UK Statutory Instrument
2004
United Kingdom
The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004
At a glance
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Browse 81 other sections — procedural / definitional / commencement
Treatment of enemy debts written off during World War II
The Taxes Act 1988 is amended as follows.
Relief for contributions to certain bodies
Costs of establishing share option or profit sharing schemes: relief
Payment to trustees of approved profit sharing schemes
Costs of establishing employee share ownership trusts
Employees seconded to charities and educational establishments
Charitable donations: contributions to agent’s expenses
Payments to Export Credits Guarantee Department
Additional payments to redundant employees
Other grants under Industrial Development Act 1982
Schedule A losses
Write-off of government investment
Group relief: meaning of “management expenses” in section 403
Computation of gross profits
Limitation of group relief in relation to certain dual resident companies
Losses from Schedule A business or overseas property business
General annuity business
Transfers of business
Authorised unit trusts
Interest distributions
Credit unions
Business entertaining expenses
Expenditure involving crime
Expenditure on car hire
Statutory redundancy payments
Gifts of shares, securities and real property to charities etc
Training courses for employees
Counselling services for employees
Exempt approved schemes
Social security benefits and contributions
Sale and lease-back: limitation on tax reliefs
Assets leased to traders and others
Limits on credit for foreign tax: corporation tax
Share incentive plans: corporation tax deductions
Modification of the Taxes Act 1988 in relation to overseas life insurance companies
Manufactured overseas dividends
Controlled foreign companies: relief against liability for tax in respect of chargeable profits
Change in ownership of investment company: deductions
Provision not at arm’s length
Consideration for certain restrictive undertakings
Investment and insurance companies: computation
Non-approved retirement benefit schemes
Management expenses
Corporation tax: policy holders' fraction of profits
Policy holder’s share of profits
Basic life assurance and general annuity business: transitional relief for old annuity contracts
Allowable deductions: consideration chargeable to tax on income
Interest, and exchange gains and losses, on debts etc not arising from the lending of money
Loan relationships: claims etc relating to deficits
Receipts by way of reverse premium: insurance companies carrying on life assurance business
Qualifying activities
Related definitions
Giving of allowances: managing investments of company with investment business
Life assurance business: different giving effect rules for different categories of business
Provisions supplementary to sections 255 and 256
Management assets
Remediation of contaminated land: entitlement to land remediation tax credit
Land remediation tax credit: restriction of losses carried forward
Land remediation tax credit: entitlement to relief: “I minus E” basis
Land remediation tax credit: giving effect to relief: enhanced expenses of management
Land remediation tax credit: entitlement to life assurance company tax credit
Land remediation tax credit: restriction on carrying forward expenses of management as follows
Tax relief for research and development: entitlement to relief in respect of “I minus E” basis
Expenditure on vaccine research etc: entitlement to relief in respect of “I minus E” basis
Loan relationships
Intangible fixed assets: special provisions relating to insurance companies
Business entertainment and gifts: exception where employer’s expenses disallowed
Corporation tax relief for employee share acquisition: shares: method of giving relief
Corporation tax relief for employee share acquisition: options: method of giving relief
Restriction of deductions for employee benefit contributions: life assurance business
Extinguishment of BNFL losses for tax purposes
The Income Tax (Manufactured Overseas Dividends) Regulations 1993
The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995
Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997
The Open-ended Investment Companies (Tax) Regulations 1997
The European Single Currency (Taxes) Regulations 1998
The Insurance Companies (Capital Redemption Business)(Modification of the Corporation Tax Acts) Regulations 1999
Citation, commencement, effect and interpretation
Amendments to enactments in consequence of sections 38, 40 and 45 of, and Schedule 6 to, the Finance Act 2004
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