UK Act of Parliament
2005
United Kingdom
Finance Act 2005
At a glance
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 206 other Schedules — structural / supplementary
The “ trustees' specially taxed income ” for the tax...
(1) The “vulnerable person's deemed CGT taxable amount” for the...
(1) The “ vulnerable person's notional section 77 gains ”...
(1) “Actual gains” means any chargeable gains which accrue to...
(1) “Assumed gains” means any chargeable gains, other than actual...
(1) For the purposes of paragraph 6 the “relevant assumptions”...
“ Disabled person ” means— (a) a person who by...
A person is to be treated as a disabled person...
A person is to be treated as a disabled person...
A person is to be treated as a disabled person...
A person (“A”) is to be treated as a disabled...
A person is to be treated as a disabled person...
A person is to be treated as a disabled person...
A person (“ A ”) is to be treated as...
A person is to be treated as a disabled person...
A person is to be treated as a disabled person...
A person is to be treated as a disabled person...
In this Schedule— “ armed forces independence payment ” means...
In this Schedule, “ relevant arrangements ” means—
In section 380 of ITTOIA 2005 (funding bonds), references to...
Chapter 2 of Part 15 of ITA 2007 (deduction of...
Chapters 3 to 5 of Part 15 of ITA 2007...
In Chapter 12 of Part 15 of ITA 2007 (funding...
Section 349 of ICTA (certain payments to be made subject...
In section 468L of ICTA (interest distributions), in subsection (9)(a),...
Section 477A of ICTA (building societies: regulations for deduction of...
Sections 480A to 482 of ICTA (relevant deposits: deduction of...
In section 582 of ICTA (funding bonds) references to interest...
Section 787 of ICTA (restriction of relief for payments of...
In paragraph 8(2)(a) of Schedule 10 to FA 1996 (loan...
(1) Section 42 of F(No.2)A 1992 (relief for production or...
(1) In section 48 of F(No.2)A 1997 (which modifies section...
(1) Section 138 of ITTOIA 2005 (certified master versions: production...
(1) Section 138A of ITTOIA 2005 (certified master versions: acquisition...
(1) In section 139 of ITTOIA 2005 (certified master versions:...
(1) In section 140 of ITTOIA 2005 (certified master versions:...
(1) Section 141 of ITTOIA 2005 (“total production expenditure in...
(1) In section 142 of ITTOIA 2005 (when expenditure is...
Section 118ZM of ICTA (partnerships exploiting films: supplementary), as that...
(1) Section 40A of F(No.2)A 1992 (revenue nature of expenditure...
(1) Section 40B of F(No.2)A 1992 (allocation of expenditure to...
(1) Section 101 of FA 2002 (restriction of relief for...
In section 40C of F(No.2)A 1992 (cases where section 40B...
(1) Section 40D of F(No.2)A 1992 (election for sections 40A...
(1) Section 41 of F(No.2)A 1992 (relief for preliminary expenditure)...
(1) Section 42 of F(No.2)A 1992 (relief for production or...
(1) Section 43 of F(No.2)A 1992 (interpretation of provisions relating...
In Schedule 12 to FA 1997 (leasing arrangements: finance leases...
(1) Section 48 of F(No. 2)A 1997 (which modifies section...
(1) Paragraph 116 of Schedule 3 to CAA 2001 (transitional...
Section 99 of FA 2002 (restriction of relief to films...
In Schedule 29 to that Act (gains and losses of...
(1) For section 138 of ITTOIA 2005 (certified master versions:...
(1) ITTOIA 2005 is amended as follows.
(1) The amendment made by paragraph 21(3), so far as...
(1) For the purposes of this Schedule “pre-announcement expenditure” means...
(1) For the purposes of this Schedule a film was...
For the purposes of this Schedule— “film” is to be...
(1) Section 139 of ITTOIA 2005 (certified master versions: production...
(1) Section 140 of ITTOIA 2005 (certified master versions: acquisition...
(1) After section 140 of ITTOIA 2005 insert— Interpretation of...
(1) This paragraph applies in relation to any claim for...
(1) This paragraph applies in relation to relief under section...
(1) Section 42 of F(No.2)A 1992 (relief for production or...
In section 74 of ICTA (general rules as to deductions...
After paragraph 5 of Schedule 9 to FA 1996 insert—...
(1) Paragraph 6 of Schedule 9 to FA 1996 (impairment...
Omit paragraph 6B of Schedule 9 to FA 1996 (impairment...
After paragraph 6C of Schedule 9 to FA 1996 insert—...
(1) The following provisions of Schedule 9 to FA 1996...
(1) Schedule 12 to FA 1997 (leasing arrangements: finance leases...
In section 43A of ICTA (rent factoring: meaning of “finance...
In section 501A of ICTA (supplementary charge in respect of...
(1) Section 747A of ICTA (special rule requiring chargeable profits...
Section 836A of ICTA (meaning of generally accepted accounting practice)...
(1) Section 85B of FA 1996 (loan relationships: amounts recognised...
(1) Section 94A of FA 1996 (loan relationships with embedded...
(1) Section 89 of ICTA (debts proving to be irrecoverable...
In Schedule 12 to FA 1997 (leasing arrangements: finance leases...
In section 219 of CAA 2001 (finance leases), in subsection...
After paragraph 25 of Schedule 26 to FA 2002 (debits...
In paragraphs 38(1) and (3) and 38A(1) and (3) of...
In paragraph 54 of Schedule 26 to FA 2002 (derivative...
(1) Paragraph 6 of Schedule 29 to FA 2002 (gains...
In paragraph 8(1) of Schedule 29 to FA 2002 for...
(1) Section 94 of ICTA (debts deducted and subsequently released)...
In paragraphs 9(1), 12(1), 14(1), 16(1), 17(1), 26(1)(a), 103(2) and...
In paragraph 13(1)(a) of Schedule 29 to FA 2002 for...
In paragraphs 27 and 28 of Schedule 29 to FA...
In paragraph 29 of Schedule 29 to FA 2002 (intangible...
In Part 7 of Schedule 29 to FA 2002 (intangible...
For paragraph 116A of Schedule 29 to FA 2002 (intangible...
(1) Paragraph 134 of Schedule 29 to FA 2002 (intangible...
In paragraph 143 of Schedule 29 to FA 2002 (intangible...
In Schedule 5 to ITEPA 2003 (enterprise management incentives), in...
In section 50 of FA 2004 (generally accepted accounting practice),...
(1) Section 103 of ICTA (receipts after discontinuance) is amended...
In sections 50(6), 51(6), 52(3) and 54(2) of FA 2004...
In Part 4 of Schedule 10 to FA 2004 (amendments...
(1) This paragraph applies to regulations under any of the...
In section 799 of ICTA (double taxation relief: computation of...
In section 834(1) of ICTA (interpretation of the Corporation Tax...
After Part 3 of CAA 2001 insert— PART 3A BUSINESS...
In section 573(1) of CAA 2001 (transfers treated as sales),...
(1) Part 2 of Schedule 1 to CAA 2001 (list...
In section 1(2) of CAA 2001 (capital allowances provided for...
In section 2(3) of CAA 2001 (provisions about giving effect...
In section 3 of CAA 2001 (claims for capital allowances)...
In section 537(1) of CAA 2001 (general conditions for making...
In section 546 of CAA 2001 (interpretation of VAT provisions),...
In section 567(1) of CAA 2001 (Parts of Act for...
In section 570(1) of CAA 2001 (elections under section 569...
In section 570A(1) of CAA 2001 (avoidance affecting proceeds of...
Schedule 22 to FA 2000 shall be amended as follows....
After paragraph 22E insert— Flagging: restrictions where ship ceases to...
After paragraph 43 insert— The requirement to prove compliance with...
(1) Paragraph 68 is amended as follows.
(1) Paragraph 85 is amended as follows.
(1) Paragraph 92 is amended as follows.
(1) Paragraph 104 is amended as follows.
Omit paragraph 105.
(1) Paragraph 147 is amended as follows.
(1) Subject to paragraphs 19 to 21, paragraphs 4 to...
(1) If a withdrawal notice is given on or before...
(1) Paragraph 13 is amended as follows.
In relation to the financial year 2005, Schedule 22 to...
Where a company (whether or not a member of a...
After paragraph 15 (and before Part 3) insert— Withdrawal notices...
(1) Paragraph 19 is amended as follows.
(1) Paragraph 20 is amended as follows.
After paragraph 20 insert— Qualifying dredgers and tugs (1) This paragraph applies where a company operates a ship...
(1) Paragraph 22 is amended as follows.
After paragraph 22 insert— Flagging: rule for ships other than...
After paragraph 22C insert— Flagging: rule on first operation of...
Part 4 of FA 2003 is amended in accordance with...
After section 71 insert— Alternative property finance: land sold to...
(1) Section 72 (alternative property finance: land sold to financial...
After section 72 insert— Alternative property finance in Scotland: land...
(1) Section 73 (alternative property finance: land sold to individual...
In section 122 (index of defined expressions), in the entry...
(1) Paragraphs 2 and 3, and paragraphs 5 and 6...
(1) Schedule 6 to FA 2003 (disadvantaged areas relief) is...
(1) The Stamp Duty (Disadvantaged Areas) (Application of Exemptions) Regulations...
(1) Subject to sub-paragraph (2), paragraph 1 applies in relation...
Part 4 of FA 2004 (pension schemes etc.) is amended...
In the table in section 280(2) (index of defined expressions),...
(1) Paragraph 2 of Schedule 28 (scheme pensions) is amended...
In Schedule 28 (authorised pensions), after paragraph 2 insert— (1) Where this paragraph applies in relation to a pension...
(1) Paragraph 3 of Schedule 28 (lifetime annuity) is amended...
(1) Paragraph 6 of Schedule 28 (short-term annuity) is amended...
(1) Paragraph 17 of Schedule 28 (dependants' annuity) is amended...
(1) Paragraph 20 of Schedule 28 (dependants' short-term annuity) is...
In the table in section 280(2) (index of defined expressions),...
(1) Paragraph 8 of Schedule 28 (member's unsecured pension fund)...
(1) Paragraph 10 of Schedule 28 (“unsecured pension years” etc.)...
In section 153(8) (deferred annuity contract to be registered pension...
(1) Paragraph 22 of Schedule 28 (dependant's unsecured pension fund)...
(1) Paragraph 24 of Schedule 28 (“unsecured pension years” etc.)...
In paragraph 3(8) of Schedule 29 (pension commencement lump sum:...
(1) Schedule 32 (benefit crystallisation events: supplementary) is amended as...
In paragraph 15 of Schedule 28 (meaning of “dependant”), after...
(1) Paragraph 16 of Schedule 28 (dependants' scheme pension) is...
In Schedule 28 (authorised pensions), after paragraph 16 insert— (1) Paragraphs 16B and 16C apply where—
(1) Paragraph 17 of Schedule 28 (dependants' annuity) is amended...
In section 153 (registration of pension schemes), after subsection (8)...
(1) Paragraph 3 of Schedule 29 (pension commencement lump sum:...
In the table in section 216(1) (benefit crystallisation events and...
In paragraph 4(1) of Schedule 32 (benefit crystallisation events 4:...
In the table in section 280(2) (index of defined expressions),...
(1) Paragraph 1 of Schedule 29 (meaning of “pension commencement...
(1) Paragraph 3 of Schedule 29 (applicable amount limit) is...
In section 169 (recognised transfers), after subsection (1) insert—
(1) Section 172 (assignment of benefit to which member has...
After section 172 insert— Surrender (1) Subsection (2) applies if a member of a registered...
After section 196 insert— Power to restrict relief (1) The Board of Inland Revenue may make regulations for...
After section 266 insert— Relief from liability in respect of...
After section 246 insert— Case where no relief for provision...
In section 215 (amount of lifetime allowance charge), omit—
In the table in section 216(1) (benefit crystallisation events and...
(1) Schedule 32 (benefit crystallisation events: supplementary) is amended as...
(1) Section 220 (lifetime allowance enhancement factor in case of...
In paragraph 4(c) of Schedule 33 (meaning of “relevant migrant...
In section 251(4)(a) (persons to whom scheme administrators can be...
After section 255 insert— Payment Electronic payment (1) The Board of Inland Revenue may give directions requiring...
(1) After section 273 insert— Insurance company liable as scheme...
In section 161(5) (payment made to person who is connected...
Before section 275 insert— Power to split schemes (1) The Board of Inland Revenue may make regulations for...
In paragraph 3(2) of Schedule 36 (power to modify rules...
(1) Schedule 36 (transitional provisions) is amended as follows.
(1) Schedule 36 (transitional provisions) is amended as follows.
(1) Schedule 36 (transitional provisions) is amended as follows.
(1) Schedule 36 (transitional provisions) is amended as follows.
In Schedule 36 (transitional provisions), after paragraph 23 insert— (1) Where— (a) paragraph 19 applies to a benefit crystallisation...
In the substituted sub-paragraph (7) set out in paragraph 34(2)...
(1) Schedule 36 (transitional provisions) is amended as follows.
In section 636B(3) of ITEPA 2003 (trivial commutation and winding-up...
(1) Section 162 (meaning of “loan”) is amended as follows....
In section 683(3) of ITEPA 2003 (PAYE pension income), after...
In Schedule 36 to FA 2004 (transitional provisions), omit—
In sections 348(1A) and 349(1A) of ICTA (deduction of tax),...
Section 613(1) and (2) of ICTA (tax relief for contributions...
(1) Subject as follows, the preceding provisions of this Schedule...
In section 165(3) (when a person becomes entitled to a...
(1) Schedule 32 (benefit crystallisation events: supplementary) is amended as...
In section 279(1) (definitions), before the definition of “the Board...
Browse 113 other sections — procedural / definitional / commencement
Rates of tobacco products duty
Rate of duty on beer
Rates of duty on wine and made-wine
Consolidation of current rates of hydrocarbon oil duties
Rates of hydrocarbon oil duties etc. from 1st September 2005
Rates of gaming duty
Rates
Charge and rates for 2005-06
Personal allowances for those aged 65 or more
Charge and main rate for financial year 2006
Small companies' rate and fraction for financial year 2005
Corporation tax starting rate and fraction for financial year 2005
Non-corporate distribution rate for financial year 2005
Special trust rates not to apply to first slice of trust income
Childcare vouchers: exempt amount
Extension of exemptions for childcare, workplace parking, cycles etc
Transfer of previously loaned computer or cycle etc
Extension of outplacement services etc exemption: part-time employees
Armed forces pensions and compensation schemes
Research institution spin-out companies
Research institution spin-out companies: pre-2nd December 2004 cases
Capital gains
Introduction
Entitlement to make claim for special tax treatment
Qualifying trusts income: special income tax treatment
Amount of relief
Trustees' liability: TQTI
Vulnerable person's liability: VQTI
Disapplication of section 629 of ITTOIA 2005
Part years
Qualifying trusts gains: special capital gains tax treatment
UK resident vulnerable persons: amount of relief
Non-UK resident vulnerable persons: amount of relief
Vulnerable person's liability: VQTG
Disabled persons
Relevant minors
Parts of assets
Vulnerable person election
Meaning of “disabled person”
Meaning of “relevant minor”
Power to make enquiries
Interpretation etc.
Application in relation to Scotland
Penalties under TMA 1970
Consequential amendments
Commencement
Alternative finance arrangements
Alternative finance arrangements: purchase and re-sale
Alternative finance arrangements: diminishing shared ownership
Arrangements within section 47: foreign currency and non-residents
Alternative finance arrangements: alternative finance investment bond: introduction
Alternative finance arrangements: alternative finance investment bond: effects
Alternative finance arrangements: deposit
Alternative finance arrangements: profit share agency
Treatment of alternative finance arrangements: companies
Treatment of alternative finance arrangements: persons other than companies
Discount
Provision not at arm's length
Treatment of section 47 , 47A or 48A arrangements: sale and purchase of asset
Return not to be treated as distribution
Treatment of section 47, 49 and 49A arrangements as loans: Community Investment Tax Relief
Further provisions
Application of Chapter
Interpretation of Chapter
Relief for production and acquisition expenditure on limited-budget films
Restrictions on relief for production and acquisition expenditure
Deferred income agreements which exist when relief claimed
Meaning of “deferred income agreement in respect of a film”
Deferred income agreements entered into after relief claimed
Sections 60 to 62: supplementary
Transitional provision for years of assessment before the year 2005-06
Corresponding provision in ITTOIA 2005
When a chargeable event occurs
Consequences of a chargeable event: exit event X or Y
Exit event Z: a relevant disposal at an undervalue
Consequences of a chargeable event: exit event Z
Valuation of the “rights to guaranteed income” and “disposed rights”
Meaning of “company” and related terms
Removal of restrictions on interest relief
Meaning of “contribution to the trade”
Recovery of excess relief given under section 380 or 381 of ICTA
Computing the chargeable amount
Meaning of “relevant loss”
Transitional provision for years of assessment before the year 2005-06
Consequential amendments
Meaning of “capital contribution to the trade”
Accounting practice and related matters
Computation of profits: change of accounting basis
Change of accounting practice: deferment of transitional adjustments
Application of accounting standards to securitisation companies
Taxation of securitisation companies
Dividends by reference to which a deduction is allowed: no underlying tax
Limits on credit: income tax and corporation tax: trading profits
Schemes and arrangements designed to increase relief
Self-assessment amendments
ADP dividends and double taxation relief
Foreign taxation of group as single entity: exclusion of ADP CFCs
Tax avoidance involving annual payments and double taxation relief
Capital allowances: renovation of business premises in disadvantaged areas
Tonnage tax
Alternative property finance
Raising of thresholds
Removal of disadvantaged areas relief for non-residential property
Demutualisation of insurance companies
Rates and rate bands for the next three years
Rate of landfill tax
Lorry road-user charge
Pension schemes etc.
Pension Protection Fund etc.
Civil partnerships etc
Repeals
Interpretation
Short title
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