Source: http://www.legislation.gov.uk/ukpga/2007/11/part/3/crossheading/antiavoidance
Timestamp: 2013-05-24 00:57:32
Document Index: 134665362

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

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Anti-avoidanceTable of ContentsContentMore ResourcesPrevious: CrossheadingNext: CrossheadingPlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2007. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Blanket amendment words substituted by S.I. 2011/1043 art. 3 6Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 161(5) omitted by 2008 c. 9 Sch. 2 para. 54s. 521(7) inserted by 2008 c. 9 Sch. 19 para. 9Commencement Orders yet to be applied to the Finance Act 2007:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2007/2118 art. 2 commences (2007 c. 11)S.I. 2007/2172 art. 2 commences (2007 c. 11)S.I. 2007/2483 art. 2-4 commences (2007 c. 11)S.I. 2007/2532 art. 2 commences (2007 c. 11)S.I. 2007/2902 art. 2 commences (2007 c. 11)S.I. 2007/3166 art. 2 3 commences (2007 c. 11)S.I. 2008/379 art. 2 commences (2007 c. 11)S.I. 2008/561 art. 2 commences (2007 c. 11)S.I. 2008/568 art. 2 commences (2007 c. 11)S.I. 2008/1521 art. 2 commences (2007 c. 11)S.I. 2008/1880 art. 2 commences (2007 c. 11)Commencement Orders bringing legislation that affects this Act into force:S.I. 2009/403 art. 2 commences (2008 c. 9)S.I. 2009/404 art. 2 commences (2008 c. 9)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2009/603 art. 2 commences (2008 c. 24)S.I. 2010/2317 art. 2 3 commences (2010 c. 15)S.I. 2011/975 art. 2 commences (2010 c. 13)Anti-avoidanceE+W+S+N.I.25Managed service companiesE+W+S+N.I.(1)Schedule 3 contains provision about managed service companies.
26Restrictions on trade loss relief for partnersE+W+S+N.I.Schedule 4 contains provision restricting reliefs for losses made by individuals carrying on trades in partnership.
27Extension of restrictions on allowable capital lossesE+W+S+N.I.(1)TCGA 1992 is amended as follows.
(2)In section 8 (company's total profits to include chargeable gains)—
(a)in subsection (2), for the words from “does not include—” to the end substitute “ does not include a loss accruing to a company in such circumstances that if a gain accrued the company would be exempt from corporation tax in respect of it. ”, and
(4)In section 288(1) (interpretation), in the definition of “allowable loss”, after “16” insert “ , 16A ”.
(5)In section 834(1) of ICTA (interpretation of the Corporation Tax Acts), in the definition of “allowable loss”, for the words from “or a loss” to the end substitute “ or a loss accruing to a company in the circumstances mentioned in section 16A of the 1992 Act ”.
28Restriction on expenses of managementE+W+S+N.I.(1)Section 75 of ICTA (expenses of management: companies with investment business) is amended as follows.
29Life policies etc: effect of rebated or reinvested commissionE+W+S+N.I.(1)In ICTA, after section 548 insert—
(a)at a time when the policy or contract was the taxable person's, the taxable person's policies and contracts exceeded the relevant threshold as respects a relevant period, and
(6)For the purposes of subsection (4)(a) a person's policies and contracts “exceed the relevant threshold” as respects a relevant period if the total amount of payments under them by way of premiums in that relevant period exceeds the sum specified in subsection (3).
(3)Commission in respect of a policy or contract is “reinvested” if, as a result of a waiver of an entitlement to it, there is an increase in the total value of a relevant person's policies and contracts.
(7)A policy or contract is a person's policy or contract if a gain arising in connection with it would be—
(a)a gain for which the person, or (if the person is an individual) the person's spouse or civil partner, would be liable to tax under Chapter 9 of Part 4 of ITTOIA 2005, or
(b)treated by virtue of section 547(1) above as forming part of the person's income.
“Rebated or reinvested commissionE+W+S+N.I.541AEffect of rebated or reinvested commission in certain cases(1)This section applies if—
(6)For the purposes of subsection (4)(a) a person's policies and contracts “exceed the relevant threshold” as respects a relevant period if the total amount of premiums under them paid in that relevant period exceeds the sum specified in subsection (3).
(a)a gain for which the person, or (if the person is an individual) the person's spouse or civil partner, would be liable to tax under this Chapter, or
(b)treated by virtue of section 547(1) of ICTA as forming part of the person's income.
30Avoidance involving financial arrangementsE+W+S+N.I.Schedule 5 contains provision in relation to tax avoidance involving financial arrangements.
31Companies carrying on business of leasing plant or machineryE+W+S+N.I.Schedule 6 contains provision in relation to companies carrying on a business of leasing plant or machinery.
32Restrictions on companies buying losses or gains: tax avoidance schemesE+W+S+N.I.(1)TCGA 1992 is amended as follows.
(a)for “The following subsection applies” substitute “ Subsections (10) to (12) apply ”,
(c)in paragraph (c), for “at all subsequent times,” substitute “ immediately afterwards, ”,
(11)That subsection has effect as if there were inserted at the end of it “ unless the gains accrue to the company on a disposal of a pre-change asset ”.
33Lloyd's corporate members: restriction of group reliefE+W+S+N.I.(1)In FA 1994, after section 227 insert—
(4)In subsection (3)(b) above “reinsurance to close premium” means a premium or other consideration under a contract in pursuance of which, in accordance with the rules or practice of Lloyd's, one underwriting member agrees with another to meet liabilities arising from the latter's underwriting business in an underwriting year so that the accounts of the business for that year may be closed.
34Employee benefit contributionsE+W+S+N.I.(1)Schedule 24 to FA 2003 (restriction on deductions for employee benefit contributions) is amended as follows.
(3)In paragraph 3, for “the third party” substitute “ a scheme manager ”.
(a)in sub-paragraphs (1) and (2), for “the third party” (in both places) substitute “ a scheme manager ”, and
(b)in sub-paragraph (3), for “third party” substitute “ scheme manager ”.
(5)In paragraph 5, for “the third party” (in both places) substitute “ a scheme manager ”.
(10)In section 41 (timing and amount of certain benefits), for “the third party” (in both places) substitute “ a scheme manager ”.
(a)in subsection (1), for “the third party”, in the first place, substitute “ a scheme manager ” and, in the second place, substitute “ the scheme manager ”,
(b)in subsection (3), for “the third party”, in the first place, substitute “ a scheme manager ” and, in the second place, substitute “ the scheme manager ”, and
(c)in subsection (5), for “third party” substitute “ scheme manager ”.
35Schemes etc designed to increase double taxation reliefE+W+S+N.I.(1)Section 804ZA of ICTA (schemes and arrangements designed to increase relief) is amended as follows.