Source: http://www.legislation.gov.uk/ukpga/2002/29/schedule/10/enacted
Timestamp: 2018-03-19 02:05:20
Document Index: 212854753

Matched Legal Cases: ['art 2', 'art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 4', 'art 5', 'art 3', 'art 4', 'art 6']

SCHEDULE 10Tax
1Sections 75 and 77 of the Taxes Management Act 1970 (c. 9) (receivers: income tax and capital gains tax) shall not apply in relation to—
(a)a receiver appointed under section 48, 50 or 52;
(c)a receiver appointed under section 196, 198 or 200;
Part 2Provisions relating to Part 5
2(1)The vesting of property in the trustee for civil recovery or any other person by a recovery order or in pursuance of an order under section 276 is referred to as a Part 5 transfer.
(7)“The Taxes Act 1988” means the Income and Corporation Taxes Act 1988 (c. 1), and “the Allowances Act 2001” means the Capital Allowances Act 2001 (c. 2).
3(1)If a gain attributable to a Part 5 transfer accrues to the transferor, it is not a chargeable gain.
4If a Part 5 transfer is a transfer of securities within the meaning of sections 711 to 728 of the Taxes Act 1988 (transfers with or without accrued interest), sections 713(2) and (3) and 716 of that Act do not apply to the transfer.
5In the case of a Part 5 transfer of property consisting of a relevant discounted security (within the meaning of Schedule 13 to the Finance Act 1996 (c. 8)), it is not to be treated as a transfer for the purposes of that Schedule.
Rights to receive amounts stated in certificates of deposit etc.
6In the case of a Part 5 transfer of property consisting of a right to which section 56(2) of the Taxes Act 1988 applies, or a right mentioned in section 56A(1) of that Act, (rights stated in certificates of deposit etc.) it is not to be treated as a disposal of the right for the purposes of section 56(2) of that Act.
Non-qualifying offshore funds
8In the case of a Part 5 transfer of property consisting of futures or options (within the meaning of paragraph 4 of Schedule 5AA to the Taxes Act 1988), it is not to be treated as a disposal of the futures or options for the purposes of that Schedule.
9(1)Sub-paragraph (2) applies if, apart from this paragraph, a Part 5 transfer would be a related transaction for the purposes of section 84 of the Finance Act 1996 (c. 8) (debits and credits brought into account for the purpose of taxing loan relationships under Chapter 2 of Part 4 of that Act).
(2)The Part 5 transfer is to be disregarded for the purposes of that Chapter, except for the purpose of identifying any person in whose case any debit or credit not relating to the transaction is to be brought into account.
Exception from paragraphs 4 to 9
(3)Sub-paragraph (2) has effect in spite of anything in section 100 of the Taxes Act 1988 (valuation of trading stock at discontinuance).
(4)In this paragraph, trading stock and trade have the same meaning as in that section.
13(1)If a compensating payment is made to the transferor, the disposal value to be brought into account is the amount of the payment.
14(1)Paragraph 13(2) does not apply if the qualifying expenditure has been allocated to the main pool or a class pool.
that expenditure had been the only expenditure that had ever been taken into account in determining his available qualifying expenditure, and
all allowances had been made in full.
15(1)Paragraph 13 does not apply if—
16(1)Paragraph 13 does not apply if—
17(1)Paragraphs 12 to 16 have effect as if they were included in section 61 of the Allowances Act 2001.
19(1)If a compensating payment is made to the transferor, the proceeds from the balancing event are the amount of the payment.
(a)the proceeds from the balancing event are the amount which is equal to the residue of qualifying expenditure immediately before the transfer, and
(b)no balancing adjustment is to be made as a result of the event under section 319 of the Allowances Act 2001.
21Paragraphs 18 to 20 have effect as if they were included in Part 3 of the Allowances Act 2001.
23(1)If a compensating payment is made to the transferor, the proceeds from the balancing event are the amount of the payment.
24(1)Paragraph 23 does not apply to determine the proceeds from the balancing event if—
25Paragraphs 22 to 24 have effect as if they were included in Part 4A of the Allowances Act 2001.
27(1)If a compensating payment is made to the transferor, the disposal value he is required to bring into account is the amount of the payment.
28(1)Paragraph 27 does not apply to determine the disposal value to be brought into account if—
29Paragraphs 26 to 28 have effect as if they were included in Part 6 of the Allowances Act 2001.