Finance Act 2000
Part I
Excise duties
Alcoholic liquor duties
1
Rate of duty on beer.
2
Rates of duty on cider.
3
Rates of duty on wine and made-wine.
Hydrocarbon oil duties
4
Rates of duty and rebate on hydrocarbon oil.
5
Ultra low sulphur petrol.
6
Mixing of rebated light oils.
7
Power to amend definitions of types of hydrocarbon oil.
8
Penalties for misuse of rebated heavy oil.
9
Use of rebated heavy oil as fuel.
10
Rebates, marking and reliefs.
11
Emulsions of water in gas oil.
Tobacco products duty
12
Rates of tobacco products duty.
13
Basis of calculation of ad valorem element of duty on cigarettes.
14
Fiscal marks on tobacco products.
15
Management of excise duty on tobacco products.
Gaming duty
16
Rates of gaming duty.
Amusement machine licence duty
17
Amusement machine licence duty.
Air passenger duty
18
Rates of duty.
19
Changes in exemption from duty.
Vehicle excise duty
20
Threshold for reduced general rate.
21
Increase in general rate.
22
Rates of duty for new cars and vans.
23
Enforcement provisions for graduated rates.
24
Rates of duty for goods vehicles.
Enforcement of duties
25
Power to search premises.
26
Power to search articles.
27
Security for customs and excise duties.
28
Civil penalties for breach of excise duty requirements.
29
Correction of reference.
Part II
Climate change levy
30
Climate change levy.
Part III
Income Tax, Corporation Tax and Capital Gains Tax
Chapter I
Charge and rates
Income tax
31
Charge and rates for 2000-01.
32
Extension of starting rate to savings income of individuals.
33
Deduction of income tax from foreign dividends.
34
Children’s tax credit.
Corporation tax
35
Charge and main rate for financial year 2001.
36
Small companies’ rate for financial year 2000.
Capital gains tax
37
Application of starting rate to capital gains tax.
Chapter II
Other provisions
Giving to charity
38
Payroll deduction scheme.
39
Gift aid payments by individuals.
40
Gift aid payments by companies.
41
Covenanted payments to charities.
42
Millennium gift aid.
43
Gifts of shares and securities to charities etc.
44
Gifts to charity from certain trusts.
45
Loans to charities.
46
Exemption for small trades etc.
Employee share ownership
47
Employee share ownership plans.
48
Relief for transfers to employee share ownership plans.
49
Phasing out of approved profit sharing schemes.
50
Phasing out of relief for payments to trustees of profit sharing schemes.
51
Approved profit sharing scheme: other awards of shares.
52
Approved profit sharing schemes: restriction on type of shares.
53
Approved profit sharing schemes: loan arrangements.
54
Employee share ownership trusts.
55
Shares transferred from employee share ownership trust.
56
Further provisions about share options.
Other provisions about employment
57
Benefits in kind: deregulatory amendments.
58
Education and Training.
59
Cars available for private use.
60
Provision of services through intermediary.
Pension schemes
61
Occupational and personal pension schemes.
Enterprise incentives
62
Enterprise management incentives.
63
Corporate venturing scheme.
64
Enterprise investment scheme: amendments.
65
Venture capital trusts: amendments.
66
Taper relief: taper for business assets.
67
Taper relief: assets qualifying as business assets.
Research and development
68
Meaning of “research and development".
69
Tax relief for expenditure on research and development.
Capital allowances
70
First year allowances for small or medium-sized enterprises.
71
First year allowances for ICT expenditure by small enterprises.
72
Expenditure of a small enterprise.
73
Repeal of notification requirements.
74
Pool for certain leased assets and inexpensive cars.
75
Machinery and plant allowances for non-residents etc.
76
Production animals.
77
Sale and leaseback.
78
Meaning of “fixture".
79
Leased assets under the Affordable Warmth Programme.
80
Fixtures and machinery and plant on hire-purchase etc.
81
Production sharing contracts.
Tonnage tax
82
Tonnage tax.
Other relieving provisions
83
Relief for interest on loans to buy annuities.
84
Exemption of payments under New Deal 50plus.
85
Exemption of payments under Employment Zones programme.
86
Loan where return bears inverse relationship to results.
87
Tax treatment of acquisition, disposal or revaluation of certain rights.
88
Contributions to local enterprise agencies, etc.
89
Waste disposal: entitlement of successor to allowances.
Capital gains tax: gifts and trusts
90
Restriction of gifts relief.
91
Disposal of interest in settled property: deemed disposal of underlying assets.
92
Transfers of value by trustees linked with trustee borrowing.
93
Restriction on set-off of trust losses.
94
Attribution to trustees of gains of non-resident companies.
95
Disposal of interest in non-resident settlement.
96
Payments by trustees to non-resident companies.
Groups and group relief
97
Group relief for non-resident companies etc.
98
Recovery of tax payable by non-resident company.
99
Joint arrangements for claims.
100
Limit on amount of group relief in case of consortium claim.
101
Civil penalties: incorrect certificates
102
Chargeable gains: non-resident companies and groups etc.
International matters
103
Double taxation relief.
104
Controlled foreign companies.
105
Corporation tax: use of currencies other than sterling.
106
Foreign exchange gains and losses: use of local currency.
Insurance
107
General insurance reserves.
108
Overseas life assurance business.
109
Insurance business: apportionment rules.
Miscellaneous
110
Rent factoring.
111
Payments under deduction of tax.
112
UK public revenue dividends: deduction of tax.
113
Tax treatment of expenditure on production or acquisition of films.
Part IV
Stamp duty and Stamp duty reserve tax
Stamp duty
114
Rates: conveyance or transfer on sale.
115
Rates: duty on lease chargeable by reference to rent.
116
Rate of duty on seven year leases.
117
Power to vary stamp duties.
118
Land transferred etc for other property.
119
Transfer of land to connected company.
120
Exceptions from section 119.
121
Grant of lease to connected company.
122
Marketable securities transferred etc for exempt property.
123
Transfer of property between associated companies: Great Britain.
124
Transfer of property between associated companies: Northern Ireland.
125
Grant of leases etc between associated companies.
126
Future issues of stock.
127
Company acquisition reliefs: redeemable shares.
128
Surrender of leases.
129
Abolition of duty on instruments relating to intellectual property.
130
Transfers to registered social landlords etc.
131
Relief for certain instruments executed before this Act has effect.
132
The Northern Ireland Assembly Commission.
Stamp duty and Stamp duty reserve tax
133
Loan capital where return bears inverse relationship to results.
134
Transfers between depositary receipt systems and clearance systems.
Part V
Other taxes
Value added tax
135
Supplies to which reduced rate applies.
136
Disposals of assets for which a VAT repayment is claimed.
137
Gold: penalty for failure to comply with record-keeping requirements etc.
Inheritance tax
138
Treatment of employee share ownership trusts.
Petroleum revenue tax
139
Operating expenditure incurred while safeguard relief applies.
Landfill tax
140
Rate.
141
Disposals which are not taxable.
142
Secondary liability.
Part VI
Miscellaneous and supplementary provisions
Incentives for electronic communications
143
Power to provide incentives to use electronic communications.
Compliance
144
Offence of fraudulent evasion of income tax
145
Information about interest etc paid, credited or received.
146
International exchange of information: general.
147
International exchange of information: inheritance tax.
148
Use of minimum wage information.
149
Orders for the delivery of documents.
150
Search warrants: miscellaneous amendments.
Provisions relating to government finance
151
Debt Management Account.
152
National Savings Bank.
153
National savings certificates.
154
Exchange Equalisation Account.
Supplementary provisions
155
Interpretation.
156
Repeals.
157
Short title.
SCHEDULES
SCHEDULE 1
Mixing of rebated light oils
Converting unleaded petrol into leaded petrol
1
(1) In paragraph 1(1) of Schedule 2A to the Hydrocarbon...
Converting unleaded petrol into higher octane unleaded petrol
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mixing different kinds of unleaded petrol
3
(1) After paragraph 2 of that Schedule insert— Mixing different...
Interpretation
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 2
Amusement machine licence duty
Introduction
1
The Betting and Gaming Duties Act 1981 is amended as...
Exceptions from requirement to be licensed
2
In section 21(3A) (types of amusement machine excepted from requirement...
Amusement machine licence duty
3
(1) In section 22(2) (definition of small-prize machines)—
Amount of duty
4
(1) In section 23(2) (amount of duty)—
Meaning of amusement machine
5
(1) In section 25 (meaning of amusement machine), in paragraph...
Supplementary provisions
6
In section 26(2) (definitions), after the definition of “five-penny machine"...
Paragraphs 2 to 6: commencement
7
(1) Paragraphs 2 to 4, 5(2) and 6 shall have...
Seasonal licences: duration
8
(1) Amend paragraph 4 of Schedule 4 as follows.
Unlicensed amusement machines: duty chargeable
9
After section 24 insert— Unlicensed machines: duty chargeable. Schedule 4A to this Act (which provides for the recovery...
10
(1) After Schedule 4 insert— Schedule 4A Unlicensed amusement machines...
SCHEDULE 3
Vehicle excise duty on new cars and vans
After Part I of Schedule 1 to the Vehicle Excise...
SCHEDULE 4
Vehicle excise duty: enforcement provisions for graduated rates
Introduction
1
(1) This Schedule applies to vehicles in respect of which...
Particulars to be furnished on application for licence
2
(1) The Secretary of State may make provision by regulations...
Power to require evidence in support of application
3
The Secretary of State may make provision by regulations—
Powers exercisable where licence issued on basis of incorrect application
4
The powers conferred by paragraphs 5 to 11 below are...
Power to declare licence void
5
The Secretary of State may by notice sent by post...
Power to require payment of balance of duty
6
(1) The Secretary of State may by notice sent by...
Power to require delivery up of licence
7
The Secretary of State may in a notice under paragraph...
Power to require delivery up of licence and payment in respect of duty
8
(1) The Secretary of State may in a notice under...
Failure to deliver up licence
9
(1) A person who— (a) is required by notice under...
Failure to deliver up licence: additional liability
10
(1) Where a person has been convicted of an offence...
Meaning of the “relevant period"
11
References in this Schedule to the “relevant period" are to...
Construction and effect
12
(1) This Schedule and the Vehicle and Excise Registration Act...
SCHEDULE 5
Rates of vehicle excise duty on goods vehicles
1
Part VIII of Schedule 1 to the Vehicle Excise and...
2
For the Table in paragraph 9(1) (rigid goods vehicles not...
3
For the Table in paragraph 9B (rigid goods vehicles satisfying...
4
For the Table in paragraph 11(1) (tractive units not satisfying...
5
For the Table in paragraph 11B (tractive units satisfying reduced...
6
(1) In the following provisions— (a) in paragraph 11(1), after...
SCHEDULE 6
Climate change levy
Part I
The levy
Climate change levy
1
(1) A tax to be known as climate change levy...
Levy charged on taxable supplies
2
(1) The levy is charged on taxable supplies.
Meaning of “taxable commodity"
3
(1) The following are taxable commodities for the purposes of...
Part II
Taxable supplies
Introduction
4
(1) A supply of a taxable commodity (or part of...
Supplies of electricity
5
(1) Levy is chargeable on a supply of electricity if—...
Supplies of gas
6
(1) Levy is chargeable on a supply of any gas...
Other supplies made in course or furtherance of business
7
(1) This paragraph applies to a supply of a taxable...
Excluded supplies: supply for domestic or charity use
8
(1) A supply is excluded from the levy if it...
Excluded supplies: meaning of “for domestic use"
9
(1) For the purposes of paragraph 8 the following supplies...
Excluded supplies: supply before 1st April 2001
10
Any supply made before 1st April 2001 is excluded from...
Exemption: supply not for burning in the UK
11
(1) A supply of a taxable commodity to which this...
Exemption: Northern Ireland gas supplies
11A
A supply of gas is exempt from the levy if—...
Exemption: supply used in transport
12
(1) A supply of a taxable commodity is exempt from...
Exemption: mineralogical and metallurgical processes
12A
(1) A supply of a taxable commodity to a person...
Exemption: supplies to producers of commodities other than electricity
13
A supply of a taxable commodity to a person is...
13A
(1) The Commissioners may by regulations make provision amending paragraph...
Exemption: supplies (other than self-supplies) to electricity producers
14
(1) A supply of a taxable commodity to a person...
Exemption: supplies (other than self-supplies) to combined heat and power stations
15
(1) A supply of a taxable commodity to a person...
Exemption: supplies (other than self-supplies) of electricity from partly exempt combined heat and power stations
16
(1) This paragraph applies to a supply that—
Exemption: self-supplies by electricity producers
17
(1) This paragraph applies to a supply of electricity that...
Exemption: supply not used as fuel
18
(1) A supply of a taxable commodity is exempt from...
Exemption: supply for use in recycling processes
18A
(1) A supply of a taxable commodity is exempt from...
Exemption: electricity from renewable sources
19
(1) A supply of electricity is exempt from the levy...
Exemption under paragraph 19: averaging periods
20
(1) This paragraph applies where a person (“the supplier”) makes...
Exemption: electricity produced in combined heat and power stations
20A
(1) A supply of electricity is exempt from the levy...
Exemption under paragraph 20A: averaging periods
20B
(1) This paragraph applies where a person (“ the supplier...
Regulations to avoid double charges to levy
21
(1) The Commissioners may by regulations make provision for avoiding,...
Regulations giving effect to exemptions
22
(1) The Commissioners may by regulations make provision for giving...
Deemed supply: use of commodities by utilities and producers
23
(1) Where an electricity utility— (a) has electricity available to...
Deemed supply: change of circumstances etc
24
(1) This paragraph applies in the following cases.
Deemed taxable supply: commodities to be used in producing electricity
24A
(1) Sub-paragraph (2) applies if— (a) a quantity of a...
Deemed taxable supply: commodities to be used in combined heat and power station
24B
(1) Sub-paragraph (2) applies if— (a) a quantity of a...
24C
(1) This paragraph applies if— (a) a determination (“the initial...
Power to make regulations giving effect to paragraphs 24A to 24C etc
24D
(1) The Commissioners may by regulations make provision for giving...
Part III
Time of supply
Introduction
25
This Part of this Schedule applies to determine when a...
Electricity or gas: supply when climate change levy accounting document issued
26
(1) This paragraph applies— (a) to supplies of electricity, and...
Electricity or gas: duty to issue climate change levy accounting document
27
(1) This paragraph applies where on any day—
Electricity or gas: actual supply not followed by climate change levy accounting document
28
(1) This paragraph applies where on any day—
Electricity or gas: special utility schemes
29
(1) For the purposes of this Schedule a “special utility...
Other commodities: general rules for supply by UK residents
30
(1) This paragraph applies to supplies that are not of...
Other commodities: earlier invoice
31
(1) If before the time applicable under paragraph 30(2) the...
Other commodities: later invoice
32
(1) If within 14 days after the time applicable under...
Other commodities: supply by non-UK residents
33
(1) This paragraph applies to supplies that—
Other commodities: deemed supplies
34
(1) This paragraph applies to supplies that—
Other commodities: directions by Commissioners
35
(1) This paragraph applies to supplies that are not of...
Supplies invoiced or paid for before 1st April 2001
36
(1) This paragraph applies where— (a) the taxable commodities covered...
Supplies of electricity or gas spanning change of rate etc.
37
(1) This paragraph applies in the case of a supply...
Other supplies spanning change of rate etc.
38
(1) This paragraph applies where there is—
Deemed supplies under paragraph 24A, 24B, 24C or 42D
38A
(1) A deemed supply under paragraph 24A or 24B is...
Regulations as to time of supply
39
(1) The Commissioners may make provision by regulations as to...
Part IV
Payment and rate of levy
Persons liable to account for levy
40
(1) The person liable to account for the levy charged...
Returns and payment of levy
41
(1) The Commissioners may by regulations make provision—
Amount payable by way of levy
42
(1) The amount payable by way of levy on a...
42A
(1) This paragraph applies to a deemed supply under paragraph...
42B
(1) This paragraph applies for the purposes of paragraph 42A(2)...
42C
(1) Sub-paragraph (2) applies for the purposes of paragraph 42A(2)...
42D
(1) This paragraph applies if— (a) an amount is determined...
Half-rate for supplies to horticultural producers
43
(1) For the purposes of this Schedule a half-rate supply...
...(1) For the purposes of this Schedule, a taxable supply...
Supplies for use in scrap metal recycling and reduced-rate supplies: deemed supply
43B
(1) This paragraph applies where— (a) a taxable supply (“the...
Reduced-rate for supplies covered by climate change agreement
44
(1) For the purposes of this Schedule, a taxable supply...
Reduced-rate supplies: variation of certificates under paragraph 44
45
(1) This paragraph applies where the Administrator, after having given...
Reduced-rate supplies: deemed supply
45A
(1) This paragraph applies where— (a) a taxable supply has...
Removal of reduced rate where targets set by climate change agreement not met
45B
(1) This paragraph applies where, by virtue of such a...
Climate change agreements
46
In this Schedule “climate change agreement” means—
Climate change agreements: direct agreement ...
47
(1) An agreement (including one entered into before the passing...
Climate change agreement: combination of umbrella and underlying agreements
48
(1) A combination of agreements falls within this paragraph if...
Climate change agreement: supplemental provisions
49
(1) The first certification period specified by a climate change...
Facilities to which climate change agreements can apply
50
(1) This paragraph applies where, in connection with concluding or...
Energy-intensive installations
51
(1) An installation is covered by this paragraph if it...
Power to vary the installations covered by paragraph 51
52
(1) The Treasury may make provision by regulations for varying...
The Administrator etc
52A
(1) In this Part of this Schedule references to “the...
52B
(1) The Administrator is responsible for administering the scheme set...
52C
(1) The Administrator may require persons falling within sub-paragraph (2)...
52D
(1) The Secretary of State may by regulations make provision...
52E
(1) Regulations may— (a) specify terms which must be included...
52F
(1) Regulations may confer power on the Administrator—
Part V
Registration
Requirement to be registered
53
(1) A person is required to be registered with the...
Interpretation of Part V
54
In this Part of this Schedule— (a) references to the...
Notification of registrability etc.
55
(1) A person who— (a) intends to make, or have...
Form of registration
56
(1) The Commissioners shall register a person if—
Notification of loss or prospective loss of registrability
57
(1) Where a person who has become liable to give...
Cancellation of registration
58
(1) If the Commissioners are satisfied that a registered person—...
Correction of the register etc.
59
(1) The Commissioners may by regulations make provision for and...
Supplemental regulations about notifications
60
(1) For the purposes of any provision made by or...
Publication of information on the register
61
(1) The Commissioners may publish, by such means as they...
Part VI
Credits and repayments
Tax credits
62
(1) The Commissioners may, in accordance with the following provisions...
Repayments of overpaid levy
63
(1) Where a person has paid an amount to the...
Supplemental provisions about repayments etc.
64
(1) The Commissioners shall not be liable, on any claim...
Reimbursement arrangements
65
(1) The Commissioners may by regulations make provision for reimbursement...
Interest payable by the Commissioners
66
(1) Where, due to an error on the part of...
Assessment for excessive repayment
67
(1) Where— (a) any amount has been paid at any...
Assessment for overpayments of interest
68
Where— (a) any amount has been paid to any person...
Assessments under paragraphs 67 and 68
69
(1) An assessment under paragraph 67 or 68 shall not...
Interest on amounts assessed
70
(1) Where an assessment is made under paragraph 67 or...
Assessments to interest under paragraph 70
71
(1) Where any person is liable to interest under paragraph...
Supplementary assessments
72
If it appears to the Commissioners that the amount which...
Set-off of or against amounts due under this Schedule
73
(1) The Commissioners may by regulations make provision in relation...
Set-off of or against other taxes and duties
74
(1) The Commissioners may by regulations make provision in relation...
Restriction on powers to provide for set-off
75
(1) Regulations made under paragraph 73 or 74 shall not...
Part VI: supplemental provisions
76
(1) Any notification of an assessment under any provision of...
Part VII
Recovery and interest
Recovery of levy as debt due
77
Levy shall be recoverable as a debt due to the...
Assessments of amounts of levy due
78
(1) Where it appears to the Commissioners—
Supplementary assessments
79
(1) If, where an assessment has been notified to any...
Time limits for assessments
80
(1) An assessment under paragraph 78 or 79 of an...
Ordinary interest on overdue levy paid before assessment
81
(1) Where— (a) the circumstances are such that an assessment...
Penalty interest on unpaid levy
82
(1) Where— (a) a person makes a return for the...
Penalty interest on levy where no return made
83
(1) Where— (a) the Commissioners make an assessment under paragraph...
Ordinary and penalty interest on under-declared levy
84
(1) Subject to sub-paragraph (4), where— (a) the Commissioners make...
Penalty interest on unpaid ordinary interest
85
(1) Subject to sub-paragraph (2), where the Commissioners make an...
Penalty interest
86
(1) Penalty interest under any of paragraphs 82 to 85...
Supplemental provisions about interest
87
(1) Interest under any of paragraphs 81 to 85 shall...
Assessments to interest
88
(1) Where a person is liable for interest under any...
Further assessments to penalty interest
89
(1) Where an assessment is made under paragraph 88 to...
Controlled goods agreements
89A. . . . . . . . . ....
Walking possession agreements
90
(1) This paragraph applies where— (a) in accordance with regulations...
Interpretation etc. of Part VII
91
(1) In this Part of this Schedule “penalty interest” shall...
Part VIII
Evasion, misdeclaration and neglect
Criminal offences: Evasion
92
(1) A person is guilty of an offence if he...
Criminal offences: Misstatements
93
(1) A person is guilty of an offence if, with...
Criminal offences: Conduct involving evasions or misstatements
94
(1) A person is guilty of an offence under this...
Criminal offences: Preparations for evasion
95
(1) Where a person— (a) becomes a party to any...
Offences under paragraphs 92 to 95: procedural matters
96
Sections 145 to 155 of the Customs and Excise Management...
Arrest for offences under paragraphs 92 to 94
97
(1) Where an authorised person has reasonable grounds for suspecting...
Civil penalties: Evasion
98. . . . . . . . . ....
Liability of directors etc. for penalties under paragraph 98
99. . . . . . . . . ....
Civil penalties: Misdeclaration or neglect
100
(1) Subject to sub-paragraphs (3) to (5), where ...—
Civil penalties: Incorrect notifications etc.
101
(1) Where— (a) a person gives a notification for the...
Interpretation of Part VIII
102
(1) References in this Part of this Schedule to obtaining...
Part IX
Civil penalties
Preliminary
103
(1) In this Part of this Schedule “civil penalty” means...
Reduction of penalties
104
(1) Where a person is liable to a civil penalty—...
Matters not amounting to reasonable excuse
105
For the purposes of any provision made by or under...
Assessments to penalties etc.
106
(1) Where a person is liable to a civil penalty,...
Further assessments to daily penalties
107
(1) This paragraph applies where an assessment is made under...
Time limits on penalty assessments
108
(1) Subject to sub-paragraphs (2) and (3), an assessment under...
Penalty interest on unpaid penalties
109
(1) Subject to sub-paragraph (2), where the Commissioners make an...
Supplemental provisions about interest
110
(1) Interest under paragraph 109 shall be paid without any...
Assessments to penalty interest on unpaid penalties
111
(1) Where a person is liable for interest under paragraph...
Further assessments to interest on penalties
112
(1) Where an assessment is made under paragraph 111 to...
Up-rating of amounts of penalties
113
(1) If it appears to the Treasury that there has...
Part X
Non-residents, groups and other special cases
Non-resident taxpayers: appointment of tax representatives
114
(1) The Commissioners may by regulations make provision for securing...
Effect of appointment of tax representatives
115
(1) The tax representative of a non-resident taxpayer shall be...
Groups of companies etc.
116
(1) The Commissioners may make provision by regulations for two...
Partnerships and other unincorporated bodies
117
(1) The Commissioners may by regulations make provision for determining...
Death and incapacity
118
(1) The Commissioners may, in accordance with sub-paragraph (2), by...
Transfer of a business as a going concern
119
(1) The Commissioners may by regulations make provision for securing...
Insolvency etc.
120
(1) The Commissioners may by regulations make provision in accordance...
Part XI
Review and appeal
Appeals
121
(1) Subject to paragraph 122, an appeal shall lie to...
Offer of review
121A
(1) HMRC must offer a person (P) a review of...
Right to require review
121B
(1) Any person (other than P) who has the right...
Review by HMRC
121C
(1) HMRC must review a decision if—
Extensions of time
121D
(1) If under paragraph 121A, HMRC have offered P a...
Review out of time
121E
(1) This paragraph applies if— (a) HMRC have offered a...
Nature of review etc
121F
(1) This paragraph applies if HMRC are required to undertake...
Bringing of appeals
121G
(1) An appeal under paragraph 121 is to be made...
Appeals: further provisions
122
(1) . . . . . . . . ....
Determinations on appeal
123
(1) Where, on an appeal under paragraph 121—
Part XII
Information and evidence
Provision of information
124
(1) Every person involved (in whatever capacity) in making or...
Records
125
(1) The Commissioners may by regulations impose obligations to keep...
Evidence of records that are required to be preserved
126
(1) Subject to the following provisions of this paragraph, where...
Production of documents
127
(1) Every person involved (in whatever capacity) in making or...
Powers in relation to documents produced
128
(1) An authorised person may take copies of, or make...
Entry and inspection
129
For the purpose of exercising any powers under this Schedule,...
Entry and search
130
(1) Where— (a) a justice of the peace is satisfied...
Order for access to recorded information etc.
131
(1) Where, on an application by an authorised person, a...
Removal of documents etc.
132
(1) An authorised person who removes anything in the exercise...
Enforcement of paragraph 132
133
(1) Where, on an application made as mentioned in sub-paragraph...
Power to take samples and examine meters
134
(1) An authorised person, if it appears to him necessary...
Evidence by certificate
135
(1) In any proceedings a certificate of the Commissioners—
Inducements to provide information
136
(1) This paragraph applies— (a) to any criminal proceedings against...
Disclosure of information
137
(1) Notwithstanding any obligation not to disclose information that would...
Meaning of “authorised person"
138
In this Part of this Schedule “authorised person” means any...
Part XIII
Miscellaneous and supplementary
Security for levy
139
(1) Where it appears to the Commissioners necessary to do...
Destination of receipts
140
Miscellaneous and supplementary
Provisional collection of levy
141
Miscellaneous and supplementary
Invoices incorrectly showing levy due
141A
(1) This paragraph applies where— (a) a person issues an...
Adjustment of contracts
142
(1) Sub-paragraph (2) applies in the case of a contract...
Climate change levy accounting documents
143
(1) Provision may be made by regulations requiring registered persons...
Service of notices etc.
144
(1) Any notice, notification or requirement that is to be...
Variation and withdrawal of directions etc.
145
Any direction, notice or notification required or authorised by or...
Regulations and orders
146
(1) Any power under this Schedule to make regulations shall...
Part XIV
Interpretation
General
147
In this Schedule— “accounting period” means a period which, in...
Meaning of “combined heat and power station" etc.
148
(1) In this Schedule “combined heat and power station” means...
Determination of efficiency percentages for combined heat and power stations
149
(1) The Treasury may by regulations make provision for determining...
Certification of electricity from fully or partly exempt combined heat and power station
149A
(1) The Commissioners may by regulations make provision for the...
Meaning of “utility"
150
(1) In this Schedule “utility” means an electricity utility or...
Person treated as, or as not being, a utility
151
(1) The Commissioners may by direction (a “utility direction”) make,...
Meaning of “auto-generator"
152
(1) In this Schedule “auto-generator” means a person who produces...
Meaning of “exempt unlicensed electricity supplier”
152A
(1) In this Schedule “ exempt unlicensed electricity supplier ”...
Meaning of “small generating station”
152B
(1) In this Schedule “ small generating station ” means...
Meaning of “levy due for an accounting period"
153
References in this Schedule, in relation to any accounting period,...
Meaning of “repayment of levy"
154
References in this Schedule to a repayment of levy or...
Interpretation of “in the course or furtherance of a business"
155
(1) Anything done in connection with the termination or intended...
Meaning of “resident in the United Kingdom"
156
For the purposes of this Schedule a person is resident...
References to the Gas and Electricity Markets Authority: transitional provision
157
(1) Until such time as a transfer of functions from...
SCHEDULE 7
Climate change levy: consequential amendments
Provisional Collection of Taxes Act 1968 (c.2)
1
In section 1(1) of the Provisional Collection of Taxes Act...
Bankruptcy (Scotland) Act 1985 (c.66)
2. . . . . . . . . ....
Insolvency Act 1986 (c.45)
3. . . . . . . . . ....
Income and Corporation Taxes Act 1988 (c.1)
4
In section 827 of the Taxes Act 1988 (no deduction...
Insolvency (Northern Ireland) Order 1989 (N.I. 19)
5
(1) In the Insolvency (Northern Ireland) Order 1989—
Finance Act 1996 (c.8)
6
In section 197(2) of the Finance Act 1996 (enactments for...
Finance Act 1997 (c.16)
7
(1) The Finance Act 1997 is amended as follows.
SCHEDULE 8
Part I
Introductory
Employee share ownership plans
1
(1) In this Schedule an “employee share ownership plan” means...
Group plans
2
(1) An employee share ownership plan established by a company...
Meaning of “award of shares", “participant" etc.
3
(1) For the purposes of this Schedule an award of...
Application for approval
4
(1) Where an employee share ownership plan has been established,...
Appeal against refusal of approval
5
(1) If the Inland Revenue refuse to approve the plan,...
Part II
General requirements
Introduction
6
The plan must meet the requirements of— paragraph 7 (the...
The purpose of the plan
7
(1) The purpose of the plan must be to provide...
All-employee nature of plan
8
(1) The plan must provide that every employee who—
Participation on same terms
9
(1) The requirement of this paragraph is—
No preferential treatment for directors etc.
10
(1) The first requirement of this paragraph is that no...
No further conditions
11
No conditions, other than those required or permitted by this...
No loan arrangements
12
(1) The arrangements for the plan must not make any...
Part III
Eligibility of individuals
Introduction
13
(1) The plan must provide that an individual may only...
The employment requirement
14
(1) The plan must provide that an individual is not...
The “no material interest" requirement
15
(1) The plan must provide that an individual is not...
The requirement of non-participation in other relevant share schemes
16
(1) The plan must provide that an individual is not...
Meaning of “material interest"
17
(1) For the purposes of paragraph 15 (the “no material...
Material interest: options etc.
18
(1) For the purposes of paragraph 17(1) (meaning of material...
Material interest: shares held by trustees of approved profit sharing schemes etc.
19
In applying paragraph 17(1) (meaning of material interest) there shall...
Meaning of “associate"
20
(1) In paragraph 15 (the “no material interest” requirement) “associate”,...
Meaning of “associate": trustees of employee benefit trust
21
(1) This paragraph applies for the purposes of paragraph 20(1)(c)...
Meaning of “associate": trustees of discretionary trust
22
(1) This paragraph applies for the purposes of paragraph 20(1)(c)...
Part IV
Free shares
Introduction
23
If the plan provides for free shares it must comply...
Maximum annual award
24
(1) The plan must provide that the initial market value...
Performance allowances
25
(1) Sub-paragraph (2) applies if the plan provides for performance...
Performance allowances: general application
26
If the plan provides for performance allowances in relation to...
Performance allowances: measures and targets
27
(1) If the plan provides for performance allowances the following...
Performance allowances: information to be given to employees
28
(1) If the plan provides for performance allowances in relation...
Performance allowances: method one
29
(1) The requirements of this paragraph are that if the...
Performance allowances: method two
30
(1) The requirements of this paragraph are that in relation...
The holding period
31
(1) The plan must require the company in respect of...
Holding period: power to authorise trustees to accept general offers etc.
32
A participant may direct the trustees to do any of...
Part V
Partnership shares
Introduction
33
If the plan provides for partnership shares it must comply...
Partnership share agreements
34
The plan must provide for qualifying employees to enter into...
Deductions from salary
35
(1) The plan must provide for a partnership share agreement...
Maximum amount of deductions
36
(1) The amount of partnership share money deducted from an...
Minimum amount of deductions
37
(1) The plan may provide that the amount to be...
Notice of possible effect of deductions on benefit entitlement
38
(1) The plan must provide that the company may not...
Partnership share money held for employee
39
(1) The plan must provide that partnership share money deducted...
Plan with no accumulation period
40
(1) If the plan does not provide for an accumulation...
Plan with accumulation period
41
(1) The plan may provide for accumulation periods not exceeding...
Application of money deducted in accumulation period
42
(1) This paragraph applies if the plan provides for one...
Restriction imposed on number of shares awarded
43
(1) The plan may authorise the company to specify the...
Stopping and re-starting deductions
44
(1) The plan must provide that an employee may at...
Withdrawal from partnership share agreement
45
(1) The plan must provide that an employee may withdraw...
Repayment of partnership share money on withdrawal of approval or termination
46
(1) The plan must provide that where—
Access to partnership shares
47
(1) The plan must provide that when partnership shares have...
Meaning of “salary"
48
References in this Part of this Schedule to an employee’s...
Part VI
Matching shares
Introduction
49
If the plan provides for matching shares it must comply...
General requirements for matching shares
50
(1) The plan must provide for the matching shares—
Ratio of matching shares to partnership shares
51
(1) The partnership share agreement must specify—
Application of provisions relating to holding period etc.
52
The provisions of paragraphs 31 and 32 as to the...
Part VII
Reinvestment of cash dividends
Reinvestment
53
(1) The plan may provide that where the company so...
Limit on amount reinvested
54
(1) The plan must provide that the total dividend reinvestment...
General requirements for dividend shares
55
The plan must provide that dividend shares are shares—
Acquisition of dividend shares
56
(1) The plan must provide that in exercising their powers...
Holding period for dividend shares
57
The provisions of paragraphs 31 and 32 (holding period and...
Certain amounts not reinvested to be carried forward
58
(1) Any amount that is not reinvested—
Part VIII
Types of share that may be used
Introduction
59
The requirements of the following paragraphs must be met with...
Must be ordinary share capital
60
Eligible shares must form part of the ordinary share capital...
Requirement as to listing etc.
61
Eligible shares must be— (a) shares of a class listed...
Shares must be fully paid up and not redeemable
62
(1) Eligible shares must be— (a) fully paid up, and...
Only certain kinds of restriction allowed
63
(1) Eligible shares must not be subject to any restrictions...
Permitted restrictions: voting rights
64
Eligible shares may be shares carrying no voting rights or...
Permitted restrictions: provision for forfeiture
65
(1) Free or matching shares may be subject to provision...
Permitted restrictions: pre-emption conditions
66
(1) If the requirements of this paragraph are met, eligible...
Prohibited companies
67
(1) Eligible shares must not be shares—
Part IX
The trustees
Establishment of trustees
68
(1) The plan must provide for the establishment of a...
Power of trustees to borrow
69
The trust instrument may provide that the trustees have power...
Duty to give notice of award of shares etc.
70
(1) The trust instrument must make the following provision regarding...
General duties of trustees
71
(1) The trust instrument must require the trustees—
Power of trustees to raise funds to subscribe for rights issue
72
(1) The trustees may dispose of some of the rights...
Meeting PAYE obligations
73
(1) The plan must make provision to ensure that, where...
Deemed disposal by trustees on disposal of beneficial interest
74
(1) If at any time the participant’s beneficial interest in...
Duties of trustees in relation to tax liabilities
75
(1) The trust instrument must require the trustees—
Acquisition by trustees of shares from employee share ownership trust
76
(1) The trust instrument must provide that, where there is...
Part X
Income tax
Introduction
77
(1) The provisions of this Part of this Schedule apply...
No charge on award of shares etc.
78
(1) Notwithstanding that the beneficial interest in the shares passes...
Capital receipts in respect of participant’s shares
79
(1) Where— (a) a capital receipt is received by a...
Exclusion of certain charges in relation to participant’s shares
80
(1) There is no charge to tax on the participant...
Charge on free or matching shares ceasing to be subject to plan
81
(1) When free or matching shares cease to be subject...
Charge on disposal of beneficial interest during the holding period
82
(1) Where free or matching shares cease to be subject...
Partnership share money deducted before tax
83
(1) Partnership share money deducted from an employee’s salary in...
Charge on partnership share money paid over to employee
84
(1) An individual is chargeable to income tax under Schedule...
Charge on cancellation payments in respect of partnership share agreement
85
An individual is chargeable to tax under Schedule E on...
Charge on partnership shares ceasing to be subject to plan
86
(1) When partnership shares cease to be subject to the...
Circumstances in which there is no charge on shares ceasing to be subject to plan
87
(1) There is no charge to tax on shares ceasing...
Dividends etc. in respect of unappropriated shares
88
(1) This paragraph applies to income of the trustees consisting...
Reinvestment of cash dividend on behalf of participant
89
(1) The amount applied by the trustees in acquiring dividend...
Repayment of excess cash dividend
90
Section 234A(4) to (11) of the Taxes Act 1988 (information...
Treatment of cash dividend retained for reinvestment
91
(1) An amount retained under paragraph 58(1) (amount of cash...
Treatment of cash dividend retained and then later paid out
92
(1) Where a cash dividend is paid over to a...
Charge on dividend shares ceasing to be subject to plan
93
(1) If dividend shares cease to be subject to the...
PAYE: shares ceasing to be subject to plan
94
Where as a result of shares ceasing to be subject...
PAYE: shares ceasing to be subject to the plan
95
(1) Sub-paragraphs (2) to (5) apply where as a result...
PAYE: capital receipts
96
(1) Where the trustees receive a sum of money which...
Part XI
Capital gains tax
Introduction
97
The provisions of this Part apply for capital gains tax...
Gains accruing to trustees
98
(1) Any gain accruing to the trustees is not a...
Participant absolutely entitled as against trustees
99
(1) A participant is treated for capital gains tax purposes...
Different classes of shares
100
(1) For the purposes of Chapter I of Part IV...
No chargeable gain on shares ceasing to be subject to the plan
101
(1) Shares which cease to be subject to the plan...
Treatment of forfeited shares
102
(1) If any of the participant’s plan shares are forfeited,...
Acquisition by trustees of shares from profit sharing scheme
103
(1) Where the trustees acquire shares from the trustees of...
Disposal of rights under rights issue
104
(1) Any gain accruing on the disposal of rights under...
Part XII
Corporation tax deductions
Introduction
105
References in this Part of this Schedule to deductions are...
Deduction for providing free or matching shares
106
(1) Where, under an approved employee share ownership plan, shares...
Deduction for additional expenses in providing partnership shares
107
(1) Where under an approved employee share ownership plan—
Cases in which no deduction is allowed
108
(1) No deduction is allowed under paragraph 106 or 107...
No deduction for expenses in providing dividend shares
109
(1) No deduction is allowed for expenses in providing shares...
Treatment of forfeited shares
110
If any of a participant’s plan shares are forfeited—
Deduction for costs of setting up the plan
111
(1) A deduction is allowed under this paragraph for expenses...
Deductions for contributions to running expenses of plan
112
(1) Nothing in this Part of this Schedule affects any...
112A
Deduction for contribution to plan trust
112B
Withdrawal of deduction under paragraph 112A
Withdrawal of deductions on withdrawal of approval
113
(1) If approval of an employee share ownership plan is...
Application of provisions to expenses of management of investment companies etc.
114
(1) The provisions of this Part apply in relation to—...
Part XIII
Supplementary provisions
Company reconstructions
115
(1) This paragraph applies where there occurs in relation to...
Treatment of shares acquired under rights issue
116
(1) Where the trustees exercise rights under a rights issue...
116A
Exemptions from stamp duty and stamp duty reserve tax
Power to require information
117
Exemptions from stamp duty and stamp duty reserve tax
Withdrawal of approval
118
(1) If any disqualifying event occurs in relation to an...
Appeal against withdrawal of approval
119
(1) The company may appeal against a decision of the...
Termination of plan
120
(1) The plan may provide for the company to issue...
Effect of plan termination notice
121
(1) This paragraph applies where the company has issued a...
Meaning of shares being withdrawn from or ceasing to be subject to plan
122
(1) For the purposes of this Schedule shares are withdrawn...
Meaning of participant ceasing to be in relevant employment
123
(1) This paragraph explains what is meant by a participant...
Exercise of functions conferred on “the Inland Revenue"
124
References in this Schedule to “the Inland Revenue" are to...
Determination of market value
125
(1) For the purposes of this Schedule the “market value”...
Meaning of “associated company"
126
(1) For the purposes of this Schedule one company is...
Jointly owned companies
127
(1) For the purposes of the provisions of this Schedule...
Meaning of “readily convertible asset"
128
(1) For the purposes of this Schedule “readily convertible asset”...
Minor definitions
129
(1) In this Schedule— “approved employee share ownership plan” means...
Index of defined expressions
130
In this Schedule the following expressions are defined or otherwise...
SCHEDULE 9
New Schedule 7C to the Taxation of Chargeable Gains Act 1992
The Schedule inserted after Schedule 7B to the Taxation of...
SCHEDULE 10
Introduction
1
Chapter II of Part V of the Taxes Act 1988...
Accommodation, supplies or services used in performing duties of employment
2
(1) After section 155 (exceptions from the general charge) insert—...
Power to provide by regulations for exemption of minor benefits
3
(1) After section 155ZA (inserted by paragraph 2(1) above), insert—...
Beneficial loans: exception of loan where whole of interest qualifies for relief
4
(1) After section 161 (exceptions from the charge to tax...
Beneficial loans: loans on ordinary commercial terms
5
(1) After section 161A (inserted by paragraph 4(1) above) insert—...
Beneficial loans: apportionment of benefit in case of joint loan etc.
6
In Schedule 7 to the Taxes Act 1988 (taxation of...
SCHEDULE 11
1
(1) Schedule 6 to the Taxes Act 1988 (taxation of...
2
In section 168AB of the Taxes Act 1988 (equipment etc....
SCHEDULE 12
Provision of services through an intermediary
Part I
Application of this Schedule
Engagements to which this Schedule applies
1
Provision of services through an intermediary
Worker treated as receiving Schedule E income
2
Provision of services through an intermediary
Conditions of liability where intermediary is a company
3
Provision of services through an intermediary
Conditions of liability where intermediary is a partnership
4
Provision of services through an intermediary
Conditions of liability where intermediary is an individual
5
Provision of services through an intermediary
Exception of certain payments subject to deduction of tax
6
Provision of services through an intermediary
Part II
The deemed Schedule E payment
Calculation of deemed Schedule E payment
7
Provision of services through an intermediary
7A
Reimbursed expenses
7B
Treatment of mileage allowances
Treatment of payments made under construction industry scheme
8
Provision of services through an intermediary
Apportionments
9
Provision of services through an intermediary
Application of Schedule E rules
10
Provision of services through an intermediary
Application of Income Tax Acts in relation to deemed Schedule E payment
11
Provision of services through an intermediary
Part III
Supplementary provisions
Earlier date of deemed Schedule E payment in certain cases
12
Provision of services through an intermediary
Relief in case of distributions by intermediary
13
Provision of services through an intermediary
Provisions applicable to multiple intermediaries
14
Provision of services through an intermediary
Multiple intermediaries: avoidance of double-counting
15
Provision of services through an intermediary
Multiple intermediaries: joint and several liability for PAYE deductions
16
Provision of services through an intermediary
Calculation of profits of intermediary: deduction for deemed Schedule E payment
17
(1) In calculating for corporation tax purposes the profits of...
Calculation of profits of intermediary: special rules for partnerships
18
(1) The following provisions apply in calculating for corporation tax...
Meaning of “associate"
19
Provision of services through an intermediary
Meaning of “the Inland Revenue"
20
Provision of services through an intermediary
Interpretation
21
Provision of services through an intermediary
Transitional provisions: general
22
Provision of services through an intermediary
Transitional provisions: deemed discontinuance of business
23
Provision of services through an intermediary
Saving for provisions relating to agency workers
24
Provision of services through an intermediary
SCHEDULE 13
Occupational and personal pension schemes
Part I
Amendments of the Taxes Act 1988
Introductory
1
Occupational and personal pension schemes
Exception of certain life policies from chargeable events legislation
2
Occupational and personal pension schemes
No charge to tax under section 591C on conversion under Schedule 23ZA
3
Occupational and personal pension schemes
Definition of “retirement benefits scheme"
4
Occupational and personal pension schemes
Interpretation of Chapter 4IV of Part XIV
5
Occupational and personal pension schemes
Approval of personal pension schemes
6
Occupational and personal pension schemes
Conversion of certain approved retirement benefits schemes
7
Occupational and personal pension schemes
Eligibility to make contributions
8
Occupational and personal pension schemes
Insurance against risks relating to non-payment of contributions
9
Occupational and personal pension schemes
Income withdrawals: the relevant date
10
Occupational and personal pension schemes
Income withdrawals: purchase of two or more annuities
11
Occupational and personal pension schemes
Income withdrawals after death of member
12
Occupational and personal pension schemes
Other restrictions on approval
13
Occupational and personal pension schemes
Multiple pension dates Et ceteralaetc
14
Occupational and personal pension schemes
Tax relief on member’s contributions
15
Occupational and personal pension schemes
Maximum amount of deductions
16
Occupational and personal pension schemes
Carry-back of contributions
17
Occupational and personal pension schemes
Election for contributions to be treated as paid in previous year
18
Occupational and personal pension schemes
Abolition of carry-forward of relief
19
Occupational and personal pension schemes
Earnings from pensionable employment
20
Occupational and personal pension schemes
Meaning of “net relevant earnings"
21
Occupational and personal pension schemes
Presumption of same level of relevant earnings Et ceteralaetc for 5 years
22
Occupational and personal pension schemes
Higher level contributions after cessation of actual relevant earnings: modification of section 646B
23
Occupational and personal pension schemes
Appeals
24
Occupational and personal pension schemes
Old transitional provisions
25
Occupational and personal pension schemes
Benefits under approved pension arrangements not to be income of settlor
26
Occupational and personal pension schemes
Conversion of certain approved retirement benefits schemes
27
Occupational and personal pension schemes
Part II
Transitional provisions
Schemes approved before 6th April 2001 deemed to contain certain provisions
28
Occupational and personal pension schemes
Deemed requisite evidence for the presumptions
29
Occupational and personal pension schemes
Applications for approval
30
Occupational and personal pension schemes
SCHEDULE 14
Part I
Introductory
Qualifying options
1
(1) In this Schedule a “qualifying option” means an option—...
Notice of option to be given to Inland Revenue
2
(1) For an option to be a qualifying option notice...
Correction of notice by Revenue
3
(1) The Inland Revenue may amend a notice given under...
Notice of enquiry
4
(1) The Inland Revenue may enquire into an option of...
Completion of enquiry
5
(1) An enquiry under paragraph 4(1) is completed when the...
Effect of enquiry
6
(1) If the Inland Revenue do not give notice of...
Appeals
7
(1) The employer company may appeal against a decision of...
Part II
General requirements
Introduction
8
An option is not a qualifying option unless the requirements...
Purpose of granting the option
9
An option is a qualifying option only if it is...
Maximum entitlement of employee
10
(1) An employee may not hold unexercised qualifying options which—...
Number of employees who may hold qualifying options
11
Maximum value of options in respect of relevant company’s shares
Part III
Qualifying companies
Introduction
12
A qualifying company is a company in relation to which...
The independence requirement
13
(1) The independence requirement is that the company is not—...
The qualifying subsidiaries requirement
14
(1) A company that has one or more subsidiaries is...
Meaning of “qualifying subsidiary"
15
(1) A company ( “the subsidiary”) is a qualifying subsidiary...
The gross assets requirement
16
(1) The gross assets requirement in the case of a...
The trading activities requirement
17
(1) The trading activities requirement in the case of a...
Meaning of “qualifying trade"
18
(1) A trade is a qualifying trade if—
Excluded activities
19
(1) The following are excluded activities— (a) dealing in land,...
Excluded activities: wholesale and retail distribution
20
(1) This paragraph supplements paragraph 19(1)(b). (2) A trade of...
Excluded activities: leasing of ships
21
(1) This paragraph supplements paragraph 19(1)(d) so far as it...
Excluded activities: receipt of royalties and licence fees
22
(1) This paragraph supplements paragraph 19(1)(d) so far as it...
Excluded activities: property development
23
(1) This paragraph supplements paragraph 19(1)(f). (2) “Property development” means...
Excluded activities: hotels and comparable establishments
24
(1) This paragraph supplements paragraph 19(1)(i). (2) The reference to...
Excluded activities: nursing homes and residential care homes
25
(1) This paragraph supplements paragraph 19(1)(j). (2) “Nursing home” means...
Excluded activities: provision of facilities for another business
26
(1) Providing services or facilities for a business carried on...
Part IV
Eligible employees
Introduction
27
An individual is an eligible employee in relation to the...
The employment requirement
28
An employee is an eligible employee in relation to the...
The requirement as to commitment of working time
29
(1) An employee is an eligible employee in relation to...
The “no material interest" requirement
30
(1) An individual is not an eligible employee in relation...
Meaning of “material interest"
31
(1) For the purposes of paragraph 30 a material interest...
Material interest: options etc.
32
(1) For the purposes of paragraph 31 (meaning of “material...
Material interest: shares held by trustees of approved profit-sharing schemes etc.
33
In applying paragraph 31 (meaning of “material interest”) there shall...
Meaning of “associate"
34
(1) In paragraph 30 (the “no material interest” requirement) “associate”,...
Meaning of “associate": trustees of employee benefit trust
35
(1) This paragraph applies for the purposes of paragraph 34(1)(c)...
Meaning of “associate": trustees of discretionary trust
36
(1) This paragraph applies for the purposes of paragraph 34(1)(c)...
Part V
Requirements as to terms of option etc.
Introduction
37
An option is not a qualifying option unless the requirements...
Type of shares that may be acquired
38
(1) The option must confer a right to acquire shares...
Option to be capable of exercise within 10 years
39
(1) The option must be capable of being exercised within...
Terms of option to be agreed in writing
40
(1) The option must take the form of a written...
Non-assignability of rights
41
An option is not a qualifying option unless the terms...
Part VI
Income tax
Introduction
42
(1) The provisions of this Part of this Schedule give...
Exclusion of charge on grant
43
Tax is not chargeable under any provision of the Tax...
Exercise of option to acquire shares at market value
44
(1) This paragraph applies if the option is to acquire...
Exercise of option to acquire shares at less than market value
45
(1) This paragraph applies if the option is to acquire...
Exercise of option to acquire shares at nil cost
46
(1) This paragraph applies if the option is to acquire...
Main disqualifying events
47
(1) The following are “disqualifying events" in relation to a...
Disqualifying events: company reorganisation
48
Where a replacement option has been granted (see paragraph 61),...
Disqualifying events: alterations of share capital
49
(1) An alteration of the share capital of the relevant...
Disqualifying events: conversion of shares
50
(1) A conversion of shares is not a disqualifying event...
Disqualifying events: grant of CSOP option
51
(1) This paragraph applies where it falls to be determined...
Disqualifying events: actual relevant working time
52
(1) For the purposes of paragraph 47(3) an employee’s relevant...
Effect of disqualifying event
53
(1) This paragraph applies where— (a) a disqualifying event occurs...
Exclusion of charge on acquisition at under-value
54
(1) Section 162(1) of the Taxes Act 1988 (deemed employment-related...
Saving for other income tax charges
55
(1) Nothing in this Part of this Schedule affects—
Part VII
Capital gains tax
Qualifying shares
56
(1) In this Part of this Schedule “qualifying shares”—
Taper relief on disposal of qualifying shares
57
For the purposes of computing taper relief on a disposal...
Rights issues in respect of qualifying shares
58
Where— (a) an individual holds qualifying shares, and
Part VIII
Company reorganisations
Introduction
59
(1) The provisions of this Part of this Schedule apply...
Meaning of “qualifying exchange of shares"
60
(1) For the purposes of this Part of this Schedule...
Grant of replacement option
61
(1) This paragraph applies where in the case of a...
Period within which replacement option must be granted
62
The new option does not qualify as a replacement option...
Qualifying requirements for replacement option
63
A new option qualifies as a replacement option only if—...
Part IX
Supplementary provisions
Power to require information
64
(1) The Inland Revenue may by notice require any person...
Annual returns
65
(1) A company whose shares are the subject of a...
Meaning of “market value" of shares
66
(1) For the purposes of this Schedule the “market value”...
Determination of market value
67
(1) The market value of shares for the purposes of...
Exercise of functions conferred on “the Inland Revenue"
68
Functions conferred by this Schedule on “the Inland Revenue" may...
Power to amend by Treasury order
69
The Treasury may by order amend this Schedule—
Compliance with time limits
70
(1) For the purposes of this Part and Part I...
Minor definitions
71
(1) In this Schedule— “arrangements” includes any scheme, agreement or...
Index of defined expressions
72
In this Schedule the following expressions are defined or otherwise...
SCHEDULE 15
The corporate venturing scheme
Part I
Investment relief: introduction
Meaning of “investment relief"
1
This Schedule makes provision for— (a) relief against corporation tax...
Eligibility for investment relief
2
A company (“the investing company”) is eligible for investment relief...
Meaning of “the qualification period"
3
(1) In this Schedule “the qualification period”, in relation to...
Part II
The investing company
Introduction
4
The investing company is a qualifying investing company in relation...
The “no material interest" requirement
5
The investing company must not, at any time during the...
The “no reciprocal arrangements" requirement
6
(1) The investing company must not subscribe for the relevant...
Meaning of “material interest"
7
(1) For the purposes of paragraphs 5 and 6 a...
The “no control" requirement
8
(1) The investing company must not, at any time during...
Relevant preference shares
9
(1) In paragraphs 7 (meaning of “material interest”) and 8...
The non-financial activities requirement
10
(1) Throughout the qualification period relating to the relevant shares...
Meaning of “non-financial trade"
11
(1) A trade is a “non-financial trade" if—
Meaning of “non-financial trading group"
12
(1) A group is a “non-financial trading group" unless the...
Requirement as to shares being a chargeable asset
13
(1) The investing company is not a qualifying investing company...
Requirement as to no tax avoidance
14
The relevant shares must be subscribed for by the investing...
Part III
The issuing company
Introduction
15
The issuing company is a qualifying issuing company in relation...
The “unquoted status" requirement
16
(1) The unquoted status requirement is that, at the time...
The independence requirement
17
(1) The independence requirement is that— (a) the issuing company...
The “individual-owners" requirement
18
(1) The “individual-owners" requirement is that, throughout the qualification period...
The partnerships and joint ventures requirement
19
(1) The requirement as to partnerships and joint ventures is...
The qualifying subsidiaries requirement
20
(1) The issuing company is not a qualifying issuing company...
Meaning of “qualifying subsidiary"
21
(1) A company (“the subsidiary”) is a qualifying subsidiary of...
The property managing subsidiaries requirement
21A
(1) The issuing company is not a qualifying issuing company...
The gross assets requirement
22
(1) The gross assets requirement in the case of a...
The number of employees requirement
22A
(1) If the issuing company is a single company, the...
The trading activities requirement
23
(1) The issuing company is not a qualifying issuing company...
Meaning of “qualifying 90% subsidiary”
23A
(1) For the purposes of this Schedule, a company (“the...
Ceasing to meet trading activities requirement by reason of administration, receivership, etc.
24
(1) A company ... shall not be regarded as ceasing...
Meaning of “qualifying trade"
25
(1) A trade is a qualifying trade if—
Excluded activities
26
(1) The following are excluded activities— (a) dealing in land,...
Excluded activities: wholesale and retail distribution
27
(1) This paragraph supplements paragraph 26(1)(b). (2) A trade of...
Excluded activities: leasing of ships
28
(1) This paragraph supplements paragraph 26(1)(d) so far as it...
Excluded activities: receipt of royalties and licence fees
29
(1) This paragraph supplements paragraph 26(1)(d) so far as it...
Excluded activities: property development
30
(1) This paragraph supplements paragraph 26(1)(f). (2) “Property development” means...
Excluded activities: shipbuilding
30A
In paragraph 26(1)(ha) “ shipbuilding ” has the same meaning...
Excluded activities: producing coal
30B
(1) This paragraph supplements paragraph 26(1)(hb). (2) “ Coal ”...
Excluded activities: producing steel
30C
In paragraph 26(1)(hc) “ steel ” means any of the...
Excluded activities: hotels and comparable establishments
31
(1) This paragraph supplements paragraph 26(1)(i). (2) The reference to...
Excluded activities: nursing homes and residential care homes
32
(1) This paragraph supplements paragraph 26(1)(j). (2) “Nursing home” means...
Excluded activities: provision of facilities for another business
33
(1) Providing services or facilities for a business carried on...
Part IV
General requirements
Introduction
34
The investing company is not eligible for investment relief in...
Requirement as to the shares
35
(1) The relevant shares must satisfy sub-paragraphs (2) and (3)....
Requirement as to maximum amount raised annually through risk capital schemes
35A
(1) The total amount of relevant investments made in the...
Requirement as to the money raised
36
(1) All of the money raised by the issuance of...
Requirement as to no pre-arranged exits
37
(1) The issuing arrangements for the relevant shares must not...
Requirement as to no tax avoidance
38
The relevant shares must be issued for commercial reasons, and...
Part V
Investment relief
Form of investment relief
39
(1) Where— (a) the investing company is eligible for investment...
Entitlement to claim
40
(1) The investing company is entitled to make a claim...
Compliance certificates
41
(1) A “compliance certificate" is a certificate which—
Compliance statements
42
(1) A “compliance statement" is a statement, in respect of...
Appeal against refusal to authorise compliance certificate
43
For the purposes of the provisions of the Taxes Management...
Penalties for fraudulent certificate or statement etc.
44
The issuing company is liable to a penalty not exceeding...
Attribution of relief to shares
45
(1) References in this Schedule, in relation to a company,...
Part VI
Withdrawal of investment relief
Disposal of shares
46
(1) This paragraph applies where— (a) the investing company disposes...
Value received by investing company
47
(1) Sub-paragraph (2) applies where the investing company receives any...
Meaning of “the period of restriction"
48
For the purposes of this Schedule “the period of restriction”...
When value is received
49
(1) For the purposes of paragraphs 47 (value received by...
The amount of value received
50
For the purposes of paragraph 47 the amount of the...
Value received where there is more than one issue of shares
51
(1) This paragraph applies where— (a) two or more issues...
Cases where maximum investment relief not obtained
52
(1) Where— (a) the amount of the reduction (“C”) in...
Receipts of value by and from connected persons
53
In paragraphs 47, 49 and 50 references to the investing...
Receipt of replacement value
54
(1) Where— (a) any investment relief attributable to the relevant...
Provision supplementary to paragraph 54
55
(1) The receipt of the replacement value shall be disregarded...
Value received by other persons
56
(1) Where any investment relief is attributable to such of...
Insignificant repayments disregarded
57
(1) Any repayment shall be disregarded for the purposes of...
Provision supplementary to paragraph 56 and 57
58
(1) Any repayment shall be disregarded for the purposes of...
Put options and call options
59
(1) Sub-paragraph (2) applies where— (a) an option, the exercise...
Withdrawal of relief
60
(1) Where any investment relief has been obtained which—
Appeals against withdrawal of relief
61
For the purposes of the provisions of the Taxes Management...
Time limits
62
(1) The Inland Revenue may not— (a) make an assessment...
Interest
63
(1) This paragraph applies where— (a) investment relief is withdrawn...
Information to be provided by the investing company
64
(1) This paragraph applies where— (a) the investing company has...
Information to be provided by the issuing company etc.
65
(1) This paragraph applies where— (a) the issuing company has...
Power of Inland Revenue to obtain information
66
(1) This paragraph applies where the Inland Revenue have reason...
Part VII
Relief for losses on disposals of shares
Eligibility for relief against income
67
(1) The investing company is eligible for relief under this...
Entitlement to claim
68
(1) Where the investing company is eligible for loss relief...
Form of loss relief
69
(1) Where a claim is made under sub-paragraph (1) of...
Priority of loss relief
70
(1) Where loss relief is claimed by the investing company...
Tax avoidance
71
(1) Sub-paragraph (2) applies where shares would, in the absence...
Adjustment of corporation tax
72
The Inland Revenue shall make any adjustment of corporation tax...
Part VIII
Deferral relief
Introduction
73
(1) This Part applies where— (a) a chargeable gain (“the...
Meaning of “qualifying investment"
74
(1) For the purposes of this Part the investing company...
Meaning of “the qualifying shares"
75
(1) For the purposes of this Part “the qualifying shares”,...
Postponement of original gain
76
(1) On the making of a claim by the investing...
Meaning of “deferral relief"
77
For the purposes of this Schedule “deferral relief” is attributable...
Chargeable events
78
(1) There is, for the purposes of this Part, a...
Gain accruing on chargeable event
79
(1) This paragraph applies where a chargeable event occurs in...
Part IX
Company restructuring
Share reorganisations
80
(1) Where a company (“the company”) holds shares which—
Rights issues etc.
81
(1) Where— (a) a company (“the company”) holds shares (“the...
Company reconstructions and amalgamations
82
(1) Where— (a) a company (“the company”) holds shares (“the...
Certain exchanges resulting in acquisition of share capital by new company
83
(1) Paragraphs 84 and 85 apply where—
No disposal on certain exchanges of shares
84
(1) Where this paragraph applies (see paragraph 83 and paragraph...
Attribution of relief to new shares
85
(1) Where this paragraph applies (see paragraph 83 and paragraph...
Substitution of new shares for old shares
86
(1) This paragraph applies where— (a) relief becomes attributable, by...
Operation of requirements of Parts II and III in relation to new shares
87
(1) This paragraph applies where paragraph 86 (substitution of new...
Relationship between this Part and the 1992 Act
88
The following provisions of the 1992 Act have effect subject...
Part X
Advance clearance
Application for advance clearance notice
89
(1) A company (“the applicant”) may, before issuing any shares,...
Provision of further information
90
(1) On receiving an application for an advance clearance notice,...
Decision on application and review procedure
91
(1) The Board must within 30 days after receiving an...
Effect of advance clearance notice
92
(1) For the purposes of this Schedule, where an advance...
Part XI
Supplementary and general
Identification of shares on a disposal
93
(1) In any case where— (a) a company (“the company”)...
Determination of loss where investment relief is attributable to shares
94
(1) This paragraph applies for the purposes of corporation tax...
Nominees
95
Shares subscribed for by, issued to, acquired or held by...
Meaning of “disposal"
96
(1) Subject to sub-paragraph (2), in this Schedule “disposal” shall...
Construction of references to shares being “held continuously"
97
(1) This paragraph applies where for the purposes of this...
Meaning of “issue of shares"
98
In this Schedule— (a) references (however expressed) to an issue...
Meaning of “associate"
99
(1) In this Schedule “associate”, in relation to a person,...
“The Board" and “the Inland Revenue"
100
In this Schedule— (a) “the Board” means the Commissioners of...
Power to amend by Treasury order
101
The Treasury may by order amend this Schedule—
Minor definitions etc.
102
(1) In this Schedule— “allowable loss” means an allowable loss...
Index of defined expressions
103
In this Schedule the following expressions are defined or otherwise...
SCHEDULE 16
Corporate venturing scheme: consequential amendments
Penalties in connection with returns etc.
1
(1) In section 98 of the Taxes Management Act 1970,...
Enterprise investment scheme
2. . . . . . . . . ....
Loss relief
3
(1) Chapter VI of Part XIII of the Taxes Act...
EIS: deferral relief
4
(1) The Taxation of Chargeable Gains Act 1992 is amended...
Company tax returns, assessments etc.
5
(1) Schedule 18 to the Finance Act 1998 is amended...
SCHEDULE 17
Enterprise investment scheme: amendments
Part I
Reduction of applicable periods
Meaning of “eligible shares"
1. . . . . . . . . ....
Conditions relating to individuals
2. . . . . . . . . ....
Conditions relating to further investment by connected person
3. . . . . . . . . ....
Value received from company
4. . . . . . . . . ....
Value received by persons other than claimants
5. . . . . . . . . ....
Meaning of “termination date" and “relevant period"
6. . . . . . . . . ....
Postponement of chargeable gains on reinvestment
7. . . . . . . . . ....
Commencement
8
The amendments in this Part of this Schedule have effect...
Part II
Qualifying companies
Company in administration or receivership
9. . . . . . . . . ....
Company in liquidation
10. . . . . . . . . ....
Independence of qualifying company
11. . . . . . . . . ....
Commencement
12. . . . . . . . . ....
Part III
Other amendments
Qualifying trades
13. . . . . . . . . ....
Meaning of “arrangements"
14. . . . . . . . . ....
Meaning of “research and development"
15
(1) . . . . . . . . ....
SCHEDULE 18
Venture capital trusts: amendments
Part I
Reduction of applicable periods
Relief from income tax
1
(1) Schedule 15B to the Taxes Act 1988 (venture capital...
Deferred CGT charge on reinvestment
2
In Schedule 5C to the Taxation of Chargeable Gains Act...
Commencement
3
The amendments made by this Part of this Schedule have...
Part II
Qualifying holdings
Introductory
4
Schedule 28B to the Taxes Act 1988 (venture capital trusts:...
Qualifying trade: receipt of royalties or licence fees
5
(1) In paragraph 4 (meaning of “qualifying trade”) for sub-paragraphs...
Meaning of “research and development"
6
(1) In paragraph 5 (provisions supplemental to paragraph 4), in...
Company in administration or receivership
7
(1) After paragraph 11 insert— Company in administration or receivership...
Company reorganisations et ceteralaetc. involving exchange of shares
8
(1) After paragraph 11A (inserted by paragraph 7 above), insert—...
SCHEDULE 19
Meaning of “research and development"
Part I
The new definition
Research and development
1. . . . . . . . . ....
Oil and gas exploration and appraisal
2
In Part XIX of the Taxes Act 1988 (general supplementary...
Part II
Consequential amendments
Income and Corporation Taxes Act 1988 (c.1)
3
The Income and Corporation Taxes Act 1988 is amended as...
4
In section 495 (regional development grants), in subsection (1)(b) for...
5
(1) In Part IV (provisions relating to the Schedule D...
6
In Schedule 18 (group relief: equity holders and profits or...
Capital Allowances Act 1990 (c.1)
7
The Capital Allowances Act 1990 is amended as follows.
8
For “scientific research", wherever occurring, substitute “ research and development...
9
In section 137(1)(b) after “that research" insert “ and development...
10
In section 139 (supplementary provisions), in subsection (1) for paragraph...
11
In section 161 after “other than an allowance under section...
Taxation of Chargeable Gains Act 1992 (c.12)
12
(1) Section 195 of the Taxation of Chargeable Gains Act...
SCHEDULE 20
Tax relief for expenditure on research and development
Part I
Entitlement to relief
Entitlement to R&D tax relief
1
(1) A company is entitled to R&D tax relief for...
Meaning of “small or medium-sized enterprise".
2
(1) For the purposes of this Schedule a “small or...
Qualifying R&D expenditure
3
(1) For the purposes of this Schedule “qualifying R&D expenditure”...
Relevant research and development
4
(1) For the purposes of this Schedule “relevant research and...
Staffing costs
5
(1) For the purposes of this Schedule the staffing costs...
Expenditure on software or consumable items
6
(1) For the purposes of this Schedule expenditure on software...
Relevant payments to subjects of clinical trials
6A
(1) For the purposes of this Schedule “ relevant payment...
Meaning of “intellectual property"
7
In this Schedule “intellectual property” means— (a) any industrial information...
Subsidised expenditure
8
(1) For the purposes of this Schedule a company’s expenditure...
Qualifying expenditure on externally provided workers
8A
(1) The provisions of paragraphs 8C to 8E have effect...
Meaning of “externally provided worker”
8B
For the purposes of this Schedule a person is an...
Treatment of expenditure where company and staff provider are connected persons
8C
(1) Where— (a) the company and the staff provider are...
Election for connected persons treatment
8D
(1) The company and the staff provider may in any...
Treatment of staff provision payment in other cases
8E
Where— (a) the company makes a staff provision payment,
Qualifying expenditure on sub-contracted research and development
9
(1) The provisions of paragraphs 10 to 12 have effect...
Treatment of expenditure where company and sub-contractor are connected persons
10
(1) Where— (a) the company and the sub-contractor are connected...
Election for connected persons treatment
11
(1) The company and the sub-contractor may in any case...
Treatment of sub-contractor payment in other cases
12
Where— (a) the company makes a sub-contractor payment, . ....
Part II
Manner of giving effect to relief
Deduction in computing profits of trade
13
Where— (a) a company is entitled to R&D tax relief...
Alternative treatment of pre-trading expenditure
14
(1) This paragraph applies where a company—
Entitlement to R&D tax credit
15
(1) A company may claim an R&D tax credit for...
Amount of credit
16
(1) The amount of the R&D tax credit to which...
Total amount of company’s Pay As You EarnPAYE and NICs liabilities
17
(1) For the purposes of paragraph 16 the total amount...
Payment in respect of R&D tax credit
18
(1) Where— (a) the company is entitled to an R&D...
R&D tax relief or tax credit only available where company is a going concern
18A
(1) A company may only make— (a) a claim under...
Restriction on losses carried forward
19
(1) For the purposes of section 393 of the Taxes...
Payment in respect of R&D tax credit not income
20
A payment in respect of an R&D tax credit is...
Part III
Supplementary provisions
Artificially inflated claims for deduction or R&D tax credit
21
(1) To the extent that a transaction is attributable to...
Restriction on consortium relief
22
Where— (a) the company claims relief under paragraph 13 or...
Treatment of deemed trading loss
23
(1) This paragraph applies where under paragraph 14 (alternative treatment...
Funding of R&D tax credits
24
Section 10 of the Exchequer and Audit Departments Act 1866...
Interpretation
25
(1) In this Schedule— “the Inland Revenue” means any officer...
Transitional provisions
26
(1) This Schedule does not apply to expenditure incurred before...
SCHEDULE 21
R&D tax credits: consequential amendments
Interest
1
(1) Section 826 of the Taxes Act 1988 (interest on...
Claim must be made in tax return
2
In Schedule 18 to the Finance Act 1998 (company tax...
Recovery of excessive R&D tax credit
3
In paragraph 52 of that Schedule (recovery of excessive repayments,...
Claims for R&D tax credits
4
After Part IX of that Schedule (claims for capital allowances)...
SCHEDULE 22
Tonnage tax
Part I
Introductory
Tonnage tax
1
(1) This Schedule provides an alternative regime (“tonnage tax”) for...
Tonnage tax companies and groups
2
(1) In this Schedule a “tonnage tax company” or “tonnage...
Profits of tonnage tax company
3
(1) In the case of a tonnage tax company, its...
Tonnage tax profits: method of calculation
4
(1) A company’s tonnage tax profits for an accounting period...
Tonnage tax profits: calculation in case of joint operation etc.
5
(1) If two or more companies fall to be regarded...
Measurement of tonnage of ship
6
(1) References in this Schedule to the gross or net...
Part II
Tonnage tax elections
Company or group election
7
(1) A tonnage tax election may be made in respect...
Method of making election
8
(1) A tonnage tax election is made by notice to...
Person by whom election to be made
9
(1) A company election must be made by the company...
When election may be made
10
(1) A tonnage tax election may be made at any...
Power to provide further opportunities for election
11
(1) The Treasury may by order provide for further periods...
When election takes effect
12
(1) The general rule is that a tonnage tax election...
Period for which election is in force
13
(1) The general rule is that a tonnage tax election...
Effect of election ceasing to be in force
14
A tonnage tax election that ceases to be in force...
Renewal election
15
(1) A further tonnage tax election (a “renewal election”) may...
Bridging renewal election
15ZA
(1) A renewal election in respect of a single company...
Withdrawal notices
15A
(1) A withdrawal notice (see paragraph 13(2A)) may be given—...
Power to provide further opportunities for withdrawal
15B
(1) The Treasury may by order provide for further periods...
Part III
Qualifying companies and groups
Qualifying companies and groups
16
(1) For the purposes of this Schedule a company is...
Effect of temporarily ceasing to operate qualifying ships
17
(1) This paragraph applies where a company temporarily ceases to...
Meaning of operating a ship
18
(1) A company is regarded for the purposes of this...
Meaning of managing a qualifying ship
18A
A company is regarded for the purposes of this Schedule...
Qualifying ships
19
(1) For the purposes of this Schedule a “qualifying ship”...
Vessels excluded from being qualifying ships
20
(1) The following kinds of vessel are not qualifying ships...
Qualifying dredgers and tugs
20A
(1) This paragraph applies where a company operates a ship...
Power to modify exclusions
21
The Treasury may make provision by order amending paragraph 20...
Effect of change of use
22
(1) A qualifying ship that begins to be used for...
...
22A
(1) This paragraph applies if the following conditions are satisfied...
...
22B
(1) In paragraph 22A “ the reference date ” means...
...
22C
(1) An order under paragraph 22B(2) designating a financial year...
...
22D
(1) This paragraph applies if— (a) a company begins to...
...
22E
(1) This paragraph applies if— (a) a qualifying ship operated...
...
22F
(1) This paragraph applies where a qualifying ship operated by...
Part IV
The training requirement
Introduction
23
(1) It is a condition of entering tonnage tax or...
The minimum training obligation
24
(1) The Secretary of State may make provision by regulations...
Meaning of “training commitment"
25
(1) References in this Part of this Schedule to a...
Approval of initial training commitment
26
(1) A company or group proposing to make a tonnage...
Annual training commitment
27
(1) The Secretary of State may by regulations require a...
Supplementary provisions about training commitments
28
(1) The Secretary of State may make provision by regulations—...
Payments in lieu of training
29
(1) The Secretary of State may make provision by regulations—...
Monitoring of compliance with training commitment
30
(1) The Secretary of State may make provision by regulations—...
Higher rate of payment in case of failure to meet training commitment
31
(1) The Secretary of State may by regulations provide that—...
Certificate of non-compliance
32
(1) The Secretary of State may by regulations make provision...
Certificates of non-compliance: supplementary provisions
33
(1) The Secretary of State may make provision by regulations—...
Disclosure of information
34
(1) No obligation as to secrecy or other restriction on...
Offences
35
(1) It is an offence for a person to provide...
General provisions about regulations
36
(1) Regulations under this Part of this Schedule shall be...
Part V
Other requirements
The requirement that not more than 75% of fleet tonnage is chartered in
37
(1) It is a requirement of a relevant company or...
The 75% limit: election not effective if limit exceeded
38
(1) Where a tonnage tax election is made before the...
The 75% limit: exclusion of company if limit exceeded
39
(1) If the 75% limit is exceeded in two or...
The 75% limit: exclusion of group if limit exceeded
40
(1) If the 75% limit is exceeded in relation to...
The requirement not to enter into tax avoidance arrangements
41
(1) It is a condition of remaining within tonnage tax...
Tax avoidance: exclusion from tonnage tax
42
(1) If a tonnage tax company is a party to...
Appeals
43
(1) An appeal may be made against a notice given...
The requirement to prove compliance with safety etc standards
43A
(1) The Secretary of State may make provision by regulations...
Part VI
Relevant shipping profits
Introduction
44
(1) For the purposes of this Schedule the relevant shipping...
Tonnage tax activities
45
(1) References in this Schedule to the “tonnage tax activities"...
Core qualifying activities
46
(1) A tonnage tax company’s “core qualifying activities" are—
Qualifying secondary activities
47
(1) The Inland Revenue may make provision by regulations as...
Qualifying incidental activities
48
(1) A company’s incidental activities means its ship-related activities that—...
Relevant shipping income: distributions of overseas shipping companies
49
(1) Income of a tonnage tax company consisting in a...
Relevant shipping income: certain interest etc.
50
(1) Income to which this paragraph applies is relevant shipping...
General exclusion of investment income
51
(1) Income from investments is not relevant shipping income.
Part VII
The ring fence: general provisions
Accounting period ends on entry or exit
52
An accounting period ends (if it would not otherwise do...
Tonnage tax trade
53
(1) The tonnage tax activities of a tonnage tax company...
Profits of controlled foreign companies
54
(1) A tonnage tax company is not subject to any...
General exclusion of reliefs, deductions and set-offs
55
No relief, deduction or set-off of any description is allowed...
Exclusion of loss relief
56
(1) When a company enters tonnage tax, any losses that...
Exclusion of relief or set-off against tax liability
57
(1) Any relief or set-off against a company’s tax liability...
Transactions not at arm’s length: between tonnage tax company and another person
58
(1) In relation to provision made or imposed as between...
Transactions not at arm’s length: between tonnage tax trade and other activities of same company
59
(1) Part 4 of the Taxation (International and Other Provisions)...
Transactions not at arm’s length: duty to give notice
60
(1) Not more than 90 days after—
Treatment of finance costs: single company
61
(1) This paragraph applies to a tonnage tax company which...
Treatment of finance costs: group company
62
(1) This paragraph applies to a tonnage tax company which...
Meaning of “finance costs"
63
(1) For the purposes of paragraphs 61 and 62 “finance...
Part VIII
Chargeable gains and allowable losses on tonnage tax assets
Chargeable gains: tonnage tax assets
64
(1) In this Part of this Schedule a “tonnage tax...
Chargeable gains: disposal of tonnage tax asset
65
(1) When an asset is disposed of that is or...
Chargeable gains: losses brought forward
66
A tonnage tax election does not affect the deduction under...
Chargeable gains: roll-over relief for business assets
67
(1) Sections 152 and 153 of the Taxation of Chargeable...
Part IX
The ring fence: capital allowances: general
Introduction
68
(1) This Part of this Schedule makes provision about capital...
Entry: plant and machinery: assets to be used wholly for tonnage tax trade
69
(1) On a company’s entry into tonnage tax any unrelieved...
Entry: plant and machinery: assets to be used partly for tonnage tax trade
70
(1) This paragraph applies where, on a company’s entry into...
Entry: ships acquired and disposed of within twelve months
71
(1) This paragraph applies if a company—
Entry: deferred balancing charge on disposal of ship
72
(1) This paragraph applies where deferment of a balancing charge...
During: plant and machinery: new expenditure partly for tonnage tax purposes
73
(1) This paragraph applies where a company subject to tonnage...
During: plant and machinery: asset beginning to be used for tonnage tax trade
74
A company’s tonnage tax pool is not increased by reason...
During: plant and machinery: change of use of tonnage tax asset
75
(1) This paragraph applies where, at a time when a...
During: plant and machinery: change of use of non-tonnage tax asset
76
(1) This paragraph applies where, at a time when a...
During: plant and machinery: disposals
77
(1) This paragraph applies if when a company is subject...
During: plant and machinery: reduction of balancing charges
78
(1) The amount of any balancing charge under this Part...
During: plant and machinery: giving effect to balancing charge
79
(1) A balancing charge under this Part of this Schedule—...
79A
(1) This paragraph applies if— (a) a balancing charge under...
During: plant and machinery: deferment of balancing charge
80
(1) If— (a) a balancing charge under this Part of...
During: plant and machinery: surrender of unrelieved qualifying expenditure
81
(1) This paragraph applies where— (a) a company subject to...
During: industrial buildings: mixed use
82
If any identifiable part of a building or structure is...
During: industrial buildings: balancing charges
83
(1) This paragraph applies where, in an accounting period during...
During: industrial buildings: residue of qualifying expenditure
84
(1) This paragraph applies where a company subject to tonnage...
Exit: plant and machinery
85
(1) If a company leaves tonnage tax—
Exit: industrial buildings
86
If a company leaves tonnage tax the amount of unrelieved...
Meaning of “not entitled to capital allowances"
87
(1) Where any provision of this Part of this Schedule...
Interpretation
88
(1) In this Part of this Schedule— “ capital allowance...
Part X
The ring fence: capital allowances: ship leasing
Introduction
89
(1) In the case of a ... lease of a...
Quantitative restrictions not to apply to ordinary charters
89A
(1) Paragraphs 94 to 102, and paragraph 89(1) so far...
Defeased leasing
90
(1) The lessor under the ... lease is not entitled...
Defeased leasing: excepted forms of security
91
(1) Paragraph 90 (defeased leasing) is subject to the following...
Long funding leases: conditions for alternative treatment
91A
(1) This paragraph applies if the lease would fall to...
Lease to tonnage tax company or group
91B
(1) A lease falls within this paragraph if—
Tonnage tax company to operate and manage qualifying ship
91C
(1) A lease of a qualifying ship provided, directly or...
Period and rate of sublease of qualifying ship
91D
(1) A lease of a qualifying ship provided, directly or...
Anti-avoidance
91E
Paragraph 91A(2) does not have effect in the case of...
Consequences of paragraph 91A(2) ceasing to have effect
91F
(1) This paragraph applies if sub-paragraph (2) of paragraph 91A...
Sale and lease-back arrangements
92
(1) The lessor under the ... lease is not entitled...
Certificates required to support claim by ... lessor
93
(1) Any claim by the lessor under a ... lease...
Quantitative restrictions on allowances
94
(1) Where the lessor under the ... lease is entitled...
Quantitative restrictions: further provisions as to rate bands, limit and pooling
95
(1) The rate bands and limit in paragraph 94 (quantitative...
Quantitative restrictions: meaning of “cost of providing ship"
96
(1) For the purposes of paragraph 94 (quantitative restrictions on...
Quantitative restrictions: treatment of disposal proceeds
97
(1) The following provisions apply where— (a) there is a...
Quantitative restrictions: change of circumstances bringing case within restrictions
98
(1) The provisions of this paragraph apply where—
Quantitative restrictions: change of circumstances taking case out of restrictions
99
(1) The provisions of this paragraph apply where—
Determination of tax written down value, etc.
100
(1) This paragraph supplements paragraphs 98 and 99.
Quantitative restrictions: power to alter amounts by regulations
101
(1) The Inland Revenue may by regulations alter the amounts...
Exclusion of leases entered into on or before 23rd December 1999
102
The provisions of this Part do not apply in relation...
Part XI
Special rules for offshore activities
Introduction
103
(1) This Part of this Schedule sets out special rules...
Meaning of “offshore activities"
104
(1) In this Part of this Schedule “offshore activities” means...
Vessels to which special provisions do not apply
105
(1) The provisions of this Part of this Schedule do...
Treatment of periods of inactivity
106
A period between contracts when a qualifying ship is not...
Profits from offshore activities to be computed according to ordinary rules
107
(1) The profits of a tonnage tax company from a...
Application of ring fence provisions
108
(1) The provisions of Part VII (the ring fence: general...
Chargeable gains from assets used for offshore activities
109
A period during which an asset is used for the...
Capital allowances: general
110
(1) A tonnage tax company may claim capital allowances for...
Capital allowances: proportionate reduction of allowances
111
(1) This paragraph applies where in an accounting period of...
Capital allowances: notional qualifying expenditure: existing assets
112
(1) This paragraph applies to determine the amount of notional...
Capital allowances: notional qualifying expenditure: new assets
113
(1) This paragraph applies to determine the amount of notional...
The training requirement
114
(1) The fact that a qualifying ship is used for...
Interpretation
115
Expressions used in this Part of this Schedule that are...
Part XII
Groups, mergers and related matters
Meaning of “group" and “member of group"
116
In this Schedule a “group” means— (a) all the companies...
Companies treated as controlled by an individual
117
(1) For the purposes of this Schedule an individual is...
Meaning of “control"
118
(1) In this Schedule “control”, in relation to a company,...
Company not to be treated as member of more than one group
119
(1) For the purposes of this Schedule a company may...
Arrangements for dealing with group matters
120
(1) The Inland Revenue may enter into arrangements with the...
Meaning of “merger" and “demerger"
121
(1) In this Schedule— “merger” means a transaction by which...
Merger: between tonnage tax groups or companies
122
(1) This paragraph applies where there is a merger—
Merger: tonnage tax group or company and qualifying non-tonnage tax group or company
123
(1) This paragraph applies where there is a merger between...
Merger: tonnage tax group or company and non-qualifying group or company
124
(1) This paragraph applies where there is a merger between...
Merger: non-qualifying group or company and qualifying non-tonnage tax group or company
125
(1) This paragraph applies where there is a merger between...
Meaning of “dominant party" in relation to merger
126
(1) This paragraph explains what is meant by the references...
Demerger: single company
127
(1) This paragraph applies where a tonnage tax company ceases...
Demerger: group
128
(1) This paragraph applies where a tonnage tax group splits...
Duty to notify Inland Revenue of group changes
129
(1) A tonnage tax company that becomes or ceases to...
Part XIII
Application of provisions to partnerships
Introduction
130
(1) The Inland Revenue may make provision by regulations as...
Calculation of partnership profits
131
The regulations may provide that— (a) for the purpose of...
Qualifying partnerships
132
(1) The regulations may provide that activities carried on by...
Ships owned by or chartered to partners
133
The regulations may provide that a ship which is not...
Transactions not at arm’s length
134
The regulations may provide that for the purposes of paragraphs...
Adjustments for capital allowance purposes
135
The regulations may provide that where a partner leaves tonnage...
General
136
Regulations under this Part of this Schedule—
Part XIV
Withdrawal of relief etc. on company leaving tonnage tax
Introduction
137
(1) This Part of this Schedule applies where a company...
Exit charge: chargeable gains
138
(1) Paragraph 65(1)(a) (chargeable gain: disposal of tonnage tax assets)...
Exit charge: balancing charges
139
(1) This paragraph applies if in a relevant accounting period...
Ten year disqualification from re-entry into tonnage tax
140
(1) A company election made by a former tonnage tax...
Second or subsequent application of this Part
141
Where this Part of this Schedule applies on a second...
Part XV
Supplementary provisions
Meaning of “ship"
142
In this Schedule “ship” means any vessel used in navigation,...
Meaning of “on bareboat charter terms"
143
In this Schedule a charter “on bareboat charter terms” means...
Meaning of “associate"
144
(1) In this Schedule “associate”, in relation to an individual,...
Exercise of functions conferred on “the Inland Revenue"
145
(1) Any power to make regulations conferred by this Schedule...
Meaning of “company" and related expressions
146
In this Schedule— “company” means a body corporate or unincorporated...
Index of defined expressions
147
In this Schedule the following expressions are defined or otherwise...
SCHEDULE 23
Tax treatment of amounts relating to acquisition etc. of certain rights
Rights to which this Schedule applies
1
Tax treatment of amounts relating to acquisition of certain rights
Tax treatment of expenditure on acquisition and receipts from disposal
2
Tax treatment of amounts relating to acquisition of certain rights
Tax treatment of amounts arising from revaluation
3
Tax treatment of amounts relating to acquisition of certain rights
Tax treatment must accord with accounting approach in relevant group accounts
4
Tax treatment of amounts relating to acquisition of certain rights
Interpretation
5
Tax treatment of amounts relating to acquisition of certain rights
Transitional provision in relation to IRUs
6
Tax treatment of amounts relating to acquisition of certain rights
SCHEDULE 24
New Schedule 4A to the Taxation of Chargeable Gains Act 1992
The Schedule inserted after Schedule 4 to the Taxation of...
SCHEDULE 25
New Schedule 4B to the Taxation of Chargeable Gains Act 1992
The Schedule inserted after Schedule 4A to the Taxation of...
SCHEDULE 26
Transfers of value: attribution of gains to beneficiaries
Part I
New Schedule 4C to the Taxation of Chargeable Gains Act 1992
1
The Schedule inserted after Schedule 4B to the Taxation of...
Part II
Consequential amendments
Taxation of Chargeable Gains Act 1992 (c.12)
2
In section 90 of the Taxation of Chargeable Gains Act...
3
In section 96 of the Taxation of Chargeable Gains Act...
4
In section 97 of the Taxation of Chargeable Gains Act...
5
In section 98 of the Taxation of Chargeable Gains Act...
Taxes Act 1988
6
In section 740(6) of the Taxes Act 1988 (income tax...
SCHEDULE 27
Group relief in case of non-resident companies etc.
Part I
Amendments of Chapter IV of Part X of the Taxes Act 1988
Availability of relief
1
In section 402 of the Taxes Act 1988 (availability of...
2
(1) In section 413 of that Act (interpretation of Chapter...
Limits on amount of relief
3
In section 403A of that Act (limits on group relief),...
4
After section 403C of that Act insert— Relief for or...
Amendments of Schedule 18 to the Taxes Act 1988
5
(1) Schedule 18 to that Act (group relief: equity holders...
Commencement
6
(1) Nothing in this Part of this Schedule has effect...
Part II
Consequential amendments
Section 76 of the Taxes Act 1988
7
In section 76(1)(aa) of the Taxes Act 1988 (expenses of...
Section 434A of the Taxes Act 1988
8
In section 434A(2) of the Taxes Act 1988 (losses on...
Section 502 of the Taxes Act 1988
9
In section 502 of the Taxes Act 1988 (interpretation of...
Schedule 24 to the Taxes Act 1988
10
In Schedule 24 to the Taxes Act 1988 (assumptions for...
Schedule 18 to the Finance Act 1998
11
In paragraph 68 of Schedule 18 to the Finance Act...
Commencement
12
(1) Paragraphs 7, 8, 10 and 11 have effect in...
SCHEDULE 28
Recovery of tax payable by non-resident company
Introduction
1
This Schedule applies where— (a) an amount of corporation tax...
Companies that may be required to pay unpaid tax
2
(1) The following companies may, by notice under this Schedule,...
Notice requiring payment of unpaid tax
3
(1) The Board may serve a notice on any company...
Time limit for giving notice
4
(1) Any notice under this Schedule must be served before...
Limit on amount payable in consortium case
5
(1) In a consortium case, the amount that the company...
Supplementary provisions
6
(1) In this Schedule “company” means any body corporate.
SCHEDULE 29
Chargeable gains: non-resident companies and groups etc.
Part I
Application of Taxation of Chargeable Gains Act 1992
Main amendments
1
(1) In section 170 of the Taxation of Chargeable Gains...
Transfers within a group
2
(1) Section 171 of the Taxation of Chargeable Gains Act...
Transfer of United Kingdom branch or agency
3
(1) Section 172 of the Taxation of Chargeable Gains Act...
De-grouping charge
4
(1) Section 179 of the Taxation of Chargeable Gains Act...
Reconstruction or amalgamation involving transfer of business
5
(1) Section 139 of the Taxation of Chargeable Gains Act...
Deemed disposal on non-resident ceasing to carry on trade in United Kingdom through branch or agency
6
(1) Section 25 of the Taxation of Chargeable Gains Act...
Restriction on set-off of pre-entry losses
7
(1) In Schedule 7A to the Taxation of Chargeable Gains...
Restrictions on setting losses against pre-entry gains
8. . . . . . . . . ....
Recovery of unpaid tax
9
(1) For sections 190 and 191 of the Taxation of...
Replacement of business assets by members of group
10
(1) Section 175 of the Taxation of Chargeable Gains Act...
Transfers of assets within a group: trading stock
11
(1) For section 173 of the Taxation of Chargeable Gains...
Restriction of losses by reference to capital allowances
12
(1) In section 41 of the Taxation of Chargeable Gains...
Assets held on 6th April 1965: disposal outside group
13
(1) Section 174 of the Taxation of Chargeable Gains Act...
Part II
Minor and consequential amendments
Section 97 of the Inheritance Tax Act 1984
14
The main amendments have effect for the purposes of section...
Section 132 of the Finance Act 1988
15
(1) In section 132 of the Finance Act 1988 (recovery...
Section 14 of the Taxation of Chargeable Gains Act 1992
16
(1) Section 14 of the Taxation of Chargeable Gains Act...
Section 31A of the Taxation of Chargeable Gains Act 1992
17
(1) Section 31A of the Taxation of Chargeable Gains Act...
Section 106 of the Taxation of Chargeable Gains Act 1992
18. . . . . . . . . ....
Section 116 of the Taxation of Chargeable Gains Act 1992
19
(1) In section 116 of the Taxation of Chargeable Gains...
Section 117A of the Taxation of Chargeable Gains Act 1992
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 117B of the Taxation of Chargeable Gains Act 1992
21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 138A of the Taxation of Chargeable Gains Act 1992
22
The main amendments have effect for the purposes of section...
Section 140 of the Taxation of Chargeable Gains Act 1992
23
(1) In section 140 of the Taxation of Chargeable Gains...
Section 176 of the Taxation of Chargeable Gains Act 1992
24
(1) In section 176 of the Taxation of Chargeable Gains...
Section 177 of the Taxation of Chargeable Gains Act 1992
25
(1) In section 177 of the Taxation of Chargeable Gains...
Section 178 of the Taxation of Chargeable Gains Act 1992
26
Section 178 of the Taxation of Chargeable Gains Act 1992...
Section 180 of the Taxation of Chargeable Gains Act 1992
27
Section 180 of the Taxation of Chargeable Gains Act 1992...
Section 181 of the Taxation of Chargeable Gains Act 1992
28
(1) In section 181 of the Taxation of Chargeable Gains...
Section 192 of the Taxation of Chargeable Gains Act 1992
29
In section 192 of the Taxation of Chargeable Gains Act...
Section 211 of the Taxation of Chargeable Gains Act 1992
30
(1) Section 211 of the Taxation of Chargeable Gains Act...
Section 216 of the Taxation of Chargeable Gains Act 1992
31
The main amendments have effect for the purposes of section...
Section 217C of the Taxation of Chargeable Gains Act 1992
32
(1) In section 217C of the Taxation of Chargeable Gains...
Section 228 of the Taxation of Chargeable Gains Act 1992
33
The main amendments have effect for the purposes of section...
Section 253 of the Taxation of Chargeable Gains Act 1992
34
The main amendments have effect for the purposes of section...
Section 276 of the Taxation of Chargeable Gains Act 1992
35
(1) In section 276 of the Taxation of Chargeable Gains...
Schedule A1 to the Taxation of Chargeable Gains Act 1992
36
The main amendments have effect for the purposes of paragraph...
Schedule 2 to the Taxation of Chargeable Gains Act 1992
37
The main amendments have effect for the purposes of paragraph...
Schedule 3 to the Taxation of Chargeable Gains Act 1992
38
The main amendments have effect for the purposes of paragraphs...
Schedule 7B to the Taxation of Chargeable Gains Act 1992
39. . . . . . . . . ....
Schedule 7C to the Taxation of Chargeable Gains Act 1992
40
The main amendments have effect for the purposes of Schedule...
Section 136 of the Finance Act 1993
41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 136A of the Finance Act 1993
42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule 17 to the Finance Act 1993
43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule 9 to the Finance Act 1996
44
(1) Schedule 9 to the Finance Act 1996 (computational provisions...
Schedule 15 to the Finance Act 1996
45
(1) In Schedule 15 to the Finance Act 1996 (loan...
Part III
Transitional provisions
46
(1) For the purposes of this paragraph—
47
De-grouping charge: deferral until company leaves new group
SCHEDULE 30
Double taxation relief
Power to make treaty provision for matching credit for tax spared in foreign country
1
(1) In section 788 of the Taxes Act 1988 (relief...
Matching credit for tax spared below immediate overseas subsidiary: treaty relief
2
(1) In section 788 of the Taxes Act 1988 (relief...
Matching credit for tax spared below immediate overseas subsidiary: unilateral relief
3
(1) Amend section 790 of the Taxes Act 1988 (unilateral...
Relief for persons resident outside the UK who have branches or agencies in the UK
4
(1) Amend section 790 of the Taxes Act 1988 (unilateral...
No double relief etc.
5
(1) After section 793 of the Taxes Act 1988 insert—...
Limits on credit: minimisation of the foreign tax
6
(1) After section 795 of the Taxes Act 1988 insert—...
Foreign tax on amounts underlying non-trading credits
7
(1) Amend section 797A of the Taxes Act 1988 (foreign...
Restriction of relief for underlying tax
8
(1) Amend section 799 of the Taxes Act 1988 (computation...
Computation of underlying tax: the relevant profits
9
(1) Amend section 799 of the Taxes Act 1988 as...
Dividends paid between related companies but not covered by arrangements
10
(1) Section 800 of the Taxes Act 1988 (dividends paid...
Restriction of relief for underlying tax: dividends paid between related companies
11
(1) Amend section 801 of the Taxes Act 1988 as...
Dividends paid out of transferred profits
12
(1) After section 801A of the Taxes Act 1988 insert—...
Separate streaming of dividend so far as representing an ADP dividend of a CFC
13
(1) After section 801B of the Taxes Act 1988 insert—...
UK insurance companies trading overseas: repeal of section 802
14
(1) Section 802 of the Taxes Act 1988 shall cease...
Underlying tax: foreign taxation of group as a single entity
15
(1) After section 803 of the Taxes Act 1988 insert—...
Life assurance companies with overseas branches etc: restriction of credit
16
(1) Amend section 804A of the Taxes Act 1988 (overseas...
Allocation of foreign tax to different categories of insurance business
17
(1) After section 804A of the Taxes Act 1988 insert—...
Allocation of expenses etc in a computation under Case I of Schedule D
18
(1) After section 804B of the Taxes Act 1988 insert—...
Interpretation of sections 804A to 804E
19
(1) After section 804E of the Taxes Act 1988 insert—...
Time limits for claims for credit relief
20
(1) Amend section 806 of the Taxes Act 1988 as...
Foreign dividends: onshore pooling and utilisation of certain unrelieved foreign tax
21
(1) After section 806 of the Taxes Act 1988 insert—...
Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere
22
(1) After section 806J of the Taxes Act 1988 insert—...
Unrelieved foreign tax: profits of overseas branch or agency
23
(1) After section 806K of the Taxes Act 1988 insert—...
Foreign tax on amounts underlying non-trading credits
24
(1) Amend section 807A of the Taxes Act 1988 (disposals...
Royalties: special relationship
25
(1) After section 808A of the Taxes Act 1988 insert—...
Postponement of capital allowances to obtain double taxation relief
26
(1) Section 810 of the Taxes Act 1988 (postponement of...
Time limits where reduction under s.811 rendered excessive or insufficient
27
(1) Amend section 811 of the Taxes Act 1988 (deduction...
Mutual agreement procedure
28
(1) After section 815A of the Taxes Act 1988 insert—...
Restriction of interest on repayment of tax resulting from carry back of relievable tax
29
(1) Amend section 826 of the Taxes Act 1988 as...
Time limits where deduction under s.278 of the 1992 Act rendered excessive or insufficient
30
(1) Amend section 278 of the Taxation of Chargeable Gains...
SCHEDULE 31
Controlled foreign companies
Introductory
1
Amend Chapter IV of Part XVII of the Taxes Act...
Conditions for company to be controlled foreign company
2
(1) Amend section 747 as follows. (2) After subsection (1)...
Designer rate tax provisions: deemed lower level of taxation
3
After section 750 insert— Deemed lower level of taxation: designer...
“Control" and the two “40 per cent" tests
4
(1) After section 755C insert— “Control" and the two “40...
Exempt activities: wholesale, distributive, financial or service business
5
(1) In Part II of Schedule 25 (exempt activities) amend...
Local holding companies
6
(1) In Part II of Schedule 25 (exempt activities) amend...
Other holding companies
7
(1) In Part II of Schedule 25 (exempt activities) amend...
Businesses to which requirement as to derivation of receipts applies
8
(1) In Part II of Schedule 25 (exempt activities) amend...
Commencement
9
(1) Paragraph 2 has effect on and after 21st March...
SCHEDULE 32
Stamp duty on seven year leases: transitional provisions
Introductory
1
In this Schedule— “additional duty”, in relation to an instrument,...
Instruments to which this Schedule applies
2
The instruments to which this Schedule applies are—
Instruments which remain duly stamped
3
An instrument to which this Schedule applies which is stamped...
Instruments which cease to be duly stamped
4
(1) An instrument to which this Schedule applies which—
Stamping following earlier adjudication
5
Section 12A(1) of the Stamp Act 1891 (adjudicated instruments not...
Use of instruments in evidence, etc.
6
Section 14(4) of the Stamp Act 1891 (instruments not to...
Adjudication, interest and penalties
7
(1) This paragraph applies for the purpose of applying sections...
SCHEDULE 33
Power to vary stamp duties
Power of Treasury to make provision by regulations
1
(1) The Treasury may if they consider it expedient in...
Power only to be used for cases involving land or shares etc.
2
(1) The power conferred by paragraph 1 does not include...
Power not to be used to vary rates or thresholds
3
The power conferred by paragraph 1 does not, except as...
Approval of regulations by House of Commons
4
(1) An instrument containing regulations under paragraph 1 shall be...
Claim for repayment if regulations not approved
5
(1) Where regulations cease to have effect under paragraph 4(2)...
Use in evidence, etc. of instruments affected by regulations ceasing to have effect
6
(1) Where regulations cease to have effect under paragraph 4(2)...
Temporary effect of regulations
7
(1) Regulations under paragraph 1 shall not apply in relation...
Power to make transitional etc. provision
8
Any power to make regulations under this Schedule includes power...
Interpretation
9
(1) In relation to a bearer instrument (as defined in...
SCHEDULE 34
Abolition of stamp duty on instruments relating to intellectual property: supplementary provisions
Introduction
1
In this Schedule “intellectual property” has the same meaning as...
Stamp duty reduced in certain other cases
2
(1) This paragraph applies where— (a) stamp duty under Part...
Apportionment of consideration for stamp duty purposes
3
(1) Where part of the property referred to in section...
Certification of instruments for stamp duty purposes
4
(1) Intellectual property shall be disregarded for the purposes of...
Acquisition under statute
5
(1) Section 12 of the Finance Act 1895 (property vested...
SCHEDULE 35
Value added tax: charge at reduced rate
1
Schedule A1 to the Value Added Tax Act 1994 (charge...
2
(1) Paragraph 1(1) (supplies benefiting from the reduced rate) is...
3
For paragraph 1(1A) (supplies benefit from reduced rate only if...
4
In paragraph 1(1B) (interpretation of sub-paragraph (1A))—
5
In paragraph 5(3)(c), for “disability working allowance" substitute “ disabled...
6
In paragraph 5(3)(d), for “family credit" substitute “ working families’...
7
In paragraph 5 (interpretation), after sub-paragraph (3) insert—
8
(1) Paragraph 5(4) (meaning of “energy-saving materials”) is amended as...
9
In paragraph 5, after sub-paragraph (4) insert—
10
In paragraph 5(5) (meaning of “relevant scheme”), for “paragraph 1(1A)...
SCHEDULE 36
New Schedule 3A to the Value Added Tax Act 1994
The Schedule inserted after Schedule 3 to the Value Added...
SCHEDULE 37
Landfill tax: new Part VIII of Schedule 5 to the Finance Act 1996
Part VIII Secondary liability: controllers of landfill sites Meaning of...
SCHEDULE 38
Regulations for providing incentives for electronic communications
Introduction
1
(1) Regulations may be made in accordance with this Schedule...
Kinds of incentive
2
(1) The incentives shall be of such description as may...
Conditions of entitlement
3
(1) The regulations may make provision as to the conditions...
Withdrawal of entitlement
4
(1) The regulations may make provision for the withdrawal of...
Power to authorise provision by directions
5
The regulations may authorise the making of any such provision...
Power to provide for penalties
6
(1) The regulations may provide for contravention of, or failure...
General supplementary provisions
7
(1) Power to make provision by regulations under this Schedule...
Interpretation
8
(1) In this Schedule— “discount” includes payment; “electronic communications” includes...
SCHEDULE 39
New Schedule 1AA to the Taxes Management Act 1970
The Schedule inserted after Schedule 1 to the Taxes Management...
SCHEDULE 40
Repeals
Part I
Excise duties
(1) Hydrocarbon oils Chapter Short title Extent of repeal 1979...
(2) Tobacco Chapter Short title Extent of repeal 1979 c....
Part II
Income tax, corporation tax and capital gains tax
(1) Giving to charity Chapter Short title Extent of repeal...
(2) Benefits in kinds: deregulatory amendments Chapter Short title Extent...
(3) Cars available for private use Chapter Short title Extent...
(4) Occupational and personal pension schemes Chapter Short title Extent...
(5) Enterprise investment scheme and venture capital trusts Chapter Short...
(6) Taper relief for business assets Chapter Short title Extent...
(7) Meaning of “research and development" Chapter Short title Extent...
(8) Capital allowances Chapter Short title Extent of repeal 1990...
(9) Contributions to local enterprise agencies, etc. Chapter Short title...
(10) Capital gains tax: gifts and trusts Chapter Short title...
(11) Groups and group relief Chapter Short title Extent of...
(12) Groups of companies: chargeable gains Chapter Short title Extent...
(13) Double taxation relief Chapter Short title Extent of repeal...
(14) Controlled foreign companies Chapter Short title Extent of repeal...
(15) International matters Chapter Short title Extent of repeal 1993...
(16) Insurance Chapter Short title Extent of repeal 1988 c....
(17) Payments under deduction of tax Chapter Short title Extent...
(18) Tax treatment of expenditure on production or acquisition of...
Part III
Stamp duty and stamp duty reserve tax
Chapter Short title Extent of repeal 1949 c. 15 (N.I.)....
Part IV
Value Added Tax
Part V
Information powers

Finance Act 2000
2000 c. 17
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[28th July 2000]
Most Gracious Sovereign,
WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.
Act applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))
Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)