Income and Corporation Taxes Act 1988

PART XII U.K. SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER I U.K. INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Insurance companies: general U.K.

431 Interpretative provisions relating to insurance companies. U.K.

F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 431 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 11 (with Sch. 17) (subject to an amendment (1.4.2013) by Financial Services Act 2012 (c. 21), s. 58(5); S.I. 2013/423, art. 3, Sch.)

[F2 431ZA Election that assets not be foreign business assets U.K.

F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2 S. 431ZA inserted (with effect in accordance with Sch. 17 para. 10(6)(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 10(2)

F3 S. 431ZA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 12 (with Sch. 17)

[F4 431A Amendment of Chapter etc U.K.

F5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F4 S. 431A inserted (1.1.1990) by Finance Act 1990 (c. 29), Sch. 6 paras. 2, 11(2) (with Sch. 6 para. 12)

F5 S. 431A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 13 (with Sch. 17)

[F6 431AA Relevant benefits for purposes of section 431(4)(d) and (e). U.K.

F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F6 S. 431AA inserted (with application in accordance with s. 143(5) of the amending Act) by Finance Act 1994 (c. 9), s. 143(4)

F7 S. 431AA repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2

[F8 Classes of life assurance business] U.K.

Textual Amendments

F8 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

[F9 431B Meaning of “pension business”. U.K.

F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F10 S. 431B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 14 (with Sch. 17)

[F11 431BA Meaning of “child trust fund business” U.K.

F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F11 Ss. 431BA, 431BB inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 8 (with Sch. 7 Pt. 2)

F12 S. 431BA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 15 (with Sch. 17)

431BB Meaning of “individual savings account business” U.K.

F13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F11 Ss. 431BA, 431BB inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 8 (with Sch. 7 Pt. 2)

F13 S. 431BB omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 16 (with Sch. 17)

431C Meaning of “life reinsurance business”. U.K.

F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F14 S. 431C omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 17 (with Sch. 17)

431D Meaning of “overseas life assurance business”. U.K.

F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F15 Ss. 431D, 431E omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 18 (with Sch. 17)

431E Overseas life assurance business: regulations. U.K.

F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F16 Ss. 431D, 431E omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 18 (with Sch. 17)

[F17 431EA Meaning of “gross roll-up business” U.K.

F18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F17 S. 431EA inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 10 (with Sch. 7 Pt. 2)

F18 S. 431EA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 19 (with Sch. 17)

431F Meaning of “basic life assurance and general annuity business”. U.K.

F19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F9 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F19 S. 431F omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 20 (with Sch. 17)

[F20 [F21 Basis of taxation etc]] U.K.

Textual Amendments

F20 Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))

F21 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

[F22 431G Company carrying on life assurance business U.K.

F23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F22 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

F23 S. 431G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 21 (with Sch. 17)

[F24 431H Company carrying on life assurance business and other insurance business U.K.

F25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F24 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

F25 S. 431H omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 22 (with Sch. 17)

432. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F29 432YA [F30 PHI business] other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook U.K.

F31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F29 S. 432YA inserted (8.1.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment No. 2) Order 2006 (S.I. 2006/3387), arts. 1(1), 2

F30 Words in s. 432YA heading substituted (27.12.2008 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) (No. 2) Order 2008 (S.I. 2008/3096), arts. 1(1), 2(4)

F31 S. 431YA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 23 (with Sch. 17)

[F32 432ZA Linked assets. U.K.

F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F32 S. 432ZA inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 11(2) (with Sch. 8 para. 55(2))

F33 S. 431ZA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 24 (with Sch. 17)

[F34 432A Apportionment of income and gains. U.K.

F35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F34 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F35 S. 432A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 25 (with Sch. 17)

[F36 432AA [F37 UK property business or overseas property business] U.K.

F38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F36 Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

F37 S. 432AA title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 131(3) (with Sch. 2 Pts. 1, 2)

F38 S. 432AA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 26 (with Sch. 17)

432AB Losses from [F39 UK property business] or overseas property business. U.K.

F40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F36 Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

F39 Words in s. 432AB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 132(4) (with Sch. 2 Pts. 1, 2)

F40 S. 432AB omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 27 (with Sch. 17)

[F41 432B Apportionment of receipts brought into account. U.K.

F42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F41 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F42 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F43 432C Section 432B apportionment: non-participating funds U.K.

F44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F43 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F44 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F45 432CA Apportionment of asset value increase where line 51 amount decreases U.K.

F46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F45 S. 432CA inserted (with effect in accordance with s. 47(2)-(4) of the amending Act) by Finance Act 2010 (c. 13), s. 47(1)

F46 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F47 432CB Transfers of business involving excess assets U.K.

F48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F47 S. 432CB inserted (with effect in accordance with s. 9(2) of the amending Act) by Finance (No. 2) Act 2010 (c. 31), s. 9(1)

F48 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F49 432D Section 432B apportionment: value of non-participating funds. U.K.

F50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F49 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F50 S. 432D repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 18, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F51 432E Section 432B apportionment: participating funds. U.K.

F52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F51 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F52 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F53 432F Section 432B apportionment: supplementary provisions. U.K.

F54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F53 S. 432F inserted (with effect in accordance with Sch. 8 para. 53 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(3) (with Sch. 8 para. 55(2))

F54 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F55 432G Section 432B apportionment: business transfers-in U.K.

F56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F55 S. 432G inserted (1.1.2005 with effect in accordance with art. 1 of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) Order 2004 (S.I. 2004/3266), art. 4

F56 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

F57 433 Profits reserved for policy holders and annuitants. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F57 S. 433 repealed (14.3.1989) by Finance Act 1989 (c. 26), s. 84(5), Sch. 8 para. 2, Sch. 17 Pt. IV, Note 3 (with s. 84(6))

[F58 Miscellaneous provisions relating to life assurance business] U.K.

Textual Amendments

F58 Cross-heading before s. 434 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(4) (with Sch. 8 para. 55(2))

434 Franked investment income etc. U.K.

F59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F59 S. 434 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 29 (with Sch. 17)

[F60 434A Computation of losses and limitation on relief. U.K.

F61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F60 S. 434A inserted by Finance Act 1989 (c. 26), s. 84(4)-(6), Sch. 8 para. 4

F61 S. 434A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 30 (with Sch. 17)

[F62 434AZA Reduced loss relief for additions to non-profit funds U.K.

F63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F62 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F63 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

434AZB Additions to non-profit funds: amount of loss reduction U.K.

F64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F62 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F64 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

434AZC Sections 434AZA and 434AZB: supplementary U.K.

F65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F62 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F65 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

[F66 434B Treatment of interest and annuities. U.K.

(1) F67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F66 S. 434B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 21(1) (with Sch. 8 para. 55(2))

F67 S. 434B(1) repealed (with effect in accordance with s. 165(4)(5) of the repealing Act) by Finance Act 1996 (c. 8), s. 165(3), Sch. 41 Pt 5(25), Note (with Sch. 14 para. 24)

F68 S. 434B(2) repealed (with effect in accordance with s. 67(7), Sch. 18 Pt. 6(6) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 67(4), Sch. 18 Pt. 6(6)

[F69 434C Interest on repayment of advance corporation tax. U.K.

F70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F69 S. 434C inserted (with effect in accordance with Sch. 8 paras. 54, 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 22 (with Sch. 8 para. 55(2))

F70 S. 434C repealed (with effect in accordance with Sch. 3 para. 26(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 26(1), Sch. 27 Pt. 3(2), Note

[F71 434D Capital allowances: management assets. U.K.

F72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F71 Ss. 434D, 434E inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 23(1) (with Sch. 8 para. 55(2))

F72 S. 434D repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 39, Sch. 4

434E Capital allowances: investment assets. U.K.

F73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F71 Ss. 434D, 434E inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 23(1) (with Sch. 8 para. 55(2))

F73 S. 434E repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 39, Sch. 4

F74 435 Taxation of gains reserved for policy holders and annuitants. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F74 S. 435 repealed (with effect in accordance with s. 84(5)(b) of the repealing Act) by Finance Act 1989 (c. 26), s. 84(4), Sch. 8 para. 5, Sch. 17 Pt. IV, Note 3 (with s. 84(6))

436 [F75 Pension business]: separate charge on profits. U.K.

F76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F75 Words in s. 436 sidenote substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(5) (with Sch. 8 para. 55(2))

F76 S. 436 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 24, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F77 436A Gross roll-up business: separate charge on profits U.K.

F78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F77 Ss. 436A, 436B inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 25 (with Sch. 7 Pt. 2)

F78 S. 436A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 32 (with Sch. 17)

436B Gains referable to gross roll-up business not to be chargeable gains U.K.

F79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F77 Ss. 436A, 436B inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 25 (with Sch. 7 Pt. 2)

F79 S. 436B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 33 (with Sch. 17)

437 General annuity business. U.K.

F80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F80 Ss. 437, 437A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 34 (with Sch. 17)

[F81 437A Meaning of “steep-reduction annuity” etc. U.K.

F82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F81 S. 437A inserted (with effect in accordance with s. 67(8) of the amending Act) by Finance Act 1997 (c. 16), s. 67(3)

F82 Ss. 437, 437A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 34 (with Sch. 17)

438 Pension business: exemption from tax. U.K.

F83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F83 S. 438 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 35 (with Sch. 17)

[F84 438A Pension business: payments on account of tax credits and deducted tax. U.K.

F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F84 S. 438A inserted (2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49(1); S.I. 1992/1746, art.2

F85 S. 438A repealed (with effect in accordance with s. 87(2)(5) of the repealing Act) by Finance Act 2001 (c. 9), s. 87(1), Sch. 33 Pt. 2(12)

[F86 438B Income or gains arising from property investment LLP U.K.

F87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F86 Ss. 438B, 438C inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 76, Sch. 25 para. 5

F87 S. 438B repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 27, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

438C Determination of policy holders’ share for purposes of s.438B U.K.

F88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F86 Ss. 438B, 438C inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 76, Sch. 25 para. 5

F88 S. 438C repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 28, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

439 Restricted government securities. U.K.

F89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F89 S. 439 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 29, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F90 439A Taxation of pure reinsurance business. U.K.

F91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F90 S. 439A inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 26 (with Sch. 8 para. 55(2))

F91 S. 439A repealed (with effect in accordance with s. 39(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 8 para. 7, Sch. 27 Pt. 2(8), Note (with Sch. 8 Pt. 2)

[F92 439B Life reinsurance business: separate charge on profits. U.K.

F93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F92 S. 439B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 27(1) (with Sch. 8 para. 55(2))

F93 S. 439B repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 30, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

440 Transfers of assets etc. U.K.

F94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F94 S. 440 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 36 (with Sch. 17)

[F95 440A Securities. U.K.

F96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F95 Ss. 440, 440A substituted for s. 440 (1.1.1990) by Finance Act 1990 (c. 29), Sch. 6 paras. 8, 11(2) (with Sch. 6 para. 12)

F96 S. 440A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 37 (with Sch. 17)

[F97 440B Modifications where tax charged under [F98 section 35 of CTA 2009]. U.K.

F99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F97 S. 440B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 28(1) (with Sch. 8 para. 55(2))

F98 Words in s. 440B title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(5) (with Sch. 2 Pts. 1, 2)

F99 S. 440B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 38 (with Sch. 17)

[F100 440C Modifications for change of tax basis U.K.

F101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F100 S. 440C inserted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 9 (with Sch. 8 Pt. 2)

F101 S. 440C omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 39 (with Sch. 17)

[F102 440D Modifications in relation to BLAGAB group reinsurers U.K.

F103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F102 S. 440D inserted (27.12.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430), art. 3(2)

F103 S. 440D omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 40 (with Sch. 17)

441 Overseas life assurance business. U.K.

F104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F104 S. 441 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 34, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F105 441A Section 441: distributions. U.K.

(1) F106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F108 (3) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(7) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F105 Ss. 441, 441A substituted for s. 441 by Finance Act 1990 (c. 29), Sch.7 paras. 3, 10

F106 S. 441A(1) repealed (with effect in accordance with Sch. 3 para. 9(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 9(2), Sch. 8 Pt. 2(6), Note

F107 S. 441A(2)-(8) repealed (with effect in accordance with Sch. 4 para. 28(2), Sch. 8 Pt. 2(10) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 28(1), Sch. 8 Pt. 2(10)

F108 S. 441A(3)-(5) substituted for s. 441A(3)-(6) (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 31 (with Sch. 8 para. 55(2))

[F109 441B Treatment of UK land. U.K.

F110 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F109 S. 441B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 32 (with Sch. 8 para. 55(2))

F110 S. 441B repealed (13.8.2007 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2007 (S.I. 2007/2086), regs. 1(1), 6(2)(a)

442 Overseas business of U.K. companies. U.K.

F111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 S. 442 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 41 (with Sch. 17)

[F112 442A Taxation of investment return where risk reinsured. U.K.

F113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F112 S. 442A inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 34 (with Sch. 8 paras. 55(2), 57(2))

F113 S. 442A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 42 (with Sch. 17)

443 Life policies carrying rights not in money. U.K.

F114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F114 S. 443 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 10 para. 16(3)(d), Sch. 27 Pt. 2(10), Note

444 Life policies issued before 5th August 1965. U.K.

F115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F115 S. 444 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 10 para. 16(3)(e), Sch. 27 Pt. 2(10), Note

[F116 444A Transfers of business. U.K.

F117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F116 S. 444A inserted (with effect in accordance with Sch. 9 para. 7 of the amending Act) by Finance Act 1990 (c. 29), Sch. 9 para. 4

F117 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F118 444AZA Transfers of life assurance business: [F119 gross roll-up business] losses of the transferor U.K.

F120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F118 Ss. 444AZA, 444AZB inserted (19.2.2008 with effect in accordance with art. 1(5) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 9

F119 Words in s. 444AZA title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 142(5) (with Sch. 2 Pts. 1, 2)

F120 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AZB Transfers of life assurance business: [F121 trade] losses of the transferor U.K.

F122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F118 Ss. 444AZA, 444AZB inserted (19.2.2008 with effect in accordance with art. 1(5) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 9

F121 Word in s. 444AZB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 143(5) (with Sch. 2 Pts. 1, 2)

F122 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F123 444AA Transfers of business: deemed periodical returns U.K.

F124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F123 S. 444AA inserted (with effect in accordance with Sch. 33 para. 18(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 18(1)

F124 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F125 444AB [F126 Transfer schemes: transferor] U.K.

F127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F125 S. 444AB inserted (with effect in accordance with Sch. 33 para. 19(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 19(1)

F126 S. 444AB heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 11(6)

F127 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17) (subject to amendments to s. 444AB by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(6); S.I. 2013/423, art. 3, Sch.)

[F128 444ABA [F129 Non long-term fund transferred assets] U.K.

F130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F128 S. 444ABA inserted (with effect in accordance with Sch. 7 para. 3(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 7 para. 3(1)

F129 S. 444ABA heading substituted (with effect in accordance with s. 15(11) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 15(9)

F130 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F131 444ABAA Non-profit fund transferred assets U.K.

F132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F131 S. 444ABAA inserted (with effect in accordance with s. 15(11) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 15(10)

F132 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F133 444ABB Retained assets U.K.

F134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F133 Ss. 444AB-444ABC substituted for ss. 444AB, 444ABA (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 4(1); S.I. 2008/379, art. 2

F134 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F135 444ABBA Transfers of business: election for transferee to pay tax of transferor U.K.

F136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F135 S. 444ABBA inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 14

F136 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F137 444ABC Transfer scheme transferring part of business: transferor U.K.

F138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F137 Ss. 444AB-444ABC substituted for ss. 444AB, 444ABA (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 4(1); S.I. 2008/379, art. 2

F138 S. 444ABC omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 15

[F139 444ABD Transferor's period of account including transfer U.K.

F140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F139 S. 444ABD inserted (with effect in accordance with Sch. 9 para. 17(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 5

F140 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F141 444AC [F142 Transfer schemes: reduction of income of transferee] U.K.

F143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F141 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F142 S. 444AC heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 17(8)

F143 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F144 444ACZA Transfer schemes transferring part of business: reduction in income of transferee U.K.

F145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F141 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F144 Ss. 444AC, 444ACZA substituted for s. 444AC (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 6(1); S.I. 2008/379, art. 2

F145 S. 444ACZA omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 18

[F146 444ACA Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc U.K.

F147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F141 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F146 S. 444ACA inserted (with effect in accordance with Sch. 9 para. 8(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 8(1)

F147 S. 444ACA repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(2), Sch. 27 Pt. 2(10), Note

444AD Transfers of business: modification of s.83(2B) FA 1989 U.K.

F148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F141 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F148 S. 444AD repealed (with effect in accordance with Sch. 9 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 9 para. 7(1), Sch. 27 Pt. 2(9), Note; S.I. 2008/379, art. 2

444AE Transfers of business: FAFTS U.K.

F149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F141 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F149 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F150 444AEA Transfer schemes: anti-avoidance rule U.K.

F151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F151 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AEB [F152 Life assurance trade profits] advantage: transferor U.K.

F153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F152 Words in s. 444AEB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 146(5) (with Sch. 2 Pts. 1, 2)

F153 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AEC [F154 Life assurance trade profits] advantage: transferee U.K.

F155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F154 Words in s. 444AEC title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(5) (with Sch. 2 Pts. 1, 2)

F155 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F156 444AECA Parts of transfer scheme arrangements: anti-avoidance rule U.K.

F157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F156 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F157 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AECB Parts of transfer scheme arrangements: [F158 life assurance trade profits] advantage transferor U.K.

F159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F156 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F158 Words in s. 444AECB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(7) (with Sch. 2 Pts. 1, 2)

F159 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AECC Parts of transfer scheme arrangements: [F160 life assurance trade profits] advantage transferee U.K.

F161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F156 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F160 Words in s. 444AECC title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 150(6) (with Sch. 2 Pts. 1, 2)

F161 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AED Clearance: no avoidance or group advantage U.K.

F162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F150 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F162 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F163 Surpluses of mutual and former mutual businesses U.K.

Textual Amendments

F163 Ss. 444AF-444AL and preceding cross-heading inserted (with effect in accordance with Sch. 11 para. 5(2)-(14) of the amending Act) by Finance Act 2006 (c. 25), Sch. 11 para. 5(1)

444AF Demutualisation surplus: life assurance business U.K.

F164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F164 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AG Section 444AF: “demutualisation transfer surplus” U.K.

F165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F165 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AH Modification of section 444AG etc for [F166 gross roll-up] businesses U.K.

F167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F166 Words in s. 444AH heading substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 153 (with Sch. 2 Pts. 1, 2)

F167 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AI Section 444AF: “reduction in company's unappropriated surplus” U.K.

F168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F168 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AJ Sections 444AF and 444AK: “relevant receipts reduction” U.K.

F169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F169 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AK [F170 Mutual surplus: gross roll-up business] U.K.

F171 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F170 S. 444AK heading substituted (with effect in accordance with s. 38(2) of the amending Act) by virtue of Finance Act 2007 (c. 11), Sch. 7 para. 38(5) (with Sch. 7 Pt. 2)

F171 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AL Interpretation of sections 444AF to 444AK U.K.

F172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F172 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

[F173 Provisions applying in relation to overseas life insurance companies U.K.

Textual Amendments

F173 S. 444B and cross heading inserted (27.7.1993) by 1993 c.34, s. 97(1)

F174 444B Modification of Act in relation to overseas life insurance companies. U.K.

F175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F174 S. 444B and cross heading inserted (27.7.1993) by 1993 c. 34, s. 97(1)

F175 S. 444B repealed (31.12.2006 with effect in accordance with reg. 1 of the repealing S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 43(1), Sch. Pt. 1

[F176 Equalisation reserves U.K.

Textual Amendments

F176 Ss. 444BA-444BD and preceding cross-heading inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 166, Sch. 32 para. 1

444BA Equalisation reserves for general business. U.K.

F177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F177 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

444BB Modification of s. 444BA for mutual or overseas business and for non-resident companies. U.K.

F178 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F178 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

444BC Modification of s. 444BA for non-annual accounting etc. U.K.

F179 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F179 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

444BD Application of s. 444BA rules to other equalisation reserves. U.K.

F180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F180 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

444C Modification of section 440. U.K.

F181 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F181 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

444D Qualifying distributions, tax credits, etc. U.K.

F182 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F182 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

444E Income from investments attributable to BLAGAB, etc. U.K.

F183 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F183 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

Provisions applying only to overseas life insurance companies U.K.

F184 445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F184 S. 445 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(a)(3)(4), 213, Sch. 23 Pt. III(9), note

446 Annuity business. U.K.

F185 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F186 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F186 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F187 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F185 S. 446(1) repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(b)(3)(4), 213, Sch. 23 Pt. III(9), note

F186 S. 446(2)(3) repealed (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), ss. 48, 123, Sch. 7 para. 7(1)(b), Sch. 19 Pt. V, Note 3

F187 S. 446(4) repealed by Finance Act 1990 (c. 29, SIF 63:1), s. 132, Sch. 19 Pt. IV.

447

F188 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F188 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F189 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F188 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F188 S. 447(1)(2) and (4) repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(c)(3)(4), 213, Sch. 23 Pt. III(9), note

F189 S. 447(3) repealed (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), ss. 48, 123, Sch. 7 paras. 7(3), 18, Sch. 19 Pt. V, Note 3

F190 448 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F190 S. 448 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)d), 213, Sch. 23 Pt.III (9), note

F191 449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F191 S. 449 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(e),213, Sch. 23 Pt. III (9), note

Underwriters U.K.

F192 450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F192 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12) notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F193 451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F193 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the repealing Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes. 1 and 5

F194 452 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F194 SS. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F195 453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F195 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, SCh. 23, Pt.III (12), notes 1 and 5)

F196 454 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F196 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt.III (12), notes 1 and 5

F197 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F197 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F198 456 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F198 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt.III (12), notes 1 and 5

F199 457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F199 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

Capital redemption business U.K.

458 Capital redemption business. U.K.

F200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F200 Ss. 458, 458A repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 39, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F201 458A Capital redemption business: power to apply life assurance provisions. U.K.

F202 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F201 S. 458A inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 168(3)

F202 Ss. 458, 458A repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 39, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

CHAPTER II U.K. FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS

Unregistered friendly societies U.K.

459 Exemption from tax. U.K.

F203 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F203 S. 459 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 2

Registered friendly societies U.K.

460 Exemption from tax in respect of life or endowment business. U.K.

F204 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F204 S. 460 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 3

461 Taxation in respect of other business. U.K.

F205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F205 S. 461 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 4

[F206 461A Taxation in respect of other business: incorporated friendly societies qualifying for exemption. U.K.

F207 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F206 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art.2

F207 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

F208 461B Taxation in respect of other business: incorporated friendly societies etc. U.K.

F209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F208 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art. 2

F209 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

F210 461C Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society. U.K.

F211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F210 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art. 2

F211 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

[F212 461D Transfers of other business U.K.

F213 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F212 S. 461D inserted (with effect in accordance with Sch. 18 para. 3(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 18 para. 3(1)

F213 S. 461D omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 6

462 Conditions for tax exempt business. U.K.

F214 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F214 S. 462 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 7

[F215 462A Election as to tax exempt business. U.K.

F216 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F215 S. 462A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 50, Sch. 9 para. 2

F216 S. 462A omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), Sch. 18 para. 5(1)(b)

463 [F217 Long-term] business: application of the Corporation Tax Acts. U.K.

F218 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F217 Words in s. 463 heading substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 18 para. 4

F218 S. 463 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 8

464 Maximum benefits payable to members. U.K.

F219 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F219 S. 464 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 9

465 Old societies. U.K.

F220 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F220 S. 465 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 10

[F221 465A Assets of branch of registered friendly society to be treated as assets of society after incorporation. U.K.

F222 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F221 S. 465A inserted (19.12.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.13, 22; S.I. 1993/236, art.2

F222 S. 465A omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 11

466 Interpretation of Chapter II. U.K.

F223 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F223 S. 466 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 12

Trade unions and employers’ associations U.K.

467 Exemption for trade unions and employers’ associations. U.K.

F224 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F224 S. 467 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 52, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER III U.K. UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.

Unit trust schemes U.K.

468 Authorised unit trusts. U.K.

F225 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F225 S. 468 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 53, Sch. 3 Pt. 1 (with Sch. 2)

[F226 468AA Authorised unit trusts: futures and options. U.K.

F227 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F226 S. 468AA inserted by Finance Act 1990 (c. 29), s. 81(1)(5)

F227 S. 468AA repealed (with effect in accordance with s. 83(3) of the repealing Act) by Finance Act 2002 (c. 23), Sch. 27 para. 6, Sch. 40 Pt. 3(13), Note (with Sch. 28)

[F228 468A Certified unit trusts. U.K.

F229 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F228 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F229 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F230 468A Open-ended investment companies U.K.

F231 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F230 S. 468A inserted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 16

F231 S. 468A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 54, Sch. 3 Pt. 1 (with Sch. 2)

F232 468B Certified unit trusts: corporation tax. U.K.

F233 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F232 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F233 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

F234 468C Certified unit trusts: distributions. U.K.

F235 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F234 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F235 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F236 468D Funds of funds: distributions. U.K.

F237 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F236 S. 468D inserted by Finance Act 1989 (c. 26), s. 79

F237 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F238 468E Authorised unit trusts: corporation tax. U.K.

F239 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F238 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F239 S. 468E repealed (with effect in accordance with Sch. 6 paras. 10(3), 28 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(1), Note 1

[F240 468EE Corporation tax: cases where lower rate applies. U.K.

F241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F240 S. 468EE inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 111(2)

F241 S. 468EE repealed (with effect in accordance with Sch. 6 paras. 10(3), 28 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(1), Note 1

F242 468F Authorised unit trusts: distributions. U.K.

F243 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F242 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F243 S. 468F repealed (with effect in accordance with Sch. 14 para. 7 of the repealing Act) by Finance Act 1994 (c. 9), Sch. 14 para. 4, Sch. 26 Pt. 5(13), Note

F244 468G Dividends paid to investment trusts. U.K.

F245 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F244 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F245 S. 468G repealed (with effect in accordance with Sch. 14 para. 7 of the repealing Act) by Finance Act 1994 (c. 9), Sch. 14 para. 4, Sch. 26 Pt. 5(13), Note

[F246 Distributions of authorised unit trusts: general U.K.

Textual Amendments

F246 Ss. 468H-468R and cross-headings inserted (with effect in accordance with Sch. 14 para. 7 of the amending Act) by Finance Act 1994 (c. 9), Sch. 14 para. 2

468H Interpretation. U.K.

F247 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F247 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468I Distribution accounts. U.K.

F248 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F248 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

Dividend and foreign income distributions U.K.

468J Dividend distributions. U.K.

F249 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F249 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468K Foreign income distributions. U.K.

F250 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F250 S. 468K repealed (with effect in accordance with s. 36, Sch. 6 para. 8(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 8(4), Sch. 8 Pt. 2(11)

Interest distributions U.K.

468L Interest distributions. U.K.

F251 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F251 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

[F252 468M Cases where no obligation to deduct tax U.K.

F253 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F252 S. 468M substituted for ss. 468M, 468N (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(3)

F253 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

468O Residence condition [F254 and reputable intermediary condition]. U.K.

F255 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F254 Words in s. 468O sidenote inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(7)

F255 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468P Residence declarations. U.K.

F256 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F256 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

[F257 468PA Section 468O(1A): consequences of reasonable but incorrect belief U.K.

F258 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F257 Ss. 468PA, 468PB inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(9)

F258 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468PB Regulations supplementing sections 468M to 468PA U.K.

F259 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F257 Ss. 468PA, 468PB inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(9)

F259 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

Distributions to corporate unit holder U.K.

468Q Dividend distribution to corporate unit holder. U.K.

F260 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F260 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468R Foreign income distribution to corporate unit holder. U.K.

F261 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F261 S. 468R repealed (with effect in accordance with s. 36, Sch. 6 para. 8(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 8(7), Sch. 8 Pt. 2(11), Note

469 Other unit trusts. U.K.

F262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F262 S. 469 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 55, Sch. 3 Pt. 1 (with Sch. 2)

[F263 469A Court common investment funds. U.K.

F264 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F263 S. 469A inserted (with effect in accordance with s. 68(3)-(5) of the amending Act) by Finance Act 1999 (c. 16), s. 68(1)

F264 S. 469A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 56, Sch. 3 Pt. 1 (with Sch. 2)

470 Transitional provisions relating to unit trusts. U.K.

(1) F265 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F266 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F265 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F265 S. 470(1)(3) repealed (31.7.1998) by Finance Act 1998 (c. 36), Sch. 27 Pt. 3(23)

F266 S. 470(2) ceased to have effect (29.4.1988) by virtue of s. 470(3) below and S.I. 1988/745, art. 2

Dealers in securities, banks and insurance businesses U.K.

471 Exchange of securities in connection with conversion operations, nationalisation etc. U.K.

F267 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F267 S. 471 repealed (with effect in accordance with s. 101(3) of the repealing Act) by Finance Act 1998 (c. 36), s. 101(1), Sch. 27 Pt. 3(23), Note 1

472 Distribution of securities issued in connection with nationalisation etc. U.K.

F268 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F268 S. 472 repealed (with effect in accordance with s. 101(4) of the repealing Act) by Finance Act 1998 (c. 36), s. 101(2), Sch. 27 Pt. 3(23), Note 2

[F269 472A Trading profits etc. from securities: taxation of amounts taken to reserves U.K.

F270 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F269 S. 472A inserted (with effect in accordance with s. 54(2) of the amending Act) by Finance Act 2004 (c. 12), s. 54 (as amended (retrospectively) by Finance Act 2005 (c.7), Sch. 4 para. 50, Sch. 11 Pt. 2(7))

F270 S. 472A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 158, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

473 Conversion etc. of securities held as circulating capital. U.K.

F271 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F271 S. 473 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 159, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

474 Treatment of tax-free income. U.K.

(1) F272 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F273 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F274 (3) F272 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F272 S. 474(1)(3) repealed (with effect in accordance with Sch. 7 para. 32-35, Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8). Sch. 7 para. 18, Sch. 41 Pt. 5(2)

F273 S. 474(2) repealed (with effect in accordance with s. 154(9) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 28 para. 2, Sch. 41 Pt. 5(18), Note

F274 S. 474(3) inserted (with effect in accordance with Sch. 8 para. 55 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 25(2)

475 Tax-free Treasury securities: exclusion of interest on borrowed money. U.K.

F275 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F275 S. 475 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 41, Sch. 10 Pt. 12 (with Sch. 9)

CHAPTER IV U.K. BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS

476 Building societies: regulations for payment of tax. U.K.

F276 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F276 S. 476 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 2, Sch. 19 Pt. 4, Note 8

477 Investments becoming or ceasing to be relevant building society investments. U.K.

F277 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F277 S. 477 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 3, Sch. 19 Pt. 4, Note 8

[F279 477A Building societies: [F278 loan relationships]. U.K.

F280 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F278 Words in s. 477A sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(7) (with Sch. 2)

F279 S. 477A inserted (with effect in accordance with Sch. 5 para. 4(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 4(1)

F280 S. 477A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

[F281 477B Building societies: incidental costs of issuing qualifying shares. U.K.

F282 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F281 S. 477B inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 51, Sch. 10 para. 3(1)(2)

F282 S. 477B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

478 Building societies: time for payment of tax. U.K.

F283 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F283 S. 478 repealed (with effect in accordance with s. 199(2) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(23), Note 4; S.I. 1998/3173, art. 2

479 Interest paid on deposits with banks etc. U.K.

F284 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F284 S. 479 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 5, Sch. 19 Pt. 4, Note 8

480 Deposits becoming or ceasing to be composite rate deposits. U.K.

F285 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F285 S. 480 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 6, Sch. 19 Pt. 4, Note 8

[F286 480A Relevant deposits: deduction of tax from interest payments. U.K.

F287 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F286 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F287 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F288 480B Relevant deposits: exception from section 480A. U.K.

F289 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F288 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F289 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F290 480C Relevant deposits: computation of tax on interest. U.K.

F291 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F290 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F291 S. 480C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 185, Sch. 3 (with Sch. 2)

481 “Deposit-taker”, “deposit” and “relevant deposit”. U.K.

F292 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F292 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

482 Supplementary provisions. U.K.

F293 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F293 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F294 482A Audit powers in relation to non-residents. U.K.

F295 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F294 S. 482A inserted by Finance Act 1991 (c. 31, SIF 63:1), s.75

F295 S. 482A repealed (with effect in accordance with s. 145(11), Sch. 40 Pt. 5 Note of the repealing Act) by Finance Act 2000 (c. 17), s. 145(10), Sch. 40 Pt. 5

483 Determination of reduced rate for building societies and composite rate for banks etc. U.K.

F296 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F296 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F296 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) If the order made under section 26 of the Finance Act 1984 in the year 1987-88 is made in pursuance of subsection (4) of that section, that order shall, notwithstanding that that subsection is not re-enacted by this Act, apply for the purposes of sections 476 and 479 for the year 1988-89.

F296 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F296 S. 483(1)-(3)(5) repealed by Finance Act 1990 (c. 29), Sch. 5 para. 12, Sch. 19 Part IV, Note 8

484 Savings banks: exemption from tax. U.K.

F297 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F297 S. 484 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para 29, Sch. 41 Pt. 5(3), Note (with Sch. 15)

485 Savings banks: supplemental. U.K.

F298 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F298 S. 485 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 29, Sch. 41 Pt. 5(3), Note (with Sch. 15)

486 Industrial and provident societies and co-operative associations. U.K.

F299 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F299 S. 486 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 58, Sch. 3 Pt. 1 (with Sch. 2)

487 Credit unions. U.K.

F300 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F300 S. 487 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 164, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

488 Co-operative housing associations. U.K.

F301 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F301 S. 488 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 59, Sch. 3 Pt. 1 (with Sch. 2)

489 Self-build societies. U.K.

F302 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F302 S. 489 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 60, Sch. 3 Pt. 1 (with Sch. 2)

490 Companies carrying on a mutual business or not carrying on a business. U.K.

F303 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F303 S. 490 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 61, Sch. 3 Pt. 1 (with Sch. 2)

491 Distribution of assets of body corporate carrying on mutual business. U.K.

F304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F304 S. 491 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 165, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

CHAPTER V U.K.

Modifications etc. (not altering text)

C3 Pt. 12 Ch. 5 modified (27.7.1999) by Finance Act 1999 (c. 16), s. 98

PETROLEUM EXTRACTION ACTIVITIES U.K.

492 Treatment of oil extraction activities etc. for tax purposes. U.K.

F305 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F305 S. 492 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2)

493 Valuation of oil disposed of or appropriated in certain circumstances. U.K.

F306 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F306 S. 493 repealed (the repeal of s. 493(1)-(6) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 63, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 493(1)-(6) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 181, Sch. 10 Pt. 6 (with Sch. 9)

494 [F307 Loan relationships etc.] U.K.

F308 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F307 S. 494 sidenote substituted (with effect in accordance with s. 38(7)-(13) of the amending Act) by virtue of Finance (No. 2) Act 2005 (c. 22), s. 38(5)

F308 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F309 494AA Sale and lease-back. U.K.

F310 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F309 S. 494AA inserted (with application in accordance with s. 100(2)(3) of the amending Act) by Finance Act 1999 (c. 16), s. 100(1)

F310 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F311 494A Computation of amount available for surrender by way of group relief. U.K.

F312 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F311 S. 494A inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 30 (with Sch. 5 para. 73)

F312 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

495 Regional development grants. U.K.

F313 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F313 S. 495 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 65, Sch. 3 Pt. 2 (with Sch. 2); and s. 495 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 182, Sch. 10 Pt. 6 (with Sch. 9)

496 [F314 Tariff receipts and tax-exempt tariffing receipts] U.K.

F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F314 S. 496 sidenote substituted (with effect in accordance with s. 285(7) of the amending Act) by virtue of Finance Act 2004 (c. 12), Sch. 37 para. 11(5)

F315 S. 496 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 66, Sch. 3 Pt. 2 (with Sch. 2); and s. 496 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 183, Sch. 10 Pt. 6 (with Sch. 9)

[F316 496A Exploration expenditure supplement U.K.

Schedule 19B to this Act (exploration expenditure supplement) shall have effect.]

Textual Amendments

F316 S. 496A inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 286(2)

[F317 496B Ring fence expenditure supplement U.K.

F318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F317 S. 496B inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 154(2)

F318 S. 496B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2)

497 Restriction on setting ACT against income from oil extraction activities etc. U.K.

F319 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F319 S. 497 repealed (with effect in accordance with Sch. 3 para. 29(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 29(1), Sch. 27 Pt. 3(2), Note

498 Limited right to carry back surrendered ACT. U.K.

F320 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F320 S. 498 repealed (with effect in accordance with Sch. 3 para. 30(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 30(1), Sch. 27 Pt. 3(2), Note (with Sch. 3 para. 30(3))

499 Surrender of ACT where oil extraction company etc. owned by a consortium. U.K.

F321 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F321 S. 499 repealed (with effect in accordance with Sch. 3 para. 31(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 31(1), Sch. 27 Pt. 3(2), Note

500 Deduction of PRT in computing income for corporation tax purposes. U.K.

F322 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F322 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

501 Interest on repayment of PRT. U.K.

F323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F323 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F324 501A Supplementary charge in respect of ring fence trades U.K.

F325 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F324 S. 501A inserted (24.7.2002) by Finance Act 2002 (c. 23), ss. 91, 93

F325 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F326 501B Assessment, recovery and postponement of supplementary charge U.K.

F327 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F326 S. 501B inserted (24.7.2002) by Finance Act 2002 (c. 23), ss. 92(1), 93

F327 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

502 Interpretation of Chapter V. U.K.

F328 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F328 S. 502 repealed (the repeal of s. 502(1)(2) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 69, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 502(1)(2) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 184, Sch. 10 Pt. 6 (with Sch. 9)

[F329 Chapter 5A U.K. Special rules for long funding leases of plant or machinery: corporation tax

Textual Amendments

F329 Pt. 12 Ch. 5A (ss. 502A-502L) inserted (with effect in accordance with Sch. 8 para. 15 of the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 11

Introductory U.K.

502A Scope of Chapter 5A U.K.

F330 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F330 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessors under long funding finance leases U.K.

502B Lessor under long funding finance lease: rental earnings U.K.

F331 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F331 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

502C Lessor under long funding finance lease: exceptional items U.K.

F332 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F332 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

502D Lessor under long funding finance lease making termination payment U.K.

F333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F333 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessors under long funding operating leases U.K.

502E Lessor under long funding operating lease: periodic deduction U.K.

F334 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F334 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

502F Long funding operating lease: lessor's additional expenditure U.K.

F335 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F335 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

502G Lessor under long funding operating lease: termination of lease U.K.

F336 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F336 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F337 Lessors under long funding finance or operating leases: avoidance etc U.K.

Textual Amendments

F337 S. 502GA and preceding cross-heading inserted (with effect in accordance with Sch. 20 para. 9(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(2)

502GA Cases where ss. 502B to 502G do not apply: plant or machinery held as trading stock U.K.

F338 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F338 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F339 502GB Cases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease U.K.

F340 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F339 S. 502GB inserted (with effect in accordance with Sch. 20 para. 9(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(3)

F340 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F341 502GC Cases where ss. 502B to 502G do not apply: other avoidance U.K.

F342 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F341 S. 502GC inserted (with effect in accordance with Sch. 20 para. 9(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(4)

F342 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F343 502GD Cases where ss 502B to 502G do not apply: films U.K.

F344 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F343 S. 502GD inserted (with effect in accordance with Sch. 33 para. 3 of the amending Act) by Finance Act 2009 (c. 10), Sch. 33 para. 1

F344 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Insurance company as lessor U.K.

502H Insurance company as lessor U.K.

F345 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F345 S. 502H omitted (with effect in accordance with Sch. 17 para. 17(12) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 17(10)(11)(b)

Lessees under long funding finance leases U.K.

502I Lessee under long funding finance lease: limit on deductions U.K.

F346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F346 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

502J Lessee under long funding finance lease: termination U.K.

F347 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F347 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessees under long funding operating leases U.K.

502K Lessee under long funding operating lease U.K.

F348 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F348 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Interpretation of Chapter U.K.

502L Interpretation of this Chapter U.K.

F349 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F349 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER VI U.K. MISCELLANEOUS BUSINESSES AND BODIES

[F351 503 Letting of furnished holiday accommodation treated as a trade for certain [F350 corporation tax] purposes. U.K.

F352 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F350 Words in s. 503 sidenote inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(5) (with Sch. 2)

F351 S. 503 substituted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 42 (with Sch. 5 para. 73)

F352 S. 503 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 71, Sch. 3 Pt. 1 (with Sch. 2)

504 Supplementary provisions. U.K.

F353 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F353 S. 504 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 173, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F354 504A Letting of furnished holiday accommodation treated as trade for certain income tax purposes U.K.

F355 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F354 S. 504A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 197 (with Sch. 2)

F355 S. 504A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 93, Sch. 3 Pt. 1 (with Sch. 2)

505 [F356 Charitable companies]: general. U.K.

F357 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F356 Words in s. 505 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 94(10) (with Sch. 2)

F357 S. 505 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 72, Sch. 3 Pt. 1 (with Sch. 2)

506 [F358 Charitable and non-charitable expenditure] U.K.

F359 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F358 S. 506(3) heading substituted (with effect in accordance with s. 55(5) of the amending Act) by Finance Act 2006 (c. 25), s. 55(2)(g)

F359 S. 506 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F360 506A Transactions with substantial donors U.K.

F361 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F360 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F361 S. 506A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 74, Sch. 3 Pt. 1 (with Sch. 2)

506B Section 506A: exceptions U.K.

F362 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F360 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F362 S. 506B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 75, Sch. 3 Pt. 1 (with Sch. 2)

506C Sections 506A and 506B: supplemental U.K.

F363 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F360 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F363 S. 506C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 76, Sch. 3 Pt. 1 (with Sch. 2)

507 The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum. U.K.

F364 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F364 S. 507 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 77, Sch. 3 Pt. 1 (with Sch. 2)

508 Scientific research organisations. U.K.

F365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F365 S. 508 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 78, Sch. 3 Pt. 1 (with Sch. 2)

[F366 508A Investment trusts investing in housing. U.K.

F367 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F366 Ss. 508A, 508B inserted (with effect in accordance with Sch. 30 para. 3 of the amending Act) by Finance Act 1996 (c. 8), Sch. 30 para. 1

F367 Ss. 508A, 508B repealed (with effect in accordance with s. 145(2) of the repealing Act) by Finance Act 2006 (c. 25), s. 143(a), Sch. 26 Pt. 4

508B Interpretation of section 508A. U.K.

F368 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F366 Ss. 508A, 508B inserted (with effect in accordance with Sch. 30 para. 3 of the amending Act) by Finance Act 1996 (c. 8), Sch. 30 para. 1

F368 Ss. 508A, 508B repealed (with effect in accordance with s. 145(2) of the repealing Act) by Finance Act 2006 (c. 25), s. 143(a), Sch. 26 Pt. 4

[F369 508A Contemplative religious communities: profits exempt from corporation tax U.K.

(1) Subsection (2) applies in a case where members of a qualifying contemplative religious community transfer all their income and assets, or covenant all their income, to the community (“the independent community”) (and for this purpose it is irrelevant whether or not the community is part of an order or religious institution).

(2) As respects each chargeable period of the independent community, and each person who is a qualifying member of the independent community at any time in that period, the independent community shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.

(3) Subsection (4) applies in a case where—

(a) one or more qualifying contemplative religious communities (“constituent communities”) are part of an order or religious institution (“the parent body”), and

(b) members of the constituent communities transfer all their income and assets, or covenant all their income, to the parent body.

(4) As respects each chargeable period of the parent body, and each person who is a qualifying member of a constituent community at any time in that period, the parent body shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.

(5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a chargeable period, is the amount of the annual personal allowance for persons [F370 born after 5 April 1948] (see section 35 of ITA 2007) for—

(a) the tax year which begins in the chargeable period, or

(b) if no tax year begins in the chargeable period, the tax year which is current when the chargeable period begins.

(6) But, if the chargeable period is less than 12 months, the relevant amount is—

where—

• P is the number of days in the chargeable period;

• A is the amount determined under subsection (5) in relation to the chargeable period.

(7) If, during the chargeable period, an individual ceases to be a qualifying member of the independent community or a constituent community (otherwise than on death), the relevant amount, in relation to the chargeable period and that qualifying member, is—

where—

• Q is the number of days in the chargeable period for which the individual is a qualifying member of the independent community or constituent community;

• P is the number of days in the chargeable period;

• B is the amount determined under subsection (5), or subsections (5) and (6), in relation to the chargeable period.

(8) So far as the exemption from corporation tax conferred by this section calls for repayment of tax, no repayment shall be made except on a claim made by the independent community or parent body.

(9) In a case where a member of an independent community or constituent community—

(a) has transferred or covenanted income to the community (in the case of an independent community) or the parent body (in the case of a constituent community), and

(b) has income for a tax year which does not exceed 20% of the annual personal allowance for persons [F370 born after 5 April 1948] (see section 35 of ITA 2007) for that tax year,

the member is, for the purposes of this section, to be taken to have transferred or covenanted all his or her income for that tax year to the community or parent body.

(10) For the purposes of this section a contemplative religious community is a “qualifying” contemplative religious community if—

(a) the community is established in the United Kingdom,

(b) the members of the community live and practise their religion in a communal establishment, and

(c) the community is not a charity, but the religion that is professed by the members of the community does not prevent the community from being a charity.

(11) In this section—

• “member”, in relation to a religious community, means an individual who—

  (a)

  is living in the community, and

  (b)

  has taken vows or made equivalent commitments (whether probationary or not);

• “qualifying member”, in relation to a religious community, means a member of the community who—

  (a)

  has been a member of the community for a period of at least six months, and

  (b)

  has transferred all his or her income and assets, or covenanted all his or her income, to the community (in the case of an independent community) or the parent body (in the case of a constituent community).

Textual Amendments

F369 Ss. 508A, 508B inserted (1.4.2010 with effect in accordance with art. 6(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 6(1)

F370 Words in s. 508A(5)(9)(b) substituted (with effect in accordance with s. 4(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(7)

508B Contemplative religious communities: gains exempt from corporation tax U.K.

(1) Subsection (2) applies if, as respects a chargeable period—

(a) section 508A(2) applies in relation to an independent community,

(b) the profits of the independent community in the chargeable period are less than the total of the amounts that fall to be treated as income of the qualifying members of the community in accordance with section 508A(2), and

(c) the independent community has chargeable gains in the chargeable period.

(2) As respects the chargeable period and each qualifying member of the independent community, the community shall be treated for the purposes of corporation tax as if the relevant amount of its chargeable gains for that period were income of the qualifying member.

(3) Subsection (4) applies if, as respects a chargeable period—

(a) section 508A(4) applies in relation to a parent body,

(b) the profits of the parent body in the chargeable period are less than the total of the amounts that fall to be treated as income of the qualifying members of the constituent communities in accordance with section 508A(4), and

(c) the parent body has chargeable gains in the chargeable period.

(4) As respects the chargeable period and each qualifying member of a constituent community, the parent body shall be treated for the purposes of corporation tax as if the relevant amount of its chargeable gains for that period were income of the qualifying member.

(5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a qualifying member of the independent community or a constituent community, is the smaller of—

(a) the shortfall in profits, and

(b) the average gain.

(6) The shortfall in profits is the difference between—

(a) the relevant amount determined under section 508A(5) to (7) in relation to the qualifying member, and

(b) the amount that has actually been treated as the income of the qualifying member.

(7) The average gain is—

where—

• G is the amount of the chargeable gains which the independent community or parent body has in the chargeable period;

• N is the number calculated by adding together the relevant value for each qualifying member of the independent community or constituent communities who, under section 508A(2) or (4), falls to be treated as having income.

(8) For the purposes of calculating “N” in subsection (7)—

(a) the relevant value for a qualifying member is 1;

(b) but, if section 508A(7) applies in relation to the qualifying member, the relevant value for that member is—

where Q and P have the same meanings as in section 508A(7).

(9) So far as the exemption from corporation tax conferred by this section calls for repayment of tax, no repayment shall be made except on a claim made by the independent community or parent body.]

Textual Amendments

F369 Ss. 508A, 508B inserted (1.4.2010 with effect in accordance with art. 6(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 6(1)

509 Reserves of marketing boards and certain other statutory bodies. U.K.

F371 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F371 S. 509 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 176, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

510 Agricultural societies. U.K.

F372 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F372 S. 510 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 79, Sch. 3 Pt. 1 (with Sch. 2)

[F373 510A European economic interest groupings. U.K.

F374 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F373 S. 510A inserted (retrospective to 1.7.1989) by Finance Act 1990 (c. 29), Sch. 11 paras. 1, 5

F374 S. 510A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 80, Sch. 3 Pt. 1 (with Sch. 2)

511 The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council. U.K.

(1) F375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F376 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F376 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F377 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F375 S. 511(1)-(3)(6) repealed (9.11.2001) by Electricity Act 1989 (c. 29), s. 113(2), Sch. 18; S.I. 2001/3419, art. 2

F376 S. 511(4)(5) repealed (1.4.1992) by S.I. 1992/231 (N.I. 1), art. 95(4), Sch.14; S.R. 1992/117, art. 3(1)

F377 S. 511(7) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 81, Sch. 3 Pt. 1 (with Sch. 2)

512 Atomic Energy Authority and National Radiological Protection Board. U.K.

F378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F378 S. 512 repealed (with effect in accordance with s. 46(4)(c)-(e) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(2)(c)(d), Sch. 11 Pt. 2(12), Note (with s. 46(7)); and s. 512(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

513 British Airways Board and National Freight Corporation. U.K.

F379 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F379 S. 513 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2)

514 Funds for reducing the National Debt. U.K.

F380 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F380 S. 514 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 200, Sch. 3 (with Sch. 2)

515 Signatories to Operating Agreement for INMARSAT. U.K.

F381 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F381 S. 515 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

516 Government securities held by non-resident central banks. U.K.

F382 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F382 S. 516 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 103, Sch. 3 Pt. 1 (with Sch. 2)

517 Issue departments of the Reserve Bank of India and the State Bank of Pakistan. U.K.

F383 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F383 S. 517 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 83, Sch. 3 Pt. 1 (with Sch. 2)

518 Harbour reorganisation schemes. U.K.

F384 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F384 S. 518 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 84, Sch. 3 Pt. 1 (with Sch. 2)

519 Local authorities. U.K.

F385 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F385 S. 519 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 85, Sch. 3 Pt. 1 (with Sch. 2)

[F386 519A Health service bodies. U.K.

F387 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F386 S. 519A inserted (17.9.1990) by National Health Service and Community Care Act 1990 (c. 19), ss. 61(1), 67(2); S.I. 1990/1329, art. 2(5)(a), Sch. 2

F387 S. 519A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 86, Sch. 3 Pt. 1 (with Sch. 2)