- Latest available (Revised)
- Original (As enacted)
Income and Corporation Taxes Act 1988 is up to date with all changes known to be in force on or before 02 December 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
PART II PROVISIONS RELATING TO THE SCHEDULE A CHARGE
PART III GOVERNMENT SECURITIES
Government securities: interest payable without deduction of tax
50.United Kingdom securities: Treasury directions for payment without deduction of tax.
51. Treasury directions as respects Northern Ireland securities.
51A. Gilt-edged securities held under authorised arrangements.
51B. Periodic accounting for tax on interest on gilt-edged securities.
52. Taxation of interest on converted government securities and interest which becomes subject to deduction.
PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER V COMPUTATIONAL PROVISIONS
Contributions to local enterprise organisations or urban regeneration companies
76ZO.Hiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013
76A. Levies and repayments under the Financial Services and Markets Act 2000.
76B. Levies and repayments under the Financial Services and Markets Act 2000: investment companies.
79A. Contributions to training and enterprise councils and local enterprise companies.
84A. Costs of establishing share option or profit sharing schemes: relief.
85. Payments to trustees of approved profit sharing schemes.
85A. Costs of establishing employee share ownership trusts: relief.
86. Employees seconded to charities and educational establishments.
86A. Charitable donations: contributions to agent’s expenses.
87A.Section 87(2) and (3) and reductions in receipts under ITTOIA 2005
88B. Section 88A debts: restriction on deductions under section 74(j).
89.Debts proving to be irrecoverable after discontinuance etc
91BA. Waste disposal: entitlement of successor to allowances.
Treatment of regional development and other grants and debts released etc.
CHAPTER VI DISCONTINUANCE . . .
CHAPTER VIII MISCELLANEOUS AND SUPPLEMENTAL
119. Rent etc. payable in connection with mines, quarries and similar concerns.
120. Rent etc. payable in respect of electric line wayleaves.
125.Annual payments for dividends or non-taxable consideration
126A. Charge to tax on appropriation of securities and bonds.
127A. Futures and options: transactions with guaranteed returns.
128. Commodity and financial futures etc.: losses and gains.
PART V PROVISIONS RELATING TO THE SCHEDULE E CHARGE
CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION
CHAPTER II EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS
CHAPTER III PROFIT-RELATED PAY
CHAPTER IV OTHER EXEMPTIONS AND RELIEFS
Foreign emoluments and earnings, pensions and certain travel facilities
Other expenses, subscriptions etc.
199. Expenses necessarily incurred and defrayed from official emoluments.
200ZA. Expenses of members of Scottish Parliament, National Assembly for Wales or Northern Ireland Assembly.
200AA. Incidental benefits for holders of certain offices etc.
200F. Section 200E: exclusion of expenditure not directly related to training.
200G. Section 200E: exclusion of expenditure if contributions not generally available to staff.
200H. Section 200E: exclusion of expenditure otherwise relieved.
201. Fees and subscriptions to professional bodies, learned societies etc.
CHAPTER V ASSESSMENT, COLLECTION, RECOVERY AND APPEALS
PART VI COMPANY DISTRIBUTIONS, TAX CREDITS ETC
CHAPTER II MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
CHAPTER III MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
231. Tax credits for certain recipients of qualifying distributions.
231A. Restrictions on the use of tax credits by pension funds.
231AA. No tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement.
231AB. No tax credit for original owner under repurchase agreement in respect of certain manufactured dividends.
231B. Consequences of certain arrangements to pass on the value of a tax credit.
233. Taxation of certain recipients of distributions and in respect of non-qualifying distributions.
234A. Information relating to distributions: further provisions.
CHAPTER V ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME
240. Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax.
241. Calculation of ACT where company receives franked investment income.
242. Set-off of losses etc. against surplus of franked investment income.
244. Further provisions relating to claims under section 242 or 243.
245. Calculation etc. of ACT on change of ownership of company.
245A. Restriction on application of section 240 in certain circumstances.
245B. Restriction on set-off where asset transferred after change in ownership of company.
246. Charge of ACT at previous rate until new rate fixed, and changes of rate.
Chapter VA Foreign Income Dividends
CHAPTER VI MISCELLANEOUS AND SUPPLEMENTAL
PART VII GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
257AB.Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)
257BA. Elections as to transfer of relief under section 257A or 257AB.
257BB. Transfer of relief under section 257A where relief exceeds income or 257AB.
257C. Indexation of amounts in sections 256B, 257, 257A and 257AB.
261A. Additional relief in respect of children for year of separation.
CHAPTER II TAXATION OF INCOME OF SPOUSES AND CIVIL PARTNERS
CHAPTER III ENTERPRISE INVESTMENT SCHEME
290A. Restriction of relief where amounts raised exceed permitted maximum.
291B. Connected persons: persons interested in capital etc. of company.
295. Valuation of interests in land for purposes of section 294(1)(b).
296. Section 294 disapplied where amounts raised total £50,000 or less.
301A. Receipts of insignificant value: supplementary provision
303AA. Insignificant repayments disregarded for purposes of s.303(1)
303A. Restriction on withdrawal of relief under section 303.
313. Taxation of consideration for certain restrictive undertakings.
318. Other pensions in respect of death due to war service etc.
326D. Tax-exempt special savings accounts: tax representatives.
329AA. Personal injury damages in the form of periodical payments.
329AB. Compensation for personal injury under statutory or other schemes.
333B. Involvement of insurance companies with plans and accounts.
PART VIII TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
PART IX ANNUAL PAYMENTS AND INTEREST
348. Payments out of profits or gains brought into charge to income tax: deduction of tax.
349. Payments not out of profits or gains brought into charge to income tax, and annual interest.
349ZA.Extension of section 349: proceeds of sale of UK patent rights
349A. Exceptions to section 349 for payments between companies etc
349D. Section 349A(1): consequences of reasonable but incorrect belief
349E. Deductions under section 349(1): payment of royalties overseas
PART X LOSS RELIEF AND GROUP RELIEF
CHAPTER I LOSS RELIEF: INCOME TAX
Losses from UK property business or overseas property business
381. Further relief for individuals for losses in early years of trade.
384A. Restriction of set-off of allowances against general income
387. Carry-forward as losses of amounts taxed under section 350.
389. Supplementary provisions relating to carry-back of terminal losses.
390. Treatment of interest as a loss for purposes of carry-forward and carry-back.
402. Surrender of relief between members of groups and consortia.
403. Losses etc. which may be surrendered by way of group relief.
403ZB. Amounts eligible for group relief: excess capital allowances.
403ZC. Amounts eligible for group relief: non-trading deficit on loan relationships.
403D.Relief for or in respect of UK losses of non-resident companies
403F.Relief in respect of overseas losses of non-resident companies
404. Limitation of group relief in relation to certain dual resident companies.
405. Claims relating to losses etc. of members of both group and consortium.
406. Claims relating to losses etc. of consortium company or group member.
410. Arrangements for transfer of company to another group or consortium.
411ZA.No relief where deduction of relevant return under alternative finance arrangements disallowed
PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
431H.Company carrying on life assurance business and other insurance business
432YA.PHI business other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook
432AB. Losses from UK property business or overseas property business.
432CA.Apportionment of asset value increase where line 51 amount decreases
432D. Section 432B apportionment: value of non-participating funds.
Miscellaneous provisions relating to life assurance business
434AZA.Reduced loss relief for additions to non-profit funds
434AZB.Additions to non-profit funds: amount of loss reduction
435. Taxation of gains reserved for policy holders and annuitants.
436B.Gains referable to gross roll-up business not to be chargeable gains
438A.Pension business: payments on account of tax credits and deducted tax.
438C. Determination of policy holders’ share for purposes of s.438B
439B. Life reinsurance business: separate charge on profits.
440B. Modifications where tax charged under section 35 of CTA 2009.
444AZA.Transfers of life assurance business: gross roll-up business losses of the transferor
444AZB.Transfers of life assurance business: trade losses of the transferor
444ABBA.Transfers of business: election for transferee to pay tax of transferor
444ABC.Transfer scheme transferring part of business: transferor
444ACZA.Transfer schemes transferring part of business: reduction in income of transferee
444ACA.Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc
444AD.Transfers of business: modification of s.83(2B) FA 1989
444AECA.Parts of transfer scheme arrangements: anti-avoidance rule
444AECB.Parts of transfer scheme arrangements: life assurance trade profits advantage transferor
444AECC.Parts of transfer scheme arrangements: life assurance trade profits advantage transferee
Provisions applying in relation to overseas life insurance companies
Provisions applying only to overseas life insurance companies
CHAPTER II FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
460. Exemption from tax in respect of life or endowment business.
461A.Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
461B. Taxation in respect of other business: incorporated friendly societies etc.
461C. Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society.
463.Long-term business: application of the Corporation Tax Acts.
465A.Assets of branch of registered friendly society to be treated as assets of society after incorporation.
CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
Dealers in securities, banks and insurance businesses
471. Exchange of securities in connection with conversion operations, nationalisation etc.
472. Distribution of securities issued in connection with nationalisation etc.
472A.Trading profits etc. from securities: taxation of amounts taken to reserves
473. Conversion etc. of securities held as circulating capital.
475. Tax-free Treasury securities: exclusion of interest on borrowed money.
CHAPTER IV BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS
477. Investments becoming or ceasing to be relevant building society investments.
477B. Building societies: incidental costs of issuing qualifying shares.
480. Deposits becoming or ceasing to be composite rate deposits.
480A. Relevant deposits: deduction of tax from interest payments.
483. Determination of reduced rate for building societies and composite rate for banks etc.
486. Industrial and provident societies and co-operative associations.
490. Companies carrying on a mutual business or not carrying on a business.
491. Distribution of assets of body corporate carrying on mutual business.
PETROLEUM EXTRACTION ACTIVITIES
492. Treatment of oil extraction activities etc. for tax purposes.
493. Valuation of oil disposed of or appropriated in certain circumstances.
494A. Computation of amount available for surrender by way of group relief.
497. Restriction on setting ACT against income from oil extraction activities etc.
499. Surrender of ACT where oil extraction company etc. owned by a consortium.
500. Deduction of PRT in computing income for corporation tax purposes.
501B. Assessment, recovery and postponement of supplementary charge
Chapter 5A Special rules for long funding leases of plant or machinery: corporation tax
Lessors under long funding finance or operating leases: avoidance etc
CHAPTER VI MISCELLANEOUS BUSINESSES AND BODIES
503. Letting of furnished holiday accommodation treated as a trade for certain corporation tax purposes.
504A.Letting of furnished holiday accommodation treated as trade for certain income tax purposes
507. The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum.
508A.Contemplative religious communities: profits exempt from corporation tax
508B.Contemplative religious communities: gains exempt from corporation tax
509. Reserves of marketing boards and certain other statutory bodies.
511. The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council.
512. Atomic Energy Authority and National Radiological Protection Board.
513. British Airways Board and National Freight Corporation.
516. Government securities held by non-resident central banks.
517. Issue departments of the Reserve Bank of India and the State Bank of Pakistan.
PART XIII MISCELLANEOUS SPECIAL PROVISIONS
CHAPTER II LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
539ZA.Application of this Chapter etc. to policies and contracts in which persons other than companies are interested
544. Second and subsequent assignment of life policies and contracts.
546. Calculation of certain amounts for purposes of sections 540, 542 and 545.
546A. Treatment of certain assignments etc involving co-ownership
546B. Special provision in respect of certain section 546 excesses
546C. Charging the section 546 excess to tax where section 546B applies
546D. Modifications of s.546C for final year ending with terminal chargeable event
548A.Effect of rebated or reinvested commission in certain cases
553. Non-resident policies and off-shore capital redemption policies.
553B. Overseas life assurance business: capital redemption policies.
554. Borrowings on life policies to be treated as income in certain cases.
580A. Relief from tax on annual payments under certain insurance policies.
580B. Meaning of “self-contained” for the purposes of s.580A.
580C.Relief from tax on annual payments under immediate needs annuities
581. Borrowing in foreign currency by local authorities and statutory corporations.
582. Funding bonds issued in respect of interest on certain debts.
582A. Designated international organisations: miscellaneous exemptions.
587. Disallowance of certain payments in respect of war injuries to employees.
587B.Gifts of shares, securities and real property to charities etc
PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
CHAPTER I RETIREMENT BENEFIT SCHEMES
CHAPTER II OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS
CHAPTER IV PERSONAL PENSION SCHEMES
641A. Election for contributions to be treated as paid in previous year.
643. Employer’s contributions and personal pension income etc.
646B. Presumption of same level of relevant earnings etc for 5 years.
646D. Higher level contributions after cessation of actual relevant earnings: modification of section 646B.
Chapter IA Liability of settlor
CHAPTER 1B PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR
674. Settlements: discretionary power for benefit of settlor etc.
674A. Other settlements where settlor retains interest in settled property.
676. Disallowance of deduction from total income of certain sums paid by settlor.
679. Application of Chapter III to settlements by two or more settlors.
680. Power to obtain information for purposes of Chapter III.
CHAPTER 1C LIABILITY OF TRUSTEES
685C.Transfer between settlements: identification of settlor
685D.Variation of will or intestacy, etc: identification of settlor
686.Accumulation and discretionary trusts: special rates of tax.
686A. Receipts to be treated as income to which section 686 applies
686B.Share incentive plans: distributions in respect of unappropriated shares
686D.Special trust rates not to apply to first slice of trust income
686E.Application of section 686D where settlor has made more than one settlement
689. Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries.
PART XVI ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION
CHAPTER I CANCELLATION OF CORPORATION TAX ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES
CHAPTER II TRANSFERS OF SECURITIES
Transfers with or without accrued interest: charge to tax and reliefs
Transfers with or without accrued interest: supplemental
Miscellaneous provisions relating to securities
736. Company dealing in securities: distribution materially reducing value of holding.
736B. Deemed manufactured payments in the case of stock lending arrangements.
736C.Deemed interest: cash collateral under stock lending arrangements
736D.Quasi-stock lending arrangements and quasi-cash collateral
737A. Sale and repurchase of securities: deemed manufactured payments.
CHAPTER III TRANSFER OF ASSETS ABROAD
741.Exemption from sections 739 and 740 (transactions before 5th December 2005)
741A.Exemption from sections 739 and 740 (transactions on or after 5th December 2005)
741C.Cases where there are both old transactions and new transactions
741D.Section 739: just and reasonable apportionment in certain cases
CHAPTER IV CONTROLLED FOREIGN COMPANIES
747. Imputation of chargeable profits and creditable tax of controlled foreign companies
748A.Territorial exclusions from exemption under section 748
749A. Elections and designations under section 749: supplementary provisions.
750A. Deemed lower level of taxation: designer rate tax provisions.
751A.Reduction in chargeable profits for certain activities of EEA business establishments
751AA.Reduction in chargeable profits for certain financing income
751AB.Reduction in chargeable profits: failure to qualify for exemptions
751AC.Reduction in chargeable profits following an exempt period
752B. Section 752(3): the percentage of shares which a relevant interest represents.
754A. Returns where it is not established whether acceptable distribution policy applies.
755A. Treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business.
755B. Amendment of return where general insurance business of foreign company accounted for on non-annual basis.
755C. Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.
Treatment of funds comprising more than one class of interest
Charge to tax of offshore income gains
761. Charge to income tax or corporation tax of offshore income gain.
762. Offshore income gains accruing to persons resident or domiciled abroad.
762ZA.Offshore income gains: application of transfer of assets abroad provisions
762ZB.Income treated as arising under section 761(1): remittance basis
763. Deduction of offshore income gain in determining capital gain.
Change in ownership of company
767AA. Change in company ownership: postponed corporation tax.
768. Change in ownership of company: disallowance of trading losses.
768A.Change in ownership: disallowance of carry back of trading losses.
768B.Change in ownership of company with investment business: deductions generally
768D. Change in ownership of company carrying on property business.
768E. Change in ownership of company with unused non-trading loss on intangible fixed assets
Factoring of income receipts etc
774A.Meaning of “structured finance arrangement” for purposes of s.774B
774B.Disregard of intended effects of arrangement involving disposals of assets
774C.Meaning of “structured finance arrangement” for purposes of s.774D
774D.Disregard of intended effects of arrangement involving change in relation to a partnership
774F.Sections 774B and 774D: power to provide further exceptions
775. Sale by individual of income derived from his personal activities.
780. Sale and leaseback: taxation of consideration received.
785. Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.
785B.Plant and machinery leases: capital receipts to be treated as income
785D.Section 785B: lease of plant and machinery and other property
785E.Section 785B: expectation that relevant capital payment will not be paid
PART XVIII DOUBLE TAXATION RELIEF
CHAPTER II RULES GOVERNING RELIEF BY WAY OF CREDIT
804. Relief against income tax in respect of income arising in years of commencement.
804A.Life assurance companies with overseas branches etc: restriction of credit.
804B. Insurance companies carrying on more than one category of business: restriction of credit.
804C. Insurance companies: allocation of expenses etc in computations under section 35 of CTA 2009.
804D. Interpretation of section 804C in relation to life assurance business etc.
804E. Interpretation of section 804C in relation to other insurance business.
804G.Reduction in credit: payment by reference to foreign tax
Foreign dividends: onshore pooling and utilisation of eligible unrelieved foreign tax
806A. Eligible unrelieved foreign tax on dividends: introductory.
806E. Rules for carry back of relievable tax under section 806D.
806F. Credit to be given for underlying tax before other foreign tax etc.
806H. Surrender of relievable tax by one company in a group to another.
806J. Interpretation of foreign dividend provisions of this Chapter.
Unrelieved foreign tax: profits of overseas branch or agency
CHAPTER III MISCELLANEOUS PROVISIONS
807A. Disposals and acquisitions of company loan relationships with or without interest.
Transparent entities involved in cross-border transfers and mergers
808. Restriction on deduction of interest or dividends from trading income.
810. Postponement of capital allowances to secure double taxation relief.
812. Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
815AA. Mutual agreement procedure and presentation of cases under arrangements.
817. Deductions not to be allowed in computing profits or gains.
818. Arrangements for payments of interest less tax or of fixed net amount.
821. Under-deductions from payments made before passing of annual Act.
822. Over-deductions from interest on loan capital etc. made before passing of annual Act.
826A. Interest on payments in respect of corporation tax and meaning of “the material date".
827A.Territorial scope of charges under certain provisions to which section 836B applies
828. Orders and regulations made by the Treasury or the Board.
829. Application of Income Tax Acts to public departments and avoidance of exempting provisions.
SCHEDULES
Determination of profits attributable to permanent establishment: supplementary provisions
Corporation tax: the non-corporate distribution rate: supplementary provisions
PART II PUBLIC REVENUE DIVIDENDS PAYABLE BY PUBLIC OFFICES AND DEPARTMENTS
PART III OTHER PUBLIC REVENUE DIVIDENDS, FOREIGN DIVIDENDS AND PROCEEDS OF COUPONS
6.(1) The following persons are chargeable persons for the purposes...
6A.(1) On the fourteenth day following the month in which...
6B.Any tax due under paragraph 6A above shall carry interest,...
6D.(1) Any income tax which has become due under paragraph...
7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.In this Part of this Schedule— “dividends” includes foreign dividends,...
PART IV INTEREST PAYABLE OUT OF THE PUBLIC REVENUE OF THE REPUBLIC OF IRELAND ETC.
CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS
Stock lending: interest on cash collateral
11.The scheme must contain provisions by reference to which the...
12.Except where the scheme is a replacement scheme (within the...
13A.(1) Where a scheme includes provision by virtue of paragraph...
14A.(1) Where a scheme includes provision to give effect to...
15.If the scheme is a replacement scheme (within the meaning...
APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
PART III REQUIREMENTS APPLICABLE TO SAVINGS-RELATED SHARE OPTION SCHEMES
PART IV REQUIREMENTS APPLICABLE TO OTHER SHARE OPTION SCHEMES
PART V REQUIREMENTS APPLICABLE TO PROFIT SHARING SCHEMES
30.(1) The scheme must provide for the establishment of a...
31.The trust instrument shall provide that, as soon as practicable...
32.(1) The trust instrument must contain a provision prohibiting the...
33.The trust instrument must contain a provision requiring the trustees—...
34.The trust instrument must impose an obligation on the trustees—...
35.(1) An individual shall not be eligible to have shares...
36.(1) Subject to paragraphs 8 and 35 above, every person...
PART VI MATERIAL INTEREST TEST
FURTHER PROVISIONS RELATING TO PROFIT SHARING SCHEMES
Ordinary commuting and private travel
Receipt of franked investment income after payment of advance corporation tax
Receipt of foreign income dividends after payment of advance corporation tax
Claims for set-off in respect of franked investment income received by a company
Claims for set-off in respect of foreign income dividends received by a company
Qualifying distributions which are not payments and payments of uncertain nature
Qualifying distribution made otherwise than in an accounting period
Surrenders of advance corporation tax
Child living with more than one adult: married and unmarried couples
7.(1) The Treasury may authorise a society or institution under...
8.(1) Where an authorisation has been given under section 326(7)...
9.(1) Where an authorisation has been given under section 326(7)...
10.(1) Where an authorisation has been given under section 326(8)...
11.(1) Where an authorisation has been given under section 326(8)...
12.(1) If the Treasury act as regards an authorisation under...
Venture Capital Trusts: Relief from Income Tax
1A.(1) This paragraph applies to a right to dividends carried...
2.(1) Subject to the following provisions of this Schedule, for...
3.(1) Subject to the following provisions of this Schedule, for...
4.(1) This paragraph applies if any of the equity holders—...
5F.(1) This paragraph has effect, in the cases specified in...
6.For the purposes of sections 403C and 413(7) and paragraphs...
7.(1) In this Schedule “the relevant accounting period” means (subject...
Part 1 Meaning of conditions for the purposes of section 403F
Part 2 Application of UK rules to non-resident company
Part 2 MODIFICATIONS OF THIS ACT
2.This Act shall have effect with the following modifications.
Modification of section 76 (expenses of insurance companies)
Modification of section 431 (interpretative provisions relating to insurance companies)
Modification of section 432B (apportionment of receipts brought into account)
Modification of section 432E (section 432B apportionment: participating funds)
Modification of section 432F (section 432B apportionment: supplementary provisions)
Modification of section 444AA (transfers of business: deemed periodic return)
Modification of section 444ABA (relevant non-transferred assets)
Modification of section 444ABD (transferor's period of account including transfer)
Modification of section 444AC (transfer schemes: reduction of income of transferee)
Modification of section 444AE (transfers of business: FAFTS)
Modification of section 444AEA (transfer schemes: anti-avoidance rule)
Part 3 MODIFICATION OF THE FINANCE ACT 1989
Modification of section 82B (unappropriated surplus on valuation)
Modification of section 83 (receipts to be taken into account)
Modification of section 83YA (changes in value of assets brought into account: non-profit companies)
Modification of section 83YB (meaning of “appropriate line 51” amount for purposes of section 83YA)
Modification of section 83YC to 83YF (financing-arrangement-funded transfers)
Modification of section 83A (meaning of brought into account)
Modification of section 85A (excess adjusted life assurance trade profits)
Modification of section 86 (spreading of relief for acquisition expenses)
Modification of section 89 (policy holders' share of profits)
Part 4 Modification of Part 2 of TIOPA 2010 (double taxation relief)
1.In its application to an overseas life insurance company this...
3.(1) In subsection (2) of section 11, the following paragraphs...
4.(1) The following sections shall be treated as inserted after...
4A.(1) In section 12(7A), the reference to an insurance business...
5.After subsection (3) of section 76 there shall be treated...
5ZA.After subsection (11) there shall be treated as inserted the...
5A.(1) Where an overseas life insurance company receives a qualifying...
5B.(1) An overseas life insurance company may, on making a...
5C.(1) This paragraph applies to income from the investments of...
6.(1) In subsection (2) of section 431, the following definition...
6A.In section 431D(1), the words “carried on through a branch...
9.(1) In section 434, the following subsections shall be treated...
9A.In section 434A(1)— (a) the words “UK distribution income” shall...
9B.The following section shall be treated as inserted after section...
9C.In its application to an overseas life insurance company section...
10.(1) In section 438, the following subsection shall be treated...
10A.In section 439B the following subsection shall be treated as...
10AA.In section 440(2)(a), the reference to an insurance business transfer...
10B.(1) Where the company mentioned in section 440(1) is an...
10C.(1) In section 440B the following subsection shall be treated...
11.(1) In section 440A(2), in paragraph (a) the words “UK...
11A.(1) In section 441A, the following subsection shall be treated...
11B.In section 442A the following subsection shall be treated as...
11C.In sections 444A(1) and 460(10A), the references to an insurance...
12.(1) In paragraph A of section 704, in sub-paragraph (e)...
13.(1) In subsection (2) of section 794, the following shall...
14.(1) In subsection (1) of section 811, the words “subsections...
14A.(1) In Schedule 19AA, paragraph 5(5)(c) (and the reference to...
UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX
Petroleum extraction activities: exploration expenditure supplement
1.Investments specified in any of the following paragraphs of this...
2.Any investment falling within Part I, Part II, apart from...
3.Any investment in a common investment fund established under section...
3A.Any investment in a common deposit fund established under section...
5.Shares in, or securities of, a company which are listed...
6.Units, or other shares of the investments subject to the...
7A.Uncertificated eligible debt security units as defined in section 552(2)...
PART III ATTRIBUTION OF EXCESS NON-QUALIFYING EXPENDITURE TO EARLIER CHARGEABLE PERIODS
TAX RELIEF IN CONNECTION WITH SCHEMES FOR RATIONALIZING INDUSTRY AND OTHER REDUNDANCY SCHEMES
1.(1) The Board may make regulations providing for this Schedule...
3.(1) Subject to paragraph 4(4) below, where a valuation produced...
4.(1) Where a valuation has been produced under paragraph 2...
5.(1) Where particulars have been furnished under paragraph 4 above,...
6.(1) Where proposals are submitted to the Board under paragraph...
7.(1) Where this paragraph applies the Board may specify a...
7A.(1) This paragraph applies if a calculation falls to be...
8.(1) The Board may make regulations providing that an appeal...
14.(1) This paragraph applies where— (a) by virtue of section...
15.Where the accounting period mentioned in section 139(1) of the...
16.(1) This paragraph applies where the last relevant accounting period...
17.Where by virtue of section 747A the company’s chargeable profits...
18.(1) This paragraph applies where the accounting period mentioned in...
19.(1) This paragraph applies where— (a) Chapter II of Part...
Cases where section 747(3) does not apply
PART I ACCEPTABLE DISTRIBUTION POLICY
1.The provisions of this Part of this Schedule have effect...
2.(1) Subject to paragraph 2A below, a controlled foreign company...
2A.(1) Paragraph 2 above shall have effect in accordance with...
2B.(1) This paragraph has effect for the purposes of paragraph...
3.(1) Subject to sub-paragraphs (2) and (5) below, for the...
4A.(1) This paragraph has effect for the purposes of paragraph...
6.(1) Throughout an accounting period a controlled foreign company is...
7.(1) For the purposes of paragraph 6(1)(a) above, a “business...
8.(1) Subject to sub-paragraph (4) below, the condition in paragraph...
9.(1) Subject to sub-paragraph (3) below, for the purposes of...
10.Goods which are actually delivered into the territory in which...
11.(1) For the purposes of paragraph 6(2)(b) above, each of...
11A.(1) This paragraph has effect for the interpretation of paragraph...
12.(1) Subject to sub-paragraph (2) below, in paragraphs 6 and...
Part 2A Trading Companies with Limited UK Connection
Part 2B Companies Exploiting Intellectual Property with Limited UK Connection
PART IV REDUCTIONS IN UNITED KINGDOM TAX AND DIVERSION OF PROFITS
RELIEFS AGAINST LIABILITY FOR TAX IN RESPECT OF CHARGEABLE PROFITS
Change in ownership of company with investment business: deductions
Provision in relation to securities: determination of arm’s length provision
Principles for construing rules in accordance with OECD principles
Participation in the management, control or capital of a person
Persons acting together in relation to financing arrangements
Meaning of “qualifying territory” and “non-qualifying territory”
Application of paragraph 6 in relation to transfers of trading stock etc
Compensating adjustment where advantaged person is a controlled foreign company
Compensating adjustment for guarantor company etc where paragraph 1B applies
Balancing payments between affected persons: no charge to, or relief from, tax
Securities: election to discharge tax liability instead of making balancing payments
Balancing payments by guarantor to issuer: no charge to, or relief from, tax
Guarantees: election to discharge tax liability instead of making balancing payments
Special provision for companies carrying on ring fence trades
Saving for the provisions relating to capital allowances and capital gains
Section 804ZA: prescribed schemes and arrangements
Venture Capital Trusts: Meaning of “qualifying holdings”
Requirements as to the money raised by the investment in question
Requirement imposing a maximum on qualifying investments in the relevant company
Requirements as to the subsidiaries etc. of the relevant company
Requirement that securities should not relate to a guaranteed loan
Requirement that a proportion of the holding in each company must be eligible shares
THE FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 c.31 (N.I.)
CAPITAL GAINS TAX ACT 1979 c.14
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LAW REFORM (MISCELLANEOUS PROVISIONS) (SCOTLAND) ACT 1985 c.73
TRANSLATION OF REFERENCES TO ENACTMENTS REPEALED AND RE-ENACTED
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