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Finance Act 1993

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Part IIU.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter IU.K. General

Income tax: charge, rates and allowancesU.K.

F151 Charge and rates of income tax for 1993-94.U.K.

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Textual Amendments

F252 Personal and married couple’s allowances.U.K.

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Textual Amendments

Corporation tax charge and rateU.K.

53 Charge and rate of corporation tax for 1993.U.K.

Corporation tax shall be charged for the financial year 1993 at the rate of 33 per cent.

F354 Small companies.U.K.

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Textual Amendments

F3S. 54 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Interest: generalU.K.

55 Relief for interest.U.K.

For the year 1993-94 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.

F456. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F4S. 56 repealed (27.7.1999 with effect in relation to any payment of interest falling within s. 38(3)(4) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7) Note 4

57 Temporary relief for interest payments.U.K.

F5(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In section 365 of that Act (relief on interest on loans to buy a life annuity), after subsection (1) there shall be inserted the following subsections—

(1A)Where, in the case of any loan—

(a)the condition specified in subsection (1)(d) above would not (apart from this subsection) be fulfilled with respect to any land by reason of its having ceased at any time to be used by a particular person as his only or main residence; and

(b)the intention at that time of the person to whom the loan was made, or of each of the annuitants owning an estate or interest in that land, was to take steps, before the end of the period of 12 months after the day on which it ceased to be so used, with a view to the disposal of his estate or interest,

that condition shall be treated in relation to interest on that loan as continuing to be fulfilled with respect to the land from that time until the end of that period or (if sooner) the abandonment by that person or any of those annuitants of his intention to dispose of his estate or interest.

(1B)If it appears to the Board reasonable to do so, having regard to all the circumstances of a particular case, they may direct that in relation to that case subsection (1A) above shall have effect as if for the reference to 12 months there were substituted a reference to such longer period as meets the circumstances of that case.

F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)This section shall have effect in relation to payments of interest made on or after 16th March 1993 (whenever falling due).

F5(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5S. 57(1)(2)(4)(6) repealed (27.7.1999 with effect in relation to any payment of interest falling within s. 38(3)(4) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7) Note 4

F6S. 57(7) repealed (3.5.1994 with effect in accordance with s. 81(6) of the amending Act) by 1994 c. 9, ss. 81, 258, Sch. 9 para. 12, Sch. 26 Pt. V(2) Note

58 Overclaims in respect of deductions of mortgage interest.U.K.

(1)After subsection (6) of section 369 of the Taxes Act 1988 (recovery of amount treated as paid by recipient of interest paid subject to a deduction under that section) there shall be inserted the following subsection—

(7)The following provisions of the Management Act, namely—

(a)section 29(3)(c) (excessive relief),

(b)section 30 (tax repaid in error etc.),

(c)section 88 (interest), and

(d)section 95 (incorrect return or accounts),

shall apply in relation to an amount which is paid to any person by the Board as an amount recoverable in accordance with regulations made by virtue of subsection (6) above but to which that person is not entitled as if it were income tax which ought not to have been repaid and, where that amount was claimed by that person, as if it had been repaid as a relief which was not due.

(2)This section shall not apply in relation to any payment if the payment, or the claim on which it is made, was made before the day on which this Act is passed.

F759 Interest payments to persons not ordinarily resident in UK.U.K.

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Textual Amendments

F860. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F8S. 60 repealed (1.10.2002) by 2002 c. 23, s. 141, Sch. 40 Pt. 3(10), note 2

Interest etc. on debts between associated companiesU.K.

F961. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F9S. 61 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

F1062. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F10S. 62 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

F1162A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F11S. 62A repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

F1263. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F12S. 63 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

F1364. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F13S. 64 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note (with Sch. 15 para. 19(3))

Modifications etc. (not altering text)

C1S. 64 amended (27.7.1999 with application as mentioned in s. 67(8) of the amending Act) by 1999 c. 16, s. 67(4)(8)

F1465. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F14S. 65 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note (with Sch. 15 para. 20(2))

Modifications etc. (not altering text)

C2S. 65 amended (27.7.1999 with application as mentioned in s. 67(8) of the amending Act) by 1999 c. 16, s. 67(4)(8)

F1566. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F15S. 66 repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

Charitable donationsU.K.

67 Donations from companies and individuals.U.K.

F16(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)In section 25 of the M1Finance Act 1990 (donations to charity by individuals) in subsection (2)(g) (gift must be not less than £400 to be a qualifying donation) for “£400” there shall be substituted “ £250 ”.

(3)Subsection (1) above shall apply in relation to payments made on or after 16th March 1993.

(4)Subsection (2) above shall apply in relation to gifts made on or after 16th March 1993.

Textual Amendments

F16S. 67(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Marginal Citations

F1768 Payroll deduction schemes.U.K.

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Textual Amendments

F17S. 68 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

F1869 Contributions to agent’s expenses.U.K.

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Textual Amendments

F18S. 69 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Benefits in kindU.K.

70 Car benefits: 1993-94.U.K.

(1)In Schedule 6 to the Taxes Act 1988 (taxation of directors and others in respect of cars) for Part I (tables of flat rate cash equivalents) there shall be substituted—

Part IU.K. Tables of Flat Rate Cash Equivalents
Table A
Cars with an original market value up to £19,250 and having a cylinder capacity
Cylinder capacity of car in cubic centimetresAge of car at end of relevant year of assessment
Under 4 years4 years or more
1,400 or less£2,310£1,580
More than 1,400 but not more than 2,000£2,990£2,030
More than 2,000£4,800£3,220
Table B
Cars with an original market value up to £19,250 and not having a cylinder capacity
Original market value of carAge of car at end of relevant year of assessment
Under 4 years4 years or more
Less than £6,000£2,310£1,580
£6,000 or more but less than £8,500£2,990£2,030
£8,500 or more but not more than £19,250£4,800£3,220
Table C
Cars with an original market value of more than £19,250
Original market value of carAge of car at end of relevant year of assessment
Under 4 years4 years or more
More than £19,250 but not more than £29,000£6,210£4,180
More than £29,000£10,040£6,660

(2)This section shall have effect for the year 1993-94.

71 Car fuel: 1993-94.U.K.

(1)In section 158 of the Taxes Act 1988 (car fuel) for the Tables in subsection (2) (tables of cash equivalents) there shall be substituted—

TABLE A
Cylinder capacity of car in cubic centimetresCash equivalent
1,400 or less£600
More than 1,400 but not more than 2,000£760
More than 2,000£1,130
TABLE AB
Cylinder capacity of car in cubic centimetresCash equivalent
2,000 or less£550
More than 2,000£710
TABLE B
Original market value of carCash equivalent
Less than £6,000£600
£6,000 or more but less than £8,500£760
£8,500 or more£1,130

(2)In subsection (5) of that section (reductions in cash equivalents) the words “or 3” shall be omitted.

(3)This section shall have effect for the year 1993-94.

F1972 Car and car fuel benefits: 1994-95 onwards.U.K.

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Textual Amendments

F19S. 72 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)

F2073 Vans.U.K.

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Textual Amendments

F20Ss. 73-76 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

F2074 Heavier commercial vehicles.U.K.

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Textual Amendments

F20Ss. 73-76 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

F2075 Sporting and recreational facilities.U.K.

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Textual Amendments

F20Ss. 73-76 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

F2076 Removal expenses and benefits.U.K.

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Textual Amendments

F20Ss. 73-76 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

Taxation of distributions etc.U.K.

77 Application of lower rate.U.K.

F21(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F21(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F22(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F23(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)This section shall apply in relation to the year 1993-94 and subsequent years of assessment.

Textual Amendments

F21S. 77(1)(2) repealed (29.4.1996 with effect in accordance with s. 73 and Sch. 6 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(1) Note 1

F22S. 77(3) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

F23S. 77(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F2478. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F24S. 78 repealed (31.7.1998 with effect in accordance with Sch. 3 of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2), Note

79 Provisions supplemental to sections 77 and 78.U.K.

(1)Schedule 6 to this Act (which makes further provision for the purposes of and in connection with the provisions of sections 77 and 78 above) shall have effect.

(2)Subject to that Schedule, subsection (3) of section 687 of the Taxes Act 1988 (definition of pool for the purposes of payments under discretionary trusts) shall have effect, and be deemed always to have had effect, as if—

(a)the repeal of paragraph (b) which was made by Part V of Schedule 17 to the M2Finance Act 1989 in relation to accounting periods beginning after 31st March 1989 had been confined to the following words in that paragraph, that is to say, “under section 462(2) as applied by section 686(4) or”; and

F25(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F26(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26S. 79(3) repealed (29.4.1996 with effect in accordance with s. 73 and Sch. 6 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(1) Note 1

Marginal Citations

F2780 Transitional relief for charities etc.U.K.

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Textual Amendments

F2881. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F28S. 81 repealed (31.7.1998 with effect in accordance with Sch. 3 of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2), Note

Chargeable gainsU.K.

82 Annual exempt amount for 1993-94.U.K.

For the year 1993-94 section 3 of the M3Taxation of Chargeable Gains Act 1992 (annual exempt amount) shall have effect as if the amount specified in subsection (2) were £5,800, and accordingly subsection (3) of that section (indexation) shall not apply for that year.

Marginal Citations

83 Annual exempt amount: indexation for 1994-95 onwards.U.K.

(1)In section 3(3) of the M4Taxation of Chargeable Gains Act 1992 (indexation of annual exempt amount) for “December” (in each place) there shall be substituted “ September ”.

(2)This section shall have effect for the year 1994-95 and subsequent years of assessment.

Marginal Citations

84 Re-organisations etc. involving debentures.U.K.

(1)In section 117 of the Taxation of Chargeable Gains Act 1992 (meaning of qualifying corporate bond), after subsection (6) there shall be inserted the following subsection—

(6A)For the purposes of this section “corporate bond” also includes, except in relation to a person who acquires it on or after a disposal in relation to which section 115 has or has had effect in accordance with section 116(10)(c), any debenture issued on or after 16th March 1993 which is not a security (as defined in section 132) but—

(a)is issued in circumstances such that it would fall by virtue of section 251(6) to be treated for the purposes of section 251 as such a security; and

(b)would be a corporate bond if it were a security as so defined.

(2)In section 251 of that Act (general provisions in relation to debts), after subsection (5) there shall be inserted the following subsection—

(6)For the purposes of this section a debenture issued by any company on or after 16th March 1993 shall be deemed to be a security (as defined in section 132) if—

(a)it is issued on a reorganisation (as defined in section 126(1)) or in pursuance of its allotment on any such reorganisation;

(b)it is issued in exchange for shares in or debentures of another company and in a case unaffected by section 137 where one or more of the conditions mentioned in paragraphs (a) to (c) of section 135(1) is satisfied in relation to the exchange;

(c)it is issued under any such arrangements as are mentioned in subsection (1)(a) of section 136 and in a case unaffected by section 137 where section 136 requires shares or debentures in another company to be treated as exchanged for, or for anything that includes, that debenture; or

(d)it is issued in pursuance of rights attached to any debenture issued on or after 16th March 1993 and falling within paragraph (a), (b) or (c) above.

(3)This section shall have effect in relation to any chargeable period ending on or after 16th March 1993 but, in relation to any accounting period of a company which began before 6th April 1992, this section shall have effect as if the references in this section, and in the amendments made by this section, to provisions of the Taxation of Chargeable Gains Act 1992 were references to such of the provisions of the M5Capital Gains Tax Act 1979 and the M6Finance Act 1984 as correspond to those provisions and have effect in relation to that accounting period.

Marginal Citations

85 Personal equity plans.U.K.

After subsection (3) of section 151 of the Taxation of Chargeable Gains Act 1992 (personal equity plans) there shall be inserted the following subsection—

(4)Regulations under this section may include provision which, for cases where a person subscribes to a plan by transferring or renouncing shares or rights to shares—

(a)modifies the effect of this Act in relation to their acquisition and their transfer or renunciation; and

(b)makes consequential modifications of the effect of this Act in relation to anything which (apart from the regulations) would have been regarded on or after their acquisition as an indistinguishable part of the same asset.

86 Roll-over relief.U.K.

(1)In section 155 of the M7Taxation of Chargeable Gains Act 1992 (classes of assets for the purposes of roll-over relief), after Class 5 there shall be inserted—

CLASS 6U.K.

Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in [F29an EU] instrument).

(2)The Treasury may by order made by statutory instrument amend that section so as to add one or more further classes of assets to the classes specified in that section.

Any such order may make such consequential amendments [F30of—

(a)Schedule 7AB to the Taxation of Chargeable Gains Act 1992, or

(b)paragraph 132 of Schedule 29 to the Finance Act 2002,

as appear to the Treasury to be appropriate.]

(3)A statutory instrument containing an order under subsection (2) above shall be subject to annulment in pursuance of a resolution of the House of Commons.

(4)Subsection (1) above shall apply where the disposal of the old assets (or an interest in them) or the acquisition of the new assets (or an interest in them) is on or after 1st January 1993; but, in relation to any accounting period of a company which began before 6th April 1992, subsection (1) above shall have effect as if the inserted class were numbered 5 and were inserted after Class 4 in section 118 of the M8Capital Gains Tax Act 1979.

Textual Amendments

F30Words in s. 86(2) substituted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 41(5)

Marginal Citations

87 Relief on retirement or re-investment.U.K.

(1)Schedule 7 to this Act (which amends the provisions of the Taxation of Chargeable Gains Act 1992 with respect to retirement relief and makes new provision in relation to relief on the re-investment of certain gains) shall have effect.

(2)This section and that Schedule shall have effect in relation to any disposal made on or after 16th March 1993.

88 Restriction on set-off of pre-entry losses.U.K.

(1)After section 177 of the Taxation of Chargeable Gains Act 1992 there shall be inserted the following section—

177A Restriction on set-off of pre-entry losses.

Schedule 7A to this Act (which makes provision in relation to losses accruing to a company before the time when it becomes a member of a group of companies and losses accruing on assets held by any company at such a time) shall have effect.

(2)The Schedule set out in Schedule 8 to this Act shall be inserted after Schedule 7 to that Act.

(3)This section and that Schedule—

(a)shall apply for the calculation of the amount to be included in respect of chargeable gains in a company’s total profits for any accounting period ending on or after 16th March 1993; but

(b)shall so apply only in relation to the deduction from chargeable gains accruing on or after 16th March 1993 of amounts in respect of, or of amounts carried forward in respect of—

(i)pre-entry losses accruing before it became a member of the relevant group to a company whose membership of that group began or begins at a time on or after 1st April 1987; and

(ii)losses accruing on the disposal of any assets so far as it is by reference to such a company that the assets fall to be treated as being or having been pre-entry assets or assets incorporating a part referable to pre-entry assets.

(4)In relation to accounting periods beginning before 6th April 1992 this section and that Schedule shall have effect as if—

(a)the section and Schedule inserted by subsections (1) and (2) above were inserted in the M9Capital Gains Tax Act 1979; and

(b)references in the Schedule so inserted to provisions of the M10Taxation of Chargeable Gains Act 1992 were references to such of the provisions of that Act of 1979 or of any other enactment as correspond to the provisions referred to and have effect in relation to that accounting period.

Marginal Citations

89 De-grouping charges.U.K.

(1)In section 179(4) of the Taxation of Chargeable Gains Act 1992 (time at which de-grouping charges accrue), for the words from “as follows” onwards there shall be substituted at whichever is the later of the following, that is to say—

(a)the time immediately after the beginning of the accounting period of that company in which or, as the case may be, at the end of which the company ceases to be a member of the group; and

(b)the time when under subsection (3) above it is treated as having reacquired the asset;

and subsection (2) of section 409 of the Taxes Act (group relief) shall require any apportionment under that subsection to be made accordingly but shall not require any reference in this subsection to an accounting period to have effect for any of the purposes specified in subsection (3) of that section as a reference to any accounting period other than a true accounting period.

(2)This section shall have effect in relation to accounting periods ending after the day appointed for the purposes of section 180(1)(b) of that Act.

F3190. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F31S. 90 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(12), note 10 of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(12)

91 Deemed disposals of unit trusts by insurance companies.U.K.

(1)Section 212 of the Taxation of Chargeable Gains Act 1992 (annual deemed disposal by insurance companies of unit trusts) shall have effect in relation to accounting periods beginning on or after 1st January 1993; and neither that section nor section 46 of the M11Finance Act 1990 (which is consolidated in that section) shall have effect in relation to any earlier accounting period in relation to which either of them would have applied apart from this subsection.

(2)In relation to any accounting period beginning on or after 1st January 1993—

(a)section 432A of the Taxes Act 1988 shall have effect with the omission of subsection (10) (which disapplies the apportionment rules in that section in the case of a deemed disposal under section 212 of that Act of 1992); and

(b)that section 212 shall have effect with the omission, in subsection (2), of the words from “and in relation to” onwards and of subsections (3), (4) and (6) (which provide for a different apportionment rule in the case of the deemed disposal).

(3)In subsection (7) of that section 212, in the words after paragraph (b) (application of definitions in the Taxes Act 1988), for “and 214” there shall be substituted “ to 214A ”.

(4)After section 213(1) of that Act of 1992 (spreading of gains and losses), there shall be inserted the following subsection—

(1A)Subsection (1) above shall not apply to chargeable gains or allowable losses except so far as they are gains or losses which—

(a)are referable to basic life assurance and general annuity business; or

(b)would (apart from that subsection) be taken into account in computing the profits of any business treated as a separate business under section 458 of the Taxes Act;

and that subsection shall apply separately in relation to the gains and losses falling within paragraph (a) above and those falling within paragraph (b) above for the purpose of determining what chargeable gains or allowable losses so referable are to be treated as accruing under that subsection and what chargeable gains or allowable losses to be so taken into account are to be treated as so accruing.

F32(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F33(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F32S. 91(5) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)

F33S. 91(6) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)

Marginal Citations

Corporation tax: currencyU.K.

F3492The basic rule: sterling to be usedU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492ACompany operating in sterling and preparing accounts in another currencyU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492BCompany operating in currency other than sterling and preparing accounts in another currencyU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492CCompany preparing accounts in currency other than sterlingU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DSterling equivalents: the basic ruleU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DASterling equivalents: carried-back amountsU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DBSterling equivalents: carried-forward amountsU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DCAdjustment of sterling losses: carried-back amountsU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DDAdjustment of sterling losses: carried-forward amountsU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492DEMeaning of “carried-back amount” and “carried-forward amount”U.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3492EInterpretation of sections 92A to 92DDU.K.

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

Textual Amendments

F34Ss. 92-92E repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 277, Sch. 3 Pt. 1 (with Sch. 2)

F3595. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F35Ss. 92-94 substituted (28.7.2000 with effect as mentioned in 105(2)-(5) of the amending Act) for ss. 92-95 by 2000 c. 17, s. 105(1)

[F3696 Foreign companies: trading currency.U.K.

(1)In Schedule 24 to the Taxes Act 1988 (assumptions for calculating chargeable profits, creditable tax and corresponding United Kingdom tax of foreign companies) the following paragraph shall be inserted after paragraph 4—

4A(1)Sub-paragraph (2) below applies where—

(a)the company carries on a trade, and

(b)the currency used in the accounts of the company for an accounting period is a currency other than sterling.

(2)It shall be assumed that by virtue of regulations under section 93 of the Finance Act 1993 (corporation tax: currency to be used) the basic profits or losses of the trade for the accounting period are to be computed and expressed for the purposes of corporation tax in the currency used in the accounts of the company for the period.

(3)References in this paragraph to the accounts of a company—

(a)are to the accounts which the company is required by the law of its home State to keep, or

(b)if the company is not required by the law of its home State to keep accounts, are to the accounts of the company which most closely correspond to the individual accounts which companies formed and registered under the M12Companies Act 1985 are required by that Act to keep;

and for the purposes of this paragraph the home State of a company is the country or territory under whose law the company is incorporated.

(4)The reference in sub-paragraph (2) above to the basic profits or losses of the trade for the accounting period shall be construed in accordance with section 93 of the Finance Act 1993.

(2)This section applies in relation to any accounting period beginning on or after the day appointed under section 165(7)(b) below.]

Textual Amendments

F36S. 96 repealed (retrospectively) by 1995 c. 4, s. 162, Sch. 29 Pt. VIII(18), Note

Marginal Citations

Overseas life insurance companiesU.K.

F3797 Modification of Taxes Act 1988.U.K.

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

Textual Amendments

F37S. 97 repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1

F3898 Modification of section 440 of Taxes Act 1988.U.K.

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

Textual Amendments

F38S. 98 repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1

F3999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F39S. 99 repealed (1.5.1995 with effect in accordance with Sch. 8 para. 57 of the repealing Act) by 1995 c. 4, s. 162, Sch. 29 Pt. VIII(5), Note 2

100 Income from investments attributable to BLAGAB, etc.U.K.

F40(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)In section 475 of that Act (tax-free Treasury securities: exclusion of interest on borrowed money), in subsection (6)—

F40(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)for the words “of the life assurance fund”, in each place where they occur, there shall be substituted the words “ attributable to basic life assurance and general annuity business ”.

(3)This section shall apply in relation to accounting periods beginning after 31st December 1992.

Textual Amendments

F40S. 100(1)(2)(a) repealed (1.5.1995 with effect in accordance with Sch. 8 para. 57 of the repealing Act) by 1995 c. 4, s. 162, Sch. 29 Pt. VIII(5), Note 2

F41101 Modification of Finance Act 1989.U.K.

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

Textual Amendments

F41S. 101 repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1

F42102 Modification of Taxation of Chargeable Gains Act 1992.U.K.

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

Textual Amendments

F42S. 102 repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1

103 Amendment of definition and repeals.U.K.

(1)In section 431(2) of the Taxes Act 1988 (definitions), in the definition of “overseas life insurance company” for the words “having its head office outside” there shall be substituted the words “ not resident in ”.

(2)The following provisions of that Act shall cease to have effect—

(a)section 445 (charge to tax on investment income of overseas life insurance company);

(b)section 446(1) (qualifying distributions part of profits of pension business of overseas life insurance company);

(c)section 447(1), (2) and (4) (set-off of income tax and tax credits against corporation tax assessed under section 445);

(d)section 448 (qualifying distributions and tax credits);

(e)section 449 (double taxation agreements);

(f)section 724(5) to (8) (special provisions of accrued income scheme for overseas life insurance companies);

(g)section 811(2)(c) (provision about deduction of foreign tax not to affect overseas life insurance company charged under section 445);

(h)paragraph 1(9) of Schedule 19AB (payments on account of tax credits in case of pension business: special provision for overseas life insurance companies).

(3)Subject to subsection (4) below, this section shall apply in relation to accounting periods beginning after 31st December 1992.

F43(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F43S. 103(4) repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3) Note

Approved share option schemesU.K.

104 Calculation of consideration.U.K.

After section 149 of the M13Taxation of Chargeable Gains Act 1992 there shall be inserted the following section—

149A Approved share option schemes.

(1)This section applies where—

(a)an option is granted on or after 16th March 1993,

(b)the option consists of a right to acquire shares in a body corporate and is obtained as mentioned in section 185(1) of the Taxes Act (approved share option schemes), and

(c)section 17(1) would (apart from this section) apply for the purposes of calculating the consideration for the grant of the option.

(2)The grantor of the option shall be treated for the purposes of this Act as if section 17(1) did not apply for the purposes of calculating the consideration and, accordingly, as if the amount or value of the consideration was its actual amount or value.

(3)Where the option is granted wholly or partly in recognition of services or past services in any office or employment, the value of those services shall not be taken into account in calculating the actual amount or value of the consideration.

(4)The preceding provisions of this section shall not affect the treatment for the purposes of this Act of the person to whom the option is granted.

Marginal Citations

105 Expenditure on shares.U.K.

F44(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F44(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In section 32A(5) of the M14Capital Gains Tax Act 1979 (expenditure: amounts to be included as consideration)—

(a)for the words “section 185(6)” there shall be substituted the words “ the applicable provision ”, and

(b)at the end there shall be inserted ; and in this subsection “the applicable provision” means—

(a)subsection (6) of section 185 of the Taxes Act (as that subsection had effect before the coming into force of section 39(5) of the M15Finance Act 1991), or

(b)subsection (6A) of that section.

(4)The M16amendments made by subsection (3) above shall be deemed to have come into force on 1st January 1992 (but shall have effect subject to the repeals made by the Taxation of Chargeable Gains Act 1992).

Textual Amendments

F44S. 105(1)(2) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

Commencement Information

I1S. 105 in force at Royal Assent. the amendments made by s. 105(1) are deemed always to have had effect, see s. 105(2); the amendments made by S. 105(3) are deemed to have come into force on 1.1.1992, see s. 105(4)

Marginal Citations

Indexation: miscellaneousU.K.

F45106 Earnings cap etc: no indexation in 1993-94.U.K.

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

Textual Amendments

107 Indexation of allowances etc. for 1994-95 onwards.U.K.

(1)The Taxes Act 1988 shall be amended as mentioned in subsections (2) to (6) below.

(2)In section 1—

F46(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)subsection (5) (no change required for PAYE before 18th May) shall be omitted.

(3)In section 257C—

F47(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)subsection (2) (no change required for PAYE before 18th May) shall be omitted.

F48(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F48(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)This section shall have effect for the year 1994-95 and subsequent years of assessment.

Textual Amendments

F46S. 107(2)(a) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)

F47S. 107(3)(a) omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(e)

F48S. 107(4)-(7) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

Miscellaneous provisions about reliefsU.K.

F49108 Counselling services for employees.U.K.

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

Textual Amendments

F49S. 108 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

109 Pre-trading expenditure.U.K.

F50(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F50(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F51(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F52(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F50S. 109(1)(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F51S. 109(3) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

F52S. 109(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F53110 Waste disposal expenditure.U.K.

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

Textual Amendments

F53S. 110 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F54111 Business expansion scheme: loan linked investments.U.K.

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

Textual Amendments

F55112 Employers’ pension contributions.U.K.

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

Textual Amendments

Capital allowancesU.K.

F56113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F56S. 113 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

F57114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F57S. 114 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

F58115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F58S. 115 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

F59116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F59S. 116 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

F60117 Transactions between connected persons etc.U.K.

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

Textual Amendments

F60S. 117 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

MiscellaneousU.K.

F61118 Scottish trusts.U.K.

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

Textual Amendments

119 Controlled foreign companies.U.K.

(1)In section 750(1) of the Taxes Act 1988 (meaning of lower level of taxation for purposes of provisions relating to controlled foreign companies) for “one-half” there shall be substituted “ three-quarters ”.

(2)Subsection (1) above shall apply in relation to accounting periods beginning on or after 16th March 1993.

(3)Where a company is by virtue of section 749(1) or (2) of the Taxes Act 1988 regarded as resident in a territory outside the United Kingdom and (apart from this section)—

(a)an accounting period of the company would begin before 16th March 1993 and end on or after that date, and

(b)the company would not be considered to be subject, by virtue of section 750(1) of that Act, to a lower level of taxation in that accounting period in the territory in which it is regarded as resident,

for the purposes of Chapter IV of Part XVII of that Act that accounting period shall be treated as ending on 15th March 1993.

120 Pay and file: miscellaneous amendments.U.K.

Schedule 14 to this Act (which makes various amendments of the M17Taxes Management Act 1970, the Taxes Act 1988 and the M18Finance Act 1989 with a view to, or in connection with, the introduction of “pay and file”) shall have effect.

Marginal Citations

F62121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F62S. 121 repealed (11.5.2001 with effect in accordance with s. 87 of the amending Act) by 2001 c. 9, s. 110, Sch. 33 Pt. II(12), note

122 Application of Income Tax Acts etc. to public departments.U.K.

(1)In subsection (2) of section 829 of the Taxes Act 1988 (restriction on application of Income Tax Acts to public departments), at the end there shall be inserted “ unless it is tax which would not have been so borne but for a failure by a public office or department of the Crown to make a deduction required by virtue of subsection (1) above. ”

(2)The provisions of Parts IX and X of the Taxes Management Act 1970 (interest and penalties) shall apply in relation to public offices and departments of the Crown for the purposes, so far as they so apply, of the other provisions of that Act and of the provisions of the Income Tax Acts mentioned in section 829(1) of the Taxes Act 1988.

(3)This section shall have effect in relation to the year 1993-94 and subsequent years of assessment.

F63123 Expenditure involving crime.U.K.

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

Textual Amendments

F63S. 123 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F64124 Expenses of Members of Parliament.U.K.

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

Textual Amendments

F64S. 124 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

Chapter IIU.K. Exchange Gains and Losses

Modifications etc. (not altering text)

C3Pt. II Chapter II (ss. 125-170) modified (1.5.1995) by 1988 c. 1, Sch. 24 para. 19(2) (as inserted (1.5.1995) by 1995 c. 4, s. 133, Sch. 25 paras. 1, 6(5))

Pt. II Chapter II (ss. 125-170) restricted (31.7.1998) by 1988 c. 1, Sch. 28AA para. 8 (as inserted (31.7.1998) by 1998 c. 36, s. 108, Sch. 16 para. 8(1)(a))

Pt. II Chapter II (ss. 125-170): power to amend conferred (3.5.1994) by 1994 c. 9, s. 177(6)(b)

Pt. II Chapter II (ss. 125-170) excluded (3.5.1994) by 1994 c. 9, ss. 226(2), 230

Pt. II Chapter II (ss. 125-170) modified (19.9.1994) by 1994 c. 21, s. 21, Sch. 4 Pt. I para. 23(2) (with s. 40(7)); S.I. 1994/2189, art. 2, Sch.

Pt. II Chapter II (ss. 125-170) modified (23.3.1995) by S.I. 1994/3226, reg. 3(2)

Pt. II Chapter II (ss. 125-170) applied (23.3.1995) by S.I. 1994/3231, reg. 2(1)

Pt. II Chapter II (ss. 125-170) modified (29.4.1996) by 1996 c. 8, s. 105, Sch. 15 Pt. I para. 22(1) (with ss. 80-105)

Accrual of gains and lossesU.K.

F65125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F65S. 125 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F66126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F66S. 126 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F67127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F67S. 127 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Trading gains and lossesU.K.

F68128. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F68S. 128 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Non-trading gains and lossesU.K.

F69129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F69S. 129 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F70130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F70S. 130 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F71131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F72132. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F73133. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alternative calculationU.K.

F74134. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F74S. 134 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b)(3), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Main benefit testU.K.

F75135. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F75S. 135 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F76135A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F76S. 135A repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Arm’s length testU.K.

F77136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F77S. 136 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(1) Note 2 (with Sch. 23 paras. 25, 26)

F78136A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F78S. 136A repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F79137. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F79S. 137 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F80138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F80S. 138 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Deferral of unrealised gainsU.K.

F81139. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F81S. 139 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F82140. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F82S. 140 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F83141. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F83S. 141 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F84142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F84S. 142 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F85143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F85S. 143 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Irrecoverable debtsU.K.

F86144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F86S. 144 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F87145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F87S. 145 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Currency contracts: special casesU.K.

F88146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F88S. 146 repealed (27.4.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F89147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F89S. 147 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Excess gains or lossesU.K.

F90148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F90S. 148 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Local currency to be usedU.K.

F91149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F91S. 149 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Exchange rate to be usedU.K.

F92150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F92S. 150 repealed (with effect in relation to the accounting periods beginning on or after 1.10.2002) By 2002 c. 23, ss. 79(1)(b)(3), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras, 25, 26

F93151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F93S. 151 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Interpretation: companiesU.K.

F94152. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F94S. 152 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Interpretation: assets, liabilities and contractsU.K.

F95153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F95S. 153 repealed (1.10.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F96154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F96By 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26) it is provided (1.10.2002) that s. 154 is repealed

F97155. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F97By 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26) it is provided (1.10.2002) that s. 155 is repealed

F98156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F98By 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26) it is provided (1.10.2002) that s. 156 is repealed

F99157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F99S. 157 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

Interpretation: other provisionsU.K.

F100158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F100S. 158 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F101159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F101S. 159 repealed (with effect as mentioned in s. 79(3) of the amending Act) By 2002 c. 23, ss. 79(1)(b)(3), 141, Sch. 40 Pt. 3(10), Note 2 (with Sch. 23, para. 25)

F102160. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F102S. 160 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F103161. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F103S. 161 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F104162. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F104S. 162 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F105163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F105S. 163 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F106164. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F106S. 164 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

MiscellaneousU.K.

F107165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F107S. 165 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F108166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F108S. 166 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F109167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F109S. 167 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F110168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F110S. 168 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F111168A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F111S. 168A repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

F112169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F112S. 169 repealed (24.7.2002 with effect as mentioned in s. 79(3) of the amending Act) by 2002 c. 23, ss. 79(1)(b), 141, Sch. 40 Pt. 3(10) Note 2 (with Sch. 23 paras. 25, 26)

170 Amendments.U.K.

Schedule 18 to this Act (which contains amendments) shall have effect.

Chapter IIIU.K. Lloyd’s Underwriters etc.

Modifications etc. (not altering text)

C9Pt. II Chapter III applied (1.5.1995 with application as mentioned in s. 127(19) of the amending Act) by 1995 c. 4, s. 127(16)(a)(19)

C10Pt. II Chapter III modified (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 3(1)(a)

Main provisionsU.K.

171 Taxation of profits and allowance of losses.U.K.

(1)Income tax for any year of assessment on the profits arising from a member’s underwriting business shall be computed on the profits of that year of assessment.

(2)As respects the profits arising to a member from his underwriting business for any year of assessment—

[F113(a)the aggregate of those profits shall be chargeable to tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005 as the profits of a trade carried on in the United Kingdom; and

(b)accordingly, no part of those profits shall be treated as relevant foreign income, or be charged to tax under any other Part of that Act or any Part of the Income Tax (Earnings and Pensions) Act 2003;]

but nothing in this subsection shall affect the manner in which the amount of any profits arising from assets forming part of an ancillary trust fund is to be computed.

F114(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F115(2B)[F116[F117Sections 397(1) and [F118397A(1)]] of the Income Tax (Trading and Other Income) Act 2005] (entitlement to tax credit) shall not apply where the distribution there mentioned is a distribution in respect of any asset of a member’s [F119premium] trust fund.]

F120(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Subsection (2) above does not apply in relation to any profits arising before 6th April 1993 from assets forming part of an ancillary trust fund.

Textual Amendments

F113S. 171(2)(a)(b) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 464(2) (with Sch. 2)

F114S. 171(2A) repealed (31.7.1997 with effect in accordance with s. 36 and Sch. 6 para. 20(3) of the amending Act) by 1997 c. 58, ss. 36, 52, Sch. 6 para. 20(2)(3), Sch. 8 Pt. II(11) Note

F115S. 171(2B) inserted (31.7.1997 with effect in relation to distributions made on or after 2.7.1997) by 1997 c. 58, s. 22(1)(7)

F116Words in s. 171(2B) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 464(3) (with Sch. 2)

F117Words in s. 171(2B) substituted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 16

F118Word in s. 171(2B) substituted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 11

F119Word in s. 171(2B) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(a)

F120S. 171(3) repealed (3.5.1994 with effect for the year 1996-97 and subsequent years of assessment) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 1(2)(3)(b), Sch. 26 Pt. V(25) Note 2

Modifications etc. (not altering text)

C11S. 171 modified (9.3.1995 with effect in relation to profits or losses of a member's underwriting business arising in the underwriting year 1994 or 1995) by S.I. 1995/352, reg. 13

172 Year of assessment in which profits or losses arise.U.K.

(1)Subject to the provisions of this Chapter, for the purposes of section 171 above and all other purposes of the Income Tax Acts the profits or losses in any year of assessment of a member’s underwriting business shall be taken to be—

[F121(a)in the case of profits or losses arising directly from his membership of one or more syndicates, those of any previous year or years which are declared in the corresponding underwriting year;

(b)in the case of profits or losses arising from assets forming part of a [F122premium] trust fund, those allocated under the rules or practice of Lloyd’s to any previous year or years the profits or losses of which are declared in the corresponding underwriting year; and]

(c)in the case of other profits or losses, those derived from payments received or made in the corresponding underwriting year.

(2)Subsection (1)(c) above does not apply in relation to payments received or made before 6th April 1993.

Textual Amendments

F121S. 172(1)(a)(b) substituted (3.5.1994 with effect as mentioned in Sch. 21 para. 2(2) of the amending Act) by 1994 c. 9, s. 228, Sch. 21 para. 2(1)(2)

F122Word in s. 172(1)(b) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(b)

Modifications etc. (not altering text)

C12S. 172 modified (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 6(1)(b)

F123173 Assessment and collection of tax.U.K.

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

Textual Amendments

F123S. 173 repealed (20.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(1)(8)(9), Sch. 11 Pt. 2(11); S.I. 2005/3337, art. 3

Members’ trust fundsU.K.

174[F124Premium] trust funds.U.K.

[F125(1)For the purposes of the Income Tax Acts and the Gains Tax Acts—

(a)a member shall be treated as absolutely entitled as against the trustees to the assets forming part of a [F126premium] trust fund of his; and

(b)where a deposit required by a regulatory authority in a country or territory outside the United Kingdom is paid out of such a fund, the money so paid shall be treated as still forming part of that fund.]

(2)Where an asset forms part of a [F126premium] trust fund at the beginning of any underwriting year, for the purposes of the Income Tax Acts—

(a)the trustees of the fund shall be treated as acquiring it on that day, and

(b)they shall be treated as paying in respect of the acquisition an amount equal to the value of the asset at the time of the acquisition.

(3)Where an asset forms part of a [F126premium] trust fund at the end of any underwriting year, for the purposes of the Income Tax Acts—

(a)the trustees of the fund shall be treated as disposing of it on that day, and

(b)they shall be treated as obtaining in respect of the disposal an amount equal to the value of the asset at the time of the disposal.

F127(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F127(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)Subsections (2) to (5) above do not apply to FOTRA securities forming part of a member’s premiums trust fund at the beginning or end of any underwriting year if—

(a)the member is not domiciled in the United Kingdom at any time in the year, and

(b)he is either not ordinarily resident in the United Kingdom during the year or a non-resident United Kingdom trader in the year.

(7)In this section—

  • FOTRA securities” has the same meaning as in section 715 of the Taxes Act 1988 (exceptions from accrued income scheme);

  • non-resident United Kingdom trader” shall be construed in accordance with subsection (5) of that section;

  • underwriting year” does not include the year 1993 or any earlier underwriting year.

Textual Amendments

F124S. 174: words in sidenote substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(c)

F125S. 174(1) substituted (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 3

F126Word in s. 174(1)(a)(2)(3) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(c)

F127S. 174(4)(5) repealed (19.3.1997 with effect in relation to, and to transfers under, any arrangement made on or after such day as may be appointed by order) by 1997 c. 16, ss. 76, 113, Sch. 10 Pt. I paras. 6(a), 7(1), Sch. 18 Pt. VI(10) Note 1

175 Special reserve funds.U.K.

(1)If arrangements are made by the Council of Lloyd’s which—

(a)enable such a special reserve fund as is referred to in Part I of Schedule 20 to this Act to be set up in relation to each member; and

(b)comply with the requirements of that Part and are approved by the Board,

the provisions of that Part relating to taxation shall have effect in relation to any special reserve fund of a member set up under the arrangements.

(2)The arrangements may from time to time be varied with the consent of the Board.

(3)If, after giving notice of their intention to do so to the Council of Lloyd’s, the Board cancel the approval which they have given with respect to the arrangements, paragraph 3 of Schedule 20 to this Act shall not apply, in the case of any member, to any year of assessment after the year of assessment in which the approval is cancelled.

(4)The provisions of Part II of Schedule 20 to this Act shall have effect as respects the winding up of any special reserve fund which—

(a)was set up under the arrangements mentioned in section 452(1) of the Taxes Act 1988; and

(b)belongs to a member for whom a special reserve fund may be set up under the arrangements mentioned in subsection (1) above.

Modifications etc. (not altering text)

C13S. 175 excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 7

C14S. 175(4) applied (with modifications) (9.3.1995 with application as mentioned in reg. 1 of the amending S.I.) by S.I. 1995/351, regs. 1, 15(1)

176 Ancillary trust funds.U.K.

(1)A member shall be treated for the purposes of the Income Tax Acts and the Gains Tax Acts as absolutely entitled as against the trustees to the assets forming part of an ancillary trust fund of his.

(2)The cost of acquisition and the consideration for the disposal of assets forming part of an ancillary trust fund—

(a)shall be left out of account in computing for the purposes of income tax the profits or losses of the member’s underwriting business; and

(b)accordingly, shall not be excluded for the purposes of capital gains tax under section 37 or 39 of the Gains Tax Act.

(3)None of the following provisions (which apply where an individual entitled to securities dies), namely—

[F128(a)section 636 of ITA 2007 (exception where there is a transfer to a legatee);]

F129(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F129(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F129(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

shall apply where the individual concerned is a member and the security concerned forms part of an ancillary trust fund of his.

(4)In a case where subsection (3)(a) above applies, the deceased’s personal representatives shall be treated for the purposes of [F130Part 12 of ITA 2007 and section] 728 of the Taxes Act 1988 as the transferor or transferee in relation to transfers of securities as to which the deceased was the transferor or transferee (as the case may be) in the interest period in which he died.

Textual Amendments

F128S. 176(3)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 357(2) (with Sch. 2)

F129S. 176(3)(b)-(d) repealed (29.4.1996 with effect in accordance with the provisions of Chapter II of Pt. IV of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3)

F130Words in s. 176(4) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 357(3) (with Sch. 2)

Modifications etc. (not altering text)

C15S. 176 modified (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 5(1)

Other special casesU.K.

F131177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F131S. 177 repealed (28.7.2000 with effect as mentioned in s. 107(12)(c) of the amending Act) by 2000 c. 17, ss. 107(11), 156, Sch. 40 Pt. II(16), note 2

178 Stop-loss and quota share insurance.U.K.

(1)In computing for the purposes of income tax the profits of a member’s underwriting business, each of the following shall be deductible as an expense, namely—

(a)any premium payable by him under a stop-loss insurance, and any repayment of insurance money paid to him under such an insurance;

(b)any amount payable by him into the High Level Stop Loss Fund, and any repayment of an amount paid to him out of that Fund; and

[F132(c)where an amount is payable by him under a quota share contract—

(i)so much of that amount as exceeds the amount of transferred losses that are declared on or before the date the contract takes effect (“the declared amount”), or

(ii)if the contract does not take effect, the amount so payable under the contract.]

(2)Subject to subsection (3) below, each of the following, namely—

(a)any insurance money payable to [F133a member] under a stop-loss insurance in respect of a loss in his underwriting business; and

(b)any amount payable to a member out of the High Level Stop Loss Fund in respect of such a loss,

shall be treated as a trading receipt in computing the profits arising from that business for the year of assessment which corresponds to the underwriting year in which the loss [F134was declared].

(3)Where, as respects the payment of any such insurance money or amount as is mentioned in subsection (2) above—

(a)the inspector is not notified of the payment at least 30 days before the time after which any assessment or further assessment of profits for the year of assessment is precluded by section 34 of the Management Act (ordinary time limit of [F1354 years]), and

(b)the inspector is not entitled, after that time, to make any such assessment or further assessment by virtue of section 36 ([F136loss of tax brought about carelessly or deliberately]) or 40(2) (assessment on personal representatives) of that Act,

that subsection shall have effect in relation to that insurance money or amount as if it referred instead to the year of assessment which corresponds to the underwriting year in which the payment is made.

[F137(3A)Where the amount payable by a member under a quota share contract is less than the declared amount, the difference between the two amounts shall be treated as a trading receipt in computing the profits arising from the member’s underwriting business in the year of assessment which corresponds to the underwriting year in which the contract takes effect.

(3B)Where a member has entered a quota share contract, any amount paid by him to cover a cash call in respect of transferred losses that are not declared at the time the contract takes effect shall be treated—

(a)for the purposes of subsection (1)(c)(i) and (3A) above, as an amount payable under the contract, and

(b)for the purposes of section 172, as a payment made at the time the contract takes effect.]

[F138(4)For the purposes of this section—

  • cash call” has the same meaning as in Part 1 of Schedule 20 to this Act;

  • quota share contract” means any contract between a member and another person which—

    (a)

    is made in accordance with the rules or practice of Lloyd’s, and

    (b)

    provides for that other person to take over any rights and liabilities of the member under any of the syndicates of which he is a member;

    and where the taking over of a member’s rights and liabilities is conditional upon the occurrence of any event, the contract does not take effect until that event occurs; and

  • transferred loss”, in relation to such a contract, means a loss for which that other person takes over liability under the contract (disregarding, in the case of a loss that has been declared at the time it is taken over, any part of it in respect of which the member has paid a cash call before that time).]

Textual Amendments

F132S. 178(1)(c) substituted (24.7.2002 with effect as mentioned in s. 86(2) of the amending Act) by 2002 c. 23, s. 86, Sch. 32 para. 2

F133Words in s. 178(2) substituted (3.5.1994 with effect as respects insurance money and other amounts payable in respect of losses declared in the underwriting year 1997 or subsequent underwriting years) by 1994 c. 9, s. 228, Sch. 21 para. 5(1)(a)(2)

F134Words in s. 178(2) substituted (3.5.1994 with effect as respects insurance money and other amounts payable in respect of losses declared in the underwriting year 1997 or subsequent underwriting years) by 1994 c. 9, s. 228, Sch. 21 para. 5(1)(b)(2)

F135Words in s. 178(3)(a) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 63(a); S.I. 2009/403, art. 2(2) (with art. 10)

F136Words in s. 178(3)(b) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 63(b); S.I. 2009/403, art. 2(2) (with art. 10)

F137S. 178 (3A)(3B) inserted (24.7.2002 with effect as mentioned in s. 86(2) of the amending Act) by 2002 c. 23, s. 86, Sch. 32 para. 2

F138S. 178(4) substituted (24.7.2002 with effect as mentioned in s. 86(2) of the amending Act) by 2002 c. 23, s. 86, Sch. 32 para. 4

Modifications etc. (not altering text)

C16S. 178(3) excluded (9.3.1995 with effect as mentioned in reg. 1 of the amending S.I.) by S.I. 1995/351, regs. 1, 5(1)(c)

MiscellaneousU.K.

179 Cessation: final year of assessment.U.K.

(1)Subject to subsection (5) below, this section applies where a member ceases to carry on his underwriting business, whether by reason of death or otherwise.

(2)Subject F139. . . to the provisions of any regulations made by the Board, the member’s final year of assessment shall be that which corresponds to the underwriting year in which his deposit at Lloyd’s is paid over to him or his personal representatives or assigns.

F140(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)For the purposes of section 171 above and all other purposes of the Income Tax Acts, any profits or losses arising to the member from his underwriting business which are not taken (by virtue of the provisions of this Chapter) to be profits or losses of an earlier year of assessment shall be taken to be profits or losses of his final year of assessment.

(5)This section does not apply in any case where the member’s deposit at Lloyd’s is paid over to him or his personal representatives or assigns before 1st January 1993.

Textual Amendments

F139Words in s. 179(2) repealed (3.5.1994 with effect in any case where the member dies after the end of 1993-94) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 6(1)(3), Sch. 26 Pt. V(25) Note 3

F140S. 179(3) repealed (3.5.1994 with effect in any case where the member dies after the end of 1993-94) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 6(1)(3), Sch. 26 Pt. V(25) Note 3

Modifications etc. (not altering text)

C17Ss. 179, 179A excluded (9.3.1995 with application as mentioned in reg. 1 of the amending S.I.) by S.I. 1995/351, regs. 1, 14(2)

SS. 179, 179A excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 4(1)

[F141179A Death of member.U.K.

(1)This section applies where a member ceases to carry on his underwriting business by reason of death.

(2)For the purposes of assessing the profits of the member’s underwriting business, the member shall be treated as having died at the end of the year of assessment which corresponds to the underwriting year immediately preceding that in which he actually died.

(3)For the purposes of the Income Tax Acts—

(a)the carrying on of the member’s underwriting business by his personal representatives shall not be treated as a change in the persons engaged in the carrying on of that business; and

(b)subject to the provisions of any regulations made by the Board, the business shall be treated as continuing until the member’s deposit at Lloyd’s is paid over to his personal representatives.]

Textual Amendments

F141S. 179A inserted (3.5.1994 with effect in any case where the member dies after the end of the year 1993-94) by 1994 c. 9, s. 228, Sch. 21 para. 6(2)(3)

Modifications etc. (not altering text)

C18Ss. 179, 179A excluded (9.3.1995 with application as mentioned in reg. 1 of the amending S.I.) by S.I. 1995/351, regs. 1, 14(2)

Ss. 179, 179A excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 4(1)

[F142179BConversion to limited liability underwritingU.K.

Schedule 20A to this Act (which makes provision for certain reliefs to be available where a member converts to limited liability underwriting) shall have effect.]

Textual Amendments

180 Underwriting profits to be [F143relevant UK earnings etc].U.K.

(1)In relation to any member, all profits arising to him from his underwriting business—

(a)shall be treated for the purposes of the Income Tax Acts as immediately derived from the carrying on by him of that business, and

[F144(b)accordingly, shall constitute—

(i)for the purposes of Part 4 of the Finance Act 2004, relevant UK earnings within section 189(2)(b) of that Act, and

(ii)income in relation to which the treatment in section 836(2) of ITA 2007 does not apply.]

(2)This section does not apply in relation to profits of the year 1992-93 or earlier years of assessment.

Textual Amendments

F143Words in s. 180 heading substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 358(3) (with Sch. 2)

F144S. 180(1)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 358(2) (with Sch. 2)

Modifications etc. (not altering text)

C19S. 180 excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 8

181 Lloyd’s underwriting agents.U.K.

In section 43 of the M19Finance Act 1989 (Schedule D: computation), subsections (6) and (7) (which extend certain time limits for persons permitted by the Council of Lloyd’s to act as underwriting agents at Lloyd’s) shall cease to have effect in relation to periods of account ending on or after 30th June 1993.

Marginal Citations

SupplementalU.K.

182 Regulations.U.K.

(1)The Board may by regulations provide—

(a)for the assessment and collection of tax charged in accordance with section 171 above F145. . . ;

(b)for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of this Chapter as appear to the Board to be expedient having regard to those changes;

(c)for modifying the application of this Chapter in cases where a syndicate continues after the end of its closing year or a member dies or otherwise ceases to carry on his underwriting business;

[F146(ca)for modifying the application of this Chapter in relation to cases where assets forming part of a [F147premium] trust fund are the subject of—

F148(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)any such arrangements or agreements as are mentioned in [F149section 569 (repos) or 613 (redemption arrangements) of ITA 2007; ]]

(d)for giving credit for foreign tax.

F150(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F150(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F150(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)Regulations made, or deemed to have been made, under any of the following enactments (regulations about Lloyd’s underwriters), namely—

(a)section 451(1) or (1A) of the Taxes Act 1988,

(b)section 92(5) of the M20Finance Act 1989, or

(c)section 209(4) of the Gains Tax Act,

which were in force immediately before 6th April 1992 shall continue in force for the year 1992-93 and subsequent years of assessment notwithstanding the repeal of that enactment by this Act, and shall be deemed to have been made under this section.

[F151(6)Any power to make regulations conferred by this section includes power to make—

(a)different provision for different cases or different purposes, and

(b)incidental, supplemental or transitional provision and savings.]

Textual Amendments

F145Words in s. 182(1)(a) repealed (20.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(2)(8)(9), Sch. 11 Pt. 2(11); S.I. 2005/3337, art. 3

F146S. 182(1)(ca) inserted (1.5.1995) by 1995 c. 4, s. 83(2)

F147Word in s. 182(1)(ca) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(d)

F148S. 182(1)(ca)(i) repealed (19.3.1997 with effect in relation to, and to transfers under, any arrangement made on or after such day as may be appointed by order) by 1997 c. 16, ss. 76, 113, Sch. 10 Pt. I paras. 6(a), 7(1), Sch. 18 Pt. VI(10) Note 1

F150S. 182(2)-(4) repealed (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 7, Sch. 26 Pt. V(25) Note 4

F151S. 182(6) inserted (20.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(3)(8)(9); S.I. 2005/3337, art. 3

Marginal Citations

183 Consequential amendments.U.K.

F152(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F153(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F154(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F155(4)In section 710(14) of that Act (meaning of “business” and “premiums trust fund”), for the words “section 457” there shall be substituted the words “ section 184 of the Finance Act 1993 ”.

(5)In the following provisions (which relate to nominees, trustees etc.), namely—

  • Section 720(3) of the Taxes Act 1988,

  • paragraph 18(1) of Schedule 4 to that Act,

  • paragraph 10(1) of Schedule 11 to the Finance Act 1989, and

  • paragraph 18(1) of Schedule 10 to the M21Finance Act 1990,

the words from “his special reserve fund” to the end shall be omitted.

(6)In the following provisions (which relate to the death of a member), namely—

  • section 721(5) of the Taxes Act 1988,

  • paragraph 18(8) of Schedule 4 to that Act,

  • paragraph 10(6) of Schedule 11 to the Finance Act 1989, and

  • paragraph 18(6) of Schedule 10 to the M22Finance Act 1990,

the words from “a special reserve fund” to the end shall be omitted.

(7)In section 206(2) of the Gains Tax Act (Lloyd’s underwriters), after the words “subsection (1) above” there shall be inserted the words “ and section 174(1) of the Finance Act 1993 ”.

(8)In section 209 of that Act (interpretation, regulations about underwriters etc.)—

(a)in subsection (1), for the words “sections 450 to 456 of the Taxes Act” there shall be substituted the words “ Chapter III of Part II of the Finance Act 1993 ” and for the words “sections 450 to 456”, in the second place where they occur, there shall be substituted the words “ that Chapter ”; and

(b)in subsection (6), the words “or (4)” shall be omitted.

Textual Amendments

F152S. 183(1) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

F154S. 183(3) repealed (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, ss. 228(2)(c)(4), 230, 258, Sch. 26 Pt. V(25) Note 1

F155S. 183(4)-(8) repealed (the repeals of subsections (4)-(6) having effect for the year 1994 and subsequent underwriting years and the repeals of subsections (7)-(8) having effect for the year of assessment 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 213, Sch. 23 Pt. III(12) Notes 2, 4.

Marginal Citations

184 Interpretation and commencement.U.K.

(1)In this Chapter, unless the context otherwise requires—

  • ancillary trust fund”, in relation to a member, does not include a [F156premium] trust fund of his or his special reserve fund (if any) but, subject to that, means any trust fund required or authorised by the rules of Lloyd’s, or required by a members’ agent of his F157. . .;

  • closing year”—

    (a)

    in relation to a year of assessment, means the year of assessment next but one following that year;

    (b)

    in relation to an underwriting year, means the underwriting year next but one following that year; and

    (c)

    in relation to a syndicate, means the closing year of the underwriting year for which it was formed;

  • the Gains Tax Act” means the M23Taxation of Chargeable Gains Act 1992 and

  • the Gains Tax Acts” means that Act and any other enactments relating to capital gains tax;

  • the High Level Stop Loss Fund” means the fund of that name which, under the rules of Lloyd’s, has been established for the year 1993 and subsequent underwriting years;

  • inspector” includes any officer of the Board;

  • the Management Act” means the M24Taxes Management Act 1970;

  • managing agent”, in relation to a syndicate and a year of assessment, means—

    (a)

    the person registered as a managing agent at Lloyd’s who was acting as such an agent for the syndicate at the end of the corresponding underwriting year, or

    (b)

    such other person as may be determined in accordance with regulations made by the Board;

  • member” means [F158an individual who is a member of Lloyd’s and] is or has been an underwriting member;

  • members’ agent”, in relation to a member of a syndicate and a year of assessment, means—

    (a)

    the person registered as a members’ agent at Lloyd’s who was acting as such an agent for the member at the end of the corresponding underwriting year, or

    (b)

    if two or more such persons were so acting and one of them was appointed by the member to be responsible for complying with the requirements of [F159the Lloyd’s Underwriters (Tax) Regulations 2005] in relation to all of the syndicates of which he is a member, that person, or

    (c)

    if two or more such persons were so acting and none of them was so appointed, the person who was so acting for the member in his capacity as a member of the syndicate, or

    (d)

    such other person as may be determined in accordance with regulations made by the Board;

  • [F160“premium trust fund” means a trust fund into which premiums receivable by members are paid in compliance with a trust deed under [F161Rule 8.2.19 of the Insurance Prudential Sourcebook] made by the Financial Services Authority under the Financial Services and Markets Act 2000 F162;]

  • prescribed” means prescribed by regulations made by the Board;

  • profits” includes gains;

  • special reserve fund”, unless the contrary intention appears, means a special reserve fund set up under the arrangements mentioned in section 175(1) above;

  • stop-loss insurance” means any insurance taken out by a member against losses in his underwriting business [F163, except insurance taken out by entering a quota share contract (within the meaning of section 178 above)];

  • syndicate” means a syndicate of underwriting members of Lloyd’s formed for an underwriting year;

  • underwriting business”, in relation to a member, means his underwriting business as a member of Lloyd’s, whether carried on personally or through an underwriting agent, and does not include any other business carried on by him, and in particular, where he is himself an underwriting agent, does not include his business as such an agent;

  • underwriting year” means the calendar year.

(2)For the purposes of this Chapter—

(a)an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment;

(b)the profits or losses of a member’s underwriting business include profits or losses arising to him from assets forming part of a [F164premium] trust fund or an ancillary trust fund; and

(c)any charge made on a member by the [F165managing agent] of a syndicate of which he is a member, and any expense incurred on his behalf by the [F165managing agent] of such a syndicate, shall be treated as expenses arising directly from his membership of that syndicate.

(3)Subject to any provision to the contrary, the provisions of this Chapter have effect for the year 1992-93 and subsequent years of assessment.

Textual Amendments

F156S. 184(1): word in the definition of “ancillary trust fund” substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(e)

F157Words in definition in s. 184(1) repealed (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 8(1)(a), Sch. 26 Pt. V(25) Note 6

F158Words in definition in s. 184(1) substituted (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 8(1)(b)

F159Words in s. 184(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 16

F160S. 184(1): definition of “premium trust fund” substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 79

F162This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.

F163S. 184(1): words in definition of “stop-loss insurance” inserted (24.7.2002 with effect as mentioned in s. 86(2) of the amending Act) by 2002 c. 23, s. 86, Sch. 32 para. 5

F164Word in s. 184(2)(b) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(e)

F165Words in s. 184(2)(c) substituted (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 8(2)

Modifications etc. (not altering text)

C20S. 184 applied (1.5.1995 with application as mentioned in s. 127(19) of the amending Act) by 1995 c. 4, s. 127(16)(b)(19)

Marginal Citations

Yn ôl i’r brig

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