Source: http://uklaws.org/acts_uk/document214/page62.htm
Timestamp: 2019-02-22 01:25:18
Document Index: 151553216

Matched Legal Cases: ['art 9', 'art 2', 'art 8', 'art 15', 'art 15', 'art 15', 'art 3', 'art 15', 'art 15', 'art 15', 'art 15', 'art 3', 'art 7', 'art 2', 'art 3', 'art 4', 'art 3', 'art 5', 'art 4']

(40) In the entry for "property or rights held on trust or on trusts (in the application of the Act to Scotland)", in the second column, for "section 879(2)" substitute "section 1008(2) of ITA 2007".
(41) In the entry for "qualifying distribution", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007".
(42) In the entry for "qualifying policy", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007".
(43) Omit the entry for "the rate applicable to trusts".
(44) In the entry for "recognised stock exchange", in the second column, for "section 841(1) of ICTA" substitute "section 1005 of ITA 2007".
(45) In the entry for "registered pension scheme", in the second column, for "section 832(1) of ICTA and section 150(2) of FA 2004" substitute "section 150(2) of FA 2004 (as applied by section 989 of ITA 2007)".
(46) In the entry for "retail prices index", in the second column, for "section 833(2) of ICTA" substitute "section 989 of ITA 2007".
(47) After the entry for "sale proceeds of an animal" insert--
" savings rate section 18 of ITA 2007 (as applied by section 989 of that Act) "
(48) In the entry for "Schedule A business", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007".
(49) In the entry for "starting rate", in the second column, for "section 832(1) of ICTA" substitute "section 6(2) of ITA 2007 (as applied by section 989 of that Act)".
(50) In the entry for "stepchild", in the second column, for "section 832(1) of ICTA" substitute "section 246 of the Civil Partnership Act 2004 (as applied by section 989 of ITA 2007)".
(51) In the entry for "surrender (in the application of the Act to Scotland)", in the second column, for "section 879(1)" substitute "section 1008(1) of ITA 2007".
(52) In the entry for "tax year", in the second column, for "section 878(1)" substitute "section 4(2) of ITA 2007 (as applied by section 989 of that Act)".
(53) In the entry for "the tax year 2005-06 etc", in the second column, for "section 878(1)" substitute "section 4(4) of ITA 2007 (as applied by section 989 of that Act)".
(54) In the entry for "total income" for "section 835(1) of ICTA" substitute "section 23 of ITA 2007 (as applied by section 989 of that Act)".
(55) In the entry for "trade", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007".
(56) After the entry for "transfer of work in progress" insert--
" trust rate section 9(1) of ITA 2007 (as applied by section 989 of that Act) "
(57) In the entry for "UK resident", in the second column, for "section 878(1)" substitute "section 989 of ITA 2007".
(58) In the entry for "unit holder", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007".
(59) In the entry for "unit trust scheme", in the second column, for "section 832(1) of ICTA" substitute "section 1007 of ITA 2007".
(60) In the entry for "United Kingdom", in the second column, for "section 830(1) of ICTA" substitute "section 1013 of ITA 2007".
(61) In the entry for "venture capital trust", in the second column, for "section 842AA(1) of ICTA" substitute "section 989 of ITA 2007".
(62) In the entry for "within the charge to tax", in the second column, for "section 832(1) of ICTA" substitute "section 1009 of ITA 2007".
(63) In the entry for "woodlands", in the second column, for "section 876(4)" substitute "section 996(4) of ITA 2007".
593 The Finance Act 2005 is amended as follows.
594 In section 26 (amount of relief for trustees of property held on trust for vulnerable persons) at the beginning insert "(1)" and at the end insert--
" (2) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007. "
595 (1) Amend section 27 (tax liability of trustees of property held on trust for vulnerable persons) as follows.
(a) in paragraph (b) for the words from "any expenses" to the end substitute "allowable expenses", and
(b) for "management" substitute "allowable".
" (2A) References in subsection (2) to allowable expenses are to expenses which can be set against the total income in accordance with Chapter 4 of Part 9 of ITA 2007. "
596 In section 41(1) (interpretation of Chapter 4 of Part 2) in the definition of "tax year" omit paragraph (a) and the "and" immediately after it.
597 (1) Amend section 47A (alternative finance arrangements: diminishing share ownership) as follows.
(a) in paragraph (b) omit "within the meaning of section 840 of ICTA", and
(b) in paragraph (c) omit ", in each case within the meaning of section 840 of ICTA".
" (3A) For the purposes of subsection (3) whether a person is controlled by another person is determined in accordance with section 840 of ICTA. "
598 In section 51(2) (treatment of alternative finance arrangements)--
(a) for "368 of ICTA" substitute "367 of ICTA and Chapter 1 of Part 8 of ITA 2007 (interest payments)", and
(b) after "366" insert "of ICTA and section 412 of ITA 2007".
599 (1) Amend section 52 (alternative finance arrangements: provision not at arm's length) as follows.
(2) In subsection (4)(b) for "against total income or, as the case may be," substitute "in calculating net income or, as the case may be, against".
(3) In subsection (5)(b) for "against total income or, as the case may be," substitute "in calculating net income or, as the case may be, against".
600 Omit sections 74 to 78 (partners: recovery of excess relief).
601 In section 105 (interpretation) after the definition of "IHTA 1984" insert--
" "ITA 2007" means the Income Tax Act 2007; " .
602 (1) Amend Schedule 2 (alternative finance arrangements: further provisions) as follows.
(2) Omit paragraphs 3, 5 and 6.
(3) After paragraph 10 insert--
" Income Tax Act 2007
11 Chapter 2 of Part 15 of ITA 2007 (deduction of income tax at source: deduction by deposit-takers and building societies) (and Chapter 19 of that Part so far as it has effect for the purposes of Chapter 2) have effect as if--
(a) relevant arrangements were a deposit,
(b) for the purposes of section 866(2)(a) of that Act, relevant arrangements were a deposit consisting of a loan, and
(c) alternative finance return or profit share return payable under relevant arrangements were interest.
12 Chapters 3 to 5 of Part 15 of ITA 2007 (and Chapter 19 of that Part so far as it has effect for the purposes of those Chapters) have effect in relation to alternative finance return or profit share return as they have effect in relation to interest.
13 In Chapter 12 of Part 15 of ITA 2007 (funding bonds) references to interest include references to alternative finance return or profit share return. "
603 The Finance (No. 2) Act 2005 is amended as follows.
604 (1) Amend section 7 (charge to income tax on social security pension lump sum) as follows.
(2) In subsection (5) for "total income" in each place substitute "Step 3 income".
(3) At the end insert--
" (9) For the purposes of this section P's "Step 3 income" means P's net income less allowances deducted at Step 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability). "
605 In section 18(3)(b)(i) (authorised investment funds etc: section 17(3): specific powers) for "506(1) of ICTA" substitute "989 of ITA 2007".
606 In section 71 (interpretation) after the definition of "ICTA" insert--
607 The Pensions (Northern Ireland) Order 2005 is amended as follows.
608 In Schedule 3 (restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions), in the entry relating to the Commissioners of Inland Revenue or their officers, in the second column--
(a) omit the "or" immediately after paragraph (f), and
(b) after paragraph (g) insert " , or
(h) the Income Tax Act 2007 (so far as relating to functions previously exercised under the Income and Corporation Taxes Act 1988). "
609 In Schedule 7 (restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions), in the entry relating to the Commissioners of Inland Revenue or their officers, in the second column--
(a) omit the "or" immediately after paragraph (e), and
(b) after paragraph (f) insert " , or
(g) the Income Tax Act 2007 (so far as relating to functions previously exercised under the Income and Corporation Taxes Act 1988). "
610 The Finance Act 2006 is amended as follows.
611 In section 34 (meaning of certain expressions for the purposes of Chapter 3 of Part 3) for subsection (4) substitute--
" (4) For the purposes of subsection (3) whether a person is connected with another person is determined in accordance with section 839 of ICTA (connected persons). "
612 In section 65(3) (London Organising Committee) for "Section 349(1) of ICTA (annual payments: deductions of tax)" substitute "The duties to deduct under Chapters 6, 7, 10 and 14 of Part 15 of ITA 2007 (deduction of income tax at source)".
613 In section 67 (International Olympic Committee)--
(a) in subsection (1)(c), for "section 349(1) and (2) of ICTA (annual payments: deductions of tax)" substitute "the duties to deduct under Chapters 3, 6, 7, 10 and 14 of Part 15 of ITA 2007 (deduction of income tax at source)", and
(b) in subsection (2)(c), for "section 349(1) and (2) of ICTA" substitute "the duties to deduct under Chapters 3, 6, 7, 10 and 14 of Part 15 of ITA 2007 (deduction of income tax at source)".
614 In section 68(1)(d) (competitors and staff) for "section 349(1) of ICTA (annual payments: deductions of tax)" substitute "the duties to deduct under Chapters 6, 7, 10 and 14 of Part 15 of ITA 2007 (deduction of income tax at source)".
615 Omit section 75 (tax avoidance: interest relief and film partnerships).
616 In section 103(1)(b) (Real Estate Investment Trusts) for ", 121 and 122" substitute "and 121 and regulations made under section 973 of ITA 2007".
617 In section 107 (conditions for tax-exempt business)--
(a) in subsection (7)(a) omit "(within the meaning given by section 839 of ICTA)", and
(b) after subsection (7) insert--
" (7A) For the purposes of subsection (7)(a) whether a person is connected with another person is determined in accordance with section 839 of ICTA (connected persons). "
618 In section 117(4) (cancellation of tax advantage) for "section 709" substitute "section 840ZA".
619 In section 121(2)(c) (distributions: liability to tax) for "chargeable to tax by virtue of section 42A of ICTA (non-resident landlords)" substitute "non-resident landlord income for the purposes of regulations under section 971 of ITA 2007 (income tax due in respect of income of non-resident landlords)".
620 Omit section 122 (distributions: deduction of tax).
621 (1) Amend section 139 (manufactured dividends) as follows.
(2) In subsection (1) after "manufactured dividend" insert "for the purposes of the Corporation Tax Acts".
(a) in the new paragraph 2(2) of Schedule 23A to ICTA for "(2A) to (2C)" substitute "(2A) and (2B)",
(b) in the new paragraph 2(2A) of that Schedule insert "Corporation" before "Tax Acts",
(c) in the new paragraph 2(2B) of that Schedule omit paragraph (d),
(d) omit the new sub-paragraphs (2C) to (2E) of paragraph 2 of that Schedule.
622 In section 179 (interpretation) after the definition of "IHTA 1984" insert--
623 In Schedule 5 (film tax relief: further provisions) in paragraph 9(4)(b) for "555 of ICTA (foreign entertainers)" substitute "966 of ITA 2007 (visiting performers)".
624 In paragraph 27(1) of Schedule 8 (long funding leases of plant and machinery) for "section 840 of ICTA" in both places where it occurs substitute "section 574 of CAA 2001".
625 In Schedule 13 (settlements) omit paragraph 37.
626 (1) Amend Schedule 17 (Group Real Estate Investment Trusts: modifications) as follows.
(2) Omit paragraph 19.
(3) Omit paragraph 30(b) and the "and" immediately before it.
(4) Omit paragraph 32(8)(c).
Part 3 Amendment having effect in relation to shares issued after 5 April 2007
627 Omit Chapter 3 of Part 7 of the Income and Corporation Taxes Act 1988 (Enterprise Investment Scheme), except section 305A.
SCHEDULE 2 Transitionals and savings
1 The repeal of provisions and their enactment in a rewritten form by this Act does not affect the continuity of the law.
2 Paragraph does not apply to any change made by this Act in the effect of the law.
3 Any subordinate legislation or other thing which--
(a) has been made or done, or has effect as if made or done, under or for the purposes of a superseded enactment so far as it applied for relevant tax purposes, and
(b) is in force or effective immediately before the commencement of the corresponding rewritten provision,
4 (1) Any reference (express or implied) in this Act, another enactment or an instrument or document to a rewritten provision is to be read as including, in relation to times, circumstances or purposes in relation to which any corresponding superseded enactment had effect for relevant tax purposes, a reference to the superseded enactment so far as applying for those relevant tax purposes.
(2) Any reference (express or implied) in this Act, another enactment or an instrument or document to--
(a) things done under or for the purposes of a rewritten provision, or
(b) things falling to be done under or for the purposes of a rewritten provision,
5 (1) Any reference (express or implied) in any enactment, instrument or document to a superseded enactment in its application for relevant tax purposes is to be read, so far as is required for those relevant tax purposes, as including, in relation to times, circumstances or purposes in relation to which any corresponding rewritten provision has effect, a reference to the rewritten provision.
(2) Any reference (express or implied) in any enactment, instrument or document to--
(a) things done under or for the purposes of a superseded enactment in its application for relevant tax purposes, or
(b) things falling to be done under or for the purposes of a superseded enactment in its application for relevant tax purposes,
6 (1) Paragraphs 1 to 5 have effect instead of section 17(2) of the Interpretation Act 1978 (c. 30) (but are without prejudice to any other provision of that Act).
(2) Paragraphs 4 and 5 apply only so far as the context permits.
7 (1) The repeal by this Act of a transitional or saving provision relating to the coming into force of a provision rewritten in this Act does not affect the operation of the transitional or saving provision, so far as it is not specifically rewritten in this Act but remains capable of having effect in relation to the corresponding provision of this Act.
(3) The repeal by this Act of a saving on the previous repeal of an enactment does not affect the operation of the saving so far as it is not specifically rewritten in this Act but remains capable of having effect.
8 (1) References in this Act to any person are to be read, in the case of a person acting in partnership with other persons of whom at least one is a company chargeable to corporation tax, as references to all the partners so far as is required for the purposes of preserving the continuity of the law.
(2) References to a company or other person in any provision amended in its application for corporation tax purposes by this Act are to be read, in the case of a company acting in partnership with other persons of whom at least one is not a company, as references to all the partners so far as is required for the purposes of preserving the continuity of the law.
9 (1) In this Part--
"enactment" includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)),
"relevant tax purposes" means, in relation to a superseded enactment, tax purposes for which the enactment has been rewritten by this Act, and
"superseded enactment" means an earlier enactment which has been rewritten by this Act for certain tax purposes (whether it applied only for those purposes or for those and other tax purposes).
(2) References in this Part to the repeal of a provision include references to its revocation and to its express or implied disapplication for income tax purposes of this Act.
(3) References in this Part to tax purposes are not limited to income tax purposes.
Part 2 Changes in the law
10 (1) This paragraph applies if, in the case of any person--
(a) a thing is done or an event occurs before 6 April 2007, and
(b) because of a change in the law made by this Act, the tax consequences of that thing or event for the relevant period are different from what they would otherwise have been.
(2) If that person so elects, this Act applies with such modifications as may be necessary to secure that the tax consequences for the relevant period are the same as they would have been if the change in the law had not been made.
(3) In sub-paragraphs (1) and (2) "the relevant period" means--
(a) for income tax purposes, any period of account beginning before and ending on or after 6 April 2007, and
(b) for corporation tax purposes, any accounting period beginning before and ending on or after 6 April 2007.
(4) If this paragraph applies in the case of two or more persons in relation to the same thing or event, an election made under this paragraph by any one of those persons is of no effect unless a corresponding election is made by the other or each of the others.
(5) An election under this paragraph must be made--
(a) for income tax purposes, on or before the first anniversary of the normal self-assessment filing date for the tax year in which the period of account ends, and
(b) for corporation tax purposes, not later than two years after the end of the accounting period.
Part 3 Rates at which income tax is charged
11 In relation to a tax year before 2007-08--
(a) references in this Act, another enactment or an instrument or document to the savings rate are to be read as references to the lower rate, and
(b) references in this Act, another enactment or an instrument or document to the trust rate are to be read as references to the rate applicable to trusts.
12 In relation to the tax year 2007-08 or any subsequent tax year--
(a) references in an enactment, instrument or document to the lower rate are to be read as references to the savings rate, and
(b) references in an enactment, instrument or document to the rate applicable to trusts are to be read as references to the trust rate.
13 In this Part "enactment" includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)).
Part 4 Personal reliefs
14 Paragraphs 15 to 17 do not apply after 5 April 2009.
15 (1) Sub-paragraphs (2) and (3) apply in relation to an individual who, immediately before 6 April 2007, is entitled to a blind person's allowance under section 265 of ICTA.
(2) Section 39 has effect with the insertion in subsection (1) after "section 38" of "of this Act or section 265 of ICTA".
(3) Section 265 of ICTA (as amended by Schedule 1) has effect--
(a) with the insertion in subsection (2)(a) after "subsection (1) above" of "or section 38 of ITA 2007",
(b) with the insertion in subsection (5) after "subsection (1)" of "or section 38 of ITA 2007".
16 (1) Sub-paragraphs (2) to (5) apply in relation to an individual if, immediately before 6 April 2007, the individual's spouse or civil partner is entitled to a tax reduction under section 257A or 257AB of ICTA.
(2) Sections 47 and 48 have effect--
(a) with the insertion in subsections (1)(a) and (3) after "section 45 or 46" of "of this Act or section 257A or 257AB of ICTA",
(b) with the insertion in subsection (4) after paragraph (b) of " , or
(c) if the individual's spouse or civil partner is entitled to a tax reduction under section 257A or 257AB of ICTA, the amount by reference to which the calculation of the tax reduction is to be made. "
(3) Section 51 has effect--
(a) with the insertion in subsections (1)(a) and (2)(a) after "section 45 or 46" of "of this Act or section 257A or 257AB of ICTA",
(b) with the insertion in subsection (2)(b) after "section 49" of "of this Act or section 257BA(3) of ICTA".
(4) Section 257BA of ICTA (as amended by Schedule 1) has effect with the insertion in subsection (1) after "section 257A or 257AB" of "of this Act or section 45 or 46 of ITA 2007".
(5) Section 257BB of ICTA (as amended by Schedule 1) has effect with the insertion in subsection (3) after ""section 257A or 257AB" of "of this Act or section 45 or 46 of ITA 2007".
17 (1) Sub-paragraphs (2) to (5) apply in relation to an individual who, immediately before 6 April 2007, is entitled to a tax reduction under section 257A or 257AB of ICTA.
(2) Section 49 has effect with the insertion in subsection (1) after "section 45 or 46" of "of this Act or section 257A or 257AB of ICTA".
(3) Section 52 has effect with the insertion in subsection (4) after "section 45, 46 or 49" of "of this Act or section 257A, 257AB or 257BA(3) of ICTA".
(4) Section 53 has effect with the insertion in subsection (3) after "this Chapter" of "or section 257A, 257AB, 257BA or 257BB of ICTA".
(5) Section 257BA of ICTA (as amended by Schedule 1) has effect--
(a) with the insertion in subsections (2) and (3)(a) after "section 257A or 257AB" of "of this Act or section 45 or 46 of ITA 2007",
(b) with the substitution for subsection (3A) of--
" (3A) In this section "the appropriate amount" means--
(a) if the individual, or the individual's spouse or civil partner, is entitled to a tax reduction under section 257A or 257AB, the amount by reference to which the calculation of the tax reduction is to be made,
(b) if the individual, or the individual's spouse, is entitled to a tax reduction under section 45 of ITA 2007, the amount specified in section 45(3)(a) or (b) of that Act (as applicable), after any reductions under section 45(4) and 54(2) of that Act, or
(c) if the individual, or the individual's spouse or civil partner, is entitled to a tax reduction under section 46 of ITA 2007, the amount specified in section 46(3)(a) or (b) of that Act (as applicable), after any reductions under section 46(4) and 54(2) of that Act. "
(6) Section 257BB of ICTA (as amended by Schedule 1) has effect--
(a) with the insertion in subsections (1)(a) and (1A)(a) after "section 257A or 257AB" of "of this Act or section 45 or 46 of ITA 2007",
(b) with the insertion in subsection (1A)(b) after "section 257BA(3)" of "of this Act or section 49 of ITA 2007",
(c) with the insertion in subsection (5C) after "this section" of ", or Chapter 3 of Part 3 of ITA 2007,".
Part 5 Losses (except losses on disposal of shares)
General: carry forward loss reliefs
18 (1) The repeal by this Act of the superseded carry forward provisions does not alter the effect of those provisions so far as they determine--
(a) whether, and
(b) to what extent,
relief for any loss made (or treated as made) in a tax year before the tax year 2007-08 is to be given for the tax year 2007-08 or any subsequent tax year.
(2) But any relief for the loss (or any part of the loss) which is given for the tax year 2007-08 or any subsequent tax year is to be given in accordance with the relevant provisions of Part 4 of this Act.
(3) In this paragraph "the superseded carry forward provisions" means--
(a) sections 379A and 379B of ICTA (carry forward of loss in Schedule A business or overseas property business),
(b) sections 385, 387, 390 and 391 (so far as applying to section 385) of ICTA (carry forward of loss in trade, profession or vocation),
(c) section 392(2)(b) and (5) of ICTA (carry forward of miscellaneous loss), and
(d) any provision inserting or amending, or affecting the application of, any of the above provisions.
Trade loss relief against general income
19 (1) This paragraph applies for the purposes of section 64 if the loss is made in the tax year 2007-08.
(2) Relief for the loss can be given for the tax year 2006-07.
(3) Sub-paragraphs (4) and (5) apply if relief for the loss is claimed for the tax year 2006-07.
(4) If relief is to be given, the relief is given in the way it would have been given had it been given under section 380(1)(b) of ICTA ignoring this Act (and section 65 of this Act is to be read accordingly).
(5) Section 72 of FA 1991 applies as if the relief had been claimed under section 380(1)(b) of ICTA.
20 (1) This paragraph applies if--
(a) a person makes a loss ("the 2006-07 loss") in a trade in the tax year 2006-07,
(b) relief under section 380 of ICTA is not available for the 2006-07 loss because of section 384(1) of that Act,
(c) the person makes a loss ("the 2007-08 loss") in the trade in the tax year 2007-08,
(d) (apart from this paragraph) relief under section 64 of this Act is not available for the 2007-08 loss because of section 66 of this Act,
(e) the basis period for the tax year 2007-08 overlaps with the tax year 2006-07, and
(f) ignoring this Act, section 384(1) of ICTA would not have prevented relief under section 380 of that Act being available for the 2007-08 loss.
(2) Section 66 of this Act is not to apply in relation to the 2007-08 loss.
(3) This paragraph applies to professions and vocations as it applies to trades.
21 (1) This paragraph applies for the purposes of section 72 if the loss is made in the tax year 2007-08, 2008-09 or 2009-10.
(2) Relief for the loss can be given for one or more of the tax years 2004-05, 2005-06 and 2006-07 (depending on the tax year in which the loss is made).
(3) If relief for the loss is to be given for one or more of those tax years, the relief is given in the way in which it would have been given had it been given under section 381 of ICTA ignoring this Act (and section 73 of this Act is to be read accordingly).
22 (1) This paragraph applies if--
(b) relief under section 381 of ICTA is not available for the 2006-07 loss because of subsection (4) of that section,
(d) (apart from this paragraph) relief under section 72 of this Act is not available for the 2007-08 loss because of section 74(1) of this Act,
(f) ignoring this Act, subsection (4) of section 381 of ICTA would not have prevented relief under that section being available for the 2007-08 loss.
(2) Section 74(1) of this Act is not to apply in relation to the 2007-08 loss.