Source: http://www.legislation.gov.uk/ukpga/2002/23/contents/enacted
Timestamp: 2017-10-21 23:27:06
Document Index: 341031837

Matched Legal Cases: ['art 2', 'art 4', 'art 5', 'art 6', 'art 1', 'art 2', 'art 1', 'art 2', 'art 1', 'art 1', 'art 1', 'art\n2', 'art 2', 'art\n8', 'art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 2', 'art 3', 'art 5', 'art 6', 'art 7', 'art 1', 'art 2', 'art 3', 'art 4', 'art 6', 'art 1', 'art 2', 'art 2', 'art 3', 'art 1', 'art 3', 'arty\n17', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 1', 'art 10', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 11', 'art 12', 'arty\n94', 'arty\n95', 'art 14', 'art 15', 'art 1', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 3']

1.Rates of tobacco products duty
2.Rates of duty on cider
3.Duty on beverages made with spirits to be at spirits rate
4.Reduced rates of duty on beer from small breweries
6.Regulating trade in rebated heavy oil etc
7.Fuel substitutes
8.Amusement machine licences: excepted machines
9.Amusement machine licence duty: rates
10.Rates of gaming duty
11.Gaming duty to be chargeable in respect of sic bo and three card poker
12.Pool betting duty etc
13.General betting duty: spread bets
14.General betting duty: overseas bet-brokers
15.Cars registered on or after 1st March 2001: rates of duty
16.Vans registered on or after 1st March 2001: rates of duty
17.Disclosure of information for vehicle excise duty exemptions
18.Motorcycles (and motorcycle trade licences): rates of duty
19.Registered vehicles etc
20.Calculating cylinder capacity of vehicles
21.Drawback of excise duty
Part 2 Value added tax
22.Disallowance of input tax where consideration not paid
23.Flat-rate scheme
24.Invoices
25.Relief from VAT on acquisition if importation would attract relief
Chapter 1 Charge and rate bands
26.Charge and rates for 2002-03
27.Indexed rate bands for 2002-03: PAYE deductions etc
28.Personal allowance for 2003-04 for those aged under 65
29.Personal allowances for 2003-04 for those aged 65 or over
30.Charge and main rate for financial year 2003
31.Small companies' rate and fraction for financial year 2002
32.Corporation tax starting rate and fraction for financial year 2002
Employment income and related matters
33.Employer-subsidised public transport bus services
34.Car fuel: calculation of cash equivalent of benefit
35.Statutory paternity pay and statutory adoption pay
36.Exemption of minor benefits: application to non-cash vouchers
37.Minor amendments to Schedule E charge
38.Provision of services through an intermediary: minor amendments
39.Employee share ownership plans: minor amendments
40.Treatment of deductions from payments to sub-contractors
41.Parliamentary visits to EU candidate countries: tax treatment of members' expenses
42.Reallocation within group of gain or loss accruing under section 179
43.Roll-over of degrouping charge on business assets
44.Exemptions for disposals by companies with substantial shareholding
45.Share exchanges and company reconstructions
46.Taper relief: holding period for business assets
47.Taper relief: minor amendments
48.Use of trading losses against chargeable gains
49.Election to forgo roll-over relief on transfer of business
50.Shares acquired on same day: election for alternative treatment
51.Deduction of personal losses from gains treated as accruing to settlors
52.Capital gains tax: variation of dispositions taking effect on death
53.Tax relief for expenditure on research and development
54.Tax relief for expenditure on vaccine research etc
55.Gifts of medical supplies and equipment
56.R&D tax relief for small and medium-sized enterprises: minor and consequential amendments
57.Community investment tax relief
58.Relief for community amateur sports clubs
59.Cars with low carbon dioxide emissions
60.Expense of hiring cars with low carbon dioxide emissions
61.Plant or machinery for gas refuelling station: first-year allowances
62.Expenditure on green technologies: leasing
63.First-year allowances for expenditure wholly for a ring fence trade
64.Adjustment on change of basis
65.Postponement of change to mark to market in certain cases
66.Election to continue postponement of mark to market
67.Mark to market: miscellaneous amendments
68.Expenditure involving crime
69.Qualifying contracts for unallowable purposes
70.Forward premiums and discounts under currency contracts
71.Accounting method where rate of interest etc is reset
72.Convertible securities etc: loan relationships
73.Convertible securities etc: issuing company not to be connected company
74.Convertible securities etc: debtor relationships
75.Asset-linked loan relationships
76.Asset-linked loan relationships involving guaranteed returns
77.Loan relationships ceasing to be within section 93 of the Finance Act 1996
78.Guaranteed returns on transactions involving futures and options
79.Forex and exchange gains and losses from loan relationships etc
80.Corporation tax: currency
81.Transitional provision
82.Loan relationships: general amendments
83.Derivative contracts
84.Gains and losses from intangible fixed assets of company
85.Gains of insurance company from venture capital investment partnership
86.Lloyd’s underwriters
87.Life policies etc: chargeable events
88.Extension of power to give effect to double taxation arrangements
89.Controlled foreign companies: territorial exclusions from s.748 exemptions
90.Controlled foreign companies and treaty non-resident companies
91.Supplementary charge in respect of ring fence trades
92.Assessment, recovery and postponement of supplementary charge
93.Supplementary charge: transitional provisions
94.Deduction of tax: payments to exempt bodies etc
95.Deduction of tax by persons dealing in financial instruments
96.Cross-border royalties
97.Gifts of real property to charity
98.Gift aid: election to be treated as if gift made in previous tax year
99.Restriction of relief to films genuinely intended for theatrical release
100.Exclusion of deferments from production expenditure
101.Restriction of relief for successive acquisitions of the same film
102.Distributions: reasonable commercial return for use of principal secured
103.References to accounting practice and periods of account
104.Discounted securities etc
105.Financial trading stock
106.Valuation of trading stock on transfer of trade
107.Banks etc in compulsory liquidation
108.Manufactured dividends and interest
109.Venture capital trusts
Part 4 Stamp duty and stamp duty reserve tax
110.Land in disadvantaged areas
111.Withdrawal of group relief
112.Restriction of relief for company acquisitions
113.Withdrawal of relief for company acquisitions
114.Penalties for late stamping
115.Contracts for the sale of an estate or interest in land chargeable as conveyances
116.Abolition of duty on instruments relating to goodwill
117.Power to extend exceptions relating to recognised exchanges
Part 5 Other taxes
118.IHT: rate bands
119.IHT: powers over, or exercisable in relation to, settled property or a settlement
120.IHT: variation of dispositions taking effect on death
121.Air passenger duty: extension of area to which EEA rates apply
122.Landfill tax: rate
123.Climate change levy: electricity produced in combined heat and power station
124.Climate change levy: certification requirement
125.Climate change levy: exemption for renewable sources
126.Climate change levy: electricity produced from coal mine methane
127.Climate change levy: incorrect certificates
128.Climate change levy: invoices incorrectly showing levy due
129.Aggregates levy: transitional relief for Northern Ireland
130.Aggregates levy: amendments to provisions exempting spoil etc
131.Aggregates levy: crushing and cutting rock
132.Aggregates levy: miscellaneous amendments
133.Aggregates levy: amendments to provisions about civil penalties
Part 6 Miscellaneous and supplementary provisions
Recovery of taxes etc due in other member States
134.Recovery of taxes etc due in other member States
135.Mandatory e-filing
136.Use of electronic communications under other provisions
137.Lorry road-user charge
Registers of UK gilts
138.Authority of Bank of England to discharge functions in place of Bank of Ireland
139.Closure of UK gilts registers kept in Ireland
140.Administration of UK gilts
141.Repeals
143.Short title
Beer from small breweries: reduced rate of duty
1.(1) Section 36 of the Alcoholic Liquor Duties Act 1979...
2.In that Act, after that section (and before the heading...
3.In section 49(1) of the Alcoholic Liquor Duties Act 1979...
4.(1) The Finance Act 1994 (c. 9) is amended as...
Hydrocarbon oil duties: minor and consequential amendments relating to biodiesel
2.Biodiesel and bioblend not to be treated as fuel substitute
3.Exclusion of bioblend from rebates on heavy oil
4.Repayment of duty in case of biodiesel used otherwise than as road fuel
5.Mixing biodiesel and rebated heavy oil
7.Provision in relation to bioblend corresponding to that made by section 6 of the Finance Act 1998 in relation to section 6 of the Hydrocarbon Oil Duties Act 1979
Hydrocarbon oil duties: rebated heavy oil etc
Part 1 Regulating traders in rebated heavy oil
1.In the Hydrocarbon Oil Duties Act 1979 (c. 5), after...
2.In section 100H(1) of the Customs and Excise Management Act...
3.In the Hydrocarbon Oil Duties Act 1979 (c. 5), after...
4.(1) Section 27 of the Hydrocarbon Oil Duties Act 1979...
Part 2 Minor amendments relating to rebates
5.The Hydrocarbon Oil Duties Act 1979 is amended as follows....
6.In section 12(1) (no rebate allowed on heavy oil intended...
7.In section 12(2) (oil not to be used in road...
8.In section 24(2) (regulations made for the purposes of section...
9.In section 27(1) (interpretation), in the definition of “rebate”, after...
Part 1 Amendments of the Betting and Gaming Duties Act 1981
1.The Betting and Gaming Duties Act 1981 (c. 63) is...
2.For sections 6 to 8 (pool betting duty: charge, rate...
3.In section 2(2) (bets to which section 2(1) does not...
4.In section 4(6) (bets to which subsections (1) to (3)...
5.In section 9(2) (bets to which section applies), omit “or...
6.In section 9(3) (bets to which section does not apply)—...
7.For section 9(6) substitute— (6) Section 8C(1) to (3) above...
8.Omit section 11 (definition of coupon betting).
9.In section 12(3) (interpretation of sections 1 to 10 etc),...
10.(1) Schedule 1 (administration etc of betting duties) is amended...
Part 2 Minor amendments and transitional provisions
11.Amendment in the Excise Duties (Surcharges or Rebates) Act 1979
12.Amendments in Schedule 5 to the Finance Act 1994
13.Duty charged before 31st March 2002
14.Notifications under paragraph 4(4) of Schedule 1 to that Act of premises used in connection with coupon betting
Vehicle excise duty: registered vehicles etc
1.The Vehicle Excise and Registration Act 1994 (c. 22) is...
2.For section 1(1) substitute— (1) A duty of excise (“vehicle...
3.For section 2(2) to (4) (rates where duty charged in...
4.For section 7(4) (vehicle licence valid only for vehicle for...
5.After section 7 insert— Supplement payable on late renewal of...
6.(1) In section 22 (registration regulations), in subsection (1D) (power...
7.In section 29(7) (rate of duty by reference to which...
8.After section 31 insert— Offence of being registered keeper of...
9.(1) In section 32 (sections 29 to 31: supplementary), in...
10.In section 33(3)(b) (offences of not exhibiting licence are without...
11.In section 34(4) (rate of duty by reference to which...
12.In section 47 (proceedings in England and Wales or Northern...
13.In section 48(3)(a) (proceedings in Scotland: time limit), after “section...
14.In section 53 (burden of proof of certain matters in...
15.In section 54 (single witness sufficient in Scottish proceedings), after...
16.In section 57 (regulations), after subsection (7) insert—
17.In section 62(1) (definitions), for the definition of “vehicle” substitute—...
Minor amendments to Schedule E charge
1.Share options
2.Credit-tokens and non-cash vouchers
3.In each of the following provisions of the Taxes Act...
4.Taxation of benefit where income received free of tax
5.Benefits in connection with termination of employment or change in duties or emoluments
6.Priority between charges under sections 148 and 595 of the Taxes Act 1988
Chargeable gains: roll-over of degrouping charge: modification of enactments
Chargeable gains: exemptions in case of substantial shareholding
Part 1 New Schedule 7AC to the Taxation of Chargeable Gains Act 1992
1.The following Schedule is inserted after Schedule 7AB to the...
2.Degrouping: time of accrual of chargeable gain or allowable loss
3.Treatment of furnished holiday lettings
4.Overseas life insurance companies
5.Corporate venturing scheme
Chargeable gains: share exchanges and company reconstructions
Part 1 Provisions replacing sections 135 and 136 of the Taxation of Chargeable Gains Act 1992
1.Share exchanges
2.Scheme of reconstruction involving issue of securities
3.Meaning of “scheme of reconstruction”
4.Taxes Act 1988
5.Taxation of Chargeable Gains Act 1992
6.Finance Act 2000
7.General commencement date
8.Commencement provision for certain consequential amendments
2.Periods of share ownership that do not count because of change of activity by company
3.Periods of share ownership not to count where company is not active
4.Meaning of “holding company”
5.Meaning of “interest in shares”
6.Meaning of “joint venture company” and “qualifying shareholding”
7.Meaning of “ordinary share capital”
8.Debentures to be treated as shares
9.Meaning of “trading company”
10.Meaning of “trading group”
11.Joint venture companies
12.Joint enterprise companies
Chargeable gains: deduction of personal losses from gains treated as accruing to settlors
3.Section 77
4.Section 86
5.Section 86A
6.Section 87
8.Election for Schedule to apply for years earlier than 2003-04
Tax relief for expenditure on research and development
Part 1 Entitlement to relief for R&D expenditure: large companies
1.Entitlement to relief under this Part
2.Meaning of “large company” and “small or medium-sized enterprise”
3.Qualifying R&D expenditure
4.Qualifying expenditure on direct research and development
5.Expenditure on research and development directly undertaken on company’s behalf
6.Qualifying expenditure on contributions to independent research and development
Part 2 Entitlement to relief for R&D expenditure: work subcontracted to small or medium-sized enterprise
7.Entitlement to relief under this Part
8.Qualifying sub-contracted R&D expenditure
9.Expenditure on research and development directly undertaken by the SME
10.Expenditure on research and development directly undertaken on SME’s behalf
Part 3 The relief
11.Deduction in computing profits of trade
Part 4 Special provision for giving relief to insurance companies
12.Treated as large companies
13.Entitlement to relief in respect of “I minus E” basis
14.Research and development expenditure of group companies
15.Refunds of contributions to independent research and development etc
16.Artificially inflated claims for deduction
17.Meaning of “relevant research and development”, “staffing costs” and “consumable stores”
18.Meaning of “qualifying body”
19.Other definitions etc
Tax relief for expenditure on vaccine research etc
Part 1 Entitlement to relief
1.Entitlement to relief under this Schedule
2.Qualifying expenditure
3.Qualifying expenditure on direct research and development
4.Qualifying R&D activity
5.Meaning of “relevant R&D”, “small or medium-sized enterprise”, “staffing costs”, “consumable stores” and “subsidised”.
6.Qualifying expenditure on sub-contracted research and development
7.Conditions that must be satisfied by qualifying expenditure on sub-contracted research and development
8.Treatment of sub-contractor payment where principal and sub-contractor are connected persons
9.Relevant expenditure of the sub-contractor
10.Election for connected persons treatment
12.Qualifying expenditure on contributions to independent research and development
Part 2 Manner of giving effect to relief: small and medium-sized companies
14.Deduction in computing profits of trade
15.Alternative treatment of pre-trading expenditure: deemed trading loss
16.Entitlement to tax credit
17.Amount of credit
18.Payment in respect of tax credit
19.Restriction on losses carried forward
20.Payment in respect of tax credit not income
Part 3 Manner of giving effect to relief: large companies
21.Deduction in computing profits of trade
22.Treated as large companies
23.Entitlement to relief in respect of “I minus E” basis
24.Artificially inflated claims for deduction or tax credit
25.Refunds of contributions to independent research and development
26.Funding of tax credits
28.Commencement and transitional provision
Tax credits under Schedule 13: consequential amendments
2.Claim must be made in tax return
3.Recovery of excessive tax credits
4.Claims for tax credits
R&D tax relief for small and medium-sized enterprises: minor and consequential amendments
1.Schedule 20 to the Finance Act 2000 (c. 17) (R&D...
2.(1) In paragraph 1 (entitlement to R&D tax relief)—
3.In paragraph 5 (staffing costs)— (a) in sub-paragraph (1)(c) omit...
4.In paragraph 8 (subsidised expenditure), for the second sentence of...
5.In paragraph 12 (treatment of sub-contractor payments where principal and...
1.Eligibility for tax relief
2.Meaning of “investment”
3.Meaning of “the five year period”
Part 2 Accredited community development finance institutions
4.Application and criteria for accreditation
5.Terms and conditions of accreditation
6.Delegation of Secretary of State’s functions
7.Period of accreditation
Part 3 Qualifying investments
9.Conditions to be satisfied in relation to loans
10.Conditions to be satisfied in relation to securities
11.Conditions to be satisfied in relation to shares
12.Tax relief certificates
13.Pre-arranged protection against risks
14.No control of CDFI by investor
15.Beneficial ownership
16.Investor must not be accredited
17.No acquisition of share in partnership
18.No tax avoidance purpose
Part 5 Form of relief
19.Individual investors
20.Company investors
21.Determination of “the invested amount”
22.Loans: no claim after disposal or excessive repayments or receipts of value
23.Securities or shares: no claim after disposal or excessive receipts of value
24.Loss of accreditation by the CDFI
25.Accreditation of the investor
26.Attribution
Part 6 Withdrawal of relief
27.Manner of withdrawal of relief
28.Disposal of loan during five year period
29.Disposal of shares or securities during five year period
30.Repayments of loan capital
31.Value received treated as repayment of loan
32.Value received by investor where the investment consists of securities or shares
33.Meaning of “period of restriction”
34.Aggregation of receipts of insignificant value
35.When value is received
36.The amount of value received
37.Value received where there is more than one investment
38.Effect of receipt of value on future claims for relief
39.Receipts of value by and from connected persons
Part 7 Restructuring of CDFI
40.Rights issues etc
41.Company reconstructions etc
42.Information to be provided by the investor
43.Disclosure
44.Nominees
45.Application for postponement of tax pending appeal
46.Meaning of “issue of securities or shares”
47.Identification of securities or shares on a disposal
48.Meaning of “disposal”
49.Construction of references to investment being “held continuously”
50.Meaning of “associate”
51.Minor definitions etc
52.Index of defined expressions
Community investment tax relief: consequential amendments
1.In section 98 of the Taxes Management Act 1970 (c....
2.In section 289A of the Taxes Act 1988 (form of...
3.In Schedule 15B to that Act (venture capital trusts: relief...
4.In section 25 of the Finance Act 1990 (c. 29)...
5.In Schedule 18 to the Finance Act 1998 (c. 36)...
Part 1 Clubs entitled to be registered
1.The requirements
2.Open to the whole community
3.Organised on an amateur basis
Part 2 Exemptions for registered clubs
4.Exemption for trading income
5.Exemption for interest and gift aid income
6.Exemption for property income
7.Exemption for chargeable gains
8.Exemption reduced where club incurs non-qualifying expenditure
Part 3 Reliefs for donors
9.(1) Section 25 of the Finance Act 1990 (c. 29)...
Part 4 Chargeable gains: property ceasing to be held for qualifying purposes
10.(1) This paragraph applies where a club holds property and,...
11.Registration and termination
12.Information etc
Part 6 Interpretation
14.“Eligible sport”
15.“Inland Revenue”
16.Other expressions
2.Types of expenditure for which first-year allowances available
3.First-year qualifying expenditure: car with low carbon dioxide emissions
4.General exclusions affecting first-year qualifying expenditure
5.Amount of first-year allowances
6.Single asset pool in relation to cars above cost threshold
Capital allowances: plant or machinery for gas refuelling station
3.First-year qualifying expenditure: plant or machinery for gas refuelling station
5.Amount of first-year allowance
First-year allowances for expenditure wholly for a ring fence trade
Part 1 Plant and machinery
3.First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade
4.Plant or machinery used for less than five years in a ring fence trade
5.General exclusions affecting first-year qualifying expenditure
6.Amount of first-year allowances
7.Penalty for failure to provide information etc
Part 2 Mineral extraction allowances
8.Introductory
9.First-year qualifying expenditure
10.First-year allowances
11.Artificially inflated claims for first-year allowances
12.Amount of allowances and charges: balancing charge for period in which expenditure incurred
13.Unrelieved qualifying expenditure: effect of first-year qualifying expenditure
Computation of profits: adjustment on change of basis
1.General scheme
Part 2 General rules
2.Calculation of adjustment
3.Meaning of items being brought into account
4.Giving effect to positive adjustment
5.Giving effect to negative adjustment
Part 3 Special rules for certain cases
6.No adjustment for certain expenses previously brought into account
7.Cases where adjustment not required until asset realised or written off
8.Change from realisation basis to mark to market
9.Election for spreading where paragraph 8 applies
10.Application of paragraphs 8 and 9 in case of transfer of insurance business
11.Spreading of adjustment charge on ending of exemption for barristers and advocates
12.Election to accelerate payment of adjustment charge under paragraph 11
13.Application of provisions to partnerships
14.Liability of personal representatives in case of death of person chargeable
16.General rule
17.Application of provisions to certain earlier changes of basis
18.Period in which change of basis takes effect
Part 1 Amendments of the Finance Act 1996
2.Meaning of “related transaction”
3.Exchange gains and losses from loan relationships etc
4.Authorised accounting methods
5.Convertible securities etc: exchange gains and losses
6.Extension of section 100 to exchange gains and losses and to items other than money debts
8.Bad debt etc: cases where departure allowed from assumption of prompt payment in full
9.Bad debts etc where parties have a connection
10.Transactions not at arm’s length
11.Exchange gains and losses where loan not on arm’s length terms
12.Continuity of treatment: groups etc
13.Loan relationships for unallowable purposes
14.Life assurance business
15.Special provisions for insurers: apportionments
16.Savings and transitional provisions in the Finance Act 1996
17.Charges on income
18.Supplementary charge in respect of ring fence trades
19.Controlled foreign companies
20.Double taxation relief
21.Provision not at arm’s length: foreign exchange gains and losses
22.Miscellaneous amendments
23.Tonnage tax
24.Intangible fixed assets: assets entirely excluded: financial assets
Part 3 Transitional provisions etc
25.Anti-avoidance: change of accounting period
26.Deferred foreign exchange gains
Corporation tax: currency
The Finance Act 1993
2.The basic rule: sterling to be used
3.Use of currency other than sterling: accounts as a whole etc in foreign currency
4.Use of currency other than sterling: accounts etc partly from statements in foreign currency
5.Rules for ascertaining currency equivalents: general
6.Rules for ascertaining sterling equivalent for section 93(4) or (5)
7.Lloyd’s underwriters: corporations etc
2.Meaning of “loan relationship” etc: method of settlement
3.Non-trading deficit on loan relationships
4.Debits and credits brought into account
5.Authorised accounting methods
6.Application of accounting methods
7.Accounting method where parties have a connection
8.Meaning of “control” in section 87
9.Inconsistent application of accounting methods
10.Changes of accounting method
11.Payments subject to deduction of tax
12.Indexed gilt-edged securities
13.Manufactured interest
14.Interpretation: “shares” not to include building society shares
15.Interpretation: miscellaneous
16.Provision continuing to be made on accruals basis after company ceases to be party
17.Claims to treat deficit as eligible for group relief
18.Claim to carry back deficit to previous accounting periods
19.Deficit carried forward and set against non-trading profits of succeeding accounting periods
20.Distributions
21.Life assurance policies and capital redemption policies
22.Late interest: further cases where paragraph 2 of Schedule 9 applies
23.Bad debts and consortium relief
24.Bad debt etc where parties have a connection
25.Bad debt etc: parties having connection and creditor company in insolvent liquidation etc
26.Bad debt etc: companies becoming connected
27.Bad debt etc: departure not permitted by paragraph 6: subsequent cessation of connection
28.Imported losses etc
29.Continuity of treatment: groups etc
30.Loan relationships for unallowable purposes
31.Debits and credits treated as relating to capital expenditure
32.Repo transactions and stock lending
33.Discounted securities where companies have a connection
34.Discounted securities of close companies
35.Partnerships involving companies
36.Interpretation of Schedule 9: “major interest”
37.Investment trusts and venture capital trusts: treatment of capital reserves
38.Authorised unit trusts and open-ended investment companies
39.Distributing offshore funds
40.Life assurance business
41.Adjustments in the case of chargeable assets etc
42.Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss
43.Introductory
44.Incidental costs of obtaining loan finance
45.Group relief
46.Apportionment of income and gains
47.Building society shares: regulations for deduction of tax
48.Building society shares: incidental costs of issuing qualifying shares
49.European Economic Interest Groupings
50.Funding bonds issued in respect of interest on certain debts
51.Transfers of income arising from securities
52.Treatment of price differential on sale and repurchase of securities
53.Restriction of relief for payments of interest
54.Limits on credit: corporation tax
55.Foreign tax on items giving rise to a non-trading credit
56.Investment trusts
57.Venture capital trusts
58.Change in ownership of investment company
59.Commercial woodlands
60.Interest charged to capital
62.Discounted securities where companies have a connection
63.Discounted securities of close companies
64.Authorised unit trusts and open-ended investment companies
1.Profits arising from derivative contracts
Part 2 Derivative contracts
2.Derivative contracts and relevant contracts
3.Contracts to satisfy accounting requirements etc
4.Contracts excluded by virtue of their underlying subject matter
5.Qualified exclusion: contract held by company for purposes of trade
6.Qualified exclusion: contract producing guaranteed return
7.Qualified exclusion: guaranteed amount payable on maturity
8.Qualified exclusion: contract held by company to provide insurance benefits
9.Underlying subject matter which is subordinate or of small value disregarded
10.Associated transactions
11.Meaning of “underlying subject matter”
12.Definition of terms relating to derivative contracts
13.Power to amend paragraphs 2 to 12
Part 3 Method of taxation
14.Method of bringing amounts into account
15.Credits and debits brought into account
16.Exchange gains and losses arising from derivative contracts
Part 4 Accounting methods
17.Authorised accounting methods
18.Application of accounting methods
19.Application of accounting methods: election to follow generally accepted accounting practice
20.Application of accounting methods: requirement to follow generally accepted accounting practice
21.Basis of accounting for contracts falling within paragraph 6, 7 or 8
Part 5 Special provision for bad debt etc
22.Bad debt etc
Part 6 Special computational provisions
23.Derivative contracts for unallowable purposes
24.Derivative contracts for unallowable purposes: supplementary
25.Debits and credits treated as relating to capital expenditure
26.Transfers of value to connected companies
27.Exchange gains and losses where derivative contracts not on arm’s length terms
28.Transactions within groups
29.Transactions within groups: exceptions relating to insurance
30.Transactions within groups: authorised mark to market basis of accounting
31.Derivative contracts with non-residents
Part 7 Collective investment schemes
32.Authorised unit trusts: capital profits and losses
33.Open-ended investment companies: capital profits and losses
34.Power to amend paragraphs 32 and 33
35.Distributing offshore funds
36.Contracts relating to holdings in unit trust schemes, open-ended investment companies and offshore funds
37.Contract which becomes contract to which paragraph 36 applies
38.Investment trusts and venture capital trusts: capital reserves
39.Investment trusts: approval for purposes of section 842 of the Taxes Act 1988
40.Venture capital trusts: approval for purposes of section 842AA of the Taxes Act 1988
Part 8 Insurance and mutual trading companies
41.Application of Schedule to insurance and mutual trading companies
42.Application of Part 1 of Schedule 11 to the Finance Act 1996
43.Non-life mutual business
44.Derivative contracts ceasing to be held for purposes of trade
45.Contracts becoming held for purposes of trade
46.Contracts where part of underlying subject matter of excluded type
47.Contracts where underlying subject matter of different excluded types
48.Election to treat contract as two assets
49.Partnerships involving companies
50.Partnerships involving companies: application of accounting methods
51.Prevention of deduction of tax
Part 10 Interpretation
52.Statutory accounts
53.Derivative and relevant contracts of person
54.General interpretation
Derivative contracts: minor and consequential amendments
2.In section 15(1) (Schedule A) in paragraph 2(3) of Schedule...
3.(1) In section 128 (gains arising in course of dealing...
4.(1) In section 399 (dealings in commodity futures etc: withdrawal...
5.In section 440 (transfers between categories of assets held by...
6.Omit section 468AA (authorised unit trusts: futures and options).
7.(1) Section 468L (interest distributions) is amended as follows.
8.In section 501A (supplementary charge in respect of ring fence...
9.In section 768B (change in ownership of investment company: deductions...
10.In section 768C (deductions: asset transferred within group) in subsection...
11.In section 798B (restriction of relief on certain interest and...
12.(1) Section 807A (disposals and acquisitions of company loan relationships...
13.In section 834(1) (interpretation of the Corporation Tax Acts) insert...
14.(1) Schedule 5AA (guaranteed returns on transactions in futures and...
15.(1) Schedule 28AA (provision not at arm’s length) is amended...
16.The Finance Act 1994
17.The Finance Act 1996
18.(1) Section 93A (loan relationships linked to the value of...
19.(1) Section 101 (financial instruments) is amended as follows.
20.(1) Schedule 10 (loan relationships: collective investment schemes) is amended...
21.Omit Schedule 12 (meaning of debt contract or option).
22.The Finance Act 2000
23.(1) Schedule 22 (tonnage tax) is amended as follows.
24.The Finance Act 2002
25.Section 78 (which amends the provision made by Schedule 5AA...
26.In Schedule 29 (taxation of intangible fixed assets) in paragraph...
Derivative contracts: transitional provisions etc
1.Anti-avoidance: change of accounting period
2.Qualifying contracts to which company ceases to be party before commencement day
3.Qualifying contracts which become derivative contracts
4.Contracts which become derivative contracts: chargeable assets
5.Contracts: election to treat as two assets
6.Contracts which become derivative contracts: contracts within Schedule 5AA to the Taxes Act 1988
Gains and losses of a company from intangible fixed assets
1.Gains and losses in respect of intangible fixed assets
2.Intangible assets
3.Intangible fixed assets
5.Company not drawing up correct accounts
6.Reference to consolidated group accounts
Part 2 Debits in respect of intangible fixed assets
8.Expenditure written off as it is incurred
9.Writing down on accounting basis
10.Writing down at fixed rate: election for fixed-rate basis
11.Writing down at fixed rate: calculation
12.Reversal of previous accounting gain
Part 3 Credits in respect of intangible fixed assets
14.Receipts recognised as they accrue
15.Revaluation
16.Negative goodwill
17.Reversal of previous accounting loss
Part 4 Realisation of intangible fixed assets
19.Meaning of “realisation”
20.Realisation of asset written down for tax purposes
21.Realisation of asset shown in balance sheet and not written down for tax purposes
22.Apportionment in case of part realisation
23.Realisation of asset not shown in balance sheet
24.Meaning of “proceeds of realisation”
25.Relief in case of reinvestment
26.Abortive expenditure on realisation
Part 5 Calculation of tax written down value
27.Asset written down on accounting basis
28.Asset written down at fixed rate
29.Effect of part realisation of asset
Part 6 How credits and debits are given effect
30.Introduction
31.Asset held for purposes of trade
32.Asset held for purposes of property business
33.Assets held for purposes of mines, transport undertakings, etc
34.Non-trading credits and debits
35.Claim to set non-trading loss against total profits
36.Special provisions relating to insurance companies
Part 7 Roll-over relief in case of realisation and reinvestment
37.The relief
38.Conditions to be met in relation to the old asset and its realisation
39.Conditions to be met in relation to the expenditure on other assets
40.Claim for relief
41.How the relief is given: general
42.Determination of appropriate proportion or adjusted cost
43.Declaration of provisional entitlement to relief
44.Realisation and reacquisition
45.Deemed realisations and deemed acquisitions to be disregarded
Part 8 Groups of companies
46.Introduction
47.General rule: a company and its 75% subsidiaries form a group
48.Membership of group restricted to effective 51% subsidiaries of principal company
49.Principal company cannot be 75% subsidiary of another company
50.Company cannot be member of more than one group
51.Continuity of identity of group
52.Meaning of “effective 51% subsidiary”
53.Meaning of equity holder and profits or assets available for distribution
54.Supplementary provisions
Part 9 Application of provisions to groups of companies
55.Transfers within a group
56.Roll-over relief on reinvestment: application to group member
57.Roll-over relief on reinvestment: acquisition of group company treated as equivalent to acquisition of underlying assets
58.Company ceasing to be member of group (“degrouping”)
59.Degrouping: associated companies leaving group at the same time
60.Degrouping: principal company becoming member of another group
61.Degrouping: company ceasing to be member of group by reason of exempt distribution
62.Degrouping: merger carried out for bona fide commercial reasons
63.Degrouping: group member ceasing to exist
64.Degrouping: supplementary provisions
65.Degrouping: application of roll-over relief in relation to degrouping charge
66.Reallocation of degrouping charge within group
67.Application of roll-over relief in relation to reallocated degrouping charge
68.Recovery of degrouping charge from another group company or controlling director
69.Recovery of degrouping charge from another group company or controlling director: procedure etc
70.Recovery of degrouping charge from another group company or controlling director: time limit
71.Payments between group members in respect of reliefs
Part 10 Excluded assets
72.Introduction
73.Assets entirely excluded: rights over tangible assets
74.Assets entirely excluded: oil licences
75.Assets entirely excluded: financial assets
76.Assets entirely excluded: rights in companies, trusts, etc
77.Assets entirely excluded: non-commercial purposes etc
78.Assets excluded except as regards royalties: life assurance business
79.Assets excluded except as regards royalties: mutual trade or business
80.Assets excluded except as regards royalties: films and sound recordings
81.Assets excluded except as regards royalties: computer software treated as part of cost of related hardware
82.Assets excluded to extent specified: research and development
83.Assets excluded to extent specified: election to exclude capital expenditure on computer software
Part 11 Transfer of business or trade
84.Company reconstruction involving transfer of business
85.Transfer of UK trade between companies resident in different EU member States
86.Postponement of charge on transfer of assets to non-resident company.
87.Transfer of non-UK trade
88.Procedure on application for clearance
89.Transfer of life assurance business
90.Transfer of business of building society to company
91.Amalgamation of or transfer of engagements by certain societies
Part 12 Transactions between related parties
92.Transfer between company and related party treated as being at market value
93.Exclusion of roll-over relief in case of part realisation involving related party
94.Delayed payment of royalty payable by company to related party
95.Meaning of “related party”
96.Meaning of “control” and “major interest”
97.Rights and powers to be taken into account: general
98.Rights and powers to be taken into account: rights and powers held jointly
99.Rights and powers to be taken into account: partnerships
100.Meaning of “participator” and “associate”
101.Connected persons
102.Treatment of grants and other contributions to expenditure
103.Grants to be left out of account for tax purposes
104.Finance leasing etc
105.Assets acquired or realised together
106.Deemed market value acquisition: adjustment of amounts in case of nil accounting value
107.Treatment of fungible assets
108.Asset ceasing to be chargeable intangible asset: deemed realisation at market value
109.Asset ceasing to be chargeable intangible asset: postponement of gain in certain cases
110.Asset becoming chargeable intangible asset
111.Tax avoidance arrangements to be disregarded
112.Debits not allowed in respect of expenditure not generally deductible for tax purposes
113.Delayed payment of emoluments
114.Delayed payment of pension contributions
115.Bad debts etc
116.Assumptions for computing chargeable profits of controlled foreign companies
Part 14 Commencement and transitional provisions
117.Commencement date
118.Application of Schedule to assets created or acquired after commencement
119.Application of Schedule to royalties
120.Assets regarded as created or acquired when expenditure incurred
121.Internally-generated goodwill: whether created before or after commencement
122.Certain other internally-generated assets: whether created before or after commencement
123.Expenditure on acquisition treated as incurred when recognised for accounting purposes
124.When expenditure treated as incurred: chargeable gains rule to be followed in certain cases
125.When expenditure treated as incurred: capital allowances general rule to be followed in certain cases
126.Application of Schedule to fungible assets
127.Certain assets acquired on transfer of business treated as existing assets
128.Application of Schedule to certain existing telecommunication rights
129.Application of Schedule to existing Lloyd’s syndicate capacity
130.Roll-over relief: application in relation to disposal of existing asset after commencement
131.Roll-over relief: application in relation to degrouping charge on existing asset arising after commencement
132.Roll-over relief: transitory interaction with relief on replacement of business asset
Part 15 Interpretation
133.References to expenditure on an asset
134.References to amounts recognised in profit and loss account
135.Meaning of “accounting value”
136.Meaning of “adjustments required for tax purposes”
137.Meaning of “chargeable intangible asset” and “chargeable realisation gain”
138.Interpretation provisions relating to insurance companies
139.Meaning of “royalty”
140.Meaning of “tax-neutral transfer”
141.Meaning of “the Inland Revenue”
142.Meaning of “the Taxes Acts”
143.Index of defined expressions
Gains and losses of a company from intangible fixed assets: consequential amendments
1.General provisions about deductions
2.Surrender of non-trading loss by way of group relief
3.Extension of charitable exemption to non-trading gains
4.Change in ownership of company with unused non-trading loss
5.Double taxation relief
6.Value-shifting provisions
Gains of insurance company from venture capital investment partnership
2.In section 178(stop loss and quota share insurance), in subsection...
3.After subsection (3) of that section insert—
4.For subsection (4) of that section substitute—
5.In section 184(1) (interpretation), in the definition of “stop-loss insurance”,...
6.Corporate bodies
7.In section 225 (stop loss and quota share insurance), in...
8.After subsection (3) of that section insert—
9.For subsection (4) of that section substitute—
10.In section 230(1) (interpretation), in the definition of “stop-loss insurance”,...
Part 1 Venture capital trusts: winding up
1.Meaning of “VCT-in-liquidation”
2.Power to treat VCT-in-liquidation as VCT
3.Power to treat conditions for VCT approval as fulfilled with respect to VCT-in-liquidation
4.Power to make provision about distributions by VCT-in-liquidation
5.Power to facilitate disposals to VCT by VCT-in-liquidation
6.Provision in respect of periods before and after winding-up
7.Part 1: supplementary provisions and interpretation
Part 2 Venture capital trusts: mergers
8.Power to facilitate mergers of VCTs
9.Provision that may be made by regulations under paragraph 8(1)
10.Meaning of “merger” and “successor company”
Part 3 Time allowed for VCT to invest money raised by further share issue
11.Power to disapply, or limit operation of, section 842AA(5B) of the Taxes Act 1988
12.Withdrawal of VCT approval in cases for which provision made under paragraph 11
13.Consequential amendment in section 842AA(5A) of the Taxes Act 1988
14.Extension of existing powers to give effect to VCT reliefs
15.Penalties for non-compliance with regulations under this Schedule
16.Regulations under this Schedule: inclusion of supplementary etc provisions
17.Interpretation of Schedule
Stamp duty: withdrawal of group relief: supplementary provisions
2.Relief not withdrawn if transferor company leaves group
3.Relief not withdrawn in case of winding-up
4.Relief not withdrawn in case of exempt acquisition
6.Duty of transferee company to notify particulars
7.Determination, collection and recovery of duty and interest
8.Recovery of group relief from from another group company or controlling director
9.Recovery of group relief from another group company or controlling director: procedure and time limit
10.Power to require information
Stamp duty: withdrawal of relief for company acquisitions: supplementary provisions
2.Change of control due to exempt transfer
3.Change of control due to intra-group transfer
4.Change of control due to exempt share acquisition
5.Change of control due to interest of loan creditor
7.Duty of acquiring company to notify particulars
8.Determination, collection and recovery of duty and interest
9.Recovery of section 76 relief from from another group company or controlling director
10.Recovery of section 76 relief from another group company or controlling director: procedure and time limit
11.Power to require information
12.Supplementary
Stamp duty: contracts chargeable as conveyances: supplementary provisions
Part 1 Subsales
2.Meaning of “subsale”
3.Relief where duty paid on original sale or earlier subsale
Part 2 Subsequent conveyance or transfer
5.Conveyance or transfer of property contracted to be sold
6.Repayment of duty in certain cases
Part 3 General supplementary provisions
7.Construction of references to duty on transactions
8.Transactions relating to land in the UK and to other property
9.Person claiming relief to establish entitlement
10.Construction as one
Stamp duty: abolition of duty on instruments relating to goodwill: supplementary provisions
1.Reduction of stamp duty where instrument partly relating to goodwill
4.Acquisition under statute
3.Meaning of “aggregate” etc
4.Exempt processes
5.Commercial exploitation
6.Responsibility for commercial exploitation
7.The register
8.Insolvency etc
9.Notification of registrability etc
10.Restriction on powers to provide for set-off
2.Enforcement of claims in the United Kingdom
3.Power to make supplementary provision by regulations
4.Proceedings on contested claims
5.Claims determined in taxpayer’s favour
6.Other supplementary provisions