) (limit on chargeable overseas earnings where duties...

          5. 429.In section 48(2) (scope of Chapter) for “subject to deduction...

          6. 430.In section 69(1) (extended meaning of “control”) for “section 840...

          7. 431.In section 178 (exception for loans where interest qualifies for...

          8. 432.In section 180(5) (threshold for benefit of loan to be...

          9. 433.In section 230(5)(a) (the approved amount for mileage allowance payments)...

          10. 434.In section 329(6) (deductions from earnings not to exceed earnings)...

          11. 435.In section 347(2) (payments made after leaving an employment) for...

          12. 436.In section 357(2) after “section 505(1)(e) of ICTA” insert “...

          13. 437.After section 404 insert— Amounts charged to be treated as...

          14. 438.In section 476 (charge on occurrence of chargeable event) after...

          15. 439.(1) Amend section 515 (tax advantages and charges relating to...

          16. 440.(1) Amend section 555 (deduction for liabilities related to former...

          17. 441.In section 609(1) after “section 273 of ICTA” insert “...

          18. 442.In section 718 (connected persons) for “Section 839 of ICTA”...

          19. 443.In section 719 (control in relation to a body corporate)—...

          20. 444.(1) Amend section 721 (other definitions) as follows.

          21. 445.In Part 1 of Schedule 1 (abbreviations) in the appropriate...

          22. 446.(1) Amend Part 2 of Schedule 1 (defined expressions) as...

          23. 447.(1) Amend Schedule 2 (approved share incentive plans) as follows....

          24. 448.In paragraph 49 of Schedule 3 (approved SAYE Option Schemes)—...

          25. 449.In paragraph 37 of Schedule 4 (approved CSOP Schemes)—

          26. 450.(1) Amend Schedule 5 (enterprise management incentives) as follows.

        33. Finance Act 2003 (c. 14)

          1. 451.The Finance Act 2003 is amended as follows.

          2. 452.Omit section 151 (non-resident companies: extent of charge to income...

          3. 453.In section 152 (non-resident companies: transactions carried out through broker,...

          4. 454.In section 153(2)(a) (general replacement of references to branch or...

          5. 455.In paragraph 1(2) of Schedule 26 (non-resident companies: transactions through...

        34. Finance Act 2004 (c. 12)

          1. 456.The Finance Act 2004 is amended as follows.

          2. 457.In section 50 (generally accepted accounting practice) for “the Tax...

          3. 458.In section 51 (use of different accounting practices within a...

          4. 459.In section 59 (construction industry scheme: contractors) after subsection (7)...

          5. 460.In section 65 (change in control of company registered for...

          6. 461.After section 73 (regulations under this Chapter: supplementary) insert— Designated...

          7. 462.(1) Amend section 83 (giving through the self-assessment return) as...

          8. 463.Omit sections 101 (payment of royalties without deduction at source)...

          9. 464.Omit sections 119 to 123 (individuals benefited by film relief)....

          10. 465.Omit sections 126 to 130 (individuals in partnership: exit charge)....

          11. 466.In section 155(6)(a) and (b) (persons by whom scheme may...

          12. 467.In section 161 (meaning of “payment” etc) for subsection (8)...

          13. 468.(1) Amend section 162 (meaning of “loan”) as follows.

          14. 469.In section 172A (surrender) for subsection (11) substitute—

          15. 470.In section 172B (increase in rights of connected person on...

          16. 471.In section 172C (allocation of unallocated employer contributions) for subsection...

          17. 472.In section 172D (limit on increase in benefits) for subsection...

          18. 473.(1) Amend section 189 (relevant UK individual) as follows.

          19. 474.In section 192 (relief at source) omit subsection (5).

          20. 475.In section 193(6) (relief under net pay arrangements)—

          21. 476.In section 194(1) (relief on making of claim)—

          22. 477.In section 266A (member's liability) for subsection (7) substitute—

          23. 478.In section 273 (members liable as scheme administrator) for subsection...

          24. 479.In section 278 (market value) for subsection (4) substitute—

          25. 480.(1) Amend section 279 (other definitions) as follows.

          26. 481.(1) Amend section 280 (abbreviations and general index) as follows....

          27. 482.(1) Amend Schedule 15 (charge to income tax on benefits...

          28. 483.In paragraph 4 of Schedule 27 (meaning of “offshore installation”)...

          29. 484.In paragraph 4 of Schedule 29A (investment-regulated pension schemes) for...

          30. 485.In paragraph 11D of Schedule 36 (transitional provisions) for sub-paragraph...

        35. Pensions Act 2004 (c. 35)

          1. 486.The Pensions Act 2004 is amended as follows.

          2. 487.In Schedule 3 (restricted information held by the Regulator: certain...

          3. 488.In Schedule 8 (restricted information held by the Board: certain...

        36. Constitutional Reform Act 2005 (c. 4)

          1. 489.The Constitutional Reform Act 2005 is amended as follows.

          2. 490.In paragraph 4 of Schedule 7 (protected functions of the...

          3. 491.In the table in Part 3 of Schedule 14 (appointments...

        37. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 492.The Income Tax (Trading and Other Income) Act 2005 is...

          2. 493.In section 1 (overview of Act) omit subsection (2).

          3. 494.In section 12(3) (profits of mines etc) for “Chapter 1...

          4. 495.(1) Amend section 13 (visiting performers) as follows.

          5. 496.In section 17(3) (effect of becoming or ceasing to be...

          6. 497.Omit section 51 (patent royalties).

          7. 498.(1) Amend section 52 (exclusion of double relief for interest)...

          8. 499.In section 87(5) (expenses of research and development) for “section...

          9. 500.In section 108(4) (gifts of trading stock etc to charities)...

          10. 501.In section 179(a) (connected persons) for “section 839 of ICTA”...

          11. 502.(1) Amend section 232 (treatment of trading adjustment income) as...

          12. 503.In section 248(3) (debts paid after cessation)—

          13. 504.(1) Amend section 250 (receipts relating to post-cessation expenditure) as...

          14. 505.In section 254(3)(b) (allowable deductions) for “section 90(4) of FA...

          15. 506.(1) Amend section 256 (treatment of post-cessation receipts) as follows....

          16. 507.In section 272(2) (profits of a property business: application of...

          17. 508.In section 322(2) (commercial letting of furnished holiday accommodation)—

          18. 509.In section 327(2)(b) (capital allowances and loss relief) for “Chapter...

          19. 510.(1) Amend section 328 (earned income and relevant UK earnings...

          20. 511.In section 333(3) (treatment of property business adjustment income) for...

          21. 512.In section 354(2) (other rules about what counts as a...

          22. 513.In section 369(4) (charge to tax on interest) for the...

          23. 514.In section 372(2) (building society dividends) for the words from...

          24. 515.(1) Amend section 397 (tax credits for qualifying distributions: UK...

          25. 516.(1) Amend section 399 (qualifying distributions received by persons not...

          26. 517.(1) Amend section 400 (non-qualifying distributions) as follows.

          27. 518.In section 401 (relief: qualifying distribution after linked non-qualifying distribution)...

          28. 519.In section 410(3)(b) (stock dividend income arising to trustees) for...

          29. 520.(1) Amend section 414 (stock dividends from UK resident companies:...

          30. 521.In section 418(5) (loans to participator in close company: relief...

          31. 522.In section 421(4) (loans to participator in close company: income...

          32. 523.(1) Amend section 426 (annuity payments received after deduction of...

          33. 524.In section 446 (strips of government securities: relief for losses)...

          34. 525.In section 454 (listed securities held since 26th March 2003:...

          35. 526.(1) Amend section 457 (disposal of deeply discounted securities by...

          36. 527.In section 459(2) (profits from deeply discounted securities: transfer of...

          37. 528.In section 460(2) (profits from deeply discounted securities: minor definitions)...

          38. 529.After section 465 insert— Amounts for which individuals liable to...

          39. 530.In section 466(2) (person liable: personal representatives) for “lower rate”...

          40. 531.(1) Amend section 467 (liability of trustees for tax on...

          41. 532.In section 468 (gains from contracts for life insurance etc:...

          42. 533.In section 482 (excepted group life policies: conditions about persons...

          43. 534.In section 520(4) (the property categories) after the definition of...

          44. 535.(1) Amend section 530 (income tax treated as paid) as...

          45. 536.(1) Amend section 535 (top slicing relief) as follows.

          46. 537.In section 536(1) (top slicing relieved liability: one chargeable event)...

          47. 538.In section 537 (top slicing relieved liability: two or more...

          48. 539.For section 539 (relief for deficiencies) substitute— Relief for deficiencies...

          49. 540.In section 546(4) (table of provisions subject to special rules...

          50. 541.(1) Amend section 547 (income tax chargeable on income treated...

          51. 542.For section 550 substitute— Income tax treated as paid In accordance with section 848 of ITA 2007, a sum...

          52. 543.In section 567(2) (disposals of futures and options involving guaranteed...

          53. 544.In section 569(2) (disposal of futures and options involving guaranteed...

          54. 545.In section 570(5) (charge to tax under Chapter 13: sales...

          55. 546.(1) Amend section 595 (deduction of tax from payments to...

          56. 547.In section 601 (how relief for patent expenses is given)...

          57. 548.(1) Amend section 602 (payments received after deduction of tax)...

          58. 549.(1) Amend section 618 (payments received after deduction of tax)...

          59. 550.In section 619(2) (charge to tax on settlor)—

          60. 551.After section 619 insert— Income treated as highest part of...

          61. 552.In section 620(5) (which contains various definitions) in the definition...

          62. 553.In section 624 (income where settlor retains an interest in...

          63. 554.In section 627(2) (income where settlor retains an interest: exceptions),...

          64. 555.(1) Amend section 628 (exception for gifts to charities) as...

          65. 556.In section 631(7) (retained and accumulated income) for “the total...

          66. 557.In section 635(3)(d) (settlements: amounts treated as income of settlor:...

          67. 558.(1) Amend section 636 (calculation of undistributed income) as follows....

          68. 559.In section 640(1) and (3)(a) (settlements: amounts treated as income...

          69. 560.After section 646 insert— Trustees' expenses to be rateably apportioned...

          70. 561.In section 669(3)(a) (reduction in residuary income: inheritance tax on...

          71. 562.In section 677 (relief where UK income tax borne by...

          72. 563.In section 678 (relief where UK income tax borne by...

          73. 564.In section 679(3)(b) (income from which basic amounts are treated...

          74. 565.In section 680(4) (income treated as bearing income tax) for...

          75. 566.After section 680 insert— Income treated as savings income or...

          76. 567.In section 682 (assessments, adjustments and claims after the administration...

          77. 568.In section 684(3) (Chapter 7 of Part 5 subject to...

          78. 569.(1) Amend section 685A (discretionary payments under settlor-interested settlements) as...

          79. 570.(1) Amend section 686 (payments received after deduction of tax)...

          80. 571.In section 704(4)(a) (types of arrangements and providers) for “section...

          81. 572.In section 714(6) (exemption of profits from FOTRA securities) for...

          82. 573.In section 724 (regulations) omit subsection (3).

          83. 574.In section 755(3) (exemption of interest on foreign currency securities...

          84. 575.In section 756A(5) (interest on certain deposits of victims of...

          85. 576.In section 757 (interest and royalty payments: introduction) at the...

          86. 577.In section 767(2) (power to amend references to the Directive...

          87. 578.In section 841 (unremittable income: introduction) for subsection (5) substitute—...

          88. 579.In section 852(7) (carrying on by partner of notional trade)...

          89. 580.In section 863(2) (limited liability partnerships)— (a) in paragraph (a)...

          90. 581.In section 871 (apportionment etc of miscellaneous profits to tax...

          91. 582.In section 872(3)(a) (losses calculated on same basis as miscellaneous...

          92. 583.Omit section 876 (meaning of “farming” and related expressions).

          93. 584.Omit section 877 (meaning of “grossing up”).

          94. 585.(1) Amend section 878 (other definitions) as follows.

          95. 586.In section 879 (interpretation: Scotland)— (a) in subsection (1) omit...

          96. 587.In section 885(3)(c) (general index in Schedule 4) for “ICTA...

          97. 588.In Schedule 2 (transitionals and savings etc) omit paragraph 50(3)....

          98. 589.(1) Amend paragraph 82 of Schedule 2 (transitionals and savings...

          99. 590.In paragraph 109(4) of Schedule 2 (transitional provision: contracts in...

          100. 591.In Part 1 of Schedule 4 (abbreviations) in the appropriate...

          101. 592.(1) Amend Part 2 of Schedule 4 (index of defined...

        38. Finance Act 2005 (c. 7)

          1. 593.The Finance Act 2005 is amended as follows.

          2. 594.In section 26 (amount of relief for trustees of property...

          3. 595.(1) Amend section 27 (tax liability of trustees of property...

          4. 596.In section 41(1) (interpretation of Chapter 4 of Part 2)...

          5. 597.(1) Amend section 47A (alternative finance arrangements: diminishing share ownership)...

          6. 598.In section 51(2) (treatment of alternative finance arrangements)—

          7. 599.(1) Amend section 52 (alternative finance arrangements: provision not at...

          8. 600.Omit sections 74 to 78 (partners: recovery of excess relief)....

          9. 601.In section 105 (interpretation) after the definition of “IHTA 1984”...

          10. 602.(1) Amend Schedule 2 (alternative finance arrangements: further provisions) as...

        39. Finance (No. 2) Act 2005 (c. 22)

          1. 603.The Finance (No. 2) Act 2005 is amended as follows....

          2. 604.(1) Amend section 7 (charge to income tax on social...

          3. 605.In section 18(3)(b)(i) (authorised investment funds etc: section 17(3): specific...

          4. 606.In section 71 (interpretation) after the definition of “ICTA” insert—...

        40. Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))

          1. 607.The Pensions (Northern Ireland) Order 2005 is amended as follows....

          2. 608.In Schedule 3 (restricted information held by the Regulator: certain...

          3. 609.In Schedule 7 (restricted information held by the Board: certain...

        41. Finance Act 2006 (c. 25)

          1. 610.The Finance Act 2006 is amended as follows.

          2. 611.In section 34 (meaning of certain expressions for the purposes...

          3. 612.In section 65(3) (London Organising Committee) for “Section 349(1) of...

          4. 613.In section 67 (International Olympic Committee)— (a) in subsection (1)(c),...

          5. 614.In section 68(1)(d) (competitors and staff) for “section 349(1) of...

          6. 615.Omit section 75 (tax avoidance: interest relief and film partnerships)....

          7. 616.In section 103(1)(b) (Real Estate Investment Trusts) for “, 121...

          8. 617.In section 107 (conditions for tax-exempt business)—

          9. 618.In section 117(4) (cancellation of tax advantage) for “section 709”...

          10. 619.In section 121(2)(c) (distributions: liability to tax) for “chargeable to...

          11. 620.Omit section 122 (distributions: deduction of tax).

          12. 621.(1) Amend section 139 (manufactured dividends) as follows.

          13. 622.In section 179 (interpretation) after the definition of “IHTA 1984”...

          14. 623.In Schedule 5 (film tax relief: further provisions) in paragraph...

          15. 624.In paragraph 27(1) of Schedule 8 (long funding leases of...

          16. 625.In Schedule 13 (settlements) omit paragraph 37.

          17. 626.(1) Amend Schedule 17 (Group Real Estate Investment Trusts: modifications)...

      3. Part 3 Amendment having effect in relation to shares issued after 5 April 2007

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

          1. 627.Omit Chapter 3 of Part 7 of the Income and...

    2. SCHEDULE 2

      Transitionals and savings

      1. Part 1 General provisions

        1. Continuity of the law: general

          1. 1.The repeal of provisions and their enactment in a rewritten...

          2. 2.Paragraph does not apply to any change made by this...

          3. 3.Any subordinate legislation or other thing which—

          4. 4.(1) Any reference (express or implied) in this Act, another...

          5. 5.(1) Any reference (express or implied) in any enactment, instrument...

          6. 6.(1) Paragraphs 1 to 5 have effect instead of section...

        2. General saving for old transitional provisions and savings

          1. 7.(1) The repeal by this Act of a transitional or...

        3. Partnerships involving companies

          1. 8.(1) References in this Act to any person are to...

        4. Interpretation

          1. 9.(1) In this Part— “enactment” includes subordinate legislation (within the...

      2. Part 2 Changes in the law

        1. 10.(1) This paragraph applies if, in the case of any...

      3. Part 3 Rates at which income tax is charged

        1. 11.In relation to a tax year before 2007-08—

        2. 12.In relation to the tax year 2007-08 or any subsequent...

        3. 13.In this Part “enactment” includes subordinate legislation (within the meaning...

      4. Part 4 Personal reliefs

        1. 14.Paragraphs 15 to 17 do not apply after 5 April...

        2. 15.(1) Sub-paragraphs (2) and (3) apply in relation to an...

        3. 16.(1) Sub-paragraphs (2) to (5) apply in relation to an...

        4. 17.(1) Sub-paragraphs (2) to (5) apply in relation to an...

      5. Part 5 Losses (except losses on disposal of shares)

        1. General: carry forward loss reliefs

          1. 18.(1) The repeal by this Act of the superseded carry...

        2. Trade loss relief against general income

          1. 19.(1) This paragraph applies for the purposes of section 64...

          2. 20.(1) This paragraph applies if— (a) a person makes a...

        3. Early trade losses relief

          1. 21.(1) This paragraph applies for the purposes of section 72...

          2. 22.(1) This paragraph applies if— (a) a person makes a...

        4. Sideways relief: trade leasing allowances given to individuals

          1. 23.(1) This paragraph applies if— (a) a person makes a...

        5. Sideways relief: dealings in commodity futures

          1. 24.Section 81 does not apply if the arrangements mentioned in...

        6. Terminal trade loss relief

          1. 25.(1) This paragraph applies for the purposes of section 89...

        7. Post-cessation trade loss relief and post-cessation property relief

          1. 26.The events covered by section 98(5) (including as applied by...

        8. Reliefs for limited partners not to exceed contribution to the firm

          1. 27.(1) The relief covered by section 104(5) includes—

        9. Reliefs for members of LLPs not to exceed contribution to the LLP

          1. 28.(1) The relief covered by section 107(6) includes—

        10. Members of LLPs: carry-forward of losses

          1. 29.(1) The amounts of loss covered by section 109(1)(b) include...

        11. Reliefs for non-active partners not to exceed contribution to the firm

          1. 30.(1) The relief covered by section 110(5) includes—

        12. Non-active partners: carry-forward of losses

          1. 31.(1) The amounts of loss covered by section 113(1)(b) include...

        13. Restriction on reliefs for non-active partners: pre-10 February 2004 events

          1. 32.In Chapter 3 of Part 4 any reference to an...

          2. 33.(1) Sub-paragraphs (2) to (9) set out relief which is...

        14. Regulations under section 114

          1. 34.(1) The provision which may be made in regulations under...

        15. Application of existing regulations under sections 114 and 802

          1. 35.(1) After the commencement of sections 114 and 802, the...

        16. Losses in an employment or office

          1. 36.(1) This paragraph applies for the purposes of section 128...

        17. Loss relief against miscellaneous income: Case VI losses

          1. 37.(1) This paragraph applies if a person makes a loss...

      6. Part 6 Losses on disposal of shares

        1. Qualifying trading companies

          1. 38.(1) In relation to shares issued before 17 March 2004,...

        2. Disposals of new shares

          1. 39.(1) In relation to new shares issued before 6 April...

        3. The trading requirement

          1. 40.(1) In relation to shares issued before 6 April 2007,...

        4. Ceasing to meet trading requirement because of administration or receivership

          1. 41.(1) In relation to shares issued before 17 March 2004,...

        5. The control and independence requirement

          1. 42.(1) In relation to shares issued before 6 April 2007,...

        6. The qualifying subsidiaries requirement

          1. 43.(1) Section 140 does not apply in relation to shares...

        7. The property managing subsidiaries requirement

          1. 44.(1) Section 141 does not apply in relation to shares...

        8. The gross assets requirement

          1. 45.(1) In relation to shares issued before 6 April 2006,...

        9. The unquoted status requirement

          1. 46.(1) In relation to shares issued before 7 March 2001,...

        10. Power to amend requirements by Treasury order

          1. 47.(1) Section 144 does not apply in relation to shares...

        11. Relief after an exchange of shares for shares in another company

          1. 48.(1) In relation to new shares issued before 6 April...

        12. Substitution of new shares for old shares

          1. 49.(1) Section 146 does not apply in relation to shares...

        13. Interpretation of Chapter

          1. 50.(1) In relation to shares issued before 6 April 1998,...

        14. Meaning of “qualifying subsidiary”

          1. 51.(1) In relation to shares issued before 17 March 2004,...

        15. Meaning of “excluded activities”

          1. 52.(1) In relation to shares issued before 7 March 2001,...

        16. Excluded activities: wholesale and retail distribution

          1. 53.(1) In relation to shares issued before 6 April 2007,...

        17. Excluded activities: leasing of ships

          1. 54.(1) In relation to shares issued before 6 April 2007,...

        18. Excluded activities: receipt of royalties and licence fees

          1. 55.(1) In relation to shares issued before 6 April 2000,...

        19. Excluded activities: provision of services or facilities for another business

          1. 56.(1) In relation to shares issued before 6 April 2007,...

        20. Meaning of a company being “in administration”

          1. 57.(1) Sub-paragraph (2) applies in relation to—

      7. Part 7 Enterprise investment scheme

        1. The gross assets requirement

          1. 58.(1) In relation to shares to which sub-paragraph (2) or...

      8. Part 8 Venture capital trusts

        1. Eligibility for relief

          1. 59.Section 261(4) does not apply in relation to shares acquired...

        2. Form and amount of relief

          1. 60.(1) In relation to shares issued before 6 April 2006,...

        3. No entitlement to relief if there is a linked loan

          1. 61.In relation to shares issued before 6 April 2006, section...

        4. Loss of relief if shares disposed of within 5 years

          1. 62.(1) In relation to shares issued before 6 April 2006—...

        5. Interpretation of Chapter 2

          1. 63.(1) In relation to shares issued before 6 April 2007,...

        6. The 15% holding limit condition

          1. 64.In relation to shares or securities issued before 17 April...

        7. Conditions relating to value of investments

          1. 65.(1) Sub-paragraph (2) applies if any question arises which—

        8. Conditions relating to qualifying holdings and eligible shares: supplementary

          1. 66.Section 280(3) does not apply in relation to shares issued...

        9. Interpretation of Chapter 3

          1. 67.Section 285 applies with the omission of subsections (4) to...

        10. The maximum qualifying investment requirement

          1. 68.For the purpose of determining whether shares or securities are...

        11. The no guaranteed loan requirement

          1. 69.For the purpose of determining whether shares or securities are...

        12. The proportion of eligible shares requirement

          1. 70.(1) If at any time the requirement of section 289—...

        13. The trading requirement

          1. 71.For the purpose of determining whether shares or securities are...

        14. The carrying on of a qualifying activity requirement

          1. 72.(1) For the purpose of determining whether shares or securities...

        15. Ceasing to meet the requirement because of administration or receivership

          1. 73.For the purpose of determining whether shares or securities are...

        16. The use of the money raised requirement

          1. 74.For the purpose of determining whether shares or securities are...

        17. The relevant company to carry on the relevant qualifying activity requirement

          1. 75.(1) For the purpose of determining whether shares or securities...

        18. The gross assets requirement

          1. 76.(1) For the purpose of determining whether shares or securities...

        19. The property managing subsidiaries requirement

          1. 77.For the purpose of determining whether shares or securities are...

        20. Meaning of “qualifying trade”

          1. 78.For the purpose of determining whether shares or securities are...

        21. Meaning of “qualifying 90% subsidiary”

          1. 79.For the purpose of determining whether shares or securities are...

        22. Meaning of “qualifying subsidiary”

          1. 80.For the purpose of determining whether shares or securities are...

        23. Meaning of “excluded activities”

          1. 81.For the purpose of determining whether shares or securities are...

        24. Excluded activities: wholesale and retail distribution

          1. 82.For the purpose of determining whether shares or securities are...

        25. Excluded activities: leasing of ships

          1. 83.(1) For the purpose of determining whether shares or securities...

        26. Excluded activities: receipt of royalties and licence fees

          1. 84.For the purpose of determining whether shares or securities are...

        27. Excluded activities: provision of services or facilities for another business

          1. 85.(1) For the purpose of determining whether shares or securities...

        28. Winding up of the relevant company

          1. 86.For the purpose of determining whether shares or securities are...

        29. Acquisitions for restructuring purposes etc

          1. 87.Sections 326 to 329 do not apply in relation to...

        30. Power to facilitate company reorganisations

          1. 88.Section 330 does not apply in relation to exchanges of...

        31. Meaning of a company being “in administration”

          1. 89.(1) Sub-paragraph (2) applies in relation to—

        32. Meaning of “company”, “shares” and “research and development” in Part 6

          1. 90.(1) This paragraph applies in relation to the meaning of...

      9. Part 9 Other reliefs

        1. Interest: loans for interests in close companies

          1. 91.Section 392(3)(a) does not apply if the shares were acquired...

          2. 92.Section 392(3)(b) does not apply if the shares were acquired...

          3. 93.(1) In relation to a loan made before 14 November...

          4. 94.Section 395(2) does not apply in relation to a loan...

        2. Interest: loans for interests in employee-controlled companies

          1. 95.(1) In relation to a loan used before 6 April...

        3. Interest relief: film partnerships

          1. 96.Section 399(4) (restriction on relief for interest on loans for...

        4. Interest: loans for investing in co-operatives

          1. 97.Section 401 applies in relation to a loan used in...

        5. Gift aid: gifts of money for relief in poor countries

          1. 98.Despite the amendments made by this Act to section 25...

        6. Gift aid: restrictions on associated benefits

          1. 99.(1) This paragraph applies if— (a) a gift is made...

        7. Gift aid: election to carry back relief

          1. 100.(1) This paragraph applies if in the tax year 2007-08...

        8. Qualifying maintenance payments: maintenance assessments

          1. 101.(1) This paragraph applies for the purposes for which, on...

      10. Part 10 Special rules about settlements and trustees

        1. Trustees' expenses to be set against trustees' trust rate income

          1. 102.(1) This paragraph applies if the trustees of a settlement...

        2. Share incentive plans: definition of “applicable period”

          1. 103.(1) This paragraph applies for the purposes of section 489...

        3. Discretionary payments: trustees' tax pool

          1. 104.(1) Section 497 applies with the following modifications in relation...

      11. Part 11 Special rules about charitable trusts etc

        1. Transactions with substantial donors

          1. 105.Section 543(1)(g) and (h) and sections 549 to 557 (non-charitable...

          2. 106.For the purposes of section 549 a person may meet...

        2. Non-charitable expenditure

          1. 107.(1) This paragraph applies if, as a result of sections...

      12. Part 12 Manufactured payments and repos

        1. Tax credits: stock lending arrangements and repos

          1. 108.Sections 592 and 593 do not apply if the qualifying...

          2. 109.(1) Section 592(3) does not apply if the qualifying distribution...

          3. 110.(1) Section 593(3) does not apply if the qualifying distribution...

        2. Deemed manufactured payments: stock lending arrangements

          1. 111.Section 596 does not apply if the stock lending arrangement...

          2. 112.(1) Section 597 does not apply if the stock lending...

          3. 113.Sections 596(5) and 599 do not apply in relation to...

        3. Deemed manufactured payments: repos

          1. 114.(1) Section 602 does not apply if—

          2. 115.(1) This paragraph applies if an agreement to sell securities...

          3. 116.(1) This paragraph applies if an agreement to sell securities...

          4. 117.(1) This paragraph applies if— (a) an agreement to sell...

          5. 118.(1) This paragraph applies if an agreement to sell securities...

        4. Price differences under repos

          1. 119.Section 607 does not apply if the agreement to sell...

          2. 120.(1) This paragraph applies if an agreement to sell securities...

          3. 121.(1) This paragraph applies if section 607 applies and the...

          4. 122.(1) This paragraph applies if the agreement to sell the...

          5. 123.(1) This paragraph applies if an agreement to sell securities...

        5. Powers to modify repo provisions

          1. 124.(1) This paragraph applies if an agreement to sell securities...

      13. Part 13 Accrued income profits

        1. Sale and repurchase arrangements

          1. 125.(1) Section 655 applies only if— (a) in the case...

          2. 126.(1) This paragraph applies if the agreement to sell the...

        2. Successive transfers with unrealised interest in default

          1. 127.Section 661 does not apply if the transferor's acquisition was...

        3. Unrealised interest received by transferee after transfer within Chapter 2 of Part 12

          1. 128.If the transfer of securities within section 681(1)(a) occurred before...

      14. Part 14 Tax avoidance

        1. Transactions in securities: general

          1. 129.(1) Despite anything in this Act, Chapter 1 of Part...

        2. Transactions in securities: meaning of relevant companies for the purposes of sections 689 and 690

          1. 130.(1) In its application to a transaction in securities that...

        3. Transactions in securities: statement of case by tribunal for opinion of High Court or Court of Session

          1. 131.If a tribunal has made a determination under section 705(3)...

        4. Transactions in securities: appeals to House of Lords

          1. 132.(1) This paragraph applies until paragraph 47 of Schedule 9...

        5. Transfers of assets abroad: non-transferors receiving benefit- exclusion of income arising before 10 March 1981

          1. 133.(1) Section 732 (non-transferors receiving a benefit as a result...

        6. Transfers of assets abroad: whether trustees are “persons abroad”

          1. 134.(1) This paragraph deals with whether section 475 (residence of...

          2. 135.(1) Sub-paragraph (2) deals with whether section 474 (trustees of...

        7. Transfers of assets abroad: whether personal representatives are “persons abroad”

          1. 136.(1) This paragraph deals with whether section 834 (residence of...

          2. 137.(1) Sub-paragraph (2) deals with whether section 834 (residence of...

        8. Transfers of assets abroad: company residence for transfers between 20 March 1990 and 29 November 1993

          1. 138.(1) In relation to transfers and associated operations on or...

        9. Transfers of assets abroad: information powers concerning transfers between 20 March 1990 and 29 November 1993 involving companies

          1. 139.(1) So far as section 749(6) (restrictions on information to...

        10. Transfers of assets abroad: income arising before 26 November 1996

          1. 140.Sections 721(5)(b) and (c) and 728(3)(b) and (c) do not...

        11. Transfers of assets abroad: meaning of “associated operation” and consideration of associated operations alone

          1. 141.(1) In relation to any time before 5 December 2005,...

        12. Individuals in partnership: recovery of excess relief

          1. 142.In section 792(1)— (a) the reference to the claiming of...

          2. 143.(1) The losses covered by section 794(1) and (2) in...

        13. Individuals claiming relief for film-related trading losses

          1. 144.(1) The claims covered by section 797(1)(a) include claims within...

          2. 145.(1) The losses covered by section 800(3)(a) include losses in...

          3. 146.In section 801(3) the reference to the making of a...

          4. 147.(1) In section 802(1) the reference to the making of...

          5. 148.(1) After the commencement of section 802, the Partnerships (Restrictions...

          6. 149.(1) In section 803 references to chargeable events include events...

        14. Individuals in partnership: exit charge

          1. 150.(1) The losses covered by section 805(1)(b) include losses in...

          2. 151.(1) In section 806 at Step 4 non-taxable consideration received...

          3. 152.(1) This paragraph applies for the purposes of sections 805...

          4. 153.The losses covered by section 807(4) include losses in relation...

      15. Part 15 Deduction of income tax at source

        1. Deduction by deposit-takers: discretionary or accumulation settlements

          1. 154.(1) A deposit with a deposit-taker which meets the settlement...

          2. 155.(1) A notification under paragraph 154(3) given by a trustee...

        2. Deduction by deposit-takers and building societies: declarations of non-UK residence

          1. 156.(1) Section 858(2)(c) (which requires a declaration of non-UK residence...

        3. Deduction by deposit-takers: qualifying certificates of deposit

          1. 157.(1) This paragraph applies to a certificate of deposit which...

        4. Deduction by deposit-takers: qualifying time deposits

          1. 158.(1) This paragraph applies to a deposit with a deposit-taker...

        5. Deduction by deposit-takers and building societies: saving for regulations

          1. 159.(1) This paragraph applies to regulations which—

          2. 160.(1) This paragraph applies to regulations about the making of...

        6. Deduction by deposit-takers, building societies etc: collection of tax

          1. 161.Chapter 15 of Part 15 has effect for return periods...

          2. 162.(1) This paragraph applies to a payment—

        7. Deduction from certain payments of yearly interest: interest paid by banks

          1. 163.(1) In the case of payments of interest to which...

        8. Deduction from certain payments of yearly interest: interest paid on advances from banks

          1. 164.(1) In the case of payments of interest to which...

        9. Deduction from certain UK public revenue dividends

          1. 165.(1) This paragraph applies if— (a) any person holds any...

          2. 166.(1) This paragraph applies in relation to any gilt-edged securities...

        10. Unauthorised unit trusts: calculation of trustees' income pool

          1. 167.(1) This paragraph applies for the purposes of section 943....

          2. 168.(1) This paragraph applies for the purposes of section 943...

        11. Non-resident landlords

          1. 169.(1) Sub-paragraph (2) applies to any references in the Taxation...

        12. Interpretation

          1. 170.Expressions used in this Part of this Schedule and in...

      16. Part 16 Other provisions

        1. Old references to surtax and standard rate tax

          1. 171.The repeal by this Act of section 819 of ICTA...

        2. Section 820 of ICTA

          1. 172.Section 820 of ICTA (application of Income Tax Acts from...

    3. SCHEDULE 3

      Repeals and revocations

      1. Part 1 Repealsand revocations: general

      2. Part 2 Repeals having effect in relation to shares issued after 5 April 2007

    4. SCHEDULE 4

      Index of defined expressions

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
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More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources