Source: http://uklaws.org/acts_uk/document200/index.htm
Timestamp: 2017-07-28 06:54:03
Document Index: 199385083

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 1', 'art 10', 'art 2', 'art 3', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 1', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 1', 'art 2', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 5', 'art 6', 'art 7', 'art 8']

Finance Act 2006 (c. 25) Laws UK
Excise dutiesTobacco products duty 1. Rates of tobacco products duty 2. Tobacco products duty: evasion Alcoholic liquor duties 3. Rate of duty on beer 4. Rates of duty on wine and made-wine 5. Repeal of provisions of ALDA 1979 of no practical utility etc Hydrocarbon oil duties 6. Rates until 1st September 2006 7. Rates from 1st September 2006 8. Road vehicles Betting and gaming duties 9. General betting duty: gaming machines 10. Rates of gaming duty Amusement machine licence duty 11. Definition of "gaming machine" 12. Classes of machine and rates of duty Vehicle excise duty 13. Rates 14. Reduced pollution certificates 15. Late renewal supplement Part 2
Value added taxGaming machines 16. Gaming machines Land 17. Buildings and land Imported works of art etc 18. Value of imported works of art etc: auctioneer's commission Avoidance and fraud 19. Missing trader intra-community fraud 20. Power to inspect goods 21. Directions to keep records where belief VAT might not be paid 22. Treatment of credit vouchers Part 3
Income tax and corporation tax: charge and rate bandsIncome tax 23. Charge and rates for 2006-07 Corporation tax 24. Charge and main rate for financial year 2007 25. Small companies' rate and fraction for financial year 2006 26. Abolition of corporation tax starting rate and non-corporate distribution rate Chapter 2
Reliefs for businessGroup relief 27. Group relief where surrendering company not resident in UK Research and development 28. Relief for research and development: subjects of clinical trials 29. Claims for relief for research and development Capital allowances 30. Temporary increase in amount of first-year allowances for small enterprises Chapter 3
Films and sound recordingsIntroductory 31. Meaning of "film" and related expressions 32. Meaning of "film production company" 33. Meaning of "film-making activities" etc 34. Meaning of "production expenditure" and related expressions 35. Meaning of "UK expenditure" 36. Meaning of "qualifying co-production" and "co-producer" Taxation of activities of film production company 37. Taxation of activities of film production company Film tax relief 38. Films qualifying for film tax relief 39. Conditions of relief: intended theatrical release 40. Conditions of relief: British film 41. Conditions of relief: UK expenditure 42. Film tax relief: further provisions Film losses 43. Films: restriction on use of losses while film in production 44. Films: use of losses in later periods 45. Films: terminal losses Films: withdrawal of existing reliefs 46. Films: withdrawal of existing reliefs (corporation tax) 47. Films: withdrawal of existing reliefs (income tax) Corporation tax treatment of sound recordings 48. Sound recordings: revenue nature of expenditure 49. Sound recordings: allocation of expenditure 50. Sound recordings: interpretation Supplementary provisions 51. Corporation tax: films and sound recordings as intangible fixed assets 52. Films: application of provisions to certain films already in production 53. Films and sound recordings: commencement and power to alter dates Chapter 4
Charities 54. Transactions with substantial donors 55. Non-charitable expenditure 56. Trade profits 57. Gift aid relief for companies wholly owned by one or more charities 58. Extension of restrictions on gift aid payments by close companies Chapter 5
Personal taxationCars 59. Cars with a CO2 emissions figure Mobile telephones and computers 60. Mobile telephones 61. Computer equipment Eye care 62. Exemption for employees' eye tests and special glasses Vouchers and tokens 63. Power to exempt use of vouchers or tokens to obtain exempt benefits Holocaust victims 64. Payments to or in respect of victims of National-Socialist persecution Chapter 6
The London Olympic Games and Paralympic Games 65. London Organising Committee 66. Section 65: supplementary 67. International Olympic Committee 68. Competitors and staff Chapter 7
Chargeable gainsCapital losses 69. Restriction on a company's allowable losses 70. Restrictions on companies buying losses or gains 71. Other avoidance involving losses accruing to companies 72. Repeal of s.106 of TCGA 1992 Insurance policies and annuities 73. Policies of insurance and non-deferred annuities Capital gains tax 74. Exception to "bed and breakfasting" rules etc Chapter 8
Avoidance: miscellaneousFilm partnerships 75. Interest relief: film partnership Financial instruments 76. Avoidance involving financial arrangements Intangible fixed assets 77. Treating assets as "existing assets" etc International matters 78. Controlled foreign companies and treaty non-resident companies 79. Transfer of assets abroad Pre-owned assets 80. Restriction of exemption from charge to income tax Chapter 9
Miscellaneous provisionsLeasing of plant or machinery 81. Leases of plant or machinery Sale of lessors 82. Sale etc of lessor companies etc 83. Restrictions on use of losses etc: leasing partnerships 84. Disposal of plant or machinery subject to lease where income retained 85. Restrictions on effect of elections under section 266 of CAA 2001 Insurance companies and policyholders 86. Insurance companies 87. Qualifying policies: altering method for calculating benefits Settlements 88. Settlements, etc: chargeable gains 89. Settlements, etc: income 90. Special trusts tax rates not to apply to social landlords' service charge income Investment reliefs 91. Venture capital schemes Employment-related securities 92. Avoidance using options etc 93. Corporation tax relief for shares acquired under EMI option PAYE 94. PAYE: retrospective notional payments Alternative finance arrangements 95. Profit share agency 96. Diminishing shared ownership 97. Beneficial loans to employees 98. Regulations Nuclear decommissioning 99. Amendment of section 29 of the Energy Act 2004 100. Amendment of section 30 of the Energy Act 2004 Accounting practice 101. Securitisation companies 102. Accountancy change: spreading of adjustment Part 4
Real Estate Investment TrustsIntroduction 103. Real Estate Investment Trusts 104. Property rental business 105. Other key concepts 106. Conditions for company 107. Conditions for tax-exempt business 108. Conditions for balance of business Entering Real Estate Investment Trust Regime 109. Notice 110. Duration 111. Effects of entry 112. Entry charge Assets etc 113. Ring-fencing of tax-exempt business 114. Maximum shareholding 115. Profit: financing-cost ratio 116. Minor or inadvertent breach 117. Cancellation of tax advantage 118. Funds awaiting re-investment Profits 119. Corporation tax 120. Calculation of profits 121. Distributions: liability to tax 122. Distributions: deduction of tax 123. Attribution of distributions Capital gains 124. Corporation tax 125. Movement of assets out of ring-fence 126. Movement of assets into ring-fence 127. Interpretation Leaving Real Estate Investment Trust Regime 128. Termination by notice: company 129. Termination by notice: Commissioners 130. Automatic termination for breach of requirement 131. Effects of cessation 132. Early exit by notice 133. Early exit Groups 134. Group Real Estate Investment Trusts 135. Transfer within group 136. Availability of group reliefs Miscellaneous 137. Insurance companies 138. Joint ventures 139. Manufactured dividends 140. Penalties for failure to give notice, etc 141. Effect of deemed disposal and re-acquisition 142. Interpretation 143. Housing investment trusts: repeal Part 5
OilNew basis for determining market value 146. New basis for determining the market value of oil 147. Section 146: commencement and transitional provisions Attribution of blended crude oil 148. Crude oil: power to make regulations Nomination scheme 149. Nomination scheme 150. Amendment of Schedule 10 to FA 1987 151. Nomination excesses and corporation tax Ring fence trades 152. Increase in rate of supplementary charge 153. Election to defer capital allowances 154. Ring fence expenditure supplement Part 6
Inheritance taxFuture rates and bands 155. Rates and rate bands for 2008-09 and 2009-10 Trusts 156. Rules for trusts etc 157. Purchase of interests in foreign trusts Part 7
Pensions 158. Taxable property held by investment-regulated pension schemes 159. Recycling of lump sums 160. Inheritance tax 161. Miscellaneous Part 8
Stamp taxesStamp duty and stamp duty land tax: thresholds 162. Raising of thresholds Stamp duty land tax 163. Partnerships 164. Leases 165. Reallocation of trust property as between beneficiaries 166. Unit trust schemes 167. Demutualisation of insurance companies 168. Alternative finance Stamp duty 169. Reliefs for certain company acquisitions Part 9
Miscellaneous provisionsLandfill tax 170. Rate of landfill tax Climate change levy 171. Climate change levy: rates 172. Abolition of half-rate supplies etc International tax arrangements 173. International tax enforcement arrangements 174. Arrangements under section 173: information powers 175. Arrangements under section 173: recovery of debts 176. Double taxation agreements: procedure Disclosure of information 177. Disclosure of information Part 10
Supplementary provisions 178. Repeals 179. Interpretation 180. Short title Schedule 1
Group relief where surrendering company not resident in UKPart 1
Amendments of Chapter 4 of Part 10 of ICTAPart 2
Amendments of other enactmentsPart 3
CommencementSchedule 2
Relief for research and development: subjects of clinical trialsSchedule 3
Claims for relief for research and developmentSchedule 4
Taxation of activities of film production companySchedule 5
Film tax relief: further provisionsPart 1
Entitlement to film tax reliefPart 2
Certification of British films for purposes of film tax reliefPart 3
Consequential amendmentsPart 4
Provisional entitlement to reliefSchedule 6
Avoidance involving financial arrangementsSchedule 7
Transfer of assets abroadSchedule 8
Long funding leases of plant or machineryPart 1
Capital allowancesPart 2
Corporation taxPart 3
Income taxPart 4
Commencement and transitional provisionsSchedule 9
Leases of plant or machinery: miscellaneous amendmentsSchedule 10
Sale etc of lessor companies etcPart 1
Leasing business carried on by a company alonePart 3
Leasing business carried on by a company in partnershipPart 4
Insurance companiesSchedule 12
Settlements: amendment of TCGA 1992 etcPart 1
Settlors, trustees and settlementsPart 2
Sub-fund settlementsPart 3
Consequential and minor amendmentsSchedule 13
Settlements: amendments to ICTA and ITTOIA 2005 etcPart 1
Minor and consequential amendmentsSchedule 14
Investment reliefs: venture capital schemesPart 1
Limits on gross assets of issuers of shares or securitiesPart 2
Rate of relief for investments in venture capital trustsPart 3
Enterprise investment scheme: maximum subscriptions and carry-back of reliefPart 4
Lengthening of periods applicable to venture capital trustsPart 5
Venture capital trusts: meaning of "investments"Schedule 15
Accountancy change: spreading of adjustmentPart 1
Income taxPart 2
Corporation taxSchedule 16
Real Estate Investment Trusts: excluded business and incomePart 1
Classes of businessPart 2
Classes of income or profitPart 3
Power to amendSchedule 17
Group Real Estate Investment Trusts: modificationsSchedule 18
Oil taxation: market value of oilPart 1
Amendments of the Oil Taxation Act 1975Part 2
Amendments of other enactmentsSchedule 19
Schedule to be inserted as Schedule 19C to ICTASchedule 20
Inheritance tax: rules for trusts etcPart 1
"Trusts for bereaved minors", "age 18-to-25 trusts" and "accumulation and maintenance" trustsPart 2
Interests in possession: when settled property is part of beneficiary's estatePart 3
Related amendments in IHTA 1984Part 4
Related amendments in TCGA 1992Part 5
Property subject to a reservationPart 6
Conditional exemption: relief from chargesSchedule 21
Taxable property held by investment-regulated pension schemesSchedule 22
Pension schemes: inheritance taxSchedule 23
Pension schemes etc: miscellaneousSchedule 24
Stamp duty land tax: amendments of Schedule 15 to FA 2003Schedule 25
Stamp duty land tax: amendments of Schedule 17A to FA 2003Schedule 26
Real Estate Investment TrustsPart 5
OilPart 6
Inheritance taxPart 7
Stamp taxesPart 8
1. CigarettesAn amount equal to 22 per cent of the retail price plus £105.10 per thousand cigarettes.2. Cigars£153.07 per kilogram.3. Hand-rolling tobacco£110.02 per kilogram.4. Other smoking tobacco and chewing tobacco£67.30 per kilogram.
(2) This section shall be deemed to have come into force at 6 o'clock in the evening of 22nd March 2006. 2 Tobacco products duty: evasion (1) After section 7 of the Tobacco Products Duty Act 1979 (c. 7) (regulations for management of duty) insert-- " 7A Duty not to facilitate smuggling (1) A manufacturer of cigarettes or hand-rolling tobacco shall so far as is reasonably practicable avoid-- (a) supplying cigarettes or hand-rolling tobacco to persons who are likely to smuggle them into the United Kingdom, (b) supplying cigarettes or hand-rolling tobacco where the nature or circumstances of the supply makes it likely that they will be resupplied to persons who are likely to smuggle them into the United Kingdom, or (c) otherwise facilitating the smuggling into the United Kingdom of cigarettes or hand-rolling tobacco. (2) In particular, a manufacturer-- (a) in supplying cigarettes or hand-rolling tobacco to persons carrying on business in or in relation to a country other than the United Kingdom, shall consider whether the size or nature of the supply suggests that the products may be required for smuggling into the United Kingdom, (b) shall maintain a written policy about steps to be taken for the purpose of complying with the duty under subsection (1), and (c) shall provide a copy of the policy to the Commissioners on request. (3) In this section a reference to smuggling products into the United Kingdom is a reference to importing them into the United Kingdom without payment of duty which is-- (a) chargeable under section 2, and (b) payable by virtue of section 1(1) of the Finance (No. 2) Act 1992 (c. 48) (power to fix excise duty point). (4) The Commissioners may notify a manufacturer in writing that they think the risk of smuggling into the United Kingdom is particularly great in relation to-- (a) products marketed under a specified brand name; (b) products supplied to persons carrying on business in or in relation to a specified country or place. (5) The Commissioners may by notice in writing require a manufacturer of cigarettes or hand-rolling tobacco to provide, within a specified period of time, specified information about-- (a) supply of products marketed under a brand name specified under subsection (4)(a); (b) supply to persons carrying on business in or in relation to a country or place specified under subsection (4)(b); (c) demand for cigarettes or hand-rolling tobacco in a country or place specified under subsection (4)(b). (6) The Commissioners may issue guidance about the content of policies under subsection (2)(b). (7) The Commissioners may make regulations-- (a) under which they are required to notify manufacturers of cigarettes or hand-rolling tobacco where products of a kind specified in the regulations are seized under section 139 of the Customs and Excise Management Act 1979 (c. 2) in circumstances specified in the regulations, (b) specifying the procedure for notification, (c) including provision about access to seized products for the purpose of determining who manufactured them, and (d) requiring manufacturers to provide the Commissioners with information or documents, of a kind specified in the regulations or determined by the Commissioners, in relation to notified seizures. 7B Penalty for facilitating smuggling: initial notice (1) Where the Commissioners think that a manufacturer has without reasonable excuse failed to comply with the duty under section 7A(1) they may give him written notice that they are considering requiring him to pay a penalty. (2) In determining whether to give notice to a manufacturer under subsection (1) the Commissioners shall have regard to-- (a) the content of the manufacturer's policy under section 7A(2)(b), (b) compliance with that policy, (c) action taken pursuant to any notice under section 7A(4), (d) compliance by the manufacturer with any notice under section 7A(5), (e) the number, size and nature of seizures of which the manufacturer has been given notice by virtue of section 7A(7)(a), (f) compliance by the manufacturer with any requirement by virtue of section 7A(7)(d), (g) evidence about the level of demand for the manufacturer's products for consumption outside the United Kingdom, and (h) any other matter that they think relevant. (3) A notice must specify the matters to which the Commissioners have had regard in determining to give it. (4) After the end of the period of six months beginning with the date on which a notice is given to a manufacturer, the Commissioners shall give him notice in writing either-- (a) that they require payment of a penalty, or (b) that they do not require payment of a penalty. (5) The Commissioners shall comply with subsection (4) during the period of 45 days beginning with the end of the period specified in that subsection; and for that purpose they shall consider-- (a) any representations made by the manufacturer during that period in such form and manner as the Commissioners may direct, and (b) action taken by the manufacturer during that period. 7C Penalty for facilitating evasion: penalty notice (1) A notice under section 7B(4)(a) (a "penalty notice") must-- (a) specify the amount of the penalty which the manufacturer is required to pay, and (b) state the grounds on which the Commissioners think that the manufacturer has failed to comply with the duty under section 7A(1). (2) The amount specified under subsection (1)(a) must not exceed £5 million; and in determining the amount to specify the Commissioners shall have regard to-- (a) the nature or extent of the manufacturer's failure to comply with the duty under section 7A(1), (b) action taken by the manufacturer to secure compliance with that duty, (c) the content of the manufacturer's policy under section 7A(2)(b), (d) compliance with that policy, (e) action taken pursuant to any notice under section 7A(4), (f) compliance by the manufacturer with any notice under section 7A(5), (g) the number, size and nature of seizures of which the manufacturer has been given notice by virtue of section 7A(7)(a), (h) the loss of revenue by way of duty under section 2, or VAT, in respect of the products seized, and (i) any other matter that they think relevant. (3) A manufacturer who is given a penalty notice may require the Commissioners to review the decision to issue the notice; and-- (a) a requirement must be imposed by notice in writing given to the Commissioners before the end of the period of 45 days beginning with the date of the penalty notice, (b) the Commissioners shall comply with a requirement given in accordance with paragraph (a), (c) the Commissioners shall confirm, vary or withdraw the penalty notice, and (d) the Commissioners shall be taken to have confirmed the penalty notice unless, within the period of 45 days beginning with the date of the requirement to conduct the review, they have varied or withdrawn it by notice in writing to the manufacturer. (4) If following a requirement under subsection (3) the Commissioners confirm or vary the notice (or are taken to have confirmed it) the manufacturer may appeal to a VAT and duties tribunal. (5) The tribunal may-- (a) cancel the penalty notice, (b) reduce the penalty, or (c) confirm the penalty notice. 7D Sections 7A to 7C: supplemental (1) Payment of a penalty imposed under section 7B(4)(a) shall not be allowed as a deduction in computing income, profits or losses for purposes of income tax or corporation tax. (2) A penalty may be enforced as a debt due to the Commissioners. (3) In sections 7A to 7C and this section a reference to a manufacturer of cigarettes or hand-rolling tobacco includes a reference to a person who, in the opinion of the Commissioners-- (a) arranges to have cigarettes or hand-rolling tobacco manufactured, and (b) is wholly or partly responsible for the initial supply of the products after manufacture. (4) Where a manufacturer is a parent undertaking or a subsidiary undertaking (within the meaning of section 258 of the Companies Act 1985 (c. 6)) the Commissioners may-- (a) treat the parent and its subsidiaries as a single undertaking for the purpose of sections 7A to 7C and this section, and (b) in particular, enforce a penalty imposed on the single undertaking as a debt owed by-- (i) the single undertaking, (ii) the parent, or (iii) any of the subsidiaries. (5) A notice or guidance under section 7A(4) to (6)-- (a) may be issued to manufacturers generally or to one or more manufacturers or classes of manufacturer, (b) may be expressed to apply to or in respect of manufacturers generally or only to or in respect of one or more specified manufacturers or classes of manufacturer, (c) may make provision generally or only in relation to specified cases or circumstances, (d) may make different provision in relation to different cases or circumstances, and (e) may be varied, replaced or revoked. (6) The Treasury may by order-- (a) amend the list in section 7B(2) or 7C(2) so as to-- (i) add an entry, (ii) remove an entry, or (iii) amend an entry; (b) amend sections 7A to 7C and this section so as to alter the class of tobacco products in relation to which they apply. (7) An order under subsection (6)-- (a) may include transitional, consequential or incidental provision, (b) shall be made by statutory instrument, (c) shall be laid before the House of Commons, and (d) shall cease to have effect unless approved by resolution of the House of Commons within the period of 28 days beginning with the date on which it is laid (disregarding any period of dissolution or prorogation or of adjournment for more than four days). " (2) At the end of section 9 of the Tobacco Products Duty Act 1979 (c. 7) (regulations) (which becomes subsection (1)) add-- " (2) Regulations under this Act-- (a) may enable the Commissioners to dispense with compliance with a provision of the regulations (whether absolutely or conditionally), (b) may make provision generally or only in relation to specified cases or circumstances, (c) may make different provision in relation to different cases or circumstances, and (d) may include transitional, consequential or incidental provision. " (3) This section shall come into force in accordance with provision made by the Treasury by order. (4) An order under subsection (3)-- (a) may include transitional, consequential or incidental provision, and (b) shall be made by statutory instrument. Alcoholic liquor duties <<<< >>>>