File your first Self Assessment tax return
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UK Act of Parliament
2007
United Kingdom
Income Tax Act 2007
At a glance
Enforced by
What's here
35 compliance obligations, 15 practical guides across 4 topics · 14 journeys
Penalty landscape
3 of 35 obligations carry an unlimited fine. 32 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 17
- Any Person 10
- 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
5 guidesSupporting — topic alignment
5 guidesMentioned in related content
5 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 219 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 952 duties
- TULRCA 1992 1992 39 duties
- Companies Act 2006 2006 39 duties
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 2013 39 duties
- The Customs (Import Duty) (EU Exit) Regulations 2018 2018 33 duties
Any Person also bound by 749 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 110 duties
- Licensing Act 2003 2003 105 duties
- Merchant Shipping Act 1995 1995 97 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 86 duties
Directors and Officers also bound by 224 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 75 duties
- Companies Act 2006 2006 63 duties
- Insolvency Act 1986 1986 46 duties
- CCBSA 2014 2014 22 duties
- CAICEA 2004 2004 18 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
No sections of this Part have been ingested yet.
Part 2 — Basic provisions
Browse 12 other sections in this Part — procedural / definitional / commencement
The default basic, higher and additional rates
The savings basic, higher and additional rates
The trust rate and dividend trust rate
Income charged at the dividend ordinary , dividend upper and dividend additional rates: individuals
Income charged at the dividend ordinary rate: other persons
Meaning of “savings income”
Overview of Chapter
The calculation of income tax liability
Reliefs and allowances deductible at Steps 2 and 3: supplementary
Tax reductions
Additional tax
Total income: supplementary
Part 3 — Personal reliefs
Browse 11 other sections in this Part — procedural / definitional / commencement
Allowances under Chapter
Personal allowance
Blind person's allowance
Election for new rules to apply
Marriages before 5 December 2005
Procedure for making and withdrawing elections under sections 47 to 49
Tax reduction under Chapter
Election to reduce personal allowance
Indexation of allowances
Personal allowance linked to national minimum wage
Meaning of “adjusted net income”
Part 4 — Loss relief
Meaning of “contribution to the LLP”
Amended 1 timeExcess loss allocation to partners who are individuals
Amended 1 timeCarry forward against subsequent property business profits
Amended 1 timePost-cessation property relief
Amended 1 timeNo 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 timesEmployment loss relief against general income
Amended 1 timeThe 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 timeInterpretation of Chapter
Amended 6 timesLosses from miscellaneous transactions
Amended 13 timesBrowse 14 other sections in this Part — procedural / definitional / commencement
Reasonable expectation of profit
Whether trade is the same trade
How relief works
Reliefs in any tax year not to exceed cap for tax year
First-year allowances: partnerships with companies
Carry forward of certain interest as loss
Foreign trades etc: reliefs only against foreign income
Post-cessation trade relief
Denial of relief for tax-generated payments or events
Meaning of “non-active partner” etc
Unrelieved losses brought forward
Entitlement to claim
Subscriptions for shares
Ceasing to meet trading requirement because of administration or receivership
Part 5 — Enterprise investment scheme
Risk-to-capital condition
Amended 6 timesThe no tax avoidance requirement
- Ensure EIS share investments are for genuine commercial reasons Any Person
Connection with issuing company
Amended 1 timeThe 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 timesThe use of the money raised 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
The financial health requirement
Amended 3 times- Ensure your company meets the financial health requirement Trader
The control and independence requirement
- Maintain independence and control requirements for tax relief eligibility Trader
Meaning of “permanent establishment”
Amended 1 timePower to amend by Treasury order
Amended 3 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 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 timesSubstitution of new shares for old shares
Amended 2 timesApproved knowledge-intensive fund as nominee
Amended 16 timesMeaning of a company being “in administration” or “in receivership”
Amended 1 timeKnowledge-intensive company reaching turnover of £200,000
Amended 1 timeMinor definitions etc
Amended 4 timesBrowse 15 other sections in this Part — procedural / definitional / commencement
Meaning of “EIS relief” and commencement
Ceasing to meet trading requirement because of administration or receivership
Appeal against refusal to authorise compliance certificate
Put options
Meaning of “receipts of insignificant value”
Value received where part of share issue treated as made in previous tax year
Section 222: supplementary
Insignificant repayments ignored for purposes of section 224
Cases where assessment not to be made
Power to require information where section 240 or 241 applies or could have applied
Obligations of secrecy
Transfers between spouses or civil partners
Nominees and bare trustees
Meaning of “associate”
Meaning of “disposal of shares”
Part 5A — Seed enterprise investment scheme
Risk-to-capital condition
Amended 4 timesOverview of Chapter
Amended 4 timesThe spending of the money raised requirement
Amended 4 timesThe no disqualifying arrangements 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 financial health requirement
Amended 4 times- Ensure your company is not 'in difficulty' to qualify for tax relief Trader
The 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 amount raised through the SEIS
Amended 4 times- Limit SEIS fundraising to £250,000 over a three-year period Trader
Time for making claims for SEIS relief
Amended 4 timesPower to amend sections 257EC and 257ED
Amended 4 timesCall options
Amended 4 timesValue received: receipts of insignificant value
Amended 4 timesMeaning of “a receipt of insignificant value”
Amended 4 timesReceipts of value by and from connected persons etc
Amended 4 timesAppeals against section 257FR(3)(b) notices
Amended 4 timesCases where assessments not to be made
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 in other cases
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 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 timesMeaning of “community benefit society”
Amended 4 timesCharities that are trusts
Amended 4 timesAccreditations: supplementary provisions
Amended 4 times- Comply with social impact contractor accreditation requirements Trader
Investment to be in new shares or new qualifying debt investments
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 disqualifying arrangements requirement
Amended 4 timesRestrictions on being an employee, partner or paid director
Amended 4 timesThe qualifying subsidiaries requirement
Amended 4 times- Ensure all subsidiaries are qualifying subsidiaries Director or Officer
The number of employees requirement
Amended 4 times- Keep employee numbers below 250 for social enterprise investment Director or Officer
The issue must be to raise money for chosen trade or preparing for it
Amended 4 timesMaximum amount where investment made in first 7 years
Amended 4 timesSection 257MNA: supplementary
Amended 4 timesMeaning of “qualifying trade”
Amended 4 timesReceipts of value by and from connected persons etc
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 timesRepayment of authorised minimum within 12 months
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
Time limits for assessments
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
Power to require information in other cases
Amended 4 timesIdentification of investments on a disposal
Amended 4 timesMeaning of “control”
Amended 4 timesPart 6 — Venture capital trusts
Conditions relating to income
Amended 2 timesConditions relating to value of investments: general
Amended 2 timesWithdrawal of VCT approval of a company
Amended 6 timesInterpretation of Chapter
Amended 4 timesThe UK permanent establishment requirement
Amended 17 timesThe use of the money raised requirement
Amended 5 timesThe number of employees requirement
Amended 8 times- Maintain employee headcounts within limits for tax-advantaged investment Trader
The qualifying subsidiaries requirement
- Ensure all subsidiaries are qualifying subsidiaries Trader
Meaning of “qualifying 90% subsidiary”
Amended 3 timesPower to amend Chapter
Amended 3 timesRestructuring to which sections 326A, 327 and 327A apply
Amended 4 timesFollow-on funding
Amended 10 timesPowers to amend Chapters 3 and 4 by Treasury regulations
Amended 7 timesBrowse 20 other sections in this Part — procedural / definitional / commencement
Overview of Part
No entitlement to relief if there is a linked loan
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
Conditions relating to value of investments: qualifying holdings
Withdrawal of VCT approval in cases for which provision made under section 280(3)
Ceasing to meet requirements because of administration or receivership
Maximum risk finance investments when relevant holding is issued requirement
The spending of money raised by SEIS investment requirement
The relevant company to carry on the relevant qualifying activity requirement
Meaning of “permanent establishment”
Excluded activities: producing steel
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Power to treat VCT-in-liquidation as VCT
Power in respect of periods before and after winding up
Meaning of “VCT-in-liquidation”
Regulations under Chapter
Interpretation of Chapter
Supplementary
Meaning of a company being “in administration” or “in receivership”
Part 7 — Community investment tax relief
Form and amount of CITR
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
Investor must have beneficial ownership
- Ensure you have beneficial ownership of tax-advantaged investments Any Person
Value received by investor during 6 year period: securities or shares
Amended 1 timeBrowse 5 other sections in this Part — procedural / definitional / commencement
Part 8 — Other reliefs
General restrictions on relief under Chapter
Amended 1 timeRestriction on relief where arrangements minimise risk to borrower
Amended 1 timeLoan to buy plant or machinery for partnership use
Amended 2 timesMeaning of “associate” in section 394
Amended 1 timeMeaning of “qualifying donation”
Amended 6 timesDisqualified overseas gifts
Amended 1 timeRestriction of certain reliefs
Amended 3 timesCharge to tax
Amended 3 timesGiving through self-assessment return
Amended 4 timesRelief for gifts of shares, securities and real property to charities etc
Amended 2 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 timesOther persons: payments ineligible for relief
Amended 1 timeBrowse 19 other sections in this Part — procedural / definitional / commencement
General provisions about loans
Exclusion of double relief etc
Loan to invest in partnership
Eligibility requirements for interest on loans within section 398
Property partnerships: tax reduction for non-deductible loan interest
Film partnerships
Eligibility requirements for interest on loans within section 403
Events counting as recovery of capital for section 406
Other business successions and reorganisations
Ineligibility of interest where business is occupation of commercial woodlands
How carry-forward relief works
Interaction with other reliefs
The relievable amount
Consideration
Market value of qualifying investments
Acquisition value of qualifying investments
Disqualifying events
Prohibition against double relief
Payments under orders for recovery of benefit etc
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 timeTrustees' expenses to be set against trustees' trust rate income
Amended 1 timeInterpretation of Chapter
Amended 1 timeCalculation of trustees' tax pool
Amended 2 timesRestrictions on use of trustees' expenses to reduce the beneficiary's income
Amended 1 timeMeaning of “untaxed income” in section 501
Amended 2 timesTreatment of income of unauthorised unit trust
Amended 4 timesSpecial rules for trustees affected by section 733 of ICTA
Amended 1 timeBrowse 6 other sections in this Part — procedural / definitional / commencement
Part 9A — Transactions in UK land
Browse 7 other sections in this Part — procedural / definitional / commencement
Overview of Part
Disposals of land in the United Kingdom
Disposals of property deriving its value from land in the United Kingdom
Profits and losses
Private residences
“Arrangement”
“Land” and related expressions
Part 10 — Special rules about charitable trusts etc
Overview of Part
Amended 2 timesExemption from charges under provisions to which section 1016 applies
Amended 5 timesExemption for profits from lotteries
Amended 2 timesRequirement to make claim
Amended 2 timesSection 543: supplementary
Amended 1 timeSection 551: certain payments and benefits to be ignored
Amended 1 timeTransactions: exceptions
Amended 1 timeExcess 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 7 other sections in this Part — procedural / definitional / commencement
Gifts of money from companies: income tax liability and exemption
Exemption for public revenue dividends
Restrictions on exemptions
Attributing income to the non-exempt amount
Non-charitable expenditure in substantial donor transactions
Conditions to be met for some securities
Approved charitable loans
Part 10A — Alternative finance arrangements
Browse 6 other sections in this Part — procedural / definitional / commencement
Diminishing shared ownership arrangements : initial acquisition
Diminishing shared ownership arrangements: refinancing
Profit share agency arrangements
Investment bond arrangements
Purchase and resale arrangements where return in foreign currency
Treatment of bond-holder and bond-issuer
Part 11 — Manufactured payments and repos
Allowable deductions...
Amended 3 timesManufactured dividends on UK shares: Real Estate Investment Trusts
Amended 4 timesPowers about manufactured overseas dividends
Amended 1 timeManufactured payments exceeding underlying payments
Amended 1 timeNo tax credits for original owner under repo
Amended 7 timesDeemed interest: cash collateral under stock lending arrangements
Amended 1 timeDeemed manufactured payments: repos
Amended 4 timesTreatment of price differences under repos
Amended 1 timeBrowse 8 other sections in this Part — procedural / definitional / commencement
Meaning of “UK shares” and “UK securities”
Meaning of “buying back” securities etc
Power for manufactured payments to be eligible for relief
Meaning of “relevant withholding tax”
Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral
Additional income tax consequences of price differences
Non-standard repo cases
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 14 other sections in this Part — procedural / definitional / commencement
Accountancy rental earnings
Arrangements to which this Chapter applies
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
Effect of disposals of leases: general
Effect of capital allowances: introduction
Capital allowances deductions: waste disposal and cemeteries
Contributors to capital expenditure
Time apportionment where periods of account do not coincide
Assets which represent the leased asset
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 timeMakers of manufactured payments
Amended 2 timesInterest on securities involving accrued income losses: foreign trustees
Amended 2 timesBrowse 19 other sections in this Part — procedural / definitional / commencement
Meaning of “securities” and when securities are of the same kind
Transfers with unrealised interest
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
Payment on transfer of variable rate securities
Small holdings: individuals
Traders
Pension scheme trustees
Trading stock appropriations etc
Securities ceasing to be held on charitable trusts
Powers to modify: supplementary
Transfers with or without accrued interest: interest in default
Transfers with unrealised interest: interest in default
New securities issued with extra return: special rules about payments
Meaning of “interest period”
Nominal value of securities: 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 13 other sections in this Part — procedural / definitional / commencement
Overview
Aggregation and apportionment of payments
Exclusion of service charges etc
Commercial rent: comparison with payments other than rent
Taxation of consideration
Relief for rent under new lease
Overview
Tax deduction not to exceed commercial rent
Long funding finance leases
Lease
Sum obtained in respect of interest
Sum obtained in respect of lessee's interest
Manner of apportionment
Part 13 — Tax avoidance
Counteraction notices
Amended 5 timesLimit on amount assessed in section 689 and 690 cases
Amended 1 timeTiming of assessments ...
Amended 1 timeInterpretation of Chapter
Amended 6 timesIndividuals with power to enjoy income as a result of relevant transactions
Amended 12 timesSection 721A: tainting
Amended 12 timesTransfers by closely-held companies
Amended 6 timesNon-transferors receiving a benefit as a result of relevant transactions
Amended 9 timesIncome charged under section 731
Amended 7 timesRecipients of onward gifts
Amended 7 timesCases where settlor liable following onward gift
Amended 7 timesReduction in amount charged: previous settlements charge
Amended 9 timesQualifying new residents and remittance-basis users: “foreign” deemed income
Amended 7 timesTransitionally protected income not to be taxed on remittance
Amended 7 timesSettlor liable in place of close family member
Amended 7 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
Rates 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 timeRestrictions on particulars to be provided by banks
Amended 1 timeApplication of Chapter
Amended 2 timesPartnership shares
Amended 2 timesType 2 finance arrangement defined
Amended 2 timesType 3 finance arrangement defined
Amended 2 timesExceptions: relevant person
Amended 2 timesPower to make further exceptions
Amended 2 timesAssets
Amended 2 timesLoan or credit transaction defined
Amended 2 timesApplication of Chapter
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 company or unconnected person
Amended 2 timesIncome-based carried interest: general rule
Amended 2 timesPart disposals
Amended 2 timesFunds of funds
Amended 2 timesSecondary funds
Amended 2 timesCarried interest which ceases to be conditionally exempt
Amended 2 times“Loan to own” investments
Amended 2 timesAnti-avoidance
Amended 2 timesInterpretation of Chapter 5F
Amended 2 timesSection 809ZA: lease of plant and machinery and other property
Amended 2 timesCapital payment”, “relevant capital payment” etc
Amended 2 timesRelievable charity donations
Amended 2 timesIncome tax charge where gift aid is withdrawn
Amended 2 timesConnected persons
Amended 2 timesBrowse 23 other sections in this Part — procedural / definitional / commencement
Application for clearance of transactions
Statement of case by tribunal for opinion of High Court or Court of Session
Cases before High Court or Court of Session
When an individual has power to enjoy income of person abroad
The capital receipt conditions
Exemption: all relevant transactions pre-5 December 2005 transactions
Value of benefit provided by making movable property available
Overview of Chapter
Meaning of disposing of land
Income treated as arising when gains obtained from some land disposals
Person liable
Method of calculating gain
Transactions, arrangements, sales and realisations relevant for Chapter
Valuations and apportionments
Recovery of tax: certificates of tax paid etc
Overview of Chapter
Charge to tax on sale of occupation income
Meaning of “other person”
Charge to tax on income treated as received under section 792
Meaning of “the total amount of trade losses claimed” etc
Charge to tax on income treated as received under section 797
Prohibition against double counting
Supplementary provision relating to calculation in section 806
Part 14 — Income tax liability: miscellaneous rules
Claim 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 timesQualifying accounts
Amended 2 timesEffect where 30-day deadline is met
Amended 2 timesDeemed income or gains not to be regarded as remitted before time when they are treated as arising or accruing
Amended 2 timesCondition A
Amended 2 timesCommercial trades
Amended 2 timesIncome or gains treated as remitted following certain events
Amended 2 timesThe appropriate mitigation steps
Amended 2 timesThe grace period allowed for the appropriate mitigation steps
Amended 2 timesRetention of funds to meet CGT liabilities
Amended 2 timesInvestments made from mixed funds
Amended 2 timesConsideration for certain services
Amended 2 timesEffect of disapplying section 809Y
Amended 2 timesException to section 809Y: compensation taken offshore or invested
Amended 2 timesMeaning of “the disposal proceeds”
Amended 2 timesPersons acting under alternative finance arrangements
Amended 2 timesThe independent broker conditions
Amended 2 timesInvestment managers: the 20% rule
Amended 2 timesMeaning of “qualifying period”, “relevant disregarded income” and “beneficial entitlement”
Amended 2 timesApplication of 20% rule to collective investment schemes
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 timesAsbestos compensation settlements
Amended 1 timeBrowse 10 other sections in this Part — procedural / definitional / commencement
Meaning of “beneficial entitlement”
Meaning of “disregarded annual payments”
Conditions to be met
Interpretation of Chapter
Residence of individuals working abroad
Jointly held property: declarations of unequal beneficial interests
Application of Chapter
Relationship of Chapter with other income tax provisions
Restriction of deductions for annual payments
Interpretation of section 845
Part 15 — Deduction of income tax at source
Overview of Part
Amended 3 timesInteraction with other Income Tax Acts provisions
Amended 2 timesOverview of Chapter
Amended 5 timesDuty to deduct sums representing income tax
Unlimited fine Amended 4 times- Duct income tax from specific payments Any Person
Power to prescribe persons as deposit-takers
Amended 1 timeDeclarations of non-UK residence: individuals
Amended 3 timesDeclarations of non-UK residence: personal representatives
Amended 1 timeDeclarations of non-UK residence: settlements
Amended 5 timesQualifying certificates of deposit
Amended 1 timeInvestments held outside the United Kingdom
Amended 2 timesPower to make regulations to give effect to Chapter
Amended 1 timeAuthorised persons dealing in financial instruments
Amended 1 timeDeduction at source application
Amended 1 timeMeaning of “intellectual property”
Amended 1 timeDuty of payee to notify if payment not exempt
- Notify the payer if a royalty payment is not tax-exempt Any Person
Manufactured dividends on UK shares: Real Estate Investment Trusts
Amended 9 timesCases where interest on underlying securities paid gross
Amended 1 timePartnerships
Amended 2 timesHow a set-off claim works
Amended 2 timesIncome tax due in respect of distributions
Amended 10 timesBrowse 27 other sections in this Part — procedural / definitional / commencement
Interest paid on advances from building societies
National Savings Bank interest
Relevant foreign income
Statutory interest
Interest distributions of certain open-ended investment companies
Interest on certain peer-to-peer lending
Overview of Chapter
Royalty payments: further provision
Supplementary
Power to provide set-off entitlement
Creditor repos
Debtor repos
Actual payments ignored if section 925A ... applies
Cases where section 925D applies: non-standard repos
Overview of Chapter
Power to make directions disapplying section 930
No appropriate bond or combination of bonds
Calculation of trustees' income pool
Calculation of trustees' double tax relief pool
Return periods
Assessments in other cases
Relationship between Chapter and Income Tax Acts powers
Power to make regulations modifying Chapter
Foreign currency securities etc: exception from duties to deduct
Income tax is calculated by reference to gross amounts
Meaning of “qualifying certificate of deposit”
Meaning of “qualifying uncertificated eligible debt security unit”
Part 16 — Income Tax Acts definitions etc
Meaning of “bank”
Amended 5 timesMeaning of “hire-purchase agreement”
Amended 1 timeBrowse 2 other sections in this Part — procedural / definitional / commencement
Part 17 — Definitions for purposes of Act and final provisions
Browse 2 other sections in this Part — procedural / definitional / commencement
Schedules
Browse 1 other Schedule — structural / supplementary
Other sections — not classified into a Part
These sections exist in the Act but the contents-of-Parts walker did not place them under a Part. Likely amendments or sections inserted out of the original Part structure.
Browse 3 other unclassified sections
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) Detailed Guidance
- Paying yourself from a limited company (opens in a new tab) Detailed Guidance
- Directors' loans (opens in a new tab) Detailed Guidance
- Understand director responsibilities (opens in a new tab) Detailed Guidance
- HMRC loss restriction guidance (opens in a new tab) Detailed Guidance
- Trading allowance (GOV.UK) (opens in a new tab) Detailed Guidance
- Welsh income tax rates (GOV.UK) (opens in a new tab) Detailed Guidance
- Scottish income tax rates (GOV.UK) (opens in a new tab) 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.