Source: http://www.legislation.gov.uk/ukpga/2006/25/contents
Timestamp: 2018-02-25 10:24:09
Document Index: 591346200

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

Finance Act 2006 is up to date with all changes known to be in force on or before 25 February 2018. There are changes that may be brought into force at a future date.
2.Tobacco products duty: evasion
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
6.Rates until 1st September 2006
7.Rates from 1st September 2006
8.Road vehicles
9.General betting duty: gaming machines
11.Definition of “gaming machine”
12.Classes of machine and rates of duty
13.Rates
14.Reduced pollution certificates
15.Late renewal supplement
16.Gaming machines
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
Chapter 1 Income tax and corporation tax: charge and rate bands
23.Charge and rates for 2006-07
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 business
27.Group relief where surrendering company not resident in UK
28.Relief for research and development: subjects of clinical trials
29.Claims for relief for research and development
30.Temporary increase in amount of first-year allowances for small enterprises
Chapter 3 Films and sound recordings
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
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
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
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 taxation
59.Cars with a CO2 emissions figure
60.Mobile telephones
61.Computer equipment
62.Exemption for employees' eye tests and special glasses
63.Power to exempt use of vouchers or tokens to obtain exempt benefits
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 gains
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
73.Policies of insurance and non-deferred annuities
74.Exception to “bed and breakfasting” rules etc
Chapter 8 Avoidance: miscellaneous
75.Interest relief: film partnership
76.Avoidance involving financial arrangements
77.Treating assets as “existing assets” etc
78.Controlled foreign companies and treaty non-resident companies
79.Transfer of assets abroad
80.Restriction of exemption from charge to income tax
Leasing of plant or machinery
81.Leases of plant or machinery
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
88.Settlements, etc: chargeable gains
89.Settlements, etc: income
90.Special trusts tax rates not to apply to social landlords' service charge income
91.Venture capital schemes
92.Avoidance using options etc
93.Corporation tax relief for shares acquired under EMI option
94.PAYE: retrospective notional payments
95.Profit share agency
96.Diminishing shared ownership
97.Beneficial loans to employees
98.Orders amending Chapter 5 of Part 2 of FA 2005
99.Amendment of section 29 of the Energy Act 2004
100.Amendment of section 30 of the Energy Act 2004
101.Securitisation companies
102.Accountancy change: spreading of adjustment
Part 4 Real Estate Investment Trusts
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
119.Corporation tax
120.Calculation of profits
121.Distributions: liability to tax
122.Distributions: deduction of tax
123.Attribution of distributions
124.Corporation tax
125.Movement of assets out of ring-fence
126.Movement of assets into ring-fence
126A.Demergers
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
134.Group Real Estate Investment Trusts
135.Transfer within group
136.Availability of group reliefs
136A.Connected persons
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
143.Housing investment trusts: repeal
Part 5 Oil
New 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
149.Nomination scheme
150.Amendment of Schedule 10 to FA 1987
151.Nomination excesses and corporation tax
152.Increase in rate of supplementary charge
153.Election to defer capital allowances
154.Ring fence expenditure supplement
Part 6 Inheritance tax
155.Rates and rate bands for 2008-09 and 2009-10
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
Stamp duty and stamp duty land tax: thresholds
162.Raising of thresholds
163.Partnerships
164.Leases
165.Reallocation of trust property as between beneficiaries
166.Unit trust schemes
167.Demutualisation of insurance companies
168.Alternative finance
169.Reliefs for certain company acquisitions
170.Rate of landfill tax
171.Climate change levy: rates
172.Abolition of half-rate supplies etc
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
177.Disclosure of information
178.Repeals
179.Interpretation
180.Short title
Group relief where surrendering company not resident in UK
Part 1 Amendments of Chapter 4 of Part 10 of ICTA
1.Amendments of Chapter 4 of Part 10 of
Limits on group relief
2.Amendments of Chapter 4 of Part 10 of
Relief for or in respect of non-resident companies within the charge to corporation tax
3.Amendments of Chapter 4 of Part 10 of
Relief in respect of overseas losses of non-resident companies
4.Amendments of Chapter 4 of Part 10 of
Interpretation of Chapter 4 of Part 10 of ICTA
5.Amendments of Chapter 4 of Part 10 of
Group relief: equity holders and profits or assets available for distribution
6.Amendments of Chapter 4 of Part 10 of
Meaning of conditions in section 403F etc
7.Amendments of Chapter 4 of Part 10 of
Claims for group relief
8.After paragraph 77 of Schedule 18 to FA 1998 (joint...
9.(1) The amendments made by this Schedule, other than those...
Relief for research and development: subjects of clinical trials
Amendments to Schedule 20 to FA 2000
1.Relief for research and development: subjects of clinical trials
Amendments to Schedule 12 to FA 2002
2.Relief for research and development: subjects of clinical trials
Amendments to Schedule 13 to FA 2002
3.Relief for research and development: subjects of clinical trials
Claims for relief for research and development
1.Schedule 18 to FA 1998 (company tax returns, assessments and...
2.(1) Paragraph 10 (other claims and elections to be included...
3.In paragraph 83A (Part 9A: introduction) for “claims for R&D...
4.In each of the following provisions for “claim for an...
5.In the title of Part 9A, “R&D tax credit” becomes...
6.After paragraph 83L insert— Part 9BA Claims for relief under...
7.In paragraph 83M (Part 9C: introduction) for “claims for tax...
8.In paragraph 83R (penalty), in sub-paragraph (1)(a) for “a claim...
9.In the title of Part 9C, “tax credit” becomes “...
10.The amendments made by paragraphs 2 to 9 have effect...
11.(1) This paragraph applies where a company is entitled to...
Films to which this Schedule applies
1.Taxation of activities of film production company
2.Taxation of activities of film production company
When the trade begins
3.Taxation of activities of film production company
4.Taxation of activities of film production company
Costs of the film
5.Taxation of activities of film production company
6.Taxation of activities of film production company
7.Taxation of activities of film production company
8.Taxation of activities of film production company
When costs are taken to be incurred
9.Taxation of activities of film production company
Exclusion of expenditure relieved under other provisions
10.Taxation of activities of film production company
Film tax relief: further provisions
... . . . . . . . . . ....
Part 2 Certification of British films for purposes of film tax relief
15.For section 6 of the Films Act 1985 (c. 21)...
16.For the heading to Schedule 1 to that Act substitute...
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)—
26.(1) Section 826 of ICTA (interest on tax overpaid etc)...
Claim to be made in tax return
27.In Schedule 18 to FA 1998 (company tax returns), in...
Recovery of excessive film tax credit
28.In paragraph 52 of that Schedule (recovery of excessive repayments...
Claims for film tax credits
29.After Part 9C of that Schedule insert— Part 9D Claims...
Repeal of rent factoring provisions
1.(1) Sections 43A to 43G of ICTA (rent factoring) shall...
Dividend stripping: subsequent sales etc of rights to receive dividends etc
2.(1) Section 730 of ICTA (transfers of rights to receive...
Deemed interest: cash collateral under stock lending arrangements
3.(1) After section 736B of ICTA (deemed manufactured payments in...
Quasi-stock lending arrangements and quasi-cash collateral
4.(1) In section 736B of ICTA (deemed manufactured payments in...
Multiple holders of securities subject to sale and repurchase agreement: no relief for deemed manufactured payments
5.Avoidance involving financial arrangements
Structured finance arrangements: factoring of income receipts etc
Rent factoring of leases of plant or machinery
7.(1) Section 785A of ICTA (rent factoring of leases of...
Transactions associated with loans or credit
Structured finance arrangements: chargeable gains treatment of acquisitions and disposals
9.(1) After section 263D of TCGA 1992 (gains accruing to...
Loan relationships: mandatory convertibles
10.Avoidance involving financial arrangements
Loan relationships: computation in accordance with generally accepted accounting practice
11.(1) Section 85A of FA 1996 (computation in accordance with...
Loan relationships: amounts not fully recognised for accounting purposes
12.(1) After section 85B of FA 1996 (amounts recognised in...
Shares treated as loan relationships: shares subject to outstanding third party obligations
13.(1) Section 91A of FA 1996 (shares subject to outstanding...
Shares treated as loan relationships: application of rules to non-qualifying shares
14.(1) Section 91B of FA 1996 (non-qualifying shares) is amended...
Shares treated as loan relationships: redeemable shares
15.(1) Section 91D of FA 1996 (condition 2 for section...
Creditor relationships and benefit derived by connected persons
16.(1) After section 93B of FA 1996 insert— Creditor relationships...
Loan relationships: money debts etc not arising from the lending of money
17.(1) Section 100 of FA 1996 (money debts etc not...
Loan relationships: meaning of “fair value” in Chapter 2 of Part 4 of FA 1996
18.(1) Section 103 of FA 1996 (interpretation of Chapter 2...
Loan relationships: continuity of treatment of groups etc
19.(1) In Schedule 9 to FA 1996 (loan relationships: special...
Loan relationships: repo and stock-lending arrangements
20.Avoidance involving financial arrangements
Derivative contracts: computation in accordance with generally accepted accounting practice
21.(1) Paragraph 17A of Schedule 26 to FA 2002 (computation...
Derivative contracts: transactions within groups
22.(1) In Schedule 26 to FA 2002 (derivative contracts), paragraph...
Derivative contracts: transactions within groups (fair value accounting)
23.(1) In Schedule 26 to FA 2002 (derivative contracts), paragraph...
Derivative contracts: meaning of “fair value” in Schedule 26 to FA 2002
24.(1) Paragraph 54 of Schedule 26 to FA 2002 (interpretation...
1.Transfer of assets abroad
Section 741: application subject to sections 741B and 741C
2.Transfer of assets abroad
Exemption from sections 739 and 740: new provision
3.Transfer of assets abroad
Application of sections 741 and 741A
4.Transfer of assets abroad
Just and reasonable apportionment in certain cases
5.Transfer of assets abroad
Section 742: interpretation of the Chapter
6.Transfer of assets abroad
7.(1) In ITTOIA 2005, section 468 (gains from contracts of...
Long funding leases of plant or machinery
Part 1 Capital allowances
1.CAA 2001 is amended as follows.
Use for other qualifying activity of plant or machinery previously used for long funding leasing
2.After section 13 (use for qualifying activity of plant or...
Expenditure on plant or machinery for long funding leasing not to be qualifying expenditure
3.After section 34 insert— Expenditure on plant or machinery for...
General exclusions applying to certain sections
4.(1) Section 46 is amended as follows.
Commencement of leasing under long funding lease: disposal events and disposal values
5.(1) Section 61 (disposal events and disposal values) is amended...
Lessee under long funding lease: capital allowances, disposal events and disposal values
6.In Chapter 6 of Part 2 (hire-purchase etc and plant...
Interpretation of provisions relating to long funding leases
7.In Part 2, after Chapter 6 insert— Chapter 6A Interpretation...
Cases in which short-life asset treatment is ruled out
8.(1) The Table in section 84 is amended as follows....
9.(1) In section 172 (scope of Chapter 14 of Part...
Special rules for long funding leases
Part 3 Income tax
12.ITTOIA 2005 is amended as follows.
13.In Part 2 (trading income) after Chapter 10 insert the...
Application of Chapter 10A for calculating the profits of a property business
14.(1) Section 272 is amended as follows.
15.(1) The amendments made by this Schedule have effect in...
Election for lease to be treated as long funding lease for tax purposes
16.(1) The Treasury may by regulations make provision enabling a...
Excepted leases
17.(1) A lease is an excepted lease if the following...
Extended time limit: the additional conditions
18.(1) The additional conditions mentioned in paragraph 17(8) are as...
Events beyond the control of the parties etc
19.(1) Condition B, C or D in paragraph 18 is...
Pre-existing heads of agreement relating to two or more assets
20.(1) This paragraph has effect for the purposes of this...
Expenditure incurred before passing of this Act where lease is not an excepted lease
21.(1) This paragraph applies where the following conditions are met—...
When expenditure is incurred for the purposes of paragraph 21
22.(1) This paragraph has effect for determining, for the purposes...
When a lease is “finalised”
23.(1) For the purposes of this Part, a lease is...
When an asset is “under construction”
24.(1) An asset is “under construction” at any time in...
Combined assets and constituent assets
25.(1) A “combined asset” is an asset which meets the...
26.(1) This paragraph applies in any case where there is...
27.(1) In this Part— “combined asset” is to be construed...
Leases of plant or machinery: miscellaneous amendments
Petroleum extraction activities: sale and leaseback
2.(1) Section 501A of ICTA is amended as follows.
Leased assets: special cases
Long funding leases: deemed disposals and re-acquisitions
4.(1) After section 25 of TCGA 1992 (non-residents: deemed disposals)...
Restriction of losses: long funding leases of plant or machinery
5.(1) After section 41 of TCGA 1992 (restriction of losses...
6.(1) Section 272 of TCGA 1992 (valuation: general) is amended...
Tonnage tax: introductory
8.Schedule 22 to FA 2000 (tonnage tax) is amended as...
Meaning of “finance costs”
9.(1) In Part 7 (the ring fence: general provisions) paragraph...
Capital allowances: ship leasing
10.(1) Part 10 (the ring fence: capital allowances: ship leasing)...
Withdrawal of first year allowances for lessors of certain plant or machinery
11.(1) Section 46 of CAA 2001 (general exclusions applying to...
Plant or machinery treated as owned by person entitled to benefit of contract etc
12.(1) Section 67 of CAA 2001 is amended as follows....
Phasing out of overseas leasing rules
13.(1) Section 105 of CAA 2001 (basic terms: “leasing”, “overseas...
Anti-avoidance: meaning of “finance lease”
14.(1) Section 219 of CAA 2001 (meaning of “finance lease”...
Capital allowances: allocation of expenditure to a chargeable period
15.(1) Section 220 of CAA 2001 is amended as follows....
Sale etc of lessor companies etc
Contents of Schedule
1.Sale of lessor companies
2.Sale of lessor companies
Part 2 Leasing business carried on by a company alone
Income and matching expense in different accounting periods
3.Sale of lessor companies
Amount of income and expense
4.Sale of lessor companies
No carry back of the expense
5.Sale of lessor companies
Meaning of “business of leasing plant or machinery”
6.Sale of lessor companies
Provision for the purposes of condition A in paragraph 6
7.Sale of lessor companies
7A.Sale of lessor companies
Provision for the purposes of condition B in paragraph 6
8.Sale of lessor companies
9.Sale of lessor companies
Meaning of “a qualifying change of ownership” in relation to a company
10.Sale of lessor companies
Qualifying 75% subsidiaries
11.Sale of lessor companies
12.Sale of lessor companies
No qualifying change of ownership in the case of certain intra-group reorganisations
13.Sale of lessor companies
No qualifying change of ownership where principal company's interest in consortium company unchanged
13A.Sale of lessor companies
Meaning of “company owned by a consortium” etc
14.Sale of lessor companies
Meaning of qualifying 75% or 90% subsidiary etc
15.Sale of lessor companies
The amount of the income: the basic amount
16.Sale of lessor companies
Meaning of “PM” in paragraph 16
17.Sale of lessor companies
17A.Sale of lessor companies
Meaning of “TWDV” in paragraph 16
18.Sale of lessor companies
Amount to be nil if basic amount negative
19.Sale of lessor companies
Adjustment to basic amount: qualifying 75% subsidiaries
20.Sale of lessor companies
Adjustment to the basic amount: consortium relationships
21.Sale of lessor companies
22.Sale of lessor companies
23A.Sale of lessor companies
Part 3 Leasing business carried on by a company in partnership
Change in company's interest in business: income treated as received etc
23.Sale of lessor companies
24.Sale of lessor companies
25.Sale of lessor companies
26.Sale of lessor companies
Meaning of “qualifying change” in company's interest in a business
27.Sale of lessor companies
Determining the percentage share in the profits or loss of business
28.Sale of lessor companies
29.Sale of lessor companies
30.Sale of lessor companies
Adjustment of basic amount
31.Sale of lessor companies
32.Sale of lessor companies
33.Sale of lessor companies
34.Sale of lessor companies
35.Sale of lessor companies
36.Sale of lessor companies
Meaning of “profits” etc
37.Sale of lessor companies
38.Sale of lessor companies
38A.Sale of lessor companies
38B.Sale of lessor companies
Relief for expense under paragraph 3 , 23(4A) or 33 otherwise giving rise to carried forward loss
39.Sale of lessor companies
Relationship of Schedule with section 228K of CAA 2001
40.Sale of lessor companies
Definitions for purposes of Schedule
41.Sale of lessor companies
42.Sale of lessor companies
43.Sale of lessor companies
Continuing the effect of orders under section 431A(3) of ICTA
1.Insurance companies
2.Insurance companies
Transfers of business: excess of assets or liabilities
Transfers of business: modification of s. 83(2B) of FA 1989
Surpluses of mutual and former mutual businesses
5.Insurance companies
6.Insurance companies
Changes in value of assets brought into account: non-profit companies
8.Insurance companies
Settlements: amendment of TCGA 1992 etc
Part 1 Settlors, trustees and settlements
1.(1) In section 68 of TCGA 1992 for the definition...
2.(1) For section 69(1) and (2) of TCGA 1992 (residence...
3.Settlements: amendment of 1992
4.(1) In section 169F of TCGA 1992 (meaning of “interest...
5.(1) In paragraph 7(5) of Schedule 4A to TCGA 1992...
Part 2 Sub-fund settlements
6.(1) After section 69 of TCGA 1992 insert— Sub-fund settlements...
Part 3 Consequential and minor amendments
7.Paragraphs 8 to 45 amend TCGA 1992.
8.(1) In section 13(10) (participators in non-resident companies) for “trustees...
9.For section 21(1)(b) (definition of “asset”) substitute—
10.(1) In section 60(1) (nominees and bare trustees) in each...
11.(1) In section 63 (death: application of law in Scotland)—...
12.(1) In section 64(1) (expenses in administration)—
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...
19.(1) In section 169D(5) after “(3)” insert “ and to...
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)...
23.(1) In section 251(5) (debts: trustee creditors)—
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—...
27.Settlements: amendment of 1992
28.(1) In paragraph 1(6) of Schedule 1 (exempt amount: interpretation)...
29.Settlements: amendment of 1992
30.(1) In each of the provisions set out in sub-paragraph...
31.Settlements: amendment of 1992
32.In section 83A(3) (trustee residence: split years)—
33.Paragraphs 31 and 32 shall come into force on 6th...
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...
42.After section 73(1) of TCGA 1992 (death of life tenant:...
43.In section 286(3) of TCGA 1992 (connected persons: trustees)—
44.(1) At the beginning of Schedule 1 to TCGA 1992...
45.Paragraphs 42 to 44 shall have effect in relation to...
46.(1) In the first column of the table in section...
47.(1) For section 761(7)(b) of ICTA (offshore income gain: trustee...
48.Settlements: amendment of 1992
Settlements: amendments to ICTA and ITTOIA 2005 etc
1.Settlements: amendments to and 2005
2.Settlements: amendments to and 2005
3.Settlements: amendments to and 2005
4.Settlements: amendments to and 2005
5.(1) For section 619(2) to (4) of ITTOIA 2005 (charge...
6.(1) After section 685 of ITTOIA 2005 insert— Settlor-interested settlements...
7.Paragraphs 8 to 26 amend ICTA.
8.Section 220(2) shall cease to have effect.
9.In section 227— (a) in subsection (5) for “trustees (other...
10.In section 229(2)— (a) for “held on trusts (other than...
11.Settlements: amendments to and 2005
12.In section 417(3)— (a) in paragraph (b) omit the words...
13.In section 421(1) for “trust” in each place substitute “...
14.Settlements: amendments to and 2005
15.Settlements: amendments to and 2005
16.Settlements: amendments to and 2005
17.Settlements: amendments to and 2005
18.In section 687A(1)(a) for “trustees” substitute “ the trustees of...
19.Settlements: amendments to and 2005
20.In section 689B(1) for “any trustees” substitute “ the trustees...
21.Settlements: amendments to and 2005
22.Settlements: amendments to and 2005
23.Section 764 shall cease to have effect.
24.In section 809— (a) in subsection (1)(a) for “trustees” substitute...
25.In section 839— (a) at the end of subsection (3)(b)...
26.In paragraph 4(12) of Schedule 28AA for the definitions of...
27.(1) Paragraph 7 and paragraphs 9 to 26 shall come...
28.(1) FA 1989 shall be amended as follows.
29.(1) In section 151(2)(a) of FA 1989 (assessment of trustees)...
30.(1) In section 25(9)(b) of FA 1990—
31.(1) In ITTOIA 2005— (a) for “trustees of trusts” in...
32.(1) The following provisions of ITTOIA 2005 shall cease to...
33.(1) In sections 628 and 630 of ITTOIA 2005 for...
34.(1) After section 629(7) of ITTOIA 2005 insert—
35.(1) FA 2005 shall be amended as follows.
36.(1) After section 28 of FA 2005 insert— Disapplication of...
37.Settlements: amendments to and 2005
Investment reliefs: venture capital schemes
Part 1 Limits on gross assets of issuers of shares or securities
1.Investment reliefs: venture capital schemes
2.Investment reliefs: venture capital schemes
3.(1) In paragraph 22(1) and (2) of Schedule 15 to...
Part 2 Rate of relief for investments in venture capital trusts
4.Investment reliefs: venture capital schemes
Part 3 Enterprise investment scheme: maximum subscriptions and carry-back of relief
5.Investment reliefs: venture capital schemes
6.Investment reliefs: venture capital schemes
Part 4 Lengthening of periods applicable to venture capital trusts
7.Investment reliefs: venture capital schemes
Part 5 Venture capital trusts: meaning of “investments”
8.Investment reliefs: venture capital schemes
Accountancy change: spreading of adjustment
Spreading of adjustment income
2.(1) The adjustment income shall be spread in accordance with...
Effect of cessation of business
3.If before the whole of the adjustment income has been...
Election to accelerate charge
4.(1) A person who under paragraph 2 is liable to...
5.(1) This paragraph applies in the case of the death...
6.In this Part of this Schedule “business” means—
Application of provisions to partnerships
7.(1) This paragraph applies where the business is carried on...
Cases where spreading already available
8.This Part of this Schedule does not apply to adjustment...
9.(1) This Part of this Schedule applies where—
Spreading of adjustment
10.(1) The adjustment shall be spread in accordance with the...
Accounting periods of less than twelve months
11.(1) This paragraph applies where by reason of—
Effect of other events bringing accounting period to an end
12.(1) If before the whole of the adjustment has been...
13.(1) A company that under paragraph 10 is liable to...
14.(1) In this Part of this Schedule “business” means—
15.(1) This paragraph applies where the business is carried on...
Real Estate Investment Trusts: excluded business and income
Part 1 Classes of business
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
14.Real Estate Investment Trusts: excluded business and income
Group Real Estate Investment Trusts: modifications
1.Group Real Estate Investment Trusts: modifications
2.Group Real Estate Investment Trusts: modifications
3.Group Real Estate Investment Trusts: modifications
4.Group Real Estate Investment Trusts: modifications
5.Group Real Estate Investment Trusts: modifications
6.Group Real Estate Investment Trusts: modifications
7.Group Real Estate Investment Trusts: modifications
8.Group Real Estate Investment Trusts: modifications
9.Group Real Estate Investment Trusts: modifications
10.Group Real Estate Investment Trusts: modifications
11.Group Real Estate Investment Trusts: modifications
12.Group Real Estate Investment Trusts: modifications
13.Group Real Estate Investment Trusts: modifications
14.Group Real Estate Investment Trusts: modifications
15.Group Real Estate Investment Trusts: modifications
16.Group Real Estate Investment Trusts: modifications
17.Group Real Estate Investment Trusts: modifications
18.Group Real Estate Investment Trusts: modifications
19.Group Real Estate Investment Trusts: modifications
20.Group Real Estate Investment Trusts: modifications
21.Group Real Estate Investment Trusts: modifications
22.Group Real Estate Investment Trusts: modifications
23.Group Real Estate Investment Trusts: modifications
24.Group Real Estate Investment Trusts: modifications
25.Group Real Estate Investment Trusts: modifications
26.Group Real Estate Investment Trusts: modifications
27.Group Real Estate Investment Trusts: modifications
28.Group Real Estate Investment Trusts: modifications
29.Group Real Estate Investment Trusts: modifications
30.Group Real Estate Investment Trusts: modifications
31.Group Real Estate Investment Trusts: modifications
32.Group Real Estate Investment Trusts: modifications
33.Group Real Estate Investment Trusts: modifications
34.Group Real Estate Investment Trusts: modifications
Oil taxation: market value of oil
Part 1 Amendments of the Oil Taxation Act 1975
1.OTA 1975 is amended as follows.
Allowance of exploration and appraisal expenditure
3.(1) Section 5A is amended as follows.
4.(1) In section 12 (interpretation of Part 1 of the...
Date of delivery or appropriation for shipped oil not disposed of in sales at arm's length
5.(1) After section 12, insert— Date of delivery or appropriation:...
6.(1) In section 21 (citation, interpretation and construction of the...
7.(1) In Schedule 2 (management and collection) paragraph 2 is...
8.(1) In Schedule 3 (petroleum revenue tax: miscellaneous provisions) paragraph...
Aggregate market value of oil for purposes of section 2(5)
9.In Schedule 3, for paragraph 3 substitute— (1) For the purposes of subsection (5) of section 2...
10.At the end of Schedule 3 insert— Power to make...
The designated fraction for the month
11.(1) Schedule 8 to F(No.2)A 1987 (amendments of Schedule 10...
Valuation of oil disposed of or appropriated in certain circumstances.
12.(1) Section 493 of ICTA (valuation of oil disposed of...
Schedule to be inserted as Schedule 19C to ICTA
Inheritance tax: rules for trusts etc
Part 1 “Trusts for bereaved minors”, “age 18-to-25 trusts” and “accumulation and maintenance” trusts
Trusts for bereaved minors and Age 18-to-25 trusts
1.(1) In IHTA 1984, after section 71 insert— Trusts for...
Section 71 of IHTA 1984 not to apply to property settled on or after 22nd March 2006
2.(1) Section 71 of IHTA 1984 (accumulation and maintenance trusts)...
Section 71 of IHTA 1984 to cease to apply to certain settled property from 6th April 2008
3.(1) In section 71(1)(a) of IHTA 1984 (section applies to...
Part 2 Interests in possession: when settled property is part of beneficiary's estate
Aggregation with person's estate of property in which interest in possession subsists
4.(1) In section 49 of IHTA 1984, after subsection (1)...
“Immediate post-death interests” and “transitional serial interests”
5.(1) In IHTA 1984, after section 49 insert— Immediate post-death...
Disabled persons' trusts: meaning of “disabled person's interest” and “disabled person”
6.(1) After section 89 (trusts for disabled persons) insert— Self-settlement...
Part 3 Related amendments in IHTA 1984
7.The following paragraphs of this Part of this Schedule shall...
Deemed disposition where omission to exercise a right increases value of another person's estate or of settled property not aggregated with a person's estate
8.In section 3(3) of IHTA 1984 (failure to exercise a...
Potentially exempt transfers: provision in consequence of section 71 of IHTA 1984 not applying to property settled on or after 22nd March 2006
9.(1) Section 3A of IHTA 1984 (potentially exempt transfers) is...
Person's “estate” not to include certain interests in possession
10.(1) Section 5 of IHTA 1984 (meaning of “estate”) is...
Life assurance policies entered into before 22nd March 2006
11.(1) After section 46 of IHTA 1984 insert— Contract of...
Tax where interest in possession ends, or is treated as ending, during beneficiary's life
12.In section 51 of IHTA 1984 (disposal of interest in...
13.(1) Section 52 of IHTA 1984 (tax on termination of...
14.(1) Section 53 of IHTA 1984 (exceptions from tax charge...
Non-aggregation with deceased person's estate of property in which he had interest in possession if property reverts to settlor or passes to settlor's spouse or civil partner etc
15.(1) Section 54 of IHTA 1984 (exceptions from charge on...
Rate of tax on ending of interest in possession in property settled during settlor's life
16.(1) Section 54A of IHTA 1984 (special rate of charge...
Property entering maintenance fund after death of person entitled to interest in possession
17.In section 57A of IHTA 1984 (relief where property enters...
“Relevant property” not to include property held on trust for a bereaved child
18.In section 58(1)(b) of IHTA 1984 (property to which certain...
“Relevant property” to include property held on employee trusts or newspaper trusts if certain interests in possession subsist in the property
19.(1) Section 58 of IHTA 1984 (meaning of “relevant property”...
Certain interests in possession to which a person becomes entitled on or after 22nd March 2006 not to be “qualifying interests in possession” for purposes of Chapter 3 of Part 3 of IHTA 1984
20.(1) Section 59 of IHTA 1984 (settlements without interests in...
New meaning of “qualifying interest in possession” not to apply in section 72 of IHTA 1984
21.(1) Section 72 of IHTA 1984 (property leaving employee trusts...
No charge under sections 71B, 71E etc where property held on trusts for bereaved child becomes held on trusts for charitable purposes etc
22.In section 76(1) of IHTA 1984 (which provides for tax...
No postponement of commencement date of settlement where property settled on or after 22nd March 2006 unless settlor, or spouse or civil partner, has immediate post-death interest
23.In section 80 of IHTA 1984 (postponement of commencement date...
24.In section 88 of IHTA 1984 (protective trusts), after subsection...
Alterations of capital etc of close company where participator holds shares etc in company as trustee of settled property in which an interest in possession subsists
25.In section 100 of IHTA 1984 (alteration of close company's...
Close company's interest in possession treated as interest of its participators
26.In section 101 of IHTA 1984 (where close company has...
Distributions within two years of person's death out of property settled by his will
27.(1) Section 144 of IHTA 1984 (distribution etc from property...
Interpretation of IHTA 1984
28.In section 272 of IHTA 1984 (general interpretation), in the...
Part 4 Related amendments in TCGA 1992
29.(1) TCGA 1992 is amended in accordance with the following...
30.(1) Section 72 (death of person entitled to an interest...
31.In section 73 (no chargeable gain on deemed disposal under...
32.In section 260(2) (disposals where gain may be held over),...
Part 5 Property subject to a reservation
33.(1) FA 1986 is amended as follows.
Part 6 Conditional exemption: relief from charges
34.(1) Section 79 of IHTA 1984 (subsection (3) of which...
Taxable property held by investment-regulated pension schemes
1.In section 271 of TCGA 1992 (exemptions), after subsection (1A)...
2.Part 4 of FA 2004 (pension schemes) is amended as...
3.(1) Section 160 (payments by registered pension schemes) is amended...
4.In section 173 (benefits), after subsection (7) insert—
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
2.In section 12 (dispositions conferring retirement benefits), after subsection (2)...
Secured pension funds
Delivery of accounts
10.(1) Section 272 (general interpretation) is amended as follows.
Pension schemes etc: miscellaneous
1.Part 4 of FA 2004 (pension schemes etc) is amended...
Meaning of “pension credit member” etc: person dying before discharge of liability
2.In section 151(5) (pension credit members), insert at the end...
Unauthorised payments: former members and sponsoring employers etc
4.(1) Section 161 (meaning of “payment” etc) is amended as...
5.In section 162(3) and (4) (meaning of “loan”)—
6.In section 164 (authorised member payments)— (a) before “member” insert...
7.In section 171(1) and (4) (scheme administration member payments), before...
8.(1) Section 173 (benefits) is amended as follows.
9.(1) Section 174 (value shifting) is amended as follows.
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...
“Bridging” pensions
20.(1) Paragraph 2 of Schedule 28 (scheme pension) is amended...
21.In paragraph 1(4)(a) of Schedule 29 (pension commencement lump sum:...
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...
Short service refund lump sum: protected rights etc.
27.In paragraph 5(1)(d) of Schedule 29 (requirement that lump sum...
Refund of excess contributions lump sum: excess relief at source
28.(1) Paragraph 6 of Schedule 29 (refund of excess contributions...
Annuity protection lump sum death benefit: benefits from unsecured pension fund
29.In paragraph 16(3) of Schedule 29 (annuity protection lump sum...
Benefit crystallisation events: reaching 75 after designation for unsecured pension
30.In section 216(1) (benefit crystallisation events and amounts crystallised), in...
Availability of individual's lifetime allowance: previous benefit crystallisation events
31.(1) Section 219 (availability of individual's lifetime allowance) is amended...
Overseas pension schemes: extension of migrant member relief
32.(1) Paragraph 4 of Schedule 33 (meaning of “relevant migrant...
33.In section 279(1) (definitions), in the definition of “abatement”—
Amendments and transitionals
34.(1) Section 281 (minor and consequential amendments) is amended as...
35.(1) Section 283 (transitionals and savings) is amended as follows....
Transitional provision: uncrystallised rights under paragraph 9 to include separate lump sums
36.(1) Paragraph 9 of Schedule 36 (uncrystallised rights under arrangement...
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
43.(1) Paragraph 22 of Schedule 36 (right to take benefits...
Transitional provisions: minor corrections
44.Schedule 36 (transitional provisions) is amended as follows.
45.In paragraphs 9(4)(a) and 26(3)(a) (primary protection: maximum permitted pension...
46.In paragraph 54(1)(b) (benefits taxable under Chapter 2 of Part...
Stamp duty land tax: amendments of Schedule 15 to FA 2003
1.Schedule 15 to FA 2003 (stamp duty land tax: partnerships)...
2.(1) In paragraph 10 (transfer of chargeable interest to a...
3.In paragraph 11 (transfer of chargeable interest to a partnership:...
4.(1) In paragraph 13 (transfer of chargeable interest to a...
5.(1) In paragraph 18 (transfer of chargeable interest from a...
6.In paragraph 19 (transfer of chargeable interest from a partnership:...
7.(1) In paragraph 24 (transfer of chargeable interest from a...
8.In paragraph 23 (transfer of chargeable interest from a partnership...
Transfer of partnership interest: restriction of charge to property-investment partnerships
9.(1) In paragraph 14 (transfer of partnership interest: consideration given...
Prevention of double charge where money etc withdrawn from partnership
10.In paragraph 17A (withdrawal of money etc from partnership after...
11.(1) Paragraphs 2 to 8 have effect in relation to...
Stamp duty land tax: amendments of Schedule 17A to FA 2003
1.Schedule 17A (stamp duty land tax: further provisions relating to...
Agricultural tenancies variable under statutory provisions
2.(1) In paragraph 7 (variable or uncertain rent), after sub-paragraph...
Backdated lease granted to tenant holding over
3.(1) After paragraph 9 insert— Backdated lease granted to tenant...
Disapplication of “single lease” treatment where agreement for lease followed by grant
4.In paragraph 12A (agreement for lease), at the end of...
5.(1) In paragraph 19 (provisions relating to leases in Scotland),...
Disapplication of “new lease” treatment for certain rent increases after fifth year
6.(1) In paragraph 13 (increase in rent treated as grant...
Abnormal rent increase after fifth year
7.(1) In paragraph 14 (increase of rent treated as grant...
8.(1) In paragraph 15 (increase of rent after fifth year:...
9.(1) Paragraph 2 has effect in relation to any lease...
Part 7 Stamp taxes