Source: http://www.legislation.gov.uk/ukpga/2002/29/schedule/10
Timestamp: 2017-12-16 09:29:10
Document Index: 275374970

Matched Legal Cases: ['art. 2', 'art. 2', 'art. 17', 'art. 2', 'art. 14', 'art 2', 'art 5', 'art 5', 'art 5', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 5', 'art 12', 'art. 2', 'art. 14', 'art 5', 'art 4', 'art. 2', 'art. 14', 'art 5', 'art 4', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 5', 'art 4', 'art. 2', 'art. 14', 'art 5', 'art 5', 'art 5', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 5', 'art 2', 'art 5', 'art 2', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 5', 'art. 2', 'art. 14', 'art 5', 'art 5', 'art. 2', 'art. 14', 'art 5', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 5', 'art 4', 'art 5', 'art 4', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 4', 'art. 2', 'art. 14', 'art 5', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art 6', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14', 'art. 2', 'art. 14']

SCHEDULE 10E+W+S+N.I.Tax
1Sections 75 and 77 of the Taxes Management Act 1970 (c. 9) (receivers: income tax and capital gains tax) shall not apply in relation to—E+W+S+N.I.
(a)a receiver appointed under section 48 [F1 or 50] ;
(b)an administrator appointed under section 125 or 128;
(c)a receiver appointed under section 196 [F2or 198 ] ;
[F3(ca)a receiver appointed under section 245E;]
(d)an interim receiver appointed under section 246;
(e)an interim administrator appointed under section 256.
F1Words in Sch. 10 para. 1(a) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 84(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F2Words in Sch. 10 para. 1(c) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 84(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F3Sch. 10 para. 1(ca) inserted (6.4.2008) by Serious Crime Act 2007 (c. 27), ss. 83(3), 94(1); S.I. 2008/755, art. 17(1)(h)
I1Sch. 10 para. 1 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Part 2 E+W+S+N.I.Provisions relating to Part 5
E+W+S+N.I.Introductory
2(1)The vesting of property in the trustee for civil recovery or any other person by a recovery order or in pursuance of an order under section 276 is referred to as a Part 5 transfer.E+W+S+N.I.
(2)The person who holds the property immediately before the vesting is referred to as the transferor; and the person in whom the property is vested is referred to as the transferee.
(3)Any amount paid in respect of the transfer by the trustee for civil recovery, or another, to a person who holds the property immediately before the vesting is referred to (in relation to that person) as a compensating payment.
(4)If the recovery order provides or (as the case may be) the terms on which the order under section 276 is made provide for the creation of any interest in favour of a person who holds the property immediately before the vesting, he is to be treated instead as receiving (in addition to any payment referred to in sub-paragraph (3)) a compensating payment of an amount equal to the value of the interest.
(5)Where the property belongs to joint tenants immediately before the vesting and a compensating payment is made to one or more (but not both or all) of the joint tenants, this Part has effect separately in relation to each joint tenant.
(6)Expressions used in this paragraph have the same meaning as in Part 5 of this Act.
(7)“The Taxes Act 1988” means the Income and Corporation Taxes Act 1988 (c. 1), and “the Allowances Act 2001” means the Capital Allowances Act 2001 (c. 2)[F4, and “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005].
(8)This paragraph applies for the purposes of this Part.
F4Words in Sch. 10 para. 2(7) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(2) (with Sch. 2)
I2Sch. 10 para. 2 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
E+W+S+N.I.Capital Gains Tax
I3Sch. 10 para. 3 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
4If a Part 5 transfer is a transfer of securities within the meaning of [F5Chapter 2 of Part 12 of the Income Tax Act 2007, that Part does not apply to the transfer].
F5Words in Sch. 10 para. 4 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 424 (with Sch. 2)
I4Sch. 10 para. 4 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
5In the case of a Part 5 transfer of property consisting of a [F6deeply] discounted security (within the meaning of [F7Chapter 8 of Part 4 of ITTOIA 2005]), it is not to be treated as a transfer for the purposes of [F7that Chapter].
F6Word in Sch. 10 para. 5 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(3)(a) (with Sch. 2)
F7Words in Sch. 10 para. 5 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(3)(b) (with Sch. 2)
I5Sch. 10 para. 5 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
6In the case of a Part 5 transfer of property consisting of a right to which section 56(2) of the Taxes Act 1988 applies, or a right mentioned in section 56A(1) of that Act, (rights stated in certificates of deposit etc.)[F8, or a right falling within the definition of “deposit rights” in section 552(1) of ITTOIA 2005] it is not to be treated as a disposal of the right for the purposes of section 56(2) [F9of the Taxes Act 1988 or Chapter 11 of Part 4 of ITTOIA 2005].
F8Words in Sch. 10 para. 6 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(4)(a) (with Sch. 2)
F9Words in Sch. 10 para. 6 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(4)(b) (with Sch. 2)
I6Sch. 10 para. 6 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
I7Sch. 10 para. 7 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
8In the case of a Part 5 transfer of property consisting of futures or options (within the meaning of [F10section 562 of ITTOIA 2005]), it is not to be treated as a disposal of the futures or options for the purposes of [F11Chapter 12 of Part 4 of that Act].
F10Words in Sch. 10 para. 8 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(5)(a) (with Sch. 2)
F11Words in Sch. 10 para. 8 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 583(5)(b) (with Sch. 2)
I8Sch. 10 para. 8 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
9(1)Sub-paragraph (2) applies if, apart from this paragraph, a Part 5 transfer would be a related transaction for the purposes of [F12Part 5 of the Corporation Tax Act 2009 (loan relationships] .
(2)The Part 5 transfer is to be disregarded for the purposes of [F13that Part] , except for the purpose of identifying any person in whose case any debit or credit not relating to the transaction is to be brought into account.
F12Words in Sch. 10 para. 9(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 547(2)(a) (with Sch. 2 Pts. 1, 2)
F13Words in Sch. 10 para. 9(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 547(2)(b) (with Sch. 2 Pts. 1, 2)
I9Sch. 10 para. 9 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
I10Sch. 10 para. 10 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
(3)Sub-paragraph (2) has effect in spite of anything in [F14 section 173 of ITTOIA 2005 or section 162 of the Corporation Tax Act 2009 (valuation of trading stock on cessation). ]
(4)In this paragraph, trading stock and trade have the same meaning as in [F15 section 174 of ITTOIA 2005 or (as the case may be) section 163 of the Corporation Tax Act 2009. ]
F14Words in Sch. 10 para. 11(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 547(3)(a) (with Sch. 2 Pts. 1, 2)
F15Words in Sch. 10 para. 11(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 547(3)(b) (with Sch. 2 Pts. 1, 2)
I11Sch. 10 para. 11 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
E+W+S+N.I.Capital Allowances
Plant and machineryE+W+S+N.I.
12(1)If there is a Part 5 transfer of plant or machinery, Part 2 of the Allowances Act 2001 is to have effect as if a transferor who has incurred qualifying expenditure were required to bring the disposal value of the plant or machinery into account in accordance with section 61 of that Act for the chargeable period in which the transfer occurs.
(2)But the Part 5 transfer is not to be treated as a disposal event for the purposes of Part 2 of that Act other than by virtue of sub-paragraph (1).
I12Sch. 10 para. 12 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
13(1)If a compensating payment is made to the transferor, the disposal value to be brought into account is the amount of the payment.E+W+S+N.I.
(2)Otherwise, the disposal value to be brought into account is the amount which would give rise neither to a balancing allowance nor to a balancing charge.
I13Sch. 10 para. 13 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
14(1)Paragraph 13(2) does not apply if the qualifying expenditure has been allocated to the main pool or a class pool.E+W+S+N.I.
(2)Instead, the disposal value to be brought into account is the notional written-down value of the qualifying expenditure incurred by the transferor on the provision of the plant or machinery.
QE is the qualifying expenditure incurred by the transferor on the provision of the plant or machinery,
A is the total of all allowances which could have been made to the transferor in respect of the expenditure if—
(a) that expenditure had been the only expenditure that had ever been taken into account in determining his available qualifying expenditure, and
(b) all allowances had been made in full.
(a)the Part 5 transfer of the plant or machinery occurs in the same chargeable period as that in which the qualifying expenditure is incurred, and
(b)a first-year allowance is made in respect of an amount of the expenditure,
the disposal value to be brought into account is that which is equal to the balance left after deducting the first year allowance.
I14Sch. 10 para. 14 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
15(1)Paragraph 13 does not apply if—E+W+S+N.I.
(a)a qualifying activity is carried on in partnership,
(b)the Part 5 transfer is a transfer of plant or machinery which is partnership property, and
(c)compensating payments are made to one or more, but not both or all, of the partners.
(2)Instead, the disposal value to be brought into account is the sum of—
(a)any compensating payments made to any of the partners, and
(b)in the case of each partner to whom a compensating payment has not been made, his share of the tax-neutral amount.
(3)A partner’s share of the tax-neutral amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the Part 5 transfer.
I15Sch. 10 para. 15 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
16(1)Paragraph 13 does not apply if—E+W+S+N.I.
(b)the Part 5 transfer is a transfer of plant or machinery which is not partnership property but is owned by two or more of the partners (“the owners”),
(c)the plant or machinery is used for the purposes of the qualifying activity, and
(d)compensating payments are made to one or more, but not both or all, of the owners.
(a)any compensating payments made to any of the owners, and
(b)in the case of each owner to whom a compensating payment has not been made, his share of the tax-neutral amount.
(3)An owner’s share of the tax-neutral amount is to be determined in proportion to the value of his interest in the plant or machinery.
I16Sch. 10 para. 16 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
I17Sch. 10 para. 17 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Industrial buildingsE+W+S+N.I.
F1618. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16Sch. 10 paras. 18-21 omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 24
I18Sch. 10 para. 18 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F1619. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.
I19Sch. 10 para. 19 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F1620. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.
I20Sch. 10 para. 20 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F1621. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.
I21Sch. 10 para. 21 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Flat conversionE+W+S+N.I.
22(1)If there is a Part 5 transfer of a relevant interest in a flat, Part 4A of the Allowances Act 2001 is to have effect as if the transfer were a balancing event within section 393N of that Act.
(2)But the Part 5 transfer is not to be treated as a balancing event for the purposes of Part 4A of that Act other than by virtue of sub-paragraph (1).
I22Sch. 10 para. 22 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
23(1)If a compensating payment is made to the transferor, the proceeds from the balancing event are the amount of the payment.E+W+S+N.I.
(2)Otherwise, the proceeds from the balancing event are the amount which is equal to the residue of qualifying expenditure immediately before the transfer.
I23Sch. 10 para. 23 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
24(1)Paragraph 23 does not apply to determine the proceeds from the balancing event if—E+W+S+N.I.
(a)the relevant interest in the flat is partnership property, and
(b)compensating payments are made to one or more, but not both or all, of the partners.
(2)Instead, the proceeds from the balancing event are the sum of—
(b)in the case of each partner to whom a compensating payment has not been made, his share of the amount which is equal to the residue of qualifying expenditure immediately before the transfer.
(3)A partner’s share of that amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the transfer.
I24Sch. 10 para. 24 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
25Paragraphs 22 to 24 have effect as if they were included in Part 4A of the Allowances Act 2001.E+W+S+N.I.
I25Sch. 10 para. 25 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Research and developmentE+W+S+N.I.
26If there is a Part 5 transfer of an asset representing qualifying expenditure incurred by a person, the disposal value he is required to bring into account under section 443(1) of the Allowances Act 2001 for any chargeable period is to be determined as follows (and not in accordance with subsection (4) of that section).
I26Sch. 10 para. 26 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
27(1)If a compensating payment is made to the transferor, the disposal value he is required to bring into account is the amount of the payment.E+W+S+N.I.
(2)Otherwise, the disposal value he is required to bring into account is nil.
I27Sch. 10 para. 27 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
28(1)Paragraph 27 does not apply to determine the disposal value to be brought into account if—E+W+S+N.I.
(a)the asset is partnership property, and
(2)Instead, the disposal value to be brought into account is equal to the sum of any compensating payments.
I28Sch. 10 para. 28 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
29Paragraphs 26 to 28 have effect as if they were included in Part 6 of the Allowances Act 2001.E+W+S+N.I.
I29Sch. 10 para. 29 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
E+W+S+N.I.Employee etc. Share Schemes
Share optionsE+W+S+N.I.
I30Sch. 10 para. 30 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Conditional acquisition of sharesE+W+S+N.I.
I31Sch. 10 para. 31 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Shares acquired at an undervalueE+W+S+N.I.
I32Sch. 10 para. 32 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Shares in dependent subsidiariesE+W+S+N.I.
I33Sch. 10 para. 33 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)