Income Tax Act 2007

s.104 Restriction on reliefs for limited partners

s.105 Meaning of “contribution to the firm”

s.106 Meaning of “limited partner”

s.107 Restriction on reliefs for members of LLPs

s.108 Meaning of “contribution to the LLP”

s.110 Restriction on reliefs for non-active partners in early tax years

s.111 Meaning of “contribution to the firm”

s.113 Unrelieved losses brought forward

s.113 Exclusion of amounts contributed to access relief

amended 1 time

s.115 Restrictions on reliefs for firms exploiting films

s.116 Exclusion from restrictions under section 115: certain film expenditure

s.116 Excess loss allocation to partners who are individuals

amended 1 time

s.117 Overview of Chapter

s.118 Carry forward against subsequent property business profits

s.120 Deduction of property losses from general income

s.121 How relief works

s.123 Meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”

s.125 Post-cessation property relief

s.127 UK furnished holiday lettings business treated as trade

s.127 No relief for tax-generated losses attributable to annual investment allowance

amended 2 times

s.127 No relief for tax-generated agricultural expenses

amended 2 times

s.127 Restriction of relief: cash basis

amended 2 times

s.127 Excess loss allocation to partners who are individuals

amended 2 times

s.127 EEA furnished holiday lettings business treated as trade

amended 2 times

s.128 Employment loss relief against general income

s.129 How relief works

s.133 How relief works

s.134 Qualifying trading companies

s.136 Disposals of new shares

s.137 The trading requirement

s.139 The control and independence requirement Regulated

Ensure your company stays independent and does not control non-qualifying subsidiariesTrader

s.142 The gross assets requirement Regulated

Maintain gross asset limits for share loss relief eligibilityTrader

s.143 The unquoted status requirement

s.146 Substitution of new shares for old shares

s.147 Limits on share loss relief

s.148 Disposal of shares forming part of mixed holding

s.150 Deemed time of issue for certain shares

s.151 Interpretation of Chapter

s.152 Losses from miscellaneous transactions

s.153 How relief works

s.154 Transactions in deposit rights

s.154 Anti-avoidance

amended 2 times

s.155 Time limit for claiming relief

72 other sections in this Part — procedural and definitional

s.059 Overview of Part

s.060 Overview of Chapter

s.061 Non-partners: losses of a tax year

s.062 Partners: losses of a tax year etc

s.063 Prohibition against double counting

s.064 Deduction of losses from general income

s.065 How relief works

s.066 Restriction on relief unless trade is commercial

s.067 Restriction on relief in case of farming or market gardening

s.068 Reasonable expectation of profit

s.069 Whether trade is the same trade

s.070 Determining losses in previous tax years

s.071 Treating trade losses as CGT losses

s.072 Relief for individuals for losses in first 4 years of trade

s.073 How relief works

s.074 Restrictions on relief unless trade is commercial etc

s.074 Reliefs in any tax year not to exceed cap for tax year

s.074 No relief for tax-generated losses

s.074 Meaning of “non-active capacity” for purposes of section 74A etc

s.074 Meaning of “qualifying film expenditure” for purposes of sections 74ZA and 74A

s.074 No relief where cash basis used to calculate losses

s.074 No relief for tax-generated losses

s.075 Trade leasing allowances given to individuals

s.076 First-year allowances and annual investment allowances: introduction

s.077 First-year allowances: partnerships with companies

s.078 First-year allowances and annual investment allowances: arrangements to reduce tax liabilities

s.079 Capital allowances restrictions: supplementary

s.080 Ring fence income

s.081 Dealings in commodity futures

s.082 Exploitation of films

s.083 Carry forward against subsequent trade profits

s.084 How relief works

s.085 Use of trade-related interest and dividends if trade profits insufficient

s.086 Trade transferred to a company

s.087 Ring fence trades

s.088 Carry forward of certain interest as loss

s.089 Carry back of losses on a permanent cessation of a trade

s.090 Losses that are “terminal losses”

s.091 How relief works

s.092 Use of trade-related interest and dividends if trade profits insufficient

s.093 Mineral extraction trade and carry back of balancing allowances

s.094 Carry back of certain interest as loss

s.095 Foreign trades etc: reliefs only against foreign income

s.096 Post-cessation trade relief

s.097 Meaning of “qualifying payment”

s.098 Meaning of “qualifying event” etc

s.098 Denial of relief for tax-generated payments or events

s.099 Reduction of relief for unpaid trade expenses

s.100 Prohibition against double counting

s.101 Treating excess post-cessation trade relief as CGT loss

s.103 Meaning of “sideways relief”, “capital gains relief” and “firm”

s.103 Meaning of “limited partner”

s.103 Meaning of “non-active partner” etc

s.103 Limit on reliefs in any tax year not to exceed cap for tax year

s.103 Meaning of “qualifying film expenditure”

s.109 Unrelieved losses brought forward

s.112 Meaning of “early tax year”

s.114 Power to exclude other amounts

s.119 How relief works

s.122 Meaning of “the applicable amount of the loss”

s.124 Supplementary

s.126 Treating excess post-cessation property relief as CGT loss

s.130 Treating loss in employment or office as CGT loss

s.131 Share loss relief

s.132 Entitlement to claim

s.135 Subscriptions for shares

s.138 Ceasing to meet trading requirement because of administration or receivership

s.140 The qualifying subsidiaries requirement

s.141 The property managing subsidiaries requirement

s.144 Power to amend requirements by Treasury order

s.145 Relief after an exchange of shares for shares in another company

s.149 Section 148: supplementary

Part 5

Enterprise investment scheme

64 of 124 sections shown

s.157 Eligibility for EIS relief

amended 14 times (opens in a new tab)

s.157 Risk-to-capital condition

amended 6 times

s.158 Form and amount of EIS relief

s.161 Other tax reliefs relating to EIS

s.162 Overview of Chapter

s.165 The no tax avoidance requirement Regulated

Ensure EIS share investments are for genuine commercial reasonsAny Person

s.166 Connection with issuing company

s.169 Directors qualifying for relief despite connection

s.170 Persons interested in capital etc of company

s.172 Overview of Chapter

s.173 The shares requirement Regulated

Ensure shares meet specific criteria for tax relief eligibilityTrader

s.173 The maximum amount raised annually through risk finance investments requirement

amended 3 times

s.173 Maximum risk finance investments at the issue date requirement

amended 3 times

s.173 Maximum risk finance investments during period B requirement Regulated

Stay within risk finance investment limits during period BTrader

amended 3 times

s.173 The spending of money raised by SEIS investment requirement

amended 3 times

s.174 The purpose of the issue requirement

s.175 The use of the money raised requirement

s.175 The permitted maximum age requirement

amended 8 times

s.176 The minimum period requirement Regulated

Ensure trade or research activity meets the 4-month minimum periodTrader

s.177 The no pre-arranged exits requirement Regulated

Do not pre-arrange exit strategies for tax-advantaged share issuesTrader

s.178 The no tax avoidance requirement Regulated

Ensure share issues are for commercial reasons and not tax avoidanceDirector or Officer

s.179 Meaning of “qualifying business activity”

s.180 Overview of Chapter

s.180 The UK permanent establishment requirement Regulated

Maintain a UK permanent establishmentTrader

amended 3 times

s.180 The financial health requirement Regulated

Ensure your company meets the financial health requirementTrader

amended 3 times

s.181 The trading requirement Regulated

Ensure your company meets the trading requirement for tax reliefTrader

s.184 The unquoted status requirement

s.185 The control and independence requirement Regulated

Maintain independence and control requirements for tax relief eligibilityTrader

s.186 The gross assets requirement

s.186 The number of employees requirement

amended 8 times

s.188 The property managing subsidiaries requirement Regulated

Ensure property managing subsidiaries are qualifying 90% subsidiariesTrader

s.190 Meaning of “qualifying 90% subsidiary”

s.191 Meaning of “qualifying subsidiary”

s.191 Meaning of “permanent establishment”

amended 1 time

s.192 Meaning of “excluded activities”

s.193 Excluded activities: wholesale and retail distribution

s.194 Excluded activities: leasing of ships

s.195 Excluded activities: receipt of royalties and licence fees

s.199 Excluded activities: provision of services or facilities for another business

s.200 Power to amend by Treasury order

s.204 Compliance certificates Regulated

Issue EIS compliance certificates and provide compliance statementTrader

s.205 Compliance statements Regulated

Submit EIS compliance statement to HMRC within set deadlinesTrader

s.209 Disposal of shares

s.210 Cases where maximum EIS relief not obtained

s.213 Value received by the investor

s.220 Cases where maximum EIS relief not obtained

s.224 Repayments etc of share capital to other persons

s.229 Maximum relief not obtained for share issue

s.230 Repayment of authorised minimum within 12 months

s.232 Acquisition of a trade or trading assets

s.234 Relief subsequently found not to have been due Regulated

Other duties (1) — Crown / regulator

HMRC must withdraw EIS tax relief if requirements are not metStatutory regulator

s.237 Time limits for assessments

s.239 Date from which interest is chargeable

s.241 Information to be provided by the issuing company etc Regulated

Notify HMRC if your company loses EIS tax relief eligibilityTrader

s.243 Power to require information in other cases

s.246 Identification of shares on a disposal

s.247 Continuity of EIS relief where issuing company is acquired by new company

s.249 Substitution of new shares for old shares

amended 16 times (opens in a new tab)

s.251 Approved knowledge-intensive fund as nominee

s.251 Powers to amend Chapters 2 to 4 by Treasury regulations

amended 16 times

s.252 Meaning of a company being “in administration” or “in receivership”

s.252 Meaning of “knowledge-intensive company”

amended 1 time

s.252 Knowledge-intensive company reaching turnover of £200,000

amended 1 time

s.257 Minor definitions etc

60 other sections in this Part — procedural and definitional

s.156 Meaning of “EIS relief” and commencement

s.159 Periods A, B and C

s.160 Overview of other Chapters of Part

s.163 The no connection with the issuing company requirement

s.164 The no linked loans requirement

s.164 The existing shareholdings requirement

s.167 Employees, directors and partners

s.168 Directors excluded from connection

s.171 Persons subscribing for shares under certain arrangements

s.178 The no disqualifying arrangements requirement

s.182 Ceasing to meet trading requirement because of administration or receivership

s.183 The issuing company to carry on the qualifying business activity requirement

s.187 The qualifying subsidiaries requirement

s.189 Meaning of “qualifying trade”

s.196 Excluded activities: property development

s.196 Excluded activities: shipbuilding

s.196 Excluded activities: producing coal

s.196 Excluded activities: producing steel

s.197 Excluded activities: hotels and comparable establishments

s.198 Excluded activities: nursing homes and residential care homes

s.198 Excluded activities: ... export of electricity

s.198 Excluded activities: subsidised generation of heat and subsidised production of gas or fuel

s.201 Attribution of EIS relief to shares

s.202 Time for making claims for EIS relief

s.203 Entitlement to claim

s.206 Appeal against refusal to authorise compliance certificate

s.207 Penalties for fraudulent certificate or statement etc

s.208 Overview of Chapter

s.211 Call options

s.212 Put options

s.214 Value received: receipts of insignificant value

s.215 Meaning of “receipts of insignificant value”

s.216 When value is received

s.217 The amount of value received

s.218 Value received where there is more than one issue of shares

s.219 Value received where part of share issue treated as made in previous tax year

s.221 Receipts of value by and from connected persons etc

s.222 Receipt of replacement value

s.223 Section 222: supplementary

s.225 Insignificant repayments ignored for purposes of section 224

s.226 Amount of repayments etc where there is more than one issue of shares

s.227 Single issue affecting more than one individual

s.228 Single issue treated as made partly in previous tax year

s.231 Restriction on withdrawal of relief under section 224

s.233 Acquisition of share capital

s.235 Assessments for the withdrawal or reduction of EIS relief

s.236 Appeals against section 234(3)(b) notices

s.238 Cases where assessment not to be made

s.240 Information to be provided by the investor

s.242 Power to require information where section 240 or 241 applies or could have applied

s.244 Obligations of secrecy

s.245 Transfers between spouses or civil partners

s.248 Carry over of obligations etc where EIS relief attributed to new shares

s.250 Nominees and bare trustees

s.253 Meaning of “associate”

s.254 Meaning of “disposal of shares”

s.255 Meaning of “issue of shares”

s.256 Meaning of “the termination date”

s.256 Meaning of “the EIS original rate”

s.256 Meaning of “specified Northern Ireland company”

Part 5

Seed enterprise investment scheme

84 of 84 sections shown

s.257 Meaning of “SEIS relief” and commencement

amended 4 times

s.257 Eligibility for SEIS relief

amended 4 times

s.257 Risk-to-capital condition

amended 4 times

s.257 Form and amount of SEIS relief

amended 4 times

s.257 Meaning of “period A” and “period B”

amended 4 times

s.257 Overview of other Chapters of Part

amended 4 times

s.257 CGT reliefs relating to SEIS

amended 4 times

s.257 Overview of Chapter

amended 4 times

s.257 The no employee investors requirement

amended 4 times

s.257 The no substantial interest in the issuing company requirement

amended 4 times

s.257 The no related investment arrangements requirement

amended 4 times

s.257 The no linked loan requirement

amended 4 times

s.257 The no tax avoidance requirement

amended 4 times

s.257 Persons with a substantial interest in a company

amended 4 times

s.257 Overview of Chapter

amended 4 times

s.257 The shares requirement

amended 4 times

s.257 The purpose of the issue requirement

amended 4 times

s.257 The spending of the money raised requirement

amended 4 times

s.257 The no pre-arranged exits requirement Regulated

Do not set up pre-arranged exits for SEIS sharesTrader

amended 4 times

s.257 The no tax avoidance requirement

amended 4 times

s.257 The no disqualifying arrangements requirement

amended 4 times

s.257 Overview of Chapter

amended 4 times

s.257 The trading requirement

amended 4 times

s.257 Ceasing to meet trading requirement: administration etc

amended 4 times

s.257 The issuing company to carry on the qualifying business activity Regulated

Ensure the issuing company carries out the qualifying business activityTrader

amended 4 times

s.257 The UK permanent establishment requirement Regulated

Maintain a UK permanent establishment throughout period BTrader

amended 4 times

s.257 The financial health requirement Regulated

Ensure your company is not 'in difficulty' to qualify for tax reliefTrader

amended 4 times

s.257 The unquoted status requirement

amended 4 times

s.257 The control and independence requirement Regulated

Maintain independence and control requirements for SEIS complianceTrader

amended 4 times

s.257 The no partnerships requirement Regulated

Your company must not be a member of a partnershipTrader

amended 4 times

s.257 The gross assets requirement

amended 4 times

s.257 The number of employees requirement

amended 4 times

s.257 No previous other risk capital scheme investments

amended 4 times

s.257 The amount raised through the SEIS Regulated

Limit SEIS fundraising to £250,000 over a three-year periodTrader

amended 4 times

s.257 The qualifying subsidiaries requirement

amended 4 times

s.257 The property managing subsidiaries requirement

amended 4 times

s.257 Attribution of SEIS relief to shares

amended 4 times

s.257 Time for making claims for SEIS relief

amended 4 times

s.257 Entitlement to claim

amended 4 times

s.257 Compliance certificates Regulated

Obtain HMRC authority before issuing SEIS compliance certificatesTrader

amended 4 times

s.257 Compliance statements Regulated

Submit SEIS compliance statement with correct timing and contentTrader

amended 4 times

s.257 Appeal against refusal to authorise compliance certificate

amended 4 times

s.257 Penalties for fraudulent certificate or statement etc

amended 4 times

s.257 Power to amend sections 257EC and 257ED

amended 4 times

s.257 Overview of Chapter

amended 4 times

s.257 Disposal of shares

amended 4 times

s.257 Cases where maximum SEIS relief not obtained

amended 4 times

s.257 Call options

amended 4 times

s.257 Put options

amended 4 times

s.257 Value received by the investor

amended 4 times

s.257 Value received: receipts of insignificant value

amended 4 times

s.257 Meaning of “a receipt of insignificant value”

amended 4 times

s.257 When value is received

amended 4 times

s.257 The amount of value received

amended 4 times

s.257 Value received where there is more than one issue

amended 4 times

s.257 Value received where part of issue treated as made in previous tax year

amended 4 times

s.257 Cases where maximum SEIS relief not obtained

amended 4 times

s.257 Receipts of value by and from connected persons etc

amended 4 times

s.257 Receipt of replacement value

amended 4 times

s.257 Section 257FN: supplementary

amended 4 times

s.257 Acquisition of trade or trading assets

amended 4 times

s.257 Acquisition of share capital

amended 4 times

s.257 Relief subsequently found not to have been due

amended 4 times

s.257 Assessments for the withdrawal or reduction of SEIS relief

amended 4 times

s.257 Appeals against section 257FR(3)(b) notices

amended 4 times

s.257 Time limits for assessments

amended 4 times

s.257 Cases where assessments not to be made

amended 4 times

s.257 Date from which interest is chargeable

amended 4 times

s.257 Information to be provided by the investor

amended 4 times

s.257 Information to be provided by the issuing company etc Regulated

Notify HMRC if SEIS tax relief conditions are no longer metTrader

amended 4 times

s.257 Power to require information where section 257GE or 257GF applies or could have applied

amended 4 times

s.257 Power to require information in other cases

amended 4 times

s.257 Obligations of secrecy

amended 4 times

s.257 Transfers between spouses or civil partners

amended 4 times

s.257 Identification of shares on a disposal

amended 4 times

s.257 Continuity of SEIS relief where issuing company is acquired by new company

amended 4 times

s.257 Carry over of obligations etc where SEIS relief attributed to new shares

amended 4 times

s.257 Substitution of new shares for old shares

amended 4 times

s.257 Nominees and bare trustees

amended 4 times

s.257 Meaning of “new qualifying trade”

amended 4 times

s.257 Meaning of “qualifying business activity”

amended 4 times

s.257 Meaning of “disposal of shares”

amended 4 times

s.257 Meaning of “issue of shares”

amended 4 times

s.257 Minor definitions

amended 4 times

Part 5

Tax relief for social investments

101 of 101 sections shown

s.257 Meaning of “ SI relief” and “social enterprise”

amended 4 times

s.257 Form and amount of relief

amended 4 times

s.257 Meaning of “community benefit society”

amended 4 times

s.257 Charities that are trusts

amended 4 times

s.257 Accreditation as a social impact contractor

amended 4 times

s.257 Meaning of “social impact contract”

amended 4 times

s.257 Accreditations: supplementary provisions Regulated

Comply with social impact contractor accreditation requirementsTrader

amended 4 times

s.257 Period of accreditation as a social impact contractor

amended 4 times

s.257 Functions of Ministers of the Crown under sections 257JD to 257JG

amended 4 times

s.257 Eligibility for SI relief

amended 4 times

s.257 Key to reading the rest of the Part

amended 4 times

s.257 When investment is made, and “investment date”

amended 4 times

s.257 “Shorter applicable period” and “longer applicable period”

amended 4 times

s.257 Investment to be in new shares or new qualifying debt investments

amended 4 times

s.257 Condition that the amount invested must have been paid over

amended 4 times

s.257 The no pre-arranged exits requirements Regulated

Ensure no pre-arranged exit or asset disposal for SEIS/SITR investmentsDirector or Officer

amended 4 times

s.257 The no risk avoidance requirement

amended 4 times

s.257 The no linked loans requirement

amended 4 times

s.257 The existing investments requirement

amended 4 times

s.257 The no tax avoidance requirement

amended 4 times

s.257 The no disqualifying arrangements requirement

amended 4 times

s.257 Restrictions on being an employee, partner or paid director

amended 4 times

s.257 The requirement not to be interested in capital etc of social enterprise

amended 4 times

s.257 Requirement for no collusion with a non-qualifying investor

amended 4 times

s.257 The continuing to be a social enterprise requirement

amended 4 times

s.257 The amount raised from investments potentially eligible for relief

amended 4 times

s.257 Power to amend limits on amounts raised

amended 4 times

s.257 The gross assets requirement

amended 4 times

s.257 The unquoted status requirement

amended 4 times

s.257 The control and independence requirements

amended 4 times

s.257 The qualifying subsidiaries requirement Regulated

Ensure all subsidiaries are qualifying subsidiariesDirector or Officer

amended 4 times

s.257 The property-managing subsidiaries requirement

amended 4 times

s.257 The number of employees requirement Regulated

Keep employee numbers below 250 for social enterprise investmentDirector or Officer

amended 4 times

s.257 The no partnership requirement

amended 4 times

s.257 The financial health requirement

amended 4 times

s.257 The trading requirement

amended 4 times

s.257 Ceasing to meet trading requirement: administration or receivership

amended 4 times

s.257 The issue must be to raise money for chosen trade or preparing for it

amended 4 times

s.257 Requirement to use money raised and to trade for minimum period

amended 4 times

s.257 The social enterprise must carry on the chosen trade

amended 4 times

s.257 Maximum amount where investment made in first 7 years

amended 4 times

s.257 Section 257MNA: supplementary

amended 4 times

s.257 Maximum amount for cases outside section 257MNA

amended 4 times

s.257 Limit on investment in shorter applicable period

amended 4 times

s.257 Power to amend limits on amounts that may be invested

amended 4 times

s.257 Meaning of “qualifying trade”

amended 4 times

s.257 Meaning of “excluded activity”

amended 4 times

s.257 Excluded activities: nursing homes and residential care homes

amended 4 times

s.257 Excluded activities: property development

amended 4 times

s.257 Excluded activity: subsidised generation or export of electricity

amended 4 times

s.257 Excluded activity: providing services or facilities for another business

amended 4 times

s.257 Meaning of “qualifying subsidiary”

amended 4 times

s.257 Meaning of “90% social subsidiary” of a social enterprise

amended 4 times

s.257 Excluded activities: power to amend

amended 4 times

s.257 Attribution of SI relief to investments

amended 4 times

s.257 Time for making claims for SI relief

amended 4 times

s.257 Entitlement to claim

amended 4 times

s.257 Compliance statements

amended 4 times

s.257 Compliance certificates

amended 4 times

s.257 Penalties for fraudulent certificate or statement etc

amended 4 times

s.257 Power to amend Chapter

amended 4 times

s.257 Effect of the investor receiving value from the social enterprise

amended 4 times

s.257 Value received: insignificant receipts

amended 4 times

s.257 Value received where there is more than one issue of investments

amended 4 times

s.257 Value received where part of investment treated as made in previous tax year

amended 4 times

s.257 Cases where maximum SI relief not obtained

amended 4 times

s.257 When value is received

amended 4 times

s.257 The amount of value received

amended 4 times

s.257 Receipts of value by and from connected persons etc

amended 4 times

s.257 Receipt of replacement value

amended 4 times

s.257 Section 257QH: supplementary

amended 4 times

s.257 Repayments etc of share capital to other persons

amended 4 times

s.257 Insignificant payments ignored for the purposes of section 257QJ

amended 4 times

s.257 Amount of repayments etc if there is more than one issue of shares

amended 4 times

s.257 Single issue affecting more than one individual

amended 4 times

s.257 Single issue treated as made partly in previous tax year

amended 4 times

s.257 Maximum relief not obtained for share issue

amended 4 times

s.257 Repayment of authorised minimum within 12 months

amended 4 times

s.257 Acquisition of a trade or trading assets

amended 4 times

s.257 Acquisition of share capital

amended 4 times

s.257 Relief subsequently found not to have been due

amended 4 times

s.257 Disposal of whole or part of the investment

amended 4 times

s.257 Cases where maximum relief not obtained

amended 4 times

s.257 Call options

amended 4 times

s.257 Put options Regulated

Do not grant put options on Social Investment tax relief investmentsAny Person

amended 4 times

s.257 Assessments for the withdrawal or reduction of SI relief Regulated

Other duties (1) — Crown / regulator

HMRC must adjust your tax through an assessment if tax relief is reducedStatutory regulator

amended 4 times

s.257 Appeals against section 257QS(3)(b) notices

amended 4 times

s.257 Time limits for assessments

amended 4 times

s.257 Cases where assessment not to be made

amended 4 times

s.257 Date from which interest is chargeable

amended 4 times

s.257 Information to be provided by the investor Regulated

Notify HMRC if your Social Investment tax relief needs to be reducedAny Person

amended 4 times

s.257 Information to be provided by the social enterprise etc

amended 4 times

s.257 Power to require information in section 257SE or 257SF cases

amended 4 times

s.257 Power to require information in other cases

amended 4 times

s.257 Confidentiality

amended 4 times

s.257 Transfers between spouses or civil partners

amended 4 times

s.257 Identification of investments on a disposal

amended 4 times

s.257 Meaning of a company being “in administration” or “in receivership”

amended 4 times

s.257 Meaning of “associate”

amended 4 times

s.257 Meaning of “control”

amended 4 times

s.257 Minor definitions etc

amended 4 times

Part 6

Venture capital trusts

46 of 106 sections shown

s.261 Eligibility for relief

s.263 Form and amount of relief

s.270 Assessment on withdrawal or reduction of relief

s.271 Provision of information Regulated

Notify HMRC if you lose VCT tax reliefTrader

amended 41 times (opens in a new tab)

s.274 Requirements for the giving of approval

s.275 Alternative requirements for the giving of approval

s.276 Conditions relating to income

s.278 Conditions relating to value of investments: general

s.280 Conditions relating to qualifying holdings and eligible shares

s.280 The 80% qualifying holdings condition: disposal of holding

amended 2 times

s.280 The investment limits condition

amended 2 times

s.280 The minimum investment on further issue condition

amended 2 times

s.280 The permitted maximum age condition

amended 2 times

s.280 The no business acquisition condition

amended 2 times

s.281 Withdrawal of VCT approval of a company

s.284 Power to make regulations as to procedure

s.285 Interpretation of Chapter

amended 17 times (opens in a new tab)

s.286 Qualifying holdings: introduction

s.286 The UK permanent establishment requirement

amended 17 times

s.286 The financial health requirement

amended 17 times

s.286 The risk-to-capital requirement

amended 17 times

s.287 The maximum qualifying investment requirement

s.289 The proportion of eligible shares requirement

s.291 The carrying on of a qualifying activity requirement

s.293 The use of the money raised requirement

s.295 The unquoted status requirement

s.297 The gross assets requirement

s.297 The number of employees requirement Regulated

Maintain employee headcounts within limits for tax-advantaged investmentTrader

amended 8 times

s.297 The proportion of skilled employees requirement

amended 8 times

s.298 The qualifying subsidiaries requirement Regulated

Ensure all subsidiaries are qualifying subsidiariesTrader

s.300 Meaning of “qualifying trade”

s.301 Meaning of “qualifying 90% subsidiary”

s.303 Meaning of “excluded activities”

s.306 Excluded activities: receipt of royalties and licence fees

s.310 Excluded activities: provision of services or facilities for another business

s.311 Power to amend Chapter

s.313 Interpretation of Chapter

s.322 Provision that may be made by regulations under section 321

s.326 Restructuring to which sections 326A, 327 and 327A apply

amended 10 times (opens in a new tab)

s.326 Certain requirements of Chapter 3 to be treated as met

amended 4 times

s.327 Certain requirements of Chapter 4 to be treated as met

s.327 Follow-on funding

amended 10 times

s.330 Power to facilitate company reorganisations etc involving exchange of shares

s.330 Nominees

amended 7 times

s.330 Powers to amend Chapters 3 and 4 by Treasury regulations

amended 7 times

s.332 Minor definitions etc

60 other sections in this Part — procedural and definitional

s.258 Overview of Part

s.259 Venture capital trusts and VCT approvals

s.260 Other tax reliefs relating to VCTs

s.262 Entitlement to claim relief

s.264 No entitlement to relief if there is a linked loan

s.264 Restricting relief where there is a linked sale

s.265 No entitlement to relief which would have been lost if it had already been obtained

s.266 Loss of relief if shares disposed of within 5 years

s.267 Transfers of shares between spouses or civil partners

s.268 Loss of relief if VCT approval withdrawn

s.269 Loss of relief which is subsequently found not to have been due

s.272 Regulations as to procedure etc

s.273 Interpretation of Chapter

s.277 The 15% holding limit condition

s.279 Conditions relating to value of investments: qualifying holdings

s.282 Withdrawal of VCT approval in cases for which provision made under section 280(3)

s.283 Time as from which VCT approval has effect

s.288 The no guaranteed loan requirement

s.290 The trading requirement

s.292 Ceasing to meet requirements because of administration or receivership

s.292 The maximum amount raised annually through risk finance investments requirement

s.292 Maximum risk finance investments when relevant holding is issued requirement

s.292 Maximum risk finance investments during the 5-year post-investment period requirement

s.292 The spending of money raised by SEIS investment requirement

s.294 The relevant company to carry on the relevant qualifying activity requirement

s.294 The permitted company age requirement

s.296 The control and independence requirement

s.299 The property managing subsidiaries requirement

s.299 The no disqualifying arrangements requirement

s.302 Meaning of “qualifying subsidiary”

s.302 Meaning of “permanent establishment”

s.304 Excluded activities: wholesale and retail distribution

s.305 Excluded activities: leasing of ships

s.307 Excluded activities: property development

s.307 Excluded activities: shipbuilding

s.307 Excluded activities: producing coal

s.307 Excluded activities: producing steel

s.308 Excluded activities: hotels and comparable establishments

s.309 Excluded activities: nursing homes and residential care homes

s.309 Excluded activities: ... export of electricity

s.309 Excluded activities: subsidised generation of heat and subsidised production of gas or fuel

s.312 Winding up of the relevant company

s.312 Power to require information relating to disqualifying arrangements

s.314 Power to treat VCT-in-liquidation as VCT

s.315 Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation

s.316 Power to make provision about distributions by VCT-in-liquidation

s.317 Power to facilitate disposal to VCT by VCT-in-liquidation

s.318 Power in respect of periods before and after winding up

s.319 Sections 314 to 318: supplementary

s.320 Meaning of “VCT-in-liquidation”

s.321 Power to facilitate mergers of VCTs

s.323 Meaning of “merger” and “successor company”

s.324 Regulations under Chapter

s.325 Interpretation of Chapter

s.328 Supplementary

s.329 Conversion of convertible shares and securities

s.331 Meaning of a company being “in administration” or “in receivership”

s.331 Meaning of “knowledge-intensive company”

s.331 Knowledge-intensive company reaching turnover of £200,000

s.331 Meaning of “specified Northern Ireland company”

Part 7

Community investment tax relief

23 of 55 sections shown

s.335 Form and amount of CITR

s.335 Carry forward of CITR

amended 1 time

s.340 Application and criteria for accreditation

s.341 Terms and conditions of accreditation Regulated

Other duties (1) — Crown / regulator

Secretary of State must set and enforce accreditation termsCrown / Minister / Government department

s.346 Conditions to be met in relation to securities

s.348 Tax relief certificates Regulated

CDFI must not issue tax relief certificates exceeding investment limitAny Person

s.351 Investor must have beneficial ownership Regulated

Ensure you have beneficial ownership of tax-advantaged investmentsAny Person

s.355 Securities or shares: no claim after disposal or excessive receipts of value

s.356 No claim after loss of accreditation by the CDFI

s.357 Attribution: general

s.361 Disposal of securities or shares during 5 year period

s.363 Value received by investor during 6 year period: loans

s.364 Value received by investor during 6 year period: securities or shares

s.365 Receipts of insignificant value to be added together

s.368 Value received if there is more than one investment

s.369 Effect of receipt of value on future claims for CITR

s.372 Manner of withdrawal or reduction of CITR

s.372 Meaning of “loan” and “interest”

amended 2 times

s.372 Purchase and resale arrangements

amended 2 times

s.372 Deposit arrangements

amended 2 times

s.372 Profit share agency arrangements

amended 2 times

s.373 Information to be provided by the investor

s.382 Minor definitions etc

32 other sections in this Part — procedural and definitional

s.333 Meaning of “CITR”

s.334 Eligibility for CITR

s.336 Meaning of “making an investment”

s.337 Determination of “the invested amount”

s.338 Meaning of “the 5 year period” and “the investment date”

s.339 Overview of other Chapters of Part

s.342 Period of accreditation

s.343 Delegation of Secretary of State's functions

s.344 Qualifying investments: introduction

s.345 Conditions to be met in relation to loans

s.347 Conditions to be met in relation to shares

s.349 No pre-arranged protection against risks

s.350 No control of CDFI by investor

s.352 No acquisition of share in partnership

s.353 No tax avoidance purpose

s.354 Loans: no claim after disposal or excessive repayments or receipts of value

s.358 Attribution: bonus shares

s.359 Overview of Chapter

s.360 Disposal of loan during 5 year period

s.362 Repayment of loan capital during 5 year period

s.366 When value is received

s.367 The amount of value received

s.370 Receipts of value by or from connected persons

s.371 CITR subsequently found not to have been due

s.374 Disclosure

s.375 Nominees

s.376 Application for postponement of tax pending appeal

s.377 Identification of securities or shares on a disposal

s.378 Meaning of “issue of securities or shares”

s.379 Meaning of “disposal”

s.380 Construction of references to being “held continuously”

s.381 Meaning of “associate”

Part 8

Other reliefs

40 of 96 sections shown

s.383 Relief for interest payments

s.384 General restrictions on relief under Chapter

s.384 Restriction on relief where arrangements minimise risk to borrower

amended 1 time

s.384 Restriction on relief where cash basis applies

amended 1 time

s.388 Loan to buy plant or machinery for partnership use

s.389 Eligibility requirements for interest on loans within section 388

s.392 Loan to buy interest in close company etc

s.393 Eligibility requirements for interest on loans within section 392

s.393 Close investment-holding companies

amended 1 time

s.394 Meaning of “material interest” in section 393

s.395 Meaning of “associate” in section 394

s.396 Loan to buy interest in employee-controlled company

s.397 Eligibility requirements for interest on loans within section 396

s.413 Overview of Chapter

s.414 Relief for gifts to charity

s.414 Tax reduction or charge if basic rate, and devolved basic rate, differ

amended 8 times

s.415 Meaning of “grossed up amount”

s.416 Meaning of “qualifying donation”

s.418 Restrictions on associated benefits

s.422 Disqualified overseas gifts

s.423 Restriction of certain reliefs

s.424 Charge to tax

s.425 Total amount of income tax to which individual charged for a tax year

s.426 Election by donor: gift treated as made in previous tax year

s.428 Meaning of “gift aid declaration”

s.429 Giving through self-assessment return

s.430 “Charity” to include exempt bodies

s.431 Relief for gifts of shares, securities and real property to charities etc

s.432 Meaning of “qualifying investment”

s.437 Value of net benefit to charity

s.442 Qualifying interests in land held jointly

s.443 Calculation of relievable amount where joint disposal of interest in land

s.446 “Charity” to include exempt bodies

s.448 Relief for individuals

s.449 Relief for other persons

s.450 Other persons: payments ineligible for relief

s.451 Special rule for persons affected by section 733 of ICTA

s.454 Meaning of “qualifying maintenance payment”

s.459 Payments for benefit of family members

s.460 Residence etc of claimants

56 other sections in this Part — procedural and definitional

s.385 General provisions about loans

s.386 Loans partly meeting requirements

s.387 Exclusion of double relief etc

s.390 Loan to buy plant or machinery for employment use

s.391 Eligibility requirements for interest on loans within section 390

s.398 Loan to invest in partnership

s.399 Eligibility requirements for interest on loans within section 398

s.399 Property partnerships: restriction of relief for investment loan interest

s.399 Property partnerships: tax reduction for non-deductible loan interest

s.400 Film partnerships

s.401 Loan to invest in co-operative

s.402 Eligibility requirements for interest on loans within section 401

s.403 Loan to pay inheritance tax

s.404 Eligibility requirements for interest on loans within section 403

s.405 Carry back and forward of relief for interest on loans within section 403

s.406 Effect of recovery of capital in the case of some loans

s.407 Events counting as recovery of capital for section 406

s.408 Replacement loans

s.409 Business successions between partnerships

s.410 Other business successions and reorganisations

s.411 Ineligibility of interest where business is occupation of commercial woodlands

s.412 Information

s.412 Relief for irrecoverable peer-to-peer loans

s.412 Claims for additional relief: sideways relief

s.412 Claims for additional relief: carry-forward relief

s.412 How carry-forward relief works

s.412 Subsequent recovery of peer-to-peer loans

s.412 Assigned loans treated as made by the assignee etc

s.412 Nominees etc

s.412 Interaction with other reliefs

s.412 Meaning of “loan”, “peer-to-peer loan” and related terms

s.412 Meaning of “operator” and related terms

s.417 Meaning of “benefits associated with a gift”

s.419 Gifts and benefits linked to periods of less than 12 months

s.420 Disregard of certain admission rights

s.421 Admission rights: supplementary

s.427 Meaning of “charged amount”

s.433 Meaning of “qualifying interest in land”

s.434 The relievable amount

s.435 Incidental costs of making disposal

s.436 Consideration

s.438 Market value of qualifying investments

s.438 Acquisition value of qualifying investments

s.439 Meaning of “disposal-related obligation”

s.440 Meaning and amount of “disposal-related liability”

s.441 Certificate required from charity

s.444 Disqualifying events

s.445 Prohibition against double relief

s.447 Overview of Chapter

s.452 The gross amount of a payment

s.453 Tax reduction for qualifying maintenance payments

s.455 Child support maintenance payments

s.456 Payments under orders for recovery of benefit etc

s.457 Payments to trade unions

s.458 Payments to police organisations

s.461 Spreading of patent royalty receipts

Part 9

Special rules about settlements and trustees

29 of 59 sections shown

s.462 Overview of Part

s.463 Interpretation of Part

s.465 Overview of Chapter and interpretation

s.466 Meaning of “settled property” etc

s.475 Residence of trustees

s.476 How to work out whether settlor meets condition C

s.479 Trustees' accumulated or discretionary income to be charged at special rates

s.480 Meaning of “accumulated or discretionary income”

s.481 Other amounts to be charged at special rates for trustees

s.482 Types of amount to be charged at special rates for trustees

s.483 Sums paid by personal representatives to trustees

s.484 Trustees' expenses to be set against trustees' trust rate income

s.486 How allowable expenses are to be set against trust rate income

s.487 Non-UK resident trustees

s.488 Application of section 479 to trustees of Schedule 2 share incentive plans

s.489 “The applicable period” in relation to shares

s.490 Interpretation of Chapter

s.494 Grossing up of discretionary payment and payment of income tax

s.495 Statement about deduction of income tax

s.497 Calculation of trustees' tax pool

amended 11 times (opens in a new tab)

s.498 Types of income tax for the purposes of section 497

s.500 Restrictions on use of trustees' expenses to reduce the beneficiary's income

s.502 Meaning of “untaxed income” in section 501

s.503 How beneficiary's income is reduced

s.504 Treatment of income of unauthorised unit trust

s.504 Treatment of capital expenditure of unauthorised unit trust

amended 4 times

s.505 Relief for trustees of unauthorised unit trust

s.506 Special rules for trustees affected by section 733 of ICTA

s.515 Rate of tax

30 other sections in this Part — procedural and definitional

s.464 Scottish trusts

s.467 Meaning of “settlor” etc

s.468 Meaning of “disposable property”

s.469 Person ceasing to be a settlor

s.470 Transfers between settlements

s.471 Identification of settlor following transfer covered by section 470

s.472 Settlor where property becomes settled because of variation of will etc

s.473 Deceased person as settlor where variation of will etc

s.474 Trustees of settlement to be treated as a single and distinct person

s.477 Sub-fund elections under Schedule 4ZA to TCGA 1992

s.478 References to settled property etc in regulations

s.485 Carry forward of unused expenses

s.491 Special rates not to apply to first slice of trustees' trust rate income

s.492 Cases where settlor has made more than one settlement

s.493 Discretionary payments by trustees

s.496 Income tax charged on trustees

s.496 Discretionary payments by trustees: employment income

s.496 Relief for trustees

s.499 Application of Chapter

s.501 Non-UK resident beneficiaries

s.507 Overview of Chapter

s.508 Election by trustees

s.509 Change of circumstances during a tax year

s.510 Sums applied for property maintenance purposes

s.511 Prevention of double taxation: reimbursement of settlor

s.512 Charge to tax on some settlements

s.513 Income charged

s.514 Persons liable

s.516 Transfer of property between settlements

s.517 Exemption for income treated as income of settlor

Part 9

Transactions in UK land

0 of 21 sections shown

21 other sections in this Part — procedural and definitional

s.517 Overview of Part

s.517 Disposals of land in the United Kingdom

s.517 Disposals of land: profits treated as trading profits

s.517 Disposals of property deriving its value from land in the United Kingdom

s.517 Disposals within section 517D: profits treated as trading profits

s.517 Profits and losses

s.517 The chargeable person

s.517 Fragmented activities

s.517 Calculation of surplus on a disposal of land

s.517 Apportionments

s.517 Arrangements for avoiding tax

s.517 Gain attributable to period before intention to develop formed

s.517 Private residences

s.517 Tracing value

s.517 Relevance of transactions, arrangements, etc

s.517 “Another person”

s.517 “Arrangement”

s.517 “Disposal”

s.517 “Land” and related expressions

s.517 References to realising a gain

s.517 Related parties

Part 10

Special rules about charitable trusts etc

28 of 50 sections shown

s.518 Overview of Part

s.519 Meaning of “charitable trust”

s.521 Gifts entitling donor to gift aid relief: income tax liability and exemption

s.521 Gifts under payroll deduction schemes: income tax liability and exemption

amended 1 time

s.525 Meaning of “charitable trade”

s.527 Exemption from charges under provisions to which section 1016 applies

s.528 Condition as to trading and miscellaneous incoming resources

s.529 Exemption for profits from fund-raising events

s.530 Exemption for profits from lotteries

s.531 Exemption for property income etc

s.532 Exemption for savings and investment income

s.535 Exemption for offshore income gains

s.538 Requirement to make claim

s.538 Claims in relation to gift aid relief etc

amended 2 times

s.540 The non-exempt amount

s.543 Meaning of “non-charitable expenditure”

s.544 Section 543: supplementary

s.547 Section 543(1)(f): payment to body outside the UK

s.549 Transactions with substantial donors

s.550 Meaning of “relievable gift”

s.553 Section 551: certain payments and benefits to be ignored

s.554 Transactions: exceptions

s.555 Donors: exceptions

s.557 Substantial donor transactions: supplementary

s.558 Approved charitable investments

s.559 Securities which are approved charitable investments

s.562 Excess expenditure treated as non-charitable expenditure of earlier years

s.563 Rules for attributing excess expenditure to earlier years Regulated

Attribute excess charitable expenditure to earlier yearsAny Person

22 other sections in this Part — procedural and definitional

s.520 Gifts entitling donor to gift aid relief: income tax treated as paid

s.522 Gifts of money from companies: income tax liability and exemption

s.523 Payments from other charities: income tax liability and exemption

s.523 Legacies: income tax liability and exemption

s.524 Exemption for profits etc of charitable trades

s.526 Exemption for profits etc of small-scale trades

s.533 Exemption for public revenue dividends

s.534 Exemption for transactions in deposits

s.536 Exemption for certain miscellaneous income

s.537 Exemption for income from estates in administration

s.539 Restrictions on exemptions

s.541 Attributing income to the non-exempt amount

s.542 How income is attributed to the non-exempt amount

s.545 Section 543(1)(f): meaning of expenditure

s.546 Section 543(1)(f): tax year in which certain expenditure treated as incurred

s.548 Section 543(1)(i) and (j): investments and loans

s.551 Non-charitable expenditure in substantial donor transactions

s.552 Adjustment if section 551(1) and (2) applied to single transaction

s.556 Connected charities

s.560 Conditions to be met for some securities

s.561 Approved charitable loans

s.564 Adjustments in consequence of section 562

Part 10

Alternative finance arrangements

0 of 27 sections shown

27 other sections in this Part — procedural and definitional

s.564 Introduction

s.564 Meaning of “financial institution”

s.564 Purchase and resale arrangements

s.564 Diminishing shared ownership arrangements : initial acquisition

s.564 Diminishing shared ownership arrangements: refinancing

s.564 Deposit arrangements

s.564 Profit share agency arrangements

s.564 Investment bond arrangements

s.564 Provision not at arm's length: exclusion of arrangements from sections 564C to 564G

s.564 Purchase and resale arrangements

s.564 Purchase and resale arrangements where return in foreign currency

s.564 Diminishing shared ownership arrangements

s.564 Other arrangements

s.564 Treatment of alternative finance return as interest for ITTOIA 2005

s.564 Alternative finance return under arrangements for trade or property business purposes

s.564 Relief for some alternative finance return under Chapter 1 of Part 8 etc

s.564 Tax relief schemes and arrangements

s.564 Deduction of income tax at source under Part 15

s.564 Treatment of discount

s.564 Treatment of bond-holder and bond-issuer

s.564 Treatment as securities

s.564 Arrangements not unit trust scheme or offshore fund

s.564 Exclusion of alternative finance return from consideration for sale of assets

s.564 Diminishing shared ownership arrangements not partnerships

s.564 Diminishing shared ownership arrangements: further provision in respect of refinancing

s.564 Treatment of principal under profit share agency arrangements

s.564 Provision not at arm's length: relevant return

Part 11

Manufactured payments and repos

23 of 52 sections shown

s.567 Meaning of “overseas shares”, “overseas securities” and “overseas dividend”

s.573 Manufactured dividends on UK shares

s.574 Allowable deductions...

s.575 Allowable deductions: restriction on double-counting

s.576 Manufactured dividends on UK shares: Real Estate Investment Trusts

s.577 Statements about manufactured dividends

s.578 Manufactured interest on UK securities

s.579 Allowable deductions...

s.580 Allowable deductions: restriction on double counting

s.582 Powers about manufactured overseas dividends

s.583 Manufactured payments exceeding underlying payments

s.591 Interpretation of other terms used in Chapter

s.592 No tax credits for borrower under stock lending arrangement

s.593 No tax credits for interim holder under repo

s.594 No tax credits for original owner under repo

s.595 Meaning of “manufactured dividend”

s.596 Deemed manufactured payments: stock lending arrangements

s.597 Deemed interest: cash collateral under stock lending arrangements

s.602 Deemed manufactured payments: repos

s.603 Deemed deductions of tax

s.604 Deemed increase in repurchase price: price differences under repos

s.606 Interpretation of Chapter

s.607 Treatment of price differences under repos

29 other sections in this Part — procedural and definitional

s.565 Overview of Part

s.566 Meaning of “UK shares” and “UK securities”

s.568 Meaning of “stock lending arrangement”

s.569 Meaning of “repo”

s.570 Meaning of “buying back” securities etc

s.571 Meaning of “related” agreements

s.572 Overview of Chapter

s.572 Meaning of “avoidance arrangements”

s.581 Manufactured overseas dividends

s.581 Avoidance arrangements

s.584 Manufactured payments less than underlying payments

s.585 Power to deal with other special cases

s.586 Powers about administrative provisions

s.587 Power for manufactured payments to be eligible for relief

s.588 Regulation-making powers: general

s.589 Meaning of “gross amount”: interest and manufactured overseas dividends

s.590 Meaning of “relevant withholding tax”

s.598 Cash collateral under stock lending arrangements: supplementary

s.599 Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral

s.600 Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral”

s.601 Repo cases in which deeming rules apply

s.605 Deemed increase in repurchase price: other income tax purposes

s.608 Exceptions to section 607

s.609 Additional income tax consequences of price differences

s.610 Repurchase price in deemed manufactured payment case

s.611 Power to modify Chapter in non-arm's length case

s.612 Non-standard repo cases

s.613 Redemption arrangements

s.614 Sections 612 and 613: supplementary

Part 11

Leasing arrangements: finance leases and loans

1 of 43 sections shown

s.614 Assessments and adjustments Prosecution

Other duties (1) — Crown / regulator

HMRC must make assessments and adjustments to implement tax rulesStatutory regulator

Unlimited fine

42 other sections in this Part — procedural and definitional

s.614 Overview of Part

s.614 Normal rent

s.614 Accountancy rental earnings

s.614 Rental earnings

s.614 Arrangements to which this Chapter applies

s.614 Purposes of this Chapter

s.614 Application of this Chapter

s.614 The conditions referred to in section 614BB(1)

s.614 Provisions supplementing section 614BC

s.614 The arrangements and circumstances referred to in section 614BC(8)

s.614 Current lessor taxed by reference to accountancy rental earnings

s.614 Reduction of taxable rent by cumulative rental excesses: introduction

s.614 Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”

s.614 Reduction of taxable rent by the cumulative accountancy rental excess

s.614 Meaning of “normal rental excess” and “cumulative normal rental excess”

s.614 Reduction of taxable rent by the cumulative normal rental excess

s.614 Relief for bad debts: reduction of cumulative accountancy rental excess

s.614 Recovery of bad debts following reduction under section 614BL

s.614 Relief for bad debts: reduction of cumulative normal rental excess

s.614 Recovery of bad debts following reduction under section 614BN

s.614 Effect of disposals of leases: general

s.614 Assignments on which neither a gain nor a loss accrues

s.614 Effect of capital allowances: introduction

s.614 Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001

s.614 Cases where expenditure taken into account under other provisions of CAA 2001

s.614 Capital allowances deductions: waste disposal and cemeteries

s.614 Capital allowances deductions: films and sound recordings

s.614 Contributors to capital expenditure

s.614 Pre-26 November 1996 schemes where this Chapter does not at first apply

s.614 Post-25 November 1996 schemes to which Chapter 3 applied first

s.614 Introduction to Chapter

s.614 Purpose of this Chapter

s.614 Leases to which this Chapter applies

s.614 Current lessor taxed by reference to accountancy rental earnings

s.614 Application of provisions of Chapter 2 for purposes of this Chapter

s.614 Pre-26 November 1996 schemes and post-25 November 1996 schemes

s.614 Time apportionment where periods of account do not coincide

s.614 Periods of account and related periods of account and tax years

s.614 Connected persons

s.614 Assets which represent the leased asset

s.614 Parent undertakings and consolidated group accounts

s.614 Interpretation

Part 12

Accrued income profits

11 of 68 sections shown

s.617 Income charged

s.620 Transactions which are transfers: general

s.641 Small holdings: trustees of a disabled person's trusts

s.643 Non-residents

s.644 Individuals to whom the remittance basis applies

s.647 Makers of manufactured payments

s.667 Trustees' accrued income profits treated as settlement income

s.668 Relief for unremittable transfer proceeds: general

s.669 Relief for unremittable transfer proceeds: section 630 profits

s.674 Meaning of “the settlement day”

s.680 Interest on securities involving accrued income losses: foreign trustees

57 other sections in this Part — procedural and definitional

s.615 Overview of Part

s.616 Charge to tax on accrued income profits

s.618 Person liable

s.619 Meaning of “securities” and when securities are of the same kind

s.621 Transferors and transferees

s.622 Application of Chapter to different kinds of transfer

s.623 Transfers with accrued interest

s.624 Transfers without accrued interest

s.625 Transfers with unrealised interest

s.626 Transfers of variable rate securities

s.627 Meaning of “variable rate securities”

s.628 Making accrued income profits and losses: general rule

s.629 Calculating accrued income profits and losses where section 628 applies

s.630 Making accrued income profits: settlement day outside interest period

s.631 Amount of accrued income profits where section 630 applies

s.632 Payment on transfer with accrued interest

s.633 Payment on transfer without accrued interest

s.634 Payment on transfer with unrealised interest

s.635 Payment on transfer of variable rate securities

s.636 Exception where there is a transfer to a legatee

s.637 Accrued income losses treated as payments in next interest period

s.638 Excluded persons: disregard of certain payments and transfers

s.639 Small holdings: individuals

s.640 Small holdings: personal representatives

s.642 Traders

s.645 Charitable trusts etc

s.646 Pension scheme trustees

s.648 Strips of gilt-edged securities

s.649 New securities issued with extra return

s.650 Trading stock appropriations etc

s.651 Owner becoming entitled to securities as trustee

s.652 Securities ceasing to be held on charitable trusts

s.653 Stock lending

s.654 Sale and repurchase arrangements

s.655 Transfers under sale and repurchase arrangements

s.656 Power to modify: non-standard sale and repurchase arrangements

s.657 Power to modify: redemption arrangements

s.658 Powers to modify: supplementary

s.659 Transfers with or without accrued interest: interest in default

s.660 Transfers with unrealised interest: interest in default

s.661 Successive transfers with unrealised interest in default

s.662 New securities issued with extra return: special rules about payments

s.663 Transfers without accrued interest to makers of manufactured payments

s.664 Foreign currency securities: sterling equivalent of payments on transfers

s.665 Foreign currency securities: unrealised interest payable in foreign currency

s.666 Certain transfers by or to nominees or trustees treated as made by or to others

s.670 Withdrawal of relief

s.670 Individuals to whom remittance basis applies

s.671 Meaning of “interest”

s.672 Meaning of “interest payment day”

s.673 Meaning of “interest period”

s.675 The holding of securities

s.676 Nominal value of securities: general

s.677 Nominal value: foreign currency securities

s.678 Exemptions relating to interest on securities: preliminary

s.679 Interest on securities involving accrued income losses: general

s.681 Unrealised interest received by transferee after transfer

Part 12

Sale and lease-back etc

1 of 54 sections shown

s.681 Hire-purchase agreements Regulated

Reduce taxable capital sums by your hire-purchase paymentsAny Person

53 other sections in this Part — procedural and definitional

s.681 Overview

s.681 Transferor or associate becomes liable for payment of rent

s.681 Transferor or associate becomes liable for payment other than rent

s.681 Relevant income tax relief and relevant deduction from earnings

s.681 Relevant income tax relief: deduction not to exceed commercial rent

s.681 Deduction from earnings not to exceed commercial rent

s.681 Carrying forward parts of payments

s.681 Aggregation and apportionment of payments

s.681 Payments made for later periods

s.681 Exclusion of service charges etc

s.681 Commercial rent: comparison with rent under a lease

s.681 Commercial rent: comparison with payments other than rent

s.681 Lease and rent

s.681 Associated persons

s.681 Land outside the UK

s.681 Overview

s.681 New lease after assignment or surrender

s.681 Taxation of consideration

s.681 Position where new lease does not include all original property

s.681 Relief for rent under new lease

s.681 New lease treated as ending

s.681 Position where rent reduces

s.681 Position where lease may be ended

s.681 Position where lease may be varied

s.681 Lease treated as ending: rentcharge

s.681 Lease varied to provide for increased rent

s.681 Relevant income tax relief

s.681 Linked persons

s.681 Lease, lessee, lessor and rent

s.681 Overview

s.681 Professions and vocations

s.681 Leased trading assets

s.681 Tax deduction not to exceed commercial rent

s.681 Long funding finance leases

s.681 Commercial rent

s.681 Lease

s.681 Relevant asset

s.681 Overview

s.681 Application of the Chapter

s.681 Payment under lease

s.681 Sum obtained

s.681 Charge to income tax

s.681 Adjustments where sum obtained before payment made

s.681 Sum obtained in respect of interest

s.681 Sum obtained in respect of lessee's interest

s.681 Disposal of interest to associate

s.681 Apportionment of payments made and of sums obtained

s.681 Manner of apportionment

s.681 Associates

s.681 Capital sum

s.681 Lease

s.681 Relevant asset

s.681 Relevant tax relief

Part 13

Tax avoidance

162 of 241 sections shown

s.684 Person liable to counteraction of income tax advantage

s.685 Receipt of consideration in connection with distribution by or assets of close company

s.686 Excluded circumstances: fundamental change of ownership

s.687 Income tax advantage

s.688 Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)

s.690 Receipt of assets of relevant company (circumstance E)

s.691 Meaning of “relevant company” in sections 689 and 690

s.692 Abnormal dividends: general

s.695 Notice of enquiry

s.696 Opposed notifications: statutory declarations

s.697 Opposed notifications: determinations by tribunal

s.698 Counteraction notices

s.698 No-counteraction notices

amended 5 times

s.699 Limit on amount assessed in section 689 and 690 cases

s.700 Timing of assessments ...

s.703 Power to obtain information

s.704 The tribunal

s.705 Appeals against counteraction notices

s.713 Interpretation of Chapter

s.720 Charge to tax on income treated as arising under section 721

s.720 Transfers by closely-held companies

amended 6 times

s.721 Individuals with power to enjoy income as a result of relevant transactions

s.721 Meaning of “protected foreign-source income” in section 721

amended 12 times

s.721 Section 721A: tainting

amended 12 times

s.724 Special rules where benefit provided out of income of person abroad

s.725 Reduction in amount charged where controlled foreign company involved

s.725 Recovery of tax paid as a result of section 721

amended 8 times

s.726 Qualifying new residents and remittance-basis users: “foreign” deemed income

s.727 Charge to tax on income treated as arising under section 728

amended 11 times (opens in a new tab)

s.727 Transfers by closely-held companies

amended 6 times

s.728 Individuals receiving capital sums as a result of relevant transactions

s.730 Qualifying new residents and remittance-basis users: “foreign” deemed income

s.731 Charge to tax on income treated as arising under section 732

s.732 Non-transferors receiving a benefit as a result of relevant transactions

s.733 Income charged under section 731

s.733 Settlor liable for section 731 charge on closely-related beneficiary

amended 7 times

s.733 Recipients of onward gifts

amended 7 times

s.733 Cases where income treated as arising to recipient of onward gift

amended 7 times

s.733 Cases where deemed income attributed to recipient of onward gift

amended 7 times

s.733 Cases where settlor liable following onward gift

amended 7 times

s.734 Reduction in amount charged: previous capital gains tax charge

s.734 Reduction in amount charged: previous settlements charge

amended 9 times

s.735 Qualifying new residents and remittance-basis users: “foreign” deemed income

s.735 Section 735: relevant income and benefits relating to foreign deemed income

amended 7 times

s.735 Settlements to which following sections apply

amended 7 times

s.735 “Protected foreign-source income” and “transitionally protected income”

amended 7 times

s.735 Transitionally protected income not to be taxed on remittance

amended 7 times

s.735 Settlor liable for benefits charge despite being transferor

amended 7 times

s.735 Settlor liable in place of close family member

amended 7 times

s.735 Onward gifts from non-residents or qualifying new residents

amended 7 times

s.735 Deduction allowed for previous settlements charge

amended 7 times

s.735 Historical liability under section 733A where remittance basis applied

amended 7 times

s.735 Historical operation of section 733C or 733E where remittance basis applied

amended 7 times

s.736 Exemptions: introduction

s.738 Meaning of “commercial transaction” Regulated

Ensure business transactions with connected persons meet commercial standardsAny Person

s.740 Exemption: relevant transactions include both pre-5 December 2005 and post-4 December 2005 transactions Regulated

Check tax exemption for income from offshore transfersTrader

s.743 No duplication of charges

s.744 Meaning of taking income into account in charging income tax for section 743

s.745 Rates of tax applicable to income charged under sections 720 and 727 etc

s.746 Deductions and reliefs where individual charged under section 720 or 727

s.747 Amounts corresponding to accrued income profits and related interest

s.748 Power to obtain information

s.749 Restrictions on particulars to be provided by relevant lawyers

s.750 Restrictions on particulars to be provided by banks

s.751 The tribunal’s jurisdiction on appeals

s.771 Power to obtain information

s.772 Interpretation of Chapter

s.777 Conditions for sections 778 and 779 to apply

s.788 Power to obtain information

s.792 Partners claiming excess sideways or capital gains relief

s.795 Meaning of “post-1 December 2004 loss”

s.809 Other definitions

s.809 Application of Chapter

amended 2 times

s.809 Relevant amount to be treated as income

amended 2 times

s.809 Application of Chapter

amended 2 times

s.809 Value of transferred income stream treated as income

amended 2 times

s.809 Exception: amount otherwise taxed

amended 2 times

s.809 Exception: certain annuities

amended 2 times

s.809 Exception: transfer by way of security

amended 2 times

s.809 Partnership shares

amended 2 times

s.809 Interpretation

amended 2 times

s.809 Type 1 finance arrangement defined

amended 2 times

s.809 Certain tax consequences not to have effect

amended 2 times

s.809 Payments treated as borrower's income

amended 2 times

s.809 Deemed interest if borrower is not a partnership

amended 2 times

s.809 Deemed interest if borrower is a partnership

amended 2 times

s.809 Type 2 finance arrangement defined

amended 2 times

s.809 Relevant change in relation to partnership

amended 2 times

s.809 Certain tax consequences not to have effect

amended 2 times

s.809 Deemed interest

amended 2 times

s.809 Type 3 finance arrangement defined

amended 2 times

s.809 Certain tax consequences not to have effect

amended 2 times

s.809 Deemed interest

amended 2 times

s.809 Exceptions: preliminary

amended 2 times

s.809 Exceptions

amended 2 times

s.809 Exceptions: relevant person

amended 2 times

s.809 Power to make further exceptions

amended 2 times

s.809 Accounts

amended 2 times

s.809 Arrangements

amended 2 times

s.809 Assets

amended 2 times

s.809 Loan or credit transaction defined

amended 2 times

s.809 Certain payments treated as yearly interest

amended 2 times

s.809 Tax charged on income transferred

amended 2 times

s.809 Application of Chapter

amended 2 times

s.809 Relevant amount to be treated as income

amended 2 times

s.809 Disguised investment management fees: charge to income tax

amended 2 times

s.809 Meaning of “management fee” in section 809EZA

amended 2 times

s.809 Meaning of “carried interest” in section 809EZB

amended 2 times

s.809 Sums treated as “carried interest” for purposes of section 809EZB

amended 2 times

s.809 Sums arising to connected persons other than companies

amended 2 times

s.809 Sums arising to connected company or unconnected person

amended 2 times

s.809 Interpretation of Chapter

amended 2 times

s.809 Disguised investment management fees: anti-avoidance

amended 2 times

s.809 Disguised investment management fees: avoidance of double taxation

amended 2 times

s.809 Powers to amend Chapter

amended 2 times

s.809 Overview

amended 2 times

s.809 Income-based carried interest: general rule

amended 2 times

s.809 Average holding period

amended 2 times

s.809 Disposals

amended 2 times

s.809 Part disposals

amended 2 times

s.809 Unwanted short-term investments

amended 2 times

s.809 Derivatives

amended 2 times

s.809 Hedging: exchange gains and losses

amended 2 times

s.809 Hedging: interest rates

amended 2 times

s.809 Significant interests

amended 2 times

s.809 Venture capital funds

amended 2 times

s.809 Significant equity stake funds

amended 2 times

s.809 Controlling equity stake funds

amended 2 times

s.809 Real estate funds

amended 2 times

s.809 Funds of funds

amended 2 times

s.809 Secondary funds

amended 2 times

s.809 Direct lending funds

amended 2 times

s.809 Direct lending funds: exception

amended 2 times

s.809 Conditionally exempt carried interest

amended 2 times

s.809 Carried interest which ceases to be conditionally exempt

amended 2 times

s.809 Employment-related securities

amended 2 times

s.809 “Loan to own” investments

amended 2 times

s.809 Anti-avoidance

amended 2 times

s.809 Treasury regulations

amended 2 times

s.809 “Reasonable to suppose”

amended 2 times

s.809 Interpretation of Chapter 5F

amended 2 times

s.809 Plant and machinery leases: capital receipts to be treated as income

amended 2 times

s.809 Section 809ZA: interpretation

amended 2 times

s.809 Section 809ZA: lease of plant and machinery and other property

amended 2 times

s.809 Section 809ZA: expectation that relevant capital payment will not be paid

amended 2 times

s.809 Capital payment”, “relevant capital payment” etc

amended 2 times

s.809 Further interpretation of section 809ZA etc

amended 2 times

s.809 Consideration for taking over payment obligations as lessee treated as income

amended 2 times

s.809 Tax relief schemes and arrangements

amended 2 times

s.809 Overview of Chapter

amended 2 times

s.809 Relievable charity donations

amended 2 times

s.809 Tainted donations

amended 2 times

s.809 Circumstances in which financial advantage deemed to be obtained

amended 2 times

s.809 Certain financial assistance to be ignored

amended 2 times

s.809 Removal of income tax relief where donation becomes tainted in same tax year

amended 2 times

s.809 Clawback of income tax relief where donation becomes tainted in later tax year

amended 2 times

s.809 Removal or clawback of income tax relief for associated donations

amended 2 times

s.809 Income tax charge where gift aid is withdrawn

amended 2 times

s.809 Income tax charge where payment of trust income to charity

amended 2 times

s.809 Connected charities

amended 2 times

s.809 Connected persons

amended 2 times

s.809 Minor definitions

amended 2 times

79 other sections in this Part — procedural and definitional

s.682 Overview of Chapter

s.683 Provisions of Chapter

s.689 Receipt of consideration in connection with relevant company distribution (circumstance D)

s.693 Abnormal dividends: the excessive return condition

s.694 Abnormal dividends: the excessive accrual condition

s.701 Application for clearance of transactions

s.702 Effect of clearance notification under section 701

s.706 Rehearing by tribunal of appeal against counteraction notice

s.707 Statement of case by tribunal for opinion of High Court or Court of Session

s.708 Cases before High Court or Court of Session

s.709 Effect of appeals against tribunal's determination under section 706

s.710 Appeals from High Court or Court of Session

s.711 Proceedings in Northern Ireland

s.712 Application of Chapter where individual within section 684 dies

s.722 When an individual has power to enjoy income of person abroad

s.723 The enjoyment conditions

s.729 The capital receipt conditions

s.729 Meaning of “protected foreign-source income” in section 728

s.729 Recovery of tax paid as a result of section 728

s.737 Exemption: all relevant transactions post-4 December 2005 transactions

s.739 Exemption: all relevant transactions pre-5 December 2005 transactions

s.741 Application of section 742 (partial exemption)

s.742 Partial exemption where later associated operations fail conditions

s.742 Post-5 April 2012 transactions: exemption for genuine transactions

s.742 Value of certain benefits

s.742 Value of benefit provided by a payment by way of loan

s.742 Value of benefit provided by making movable property available

s.742 Value of benefit provided by making land available

s.752 Overview of Chapter

s.753 Meaning of disposing of land

s.754 Priority of other income tax provisions

s.755 Charge to tax on gains from transactions in land

s.756 Income treated as arising when gains obtained from some land disposals

s.757 Person obtaining gain

s.758 Income charged

s.759 Person liable

s.760 Method of calculating gain

s.761 Transactions, arrangements, sales and realisations relevant for Chapter

s.762 Tracing value

s.763 Meaning of “another person”

s.764 Valuations and apportionments

s.765 Exemption: gain attributable to period before intention to develop formed

s.766 Exemption: disposals of shares in companies holding land as trading stock

s.767 Exemption: private residences

s.768 Recovery of tax where consideration receivable by person not assessed

s.769 Recovery of tax: certificates of tax paid etc

s.770 Clearance procedure

s.773 Overview of Chapter

s.774 Meaning of “occupation”

s.775 Priority of other tax provisions

s.776 Charge to tax on sale of occupation income

s.778 Income arising where capital amount other than derivative property or right obtained

s.779 Income arising where derivative property or right obtained

s.780 Transactions, arrangements, sales and realisations relevant for Chapter

s.781 Tracing value

s.782 Meaning of “other person”

s.783 Valuations and apportionments

s.784 Exemption for sales of going concerns

s.785 Restriction on exemption: sales of future earnings

s.786 Recovery of tax where consideration receivable by person not assessed

s.787 Recovery of tax: certificates of tax paid etc

s.789 Minor definitions

s.790 Overview of Chapter

s.791 Charge to tax on income treated as received under section 792

s.793 Calculating the amount of income treated as received

s.794 Meaning of “the total amount of trade losses claimed” etc

s.796 Charge to tax on income treated as received under section 797

s.797 Individuals claiming sideways or capital gains relief for film-related losses

s.798 Meaning of “non-taxable consideration” etc

s.799 Meaning of “disposal of a right of the individual to profits” etc

s.800 Meaning of “film-related losses” etc

s.801 Meaning of “capital contribution”

s.802 Exclusion of amounts in calculating capital contribution by a partner

s.803 Prohibition against double counting

s.804 Charge to tax on income treated as received under section 805

s.805 Partners claiming relief for licence-related trading losses

s.806 Calculation of amount of income treated as received by the individual

s.807 Supplementary provision relating to calculation in section 806

s.808 Meaning of “disposal of the licence” etc

Part 14

Income tax liability: miscellaneous rules

116 of 143 sections shown

s.809 Overview of Chapter

amended 2 times

s.809 Claim for remittance basis to apply

amended 2 times

s.809 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 times

s.809 Application of remittance basis without claim where unremitted foreign income and gains under £2,000

amended 2 times

s.809 Application of remittance basis without claim: other cases

amended 2 times

s.809 Effect on what is chargeable

amended 2 times

s.809 Claim for remittance basis: effect on allowances etc

amended 2 times

s.809 Claim for remittance basis by long-term UK resident: charge

amended 2 times

s.809 Remittance basis charge: income and gains treated as remitted

amended 2 times

s.809 Section 809I: order of remittances

amended 2 times

s.809 Sections 809L to 809Z6: introduction

amended 2 times

s.809 Meaning of “remitted to the United Kingdom”

amended 2 times

s.809 Meaning of “relevant person”

amended 2 times

s.809 Section 809L: gift recipients, qualifying property and enjoyment

amended 2 times

s.809 Section 809L: dealings where there is a connected operation

amended 2 times

s.809 Section 809L: amount remitted

amended 2 times

s.809 Sections 809L and 809P: transfers from mixed funds

amended 2 times

s.809 Section 809Q: composition of mixed fund

amended 2 times

s.809 Special mixed fund rules for certain employment cases

amended 2 times

s.809 Qualifying accounts

amended 2 times

s.809 Breaches of the deposit rule

amended 2 times

s.809 Effect where 30-day deadline is met

amended 2 times

s.809 Transfers into TRF capital account

amended 2 times

s.809 TRF capital account

amended 2 times

s.809 Breaches of the TRF deposit rule

amended 2 times

s.809 Effect where 30-day deadline is met

amended 2 times

s.809 Section 809Q: anti-avoidance

amended 2 times

s.809 Foreign chargeable gains accruing on disposal made otherwise than for full consideration

amended 2 times

s.809 Deemed income or gains not to be regarded as remitted before time when they are treated as arising or accruing

amended 2 times

s.809 Money used for payments on account

amended 2 times

s.809 Money paid to the Commissioners

amended 2 times

s.809 Money or other property used to make investments

amended 2 times

s.809 Failure to invest within 45 days

amended 2 times

s.809 Qualifying investments

amended 2 times

s.809 Condition A

amended 2 times

s.809 Commercial trades

amended 2 times

s.809 Condition B

amended 2 times

s.809 Income or gains treated as remitted following certain events

amended 2 times

s.809 Meaning of “potentially chargeable event”

amended 2 times

s.809 The appropriate mitigation steps

amended 2 times

s.809 Application of appropriate mitigation steps where TRF capital involved

amended 2 times

s.809 The grace period allowed for the appropriate mitigation steps

amended 2 times

s.809 Retention of funds to meet CGT liabilities

amended 2 times

s.809 Effect of taking appropriate mitigation steps within grace period

amended 2 times

s.809 Cases involving tax deposits

amended 2 times

s.809 Order of disposals etc

amended 2 times

s.809 Investments made from mixed funds

amended 2 times

s.809 Consideration for certain services

amended 2 times

s.809 Exempt property

amended 2 times

s.809 Property that ceases to be exempt property treated as remitted

amended 2 times

s.809 Exception to section 809Y: proceeds taken offshore or invested

amended 2 times

s.809 Condition E: supplementary

amended 2 times

s.809 Effect of disapplying section 809Y

amended 2 times

s.809 Chargeable gains accruing on sales of exempt property

amended 2 times

s.809 Exception to section 809Y: gifts to the nation

amended 2 times

s.809 Exception to section 809Y: compensation taken offshore or invested

amended 2 times

s.809 Meaning of “the disposal proceeds”

amended 2 times

s.809 Public access rule: relevant VAT relief

amended 2 times

s.809 General interpretation

amended 2 times

s.809 Personal use rule

amended 2 times

s.809 Repair rule

amended 2 times

s.809 Temporary importation rule

amended 2 times

s.809 Notional remitted amount

amended 2 times

s.809 Exempt property: other interpretation

amended 2 times

s.809 Meaning of “foreign income and gains” etc

amended 2 times

s.809 Taking proceeds etc offshore or investing them

amended 2 times

s.810 Overview of Chapter

s.811 Limit on liability to income tax of non-UK residents

s.812 Case where limit not to apply

s.812 Temporary non-residents

amended 1 time

s.813 Meaning of “disregarded income”

s.814 Meaning of “disregarded transaction income”

s.815 Limit on liability to income tax of non-UK resident companies

s.816 Meaning of “disregarded company income”

s.817 The independent broker conditions

s.818 The independent investment manager conditions

s.819 Investment managers: the 20% rule

s.821 Meaning of “relevant disregarded income”

s.824 Application of 20% rule to collective investment schemes

s.825 Meaning of “disregarded savings and investment income”

s.827 Meaning of “investment manager” and “investment transaction”

s.831 Foreign income of individuals in the United Kingdom for temporary purpose

s.832 Employment income of individuals in the United Kingdom for temporary purpose

s.833 Visiting forces etc

s.834 Residence of personal representatives

s.835 Residence rules for trustees ...

s.835 Residence of companies

amended 2 times

s.835 Domicile for income tax purposes of overseas electors

amended 2 times

s.835 Deemed domicile

amended 2 times

s.835 Overview of Chapter

amended 2 times

s.835 Income tax chargeable on company's income: application

amended 2 times

s.835 Branch or agency treated as UK representative

amended 2 times

s.835 Trade or profession carried on in partnership

amended 2 times

s.835 Agents

amended 2 times

s.835 Brokers

amended 2 times

s.835 Investment managers

amended 2 times

s.835 Persons acting under alternative finance arrangements

amended 2 times

s.835 Lloyd's agents

amended 2 times

s.835 The independent broker conditions

amended 2 times

s.835 The independent investment manager conditions

amended 2 times

s.835 Investment managers: the 20% rule

amended 2 times

s.835 Meaning of “qualifying period”, “relevant disregarded income” and “beneficial entitlement”

amended 2 times

s.835 Treatment of transactions where 20% rule not met

amended 2 times

s.835 Application of 20% rule to collective investment schemes

amended 2 times

s.835 Supplementary provision

amended 2 times

s.835 Interpretation of Chapter

amended 2 times

s.835 Introduction to Chapter

amended 2 times

s.835 Obligations and liabilities of UK representative Prosecution

UK representative shares tax obligations of non-UK residentsAny Person

Unlimited fine · amended 2 times

s.835 Exceptions: notices and information

amended 2 times

s.835 Exceptions: criminal offences and penalties etc

amended 2 times

s.835 Indemnities

amended 2 times

s.835 Meaning of “independent agent”

amended 2 times

s.836 Jointly held property

s.838 Local authorities and local authority associations

s.838 Asbestos compensation settlements

amended 1 time

s.842 UK Economic Interest Groupings and European Economic Interest Groupings

27 other sections in this Part — procedural and definitional

s.820 Meaning of “qualifying period”

s.822 Meaning of “beneficial entitlement”

s.823 Treatment of transactions where requirements of 20% rule not met

s.826 Meaning of “disregarded annual payments”

s.828 Transactions through brokers and investment managers

s.828 Introduction

s.828 Conditions to be met

s.828 The exemption

s.828 Interpretation of Chapter

s.829 Residence of individuals temporarily abroad

s.830 Residence of individuals working abroad

s.837 Jointly held property: declarations of unequal beneficial interests

s.837 Overview of Chapter

s.837 Application of Chapter

s.837 Charge to income tax on winding up receipts

s.837 Transfer of rights to payment

s.837 Allowable deductions

s.837 Election to carry back

s.837 Relationship of Chapter with other income tax provisions

s.837 Interpretation of Chapter

s.839 Issue departments of the Reserve Bank of India and the State Bank of Pakistan

s.840 Government securities held by non-UK resident central banks

s.841 Official agents of Commonwealth countries etc

s.843 Restriction of deductions for annual payments

s.844 Letters patent etc: exempting provisions

s.845 Extra return to be treated as interest etc

s.846 Interpretation of section 845

Part 15

Deduction of income tax at source

81 of 163 sections shown

s.847 Overview of Part

s.848 Income tax deducted at source treated as income tax paid by recipient

s.849 Interaction with other Income Tax Acts provisions

s.850 Overview of Chapter

s.851 Duty to deduct sums representing income tax

s.852 Power to make regulations disapplying section 851

s.853 Meaning of “deposit-taker”

s.854 Power to prescribe persons as deposit-takers

s.855 Meaning of “investment” and “deposit”

s.856 Investments which are relevant investments

s.857 Investments to be treated as being or as not being relevant investments

s.858 Declarations of non-UK residence: individuals

s.859 Declarations of non-UK residence: Scottish partnerships

s.860 Declarations of non-UK residence: personal representatives

s.861 Declarations of non-UK residence: settlements

s.862 Inspection of declarations

s.863 General client account deposits

s.864 Qualifying uncertificated eligible debt security units

s.865 Qualifying certificates of deposit

s.866 Qualifying time deposits

s.868 Investments held outside the United Kingdom

s.869 Sale and repurchase of securities

s.870 Other investments

s.871 Power to make regulations to give effect to Chapter

s.872 Power to make orders amending Chapter

s.873 Discretionary or accumulation settlements

amended 11 times (opens in a new tab)

s.874 Duty to deduct from certain payments of yearly interest

s.875 Interest paid by building societies

s.876 Interest paid by deposit-takers

s.877 UK public revenue dividends

s.878 Interest paid by banks

s.879 Interest paid on advances from banks

s.885 Authorised persons dealing in financial instruments

amended 14 times (opens in a new tab)

s.886 Interest paid by recognised clearing houses etc

s.887 Payments made by registered societies Regulated

Report yearly interest/dividend payments to HMRCTrader

s.889 Payments in respect of building society securities

s.892 Duty to deduct from certain UK public revenue dividends

s.893 Payments of UK public revenue dividends which are payable gross

s.894 Treasury directions

s.895 Deduction at source application

s.899 Meaning of “qualifying annual payment”

s.900 Deduction from commercial payments made by individuals

s.901 Deduction from annual payments made by other persons

s.902 Meaning of “applicable rate” in section 901

s.904 Annual payments for dividends or non-taxable consideration

s.907 Meaning of “intellectual property”

s.910 Proceeds of a sale of patent rights: payments to non-UK residents

s.918 Manufactured dividends on UK shares: Real Estate Investment Trusts

s.919 Manufactured interest on UK securities: payments by UK residents etc

s.920 Foreign payers of manufactured interest: the reverse charge

s.921 Cases where interest on underlying securities paid gross

s.922 Manufactured overseas dividends: payments by UK residents etc

s.923 Foreign payers of manufactured overseas dividends: the reverse charge

s.926 Interpretation of Chapter

s.928 Chargeable payments connected with exempt distributions

s.933 UK resident companies

s.934 Non-UK resident companies

s.935 PEP and ISA managers

s.936 Recipients who are to be paid gross

s.937 Partnerships

s.939 Duty to retain bonds where issue treated as payment of interest

s.941 Deemed payments to unit holders and deemed deductions of income tax

s.942 Income tax to be collected from trustees

s.944 Directions for deduction from payments to non-UK residents

s.946 Payments within this section

s.948 Meaning of “accounting period”

s.952 Conditions for a set-off claim

s.953 How a set-off claim works

s.955 Proceedings begun before a set-off claim is made

s.964 Collection through self-assessment return

s.965 Overview of sections 966 to 970

amended 18 times (opens in a new tab)

s.966 Duty to deduct and account for sums representing income tax

s.971 Income tax due in respect of income of non-resident landlords

s.972 Regulations under section 971

amended 10 times (opens in a new tab)

s.973 Income tax due in respect of distributions

s.974 Regulations under section 973

s.975 Statements about deduction of income tax

s.975 Statements about certain payments of interest

amended 6 times

s.976 Arrangements for payments of interest less tax or at specified net rate

s.980 Derivative contracts: exception from duties to deduct

s.987 Meaning of “quoted Eurobond”

82 other sections in this Part — procedural and definitional

s.867 Lloyd's premium trust funds

s.880 Interest paid on advances from building societies

s.881 National Savings Bank interest

s.882 Quoted Eurobond interest

s.883 Interest on loan to buy life annuity

s.884 Relevant foreign income

s.888 Statutory interest

s.888 Qualifying private placements

s.888 Designated dividends of investment trusts

s.888 Interest distributions of certain open-ended investment companies

s.888 Interest distribution of certain authorised unit trusts

s.888 Payments of interest by a QAHC

s.888 Interest on certain peer-to-peer lending

s.890 Overview of Chapter

s.891 Meaning of “UK public revenue dividend”

s.896 Withdrawal of application

s.897 Power to make regulations

s.898 Overview of Chapter

s.903 Deduction from patent royalties

s.905 Interpretation of Chapter

s.906 Certain royalties etc where usual place of abode of owner is abroad

s.908 Royalty payments etc made through UK resident agents

s.909 Royalty payments: further provision

s.911 Double taxation arrangements: deduction at treaty rate

s.912 Power to make directions disapplying section 911

s.913 Interpretation of sections 911 and 912

s.914 European Union

s.915 Power to make directions disapplying section 914

s.916 Duty of payee to notify if payment not exempt

s.917 Supplementary

s.917 Tax avoidance arrangements

s.924 Power to reduce section 923 liability

s.925 Power to provide set-off entitlement

s.925 Creditor repos

s.925 Debtor repos

s.925 Actual payments ignored if section 925A ... applies

s.925 Power to modify repo sections

s.925 Cases where section 925D applies: non-standard repos

s.925 Interpretation of the repo sections

s.927 Regulation-making powers: general

s.929 Overview of Chapter

s.930 Exception from duties to deduct sums representing income tax

s.931 Power to make directions disapplying section 930

s.932 Meaning of “qualifying partnership”

s.938 Consequences of reasonable but incorrect belief

s.940 Exception from duty to retain bonds

s.940 No appropriate bond or combination of bonds

s.943 Calculation of trustees' income pool

s.943 Treatment of cases involving double tax relief

s.943 The “foreign element” of a deemed deduction or deemed income

s.943 Calculation of trustees' double tax relief pool

s.943 Annual statements

s.945 Overview of Chapter

s.947 Return periods

s.949 Payments in an accounting period

s.950 Payments otherwise than in an accounting period

s.951 Collection and payment of income tax

s.954 Proceedings begun after a set-off claim is made

s.956 Assessments where section 946 payment included in return

s.957 Assessments in other cases

s.958 Payer's duty to deliver amended return

s.959 Application of Income Tax Acts provisions about time limits for assessments

s.960 Further provisions about assessments

s.961 Relationship between Chapter and Income Tax Acts powers

s.962 Power to make regulations modifying Chapter

s.963 Collection of income tax on certain payments by other persons

s.963 Power to make regulations modifying section 963

s.967 Calculation of sums representing income tax

s.968 Treatment of sums representing income tax

s.969 Regulations

s.970 Supplementary

s.977 Payments to companies

s.978 Application to public departments

s.979 Designated international organisations: exceptions from duties to deduct

s.979 FSCS payments representing interest

s.981 Foreign currency securities etc: exception from duties to deduct

s.981 Offshore receipts in respect of intangible property: exception from duties to deduct

s.982 Income tax is calculated by reference to gross amounts

s.983 Meaning of “deposit”

s.984 Meaning of “financial instrument”

s.985 Meaning of “qualifying certificate of deposit”

s.986 Meaning of “qualifying uncertificated eligible debt security unit”

Part 16

Income Tax Acts definitions etc

20 of 31 sections shown

s.1000 Meaning of “local authority association”

s.1005 Meaning of “recognised stock exchange”etc

s.1007 Meaning of “unit trust scheme”

s.1007 Meaning of “permanent establishment”

amended 1 time

s.1010 Application of Income Tax Acts to recognised investment exchanges

s.1011 References to married persons, or civil partners, living together

s.1012 Relationship between rules on highest part of total income

amended 36 times (opens in a new tab)

s.1014 Orders and regulations

s.1016 Table of provisions to which this section applies

amended 51 times (opens in a new tab)

s.989 The definitions

s.991 Meaning of “bank”

s.992 Meaning of “company”

amended 23 times (opens in a new tab)

s.993 Meaning of “connected” persons

s.994 Meaning of “connected” persons: supplementary

s.995 Meaning of “control”

s.996 Meaning of “farming” and related expressions

s.997 Meaning of “generally accepted accounting practice” and related expressions

s.998 Meaning of “grossing up”

s.998 Meaning of “hire-purchase agreement”

amended 1 time

s.999 Meaning of “local authority”

11 other sections in this Part — procedural and definitional

s.1001 Meaning of “offshore installation”

s.1002 Regulations about the meaning of “offshore installation”

s.1003 Meaning of “oil and gas exploration and appraisal”

s.1004 Meaning of “property investment LLP”

s.1006 Meaning of “research and development”

s.1008 Scotland

s.1009 Sources of income within the charge to income tax or corporation tax

s.1013 Territorial sea of the United Kingdom

s.1015 Territorial scope of charges under certain provisions to which section 1016 applies

s.988 Overview of Chapter

s.990 Meaning of “Act”

Part 17

Definitions for purposes of Act and final provisions

6 of 19 sections shown

s.1017 Abbreviated references to Acts

s.1020 Claims and elections

s.1022 Meaning of “debenture”

s.1023 Meaning of “double taxation arrangements”

s.1025 Meaning of “modified net income”

s.1026 Meaning of “non-qualifying income” for the purposes of section 1025