File your first Self Assessment tax return
- 1 step
UK Act of Parliament
2007
United Kingdom
Income Tax Act 2007
At a glance
Enforced by
What's here
47 compliance obligations, 14 practical guides across 4 topics · 13 journeys
Penalty landscape
2 of 47 obligations carry an unlimited fine. 45 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 30
- Any Person 9
- Director or Officer 4
Plus 4 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Manage your tax compliance
- 2 steps
Set up a charity
- 2 steps
Change your business structure
- 2 steps
Self Assessment for landlords
- 1 step
Start a financial services business
- 1 step
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
3 guidesSupporting — topic alignment
4 guidesMentioned in related content
7 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
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.
Part 1 — Overview
Browse 2 other sections in this Part — procedural / definitional / commencement
Overview of Income Tax Acts
Overview of Act
Part 2 — Basic provisions
Browse 51 other sections in this Part — procedural / definitional / commencement
Overview of charges to income tax
Income tax an annual tax
Income tax and companies
The ... basic rate , higher rate and additional rate
The Scottish basic, higher and additional rates
The Welsh rates
The default basic, higher and additional rates
The property basic, higher and additional rates
The starting rate for savings and savings nil rate
The savings basic, higher and additional rates
The dividend nil rate, dividend ordinary rate, dividend upper rate and dividend additional rate
The trust rate and dividend trust rate
Overview of sections 10 to 15
Income charged at the ... basic , higher and additional rates: individuals
Income charged at the default basic rate: non-individuals
Income charged at Scottish rates
Income charged at the Welsh basic, higher and additional rates
Income charged at the default basic, higher and additional rates: non-UK resident individuals
Income charged at the property basic, higher and additional rates: individuals
Income charged at the Welsh property basic, higher and additional rates: individuals
Income charged at the property basic rate: non-individuals
Income charged at the savings basic, higher and additional rates : individuals
Income charged at the savings basic rate: non-individuals
Income charged at the starting rate for savings
Savings income charged at the savings nil rate
Individual's entitlement to a savings allowance
Income charged at the dividend ordinary , dividend upper and dividend additional rates: individuals
Income charged at the dividend nil rate
Income charged at the dividend ordinary rate: other persons
Income charged at the trust rate , the property trust rate, the savings trust rate and the dividend trust rate
Savings and dividend income to be treated as highest part of total income
Treatment of property income in hierarchy of total income
Repayment: tax paid at greater rate instead of starting rate for savings or savings nil rate
Meaning of “property income”
Meaning of “savings income”
Meaning of “dividend income”
The starting rate limit and the basic rate limit
Indexation of the basic rate limit and starting rate limit for savings
Overview of Chapter
The calculation of income tax liability
Reliefs deductible at Step 2
Limit on Step 2 deductions
Calculation of net income at Step 2 for low income estates and trusts
Reliefs and allowances deductible at Steps 2 and 3: supplementary
Tax reductions
Order of deducting tax reductions: individuals
Order of deducting tax reductions: other persons
Tax reductions: supplementary
Additional tax
Total income: supplementary
Liability not dealt with in the calculation
Part 3 — Personal reliefs
Browse 33 other sections in this Part — procedural / definitional / commencement
Overview of Part
Allowances under Chapter
Personal allowance
Personal allowance for those born after 5 April 1938 but before 6 April 1948
Personal allowance for those born before 6 April 1938
Blind person's allowance
Transfer of part of blind person's allowance to a spouse or civil partner
Election for transfer of allowance under section 39
Allowances in year of death
Tax reductions under Chapter
Meaning of “the minimum amount”
Meaning of “relevant conversion”
Election for new rules to apply
Marriages before 5 December 2005
Marriages and civil partnerships on or after 5 December 2005
Election by individual to transfer relief under section 45 or 46
Joint election to transfer relief under section 45 or 46
Election for partial transfer back of relief
Procedure for making and withdrawing elections under sections 47 to 49
Transfer of unused relief
Transfer back of unused relief
Transfer of unused relief: general
Tax reductions in the year of marriage or entry into civil partnership
Sections 45 to 53: supplementary
Tax reduction under Chapter
Tax reduction: entitlement
Election to reduce personal allowance
Procedure for elections under section 55C
Limitation on number of tax reductions and elections
Residence etc of claimants
Indexation of allowances
Personal allowance linked to national minimum wage
Meaning of “adjusted net income”
Part 4 — Loss relief
Overview of Chapter
Amended 5 timesRestriction on reliefs for limited partners
Amended 2 timesMeaning of “contribution to the firm”
Amended 1 timeMeaning of “limited partner”
Amended 1 timeRestriction on reliefs for members of LLPs
Amended 2 timesMeaning of “contribution to the LLP”
Amended 1 timeRestriction on reliefs for non-active partners in early tax years
Amended 2 timesMeaning of “contribution to the firm”
Amended 1 timeUnrelieved losses brought forward
Amended 1 timeExclusion of amounts contributed to access relief
Amended 1 timeRestrictions on reliefs for firms exploiting films
Amended 2 timesExclusion from restrictions under section 115: certain film expenditure
Amended 1 timeExcess loss allocation to partners who are individuals
Amended 1 timeOverview of Chapter
Amended 6 timesCarry forward against subsequent property business profits
Amended 1 timeDeduction of property losses from general income
Amended 3 timesHow relief works
Amended 1 timeMeaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”
Amended 1 timePost-cessation property relief
Amended 1 timeUK furnished holiday lettings business treated as trade
Amended 2 timesNo relief for tax-generated losses attributable to annual investment allowance
Amended 2 timesNo relief for tax-generated agricultural expenses
Amended 2 timesRestriction of relief: cash basis
Amended 2 timesExcess loss allocation to partners who are individuals
Amended 2 timesEEA furnished holiday lettings business treated as trade
Amended 2 timesEmployment loss relief against general income
Amended 1 timeHow relief works
Amended 1 timeHow relief works
Amended 1 timeQualifying trading companies
Amended 2 timesDisposals of new shares
Amended 1 timeThe trading requirement
Amended 1 timeThe control and independence requirement
Amended 1 time- Ensure your company stays independent and does not control non-qualifying subsidiaries Trader
The gross assets requirement
- Maintain gross asset limits for share loss relief eligibility Trader
The unquoted status requirement
Amended 1 timeSubstitution of new shares for old shares
Amended 1 timeLimits on share loss relief
Amended 8 timesDisposal of shares forming part of mixed holding
Amended 5 timesDeemed time of issue for certain shares
Amended 1 timeInterpretation of Chapter
Amended 6 timesLosses from miscellaneous transactions
Amended 13 timesHow relief works
Amended 2 timesTransactions in deposit rights
Amended 2 timesAnti-avoidance
Amended 2 timesTime limit for claiming relief
Amended 4 timesBrowse 72 other sections in this Part — procedural / definitional / commencement
Overview of Part
Overview of Chapter
Non-partners: losses of a tax year
Partners: losses of a tax year etc
Prohibition against double counting
Deduction of losses from general income
How relief works
Restriction on relief unless trade is commercial
Restriction on relief in case of farming or market gardening
Reasonable expectation of profit
Whether trade is the same trade
Determining losses in previous tax years
Treating trade losses as CGT losses
Relief for individuals for losses in first 4 years of trade
How relief works
Restrictions on relief unless trade is commercial etc
Reliefs in any tax year not to exceed cap for tax year
No relief for tax-generated losses
Meaning of “non-active capacity” for purposes of section 74A etc
Meaning of “qualifying film expenditure” for purposes of sections 74ZA and 74A
No relief where cash basis used to calculate losses
No relief for tax-generated losses
Trade leasing allowances given to individuals
First-year allowances and annual investment allowances: introduction
First-year allowances: partnerships with companies
First-year allowances and annual investment allowances: arrangements to reduce tax liabilities
Capital allowances restrictions: supplementary
Ring fence income
Dealings in commodity futures
Exploitation of films
Carry forward against subsequent trade profits
How relief works
Use of trade-related interest and dividends if trade profits insufficient
Trade transferred to a company
Ring fence trades
Carry forward of certain interest as loss
Carry back of losses on a permanent cessation of a trade
Losses that are “terminal losses”
How relief works
Use of trade-related interest and dividends if trade profits insufficient
Mineral extraction trade and carry back of balancing allowances
Carry back of certain interest as loss
Foreign trades etc: reliefs only against foreign income
Post-cessation trade relief
Meaning of “qualifying payment”
Meaning of “qualifying event” etc
Denial of relief for tax-generated payments or events
Reduction of relief for unpaid trade expenses
Prohibition against double counting
Treating excess post-cessation trade relief as CGT loss
Meaning of “sideways relief”, “capital gains relief” and “firm”
Meaning of “limited partner”
Meaning of “non-active partner” etc
Limit on reliefs in any tax year not to exceed cap for tax year
Meaning of “qualifying film expenditure”
Unrelieved losses brought forward
Meaning of “early tax year”
Power to exclude other amounts
How relief works
Meaning of “the applicable amount of the loss”
Supplementary
Treating excess post-cessation property relief as CGT loss
Treating loss in employment or office as CGT loss
Share loss relief
Entitlement to claim
Subscriptions for shares
Ceasing to meet trading requirement because of administration or receivership
The qualifying subsidiaries requirement
The property managing subsidiaries requirement
Power to amend requirements by Treasury order
Relief after an exchange of shares for shares in another company
Section 148: supplementary
Part 5 — Enterprise investment scheme
Eligibility for EIS relief
Amended 6 timesRisk-to-capital condition
Amended 6 timesForm and amount of EIS relief
Amended 14 timesOther tax reliefs relating to EIS
Amended 1 timeOverview of Chapter
Amended 2 timesThe no tax avoidance requirement
- Ensure EIS share investments are for genuine commercial reasons Any Person
Connection with issuing company
Amended 1 timeDirectors qualifying for relief despite connection
Amended 1 timePersons interested in capital etc of company
Amended 6 timesOverview of Chapter
Amended 8 timesThe shares requirement
Amended 3 times- Ensure shares meet specific criteria for tax relief eligibility Trader
The maximum amount raised annually through risk finance investments requirement
Amended 3 timesMaximum risk finance investments at the issue date requirement
Amended 3 timesMaximum risk finance investments during period B requirement
Amended 3 times- Stay within risk finance investment limits during period B Trader
The spending of money raised by SEIS investment requirement
Amended 3 timesThe purpose of the issue requirement
Amended 3 timesThe use of the money raised requirement
Amended 8 timesThe permitted maximum age requirement
Amended 8 timesThe minimum period requirement
- Ensure trade or research activity meets the 4-month minimum period Trader
The no pre-arranged exits requirement
Amended 1 time- Do not pre-arrange exit strategies for tax-advantaged share issues Trader
The no tax avoidance requirement
- Ensure share issues are for commercial reasons and not tax avoidance Director or Officer
Meaning of “qualifying business activity”
Amended 6 timesOverview of Chapter
Amended 3 timesThe UK permanent establishment requirement
Amended 3 times- Maintain a UK permanent establishment Trader
The financial health requirement
Amended 3 times- Ensure your company meets the financial health requirement Trader
The trading requirement
- Ensure your company meets the trading requirement for tax relief Trader
The unquoted status requirement
Amended 2 timesThe control and independence requirement
- Maintain independence and control requirements for tax relief eligibility Trader
The gross assets requirement
Amended 8 timesThe number of employees requirement
Amended 8 timesThe property managing subsidiaries requirement
- Ensure property managing subsidiaries are qualifying 90% subsidiaries Trader
Meaning of “qualifying 90% subsidiary”
Amended 3 timesMeaning of “qualifying subsidiary”
Amended 1 timeMeaning of “permanent establishment”
Amended 1 timeMeaning of “excluded activities”
Amended 13 timesExcluded activities: wholesale and retail distribution
Amended 1 timeExcluded activities: leasing of ships
Amended 1 timeExcluded activities: receipt of royalties and licence fees
Amended 6 timesExcluded activities: provision of services or facilities for another business
Amended 4 timesPower to amend by Treasury order
Amended 3 timesCompliance certificates
- Issue EIS compliance certificates and provide compliance statement Trader
Compliance statements
- Submit EIS compliance statement to HMRC within set deadlines Trader
Disposal of shares
Amended 3 timesCases where maximum EIS relief not obtained
Amended 2 timesValue received by the investor
Amended 4 timesCases where maximum EIS relief not obtained
Amended 2 timesRepayments etc of share capital to other persons
Amended 6 timesMaximum relief not obtained for share issue
Amended 2 timesRepayment of authorised minimum within 12 months
Amended 2 timesAcquisition of a trade or trading assets
Amended 2 timesRelief subsequently found not to have been due
Other duties (1) — Crown / regulator
- HMRC must withdraw EIS tax relief if requirements are not met Statutory regulator
Time limits for assessments
Amended 4 timesDate from which interest is chargeable
Amended 6 timesInformation to be provided by the issuing company etc
Amended 1 time- Notify HMRC if your company loses EIS tax relief eligibility Trader
Power to require information in other cases
Amended 3 timesIdentification of shares on a disposal
Amended 3 timesContinuity of EIS relief where issuing company is acquired by new company
Amended 1 timeSubstitution of new shares for old shares
Amended 2 timesApproved knowledge-intensive fund as nominee
Amended 16 timesPowers to amend Chapters 2 to 4 by Treasury regulations
Amended 16 timesMeaning of a company being “in administration” or “in receivership”
Amended 1 timeMeaning of “knowledge-intensive company”
Amended 1 timeKnowledge-intensive company reaching turnover of £200,000
Amended 1 timeMinor definitions etc
Amended 4 timesBrowse 60 other sections in this Part — procedural / definitional / commencement
Meaning of “EIS relief” and commencement
Periods A, B and C
Overview of other Chapters of Part
The no connection with the issuing company requirement
The no linked loans requirement
The existing shareholdings requirement
Employees, directors and partners
Directors excluded from connection
Persons subscribing for shares under certain arrangements
The no disqualifying arrangements requirement
Ceasing to meet trading requirement because of administration or receivership
The issuing company to carry on the qualifying business activity requirement
The qualifying subsidiaries requirement
Meaning of “qualifying trade”
Excluded activities: property development
Excluded activities: shipbuilding
Excluded activities: producing coal
Excluded activities: producing steel
Excluded activities: hotels and comparable establishments
Excluded activities: nursing homes and residential care homes
Excluded activities: ... export of electricity
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Attribution of EIS relief to shares
Time for making claims for EIS relief
Entitlement to claim
Appeal against refusal to authorise compliance certificate
Penalties for fraudulent certificate or statement etc
Overview of Chapter
Call options
Put options
Value received: receipts of insignificant value
Meaning of “receipts of insignificant value”
When value is received
The amount of value received
Value received where there is more than one issue of shares
Value received where part of share issue treated as made in previous tax year
Receipts of value by and from connected persons etc
Receipt of replacement value
Section 222: supplementary
Insignificant repayments ignored for purposes of section 224
Amount of repayments etc where there is more than one issue of shares
Single issue affecting more than one individual
Single issue treated as made partly in previous tax year
Restriction on withdrawal of relief under section 224
Acquisition of share capital
Assessments for the withdrawal or reduction of EIS relief
Appeals against section 234(3)(b) notices
Cases where assessment not to be made
Information to be provided by the investor
Power to require information where section 240 or 241 applies or could have applied
Obligations of secrecy
Transfers between spouses or civil partners
Carry over of obligations etc where EIS relief attributed to new shares
Nominees and bare trustees
Meaning of “associate”
Meaning of “disposal of shares”
Meaning of “issue of shares”
Meaning of “the termination date”
Meaning of “the EIS original rate”
Meaning of “specified Northern Ireland company”
Part 5A — Seed enterprise investment scheme
Meaning of “SEIS relief” and commencement
Amended 4 timesEligibility for SEIS relief
Amended 4 timesRisk-to-capital condition
Amended 4 timesForm and amount of SEIS relief
Amended 4 timesMeaning of “period A” and “period B”
Amended 4 timesOverview of other Chapters of Part
Amended 4 timesCGT reliefs relating to SEIS
Amended 4 timesOverview of Chapter
Amended 4 timesThe no employee investors requirement
Amended 4 timesThe no substantial interest in the issuing company requirement
Amended 4 timesThe no related investment arrangements requirement
Amended 4 timesThe no linked loan requirement
Amended 4 timesThe no tax avoidance requirement
Amended 4 timesPersons with a substantial interest in a company
Amended 4 timesOverview of Chapter
Amended 4 timesThe shares requirement
Amended 4 timesThe purpose of the issue requirement
Amended 4 timesThe spending of the money raised requirement
Amended 4 timesThe no pre-arranged exits requirement
Amended 4 times- Do not set up pre-arranged exits for SEIS shares Trader
The no tax avoidance requirement
Amended 4 timesThe no disqualifying arrangements requirement
Amended 4 timesOverview of Chapter
Amended 4 timesThe trading requirement
Amended 4 timesCeasing to meet trading requirement: administration etc
Amended 4 timesThe issuing company to carry on the qualifying business activity
Amended 4 times- Ensure the issuing company carries out the qualifying business activity Trader
The UK permanent establishment requirement
Amended 4 times- Maintain a UK permanent establishment throughout period B Trader
The financial health requirement
Amended 4 times- Ensure your company is not 'in difficulty' to qualify for tax relief Trader
The unquoted status requirement
Amended 4 timesThe control and independence requirement
Amended 4 times- Maintain independence and control requirements for SEIS compliance Trader
The no partnerships requirement
Amended 4 times- Your company must not be a member of a partnership Trader
The gross assets requirement
Amended 4 timesThe number of employees requirement
Amended 4 timesNo previous other risk capital scheme investments
Amended 4 timesThe amount raised through the SEIS
Amended 4 times- Limit SEIS fundraising to £250,000 over a three-year period Trader
The qualifying subsidiaries requirement
Amended 4 timesThe property managing subsidiaries requirement
Amended 4 timesAttribution of SEIS relief to shares
Amended 4 timesTime for making claims for SEIS relief
Amended 4 timesEntitlement to claim
Amended 4 timesCompliance certificates
Amended 4 times- Obtain HMRC authority before issuing SEIS compliance certificates Trader
Compliance statements
Amended 4 times- Submit SEIS compliance statement with correct timing and content Trader
Appeal against refusal to authorise compliance certificate
Amended 4 timesPenalties for fraudulent certificate or statement etc
Amended 4 timesPower to amend sections 257EC and 257ED
Amended 4 timesOverview of Chapter
Amended 4 timesDisposal of shares
Amended 4 timesCases where maximum SEIS relief not obtained
Amended 4 timesCall options
Amended 4 timesPut options
Amended 4 timesValue received by the investor
Amended 4 timesValue received: receipts of insignificant value
Amended 4 timesMeaning of “a receipt of insignificant value”
Amended 4 timesWhen value is received
Amended 4 timesThe amount of value received
Amended 4 timesValue received where there is more than one issue
Amended 4 timesValue received where part of issue treated as made in previous tax year
Amended 4 timesCases where maximum SEIS relief not obtained
Amended 4 timesReceipts of value by and from connected persons etc
Amended 4 timesReceipt of replacement value
Amended 4 timesSection 257FN: supplementary
Amended 4 timesAcquisition of trade or trading assets
Amended 4 timesAcquisition of share capital
Amended 4 timesRelief subsequently found not to have been due
Amended 4 timesAssessments for the withdrawal or reduction of SEIS relief
Amended 4 timesAppeals against section 257FR(3)(b) notices
Amended 4 timesTime limits for assessments
Amended 4 timesCases where assessments not to be made
Amended 4 timesDate from which interest is chargeable
Amended 4 timesInformation to be provided by the investor
Amended 4 timesInformation to be provided by the issuing company etc
Amended 4 times- Notify HMRC if SEIS tax relief conditions are no longer met Trader
Power to require information where section 257GE or 257GF applies or could have applied
Amended 4 timesPower to require information in other cases
Amended 4 timesObligations of secrecy
Amended 4 timesTransfers between spouses or civil partners
Amended 4 timesIdentification of shares on a disposal
Amended 4 timesContinuity of SEIS relief where issuing company is acquired by new company
Amended 4 timesCarry over of obligations etc where SEIS relief attributed to new shares
Amended 4 timesSubstitution of new shares for old shares
Amended 4 timesNominees and bare trustees
Amended 4 timesMeaning of “new qualifying trade”
Amended 4 timesMeaning of “qualifying business activity”
Amended 4 timesMeaning of “disposal of shares”
Amended 4 timesMeaning of “issue of shares”
Amended 4 timesMinor definitions
Amended 4 timesPart 5B — Tax relief for social investments
Meaning of “ SI relief” and “social enterprise”
Amended 4 timesForm and amount of relief
Amended 4 timesMeaning of “community benefit society”
Amended 4 timesCharities that are trusts
Amended 4 timesAccreditation as a social impact contractor
Amended 4 timesMeaning of “social impact contract”
Amended 4 timesAccreditations: supplementary provisions
Amended 4 times- Comply with social impact contractor accreditation requirements Trader
Period of accreditation as a social impact contractor
Amended 4 timesFunctions of Ministers of the Crown under sections 257JD to 257JG
Amended 4 timesEligibility for SI relief
Amended 4 timesKey to reading the rest of the Part
Amended 4 timesWhen investment is made, and “investment date”
Amended 4 times“Shorter applicable period” and “longer applicable period”
Amended 4 timesInvestment to be in new shares or new qualifying debt investments
Amended 4 timesCondition that the amount invested must have been paid over
Amended 4 timesThe no pre-arranged exits requirements
Amended 4 times- Ensure no pre-arranged exit or asset disposal for SEIS/SITR investments Director or Officer
The no risk avoidance requirement
Amended 4 timesThe no linked loans requirement
Amended 4 timesThe existing investments requirement
Amended 4 timesThe no tax avoidance requirement
Amended 4 timesThe no disqualifying arrangements requirement
Amended 4 timesRestrictions on being an employee, partner or paid director
Amended 4 timesThe requirement not to be interested in capital etc of social enterprise
Amended 4 timesRequirement for no collusion with a non-qualifying investor
Amended 4 timesThe continuing to be a social enterprise requirement
Amended 4 timesThe amount raised from investments potentially eligible for relief
Amended 4 timesPower to amend limits on amounts raised
Amended 4 timesThe gross assets requirement
Amended 4 timesThe unquoted status requirement
Amended 4 timesThe control and independence requirements
Amended 4 timesThe qualifying subsidiaries requirement
Amended 4 times- Ensure all subsidiaries are qualifying subsidiaries Director or Officer
The property-managing subsidiaries requirement
Amended 4 timesThe number of employees requirement
Amended 4 times- Keep employee numbers below 250 for social enterprise investment Director or Officer
The no partnership requirement
Amended 4 timesThe financial health requirement
Amended 4 timesThe trading requirement
Amended 4 timesCeasing to meet trading requirement: administration or receivership
Amended 4 timesThe issue must be to raise money for chosen trade or preparing for it
Amended 4 timesRequirement to use money raised and to trade for minimum period
Amended 4 timesThe social enterprise must carry on the chosen trade
Amended 4 timesMaximum amount where investment made in first 7 years
Amended 4 timesSection 257MNA: supplementary
Amended 4 timesMaximum amount for cases outside section 257MNA
Amended 4 timesLimit on investment in shorter applicable period
Amended 4 timesPower to amend limits on amounts that may be invested
Amended 4 timesMeaning of “qualifying trade”
Amended 4 timesMeaning of “excluded activity”
Amended 4 timesExcluded activities: nursing homes and residential care homes
Amended 4 timesExcluded activities: property development
Amended 4 timesExcluded activity: subsidised generation or export of electricity
Amended 4 timesExcluded activity: providing services or facilities for another business
Amended 4 timesMeaning of “qualifying subsidiary”
Amended 4 timesMeaning of “90% social subsidiary” of a social enterprise
Amended 4 timesExcluded activities: power to amend
Amended 4 timesAttribution of SI relief to investments
Amended 4 timesTime for making claims for SI relief
Amended 4 timesEntitlement to claim
Amended 4 timesCompliance statements
Amended 4 timesCompliance certificates
Amended 4 timesPenalties for fraudulent certificate or statement etc
Amended 4 timesPower to amend Chapter
Amended 4 timesEffect of the investor receiving value from the social enterprise
Amended 4 timesValue received: insignificant receipts
Amended 4 timesValue received where there is more than one issue of investments
Amended 4 timesValue received where part of investment treated as made in previous tax year
Amended 4 timesCases where maximum SI relief not obtained
Amended 4 timesWhen value is received
Amended 4 timesThe amount of value received
Amended 4 timesReceipts of value by and from connected persons etc
Amended 4 timesReceipt of replacement value
Amended 4 timesSection 257QH: supplementary
Amended 4 timesRepayments etc of share capital to other persons
Amended 4 timesInsignificant payments ignored for the purposes of section 257QJ
Amended 4 timesAmount of repayments etc if there is more than one issue of shares
Amended 4 timesSingle issue affecting more than one individual
Amended 4 timesSingle issue treated as made partly in previous tax year
Amended 4 timesMaximum relief not obtained for share issue
Amended 4 timesRepayment of authorised minimum within 12 months
Amended 4 timesAcquisition of a trade or trading assets
Amended 4 timesAcquisition of share capital
Amended 4 timesRelief subsequently found not to have been due
Amended 4 timesDisposal of whole or part of the investment
Amended 4 timesCases where maximum relief not obtained
Amended 4 timesCall options
Amended 4 timesPut options
Amended 4 times- Do not grant put options on Social Investment tax relief investments Any Person
Assessments for the withdrawal or reduction of SI relief
Amended 4 timesOther duties (1) — Crown / regulator
- HMRC must adjust your tax through an assessment if tax relief is reduced Statutory regulator
Appeals against section 257QS(3)(b) notices
Amended 4 timesTime limits for assessments
Amended 4 timesCases where assessment not to be made
Amended 4 timesDate from which interest is chargeable
Amended 4 timesInformation to be provided by the investor
Amended 4 times- Notify HMRC if your Social Investment tax relief needs to be reduced Any Person
Information to be provided by the social enterprise etc
Amended 4 timesPower to require information in section 257SE or 257SF cases
Amended 4 timesPower to require information in other cases
Amended 4 timesConfidentiality
Amended 4 timesTransfers between spouses or civil partners
Amended 4 timesIdentification of investments on a disposal
Amended 4 timesMeaning of a company being “in administration” or “in receivership”
Amended 4 timesMeaning of “associate”
Amended 4 timesMeaning of “control”
Amended 4 timesMinor definitions etc
Amended 4 timesPart 6 — Venture capital trusts
Eligibility for relief
Amended 3 timesForm and amount of relief
Amended 1 timeAssessment on withdrawal or reduction of relief
Amended 1 timeProvision of information
Amended 2 times- Notify HMRC if you lose VCT tax relief Trader
Requirements for the giving of approval
Amended 41 timesAlternative requirements for the giving of approval
Amended 2 timesConditions relating to income
Amended 2 timesConditions relating to value of investments: general
Amended 2 timesConditions relating to qualifying holdings and eligible shares
Amended 2 timesThe 80% qualifying holdings condition: disposal of holding
Amended 2 timesThe investment limits condition
Amended 2 timesThe minimum investment on further issue condition
Amended 2 timesThe permitted maximum age condition
Amended 2 timesThe no business acquisition condition
Amended 2 timesWithdrawal of VCT approval of a company
Amended 6 timesPower to make regulations as to procedure
Amended 7 timesInterpretation of Chapter
Amended 4 timesQualifying holdings: introduction
Amended 17 timesThe UK permanent establishment requirement
Amended 17 timesThe financial health requirement
Amended 17 timesThe risk-to-capital requirement
Amended 17 timesThe maximum qualifying investment requirement
Amended 7 timesThe proportion of eligible shares requirement
Amended 1 timeThe carrying on of a qualifying activity requirement
Amended 3 timesThe use of the money raised requirement
Amended 5 timesThe unquoted status requirement
Amended 2 timesThe gross assets requirement
Amended 8 timesThe number of employees requirement
Amended 8 times- Maintain employee headcounts within limits for tax-advantaged investment Trader
The proportion of skilled employees requirement
Amended 8 timesThe qualifying subsidiaries requirement
- Ensure all subsidiaries are qualifying subsidiaries Trader
Meaning of “qualifying trade”
Amended 2 timesMeaning of “qualifying 90% subsidiary”
Amended 3 timesMeaning of “excluded activities”
Amended 12 timesExcluded activities: receipt of royalties and licence fees
Amended 4 timesExcluded activities: provision of services or facilities for another business
Amended 2 timesPower to amend Chapter
Amended 3 timesInterpretation of Chapter
Amended 8 timesProvision that may be made by regulations under section 321
Amended 1 timeRestructuring to which sections 326A, 327 and 327A apply
Amended 4 timesCertain requirements of Chapter 3 to be treated as met
Amended 4 timesCertain requirements of Chapter 4 to be treated as met
Amended 10 timesFollow-on funding
Amended 10 timesPower to facilitate company reorganisations etc involving exchange of shares
Amended 7 timesNominees
Amended 7 timesPowers to amend Chapters 3 and 4 by Treasury regulations
Amended 7 timesMinor definitions etc
Amended 5 timesBrowse 60 other sections in this Part — procedural / definitional / commencement
Overview of Part
Venture capital trusts and VCT approvals
Other tax reliefs relating to VCTs
Entitlement to claim relief
No entitlement to relief if there is a linked loan
Restricting relief where there is a linked sale
No entitlement to relief which would have been lost if it had already been obtained
Loss of relief if shares disposed of within 5 years
Transfers of shares between spouses or civil partners
Loss of relief if VCT approval withdrawn
Loss of relief which is subsequently found not to have been due
Regulations as to procedure etc
Interpretation of Chapter
The 15% holding limit condition
Conditions relating to value of investments: qualifying holdings
Withdrawal of VCT approval in cases for which provision made under section 280(3)
Time as from which VCT approval has effect
The no guaranteed loan requirement
The trading requirement
Ceasing to meet requirements because of administration or receivership
The maximum amount raised annually through risk finance investments requirement
Maximum risk finance investments when relevant holding is issued requirement
Maximum risk finance investments during the 5-year post-investment period requirement
The spending of money raised by SEIS investment requirement
The relevant company to carry on the relevant qualifying activity requirement
The permitted company age requirement
The control and independence requirement
The property managing subsidiaries requirement
The no disqualifying arrangements requirement
Meaning of “qualifying subsidiary”
Meaning of “permanent establishment”
Excluded activities: wholesale and retail distribution
Excluded activities: leasing of ships
Excluded activities: property development
Excluded activities: shipbuilding
Excluded activities: producing coal
Excluded activities: producing steel
Excluded activities: hotels and comparable establishments
Excluded activities: nursing homes and residential care homes
Excluded activities: ... export of electricity
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Winding up of the relevant company
Power to require information relating to disqualifying arrangements
Power to treat VCT-in-liquidation as VCT
Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
Power to make provision about distributions by VCT-in-liquidation
Power to facilitate disposal to VCT by VCT-in-liquidation
Power in respect of periods before and after winding up
Sections 314 to 318: supplementary
Meaning of “VCT-in-liquidation”
Power to facilitate mergers of VCTs
Meaning of “merger” and “successor company”
Regulations under Chapter
Interpretation of Chapter
Supplementary
Conversion of convertible shares and securities
Meaning of a company being “in administration” or “in receivership”
Meaning of “knowledge-intensive company”
Knowledge-intensive company reaching turnover of £200,000
Meaning of “specified Northern Ireland company”
Part 7 — Community investment tax relief
Form and amount of CITR
Amended 1 timeCarry forward of CITR
Amended 1 timeApplication and criteria for accreditation
Amended 1 timeTerms and conditions of accreditation
Amended 2 timesOther duties (1) — Crown / regulator
- Secretary of State must set and enforce accreditation terms Crown / Minister / Government department
Conditions to be met in relation to securities
Amended 1 timeTax relief certificates
Amended 7 times- CDFI must not issue tax relief certificates exceeding investment limit Any Person
Investor must have beneficial ownership
- Ensure you have beneficial ownership of tax-advantaged investments Any Person
Securities or shares: no claim after disposal or excessive receipts of value
Amended 1 timeNo claim after loss of accreditation by the CDFI
Amended 1 timeAttribution: general
Amended 1 timeDisposal of securities or shares during 5 year period
Amended 2 timesValue received by investor during 6 year period: loans
Amended 1 timeValue received by investor during 6 year period: securities or shares
Amended 1 timeReceipts of insignificant value to be added together
Amended 1 timeValue received if there is more than one investment
Amended 1 timeEffect of receipt of value on future claims for CITR
Amended 1 timeManner of withdrawal or reduction of CITR
Amended 2 timesMeaning of “loan” and “interest”
Amended 2 timesPurchase and resale arrangements
Amended 2 timesDeposit arrangements
Amended 2 timesProfit share agency arrangements
Amended 2 timesInformation to be provided by the investor
Amended 1 timeMinor definitions etc
Amended 1 timeBrowse 32 other sections in this Part — procedural / definitional / commencement
Meaning of “CITR”
Eligibility for CITR
Meaning of “making an investment”
Determination of “the invested amount”
Meaning of “the 5 year period” and “the investment date”
Overview of other Chapters of Part
Period of accreditation
Delegation of Secretary of State's functions
Qualifying investments: introduction
Conditions to be met in relation to loans
Conditions to be met in relation to shares
No pre-arranged protection against risks
No control of CDFI by investor
No acquisition of share in partnership
No tax avoidance purpose
Loans: no claim after disposal or excessive repayments or receipts of value
Attribution: bonus shares
Overview of Chapter
Disposal of loan during 5 year period
Repayment of loan capital during 5 year period
When value is received
The amount of value received
Receipts of value by or from connected persons
CITR subsequently found not to have been due
Disclosure
Nominees
Application for postponement of tax pending appeal
Identification of securities or shares on a disposal
Meaning of “issue of securities or shares”
Meaning of “disposal”
Construction of references to being “held continuously”
Meaning of “associate”
Part 8 — Other reliefs
Relief for interest payments
Amended 4 timesGeneral restrictions on relief under Chapter
Amended 1 timeRestriction on relief where arrangements minimise risk to borrower
Amended 1 timeRestriction on relief where cash basis applies
Amended 1 timeLoan to buy plant or machinery for partnership use
Amended 2 timesEligibility requirements for interest on loans within section 388
Amended 1 timeLoan to buy interest in close company etc
Amended 7 timesEligibility requirements for interest on loans within section 392
Amended 1 timeClose investment-holding companies
Amended 1 timeMeaning of “material interest” in section 393
Amended 2 timesMeaning of “associate” in section 394
Amended 1 timeLoan to buy interest in employee-controlled company
Amended 1 timeEligibility requirements for interest on loans within section 396
Amended 3 timesOverview of Chapter
Amended 4 timesRelief for gifts to charity
Amended 8 timesTax reduction or charge if basic rate, and devolved basic rate, differ
Amended 8 timesMeaning of “grossed up amount”
Amended 3 timesMeaning of “qualifying donation”
Amended 6 timesRestrictions on associated benefits
Amended 5 timesDisqualified overseas gifts
Amended 1 timeRestriction of certain reliefs
Amended 3 timesCharge to tax
Amended 3 timesTotal amount of income tax to which individual charged for a tax year
Amended 12 timesElection by donor: gift treated as made in previous tax year
Amended 2 timesMeaning of “gift aid declaration”
Amended 3 timesGiving through self-assessment return
Amended 4 times“Charity” to include exempt bodies
Amended 3 timesRelief for gifts of shares, securities and real property to charities etc
Amended 2 timesMeaning of “qualifying investment”
Amended 4 timesValue of net benefit to charity
Amended 2 timesQualifying interests in land held jointly
Amended 2 timesCalculation of relievable amount where joint disposal of interest in land
Amended 2 times“Charity” to include exempt bodies
Amended 2 timesRelief for individuals
Amended 3 timesRelief for other persons
Amended 3 timesOther persons: payments ineligible for relief
Amended 1 timeSpecial rule for persons affected by section 733 of ICTA
Amended 1 timeMeaning of “qualifying maintenance payment”
Amended 3 timesPayments for benefit of family members
Amended 1 timeResidence etc of claimants
Amended 4 timesBrowse 56 other sections in this Part — procedural / definitional / commencement
General provisions about loans
Loans partly meeting requirements
Exclusion of double relief etc
Loan to buy plant or machinery for employment use
Eligibility requirements for interest on loans within section 390
Loan to invest in partnership
Eligibility requirements for interest on loans within section 398
Property partnerships: restriction of relief for investment loan interest
Property partnerships: tax reduction for non-deductible loan interest
Film partnerships
Loan to invest in co-operative
Eligibility requirements for interest on loans within section 401
Loan to pay inheritance tax
Eligibility requirements for interest on loans within section 403
Carry back and forward of relief for interest on loans within section 403
Effect of recovery of capital in the case of some loans
Events counting as recovery of capital for section 406
Replacement loans
Business successions between partnerships
Other business successions and reorganisations
Ineligibility of interest where business is occupation of commercial woodlands
Information
Relief for irrecoverable peer-to-peer loans
Claims for additional relief: sideways relief
Claims for additional relief: carry-forward relief
How carry-forward relief works
Subsequent recovery of peer-to-peer loans
Assigned loans treated as made by the assignee etc
Nominees etc
Interaction with other reliefs
Meaning of “loan”, “peer-to-peer loan” and related terms
Meaning of “operator” and related terms
Meaning of “benefits associated with a gift”
Gifts and benefits linked to periods of less than 12 months
Disregard of certain admission rights
Admission rights: supplementary
Meaning of “charged amount”
Meaning of “qualifying interest in land”
The relievable amount
Incidental costs of making disposal
Consideration
Market value of qualifying investments
Acquisition value of qualifying investments
Meaning of “disposal-related obligation”
Meaning and amount of “disposal-related liability”
Certificate required from charity
Disqualifying events
Prohibition against double relief
Overview of Chapter
The gross amount of a payment
Tax reduction for qualifying maintenance payments
Child support maintenance payments
Payments under orders for recovery of benefit etc
Payments to trade unions
Payments to police organisations
Spreading of patent royalty receipts
Part 9 — Special rules about settlements and trustees
Overview of Part
Amended 5 timesInterpretation of Part
Amended 2 timesOverview of Chapter and interpretation
Amended 1 timeMeaning of “settled property” etc
Amended 1 timeResidence of trustees
Amended 3 timesHow to work out whether settlor meets condition C
Amended 8 timesTrustees' accumulated or discretionary income to be charged at special rates
Amended 5 timesMeaning of “accumulated or discretionary income”
Amended 2 timesOther amounts to be charged at special rates for trustees
Amended 4 timesTypes of amount to be charged at special rates for trustees
Amended 5 timesSums paid by personal representatives to trustees
Amended 1 timeTrustees' expenses to be set against trustees' trust rate income
Amended 1 timeHow allowable expenses are to be set against trust rate income
Amended 5 timesNon-UK resident trustees
Amended 2 timesApplication of section 479 to trustees of Schedule 2 share incentive plans
Amended 3 times“The applicable period” in relation to shares
Amended 2 timesInterpretation of Chapter
Amended 1 timeGrossing up of discretionary payment and payment of income tax
Amended 1 timeStatement about deduction of income tax
Amended 1 timeCalculation of trustees' tax pool
Amended 2 timesTypes of income tax for the purposes of section 497
Amended 11 timesRestrictions on use of trustees' expenses to reduce the beneficiary's income
Amended 1 timeMeaning of “untaxed income” in section 501
Amended 2 timesHow beneficiary's income is reduced
Amended 3 timesTreatment of income of unauthorised unit trust
Amended 4 timesTreatment of capital expenditure of unauthorised unit trust
Amended 4 timesRelief for trustees of unauthorised unit trust
Amended 3 timesSpecial rules for trustees affected by section 733 of ICTA
Amended 1 timeRate of tax
Amended 1 timeBrowse 30 other sections in this Part — procedural / definitional / commencement
Scottish trusts
Meaning of “settlor” etc
Meaning of “disposable property”
Person ceasing to be a settlor
Transfers between settlements
Identification of settlor following transfer covered by section 470
Settlor where property becomes settled because of variation of will etc
Deceased person as settlor where variation of will etc
Trustees of settlement to be treated as a single and distinct person
Sub-fund elections under Schedule 4ZA to TCGA 1992
References to settled property etc in regulations
Carry forward of unused expenses
Special rates not to apply to first slice of trustees' trust rate income
Cases where settlor has made more than one settlement
Discretionary payments by trustees
Income tax charged on trustees
Discretionary payments by trustees: employment income
Relief for trustees
Application of Chapter
Non-UK resident beneficiaries
Overview of Chapter
Election by trustees
Change of circumstances during a tax year
Sums applied for property maintenance purposes
Prevention of double taxation: reimbursement of settlor
Charge to tax on some settlements
Income charged
Persons liable
Transfer of property between settlements
Exemption for income treated as income of settlor
Part 9A — Transactions in UK land
Browse 21 other sections in this Part — procedural / definitional / commencement
Overview of Part
Disposals of land in the United Kingdom
Disposals of land: profits treated as trading profits
Disposals of property deriving its value from land in the United Kingdom
Disposals within section 517D: profits treated as trading profits
Profits and losses
The chargeable person
Fragmented activities
Calculation of surplus on a disposal of land
Apportionments
Arrangements for avoiding tax
Gain attributable to period before intention to develop formed
Private residences
Tracing value
Relevance of transactions, arrangements, etc
“Another person”
“Arrangement”
“Disposal”
“Land” and related expressions
References to realising a gain
Related parties
Part 10 — Special rules about charitable trusts etc
Overview of Part
Amended 2 timesMeaning of “charitable trust”
Amended 1 timeGifts entitling donor to gift aid relief: income tax liability and exemption
Amended 1 timeGifts under payroll deduction schemes: income tax liability and exemption
Amended 1 timeMeaning of “charitable trade”
Amended 2 timesExemption from charges under provisions to which section 1016 applies
Amended 5 timesCondition as to trading and miscellaneous incoming resources
Amended 4 timesExemption for profits from fund-raising events
Amended 1 timeExemption for profits from lotteries
Amended 2 timesExemption for property income etc
Amended 3 timesExemption for savings and investment income
Amended 1 timeExemption for offshore income gains
Amended 2 timesRequirement to make claim
Amended 2 timesClaims in relation to gift aid relief etc
Amended 2 timesThe non-exempt amount
Amended 1 timeMeaning of “non-charitable expenditure”
Amended 3 timesSection 543: supplementary
Amended 1 timeSection 543(1)(f): payment to body outside the UK
Amended 1 timeTransactions with substantial donors
Amended 1 timeMeaning of “relievable gift”
Amended 4 timesSection 551: certain payments and benefits to be ignored
Amended 1 timeTransactions: exceptions
Amended 1 timeDonors: exceptions
Amended 5 timesSubstantial donor transactions: supplementary
Amended 2 timesApproved charitable investments
Amended 9 timesSecurities which are approved charitable investments
Amended 2 timesExcess expenditure treated as non-charitable expenditure of earlier years
Amended 1 timeRules for attributing excess expenditure to earlier years
- Attribute excess charitable expenditure to earlier years Any Person
Browse 22 other sections in this Part — procedural / definitional / commencement
Gifts entitling donor to gift aid relief: income tax treated as paid
Gifts of money from companies: income tax liability and exemption
Payments from other charities: income tax liability and exemption
Legacies: income tax liability and exemption
Exemption for profits etc of charitable trades
Exemption for profits etc of small-scale trades
Exemption for public revenue dividends
Exemption for transactions in deposits
Exemption for certain miscellaneous income
Exemption for income from estates in administration
Restrictions on exemptions
Attributing income to the non-exempt amount
How income is attributed to the non-exempt amount
Section 543(1)(f): meaning of expenditure
Section 543(1)(f): tax year in which certain expenditure treated as incurred
Section 543(1)(i) and (j): investments and loans
Non-charitable expenditure in substantial donor transactions
Adjustment if section 551(1) and (2) applied to single transaction
Connected charities
Conditions to be met for some securities
Approved charitable loans
Adjustments in consequence of section 562
Part 10A — Alternative finance arrangements
Browse 27 other sections in this Part — procedural / definitional / commencement
Introduction
Meaning of “financial institution”
Purchase and resale arrangements
Diminishing shared ownership arrangements : initial acquisition
Diminishing shared ownership arrangements: refinancing
Deposit arrangements
Profit share agency arrangements
Investment bond arrangements
Provision not at arm's length: exclusion of arrangements from sections 564C to 564G
Purchase and resale arrangements
Purchase and resale arrangements where return in foreign currency
Diminishing shared ownership arrangements
Other arrangements
Treatment of alternative finance return as interest for ITTOIA 2005
Alternative finance return under arrangements for trade or property business purposes
Relief for some alternative finance return under Chapter 1 of Part 8 etc
Tax relief schemes and arrangements
Deduction of income tax at source under Part 15
Treatment of discount
Treatment of bond-holder and bond-issuer
Treatment as securities
Arrangements not unit trust scheme or offshore fund
Exclusion of alternative finance return from consideration for sale of assets
Diminishing shared ownership arrangements not partnerships
Diminishing shared ownership arrangements: further provision in respect of refinancing
Treatment of principal under profit share agency arrangements
Provision not at arm's length: relevant return
Part 11 — Manufactured payments and repos
Meaning of “overseas shares”, “overseas securities” and “overseas dividend”
Amended 3 timesManufactured dividends on UK shares
Amended 1 timeAllowable deductions...
Amended 3 timesAllowable deductions: restriction on double-counting
Amended 1 timeManufactured dividends on UK shares: Real Estate Investment Trusts
Amended 4 timesStatements about manufactured dividends
Amended 6 timesManufactured interest on UK securities
Amended 1 timeAllowable deductions...
Amended 3 timesAllowable deductions: restriction on double counting
Amended 1 timePowers about manufactured overseas dividends
Amended 1 timeManufactured payments exceeding underlying payments
Amended 1 timeInterpretation of other terms used in Chapter
Amended 3 timesNo tax credits for borrower under stock lending arrangement
Amended 6 timesNo tax credits for interim holder under repo
Amended 7 timesNo tax credits for original owner under repo
Amended 7 timesMeaning of “manufactured dividend”
Amended 2 timesDeemed manufactured payments: stock lending arrangements
Amended 2 timesDeemed interest: cash collateral under stock lending arrangements
Amended 1 timeDeemed manufactured payments: repos
Amended 4 timesDeemed deductions of tax
Amended 3 timesDeemed increase in repurchase price: price differences under repos
Amended 3 timesInterpretation of Chapter
Amended 7 timesTreatment of price differences under repos
Amended 1 timeBrowse 29 other sections in this Part — procedural / definitional / commencement
Overview of Part
Meaning of “UK shares” and “UK securities”
Meaning of “stock lending arrangement”
Meaning of “repo”
Meaning of “buying back” securities etc
Meaning of “related” agreements
Overview of Chapter
Meaning of “avoidance arrangements”
Manufactured overseas dividends
Avoidance arrangements
Manufactured payments less than underlying payments
Power to deal with other special cases
Powers about administrative provisions
Power for manufactured payments to be eligible for relief
Regulation-making powers: general
Meaning of “gross amount”: interest and manufactured overseas dividends
Meaning of “relevant withholding tax”
Cash collateral under stock lending arrangements: supplementary
Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral
Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral”
Repo cases in which deeming rules apply
Deemed increase in repurchase price: other income tax purposes
Exceptions to section 607
Additional income tax consequences of price differences
Repurchase price in deemed manufactured payment case
Power to modify Chapter in non-arm's length case
Non-standard repo cases
Redemption arrangements
Sections 612 and 613: supplementary
Part 11A — Leasing arrangements: finance leases and loans
Assessments and adjustments
Unlimited fineOther duties (1) — Crown / regulator
- HMRC must make assessments and adjustments to implement tax rules Statutory regulator
Browse 42 other sections in this Part — procedural / definitional / commencement
Overview of Part
Normal rent
Accountancy rental earnings
Rental earnings
Arrangements to which this Chapter applies
Purposes of this Chapter
Application of this Chapter
The conditions referred to in section 614BB(1)
Provisions supplementing section 614BC
The arrangements and circumstances referred to in section 614BC(8)
Current lessor taxed by reference to accountancy rental earnings
Reduction of taxable rent by cumulative rental excesses: introduction
Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
Reduction of taxable rent by the cumulative accountancy rental excess
Meaning of “normal rental excess” and “cumulative normal rental excess”
Reduction of taxable rent by the cumulative normal rental excess
Relief for bad debts: reduction of cumulative accountancy rental excess
Recovery of bad debts following reduction under section 614BL
Relief for bad debts: reduction of cumulative normal rental excess
Recovery of bad debts following reduction under section 614BN
Effect of disposals of leases: general
Assignments on which neither a gain nor a loss accrues
Effect of capital allowances: introduction
Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
Cases where expenditure taken into account under other provisions of CAA 2001
Capital allowances deductions: waste disposal and cemeteries
Capital allowances deductions: films and sound recordings
Contributors to capital expenditure
Pre-26 November 1996 schemes where this Chapter does not at first apply
Post-25 November 1996 schemes to which Chapter 3 applied first
Introduction to Chapter
Purpose of this Chapter
Leases to which this Chapter applies
Current lessor taxed by reference to accountancy rental earnings
Application of provisions of Chapter 2 for purposes of this Chapter
Pre-26 November 1996 schemes and post-25 November 1996 schemes
Time apportionment where periods of account do not coincide
Periods of account and related periods of account and tax years
Connected persons
Assets which represent the leased asset
Parent undertakings and consolidated group accounts
Interpretation
Part 12 — Accrued income profits
Income charged
Amended 1 timeTransactions which are transfers: general
Amended 1 timeSmall holdings: trustees of a disabled person's trusts
Amended 1 timeNon-residents
Amended 2 timesIndividuals to whom the remittance basis applies
Amended 1 timeMakers of manufactured payments
Amended 2 timesTrustees' accrued income profits treated as settlement income
Amended 2 timesRelief for unremittable transfer proceeds: general
Amended 1 timeRelief for unremittable transfer proceeds: section 630 profits
Amended 1 timeMeaning of “the settlement day”
Amended 1 timeInterest on securities involving accrued income losses: foreign trustees
Amended 2 timesBrowse 57 other sections in this Part — procedural / definitional / commencement
Overview of Part
Charge to tax on accrued income profits
Person liable
Meaning of “securities” and when securities are of the same kind
Transferors and transferees
Application of Chapter to different kinds of transfer
Transfers with accrued interest
Transfers without accrued interest
Transfers with unrealised interest
Transfers of variable rate securities
Meaning of “variable rate securities”
Making accrued income profits and losses: general rule
Calculating accrued income profits and losses where section 628 applies
Making accrued income profits: settlement day outside interest period
Amount of accrued income profits where section 630 applies
Payment on transfer with accrued interest
Payment on transfer without accrued interest
Payment on transfer with unrealised interest
Payment on transfer of variable rate securities
Exception where there is a transfer to a legatee
Accrued income losses treated as payments in next interest period
Excluded persons: disregard of certain payments and transfers
Small holdings: individuals
Small holdings: personal representatives
Traders
Charitable trusts etc
Pension scheme trustees
Strips of gilt-edged securities
New securities issued with extra return
Trading stock appropriations etc
Owner becoming entitled to securities as trustee
Securities ceasing to be held on charitable trusts
Stock lending
Sale and repurchase arrangements
Transfers under sale and repurchase arrangements
Power to modify: non-standard sale and repurchase arrangements
Power to modify: redemption arrangements
Powers to modify: supplementary
Transfers with or without accrued interest: interest in default
Transfers with unrealised interest: interest in default
Successive transfers with unrealised interest in default
New securities issued with extra return: special rules about payments
Transfers without accrued interest to makers of manufactured payments
Foreign currency securities: sterling equivalent of payments on transfers
Foreign currency securities: unrealised interest payable in foreign currency
Certain transfers by or to nominees or trustees treated as made by or to others
Withdrawal of relief
Individuals to whom remittance basis applies
Meaning of “interest”
Meaning of “interest payment day”
Meaning of “interest period”
The holding of securities
Nominal value of securities: general
Nominal value: foreign currency securities
Exemptions relating to interest on securities: preliminary
Interest on securities involving accrued income losses: general
Unrealised interest received by transferee after transfer
Part 12A — Sale and lease-back etc
Hire-purchase agreements
- Reduce taxable capital sums by your hire-purchase payments Any Person
Browse 53 other sections in this Part — procedural / definitional / commencement
Overview
Transferor or associate becomes liable for payment of rent
Transferor or associate becomes liable for payment other than rent
Relevant income tax relief and relevant deduction from earnings
Relevant income tax relief: deduction not to exceed commercial rent
Deduction from earnings not to exceed commercial rent
Carrying forward parts of payments
Aggregation and apportionment of payments
Payments made for later periods
Exclusion of service charges etc
Commercial rent: comparison with rent under a lease
Commercial rent: comparison with payments other than rent
Lease and rent
Associated persons
Land outside the UK
Overview
New lease after assignment or surrender
Taxation of consideration
Position where new lease does not include all original property
Relief for rent under new lease
New lease treated as ending
Position where rent reduces
Position where lease may be ended
Position where lease may be varied
Lease treated as ending: rentcharge
Lease varied to provide for increased rent
Relevant income tax relief
Linked persons
Lease, lessee, lessor and rent
Overview
Professions and vocations
Leased trading assets
Tax deduction not to exceed commercial rent
Long funding finance leases
Commercial rent
Lease
Relevant asset
Overview
Application of the Chapter
Payment under lease
Sum obtained
Charge to income tax
Adjustments where sum obtained before payment made
Sum obtained in respect of interest
Sum obtained in respect of lessee's interest
Disposal of interest to associate
Apportionment of payments made and of sums obtained
Manner of apportionment
Associates
Capital sum
Lease
Relevant asset
Relevant tax relief
Part 13 — Tax avoidance
Person liable to counteraction of income tax advantage
Amended 9 timesReceipt of consideration in connection with distribution by or assets of close company
Amended 8 timesExcluded circumstances: fundamental change of ownership
Amended 1 timeIncome tax advantage
Amended 6 timesReceipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
Amended 4 timesReceipt of assets of relevant company (circumstance E)
Amended 1 timeMeaning of “relevant company” in sections 689 and 690
Amended 3 timesAbnormal dividends: general
Amended 2 timesNotice of enquiry
Amended 1 timeOpposed notifications: statutory declarations
Amended 1 timeOpposed notifications: determinations by tribunal
Amended 2 timesCounteraction notices
Amended 5 timesNo-counteraction notices
Amended 5 timesLimit on amount assessed in section 689 and 690 cases
Amended 1 timeTiming of assessments ...
Amended 1 timePower to obtain information
Amended 1 timeThe tribunal
Amended 1 timeAppeals against counteraction notices
Amended 3 timesInterpretation of Chapter
Amended 6 timesCharge to tax on income treated as arising under section 721
Amended 6 timesTransfers by closely-held companies
Amended 6 timesIndividuals with power to enjoy income as a result of relevant transactions
Amended 12 timesMeaning of “protected foreign-source income” in section 721
Amended 12 timesSection 721A: tainting
Amended 12 timesSpecial rules where benefit provided out of income of person abroad
Amended 3 timesReduction in amount charged where controlled foreign company involved
Amended 8 timesRecovery of tax paid as a result of section 721
Amended 8 timesQualifying new residents and remittance-basis users: “foreign” deemed income
Amended 12 timesCharge to tax on income treated as arising under section 728
Amended 6 timesTransfers by closely-held companies
Amended 6 timesIndividuals receiving capital sums as a result of relevant transactions
Amended 11 timesQualifying new residents and remittance-basis users: “foreign” deemed income
Amended 12 timesCharge to tax on income treated as arising under section 732
Amended 13 timesNon-transferors receiving a benefit as a result of relevant transactions
Amended 9 timesIncome charged under section 731
Amended 7 timesSettlor liable for section 731 charge on closely-related beneficiary
Amended 7 timesRecipients of onward gifts
Amended 7 timesCases where income treated as arising to recipient of onward gift
Amended 7 timesCases where deemed income attributed to recipient of onward gift
Amended 7 timesCases where settlor liable following onward gift
Amended 7 timesReduction in amount charged: previous capital gains tax charge
Amended 9 timesReduction in amount charged: previous settlements charge
Amended 9 timesQualifying new residents and remittance-basis users: “foreign” deemed income
Amended 7 timesSection 735: relevant income and benefits relating to foreign deemed income
Amended 7 timesSettlements to which following sections apply
Amended 7 times“Protected foreign-source income” and “transitionally protected income”
Amended 7 timesTransitionally protected income not to be taxed on remittance
Amended 7 timesSettlor liable for benefits charge despite being transferor
Amended 7 timesSettlor liable in place of close family member
Amended 7 timesOnward gifts from non-residents or qualifying new residents
Amended 7 timesDeduction allowed for previous settlements charge
Amended 7 timesHistorical liability under section 733A where remittance basis applied
Amended 7 timesHistorical operation of section 733C or 733E where remittance basis applied
Amended 7 timesExemptions: introduction
Amended 4 timesMeaning of “commercial transaction”
- Ensure business transactions with connected persons meet commercial standards Any Person
Exemption: relevant transactions include both pre-5 December 2005 and post-4 December 2005 transactions
- Check tax exemption for income from offshore transfers Trader
No duplication of charges
Amended 4 timesMeaning of taking income into account in charging income tax for section 743
Amended 4 timesRates of tax applicable to income charged under sections 720 and 727 etc
Amended 13 timesDeductions and reliefs where individual charged under section 720 or 727
Amended 1 timeAmounts corresponding to accrued income profits and related interest
Amended 2 timesPower to obtain information
Amended 3 timesRestrictions on particulars to be provided by relevant lawyers
Amended 6 timesRestrictions on particulars to be provided by banks
Amended 1 timeThe tribunal’s jurisdiction on appeals
Amended 4 timesPower to obtain information
Amended 3 timesInterpretation of Chapter
Amended 2 timesConditions for sections 778 and 779 to apply
Amended 1 timePower to obtain information
Amended 4 timesPartners claiming excess sideways or capital gains relief
Amended 2 timesMeaning of “post-1 December 2004 loss”
Amended 4 timesOther definitions
Amended 2 timesApplication of Chapter
Amended 2 timesRelevant amount to be treated as income
Amended 2 timesApplication of Chapter
Amended 2 timesValue of transferred income stream treated as income
Amended 2 timesException: amount otherwise taxed
Amended 2 timesException: certain annuities
Amended 2 timesException: transfer by way of security
Amended 2 timesPartnership shares
Amended 2 timesInterpretation
Amended 2 timesType 1 finance arrangement defined
Amended 2 timesCertain tax consequences not to have effect
Amended 2 timesPayments treated as borrower's income
Amended 2 timesDeemed interest if borrower is not a partnership
Amended 2 timesDeemed interest if borrower is a partnership
Amended 2 timesType 2 finance arrangement defined
Amended 2 timesRelevant change in relation to partnership
Amended 2 timesCertain tax consequences not to have effect
Amended 2 timesDeemed interest
Amended 2 timesType 3 finance arrangement defined
Amended 2 timesCertain tax consequences not to have effect
Amended 2 timesDeemed interest
Amended 2 timesExceptions: preliminary
Amended 2 timesExceptions
Amended 2 timesExceptions: relevant person
Amended 2 timesPower to make further exceptions
Amended 2 timesAccounts
Amended 2 timesArrangements
Amended 2 timesAssets
Amended 2 timesLoan or credit transaction defined
Amended 2 timesCertain payments treated as yearly interest
Amended 2 timesTax charged on income transferred
Amended 2 timesApplication of Chapter
Amended 2 timesRelevant amount to be treated as income
Amended 2 timesDisguised investment management fees: charge to income tax
Amended 2 timesMeaning of “management fee” in section 809EZA
Amended 2 timesMeaning of “carried interest” in section 809EZB
Amended 2 timesSums treated as “carried interest” for purposes of section 809EZB
Amended 2 timesSums arising to connected persons other than companies
Amended 2 timesSums arising to connected company or unconnected person
Amended 2 timesInterpretation of Chapter
Amended 2 timesDisguised investment management fees: anti-avoidance
Amended 2 timesDisguised investment management fees: avoidance of double taxation
Amended 2 timesPowers to amend Chapter
Amended 2 timesOverview
Amended 2 timesIncome-based carried interest: general rule
Amended 2 timesAverage holding period
Amended 2 timesDisposals
Amended 2 timesPart disposals
Amended 2 timesUnwanted short-term investments
Amended 2 timesDerivatives
Amended 2 timesHedging: exchange gains and losses
Amended 2 timesHedging: interest rates
Amended 2 timesSignificant interests
Amended 2 timesVenture capital funds
Amended 2 timesSignificant equity stake funds
Amended 2 timesControlling equity stake funds
Amended 2 timesReal estate funds
Amended 2 timesFunds of funds
Amended 2 timesSecondary funds
Amended 2 timesDirect lending funds
Amended 2 timesDirect lending funds: exception
Amended 2 timesConditionally exempt carried interest
Amended 2 timesCarried interest which ceases to be conditionally exempt
Amended 2 timesEmployment-related securities
Amended 2 times“Loan to own” investments
Amended 2 timesAnti-avoidance
Amended 2 timesTreasury regulations
Amended 2 times“Reasonable to suppose”
Amended 2 timesInterpretation of Chapter 5F
Amended 2 timesPlant and machinery leases: capital receipts to be treated as income
Amended 2 timesSection 809ZA: interpretation
Amended 2 timesSection 809ZA: lease of plant and machinery and other property
Amended 2 timesSection 809ZA: expectation that relevant capital payment will not be paid
Amended 2 timesCapital payment”, “relevant capital payment” etc
Amended 2 timesFurther interpretation of section 809ZA etc
Amended 2 timesConsideration for taking over payment obligations as lessee treated as income
Amended 2 timesTax relief schemes and arrangements
Amended 2 timesOverview of Chapter
Amended 2 timesRelievable charity donations
Amended 2 timesTainted donations
Amended 2 timesCircumstances in which financial advantage deemed to be obtained
Amended 2 timesCertain financial assistance to be ignored
Amended 2 timesRemoval of income tax relief where donation becomes tainted in same tax year
Amended 2 timesClawback of income tax relief where donation becomes tainted in later tax year
Amended 2 timesRemoval or clawback of income tax relief for associated donations
Amended 2 timesIncome tax charge where gift aid is withdrawn
Amended 2 timesIncome tax charge where payment of trust income to charity
Amended 2 timesConnected charities
Amended 2 timesConnected persons
Amended 2 timesMinor definitions
Amended 2 timesBrowse 79 other sections in this Part — procedural / definitional / commencement
Overview of Chapter
Provisions of Chapter
Receipt of consideration in connection with relevant company distribution (circumstance D)
Abnormal dividends: the excessive return condition
Abnormal dividends: the excessive accrual condition
Application for clearance of transactions
Effect of clearance notification under section 701
Rehearing by tribunal of appeal against counteraction notice
Statement of case by tribunal for opinion of High Court or Court of Session
Cases before High Court or Court of Session
Effect of appeals against tribunal's determination under section 706
Appeals from High Court or Court of Session
Proceedings in Northern Ireland
Application of Chapter where individual within section 684 dies
When an individual has power to enjoy income of person abroad
The enjoyment conditions
The capital receipt conditions
Meaning of “protected foreign-source income” in section 728
Recovery of tax paid as a result of section 728
Exemption: all relevant transactions post-4 December 2005 transactions
Exemption: all relevant transactions pre-5 December 2005 transactions
Application of section 742 (partial exemption)
Partial exemption where later associated operations fail conditions
Post-5 April 2012 transactions: exemption for genuine transactions
Value of certain benefits
Value of benefit provided by a payment by way of loan
Value of benefit provided by making movable property available
Value of benefit provided by making land available
Overview of Chapter
Meaning of disposing of land
Priority of other income tax provisions
Charge to tax on gains from transactions in land
Income treated as arising when gains obtained from some land disposals
Person obtaining gain
Income charged
Person liable
Method of calculating gain
Transactions, arrangements, sales and realisations relevant for Chapter
Tracing value
Meaning of “another person”
Valuations and apportionments
Exemption: gain attributable to period before intention to develop formed
Exemption: disposals of shares in companies holding land as trading stock
Exemption: private residences
Recovery of tax where consideration receivable by person not assessed
Recovery of tax: certificates of tax paid etc
Clearance procedure
Overview of Chapter
Meaning of “occupation”
Priority of other tax provisions
Charge to tax on sale of occupation income
Income arising where capital amount other than derivative property or right obtained
Income arising where derivative property or right obtained
Transactions, arrangements, sales and realisations relevant for Chapter
Tracing value
Meaning of “other person”
Valuations and apportionments
Exemption for sales of going concerns
Restriction on exemption: sales of future earnings
Recovery of tax where consideration receivable by person not assessed
Recovery of tax: certificates of tax paid etc
Minor definitions
Overview of Chapter
Charge to tax on income treated as received under section 792
Calculating the amount of income treated as received
Meaning of “the total amount of trade losses claimed” etc
Charge to tax on income treated as received under section 797
Individuals claiming sideways or capital gains relief for film-related losses
Meaning of “non-taxable consideration” etc
Meaning of “disposal of a right of the individual to profits” etc
Meaning of “film-related losses” etc
Meaning of “capital contribution”
Exclusion of amounts in calculating capital contribution by a partner
Prohibition against double counting
Charge to tax on income treated as received under section 805
Partners claiming relief for licence-related trading losses
Calculation of amount of income treated as received by the individual
Supplementary provision relating to calculation in section 806
Meaning of “disposal of the licence” etc
Part 14 — Income tax liability: miscellaneous rules
Overview of Chapter
Amended 2 timesClaim for remittance basis to apply
Amended 2 timesClaim for remittance basis by long-term UK resident: nomination of foreign income and gains to which section 809H(2) is to apply
Amended 2 timesApplication of remittance basis without claim where unremitted foreign income and gains under £2,000
Amended 2 timesApplication of remittance basis without claim: other cases
Amended 2 timesEffect on what is chargeable
Amended 2 timesClaim for remittance basis: effect on allowances etc
Amended 2 timesClaim for remittance basis by long-term UK resident: charge
Amended 2 timesRemittance basis charge: income and gains treated as remitted
Amended 2 timesSection 809I: order of remittances
Amended 2 timesSections 809L to 809Z6: introduction
Amended 2 timesMeaning of “remitted to the United Kingdom”
Amended 2 timesMeaning of “relevant person”
Amended 2 timesSection 809L: gift recipients, qualifying property and enjoyment
Amended 2 timesSection 809L: dealings where there is a connected operation
Amended 2 timesSection 809L: amount remitted
Amended 2 timesSections 809L and 809P: transfers from mixed funds
Amended 2 timesSection 809Q: composition of mixed fund
Amended 2 timesSpecial mixed fund rules for certain employment cases
Amended 2 timesQualifying accounts
Amended 2 timesBreaches of the deposit rule
Amended 2 timesEffect where 30-day deadline is met
Amended 2 timesTransfers into TRF capital account
Amended 2 timesTRF capital account
Amended 2 timesBreaches of the TRF deposit rule
Amended 2 timesEffect where 30-day deadline is met
Amended 2 timesSection 809Q: anti-avoidance
Amended 2 timesForeign chargeable gains accruing on disposal made otherwise than for full consideration
Amended 2 timesDeemed income or gains not to be regarded as remitted before time when they are treated as arising or accruing
Amended 2 timesMoney used for payments on account
Amended 2 timesMoney paid to the Commissioners
Amended 2 timesMoney or other property used to make investments
Amended 2 timesFailure to invest within 45 days
Amended 2 timesQualifying investments
Amended 2 timesCondition A
Amended 2 timesCommercial trades
Amended 2 timesCondition B
Amended 2 timesIncome or gains treated as remitted following certain events
Amended 2 timesMeaning of “potentially chargeable event”
Amended 2 timesThe appropriate mitigation steps
Amended 2 timesApplication of appropriate mitigation steps where TRF capital involved
Amended 2 timesThe grace period allowed for the appropriate mitigation steps
Amended 2 timesRetention of funds to meet CGT liabilities
Amended 2 timesEffect of taking appropriate mitigation steps within grace period
Amended 2 timesCases involving tax deposits
Amended 2 timesOrder of disposals etc
Amended 2 timesInvestments made from mixed funds
Amended 2 timesConsideration for certain services
Amended 2 timesExempt property
Amended 2 timesProperty that ceases to be exempt property treated as remitted
Amended 2 timesException to section 809Y: proceeds taken offshore or invested
Amended 2 timesCondition E: supplementary
Amended 2 timesEffect of disapplying section 809Y
Amended 2 timesChargeable gains accruing on sales of exempt property
Amended 2 timesException to section 809Y: gifts to the nation
Amended 2 timesException to section 809Y: compensation taken offshore or invested
Amended 2 timesMeaning of “the disposal proceeds”
Amended 2 timesPublic access rule: relevant VAT relief
Amended 2 timesGeneral interpretation
Amended 2 timesPersonal use rule
Amended 2 timesRepair rule
Amended 2 timesTemporary importation rule
Amended 2 timesNotional remitted amount
Amended 2 timesExempt property: other interpretation
Amended 2 timesMeaning of “foreign income and gains” etc
Amended 2 timesTaking proceeds etc offshore or investing them
Amended 2 timesOverview of Chapter
Amended 1 timeLimit on liability to income tax of non-UK residents
Amended 6 timesCase where limit not to apply
Amended 1 timeTemporary non-residents
Amended 1 timeMeaning of “disregarded income”
Amended 1 timeMeaning of “disregarded transaction income”
Amended 1 timeLimit on liability to income tax of non-UK resident companies
Amended 2 timesMeaning of “disregarded company income”
Amended 4 timesThe independent broker conditions
Amended 4 timesThe independent investment manager conditions
Amended 4 timesInvestment managers: the 20% rule
Amended 1 timeMeaning of “relevant disregarded income”
Amended 3 timesApplication of 20% rule to collective investment schemes
Amended 1 timeMeaning of “disregarded savings and investment income”
Amended 2 timesMeaning of “investment manager” and “investment transaction”
Amended 3 timesForeign income of individuals in the United Kingdom for temporary purpose
Amended 3 timesEmployment income of individuals in the United Kingdom for temporary purpose
Amended 4 timesVisiting forces etc
Amended 8 timesResidence of personal representatives
Amended 4 timesResidence rules for trustees ...
Amended 2 timesResidence of companies
Amended 2 timesDomicile for income tax purposes of overseas electors
Amended 2 timesDeemed domicile
Amended 2 timesOverview of Chapter
Amended 2 timesIncome tax chargeable on company's income: application
Amended 2 timesBranch or agency treated as UK representative
Amended 2 timesTrade or profession carried on in partnership
Amended 2 timesAgents
Amended 2 timesBrokers
Amended 2 timesInvestment managers
Amended 2 timesPersons acting under alternative finance arrangements
Amended 2 timesLloyd's agents
Amended 2 timesThe independent broker conditions
Amended 2 timesThe independent investment manager conditions
Amended 2 timesInvestment managers: the 20% rule
Amended 2 timesMeaning of “qualifying period”, “relevant disregarded income” and “beneficial entitlement”
Amended 2 timesTreatment of transactions where 20% rule not met
Amended 2 timesApplication of 20% rule to collective investment schemes
Amended 2 timesSupplementary provision
Amended 2 timesInterpretation of Chapter
Amended 2 timesIntroduction to Chapter
Amended 2 timesObligations and liabilities of UK representative
Unlimited fine Amended 2 times- UK representative shares tax obligations of non-UK residents Any Person
Exceptions: notices and information
Amended 2 timesExceptions: criminal offences and penalties etc
Amended 2 timesIndemnities
Amended 2 timesMeaning of “independent agent”
Amended 2 timesJointly held property
Amended 3 timesLocal authorities and local authority associations
Amended 1 timeAsbestos compensation settlements
Amended 1 timeUK Economic Interest Groupings and European Economic Interest Groupings
Amended 3 timesBrowse 27 other sections in this Part — procedural / definitional / commencement
Meaning of “qualifying period”
Meaning of “beneficial entitlement”
Treatment of transactions where requirements of 20% rule not met
Meaning of “disregarded annual payments”
Transactions through brokers and investment managers
Introduction
Conditions to be met
The exemption
Interpretation of Chapter
Residence of individuals temporarily abroad
Residence of individuals working abroad
Jointly held property: declarations of unequal beneficial interests
Overview of Chapter
Application of Chapter
Charge to income tax on winding up receipts
Transfer of rights to payment
Allowable deductions
Election to carry back
Relationship of Chapter with other income tax provisions
Interpretation of Chapter
Issue departments of the Reserve Bank of India and the State Bank of Pakistan
Government securities held by non-UK resident central banks
Official agents of Commonwealth countries etc
Restriction of deductions for annual payments
Letters patent etc: exempting provisions
Extra return to be treated as interest etc
Interpretation of section 845
Part 15 — Deduction of income tax at source
Overview of Part
Amended 3 timesIncome tax deducted at source treated as income tax paid by recipient
Amended 2 timesInteraction with other Income Tax Acts provisions
Amended 2 timesOverview of Chapter
Amended 5 timesDuty to deduct sums representing income tax
Amended 4 timesPower to make regulations disapplying section 851
Amended 2 timesMeaning of “deposit-taker”
Amended 4 timesPower to prescribe persons as deposit-takers
Amended 1 timeMeaning of “investment” and “deposit”
Amended 1 timeInvestments which are relevant investments
Amended 2 timesInvestments to be treated as being or as not being relevant investments
Amended 1 timeDeclarations of non-UK residence: individuals
Amended 3 timesDeclarations of non-UK residence: Scottish partnerships
Amended 2 timesDeclarations of non-UK residence: personal representatives
Amended 1 timeDeclarations of non-UK residence: settlements
Amended 5 timesInspection of declarations
Amended 1 timeGeneral client account deposits
Amended 1 timeQualifying uncertificated eligible debt security units
Amended 1 timeQualifying certificates of deposit
Amended 1 timeQualifying time deposits
Amended 1 timeInvestments held outside the United Kingdom
Amended 2 timesSale and repurchase of securities
Amended 1 timeOther investments
Amended 1 timePower to make regulations to give effect to Chapter
Amended 1 timePower to make orders amending Chapter
Amended 5 timesDiscretionary or accumulation settlements
Amended 3 timesDuty to deduct from certain payments of yearly interest
Amended 11 timesInterest paid by building societies
Amended 1 timeInterest paid by deposit-takers
Amended 2 timesUK public revenue dividends
Amended 2 timesInterest paid by banks
Amended 3 timesInterest paid on advances from banks
Amended 1 timeAuthorised persons dealing in financial instruments
Amended 1 timeInterest paid by recognised clearing houses etc
Amended 14 timesPayments made by registered societies
Amended 5 times- Report yearly interest/dividend payments to HMRC Trader
Payments in respect of building society securities
Amended 4 timesDuty to deduct from certain UK public revenue dividends
Amended 1 timePayments of UK public revenue dividends which are payable gross
Amended 2 timesTreasury directions
Amended 3 timesDeduction at source application
Amended 1 timeMeaning of “qualifying annual payment”
Amended 3 timesDeduction from commercial payments made by individuals
Amended 3 timesDeduction from annual payments made by other persons
Amended 4 timesMeaning of “applicable rate” in section 901
Amended 1 timeAnnual payments for dividends or non-taxable consideration
Amended 3 timesMeaning of “intellectual property”
Amended 1 timeProceeds of a sale of patent rights: payments to non-UK residents
Amended 2 timesManufactured dividends on UK shares: Real Estate Investment Trusts
Amended 9 timesManufactured interest on UK securities: payments by UK residents etc
Amended 5 timesForeign payers of manufactured interest: the reverse charge
Amended 4 timesCases where interest on underlying securities paid gross
Amended 1 timeManufactured overseas dividends: payments by UK residents etc
Amended 1 timeForeign payers of manufactured overseas dividends: the reverse charge
Amended 3 timesInterpretation of Chapter
Amended 3 timesChargeable payments connected with exempt distributions
Amended 2 timesUK resident companies
Amended 1 timeNon-UK resident companies
Amended 1 timePEP and ISA managers
Amended 1 timeRecipients who are to be paid gross
Amended 3 timesPartnerships
Amended 2 timesDuty to retain bonds where issue treated as payment of interest
Amended 5 timesDeemed payments to unit holders and deemed deductions of income tax
Amended 7 timesIncome tax to be collected from trustees
Amended 1 timeDirections for deduction from payments to non-UK residents
Amended 2 timesPayments within this section
Amended 1 timeMeaning of “accounting period”
Amended 1 timeConditions for a set-off claim
Amended 1 timeHow a set-off claim works
Amended 2 timesProceedings begun before a set-off claim is made
Amended 1 timeCollection through self-assessment return
Amended 3 timesOverview of sections 966 to 970
Amended 1 timeDuty to deduct and account for sums representing income tax
Amended 18 timesIncome tax due in respect of income of non-resident landlords
Amended 2 timesRegulations under section 971
Amended 1 timeIncome tax due in respect of distributions
Amended 10 timesRegulations under section 973
Amended 7 timesStatements about deduction of income tax
Amended 6 timesStatements about certain payments of interest
Amended 6 timesArrangements for payments of interest less tax or at specified net rate
Amended 1 timeDerivative contracts: exception from duties to deduct
Amended 1 timeMeaning of “quoted Eurobond”
Amended 7 timesBrowse 82 other sections in this Part — procedural / definitional / commencement
Lloyd's premium trust funds
Interest paid on advances from building societies
National Savings Bank interest
Quoted Eurobond interest
Interest on loan to buy life annuity
Relevant foreign income
Statutory interest
Qualifying private placements
Designated dividends of investment trusts
Interest distributions of certain open-ended investment companies
Interest distribution of certain authorised unit trusts
Payments of interest by a QAHC
Interest on certain peer-to-peer lending
Overview of Chapter
Meaning of “UK public revenue dividend”
Withdrawal of application
Power to make regulations
Overview of Chapter
Deduction from patent royalties
Interpretation of Chapter
Certain royalties etc where usual place of abode of owner is abroad
Royalty payments etc made through UK resident agents
Royalty payments: further provision
Double taxation arrangements: deduction at treaty rate
Power to make directions disapplying section 911
Interpretation of sections 911 and 912
European Union
Power to make directions disapplying section 914
Duty of payee to notify if payment not exempt
Supplementary
Tax avoidance arrangements
Power to reduce section 923 liability
Power to provide set-off entitlement
Creditor repos
Debtor repos
Actual payments ignored if section 925A ... applies
Power to modify repo sections
Cases where section 925D applies: non-standard repos
Interpretation of the repo sections
Regulation-making powers: general
Overview of Chapter
Exception from duties to deduct sums representing income tax
Power to make directions disapplying section 930
Meaning of “qualifying partnership”
Consequences of reasonable but incorrect belief
Exception from duty to retain bonds
No appropriate bond or combination of bonds
Calculation of trustees' income pool
Treatment of cases involving double tax relief
The “foreign element” of a deemed deduction or deemed income
Calculation of trustees' double tax relief pool
Annual statements
Overview of Chapter
Return periods
Payments in an accounting period
Payments otherwise than in an accounting period
Collection and payment of income tax
Proceedings begun after a set-off claim is made
Assessments where section 946 payment included in return
Assessments in other cases
Payer's duty to deliver amended return
Application of Income Tax Acts provisions about time limits for assessments
Further provisions about assessments
Relationship between Chapter and Income Tax Acts powers
Power to make regulations modifying Chapter
Collection of income tax on certain payments by other persons
Power to make regulations modifying section 963
Calculation of sums representing income tax
Treatment of sums representing income tax
Regulations
Supplementary
Payments to companies
Application to public departments
Designated international organisations: exceptions from duties to deduct
FSCS payments representing interest
Foreign currency securities etc: exception from duties to deduct
Offshore receipts in respect of intangible property: exception from duties to deduct
Income tax is calculated by reference to gross amounts
Meaning of “deposit”
Meaning of “financial instrument”
Meaning of “qualifying certificate of deposit”
Meaning of “qualifying uncertificated eligible debt security unit”
Part 16 — Income Tax Acts definitions etc
Meaning of “local authority association”
Amended 1 timeMeaning of “recognised stock exchange”etc
Amended 4 timesMeaning of “unit trust scheme”
Amended 1 timeMeaning of “permanent establishment”
Amended 1 timeApplication of Income Tax Acts to recognised investment exchanges
Amended 1 timeReferences to married persons, or civil partners, living together
Amended 2 timesRelationship between rules on highest part of total income
Amended 1 timeOrders and regulations
Amended 36 timesTable of provisions to which this section applies
Amended 13 timesThe definitions
Amended 51 timesMeaning of “bank”
Amended 5 timesMeaning of “company”
Amended 1 timeMeaning of “connected” persons
Amended 23 timesMeaning of “connected” persons: supplementary
Amended 7 timesMeaning of “control”
Amended 1 timeMeaning of “farming” and related expressions
Amended 2 timesMeaning of “generally accepted accounting practice” and related expressions
Amended 2 timesMeaning of “grossing up”
Amended 1 timeMeaning of “hire-purchase agreement”
Amended 1 timeMeaning of “local authority”
Amended 4 timesBrowse 11 other sections in this Part — procedural / definitional / commencement
Meaning of “offshore installation”
Regulations about the meaning of “offshore installation”
Meaning of “oil and gas exploration and appraisal”
Meaning of “property investment LLP”
Meaning of “research and development”
Scotland
Sources of income within the charge to income tax or corporation tax
Territorial sea of the United Kingdom
Territorial scope of charges under certain provisions to which section 1016 applies
Overview of Chapter
Meaning of “Act”
Part 17 — Definitions for purposes of Act and final provisions
Abbreviated references to Acts
Amended 3 timesClaims and elections
Amended 2 timesMeaning of “debenture”
Amended 2 timesMeaning of “double taxation arrangements”
Amended 1 timeMeaning of “modified net income”
Amended 2 timesMeaning of “non-qualifying income” for the purposes of section 1025
Amended 7 timesBrowse 13 other sections in this Part — procedural / definitional / commencement
“Act” to include Scottish and Northern Ireland legislation in some cases
Meaning of “certificate of deposit”
Application of definitions of “connected” persons and “control”
Meaning of “gilt-edged securities”
Minor and consequential amendments
Power to make consequential provision
Power to undo changes
Transitional provisions and savings
Repeals and revocations
Index of defined expressions
Extent
Commencement
Short title
Schedules
Browse 780 other Schedules — structural / supplementary
Transitionals and savings
The Income and Corporation Taxes Act 1988 (c. 1) is...
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 510A (tax treatment of European Economic Interest...
Omit section 515 (exemption for signatories to Operating Agreement for...
Omit section 516 (Government securities held by non-resident central banks)....
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 527 (spreading of royalties over several years)...
Minor and consequential amendments
Omit section 109A (relief for post-cessation expenditure).
Omit sections 536 (taxation of royalties where owner abroad), 537...
Minor and consequential amendments
Minor and consequential amendments
Omit section 555 (entertainers and sportsmen: payment of tax).
Minor and consequential amendments
In section 558 (supplementary provisions) omit subsections (1) to (4)....
In section 571 (schemes for rationalising industry: cancellation of certificates)...
(1) Amend section 573 (relief for companies) as follows.
Omit section 574 (share loss relief for individuals).
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Omit section 117 (restriction on relief for limited partners: individuals)....
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Omit section 581A (interest on foreign currency securities etc).
Minor and consequential amendments
Omit section 582A (designated international organisations: miscellaneous exemptions).
Omit section 587A (new issues of securities: extra return).
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
In section 615(3) (exemption from tax in respect of certain...
Minor and consequential amendments
In section 658(4)(b) (supplementary) omit “(notwithstanding anything in section 348)”....
In section 659E(1) (treatment of income from property investment LLPs)...
Omit section 660C(3) (nature of charge on settlor).
Omit sections 685A to 687 (liability of trustees).
(1) Amend section 687A (discretionary payments made by trustees to...
Omit section 689A (disregard of trustees' expenses where beneficiary non-UK...
(1) Amend section 689B (order in which trustees' expenses are...
Omit sections 690 to 694.
Minor and consequential amendments
Omit section 698A.
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 709 (meaning of “tax advantage” and other...
Omit sections 710 to 727A (accrued income scheme).
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 736B (deemed manufactured payments in the case...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 737E (power to modify sections 727A, 730A,...
Omit sections 739 to 746 (transfer of assets abroad).
In section 747(4) (imputation of chargeable profits and creditable tax...
Minor and consequential amendments
Omit sections 118ZE to 118ZK (restriction on reliefs for non-active...
Minor and consequential amendments
Minor and consequential amendments
Omit section 775 (sale by individual of income derived from...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Omit sections 118ZL and 118ZM (restriction on reliefs for partnerships...
Minor and consequential amendments
Minor and consequential amendments
In section 793 (reduction of United Kingdom taxes by amount...
(1) Amend section 796 (limits on credit for foreign tax:...
In section 798C (disallowed credit: use as deduction) for subsection...
In section 801A (restriction of relief for underlying tax) for...
In section 803(10) (underlying tax reflecting interest on loans) for...
(1) Amend section 804 (relief against income tax in respect...
(1) Amend section 807 (sale of securities with or without...
In section 809(1)(a) (relief in respect of discretionary trusts) for...
Omit sections 1 to 2 (the charge to income tax,...
Omit sections 118ZN and 118ZO (partners: meaning of “contribution to...
In section 811(2) (deduction for foreign tax where no credit...
In section 812(5) (withdrawal of right to tax credit of...
In section 816 (disclosure of information)— (a) in subsection (3)...
Omit section 818 (arrangements for payments of interest less tax...
Omit section 819 (old references to standard rate tax).
In section 821(3) (under-deductions from payments made before passing of...
Omit section 823 (adjustments of reliefs where given at different...
Omit section 827A (territorial scope of charges under certain provisions...
(1) Amend section 828 (orders and regulations made by the...
Omit section 829 (application of Income Tax Acts to public...
Minor and consequential amendments
In section 830(1) (territorial sea) omit “income tax and”.
In section 831(3) (interpretation of ICTA) after the definition of...
(1) Amend section 832 (interpretation of the Tax Acts) as...
Omit section 833 (interpretation of the Income Tax Acts).
In section 834(1) (interpretation of the Corporation Tax Acts), at...
Omit section 835 (“total income” in the Income Tax Acts)....
Omit section 836 (returns of total income).
Omit section 836B (table of provisions to which that section...
Omit section 837 (“annual value” of land).
(1) Amend section 837A (meaning of “research and development”) as...
In section 209A(4) (section 209(3AA): link to shares of company...
In section 837B(1) (meaning of “oil and gas exploration and...
In section 837C(1) and (5) (meaning of “offshore installation”) for...
In section 838(1) (subsidiaries) for “Tax Acts” substitute “ Corporation...
(1) Amend section 839 (connected persons) as follows.
In section 840 (meaning of “control” in certain contexts) for...
After section 840 insert— Meaning of “tax advantage” (1) In any provision of the Corporation Tax Acts in...
In section 840A(1) (banks)— (a) after “In any provision” insert...
Minor and consequential amendments
In section 842(1) (investment trusts) for “Tax Acts” substitute “...
Omit section 842AA (venture capital trusts).
Omit section 214(1)(b) (chargeable payments connected with exempt distributions: deduction...
In section 842A(1) (meaning of “local authority”) for “Tax Acts”...
(1) Amend section 842B (meaning of “ investment LLP ”...
(1) Amend Schedule 14 (provisions ancillary to section 266) as...
In Part 1 of Schedule 15 (qualifying policies for the...
Omit Part 1 of Schedule 15B (venture capital trusts: relief...
Omit Schedule 16 (collection of income tax on company payments)....
In paragraph 2(b) of Schedule 19B (petroleum extraction activities: exploration...
(1) Amend Schedule 20 (charities: qualifying investments and loans) as...
(1) Amend Schedule 23A (manufactured dividends and interest) as follows....
In Schedule 28AA (provision not at arm's length) in paragraph...
(1) Amend section 231AA (no tax credit for borrower under...
Omit Schedule 28B (venture capital trusts: meaning of “qualifying holding”)....
In section 2(1A)(a) of the Chevening Estate Act 1959 (provisions...
The Taxes Management Act 1970 is amended as follows.
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 12AB(1) (partnership return to include partnership statement)...
In section 12B(4A)(a) (records to be kept for purposes of...
(1) Amend section 17 (interest paid or credited by banks...
In section 21(5A) (transactions in securities etc) for “Schedule 23A...
In section 24(3A) (power to obtain information as to income...
(1) Amend section 231AB (no tax credit for original owner...
Minor and consequential amendments
In section 36(3A) (fraudulent or negligent conduct)—
(1) Amend section 37A (effect of assessment where allowances transferred)...
In section 42(7) (procedure for making claims etc)—
In section 43A(2A) (further assessments: claims etc)—
Minor and consequential amendments
Minor and consequential amendments
In section 55(1) (recovery of tax not postponed)—
For section 87 (interest on income tax on company payments)...
Minor and consequential amendments
In section 231B(12) (consequences of certain arrangements to pass on...
(1) Amend section 98 (special returns etc) as follows.
In section 99A (certificates of non-liability to income tax) for...
After section 99A insert— Declarations under Chapter 2 of Part...
In section 118(1) (interpretation)— (a) in the definition of “company”...
In paragraph 9(2) of Schedule 1A (claims etc not included...
Omit section 21 of, and Schedule 3 to, the Finance...
In section 2(4A)(a) of the Biological Standards Act 1975 (general...
Minor and consequential amendments
The Inheritance Tax Act 1984 is amended as follows.
In section 157(6) (non-residents' bank accounts) for “section 840A of...
Minor and consequential amendments
In section 204(5) (limitation of liability) for “section 739 or...
In section 272 (general interpretation) in the definition of “authorised...
In paragraph 36(3) of Schedule 2 to the Administration of...
In section 8(9) of the Building Societies Act 1986 (raising...
The Finance Act 1988 is amended as follows.
(1) Amend section 130 (provisions for securing payment by company...
In Schedule 6 (commercial woodlands) omit paragraph 3(3) to (5)....
In paragraph 6(1)(b) of Schedule 12 (building societies: change of...
The Finance Act 1989 is amended as follows.
Minor and consequential amendments
Minor and consequential amendments
In section 111 (residence of personal representatives)—
(1) Amend section 151 (assessment of trustees and personal representatives)...
In section 182(3) (disclosure of information) at the end of...
(1) Amend Schedule 5 (employee share ownership trusts) as follows....
(1) Amend section 25 of the Finance Act 1990 (c....
The Finance Act 1991 (c. 31) is amended as follows....
Omit section 53 (Income Tax (Building Society) Regulations 1986).
Omit section 72 (deduction of trading losses).
The Social Security Contributions and Benefits Act 1992 (c. 4)...
In section 4A(3)(i)(i) (earnings of workers supplied by service companies...
Minor and consequential amendments
(1) Amend Schedule 2 (levy of Class 4 contributions with...
The Social Security Contributions and Benefits (Northern Ireland) Act 1992...
In section 4A(3)(i)(i) (earnings of workers supplied by service companies...
(1) Amend Schedule 2 (Schedule 2 to the Social Security...
The Taxation of Chargeable Gains Act 1992 is amended as...
Minor and consequential amendments
Minor and consequential amendments
For section 11 (visiting forces, agents-general etc) substitute— Visiting forces...
In section 16(1) (computation of losses) for “section 72 of...
In section 37 (consideration chargeable to tax on income) at...
Omit section 3 (certain income charged at basic rate).
Minor and consequential amendments
In section 39 (exclusion of expenditure by reference to tax...
Minor and consequential amendments
In section 98(2) (power to obtain information for purposes of...
In section 101B(1)(a) (transfer of a company's assets to VCT),...
In section 101C(7) (transfer within group to VCT), for “section...
(1) Amend section 105A (shares acquired on the same day:...
In section 108(1)(a) (identification of relevant securities) for “section 710...
(1) Amend section 119 (transfer of securities subject to the...
After section 125 insert— Share loss relief Effect of share...
Minor and consequential amendments
In section 148C(1) (deemed disposals at a loss under section...
(1) Amend section 150A (enterprise investment schemes) as follows.
(1) Amend section 150B (enterprise investment scheme: reduction of relief)...
Minor and consequential amendments
In section 151A(7) (venture capital trusts: reliefs) for “the meaning...
(1) Amend section 151B (VCTs: supplementary) as follows.
After section 151B insert— CITR: identification of securities or shares...
After section 151BA insert— CITR: rights issues etc (1) If— (a) an individual or company (“the investor”) holds...
After section 151BB insert— CITR: company reconstructions etc (1) If— (a) an individual or company (“the investor”) holds...
In section 151C(5) (strips: manipulation of price: associated payment giving...
Minor and consequential amendments
In section 151D(5) (corporate strips: manipulation of price: associated payment...
In section 161 (stock in trade: appropriations to and from...
In section 169D(1) (gifts to settlor-interested settlements: exceptions) for “691(2)...
In section 226B(1) (private residence relief: special cases) for “691(2)...
In section 231(1) and (3) (shares: special provision) after “Taxes...
In section 241(3)(a) (furnished holiday lettings) for the words from...
(1) Amend section 256 (charities) as follows.
After section 256 insert— Attributing gains to the non-exempt amount...
In section 257 (gifts to charities etc) after subsection (2)...
After section 261A insert— Deduction of trading losses or post-cessation...
Minor and consequential amendments
After section 261E insert— Repurchase price under repos Deemed manufactured...
After section 261F insert— Price differences under repos: effect on...
After section 261G insert— Power to modify section 261G in...
(1) Amend section 263ZA (former employees: employment-related liabilities) as follows....
Minor and consequential amendments
(1) Amend section 263D (gains accruing to persons paying manufactured...
After section 263E insert— Power to modify repo provisions: non-standard...
After section 263F insert— Power to modify repo provisions: redemption...
After section 263G insert— Sections 263F and 263G: supplementary provisions...
After section 263H insert— Powers about manufactured overseas dividends (1) The Treasury may by regulations make provision as mentioned...
Minor and consequential amendments
(1) Amend section 271 (miscellaneous exemptions) as follows.
After section 285 insert— European Economic Interest Groupings (1) The following rules about European Economic Interest Groupings apply...
(1) Amend section 288 (interpretation) as follows.
Minor and consequential amendments
In paragraph 14 of Schedule 4A (deemed disposal of underlying...
(1) Amend Schedule 5B (enterprise investment scheme: re-investment) as follows....
In paragraph 1(1)(a) of Schedule 5BA (enterprise investment scheme: application...
In paragraph 3(1)(f) of Schedule 5C (VCTs: deferred charge on...
(1) Amend Schedule 7C (reliefs for transfers to approved share...
In Schedule 8 (leases), in paragraph 5(6) for “any amount...
Minor and consequential amendments
In section 28(1)(a) of the Finance (No. 2) Act 1992...
Minor and consequential amendments
In section 3(6) of the Judicial Pensions and Retirement Act...
In section 25A(1) and (2) of the Charities Act 1993...
The Finance Act 1993 is amended as follows.
Omit section 80 (transitional relief for charities etc).
Omit section 118 (Scottish trusts).
(1) Amend section 176 (ancillary trust funds) as follows.
(1) Amend section 180 (underwriting profits to be earned income)...
In section 182(1)(ca)(ii) (Lloyd's underwriters: regulations) for the words from...
(1) Amend section 266 (life assurance premiums) as follows.
In section 212 (interpretation) at the end insert “ ,...
(1) Amend Schedule 20A (Lloyd's underwriters: conversion to limited liability...
In paragraph 22(2) of Schedule 2 to the Agriculture Act...
(1) Amend paragraph 11 of Schedule 20 to the Finance...
The Finance Act 1995 is amended as follows.
Omit section 73 (venture capital trusts: regulations).
Omit section 90 (relief for post-cessation expenditure).
(1) Amend section 127 (persons not treated as UK representatives)...
Omit section 128 (limit on income chargeable on non-residents: income...
(1) Amend section 154 (short rotation coppice) as follows.
Minor and consequential amendments
(1) Amend Schedule 22 (prevention of exploitation of Schedule 2...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
The Finance (No.2) Act 1997 is amended as follows.
Omit section 29 (unauthorised unit trusts).
In section 35(3)(a) (transitional relief for charities etc ) for...
Omit section 276 (effect on relief of charges on income)....
The Finance Act 1998 is amended as follows.
In section 56(4) (transitional provision in connection with section 55...
In section 134(5) (transfer of company's assets to VCT) for...
In section 135(5) (transfer within group to VCT) for “section...
In section 161(2)(a) (non-FOTRA securities) for the words from “sections...
(1) Amend Schedule 18 (company tax returns, assessments and related...
The Greater London Authority Act 1999 is amended as follows....
In section 157(4) (restriction on exercise of certain powers except...
In section 419(2) (taxation: certain bodies treated as a local...
The Finance Act 2000 is amended as follows.
Omit section 277 (partners).
In section 38(4) (payroll deduction scheme) in the definition of...
In section 44 (which makes provision about expenses of trustees)...
(1) Amend section 46 (exemption for small trades etc )...
In section 155 (interpretation) at the end insert “ and...
(1) Amend Schedule 15 (the corporate venturing scheme) as follows....
In paragraph 41 of Schedule 22 (tonnage tax: the requirement...
The Capital Allowances Act 2001 is amended as follows.
(1) Amend section 4 (capital expenditure) as follows.
In section 70V(4) (tax avoidance involving international leasing) for “Chapter...
Omit section 70YI(4) (application of section 839 of ICTA).
Omit section 4 (construction of references in Income Tax Acts...
(1) Amend section 278 (non-residents) as follows.
In section 138(2)(b) (limit on amount deferred) for “section 385...
In section 156(1)(a) and (c) (connected persons) for “section 839...
In section 220(8)(a) (allocation of expenditure to a chargeable period)...
In section 232(1)(a) (meaning of connected person) for “section 839...
In section 258 (special leasing: income tax) after subsection (3)...
In section 266(5)(a) (election where predecessor and successor are connected...
Minor and consequential amendments
In section 437 (research and development allowances) for subsection (2)...
In section 479 (persons having qualifying non-trade expenditure: income tax)...
At the beginning of Chapter 6 of Part 12 insert—...
Omit section 282 (construction of references to spouses or civil...
In section 574(1) at the end insert “(but, for the...
For section 575 (connected persons) substitute— Meaning of “connected” persons...
In section 577(1) (other definitions)— (a) omit the definition of...
(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
The Finance Act 2002 is amended as follows.
Omit section 98.
In section 142 (interpretation) at the end insert “, and...
In paragraph 19 of Schedule 12 (tax relief for expenditure...
In paragraph 27 of Schedule 13 (tax relief for expenditure...
(1) Amend Schedule 16 (community investment tax relief) as follows....
Omit sections 282A and 282B (jointly held property).
(1) Amend Schedule 18 (relief for community amateur sports clubs)...
In Schedule 25 (loan relationships), omit paragraph 57.
Minor and consequential amendments
Omit Schedule 33 (venture capital trusts).
In paragraph 4 of Part 2 of Schedule 10 (tax)...
The Income Tax (Earnings and Pensions) Act 2003 is amended...
In section 1 (overview of contents of Act) omit subsection...
In section 11(3) (calculation of “net taxable earnings”) for “section...
In section 24(6)(a) (limit on chargeable overseas earnings where duties...
In section 48(2) (scope of Chapter) for “subject to deduction...
Omit section 305A (relief for loss on disposal of shares)....
In section 69(1) (extended meaning of “control”) for “section 840...
In section 178 (exception for loans where interest qualifies for...
In section 180(5) (threshold for benefit of loan to be...
In section 230(5)(a) (the approved amount for mileage allowance payments)...
In section 329(6) (deductions from earnings not to exceed earnings)...
In section 347(2) (payments made after leaving an employment) for...
In section 357(2) after “section 505(1)(e) of ICTA” insert “...
After section 404 insert— Amounts charged to be treated as...
In section 476 (charge on occurrence of chargeable event) after...
(1) Amend section 515 (tax advantages and charges relating to...
In section 312(2A) (interpretation of Chapter 3), as it applies...
(1) Amend section 555 (deduction for liabilities related to former...
In section 609(1) after “section 273 of ICTA” insert “...
In section 718 (connected persons) for “Section 839 of ICTA”...
In section 719 (control in relation to a body corporate)—...
(1) Amend section 721 (other definitions) as follows.
In Part 1 of Schedule 1 (abbreviations) in the appropriate...
(1) Amend Part 2 of Schedule 1 (defined expressions) as...
(1) Amend Schedule 2 (approved share incentive plans) as follows....
In paragraph 49 of Schedule 3 (approved SAYE Option Schemes)—...
In paragraph 37 of Schedule 4 (approved CSOP Schemes)—
Omit section 320 (Commonwealth Agents-General and official agents etc).
(1) Amend Schedule 5 (enterprise management incentives) as follows.
The Finance Act 2003 is amended as follows.
Omit section 151 (non-resident companies: extent of charge to income...
In section 152 (non-resident companies: transactions carried out through broker,...
In section 153(2)(a) (general replacement of references to branch or...
In paragraph 1(2) of Schedule 26 (non-resident companies: transactions through...
The Finance Act 2004 is amended as follows.
In section 50 (generally accepted accounting practice) for “the Tax...
In section 51 (use of different accounting practices within a...
In section 59 (construction industry scheme: contractors) after subsection (7)...
Omit section 323 (visiting forces).
In section 65 (change in control of company registered for...
After section 73 (regulations under this Chapter: supplementary) insert— Designated...
(1) Amend section 83 (giving through the self-assessment return) as...
Omit sections 101 (payment of royalties without deduction at source)...
Omit sections 119 to 123 (individuals benefited by film relief)....
Omit sections 126 to 130 (individuals in partnership: exit charge)....
In section 155(6)(a) and (b) (persons by whom scheme may...
In section 161 (meaning of “payment” etc) for subsection (8)...
(1) Amend section 162 (meaning of “loan”) as follows.
In section 172A (surrender) for subsection (11) substitute—
Omit section 332A (venture capital trusts: relief).
In section 172B (increase in rights of connected person on...
In section 172C (allocation of unallocated employer contributions) for subsection...
In section 172D (limit on increase in benefits) for subsection...
(1) Amend section 189 (relevant UK individual) as follows.
In section 192 (relief at source) omit subsection (5).
In section 193(6) (relief under net pay arrangements)—
In section 194(1) (relief on making of claim)—
In section 266A (member's liability) for subsection (7) substitute—
In section 273 (members liable as scheme administrator) for subsection...
In section 278 (market value) for subsection (4) substitute—
Omit section 334 (Commonwealth and Irish citizens temporarily abroad).
(1) Amend section 279 (other definitions) as follows.
(1) Amend section 280 (abbreviations and general index) as follows....
(1) Amend Schedule 15 (charge to income tax on benefits...
In paragraph 4 of Schedule 27 (meaning of “offshore installation”)...
In paragraph 4 of Schedule 29A (investment-regulated pension schemes) for...
In paragraph 11D of Schedule 36 (transitional provisions) for sub-paragraph...
The Pensions Act 2004 is amended as follows.
In Schedule 3 (restricted information held by the Regulator: certain...
In Schedule 8 (restricted information held by the Board: certain...
The Constitutional Reform Act 2005 is amended as follows.
Omit section 335 (residence of persons working abroad).
In paragraph 4 of Schedule 7 (protected functions of the...
In the table in Part 3 of Schedule 14 (appointments...
The Income Tax (Trading and Other Income) Act 2005 is...
In section 1 (overview of Act) omit subsection (2).
In section 12(3) (profits of mines etc) for “Chapter 1...
(1) Amend section 13 (visiting performers) as follows.
In section 17(3) (effect of becoming or ceasing to be...
Omit section 51 (patent royalties).
(1) Amend section 52 (exclusion of double relief for interest)...
In section 87(5) (expenses of research and development) for “section...
Omit section 7(1) (deduction of income tax from payments to...
Omit section 336 (temporary residents in the United Kingdom).
In section 108(4) (gifts of trading stock etc to charities)...
In section 179(a) (connected persons) for “section 839 of ICTA”...
(1) Amend section 232 (treatment of trading adjustment income) as...
In section 248(3) (debts paid after cessation)—
(1) Amend section 250 (receipts relating to post-cessation expenditure) as...
In section 254(3)(b) (allowable deductions) for “section 90(4) of FA...
(1) Amend section 256 (treatment of post-cessation receipts) as follows....
In section 272(2) (profits of a property business: application of...
(1) Amend section 339 (charges on income: donations to charity)...
In section 333(3) (treatment of property business adjustment income) for...
In section 354(2) (other rules about what counts as a...
In section 369(4) (charge to tax on interest) for the...
In section 372(2) (building society dividends) for the words from...
(1) Amend section 397 (tax credits for qualifying distributions: UK...
(1) Amend section 399 (qualifying distributions received by persons not...
(1) Amend section 400 (non-qualifying distributions) as follows.
In section 401 (relief: qualifying distribution after linked non-qualifying distribution)...
In section 410(3)(b) (stock dividend income arising to trustees) for...
Minor and consequential amendments
(1) Amend section 414 (stock dividends from UK resident companies:...
In section 418(5) (loans to participator in close company: relief...
In section 421(4) (loans to participator in close company: income...
(1) Amend section 426 (annuity payments received after deduction of...
In section 446 (strips of government securities: relief for losses)...
In section 454 (listed securities held since 26th March 2003:...
(1) Amend section 457 (disposal of deeply discounted securities by...
In section 459(2) (profits from deeply discounted securities: transfer of...
In section 460(2) (profits from deeply discounted securities: minor definitions)...
After section 465 insert— Amounts for which individuals liable to...
Omit section 347B (qualifying maintenance payments).
Minor and consequential amendments
(1) Amend section 467 (liability of trustees for tax on...
In section 468 (gains from contracts for life insurance etc:...
In section 482 (excepted group life policies: conditions about persons...
In section 520(4) (the property categories) after the definition of...
(1) Amend section 530 (income tax treated as paid) as...
(1) Amend section 535 (top slicing relief) as follows.
Minor and consequential amendments
Minor and consequential amendments
For section 539 (relief for deficiencies) substitute— Relief for deficiencies...
Omit section 348 (payments out of profits or gains brought...
In section 546(4) (table of provisions subject to special rules...
For section 550 substitute— Income tax treated as paid In accordance with section 848 of ITA 2007, a sum...
In section 567(2) (disposals of futures and options involving guaranteed...
In section 569(2) (disposal of futures and options involving guaranteed...
Minor and consequential amendments
(1) Amend section 595 (deduction of tax from payments to...
In section 601 (how relief for patent expenses is given)...
(1) Amend section 602 (payments received after deduction of tax)...
(1) Amend section 618 (payments received after deduction of tax)...
Omit section 349 (payments not out of profits or gains...
In section 619(2) (charge to tax on settlor)—
After section 619 insert— Income treated as highest part of...
In section 620(5) (which contains various definitions) in the definition...
In section 624 (income where settlor retains an interest in...
In section 627(2) (income where settlor retains an interest: exceptions),...
(1) Amend section 628 (exception for gifts to charities) as...
In section 631(7) (retained and accumulated income) for “the total...
In section 635(3)(d) (settlements: amounts treated as income of settlor:...
(1) Amend section 636 (calculation of undistributed income) as follows....
In section 640(1) and (3)(a) (settlements: amounts treated as income...
Omit section 349ZA (extension of section 349: proceeds of sale...
After section 646 insert— Trustees' expenses to be rateably apportioned...
In section 669(3)(a) (reduction in residuary income: inheritance tax on...
In section 677 (relief where UK income tax borne by...
In section 678 (relief where UK income tax borne by...
Minor and consequential amendments
Minor and consequential amendments
After section 680 insert— Income treated as savings income or...
In section 682 (assessments, adjustments and claims after the administration...
In section 684(3) (Chapter 7 of Part 5 subject to...
(1) Amend section 685A (discretionary payments under settlor-interested settlements) as...
Omit sections 349A to 349D (exceptions to section 349 for...
(1) Amend section 686 (payments received after deduction of tax)...
In section 704(4)(a) (types of arrangements and providers) for “section...
In section 714(6) (exemption of profits from FOTRA securities) for...
In section 724 (regulations) omit subsection (3).
In section 755(3) (exemption of interest on foreign currency securities...
In section 756A(5) (interest on certain deposits of victims of...
In section 757 (interest and royalty payments: introduction) at the...
In section 767(2) (power to amend references to the Directive...
In section 841 (unremittable income: introduction) for subsection (5) substitute—...
In section 852(7) (carrying on by partner of notional trade)...
Omit section 349E (deductions under section 349(1): payment of royalties...
In section 863(2) (limited liability partnerships)— (a) in paragraph (a)...
In section 871 (apportionment etc of miscellaneous profits to tax...
In section 872(3)(a) (losses calculated on same basis as miscellaneous...
Omit section 876 (meaning of “farming” and related expressions).
Omit section 877 (meaning of “grossing up”).
(1) Amend section 878 (other definitions) as follows.
In section 879 (interpretation: Scotland)— (a) in subsection (1) omit...
In section 885(3)(c) (general index in Schedule 4) for “ICTA...
In Schedule 2 (transitionals and savings etc) omit paragraph 50(3)....
(1) Amend paragraph 82 of Schedule 2 (transitionals and savings...
Omit section 350 (charge to tax where payments made under...
In paragraph 109(4) of Schedule 2 (transitional provision: contracts in...
In Part 1 of Schedule 4 (abbreviations) in the appropriate...
(1) Amend Part 2 of Schedule 4 (index of defined...
The Finance Act 2005 is amended as follows.
In section 26 (amount of relief for trustees of property...
(1) Amend section 27 (tax liability of trustees of property...
In section 41(1) (interpretation of Chapter 4 of Part 2)...
(1) Amend section 47A (alternative finance arrangements: diminishing share ownership)...
In section 51(2) (treatment of alternative finance arrangements)—
(1) Amend section 52 (alternative finance arrangements: provision not at...
Minor and consequential amendments
Omit section 350A (UK public revenue dividends: deduction of tax)....
Omit sections 74 to 78 (partners: recovery of excess relief)....
In section 105 (interpretation) after the definition of “IHTA 1984”...
(1) Amend Schedule 2 (alternative finance arrangements: further provisions) as...
The Finance (No. 2) Act 2005 is amended as follows....
(1) Amend section 7 (charge to income tax on social...
In section 18(3)(b)(i) (authorised investment funds etc: section 17(3): specific...
In section 71 (interpretation) after the definition of “ICTA” insert—...
The Pensions (Northern Ireland) Order 2005 is amended as follows....
In Schedule 3 (restricted information held by the Regulator: certain...
In Schedule 7 (restricted information held by the Board: certain...
Omit section 352 (certificates of deduction of tax).
The Finance Act 2006 is amended as follows.
In section 34 (meaning of certain expressions for the purposes...
In section 65(3) (London Organising Committee) for “Section 349(1) of...
In section 67 (International Olympic Committee)— (a) in subsection (1)(c),...
In section 68(1)(d) (competitors and staff) for “section 349(1) of...
Omit section 75 (tax avoidance: interest relief and film partnerships)....
In section 103(1)(b) (Real Estate Investment Trusts) for “, 121...
Minor and consequential amendments
In section 117(4) (cancellation of tax advantage) for “section 709”...
In section 121(2)(c) (distributions: liability to tax) for “chargeable to...
(1) Amend section 353 (relief for payments of interest: general)...
Omit section 122 (distributions: deduction of tax).
(1) Amend section 139 (manufactured dividends) as follows.
In section 179 (interpretation) after the definition of “IHTA 1984”...
In Schedule 5 (film tax relief: further provisions) in paragraph...
In paragraph 27(1) of Schedule 8 (long funding leases of...
In Schedule 13 (settlements) omit paragraph 37.
(1) Amend Schedule 17 (Group Real Estate Investment Trusts: modifications)...
Omit Chapter 3 of Part 7 of the Income and...
Omit section 359 (loan to buy machinery or plant).
Omit section 360 (loan to buy interest in close company)....
Omit section 360A (meaning of “material interest” in section 360)....
Omit section 361 (loan to buy interest in co-operative or...
Omit section 362 (loan to buy into partnership).
Omit section 363 (provisions supplementary to sections 360 to 362)....
Omit section 364 (loan to pay inheritance tax).
Omit section 42A (non-resident landlords and their representatives).
In section 366(1)(c) (information) omit the words from “(or” to...
In section 367 (provisions supplementary to sections 354 to 366)...
Omit section 368 (exclusion of double relief etc).
Omit Chapter 1 of Part 10 (loss relief: income tax)....
(1) Amend section 397 (restriction of relief in case of...
(1) Amend section 398 (transactions in deposits with and without...
(1) Amend section 399 (dealings in commodity futures etc :...
In section 414(1) (close companies) for “Tax Acts” substitute “...
Minor and consequential amendments
In section 459 (exemption for unregistered friendly societies) omit “income...
Omit sections 50, 51 and 51AA (United Kingdom securities: Treasury...
In section 460(1) (exemption for registered friendly societies: life or...
(1) Section 461 (exemption for registered friendly societies: other business)...
(1) Amend section 461B (exemption for qualifying incorporated friendly societies:...
Minor and consequential amendments
(1) Amend section 467(1) (exemption for trade unions and employers'...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
(1) Amend section 477A (building societies: regulations for deduction of...
Omit sections 480A to 482 (deduction of tax by deposit-takers)....
In section 56(3)(c) (transactions in deposits with and without certificates...
(1) Amend section 486 (industrial and provident societies and co-operative...
Minor and consequential amendments
(1) Amend section 492 (treatment of oil extraction activities etc...
Omit section 504A (letting of furnished holiday accommodation treated as...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
The repeal of provisions and their enactment in a rewritten...
(1) This paragraph applies if, in the case of any...
(1) This paragraph applies if in the tax year 2007-08...
(1) This paragraph applies for the purposes for which, on...
(1) This paragraph applies if the trustees of a settlement...
(1) This paragraph applies for the purposes of section 489...
(1) Section 497 applies with the following modifications in relation...
Section 543(1)(g) and (h) and sections 549 to 557 (non-charitable...
For the purposes of section 549 a person may meet...
(1) This paragraph applies if, as a result of sections...
In relation to a tax year before 2007-08—
Section 596 does not apply if the stock lending arrangement...
In relation to the tax year 2007-08 or any subsequent...
(1) Section 655 applies only if— (a) in the case...
(1) This paragraph applies if the agreement to sell the...
Section 661 does not apply if the transferor's acquisition was...
If the transfer of securities within section 681(1)(a) occurred before...
(1) Despite anything in this Act, Chapter 1 of Part...
In this Part “enactment” includes subordinate legislation (within the meaning...
(1) In its application to a transaction in securities that...
If a tribunal has made a determination under section 705(3)...
(1) This paragraph applies until paragraph 47 of Schedule 9...
(1) Section 732 (non-transferors receiving a benefit as a result...
(1) This paragraph deals with whether section 475 (residence of...
(1) Sub-paragraph (2) deals with whether section 474 (trustees of...
(1) This paragraph deals with whether section 834 (residence of...
(1) Sub-paragraph (2) deals with whether section 834 (residence of...
(1) In relation to transfers and associated operations on or...
(1) So far as section 749(6) (restrictions on information to...
Transitionals and savings
Sections 721(5)(b) and (c) and 728(3)(b) and (c) do not...
(1) In relation to any time before 5 December 2005,...
In section 792(1)— (a) the reference to the claiming of...
(1) The losses covered by section 794(1) and (2) in...
(1) The claims covered by section 797(1)(a) include claims within...
(1) The losses covered by section 800(3)(a) include losses in...
In section 801(3) the reference to the making of a...
(1) In section 802(1) the reference to the making of...
(1) After the commencement of section 802, the Partnerships (Restrictions...
(1) In section 803 references to chargeable events include events...
Transitionals and savings
(1) The losses covered by section 805(1)(b) include losses in...
(1) In section 806 at Step 4 non-taxable consideration received...
(1) This paragraph applies for the purposes of sections 805...
The losses covered by section 807(4) include losses in relation...
(1) A deposit with a deposit-taker which meets the settlement...
(1) A notification under paragraph 154(3) given by a trustee...
(1) Section 858(2)(c) (which requires a declaration of non-UK residence...
(1) This paragraph applies to a certificate of deposit which...
(1) This paragraph applies to a deposit with a deposit-taker...
(1) This paragraph applies to regulations which—
Transitionals and savings
(1) This paragraph applies to regulations about the making of...
Chapter 15 of Part 15 has effect for return periods...
(1) This paragraph applies to a payment—
(1) In the case of payments of interest to which...
(1) In the case of payments of interest to which...
(1) This paragraph applies if— (a) any person holds any...
(1) This paragraph applies in relation to any gilt-edged securities...
(1) This paragraph applies for the purposes of section 943....
(1) This paragraph applies for the purposes of section 943...
(1) Sub-paragraph (2) applies to any references in the Taxation...
Transitionals and savings
Expressions used in this Part of this Schedule and in...
The repeal by this Act of section 819 of ICTA...
Section 820 of ICTA (application of Income Tax Acts from...
(1) The repeal by this Act of the superseded carry...
(1) This paragraph applies for the purposes of section 64...
Paragraph does not apply to any change made by this...
(1) This paragraph applies if— (a) a person makes a...
(1) This paragraph applies for the purposes of section 72...
(1) This paragraph applies if— (a) a person makes a...
(1) This paragraph applies if— (a) a person makes a...
Section 81 does not apply if the arrangements mentioned in...
(1) This paragraph applies for the purposes of section 89...
The events covered by section 98(5) (including as applied by...
(1) The relief covered by section 104(5) includes—
(1) The relief covered by section 107(6) includes—
(1) The amounts of loss covered by section 109(1)(b) include...
Any subordinate legislation or other thing which—
(1) The relief covered by section 110(5) includes—
(1) The amounts of loss covered by section 113(1)(b) include...
In Chapter 3 of Part 4 any reference to an...
(1) Sub-paragraphs (2) to (9) set out relief which is...
(1) The provision which may be made in regulations under...
(1) After the commencement of sections 114 and 802, the...
(1) This paragraph applies for the purposes of section 128...
(1) This paragraph applies if a person makes a loss...
(1) In relation to shares issued before 17 March 2004,...
(1) In relation to new shares issued before 6 April...
(1) Any reference (express or implied) in this Act, another...
(1) In relation to shares issued before 6 April 2007,...
(1) In relation to shares issued before 17 March 2004,...
(1) In relation to shares issued before 6 April 2007,...
(1) Section 140 does not apply in relation to shares...
(1) Section 141 does not apply in relation to shares...
(1) In relation to shares issued before 6 April 2006,...
(1) In relation to shares issued before 7 March 2001,...
(1) Section 144 does not apply in relation to shares...
(1) In relation to new shares issued before 6 April...
(1) Section 146 does not apply in relation to shares...
(1) Any reference (express or implied) in any enactment, instrument...
(1) In relation to shares issued before 6 April 1998,...
(1) In relation to shares issued before 17 March 2004,...
(1) In relation to shares issued before 7 March 2001,...
(1) In relation to shares issued before 6 April 2007,...
(1) In relation to shares issued before 6 April 2007,...
(1) In relation to shares issued before 6 April 2000,...
(1) In relation to shares issued before 6 April 2007,...
(1) Sub-paragraph (2) applies in relation to—
(1) For the purposes of this Part of this Schedule,...
(1) In relation to shares to which sub-paragraph (2) or...
Section 261(4) does not apply in relation to shares acquired...
(1) Paragraphs 1 to 5 have effect instead of section...
(1) In relation to shares issued before 6 April 2006,...
In relation to shares issued before 6 April 2006, section...
(1) In relation to shares issued before 6 April 2006—...
(1) In relation to shares issued before 6 April 2007,...
In relation to shares or securities issued before 17 April...
(1) Sub-paragraph (2) applies if any question arises which—
Section 280(3) does not apply in relation to shares issued...
Section 285 applies with the omission of subsections (4) to...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
(1) The repeal by this Act of a transitional or...
(1) If at any time the requirement of section 289—...
For the purpose of determining whether shares or securities are...
(1) For the purpose of determining whether shares or securities...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
(1) For the purpose of determining whether shares or securities...
(1) For the purpose of determining whether shares or securities...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
(1) References in this Act to any person are to...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
For the purpose of determining whether shares or securities are...
(1) For the purpose of determining whether shares or securities...
For the purpose of determining whether shares or securities are...
(1) For the purpose of determining whether shares or securities...
For the purpose of determining whether shares or securities are...
Sections 326 to 329 do not apply in relation to...
Section 330 does not apply in relation to exchanges of...
(1) Sub-paragraph (2) applies in relation to—
(1) In this Part— “enactment” includes subordinate legislation (within the...
(1) This paragraph applies in relation to the meaning of...
Section 392(3)(a) does not apply if the shares were acquired...
Section 392(3)(b) does not apply if the shares were acquired...
(1) In relation to a loan made before 14 November...
Section 395(2) does not apply in relation to a loan...
(1) In relation to a loan used before 6 April...
Section 399(4) (restriction on relief for interest on loans for...
Section 401 applies in relation to a loan used in...
Despite the amendments made by this Act to section 25...
(1) This paragraph applies if— (a) a gift is made...
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
Browse 6 other sections
Overview of Part
Key definitions
Treatment of payer of manufactured payment
Treatment of recipient of manufactured payment
Meaning of “assets” etc
Other definitions
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Report benefits in kind (P11D) (opens in a new tab) from HMRC Detailed Guidance
- Paying yourself from a limited company (opens in a new tab) from Companies House Detailed Guidance
- Directors' loans (opens in a new tab) from HMRC Detailed Guidance
- Understand director responsibilities (opens in a new tab) from Companies House Detailed Guidance
- HMRC loss restriction guidance (opens in a new tab) from HMRC Detailed Guidance
- Trading allowance (GOV.UK) (opens in a new tab) from HMRC Detailed Guidance
- Welsh income tax rates (GOV.UK) (opens in a new tab) from HMRC Detailed Guidance
- Scottish income tax rates (GOV.UK) (opens in a new tab) from HMRC Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
HM Revenue & Customs
Tax collection, customs duties, national insurance, tax credits, and enforcement of the National Minimum Wage. Regulates all UK businesses for tax compliance …
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Regulators
Learn more about the bodies that enforce this legislation.