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Finance Act 2006 is up to date with all changes known to be in force on or before 06 October 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
Part 4 Real Estate Investment Trusts
Part 9 Miscellaneous provisions
SCHEDULES
Relief for research and development: subjects of clinical trials
Claims for relief for research and development
Taxation of activities of film production company
Film tax relief: further provisions
Part 2 Certification of British films for purposes of film tax relief
17.For paragraph 1 of that Schedule substitute— Preliminary (1) In this Schedule— “film” includes any record, however made,...
18.For paragraph 2 of that Schedule substitute— Applications for certification...
19.For paragraph 3 of that Schedule substitute— Certification and withdrawal...
20.In paragraph 4 of that Schedule (British films for purposes...
21.(1) Paragraph 5 of that Schedule (excluded films) is amended...
22.In paragraph 9 of that Schedule (determination of disputes) for...
23.In paragraph 10 of that Schedule (regulations and orders)—
Part 3 Consequential amendments
Avoidance involving financial arrangements
Dividend stripping: subsequent sales etc of rights to receive dividends etc
Deemed interest: cash collateral under stock lending arrangements
Structured finance arrangements: factoring of income receipts etc
Structured finance arrangements: chargeable gains treatment of acquisitions and disposals
Loan relationships: computation in accordance with generally accepted accounting practice
Loan relationships: amounts not fully recognised for accounting purposes
Shares treated as loan relationships: shares subject to outstanding third party obligations
Shares treated as loan relationships: application of rules to non-qualifying shares
Creditor relationships and benefit derived by connected persons
Loan relationships: money debts etc not arising from the lending of money
Loan relationships: meaning of “fair value” in Chapter 2 of Part 4 of FA 1996
Derivative contracts: computation in accordance with generally accepted accounting practice
Derivative contracts: transactions within groups (fair value accounting)
Derivative contracts: meaning of “fair value” in Schedule 26 to FA 2002
Long funding leases of plant or machinery
Use for other qualifying activity of plant or machinery previously used for long funding leasing
Expenditure on plant or machinery for long funding leasing not to be qualifying expenditure
Commencement of leasing under long funding lease: disposal events and disposal values
Lessee under long funding lease: capital allowances, disposal events and disposal values
Interpretation of provisions relating to long funding leases
Leases of plant or machinery: miscellaneous amendments
Sale etc of lessor companies etc
Part 3 Leasing business carried on by a company in partnership
Settlements: amendment of TCGA 1992 etc
Part 1 Settlors, trustees and settlements
Part 3 Consequential and minor amendments
8.(1) In section 13(10) (participators in non-resident companies) for “trustees...
10.(1) In section 60(1) (nominees and bare trustees) in each...
11.(1) In section 63 (death: application of law in Scotland)—...
14.(1) In section 79B(1) (attribution to trustees of gains of...
15.(1) In section 97(7) (supplementary provisions for offshore settlements: interpretation)—...
16.(1) In section 98(2) (information: application of section 745 of...
17.(1) In section 104(1) (share pooling) after “for the purposes...
18.(1) In section 109(2)(a) (share pooling: pre-1982 holdings) after “for...
20.(1) In section 217 (building societies: successor companies)—
21.(1) In section 227(2) (employee share ownership trusts: conditions for...
22.(1) In section 228(5)(b) (employee share ownership trusts: unauthorised arrangement)...
24.(1) In section 283(4) (repayment supplements)— (a) for “a trust...
25.(1) In section 286(3) (connected persons: trustees) omit the words...
26.(1) In section 288(8) (interpretation) at the appropriate places insert—...
28.(1) In paragraph 1(6) of Schedule 1 (exempt amount: interpretation)...
30.(1) In each of the provisions set out in sub-paragraph...
34.(1) In each of the provisions set out in sub-paragraph...
35.(1) In each of the provisions set out in sub-paragraph...
36.(1) In each of the provisions set out in sub-paragraph...
37.(1) In section 169(3)(a) (availability of hold-over relief)—
38.In paragraph 2(7)(a) of Schedule 1 (meaning of “excluded settlement”)...
39.In paragraph 5(1) of Schedule 4A (residence of trustees) for...
40.In paragraph 10(2) of Schedule 4C (capital payments received by...
41.Paragraphs 35 to 40 shall, unless otherwise expressly provided, come...
Settlements: amendments to ICTA and ITTOIA 2005 etc
Part 2 Minor and consequential amendments
9.In section 227— (a) in subsection (5) for “trustees (other...
10.In section 229(2)— (a) for “held on trusts (other than...
12.In section 417(3)— (a) in paragraph (b) omit the words...
13.In section 421(1) for “trust” in each place substitute “...
18.In section 687A(1)(a) for “trustees” substitute “ the trustees of...
20.In section 689B(1) for “any trustees” substitute “ the trustees...
24.In section 809— (a) in subsection (1)(a) for “trustees” substitute...
26.In paragraph 4(12) of Schedule 28AA for the definitions of...
29.(1) In section 151(2)(a) of FA 1989 (assessment of trustees)...
32.(1) The following provisions of ITTOIA 2005 shall cease to...
36.(1) After section 28 of FA 2005 insert— Disapplication of...
Accountancy change: spreading of adjustment
Real Estate Investment Trusts: excluded business and income
1.Real Estate Investment Trusts: excluded business and income
2.Real Estate Investment Trusts: excluded business and income
3.Real Estate Investment Trusts: excluded business and income
4.Real Estate Investment Trusts: excluded business and income
5.Real Estate Investment Trusts: excluded business and income
Part 2 Classes of income or profit
6.Real Estate Investment Trusts: excluded business and income
7.Real Estate Investment Trusts: excluded business and income
8.Real Estate Investment Trusts: excluded business and income
9.Real Estate Investment Trusts: excluded business and income
10.Real Estate Investment Trusts: excluded business and income
11.Real Estate Investment Trusts: excluded business and income
12.Real Estate Investment Trusts: excluded business and income
13.Real Estate Investment Trusts: excluded business and income
Inheritance tax: rules for trusts etc
Part 1 “Trusts for bereaved minors”, “age 18-to-25 trusts” and “accumulation and maintenance” trusts
Part 2 Interests in possession: when settled property is part of beneficiary's estate
Part 3 Related amendments in IHTA 1984
Person's “estate” not to include certain interests in possession
Tax where interest in possession ends, or is treated as ending, during beneficiary's life
Rate of tax on ending of interest in possession in property settled during settlor's life
Property entering maintenance fund after death of person entitled to interest in possession
“Relevant property” not to include property held on trust for a bereaved child
New meaning of “qualifying interest in possession” not to apply in section 72 of IHTA 1984
Close company's interest in possession treated as interest of its participators
Distributions within two years of person's death out of property settled by his will
Taxable property held by investment-regulated pension schemes
1.In section 271 of TCGA 1992 (exemptions), after subsection (1A)...
3.(1) Section 160 (payments by registered pension schemes) is amended...
5.After section 174 insert— Taxable property held by investment-regulated pension...
6.After section 185 insert— Income and gains from taxable property...
7.In section 186 (relief for income derived from scheme investments),...
8.In section 239 (scheme sanction charge), after subsection (5) insert—...
9.In section 241(1) (scheme chargeable payments) insert at the end...
10.After section 273 insert— Income and gains from taxable property...
11.In section 278 (market value), after subsection (3) insert—
12.In section 280(2) (index of defined expressions), in the table,...
13.After Schedule 29 insert— SCHEDULE 29A Taxable property held by...
14.(1) Schedule 34 (non-UK schemes: application of certain charges) is...
15.In Schedule 36 (transitional provisions and savings), after paragraph 37...
Pension schemes: inheritance tax
Pension schemes etc: miscellaneous
Meaning of “pension credit member” etc: person dying before discharge of liability
Unauthorised payments: former members and sponsoring employers etc
3.(1) Section 160 (payments by registered pension schemes) is amended...
4.(1) Section 161 (meaning of “payment” etc) is amended as...
6.In section 164 (authorised member payments)— (a) before “member” insert...
7.In section 171(1) and (4) (scheme administration member payments), before...
10.In section 175 (authorised employer payments), before “sponsoring” insert “...
11.In section 179(1), (5) and (6) (authorised employer loan), before...
12.In section 180(1) and (4) (scheme administration employer payments), before...
13.In section 181(1) (value shifting)— (a) before “sponsoring employer”, in...
14.In section 208(2) (unauthorised payments charge)— (a) in paragraph (a),...
15.In section 209(3) (unauthorised payments surcharge)— (a) in paragraph (a),...
16.(1) Section 210 (surchargeable unauthorised member payments) is amended as...
17.In section 211(1) (valuation of crystallised rights), for “the arrangement”,...
18.In section 212(3) (valuation of uncrystallised rights), for “the arrangement”,...
19.(1) Section 213 (surchargeable unauthorised employer payments) is amended as...
Pension commencement lump sum: scheme pensions under money purchase arrangements
22.(1) Paragraph 3 of Schedule 29 (pension commencement lump sum:...
23.(1) Paragraph 2 of that Schedule (the permitted maximum) is...
24.(1) Paragraph 29 of Schedule 36 (transitional provisions: applicable amount...
25.(1) Paragraph 34 of that Schedule (transitional provisions: entitlement to...
26.In section 280(2) (general index), after the entry relating to...
Refund of excess contributions lump sum: excess relief at source
Annuity protection lump sum death benefit: benefits from unsecured pension fund
Benefit crystallisation events: reaching 75 after designation for unsecured pension
Availability of individual's lifetime allowance: previous benefit crystallisation events
Overseas pension schemes: extension of migrant member relief
Transitional provision: uncrystallised rights under paragraph 9 to include separate lump sums
Transitional protection: taking account of death benefits
37.Schedule 36 (transitional provisions) is amended as follows.
38.After paragraph 11 insert— (1) This paragraph applies where— (a) paragraph 7 makes provision...
39.In paragraph 14 (enhanced protection: relevant contributions), after sub-paragraph (2)...
40.(1) Paragraph 15 (enhanced protection: “the relevant crystallised amount”) is...
41.After that paragraph insert— (1) This paragraph applies where— (a) a person is paid...
42.In section 256(1) (enhanced lifetime allowance regulations)—
Transitional protection: right to take benefits before normal pension age
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