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Part 2 Anti-avoidance and revenue protection
SCHEDULES
Amendments of Chapter 2 of Part 4 of ITA 2007
2.In section 60(1)(c) (overview of Chapter), for “(see sections 75”...
3.In section 64(8) (deduction of losses from general income)—
4.In section 72(5) (relief for individuals for losses in first...
5.Before section 74A insert— No relief for tax-generated losses (1) This section applies if— (a) during a tax year...
6.Omit section 74B (no relief for tax-generated losses in case...
7.(1) Section 74C (meaning of “non-active capacity” for purposes of...
8.(1) Section 74D (meaning of “qualifying film expenditure” for purposes...
Gifts of shares etc to charities
Penalties: offshore income etc
1.Schedule 24 to FA 2007 (penalties for errors) is amended...
2.For paragraph 4 substitute— (1) This paragraph sets out the penalty payable under paragraph...
3.For paragraph 10 substitute— (1) If a person who would otherwise be liable to...
4.In paragraph 12 (interaction with other penalties), for sub-paragraph (4)...
5.In Part 5 (general), before the heading “Interpretation” insert— Classification...
6.After paragraph 23A insert— UK” means the United Kingdom, including the territorial sea of...
Reliefs and reductions for foreign tax
2.For sections 682 to 694 substitute— Introduction Overview of Chapter...
3.In section 698(6) (counteraction notices), omit— (a) the entry relating...
4.Omit section 699 (limit on amount assessed in section 689...
5.In section 700 (timing of assessments in section 690 cases)—...
6.In the heading before section 701, omit “and information powers”....
Index-linked gilt-edged securities
Amendments of Chapter 12 of Part 5 of CTA 2009
2.In section 398(2) (overview of Chapter), for paragraph (a) substitute—...
3.For the heading before section 399 substitute— “ Index-linked gilt-edged...
4.(1) Section 399 (index-linked gilt-edged securities: basic rules) is amended...
5.(1) Section 400 (index-linked gilt-edged securities: adjustments for changes in...
6.After section 400 insert— Adjustments for changes in index: relevant...
Connected companies: releases of debts
Disclosure of tax avoidance schemes
Sale of lessors: election out of charge
2.(1) Section 382 (introduction to Chapter) is amended as follows....
3.In section 383 (income and matching expense in different accounting...
4.For section 392 (and the italic heading before it) substitute—...
5.After section 394 insert— “Qualifying change of ownership” “Qualifying change...
6.After section 398 insert— Election out of qualifying change of...
Accounting standards: loan relationships and derivative contracts
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