Source: https://www.legislation.gov.uk/ukpga/1988/1/contents
Timestamp: 2020-08-06 18:33:45
Document Index: 364859483

Matched Legal Cases: ['art 3', 'art 4', 'art 1', 'art 3', 'art 1', 'art 2', 'art 3', 'art 2', 'art 3', 'art 4', 'art 2', 'art 2', 'art 3', 'art 4', 'art 18', 'art 2', 'art 2', 'art 2', 'art 3']

Income and Corporation Taxes Act 1988 is up to date with all changes known to be in force on or before 06 August 2020. There are changes that may be brought into force at a future date.
1. The charge to income tax.
1A. Application of lower rate to income from savings and distributions.
1B. Rates of tax applicable to distribution income etc.
2. Fractions of a pound, and yearly assessments.
3. Certain income charged at basic rate.
4. Construction of references in Income Tax Acts to deduction of tax.
5. Date for payment.
6. The charge to corporation tax and exclusion of income tax and capital gains tax.
7. Treatment of certain payments and repayment of income tax.
8. General scheme of corporation tax.
8A. Resolutions to reduce corporation tax.
9. Computation of income: application of income tax principles.
10. Time for payment of tax.
11. Companies not resident in United Kingdom.
11AA.Determination of profits attributable to permanent establishment
12. Basis of, and periods for, assessment.
13. Small companies’ relief.
13ZA. Interpretation of section 13(7)
13AA. Corporation tax starting rate.
13AB.The non-corporate distribution rate
13A. Close investment-holding companies.
14. Advance corporation tax and qualifying distributions.
15. Schedule A.
16. Schedule B.
PART II PROVISIONS RELATING TO THE SCHEDULE A CHARGE
21. Persons chargeable and basis of assessment.
21A. Computation of amount chargeable.
21B. Application of other rules applicable to Case I of Schedule D.
21C. The Schedule A charge and mutual business.
22. Assessments.
23. Collection from lessees and agents.
24. Construction of Part II.
25. Deductions from rent: general rules.
26. Deductions from rent: land managed as one estate.
27. Deductions from rent: maintenance funds for historic buildings.
28. Deductions from receipts other than rent.
29. Sporting rights.
30. Expenditure on making sea walls.
31. Provisions supplementary to sections 25 to 30.
31ZA.Deduction for expenditure on energy-saving items
31ZB.Restrictions on relief
31ZC.Regulations
31A.Deductions for expenditure by landlords on energy-saving items
31B.Provisions supplementary to section 31A
32. Capital allowances for machinery and plant used in estate management.
33. Agricultural land: allowance for excess expenditure on maintenance.
33A. Rents or receipts payable by a connected person.
33B. Rents or receipts relating to land in respect of which a connected person makes payments to a third party.
34.Treatment of premiums, etc. as rent.
35.Charge on assignment of lease granted at an undervalue.
36.Charge on sale of land with right to reconveyance.
37. Premiums paid etc: deductions from premiums and rent received.
37A.Section 37(4) and reductions in receipts under ITTOIA 2005
38. Rules for ascertaining duration of leases.
39. Saving for pre-1963 leases, and special relief for individuals.
40. Tax treatment of receipts and outgoings on sale of land.
41. Relief for rent etc. not paid.
42. Appeals against determinations under . . . Chapter 4 of Part 3 of ITTOIA 2005.
42A. Non-residents and their representatives.
43. Non-residents.
43A. Finance agreement: interpretation.
43B. Transfer of rent.
43C. Transfer of rent: exceptions, &c.
43D. Interposed lease.
43E. Interposed lease: exceptions, &c.
43F. Insurance business.
43G. Interpretation.
PART III GOVERNMENT SECURITIES
44. Income tax: mode of charge.
46. Savings certificates and tax reserve certificates.
47. United Kingdom government securities held by non-residents.
48. Securities of foreign states.
49. Stock and dividends in name of Treasury etc.
50.United Kingdom securities: Treasury directions for payment without deduction of tax.
51. Treasury directions as respects Northern Ireland securities.
51AA. Commencement of direction under section 50 or 51.
51A. Gilt-edged securities held under authorised arrangements.
51B. Periodic accounting for tax on interest on gilt-edged securities.
52. Taxation of interest on converted government securities and interest which becomes subject to deduction.
PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS
53. Farming and other commercial occupation of land (except woodlands).
54. Woodlands managed on a commercial basis.
55. Mines, quarries and other concerns.
56. Transactions in deposits with and without certificates or in debts.
56A. Disposal or exercise of rights in pursuance of deposits.
57. Deep discount securities.
58. Foreign pensions.
59. Persons chargeable.
CHAPTER II INCOME TAX: BASIS OF ASSESSMENT ETC.
60. Assessment on current year basis.
61. Basis of assessment at commencement.
62. Change of basis period.
62A. Conditions for such a change.
63. Basis of assessment on discontinuance.
63A. Overlap profits and overlap losses.
64. Case III assessments.
65. Cases IV and V assessments: general.
65A. Case V income from land outside UK: income tax.
66. Special rules for fresh income.
67. Special rules where source of income disposed of or yield ceases.
68. Special rules where property etc. situated in Republic of Ireland.
68A.Share incentive plans: application of section 68B
68B.Share incentive plans: cash dividends and dividend shares
68C.Share incentive plans: interpretation
69. Case VI assessments.
CHAPTER III CORPORATION TAX: BASIS OF ASSESSMENT ETC
70. Basis of assessment etc.
70A. Case V income from land outside UK: corporation tax.
CHAPTER IV PROVISIONS SUPPLEMENTARY TO CHAPTERS II AND III
71. Computation of income tax where no profits in year of assessment.
72. Apportionments etc. for purposes of Cases I, II and VI.
73. Single assessments for purposes of Cases III, IV and V.
CHAPTER V COMPUTATIONAL PROVISIONS
74. General rules as to deductions not allowable.
75.Expenses of management: companies with investment business
75A.Accounting period to which expenses of management are referable
75B.Amounts reversing expenses of management deducted: charge to tax
76.Expenses of insurance companies
76ZA.Payments for restrictive undertakings
76ZB.Employees seconded to charities and educational establishments
76ZC.Counselling and other outplacement services
76ZD.Retraining courses
76ZE.Retraining courses: recovery of tax
76ZF.Redundancy payments and approved contractual payments
76ZG.Payments in respect of employment wholly in employer's business
76ZH.Payments in respect of employment in more than one capacity
76ZI.Additional payments
76ZJ.Payments by the Government
76ZK.Contributions to local enterprise organisations or urban regeneration companies
76ZL.Unpaid remuneration
76ZM.Unpaid remuneration: supplementary
76ZN.Car or motor cycle hire
76ZO.Hiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013
76A. Levies and repayments under the Financial Services and Markets Act 2000.
76B. Levies and repayments under the Financial Services and Markets Act 2000: investment companies.
77. Incidental costs of obtaining loan finance.
78. Discounted bills of exchange.
79. Contributions to local enterprise agencies.
79A. Contributions to training and enterprise councils and local enterprise companies.
79B.Contributions to urban regeneration companies
80. Expenses connected with foreign trades etc.
81. Travel between trades etc.
82. Interest paid to non-residents.
82A. Expenditure on research and development.
82B. Payments to research associations, universities etc.
83. Patent fees etc. and expenses.
83A. Gifts in kind to charities etc.
84. Gifts to educational establishments.
84A. Costs of establishing share option or profit sharing schemes: relief.
85. Payments to trustees of approved profit sharing schemes.
85A. Costs of establishing employee share ownership trusts: relief.
85B.Approved share incentive plans
86. Employees seconded to charities and educational establishments.
86A. Charitable donations: contributions to agent’s expenses.
87. Taxable premiums etc.
87A.Section 87(2) and (3) and reductions in receipts under ITTOIA 2005
88. Payments to Export Credit Guarantee Department.
88A. Debts of overseas governments etc.
88B. Section 88A debts: restriction on deductions under section 74(j).
88C. Section 88A debts: restriction on other deductions.
88D.Restriction of deductions in respect of certain debts
89.Debts proving to be irrecoverable after discontinuance etc
90. Additional payments to redundant employees.
91. Cemeteries.
91A. Waste disposal: restoration payments.
91B. Waste disposal: preparation expenditure.
91BA. Waste disposal: entitlement of successor to allowances.
91C. Mineral exploration and access.
92. Regional development grants.
93. Other grants under Industrial Development Act 1982 etc.
94. Debts deducted and subsequently released.
95.Taxation of dealers in respect of distributions etc.
95ZA.Taxation of UK distributions received by insurance companies
95A. Creative artists: relief for fluctuating profits
96. Farming and market gardening: relief for fluctuating profits.
97. Treatment of farm animals etc.
98. Tied premises: receipts and expenses treated as those of trade.
99. Dealers in land.
CHAPTER VI DISCONTINUANCE . . .
100. Valuation of trading stock at discontinuance of trade.
101. Valuation of work in progress at discontinuance of profession or vocation.
102. Provisions supplementary to sections 100 and 101.
103. Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis.
104. Conventional basis: general charge on receipts after discontinuance . . . .
105. Allowable deductions.
106. Application of charges where rights to payments transferred.
107. Treatment of receipts as earned income.
108. Election for carry-back.
109. Charge under section 104: relief for individuals born before 6th April 1917.
Relief for post-cessation expenditure
109A. Relief for post-cessation expenditure.
110. Interpretation etc.
110A. Change of residence.
CHAPTER VII PARTNERSHIPS AND SUCCESSIONS
111. Treatment of partnerships.
112. Partnerships controlled abroad.
113. Effect, for income tax, of change in ownership of trade, profession or vocation.
114. Special rules for computing profits and losses.
115. Provisions supplementary to section 114.
116. Arrangements for transferring relief.
117. Restriction on relief: individuals.
118. Restriction on relief: companies.
118ZA. Treatment of limited liability partnerships.
118ZB.Restriction on relief: companies
118ZC. Member’s contribution to trade.
118ZD. Carry forward of unrelieved losses.
Non-active general partners and non-active members of limited liability partnerships
118ZE.Restriction on relief for non-active partners
118ZF.Meaning of “the aggregate amount”
118ZG.“The individual’s contribution to the trade”
118ZH.“A significant amount of time”
118ZI.Carry forward of unrelieved losses of non-active partners
18ZJ.Commencement: the first restricted year
118ZK.Transitional provision for years after the first restricted year
118ZL.Partnerships exploiting films
118ZM.Partnerships exploiting films: supplementary
Partners: meaning of “contribution to the trade”
118ZN.Partners: meaning of “contribution to the trade”
118ZO.Meaning of “relevant loss” in section 118ZN
Chapter VIIA Paying and collecting agents
118A. Definitions.
118B. Paying agents.
118C. Collecting agents.
118D. Chargeable payments and chargeable receipts.
118E. Deduction of tax from chargeable payments and chargeable receipts.
118F. Accounting for tax on chargeable payments and chargeable receipts.
118G. Relevant securities of eligible persons.
118H. Relevant securities of eligible persons: administration.
118I. Deduction of tax at reduced rate.
118J. Prevention of double accounting.
118K. Regulations.
CHAPTER VIII MISCELLANEOUS AND SUPPLEMENTAL
119. Rent etc. payable in connection with mines, quarries and similar concerns.
120. Rent etc. payable in respect of electric line wayleaves.
121. Management expenses of owner of mineral rights.
122. Relief in respect of mineral royalties.
123. Foreign dividends.
124. Interest on quoted Eurobonds.
125.Annual payments for dividends or non-taxable consideration
126. Treasury securities issued at a discount.
126A. Charge to tax on appropriation of securities and bonds.
127. Enterprise allowance.
127A. Futures and options: transactions with guaranteed returns.
128. Commodity and financial futures etc.: losses and gains.
129. Stock lending.
129A. Stock lending: interest on cash collateral.
129B. Stock lending fees.
130.Meaning of “investment company” in Part 4
PART V PROVISIONS RELATING TO THE SCHEDULE E CHARGE
CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION
131. Chargeable emoluments.
132. Place of performance, and meaning of emoluments received in the U.K.
133. Voluntary pensions.
134. Workers supplied by agencies.
135. Gains by directors and employees from share options.
136. Provisions supplementary to section 135.
137. Payment of tax under section 135 by instalments.
138. Share acquisitions by directors and employees.
139. Provisions supplementary to section 138.
140. Further interpretation of sections 135 to 139.
140A. Conditional acquisition of shares.
140B. Consideration for shares conditionally acquired.
140C. Cases where interest to be treated as only conditional.
140D. Convertible shares.
140E. Consideration for convertible shares.
140F. Supplemental provision with respect to convertible shares.
140G. Information for the purposes of sections 140A to 140F.
140H. Construction of sections 140A to 140G.
141. Non-cash vouchers.
142. Credit-tokens.
143. Cash vouchers taxable under P.A.Y.E.
144. Supplementary provisions.
144A. Payments etc. received free of tax.
145. Living accommodation provided for employee.
146. Additional charge in respect of certain living accommodation.
146A. Priority of rules applying to living accommodation.
147. Occupation of Chevening House.
148. Payments and other benefits in connection with termination of employment, etc.
149. Sick pay.
150. Job release scheme allowances, maternity pay and statutory sick pay.
151. Income support etc.
151A. Jobseeker’s allowance.
152.Notification of taxable amount of certain benefits.
CHAPTER II EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS
153. Payments in respect of expenses.
154. General charging provision.
155. Exceptions from the general charge.
155ZA. Accommodation, supplies or services used in performing duties of employment.
155ZB. Power to provide for exemption of minor benefits.
155AA. Mobile telephones.
155A. Care for children.
156. Cash equivalent of benefits charged under section 154.
156A. Limited exemption for computer equipment.
157. Cars available for private use.
157A. Cars available for private use: cash alternative, etc.
158. Car fuel.
159. Pooled cars.
159AA. Vans available for private use.
159AB. Pooled vans.
159AC. Heavier commercial vehicles available for private use.
159A. Mobile telephones.
160. Beneficial loan arrangements.
161. Exceptions from section 160.
161A. Treatment of qualifying loans.
161B. Beneficial loans: loans on ordinary commercial terms.
162. Employee shareholdings.
163. Expenses connected with living accommodation.
164. Director’s tax paid by employer.
165. Scholarships.
166. Notice of nil liability under this Chapter.
167. Employment to which this Chapter applies.
168. Other interpretative provisions.
168A. Price of a car as regards a year.
168AA. Equipment to enable disabled person to use car.
168AB. Equipment etc. to enable car to run on road fuel gas.
168B. Price of a car: accessories not included in list price.
168C. Price of a car: accessories available after car first made available.
168D. Price of a car: capital contributions.
168E. Price of a car: replacement accessories.
168F. Price of a car: classic cars.
168G. Price of a car: cap for expensive car.
CHAPTER III PROFIT-RELATED PAY
169. Interpretation.
170. Taxation of profit-related pay.
171. Relief from tax.
172. Exceptions from tax.
173. Persons who may apply for registration.
174. Excluded employments.
175. Applications for registration.
176. Registration.
177. Change of scheme employer.
177A. Death of scheme employer.
177B. Alteration of scheme’s terms.
178. Cancellation of registration.
179. Recovery of tax from scheme employer.
180. Annual returns etc.
181. Other information.
182. Appeals.
183. Partnerships.
184. Independent accountants.
CHAPTER IV OTHER EXEMPTIONS AND RELIEFS
185. Approved share option schemes.
186. Approved profit sharing schemes.
187. Interpretation of sections 185 and 186 and Schedules 9 and 10.
Contributions in respect of share option gains
187A. Relief for contributions in respect of share option gains.
188. Exemptions from section 148.
189. Lump sum benefits on retirement.
190.Payments to MPs and others.
191. Job release scheme allowances not to be treated as income.
191A. Removal expenses and benefits.
191B. Removal benefits: beneficial loan arrangements.
192. Relief from tax for foreign emoluments.
192A. Foreign earnings deduction for seafarers.
193. Foreign earnings and travel expenses.
194. Other foreign travel expenses.
195. Travel expenses of employees not domiciled in the United Kingdom.
196. Foreign pensions.
197. Leave travel facilities for the armed forces.
197A. Car parking facilities
197AA. Works bus services.
197AB. Support for public transport road services.
197AC. Provision of cycle or cyclist’s safety equipment.
197AD. Mileage allowance payments
197AE. Passenger payments
197AF. Mileage allowance relief
197AG. Giving effect to mileage allowance relief
197AH. Interpretation of sections 197AD to 197AG
197B. Limit on chargeable mileage profit.
197C. Definition of mileage profit.
197D. Definition of taxed mileage profit.
197E. Exception from section 197B.
197F. Other interpretative provisions.
197G.Sporting and recreational facilities.
198. Relief for necessary expenses.
198A. Interpretation of section 198.
199. Expenses necessarily incurred and defrayed from official emoluments.
200ZA. Expenses of members of Scottish Parliament, National Assembly for Wales or Northern Ireland Assembly.
200AA. Incidental benefits for holders of certain offices etc.
200A. Incidental overnight expenses.
200B. Work-related training provided by employers.
200C. Expenditure excluded from section 200B.
200D. Other work-related training.
200E. Education and training funded by employers.
200F. Section 200E: exclusion of expenditure not directly related to training.
200G. Section 200E: exclusion of expenditure if contributions not generally available to staff.
200H. Section 200E: exclusion of expenditure otherwise relieved.
200J. Education or training funded by third parties.
201. Fees and subscriptions to professional bodies, learned societies etc.
201AA. Employee liabilities and indemnity insurance.
201A. Expense of entertainers.
202. Donations to charity: payroll deduction scheme.
CHAPTER V ASSESSMENT, COLLECTION, RECOVERY AND APPEALS
202A. Assessment on receipts basis.
202B. Receipts basis: meaning of receipt.
203. Pay as you earn.
203A. P.A.Y.E.: meaning of payment.
203B. PAYE: payment by intermediary.
203C. PAYE: employee of non-UK employer.
203D. PAYE: employee non-resident, etc.
203E. PAYE: mobile UK workforce.
203F. PAYE: tradeable assets.
203FA. PAYE: enhancing the value of an asset.
203FB. PAYE: gains from share options etc.
203G. PAYE: non-cash vouchers.
203H. PAYE: credit-tokens.
203I. PAYE: cash vouchers.
203J. S.203B to s.203I: accounting for tax.
203K. Trading arrangements.
203L. S.203B to s.203K: interpretation, etc.
204. P.A.Y.E repayments.
205. Assessments unnecessary in certain circumstances.
206. Additional provision for certain assessments.
206A. PAYE settlement agreements.
207. Disputes as to domicile or ordinary residence.
PART VI COMPANY DISTRIBUTIONS, TAX CREDITS ETC
CHAPTER I TAXATION OF COMPANY DISTRIBUTIONS
207A. Application of lower rate to company distributions.
208. U.K. company distributions not generally chargeable to corporation tax.
CHAPTER II MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
209. Meaning of “distribution”.
209A. Section 209(3AA): link to shares of company or associated company
209B. Section 209(3AA): hedging arrangements
210. Bonus issue following repayment of share capital.
211. Matters to be treated or not to be treated as repayments of share capital.
CHAPTER III MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
212. Interest etc. paid in respect of certain securities.
213. Exempt distributions.
213A.Exempt distributions: division of business
214. Chargeable payments connected with exempt distributions.
215. Advance clearance by Board of distributions and payments.
216. Returns.
217. Information.
218. Interpretation of sections 213 to 217.
219. Purchase by unquoted trading company of own shares.
220. Conditions as to residence and period of ownership.
221. Reduction of vendor’s interest as shareholder.
222. Conditions applicable where purchasing company is member of group.
223. Other conditions.
224. Relaxation of conditions in certain cases.
225. Advance clearance of payments by Board.
226. Returns and information.
227. Associated persons.
228. Connected persons.
229. Other interpretative provisions.
230. Stock dividends: distributions.
Industrial and provident society dividends etc
230A.Dividend or bonus granted by industrial and provident society
CHAPTER IV TAX CREDITS
231. Tax credits for certain recipients of qualifying distributions.
231A. Restrictions on the use of tax credits by pension funds.
231AA. No tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement.
231AB. No tax credit for original owner under repurchase agreement in respect of certain manufactured dividends.
231B. Consequences of certain arrangements to pass on the value of a tax credit.
232. Tax credits for non-U.K. residents.
233. Taxation of certain recipients of distributions and in respect of non-qualifying distributions.
234. Information relating to distributions.
234A. Information relating to distributions: further provisions.
235. Distributions of exempt funds etc.
236. Provisions supplementary to section 235.
237. Disallowance of reliefs in respect of bonus issues.
CHAPTER V ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME
238. Interpretation of terms and collection of ACT.
239. Set-off of ACT against liability to corporation tax.
240. Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax.
241. Calculation of ACT where company receives franked investment income.
242. Set-off of losses etc. against surplus of franked investment income.
243. Set-off of loss brought forward, or terminal loss.
244. Further provisions relating to claims under section 242 or 243.
245. Calculation etc. of ACT on change of ownership of company.
245A. Restriction on application of section 240 in certain circumstances.
245B. Restriction on set-off where asset transferred after change in ownership of company.
246. Charge of ACT at previous rate until new rate fixed, and changes of rate.
Chapter VA Foreign Income Dividends
Election by company paying dividend
246A. Election by company paying dividend.
246B. Procedure for making election.
Recipient of foreign income dividend
246C. No tax credit for recipient.
246D. Individuals etc.
Companies: payments and receipts
246E. Foreign income dividend not franked payment.
246F. Calculation of ACT where company receives foreign income dividend.
246G. Information relating to foreign income dividends.
246H. Power of inspector to require information.
Foreign source profit and distributable foreign profit
246I. Foreign source profit and distributable foreign profit.
Matching of dividend with distributable foreign profit
246J. Matching of dividend with distributable foreign profit.
246K. Matching: subsidiaries.
246L. Requirement as to subsidiaries.
246M. Matching: further provisions.
Repayment or set-off of advance corporation tax
246N. ACT to be repaid or set off against corporation tax liability.
246P. Notional foreign source advance corporation tax.
246Q. Repayment or set-off: supplementary.
246R. Supplementary claims.
246S. International headquarters companies.
246T. Liability to pay ACT displaced.
246U. Settlement of liability by IHC as to ACT.
246V. Settlement of liability by non-IHC as to ACT.
246W. Payments and repayments where further matching takes place.
246X. Adjustments where profits or foreign tax altered.
246Y. Application of this Chapter.
247. Dividends etc. paid by one member of a group to another.
249. Stock dividends treated as income.
250. Returns.
251. Interpretation of sections 249 and 250.
251A.Application of sections 251B and 251C
251B.Treatment of cash dividend retained and then later paid out
251C.Charge on dividend shares ceasing to be subject to plan
251D.Interpretation of sections 251A to 251C
252.—. Rectification of excessive set-off etc. of ACT or tax credit.
253. Power to modify or replace section 234(5) to (9) and Schedule 13.
254. Interpretation of Part VI.
255.“Gross rate” and “gross amount” of distributions to include ACT.
PART VII GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
CHAPTER I PERSONAL RELIEFS
256. General.
256A.Meaning of “adjusted net income”
256B.Meaning of “the minimum amount”
257. Personal allowance.
257AA. Children’s tax credit.
257A. Married couple’s allowance.
257AB.Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)
257BA. Elections as to transfer of relief under section 257A or 257AB.
257BB. Transfer of relief under section 257A where relief exceeds income or 257AB.
257B. Transfer of relief under section 257A.
257C. Indexation of amounts in sections 256B, 257, 257A and 257AB.
257D. Transitional relief: husband with excess allowances.
257E. Transitional relief: the elderly.
257F. Transitional relief: separated couples.
258. Widower’s or widow’s housekeeper.
259. Additional relief in respect of children.
260. Apportionment of relief under section 259.
261. Claims under section 259 for year of marriage.
261A. Additional relief in respect of children for year of separation.
262. Widow’s bereavement allowance.
263. Dependent relatives.
264. Claimant depending on services of a son or daughter.
265. Blind person’s allowance.
266. Life assurance premiums.
266A.Life assurance premiums paid by employer
267. Qualifying policies.
268. Early conversion or surrender of life policies.
269. Surrender etc. of policies after four years.
270. Provisions supplementary to sections 268 and 269.
271. Deemed surrender in cases of certain loans.
272. Collection of sums payable under sections 268 and 269.
273. Payments securing annuities.
274. Limits on relief under section 266.
275. Meaning of “relative”.
276. Effect on relief of charges on income.
277. Partners.
278. Non-residents.
CHAPTER II TAXATION OF INCOME OF SPOUSES AND CIVIL PARTNERS
279. Aggregation of wife’s income with husband’s.
280. Transfer of reliefs.
281. Tax repayments to wives.
282. Construction of references to spouses or civil partners living together.
282A. Jointly held property.
282B. Jointly held property: declarations.
283. Option for separate assessment.
284. Effect of separate assessment on personal reliefs.
285. Collection from wife of tax assessed on husband but attributable to her income.
286. Right of husband to disclaim liability for tax on deceased wife’s income.
287. Separate taxation of wife’s earnings.
288. Elections under section 287.
CHAPTER III ENTERPRISE INVESTMENT SCHEME
289. Eligibility for relief.
289A. Form of relief.
289B. Attribution of relief to shares.
290. Minimum and maximum subscriptions.
290A. Restriction of relief where amounts raised exceed permitted maximum.
291. Individuals qualifying for relief.
291A. Connected persons: directors.
291B. Connected persons: persons interested in capital etc. of company.
292. Parallel trades.
293. Qualifying companies.
294. Companies with interests in land.
295. Valuation of interests in land for purposes of section 294(1)(b).
296. Section 294 disapplied where amounts raised total £50,000 or less.
297. Qualifying trades.
298. Provisions supplementary to sections 293 and 297.
299. Disposal of shares.
299A. Loan linked investments.
299B. Pre-arranged exits.
300. Value received from company.
300A. Receipt of replacement value
301. Provisions supplementary to section 300.
301A. Receipts of insignificant value: supplementary provision
302. Replacement capital.
303. Value received by persons other than claimants.
303AA. Insignificant repayments disregarded for purposes of s.303(1)
303A. Restriction on withdrawal of relief under section 303.
304.Spouses and civil partners.
304A. Acquisition of share capital by new company.
305. Reorganisation of share capital.
305A. Relief for loss on disposal of shares.
306. Claims.
307. Withdrawal of relief.
308. Application to subsidiaries.
309. Further provisions as to subsidiaries.
310. Information.
311. Nominees, bare trustees and approved investment funds.
312. Interpretation of Chapter III.
CHAPTER IV SPECIAL PROVISIONS
313. Taxation of consideration for certain restrictive undertakings.
314. Divers and diving supervisors.
315. Wounds and disability pensions.
316. Allowances, bounties and gratuities.
317. Victoria Cross and other awards.
318. Other pensions in respect of death due to war service etc.
319. Crown servants: foreign service allowance.
320. Commonwealth Agents-General and official agents etc.
321. Consuls and other official agents.
322. Consular officers and employees.
323. Visiting forces.
324. Designated international organisations.
325. Interest on deposits with National Savings Bank.
326. Interest etc. under contractual savings schemes.
326A. Tax-exempt special savings accounts.
326B. Loss of exemption for special savings accounts.
326BB. Follow-up TESSAs.
326C. Tax-exempt special savings accounts: supplementary.
326D. Tax-exempt special savings accounts: tax representatives.
327. Disabled person’s vehicle maintenance grant.
327A.Payments to adopters
328. Funds in court.
329. Interest on damages for personal injuries.
329AA. Personal injury damages in the form of periodical payments.
329AB. Compensation for personal injury under statutory or other schemes.
329A. Annuities purchased for certain persons.
329B. Annuities assigned in favour of certain persons.
329C. Annuities: criminal injuries.
330. Compensation for National-Socialist persecution.
331. Scholarship income.
331A. Student loans: certain interest to be disregarded.
332. Expenditure and houses of ministers of religion.
332A. Venture capital trusts: relief.
333.Investment plan regulations
333A. Personal equity plans: tax representatives.
333B. Involvement of insurance companies with plans and accounts.
CHAPTER V RESIDENCE OF INDIVIDUALS
334. Commonwealth citizens and others temporarily abroad.
335. Residence of persons working abroad.
336. Temporary residents in the United Kingdom.
PART VIII TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
337. Company beginning or ceasing to carry on trade
337A. Computation of company’s profits or income: exclusion of general deductions
338. Charges on income deducted from total profits
338A. Meaning of “charges on income"
338B. Charges on income: annuities or other annual payments
339. Charges on income: donations to charity.
339A. Maximum qualifying donations.
340. Charges on income: interest payable to non-residents.
341. Payments of interest etc. between related companies.
342. Tax on company in liquidation.
342A.Tax on companies in administration
343. Company reconstructions without a change of ownership.
343ZA.Transfers of trade to obtain balancing allowances
343A.Company reconstructions involving business of leasing plant or machinery
344. Company reconstructions: supplemental.
345. Computation of chargeable gains.
346. Capital distribution of chargeable gains: recovery of tax from shareholder.
347. Tax on one member of group recoverable from another member.
PART IX ANNUAL PAYMENTS AND INTEREST
347A. General rule.
347B. Qualifying maintenance payments.
348. Payments out of profits or gains brought into charge to income tax: deduction of tax.
349. Payments not out of profits or gains brought into charge to income tax, and annual interest.
349ZA.Extension of section 349: proceeds of sale of UK patent rights
349A. Exceptions to section 349 for payments between companies etc
349B. The conditions mentioned in section 349A(1)
349C. Directions disapplying section 349A(1)
349D. Section 349A(1): consequences of reasonable but incorrect belief
349E. Deductions under section 349(1): payment of royalties overseas
350. Charge to tax where payments made under section 349.
350A. UK public revenue dividends: deduction of tax.
351. Small maintenance payments.
352. Certificates of deduction of tax.
353. General provision.
354. Loans to buy land etc.
355. Matters excluded from section 354.
356. Job-related accommodation.
356A. Limit on relief for home loans: residence basis.
356B. Residence basis: married couples.
356C. Payments to which sections 356A and 356B apply.
356D. Provisions supplementary to sections 356A to 356C.
357. Limit on amount of loan eligible for relief by virtue of section 354.
357A. Substitution of security.
357B.Treatment of loans following security substitution.
357C.Substitution of security: supplemental.
358. Relief where borrower deceased.
359. Loan to buy machinery or plant.
360. Loan to buy interest in close company.
360A. Meaning of “material interest” in section 360.
361. Loan to buy interest in co-operative or employee-controlled company.
362. Loan to buy into partnership.
363. Provisions supplementary to sections 360 to 362.
364. Loan to pay inheritance tax.
365. Loan to buy life annuity.
366. Information.
367. Provisions supplementary to sections 354 to 366.
367A.Alternative finance arrangements
368. Exclusion of double relief etc.
369. Mortgage interest payable under deduction of tax.
370. Relevant loan interest.
371. Second loans.
372. Home improvement loans.
373. Loans in excess of the qualifying maximum, and joint borrowers.
374. Conditions for application of section 369.
374A. Interest which never has been relevant loan interest etc.
375. Interest ceasing to be relevant loan interest, etc.
375A. Option to deduct interest for the purposes of Schedule A.
376. Qualifying borrowers and qualifying lenders.
376A. The register of qualifying lenders.
377. Variation of terms of repayment of certain loans.
378. Supplementary regulations.
379.In sections 369 to 378— “contracts of general insurance” means...
PART X LOSS RELIEF AND GROUP RELIEF
CHAPTER I LOSS RELIEF: INCOME TAX
Losses from UK property business or overseas property business
379A.Losses from UK property business.
379B. Losses from overseas property business.
380. Set-off against general income.
381. Further relief for individuals for losses in early years of trade.
382. Provisions supplementary to sections 380 and 381.
383. Extension of right of set-off to capital allowances.
384. Restrictions on right of set-off.
384A. Restriction of set-off of allowances against general income
385. Carry-forward against subsequent profits.
386. Carry-forward where business transferred to a company.
387. Carry-forward as losses of amounts taxed under section 350.
388. Carry-back of terminal losses.
389. Supplementary provisions relating to carry-back of terminal losses.
390. Treatment of interest as a loss for purposes of carry-forward and carry-back.
391. Losses from trade etc. carried on abroad
392.Losses from miscellaneous transactions
CHAPTER II LOSS RELIEF: CORPORATION TAX
392A.UK property business losses
392B. Losses from overseas property business.
393. Losses other than terminal losses.
393A. Losses: set off against profits of the same, or an earlier, accounting period.
393B.Losses of ring fence trade: set off against profits of an earlier accounting period
394. Terminal losses.
395. Leasing contracts and company reconstructions.
396.Losses from miscellaneous transactions
CHAPTER III LOSS RELIEF: MISCELLANEOUS PROVISIONS
397. Restriction of relief in case of farming and market gardening.
398. Transactions in deposits with and without certificates or in debts.
399. Dealings in commodity futures etc: withdrawal of loss relief.
400. Write-off of government investment.
401. Relief for pre-trading expenditure.
CHAPTER IV GROUP RELIEF
402. Surrender of relief between members of groups and consortia.
403. Losses etc. which may be surrendered by way of group relief.
403ZA. Amounts eligible for group relief: trading losses.
403ZB. Amounts eligible for group relief: excess capital allowances.
403ZC. Amounts eligible for group relief: non-trading deficit on loan relationships.
403ZD. Other amounts available by way of group relief.
403ZE. Computation of gross profits.
403A. Limits on group relief.
403B. Apportionments under section 403A.
403C. Amount of relief in consortium cases.
403D.Relief for or in respect of UK losses of non-resident companies
403E. Relief for overseas losses of UK resident companies.
403F.Relief in respect of overseas losses of non-resident companies
403G.Unallowable overseas losses of non-resident companies
404. Limitation of group relief in relation to certain dual resident companies.
405. Claims relating to losses etc. of members of both group and consortium.
406. Claims relating to losses etc. of consortium company or group member.
407. Relationship between group relief and other relief.
408. Corresponding accounting periods.
409. Companies joining or leaving group or consortium.
410. Arrangements for transfer of company to another group or consortium.
411. Exclusion of double allowances.
411ZA.No relief where deduction of relevant return under alternative finance arrangements disallowed
411A. Group relief by way of substitution for loss relief.
412. Claims and adjustments.
413. Interpretation of Chapter IV.
PART XI CLOSE COMPANIES
CHAPTER I INTERPRETATIVE PROVISIONS
414. Close companies.
415. Certain quoted companies not to be close companies.
416. Meaning of “associated company” and “control”.
417. Meaning of “participator”, “associate”, “director” and “loan creditor”.
418.“Distribution” to include certain expenses of close companies.
CHAPTER II CHARGES TO TAX IN CONNECTION WITH LOANS
419. Loans to participators etc.
420. Exceptions from section 419.
421.Taxation of borrower when loan under section 419 released etc
422. Extension of section 419 to loans by companies controlled by close companies.
CHAPTER III APPORTIONMENT OF UNDISTRIBUTED INCOME ETC.
423. Apportionment of certain income, deductions and interest.
424. Exclusions from section 423.
425. Manner of apportionment.
426. Charge to income tax where apportionment is to an individual.
427. Reduction of charge under section 426 in certain cases.
428. Increase of apportioned sum etc. by reference to ACT.
429. Payment and collection of income tax.
430. Consequences of apportionment: ACT.
PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
431. Interpretative provisions relating to insurance companies.
431ZA.Election that assets not be foreign business assets
431A. Amendment of Chapter etc
431AA. Relevant benefits for purposes of section 431(4)(d) and (e).
431B. Meaning of “pension business”.
431BA.Meaning of “child trust fund business”
431BB.Meaning of “individual savings account business”
431C. Meaning of “life reinsurance business”.
431D. Meaning of “overseas life assurance business”.
431E. Overseas life assurance business: regulations.
431EA.Meaning of “gross roll-up business”
431F. Meaning of “basic life assurance and general annuity business”.
Basis of taxation etc
431G.Company carrying on life assurance business
431H.Company carrying on life assurance business and other insurance business
432. Separation of different categories of business.
432YA.PHI business other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook
432ZA. Linked assets.
432A. Apportionment of income and gains.
432AA.UK property business or overseas property business
432AB. Losses from UK property business or overseas property business.
432B. Apportionment of receipts brought into account.
432C.Section 432B apportionment: non-participating funds
432CA.Apportionment of asset value increase where line 51 amount decreases
432CB.Transfers of business involving excess assets
432D. Section 432B apportionment: value of non-participating funds.
432E.Section 432B apportionment: participating funds.
432F. Section 432B apportionment: supplementary provisions.
432G.Section 432B apportionment: business transfers-in
433. Profits reserved for policy holders and annuitants.
Miscellaneous provisions relating to life assurance business
434. Franked investment income etc.
434A. Computation of losses and limitation on relief.
434AZA.Reduced loss relief for additions to non-profit funds
434AZB.Additions to non-profit funds: amount of loss reduction
434AZC.Sections 434AZA and 434AZB: supplementary
434B. Treatment of interest and annuities.
434C. Interest on repayment of advance corporation tax.
434D. Capital allowances: management assets.
434E. Capital allowances: investment assets.
435. Taxation of gains reserved for policy holders and annuitants.
436.Pension business: separate charge on profits.
436A.Gross roll-up business: separate charge on profits
436B.Gains referable to gross roll-up business not to be chargeable gains
437. General annuity business.
437A. Meaning of “steep-reduction annuity” etc.
438. Pension business: exemption from tax.
438A.Pension business: payments on account of tax credits and deducted tax.
438B. Income or gains arising from property investment LLP
438C. Determination of policy holders’ share for purposes of s.438B
439. Restricted government securities.
439A. Taxation of pure reinsurance business.
439B. Life reinsurance business: separate charge on profits.
440. Transfers of assets etc.
440A. Securities.
440B. Modifications where tax charged under section 35 of CTA 2009.
440C.Modifications for change of tax basis
440D.Modifications in relation to BLAGAB group reinsurers
441. Overseas life assurance business.
441A.Section 441: distributions.
441B. Treatment of UK land.
442. Overseas business of U.K. companies.
442A. Taxation of investment return where risk reinsured.
443. Life policies carrying rights not in money.
444. Life policies issued before 5th August 1965.
444A. Transfers of business.
444AZA.Transfers of life assurance business: gross roll-up business losses of the transferor
444AZB.Transfers of life assurance business: trade losses of the transferor
444AA.Transfers of business: deemed periodical returns
444AB.Transfer schemes: transferor
444ABA.Non long-term fund transferred assets
444ABAA.Non-profit fund transferred assets
444ABB.Retained assets
444ABBA.Transfers of business: election for transferee to pay tax of transferor
444ABC.Transfer scheme transferring part of business: transferor
444ABD.Transferor's period of account including transfer
444AC.Transfer schemes: reduction of income of transferee
444ACZA.Transfer schemes transferring part of business: reduction in income of transferee
444ACA.Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc
444AD.Transfers of business: modification of s.83(2B) FA 1989
444AE.Transfers of business: FAFTS
444AEA.Transfer schemes: anti-avoidance rule
444AEB.Life assurance trade profits advantage: transferor
444AEC.Life assurance trade profits advantage: transferee
444AECA.Parts of transfer scheme arrangements: anti-avoidance rule
444AECB.Parts of transfer scheme arrangements: life assurance trade profits advantage transferor
444AECC.Parts of transfer scheme arrangements: life assurance trade profits advantage transferee
444AED.Clearance: no avoidance or group advantage
444AF.Demutualisation surplus: life assurance business
444AG.Section 444AF: “demutualisation transfer surplus”
444AH.Modification of section 444AG etc for gross roll-up businesses
444AI.Section 444AF: “reduction in company's unappropriated surplus”
444AJ.Sections 444AF and 444AK: “relevant receipts reduction”
444AK.Mutual surplus: gross roll-up business
444AL.Interpretation of sections 444AF to 444AK
Provisions applying in relation to overseas life insurance companies
444B. Modification of Act in relation to overseas life insurance companies.
444BA. Equalisation reserves for general business.
444BB. Modification of s. 444BA for mutual or overseas business and for non-resident companies.
444BC. Modification of s. 444BA for non-annual accounting etc.
444BD. Application of s. 444BA rules to other equalisation reserves.
444C. Modification of section 440.
444D. Qualifying distributions, tax credits, etc.
444E. Income from investments attributable to BLAGAB, etc.
445. Charge to tax on investment income.
446. Annuity business.
447. Set-off of income tax and tax credits against corporation tax.
448. Qualifying distributions and tax credits.
449. Double taxation agreements.
450. Assessment, set-off of losses and reinsurance.
451. Regulations.
452. Special reserve funds.
453. Payments into premiums trust fund on account of losses.
454. Income tax consequences on payments into and out of special reserve fund.
455. Income tax consequences on death of underwriter.
456. Unearned income, variation of arrangements and cancellation of approval etc.
457. Interpretation of sections 450 to 456.
458. Capital redemption business.
458A. Capital redemption business: power to apply life assurance provisions.
CHAPTER II FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
459. Exemption from tax.
460. Exemption from tax in respect of life or endowment business.
461. Taxation in respect of other business.
461A.Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
461B. Taxation in respect of other business: incorporated friendly societies etc.
461C. Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society.
461D.Transfers of other business
462. Conditions for tax exempt business.
462A. Election as to tax exempt business.
463.Long-term business: application of the Corporation Tax Acts.
464. Maximum benefits payable to members.
465. Old societies.
465A.Assets of branch of registered friendly society to be treated as assets of society after incorporation.
466. Interpretation of Chapter II.
467. Exemption for trade unions and employers’ associations.
CHAPTER III UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
468. Authorised unit trusts.
468AA. Authorised unit trusts: futures and options.
468A. Certified unit trusts.
468A.Open-ended investment companies
468B. Certified unit trusts: corporation tax.
468C. Certified unit trusts: distributions.
468D. Funds of funds: distributions.
468E. Authorised unit trusts: corporation tax.
468EE. Corporation tax: cases where lower rate applies.
468F.Authorised unit trusts: distributions.
468G. [Dividends paid to investment trusts.
Distributions of authorised unit trusts: general
468H. Interpretation.
468I. Distribution accounts.
Dividend and foreign income distributions
468J. Dividend distributions.
468K. Foreign income distributions.
468L. Interest distributions.
468M. Cases where no obligation to deduct tax
468N. Deduction of tax (mixed funds).
468O. Residence condition and reputable intermediary condition.
468P. Residence declarations.
468PA.Section 468O(1A): consequences of reasonable but incorrect belief
468PB.Regulations supplementing sections 468M to 468PA
Distributions to corporate unit holder
468Q. Dividend distribution to corporate unit holder.
468R. Foreign income distribution to corporate unit holder.
469. Other unit trusts.
469A. Court common investment funds.
470. Transitional provisions relating to unit trusts.
471. Exchange of securities in connection with conversion operations, nationalisation etc.
472. Distribution of securities issued in connection with nationalisation etc.
472A.Trading profits etc. from securities: taxation of amounts taken to reserves
473. Conversion etc. of securities held as circulating capital.
474. Treatment of tax-free income.
475. Tax-free Treasury securities: exclusion of interest on borrowed money.
CHAPTER IV BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS
476. Building societies: regulations for payment of tax.
477. Investments becoming or ceasing to be relevant building society investments.
477A. Building societies: regulations for deduction of tax.
477B. Building societies: incidental costs of issuing qualifying shares.
478. Building societies: time for payment of tax.
479. Interest paid on deposits with banks etc.
480. Deposits becoming or ceasing to be composite rate deposits.
480A. Relevant deposits: deduction of tax from interest payments.
480B. Relevant deposits: exception from section 480A.
480C. Relevant deposits: computation of tax on interest.
481.“Deposit-taker”, “deposit” and “relevant deposit”.
482. Supplementary provisions.
482A. Audit powers in relation to non-residents.
483. Determination of reduced rate for building societies and composite rate for banks etc.
484. Savings banks: exemption from tax.
485. Savings banks: supplemental.
486. Industrial and provident societies and co-operative associations.
487. Credit unions.
488. Co-operative housing associations.
489. Self-build societies.
490. Companies carrying on a mutual business or not carrying on a business.
491. Distribution of assets of body corporate carrying on mutual business.
PETROLEUM EXTRACTION ACTIVITIES
492. Treatment of oil extraction activities etc. for tax purposes.
493. Valuation of oil disposed of or appropriated in certain circumstances.
494.Loan relationships etc.
494AA. Sale and lease-back.
494A. Computation of amount available for surrender by way of group relief.
495. Regional development grants.
496.Tariff receipts and tax-exempt tariffing receipts
496A.Exploration expenditure supplement
496B.Ring fence expenditure supplement
497. Restriction on setting ACT against income from oil extraction activities etc.
498. Limited right to carry back surrendered ACT.
499. Surrender of ACT where oil extraction company etc. owned by a consortium.
500. Deduction of PRT in computing income for corporation tax purposes.
501. Interest on repayment of PRT.
501A. Supplementary charge in respect of ring fence trades
501B. Assessment, recovery and postponement of supplementary charge
502. Interpretation of Chapter V.
Chapter 5A Special rules for long funding leases of plant or machinery: corporation tax
502A.Scope of Chapter 5A
502B.Lessor under long funding finance lease: rental earnings
502C.Lessor under long funding finance lease: exceptional items
502D.Lessor under long funding finance lease making termination payment
502E.Lessor under long funding operating lease: periodic deduction
502F.Long funding operating lease: lessor's additional expenditure
502G.Lessor under long funding operating lease: termination of lease
502GA.Cases where ss. 502B to 502G do not apply: plant or machinery held as trading stock
502GB.Cases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease
502GC.Cases where ss. 502B to 502G do not apply: other avoidance
502GD.Cases where ss 502B to 502G do not apply: films
502H.Insurance company as lessor
502I.Lessee under long funding finance lease: limit on deductions
502J.Lessee under long funding finance lease: termination
502K.Lessee under long funding operating lease
502L.Interpretation of this Chapter
CHAPTER VI MISCELLANEOUS BUSINESSES AND BODIES
503. Letting of furnished holiday accommodation treated as a trade for certain corporation tax purposes.
504. Supplementary provisions.
504A.Letting of furnished holiday accommodation treated as trade for certain income tax purposes
505.Charitable companies: general.
506.Charitable and non-charitable expenditure
506A.Transactions with substantial donors
506B.Section 506A: exceptions
506C.Sections 506A and 506B: supplemental
507. The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum.
508. Scientific research organisations.
508A. Investment trusts investing in housing.
508B. Interpretation of section 508A.
508A.Contemplative religious communities: profits exempt from corporation tax
508B.Contemplative religious communities: gains exempt from corporation tax
509. Reserves of marketing boards and certain other statutory bodies.
510. Agricultural societies.
510A. European economic interest groupings.
511. The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council.
512. Atomic Energy Authority and National Radiological Protection Board.
513. British Airways Board and National Freight Corporation.
514. Funds for reducing the National Debt.
515. Signatories to Operating Agreement for INMARSAT.
516. Government securities held by non-resident central banks.
517. Issue departments of the Reserve Bank of India and the State Bank of Pakistan.
518. Harbour reorganisation schemes.
519. Local authorities.
519A. Health service bodies.
PART XIII MISCELLANEOUS SPECIAL PROVISIONS
CHAPTER I INTELLECTUAL PROPERTY
520. Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
521. Provisions supplementary to section 520.
522. Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure.
523. Lapses of patent rights, sales etc.
524. Taxation of receipts from sale of patent rights.
525. Capital sums: . . . winding up or partnership change.
526. Relief for expenses.
527. Spreading of royalties over several years.
528. Manner of making allowances and charges.
529. Patent income to be earned income in certain cases.
530. Disposal of know-how.
531. Provisions supplementary to section 530.
532. Application of Capital Allowances Act
533. Interpretation of sections 520 to 532.
534. Relief for copyright payments etc.
535. Relief where copyright sold after ten years or more.
536. Taxation of royalties where owner abroad.
537. Public lending right.
537A. Relief for payments in respect of designs.
537B. Taxation of design royalties where owner abroad.
Artists’ receipts
538. Relief for painters, sculptors and other artists.
CHAPTER II LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
539. Introductory.
539ZA.Application of this Chapter etc. to policies and contracts in which persons other than companies are interested
539A.The conditions for being an excepted group life policy
540. Life policies: chargeable events.
541. Life policies: computation of gain.
542. Life annuity contracts: chargeable events.
543. Life annuity contracts: computation of gain.
544. Second and subsequent assignment of life policies and contracts.
545. Capital redemption policies.
546. Calculation of certain amounts for purposes of sections 540, 542 and 545.
546A. Treatment of certain assignments etc involving co-ownership
546B. Special provision in respect of certain section 546 excesses
546C. Charging the section 546 excess to tax where section 546B applies
546D. Modifications of s.546C for final year ending with terminal chargeable event
547. Method of charging gain to tax.
547A. Method of charging gain to tax: multiple interests.
548. Deemed surrender of certain loans.
548A.Effect of rebated or reinvested commission in certain cases
548B.Section 548A: further definitions
550. Relief where gain charged at a higher rate.
551. Right of individual to recover tax from trustees.
551A. Right of company to recover tax from trustees.
552. Information: duty of insurers.
552ZA. Information: supplementary provisions
552ZB.Regulations in relation to qualifying policies
552A. Tax representatives.
552B. Duties of overseas insurers’ tax representatives.
553. Non-resident policies and off-shore capital redemption policies.
553A. Overseas life assurance business: life policies.
553B. Overseas life assurance business: capital redemption policies.
553C. Personal portfolio bonds.
554. Borrowings on life policies to be treated as income in certain cases.
CHAPTER III ENTERTAINERS AND SPORTSMEN
555. Payment of tax.
556. Activity treated as trade etc. and attribution of income.
557. Charge on profits.
558. Supplementary provisions.
CHAPTER IV SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY
559. Deductions on account of tax etc. from payments to certain sub-contractors.
559A. Treatment of sums deducted under s.559
560. Persons who are sub-contractors or contractors for purposes of Chapter IV.
561. Exceptions from section 559.
562. Conditions to be satisfied by individuals.
563. Conditions to be satisfied by partners who are individuals.
564. Conditions to be satisfied by firms.
565. Conditions to be satisfied by companies.
566. General powers to make regulations under Chapter IV.
567. Meaning of “construction operations”.
CHAPTER V SCHEMES FOR RATIONALIZING INDUSTRY
568. Deductions from profits of contributions paid under certified schemes.
569. Repayment of contributions.
570. Payments under certified schemes which are not repayments of contributions.
571. Cancellation of certificates.
572. Application to statutory redundancy schemes.
Chapter 5A Share loss relief
573. Relief for companies.
575. Exclusion of relief under section 573 . . . in certain cases.
576. Provisions supplementary to sections 573 and 575.
576A.Qualifying trading companies
576B.The trading requirement
576C.Ceasing to meet the trading requirement because of administration or receivership
576D.The control and independence requirement
576E.The qualifying subsidiaries requirement
576F.The property managing subsidiaries requirement
576G.The gross assets requirement
576H.The unquoted status requirement
576I.Power to amend requirements by Treasury order
Qualifying trading companies: supplementary provisions
576J.Relief after an exchange of shares for shares in another company
576K.Substitution of new shares for old shares
576L.Interpretation of Chapter
574. Relief for individuals.
577. Business entertaining expenses.
577A. Expenditure involving crime.
578. Housing grants.
578A. Expenditure on car hire
578B. Expenditure on car hire: supplementary
579. Statutory redundancy payments.
580. Provisions supplementary to section 579.
580A. Relief from tax on annual payments under certain insurance policies.
580B. Meaning of “self-contained” for the purposes of s.580A.
580C.Relief from tax on annual payments under immediate needs annuities
581. Borrowing in foreign currency by local authorities and statutory corporations.
581A.Interest on foreign currency securities etc.
582. Funding bonds issued in respect of interest on certain debts.
582A. Designated international organisations: miscellaneous exemptions.
583. Inter-American Development Bank.
584. Relief for unremittable overseas income
585. Relief from tax on delayed remittances.
586. Disallowance of deductions for war risk premiums.
587. Disallowance of certain payments in respect of war injuries to employees.
587A. New issues of securities: extra return.
587B.Gifts of shares, securities and real property to charities etc
587BA.Qualifying interests in land held jointly
587C. Supplementary provision for gifts of real property
588. Training courses for employees.
589. Qualifying courses of training etc.
589A. Counselling services for employees.
589B.Qualifying counselling services etc.
PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
CHAPTER I RETIREMENT BENEFIT SCHEMES
590. Conditions for approval of retirement benefit schemes.
590A. Section 590: supplementary provisions.
590B. Section 590: further supplementary provisions.
590C. Earnings cap.
591. Discretionary approval.
591A.Effect on approved schemes of regulations under section 591.
591B.Cessation of approval: general provisions.
591C. Cessation of approval: tax on certain schemes.
591D. Section 591C: supplementary.
592. Exempt approved schemes.
593. Relief by way of deductions from contributions.
594. Exempt statutory schemes.
595. Charge to tax in respect of certain sums paid by employer etc.
596. Exceptions from section 595.
596A. Charge to tax: benefits under non-approved schemes.
596B. Section 596A: supplementary provisions.
596C. Notional interest treated as paid if amount charged in respect of beneficial loan.
597. Charge to tax: pensions.
598. Charge to tax: repayment of employee’s contributions.
599. Charge to tax: commutation of entire pension in special circumstances.
599A. Charge to tax: payments out of surplus funds.
600. Charge to tax: unauthorised payments to or for employees.
601. Charge to tax: payments to employers.
602. Regulations relating to pension fund surpluses.
603. Reduction of surpluses.
604. Application for approval of a scheme.
605. Information.
605A. False statements etc.
606. Default of administrator etc.
606A. Recourse to scheme members.
607. Pilots’ benefit fund.
608. Superannuation funds approved before 6th April 1980.
609. Schemes approved before 23rd July 1987.
610. Amendments of schemes.
611. Definition of “retirement benefits scheme”.
611A. Definition of relevant statutory scheme.
611AA. Definition of the administrator.
612. Other interpretative provisions, and regulations for purposes of this Chapter.
CHAPTER II OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS
613. Parliamentary pension funds.
614. Exemptions and reliefs in respect of income from investments etc. of certain pension schemes.
615. Exemption from tax in respect of certain pensions.
616. Other overseas pensions.
617. Social security benefits and contributions.
617A. Tax credits under Part 1 of Tax Credits Act 2002
CHAPTER III RETIREMENT ANNUITIES
618. Termination of relief under this Chapter, and transitional provisions.
619. Exemption from tax in respect of qualifying premiums.
620. Qualifying premiums.
621. Other approved contracts.
622. Substituted retirement annuity contracts.
623. Relevant earnings.
624. Sponsored superannuation schemes and controlling directors.
625. Carry-forward of unused relief under section 619.
626. Modification of section 619 in relation to persons over 50.
627. Lloyd’s underwriters.
628. Partnership retirement annuities.
629. Annuity premiums of Ministers and other officers.
CHAPTER IV PERSONAL PENSION SCHEMES
630. Interpretation.
631. Approval of schemes.
631A. Conversion of certain approved retirement benefits schemes.
632. Establishment of schemes.
632A. Eligibility to make contributions.
632B. Eligibility to make contributions: concurrent membership.
633. Scope of benefits.
634. Annuity to member.
634A. Income withdrawals by member.
635. Lump sum to member.
636. Annuity after death of member.
636A. Income withdrawals after death of member.
637. Death benefit.
637A. Return of contributions on or after death of member.
638. Other restrictions on approval.
638ZA. Personal pension arrangements with more than one pension date etc.
638A. Power to prescribe restrictions on approval.
639. Member’s contributions.
640. Maximum amount of deductions.
640A. Earnings cap.
641. Carry-back of contributions.
641A. Election for contributions to be treated as paid in previous year.
642. Carry-forward of relief.
643. Employer’s contributions and personal pension income etc.
644. Meaning of “relevant earnings”.
645. Earnings from pensionable employment.
646. Meaning of “net relevant earnings”.
646A. Earnings from associated employments.
646B. Presumption of same level of relevant earnings etc for 5 years.
646C. Provisions supplementary to section 646B.
646D. Higher level contributions after cessation of actual relevant earnings: modification of section 646B.
647. Unauthorised payments.
648. Contributions under unapproved arrangements.
648A. Annuities: charge under Schedule E.
648B. Return of contributions after pension date.
649. Minimum contributions under Social Security Act 1986.
650. Withdrawal of approval.
650A. Charge on withdrawal of approval from arrangements.
651. Appeals.
651A. Information powers.
652. Information about payments.
653. Information: penalties.
653A. Notices to be given to scheme administrator.
654. Remuneration of Ministers and other officers.
655. Transitional provisions.
CHAPTER V PURCHASED LIFE ANNUITIES
656. Purchased life annuities other than retirement annuities.
657. Purchased life annuities to which section 656 applies.
658. Supplementary.
658A. Charges and assessments on administrators.
659. Financial futures and traded options.
659A. Futures and options.
659B. Definition of insurance company.
659C. Effect of appointment or arrangements under section 659B.
659D. Interpretation of provisions about pension sharing.
659E. Treatment of income from property investment LLPs
PART XV SETTLEMENTS
Chapter IA Liability of settlor
660A. Income arising under settlement where settlor retains an interest.
660B. Payments to unmarried minor children of settlor.
660C. Nature of charge on settlor.
660D. Adjustments between settlor and trustees, &c.
660E. Application to settlements by two or more settlors.
660F. Power to obtain information.
660G. Meaning of “settlement” and related expressions.
CHAPTER I DISPOSITIONS FOR SHORT PERIODS
660. Dispositions for period which cannot exceed six years.
661. Adjustments between disponor and trustees.
662. Application of Chapter I to dispositions by two or more disponors.
CHAPTER II SETTLEMENTS ON CHILDREN
663. The general rule.
664. Accumulation settlements.
665. Meaning of “irrevocable”.
666. Interest paid by trustees.
667. Adjustments between disponor and trustees.
668. Application of Chapter II to settlements by two or more settlors.
669. Power to obtain information under Chapter II.
670. Interpretation of Chapter II.
CHAPTER 1B PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR
671. Revocable settlements allowing release of obligation.
672. Revocable settlements allowing reversion of property.
673. Settlements where settlor retains an interest.
674. Settlements: discretionary power for benefit of settlor etc.
674A. Other settlements where settlor retains interest in settled property.
675. Provisions supplementary to sections 671 to 674.
676. Disallowance of deduction from total income of certain sums paid by settlor.
677. Sums paid to settlor otherwise than as income.
678. Capital sums paid by body connected with settlement.
679. Application of Chapter III to settlements by two or more settlors.
680. Power to obtain information for purposes of Chapter III.
681. Interpretation of Chapter III.
682. Ascertainment of undistributed income.
682A. Supplementary provisions.
CHAPTER 1C LIABILITY OF TRUSTEES
683. Settlements made after 6th April 1965.
684. Settlements made before 7th April 1965 but after 9th April 1946.
685. Provisions supplementary to sections 683 and 684.
685A.Meaning of “settled property”
685B.Meaning of “settlor”
685C.Transfer between settlements: identification of settlor
685D.Variation of will or intestacy, etc: identification of settlor
685E.Trustees of settlements
685F.Application of section 739 and 740
685G.Sub-funds
686.Accumulation and discretionary trusts: special rates of tax.
686A. Receipts to be treated as income to which section 686 applies
686B.Share incentive plans: distributions in respect of unappropriated shares
686C.Interpretation of section 686B
686D.Special trust rates not to apply to first slice of trust income
686E.Application of section 686D where settlor has made more than one settlement
687. Payments under discretionary trusts.
687A.Discretionary payments by trustees to companies.
688. Schemes for employees and directors to acquire shares.
689. Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries.
Chapter ID Trust management expenses
689A. Disregard of expenses where beneficiary non-resident.
689B. Order in which expenses to be set against income.
CHAPTER V MAINTENANCE FUNDS FOR HISTORIC BUILDINGS
690. Schedule 4 directions.
691. Certain income not to be income of settlor etc.
692. Reimbursement of settlor.
693. Severance of settled property for certain purposes.
694.Trustees chargeable to income tax in certain cases at higher rate reduced by rate applicable to trusts
PART XVI ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION
695. Limited interests in residue.
696. Absolute interests in residue.
697. Supplementary provisions as to absolute interests in residue.
698. Special provisions as to certain interests in residue.
698A. Taxation of income of beneficiaries at lower rate or at rates applicable to distribution income.
699. Relief from higher rate tax for inheritance tax on accrued income.
699A. Untaxed sums comprised in the income of the estate.
700. Adjustments and information.
701. Interpretation.
702. Application to Scotland.
PART XVII TAX AVOIDANCE
CHAPTER I CANCELLATION OF CORPORATION TAX ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES
703. Cancellation of corporation tax advantage.
704. The prescribed circumstances.
705. Appeals against Board’s notices under section 703.
705A. Statement of case by tribunal for opinion of High Court.
705B. Proceedings in Northern Ireland.
706. The tribunal.
707. Procedure for clearance in advance.
708. Power to obtain information.
709. Meaning of “corporation tax advantage” and other expressions.
CHAPTER II TRANSFERS OF SECURITIES
710. Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728.
711. Meaning of “interest”, “transfers with or without accrued interest” etc.
712. Meaning of “settlement day” for purposes of sections 711 to 728.
713. Deemed sums and reliefs.
714. Treatment of deemed sums and reliefs.
715. Exceptions from sections 713 and 714
716. Transfer of unrealised interest.
717. Variable interest rate.
718. Interest in default.
719. Unrealised interest in default
720. Nominees, trustees etc.
721. Death.
722. Trading stock.
722A. Gilt strips: deemed transfer.
723. Foreign securities: delayed remittances
724. Insurance companies.
725. Lloyd’s underwriters.
726. Building societies.
726A.New issues of securities.
727. Stock lending.
727A. Exception for sale and repurchase of securities.
728. Information.
729. Sale and repurchase of securities.
730.Transfers of rights to receive distributions in respect of shares
730A. Treatment of price differential on sale and repurchase of securities.
730B. Interpretation of section 730A.
730BB.Exchange gains and losses on sale and repurchase of securities
730C. Exchanges of gilts: traders etc.
731. Application and interpretation of sections 732 to 734.
732. Dealers in securities.
733. Persons entitled to exemptions.
734. Persons other than dealers in securities.
735. Meaning of “appropriate amount in respect of” interest.
736. Company dealing in securities: distribution materially reducing value of holding.
736A. Manufactured dividends and interest.
736B. Deemed manufactured payments in the case of stock lending arrangements.
736C.Deemed interest: cash collateral under stock lending arrangements
736D.Quasi-stock lending arrangements and quasi-cash collateral
737. Manufactured dividends: treatment of tax deducted.
737A. Sale and repurchase of securities: deemed manufactured payments.
737B. Interpretation of section 737A.
737C. Deemed manufactured payments: further provisions.
737D. Power to provide for manufactured payments to be eligible for relief.
737E.Power to modify sections . . . 730A, 730BB and 737A to 737C
738. Power to amend sections 732, 735 and 737.
CHAPTER III TRANSFER OF ASSETS ABROAD
739. Prevention of avoidance of income tax.
740. Liability of non-transferors.
741.Exemption from sections 739 and 740 (transactions before 5th December 2005)
741A.Exemption from sections 739 and 740 (transactions on or after 5th December 2005)
741B.Application of sections 741 and 741A
741C.Cases where there are both old transactions and new transactions
741D.Section 739: just and reasonable apportionment in certain cases
742.Interpretation of this Chapter
743. Supplemental provisions.
744. No duplication of charge.
745. Power to obtain information.
746. Persons resident in the Republic of Ireland.
CHAPTER IV CONTROLLED FOREIGN COMPANIES
747. Imputation of chargeable profits and creditable tax of controlled foreign companies
747A. Special rule for computing chargeable profits.
748.Cases where section 747(3) does not apply.
748ZA.Exclusion of small profits exemptions
748A.Territorial exclusions from exemption under section 748
749. Residence.
749A. Elections and designations under section 749: supplementary provisions.
749B. Interests in companies.
750. Territories with a lower level of taxation.
750A. Deemed lower level of taxation: designer rate tax provisions.
751. Accounting periods and creditable tax
751A.Reduction in chargeable profits for certain activities of EEA business establishments
751AA.Reduction in chargeable profits for certain financing income
751AB.Reduction in chargeable profits: failure to qualify for exemptions
751AC.Reduction in chargeable profits following an exempt period
751B.Sections 751A to 751AC: supplementary
752. Apportionment of chargeable profits and creditable tax
752A. Relevant interests.
752B. Section 752(3): the percentage of shares which a relevant interest represents.
752C. Interpretation of apportionment provisions.
753. Notices and appeals.
754. Assessment, recovery and postponement of tax.
754A. Returns where it is not established whether acceptable distribution policy applies.
754B. Determinations requiring the sanction of the Board.
755. Information relating to controlled foreign companies
755A. Treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business.
755B. Amendment of return where general insurance business of foreign company accounted for on non-annual basis.
755C. Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.
755D.“Control" and the two “40 per cent" tests.
756. Interpretation and construction of Chapter IV.
CHAPTER V OFFSHORE FUNDS
Meaning of offshore fund
756A.General definition of offshore fund
Treatment of umbrella funds
756B.Treatment of umbrella funds
Treatment of funds comprising more than one class of interest
756C.Treatment of funds comprising more than one class of interest
757. Disposal of material interests in non-qualifying offshore funds
758. Offshore funds operating equalisation arrangements
759. Material interests in offshore funds
760. Non-qualifying offshore funds
761. Charge to income tax or corporation tax of offshore income gain.
762. Offshore income gains accruing to persons resident or domiciled abroad.
762ZA.Offshore income gains: application of transfer of assets abroad provisions
762ZB.Income treated as arising under section 761(1): remittance basis
762A.Exchange of interests of different classes
763. Deduction of offshore income gain in determining capital gain.
764. Offshore income gains of trustees.
765. Migration etc. of companies.
765A. Movements of capital between residents of member States.
766. Offences under section 765.
767. Interpretation and commencement of sections 765 and 766.
767A. Change in company ownership: corporation tax.
767AA. Change in company ownership: postponed corporation tax.
767B. Change of company ownership: supplementary.
767C. Change in company ownership: information.
768. Change in ownership of company: disallowance of trading losses.
768A.Change in ownership: disallowance of carry back of trading losses.
768B.Change in ownership of company with investment business: deductions generally
768C. Deductions: asset transferred within group.
768D. Change in ownership of company carrying on property business.
768E. Change in ownership of company with unused non-trading loss on intangible fixed assets
769. Rules for ascertaining change in ownership of company.
770A. Provision not at arm’s length.
770. Sales etc. at an undervalue or overvalue.
771.Transactions by petroleum companies.
772. Information for purposes of section 770, and appeals.
773. Interpretation of sections 770 and 771.
774. Transactions between dealing company and associated company.
Factoring of income receipts etc
774A.Meaning of “structured finance arrangement” for purposes of s.774B
774B.Disregard of intended effects of arrangement involving disposals of assets
774C.Meaning of “structured finance arrangement” for purposes of s.774D
774D.Disregard of intended effects of arrangement involving change in relation to a partnership
774E.Sections 774B and 774D: exceptions
774F.Sections 774B and 774D: power to provide further exceptions
774G.Sections 774A to 774D: minor definitions etc
775. Sale by individual of income derived from his personal activities.
775A.Transfers of rights to receive annual payments
776. Transactions in land: taxation of capital gains.
777. Provisions supplementary to section 776.
778. Power to obtain information.
779. Sale and leaseback: limitation on tax reliefs.
780. Sale and leaseback: taxation of consideration received.
781. Assets leased to traders and others.
782. Leased assets: special cases.
783. Leased assets: supplemental.
784. Leased assets subject to hire-purchase agreements.
785. Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.
785ZA.Restrictions on use of losses: leasing partnerships
785ZB.Section 785ZA: definitions
785A.Rent factoring of leases of plant or machinery
785B.Plant and machinery leases: capital receipts to be treated as income
785C.Section 785B: interpretation
785D.Section 785B: lease of plant and machinery and other property
785E.Section 785B: expectation that relevant capital payment will not be paid
786. Transactions associated with loans or credit.
787. Restriction of relief for payments of interest.
PART XVIII DOUBLE TAXATION RELIEF
CHAPTER I THE PRINCIPAL RELIEFS
788. Relief by agreement with other territories.
789. Arrangements made under old law.
790. Unilateral relief.
791. Power to make regulations for carrying out section 788.
CHAPTER II RULES GOVERNING RELIEF BY WAY OF CREDIT
792. Interpretation of credit code.
793. Reduction of United Kingdom taxes by amount of credit due.
793A. No double relief etc.
794. Requirement as to residence.
795. Computation of income subject to foreign tax.
795A. Limits on credit: minimisation of the foreign tax.
796. Limits on credit: income tax.
797. Limits on credit: corporation tax.
797A. Foreign tax on items giving rise to a non-trading credit : loan relationships.
797B. Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
798.Section 796: trade income
798A. Section 797: trade income
798B. Section 798A: special cases
798C.Disallowed credit: use as deduction
799. Computation of underlying tax.
800. Dividends paid between related companies but not covered by arrangements.
801. Dividends paid between related companies: relief for U.K. and third country taxes.
801A. Restriction of relief for underlying tax.
801B. Dividends paid out of transferred profits.
801C. Separate streaming of dividend so far as representing an ADP dividend of a CFC.
802. U.K. insurance companies trading overseas.
803. Underlying tax reflecting interest on loans.
803A. Foreign taxation of group as a single entity.
804. Relief against income tax in respect of income arising in years of commencement.
804ZA.Schemes and arrangements designed to increase relief
804ZB.Effect of notice under section 804ZA
804ZC.Notices under section 804ZA: further provision
804A.Life assurance companies with overseas branches etc: restriction of credit.
804B. Insurance companies carrying on more than one category of business: restriction of credit.
804C. Insurance companies: allocation of expenses etc in computations under section 35 of CTA 2009.
804D. Interpretation of section 804C in relation to life assurance business etc.
804E. Interpretation of section 804C in relation to other insurance business.
804F. Interpretation of sections 804A to 804E.
804G.Reduction in credit: payment by reference to foreign tax
805. Elections against credit.
806. Time limit for claims etc.
Foreign dividends: onshore pooling and utilisation of eligible unrelieved foreign tax
806A. Eligible unrelieved foreign tax on dividends: introductory.
806B. The amounts that are eligible unrelieved foreign tax.
806C. Onshore pooling.
806D. Utilisation of eligible unrelieved foreign tax.
806E. Rules for carry back of relievable tax under section 806D.
806F. Credit to be given for underlying tax before other foreign tax etc.
806G. Claims for the purposes of section 806D(4) or (5).
806H. Surrender of relievable tax by one company in a group to another.
806J. Interpretation of foreign dividend provisions of this Chapter.
806K. Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere.
806L. Carry forward or carry back of unrelieved foreign tax.
806M. Provisions supplemental to section 806L.
807. Sale of securities with or without accrued interest.
807A. Disposals and acquisitions of company loan relationships with or without interest.
807B.Introduction to section 807C
807C.Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
807D.Introduction to section 807E
807E.Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
807F.Introduction to section 807G
807G.Tax treated as chargeable in respect of relevant transactions
808. Restriction on deduction of interest or dividends from trading income.
808A. Interest: special relationship.
808B. Royalties: special relationship.
809. Relief in respect of discretionary trusts.
810. Postponement of capital allowances to secure double taxation relief.
811. Deduction for foreign tax where no credit allowable.
812. Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
813. Recovery of tax credits incorrectly paid.
814. Arrangements to avoid section 812.
815. Power to inspect documents.
815A. Transfer of a non-UK trade.
815AZA.UK residents and foreign enterprises
815AA. Mutual agreement procedure and presentation of cases under arrangements.
815B. The Arbitration Convention.
815C. Exchange of information with other territories.
816. Disclosure of information.
PART XIX SUPPLEMENTAL
817. Deductions not to be allowed in computing profits or gains.
818. Arrangements for payments of interest less tax or of fixed net amount.
819. Old references to standard rate tax.
820. Application of Income Tax Acts from year to year.
821. Under-deductions from payments made before passing of annual Act.
822. Over-deductions from interest on loan capital etc. made before passing of annual Act.
823. Adjustments of reliefs where given at different times.
824. Repayment supplements: individuals and others.
825. Repayment supplements: companies.
826. Interest on tax overpaid.
826A. Interest on payments in respect of corporation tax and meaning of “the material date".
827. VAT penalties etc.
827A.Territorial scope of charges under certain provisions to which section 836B applies
828. Orders and regulations made by the Treasury or the Board.
829. Application of Income Tax Acts to public departments and avoidance of exempting provisions.
830. Territorial sea . . . .
831. Interpretation of this Act.
832. Interpretation of the Corporation Tax Acts etc.
833. Interpretation of Income Tax Acts.
834. Interpretation of the Corporation Tax Acts.
834A.Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D)
834B.Meaning of “UK property business” and “overseas property business”
834C.Total profits
835.“Total income” in the Income Tax Acts.
836. Returns of total income.
836A. Generally accepted accounting practice
836B.Table of provisions to which this section applies
837.“Annual value” of land.
837A. Meaning of “research and development”.
837B. Meaning of “oil and gas exploration and appraisal”.
837C.Meaning of “offshore installation”
838. Subsidiaries.
839. Connected persons.
840. Meaning of “control” in certain contexts.
840ZA.Meaning of “tax advantage”
840A. Banks.
841.Meaning of “recognised stock exchange” etc
841A. Recognised clearing systems.
842. Investment trusts.
842AA. Venture capital trusts.
842A. Local authorities.
842B. Meaning of . . . “property investment LLP”
843. Commencement.
844. Savings, transitional provisions, consequential amendments and repeals.
845. Short title.
Determination of profits attributable to permanent establishment: supplementary provisions
1.(1) The provisions of this Schedule have effect for supplementing...
Transactions treated as taking place at arm’s length
2.In accordance with the separate enterprise principle, transactions between the...
Application of general provision as to allowable deductions
3.(1) Section 11AA(4) (general provision as to allowable deductions) applies...
Prohibition of deductions for payments in respect of intangible assets
4.(1) No deduction is allowed in respect of royalties paid,...
Prohibition of deductions for interest or other financing costs
5.(1) No deduction is allowed in respect of payments of...
Provision of goods or services for permanent establishment
6.(1) This paragraph applies where the non-resident company provides the...
Part 3 Provisions applicable to non-resident banks
7.(1) The provisions of this Part of this Schedule have...
Non-resident banks: transfer of financial assets
8.(1) In accordance with the separate enterprise principle, transfers of...
Loans by non-resident banks: attribution of financial assets and profits arising
9.(1) In accordance with the separate enterprise principle, loans and...
Borrowing by non-resident banks: permanent establishment acting as agent or intermediary
10.(1) This paragraph applies where a permanent establishment—
1.The provisions of this Schedule supplement section 13AB (corporation tax:...
2.(1) A “non-corporate distribution” means a distribution made by a...
3.(1) A company’s underlying rate of corporation tax for an...
4.Where in an accounting period the total amount of the...
5.Where in an accounting period the total amount of the...
6.(1) This Part of this Schedule provides for the allocation...
7.(1) If at the end of the distribution period the...
8.(1) Excess NCDs falling to be allocated to another company...
9.(1) This paragraph applies where a company (“company A”) ceases...
10.(1) The basic rule is that the allocation of excess...
11.(1) This paragraph applies where an amount of excess NCDs...
12.(1) The provisions of this Part of this Schedule as...
13.(1) Any excess NCDs not allocated to another company under...
14.(1) For the purposes of section 13AB and this Schedule...
15.(1) Section 13AB and this Schedule apply in relation to...
16.For the purposes of section 13AB and this Schedule, a...
17.(1) For the purposes of section 13AB and this Schedule...
18.In section 13AB and this Schedule— “basic profits” means the...
Expenditure before 1964-65: deductions from rents
1.(1) Except as provided by sub-paragraphs (2) and (3) below,...
Expenditure before 1964-65: deductions from other receipts
2.(1) Subject to sub-paragraph (2) below, no payment shall be...
Expenditure on sea walls before 1964-65
3.(1) Section 30 shall not apply in relation to expenditure...
PART I PUBLIC REVENUE DIVIDENDS ETC. PAYABLE TO THE BANK OF ENGLAND OR THE BANK OF IRELAND OR ENTRUSTED FOR PAYMENT TO THE BANK OF ENGLAND, THE BANK OF IRELAND OR THE NATIONAL DEBT COMMISSIONERS
1.The Bank of England and the Bank of Ireland as...
2.(1) In the case of dividends and profits attached thereto...
3.Money set apart or retained under paragraph 2 above, and...
4.No deduction of income tax under this Part of this...
PART II PUBLIC REVENUE DIVIDENDS PAYABLE BY PUBLIC OFFICES AND DEPARTMENTS
5.Where any payment is made of public revenue dividends payable...
PART III OTHER PUBLIC REVENUE DIVIDENDS, FOREIGN DIVIDENDS AND PROCEEDS OF COUPONS
6.(1) The following persons are chargeable persons for the purposes...
6A.(1) On the fourteenth day following the month in which...
6B.Any tax due under paragraph 6A above shall carry interest,...
6C.(1) For each quarter in which a person effects a...
6D.(1) Any income tax which has become due under paragraph...
6E.(1) None of the provisions of section 29 of the...
6F.If a person has made a payment purporting to be...
11.Nothing in paragraphs 6 to 6F above shall impose on...
12.Where income tax in respect of the proceeds of the...
13.(1) . . . ,the Board may, by notice served...
14.In this Part of this Schedule— “dividends” includes foreign dividends,...
PART IV INTEREST PAYABLE OUT OF THE PUBLIC REVENUE OF THE REPUBLIC OF IRELAND ETC.
15.(1) Any person who is entrusted with the payment of...
1.(1) For the purposes of this Schedule—
Charge to tax after acquisition of certain securities
2.(1) This sub-paragraph applies to deep discount securities issued by...
3.(1) Where a person acquires a chargeable security, the chargeable...
Charge to tax on disposal of securities
4.(1) On the disposal by any person of any deep...
Deduction of income element from total profits of company and allowance as charge on income
5.(1) In computing the corporation tax chargeable for any accounting...
6.(1) Section 494 shall apply in relation to income elements...
7.(1) Subject to sub-paragraphs (2) and (3) below, there is...
8.(1) Where any deep discount security is disposed of and...
Securities issued and owned by associated companies or group companies
9.(1) Where a deep discount security issued by a company...
10.(1) Where a deep discount security issued by a close...
11.(1) Where any deep discount security issued by a company...
11A.Where any deep discount security issued by a public body...
11B.(1) This paragraph applies where— (a) securities (old securities) of...
Identification of securities disposed of
12.The rules contained in section 108 of the 1992 Act...
13.(1) Every company which issues deep discount securities shall cause...
14.A charity shall be exempt from income tax in respect...
15.(1) In a case where— (a) paragraph 4 above would...
16.(1) In a case where— (a) a security is the...
17.(1) Where on the disposal by trustees of a deep...
19.(1) In a case where— (a) securities have been issued...
20.(1) In a case where— (a) all the securities issued...
Convertible securities: special rules
21.In a case where— (a) a security is a qualifying...
SCHEDULE 4AA
1.(1) This Schedule forms part of the SIP code (see...
2.(1) Where, under an approved share incentive plan, shares are...
3.(1) Where under an approved share incentive plan—
4.(1) No deduction is allowed under paragraph 2 or 3...
5.(1) No deduction is allowed for expenses in providing shares...
6.(1) This paragraph applies if any of a participant’s plan...
7.(1) A deduction is allowed under this paragraph for expenses...
8.(1) Nothing in this Schedule affects any deduction for expenses...
9.(1) A deduction is allowed to a company under this...
10.(1) The Inland Revenue may by notice direct that the...
11.(1) If approval of a share incentive plan is withdrawn...
12.(1) This paragraph applies where the company has issued a...
Application of provisions to expenses of management of companies with investment business etc
13.(1) The provisions of this Schedule apply in relation to—...
2.Qualifying trade, profession or vocation
3.Circumstances in which claim may be made
4.Years in respect of which claim may be made
5.Time limit for claim
6.Adjustment of profits on averaging claim
7.How averaging claim is given effect
8.Extension of time for making other claims
9.Giving effect to late claim for other relief
10.Effect of later adjustment of profits
11.Interpretation of references to profits
12.Interpretation of references to amount chargeable to tax
13.Meaning of “claim” and “associated claim”
14.Meaning of “tax year”
Farming: the general rule
1.(1) Subject to the provisions of this Schedule, in computing...
Farming: election for the herd basis
2.(1) An election for the herd basis shall apply to...
3.(1) Where an election for the herd basis has effect,...
Farming: provisions applicable to special cases
4.A farmer who, having kept a production herd of a...
5.(1) Where a farmer transfers to another person all or...
6.(1) Where the whole or a substantial part of a...
Exclusion of working animals, and interpretation of preceding provisions
7.Nothing in this Schedule applies to any animals kept wholly...
8.(1) In this Schedule “herd” includes a flock, and any...
Application of preceding provisions to trades other than farming, creatures other than animals, and animals and creatures kept singly
9.(1) The preceding provisions of this Schedule shall, with the...
Supplemental and saving
10.Where an election for the herd basis is made, every...
11.Where an election for the herd basis has effect for...
12.The validity of an election for the herd basis in...
1.(1) Subject to sub-paragraph (2) below, profits and gains arising...
2.(1) This Schedule applies to a transaction if—
3.(1) For the purposes of this Schedule a guaranteed return...
4.(1) For the purposes of this Schedule a disposal is...
Futures running to delivery and options exercised
4A.(1) This paragraph applies where for the purposes of this...
5.(1) In this Schedule references to the return from one...
6.(1) For the purposes of this Schedule two or more...
7.(1) Where any profits or gains are treated, in accordance...
8.For the purpose of determining whether an individual ordinarily resident...
9.(1) This paragraph applies where— (a) any determination falls to...
1.(1) The cash equivalent of the benefit is the appropriate...
2.The appropriate percentage for the year is determined in accordance...
3.(1) This paragraph applies where— (a) the car—
4.(1) For the purposes of paragraph 3 above the lower...
5.Where the car— (a) is first registered on or after...
5A.(1) Sub-paragraph (2) below applies where— (a) paragraph 3 above...
“EC certificate of conformity", “EC type-approval certificate" and “UK approval certificate"
5B.In this Schedule— “EC certificate of conformity” means a certificate...
5C.(1) This paragraph applies where— (a) the car is first...
5D.(1) This paragraph applies where the car—
5E.The Treasury may by regulations provide for the value of...
5F.(1) This paragraph applies where the car was first registered...
5G.For the purposes of this Schedule, a vehicle is not...
Reduction for periods when car unavailable
6.Subject to paragraph 7 below, where for any part of...
Reduction for payments for use of car
7.(1) Where in the year concerned the employee is required,...
8.The Treasury may by regulations provide that where—
9.For the purposes of this Schedule a car is to...
10.For the purposes of this Schedule a car is available...
Part I Basic Case
1.(1) This paragraph applies where the van mentioned in section...
Reductions for periods where van unavailable
2.(1) Subject to paragraph 3 below, where paragraph 1 above...
Reduction for payments for use of van
3.(1) Where paragraph 1 above applies and in the year...
Part II SHARED VANS
4.(1) This Part of this Schedule applies to a van...
5.(1) This paragraph applies where for any year this Part...
6.(1) Subject to sub-paragraph (2) below, the basic value of...
7.Where (apart from this paragraph) the figure found under paragraph...
8.(1) In a case where— (a) a figure is found...
Reduction for payments for use
9.(1) Where this Part of this Schedule applies and in...
Interaction of Parts I and II
10.(1) This paragraph applies where— (a) a cash equivalent of...
Limit of cash equivalent
11.In a case where— (a) the cash equivalent of the...
12.For the purposes of this Schedule a van is available...
PART I MEANING OF “OBTAINED BY REASON OF EMPLOYMENT”
1.(1) Subject to sub-paragraph (5) below, the benefit of a...
2.In paragraph 1 above— (a) references to a loan being...
PART II CALCULATION OF CASH EQUIVALENT OF LOAN BENEFIT
3.(1) The cash equivalent for any year of the benefit...
Normal method of calculation (averaging)
4.(1) In the absence of a requirement or election that...
Election for alternative method of calculation
5.(1) For any year of assessment (“the relevant year”) the...
Apportionment of cash equivalent in case of joint loan etc.
5A.(1) Where in any year there are two or more...
PART III EXCEPTIONS WHERE INTEREST ELIGIBLE FOR RELIEF
7.Section 160(1) does not apply to a loan in any...
8.Where for any year interest is paid on a loan...
9.(1) Where for any year— (a) no interest is paid...
10.(1) If— (a) a person has a loan on which...
11.(1) Where in any year a person has, alone or...
12.References in paragraphs 10 and 11 above to a husband...
13.This Part of this Schedule is subject to the provisions...
PART IV INTEREST ELIGIBLE FOR TAX RELIEF: CONSEQUENCES OF RESTRICTION OF RELIEF TO TAX AT THE BASIC RATE ONLY
14.This Part of this Schedule applies in relation to the...
15.Where this Part of this Schedule applies in relation to...
16.(1) Where, by virtue only of paragraph 15 above, paragraph...
17.Paragraph 15 above shall not prevent paragraph 7, 8 or...
18.If, in the case of the employee, there is a...
19.(1) In this Schedule— “eligible for relief” shall be construed...
1.For the purposes of section 161B(1) a loan “on ordinary...
2.(1) This paragraph applies to any loan and the relevant...
3.(1) This paragraph applies to a loan that has been...
4.(1) The requirements of this paragraph apply to a loan...
5.Amounts incurred by the person to whom a loan is...
Meaning of 'member of the public’
6.For the purposes of this Schedule a “member of the...
1.The terms of the scheme must be set out in...
Employer and employment unit
2.The scheme must identify the scheme employer.
3.If the scheme employer does not pay the emoluments of...
4.(1) The scheme must identify the undertaking to which the...
5.The scheme must contain provisions by reference to which the...
6.The scheme must contain provisions ensuring that no payments are...
7.(1) The scheme must contain provisions ensuring that no payments...
8.The persons within this paragraph are any of the following...
Profit periods
9.The scheme must identify the accounting period or periods by...
10.(1) Subject to sub-paragraphs (2) and (3) below, any such...
11.The scheme must contain provisions by reference to which the...
12.Except where the scheme is a replacement scheme (within the...
13.(1) Method A is that the distributable pool is equal...
13A.(1) Where a scheme includes provision by virtue of paragraph...
14.(1) Method B is that the distributable pool is—
14A.(1) Where a scheme includes provision to give effect to...
15.If the scheme is a replacement scheme (within the meaning...
Payment from distributable pool etc.
16.The scheme must provide for the whole of the distributable...
17.The scheme must make provision as to when payments will...
18.(1) The provisions of the scheme must be such that...
19.(1) The scheme must provide for the preparation of a...
19A.(1) The Treasury may by order amend paragraph 19 above...
20.(1) The scheme must provide that, in preparing a profit...
Parts of undertakings
21.(1) This paragraph shall apply to a scheme if the...
22.(1) Where paragraph 21 above applies to a scheme, the...
23.(1) In a case where— (a) paragraph 21 above applies...
24.(1) In a case where— (a) paragraph 21 above applies...
APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
1.(1) Subject to the provisions of this Schedule, on the...
2.(1) The Board shall not approve a scheme under this...
3.(1) If, at any time after the Board have approved...
4.If an alteration is made in the scheme at any...
5.If aggrieved— (a) in any case, by the failure of...
6.The Board may by notice require any person to furnish...
PART II REQUIREMENTS GENERALLY APPLICABLE
7.The provisions of this Part apply in relation to all...
8.The scheme must not provide for any person to be...
8A.(1) In the case of a savings-related share option scheme...
9.(1) A share option scheme must provide for directors and...
10.Scheme shares must form part of the ordinary share capital...
11.Scheme shares must be— (a) shares of a class listed...
11A.(1) In the case of a profit sharing scheme, scheme...
12.(1) Scheme shares must be— (a) fully paid up;
13.(1) In determining, in the case of a share option...
14.(1) Except where scheme shares are shares in a company...
15.(1) Except in the case of a profit sharing scheme,...
PART III REQUIREMENTS APPLICABLE TO SAVINGS-RELATED SHARE OPTION SCHEMES
16.(1) The scheme must provide for the scheme shares to...
17.Subject to paragraphs 18 to 21 below, the rights obtained...
18.The scheme must provide that if a person who has...
19.The scheme must provide that if a person who has...
20.The scheme must provide that where a person who has...
21.(1) The scheme may provide that— (a) if any person...
22.Except as provided in paragraph 18 above, rights obtained by...
23.No person shall be treated for the purposes of paragraph...
24.(1) The scheme must provide for a person’s contributions under...
25.The price at which scheme shares may be acquired by...
26.(1) Subject to paragraph 8 above, every person who—
PART IV REQUIREMENTS APPLICABLE TO OTHER SHARE OPTION SCHEMES
27.(1) A person must not be eligible to obtain rights...
28.(1) The scheme must provide that no person shall obtain...
29.(1) The price at which scheme shares may be acquired...
PART V REQUIREMENTS APPLICABLE TO PROFIT SHARING SCHEMES
30.(1) The scheme must provide for the establishment of a...
31.The trust instrument shall provide that, as soon as practicable...
32.(1) The trust instrument must contain a provision prohibiting the...
33.The trust instrument must contain a provision requiring the trustees—...
34.The trust instrument must impose an obligation on the trustees—...
35.(1) An individual shall not be eligible to have shares...
36.(1) Subject to paragraphs 8 and 35 above, every person...
PART VI MATERIAL INTEREST TEST
38.(1) For the purposes of section 187(3)(a) a right to...
Shares held by trustees of approved profit sharing schemes
39.In applying section 187(3), as respects any time before or...
Shares subject to an employee benefit trust
40.(1) Where an individual has an interest in shares or...
FURTHER PROVISIONS RELATING TO PROFIT SHARING SCHEMES
Limitations on contractual obligations of participants
1.(1) Any obligation placed on the participant by virtue of...
The period of retention
2.For the purposes of any of the relevant provisions, “the...
3.(1) For the purposes of any of the relevant provisions...
3A.(1) In paragraph 3 above the reference to the relevant...
4.(1) Money or money’s worth is not a capital receipt...
5.(1) This paragraph applies where there occurs in relation to...
5A.(1) Paragraph 5(2) to (6) above apply where there occurs...
Excess or unauthorised shares
P.A.Y.E. deduction of tax
7.(1) Subject to sub-paragraphs (4) and (5) below, where the...
1.The provisions of this Schedule supplement the provisions of section...
2.(1) Section 148 applies to all payments and other benefits...
3.Tax is not charged under section 148 on a payment...
4.(1) Tax is not charged under section 148 on a...
5.Tax is not charged under section 148 on a payment...
6.(1) Tax is not charged under section 148 on—
7.(1) This pargraph specifies how the £30,000 threshold in section...
8.(1) For the purposes of paragraph 7(2)(b) employers are associated...
9.(1) If the employee’s service in the employment in respect...
10.Tax is not charged under section 148 if foreign service...
11.(1) Where there is foreign service and paragraph 10 does...
12.(1) For the purposes of section 148, the amount of...
13.(1) This paragraph applies where a person is chargeable to...
14.(1) Tax under section 148 is charged on the employee...
15.Provision may be made by regulations under section 203(2) requiring...
16.In this Schedule— “the relevant date” means the date of...
Part I TAX RELIEF
1.(1) Where by reason of a person’s employment—
2.(1) This paragraph applies where— (a) any payment or benefit...
Part II QUALIFYING EXPENSES AND QUALIFYING BENEFITS
3.(1) Expenses are not qualifying removal expenses unless they are...
Qualifying removal benefits
4.(1) A benefit is not a qualifying removal benefit unless...
5.(1) The change of residence mentioned in paragraphs 3(2) and...
6.(1) Subject to sub-paragraph (2) below, the relevant day, in...
Part III ELIGIBLE REMOVAL EXPENSES
7.Expenses are eligible removal expenses if they fall into one...
Expenses of disposal
8.(1) Expenses fall within paragraph 7(a) above if (and only...
9.(1) Expenses fall within paragraph 7(b) above if (and only...
Expenses of abortive acquisition
10.Expenses fall within paragraph 7(c) above if (and only if)—...
Expenses of transporting belongings
11.(1) Expenses fall within paragraph 7(d) above if (and only...
12.(1) Expenses fall within paragraph 7(e) above if (and only...
Bridging loan expenses
13.(1) Expenses fall within paragraph 7(f) above if (and only...
14.(1) Expenses fall within paragraph 7(g) above if (and only...
15.(1) The Treasury may make regulations amending the preceding provisions...
Part IV ELIGIBLE REMOVAL BENEFITS
16.Benefits are eligible removal benefits if they fall into one...
Benefits in respect of disposal
17.(1) A benefit falls within paragraph 16(a) above if (and...
Benefits in respect of acquisition
18.(1) A benefit falls within paragraph 16(b) above if (and...
Benefits in respect of abortive acquisition
19.A benefit falls within paragraph 16(c) above if (and only...
Benefits in respect of the transporting of belongings
20.(1) A benefit falls within paragraph 16(d) above if (and...
Travelling and subsistence benefits
21.(1) A benefit falls within paragraph 16(e) above if (and...
Benefits in respect of new residence
22.(1) A benefit falls within paragraph 16(f) above if (and...
23.(1) The Treasury may make regulations amending the preceding provisions...
Part V THE QUALIFYING LIMIT
24.(1) In a case where, by reason of the employee’s...
25.In this Schedule— (a) references to the residence of the...
26.For the purposes of this Schedule a person is not...
27.In this Schedule references to employment include references to any...
28.References in this Schedule to subsistence are to food, drink...
29.This Schedule applies to any payment made, or any benefit...
1.This Schedule shall have effect for the purpose of supplementing...
Amount of emoluments
1A.For the purposes of section 192A and this Schedule the...
2.(1) This paragraph has effect where a deduction falls to...
3.(1) For the purposes of section 192A a qualifying period...
4.For the purposes of this Schedule a person shall not...
5.Notwithstanding section 132(4)(b), there shall be treated for the purposes...
6.Where an employment is in substance one the duties of...
7.In this Schedule references to an employment include references to...
SCHEDULE 12AA
MILEAGE ALLOWANCES: INTERPRETATION
3.Qualifying vehicles
4.The approved amount: mileage allowance payments
One employment is associated with another if— the employer is...
5.The approved amount: passenger payments
6.Company vehicles
8.Tax year
1.(1) The provisions of this Schedule apply for the purposes...
2.(1) “Ordinary commuting” means travel between— (a) the employee’s home,...
3.Travel between any two places that is for practical purposes...
4.For the purposes of paragraph 2, subject to the following...
5.(1) A place is not regarded as a temporary workplace...
6.A place which the employee regularly attends in the performance...
7.(1) An employee is treated as having a permanent workplace...
1.(1) A company shall for each of its accounting periods...
2.(1) Subject to paragraph 7(2) below, the return made by...
3.(1) Subject to paragraph 7(2) below, advance corporation tax in...
3A.(1) This paragraph and paragraph 3B below apply where—
3B.(1) Without prejudice to paragraph 3 above, if at any...
Receipt of franked investment income after payment of advance corporation tax
4.(1) This paragraph shall have effect where—
Receipt of foreign income dividends after payment of advance corporation tax
4A.(1) This paragraph shall have effect where—
Claims for set-off in respect of franked investment income received by a company
5.Where under paragraph 2 or 4 above franked investment income...
6.(1) Where a claim has been made under paragraph 5...
Claims for set-off in respect of foreign income dividends received by a company
6A.(1) Where under paragraph 2 or 4A above foreign income...
Qualifying distributions which are not payments and payments of uncertain nature
7.(1) This paragraph applies to— (a) any qualifying distribution which...
Amended return where company becomes aware of an error
7A.(1) If a company becomes aware— (a) that anything which...
Items included in error
8.Where any item has been included in a return under...
Qualifying distribution made otherwise than in an accounting period
9.Where a company makes a qualifying distribution on a date...
Manufactured foreign income dividends
9A.(1) This paragraph applies in any case where, by virtue...
10.(1) All the provisions of the Corporation Tax Acts as...
Surrenders of advance corporation tax
1.(1) In this Schedule any reference to a claim is...
2.(1) Surrenders to different subsidiaries or to the same subsidiary...
Content of claims etc.
3.(1) A claim must specify— (a) the amount the benefit...
4.A claim by the surrendering company must be made within...
Claim to be included in return where possible
5.(1) Where a claim could be made by being included...
6.(1) A claim not included in a return or an...
Contents of notices of withdrawal, etc.
7.(1) A claim shall not be withdrawn except by a...
Simultaneous claims and withdrawals of claims
8.Where— (a) a claim (“claim A”) is withdrawn, and
Time limit for withdrawing claims
9.(1) Subject to sub-paragraph (3) below, a claim shall not...
No amendment of claims
10.Nothing in the Management Act shall be read as allowing...
Further self-assessments by the surrendering company
11.(1) Where— (a) a claim is made after an assessment...
12.(1) Where— (a) by virtue of section 239(4), advance corporation...
Further self-assessments by subsidiary
13.(1) Sub-paragraph (3) below applies where— (a) under section 239(1),...
Standard provisions about enquiries into self-assessments
14.(1) The standard provisions about enquiries into self-assessments . ....
15.(1) Where— (a) a claim is withdrawn after an assessment...
1.(1) Paragraphs 2 to 5 below apply where at any...
2.Subject to paragraph 3 below, the lower-earning partner shall not...
3.(1) This paragraph applies if no part of either partner’s...
4.(1) This paragraph applies where— (a) a partner is entitled...
5.(1) This paragraph applies to elections under paragraph 3 above....
6.(1) This paragraph applies to a child for a year...
7.(1) This paragraph applies where a child is a relevant...
8.(1) For the purposes of this paragraph a change of...
PROVISIONS ANCILLARY TO SECTION 266
PART I MODIFICATION OF SECTION 266 IN CERTAIN CASES
1.(1) In section 266— (a) references to an individual's spouse...
Premiums payable to friendly societies and industrial assurance companies
2.(1) This paragraph applies to— (a) a policy issued in...
3.(1) Where a policy is issued or a contract is...
PART II SUPPLEMENTARY PROVISIONS AS TO RELIEF UNDER SECTION 266
4.(1) Where it appears to the Board that the relief...
5.Where a person is entitled to relief under section 266...
6.(1) Where in any year of assessment the relief to...
7.(1) The Board may make regulations for carrying into effect...
8.(1) A policy of life insurance issued in respect of...
PART A1 Premium limit for qualifying policies
Premium limit for qualifying policies to apply from 6 April 2013
A1.(1) Sub-paragraph (2) applies if— (a) an event falling within...
A2.(1) Sub-paragraph (2) applies if— (a) an event falling within...
The premium limit for qualifying policies
A3.(1) For the purposes of paragraphs A1(1)(c) and A2(1)(c) above...
A4.(1) This paragraph applies for the purposes of this Part...
How to determine if an individual is a beneficiary under a policy
A5.(1) This paragraph applies for the purposes of this Part...
A6.(1) In this Part of this Schedule—
PART I QUALIFYING CONDITIONS
RULES FOR QUALIFYING POLICIES
Rights to be beneficially owned by individuals only
B1.(1) Sub-paragraph (2) applies in relation to a policy issued...
B2.(1) Sub-paragraph (2) applies if any rights under a qualifying...
B3.(1) Sub-paragraph (2) applies if any of the following events...
General rules applicable to whole life and term assurances
General rules applicable to endowment assurances
2.(1) Subject to the following provisions of this Part of...
Special types of policy
(i)Friendly Society policies
3.(1) Paragraphs 1 and 2 above do not apply to...
4.(1) The provisions of this paragraph have effect notwithstanding anything...
5.Section 466 shall apply for the interpretation of paragraphs 3...
6.(1) A policy which was issued by any registered friendly...
6A.Any expression— (a) which is used in any provision made...
(ii) Industrial assurance policies
7.(1) A policy issued in the course of an industrial...
8.Where a policy issued in respect of an insurance made...
8A.(1) Paragraphs 7 and 8 above shall have effect in...
(iii) Family income policies and mortgage protection
9.(1) The following provisions apply to any policy which is...
(i) Short-term assurances
10.A policy which secures a capital sum payable only on...
(ii) Personal accident insurance
11.(1) A policy which evidences a contract of insurance to...
(iii) Exceptional risk of death or disability
12.For the purpose of determining whether any policy is a...
(iv) Connected policies
13.Subject to paragraph 14 below, where the terms of any...
14.(1) A policy shall not be a qualifying policy if...
(v) Premiums paid out of sums due under previous policies
15.(1) Where, in the case of a policy under which...
(vi) Additional premiums under section 72(9) of the Ginance Act 1984
16.In determining whether a policy is a qualifying policy, no...
(viii) Substituitions and variations
17.(1) Subject to paragraph 19 below, where one policy (“the...
18.(1) Subject to paragraph 19 below and to the provisions...
19.(1) The following provisions of this paragraph shall have effect...
20.(1) Where, as a result of a variation in the...
(viii) Policy reinstated after non-payment of premium
20ZA.(1) This paragraph applies to a qualifying policy (“the original...
Meaning of “industrial assurance business”
20A.In this Part of this Schedule “ industrial assurance business...
PART II CERTIFICATION OF QUALIFYING POLICIES
Policies issued in respect of insurances made on or after 1st April 1976 or varied on or after that date
21.(1) A policy of life insurance issued in respect of...
22.(1) A body which issues or which, after 5th April...
PART III POLICIES ISSUED BY NON-RESIDENT COMPANIES
23.In this Part— (a) any reference to a paragraph is...
24.(1) This paragraph applies to a policy of life insurance—...
25.(1) In the application of paragraph 17 in any case...
26.If, in the case of a substitution of policies falling...
27.(1) For the purposes of Part I and paragraph 24,...
1.This Schedule shall have effect for the purposes of section...
2.(1) A share option linked scheme is a scheme under...
3.A relevant European institution is an EEA firm of the...
4.(1) The requirements which may be specified under section 326(3)(b),...
5.(1) Where a specification has been made under section 326(3)(b),...
6.(1) Where a specification has been made under section 326(3)(b),...
7.(1) The Treasury may authorise a society or institution under...
8.(1) Where an authorisation has been given under section 326(7)...
9.(1) Where an authorisation has been given under section 326(7)...
10.(1) Where an authorisation has been given under section 326(8)...
11.(1) Where an authorisation has been given under section 326(8)...
12.(1) If the Treasury act as regards an authorisation under...
1.In this Schedule “relevant payment” means any payment to which...
2.(1) A company shall for each of its accounting periods...
3.The return made by a company for any period shall...
4.(1) . . . Income tax in respect of any...
Set-off of income tax borne on company income against tax payable
5.(1) Where in any accounting period a company receives any...
7.Income tax set against other tax under paragraph 5 above...
8.Where any item has been included in a return or...
Relevant payment made otherwise than in accounting period
9.Where a company makes a relevant payment on a date...
10.(1) All the provisions of the Income Tax Acts as...
11.Nothing in paragraphs 1 to 10 above shall be taken...
PART I DIVISION OF ACCOUNTING PERIODS COVERING 1st APRIL 1987
1.(1) This Part of this Schedule has effect in the...
2.Subject to paragraph 5 below, for the purposes referred to...
3.If, in the straddling period of a dual resident investing...
PART II EARLY PAYMENTS OF INTEREST ETC. AND CHARGES ON INCOME
4.In this Part of this Schedule— (a) a “1986 accounting...
Early payment of interest etc.
5.(1) If the conditions in sub-paragraph (2) or (3) below...
Early payment of charges on income
6.(1) If, in the case of a dual resident investing...
7.Notice of the giving of a direction under paragraph 5...
8.(1) Parts I and II of this Schedule have effect...
1.(1) This Schedule has effect as respects claims for group...
4.Where under paragraph 2 or 3 above a claim may...
5.(1) A claim for an accounting period of a company...
6.(1) A claim shall be made by being included in...
7.A claim may be made for less than the full...
8.A claim, other than one under paragraph 5 above, shall...
9.(1) A claim under paragraph 5 above shall be expressed...
10.(1) A claim shall require the consent of the surrendering...
11.(1) This paragraph applies in relation to claims under paragraph...
12.(1) All such assessments or adjustments of assessments shall be...
1.(1) For the purposes of sections 403C and 413(7) and...
1A.(1) This paragraph applies to a right to dividends carried...
2.(1) Subject to the following provisions of this Schedule, for...
3.(1) Subject to the following provisions of this Schedule, for...
4.(1) This paragraph applies if any of the equity holders—...
5.(1) This paragraph applies if, at any time in the...
5A.(1) In a case where paragraphs 4 and 5 above...
5B.(1) This paragraph applies if, at any time in the...
5C.(1) In a case where paragraphs 4 and 5B above...
5D.(1) In a case where paragraphs 5 and 5B above...
5E.(1) In a case where paragraphs 4 and 5 and...
5F.(1) This paragraph has effect, in the cases specified in...
6.For the purposes of sections 403C and 413(7) and paragraphs...
7.(1) In this Schedule “the relevant accounting period” means (subject...
SCHEDULE 18A
Part 1 Meaning of conditions for the purposes of section 403F
1.This Part of this Schedule applies, in the case of...
The equivalence condition
2.An amount meets the equivalence condition if it corresponds (in...
The EEA tax loss condition: companies resident in EEA territory
3.(1) In the case of a non-resident company which is...
The EEA tax loss condition: companies not resident in EEA territory
4.(1) In the case of a non-resident company which is...
The qualifying loss condition
5.(1) This paragraph applies in the case of a non-resident...
Qualifying relief for current period and previous periods
6.(1) For the purposes of paragraph 5, an amount cannot...
Qualifying relief for future periods
7.(1) For the purposes of paragraph 5, an amount cannot...
Amount not given other qualifying relief under law of territory outside UK
8.(1) For the purposes of paragraph 5, an amount has...
9.(1) This paragraph applies in the case of a non-resident...
Part 2 Application of UK rules to non-resident company
10.(1) This Part of this Schedule applies in the case...
11.(1) The EEA amount must, on the relevant assumptions (see...
Assumptions as to UK residence
12.(1) It is to be assumed that the EEA company...
Assumptions as to places in which activities carried out
13.(1) In the case of any trade carried on by...
Deemed accounting period
14.(1) It is to be assumed that an accounting period...
15.(1) This paragraph applies if, before the beginning of the...
Applicable UK tax rules
16.(1) For the purposes of this Part of this Schedule...
Part 3 Definitions for the purposes of this Schedule
Charge to tax under the law of any territory outside the United Kingdom
PART I DETERMINATION OF RELEVANT INCOME AND DISTRIBUTIONS
1.(1) Subject to the provisions of this Part of this...
Maximum amount of relevant income
2.(1) Subject to paragraphs 10and 12below, the relevant income of...
3.(1) For the purposes of this Chapter the distributions of...
Distributable income and estate or trading income
4.(1) For the purposes of this Chapter, the distributable income...
5.(1) For the purposes of this Chapter, “estate or trading...
6.(1) The amount for part of an accounting period of...
Meaning of “trading company” and “member of a trading group”
7.(1) For the purposes of this Chapter, a “trading company”...
Requirements of a company’s business
8.(1) For the purposes of paragraph 1(2)above there shall be...
9.(1) Paragraph 1(3)above shall not apply to—
Cessations and liquidations
10.(1) Where a close company ceases to carry on the...
11.(1) Subject to paragraph 12below, where a company is subject...
12.(1) Where a company issues to a close company any...
Notice of amount to be apportioned
13.(1) Where in the case of any company the inspector...
Notice of manner of apportionment
14.(1) Where notice has been served on a company under...
Revision of apportionment
15.(1) If the inspector discovers that the amount apportioned in...
Protection by transmission of accounts
16.(1) A close company may, at any time after the...
17.(1) The inspector may, by notice, require any company which...
Exercise of functions by the Board
18.(1) Any functions conferred by this Chapter on the inspector...
SCHEDULE 19AA
1.(1) This Schedule shall have effect for determining for the...
2.(1) Assets of a company at the end of a...
3.(1) Where the value of the assets mentioned in paragraph...
4.(1) The amount referred to in paragraph 3 above shall...
5.(1) Any designation of assets required for the purposes of...
Schedule 19AB
Entitlement to certain payments on account
1.(1) An insurance company carrying on pension business shall for...
Changes in the provisional fraction
2.(1) This paragraph applies in any case where—
Repayment, with interest, of excessive provisional repayments
3.(1) In any case where— (a) an insurance company’s self-assessment...
4.(1) The Board may by regulations make provision for the...
Transitional application of pay and file provisions
5.(1) This paragraph applies in relation to an accounting period...
6.(1) In this Schedule— “ provisional fraction ” shall be...
SCHEDULE 19ABA
1.(1) In their application to a BLAGAB group reinsurer the...
Part 2 MODIFICATIONS OF THIS ACT
2.This Act shall have effect with the following modifications.
Modification of section 76 (expenses of insurance companies)
3.(1) Modify section 76 (expenses of insurance companies) as follows....
Modification of section 431 (interpretative provisions relating to insurance companies)
4.(1) Modify section 431(2) (interpretative provisions relating to insurance companies)...
Modification of section 432B (apportionment of receipts brought into account)
5.(1) Modify section 432B (apportionment of receipts brought into account)...
Modification of section 432E (section 432B apportionment: participating funds)
6.Omit section 432E (section 432B apportionment: participating funds).
Modification of section 432F (section 432B apportionment: supplementary provisions)
7.Omit section 432F (section 432B apportionment: supplementary provisions).
Modification of section 444AA (transfers of business: deemed periodic return)
8.In section 444AA (transfers of business: deemed periodical returns) in...
Modification of section 444ABA (relevant non-transferred assets)
8A.In section 444ABA (relevant non-transferred assets) in subsection (1) for...
Modification of section 444ABB (retained assets)
8B.(1) Modify section 444ABB (retained assets) as follows.
Modification of section 444ABD (transferor's period of account including transfer)
8C.(1) Modify section 444ABD (transferor's period of account including transfer)...
Modification of section 444AC (transfer schemes: reduction of income of transferee)
8D.(1) Modify section 444AC (transfer schemes: reduction of income of...
Modification of section 444AE (transfers of business: FAFTS)
8E.(1) In a case where the transferor or the transferee...
Modification of section 444AEA (transfer schemes: anti-avoidance rule)
8F.In section 444AEA (transfer schemes: anti-avoidance rule), in subsection (6),...
9.In section 804C (insurance companies: allocation of expenses etc in...
10.Omit section 804D (interpretation of section 804C in relation to...
11.In section 804E (interpretation of section 804C in relation to...
Part 3 MODIFICATION OF THE FINANCE ACT 1989
Modification of the Finance Act 1989
12.The Finance Act 1989 shall have effect with the following...
Modification of section 82B (unappropriated surplus on valuation)
13.Omit section 82B (unappropriated surplus on valuation).
Modification of section 82D (treatment of profits: life assurance—adjustment consequent on change in Insurance Prudential Sourcebook)
14.Omit section 82D (treatment of profits: life assurance—adjustment consequent on...
Modification of section 82E (section 82D: treatment of transferors under insurance business transfer schemes)
15.Omit section 82E (section 82D: treatment of transferors under insurance...
Modification of section 82 (section 82D: treatment of transferees under insurance business transfer schemes)
16.Omit section 82F (section 82D: treatment of transferees under insurance...
Modification of section 83 (receipts to be taken into account)
17.In section 83 (receipts to be taken into account)—
Modification of section 83XA (structural assets)
18.In section 83XA (structural assets) in subsection (3)) for the...
Modification of section 83YA (changes in value of assets brought into account: non-profit companies)
19.Omit section 83YA (changes in value of assets brought into...
Modification of section 83YB (meaning of “appropriate line 51” amount for purposes of section 83YA)
20.Omit section 83YB (meaning of “appropriate line 51” amount for...
Modification of section 83YC to 83YF (financing-arrangement-funded transfers)
20A.Omit sections 83YC to 83YF (financing-arrangement-funded transfers).
Modification of section 83A (meaning of brought into account)
21.(1) Modify section 83A (meaning of “brought into account”) as...
Modification of section 83B (changes in recognised accounts: attribution of amounts carried forward under section 432F of Taxes Act 1988)
22.Omit section 83B (changes in recognised accounts: attribution of amounts...
Modification of section 85A (excess adjusted life assurance trade profits)
23.In section 85A (excess adjusted life assurance trade profits) in...
Modification of section 86 (spreading of relief for acquisition expenses)
24.Omit section 86 (spreading of relief for acquisition expenses).
Modification of section 89 (policy holders' share of profits)
25.In section 89 (policy holders' share of profits) omit subsection...
Part 4 Modification of Part 2 of TIOPA 2010 (double taxation relief)
26.TIOPA 2010 shall have effect with the following modifications.
Modification of section 102 (interpreting sections 99 to 101 for life assurance or gross roll-up business)
27.Omit section 102.
Modification of section 103 (interpreting sections 99 to 101 for other insurance business)
28.In section 103(1) omit the words from “if” to the...
1.In its application to an overseas life insurance company this...
2.(1) In section 6(4), the words “ and paragraph 5B...
3.(1) In subsection (2) of section 11, the following paragraphs...
4.(1) The following sections shall be treated as inserted after...
4A.(1) In section 12(7A), the reference to an insurance business...
5.After subsection (3) of section 76 there shall be treated...
5ZA.After subsection (11) there shall be treated as inserted the...
5A.(1) Where an overseas life insurance company receives a qualifying...
5B.(1) An overseas life insurance company may, on making a...
5C.(1) This paragraph applies to income from the investments of...
6.(1) In subsection (2) of section 431, the following definition...
6A.In section 431D(1), the words “carried on through a branch...
7.(1) Section 432A has effect as if the references in...
8.(1) In subsection (1) of section 432B, the words “or...
9.(1) In section 434, the following subsections shall be treated...
9A.In section 434A(1)— (a) the words “UK distribution income” shall...
9B.The following section shall be treated as inserted after section...
9C.In its application to an overseas life insurance company section...
10.(1) In section 438, the following subsection shall be treated...
10A.In section 439B the following subsection shall be treated as...
10AA.In section 440(2)(a), the reference to an insurance business transfer...
10B.(1) Where the company mentioned in section 440(1) is an...
10C.(1) In section 440B the following subsection shall be treated...
11.(1) In section 440A(2), in paragraph (a) the words “UK...
11A.(1) In section 441A, the following subsection shall be treated...
11B.In section 442A the following subsection shall be treated as...
11C.In sections 444A(1) and 460(10A), the references to an insurance...
12.(1) In paragraph A of section 704, in sub-paragraph (e)...
13.(1) In subsection (2) of section 794, the following shall...
14.(1) In subsection (1) of section 811, the words “subsections...
14A.(1) In Schedule 19AA, paragraph 5(5)(c) (and the reference to...
15.(1) In paragraph 1(8) of Schedule 19AB, the words “UK...
UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX
1.(1) In this Schedule— “agent”, in relation to a syndicate...
2.(1) An inspector may, at any time after the end...
Repayment claims by managing agent
2A.(1) In relation to an underwriting year a managing agent...
2B.(1) An inspector may, at any time after the end...
3.(1) In the case of a member’s profit for a...
Assessments on members’ agent
3A.(1) If the members’ agent delivers a return in accordance...
4.(1) If the inspector is satisfied that a return under...
5.(1) The [managing ] agent may appeal against a determination...
6.(1) Where the [managing ] agent appeals against a determination...
Apportionments of syndicate profit or loss
7.(1) Where a determination of a syndicate profit or loss...
8.(1) A determination of a syndicate profit or loss for...
9.For the purposes of sections 36, of the Taxes Management...
Supplemental: penalties
10.(1) If it appears to an inspector or the Board...
Supplemental: interest
11.(1) Interest charged under paragraph 3(4)above shall be treated for...
Petroleum extraction activities: exploration expenditure supplement
1.About this Schedule
Part 2 Application and interpretation
2.Qualifying companies
3.Accounting periods
4.The relevant percentage
5.Limit on number of accounting periods for which supplement may be claimed
6.Qualifying E&A expenditure
7.Unrelieved group ring fence profits for accounting periods
8.Taxable ring fence profits of an accounting period
Part 3 Pre-commencement supplement
9.Supplement in respect of a pre-commencement accounting period
10.The mixed pool of qualifying E&A expenditure and supplement previously allowed
11.Treatment of disposal value on disposal of oil licence with exploitation value
12.Reduction in respect of unrelieved group ring fence profits
13.The reference amount for a pre-commencement period
14.Claims for pre-commencement supplement
Part 4 Post-commencement supplement
15.Supplement in respect of a post-commencement period
16.Amount of post-commencement supplement for a post-commencement period
17.Ring fence losses and qualifying E&A losses
18.Ring fence losses and non-qualifying losses
18A. Special rule for straddling periods
19.The pool of qualifying E&A losses and the pool of non-qualifying losses
20.The non-qualifying pool
21.The qualifying pool
22.Reductions in respect of utilised ring fence losses
23.Reductions in respect of unrelieved group ring fence profits
24.The reference amount for a post-commencement period
1.(1) This Schedule entitles a company carrying on a ring...
2.This Schedule applies in relation to any company which—
3.(1) In this Schedule, in the case of any qualifying...
4.(1) For the purposes of this Schedule, the relevant percentage...
Limit on number of accounting periods for which supplement may be claimed
5.(1) A company may claim supplement under this Schedule in...
6.(1) For the purposes of this Schedule, expenditure is “qualifying...
Unrelieved group ring fence profits for accounting periods
7.(1) There is an amount of unrelieved group ring fence...
Taxable ring fence profits of an accounting period
8.For the purposes of this Schedule, a company has taxable...
Supplement in respect of a pre-commencement accounting period
9.(1) If— (a) a qualifying company incurs qualifying pre-commencement expenditure...
The mixed pool of qualifying pre-commencement expenditure and supplement previously allowed
10.(1) For the purpose of determining the amount of any...
Reduction in respect of disposal receipts under the Capital Allowances Act
11.(1) This paragraph applies in the case of the qualifying...
Reduction in respect of unrelieved group ring fence profits
12.(1) This paragraph applies if there is an amount of...
The reference amount for a pre-commencement period
13.For the purposes of this Part of this Schedule, the...
Claims for pre-commencement supplement
14.(1) Any claim for pre-commencement supplement in respect of a...
Supplement in respect of a post-commencement period
15.(1) A qualifying company which incurs a ring fence loss...
Amount of post-commencement supplement for a post-commencement period
16.(1) The amount of the post-commencement supplement for any post-commencement...
17.(1) If— (a) in any post-commencement period (“the period of...
Special rule for straddling periods
18.(1) This paragraph applies if the period of the loss...
The pool of ring fence losses and the pool of non-qualifying Schedule 19B losses
19.(1) For the purpose of determining the amount of any...
The ring fence pool
20.(1) The ring fence pool consists of—
Reductions in respect of utilised ring fence losses
21.(1) If one or more ring fence losses are set...
Reductions in respect of unrelieved group ring fence profits
22.(1) If there is an amount of unrelieved group ring...
The reference amount for a post-commencement period
23.For the purposes of this Part of this Schedule the...
PART I QUALIFYING INVESTMENTS
1.Investments specified in any of the following paragraphs of this...
2.Any investment falling within Part I, Part II, apart from...
3.Any investment in a common investment fund established under section...
3A.Any investment in a common deposit fund established under section...
4.Any interest in land, other than an interest held as...
5.Shares in, or securities of, a company which are listed...
6.Units, or other shares of the investments subject to the...
6A.Shares in an open-ended investment company.
7.(1) Deposits with a bank in respect of which interest...
7A.Uncertificated eligible debt security units as defined in section 552(2)...
8.Certificates of deposit as defined in section 56(5).
9.(1) Any loan or other investment as to which the...
PART II QUALIFYING LOANS
10.(1) For the purposes of section 506, a loan which...
PART III ATTRIBUTION OF EXCESS NON-QUALIFYING EXPENDITURE TO EARLIER CHARGEABLE PERIODS
11.This Part of this Schedule applies in the circumstances specified...
12.(1) So much of the unapplied non-qualifying expenditure as is...
13.(1) Where, in accordance with paragraph 12 above, an amount...
14.All such adjustments shall be made, whether by way of...
TAX RELIEF IN CONNECTION WITH SCHEMES FOR RATIONALIZING INDUSTRY AND OTHER REDUNDANCY SCHEMES
1.(1) In this Schedule— “scheme” means a scheme which is...
PART II RELIEF IN RESPECT OF CERTAIN PAYMENTS
2.The question whether any, and if so, what, relief is...
3.No relief shall be given in respect of the payment...
4.No relief shall be given in respect of the payment...
5.The amount of the reduction to be made in respect...
6.(1) For the purposes of this Schedule, and subject to...
PART III EXCLUSION OF RELIEF IN RESPECT OF CONTRIBUTIONS PAID AFTER RELIEF HAS BEEN GIVEN UNDER PART II
7.The provisions of this Part of this Schedule shall have...
8.There shall be ascertained— (a) the total amount of those...
9.For the purpose of determining what deduction is to be...
10.When two or more contributions are paid at the same...
1.(1) The Board may make regulations providing for this Schedule...
2.(1) The administrator of a scheme in relation to which...
3.(1) Subject to paragraph 4(4) below, where a valuation produced...
4.(1) Where a valuation has been produced under paragraph 2...
5.(1) Where particulars have been furnished under paragraph 4 above,...
6.(1) Where proposals are submitted to the Board under paragraph...
7.(1) Where this paragraph applies the Board may specify a...
7A.(1) This paragraph applies if a calculation falls to be...
8.(1) The Board may make regulations providing that an appeal...
1.(1) This Schedule shall be deemed to have come into...
2.(1) This paragraph applies where an employee becomes a member...
3.(1) This paragraph applies where an employee becomes a member...
4.(1) This paragraph applies where an employee becomes a member...
5.(1) his paragraph applies where an employee who is a...
6.(1) This paragraph applies where an employee becomes a member...
7.(1) This paragraph applies where— (a) the rules of the...
8.(1) This paragraph applies where an employee who is a...
9.In this Schedule “relevant annual remuneration” means final remuneration or,...
SCHEDULE 23ZA
1.(1) In this Schedule— “the date of the change” shall...
2.(1) This Schedule applies to any retirement benefits scheme which...
3.(1) The trustees of an eligible scheme may at any...
4.(1) The Board may refuse or withhold approval under paragraph...
5.(1) The Board may give directions for or in connection...
6.An approved retirement benefits scheme shall be taken to include...
Manufactured dividends on UK equities: general
2.(1) This paragraph applies in any case where, under a...
2A.(1) Where, in the case of a manufactured dividend, the...
2B.(1) Where a manufactured dividend to which paragraph 2(2) above...
Manufactured interest on UK securities: general
3.(1) This paragraph applies (subject to paragraph 3A below) in...
3A.(1) Where any manufactured interest is representative of interest on...
4.(1) This paragraph applies in any case where, under a...
4A.(1) A reference in paragraph 4(4)(a) or (b) to the...
Dividends and interest passing through the market
5.(1) Sub-paragraph (2) below applies in any case where, under...
Unapproved manufactured payments
6.(1) This paragraph applies where a person makes an unapproved...
Irregular manufactured payments
7.(1) . . . In any case where (apart from...
Manufactured payments under arrangements having an unallowable purpose
7A.(1) This paragraph applies in any case where—
Dividend manufacturing regulations: general
8.(1) Dividend manufacturing regulations may make provision for—
ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
1.(1) The company shall be assumed to be resident in...
2.(1) The company shall be assumed to have become resident...
3.The company shall be assumed not to be a close...
4.(1) Subject to sub-paragraph (2) below, where any relief under...
4A.. . . . . . . . . ....
Group relief etc.
5.(1) The company shall be assumed to be neither a...
6.(1) In relation to section 247 it shall be assumed—...
7.The company shall be assumed not to be a subsidiary...
8.Without prejudice to the operation of Chapter 1 of Part...
Losses in pre-direction accounting periods
9.(1) . . . This paragraph applies in any case...
Capital allowances and expenditure on car hire
10.(1) Subject to paragraph 12 below, if, in an accounting...
11.(1) This paragraph applies in any case where it appears...
11A.(1) This paragraph applies where by virtue of section 747A...
12.For the purposes of the application of Part 18 of...
13.Paragraphs 14 to 19 below apply for the purposes of...
14.(1) This paragraph applies where— (a) by virtue of section...
15.Where the accounting period mentioned in section 139(1) of the...
16.(1) This paragraph applies where the last relevant accounting period...
17.Where by virtue of section 747A the company’s chargeable profits...
18.(1) This paragraph applies where the accounting period mentioned in...
19.(1) This paragraph applies where— (a) Chapter II of Part...
20.(1) Sub-paragraph (2) of paragraph 5 of Schedule 28AA (no...
Cases where section 747(3) does not apply
PART I ACCEPTABLE DISTRIBUTION POLICY
2.(1) Subject to paragraph 2A below, a controlled foreign company...
2A.(1) Paragraph 2 above shall have effect in accordance with...
2B.(1) This paragraph has effect for the purposes of paragraph...
3.(1) Subject to sub-paragraphs (2) and (5) below, for the...
4A.(1) This paragraph has effect for the purposes of paragraph...
PART II EXEMPT ACTIVITIES
5.(1) The provisions of this Part of this Schedule have...
6.(1) Throughout an accounting period a controlled foreign company is...
7.(1) For the purposes of paragraph 6(1)(a) above, a “business...
8.(1) Subject to sub-paragraph (4) below, the condition in paragraph...
9.(1) Subject to sub-paragraph (3) below, for the purposes of...
10.Goods which are actually delivered into the territory in which...
11.(1) For the purposes of paragraph 6(2)(b) above, each of...
11A.(1) This paragraph has effect for the interpretation of paragraph...
11B.(1) In paragraph 11A above “ large risks ” means—...
12.(1) Subject to sub-paragraph (2) below, in paragraphs 6 and...
12A.(1) In paragraphs 6, 8(3) and 12(5) above and this...
Part 2A Trading Companies with Limited UK Connection
12B.(1) For the purposes of section 748(1)(ba), a controlled foreign...
12C.(1) The requirement of this paragraph is that throughout the...
12D.(1) The requirement of this paragraph is that—
12E.(1) The requirement of this paragraph is that C does...
Finance income and relevant IP income
12F.(1) The requirement of this paragraph is that not more...
12G.(1) References in this Part of this Schedule to C's...
Part 2B Companies Exploiting Intellectual Property with Limited UK Connection
12H.(1) For the purposes of section 748(1)(bb), a company (“C”)...
12I.(1) The requirement of this paragraph is that throughout the...
12J.(1) The requirement of this paragraph is that C's main...
12K.(1) The requirement of this paragraph is that—
12L.(1) The requirement of this paragraph is that C does...
12M.The requirement of this paragraph is that not more than...
Interpretation of Part 2B
12N.(1) For the purpose of this Part of this Schedule—...
PART III THE PUBLIC QUOTATION CONDITION
13.(1) The provisions of this Part of this Schedule have...
14.(1) The condition in paragraph 13(2) above is not fulfilled...
15.(1) References in this Part of this Schedule to shares...
Part 3A Exempt Periods
15A.The provisions of this Part of this Schedule have effect...
15B.(1) An exempt period begins in relation to a company...
15C.(1) The requirements of this paragraph are that—
15D.(1) The requirements of this paragraph are that—
15E.(1) This paragraph applies for the purposes of paragraph 15C...
15F.(1) An exempt period ends on the expiry of the...
15G.(1) In this Part of this Schedule— “ group ”...
PART IV REDUCTIONS IN UNITED KINGDOM TAX AND DIVERSION OF PROFITS
16.(1) The provisions of this Part of this Schedule have...
17.(1) A transaction achieves a reduction in United Kingdom tax...
18.It is the main purpose or one of the main...
19.(1) The existence of a controlled foreign company achieves a...
RELIEFS AGAINST LIABILITY FOR TAX IN RESPECT OF CHARGEABLE PROFITS
Trading losses and group relief etc.
1.(1) In any case where— (a) an amount of chargeable...
2.(1) In any case where— (a) an amount of chargeable...
Gains on disposal of shares in controlled foreign companies
Dividends from the controlled foreign company
5.(1) In so far as any provision of—
6.(1) In any case where— (a) on a claim for...
PART I THE DISTRIBUTION TEST
1.(1) For the purposes of this Chapter, an offshore fund...
2.(1) In the case of an offshore fund which throughout...
3.(1) Sub-paragraph (2) below applies if any sums which form...
4.(1) To the extent that the income of an offshore...
United Kingdom equivalent profits
5.(1) Any reference in this Schedule to the United Kingdom...
PART II MODIFICATIONS OF CONDITIONS FOR CERTIFICATION IN CERTAIN CASES
6.(1) In any case where— (a) in an account period...
7.The modification referred to in paragraph 6(3)(a) above is that,...
8.(1) The modification referred to in paragraph 6(3)(b) above is...
9.(1) The references in paragraphs 7 and 8(1) above to...
10.(1) In any case where the assets of an offshore...
11.(1) In relation to an offshore fund which has a...
12.(1) Section 760(3)(c) shall not apply to so much of...
Disregard of certain investments forming less than 5 per cent. of a fund
13.(1) In any case where— (a) in any account period...
Power of Board to disregard certain breaches of conditions
14.If, in the case of any account period of an...
PART III CERTIFICATION PROCEDURE
15.(1) The Board shall, in such manner as they think...
16.(1) An appeal . . . —
17.No appeal may be brought against an assessment to tax...
18.(1) Without prejudice to paragraph 17 above, in any case...
Postponement of tax pending determination of question as to certification
19.(1) This paragraph applies where— (a) an application has been...
20.No obligation as to secrecy imposed by statute or otherwise...
Application of this Schedule in relation to umbrella funds and funds comprising more than one class of interest
21.(1) The Treasury may make provision by regulations as to...
PART I DISPOSALS OF INTERESTS IN NON-QUALIFYING FUNDS
1.In this Part of this Schedule “material disposal” means a...
2.(1) Where there is a material disposal, there shall first...
3.(1) If the amount of any chargeable gain or allowable...
Gains since 1st January 1984
4.(1) This paragraph applies where— (a) the interest in the...
5.(1) Subject to sub-paragraph (2) below, a material disposal gives...
PART II DISPOSALS INVOLVING AN EQUALISATION ELEMENT
6.(1) Subject to paragraph 7 below, a disposal to which...
8.(1) On a disposal involving an equalisation element, the Part...
9.(1) The Treasury may make provision by regulations as to...
Change in ownership of company with investment business: deductions
Part I Significant increase in company capital
1.The provisions referred to in section 768B(2) for determining whether...
2.There is a significant increase in the amount of a...
3.(1) Amount A is the lower of—
4.(1) Amount B is the highest 60 day minimum amount...
5.(1) The capital of a company consists of the aggregate...
Part II Amounts in issue for purposes of section 768B
6.The amounts in issue referred to in section 768B(4)(c) are—...
6A.For the purposes of paragraph 6(da) above, the amount for...
Part III Apportionment for purposes of section 768B
7.(1) Subject to paragraph 8 below, the apportionment required by...
8.If it appears that any method of apportionment given by...
Part IV Excess overdue interest
Part IV Disallowed debits and non-trading deficits
9.(1) This paragraph has effect in a case to which...
9A.(1) This paragraph has effect in any case to which...
10.(1) This paragraph has effect in a case to which...
10A.(1) This paragraph has effect in any case to which...
11.(1) A debit falls within this paragraph if it is...
12.Expressions used both in this Part of this Schedule and...
Part V Amounts in issue for purposes of section 768C
13.(1) The amounts in issue referred to in section 768C(3)(c)...
13A.Paragraph 6A above shall apply for the purposes of paragraph...
Part VI Apportionment for purposes of section 768C
14.The apportionment required by section 768C(3)(c) shall be made as...
15.In the case of the amount mentioned in paragraph 13(1)(a)...
16.(1) Subject to paragraph 17 below, the apportionment shall be...
17.If it appears that any method of apportionment given by...
SCHEDULE 28AA
Provision not at arm’s length
Basic rule on transfer pricing etc.
1.(1) This Schedule applies where— (a) provision (“the actual provision")...
Provision in relation to securities: determination of arm’s length provision
1A.(1) This paragraph applies where— (a) both of the affected...
1B.(1) This paragraph applies where the actual provision is made...
Principles for construing rules in accordance with OECD principles
2.(1) This Schedule shall be construed (subject to paragraphs 9...
Meaning of “transaction" and “series of transactions"
3.(1) In this Schedule “transaction” includes arrangements, understandings and mutual...
Participation in the management, control or capital of a person
4.(1) For the purposes of this Schedule a person is...
Persons acting together in relation to financing arrangements
4A.(1) A person (“P”) shall be treated for the purposes...
Financing arrangements: anticipatory provision
4B.(1) To the extent that it applies to provision relating...
5.(1) For the purposes of this Schedule . . ....
5A.(1) Paragraph 1(2) above does not apply in computing for...
Exemption for small or medium-sized enterprises
5B.(1) Paragraph 1(2) above does not apply in computing for...
Additional provisions for medium-sized enterprises
5C.(1) Paragraph 5B(1) above does not apply as respects any...
Meaning of “small enterprise” and “medium-sized enterprise”
5D.(1) In this Schedule— (a) “small enterprise” means a small...
Meaning of “qualifying territory” and “non-qualifying territory”
5E.(1) In this Schedule— “non-qualifying territory” means any territory which...
6.(1) This paragraph applies where— (a) only one of the...
Application of paragraph 6 in relation to transfers of trading stock etc
6A.(1) Paragraph 6(2)(a) above does not affect the credits to...
Compensating adjustment where advantaged person is a controlled foreign company
6B.(1) This paragraph applies in any case where—
Claims under paragraph 6 where paragraph 1A applies
6C.(1) Where paragraph 1A above applies in relation to any...
6D.(1) This paragraph applies in any case where—
Certain interest not to be regarded as chargeable
6E.Where— (a) interest is paid by any person under the...
Adjustment of disadvantaged person’s double taxation relief
7.(1) Subject to sub-paragraph (4) below, where—
Balancing payments between affected persons: no charge to, or relief from, tax
7A.(1) This paragraph applies where— (a) the circumstances are as...
Securities: election to discharge tax liability instead of making balancing payments
7B.(1) This paragraph applies in any case where—
Balancing payments by guarantor to issuer: no charge to, or relief from, tax
7C.(1) This paragraph applies in any case where—
Guarantees: election to discharge tax liability instead of making balancing payments
7D.(1) This paragraph applies where the following conditions are satisfied—...
8.(1) Subject to sub-paragraph (3)and sub-paragraph (4) below, this Schedule...
9.(1) Subject to paragraph 10 below, this paragraph applies to...
10.This Schedule does not apply in relation to provision made...
11.(1) This paragraph applies where any person (“the taxpayer") carries...
12.(1) Sub-paragraph (4) applies in so far as—
13.(1) Nothing in this Schedule shall be construed as affecting—...
14.(1) In this Schedule— “the actual provision” and “the affected...
SCHEDULE 28AB
1.(1) A scheme or arrangement, other than a scheme or...
Attribution of foreign tax
2.This paragraph applies to a scheme or arrangement if the...
3.(1) This paragraph applies to a scheme or arrangement if,...
Effect of claim, election or other arrangement
4.(1) This paragraph applies to a scheme or arrangement if...
Effect attributable to scheme or arrangement
5.(1) This paragraph applies to a scheme or arrangement if,...
6.(1) This paragraph applies to a scheme or arrangement if...
SCHEDULE 28B
Meaning of “relevant qualifying subsidiary”
5A.(1) For the purposes of this Schedule, a company (“the...
6.(1) The requirements of this paragraph are that either—
9.(1) The requirements of this paragraph are that . ....
Requirement as to property managing subsidiaries
10ZA.(1) The requirement of this paragraph is that the relevant...
Requirement that securities should not relate to a guaranteed loan
10A.(1) The requirement of this paragraph is that there are...
Requirement that a proportion of the holding in each company must be eligible shares
10B.(1) The requirement of this paragraph is that eligible shares...
10C.(1) This paragraph applies where— (a) arrangements are made for...
10D.(1) This paragraph applies where— (a) shares have been issued...
11A.(1) A company which is in administration or receivership shall...
11B.(1) The Treasury may by regulations make provision for cases...
13.(1) Subject to paragraph 10C(15) above, in this Schedule— “debenture”...
THE CAPITAL ALLOWANCES ACTS
1 and 2.. . . . . . . . . ....
TAXES MANAGEMENT ACT 1970 c.9
3.The Taxes Management Act 1970 shall have effect subject to...
6.The following section shall be inserted after section 16—[for text...
8.(1) In subsection (1) of section 55 (recovery of tax...
9.The following Table shall be substituted for the Table in...
10.(1) The Taxes Management Act 1970, as amended by the...
THE FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 c.31 (N.I.)
THE FINANCE ACT 1973 c.51
FRIENDLY SOCIETIES ACT 1974 c.46
13.In section 7 of the Friendly Societies Act 1974 at...
THE SOCIAL SECURITY ACTS
CAPITAL GAINS TAX ACT 1979 c.14
ADMINISTRATION OF JUSTICE ACT 1985 c.61
30.In paragraph 36(3) of Schedule 2 to the Administration of...
LAW REFORM (MISCELLANEOUS PROVISIONS) (SCOTLAND) ACT 1985 c.73
31.In Schedule 1 to the Law Reform (Miscellaneous Provisions) (Scotland)...
32.In the enactments specified in Column 1 of the following...
1.(1) In this paragraph, an “old company” means a company...
2.(1) Subject to sub-paragraph (2) and paragraph 3 below, section...
3.(1) Sections 24 and 38 shall have effect subject to...
4.(1) Where section 38 does not have effect, the following...
Repeal of section 136 of the Income Tax Act 1952: allowance of annual value of land as a business expense
5.(1) This paragraph has effect for allowing deductions by reference...
Loss relief etc.
6.(1) The substitution of this Act for the corresponding enactments...
7.(1) This paragraph shall apply with respect to claims for...
8.Without prejudice to paragraphs 6 and 7 above, where a...
9.(1) In relation to any period before regulations containing the...
Children's settlements: irrevocable dispositions made before 22nd April 1936
10.(1) Sub-paragraph (2) below applies to any disposition which —...
Pre-1959 settlements
11.(1) Where, in the case of any settlement made before...
12.Where, in the case of any settlement made before 9th...
General powers of amendment in Acts relating to overseas countries
13.Where under any Act passed before this Act and relating...
14.The repeal by this Act of section 16 of the...
15.The repeal by this Act of Schedule 22 to the...
16.Any enactment relating to building societies contained in this Act...
17.Any reference to pension business in any enactment (other than...
18.Schedule 9 to the Finance Act 1981 shall continue to...
18A.(1) This paragraph applies in any case where a person...
Schedule E emoluments
19.The repeal by this Act of section 21 of the...
20.The repeal by this Act of section 54 of and...
Continuity and construction of references to old and new law
21.(1) The continuity of the operation of the Tax Acts...