- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/2009)
- Gwreiddiol (Fel y'i Deddfwyd)
Finance Act 2004 is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Part 3 Income tax, corporation tax and capital gains tax
Chapter 1 Income tax and corporation tax charge and rate bands
Chapter 2 Corporation tax: general
Expenses of companies with investment business and insurance companies
Chapter 6 Exemption from income tax for certain interest and royalty payments
Chapter 7 Savings income: double taxation arising from withholding tax
Chapter 2 Registration of pension schemes
Chapter 4 Registered pension schemes: tax reliefs and exemptions
Part 7 Disclosure of tax avoidance schemes
306.Meaning of “notifiable arrangements” and “notifiable proposal”
309.Duty of person dealing with promoter outside United Kingdom
310.Duty of parties to notifiable arrangements not involving promoter
313.Duty of parties to notifiable arrangements to notify Board of number, etc.
316.Information to be provided in form and manner specified by HMRC
SCHEDULES
Disclosure of value added tax avoidance schemes
Corporation tax: the non-corporate distribution rate: supplementary provisions
Expenses of companies with investment business and insurance companies
Loan relationships: miscellaneous amendments
Late interest: close companies where limited partnership is collective investment scheme etc
Bad debts etc: release of amount where creditor is subject to insolvency proceedings
Bad debt etc: parties having connection and creditor in insolvent administrative receivership
Deemed assignment of assets and liabilities on company ceasing to be resident in UK etc
Discounted securities of close companies: limited partnership collective investment scheme etc
Amendment of enactments that operate by reference to accounting practice
3.For sections 85 and 86 of that Act (authorised accounting...
4.In section 87 of that Act (accounting method where parties...
6.(1) Section 88A of that Act (accounting method where rate...
7.Omit section 90 of that Act (changes of accounting method)....
8.After that section insert— Change of accounting basis applicable to...
9.(1) Omit section 92 of that Act (convertible securities etc....
10.Omit section 92A of that Act (convertible securities etc.: debtor...
12.Omit section 94 of that Act (indexed gilt-edged securities).
13.After that section insert— Loan relationships with embedded derivatives (1) This section applies where a company is permitted or...
14.In section 95 of that Act (gilt strips), in subsection...
16.In section 101 of that Act (financial instruments), after subsection...
17.(1) Section 103 of that Act (interpretation) is amended as...
Special computational provisions
19.In paragraph 3 (1) (options etc.) for “an authorised accruals...
20.(1) Paragraph 5 (bad debts etc.) is amended as follows....
21.(1) Paragraph 5A (bad debts and consortium relief) is amended...
23.(1) Paragraph 6A (bad debts etc.: parties having connection and...
24.(1) Paragraph 6B (bad debts etc. : companies becoming connected)...
25.(1) Paragraph 6C (bad debts etc. : cessation of connection)...
26.In paragraph 8 (restriction on writing off overseas sovereign debts...
27.(1) Paragraph 9 (further restriction on bringing into account losses...
28.In paragraph 10 (imported losses etc. ), for sub-paragraph (1)...
29.In paragraph 10A (deemed disposal on company ceasing to be...
30.In paragraph 11 (transactions not at arm’s length), for sub-paragraph...
31.In paragraph 12 (continuity of treatment: groups etc.), in sub-paragraph...
32.In paragraph 13 (loan relationships for unallowable purposes), in the...
33.(1) Paragraph 14 (debits and credits treated as relating to...
34.In paragraph 16 (amounts imputed under Schedule 28AA to the...
35.(1) Paragraph 19 (partnerships involving companies) is amended as follows....
36.After paragraph 19 insert— Adjustment on change of accounting policy...
Special computational provisions
54.In paragraph 22A of that Schedule (deemed assignment of derivative...
55.In paragraph 23 of that Schedule (derivative contracts for unallowable...
56.(1) Paragraph 25 of that Schedule (debits and credits treated...
57.In paragraph 30 of that Schedule (transactions within groups: authorised...
58.In paragraph 31A of that Schedule (amounts imputed under Schedule...
59.(1) Paragraph 32 of that Schedule (authorised unit trusts: capital...
60.(1) Paragraph 33 of that Schedule (open-ended investment companies: capital...
61.In paragraph 34 of that Schedule (power to amend paragraphs...
62.In paragraph 36 of that Schedule (contracts relating to holdings...
63.For paragraph 38 of that Schedule (investment trusts and venture...
64.In paragraph 48 of that Schedule (election to treat contract...
65.In paragraph 49(4) of that Schedule (partnerships involving companies: provisions...
66.For paragraph 50 of that Schedule (partnerships involving companies: application...
67.After that paragraph insert— Adjustment on company changing to international...
Construction industry scheme: consequential amendments
Claim for repayment in advance of liability being established
Designated international organisations: miscellaneous exemptions
Provisions for securing payment by company of outstanding tax
Supplementary provisions relating to contributions: Great Britain
Supplementary provisions relating to contributions: Northern Ireland
Transitional provisions concerning construction workers supplied by agencies
2.(1) Section 114 (cars, vans and related benefits) is amended...
3.In section 116(2) (when car is first made available and...
4.In section 119 (where alternative to benefit of car offered),...
5.For sections 155 to 166 substitute— Cash equivalent of the...
6.After section 169 insert— Van available to more than one...
Charge to income tax on benefits received by former owner of property
Intangible property comprised in settlement where settlor retains an interest
Chargeable person resident or domiciled outside the United Kingdom
Exemption in cases where aggregate notional annual values do not exceed £5,000
Power of Treasury to confer further exemptions by regulations
Persons chargeable under different provisions by reference to same property
Relationship with Part 3 of Income Tax (Earnings and Pensions) Act 2003
Relief where national insurance contributions met by employee
Minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003
Time limit for assessment: income received after year for which it is assessable
Computation of profits or gains under Schedule D: delayed payment of remuneration
Donations to charity by individuals: application to Crown employment
Tax relief for expenditure on R&D or remediation of contaminated land: staff costs
Gains and losses of a company from intangible fixed assets: delayed payment of remuneration
Minor corrections of the Income Tax (Earnings and Pensions) Act 2003
12.Schedule 5B to the Taxation of Chargeable Gains Act 1992...
13.(1) In paragraph 1(2) (definition of qualifying investment)—
15.(1) In paragraph 10 (re-investment in same company, etc)—
16.(1) In paragraph 13 (value received by investor) in sub-paragraph...
17.(1) In paragraph 14 (value received by other persons) in...
18.(1) In paragraph 14A (certain receipts to be disregarded for...
19.(1) In paragraph 16 (information)— (a) in sub-paragraph (6), for...
20.(1) In paragraph 19 (1) (interpretation)— (a) before the definition...
3.In paragraph 15 (introduction) after paragraph (e) insert—
4.In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2)...
5.(1) Paragraph 21 (meaning of “qualifying subsidiary”) is amended as...
6.After paragraph 21 insert— The property managing subsidiaries requirement (1) The issuing company is not a qualifying issuing company...
8.In paragraph 24 (ceasing to meet trading requirements by reason...
9.In paragraph 25 (meaning of “qualifying trade”) in sub-paragraph (3)(b),...
10.In paragraph 35 (requirement as to the shares) in sub-paragraph...
12.In paragraph 40 (entitlement to claim)— (a) in sub-paragraph (2),...
13.In paragraph 102 (minor definitions etc) after sub-paragraph (7) insert—...
14.In paragraph 103 (index of defined expressions), after the entry...
15.The amendments made by this Schedule have effect in relation...
Finance leasebacks: transitional provision
Computation of UK equivalent profits: creditor relationships
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Investment conditions to be met by funds seeking certification as distributing fund
Investment conditions to be met by funds seeking certification as distributing fund
Registered pension schemes: authorised pensions—supplementary
Unsecured pension year and basis amount for unsecured pension year
Unsecured pension year and basis amount for unsecured pension year
Alternatively secured pension year and basis amount for alternatively secured pension year
Alternatively secured pension year and basis amount for alternatively secured pension year
Registered pension schemes: authorised lump sums—supplementary
Taxable property held by investment-regulated pension schemes
Part 1 Investment-regulated pension schemes
Part 4 Amount and timing of unauthorised payment
Acquisition: further provisions
33.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
34.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
35.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
36.(1) The Treasury may by regulations make provision with respect...
Taxation of benefits under registered pension schemes
4.In section 567(4)(a) (amount charged to tax), for “15” substitute...
5.In section 568 (person liable to tax), for “15” substitute...
6.After Chapter 5 insert— Chapter 5A PENSIONS UNDER REGISTERED PENSION...
8.(1) Section 610 (annuities under sponsored superannuation schemes) is amended...
9.In section 611(3) (annuities in recognition of another’s service), for...
10.Omit Chapter 13 (return of surplus additional voluntary contributions under...
11.After Chapter 15 insert— CHAPTER 15A LUMP SUMS UNDER REGISTERED...
13.In section 644(2) (pensions to which section 580 or 590...
14.(1) Section 683 of ITEPA 2003 (PAYE income) is amended...
Registered pension schemes: benefit crystallisation events—supplementary
Benefit crystallisation events 1, 2 and 4: prevention of overlap
Benefit crystallisation events 1, 2 and 4: prevention of overlap
Benefit crystallisation events 2 and 4: early lifetime annuities
Benefit crystallisation event 6: meaning of “relevant lump sum”
Benefit crystallisation event 7: meaning of “relevant lump sum death benefit”
Benefit crystallisation event 8: prevention of overlap with other events
Overseas pension schemes: migrant member relief
Non-UK schemes: application of certain charges
2.The member payment provisions do not apply in relation to...
3.(1) The member payment provisions do not apply in relation...
4.(1) The member payment provisions do not apply in relation...
5.Sections 205 and 206 (short service refund lump sum charge...
7.(1) The member payment provisions apply with respect to a...
Unauthorised payment charge: alternatively secured pension etc
13.(1) The provisions of this Part relating to the lifetime...
14.(1) This paragraph applies in relation to the amount crystallised...
16.(1) This paragraph applies on the occurrence of a transfer...
17.Section 217 (persons liable to charge) applies with respect to...
18.(1) This paragraph applies where sums and assets held for...
Pension schemes etc: minor and consequential amendments
Income and Corporation Taxes Act 1988 (c. 1)
3.In section 21A(2) (Schedule A: computation of amount chargeable), insert...
4.In section 56(3)(b) (transfers in deposits and debts: exemption for...
6.In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a),...
7.In section 227(8)(a) (purchase of own shares: rules about trustees...
9.In section 266 (1) (life assurance premiums), for “sections 274...
10.(1) Section 266A (life assurance premiums paid by employer) is...
11.In section 268(7)(b) (early conversion or surrender of rights: life...
18.In section 414(7), (close companies: shares held on trust for...
19.In section 415(4)(b), (certain quoted companies not to be close...
20.For section 431B (life assurance: meaning of “pension business”) substitute—...
21.In section 464(5) (policies and contracts to be disregarded in...
22.(1) Section 466 (interpretation of Chapter 2 of Part 12)...
23.In section 467(3) (exemption for trade unions and employers' associations:...
26.In section 613(4) (parliamentary pension funds)— (a) omit “respective” and...
33.In section 824(9) (repayment supplements), after “settlement” insert “, scheme...
34.In section 828 (orders and regulations), after subsection (5) insert—...
35.(1) Section 832 (1) (interpretation of the Tax Acts) is...
36.In section 840A(1)(b)(iv) (definition of “bank”: exclusion of insurance companies),...
Taxation of Chargeable Gains Act 1992 (c. 12)
38.The Taxation of Chargeable Gains Act 1992 is amended as...
39.In section 13(10B)(b) (attribution of gains to members of non-resident...
40.For sections 239A and 239B (cessation of approval of retirement...
41.In section 288 (1) (interpretation), after the definition of “recognised...
42.(1) Paragraph 2 of Schedule 1 (application of exempt amount...
Income Tax (Earnings and Pensions) Act 2003 (c. 1)
54.The Income Tax (Earnings and Pensions) Act 2003 is amended...
55.In section 23(3) (calculation of “chargeable overseas earnings”), in Step...
56.In section 54 (1) (calculation of deemed employment payment), in...
57.In section 56(8) (application of Income Tax Acts in relation...
58.In section 218(4) (“lower-paid employment”: deductions to be subtracted), for...
59.In section 315(5) (limited exemption for expenses connected with certain...
60.(1) Section 327 (deductions from earnings: general) is amended as...
61.In section 381 (deductions from seafarers' earnings: taking account of...
62.(1) Section 407 (payments and benefits on termination of employment:...
63.(1) Section 408 (payments and benefits on termination of employment:...
64.In section 563 (former employees: deductions for liabilities), in the...
65.(1) Schedule 1 (abbreviations and defined expressions) is amended as...
Pension schemes etc: transitional provisions and savings
Part 1 Pre-commencement pension schemes
Part 2 Pre-commencement rights: lifetime allowance charge
7.(1) This paragraph makes provision for the operation of a...
8.(1) The value of the individual’s relevant uncrystallised pension rights...
9.(1) This paragraph applies if any of the individual’s uncrystallised...
10.(1) The value of the individual’s relevant crystallised pension rights...
11.(1) This paragraph applies where— (a) paragraph 7 makes provision...
11A.(1) This paragraph applies where— (a) paragraph 7 makes provision...
11B.(1) This paragraph and paragraphs 11C and 11D specify the...
11C.(1) In arriving at the aggregate mentioned in paragraph 11B(2)...
11D.(1) Sub-paragraph (2) applies where any of the lump sum...
12.(1) This paragraph applies on and after 6th April 2006...
13.Relevant benefit accrual occurs in relation to an individual under...
14.(1) For the purposes of paragraph 13(a) a relevant contribution...
15.(1) For the purposes of paragraph 13(b) “the relevant crystallised...
15A.(1) This paragraph applies where— (a) a person is paid...
16.(1) This paragraph specifies the post-commencement earnings limit if the...
17.(1) This paragraph specifies the post-commencement earnings limit in any...
17A.(1) There is an impermissible transfer into a relevant existing...
Individuals permitted to take pension before normal minimum pension age
Part 3 Pre-commencement benefit rights
Lump sum rights exceeding £375,000: primary and enhanced protection
Entitlement to lump sums exceeding 25% of uncrystallised rights
Winding-up lump sums paid by former approved superannuation funds
Pre-commencement holdings of taxable property
37A.(1) This paragraph applies in relation to an investment-regulated pension...
37B.(1) Paragraph 37A ceases to apply to an investment-regulated pension...
37C.(1) This paragraph applies where— (a) on 6th April 2006...
37D.(1) This paragraph applies where— (a) sub-paragraph (1) or (2)...
37E.(1) This paragraph applies where— (a) paragraph 37A would otherwise...
Retirement annuity contracts: carry-back of pre-commencement contributions
Members' contributions to pre-commencement retirement annuity contracts
Taxation of annuities paid under pre-commencement retirement annuity contracts
Pensions taxed pre-commencement but accruing post-commencement
Application of PAYE to certain annuities in payment at commencement
Authorised surplus payments charge: pre-19th March 1986 winding-up
Individuals with pre-commencement entitlement to corresponding relief
Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement
Oil taxation: tax-exempt tariffing receipts and assets producing them
Expenditure incurred on long-term assets other than non-dedicated mobile assets
Exclusion from s.3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts
Expenditure related to exempt gas: asset use giving rise to tax-exempt tariffing receipts
Disposal receipts from assets used in a way that gives rise to tax-exempt tariffing receipts
Subsequent use of new asset otherwise than in connection with a taxable field
Schedule to be inserted as Schedule 19B to the Taxes Act 1988
Stamp duty land tax and stamp duty
Part 1 Amendments to Part 4 of the Finance Act 2003: general
Part 2 Re-enactment, with changes, of amendments made by section 109 regulations
Stamp duty land tax: application to certain partnership transactions
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