Income and Corporation Taxes Act 1988

PART I U.K. THE CHARGE TO TAX

Income tax U.K.

1 The charge to income tax. U.K.

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

Textual Amendments

F1 S. 1 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 2, Sch. 3 Pt. 1 (with Sch. 2)

[F2 1A Application of lower rate to income from savings and distributions. U.K.

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

Textual Amendments

F2 S. 1A inserted (with effect in accordance with s. 73(3) of the amending Act) by Finance Act 1996 (c. 8), s. 73(1)

F3 S. 1A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 2, Sch. 3 Pt. 1 (with Sch. 2)

[F4 1B Rates of tax applicable to [F5 distribution] income etc. U.K.

F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F4 S. 1B inserted (with effect in accordance with s. 31(6) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 31(5)

F5 Words in s. 1B sidenote substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 4(5) (with Sch. 2)

F6 S. 1B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 2, Sch. 3 Pt. 1 (with Sch. 2)

2 Fractions of a pound, and yearly assessments. U.K.

F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7 S. 2 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 2, Sch. 3 Pt. 1 (with Sch. 2)

3 Certain income charged at basic rate. U.K.

F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8 S. 3 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 3, Sch. 3 Pt. 1 (with Sch. 2)

4 Construction of references in Income Tax Acts to deduction of tax. U.K.

F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 S. 4 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 4, Sch. 3 Pt. 1 (with Sch. 2)

5 Date for payment. U.K.

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

Textual Amendments

F10 S. 5 repealed (with effect in accordance with s. 199(2) and Sch. 26 Pt. 5(23) Note 2 of the amending Act) by Finance Act 1994 (c. 9), s. 258, Sch. 26 Pt. 5(23); S.I. 1998/3173, art. 2

Corporation tax U.K.

6 The charge to corporation tax and exclusion of income tax and capital gains tax. U.K.

(1) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13 (4A) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

F15 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F11 S. 6(1)-(3) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 2(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F12 S. 6(4) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 2, Sch. 3 Pt. 1 (with Sch. 2)

F13 S. 6(4A) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 6 (with Sch. 2)

F14 S. 6(4A) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 2(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F15 S. 6(5) repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 36, Sch. 10 Pt. 12 (with Sch. 9 Pt. 1)

7 Treatment of certain payments and repayment of income tax. U.K.

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

Textual Amendments

F16 S. 7 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 3, Sch. 3 Pt. 1 (with Sch. 2)

8 General scheme of corporation tax. U.K.

F17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17 S. 8 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 3, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F18 8A Resolutions to reduce corporation tax. U.K.

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

Textual Amendments

F18 S. 8A inserted (27.7.1993) by 1993 c. 34, s. 206(2)

F19 S. 8A repealed (29.4.1996) by Finance Act 1996 (c. 8), ss. 138, 205, Sch. 24 para. 10, Sch. 41

9 Computation of income: application of income tax principles. U.K.

(1) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F21 (2A) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2B) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2C) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Where F22 . . . any enactment applies both to income tax and to corporation tax—

(a) it shall not be affected in its operation by the fact that they are distinct taxes but, so far as is consistent with the Corporation Tax Acts, shall apply in relation to income tax and corporation tax as if they were one tax, so that, in particular, a matter which in a case involving two individuals is relevant for both of them in relation to income tax shall in a like case involving an individual and a company be relevant for him in relation to that tax and for it in relation to corporation tax; and

(b) for that purpose references in any such enactment to a relief from or charge to income tax, or to a specified provision of the Income Tax Acts shall, in the absence of or subject to any express adaptation, be construed as being or including a reference to any corresponding relief from or charge to corporation tax, or to any corresponding provision of the Corporation Tax Acts.

(6) F23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F20 S. 9(1)-(4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 4(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F21 S. 9(2A)-(2C) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 7(2) (with Sch. 2)

F22 Words in s. 9(5) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 4(3), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F23 S. 9(6) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 4(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Modifications etc. (not altering text)

C1 S. 9 restricted (24.3.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 881, 883(3)(b) (with Sch. 2)

10 Time for payment of tax. U.K.

F24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F24 S. 10 repealed (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), s. 258, Sch. 26 Part 5(23), Note 4; S.I. 1998/3173, art. 2

11 Companies not resident in United Kingdom. U.K.

[F25 (1) F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2A) F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) F27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25 S. 11(1)-(2A) substituted for s. 11(1)(2) (with effect in accordance with s. 149(6) of the amending Act) by Finance Act 2003 (c. 14), s. 149(1)

F26 S. 11(1)-(2A) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 5, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F27 S. 11(3)(4) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 4, Sch. 3 Pt. 1 (with Sch. 2)

[F28 11AA Determination of profits attributable to permanent establishment U.K.

F29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F28 S. 11AA inserted (with effect in accordance with s. 149(6) of the amending Act) by Finance Act 2003 (c. 14), s. 149(2)

F29 S. 11AA repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 6, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

12 Basis of, and periods for, assessment. U.K.

(1) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F31 (5A) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F32 (5B) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(6) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F34 (7ZA) F30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F35 (7A) F36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F37 (7B) F38 . . .

• F38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F40 [F41 (7C) F36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

(8) Where it appears to the inspector that the beginning or end of any accounting period of a company is uncertain, he may make an assessment on the company for such period, not exceeding 12 months, as appears to him appropriate, and that period shall be treated for all purposes as an accounting period of the company unless either—

(a) the inspector on further facts coming to his knowledge sees fit to revise it; or

(b) on an appeal against the assessment in respect of some other matter the company shows the true accounting periods;

and if on an appeal against an assessment made by virtue of this subsection the company shows the true accounting periods, the assessment appealed against shall, as regards the period to which it relates, have effect as an assessment or assessments for the true accounting periods, and there may be made such other assessments for any such periods or any of them as might have been made at the time when the assessment appealed against was made.

[F42 (9) F43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F30 S. 12(1)-(7ZA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F31 S. 12(5A) inserted (with effect as mentioned in Sch. 4 para. 11(4) of the amending Act) by Finance Act 1996 (c. 8), s. 79, Sch. 24 para. 11(3)

F32 S. 12(5B) inserted (with effect in accordance with Sch. 41 para. 5(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 41 para. 1(3)

F33 S. 12(1)-(7ZA) repealed (with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pt. 12)

F34 S. 12(7ZA) inserted (with effect in accordance with Sch. 41 para. 5(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 41 para. 1(5)

F35 S. 12(7A) inserted by Finance Act 1990 (c. 29), s.48, Sch.9 para.3 (in relation to transfers of business on or after 1.11.1990)

F36 S. 12(7A)(7C) omitted (19.2.2008 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 3

F37 S. 12(7B) inserted (with effect in accordance with art. 14(4) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 14(3)

F38 S. 12(7B): words and definition of "contracts of long-term insurance" repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(2)(a), Sch. 27 Pt. 2(10), Note

F39 S. 12(7B): definition of "insurance business transfer scheme" repealed (with effect in accordance with Sch. 9 para. 17(1) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(2)(a), Sch. 27 Pt. 2(9), Note

F40 S. 12(7C) inserted (with effect in accordance with Sch. 9 para. 20(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 20(3)

F41 S. 12(7C) substituted (with effect in accordance with Sch. 9 para. 17(1) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 3(2)

F42 S. 12(9) inserted (with effect in accordance with Sch. 10 para. 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 10 para. 43(2)

F43 S. 12(9) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Small companies’ rate U.K.

13 Small companies’ relief. U.K.

F44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F44 Ss. 13-13A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 5, Sch. 3 Pt. 1 (with Sch. 2)

[F45 13ZA Interpretation of section 13(7) U.K.

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

Textual Amendments

F45 S. 13ZA inserted (with application in accordance with s. 86(6) of the amending Act) by Finance Act 2001 (c. 9), s. 86(5)

F46 Ss. 13-13A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 5, Sch. 3 Pt. 1 (with Sch. 2)

[F47 13AA Corporation tax starting rate. U.K.

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

Textual Amendments

F47 S. 13AA inserted (with effect in accordance with s. 28(6)(7) of the amending Act) by Finance Act 1999 (c. 16), s. 28(1)

F48 S. 13AA repealed (with effect in accordance with s. 26(8)-(11) of the repealing Act) by Finance Act 2006 (c. 25), s. 26(1), Sch. 26 Pt. 3(1), Note

[F49 13AB The non-corporate distribution rate U.K.

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

Textual Amendments

F49 S. 13AB inserted (with effect in accordance with s. 28(4)(5) of the amending Act) by Finance Act 2004 (c. 12), s. 28(1)(6)

F50 S. 13AB repealed (with effect in accordance with s. 26(8)-(11) of the repealing Act) by Finance Act 2006 (c. 25), s. 26(2), Sch. 26 Pt. 3(1), Note

[F51 13A Close investment-holding companies. U.K.

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

Textual Amendments

F51 S. 13A inserted (in relation to accounting periods beginning after 31 March 1989) by Finance Act 1989 (c. 26), s. 105(2)(3)

F52 Ss. 13-13A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 5, Sch. 3 Pt. 1 (with Sch. 2)

Advance corporation tax U.K.

14 Advance corporation tax and qualifying distributions. U.K.

F53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F53 S. 14 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 6, Sch. 3 Pt. 1 (with Sch. 2)

The six Schedules U.K.

15 Schedule A. U.K.

F54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F54 S. 15 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 8, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F55 16 Schedule B. U.K.

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

Textual Amendments

F55 S. 16 repealed (with effect from 6.4.1988) by Finance Act 1988 (c. 39) s.148, Sch.14 Pt. V

F56 17 Schedule C. U.K.

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

Textual Amendments

F56 S. 17 repealed (with effect in accordance with Sch. 7 para. 32 and Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8), ss. 79, 205, Sch. 7 para. 3, Sch. 41 Pt. V(2), Note (with Sch. 7 paras. 33-35)

18 Schedule D. U.K.

F57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F57 S. 18 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 9, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

19 Schedule E. U.K.

F58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F58 S. 19 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 6, Sch 8 Pt. 1 (with Sch. 7)

20 Schedule F. U.K.

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

Textual Amendments

F59 S. 20 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 10, Sch. 3 (with Sch. 2)

PART II U.K. [F60 PROVISIONS RELATING TO THE SCHEDULE A CHARGE]

Textual Amendments

F60 Pt. 2 heading substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 3 (with Sch. 5 para. 73)

General U.K.

[F61 21 Persons chargeable and basis of assessment. U.K.

F62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F61 Ss. 21-21B substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) for s. 21 by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 4 (with Sch. 5 paras. 73, 76)

F62 S. 21 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 11, Sch. 3 (with Sch. 2)

[F63 21A Computation of amount chargeable. U.K.

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

Textual Amendments

F63 Ss. 21-21B substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) for s. 21 by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 4 (with Sch. 5 paras. 73, 76)

F64 S. 21A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 10, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

21B Application of other rules applicable to Case I of Schedule D. U.K.

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

Textual Amendments

F63 Ss. 21-21B substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) for s. 21 by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 4 (with Sch. 5 paras. 73, 76)

F65 S. 21B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 11, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F66 21C The Schedule A charge and mutual business. U.K.

F67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F66 S. 21C inserted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 5 (with Sch. 5 paras. 73, 76)

F67 S. 21C repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 12, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

22 Assessments. U.K.

F68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F68 S. 22 repealed (with effect in accordance with s. 39(4)(5) and Sch. 29 Pt. 8(1) Note of the repealing Act) by Finance Act 1995 (c. 4), ss. 39(3), 162, Sch. 6 para. 3, Sch. 29 Pt. 8(1), Note

23 Collection from lessees and agents. U.K.

F69 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F69 S. 23 repealed (with effect in accordance with s. 39(4)(5) and Sch. 29 Pt. 8(1) Note of the repealing Act) by Finance Act 1995 (c. 4), ss. 39(3), 162, Sch. 6 para. 3, Sch. 29 Pt. 8(1), Note

24 Construction of Part II. U.K.

F70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F70 S. 24 repealed for the purposes of Corporation Tax (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 2 (with Sch. 2)

S. 24 otherwise repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 241, Sch. 10 Pt. 9 (with Sch. 9 paras. 1-9)

Deductions and other allowances U.K.

25 Deductions from rent: general rules. U.K.

F71 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F71 S. 25 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(a); and s. 25 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 6, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 68, 73)

26 Deductions from rent: land managed as one estate. U.K.

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

Textual Amendments

F72 S. 26 repealed (with effect as mentioned in s. 39 of the repealing Act) by Finance Act 1998 (c. 36), s. 165, Sch. 27 Pt. 3(5), Note

27 Deductions from rent: maintenance funds for historic buildings. U.K.

F73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F73 S. 27 repealed (with effect as mentioned in s. 39 of the repealing Act) by Finance Act 1998 (c. 36), s. 165, Sch. 27 Pt. 3(5), Note

28 Deductions from receipts other than rent. U.K.

F74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F74 S. 28 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(a); and s. 28 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 9, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

29 Sporting rights. U.K.

F75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F75 S. 29 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(b); and s. 29 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 10, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

30 Expenditure on making sea walls. U.K.

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

Textual Amendments

F76 S. 30 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

31 Provisions supplementary to sections 25 to 30. U.K.

F77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F77 S. 31 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(c); and s. 31 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 12, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 68, 73)

[F78 31ZA Deduction for expenditure on energy-saving items U.K.

F79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F78 Ss. 31ZA-31ZC inserted (with effect in accordance with s. 17(2) of the amending Act) by Finance Act 2007 (c. 11), s. 17(1); S.I. 2008/1521, art. 2

F79 Ss. 31ZA-31ZC repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

31ZB Restrictions on relief U.K.

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

Textual Amendments

F78 Ss. 31ZA-31ZC inserted (with effect in accordance with s. 17(2) of the amending Act) by Finance Act 2007 (c. 11), s. 17(1); S.I. 2008/1521, art. 2

F80 Ss. 31ZA-31ZC repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

31ZC Regulations U.K.

F81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F78 Ss. 31ZA-31ZC inserted (with effect in accordance with s. 17(2) of the amending Act) by Finance Act 2007 (c. 11), s. 17(1); S.I. 2008/1521, art. 2

F81 Ss. 31ZA-31ZC repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F82 31A Deductions for expenditure by landlords on energy-saving items U.K.

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

Textual Amendments

F82 Ss. 31A, 31B inserted (with effect in accordance with s. 143(2) of the amending Act) by Finance Act 2004 (c. 12), s. 143(1)

F83 S. 31A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 16, Sch. 3 (with Sch. 2)

31B Provisions supplementary to section 31A U.K.

F84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F82 Ss. 31A, 31B inserted (with effect in accordance with s. 143(2) of the amending Act) by Finance Act 2004 (c. 12), s. 143(1)

F84 S. 31B repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 16, Sch. 3 (with Sch. 2)

32 Capital allowances for machinery and plant used in estate management. U.K.

F85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F85 S. 32 repealed (with effect as mentioned in Sch. 15 para. 9(1) of the repealing Act) by Finance Act 1997 (c. 16), ss. 85, 113, Sch. 15 para. 1, Sch. 18 Pt. 06(11), Note

33 Agricultural land: allowance for excess expenditure on maintenance. U.K.

F86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F86 S. 33 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(d); and s. 33 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 13, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

[F87 Connected persons U.K.

Textual Amendments

F87 Ss. 33A, 33B inserted (16.7.1992 with effect in relation to rents or receipts accruing on or after 10.3.1992) by Finance (No. 2) Act 1992 (c. 48), s. 57(1)(2).

F88 33A Rents or receipts payable by a connected person. U.K.

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

Textual Amendments

F88 S. 33A inserted (16.7.1992 with effect in relation to rents or receipts accruing on or after 10.3.1992) by Finance (No. 2) Act 1992 (c. 48), s. 57(1)(2).

F89 S. 33A ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(e); and s. 33A repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 14, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

F90 33B Rents or receipts relating to land in respect of which a connected person makes payments to a third party. U.K.

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

Textual Amendments

F90 S. 33B inserted (16.7.1992 with effect in relation to rents or receipts accruing on or after 10.3.1992) by Finance (No. 2) Act 1992 (c. 48), s. 57(1)(2).

F91 S. 33B ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(e); and s. 33B repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 14, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

Premiums, leases at undervalue etc U.K.

34 [F92 Treatment of premiums, etc. as rent.] U.K.

F93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F92 S. 34 sidenote substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 15(2), (with Sch. 5 para. 73)

F93 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

35 [F94 Charge] on assignment of lease granted at an undervalue. U.K.

F95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F94 S. 35: word in sidenote substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 16(2) (with Sch. 5 para. 73)

F95 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

36 [F96 Charge] on sale of land with right to reconveyance. U.K.

F97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F96 S. 36: word in sidenote substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 17(2) (with Sch. 5 para. 73)

F97 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

37 Premiums paid etc: deductions from premiums and rent received. U.K.

F98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F98 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

[F99 37A Section 37(4) and reductions in receipts under ITTOIA 2005 U.K.

F100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F99 S. 37A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 21 (with Sch. 2)

F100 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

38 Rules for ascertaining duration of leases. U.K.

F101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F101 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

39 Saving for pre-1963 leases, and special relief for individuals. U.K.

F102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F102 Ss. 34-39 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2 paras. 1-10, 39-41)

[F103 Supplementary provisions] U.K.

Textual Amendments

F103 Cross-heading before s. 40 substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 19, (with Sch. 5 para. 73)

40 Tax treatment of receipts and outgoings on sale of land. U.K.

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

Textual Amendments

F104 S. 40 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 17, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

41 Relief for rent etc. not paid. U.K.

F105 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F105 S. 41 ceased to have effect except for specified purposes (with effect in accordance with s. 39(4)(5) of the amending Act) by virtue of Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 4(g); and s. 41 repealed (with effect as mentioned in s. 38(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 38(1), 165, Sch. 5 para. 21, Sch. 27 Pt. 3(4), Note (with Sch. 5 paras. 65, 73)

42 Appeals against determinations under F106 . . . [F107 Chapter 4 of Part 3 of ITTOIA 2005]. U.K.

F108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F106 S. 42: words in sidenote omitted (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by virtue of Corporation Tax Act 2009 (c. 4), Sch. 1 para. 18(3)

F107 S. 42: words in sidenote inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 24(3) (with Sch. 2)

F108 S. 42 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 20, Sch. 10 Pt. 12 (with Sch. 9 Pt. 1) (subject to the omission of s. 42(7), so far as it continues to have effect, by virtue of Finance Act 2011 (c. 11), Sch. 23 paras. 55(a), 65)

[F109 42A Non-residents and their representatives. U.K.

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

Textual Amendments

F109 S. 42A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 40(1)

F110 S. 42A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2)

43 Non-residents. U.K.

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

Textual Amendments

F111 S. 43 repealed (with effect in accordance with s. 40(3) of the repealing Act) by Finance Act 1995 (c. 4), s. 40(3), Sch. 29 Pt. 8(16), Note 1

[F112 Rent factoring U.K.

Textual Amendments

F112 Ss. 43A-43G and cross-heading inserted (with effect in accordance with s. 110(2) of the amending Act) by Finance Act 2000 (c. 17), s.110(1)

43A Finance agreement: interpretation. U.K.

F113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F113 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43B Transfer of rent. U.K.

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

Textual Amendments

F114 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43C Transfer of rent: exceptions, &c. U.K.

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

Textual Amendments

F115 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43D Interposed lease. U.K.

F116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F116 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43E Interposed lease: exceptions, &c. U.K.

F117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F117 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43F Insurance business. U.K.

F118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F118 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

43G Interpretation. U.K.

F119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F119 Ss. 43A-43G repealed (with effect in accordance with Sch. 6 para. 1(2) of the repealing Act) by Finance Act 2006 (c. 25), Sch. 6 para. 1(1), Sch. 26 Pt. 3(12), Note

PART III U.K. [F120 GOVERNMENT SECURITIES]

Textual Amendments

F120 Pt. 3 heading substituted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996, s. 79, Sch. 7 para. 6 (with Sch. 7 paras. 33-35)

General U.K.

44 Income tax: mode of charge. U.K.

F121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F121 S. 44 repealed (with effect in accordance with Sch. 7 para. 32 and Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8), ss. 79, 205, Sch. 7 para. 7, Sch. 41 Pt. 5(2) (with Sch. 7 paras. 33-35)

45 Interpretation of Part III. U.K.

F122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F122 S. 45 repealed (with effect in accordance with Sch. 7 para. 32 and Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8), ss. 79, 205, Sch. 7 para. 8, Sch. 41 Pt. 5(2) (with Sch. 7 paras. 33-35)

Government securities: exemptions from tax U.K.

46 Savings certificates and tax reserve certificates. U.K.

F123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F123 S. 46 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 19, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

47 United Kingdom government securities held by non-residents. U.K.

F124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F124 S. 47 repealed (with effect in accordance with s. 154(9) of the repealing Act) by Finance Act 1996 (c. 8), ss. 154(7), 205, Sch. 28 para. 1, Sch. 41 Pt. 5(18), Note (with s. 154(2)-(6))

48 Securities of foreign states. U.K.

F125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F125 S. 48 repealed (with effect in accordance with Sch. 7 para. 32 and Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8), ss. 79, 205, Sch. 7 para. 9, Sch. 41 Pt. 5(2) (with Sch. 7 paras. 33-35)

49 Stock and dividends in name of Treasury etc. U.K.

[F126 (1) No tax shall be chargeable in respect of the stock or dividends—

(a) transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners, or

(b) transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock,

but the Bank of England and the Registrar of Government Stock shall each transmit to the Board an account of the total amount thereof in those books or registers as the case may be.]

(2) No tax shall be chargeable in respect of the stock or dividends belonging to the Crown, in whatever name they may stand in the books of the Bank of England [F127 or in the registers kept by the Registrar of Government Stock].

[F128 (3) In this section “dividends” means any interest, public annuities, dividends or shares of annuities.]

[F129 (4) In this section “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004).]

Textual Amendments

F126 S. 49(1) substituted (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No. 3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 2(2)(a) (with art. 3)

F127 Words in s. 49(2) inserted (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No. 3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 2(2)(b) (with art. 3)

F128 S. 49(3) inserted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996 (c. 8), s. 79, Sch. 7 para. 10 (with Sch. 7 paras. 33-35)

F129 S. 49(4) inserted (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No. 3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 2(2)(c) (with art. 3)

Government securities: interest payable without deduction of tax U.K.

50 United Kingdom securities: Treasury directions for payment without deduction of tax. U.K.

F130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F130 S. 50 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 8, Sch. 3 Pt. 1 (with Sch. 2)

51 Treasury directions as respects Northern Ireland securities. U.K.

F131 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F131 S. 51 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 8, Sch. 3 Pt. 1 (with Sch. 2)

[F132 51AA Commencement of direction under section 50 or 51. U.K.

F133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F132 S. 51AA inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 155

F133 S. 51AA repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 8, Sch. 3 Pt. 1 (with Sch. 2)

[F134 51A Gilt-edged securities held under authorised arrangements. U.K.

F135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F134 S. 51A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 77

F135 S. 51A repealed (with effect in accordance with s. 37(8) and Sch. 8 Pt. 2(13) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), ss. 37(5), 52, Sch. 8 Pt. 2(13)

[F136 51B Periodic accounting for tax on interest on gilt-edged securities. U.K.

F137 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F136 S. 51B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 78(1)

F137 S. 51B repealed (with effect in accordance with s. 37(3) of the repealing Act and S.I. 1999/619) by Finance Act 1998 (c. 36), ss. 37(1), 165, Sch. 27 Pt. 3(3), Note

52 Taxation of interest on converted government securities and interest which becomes subject to deduction. U.K.

F138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F138 S. 52 repealed (with effect in accordance with Sch. 7 para. 32 of the repealing Act) by Finance Act 1996 (c. 8), ss. 79, 205, Sch. 7 para. 12, Sch. 41 Pt. 5(2), Note (with Sch. 7 paras. 33-35)

PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER I U.K. SUPPLEMENTARY CHARGING PROVISIONS

53 Farming and other commercial occupation of land (except woodlands). U.K.

F139 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F139 S. 53 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 20, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F140 54 Woodlands managed on a commercial basis. U.K.

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

Textual Amendments

F140 S. 54 repealed (15.3.1988) by Finance Act 1988 (c. 39), Sch. 14 Pt. 5, Note 2

55 Mines, quarries and other concerns. U.K.

F141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F141 S. 55 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 21, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

56 Transactions in deposits with and without certificates or in debts. U.K.

(1) M1 M2 Subsection (2) below applies to the following rights—

(a) the right to receive the amount, with or without interest, stated in a certificate of deposit;

(b) the right to receive an amount payable with interest—

(i) in a transaction in which no certificate of deposit or security is issued, and

(ii) which is payable by a bank or similar institution or a person regularly engaging in similar transactions;

and the right to receive that interest.

(2) M3 Profits or gains arising to a [F142 company] from the disposal of a right to which this subsection applies or, except so far as it is a right to receive interest, from the exercise of any such right (whether by the person to whom the certificate was issued or by some other person, or, as the case may be, by the person who acquired the right in the transaction referred to in subsection (1) above or by some person acquiring it directly or indirectly from that person), shall, if not falling to be taken into account as a trading receipt, be treated as [F143 an amount to which the charge to corporation tax on income applies].

(3) M4 Subsection (2) above [F144 and section 551 of ITTOIA 2005 (charge to income tax on profits from disposal of deposit rights) do] not apply in the case of the disposal or exercise of a right to receive an amount stated in a certificate of deposit or interest on such an amount—

(a) if the [F145 company] disposing of the right acquired it before 7th March 1973;

(b) to any profits or gains arising to a fund or scheme in the case of which provision is made by section [F146 613(4) or 614(2) or (3) or section 186 of the Finance Act 2004] for exempting the whole or part of its income from income tax;

(c) F147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F148 (3A) F149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3B) F149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3C) F149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3D) F149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

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

[F151 (4A) This section and section 56A shall not apply for the purposes of corporation tax except in relation to rights in existence before 1st April 1996.

(4B) For the purposes of corporation tax, where any profits or gains arising from the disposal or exercise of a right in existence before 1st April 1996 are, or (if there were any) would be, chargeable under this section, nothing in [F152 Part 5 of CTA 2009] (loan relationships) shall require any amount relating to that disposal, or to the exercise of that right, to be brought into account for the purposes of [F152 that Part].]

(5) M5 In this section—

• “certificate of deposit” means a document relating to money, in any currency, which has been deposited with the issuer or some other person, being a document which recognises an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable; and

• “security” has the same meaning as in section [F153 132 of the 1992 Act].

Textual Amendments

F142 Word in s. 56(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 34(2)(a) (with Sch. 2)

F143 Words in s. 56(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 22(2) (with Sch. 2 Pts. 1, 2)

F144 Words in s. 56(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 34(3)(a) (with Sch. 2)

F145 Word in s. 56(3)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 34(3)(b) (with Sch. 2)

F146 Words in s. 56(3)(b) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 4 (with Sch. 36)

F147 S. 56(3)(c) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 8, Sch. 3 Pt. 1 (with Sch. 2)

F148 S. 56(3A)-(3D) inserted (27.7.1993) by 1993 c. 34, s. 170, Sch. 18 para.2

F149 S. 56(3A)-(3D) repealed (with effect in accordance with s. 79(3) of the repealing Act) by Finance Act 2002 (c. 23), s. 141, Sch. 40 Pt. 3(10), Note

F150 S. 56(4) omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 24(1)

F151 S. 56(4A)(4B) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 104, Sch. 14 para. 6 (with Sch. 15)

F152 Words in s. 56(4B) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 22(3) (with Sch. 2 Pts. 1, 2)

F153 Words in s. 56(5) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(3) (with ss. 60, 101(1), 171, 201(3)).

Modifications etc. (not altering text)

C2 S. 56(2) modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458, Sch. 10 para. 6 (with Sch. 10 para. 10); S.I. 2003/120, art. 2, Sch. (with arts. 3-7 (as amended by S.I. 2003/333, art. 14))

Marginal Citations

M1 SOURCE-1973 s. 26(1)

M2 SOURCE-1974 s. 30(1)

M3 SOURCE-1973 s. 26(1); 1974 s. 30(1)

M4 SOURCE-1973 s. 26(1)(a)(b); 1975 (No. 2) s. 50(1)

M5 SOURCE-1973 s. 26(4); 1974 s. 30(2), (1); 1968 s. 55(3); 1979(C) Sch. 7

[F154 56A Disposal or exercise of rights in pursuance of deposits. U.K.

(1) This section applies where there is an arrangement under which—

(a) there is a right to receive an amount (with or without interest)

in pursuance of a deposit of money,

(b) when the right comes into existence there is no certificate of deposit in respect of the right, and

(c) the person for the time being entitled to the right is entitled to call for the issue of a certificate of deposit in respect of the right.

(2) In such a case—

(a) the right shall be treated as not falling within section 56(1)(b), and

(b) if there is a disposal or exercise of the right before such time (if any) as a certificate of deposit is issued in respect of it, section 56(2) shall apply to it by virtue of this paragraph.

(3) In the application of section 56 by virtue of this section—

(a) subsection (2) shall have effect as if the words from “(whether” to “person)” read “(whether by the person originally entitled to the right or by some other person)”, and

(b) subsection (3) shall have effect as if the words “stated in a certificate of deposit” read “under an arrangement”.

(4) In this section “certificate of deposit” has the meaning given by section 56(5).]

Textual Amendments

F154 S. 56A inserted (with application in relation to arrangements made after 16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 34, Sch. 8 paras.1, 6.

57 Deep discount securities. U.K.

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

Textual Amendments

F155 S. 57 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note

58 Foreign pensions. U.K.

F156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F156 S. 58 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 8, Sch. 8 Pt. 1 (with Sch. 7)

59 Persons chargeable. U.K.

(1) F157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F158 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F158 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F157 S. 59(1)(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 35(2), Sch. 3 (with Sch. 2)

F158 S. 59(3)(4) repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 292, Sch. 10 Pt. 13 (with Sch. 9 Pts. 1, 2)

CHAPTER II U.K. INCOME TAX: BASIS OF ASSESSMENT ETC.

Cases I and II U.K.

60 Assessment on current year basis. U.K.

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

Textual Amendments

F159 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

61 Basis of assessment at commencement. U.K.

F160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F160 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

62 Change of basis period. U.K.

F161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F161 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

[F162 62A Conditions for such a change. U.K.

F163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F162 S. 62A inserted (with effect in accordance with s. 218 of the amending Act) by Finance Act 1994 (c. 9), s. 203 (with Sch. 20)

F163 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

63 Basis of assessment on discontinuance. U.K.

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

Textual Amendments

F164 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

[F165 63A Overlap profits and overlap losses. U.K.

F166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F165 S. 63A inserted (with effect in accordance with s. 218 of the amending Act) by Finance Act 1994 (c. 9), s. 205 (with Sch. 20)

F166 Ss. 60-63A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 36, Sch. 3 (with Sch. 2)

Cases III, IV and V U.K.

64 Case III assessments. U.K.

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

Textual Amendments

F167 S. 64 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 37, Sch. 3 (with Sch. 2)

65 Cases IV and V assessments: general. U.K.

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

Textual Amendments

F168 S. 65 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 38, Sch. 3 (with Sch. 2)

[F169 65A Case V income from land outside UK: income tax. U.K.

F170 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F169 S. 65A inserted (with effect in accordance with s. 41(5)-(10) of the amending Act) by Finance Act 1995 (c. 4), s. 41(2)

F170 S. 65A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 39, Sch. 3 (with Sch. 2)

66 Special rules for fresh income. U.K.

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

Textual Amendments

F171 S. 66 repealed (with effect in accordance with s. 218(1) of the repealing Act) by Finance Act 1994 (c. 9), ss. 207(4), 258, Sch. 26 Pt. 5(24), Note 7 (with Sch. 20)

67 Special rules where source of income disposed of or yield ceases. U.K.

F172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F172 S. 67 repealed (with effect in accordance with s. 218(1) of the repealing Act) by Finance Act 1994 (c. 9), ss. 207(4), 258, Sch. 26 Pt. 5(24), Note 7 (with Sch. 20)

68 Special rules where property etc. situated in Republic of Ireland. U.K.

F173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F173 S. 68 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 40, Sch. 3 (with Sch. 2)

[F174 68A Share incentive plans: application of section 68B U.K.

F175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F174 Ss. 68A-68C inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 10 (with Sch. 7)

F175 Ss. 68A-68C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 41, Sch. 3 (with Sch. 2)

68B Share incentive plans: cash dividends and dividend shares U.K.

F176 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F174 Ss. 68A-68C inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 10 (with Sch. 7)

F176 Ss. 68A-68C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 41, Sch. 3 (with Sch. 2)

68C Share incentive plans: interpretation U.K.

F177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F174 Ss. 68A-68C inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 10 (with Sch. 7)

F177 Ss. 68A-68C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 41, Sch. 3 (with Sch. 2)

Case VI U.K.

69 Case VI assessments. U.K.

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

Textual Amendments

F178 S. 69 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 42, Sch. 3 (with Sch. 2)

CHAPTER III U.K. CORPORATION TAX: BASIS OF ASSESSMENT ETC

70 Basis of assessment etc. U.K.

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

Textual Amendments

F179 S. 70 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 23, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F180 70A Case V income from land outside UK: corporation tax. U.K.

F181 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F180 S. 70A inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 25 (with Sch. 5 para. 73)

F181 S. 70A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 24, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

CHAPTER IV U.K. PROVISIONS SUPPLEMENTARY TO CHAPTERS II AND III

71 Computation of income tax where no profits in year of assessment. U.K.

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

Textual Amendments

F182 S. 71 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 43, Sch. 3 (with Sch. 2)

72 Apportionments etc. for purposes of Cases I, II and VI. U.K.

F183 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F183 S. 72 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 25, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

73 Single assessments for purposes of Cases III, IV and V. U.K.

F184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F184 S. 73 repealed (with effect in accordance with s. 103(7) of the repealing Act) by Finance Act 1995 (c. 4), ss. 115(09), 162, Sch. 29 Pt. 8(14), Note 2

CHAPTER V U.K. COMPUTATIONAL PROVISIONS

Deductions U.K.

74 General rules as to deductions not allowable. U.K.

F185 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F185 S. 74 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 26, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

75 Expenses of management: companies with investment business U.K.

F186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F186 S. 75 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 27, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F187 75A Accounting period to which expenses of management are referable U.K.

F188 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F187 S. 75A inserted (with effect in accordance with ss. 42, 43 of the amending Act) by Finance Act 2004 (c. 12), s. 39

F188 S. 75A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 28, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F189 75B Amounts reversing expenses of management deducted: charge to tax U.K.

F190 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F189 S. 75B inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 45(1) (with s. 45(2)(3))

F190 S. 75B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 29, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

76 Expenses of insurance companies U.K.

F191 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F191 S. 76 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 2 (with Sch. 17)

[F192 Payments for restrictive undertakings U.K.

Textual Amendments

F192 S. 76ZA and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 31 (with Sch. 2 Pts. 1, 2)

76ZA Payments for restrictive undertakings U.K.

F193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F193 S. 76ZA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 3 (with Sch. 17)

[F194 Seconded employees U.K.

Textual Amendments

F194 S. 76ZB and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 32 (with Sch. 2 Pts. 1, 2)

76ZB Employees seconded to charities and educational establishments U.K.

F195 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F195 S. 76ZB omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 4 (with Sch. 17)

[F196 Counselling and retraining expenses U.K.

Textual Amendments

F196 S. 76ZC and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 33 (with Sch. 2 Pts. 1, 2)

76ZC Counselling and other outplacement services U.K.

F197 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F197 Ss. 76ZC-76ZE omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 5 (with Sch. 17)

[F198 76ZD Retraining courses U.K.

F199 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F198 S. 76ZD inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 34 (with Sch. 2 Pts. 1, 2)

F199 Ss. 76ZC-76ZE omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 5 (with Sch. 17)

[F200 76ZE Retraining courses: recovery of tax U.K.

F201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F200 S. 76ZE inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 35 (with Sch. 2 Pts. 1, 2)

F201 Ss. 76ZC-76ZE omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 5 (with Sch. 17)

[F202 Redundancy payments etc U.K.

Textual Amendments

F202 S. 76ZF and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 36 (with Sch. 2 Pts. 1, 2)

76ZF Redundancy payments and approved contractual payments U.K.

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

Textual Amendments

F203 Ss. 76ZF-76ZJ omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 6 (with Sch. 17)

[F204 76ZG Payments in respect of employment wholly in employer's business U.K.

F205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F204 S. 76ZG inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 37 (with Sch. 2 Pts. 1, 2)

F205 Ss. 76ZF-76ZJ omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 6 (with Sch. 17)

[F206 76ZH Payments in respect of employment in more than one capacity U.K.

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

Textual Amendments

F206 S. 76ZH inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 38 (with Sch. 2 Pts. 1, 2)

F207 Ss. 76ZF-76ZJ omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 6 (with Sch. 17)

[F208 76ZI Additional payments U.K.

F209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F208 S. 76ZI inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 39 (with Sch. 2 Pts. 1, 2)

F209 Ss. 76ZF-76ZJ omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 6 (with Sch. 17)

[F210 76ZJ Payments by the Government U.K.

F211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F210 S. 76ZJ inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 40 (with Sch. 2 Pts. 1, 2)

F211 Ss. 76ZF-76ZJ omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 6 (with Sch. 17)

[F212 Contributions to local enterprise organisations or urban regeneration companies U.K.

Textual Amendments

F212 S. 76ZK and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 41 (with Sch. 2 Pts. 1, 2)

76ZK Contributions to local enterprise organisations or urban regeneration companies U.K.

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

Textual Amendments

F213 S. 76ZK omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 7 (with Sch. 17)

[F214 Unpaid remuneration U.K.

Textual Amendments

F214 S. 76ZL and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 42 (with Sch. 2 Pts. 1, 2)

76ZL Unpaid remuneration U.K.

F215 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F215 Ss. 76ZL, 76ZM omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 8 (with Sch. 17)

[F216 76ZM Unpaid remuneration: supplementary U.K.

F217 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F216 S. 76ZM inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 43 (with Sch. 2 Pts. 1, 2)

F217 Ss. 76ZL, 76ZM omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 8 (with Sch. 17)

[F218 Car or motor cycle hire] U.K.

Textual Amendments

F218 S. 76ZN and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 44 (with Sch. 2 Pts. 1, 2)

[F219 76ZN Car or motor cycle hire U.K.

F220 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F219 S. 76ZN and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 44 (with Sch. 2 Pts. 1, 2)

F220 S. 76ZN omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 9 (with Sch. 17)

[F221 76ZO Hiring cars (but not motor cycles) with low CO₂ emissions before 1 April 2013 U.K.

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

Textual Amendments

F221 S. 76ZO inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 45 (with Sch. 2 Pts. 1, 2)

F222 S. 76ZO omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 61

[F223 76A Levies and repayments under the Financial Services and Markets Act 2000. U.K.

F224 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F223 Ss. 76A, 76B inserted (1.12.2001) by Financial Services and Markets Act 2000 (c. 8), ss. 411(2), 431(2); S.I. 2001/3538, art. 2(1)

F224 S. 76A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 46, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F225 76B Levies and repayments under the Financial Services and Markets Act 2000: investment companies. U.K.

F226 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F225 Ss. 76A, 76B inserted (1.12.2001) by Financial Services and Markets Act 2000 (c. 8), ss. 411(2), 431(2); S.I. 2001/3538, art. 2(1)

F226 S. 76B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 47, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

77 Incidental costs of obtaining loan finance. U.K.

F227 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F227 S. 77 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 47, Sch. 3 (with Sch. 2)

78 Discounted bills of exchange. U.K.

F228 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F228 S. 78 repealed with saving (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 10, Sch. 41 Pt. 5(3), Note (with Sch. 15)

79 Contributions to local enterprise agencies. U.K.

F229 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F229 S. 79 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 48, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F230 79A Contributions to training and enterprise councils and local enterprise companies. U.K.

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

Textual Amendments

F230 S. 79A inserted by Finance Act 1990 (c. 29), s.76

F231 S. 79A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 49, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F232 79B Contributions to urban regeneration companies U.K.

F233 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F232 S. 79B inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 180(1)

F233 S. 79B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 50, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

80 Expenses connected with foreign trades etc. U.K.

F234 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F234 S. 80 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 51, Sch. 3 (with Sch. 2)

81 Travel between trades etc. U.K.

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

Textual Amendments

F235 S. 81 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 52, Sch. 3 (with Sch. 2)

82 Interest paid to non-residents. U.K.

F236 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F236 S. 82 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 53, Sch. 3 (with Sch. 2)

[F237 82A Expenditure on research and development. U.K.

F238 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F237 Ss. 82A, 82B inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 5(1) (with Sch. 19 para. 5(2)(3))

F238 S. 82A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 51, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F239 82B Payments to research associations, universities etc. U.K.

F240 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F239 Ss. 82A, 82B inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 5(1) (with Sch. 19 para. 5(2)(3))

F240 S. 82B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 52, Sch. 3 Pt. 1 (with Sch. 2 Pt. 12)

83 Patent fees etc. and expenses. U.K.

F241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F241 S. 83 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 53, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F242 83A Gifts in kind to charities etc. U.K.

F243 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F242 S. 83A inserted (with effect in accordance with s. 55(3) of the amending Act) by Finance Act 1999 (c. 16), s. 55(1)

F243 S. 83A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 54, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

84 Gifts to educational establishments. U.K.

F244 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F244 S. 84 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 55, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F245 84A Costs of establishing share option or profit sharing schemes: relief. U.K.

F246 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F245 S. 84A inserted by Finance Act 1991 (c. 31), s. 42

F246 S. 84A repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 26, Sch. 10 Pt. 12 (with Sch. 9)

85 Payments to trustees of approved profit sharing schemes. U.K.

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

Textual Amendments

F247 S. 85 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F248 85A Costs of establishing employee share ownership trusts: relief. U.K.

F249 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F248 S. 85A inserted by Finance Act 1991 (c. 31), s. 43

F249 S. 85A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 58, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F250 85B Approved share incentive plans U.K.

F251 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F250 S. 85B inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 12 (with Sch. 7)

F251 S. 85B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 59, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

86 Employees seconded to charities and educational establishments. U.K.

F252 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F252 S. 86 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 60, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F253 86A Charitable donations: contributions to agent’s expenses. U.K.

F254 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F253 S. 86A inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 69

F254 S. 86A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 61, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

87 Taxable premiums etc. U.K.

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

Textual Amendments

F255 S. 87 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F256 87A Section 87(2) and (3) and reductions in receipts under ITTOIA 2005 U.K.

F257 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F256 S. 87A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 63 (with Sch. 2)

F257 S. 87A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

88 Payments to Export Credit Guarantee Department. U.K.

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

Textual Amendments

F258 S. 88 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 63, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F259 88A Debts of overseas governments etc. U.K.

F260 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F259 Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74

F260 Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)

[F261 88B Section 88A debts: restriction on deductions under section 74(j). U.K.

F262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F261 Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74

F262 Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)

[F263 88C Section 88A debts: restriction on other deductions. U.K.

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

Textual Amendments

F263 Ss. 88A-88C inserted by Finance Act 1990 (c. 29), s. 74

F264 Ss. 88A-88C repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note (with Sch. 15)

[F265 88D Restriction of deductions in respect of certain debts U.K.

F266 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F265 S. 88D inserted (with effect in accordance with s. 80(3)(4) of the amending Act) by Finance Act 2005 (c. 7), Sch. 4 para. 2

F266 S. 88D repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

89 Debts proving to be irrecoverable after discontinuance etc U.K.

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

Textual Amendments

F267 S. 89 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 65, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

90 Additional payments to redundant employees. U.K.

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

Textual Amendments

F268 S. 90 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 66, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

91 Cemeteries. U.K.

F269 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F269 S. 91 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F270 91A Waste disposal: restoration payments. U.K.

F271 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F270 Ss. 91A, 91B inserted by Finance Act 1990 (c. 29), s. 78

F271 S. 91A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F272 91B Waste disposal: preparation expenditure. U.K.

F273 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F272 Ss. 91A, 91B inserted by Finance Act 1990 (c. 29), s. 78

F273 S. 91B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 69, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F274 91BA Waste disposal: entitlement of successor to allowances. U.K.

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

Textual Amendments

F274 S. 91BA inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 89

F275 S. 91BA repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 69, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F276 91C Mineral exploration and access. U.K.

F277 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F276 S. 91C inserted (with application in accordance with s. 66(3)(4) of the amending Act) by Finance Act 1997 (c. 16), s. 66(1)

F277 S. 91C repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Treatment of regional development and other grants and debts released etc. U.K.

92 Regional development grants. U.K.

F278 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F278 S. 92 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 71, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

93 Other grants under Industrial Development Act 1982 etc. U.K.

F279 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F279 S. 93 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 72, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

94 Debts deducted and subsequently released. U.K.

F280 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F280 S. 94 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

95 [F281 Taxation of dealers in respect of distributions etc.] U.K.

F282 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F281 S. 95 sidenote substituted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(9)

F282 S. 95 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 74, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F283 95ZA Taxation of UK distributions received by insurance companies U.K.

(1) If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions are to be taken into account in calculating for corporation tax purposes the profits of the company in that period (and accordingly [F284 [F285 section 130(2)] of CTA 2009] does not apply in relation to those distributions).

(2) A company (“company A”) receives a “relevant distribution” if—

(a) it receives a distribution made by a company F286 . . . (“company B”),

(b) the value of the shares or stock in respect of which the distribution is made (“the holding”) is materially reduced by reason of the distribution,

(c) a profit on the sale of the holding (to anyone other than company B) would be taken into account in calculating company A's profits in respect of relevant insurance business, and

(d) either—

(i) the holding amounts to, or is an ingredient in a holding amounting to, 10% of all holdings of the same class in company B, or

(ii) the period between the acquisition by company A of the holding and that company first taking steps to dispose of the holding does not exceed 30 days.

(3) In this section “relevant insurance business” means any kind of insurance business other than [F287 business in relation to which section 111 of the Finance Act 2012 applies].

(4) Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i).

(5) Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.]

Textual Amendments

F283 S. 95ZA inserted (with effect in accordance with Sch. 17 para. 16(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 16(1)

F284 Words in s. 95ZA(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 75 (with Sch. 2 Pts. 1, 2)

F285 Words in s. 95ZA(1) substituted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by Finance Act 2009 (c. 10), Sch. 14 para. 5(2)

F286 Words in s. 95ZA(2)(a) omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 5(3)

F287 Words in s. 95ZA(3) substituted (with effect in accordance with s. 148(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 16 para. 10 (with Sch. 17)

Special provisions U.K.

[F288 95A Creative artists: relief for fluctuating profits U.K.

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

Textual Amendments

F288 S. 95A inserted (11.5.2001) by Finance Act 2001 (c. 9), s. 71(1)

F289 S. 95A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 75, Sch. 3 (with Sch. 2)

96 Farming and market gardening: relief for fluctuating profits. U.K.

F290 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F290 S. 96 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 76, Sch. 3 (with Sch. 2)

97 Treatment of farm animals etc. U.K.

F291 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F291 S. 97 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 76, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F292 98 Tied premises: receipts and expenses treated as those of trade. U.K.

F293 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F292 S. 98 substituted (17.3.1998) by Finance Act 1998 (c. 36), s. 41(1)(3) (with s. 41(4)-(7))

F293 S. 98 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 77, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

99 Dealers in land. U.K.

F294 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F294 S. 99 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 78, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

CHAPTER VI U.K. DISCONTINUANCE F295 . . .

Textual Amendments

F295 Words in Pt. 4 Ch. 6 heading repealed (with application in accordance with Sch. 27 Pt. 3(6) Note of the repealing Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. 3(6)

Valuation of trading stock etc. U.K.

100 Valuation of trading stock at discontinuance of trade. U.K.

F296 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F296 S. 100 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 79, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

101 Valuation of work in progress at discontinuance of profession or vocation. U.K.

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

Textual Amendments

F297 S. 101 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 80, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

102 Provisions supplementary to sections 100 and 101. U.K.

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

Textual Amendments

F298 S. 102 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 81, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Case VI charges on receipts U.K.

103 Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis. U.K.

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

Textual Amendments

F299 Ss. 103-106 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

104 Conventional basis: general charge on receipts after discontinuance F300 . . . . U.K.

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

Textual Amendments

F300 Words in s. 104 sidenote repealed (with effect in accordance with Sch. 27 Pt. 3(6) Note of the repealing act) by Finance Act 1998 (c. 36), Sch. 27 Pt. 3(6)

F301 Ss. 103-106 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

105 Allowable deductions. U.K.

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

Textual Amendments

F302 Ss. 103-106 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

106 Application of charges where rights to payments transferred. U.K.

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

Textual Amendments

F303 Ss. 103-106 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Reliefs U.K.

107 Treatment of receipts as earned income. U.K.

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

Textual Amendments

F304 S. 107 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 86, Sch. 3 (with Sch. 2)

108 Election for carry-back. U.K.

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

Textual Amendments

F305 S. 108 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 87, Sch. 3 (with Sch. 2)

109 Charge under section 104: relief for individuals born before 6th April 1917. U.K.

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

Textual Amendments

F306 S. 109 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 88, Sch. 3 (with Sch. 2)

[F307 Relief for post-cessation expenditure U.K.

Textual Amendments

F307 S. 109A and preceding cross-heading inserted (with effect in accordance with s. 90(7) of the amending Act) by Finance Act 1995 (c. 4), s. 90(1)

109A Relief for post-cessation expenditure. U.K.

F308 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F308 S. 109A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 11, Sch. 3 Pt. 1 (with Sch. 2)

Supplemental U.K.

110 Interpretation etc. U.K.

F309 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F309 S. 110 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 83, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F310 [F311 Change of residence] U.K.

Textual Amendments

F310 S. 110A and preceding cross-heading inserted (with effect in accordance with s. 124(2) of the amending Act) by Finance Act 1995 (c. 4), s. 124(1)

F311 S. 110A and preceding cross-heading repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 91, Sch. 3 (with Sch. 2)

110A Change of residence. U.K.

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

Textual Amendments

F312 S. 110A and preceding cross-heading repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 91, Sch. 3 (with Sch. 2)

CHAPTER VII U.K. PARTNERSHIPS AND SUCCESSIONS

General U.K.

[F313 111 Treatment of partnerships. U.K.

(1) F314 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(13) F315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F313 S. 111 substituted (with effect in accordance with s. 215(4)(5) of the 1994 amending Act) by Finance Act 1994 (c. 9), s. 215(1) (as amended (retrospectively) by Finance Act 1995 c. 4, s. 117(1)(a)(2)(4)) (with Sch. 20)

F314 S. 111(1) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 84, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F315 S. 111(2)-(13) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 92(3), Sch. 3 (with Sch. 2)

112 Partnerships controlled abroad. U.K.

F316 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F316 S. 112 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 93, Sch. 3 (with Sch. 2)

113 Effect, for income tax, of change in ownership of trade, profession or vocation. U.K.

F317 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F317 S. 113 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 94, Sch. 3 (with Sch. 2)

Partnerships involving companies U.K.

114 Special rules for computing profits and losses. U.K.

F318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F318 S. 114 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 85, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

115 Provisions supplementary to section 114. U.K.

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

Textual Amendments

F319 S. 115 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 85, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

116 Arrangements for transferring relief. U.K.

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

Textual Amendments

F320 S. 116 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 11, Sch. 3 Pt. 1 (with Sch. 2)

Limited partners U.K.

117 Restriction on relief: individuals. U.K.

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

Textual Amendments

F321 S. 117 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 13, Sch. 3 Pt. 1 (with Sch. 2)

118 Restriction on relief: companies. U.K.

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

Textual Amendments

F322 Ss. 118-118ZD repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 12, Sch. 3 Pt. 1 (with Sch. 2)

[F323 Limited liability partnerships U.K.

Textual Amendments

F323 Ss. 118ZA-118ZD and preceding cross-heading inserted (6.4.2001) by Limited Liability Partnerships Act 2000 (c. 12), ss. 10(1), 19(1); S.I. 2000/3316, art. 2

118ZA Treatment of limited liability partnerships. U.K.

F324 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F324 S. 118ZA repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 87, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

118ZB Restriction on relief: companies U.K.

F325 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F325 Ss. 118-118ZD repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 12, Sch. 3 Pt. 1 (with Sch. 2)

118ZC Member’s contribution to trade. U.K.

F326 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F326 Ss. 118-118ZD repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 12, Sch. 3 Pt. 1 (with Sch. 2)

118ZD Carry forward of unrelieved losses. U.K.

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

Textual Amendments

F327 Ss. 118-118ZD repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 12, Sch. 3 Pt. 1 (with Sch. 2)

[F328 Non-active general partners and non-active members of limited liability partnerships U.K.

Textual Amendments

F328 Ss. 118ZE-118ZK and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 124(1)

118ZE Restriction on relief for non-active partners U.K.

F329 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F329 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

118ZF Meaning of “the aggregate amount” U.K.

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

Textual Amendments

F330 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

118ZG “The individual’s contribution to the trade” U.K.

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

Textual Amendments

F331 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

118ZH “A significant amount of time” U.K.

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

Textual Amendments

F332 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

118ZI Carry forward of unrelieved losses of non-active partners U.K.

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

Textual Amendments

F333 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

18ZJ Commencement: the first restricted year U.K.

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

Textual Amendments

F334 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

118ZK Transitional provision for years after the first restricted year U.K.

F335 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F335 Ss. 118ZE-118ZK repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

[F336 Partnerships exploiting films U.K.

Textual Amendments

F336 Ss. 118ZL, 118ZM and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 125

118ZL Partnerships exploiting films U.K.

F337 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F337 Ss. 118ZL, 118ZM repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 19, Sch. 3 Pt. 1 (with Sch. 2)

118ZM Partnerships exploiting films: supplementary U.K.

F338 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F338 Ss. 118ZL, 118ZM repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 19, Sch. 3 Pt. 1 (with Sch. 2)

[F339 Partners: meaning of “contribution to the trade” U.K.

Textual Amendments

F339 Ss. 118ZN, 118ZO and preceding cross-heading inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 73(1)(5)

118ZN Partners: meaning of “contribution to the trade” U.K.

F340 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F340 Ss. 118ZN, 118ZO repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 20, Sch. 3 Pt. 1 (with Sch. 2)

118ZO Meaning of “relevant loss” in section 118ZN U.K.

F341 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F341 Ss. 118ZN, 118ZO repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 20, Sch. 3 Pt. 1 (with Sch. 2)

[F342 [F343 Chapter VIIA U.K. Paying and collecting agents]

Textual Amendments

F342 Pt. 4 Ch. 7A (ss. 118A-118K) inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 29 para. 1

F343 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118A Definitions. U.K.

F344 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F344 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118B Paying agents. U.K.

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

Textual Amendments

F345 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118C Collecting agents. U.K.

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

Textual Amendments

F346 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118D Chargeable payments and chargeable receipts. U.K.

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

Textual Amendments

F347 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118E Deduction of tax from chargeable payments and chargeable receipts. U.K.

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

Textual Amendments

F348 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118F Accounting for tax on chargeable payments and chargeable receipts. U.K.

F349 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F349 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118G Relevant securities of eligible persons. U.K.

F350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F350 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118H Relevant securities of eligible persons: administration. U.K.

F351 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F351 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118I Deduction of tax at reduced rate. U.K.

F352 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F352 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118J Prevention of double accounting. U.K.

F353 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F353 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

118K Regulations. U.K.

F354 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F354 Pt. 4 Ch. 7A (ss. 118A-118K) repealed (with effect in accordance with s. 111(6)(a) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(1), Sch. 40 Pt. 2(17), Note 1

CHAPTER VIII U.K. MISCELLANEOUS AND SUPPLEMENTAL

119 Rent etc. payable in connection with mines, quarries and similar concerns. U.K.

F355 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F355 S. 119 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

120 Rent etc. payable in respect of electric line wayleaves. U.K.

F356 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F356 S. 120 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

121 Management expenses of owner of mineral rights. U.K.

F357 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F357 S. 121 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 90, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

122 Relief in respect of mineral royalties. U.K.

F358 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F358 S. 122 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 91, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

123 Foreign dividends. U.K.

F359 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F359 S. 123 repealed (with effect in accordance with Sch. 7 para. 32 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 7 para. 13, Sch. 41 Pt. 5(2), Note (with Sch. 7 paras. 33-35)

124 Interest on quoted Eurobonds. U.K.

F360 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F360 S. 124 repealed (with effect in accordance with s. 111(6)(b) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(2), Sch. 40 Pt. 2(17), Note 2

125 [F361 Annual payments for dividends or non-taxable consideration] U.K.

F362 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F361 S. 125 title substituted (retrospective to 2.12.2004) by virtue of Finance Act 2005 (c. 7), s. 91(3)

F362 S. 125 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 92, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

126 Treasury securities issued at a discount. U.K.

F363 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F363 Ss. 126, 126A repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996, Sch. 41 Pt. 5(3), Note

126A Charge to tax on appropriation of securities and bonds. U.K.

F364 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F364 Ss. 126, 126A repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996, Sch. 41 Pt. 5(3), Note

127 Enterprise allowance. U.K.

F365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F365 S. 127 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 108, Sch. 3 (with Sch. 2)

[F366 127A Futures and options: transactions with guaranteed returns. U.K.

F367 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F366 S. 127A inserted (with effect in accordance with s. 80(6) of the amending Act) by Finance Act 1997 (c. 16), s. 80(1)

F367 S. 127A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 109, Sch. 3 (with Sch. 2)

128 Commodity and financial futures etc.: losses and gains. U.K.

(1) F368 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F369 (2) F370 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) F370 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F368 S. 128(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 110, Sch. 3 (with Sch. 2)

F369 S. 128(2) inserted (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 27 para. 3(2) (with Sch. 28)

F370 S. 128(2)(3) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 93, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

129 Stock lending. U.K.

F371 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F371 Ss. 129, 129A repealed (with effect in accordance with Sch. 10 para. 7(1) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 1, Sch. 18 Pt. 6(10), Note 1; S.I. 1997/991, art. 2

[F372 129A Stock lending: interest on cash collateral. U.K.

F373 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F372 S. 129A inserted (with application in accordance with s. 85(3) of the amending Act) by Finance Act 1995 (c. 4), s. 85(1)

F373 Ss. 129, 129A repealed (with effect in accordance with Sch. 10 para. 7(1) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 1, Sch. 18 Pt. 6(10), Note 1; S.I. 1997/991, art. 2

[F374 129B Stock lending fees. U.K.

(1) The income which, as income deriving from investments of a description specified in any of the relevant provisions, is eligible for relief from tax by virtue of that provision shall be taken to include any relevant stock lending fee.

(2) For the purposes of this section the relevant provisions are [F375 sections 613(4) and 614(3) and section 186 of the Finance Act 2004].

(3) In this section “relevant stock lending fee”, in relation to investments of any description, means any amount, in the nature of a fee, which is payable in connection with [F376 any] stock lending arrangement relating to investments which, but for any transfer under the arrangement, would be investments of that description.

[F377 (4) In this section “stock lending arrangement” has the same meaning as in section 263B of the 1992 Act.]]

Textual Amendments

F374 S. 129B inserted (with effect in accordance with s. 157(2) of the amending Act) by Finance Act 1996 (c. 8), s. 157(1)

F375 Words in s. 129B(2) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 6 (with Sch. 36)

F376 Word in s. 129B(3) substituted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 2(1); S.I. 1997/991, art. 2

F377 S. 129B(4) substituted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 2(2); S.I. 1997/991, art. 2

130 [F378 Meaning of “investment company” in Part 4] U.K.

M6 In this Part of this Act [F379 —

• F380 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

• “investment company”, means any company whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom, but includes any savings bank or other bank for savings except any which, for the purposes of the M7 Trustee Savings Bank Act 1985, is a successor or a further successor to a trustee savings bank.

Textual Amendments

F378 S. 130 title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 94(3) (with Sch. 2 Pts. 1, 2)

F379 S. 130: definition of "company with investment business" inserted (with effect in accordance with ss. 38(5), 42, 43 of the amending Act) by Finance Act 2004 (c. 12), s. 38(3)

F380 S. 130: definition of "company with investment business" repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 94(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Marginal Citations

M6 Source—1970 s.304(5); 1980 Sch.11

M7 1985 c. 58.

PART V U.K. PROVISIONS RELATING TO THE SCHEDULE E CHARGE

CHAPTER I U.K. SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION

Miscellaneous provisions U.K.

131 Chargeable emoluments. U.K.

F381 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F381 Ss. 131-134 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 14, Sch. 8 Pt. 1 (with Sch. 7)

132 Place of performance, and meaning of emoluments received in the U.K. U.K.

F382 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F382 Ss. 131-134 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 14, Sch. 8 Pt. 1 (with Sch. 7)

133 Voluntary pensions. U.K.

F383 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F383 Ss. 131-134 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 14, Sch. 8 Pt. 1 (with Sch. 7)

134 Workers supplied by agencies. U.K.

F384 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F384 Ss. 131-134 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 14, Sch. 8 Pt. 1 (with Sch. 7)

Shareholdings, loans etc. U.K.

135 Gains by directors and employees from share options. U.K.

F385 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F385 Ss. 135-137 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 15, Sch. 8 Pt. 1 (with Sch. 7)

136 Provisions supplementary to section 135. U.K.

F386 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F386 Ss. 135-137 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 15, Sch. 8 Pt. 1 (with Sch. 7)

137 Payment of tax under section 135 by instalments. U.K.

F387 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F387 Ss. 135-137 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 15, Sch. 8 Pt. 1 (with Sch. 7)

138 Share acquisitions by directors and employees. U.K.

F388 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F388 Ss. 138, 139 omitted (with effect in accordance with s. 50(3) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 50(1)

F389 139 Provisions supplementary to section 138. U.K.

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

Textual Amendments

F389 Ss. 138, 139 omitted (with effect in accordance with s. 50(3) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 50(1)

140 Further interpretation of sections 135 to 139. U.K.

F390 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F390 S. 140 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 17, Sch. 8 Pt. 1 (with s. 418(4), Sch. 7)

[F391 140A Conditional acquisition of shares. U.K.

F392 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F391 Ss. 140A-140C inserted (with application in accordance with s. 50(4) of the amending Act) by Finance Act 1998 (c. 36), s. 50(1)

F392 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

140B Consideration for shares conditionally acquired. U.K.

F393 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F391 Ss. 140A-140C inserted (with application in accordance with s. 50(4) of the amending Act) by Finance Act 1998 (c. 36), s. 50(1)

F393 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

140C Cases where interest to be treated as only conditional. U.K.

F394 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F391 Ss. 140A-140C inserted (with application in accordance with s. 50(4) of the amending Act) by Finance Act 1998 (c. 36), s. 50(1)

F394 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

[F395 140D Convertible shares. U.K.

F396 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F395 Ss. 140D-140F inserted (with application in accordance with s. 51(3) of the amending Act) by Finance Act 1998 (c. 36), s. 51(1)

F396 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

140E Consideration for convertible shares. U.K.

F397 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F395 Ss. 140D-140F inserted (with application in accordance with s. 51(3) of the amending Act) by Finance Act 1998 (c. 36), s. 51(1)

F397 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

140F Supplemental provision with respect to convertible shares. U.K.

F398 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F395 Ss. 140D-140F inserted (with application in accordance with s. 51(3) of the amending Act) by Finance Act 1998 (c. 36), s. 51(1)

F398 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

[F399 140G Information for the purposes of sections 140A to 140F. U.K.

F400 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F399 S. 140G inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 52(1)

F400 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

[F401 140H Construction of sections 140A to 140G. U.K.

F402 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F401 S. 140H inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 53

F402 Ss. 140A-140H repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 18, Sch. 8 Pt. 1 (with Sch. 7)

Vouchers etc. U.K.

141 Non-cash vouchers. U.K.

F403 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F403 Ss. 141-144 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 19, Sch. 8 Pt. 1 (with Sch. 7)

142 Credit-tokens. U.K.

F404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F404 Ss. 141-144 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 19, Sch. 8 Pt. 1 (with Sch. 7)

143 Cash vouchers taxable under P.A.Y.E. U.K.

F405 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F405 Ss. 141-144 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 19, Sch. 8 Pt. 1 (with Sch. 7)

144 Supplementary provisions. U.K.

F406 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F406 Ss. 141-144 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 19, Sch. 8 Pt. 1 (with Sch. 7)

[F407 144A Payments etc. received free of tax. U.K.

F408 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F407 S. 144A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 132

F408 S. 144A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 20, Sch. 8 Pt. 1 (with Sch. 7)

Living accommodation U.K.

145 Living accommodation provided for employee. U.K.

F409 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F409 Ss. 145-147 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 21, Sch. 8 Pt. 1 (with Sch. 7)

146 Additional charge in respect of certain living accommodation. U.K.

F410 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F410 Ss. 145-147 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 21, Sch. 8 Pt. 1 (with Sch. 7)

[F411 146A Priority of rules applying to living accommodation. U.K.

F412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F411 S. 146A inserted (with application in accordance with s. 106(3) of the amending Act) by Finance Act 1996 (c. 8), s. 106(2)

F412 Ss. 145-147 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 21, Sch. 8 Pt. 1 (with Sch. 7)

147 Occupation of Chevening House. U.K.

F413 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F413 Ss. 145-147 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 21, Sch. 8 Pt. 1 (with Sch. 7)

Payments on retirement, sick pay etc. U.K.

148 Payments and other benefits in connection with termination of employment, etc. U.K.

F414 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F414 Ss. 148-151A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 22, Sch. 8 Pt. 1 (with Sch. 7)

149 Sick pay. U.K.

F415 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F415 Ss. 148-151A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 22, Sch. 8 Pt. 1 (with Sch. 7)

150 Job release scheme allowances, maternity pay and statutory sick pay. U.K.

F416 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F416 Ss. 148-151A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 22, Sch. 8 Pt. 1 (with Sch. 7)

151 Income support etc. U.K.

F417 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F417 Ss. 148-151A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 22, Sch. 8 Pt. 1 (with Sch. 7)

[F418 151A Jobseeker’s allowance. U.K.

F419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F418 S. 151A inserted (2.9.1996) by Jobseekers Act 1995 (c. 18), s. 41(2)(4), Sch. 2 para. 12; S.I. 1996/2208, art. 2(a)

F419 Ss. 148-151A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 22, Sch. 8 Pt. 1 (with Sch. 7)

152 [F420 Notification of taxable amount of certain benefits]. U.K.

F421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F420 S. 152 sidenote substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 23 (with Sch. 7)

F421 S. 152 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 34, Sch. 10 Pt. 12 (with Sch. 9)

CHAPTER II U.K. [F422 EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS]

Textual Amendments

F422 Pt. 5 Ch. 2 heading substituted by Finance Act 1989 (c. 26), s. 53(2)(a)

Expenses U.K.

153 Payments in respect of expenses. U.K.

F423 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F423 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

Benefits in kind U.K.

154 General charging provision. U.K.

F424 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F424 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

155 Exceptions from the general charge. U.K.

F425 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F425 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F426 155ZA Accommodation, supplies or services used in performing duties of employment. U.K.

F427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F426 S. 155ZA inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 2(1)

F427 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F428 155ZB Power to provide for exemption of minor benefits. U.K.

F429 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F428 S. 155ZB inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 3(1)

F429 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F430 155AA Mobile telephones. U.K.

F431 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F430 S. 155AA inserted (with effect in accordance with s. 44(6) of the amending Act) by Finance Act 1999 (c. 16), s. 44(1)

F431 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F432 155A Care for children. U.K.

F433 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F432 S. 155A inserted (1990-91 and subsequent years of assessment) by Finance Act 1990 (c. 29), s. 21(1)(3)

F433 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

156 Cash equivalent of benefits charged under section 154. U.K.

F434 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F434 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F435 156A Limited exemption for computer equipment. U.K.

F436 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F435 S. 156A inserted (with application in accordance with s. 45(3) of the amending Act) by Finance Act 1999 (c. 16), s. 45(1)

F436 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

157 Cars available for private use. U.K.

F437 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F437 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F438 157A Cars available for private use: cash alternative, etc. U.K.

F439 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F438 S. 157A inserted (with effect in accordance with s. 43(4) of the amending Act) by Finance Act 1995 (c. 4), s. 43(1)

F439 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

158 Car fuel. U.K.

F440 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F440 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

159 Pooled cars. U.K.

F441 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F441 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F442 159AA Vans available for private use. U.K.

F443 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F442 Ss. 159AA, 159AB inserted after s. 159 (27.7.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 73, Sch. 4 paras. 4, 8

F443 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F444 159AB Pooled vans. U.K.

F445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F444 Ss. 159AA, 159AB inserted after s. 159 (27.7.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 73, Sch. 4 paras. 4, 8

F445 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F446 159AC Heavier commercial vehicles available for private use. U.K.

F447 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F446 S. 159AC inserted (27.7.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 74(1)(3)

F447 Ss. 153-159AC repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F448 159A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F448 S. 159A inserted (1991-92 and subsequent years of assessment) by Finance Act 1991 (c. 31), s. 30(2)(3)

F449 S. 159A repealed (with effect in accordance with s. 44(6) of the repealing Act) by Finance Act 1999 (c. 16), ss. 44(2), 139, Sch. 20 Pt. 3(9), Note

160 Beneficial loan arrangements. U.K.

F450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F450 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

161 Exceptions from section 160. U.K.

F451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F451 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F452 161A Treatment of qualifying loans. U.K.

F453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F452 S. 161A inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 4(1)

F453 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F454 161B Beneficial loans: loans on ordinary commercial terms. U.K.

F455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F454 S. 161B inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 5(1)

F455 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

162 Employee shareholdings. U.K.

F456 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F456 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

163 Expenses connected with living accommodation. U.K.

F457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F457 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

164 Director’s tax paid by employer. U.K.

F458 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F458 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

165 Scholarships. U.K.

F459 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F459 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

General supplementary provisions U.K.

166 Notice of nil liability under this Chapter. U.K.

F460 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F460 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

167 Employment to which this Chapter applies. U.K.

F461 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F461 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

168 Other interpretative provisions. U.K.

F462 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F462 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F463 168A Price of a car as regards a year. U.K.

F464 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F463 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F464 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F465 168AA Equipment to enable disabled person to use car. U.K.

F466 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F465 S. 168AA inserted (with effect in accordance with s. 44(3) of the amending Act) by Finance Act 1995 (c. 4), s. 44(2)

F466 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

[F467 168AB Equipment etc. to enable car to run on road fuel gas. U.K.

F468 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F467 S. 168AB inserted (with effect in accordance with s. 60(6) of the amending Act) by Finance Act 1998 (c. 36), s. 60(3)

F468 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F469 168B Price of a car: accessories not included in list price. U.K.

F470 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F469 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F470 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F471 168C Price of a car: accessories available after car first made available. U.K.

F472 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F471 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F472 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F473 168D Price of a car: capital contributions. U.K.

F474 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F473 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F474 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F475 168E Price of a car: replacement accessories. U.K.

F476 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F475 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F476 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F477 168F Price of a car: classic cars. U.K.

F478 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F477 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F478 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

F479 168G Price of a car: cap for expensive car. U.K.

F480 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F479 Ss. 168A-168G inserted (with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 72, Sch. 3 paras. 4, 7

F480 Ss. 160-168G repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 24, Sch. 8 Pt. 1 (with Sch. 7)

CHAPTER III U.K. PROFIT-RELATED PAY

Preliminary U.K.

169 Interpretation. U.K.

F481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F481 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

170 Taxation of profit-related pay. U.K.

F482 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F482 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

The relief U.K.

171 Relief from tax. U.K.

F483 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F483 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

172 Exceptions from tax. U.K.

F484 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F484 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

Registration U.K.

173 Persons who may apply for registration. U.K.

F485 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F485 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

174 Excluded employments. U.K.

F486 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F486 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

175 Applications for registration. U.K.

F487 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F487 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

176 Registration. U.K.

F488 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F488 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

177 Change of scheme employer. U.K.

F489 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F489 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

[F490 177A Death of scheme employer. U.K.

F491 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F490 Ss. 177A, 177B inserted by Finance Act 1989 (c. 26), Sch. 4 para. 3

F491 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

177B Alteration of scheme’s terms. U.K.

F492 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F492 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

178 Cancellation of registration. U.K.

F493 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F493 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

Administration U.K.

179 Recovery of tax from scheme employer. U.K.

F494 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F494 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

180 Annual returns etc. U.K.

F495 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F495 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

181 Other information. U.K.

F496 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F496 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

182 Appeals. U.K.

F497 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F497 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

Supplementary U.K.

183 Partnerships. U.K.

F498 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F498 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

184 Independent accountants. U.K.

F499 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F499 Ss. 169-184 (Pt. 5 Ch. 3) repealed (with effect in accordance with s. 61(2)(3) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(3), Note 1 (with saving in Note 2; and Ch. 3 modified, as so saved, by s. 61(1) of the repealing Act)

CHAPTER IV U.K. OTHER EXEMPTIONS AND RELIEFS

Share option and profit sharing schemes U.K.

185 Approved share option schemes. U.K.

F500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F500 S. 185 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 25, Sch. 8 Pt. 1 (with Sch. 7)

186 Approved profit sharing schemes. U.K.

(1) M8 The provisions of this section apply where, after 5th April 1979 [F501 and before 1st January 2003], the trustees of an approved profit sharing scheme appropriate shares—

(a) which have previously been acquired by the trustees, and

(b) as to which the conditions in Part II of Schedule 9 are fulfilled,

to an individual who participates in the scheme (“the participant”).

(2) M9 Notwithstanding that, by virtue of such an appropriation of shares as is mentioned in subsection (1) above, the beneficial interest in the shares passes to the participant to whom they are appropriated—

(a) the value of the shares at the time of the appropriation shall be treated as not being income of his chargeable to tax under Schedule E; and

(b) he shall not be chargeable to income tax under that Schedule by virtue of [F502 section 78 or 79 of the Finance Act 1988 in respect of the shares] or by virtue of section 162 in any case where the shares are appropriated to him at an undervalue within the meaning of that section.

(3) M10 Subject to the provisions of this section and paragraph 4 of Schedule 10, if, in respect of or by reference to any of a participant’s shares, the trustees become or the participant becomes entitled, before the release date, to receive any money or money’s worth (“a capital receipt”), F503 . . . the appropriate percentage (determined as at the time the trustees become or the participant becomes so entitled) of so much of the amount or value of the receipt as exceeds the appropriate allowance for that year, as determined under subsection (12) below[F504 counts as employment income of the participant for the year of assessment in which the entitlement arises].

(4) M11 If the trustees dispose of any of a participant’s shares at any time before the release date or, if it is earlier, the date of the participant’s death, then, subject to subsections (6) and (7) below, F505 . . . the appropriate percentage of the locked-in value of the shares at the time of the disposal[F506 counts as employment income of the participant for the year of assessment in which the disposal takes place].

(5) M12 Subject to paragraphs 5 and 6(6) of Schedule 10, the locked-in value of a participant’s shares at any time is—

(a) if prior to that time he has become [F507 entitled to a capital receipt (within the meaning of subsection (3) above) which is referable to those shares and—

(i) an amount calculated by reference to that capital receipt counts as his employment income by virtue of subsection (3) above, or

(ii) if the entitlement to the capital receipt arose before 6th April 2003, he was chargeable to income tax by virtue of that subsection (as it had effect before that date) in respect of that capital receipt,]

the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of them; and

(b) in any other case, their initial market value.

(6) Subject to subsection (7) below, if, on a disposal of shares falling within subsection (4) above, the proceeds of the disposal are less than the locked-in value of the shares at the time of the disposal, subsection (4) above shall have effect as if that locked-in value were reduced to an amount equal to the proceeds of the disposal.

(7) If, at any time prior to the disposal of any of a participant’s shares, a payment was made to the trustees to enable them to exercise rights arising under a rights issue, then, subject to subsection (8) below, subsections (4) and (6) above shall have effect as if the proceeds of the disposal were reduced by an amount equal to that proportion of that payment or, if there was more than one, of the aggregate of those payments which, immediately before the disposal, the market value of the shares disposed of bore to the market value of all the participant’s shares held by the trustees at that time.

(8) M13 For the purposes of subsection (7) above—

(a) no account shall be taken of any payment to the trustees if or to the extent that it consists of the proceeds of a disposal of rights arising under a rights issue; and

(b) in relation to a particular disposal the amount of the payment or, as the case may be, of the aggregate of the payments referred to in that subsection shall be taken to be reduced by an amount equal to the total of the reduction (if any) previously made under that subsection in relation to earlier disposals;

and any reference in subsection (7) or paragraph (a) above to the rights arising under a rights issue is a reference to rights conferred in respect of a participant’s shares, being rights to be allotted, on payment, other shares or securities or rights of any description in the same company.

(9) M14 If at any time the participant’s beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of the relevant provisions as having been disposed of at that time by the trustees for (subject to subsection (10) below) the like consideration as was obtained for the disposal of the beneficial interest; and for the purposes of this subsection there is no disposal of the participant’s beneficial interest if and at the time when—

(a) in England and Wales or Northern Ireland, that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of law, or

(b) in Scotland, that interest becomes vested in a judicial factor, in a trustee on the participant’s sequestrated estate or in a trustee for the benefit of the participant’s creditors.

(10) If—

(a) a disposal of shares falling within subsection (4) above is a transfer to which paragraph 2(2)(c) of Schedule 9 applies, or

[F508 (b) any other disposal falling within that subsection is not at arm’s length,]

(c) a disposal of shares falling within [F509 that subsection] is one which is treated as taking place by virtue of subsection (9) above and takes place within the period of retention,

then for the purposes of the relevant provisions the proceeds of the disposal shall be taken to be equal to the market value of the shares at the time of the disposal.

(11) M15 Where the trustees of an approved scheme acquire any shares as to which the requirements of Part II of Schedule 9 are fulfilled and, within the period of 18 months beginning with the date of their acquisition, those shares are appropriated in accordance with the scheme, section 686 shall not apply to income consisting of dividends on those shares received by the trustees; and, for the purpose of determining whether any shares are appropriated within that period, shares which were acquired at an earlier time shall be taken to be appropriated before shares of the same class which were acquired at a later time.

(12) M16 For the purposes of subsection (3) above, “the appropriate allowance”, in relation to any year of assessment, means a sum which, subject to a maximum of [F510 £60], is the product of multiplying £20 by 1 plus the number of years which fall within the period of [F511 three years] immediately preceding the year in question and in which shares were appropriated to the participant under the scheme; and if in any year (and before the release date) the trustees become or the participant becomes entitled, in respect of or by reference to any of his shares, to more than one capital receipt, the receipts shall be set against the appropriate allowance for that year in the order in which they are received.

(13) Schedule 10 shall have effect with respect to profit sharing schemes.

Textual Amendments

F501 Words in s. 186(1) inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 49(3)

F502 Words in s. 186(2)(b) substituted (in respect of acquisitions of shares on or after 26.10.1987) by Finance Act 1988 (c. 39), s. 89

F503 Words in s. 186(3) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 26(2)(a), Sch. 8 Pt. 1 (with Sch. 7)

F504 Words in s. 186(3) added (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 26(2)(b) (with Sch. 7)

F505 Words in s. 186(4) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 26(3)(a), Sch. 8 Pt. 1 (with Sch. 7)

F506 Words in s. 186(4) added (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 26(3)(b) (with Sch. 7)

F507 Words in s. 186(5)(a) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 26(4) (with Sch. 7)

F508 S. 186(10)(b) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), s. 134(1), Sch. 20 para. 11(a)

F509 Words in s. 186(10)(c) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), s. 134(1), Sch. 20 para. 11(b)

F510 Words in s. 186(12) substituted (with effect in accordance with s. 118(2) of the amending Act) by Finance Act 1996 (c. 8), s. 118(1)(a)

F511 Words in s. 186(12) substituted (with effect in accordance with s. 118(2) of the amending Act) by Finance Act 1996 (c. 8), s. 118(1)(b)

Modifications etc. (not altering text)

C3 S. 186 modified (29.4.1996) by Finance Act 1996 (c. 8), ss. 115(1), 116(3)

C4 S. 186 continued (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)

Marginal Citations

M8 Source—1978 s.53(1)

M9 Source—1978 s.53(3)

M10 Source—1978 s.56(1); 1982 s.42(1)

M11 Source—1978 s.55(1)

M12 Source—1978 s.55(2)-(4)

M13 Source—1978 s.55(5), (9)

M14 Source—1978 s.55(7), (8)

M15 Source—1978 s.53(6)

M16 Source—1978 s.56(6); 1980 s.46(6); 1982 s.42(2); 1985 s.45(4)

187 Interpretation of sections 185 and 186 and Schedules 9 and 10. U.K.

(1) [F512 M17 In sections 185 and 186, this section and Schedules 9 and 10 “the relevant provisions” means those sections (including this section) and Schedules.]

(2) [F512 For the purposes of the relevant provisions, except where the context otherwise requires—

• “appropriate percentage” shall be construed in accordance with paragraph 3 of Schedule 10;

• “approved”, in relation to a scheme, means approved under Schedule 9;

• “associated company” has the same meaning as in section 416, except that, for the purposes of paragraph 23 of Schedule 9, subsection (1) of that section shall have effect with the omission of the words “ or at any time within one year previously ”;

• “bonus date” has the meaning given by paragraph 17 of Schedule 9;

• “capital receipt” means money or money’s worth to which the trustees of or a participant in a profit sharing scheme become or becomes entitled as mentioned in section 186(3), but subject to paragraph 4 of Schedule 10;

• “certified contractual savings scheme” has the meaning given by section 326;

• “control” has the same meaning as in section 840;

• “grantor”, in relation to any scheme, means the company which has established the scheme;

• “group scheme” and, in relation to such a scheme, “participating company” have the meanings given by paragraph 1(3) and (4) of Schedule 9;

• “initial market value”, in relation to shares in a profit sharing scheme, has the meaning given by paragraph 30(4) of Schedule 9;

• “locked-in value”, in relation to any shares, shall be construed in accordance with section 186(5);

• “market value” has the same meaning as in Part VIII of the [F513 1992 Act];

• “new holding” has the meaning given by section [F513 126(1)(b) of the 1992 Act];

• “participant”, in relation to a profit sharing scheme, means an individual to whom the trustees of the scheme have appropriated shares;

• “participant’s shares”, in relation to a participant in a profit sharing scheme, means, subject to paragraph 5(4) of Schedule 10, shares which have been appropriated to the participant by the trustees;

• F514 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “period of retention” has the meaning given by paragraph 2 of Schedule 10;

• “release date”, in relation to any of the shares of a participant in a profit sharing scheme, means the [F515 third] anniversary of the date on which they were appropriated to him;

• “relevant amount”, in relation to a participant in a profit sharing scheme, means an amount which is [F516 not less than £3,000 and not more than £8,000] but which, subject to that, is 10 per cent. of his salary (determined under subsection (5) below) for the year of assessment in question or the preceding year of assessment, whichever is the greater;

• “relevant requirements” has the meaning given by paragraph 1 of Schedule 9;

• “savings-related share option scheme” has the meaning given by paragraph 1 of Schedule 9;

• “scheme” means a savings-related share option scheme, a share option scheme which is not a savings-related share option scheme or a profit sharing scheme, as the context may require;

• “shares” includes stock;

• [F517 “specified age”, in relation to a scheme, means the age specified in pursuance of paragraph 8A of Schedule 9 as the specified age for the purposes of the scheme;]

• “the trustees”, in relation to an approved profit sharing scheme or the shares of a participant in such a scheme, means the body of persons for the establishment of which the scheme must provide as mentioned in paragraph 30 of Schedule 9; and

• “just instrument”, in relation to an approved profit sharing scheme, means the instrument referred to in paragraph 30(1)(c) of Schedule 9.]

(3) [F512 M18 For the purposes of the application of the relevant provisions in relation to any share option scheme or profit sharing scheme, a person has a material interest [F518 in a company if he, either on his own or with one or more associates, or if any associate of his with or without such other associates,—

(a) is the beneficial owner of, or able, directly or through the medium of other companies, or by any other indirect means to control, more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the ordinary share capital of the company, or

(b) where the company is a close company, possesses, or is entitled to acquire, such rights as would, in the event of the winding-up of the company or in any other circumstances, give an entitlement to receive more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the assets which would then be available for distribution among the participators.]

• In this subsection “associate” has the meaning given by section 417(3) and (4) [F518 and “participator” has the meaning given by section 417(1)].]

(4) [F512 M19 Subsection (3) above shall have effect subject to the provisions of Part VI of Schedule 9.]

(5) M20 For the purposes of subsection (2) above, a participant’s salary for a year of assessment means such of the emoluments of the office or employment by virtue of which he is entitled to participate in a profit sharing scheme as are liable to be paid in that year under deduction of tax pursuant to section 203 after deducting therefrom amounts included by virtue of Chapter II of this Part.

(6) [F512 M21 Section 839 shall apply for the purposes of the relevant provisions.]

(7) [F512 M22 For the purposes of the relevant provisions a company is a member of a consortium owning another company if it is one of a number of companies which between them beneficially own not less than three-quarters of the other company’s ordinary share capital and each of which beneficially owns not less than one-twentieth of that capital.]

(8) M23 Where the disposal referred to in section 186(4) is made from a holding of shares which were appropriated to the participant at different times, then, in determining for the purposes of the relevant provisions—

(a) the initial market value and the locked-in value of each of those shares, F519 . . .

(b) F519 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) M24 Any of the relevant provisions with respect to—

(a) the order in which any of a participant’s shares are to be treated as disposed of for the purposes of those provisions, or

(b) the shares in relation to which an event is to be treated as occurring for any such purpose,

shall have effect in relation to a profit sharing scheme notwithstanding any direction given to the trustees with respect to shares of a particular description or to shares appropriated to the participant at a particular time.

(10) M25 In the relevant provisions “workers’ cooperative” means a [F520 registered society][F521 , as defined in [F522 section 1119 of CTA 2010]], which is a cooperative society and the rules of which include provisions which secure—

(a) that the only persons who may be members of it are those who are employed by, or by a subsidiary of, the society and those who are the trustees of its profit sharing scheme; and

(b) that, subject to any provision about qualifications for membership which is from time to time made by the members of the society by reference to age, length of service or other factors of any description, all such persons may be members of the society;

and in this subsection “cooperative society” has the same meaning as in [F523 section 2 of the Co-operative and Community Benefit Societies Act 2014] or, as the case may be, [F524 section 1 of] the M26 Industrial and Provident Societies Act (Northern Ireland) 1969.

Textual Amendments

F512 S. 187(1)-(4)(6)(7) repealed (except so far as relating to profit sharing schemes) (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 27, Sch. 8 Pt. 1 (with Sch. 7)

F513 Words in s. 187(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(13) (with ss. 60, 101(1), 171, 201(3)).

F514 S. 187(2): definition of "pensionable age" repealed (19.7.1995) by Pensions Act 1995 (c. 26), ss. 126, 177, 180(2)(a), Sch. 4 para. 12(a), Sch. 7 Pt. 2

F515 Word in s. 187(2) substituted (with effect in accordance with s. 116(2)(3) of the amending Act) by Finance Act 1996 (c. 8), s. 116(1)

F516 Words in s. 187(2) substituted (for the year 1991-92 and subsequent years of assessment) by virtue of Finance Act 1991 (c. 31), s. 41(1)(2)

F517 S. 187(2): definition of "specified age" inserted by Finance Act 1991 (c. 31), s. 38(4)

F518 Words in s. 187(3) substituted (in relation to accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), Sch. 12 para. 9

F519 S. 187(8)(b) and preceding word repealed (with effect in accordance with s. 117(3) of the repealing Act) by Finance Act 1996 (c. 8), ss. 117(2), 205, Sch. 41 Pt. 5(5), Note 1

F520 Words in s. 187(10) substituted (1.8.2014 in accordance with s. 154 of the amending Act) by Co-operative and Community Benefit Societies Act 2014 (c. 14), Sch. 4 para. 40(a) (with Sch. 5)

F521 Words in s. 187(10) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 95 (with Sch. 2 Pts. 1, 2)

F522 Words in s. 187(10) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 13 (with Sch. 2)

F523 Words in s. 187(10) substituted (1.8.2014 in accordance with s. 154 of the amending Act) by Co-operative and Community Benefit Societies Act 2014 (c. 14), Sch. 4 para. 40(b) (with Sch. 5)

F524 Words in s. 187(10) inserted (1.8.2014 in accordance with s. 154 of the amending Act) by Co-operative and Community Benefit Societies Act 2014 (c. 14), Sch. 4 para. 40(c) (with Sch. 5)

Modifications etc. (not altering text)

C5 S. 187 modified (29.4.1996) by Finance Act 1996 (c. 8), ss. 115(1), 116(3)

C6 S. 187 applied (29.4.1996) by Finance Act 1996 (c. 8), s. 114, Sch. 16 para. 5(1)

C7 S. 187 continued so far as relating to APS schemes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)

Marginal Citations

M17 Source—1978 ss.53(2), 54(2), (4)(b), 6, 56(1), 57(1), (4), 61(1), Sch.9 1, 16; 1980 s.46(4), Sch.10 5(b), 8, 26(1); 1982 s.40(8); 1983 s.25(1); 1984 Sch.10 15(1), (2); 1985 s.45(2)

M18 Source—1970 s.285(6); 1978 Sch.9 11(3)(b); 1980 Sch.10 26(2); 1984 Sch.10 4(4)

M19 Source—1987 s.33(2)

M20 Source—1978 s.61(4); 1983 s.25(2)

M21 Source—1978 Sch.9 16; 1980 Sch.10 26(4); 1984 Sch.10 15(3)

M22 Source—1978 Sch.9 17; 1980 Sch.10 26(5); 1984 Sch.10 15(4); 1986 s.23(5)

M23 Source—1978 s.55(6)

M24 Source—1978 s.61(2)

M25 Source—1978 Sch.9 18; 1986 s.24(1)

M26 1969 c. 24. (N.I.).

[F525 Contributions in respect of share option gains U.K.

Textual Amendments

F525 S. 187A and preceding cross-heading inserted (with application in accordance with s. 56(1) of the amending Act) by Finance Act 2000 (c. 17), s. 56(1)

187A Relief for contributions in respect of share option gains. U.K.

F526 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F526 S. 187A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(a), Sch. 8 Pt. 1 (with Sch. 7)

Retirement benefits etc. U.K.

188 Exemptions from section 148. U.K.

F527 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F527 S. 188 repealed (with application in accordance with s. 58(4) of the repealing Act) by Finance Act 1998 (c. 36), s. 165, Sch. 27 Pt. 3(9), Note

189 Lump sum benefits on retirement. U.K.

F528 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F528 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

190 Payments to MPs and others. U.K.

F529 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F529 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

191 Job release scheme allowances not to be treated as income. U.K.

F530 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F530 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F531 Removal expenses and benefits U.K.

Textual Amendments

F531 Ss. 191A, 191B and preceding cross-heading inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 76, Sch. 5 para.1

F532 191A Removal expenses and benefits. U.K.

F533 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F532 Ss. 191A, 191B and preceding cross-heading inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 76, Sch. 5 para.1

F533 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

F534 191B Removal benefits: beneficial loan arrangements. U.K.

F535 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F534 Ss. 191A, 191B and preceding cross-heading inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 76, Sch. 5 para.1

F535 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

Foreign emoluments and earnings, pensions and certain travel facilities U.K.

192 Relief from tax for foreign emoluments. U.K.

F536 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F536 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F537 192A Foreign earnings deduction for seafarers. U.K.

F538 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F537 S. 192A inserted (with effect in accordance with s. 63(5) of the amending Act) by Finance Act 1998 (c. 36), s. 63(2) (with s. 63(6)(7))

F538 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

193 Foreign earnings and travel expenses. U.K.

F539 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F539 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

194 Other foreign travel expenses. U.K.

F540 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F540 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

195 Travel expenses of employees not domiciled in the United Kingdom. U.K.

F541 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F541 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

196 Foreign pensions. U.K.

F542 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F542 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197 Leave travel facilities for the armed forces. U.K.

F543 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F543 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F544 197A Car parking facilities U.K.

F545 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F544 S. 197A inserted (1988-89 and subsequent years of assessment) by Finance Act 1988 (c. 39), s. 46(4)

F545 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F546 197AA Works bus services. U.K.

F547 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F546 Ss. 197AA, 197AB inserted (with effect in accordance with s. 48(2) of the amending Act) by Finance Act 1999 (c. 16), s. 48(1)

F547 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197AB Support for public transport road services. U.K.

F548 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F546 Ss. 197AA, 197AB inserted (with effect in accordance with s. 48(2) of the amending Act) by Finance Act 1999 (c. 16), s. 48(1)

F548 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F549 197AC Provision of cycle or cyclist’s safety equipment. U.K.

F550 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F549 S. 197AC inserted (with effect in accordance with s. 50(3) of the amending Act) by Finance Act 1999 (c. 16), s. 50(1)

F550 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F551 Mileage allowances U.K.

Textual Amendments

F551 Ss. 197AD-197AH and preceding cross-heading inserted (with effect in accordance with s. 57(4) of the amending Act) by Finance Act 2001 (c. 9), s. 57(1)

197AD Mileage allowance payments U.K.

F552 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F552 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197AE Passenger payments U.K.

F553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F553 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197AF Mileage allowance relief U.K.

F554 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F554 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197AG Giving effect to mileage allowance relief U.K.

F555 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F555 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

197AH Interpretation of sections 197AD to 197AG U.K.

F556 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F556 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F557 Mileage allowances U.K.

Textual Amendments

F557 Ss. 197B-197F and preceding cross-heading inserted by Finance Act 1990 (c. 29), s. 23, Sch. 4

197B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F558 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F558 Ss. 197B-197F repealed (with effect in accordance with Sch. 33 Pt. 2(1) Note of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(1)

197C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F559 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F559 Ss. 197B-197F repealed (with effect in accordance with Sch. 33 Pt. 2(1) Note of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(1)

197D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F560 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F560 Ss. 197B-197F repealed (with effect in accordance with Sch. 33 Pt. 2(1) Note of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(1)

197E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F561 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F561 Ss. 197B-197F repealed (with effect in accordance with Sch. 33 Pt. 2(1) Note of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(1)

197F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F562 Ss. 197B-197F repealed (with effect in accordance with Sch. 33 Pt. 2(1) Note of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(1)

[F563 Sporting and recreational facilities U.K.

Textual Amendments

F563 S. 197G and preceding cross-heading inserted (27.7.1993 with application for the year 1993-94 and subsequent years of assessment) by Finance Act 1993 (c. 34), s. 75(1)(2)

197G Sporting and recreational facilities. U.K.

F564 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F564 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

Other expenses, subscriptions etc. U.K.

198 Relief for necessary expenses. U.K.

F565 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F565 Ss. 189-198 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(b), Sch. 8 Pt. 1 (with Sch. 7)

[F566 198A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F567 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F566 S. 198A inserted (with effect in accordance with s. 62(5) of the amending Act) by Finance Act 1997 (c. 16), s. 62(2)

F567 S. 198A repealed (with effect in accordance with Sch. 27 Pt. 3(10) Note of the repealing Act) by Finance Act 1998 (c. 36), s. 165, Sch. 27 Pt. 3(10)

199 Expenses necessarily incurred and defrayed from official emoluments. U.K.

F568 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F568 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200 Expenses of Members of Parliament. U.K.

F569 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F569 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F570 200ZA Expenses of members of Scottish Parliament, National Assembly for Wales or Northern Ireland Assembly. U.K.

F571 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F570 S. 200ZA inserted (with effect in accordance with s. 52(2) of the amending Act) by Finance Act 1999 (c. 16), s. 52(1), Sch. 5 para. 2(1)

F571 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F572 200AA Incidental benefits for holders of certain offices etc. U.K.

F573 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F572 S. 200AA inserted (with effect in accordance with s. 108(2) of the amending Act) by Finance Act 1996 (c. 8), s. 108(1)

F573 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F574 200A Incidental overnight expenses. U.K.

F575 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F574 S. 200A inserted (with effect in accordance with s. 93(5) of the amending Act) by Finance Act 1995 (c. 4), s. 93(4)

F575 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F576 200B Work-related training provided by employers. U.K.

F577 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F576 Ss. 200B-200D inserted (with application in accordance with s. 63(3) of the amending Act) by Finance Act 1997 (c. 16), s. 63(1)

F577 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200C Expenditure excluded from section 200B. U.K.

F578 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F576 Ss. 200B-200D inserted (with application in accordance with s. 63(3) of the amending Act) by Finance Act 1997 (c. 16), s. 63(1)

F578 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200D Other work-related training. U.K.

F579 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F576 Ss. 200B-200D inserted (with application in accordance with s. 63(3) of the amending Act) by Finance Act 1997 (c. 16), s. 63(1)

F579 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F580 200E Education and training funded by employers. U.K.

F581 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F580 Ss. 200E-200H, 200J inserted (with application in accordance with s. 58(3) of the amending Act) by Finance Act 2000 (c. 17), s. 58(1)

F581 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200F Section 200E: exclusion of expenditure not directly related to training. U.K.

F582 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F580 Ss. 200E-200H, 200J inserted (with application in accordance with s. 58(3) of the amending Act) by Finance Act 2000 (c. 17), s. 58(1)

F582 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200G Section 200E: exclusion of expenditure if contributions not generally available to staff. U.K.

F583 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F580 Ss. 200E-200H, 200J inserted (with application in accordance with s. 58(3) of the amending Act) by Finance Act 2000 (c. 17), s. 58(1)

F583 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200H Section 200E: exclusion of expenditure otherwise relieved. U.K.

F584 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F580 Ss. 200E-200H, 200J inserted (with application in accordance with s. 58(3) of the amending Act) by Finance Act 2000 (c. 17), s. 58(1)

F584 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

200J Education or training funded by third parties. U.K.

F585 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F580 Ss. 200E-200H, 200J inserted (with application in accordance with s. 58(3) of the amending Act) by Finance Act 2000 (c. 17), s. 58(1)

F585 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

201 Fees and subscriptions to professional bodies, learned societies etc. U.K.

F586 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F586 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F587 201AA Employee liabilities and indemnity insurance. U.K.

F588 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F587 S. 201AA inserted (with effect in accordance with s. 91(3) of the amending Act) by Finance Act 1995 (c. 4), s. 91(1)

F588 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

[F589 201A Expense of entertainers. U.K.

F590 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F589 S. 201A inserted by Finance Act 1990 (c. 29), s. 77

F590 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

202 Donations to charity: payroll deduction scheme. U.K.

F591 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F591 Ss. 199-202 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 28(c), Sch. 8 Pt. 1 (with Sch. 7)

CHAPTER V U.K. ASSESSMENT, COLLECTION, RECOVERY AND APPEALS

[F592 202A Assessment on receipts basis. U.K.

F593 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F592 Ss. 202A, 202B inserted by Finance Act 1989 (c. 26), s. 37

F593 Ss. 202A, 202B repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 29, Sch. 8 Pt. 1 (with Sch. 7)

202B Receipts basis: meaning of receipt. U.K.

F594 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F594 Ss. 202A, 202B repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 29, Sch. 8 Pt. 1 (with Sch. 7)

203 Pay as you earn. U.K.

F595 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F595 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F596 203A P.A.Y.E.: meaning of payment. U.K.

F597 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F596 S. 203A inserted by Finance Act 1989 (c. 26), s. 37(2)(4)(5)

F597 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F598 203B PAYE: payment by intermediary. U.K.

F599 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F598 S. 203B inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 125

F599 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F600 203C PAYE: employee of non-UK employer. U.K.

F601 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F600 Ss. 203C-203E inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 126

F601 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

203D PAYE: employee non-resident, etc. U.K.

F602 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F600 Ss. 203C-203E inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 126

F602 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

203E PAYE: mobile UK workforce. U.K.

F603 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F600 Ss. 203C-203E inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 126

F603 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F604 203F PAYE: tradeable assets. U.K.

F605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F604 S. 203F inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 127

F605 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F606 203FA PAYE: enhancing the value of an asset. U.K.

F607 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F606 S. 203FA inserted (with effect in accordance with s. 66(2) of the amending Act) by Finance Act 1998 (c. 36), s. 66(1) (with s. 66(3))

F607 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F608 203FB PAYE: gains from share options etc. U.K.

F609 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F608 S. 203FB inserted (with effect in accordance with s. 67(2) of the amending Act) by Finance Act 1998 (c. 36), s. 67(1) (with s. 67(3))

F609 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F610 203G PAYE: non-cash vouchers. U.K.

F611 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F610 S. 203G inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 128

F611 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F612 203H PAYE: credit-tokens. U.K.

F613 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F612 S. 203H inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 129

F613 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F614 203I PAYE: cash vouchers. U.K.

F615 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F614 S. 203I inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 130

F615 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

[F616 203J S.203B to s.203I: accounting for tax. U.K.

F617 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F616 Ss. 203J-203L inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 131

F617 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

203K Trading arrangements. U.K.

F618 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F616 Ss. 203J-203L inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 131

F618 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

203L S.203B to s.203K: interpretation, etc. U.K.

F619 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F616 Ss. 203J-203L inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 131

F619 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

204 P.A.Y.E repayments. U.K.

F620 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F620 Ss. 203-204 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 30, Sch. 8 Pt. 1 (with Sch. 7)

205 Assessments unnecessary in certain circumstances. U.K.

F621 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F621 Ss. 205, 206 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 31, Sch. 8 Pt. 1 (with Sch. 7)

206 Additional provision for certain assessments. U.K.

F622 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F622 Ss. 205, 206 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 31, Sch. 8 Pt. 1 (with Sch. 7)

[F623 206A PAYE settlement agreements. U.K.

F624 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F623 S. 206A inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 110

F624 S. 206A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 32, Sch. 8 Pt. 1 (with Sch. 7)

207 Disputes as to domicile or ordinary residence. U.K.

F625 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F625 S. 207 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 32, Sch. 8 Pt. 1 (with Sch. 7)

PART VI U.K. COMPANY DISTRIBUTIONS, TAX CREDITS ETC

CHAPTER I U.K. TAXATION OF COMPANY DISTRIBUTIONS

Modifications etc. (not altering text)

C8 Pt. 6 Chs. 1-3: power to amend conferred (1.4.2009 with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), s. 533(2)(3)(d)

[F626 207A Application of lower rate to company distributions. U.K.

F627 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F626 S. 207A inserted (27.7.1993 with application in relation to the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 77(1)(2)(5)

F627 S. 207A repealed (with effect in accordance with s. 73 of the repealing Act) by Finance Act 1996, Sch. 41 Pt. 5(1), Note 1

208 U.K. company distributions not generally chargeable to corporation tax. U.K.

F628 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F628 S. 208 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 96, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F629 CHAPTER II U.K. MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS]

Textual Amendments

F629 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

209 Meaning of “distribution”. U.K.

F630 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F630 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

[F631 209A Section 209(3AA): link to shares of company or associated company U.K.

F632 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F631 Ss. 209A, 209B inserted (with effect in accordance with s. 102(3) of the amending Act) by Finance Act 2002 (c. 23), s. 102(2)

F632 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

209B Section 209(3AA): hedging arrangements U.K.

F633 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F631 Ss. 209A, 209B inserted (with effect in accordance with s. 102(3) of the amending Act) by Finance Act 2002 (c. 23), s. 102(2)

F633 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

210 Bonus issue following repayment of share capital. U.K.

F634 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F634 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

211 Matters to be treated or not to be treated as repayments of share capital. U.K.

F635 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F635 Pt. 6 Ch. 2 (ss. 209-211) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 14, Sch. 3 Pt. 1 (with Sch. 2)

[F636 CHAPTER III U.K. MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS]

Textual Amendments

F636 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

Payments of interest U.K.

212 Interest etc. paid in respect of certain securities. U.K.

F637 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F637 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

Demergers U.K.

213 Exempt distributions. U.K.

F638 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F638 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

[F639 213A Exempt distributions: division of business U.K.

F640 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F639 S. 213A inserted (29.11.2007 with effect in accordance with reg. 3(1) of the amending S.I. (as retrospectively amended by S.I. 2008/1579, reg. 4(1)) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 13

F640 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

214 Chargeable payments connected with exempt distributions. U.K.

F641 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F641 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

215 Advance clearance by Board of distributions and payments. U.K.

F642 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F642 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

216 Returns. U.K.

F643 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F643 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

217 Information. U.K.

F644 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F644 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2) (subject to the omission of s. 217(4), so far as it continues to have effect, by virtue of Finance Act 2011 (c. 11), Sch. 23 paras. 55(b), 65)

218 Interpretation of sections 213 to 217. U.K.

F645 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F645 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

Purchase of own shares U.K.

219 Purchase by unquoted trading company of own shares. U.K.

F646 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F646 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

220 Conditions as to residence and period of ownership. U.K.

F647 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F647 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

221 Reduction of vendor’s interest as shareholder. U.K.

F648 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F648 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

222 Conditions applicable where purchasing company is member of group. U.K.

F649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F649 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

223 Other conditions. U.K.

F650 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F650 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

224 Relaxation of conditions in certain cases. U.K.

F651 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F651 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

225 Advance clearance of payments by Board. U.K.

F652 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F652 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

226 Returns and information. U.K.

F653 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F653 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2) (subject to the omission of s. 226(4), so far as it continues to have effect, by virtue of Finance Act 2011 (c. 11), Sch. 23 paras. 55(c), 65)

227 Associated persons. U.K.

F654 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F654 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

228 Connected persons. U.K.

F655 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F655 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

229 Other interpretative provisions. U.K.

F656 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F656 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

Stock dividends U.K.

230 Stock dividends: distributions. U.K.

F657 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F657 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

[F658 Industrial and provident society dividends etc U.K.

Textual Amendments

F658 S. 230A and preceding cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 100 (with Sch. 2 Pts. 1, 2)

230A Dividend or bonus granted by industrial and provident society U.K.

F659 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F659 Pt. 6 Ch. 3 (ss. 212-230A) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 15, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER IV U.K. TAX CREDITS

231 Tax credits for certain recipients of qualifying distributions. U.K.

F660 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F660 S. 231 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 16, Sch. 3 Pt. 1 (with Sch. 2)

[F661 231A Restrictions on the use of tax credits by pension funds. U.K.

F662 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F661 S. 231A inserted (with effect in accordance with s. 19(3) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 19(2)

F662 S. 231A repealed (with effect in accordance with s. 30(11), Sch. 8 Pt. 2(9) Note 3 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 30(8), Sch. 8 Pt. 2(9)

[F663 231AA No tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement. U.K.

F664 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F663 S. 231AA inserted (with effect in accordance with s. 102(9) of the amending Act) by Finance Act 1998 (c. 36), s. 102(1)

F664 S. 231AA repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 17, Sch. 3 Pt. 1 (with Sch. 2)

[F665 231AB No tax credit for original owner under repurchase agreement in respect of certain manufactured dividends. U.K.

F666 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F665 S. 231AB inserted (with effect in accordance with s. 102(10) of the amending Act) by Finance Act 1998 (c. 36), s. 102(2)

F666 S. 231AB repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 18, Sch. 3 Pt. 1 (with Sch. 2)

[F667 231B Consequences of certain arrangements to pass on the value of a tax credit. U.K.

F668 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F667 S. 231B inserted (with effect in accordance with s. 28(2) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 28(1)

F668 S. 231B omitted (with effect in accordance with Sch. 1 para. 73(1) of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(2)

232 Tax credits for non-U.K. residents. U.K.

F669 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F669 S. 232 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 117, Sch. 3 (with Sch. 2)

233 Taxation of certain recipients of distributions and in respect of non-qualifying distributions. U.K.

F670 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F670 S. 233 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 118, Sch. 3 (with Sch. 2)

234 Information relating to distributions. U.K.

F671 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F671 S. 234 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 20, Sch. 3 Pt. 1 (with Sch. 2)

[F672 234A Information relating to distributions: further provisions. U.K.

F673 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F672 S. 234A inserted (with application in relation to distributions begun after 16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 32(1)(4).

F673 S. 234A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 21, Sch. 3 Pt. 1 (with Sch. 2)

F674 235 Distributions of exempt funds etc. U.K.

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

Textual Amendments

F674 Ss. 235-237 repealed (with effect in accordance with Sch. 4 para. 7(2), Sch. 8 Pt. 2(9) Note 3 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 7(1), Sch. 8 Pt. 2(9)

F675 236 Provisions supplementary to section 235. U.K.

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

Textual Amendments

F675 Ss. 235-237 repealed (with effect in accordance with Sch. 4 para. 7(2), Sch. 8 Pt. 2(9) Note 3 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 7(1), Sch. 8 Pt. 2(9)

F676 237 Disallowance of reliefs in respect of bonus issues. U.K.

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

Textual Amendments

F676 Ss. 235-237 repealed (with effect in accordance with Sch. 4 para. 7(2), Sch. 8 Pt. 2(9) Note 3 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 7(1), Sch. 8 Pt. 2(9)

CHAPTER V U.K. ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME

238 Interpretation of terms and collection of ACT. U.K.

F677 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F677 S. 238 repealed (with effect in accordance with Sch. 3 para. 11(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 11(1), Sch. 27 Pt. 3(2), Note

239 Set-off of ACT against liability to corporation tax. U.K.

F678 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F678 S. 239 repealed (with effect in accordance with Sch. 3 para. 12(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 12(1), Sch. 27 Pt. 3(2), Note (with Sch. 3 para. 12(3)-(6))

240 Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax. U.K.

F679 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F679 S. 240 repealed (with effect in accordance with Sch. 3 para. 13(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 13(1), Sch. 27 Pt. 3(2), Note

241 Calculation of ACT where company receives franked investment income. U.K.

F680 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F680 S. 241 repealed (with effect in accordance with Sch. 3 para. 14(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 14(1), Sch. 27 Pt. 3(2), Note

242 Set-off of losses etc. against surplus of franked investment income. U.K.

F681 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F681 Ss. 242-244 repealed (with effect in accordance with s. 20(1)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 20(5), Sch. 8 Pt. 2(4), Note

243 Set-off of loss brought forward, or terminal loss. U.K.

F682 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F682 Ss. 242-244 repealed (with effect in accordance with s. 20(1)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 20(5), Sch. 8 Pt. 2(4), Note

244 Further provisions relating to claims under section 242 or 243. U.K.

F683 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F683 Ss. 242-244 repealed (with effect in accordance with s. 20(1)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 20(5), Sch. 8 Pt. 2(4), Note

245 Calculation etc. of ACT on change of ownership of company. U.K.

F684 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F684 S. 245 repealed (with effect in accordance with Sch. 3 para. 15(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 15(1), Sch. 27 Pt. 3(2), Note

[F685 245A Restriction on application of section 240 in certain circumstances. U.K.

F686 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F685 Ss. 245A, 245B inserted (in relation to changes in ownership on or after 14 March 1989) by Finance Act 1989 (c. 26), s. 98

F686 S. 245A repealed (with effect in accordance with Sch. 3 para. 16(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 16(1), Sch. 27 Pt. 3(2), Note

245B Restriction on set-off where asset transferred after change in ownership of company. U.K.

F687 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F687 S. 245B repealed (with effect in accordance with Sch. 3 para. 17(2)(3) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 17(1), Sch. 27 Pt. 3(2), Note

246 Charge of ACT at previous rate until new rate fixed, and changes of rate. U.K.

F688 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F688 S. 246 repealed (with effect in accordance with Sch. 3 para. 18(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 18(1), Sch. 27 Pt. 3(2), Note

[F689 F690 Chapter VA U.K. Foreign Income Dividends

Textual Amendments

F689 Pt. 6 Ch. 5A (ss. 246A-246Y) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 1

F690 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Election by company paying dividend U.K.

246A Election by company paying dividend. U.K.

F691 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F691 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246B Procedure for making election. U.K.

F692 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F692 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Recipient of foreign income dividend U.K.

246C No tax credit for recipient. U.K.

F693 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F693 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246D Individuals etc. U.K.

F694 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F694 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Companies: payments and receipts U.K.

246E Foreign income dividend not franked payment. U.K.

F695 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F695 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246F Calculation of ACT where company receives foreign income dividend. U.K.

F696 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F696 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246G Information relating to foreign income dividends. U.K.

F697 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F697 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246H Power of inspector to require information. U.K.

F698 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F698 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Foreign source profit and distributable foreign profit U.K.

246I Foreign source profit and distributable foreign profit. U.K.

F699 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F699 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Matching of dividend with distributable foreign profit U.K.

246J Matching of dividend with distributable foreign profit. U.K.

F700 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F700 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246K Matching: subsidiaries. U.K.

F701 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F701 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246L Requirement as to subsidiaries. U.K.

F702 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F702 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246M Matching: further provisions. U.K.

F703 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F703 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Repayment or set-off of advance corporation tax U.K.

246N ACT to be repaid or set off against corporation tax liability. U.K.

F704 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F704 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246P Notional foreign source advance corporation tax. U.K.

F705 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F705 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246Q Repayment or set-off: supplementary. U.K.

F706 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F706 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246R Supplementary claims. U.K.

F707 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F707 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

International headquarters companies U.K.

246S International headquarters companies. U.K.

F708 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F708 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246T Liability to pay ACT displaced. U.K.

F709 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F709 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246U Settlement of liability by IHC as to ACT. U.K.

F710 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F710 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246V Settlement of liability by non-IHC as to ACT. U.K.

F711 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F711 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

246W Payments and repayments where further matching takes place. U.K.

F712 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F712 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Adjustments U.K.

246X Adjustments where profits or foreign tax altered. U.K.

F713 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F713 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

Application of this Chapter U.K.

246Y Application of this Chapter. U.K.

F714 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F714 Ss. 246A-246Y (Pt. 6 Ch. 5A) repealed (with effect in accordance with Sch. 6 para. 3(2)-(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 3(1), Sch. 8 Pt. 2(11), Note

[F715 CHAPTER VI U.K. MISCELLANEOUS AND SUPPLEMENTAL]

Textual Amendments

F715 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

Group income U.K.

247 Dividends etc. paid by one member of a group to another. U.K.

F716 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F716 S. 247 repealed (with application in accordance with s. 85(6), Sch. 33 Pt. 2(10) Note of the repealing Act) by Finance Act 2001 (c. 9), s. 85(5), Sch. 33 Pt. 2(10)

248 Provisions supplementary to section 247. U.K.

F717 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F717 S. 248 repealed (with application in accordance with s. 85(6), Sch. 33 Pt. 2(10) Note of the repealing Act) by Finance Act 2001 (c. 9), s. 85(5), Sch. 33 Pt. 2(10)

Stock dividends U.K.

249 Stock dividends treated as income. U.K.

F718 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F718 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

250 Returns. U.K.

F719 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F719 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

251 Interpretation of sections 249 and 250. U.K.

F720 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F720 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

[F721 Approved share incentive plans U.K.

Textual Amendments

F721 Ss. 251A-251D and preceding cross-heading inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 34 (with Sch. 7)

251A Application of sections 251B and 251C U.K.

F722 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F722 Ss. 251A-251D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 122, Sch. 3 (with Sch. 2)

251B Treatment of cash dividend retained and then later paid out U.K.

F723 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F723 Ss. 251A-251D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 122, Sch. 3 (with Sch. 2)

251C Charge on dividend shares ceasing to be subject to plan U.K.

F724 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F724 Ss. 251A-251D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 122, Sch. 3 (with Sch. 2)

251D Interpretation of sections 251A to 251C U.K.

F725 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F725 Ss. 251A-251D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 122, Sch. 3 (with Sch. 2)

Supplemental U.K.

252 Rectification of excessive set-off etc. of ACT or tax credit. U.K.

F726 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F726 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

253 Power to modify or replace section 234(5) to (9) and Schedule 13. U.K.

F727 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F727 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

254 Interpretation of Part VI. U.K.

F728 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F728 Pt. 6 Ch. 6 (ss. 249-254) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 22, Sch. 3 Pt. 1 (with Sch. 2)

255 “Gross rate” and “gross amount” of distributions to include ACT. U.K.

F729 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F729 S. 255 repealed (with effect in accordance with Sch. 3 para. 23(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 23(1), Sch. 27 Pt. 3(2), Note

PART VII U.K. GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS

CHAPTER I U.K. PERSONAL RELIEFS

The reliefs U.K.

256 General. U.K.

F730 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F730 S. 256 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(a)

[F731 256A Meaning of “adjusted net income” U.K.

F732 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F731 Ss. 256A, 256B inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 28 (with Sch. 2)

F732 S. 256A omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(b)

256B Meaning of “the minimum amount” U.K.

F733 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F731 Ss. 256A, 256B inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 28 (with Sch. 2)

F733 S. 256B omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(c)

257 Personal allowance. U.K.

F734 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F734 S. 257 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(d)

[F735 257AA Children’s tax credit. U.K.

F736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F735 S. 257AA inserted (with effect in accordance with s. 30(5) of the amending Act) by Finance Act 1999 (c. 16), s. 30(1)

F736 S. 257AA repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1 (with arts. 3, 5)

257A Married couple’s allowance[F737 (pre-5th December 2005 marriages)]. U.K.

F738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F737 Words in s. 257A heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 51(5)

F738 Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

[F739 257AB Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.) U.K.

F740 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F739 S. 257AB inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 52

F740 Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

[F741 257BA Elections as to transfer of relief under section 257A [F742 or 257AB]. U.K.

F743 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F741 Ss. 257BA, 257BB substituted for s. 257B (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.2, 10.

F742 Words in s. 257BA heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 53(9)

F743 Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

F745 257BB Transfer of relief under section 257A where relief exceeds income[F744 or 257AB.] U.K.

F746 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F744 Words in s. 257BB heading inserted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 54(6)

F745 Ss. 257BA, 257BB substituted for s. 257B (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.2, 10.

F746 Ss. 257A-257BB omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(e)

F747 257B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

257C Indexation of amounts in [F751 sections 256B, 257][F752 , 257A and 257AB]. U.K.

F753 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F751 Words in s. 257C sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 34(3) (with Sch. 2)

F752 Words in s. 257C sidenote substituted (5.12.2005 with effect in accordance with reg. 1(4) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 55(d)

F753 S. 257C omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(f)

257D Transitional relief: husband with excess allowances. U.K.

F754 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F754 Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

257E Transitional relief: the elderly. U.K.

F755 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F755 Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

257F Transitional relief: separated couples. U.K.

F756 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F756 Ss. 257D-257F repealed (with effect in accordance with s. 32(4), Sch. 20 Pt. 3(3) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 32(2), Sch. 20 Pt. 3(3)

F757 258 Widower’s or widow’s housekeeper. U.K.

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

Textual Amendments

F757 S. 258 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

259 Additional relief in respect of children. U.K.

F758 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F758 Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

260 Apportionment of relief under section 259. U.K.

F759 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F759 Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

261 Claims under section 259 for year of marriage. U.K.

F760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F760 Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

[F761 261A Additional relief in respect of children for year of separation. U.K.

F762 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F761 S. 261A inserted (16.7.1992 with application in relation to tax for the year 1993-94 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 20, Sch. 5 paras.6, 10.

F762 Ss. 259-261A repealed (with effect in accordance with s. 33(2), Sch. 20 Pt. 3(4) Note of the repealing Act) by Finance Act 1999 (c. 16), s. 33(1), Sch. 20 Pt. 3(4)

262 Widow’s bereavement allowance. U.K.

F763 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F763 S. 262 repealed (with effect in accordance with s. 34(2), Sch. 20 Pt. 3(5) Note 1 of the repealing Act) by Finance Act 1999 (c. 16), s. 34(1), Sch. 20 Pt. 3(5) (with s. 34(3))

F764 263 Dependent relatives. U.K.

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

Textual Amendments

F764 S. 263 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

F765 264 Claimant depending on services of a son or daughter. U.K.

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

Textual Amendments

F765 S. 264 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 25(3), Sch.14 Part IV

265 Blind person’s allowance. U.K.

F766 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F766 S. 265 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(g)

266 Life assurance premiums. U.K.

(1) M27 Subject to the provisions of this section, [F767 section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004,] an [F768 eligible individual] who pays any such premium as is specified in subsection (2) below F769 . . . shall (without making any claim) be entitled to relief under this section.

[F770 (1A) For the purposes of subsection (1) above an individual is an eligible individual if the individual—

(a) is resident in the United Kingdom, or

(b) meets the conditions in section 56(3) of ITA 2007.]

(2) M28 The premiums referred to in subsection (1) above are any premiums paid by an individual under a policy of insurance or contract for a deferred annuity, where—

(a) the payments are made to —

[F771 (i) a person who has permission under [F772 Part 4A] of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or

(ii) a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;]

(iv) in the case of a deferred annuity, the National Debt Commissioners; and

(b) the insurance or, as the case may be, the deferred annuity is on the life of the individual or on the life of his spouse [F773 or civil partner]; and

(c) the insurance or contract was made by him or his spouse [F773 or civil partner].

(3) Subject to subsections F774 . . . (10) and (11) below, no relief under this section shall be given—

(a) M29 except in respect of premiums payable under policies for securing a capital sum on death, whether in conjunction with any other benefit or not;

(b) M30 in respect of premiums payable under any policy issued in respect of an insurance made after 19th March 1968 unless the policy is a qualifying policy;

(c) M31 in respect of premiums payable under any policy issued in respect of an insurance made after 13th March 1984 F775 . . . ;

(d) M32 in respect of premiums payable during the period of deferment in respect of a policy of deferred assurance.

(4) M33 Subject to [F776 subsection] (8) below, relief under this section in respect of any premiums paid by an individual in a year of assessment shall be given by making good to the person to whom they are paid any deficiency arising from the deductions authorised under subsection (5) below; and this section and Schedule 14 shall have effect in relation to any premium or part of a premium which is paid otherwise than in the year of assessment in which it becomes due and payable as if it were paid in that year.

(5) Subject to the provisions of Schedule 14—

(a) an individual resident in the United Kingdom who is entitled to relief under this section in respect of any premium may deduct from any payment in respect of the premium and retain an amount equal to [F777 12.5 per cent] of the payment; and

(b) the person to whom the payment is made shall accept the amount paid after the deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made and may recover the deficiency from the Board.

(6) F778 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6A) F778 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F779 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) M34 Where the individual is not resident in the United Kingdom [F780 (but is entitled to relief by virtue of subsection (1A)(b))], subsection (4) above shall not apply but F781 . . . the like relief shall be given to him under paragraph 6 of Schedule 14.

(9) M35 Subsections (5) and (8) above shall apply in relation to an individual who is not resident in the United Kingdom but is a member of the armed forces of the Crown or the [F782 spouse][F783 or civil partner] of such a member as if the individual were so resident.

(10) M36 Subsection (3)(b) above shall not apply—

(a) to any policy of life insurance having as its sole object the provision on an individual’s death or disability of a sum substantially the same as any amount then outstanding under a mortgage of his residence, or of any premises occupied by him for the purposes of a business, being a mortgage the principal amount secured by which is repayable by instalments payable annually or at shorter regular intervals; or

(b) to any policy of life insurance issued in connection with an approved scheme as defined in Chapter I of Part XIV.

In the application of this subsection to Scotland, for any reference to a mortgage there shall be substituted a reference to a heritable security within the meaning of the M37 Conveyancing (Scotland) Act 1924 (but including a security constituted by ex facie absolute disposition or assignation).

(11) M38 Subsection (3)(a) and (d) above shall not affect premiums payable—

(a) under policies or contracts made in connection with any superannuation or bona fide pension scheme for the benefit of the employees of any employer, or of persons engaged in any particular trade, profession, vocation or business, or for the benefit of the [F784 spouse, [F785 civil partner,] widow, widower [F786 , surviving civil partner] or children or other dependants of any such employee or person,] or

(b) under policies taken out by teachers in the schools known in the year 1918 as secondary schools, pending the establishment of a superannuation or pension scheme for those teachers.

(12) Schedule 14 shall have effect for the purpose of modifying, for certain cases, and supplementing the provisions of this section.

[F787 (13) In F788 . . . Schedule 14, “friendly society” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).]

[F789 (14) In subsection (2)(a)—

• “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and

• “member of the society” has the same meaning as in Lloyd’s Act 1982 M39 .]

Textual Amendments

F767 Words in s. 266(1) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 9 (with Sch. 36)

F768 Words in s. 266(1) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(2)(a)

F769 Words in s. 266(1) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(2)(b)

F770 S. 266(1A) inserted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(3)

F771 S. 266(2)(a)(i)(ii) substituted for s. 266(2)(a)-(iii) (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 18(2)

F772 Words in s. 266(2)(a)(i) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), Sch. 18 para. 58(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F773 Words in s. 266(2)(b)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 57(2)

F774 Word in s. 266(3) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(4)

F775 Words in s. 266(3)(c) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(2), Sch. 3 Pt. 1 (with Sch. 2)

F776 Words in s. 266(4) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(5)

F777 Words in s. 266(5)(a) substituted (from 6.4.1989) by Finance Act 1988 (c. 39), s. 29

F778 S. 266(6)(6A) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(4), Sch. 3 Pt. 1 (with Sch. 2)

F779 S. 266(7) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 3(6)

F780 Words in s. 266(8) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 3(7)

F781 Words in s. 266(8) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(6)(c), Sch. 3 Pt. 1 (with Sch. 2)

F782 Words in s. 266(9) substituted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 35, Sch. 3 para. 9(a)

F783 Words in s. 266(9) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 57(3)

F784 Words in s. 266(11)(a) substituted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 35, Sch. 3 para. 9(b)

F785 Words in s. 266(11)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 57(4)(a)

F786 Words in s. 266(11)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 57(4)(b)

F787 S. 266(13) inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 paras. 2(3); S.I. 1993/236, art.2

F788 Words in s. 266(13) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 36(7), Sch. 3 Pt. 1 (with Sch. 2)

F789 S. 266(14) added (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 18(3)

Modifications etc. (not altering text)

C10 S. 266 relief abolished and s. 266 restricted by Finance Act 2012 (c. 14), Sch 39 para. 23

Marginal Citations

M27 Source-1970 s.19(1); 1976 Sch.4 3(1)

M28 Source-1970 s.19(2); 1976 s.36(5), Sch.4 3(2)

M29 Source-1970 s.19(3)(a)

M30 Source-1970 s.19(4)

M31 Source-1984 s.72(1)

M32 Source-1970 s.19(3)(b)

M33 Source-1976 Sch.4 4(1) 5; 1978 Sch.3 2; 1980 s.29(2)(b)

M34 Source-1976 Sch.4 4(2)

M35 Source-1976 Sch.4 5A; 1978 Sch.3 5

M36 Source-1970 s.19(4)(a), (c); 1971 Sch.3 11

M37 1924 c. 27.

M38 Source-1970 s.19(3)(i)(ii)

M39 1982 c. xiv.

[F790 266A Life assurance premiums paid by employer U.K.

(1) This section applies if—

(a) pursuant to [F791 an employer-financed] retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for or in respect of any employee of that employer, and

(b) the payment is made under such an insurance or contract as is mentioned in section 266.

This section applies whether or not the accrual of the relevant benefits is dependent on any contingency.

(2) Relief, if not otherwise allowable, shall be given to that employee under section 266 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if—

(a) the payment had been made by him, and

(b) the insurance or contract under which the payment is made had been made with him.

[F792 (3) For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse, widow or widower, children, dependants or personal representatives.

(4) If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them.

(5) The amount treated as paid for or in respect of each employee is—

where—

A is the sum paid,

B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, and

C is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them.

(6) This section does not apply if—

(a) in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or

(b) the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met.

(7) Those conditions are—

(a) that the employment is with a foreign employer, and

(b) that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme.

(8) In subsection (6)(a) “earnings charged on remittance” means earnings which are taxable earnings under—

(a) section 22 of ITEPA 2003 (chargeable overseas earnings for year when [F793 remittance basis applies and employee outside section 26]), or

(b) section 26 of that Act (foreign earnings for year when [F794 remittance basis applies and employee meets section 26A requirement]).

[F795 (8A) Section 835BA of ITA 2007 (deemed domicile) applies for the purposes of subsection (6)(b).]

(9) In this section—

• “employer-financed retirement benefits scheme”, and

• “relevant benefits”,

• have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).]]

Textual Amendments

F790 S. 266A inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 36 (with Sch. 7)

F791 Words in s. 266A(1) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 10(2) (with Sch. 36)

F792 S. 266A(3)-(9) substituted for s. 266A(3)-(6) (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 10(3) (with Sch. 36)

F793 Words in s. 266A(8)(a) substituted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 16(a) (with Sch. 46 para. 26)

F794 Words in s. 266A(8)(b) substituted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 16(b) (with Sch. 46 para. 26)

F795 S. 266A(8A) inserted (with effect in accordance with Sch. 8 para 1(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 1(1)

267 Qualifying policies. U.K.

Schedule 15, Part I of which contains the basic rules for determining whether or not a policy is a qualifying policy, Part II of which makes provision for the certification etc. of policies as qualifying policies and Part III of which modifies Parts I and II in their application to certain policies issued by non-resident companies, shall have effect for the purpose of determining whether or not a policy is a qualifying policy; and, accordingly, any reference in this Act to a qualifying policy shall be construed in accordance with that Schedule.

268 Early conversion or surrender of life policies. U.K.

F796 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F796 Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

269 Surrender etc. of policies after four years. U.K.

F797 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F797 Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

270 Provisions supplementary to sections 268 and 269. U.K.

F798 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F798 Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

271 Deemed surrender in cases of certain loans. U.K.

F799 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F799 Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

272 Collection of sums payable under sections 268 and 269. U.K.

F800 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F800 Ss. 268-272 omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(1)

273 Payments securing annuities. U.K.

F801 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F801 S. 273 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(h)

274 Limits on relief under [F802 section 266]. U.K.

(1) M40 The aggregate of the premiums F803 . . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater.

(2) M41 The aggregate of the relief given under [F804 section 266] in respect of premiums F805 . . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at [F806 12.5%] on £100.

(3) F807 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) M42 War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section.

In this subsection “war insurance premiums” means any additional premium F808 . . . paid in order to extend an existing life insurance policy to risks arising from war or war service abroad, and any part of any premium F808 . . . paid in respect of a life insurance policy covering those risks, or either of them, which [F809 is] attributable to those risks, or either of them.

Textual Amendments

F802 Word in s. 274 heading substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(6)

F803 Words in s. 274(1) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(2)

F804 Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(a)

F805 Words in s. 274(2) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(b)

F806 Words in s. 274(2) substituted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2009 (c. 10), Sch. 1 para. 4(3)(c)

F807 S. 274(3) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(4)

F808 Words in s. 274(4) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 4(5)

F809 Word in s. 274(4) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 20

Marginal Citations

M40 Source-1970 s.21(1); 1976 Sch.4 21

M41 Source-1970 s.21(3); 1975 Sch.2 6

M42 Source-1970 s.21(5)

Supplemental U.K.

F810 275 Meaning of “relative”. U.K.

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

Textual Amendments

F810 S. 275 repealed (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part IV

276 Effect on relief of charges on income. U.K.

F811 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F811 S. 276 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 38, Sch. 3 Pt. 1 (with Sch. 2)

277 Partners. U.K.

F812 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F812 S. 277 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

278 Non-residents. U.K.

F813 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F813 S. 278 omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 2(i)

CHAPTER II U.K. TAXATION OF INCOME OF SPOUSES[F814 AND CIVIL PARTNERS]

Textual Amendments

F814 Words in Pt. 7 Ch. 2 heading inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 61

General rules U.K.

F815 279 Aggregation of wife’s income with husband’s. U.K.

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Textual Amendments

F815 S. 279 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), ss. 32, 148, Sch. 14 Part VIII

F816 280 Transfer of reliefs. U.K.

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Textual Amendments

F816 S. 280 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

F817 281 Tax repayments to wives. U.K.

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Textual Amendments

F817 S. 281 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

282 Construction of references to [F818 spouses or civil partners] living together. U.K.

F819 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F818 Words in s. 282 heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 62(b)

F819 S. 282 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

[F820 282A Jointly held property. U.K.

F821 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F820 Ss. 282A, 282B inserted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 34

F821 Ss. 282A, 282B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 42, Sch. 3 Pt. 1 (with Sch. 2)

282B Jointly held property: declarations. U.K.

F822 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F822 Ss. 282A, 282B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 42, Sch. 3 Pt. 1 (with Sch. 2)

Separate assessments U.K.

F823 283 Option for separate assessment. U.K.

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Textual Amendments

F823 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

F824 284 Effect of separate assessment on personal reliefs. U.K.

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Textual Amendments

F824 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

F825 285 Collection from wife of tax assessed on husband but attributable to her income. U.K.

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Textual Amendments

F825 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

F826 286 Right of husband to disclaim liability for tax on deceased wife’s income. U.K.

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Textual Amendments

F826 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

Separate taxation U.K.

F827 287 Separate taxation of wife’s earnings. U.K.

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Textual Amendments

F827 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

F828 288 Elections under section 287. U.K.

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Textual Amendments

F828 Ss. 283-288 repealed (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 148, Sch. 14 Part VIII

[F829 CHAPTER III U.K. ENTERPRISE INVESTMENT SCHEME]

Textual Amendments

F829 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

289 Eligibility for relief. U.K.

F830 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F830 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 289(9) amended (as saved) (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 16 paras. 16(1)(a), 18; and s. 289 further amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(2)

[F831 289A Form of relief. U.K.

F832 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F831 Ss. 289-289B substituted for s. 289 (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 2

F832 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F833 289B Attribution of relief to shares. U.K.

F834 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F833 Ss. 289-289B substituted for s. 289 (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 2

F834 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

290 Minimum and maximum subscriptions. U.K.

F835 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F835 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F836 F837 290A Restriction of relief where amounts raised exceed permitted maximum. U.K.

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Textual Amendments

F836 S. 290A inserted (retrospectively) by Finance Act 1988 (c. 39) s. 51(1)(b)

F837 S. 290A repealed (with effect in accordance with s. 74(3), Sch. 27 Pt. 3(14) Note 4 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 13 para. 5, Sch. 27 Pt. 3(14)

291 Individuals qualifying for relief. U.K.

F838 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F838 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F839 291A Connected persons: directors. U.K.

F840 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F839 Ss. 291-291B substituted for s. 291 (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 5

F840 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F841 291B Connected persons: persons interested in capital etc. of company. U.K.

F842 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F841 Ss. 291-291B substituted for s. 291 (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 5

F842 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 291B amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(2)

292 Parallel trades. U.K.

F843 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F843 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

293 Qualifying companies. U.K.

F844 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F844 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 293 amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(2)

294 Companies with interests in land. U.K.

F845 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F845 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

295 Valuation of interests in land for purposes of section 294(1)(b). U.K.

F846 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F846 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

296 Section 294 disapplied where amounts raised total £50,000 or less. U.K.

F847 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F847 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

297 Qualifying trades. U.K.

F848 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F848 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 297 amended (as saved) (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 16 paras. 11(1), 13, Sch. 27 Pt. 2(16), Note

298 Provisions supplementary to sections 293 and 297. U.K.

F849 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F849 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 298 amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(3)

299 Disposal of shares. U.K.

F850 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F850 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 299 (as saved) applied (with modifications) by s. 149(1)(a) of that repealing Act

[F851 299A Loan linked investments. U.K.

F852 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F851 S. 299A inserted (27.7.1993 with application in relation to any case in which the claim for relief is made on or after 16.3.1993) by 1993 c. 34, s. 111(1)(4)

F852 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F853 299B Pre-arranged exits. U.K.

F854 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F853 S. 299B inserted (with effect in accordance with s. 71(5) of the amending Act) by Finance Act 1998 (c. 36), s. 71(1)

F854 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

300 Value received from company. U.K.

F855 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F855 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F856 300A Receipt of replacement value U.K.

F857 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F856 S. 300A inserted (with effect in accordance with Sch. 15 para. 40(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 16

F857 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

301 Provisions supplementary to section 300. U.K.

F858 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F858 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F859 301A Receipts of insignificant value: supplementary provision U.K.

F860 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F859 S. 301A inserted (with effect in accordance with Sch. 15 para. 40(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 18

F860 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

302 Replacement capital. U.K.

F861 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F861 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

303 Value received by persons other than claimants. U.K.

F862 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F862 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F863 303AA Insignificant repayments disregarded for purposes of s.303(1) U.K.

F864 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F863 S. 303AA inserted (with effect in accordance with Sch. 15 para. 40(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 20

F864 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F865 303A Restriction on withdrawal of relief under section 303. U.K.

F866 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F865 S. 303A inserted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 2(3)

F866 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

304 [F867 Spouses and civil partners.] U.K.

F868 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F867 S. 304 heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 65(c)

F868 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F869 304A Acquisition of share capital by new company. U.K.

F870 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F869 S. 304A inserted (with effect in accordance with s. 74(3), Sch. 13 para. 17(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 17(1); and see also the s. 304A inserted (with effect in accordance with s. 74(3), Sch. 13 para. 41(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 paras. 37, 41(1)

F870 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 304A amended (as saved) (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 16 paras. 11(2), 13

305 Reorganisation of share capital. U.K.

F871 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F871 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

[F872 305A Relief for loss on disposal of shares. U.K.

F873 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F872 S. 305A inserted (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 20

F873 S. 305A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 43, Sch. 3 Pt. 1 (with Sch. 2)

306 Claims. U.K.

F874 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F874 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

307 Withdrawal of relief. U.K.

F875 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F875 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

308 Application to subsidiaries. U.K.

F876 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F876 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 308 amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(2)

309 Further provisions as to subsidiaries. U.K.

F877 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F877 S. 309 repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 24, Sch. 26 Pt. 5(17)

310 Information. U.K.

F878 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F878 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

311 Nominees, bare trustees and approved investment funds. U.K.

F879 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F879 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2)

312 Interpretation of Chapter III. U.K.

F880 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F880 Pt. 7 Ch. 3 (ss. 289-312), except s. 305A, repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 627, Sch. 3 Pt. 2 (with savings in s. 1034(3), Sch. 2); and s. 312 amended (as saved) (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 44 (with Sch. 2); and s. 312 further amended (as saved) (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 16 paras. 16(1)(b), 18, Sch. 27 Pt. 2(16), Note; and s. 312 further amended (as saved) (17.7.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2007 (S.I. 2007/1820), arts. 1(1), 2(4)(5); and s. 312 further amended (as saved) (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 7(3)

CHAPTER IV U.K. SPECIAL PROVISIONS

313 Taxation of consideration for certain restrictive undertakings. U.K.

F881 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F881 S. 313 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 39, Sch. 8 Pt. 1(with Sch. 7)

314 Divers and diving supervisors. U.K.

F882 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F882 S. 314 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 128, Sch. 3 (with Sch. 2)

315 Wounds and disability pensions. U.K.

F883 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F883 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

316 Allowances, bounties and gratuities. U.K.

F884 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F884 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

317 Victoria Cross and other awards. U.K.

F885 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F885 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

318 Other pensions in respect of death due to war service etc. U.K.

F886 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F886 Ss. 315-318 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 41, Sch. 8 Pt. 1 (with Sch. 7)

319 Crown servants: foreign service allowance. U.K.

F887 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F887 S. 319 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 42, Sch. 8 Pt. 1 (with Sch. 7)

320 Commonwealth Agents-General and official agents etc. U.K.

F888 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F888 S. 320 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 45, Sch. 3 Pt. 1 (with Sch. 2)

321 Consuls and other official agents. U.K.

F889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F889 S. 321 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 43, Sch. 8 Pt. 1 (with Sch. 7)

322 Consular officers and employees. U.K.

F890 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F890 S. 322 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 129, Sch. 3 (with Sch. 2)

323 Visiting forces. U.K.

F891 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F891 S. 323 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 46, Sch. 3 Pt. 1 (with Sch. 2)

324 Designated international organisations. U.K.

F892 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F892 S. 324 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 130, Sch. 3 (with Sch. 2)

325 Interest on deposits with National Savings Bank. U.K.

F893 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F893 S. 325 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 131, Sch. 3 (with Sch. 2)

326 Interest etc. under contractual savings schemes. U.K.

F894 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F894 S. 326 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 132, Sch. 3 (with Sch. 2)

[F895 326A Tax-exempt special savings accounts. U.K.

F896 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F895 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F896 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F897 326B Loss of exemption for special savings accounts. U.K.

F898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F897 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F898 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F899 326BB Follow-up TESSAs. U.K.

F900 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F899 S. 326BB inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 62(2)

F900 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F901 326C Tax-exempt special savings accounts: supplementary. U.K.

F902 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F901 Ss. 326A-326C inserted by Finance Act 1990 (c. 29), s. 28(1)

F902 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

[F903 326D Tax-exempt special savings accounts: tax representatives. U.K.

F904 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F903 S. 326D inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 63(4)

F904 Ss. 326A-326D repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 133, Sch. 3 (with Sch. 2)

327 Disabled person’s vehicle maintenance grant. U.K.

F905 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F905 S. 327 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 134, Sch. 3 (with Sch. 2)

[F906 327A Payments to adopters U.K.

F907 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F906 S. 327A inserted (with effect in accordance with s. 175(2) of the amending Act) by Finance Act 2003 (c. 14), s. 175(1)

F907 S. 327A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 135, Sch. 3 (with Sch. 2)

F908 328 Funds in court. U.K.

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

Textual Amendments

F908 S. 328 repealed (with effect in accordance with s. 68(3)-(5) of the repealing Act) by Finance Act 1999 (c. 16), s. 68(2), Sch. 20 Pt. 3(17), Note

329 Interest on damages for personal injuries. U.K.

F909 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F909 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

[F910 329AA Personal injury damages in the form of periodical payments. U.K.

F911 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F910 Ss. 329AA, 329AB inserted (with effect in accordance with s. 150(2)-(4) of the amending Act) by Finance Act 1996 (c. 8), s. 150(1), Sch. 26

F911 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

329AB Compensation for personal injury under statutory or other schemes. U.K.

F912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F910 Ss. 329AA, 329AB inserted (with effect in accordance with s. 150(2)-(4) of the amending Act) by Finance Act 1996 (c. 8), s. 150(1), Sch. 26

F912 Ss. 329-329AB repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 136, Sch. 3 (with Sch. 2)

[F913 F914 329A Annuities purchased for certain persons. U.K.

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

Textual Amendments

F913 Ss. 329A, 329B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 142

F914 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

F915 329B Annuities assigned in favour of certain persons. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F913 Ss. 329A, 329B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 142

F915 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

[F916 F917 329C Annuities: criminal injuries. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F916 S. 329C inserted (8.11.1995) by Criminal Injuries Compensation Act 1995 (c. 53), s. 8

F917 Ss. 329A-329C repealed and superseded (29.4 1996) by Finance Act 1996 (c. 8), s. 150(2)(3), Sch. 41 Pt. 5(16) (with s. 150(4))

330 Compensation for National-Socialist persecution. U.K.

F918 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F918 S. 330 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 46, Sch. 8 Pt. 1 (with Sch. 7)

331 Scholarship income. U.K.

F919 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F919 S. 331 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 137, Sch. 3 (with Sch. 2)

[F920 331A Student loans: certain interest to be disregarded. U.K.

F921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F920 S. 331A inserted (27.7.1999) by Finance Act 1999 (c. 16), s. 60

F921 S. 331A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 138, Sch. 3 (with Sch. 2)

332 Expenditure and houses of ministers of religion. U.K.

(1) F922 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F922 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F923 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F924 (3A) F925 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3B) F925 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(4) F925 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F922 S. 332(1)(2) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 47(2), Sch. 8 Pt. 1 (with Sch. 7)

F923 S. 332(3) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 139, Sch. 3 (with Sch. 2)

F924 S. 332(3A)(3B) inserted (with effect in accordance with s. 57(4) of the amending Act) by Finance Act 2001 (c. 9), Sch. 12 para. 10

F925 S. 332(3A)(3B)(4) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 47(4), Sch. 8 Pt. 1 (with Sch. 7)

[F926 332A Venture capital trusts: relief. U.K.

F927 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F926 S. 332A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 71(1)

F927 S. 332A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 47, Sch. 3 Pt. 1 (with Sch. 2)

[F928 333 Investment plan regulations U.K.

Regulations under Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans) may include provision generally for the purpose of the administration of corporation tax in relation to plans.]

Textual Amendments

F928 S. 333 substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 141 (with Sch. 2)

[F929 333A Personal equity plans: tax representatives. U.K.

F930 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F929 S. 333A inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 64(1)

F930 S. 333A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 142, Sch. 3 (with Sch. 2)

[F931 333B Involvement of insurance companies with plans and accounts. U.K.

F932 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F931 S. 333B inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 77(1)

F932 S. 333B repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 4, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

CHAPTER V U.K. RESIDENCE OF INDIVIDUALS

334 Commonwealth citizens and others temporarily abroad. U.K.

F933 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F933 S. 334 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 48, Sch. 3 Pt. 1 (with Sch. 2)

335 Residence of persons working abroad. U.K.

F934 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F934 S. 335 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 49, Sch. 3 Pt. 1 (with Sch. 2)

336 Temporary residents in the United Kingdom. U.K.

F935 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F935 S. 336 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 50, Sch. 3 Pt. 1 (with Sch. 2)

PART VIII U.K. TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES

Taxation of income U.K.

337 Company beginning or ceasing to carry on trade U.K.

F936 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F936 S. 337 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 103, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F937 [F938 337A Computation of company’s profits or income: exclusion of general deductions U.K.

(1) F939 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F940 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F937 Ss. 337, 337A substituted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 1(1)

F938 S. 337A inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 15 (with Sch. 15)

F939 S. 337A(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 23, Sch. 3 Pt. 1 (with Sch. 2)

F940 S. 337A(2) repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 37, Sch. 10 Pt. 12 (with Sch. 9)

338 Charges on income deducted from total profits U.K.

F941 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F941 S. 338 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 24, Sch. 3 Pt. 1 (with Sch. 2)

[F942 338A Meaning of “charges on income" U.K.

F943 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F942 Ss. 338-338B substituted for s. 338 (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 1(2)

F943 S. 338A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 25, Sch. 3 Pt. 1 (with Sch. 2)

[F944 338B Charges on income: annuities or other annual payments U.K.

F945 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F944 Ss. 338-338B substituted for s. 338 (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 1(2)

F945 S. 338B repealed (with effect in accordance with s. 38(7) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(7), Note

339 Charges on income: donations to charity. U.K.

F946 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F946 S. 339 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 26, Sch. 3 Pt. 1 (with Sch. 2); and s. 339 amended (1.4.2010 with effect in accordance with art. 5(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 5(1)

[F947 F948 339A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F947 S. 339A inserted (in relation to accounting periods ending on or after 1 October 1990) by Finance Act 1990 (c. 29), s. 27(3)(4)

F948 S. 339A repealed (in relation to accounting periods beginning on or after 19.3.1991) by Finance Act 1991 (c. 31), ss. 71(1)(3), 123, Sch. 19 Pt. V, Note 5; and s. 339A modified in its application to accounting periods beginning before 19.3.1991 and ending on or after that date by s. 71(4) of that repealing Act

F949 340 Charges on income: interest payable to non-residents. U.K.

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

Textual Amendments

F949 S. 340 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 17, Sch. 41 Pt. 5(3), Note (with Sch. 15)

F950 341 Payments of interest etc. between related companies. U.K.

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

Textual Amendments

F950 S. 341 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 17, Sch. 41 Pt. 5(3), Note (with Sch. 15)

342 Tax on company in liquidation. U.K.

F951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F951 S. 342 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 27, Sch. 3 Pt. 1 (with Sch. 2)

[F952 342A Tax on companies in administration U.K.

F953 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F952 S. 342A inserted (with effect in accordance with Sch. 41 para. 5(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 41 para. 3

F953 S. 342A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 28, Sch. 3 Pt. 1 (with Sch. 2)

343 Company reconstructions without a change of ownership. U.K.

F954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F954 S. 343 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 29, Sch. 3 Pt. 1 (with Sch. 2)

[F955 343ZA Transfers of trade to obtain balancing allowances U.K.

F956 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F955 S. 343ZA inserted (with effect in accordance with s. 89(2) of the amending Act) by Finance Act 2008 (c. 9), s. 89(1)

F956 S. 343ZA repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 30, Sch. 3 Pt. 1 (with Sch. 2)

[F957 343A Company reconstructions involving business of leasing plant or machinery U.K.

F958 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F957 S. 343A inserted (19.7.2007, the inserted subsections (2) and (3) having effect in accordance with Sch. 6 para. 1(3)-(5) of the amending Act) by Finance Act 2007 (c. 11), Sch. 6 para. 1(2)

F958 S. 343A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 31, Sch. 3 Pt. 1 (with Sch. 2)

344 Company reconstructions: supplemental. U.K.

F959 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F959 S. 344 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 32, Sch. 3 Pt. 1 (with Sch. 2)

Chargeable gains U.K.

F960 345 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F960 S. 345 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 60, 101(1), 171, 201(3), Sch. 11 paras. 20, 22, 26(2), 27).

F961 346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F961 S. 346 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 60, 101(1), 171, 201(3), Sch. 11 paras. 20, 22, 26(2), 27).

F962 347 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F962 S. 347 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 60, 101(1), 171, 201(3), Sch. 11 paras. 20, 22, 26(2), 27).

PART IX U.K. ANNUAL PAYMENTS AND INTEREST

Annual payments U.K.

[F963 347A General rule. U.K.

F964 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F963 Ss. 347A, 347B inserted by Finance Act 1988 (c. 39), s. 36(1)(3)-(5)

F964 S. 347A repealed (with effect in accordance with Sch. 5 para. 1(3)(5) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 5 para. 1(2)(4), Sch. 27 Pt. 2(3), Note

[F965 347B Qualifying maintenance payments. U.K.

F966 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F965 Ss. 347A, 347B inserted by Finance Act 1988 (c. 39), s. 36(1)(3)-(5)

F966 S. 347B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 53, Sch. 3 Pt. 1 (with Sch. 2)

348 Payments out of profits or gains brought into charge to income tax: deduction of tax. U.K.

F967 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F967 S. 348 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 54, Sch. 3 Pt. 1 (with Sch. 2); and s. 348 amended (6.4.2007) by Finance Act 2005 (c. 7), Sch. 10 paras. 62, 64(2), Sch. 11 Pt. 4, Note 1

349 Payments not out of profits or gains brought into charge to income tax, and annual interest. U.K.

F968 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F968 S. 349 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 55, Sch. 3 Pt. 1 (with Sch. 2); and s. 349 amended (6.4.2007) by Finance Act 2005 (c. 7), Sch. 10 paras. 62, 64(2), Sch. 11 Pt. 4, Note 1

[F969 349ZA Extension of section 349: proceeds of sale of UK patent rights U.K.

F970 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F969 S. 349ZA inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 149 (with Sch. 2)

F970 S. 349ZA repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 56, Sch. 3 Pt. 1 (with Sch. 2)

[F971 349A Exceptions to section 349 for payments between companies etc U.K.

F972 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F971 Ss. 349A-349D inserted (with application in accordance with s. 85(4) of the amending Act) by Finance Act 2001 (c. 9), s. 85(1)

F972 Ss. 349A-349D repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

349B The conditions mentioned in section 349A(1) U.K.

F973 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F971 Ss. 349A-349D inserted (with application in accordance with s. 85(4) of the amending Act) by Finance Act 2001 (c. 9), s. 85(1)

F973 Ss. 349A-349D repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

349C Directions disapplying section 349A(1) U.K.

F974 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F971 Ss. 349A-349D inserted (with application in accordance with s. 85(4) of the amending Act) by Finance Act 2001 (c. 9), s. 85(1)

F974 Ss. 349A-349D repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

349D Section 349A(1): consequences of reasonable but incorrect belief U.K.

F975 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F971 Ss. 349A-349D inserted (with application in accordance with s. 85(4) of the amending Act) by Finance Act 2001 (c. 9), s. 85(1)

F975 Ss. 349A-349D repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

[F976 349E Deductions under section 349(1): payment of royalties overseas U.K.

F977 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F976 S. 349E inserted (with application in accordance with s. 96(4) of the amending Act) by Finance Act 2002 (c. 23), s. 96(1)

F977 S. 349E repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 58, Sch. 3 Pt. 1 (with Sch. 2)

350 Charge to tax where payments made under section 349. U.K.

F978 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F978 S. 350 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 59, Sch. 3 Pt. 1 (with Sch. 2)

[F979 350A UK public revenue dividends: deduction of tax. U.K.

F980 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F979 S. 350A inserted (with application in accordance with s. 112(5) of the amending Act) by Finance Act 2000 (c. 17), s. 112(4)

F980 S. 350A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 60, Sch. 3 Pt. 1 (with Sch. 2)

F981 351 Small maintenance payments. U.K.

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

Textual Amendments

F981 S. 351 repealed by Finance Act 1988 (c. 39) s. 36(6), Sch.14 Part IV, Note 5 (with s. 36(3))

352 Certificates of deduction of tax. U.K.

F982 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F982 S. 352 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 61, Sch. 3 Pt. 1 (with Sch. 2)

Relief for payments of interest (excluding MIRAS) U.K.

353 General provision. U.K.

[F983 (1) Where a person pays interest in any year of assessment, that person, if he makes a claim to the relief, shall for that year of assessment be entitled (subject to F984 . . . [F985 section 52 of ITTOIA 2005]) to relief in accordance with this section in respect of so much (if any) of the amount of that interest as is eligible for relief under this section by virtue of [F986 section 365].]

[F987 [F988 (1A) Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.

(1AA) The amount of the tax reduction is 23% of the amount of the interest.

(1AB) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.]

(1B) F989 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1C) F990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1D) F990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1E) Where any person is entitled for any year of assessment to relief F991 . . . in respect of any amount of interest as is eligible for that relief partly as mentioned in subsection (1A) above and partly as mentioned in [F992 section 383 of ITA 2007 (relief for interest payments)], that amount of interest shall be apportioned between the cases to which each of [F993 those provisions] applies without regard to what parts of the total amount borrowed remain outstanding but according to F994 . . . —

(a) the proportions of the total amount borrowed which were applied for different purposes; F995 . . .

(b) F995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F996 and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies].

(1F) F997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1G) F997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1H) F997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(2) M43 This section does not apply to a payment of relevant loan interest to which section 369 applies.

(3) M44 Relief under this section shall not be given in respect of—

(a) interest on a debt incurred by overdrawing an account or by debiting the account of any person as the holder of a credit card or under similar arrangements; or

(b) where interest is paid at a rate in excess of a reasonable commercial rate, so much of the interest as represents the excess.

(4) F998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F983 S. 353(1) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), s. 81(1)

F984 Words in s. 353(1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(2)(a), Sch. 3 Pt. 1 (with Sch. 2)

F985 Words in s. 353(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 152 (with Sch. 2)

F986 Words in s. 353(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(2)(b) (with Sch. 2)

F987 S. 353(1A)-(1H) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), s. 81(2)

F988 S. 353(1A)-(1AB) substituted for s. 353(1A) (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(3) (with Sch. 2)

F989 S. 353(1B) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(4), Sch. 3 Pt. 1 (with Sch. 2)

F990 S. 353(1C)(1D) repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note

F991 Words in s. 353(1E) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(5)(a), Sch. 3 Pt. 1 (with Sch. 2)

F992 Words in s. 353(1E) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(5)(b) (with Sch. 2)

F993 Words in s. 353(1E) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(5)(c) (with Sch. 2)

F994 Words in s. 353(1E) repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note

F995 S. 353(1E)(b) and preceding word repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note

F996 Words in s. 353(1E) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(5)(d) (with Sch. 2)

F997 S. 353(1F)-(1H) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 62(6), Sch. 3 Pt. 1 (with Sch. 2)

F998 S. 353(4)(5) repealed (with effect in accordance with s. 81(6) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 9 para. 3, Sch. 26 Pt. 5(2), Note

Modifications etc. (not altering text)

C11 S. 353 restricted (1.5.1995) by Finance Act 1995 (c. 4), s. 123, Sch. 22 para. 2

C12 S. 353 restricted (27.7.1999) by Finance Act 1999 (c. 16), s. 38(1)

Marginal Citations

M43 Source-1986 s.26(1)

M44 Source-1972 s.75(1A), (2); 1974 s.19(1)(b)

354 Loans to buy land etc. U.K.

F999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F999 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

355 Matters excluded from section 354. U.K.

F1000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1000 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

356 Job-related accommodation. U.K.

F1001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1001 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1002 356A Limit on relief for home loans: residence basis. U.K.

F1003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1002 Ss. 356A-356D inserted (1.8.1988) by Finance Act 1988 (c. 39), s.42(1)(4)

F1003 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1004 356B Residence basis: married couples. U.K.

F1005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1004 Ss. 356A-356D inserted (1.8.1988) by Finance Act 1988 (c. 39), s. 42(1)(4); and s. 356B substituted (1990-91 and subsequent years) by Finance Act 1988 (c. 39), Sch. 3 para. 14

F1005 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1006 356C Payments to which sections 356A and 356B apply. U.K.

F1007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1006 Ss. 356A-356D inserted (1.8.1988) by Finance Act 1988 (c. 39), s.42(1)(4)

F1007 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1008 356D Provisions supplementary to sections 356A to 356C. U.K.

F1009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1008 Ss. 356A-356D inserted (1.8.1988) by Finance Act 1988 (c. 39), s.42(1)(4)

F1009 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

357 Limit on amount of loan eligible for relief by virtue of section 354. U.K.

F1010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1010 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1011 357A Substitution of security. U.K.

F1012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1011 Ss. 357A-357C inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 56

F1012 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1013 357B Treatment of loans following security substitution. U.K.

F1014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1013 Ss. 357A-357C inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 56

F1014 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

[F1015 357C Substitution of security: supplemental. U.K.

F1016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1015 Ss. 357A-357C inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 56

F1016 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

358 Relief where borrower deceased. U.K.

F1017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1017 Ss. 354-358 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 2, Sch. 20 Pt. 3(7)

359 Loan to buy machinery or plant. U.K.

F1018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1018 S. 359 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 63, Sch. 3 Pt. 1 (with Sch. 2)

360 Loan to buy interest in close company. U.K.

F1019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1019 S. 360 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F1020 360A Meaning of “material interest” in section 360. U.K.

F1021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1020 S. 360A inserted by Finance Act 1989 (c. 26), s. 48(2)

F1021 S. 360A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 65, Sch. 3 Pt. 1 (with Sch. 2)

361 Loan to buy interest in co-operative or employee-controlled company. U.K.

F1022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1022 S. 361 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 66, Sch. 3 Pt. 1 (with Sch. 2)

362 Loan to buy into partnership. U.K.

F1023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1023 S. 362 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2)

363 Provisions supplementary to sections 360 to 362. U.K.

F1024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1024 S. 363 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

364 Loan to pay inheritance tax. U.K.

F1025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1025 S. 364 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 69, Sch. 3 Pt. 1 (with Sch. 2)

365 Loan to buy life annuity. U.K.

M45 (1) Subject to the following provisions of this section, interest is eligible for relief under section 353 if it is interest on a loan in respect of which the following conditions are satisfied—

[F1026 (aa) that the loan was made before 9th March 1999;]

(a) that the loan was made as part of a scheme under which not less than nine-tenths of the proceeds of the loan were applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons (“the annuitants”) who include the person to whom the loan was made;

(b) that at the time the loan was made the person to whom it was made or each of the annuitants had attained the age of 65 years;

(c) that the loan was secured on land in the United Kingdom or the Republic of Ireland and the person to whom it was made or one of the annuitants owns an estate or interest in that land; and

(d) that, if the loan was made after 26th March 1974, the person to whom it was made or each of the annuitants [F1027 used the land on which it was secured as his only or main residence immediately before 9th March 1999] .

[F1028 (1AA) Where—

(a) a loan made on or after 9th March 1999 was made in pursuance of an offer made by the lender before that date, and

(b) the offer was either in writing or evidenced by a note or memorandum made by the lender before that date,

the loan shall be deemed for the purposes of subsection (1)(aa) above to have been made before that date.]

[F1029 (1AB) Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall be treated as satisfied in relation to a loan (“the new loan”) if—

(a) the new loan was made on or after the day on which the Finance Act 1999 was passed;

(b) the new loan was made as part of a scheme (“the scheme”) under which the whole or any part of the proceeds of the loan was used to defray money applied in paying off another loan (“the old loan”); and

(c) the conditions in subsection (1) above were, or were treated by virtue of this subsection as, satisfied with respect to the old loan.

(1AC) If only part of the proceeds of the new loan was used to defray money applied in paying off the old loan, subsection (1AB) above applies only if, under the scheme, not less than nine-tenths of the remaining part of the proceeds of the new loan was applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons who include him.

(1AD) In subsection (1AC) above “the remaining part” means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan.]

[F1030 [F1031 (1A) The condition in subsection (1)(d) above shall be treated as satisfied in relation to a loan if—

(a) the person to whom the loan was made, or any of the annuitants, ceased to use the land as his only or main residence at a time falling within the period of twelve months ending with 8th March 1999, and

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

(2) Interest is not eligible for relief by virtue of this section unless it is payable by the person to whom the loan was made or by one of the annuitants.

(3) If the loan was made after 26th March 1974 interest on it is eligible for relief by virtue of this section only to the extent that the amount on which it is payable does not exceed [F1032 the sum of £30,000]; and if the interest is payable by two or more persons the interest payable by each of them is so eligible only to the extent that the amount on which it is payable does not exceed such amount as bears to [F1033 that sum] the same proportion as the interest payable by him bears to the interest payable by both or all of them.

Textual Amendments

F1026 S. 365(1)(aa) inserted (with effect in accordance with s. 39(3) of the amending Act) by Finance Act 1999 (c. 16), s. 39(1)

F1027 Words in s. 365(1)(d) inserted (with effect in accordance with s. 40(5) of the amending Act) by Finance Act 1999 (c. 16), s. 40(2)

F1028 S. 365(1AA) inserted (with effect in accordance with s. 39(3) of the amending Act) by Finance Act 1999 (c. 16), s. 39(2)

F1029 S. 365(1AB)-(1AD) inserted (with effect in accordance with s. 40(5) of the amending Act) by Finance Act 1999 (c. 16), s. 40(3)

F1030 S. 365(1A)(1B) inserted (27.7.1993 with effect in relation to payments of interest made on or after 16 March 1993 (whenever falling due)) by Finance Act 1993 (c. 34), s. 57(3)(5)(6)

F1031 S. 365(1A) substituted (with effect in accordance with s. 40(5) of the amending Act) by Finance Act 1999 (c. 16), s. 40(4)

F1032 Words in s. 365(3) substituted (with effect in accordance with s. 83(4) of the amending Act) by Finance Act 2000 (c. 17), s. 83(1)(a)

F1033 Words in s. 365(3) substituted (with effect in accordance with s. 83(4) of the amending Act) by Finance Act 2000 (c. 17), s. 83(1)(b)

Marginal Citations

M45 Source-1974 Sch.1 24; 1984 s.22(3)

366 Information. U.K.

(1) M46 A person who claims relief under section 353 in respect of any payment of interest shall furnish to the inspector a statement in writing by the person to whom the payment is made, showing—

(a) the date when the debt was incurred;

(b) the amount of the debt when incurred;

(c) the interest paid in the year of assessment for which the claim is made F1034 . . . ; and

(d) the name and address of the debtor.

(2) M47 Where any such interest as is mentioned in section 353 is paid, the person to whom it is paid shall, if the person who pays it so requests in writing, furnish him with such statement as regards that interest as is mentioned in subsection (1) above; and the duty imposed by this subsection shall be enforceable at the suit or instance of the person making the request.

(3) Subsections (1) and (2) above do not apply to interest paid to a building society, or to a local authority.

Textual Amendments

F1034 Words in s. 366(1)(c) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Marginal Citations

M46 Source-1972 Sch.10 7; 1974 Sch.1 25(1)

M47 Source-1972 Sch.10 8, 9

367 Provisions supplementary to sections 354 to 366. U.K.

(1) F1035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) M48 In [F1037 section] 365(3) references to the qualifying maximum for the year of assessment are references to such sum as Parliament may determine for the purpose for that year.

Textual Amendments

F1035 S. 367(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 3(2), Sch. 20 Pt. 3(7)

F1036 S. 367(2)-(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 71, Sch. 3 Pt. 1 (with Sch. 2)

F1037 Words in s. 367(5) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 3(4)

Modifications etc. (not altering text)

C13 S. 367(5): £30,000 specified (1988-89) by Finance Act 1988 (c. 39), s. 41

S. 367(5): £30,000 specified (1989-90) by Finance Act 1989 (c. 26), s. 46

S. 367(5): £30,000 specified (1990-91) by Finance Act 1990 (c. 29), s. 71

S. 367(5): £30,000 specified (1991-92) by Finance Act 1991 (c. 31), s. 26

S. 367(5): £30,000 specified (1992-93) by Finance Act 1992 (c. 20), s. 10(4) (with s. 10(5))

S. 367(5): £30,000 specified (1993-94) by Finance Act 1993 (c. 34), s. 55

S. 367(5): £30,000 specified (1994-95, 1995-96) by Finance Act 1994 (c. 9), s. 80

S. 367(5): £30,000 specified (1996-97) by Finance Act 1996 (c. 8), s. 76

S. 367(5): £30,000 specified (1997-98) by Finance Act 1997 (c. 16), s. 57

S. 367(5): £30,000 specified (1998-99) by Finance (No. 2) Act 1997 (c. 58), s. 16

S. 367(5): £30,000 specified (1999-2000) by Finance Act 1999 (c. 16), s. 37

Marginal Citations

M48 Source-1972 Sch.9 5(1A); 1984 s.22(1)(c)

[F1038 367A Alternative finance arrangements U.K.

(1) Sections 353 and 365 have effect as if—

(a) purchase and resale arrangements involved the making of a loan, and

(b) alternative finance return were interest.

(2) Section 366 has effect accordingly.

(3) In this section—

• “alternative finance return” has the meaning given in sections 564I to 564L of ITA 2007, and

• “purchase and resale arrangements” means arrangements to which section 564C of ITA 2007 applies.]

Textual Amendments

F1038 S. 367A inserted (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 2 para. 47 (with Sch. 9)

368 Exclusion of double relief etc. U.K.

F1039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1039 S. 368 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 72, Sch. 3 Pt. 1 (with Sch. 2)

Mortgage interest relief at source U.K.

369 Mortgage interest payable under deduction of tax. U.K.

(1) M49 If a person who is a qualifying borrower makes a payment of relevant loan interest to which this section applies, he shall be entitled, on making the payment, to deduct and retain out of it a sum equal to [F1040 the applicable percentage thereof.]

[F1041 (1A) In subsection (1) above “the applicable percentage” means [F1042 23 per cent.].]

(2) Where a sum is deducted under subsection (1) above from a payment of relevant loan interest—

(a) the person to whom the payment is made shall allow the deduction on receipt of the residue;

(b) the borrower shall be acquitted and discharged of so much money as is represented by the deduction as if the sum had been actually paid; and

(c) the sum deducted shall be treated as income tax paid by the person to whom the payment is made.

[F1043 (3) The following payments, that is to say—

(a) payments of relevant loan interest to which this section applies, and

(b) payments which would be such payments but for section 373(5),

shall not be allowable as deductions for any purpose of the Income Tax Acts except in so far as they fall to be treated as such payments by virtue only of section 375(2) and would be allowable apart from this subsection.]

(6) [F1044 M50 Sections 967(2) and 968(2) of CTA 2010 do not apply to a payment of relevant loan interest to which this section applies, but any person by whom such a payment] is received shall be entitled to recover from the Board, in accordance with regulations, an amount which by virtue of subsection (2)(c) above is treated as income tax paid by him; and any amount so recovered shall be treated for the purposes of the Tax Acts in like manner as the payment of relevant loan interest to which it relates.

[F1045 (7) The following provisions of the Management Act, namely—

[F1046 (a) section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;]

(b) section 30 (tax repaid in error etc.) [F1047 apart from subsection (1B)],

(c) [F1048 section 86] (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 [F1049 as respects a chargeable period] as a relief which was not due.]

[F1050 (8) In the application of section 86 of the Management Act by virtue of subsection (7) above in relation to sums due and payable by virtue of an assessment made for the whole or part of a year of assessment (“the relevant year of assessment”) under section 29(1)(c) or 30 of that Act, as applied by that subsection, the relevant date—

(a) is 1st January in the relevant year of assessment in a case where the person falling within subsection (6) above has made a relevant interim claim; and

(b) in any other case, is the later of the following dates, that is to say—

(i) 1st January in the relevant year of assessment; or

(ii) the date of the making of the payment by the Board which gives rise to the assessment.

(9) In this section—

• “financial year”, in relation to any person, means a financial year of that person for the purposes of the relevant regulations;

• “interim claim” means an interim claim within the meaning of the relevant regulations;

• “relevant interim claim” means, in relation to an assessment made for a period coterminous with, or falling wholly within, a person’s financial year, an interim claim made for a period falling wholly or partly within that financial year; and

• “the relevant regulations” means regulations made under section 378(3) for the purposes of subsection (6) above.]

Textual Amendments

F1040 Words in s. 369(1) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), s. 81(3)

F1041 S. 369(1A) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 4

F1042 Words in s. 369(1A) substituted (with effect in accordance with s. 83(4) of the amending Act) by Finance Act 2000 (c. 17), s. 83(3)

F1043 S. 369(3) substituted for s. 369(3)-(5B) (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), s. 81(4)

F1044 Words in s. 369(6) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 33 (with Sch. 2)

F1045 S. 369(7) inserted (27.7.1993) by 1993 c. 34, s. 58(1)(2)

F1046 S. 369(7)(a) substituted (with effect in accordance with Sch. 18 para. 17(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 6(2)(a)

F1047 Words in s. 369(7)(b) inserted (with effect in accordance with Sch. 18 para. 17(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 6(2)(b)

F1048 Words in s. 369(7)(c) substituted (with effect in accordance with Sch. 18 para. 17(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 6(2)(c)

F1049 Words in s. 369(7) inserted (with effect in accordance with Sch. 18 para. 17(8) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 6(2)(d)

F1050 S. 369(8)(9) inserted (with effect in accordance with Sch. 18 para. 17(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 6(3)

Modifications etc. (not altering text)

C14 S. 369(1) excluded (27.7.1999) by Finance Act 1999 (c. 16), s. 38(2)-(7)

Marginal Citations

M49 Source-1982 s.26(1), (2)

M50 Source-1982 s.26(7)

370 Relevant loan interest. U.K.

(1) M51 Subject to this section and [F1051 sections 373] to 376, in this Part “relevant loan interest” means interest which is paid and payable in the United Kingdom to a qualifying lender and to which subsection (2) F1052 . . . below applies.

(2) Subject to subsection (4) below, this subsection applies to interest if, disregarding section 353(2) [F1053 and any other provision applying to interest falling to be treated as relevant loan interest]—

(a) it is interest falling within section F1054 . . . 365; and

(b) apart [F1055 (where applicable) from] section F1054 . . . 365(3), the whole of the interest [F1056 would be eligible for relief under section 353];F1057 . . .

(c) F1057 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1058 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1058 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) M52 In determining whether subsection (2) above applies to any interest, [F1059 section 365 shall] have effect as if the words “or the Republic of Ireland” were omitted.

(6) F1058 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1060 (6A) F1061 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(7) F1058 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1051 Words in s. 370(1) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(a)

F1052 Words in s. 370(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(2)(b), Sch. 20 Pt. 3(7)

F1053 Words in s. 370(2) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(a)

F1054 Words in s. 370(2) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)

F1055 Words in s. 370(2)(b) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(1)(b)

F1056 Words in s. 370(2)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 155 (with Sch. 2)

F1057 S. 370(2)(c) and preceding word repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(3), Sch. 20 Pt. 3(7)

F1058 S. 370(3)(4)(6)(7) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(4), Sch. 20 Pt. 3(7)

F1059 Words in s. 370(5) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 5(5)

F1060 S. 370(6A) inserted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 10(2)

F1061 S. 370(6A) repealed (with effect in accordance with s. 42(3)-(5) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(2), Note

Marginal Citations

M51 Source-1982 Sch.7 2(1)-(3)

M52 Source-1982 Sch.7 3(1)-(3)

F1062 371 Second loans. U.K.

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

Textual Amendments

F1062 S. 371 repealed (27.7.1993 with effect in relation to payments of interest made on or after 16 March 1993 (whenever falling due)) by Finance Act 1993 (c. 34), ss. 57, 213, Sch. 23 Pt.III

372 Home improvement loans. U.K.

F1063 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1063 S. 372 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 6, Sch. 20 Pt. 3(7)

373 Loans in excess of the qualifying maximum, and joint borrowers. U.K.

(1) M53 The provisions of this section have effect in relation to a loan where, by virtue of F1064 . . . section 365(3), only part of the interest on the loan would (apart from section 353(2)) be eligible for relief under section 353; and in this section any such loan is referred to as a “limited loan”.

(2) None of the interest on a limited loan is relevant loan interest unless—

(a) the loan is made on or after 6th April 1987; or

(b) the qualifying lender to whom the interest is payable has given notice to the Board in accordance with regulations that he is prepared to have limited loans of a description which includes that limited loan brought within the tax deduction scheme.

(3) F1065 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1065 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) M54 Where the condition in paragraph (a) or (b) of subsection (2) above is fulfilled F1066 . . . only so much of the interest as (apart from section 353(2)) would be eligible for relief under section 353 is relevant loan interest.

(6) M55 Where a loan on which interest is payable by the borrower was made jointly to the borrower and another person who is not the borrower’s husband or wife, the interest on the loan is not relevant loan interest unless—

(a) each of the persons to whom the loan was made is a qualifying borrower; and

(b) in relation to each of them considered separately, the whole of that interest is relevant loan interest, in accordance with [F1067 section 370] and this section.

(7) In subsection (6) above references to the borrower’s husband or wife do not include references to a separated husband or wife F1068 . . . .

Textual Amendments

F1064 Words in s. 373(1) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(a), Sch. 20 Pt. 3(7)

F1065 S. 370(3)(4) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(b), Sch. 20 Pt. 3(7)

F1066 Words in s. 373(5) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(c), Sch. 20 Pt. 3(7)

F1067 Words in s. 373(6) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(3)

F1068 Words in s. 373(7) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 7(2)(d), Sch. 20 Pt. 3(7)

Marginal Citations

M53 Source-1982 Sch.7 5(1)-(3); 1985 s.37(2)

M54 Source-1982 Sch.7 5(4); 1983 s.17(2); 1985 s.37(3)

M55 Source-1982 Sch.7 6(1), (2)

374 Conditions for application of section 369. U.K.

(1) M56 Section 369 does not apply to any relevant loan interest unless—

(a) in the case of a loan of a description specified by regulations for the purposes of this paragraph, the borrower or, in the case of joint borrowers, each of them has given notice to the lender in the prescribed form certifying—

(i) that he is a qualifying borrower; and

(ii) that the interest is relevant loan interest; and

(iii) such other matters as may be prescribed; or

(b) the Board have given notice to the lender and the borrower that the interest may be paid under deduction of tax; or

(c) F1069 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) M57 the loan to which the interest relates is of a description specified by regulations for the purposes of this paragraph and was made—

(i) if sub-paragraph (2) of paragraph 2 of Schedule 7 to the Finance Act 1982 applied to interest on the loan which became due on or after a date earlier than 6th April 1983, being a date specified by the Board in pursuance of sub-paragraph (5) of that paragraph, before that earlier date; or

(ii) if the qualifying lender is a building society or a local authority, before 1st April 1983; or

(iii) if sub-paragraphs (i) and (ii) above do not apply and the interest falls within section 370(2), before 6th April 1983.

(2) M58 Where notice has been given as mentioned in paragraph (a) or (b) of subsection (1) above, section 369 applies to any relevant loan interest to which the notice relates and which becomes due on or after the relevant date, as defined by subsection (3) below; and in a case falling within paragraph F1070 . . . (d) of subsection (1) above, section 369 applies to the relevant loan interest referred to in that paragraph.

(3) In subsection (2) above “the relevant date” means—

(a) in the case of a notice under subsection (1)(a) above, the date the notice is given, and

(b) in the case of a notice under subsection (1)(b) above, a date specified in the notice as being the relevant date (which may be earlier than the date so specified as the date from which the interest may be paid under deduction of tax).

Textual Amendments

F1069 S. 374(1)(c) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 8, Sch. 20 Pt. 3(7)

F1070 Words in s. 374(2) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 8, Sch. 20 Pt. 3(7)

Marginal Citations

M56 Source-1982 Sch.7 7(1)(a)-(c)

M57 Source-1982 Sch.7 7(1)(d), (4), (5)

M58 Source-1982 Sch.7 7(2)(3)

[F1071 374A Interest which never has been relevant loan interest etc. U.K.

(1) This section applies where, in the case of any loan, interest on the loan never has been relevant loan interest or the borrower never has been a qualifying borrower.

(2) Without prejudice to subsection (3) below, in relation to a payment of interest—

(a) as respects which either of the conditions mentioned in paragraphs (a) and (b) of section 374(1) is fulfilled, and

(b) from which a deduction was made as mentioned in section 369(1),

section 369 shall have effect as if the payment of interest were a payment of relevant loan interest made by a qualifying borrower.

(3) Nothing in subsection (2) above shall be taken as regards the borrower as entitling him to make any deduction or to retain any amount deducted and, accordingly, where any amount has been deducted, he shall be liable to make good that amount and an officer of the Board may make such assessments as may in his judgment be required for recovering that amount.

(4) The Management Act shall apply to an assessment under subsection (3) above as if it were an assessment to income tax for the year of assessment in which the deduction was made F1072 . . . .

(5) If the borrower fraudulently or negligently makes any false statement or representation in connection with the making of any deduction, he shall be liable to a penalty not exceeding the amount deducted.]

Textual Amendments

F1071 S. 374A inserted (with application in accordance with s. 112(5) of the amending Act) by Finance Act 1995 (c. 4), s. 112(1)

F1072 Words in s. 374A(4) repealed (with effect in accordance with Sch. 18 para. 17(5) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 18 para. 7, Sch. 41 Pt. 5(8), Note

375 Interest ceasing to be relevant loan interest, etc. U.K.

(1) M59 If at any time—

(a) the interest on a loan ceases to be relevant loan interest; or

(b) a person making payments of relevant loan interest ceases to be a qualifying borrower;

the borrower shall give notice of the fact to the lender.

(2) Without prejudice to subsection (3) below, in relation to a payment of interest—

(a) which is due after the time referred to in subsection (1) above and before the date on which notice is given under that subsection, and

[F1073 (aa) as respects which any of the conditions mentioned in section 374(1) is fulfilled, and]

(b) from which a deduction was made as mentioned in section 369(1),

section 369 shall have effect as if the payment were a payment of relevant loan interest made by a qualifying borrower.

(3) Nothing in subsection (2) above [F1074 shall be taken as regards the borrower as entitling him to any deduction or to retain any amount deducted and, accordingly, where any amount that has been deducted exceeds the amount which ought to have been deducted], he shall be liable to make good the excess and an inspector may make such assessments as may in his judgment be required for recovering the excess.

[F1075 (4) The Management Act shall apply to an assessment under subsection (3) above [F1076 as if it were an assessment to income tax for the year of assessment in which the deduction was made].

(4A) If there is any unreasonable delay in the giving of a notice under subsection (1) above, the borrower shall be liable to a penalty not exceeding so much of the aggregate amount that he is liable to make good under subsection (3) above as is attributable to that delay.]

(5) M60 If, as a result of receiving a notice under subsection (1) above or otherwise, a qualifying lender has reason to believe that any interest is no longer relevant loan interest or that a borrower is no longer a qualifying borrower, the lender shall furnish the Board with such information as is in his possession with respect to those matters.

(6) M61 Where it appears to the Board that any of the provisions of sections 370 to 373 is not or may not be fulfilled with respect to any interest, or that a qualifying borrower has or may have ceased to be a qualifying borrower, they shall give notice of that fact to the lender and the borrower specifying the description of relevant loan interest concerned or, as the case may be, that the borrower has or may have ceased to be a qualifying borrower.

(7) Section 369 shall not apply to any payment of relevant loan interest of a description to which a notice under subsection (6) above relates and which becomes due or is made after such date as may be specified in the notice and before such date as may be specified in a further notice given by the Board to the lender and the borrower.

(8) M62 In any case where—

(a) section 369 applies to any relevant loan interest by virtue of a notice under section 374(1)(b), and

(b) the relevant date specified in the notice is earlier than the date from which the interest begins to be paid under deduction of tax, and

(c) a payment of that interest was made on or after the relevant date but not under deduction of tax,

regulations may provide for a sum to be paid by the Board of an amount equal to that which the borrower would have been able to deduct from that payment by virtue of section 369 if it had been made after the relevant date.

[F1077 (8A) In any case where an amount to which a person is not entitled is paid to him by the Board in pursuance of regulations made by virtue of subsection (8) above, regulations may—

(a) provide for an officer of the Board to make such assessments as may in his judgment be required for recovering that amount from that person; and

(b) make provision corresponding to that made by subsection (4A) above and subsections (4) and (5) of section 374A.]

[F1078 (8B) Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999.]

(9) F1079 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10) F1079 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1073 S. 375(2)(aa) inserted (with application in accordance with s. 112(5) of the amending Act) by Finance Act 1995 (c. 4), s. 112(2)

F1074 Words in s. 375(3) substituted (with effect in accordance with s. 81(6) of the amending Act) by Finance Act 1994 (c. 9), Sch. 9 para. 11

F1075 S. 375(4)(4A) substituted for s. 375(4) (with application in accordance with s. 112(5) of the amending Act) by Finance Act 1995 (c. 4), s. 112(3)

F1076 Words in s. 375(4) substituted (with effect in accordance with Sch. 18 para. 17(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 8

F1077 S. 375(8A) inserted (with application in accordance with s. 112(5) of the amending Act) by Finance Act 1995 (c. 4), s. 112(4)

F1078 S. 375(8B) inserted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 9(1)

F1079 S. 375(9)(10) repealed (with effect in accordance with Sch. 4 para. 18(1) of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 9(2), Sch. 20 Pt. 3(7), Note 1

Marginal Citations

M59 Source-1982 Sch.7 8

M60 Source-1982 Sch.7 9(1)

M61 Source-1982 Sch.7 10(1), (2)

M62 Source-1982 Sch.7 11

[F1080 375A Option to deduct interest for the purposes of Schedule A. U.K.

F1081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1080 S. 375A inserted (with effect in accordance with s. 39(4)(5) of the amending Act) by Finance Act 1995 (c. 4), Sch. 6 para. 18

F1081 S. 375A repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 10, Sch. 20 Pt. 3(7)

376 Qualifying borrowers and qualifying lenders. U.K.

(1) M63 Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.

(2) In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds [F1082 an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act)], the borrower is not a qualifying borrower.

(3) In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife F1083 . . . .

(4) M64 The following bodies are qualifying lenders:—

(a) a building society;

(b) a local authority;

(c) the Bank of England;

(d) F1084 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1085 (e) a person who has permission under [F1086 Part 4A] of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;]

(f) any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the M65 Trustee Savings Bank Act 1985;

(g) F1087 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(h) a development corporation within the meaning of the M66 New Towns Act 1981 or the M67 New Towns (Scotland) Act 1968;

[F1088 (j) the Homes and Communities Agency;]

[F1089 (ja) the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;]

[F1090 (k) the Regulator of Social Housing,]

[F1091 (ka) the Secretary of State if the loan is made by him under section 79 of the M68 Housing Associations Act 1985;]

(l) the Northern Ireland Housing Executive;

(m) the Scottish Special Housing Association;

(n) F1092 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(o) the Church of England Pensions Board;

[F1093 (p) any body which is for the time being registered under section 376A.]

[F1094 (4A) F1095 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(5) F1096 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F1097 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1082 Words in s. 376(2) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 52 (with Sch. 7)

F1083 Words in s. 376(3) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 11(a), Sch. 20 Pt. 3(7)

F1084 S. 376(4)(d) repealed (26.3.2001) by The Postal Services Act 2000 (Consequential Modifications No. 1) Order 2001 (S.I. 2001/1149), arts. 1(2), 3(2), Sch. 2

F1085 S. 376(4)(e) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(a)

F1086 Words in s. 376(4)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F1087 S. 376(4)(g) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(b)

F1088 S. 376(4)(j) substituted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 42; S.I. 2008/3068, art. 2(1)(w) (with arts. 6-13)

F1089 S. 376(4)(ja) inserted (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 19 para. 24; S.I. 2012/628, art. 6(1) (with arts. 9-20)

F1090 S. 376(4)(k) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 12; S.I. 2010/862, art. 2 (with Sch.)

F1091 S. 376(4)(ka) substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140(2), 158(1), Sch. 16 para. 55; S.I. 1998/2244, art. 5

F1092 S. 376(4)(n) repealed (1.10.1998) by Government of Wales Act 1998 (c. 38), ss. 152, 158(1), Sch. 18 Pt. 4; S.I. 1998/2244, art. 4

F1093 S. 376(4)(p) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(2)(c)

F1094 S. 376(4A) inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 paras. 3(3), 22; S.I. 1993/236, art. 2

F1095 S. 376(4A) omitted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 23(3)

F1096 S. 376(5) repealed (3.5.1994) by Finance Act 1994 (c. 9), s. 142(1)(b), Sch. 26 Pt. 5(19)

F1097 S. 376(6) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 11(b), Sch. 20 Pt. 3(7)

Marginal Citations

M63 Source-1982 Sch.7 13

M64 Source-1982 Sch.7 14(1); 1983 s.17(3)

M65 1985 c. 50.

M66 1981 c.64.

M67 1968 c. 16.

M68 1985 c. 69.

[F1098 376A The register of qualifying lenders. U.K.

(1) The Board shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of section 376(4).

[F1099 (1A) The following are entitled to be registered—

(a) a person who has permission under [F1100 Part 4A] of the Financial Services and Markets Act 2000—

(i) to accept deposits; or

(ii) to effect or carry out contracts of general insurance;

(b) a 90 per cent subsidiary of a person mentioned in—

(i) section 376(4)(e); or

(ii) paragraph (a) above;

(c) any other body whose activities and objects appear to the Board to qualify it for registration.]

(2) If the Board are satisfied that an applicant for registration is entitled to be registered, they may register the applicant generally or in relation to any description of loan specified in the register, with effect from such date as may be so specified; and a body which is so registered shall become a qualifying lender in accordance with the terms of its registration.

(3) The registration of any body may be varied by the Board—

(a) where it is general, by providing for it to be in relation to a specified description of loan, or

(b) where it is in relation to a specified description of loan, by removing or varying the reference to that description of loan,

and where they do so, they shall give the body written notice of the variation and of the date from which it is to have effect.

(4) If it appears to the Board at any time that a body which is registered under this section would not be entitled to be registered if it applied for registration at that time, the Board may by written notice given to the body cancel its registration with effect from such date as may be specified in the notice.

(5) The date specified in a notice under subsection (3) or (4) above shall not be earlier than the end of the period of 30 days beginning with the date on which the notice is served.

(6) Any body which is aggrieved by the failure of the Board to register it under this section, or by the variation or cancellation of its registration, may [F1101 appeal], by notice given to the Board before the end of the period of 30 days beginning with the date on which the body is notified of the Board’s decisionF1102 . . . .]

Textual Amendments

F1098 S. 376A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 142(2)

F1099 S. 376A(1A) inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 24

F1100 Words in s. 376A(1A)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F1101 Word in s. 376A(6) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 138(a)

F1102 Words in s. 376A(6) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 138(b)

377 Variation of terms of repayment of certain loans. U.K.

F1103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1103 S. 377 repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 12, Sch. 20 Pt. 3(7)

378 Supplementary regulations. U.K.

M69 (1) F1104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The Board may by regulations make provision—

(a) for the purposes of any provision of sections 369 to [F1105 376A] which relates to any matter or thing to be specified by or done in accordance with regulations;

(b) for the application of those sections in relation to loan interest paid by personal representatives and trustees;

(c) with respect to the furnishing of information by borrowers or lenders, including, in the case of lenders, the inspection of books, documents and other records on behalf of the Board;

(d) for, and with respect to, appeals to [F1106 the tribunal] against the refusal of the Board to issue a notice under section 374(1)(b) or the issue of a notice under section 375(6) or (7); and

(e) generally for giving effect to sections 369 to [F1105 376A].

(4) F1104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1104 S. 378(1)(2)(4) repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 13(a), Sch. 20 Pt. 3(7)

F1105 Words in s. 378(3) substituted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 13(b)

F1106 Words in s. 378(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 139

Marginal Citations

M69 Source-1982 s.29; 1984 s.56(2)

379

In sections 369 to 378—

• [F1107 “contracts of general insurance” means contracts which fall within Part I of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and “contracts of long-term insurance” means contracts which fall within Part II of that Schedule;]

• “prescribed” F1108 . . . means prescribed by the Board;

• “qualifying borrower” has the meaning given by section 376(1) to (3);

• “qualifying lender” has the meaning given by section 376(4) F1109 . . . ;

• “regulations” F1110 . . . means regulations made by the Board under section 378;

• “relevant loan interest” has the meaning given by section 370(1);

• [F1111 “separated” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.]

Textual Amendments

F1107 S. 379: definition of "contracts of general insurance" inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending Order) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 25

F1108 S. 379: words in definition of "prescribed" repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(19)

F1109 S. 379: words in definition of "qualifying lender" repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 14(a), Sch. 20 Pt. 3(7)

F1110 S. 379: words in definition of "regulations" repealed (with effect in accordance with Sch. 4 para. 18(5), Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 4 para. 14(b), Sch. 20 Pt. 3(7)

F1111 S. 379: definition of "separated" inserted (with effect in accordance with Sch. 4 para. 18(5) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 14(c)

PART X U.K. LOSS RELIEF AND GROUP RELIEF

[F1112 CHAPTER I U.K. LOSS RELIEF: INCOME TAX]

Textual Amendments

F1112 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F1113 [F1114 Losses from [F1115 UK property] business or overseas property business] U.K.

Textual Amendments

F1113 S. 379A and preceding cross-heading inserted (with effect in accordance with s. 39(4)(5) of the amending Act) by Finance Act 1995 (c. 4), Sch. 6 para. 19(1)

F1114 S. 379A cross-heading substituted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 26 (with Sch. 5 para. 73)

F1115 Words in cross-heading preceding s. 379A substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 156(8) (with Sch. 2)

379A [F1116 Losses from UK property business]. U.K.

F1117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1116 S. 379A sidenote substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by virtue of Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 156(7) (with Sch. 2)

F1117 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F1118 379B Losses from overseas property business. U.K.

F1119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1118 S. 379B inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 27 (with Sch. 5 para. 73)

F1119 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

Trade etc. losses U.K.

380 Set-off against general income. U.K.

F1120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1120 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

381 Further relief for individuals for losses in early years of trade. U.K.

F1121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1121 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

382 Provisions supplementary to sections 380 and 381. U.K.

F1122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1122 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

383 Extension of right of set-off to capital allowances. U.K.

F1123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1123 S. 383 repealed (with effect in accordance with ss. 211(2), 218(1)(b) of the repealing Act) by Finance Act 1994 (c. 9), s. 214(1)(b), Sch. 26 Pt. 5(24), Note 5

384 Restrictions on right of set-off. U.K.

F1124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1124 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F1125 384A Restriction of set-off of allowances against general income U.K.

F1126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1125 S. 384A inserted (with effect in accordance with s. 579(1) of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 30 (with Sch. 3)

F1126 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

385 Carry-forward against subsequent profits. U.K.

F1127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1127 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

386 Carry-forward where business transferred to a company. U.K.

F1128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1128 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

387 Carry-forward as losses of amounts taxed under section 350. U.K.

F1129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1129 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

388 Carry-back of terminal losses. U.K.

F1130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1130 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

389 Supplementary provisions relating to carry-back of terminal losses. U.K.

F1131 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1131 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

390 Treatment of interest as a loss for purposes of carry-forward and carry-back. U.K.

F1132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1132 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

391 Losses from trade etc. carried on abroad U.K.

F1133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1133 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

Case VI losses U.K.

392 Losses from miscellaneous transactions U.K.

F1134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1134 Pt. 10 Ch. 1 (ss. 379A-392) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F1135 CHAPTER II U.K. LOSS RELIEF: CORPORATION TAX]

Textual Amendments

F1135 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

[F1136 Losses from [F1137 UK property business] or overseas property business U.K.

Textual Amendments

F1136 Ss. 392A, 392B and preceding cross-heading inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 28 (with Sch. 5 paras. 72, 73)

F1137 Words in cross-heading preceding s. 392A substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(8) (with Sch. 2 Pts. 1, 2)

392A [F1138 UK property business losses] U.K.

F1139 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1138 S. 392A title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(7) (with Sch. 2 Pts. 1, 2)

F1139 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

392B Losses from overseas property business. U.K.

F1140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1140 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

Trade etc. losses U.K.

393 Losses other than terminal losses. U.K.

F1141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1141 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

[F1142 393A Losses: set off against profits of the same, or an earlier, accounting period. U.K.

F1143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1142 S. 393A inserted by Finance Act 1991 (c. 31), s. 73(1)(4)(5)

F1143 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

[F1144 393B Losses of ring fence trade: set off against profits of an earlier accounting period U.K.

F1145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1144 S. 393B inserted (with effect in accordance with s. 111(3) of the amending Act) by Finance Act 2008 (c. 9), s. 111(1)

F1145 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

F1146 394 Terminal losses. U.K.

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

Textual Amendments

F1146 S. 394 repealed by Finance Act 1991 (c. 31), ss. 73(2)(4)(5), 123, Sch. 19 Pt. V

395 Leasing contracts and company reconstructions. U.K.

F1147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1147 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

Case VI losses U.K.

396 [F1148 Losses from miscellaneous transactions] U.K.

F1149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1148 S. 396 title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 112(5) (with Sch. 2 Pts. 1, 2)

F1149 Pt. 10 Ch. 2 (ss. 392A-396) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 34, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER III U.K. LOSS RELIEF: MISCELLANEOUS PROVISIONS

397 Restriction of relief in case of farming and market gardening. U.K.

F1150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1150 S. 397 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 35, Sch. 3 Pt. 1 (with Sch. 2)

398 Transactions in deposits with and without certificates or in debts. U.K.

M70 Where [F1151 a company] sustains a loss on the exercise or disposal of a right to receive any amount, being a right to which section 56(2) F1152 . . . applies, in a case where—

(a) if a profit had arisen from that exercise or disposal, that profit would have been chargeable to [F1153 corporation] tax by virtue of section 56(2) F1154 . . . , and

(b) [F1155 the company is chargeable to corporation tax under [F1156 Part 5 of CTA 2009 (loan relationships)]] in respect of interest payable on that amount,

then the amount of that interest shall be included in the amounts against which [F1157 the amount of its loss may be set off under [F1158 section 91 of CTA 2010].]

Textual Amendments

F1151 Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(2) (with Sch. 2)

F1152 Words in s. 398 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(3), Sch. 3 Pt. 1 (with Sch. 2)

F1153 Words in s. 398(a) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(a) (with Sch. 2)

F1154 Words in s. 398(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(b), Sch. 3 Pt. 1 (with Sch. 2)

F1155 Words in s. 398(b) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(5) (with Sch. 2)

F1156 Words in s. 398(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 114 (with Sch. 2 Pts. 1, 2)

F1157 Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(6) (with Sch. 2)

F1158 Words in s. 398 substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 36 (with Sch. 2)

Marginal Citations

M70 Source—1973 s.26(2); 1974 s.30(2)

399 Dealings in commodity futures etc: withdrawal of loss relief. U.K.

F1159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1159 S. 399 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 37, Sch. 3 Pt. 1 (with Sch. 2)

400 Write-off of government investment. U.K.

F1160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1160 S. 400 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 38, Sch. 3 Pt. 1 (with Sch. 2)

401 Relief for pre-trading expenditure. U.K.

F1161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1161 S. 401 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 117, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1162 CHAPTER IV U.K. GROUP RELIEF]

Textual Amendments

F1162 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

402 Surrender of relief between members of groups and consortia. U.K.

F1163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1163 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403 Losses etc. which may be surrendered by way of group relief. U.K.

F1164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1164 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1165 403ZA Amounts eligible for group relief: trading losses. U.K.

F1166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1165 Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

F1166 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403ZB Amounts eligible for group relief: excess capital allowances. U.K.

F1167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1165 Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

F1167 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403ZC Amounts eligible for group relief: non-trading deficit on loan relationships. U.K.

F1168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1165 Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

F1168 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403ZD Other amounts available by way of group relief. U.K.

F1169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1165 Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

F1169 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403ZE Computation of gross profits. U.K.

F1170 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1165 Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

F1170 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1171 403A Limits on group relief. U.K.

F1172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1171 Ss. 403A-403C inserted (with effect in accordance with Sch. 7 para. 9 of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 7 para. 2

F1172 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403B Apportionments under section 403A. U.K.

F1173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1171 Ss. 403A-403C inserted (with effect in accordance with Sch. 7 para. 9 of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 7 para. 2

F1173 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403C Amount of relief in consortium cases. U.K.

F1174 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1171 Ss. 403A-403C inserted (with effect in accordance with Sch. 7 para. 9 of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 7 para. 2

F1174 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1175 403D [F1176 Relief for or in respect of UK losses of non-resident companies] U.K.

F1177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1175 Ss. 403D, 403E inserted (with effect in accordance with Sch. 27 para. 6(1)(2)(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 27 para. 4

F1176 S. 403D title substituted (with effect in accordance with Sch. 1 para. 9 of the amending Act) by virtue of Finance Act 2006 (c. 25), Sch. 1 para. 3(4)

F1177 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

403E Relief for overseas losses of UK resident companies. U.K.

F1178 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1175 Ss. 403D, 403E inserted (with effect in accordance with Sch. 27 para. 6(1)(2)(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 27 para. 4

F1178 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1179 403F Relief in respect of overseas losses of non-resident companies U.K.

F1180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1179 S. 403F inserted (with effect in accordance with Sch. 1 para. 9 of the amending Act) by Finance Act 2006 (c. 25), Sch. 1 para. 4(1)

F1180 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1181 403G Unallowable overseas losses of non-resident companies U.K.

F1182 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1181 S. 403G inserted (with effect in accordance with Sch. 1 para. 9 of the amending Act) by Finance Act 2006 (c. 25), Sch. 1 para. 4(2)

F1182 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

404 Limitation of group relief in relation to certain dual resident companies. U.K.

F1183 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1183 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

405 Claims relating to losses etc. of members of both group and consortium. U.K.

F1184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1184 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

406 Claims relating to losses etc. of consortium company or group member. U.K.

F1185 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1185 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

407 Relationship between group relief and other relief. U.K.

F1186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1186 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

408 Corresponding accounting periods. U.K.

F1187 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1187 Ss. 408, 409 repealed (with effect in accordance with Sch. 7 para. 9, Sch. Pt. 2(14) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 7 para. 6, Sch. 8 Pt. 2(14)

409 Companies joining or leaving group or consortium. U.K.

F1188 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1188 Ss. 408, 409 repealed (with effect in accordance with Sch. 7 para. 9, Sch. Pt. 2(14) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 7 para. 6, Sch. 8 Pt. 2(14)

410 Arrangements for transfer of company to another group or consortium. U.K.

F1189 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1189 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

411 Exclusion of double allowances. U.K.

F1190 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1190 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1191 411ZA No relief where deduction of relevant return under alternative finance arrangements disallowed U.K.

F1192 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1191 S. 411ZA inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 124 (with Sch. 2 Pts. 1, 2)

F1192 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

[F1193 411A Group relief by way of substitution for loss relief. U.K.

F1194 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1193 S. 411A inserted (with effect in accordance with s. 101(2) of the amending Act) by Finance Act 1990 (c. 29), s. 101(1)

F1194 S. 411A repealed (with effect in accordance with s. 93(2) of the repealing Act) by Finance Act 1999 (c. 16), Sch. 11 para. 1, Sch. 20 Pt. 3(21), Note

412 Claims and adjustments. U.K.

F1195 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1195 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

413 Interpretation of Chapter IV. U.K.

F1196 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1196 Pt. 10 Ch. 4 (ss. 402-413) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 39, Sch. 3 Pt. 1 (with Sch. 2)

PART XI U.K. CLOSE COMPANIES

[F1197 CHAPTER I U.K. INTERPRETATIVE PROVISIONS]

Textual Amendments

F1197 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

414 Close companies. U.K.

F1198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1198 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

415 Certain quoted companies not to be close companies. U.K.

F1199 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1199 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

416 Meaning of “associated company” and “control”. U.K.

F1200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1200 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

417 Meaning of “participator”, “associate”, “director” and “loan creditor”. U.K.

F1201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1201 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

Additional matters to be treated as distributions U.K.

418 “Distribution” to include certain expenses of close companies. U.K.

F1202 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1202 Pt. 11 Ch. 1 (ss. 414-418) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 40, Sch. 3 Pt. 1 (with Sch. 2)

[F1203 CHAPTER II U.K. CHARGES TO TAX IN CONNECTION WITH LOANS]

Textual Amendments

F1203 Pt. 11 Ch. 2 (ss. 419-422) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

419 Loans to participators etc. U.K.

F1204 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1204 Pt. 11 Ch. 2 (ss. 419-422) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

420 Exceptions from section 419. U.K.

F1205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1205 Pt. 11 Ch. 2 (ss. 419-422) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

421 Taxation of borrower when loan under section 419 released etc U.K.

F1206 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1206 Pt. 11 Ch. 2 (ss. 419-422) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

422 Extension of section 419 to loans by companies controlled by close companies. U.K.

F1207 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1207 Pt. 11 Ch. 2 (ss. 419-422) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 41, Sch. 3 Pt. 1 (with Sch. 2)

[F1208 CHAPTER III U.K. APPORTIONMENT OF UNDISTRIBUTED INCOME ETC.]

Textual Amendments

F1208 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1209 423 Apportionment of certain income, deductions and interest. U.K.

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

Textual Amendments

F1209 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1210 424 Exclusions from section 423. U.K.

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

Textual Amendments

F1210 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1211 425 Manner of apportionment. U.K.

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

Textual Amendments

F1211 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1212 426 Charge to income tax where apportionment is to an individual. U.K.

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

Textual Amendments

F1212 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1213 427 Reduction of charge under section 426 in certain cases. U.K.

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

Textual Amendments

F1213 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1214 428 Increase of apportioned sum etc. by reference to ACT. U.K.

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

Textual Amendments

F1214 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1215 429 Payment and collection of income tax. U.K.

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

Textual Amendments

F1215 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

F1216 430 Consequences of apportionment: ACT. U.K.

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

Textual Amendments

F1216 Pt. 11 Ch. 3 (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by Finance Act 1989 (c. 4), Sch. 17 Pt. 5, Note 4 (with s. 103(2))

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

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

Insurance companies: general U.K.

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

F1217 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1217 S. 431 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 11 (with Sch. 17) (subject to an amendment (1.4.2013) by Financial Services Act 2012 (c. 21), s. 58(5); S.I. 2013/423, art. 3, Sch.)

[F1218 431ZA Election that assets not be foreign business assets U.K.

F1219 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1218 S. 431ZA inserted (with effect in accordance with Sch. 17 para. 10(6)(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 10(2)

F1219 S. 431ZA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 12 (with Sch. 17)

[F1220 431A Amendment of Chapter etc U.K.

F1221 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1220 S. 431A inserted (1.1.1990) by Finance Act 1990 (c. 29), Sch. 6 paras. 2, 11(2) (with Sch. 6 para. 12)

F1221 S. 431A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 13 (with Sch. 17)

[F1222 431AA Relevant benefits for purposes of section 431(4)(d) and (e). U.K.

F1223 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1222 S. 431AA inserted (with application in accordance with s. 143(5) of the amending Act) by Finance Act 1994 (c. 9), s. 143(4)

F1223 S. 431AA repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2

[F1224 Classes of life assurance business] U.K.

Textual Amendments

F1224 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

[F1225 431B Meaning of “pension business”. U.K.

F1226 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1226 S. 431B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 14 (with Sch. 17)

[F1227 431BA Meaning of “child trust fund business” U.K.

F1228 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1227 Ss. 431BA, 431BB inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 8 (with Sch. 7 Pt. 2)

F1228 S. 431BA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 15 (with Sch. 17)

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

F1229 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1227 Ss. 431BA, 431BB inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 8 (with Sch. 7 Pt. 2)

F1229 S. 431BB omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 16 (with Sch. 17)

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

F1230 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1230 S. 431C omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 17 (with Sch. 17)

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

F1231 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1231 Ss. 431D, 431E omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 18 (with Sch. 17)

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

F1232 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1232 Ss. 431D, 431E omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 18 (with Sch. 17)

[F1233 431EA Meaning of “gross roll-up business” U.K.

F1234 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1233 S. 431EA inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 10 (with Sch. 7 Pt. 2)

F1234 S. 431EA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 19 (with Sch. 17)

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

F1235 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1225 Ss. 431B-431F and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 2

F1235 S. 431F omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 20 (with Sch. 17)

[F1236 [F1237 Basis of taxation etc]] U.K.

Textual Amendments

F1236 Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))

F1237 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

[F1238 431G Company carrying on life assurance business U.K.

F1239 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1238 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

F1239 S. 431G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 21 (with Sch. 17)

[F1240 431H Company carrying on life assurance business and other insurance business U.K.

F1241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1240 Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

F1241 S. 431H omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 22 (with Sch. 17)

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

[F1245 432YA [F1246 PHI business] other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook U.K.

F1247 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1245 S. 432YA inserted (8.1.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment No. 2) Order 2006 (S.I. 2006/3387), arts. 1(1), 2

F1246 Words in s. 432YA heading substituted (27.12.2008 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) (No. 2) Order 2008 (S.I. 2008/3096), arts. 1(1), 2(4)

F1247 S. 431YA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 23 (with Sch. 17)

[F1248 432ZA Linked assets. U.K.

F1249 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1248 S. 432ZA inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 11(2) (with Sch. 8 para. 55(2))

F1249 S. 431ZA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 24 (with Sch. 17)

[F1250 432A Apportionment of income and gains. U.K.

F1251 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1250 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F1251 S. 432A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 25 (with Sch. 17)

[F1252 432AA [F1253 UK property business or overseas property business] U.K.

F1254 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1252 Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

F1253 S. 432AA title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 131(3) (with Sch. 2 Pts. 1, 2)

F1254 S. 432AA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 26 (with Sch. 17)

432AB Losses from [F1255 UK property business] or overseas property business. U.K.

F1256 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1252 Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

F1255 Words in s. 432AB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 132(4) (with Sch. 2 Pts. 1, 2)

F1256 S. 432AB omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 27 (with Sch. 17)

[F1257 432B Apportionment of receipts brought into account. U.K.

F1258 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1257 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F1258 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1259 432C Section 432B apportionment: non-participating funds U.K.

F1260 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1259 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F1260 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1261 432CA Apportionment of asset value increase where line 51 amount decreases U.K.

F1262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1261 S. 432CA inserted (with effect in accordance with s. 47(2)-(4) of the amending Act) by Finance Act 2010 (c. 13), s. 47(1)

F1262 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1263 432CB Transfers of business involving excess assets U.K.

F1264 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1263 S. 432CB inserted (with effect in accordance with s. 9(2) of the amending Act) by Finance (No. 2) Act 2010 (c. 31), s. 9(1)

F1264 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1265 432D Section 432B apportionment: value of non-participating funds. U.K.

F1266 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1265 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F1266 S. 432D repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 18, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F1267 432E Section 432B apportionment: participating funds. U.K.

F1268 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1267 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F1268 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1269 432F Section 432B apportionment: supplementary provisions. U.K.

F1270 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1269 S. 432F inserted (with effect in accordance with Sch. 8 para. 53 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(3) (with Sch. 8 para. 55(2))

F1270 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

[F1271 432G Section 432B apportionment: business transfers-in U.K.

F1272 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1271 S. 432G inserted (1.1.2005 with effect in accordance with art. 1 of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) Order 2004 (S.I. 2004/3266), art. 4

F1272 Ss. 432B-432G omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 28 (with Sch. 17)

F1273 433 Profits reserved for policy holders and annuitants. U.K.

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

Textual Amendments

F1273 S. 433 repealed (14.3.1989) by Finance Act 1989 (c. 26), s. 84(5), Sch. 8 para. 2, Sch. 17 Pt. IV, Note 3 (with s. 84(6))

[F1274 Miscellaneous provisions relating to life assurance business] U.K.

Textual Amendments

F1274 Cross-heading before s. 434 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(4) (with Sch. 8 para. 55(2))

434 Franked investment income etc. U.K.

F1275 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1275 S. 434 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 29 (with Sch. 17)

[F1276 434A Computation of losses and limitation on relief. U.K.

F1277 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1276 S. 434A inserted by Finance Act 1989 (c. 26), s. 84(4)-(6), Sch. 8 para. 4

F1277 S. 434A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 30 (with Sch. 17)

[F1278 434AZA Reduced loss relief for additions to non-profit funds U.K.

F1279 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1278 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F1279 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

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

F1280 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1278 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F1280 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

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

F1281 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1278 Ss. 434AZA-434AZC inserted (with effect in accordance with Sch. 23 para. 3(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 23 para. 3(1)

F1281 Ss. 434AZA-434AZC omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 31 (with Sch. 17)

[F1282 434B Treatment of interest and annuities. U.K.

(1) F1283 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1284 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1282 S. 434B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 21(1) (with Sch. 8 para. 55(2))

F1283 S. 434B(1) repealed (with effect in accordance with s. 165(4)(5) of the repealing Act) by Finance Act 1996 (c. 8), s. 165(3), Sch. 41 Pt 5(25), Note (with Sch. 14 para. 24)

F1284 S. 434B(2) repealed (with effect in accordance with s. 67(7), Sch. 18 Pt. 6(6) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 67(4), Sch. 18 Pt. 6(6)

[F1285 434C Interest on repayment of advance corporation tax. U.K.

F1286 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1285 S. 434C inserted (with effect in accordance with Sch. 8 paras. 54, 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 22 (with Sch. 8 para. 55(2))

F1286 S. 434C repealed (with effect in accordance with Sch. 3 para. 26(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 26(1), Sch. 27 Pt. 3(2), Note

[F1287 434D Capital allowances: management assets. U.K.

F1288 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1287 Ss. 434D, 434E inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 23(1) (with Sch. 8 para. 55(2))

F1288 S. 434D repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 39, Sch. 4

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

F1289 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1287 Ss. 434D, 434E inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 23(1) (with Sch. 8 para. 55(2))

F1289 S. 434E repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 39, Sch. 4

F1290 435 Taxation of gains reserved for policy holders and annuitants. U.K.

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

Textual Amendments

F1290 S. 435 repealed (with effect in accordance with s. 84(5)(b) of the repealing Act) by Finance Act 1989 (c. 26), s. 84(4), Sch. 8 para. 5, Sch. 17 Pt. IV, Note 3 (with s. 84(6))

436 [F1291 Pension business]: separate charge on profits. U.K.

F1292 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1291 Words in s. 436 sidenote substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(5) (with Sch. 8 para. 55(2))

F1292 S. 436 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 24, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F1293 436A Gross roll-up business: separate charge on profits U.K.

F1294 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1293 Ss. 436A, 436B inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 25 (with Sch. 7 Pt. 2)

F1294 S. 436A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 32 (with Sch. 17)

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

F1295 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1293 Ss. 436A, 436B inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 25 (with Sch. 7 Pt. 2)

F1295 S. 436B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 33 (with Sch. 17)

437 General annuity business. U.K.

F1296 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1296 Ss. 437, 437A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 34 (with Sch. 17)

[F1297 437A Meaning of “steep-reduction annuity” etc. U.K.

F1298 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1297 S. 437A inserted (with effect in accordance with s. 67(8) of the amending Act) by Finance Act 1997 (c. 16), s. 67(3)

F1298 Ss. 437, 437A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 34 (with Sch. 17)

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

F1299 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1299 S. 438 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 35 (with Sch. 17)

[F1300 438A Pension business: payments on account of tax credits and deducted tax. U.K.

F1301 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1300 S. 438A inserted (2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49(1); S.I. 1992/1746, art.2

F1301 S. 438A repealed (with effect in accordance with s. 87(2)(5) of the repealing Act) by Finance Act 2001 (c. 9), s. 87(1), Sch. 33 Pt. 2(12)

[F1302 438B Income or gains arising from property investment LLP U.K.

F1303 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1302 Ss. 438B, 438C inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 76, Sch. 25 para. 5

F1303 S. 438B repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 27, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

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

F1304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1302 Ss. 438B, 438C inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 76, Sch. 25 para. 5

F1304 S. 438C repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 28, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

439 Restricted government securities. U.K.

F1305 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1305 S. 439 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 29, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F1306 439A Taxation of pure reinsurance business. U.K.

F1307 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1306 S. 439A inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 26 (with Sch. 8 para. 55(2))

F1307 S. 439A repealed (with effect in accordance with s. 39(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 8 para. 7, Sch. 27 Pt. 2(8), Note (with Sch. 8 Pt. 2)

[F1308 439B Life reinsurance business: separate charge on profits. U.K.

F1309 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1308 S. 439B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 27(1) (with Sch. 8 para. 55(2))

F1309 S. 439B repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 30, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

440 Transfers of assets etc. U.K.

F1310 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1310 S. 440 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 36 (with Sch. 17)

[F1311 440A Securities. U.K.

F1312 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1311 Ss. 440, 440A substituted for s. 440 (1.1.1990) by Finance Act 1990 (c. 29), Sch. 6 paras. 8, 11(2) (with Sch. 6 para. 12)

F1312 S. 440A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 37 (with Sch. 17)

[F1313 440B Modifications where tax charged under [F1314 section 35 of CTA 2009]. U.K.

F1315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1313 S. 440B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 28(1) (with Sch. 8 para. 55(2))

F1314 Words in s. 440B title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(5) (with Sch. 2 Pts. 1, 2)

F1315 S. 440B omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 38 (with Sch. 17)

[F1316 440C Modifications for change of tax basis U.K.

F1317 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1316 S. 440C inserted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 9 (with Sch. 8 Pt. 2)

F1317 S. 440C omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 39 (with Sch. 17)

[F1318 440D Modifications in relation to BLAGAB group reinsurers U.K.

F1319 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1318 S. 440D inserted (27.12.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430), art. 3(2)

F1319 S. 440D omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 40 (with Sch. 17)

441 Overseas life assurance business. U.K.

F1320 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1320 S. 441 repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 34, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F1321 441A Section 441: distributions. U.K.

(1) F1322 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1324 (3) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(7) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) F1323 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1321 Ss. 441, 441A substituted for s. 441 by Finance Act 1990 (c. 29), Sch.7 paras. 3, 10

F1322 S. 441A(1) repealed (with effect in accordance with Sch. 3 para. 9(4) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 9(2), Sch. 8 Pt. 2(6), Note

F1323 S. 441A(2)-(8) repealed (with effect in accordance with Sch. 4 para. 28(2), Sch. 8 Pt. 2(10) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 28(1), Sch. 8 Pt. 2(10)

F1324 S. 441A(3)-(5) substituted for s. 441A(3)-(6) (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 31 (with Sch. 8 para. 55(2))

[F1325 441B Treatment of UK land. U.K.

F1326 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1325 S. 441B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 32 (with Sch. 8 para. 55(2))

F1326 S. 441B repealed (13.8.2007 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2007 (S.I. 2007/2086), regs. 1(1), 6(2)(a)

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

F1327 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1327 S. 442 omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 41 (with Sch. 17)

[F1328 442A Taxation of investment return where risk reinsured. U.K.

F1329 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1328 S. 442A inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 34 (with Sch. 8 paras. 55(2), 57(2))

F1329 S. 442A omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 42 (with Sch. 17)

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

F1330 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1330 S. 443 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 10 para. 16(3)(d), Sch. 27 Pt. 2(10), Note

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

F1331 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1331 S. 444 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 10 para. 16(3)(e), Sch. 27 Pt. 2(10), Note

[F1332 444A Transfers of business. U.K.

F1333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1332 S. 444A inserted (with effect in accordance with Sch. 9 para. 7 of the amending Act) by Finance Act 1990 (c. 29), Sch. 9 para. 4

F1333 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1334 444AZA Transfers of life assurance business: [F1335 gross roll-up business] losses of the transferor U.K.

F1336 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1334 Ss. 444AZA, 444AZB inserted (19.2.2008 with effect in accordance with art. 1(5) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 9

F1335 Words in s. 444AZA title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 142(5) (with Sch. 2 Pts. 1, 2)

F1336 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AZB Transfers of life assurance business: [F1337 trade] losses of the transferor U.K.

F1338 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1334 Ss. 444AZA, 444AZB inserted (19.2.2008 with effect in accordance with art. 1(5) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 9

F1337 Word in s. 444AZB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 143(5) (with Sch. 2 Pts. 1, 2)

F1338 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1339 444AA Transfers of business: deemed periodical returns U.K.

F1340 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1339 S. 444AA inserted (with effect in accordance with Sch. 33 para. 18(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 18(1)

F1340 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1341 444AB [F1342 Transfer schemes: transferor] U.K.

F1343 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1341 S. 444AB inserted (with effect in accordance with Sch. 33 para. 19(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 19(1)

F1342 S. 444AB heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 11(6)

F1343 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17) (subject to amendments to s. 444AB by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 58(6); S.I. 2013/423, art. 3, Sch.)

[F1344 444ABA [F1345 Non long-term fund transferred assets] U.K.

F1346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1344 S. 444ABA inserted (with effect in accordance with Sch. 7 para. 3(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 7 para. 3(1)

F1345 S. 444ABA heading substituted (with effect in accordance with s. 15(11) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 15(9)

F1346 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1347 444ABAA Non-profit fund transferred assets U.K.

F1348 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1347 S. 444ABAA inserted (with effect in accordance with s. 15(11) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 15(10)

F1348 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1349 444ABB Retained assets U.K.

F1350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1349 Ss. 444AB-444ABC substituted for ss. 444AB, 444ABA (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 4(1); S.I. 2008/379, art. 2

F1350 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1351 444ABBA Transfers of business: election for transferee to pay tax of transferor U.K.

F1352 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1351 S. 444ABBA inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 14

F1352 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1353 444ABC Transfer scheme transferring part of business: transferor U.K.

F1354 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1353 Ss. 444AB-444ABC substituted for ss. 444AB, 444ABA (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 4(1); S.I. 2008/379, art. 2

F1354 S. 444ABC omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 15

[F1355 444ABD Transferor's period of account including transfer U.K.

F1356 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1355 S. 444ABD inserted (with effect in accordance with Sch. 9 para. 17(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 5

F1356 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1357 444AC [F1358 Transfer schemes: reduction of income of transferee] U.K.

F1359 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1357 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F1358 S. 444AC heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 17(8)

F1359 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1360 444ACZA Transfer schemes transferring part of business: reduction in income of transferee U.K.

F1361 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1357 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F1360 Ss. 444AC, 444ACZA substituted for s. 444AC (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 6(1); S.I. 2008/379, art. 2

F1361 S. 444ACZA omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 18

[F1362 444ACA Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc U.K.

F1363 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1357 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F1362 S. 444ACA inserted (with effect in accordance with Sch. 9 para. 8(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 8(1)

F1363 S. 444ACA repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(2), Sch. 27 Pt. 2(10), Note

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

F1364 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1357 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F1364 S. 444AD repealed (with effect in accordance with Sch. 9 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 9 para. 7(1), Sch. 27 Pt. 2(9), Note; S.I. 2008/379, art. 2

444AE Transfers of business: FAFTS U.K.

F1365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1357 Ss. 444AC-444AE inserted (with effect in accordance with Sch. 33 para. 20(3)(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 20(1)

F1365 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1366 444AEA Transfer schemes: anti-avoidance rule U.K.

F1367 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1367 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AEB [F1368 Life assurance trade profits] advantage: transferor U.K.

F1369 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1368 Words in s. 444AEB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 146(5) (with Sch. 2 Pts. 1, 2)

F1369 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AEC [F1370 Life assurance trade profits] advantage: transferee U.K.

F1371 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1370 Words in s. 444AEC title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(5) (with Sch. 2 Pts. 1, 2)

F1371 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1372 444AECA Parts of transfer scheme arrangements: anti-avoidance rule U.K.

F1373 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1372 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F1373 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AECB Parts of transfer scheme arrangements: [F1374 life assurance trade profits] advantage transferor U.K.

F1375 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1372 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F1374 Words in s. 444AECB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(7) (with Sch. 2 Pts. 1, 2)

F1375 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

444AECC Parts of transfer scheme arrangements: [F1376 life assurance trade profits] advantage transferee U.K.

F1377 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1372 Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22

F1376 Words in s. 444AECC title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 150(6) (with Sch. 2 Pts. 1, 2)

F1377 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

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

F1378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1366 Ss. 444AEA-444AED inserted (with effect in accordance with Sch. 9 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 8(1); S.I. 2008/379, art. 2

F1378 Ss. 444A-444AED omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 43 (with Sch. 17)

[F1379 Surpluses of mutual and former mutual businesses U.K.

Textual Amendments

F1379 Ss. 444AF-444AL and preceding cross-heading inserted (with effect in accordance with Sch. 11 para. 5(2)-(14) of the amending Act) by Finance Act 2006 (c. 25), Sch. 11 para. 5(1)

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

F1380 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1380 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

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

F1381 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1381 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AH Modification of section 444AG etc for [F1382 gross roll-up] businesses U.K.

F1383 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1382 Words in s. 444AH heading substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 153 (with Sch. 2 Pts. 1, 2)

F1383 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

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

F1384 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1384 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

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

F1385 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1385 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

444AK [F1386 Mutual surplus: gross roll-up business] U.K.

F1387 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1386 S. 444AK heading substituted (with effect in accordance with s. 38(2) of the amending Act) by virtue of Finance Act 2007 (c. 11), Sch. 7 para. 38(5) (with Sch. 7 Pt. 2)

F1387 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

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

F1388 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1388 Ss. 444AF-444AL omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 44 (with Sch. 17)

[F1389 Provisions applying in relation to overseas life insurance companies U.K.

Textual Amendments

F1389 S. 444B and cross heading inserted (27.7.1993) by 1993 c.34, s. 97(1)

F1390 444B Modification of Act in relation to overseas life insurance companies. U.K.

F1391 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1390 S. 444B and cross heading inserted (27.7.1993) by 1993 c. 34, s. 97(1)

F1391 S. 444B repealed (31.12.2006 with effect in accordance with reg. 1 of the repealing S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 43(1), Sch. Pt. 1

[F1392 Equalisation reserves U.K.

Textual Amendments

F1392 Ss. 444BA-444BD and preceding cross-heading inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 166, Sch. 32 para. 1

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

F1393 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1393 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

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

F1394 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1394 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

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

F1395 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1395 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

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

F1396 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1396 Ss. 444BA-444BD repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by Finance Act 2012 (c. 14), s. 26(1); S.I. 2015/1999, art. 2

444C Modification of section 440. U.K.

F1397 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1397 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

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

F1398 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1398 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

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

F1399 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1399 Ss. 444C-444E repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Notes 1, 2

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

F1400 445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1400 S. 445 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(a)(3)(4), 213, Sch. 23 Pt. III(9), note

446 Annuity business. U.K.

F1401 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1402 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1402 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1403 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1401 S. 446(1) repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(b)(3)(4), 213, Sch. 23 Pt. III(9), note

F1402 S. 446(2)(3) repealed (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), ss. 48, 123, Sch. 7 para. 7(1)(b), Sch. 19 Pt. V, Note 3

F1403 S. 446(4) repealed by Finance Act 1990 (c. 29, SIF 63:1), s. 132, Sch. 19 Pt. IV.

447

F1404 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1404 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1405 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1404 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1404 S. 447(1)(2) and (4) repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(c)(3)(4), 213, Sch. 23 Pt. III(9), note

F1405 S. 447(3) repealed (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), ss. 48, 123, Sch. 7 paras. 7(3), 18, Sch. 19 Pt. V, Note 3

F1406 448 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1406 S. 448 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)d), 213, Sch. 23 Pt.III (9), note

F1407 449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1407 S. 449 repealed (27.7.1993 with effect as mentioned in s. 103(3)(4) of the amending Act) by 1993 c. 34, ss. 103(2)(e),213, Sch. 23 Pt. III (9), note

Underwriters U.K.

F1408 450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1408 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12) notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F1409 451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1409 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the repealing Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes. 1 and 5

F1410 452 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1410 SS. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F1411 453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1411 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, SCh. 23, Pt.III (12), notes 1 and 5)

F1412 454 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1412 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt.III (12), notes 1 and 5

F1413 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1413 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

F1414 456 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1414 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt.III (12), notes 1 and 5

F1415 457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F1415 Ss. 450-457 repealed (27.7.1993 with effect as mentioned in Sch. 23 Pt. III (12), notes 1 and 5 of the amending Act) by 1993 c. 34, s. 213, Sch. 23 Pt. III (12), notes 1 and 5

Capital redemption business U.K.

458 Capital redemption business. U.K.

F1416 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1416 Ss. 458, 458A repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 39, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

[F1417 458A Capital redemption business: power to apply life assurance provisions. U.K.

F1418 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1417 S. 458A inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 168(3)

F1418 Ss. 458, 458A repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 39, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)

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

Unregistered friendly societies U.K.

459 Exemption from tax. U.K.

F1419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1419 S. 459 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 2

Registered friendly societies U.K.

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

F1420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1420 S. 460 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 3

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

F1421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1421 S. 461 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 4

[F1422 461A Taxation in respect of other business: incorporated friendly societies qualifying for exemption. U.K.

F1423 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1422 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art.2

F1423 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

F1424 461B Taxation in respect of other business: incorporated friendly societies etc. U.K.

F1425 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1424 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art. 2

F1425 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

F1426 461C Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society. U.K.

F1427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1426 Ss. 461A-461C inserted (19.2.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.7; S.I. 1993/236, art. 2

F1427 Ss. 461A-461C omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 5

[F1428 461D Transfers of other business U.K.

F1429 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1428 S. 461D inserted (with effect in accordance with Sch. 18 para. 3(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 18 para. 3(1)

F1429 S. 461D omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 6

462 Conditions for tax exempt business. U.K.

F1430 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1430 S. 462 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 7

[F1431 462A Election as to tax exempt business. U.K.

F1432 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1431 S. 462A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 50, Sch. 9 para. 2

F1432 S. 462A omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), Sch. 18 para. 5(1)(b)

463 [F1433 Long-term] business: application of the Corporation Tax Acts. U.K.

F1434 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1433 Words in s. 463 heading substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 18 para. 4

F1434 S. 463 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 8

464 Maximum benefits payable to members. U.K.

F1435 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1435 S. 464 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 9

465 Old societies. U.K.

F1436 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1436 S. 465 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 10

[F1437 465A Assets of branch of registered friendly society to be treated as assets of society after incorporation. U.K.

F1438 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1437 S. 465A inserted (19.12.1993) by Finance (No. 2) Act 1992 (c. 48), s. 56, Sch. 9 para.13, 22; S.I. 1993/236, art.2

F1438 S. 465A omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 11

466 Interpretation of Chapter II. U.K.

F1439 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1439 S. 466 omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 18 para. 12

Trade unions and employers’ associations U.K.

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

F1440 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1440 S. 467 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 52, Sch. 3 Pt. 1 (with Sch. 2)

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

Unit trust schemes U.K.

468 Authorised unit trusts. U.K.

F1441 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1441 S. 468 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 53, Sch. 3 Pt. 1 (with Sch. 2)

[F1442 468AA Authorised unit trusts: futures and options. U.K.

F1443 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1442 S. 468AA inserted by Finance Act 1990 (c. 29), s. 81(1)(5)

F1443 S. 468AA repealed (with effect in accordance with s. 83(3) of the repealing Act) by Finance Act 2002 (c. 23), Sch. 27 para. 6, Sch. 40 Pt. 3(13), Note (with Sch. 28)

[F1444 468A Certified unit trusts. U.K.

F1445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1444 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F1445 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F1446 468A Open-ended investment companies U.K.

F1447 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1446 S. 468A inserted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 16

F1447 S. 468A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 54, Sch. 3 Pt. 1 (with Sch. 2)

F1448 468B Certified unit trusts: corporation tax. U.K.

F1449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1448 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F1449 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

F1450 468C Certified unit trusts: distributions. U.K.

F1451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1450 Ss. 468A-468C inserted by Finance Act 1989 (c. 26), s. 78

F1451 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F1452 468D Funds of funds: distributions. U.K.

F1453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1452 S. 468D inserted by Finance Act 1989 (c. 26), s. 79

F1453 Ss. 468A-468D repealed by Finance Act 1990 (c. 29), s. 52, Sch. 19 Pt. 4, Note 7

[F1454 468E Authorised unit trusts: corporation tax. U.K.

F1455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1454 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F1455 S. 468E repealed (with effect in accordance with Sch. 6 paras. 10(3), 28 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(1), Note 1

[F1456 468EE Corporation tax: cases where lower rate applies. U.K.

F1457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1456 S. 468EE inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 111(2)

F1457 S. 468EE repealed (with effect in accordance with Sch. 6 paras. 10(3), 28 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(1), Note 1

F1458 468F Authorised unit trusts: distributions. U.K.

F1459 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1458 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F1459 S. 468F repealed (with effect in accordance with Sch. 14 para. 7 of the repealing Act) by Finance Act 1994 (c. 9), Sch. 14 para. 4, Sch. 26 Pt. 5(13), Note

F1460 468G Dividends paid to investment trusts. U.K.

F1461 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1460 Ss. 468E-468G inserted by Finance Act 1990 (c. 29), s. 51

F1461 S. 468G repealed (with effect in accordance with Sch. 14 para. 7 of the repealing Act) by Finance Act 1994 (c. 9), Sch. 14 para. 4, Sch. 26 Pt. 5(13), Note

[F1462 Distributions of authorised unit trusts: general U.K.

Textual Amendments

F1462 Ss. 468H-468R and cross-headings inserted (with effect in accordance with Sch. 14 para. 7 of the amending Act) by Finance Act 1994 (c. 9), Sch. 14 para. 2

468H Interpretation. U.K.

F1463 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1463 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468I Distribution accounts. U.K.

F1464 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1464 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

Dividend and foreign income distributions U.K.

468J Dividend distributions. U.K.

F1465 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1465 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468K Foreign income distributions. U.K.

F1466 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1466 S. 468K repealed (with effect in accordance with s. 36, Sch. 6 para. 8(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 8(4), Sch. 8 Pt. 2(11)

Interest distributions U.K.

468L Interest distributions. U.K.

F1467 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1467 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

[F1468 468M Cases where no obligation to deduct tax U.K.

F1469 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1468 S. 468M substituted for ss. 468M, 468N (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(3)

F1469 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

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

468O Residence condition [F1470 and reputable intermediary condition]. U.K.

F1471 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1470 Words in s. 468O sidenote inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(7)

F1471 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

468P Residence declarations. U.K.

F1472 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1472 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

[F1473 468PA Section 468O(1A): consequences of reasonable but incorrect belief U.K.

F1474 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1473 Ss. 468PA, 468PB inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(9)

F1474 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

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

F1475 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1473 Ss. 468PA, 468PB inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(9)

F1475 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

Distributions to corporate unit holder U.K.

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

F1476 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1476 Ss. 468H-468Q repealed (in force in accordance with S.I. 2006/982, art. 2) by Finance (No. 2) Act 2005 (c. 22), ss. 17(1)(a), 19(1), Sch. 11 Pt. 2(3), Note 2

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

F1477 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1477 S. 468R repealed (with effect in accordance with s. 36, Sch. 6 para. 8(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 8(7), Sch. 8 Pt. 2(11), Note

469 Other unit trusts. U.K.

F1478 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1478 S. 469 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 55, Sch. 3 Pt. 1 (with Sch. 2)

[F1479 469A Court common investment funds. U.K.

F1480 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1479 S. 469A inserted (with effect in accordance with s. 68(3)-(5) of the amending Act) by Finance Act 1999 (c. 16), s. 68(1)

F1480 S. 469A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 56, Sch. 3 Pt. 1 (with Sch. 2)

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

(1) F1481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1482 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1481 S. 470(1)(3) repealed (31.7.1998) by Finance Act 1998 (c. 36), Sch. 27 Pt. 3(23)

F1482 S. 470(2) ceased to have effect (29.4.1988) by virtue of s. 470(3) below and S.I. 1988/745, art. 2

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

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

F1483 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1483 S. 471 repealed (with effect in accordance with s. 101(3) of the repealing Act) by Finance Act 1998 (c. 36), s. 101(1), Sch. 27 Pt. 3(23), Note 1

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

F1484 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1484 S. 472 repealed (with effect in accordance with s. 101(4) of the repealing Act) by Finance Act 1998 (c. 36), s. 101(2), Sch. 27 Pt. 3(23), Note 2

[F1485 472A Trading profits etc. from securities: taxation of amounts taken to reserves U.K.

F1486 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1485 S. 472A inserted (with effect in accordance with s. 54(2) of the amending Act) by Finance Act 2004 (c. 12), s. 54 (as amended (retrospectively) by Finance Act 2005 (c.7), Sch. 4 para. 50, Sch. 11 Pt. 2(7))

F1486 S. 472A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 158, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

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

F1487 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1487 S. 473 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 159, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

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

(1) F1488 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1489 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1490 (3) F1488 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1488 S. 474(1)(3) repealed (with effect in accordance with Sch. 7 para. 32-35, Sch. 41 Pt. 5(2) Note of the repealing Act) by Finance Act 1996 (c. 8). Sch. 7 para. 18, Sch. 41 Pt. 5(2)

F1489 S. 474(2) repealed (with effect in accordance with s. 154(9) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 28 para. 2, Sch. 41 Pt. 5(18), Note

F1490 S. 474(3) inserted (with effect in accordance with Sch. 8 para. 55 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 25(2)

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

F1491 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1491 S. 475 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 41, Sch. 10 Pt. 12 (with Sch. 9)

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

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

F1492 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1492 S. 476 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 2, Sch. 19 Pt. 4, Note 8

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

F1493 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1493 S. 477 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 3, Sch. 19 Pt. 4, Note 8

[F1495 477A Building societies: [F1494 loan relationships]. U.K.

F1496 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1494 Words in s. 477A sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(7) (with Sch. 2)

F1495 S. 477A inserted (with effect in accordance with Sch. 5 para. 4(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 4(1)

F1496 S. 477A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 57, Sch. 3 Pt. 1 (with Sch. 2)

[F1497 477B Building societies: incidental costs of issuing qualifying shares. U.K.

F1498 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1497 S. 477B inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 51, Sch. 10 para. 3(1)(2)

F1498 S. 477B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

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

F1499 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1499 S. 478 repealed (with effect in accordance with s. 199(2) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(23), Note 4; S.I. 1998/3173, art. 2

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

F1500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1500 S. 479 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 5, Sch. 19 Pt. 4, Note 8

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

F1501 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1501 S. 480 repealed by Finance Act 1990 (c. 29), Sch. 5 para. 6, Sch. 19 Pt. 4, Note 8

[F1502 480A Relevant deposits: deduction of tax from interest payments. U.K.

F1503 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1502 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F1503 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F1504 480B Relevant deposits: exception from section 480A. U.K.

F1505 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1504 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F1505 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F1506 480C Relevant deposits: computation of tax on interest. U.K.

F1507 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1506 Ss. 480A-480C inserted (with effect in accordance with Sch. 5 para. 7(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 7(1)

F1507 S. 480C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 185, Sch. 3 (with Sch. 2)

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

F1508 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1508 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

482 Supplementary provisions. U.K.

F1509 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1509 Ss. 480A-482 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F1510 482A Audit powers in relation to non-residents. U.K.

F1511 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1510 S. 482A inserted by Finance Act 1991 (c. 31, SIF 63:1), s.75

F1511 S. 482A repealed (with effect in accordance with s. 145(11), Sch. 40 Pt. 5 Note of the repealing Act) by Finance Act 2000 (c. 17), s. 145(10), Sch. 40 Pt. 5

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

F1512 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1512 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1512 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

F1512 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1512 S. 483(1)-(3)(5) repealed by Finance Act 1990 (c. 29), Sch. 5 para. 12, Sch. 19 Part IV, Note 8

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

F1513 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1513 S. 484 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para 29, Sch. 41 Pt. 5(3), Note (with Sch. 15)

485 Savings banks: supplemental. U.K.

F1514 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1514 S. 485 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 29, Sch. 41 Pt. 5(3), Note (with Sch. 15)

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

F1515 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1515 S. 486 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 58, Sch. 3 Pt. 1 (with Sch. 2)

487 Credit unions. U.K.

F1516 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1516 S. 487 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 164, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

488 Co-operative housing associations. U.K.

F1517 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1517 S. 488 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 59, Sch. 3 Pt. 1 (with Sch. 2)

489 Self-build societies. U.K.

F1518 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1518 S. 489 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 60, Sch. 3 Pt. 1 (with Sch. 2)

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

F1519 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1519 S. 490 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 61, Sch. 3 Pt. 1 (with Sch. 2)

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

F1520 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1520 S. 491 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 165, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

CHAPTER V U.K.

Modifications etc. (not altering text)

C17 Pt. 12 Ch. 5 modified (27.7.1999) by Finance Act 1999 (c. 16), s. 98

PETROLEUM EXTRACTION ACTIVITIES U.K.

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

F1521 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1521 S. 492 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2)

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

F1522 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1522 S. 493 repealed (the repeal of s. 493(1)-(6) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 63, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 493(1)-(6) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 181, Sch. 10 Pt. 6 (with Sch. 9)

494 [F1523 Loan relationships etc.] U.K.

F1524 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1523 S. 494 sidenote substituted (with effect in accordance with s. 38(7)-(13) of the amending Act) by virtue of Finance (No. 2) Act 2005 (c. 22), s. 38(5)

F1524 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F1525 494AA Sale and lease-back. U.K.

F1526 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1525 S. 494AA inserted (with application in accordance with s. 100(2)(3) of the amending Act) by Finance Act 1999 (c. 16), s. 100(1)

F1526 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F1527 494A Computation of amount available for surrender by way of group relief. U.K.

F1528 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1527 S. 494A inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 30 (with Sch. 5 para. 73)

F1528 Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

495 Regional development grants. U.K.

F1529 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1529 S. 495 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 65, Sch. 3 Pt. 2 (with Sch. 2); and s. 495 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 182, Sch. 10 Pt. 6 (with Sch. 9)

496 [F1530 Tariff receipts and tax-exempt tariffing receipts] U.K.

F1531 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1530 S. 496 sidenote substituted (with effect in accordance with s. 285(7) of the amending Act) by virtue of Finance Act 2004 (c. 12), Sch. 37 para. 11(5)

F1531 S. 496 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 66, Sch. 3 Pt. 2 (with Sch. 2); and s. 496 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 183, Sch. 10 Pt. 6 (with Sch. 9)

[F1532 496A Exploration expenditure supplement U.K.

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

Textual Amendments

F1532 S. 496A inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 286(2)

[F1533 496B Ring fence expenditure supplement U.K.

F1534 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1533 S. 496B inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 154(2)

F1534 S. 496B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2)

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

F1535 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1535 S. 497 repealed (with effect in accordance with Sch. 3 para. 29(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 29(1), Sch. 27 Pt. 3(2), Note

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

F1536 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1536 S. 498 repealed (with effect in accordance with Sch. 3 para. 30(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 30(1), Sch. 27 Pt. 3(2), Note (with Sch. 3 para. 30(3))

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

F1537 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1537 S. 499 repealed (with effect in accordance with Sch. 3 para. 31(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 31(1), Sch. 27 Pt. 3(2), Note

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

F1538 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1538 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

501 Interest on repayment of PRT. U.K.

F1539 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1539 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F1540 501A Supplementary charge in respect of ring fence trades U.K.

F1541 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1540 S. 501A inserted (24.7.2002) by Finance Act 2002 (c. 23), ss. 91, 93

F1541 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F1542 501B Assessment, recovery and postponement of supplementary charge U.K.

F1543 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1542 S. 501B inserted (24.7.2002) by Finance Act 2002 (c. 23), ss. 92(1), 93

F1543 Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

502 Interpretation of Chapter V. U.K.

F1544 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1544 S. 502 repealed (the repeal of s. 502(1)(2) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 69, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 502(1)(2) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 184, Sch. 10 Pt. 6 (with Sch. 9)

[F1545 Chapter 5A U.K. Special rules for long funding leases of plant or machinery: corporation tax

Textual Amendments

F1545 Pt. 12 Ch. 5A (ss. 502A-502L) inserted (with effect in accordance with Sch. 8 para. 15 of the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 11

Introductory U.K.

502A Scope of Chapter 5A U.K.

F1546 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1546 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessors under long funding finance leases U.K.

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

F1547 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1547 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

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

F1548 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1548 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

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

F1549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1549 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessors under long funding operating leases U.K.

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

F1550 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1550 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

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

F1551 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1551 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

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

F1552 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1552 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F1553 Lessors under long funding finance or operating leases: avoidance etc U.K.

Textual Amendments

F1553 S. 502GA and preceding cross-heading inserted (with effect in accordance with Sch. 20 para. 9(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(2)

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

F1554 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1554 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F1555 502GB Cases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease U.K.

F1556 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1555 S. 502GB inserted (with effect in accordance with Sch. 20 para. 9(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(3)

F1556 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F1557 502GC Cases where ss. 502B to 502G do not apply: other avoidance U.K.

F1558 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1557 S. 502GC inserted (with effect in accordance with Sch. 20 para. 9(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(4)

F1558 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

[F1559 502GD Cases where ss 502B to 502G do not apply: films U.K.

F1560 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1559 S. 502GD inserted (with effect in accordance with Sch. 33 para. 3 of the amending Act) by Finance Act 2009 (c. 10), Sch. 33 para. 1

F1560 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Insurance company as lessor U.K.

502H Insurance company as lessor U.K.

F1561 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1561 S. 502H omitted (with effect in accordance with Sch. 17 para. 17(12) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 17(10)(11)(b)

Lessees under long funding finance leases U.K.

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

F1562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1562 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

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

F1563 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1563 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Lessees under long funding operating leases U.K.

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

F1564 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1564 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

Interpretation of Chapter U.K.

502L Interpretation of this Chapter U.K.

F1565 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1565 Pt. 12 Ch. 5A (ss. 502A-502L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 70, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER VI U.K. MISCELLANEOUS BUSINESSES AND BODIES

[F1567 503 Letting of furnished holiday accommodation treated as a trade for certain [F1566 corporation tax] purposes. U.K.

F1568 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1566 Words in s. 503 sidenote inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(5) (with Sch. 2)

F1567 S. 503 substituted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 42 (with Sch. 5 para. 73)

F1568 S. 503 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 71, Sch. 3 Pt. 1 (with Sch. 2)

504 Supplementary provisions. U.K.

F1569 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1569 S. 504 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 173, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1570 504A Letting of furnished holiday accommodation treated as trade for certain income tax purposes U.K.

F1571 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1570 S. 504A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 197 (with Sch. 2)

F1571 S. 504A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 93, Sch. 3 Pt. 1 (with Sch. 2)

505 [F1572 Charitable companies]: general. U.K.

F1573 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1572 Words in s. 505 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 94(10) (with Sch. 2)

F1573 S. 505 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 72, Sch. 3 Pt. 1 (with Sch. 2)

506 [F1574 Charitable and non-charitable expenditure] U.K.

F1575 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1574 S. 506(3) heading substituted (with effect in accordance with s. 55(5) of the amending Act) by Finance Act 2006 (c. 25), s. 55(2)(g)

F1575 S. 506 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 73, Sch. 3 Pt. 1 (with Sch. 2)

[F1576 506A Transactions with substantial donors U.K.

F1577 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1576 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F1577 S. 506A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 74, Sch. 3 Pt. 1 (with Sch. 2)

506B Section 506A: exceptions U.K.

F1578 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1576 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F1578 S. 506B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 75, Sch. 3 Pt. 1 (with Sch. 2)

506C Sections 506A and 506B: supplemental U.K.

F1579 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1576 Ss. 506A-506C inserted (with effect in accordance with s. 54(2)(3) of the amending Act) by Finance Act 2006 (c. 25), s. 54(1)

F1579 S. 506C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 76, Sch. 3 Pt. 1 (with Sch. 2)

507 The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum. U.K.

F1580 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1580 S. 507 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 77, Sch. 3 Pt. 1 (with Sch. 2)

508 Scientific research organisations. U.K.

F1581 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1581 S. 508 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 78, Sch. 3 Pt. 1 (with Sch. 2)

[F1582 508A Investment trusts investing in housing. U.K.

F1583 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1582 Ss. 508A, 508B inserted (with effect in accordance with Sch. 30 para. 3 of the amending Act) by Finance Act 1996 (c. 8), Sch. 30 para. 1

F1583 Ss. 508A, 508B repealed (with effect in accordance with s. 145(2) of the repealing Act) by Finance Act 2006 (c. 25), s. 143(a), Sch. 26 Pt. 4

508B Interpretation of section 508A. U.K.

F1584 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1582 Ss. 508A, 508B inserted (with effect in accordance with Sch. 30 para. 3 of the amending Act) by Finance Act 1996 (c. 8), Sch. 30 para. 1

F1584 Ss. 508A, 508B repealed (with effect in accordance with s. 145(2) of the repealing Act) by Finance Act 2006 (c. 25), s. 143(a), Sch. 26 Pt. 4

[F1585 508A Contemplative religious communities: profits exempt from corporation tax U.K.

(1) Subsection (2) applies in a case where members of a qualifying contemplative religious community transfer all their income and assets, or covenant all their income, to the community (“the independent community”) (and for this purpose it is irrelevant whether or not the community is part of an order or religious institution).

(2) As respects each chargeable period of the independent community, and each person who is a qualifying member of the independent community at any time in that period, the independent community shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.

(3) Subsection (4) applies in a case where—

(a) one or more qualifying contemplative religious communities (“constituent communities”) are part of an order or religious institution (“the parent body”), and

(b) members of the constituent communities transfer all their income and assets, or covenant all their income, to the parent body.

(4) As respects each chargeable period of the parent body, and each person who is a qualifying member of a constituent community at any time in that period, the parent body shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.

(5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a chargeable period, is the amount of the annual personal allowance for persons [F1586 born after 5 April 1948] (see section 35 of ITA 2007) for—

(a) the tax year which begins in the chargeable period, or

(b) if no tax year begins in the chargeable period, the tax year which is current when the chargeable period begins.

(6) But, if the chargeable period is less than 12 months, the relevant amount is—

where—

• P is the number of days in the chargeable period;

• A is the amount determined under subsection (5) in relation to the chargeable period.

(7) If, during the chargeable period, an individual ceases to be a qualifying member of the independent community or a constituent community (otherwise than on death), the relevant amount, in relation to the chargeable period and that qualifying member, is—

where—

• Q is the number of days in the chargeable period for which the individual is a qualifying member of the independent community or constituent community;

• P is the number of days in the chargeable period;

• B is the amount determined under subsection (5), or subsections (5) and (6), in relation to the chargeable period.

(8) So far as the exemption from corporation tax conferred by this section calls for repayment of tax, no repayment shall be made except on a claim made by the independent community or parent body.

(9) In a case where a member of an independent community or constituent community—

(a) has transferred or covenanted income to the community (in the case of an independent community) or the parent body (in the case of a constituent community), and

(b) has income for a tax year which does not exceed 20% of the annual personal allowance for persons [F1586 born after 5 April 1948] (see section 35 of ITA 2007) for that tax year,

the member is, for the purposes of this section, to be taken to have transferred or covenanted all his or her income for that tax year to the community or parent body.

(10) For the purposes of this section a contemplative religious community is a “qualifying” contemplative religious community if—

(a) the community is established in the United Kingdom,

(b) the members of the community live and practise their religion in a communal establishment, and

(c) the community is not a charity, but the religion that is professed by the members of the community does not prevent the community from being a charity.

(11) In this section—

• “member”, in relation to a religious community, means an individual who—

  (a)

  is living in the community, and

  (b)

  has taken vows or made equivalent commitments (whether probationary or not);

• “qualifying member”, in relation to a religious community, means a member of the community who—

  (a)

  has been a member of the community for a period of at least six months, and

  (b)

  has transferred all his or her income and assets, or covenanted all his or her income, to the community (in the case of an independent community) or the parent body (in the case of a constituent community).

Textual Amendments

F1585 Ss. 508A, 508B inserted (1.4.2010 with effect in accordance with art. 6(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 6(1)

F1586 Words in s. 508A(5)(9)(b) substituted (with effect in accordance with s. 4(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(7)

508B Contemplative religious communities: gains exempt from corporation tax U.K.

(1) Subsection (2) applies if, as respects a chargeable period—

(a) section 508A(2) applies in relation to an independent community,

(b) the profits of the independent community in the chargeable period are less than the total of the amounts that fall to be treated as income of the qualifying members of the community in accordance with section 508A(2), and

(c) the independent community has chargeable gains in the chargeable period.

(2) As respects the chargeable period and each qualifying member of the independent community, the community shall be treated for the purposes of corporation tax as if the relevant amount of its chargeable gains for that period were income of the qualifying member.

(3) Subsection (4) applies if, as respects a chargeable period—

(a) section 508A(4) applies in relation to a parent body,

(b) the profits of the parent body in the chargeable period are less than the total of the amounts that fall to be treated as income of the qualifying members of the constituent communities in accordance with section 508A(4), and

(c) the parent body has chargeable gains in the chargeable period.

(4) As respects the chargeable period and each qualifying member of a constituent community, the parent body shall be treated for the purposes of corporation tax as if the relevant amount of its chargeable gains for that period were income of the qualifying member.

(5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a qualifying member of the independent community or a constituent community, is the smaller of—

(a) the shortfall in profits, and

(b) the average gain.

(6) The shortfall in profits is the difference between—

(a) the relevant amount determined under section 508A(5) to (7) in relation to the qualifying member, and

(b) the amount that has actually been treated as the income of the qualifying member.

(7) The average gain is—

where—

• G is the amount of the chargeable gains which the independent community or parent body has in the chargeable period;

• N is the number calculated by adding together the relevant value for each qualifying member of the independent community or constituent communities who, under section 508A(2) or (4), falls to be treated as having income.

(8) For the purposes of calculating “N” in subsection (7)—

(a) the relevant value for a qualifying member is 1;

(b) but, if section 508A(7) applies in relation to the qualifying member, the relevant value for that member is—

where Q and P have the same meanings as in section 508A(7).

(9) So far as the exemption from corporation tax conferred by this section calls for repayment of tax, no repayment shall be made except on a claim made by the independent community or parent body.]

Textual Amendments

F1585 Ss. 508A, 508B inserted (1.4.2010 with effect in accordance with art. 6(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 6(1)

509 Reserves of marketing boards and certain other statutory bodies. U.K.

F1587 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1587 S. 509 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 176, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

510 Agricultural societies. U.K.

F1588 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1588 S. 510 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 79, Sch. 3 Pt. 1 (with Sch. 2)

[F1589 510A European economic interest groupings. U.K.

F1590 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1589 S. 510A inserted (retrospective to 1.7.1989) by Finance Act 1990 (c. 29), Sch. 11 paras. 1, 5

F1590 S. 510A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 80, Sch. 3 Pt. 1 (with Sch. 2)

511 The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council. U.K.

(1) F1591 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1591 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1591 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1592 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1592 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F1591 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F1593 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1591 S. 511(1)-(3)(6) repealed (9.11.2001) by Electricity Act 1989 (c. 29), s. 113(2), Sch. 18; S.I. 2001/3419, art. 2

F1592 S. 511(4)(5) repealed (1.4.1992) by S.I. 1992/231 (N.I. 1), art. 95(4), Sch.14; S.R. 1992/117, art. 3(1)

F1593 S. 511(7) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 81, Sch. 3 Pt. 1 (with Sch. 2)

512 Atomic Energy Authority and National Radiological Protection Board. U.K.

F1594 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1594 S. 512 repealed (with effect in accordance with s. 46(4)(c)-(e) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(2)(c)(d), Sch. 11 Pt. 2(12), Note (with s. 46(7)); and s. 512(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

513 British Airways Board and National Freight Corporation. U.K.

F1595 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1595 S. 513 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 82, Sch. 3 Pt. 1 (with Sch. 2)

514 Funds for reducing the National Debt. U.K.

F1596 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1596 S. 514 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 200, Sch. 3 (with Sch. 2)

515 Signatories to Operating Agreement for INMARSAT. U.K.

F1597 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1597 S. 515 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

516 Government securities held by non-resident central banks. U.K.

F1598 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1598 S. 516 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 103, Sch. 3 Pt. 1 (with Sch. 2)

517 Issue departments of the Reserve Bank of India and the State Bank of Pakistan. U.K.

F1599 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1599 S. 517 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 83, Sch. 3 Pt. 1 (with Sch. 2)

518 Harbour reorganisation schemes. U.K.

F1600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1600 S. 518 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 84, Sch. 3 Pt. 1 (with Sch. 2)

519 Local authorities. U.K.

F1601 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1601 S. 519 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 85, Sch. 3 Pt. 1 (with Sch. 2)

[F1602 519A Health service bodies. U.K.

F1603 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1602 S. 519A inserted (17.9.1990) by National Health Service and Community Care Act 1990 (c. 19), ss. 61(1), 67(2); S.I. 1990/1329, art. 2(5)(a), Sch. 2

F1603 S. 519A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 86, Sch. 3 Pt. 1 (with Sch. 2)

PART XIII U.K. MISCELLANEOUS SPECIAL PROVISIONS

CHAPTER I U.K. INTELLECTUAL PROPERTY

Modifications etc. (not altering text)

C18 Pt. 13 Ch. 1 modified (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 20

Patents and know-how U.K.

520 Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure. U.K.

F1604 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1604 Ss. 520-523 repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 44, Sch. 4

521 Provisions supplementary to section 520. U.K.

F1605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1605 Ss. 520-523 repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 44, Sch. 4

522 Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure. U.K.

F1606 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1606 Ss. 520-523 repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 44, Sch. 4

523 Lapses of patent rights, sales etc. U.K.

F1607 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1607 Ss. 520-523 repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 44, Sch. 4

524 Taxation of receipts from sale of patent rights. U.K.

F1608 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1608 S. 524 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 179, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

525 Capital sums: F1609 . . . winding up or partnership change. U.K.

F1610 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1609 Word in s. 525 sidenote omitted (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by virtue of Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 202(5) (with Sch. 2)

F1610 S. 525 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 180, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

526 Relief for expenses. U.K.

F1611 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1611 S. 526 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 181, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

527 Spreading of royalties over several years. U.K.

[F1612 M72 (1) Where—

(a) a royalty or other sum is paid to a company in respect of the user of a patent,

(b) the user extended over a period of six complete years or more, and

(c) the payment is one from which a sum representing income tax must be deducted under section 903 of ITA 2007,

the company may on the making of a claim require that the corporation tax payable by it by reason of the receipt of that sum shall be reduced so as not to exceed the total amount of corporation tax which would have been payable by it if that royalty or sum had been paid in six equal instalments at yearly intervals, the last of which was paid on the date on which the payment was in fact made.]

(2) Subsection (1) above shall apply in relation to a royalty or other sum where the period of the user is two complete years or more but less than six complete years as it applies to the royalties and sums mentioned in that subsection, but with the substitution for the reference to six equal instalments of a reference to so many equal instalments as there are complete years comprised in that period.

(3) F1613 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1614 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1612 S. 527(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 108(2) (with Sch. 2)

F1613 S. 527(3) repealed (with effect in accordance with Sch. 14 Pt. 8 Note 5 of the repealing Act) by Finance Act 1988 (c. 39), Sch. 14 Pt. 8

F1614 S. 527(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 108(3), Sch. 3 Pt. 1 (with Sch. 2)

Marginal Citations

M72 Source - 1970 s.384

528 Manner of making allowances and charges. U.K.

F1615 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1615 S. 528 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 182, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

529 Patent income to be earned income in certain cases. U.K.

F1616 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1616 S. 529 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 206, Sch. 3 (with Sch. 2)

530 Disposal of know-how. U.K.

F1617 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1617 S. 530 repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 47, Sch. 4

531 Provisions supplementary to section 530. U.K.

F1618 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1618 S. 531 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 183, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

532 Application of Capital Allowances Act U.K.

F1619 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1619 S. 532 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 184, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

533 Interpretation of sections 520 to 532. U.K.

F1620 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1620 S. 533 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 185, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Copyright and public lending right U.K.

534 Relief for copyright payments etc. U.K.

F1621 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1621 S. 534 repealed (with effect in accordance with s. 71(3) of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(6)

535 Relief where copyright sold after ten years or more. U.K.

F1622 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1622 S. 535 repealed (with effect in accordance with s. 71(3) of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(6)

536 Taxation of royalties where owner abroad. U.K.

F1623 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1623 Ss. 536, 537, 537B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 110, Sch. 3 Pt. 1 (with Sch. 2)

537 Public lending right. U.K.

F1624 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1624 Ss. 536, 537, 537B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 110, Sch. 3 Pt. 1 (with Sch. 2)

[F1625 Designs U.K.

Textual Amendments

F1625 Ss. 537A, 537B and preceding cross-heading inserted (1.8.1989) by Intellectual Property Act 1988 (c. 48), Sch. 7 para. 36(6); S.I. 1989/816, art. 2

537A Relief for payments in respect of designs. U.K.

F1626 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1626 S. 537A repealed (with effect in accordance with s. 71(3) of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(6)

537B Taxation of design royalties where owner abroad. U.K.

F1627 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1627 Ss. 536, 537, 537B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 110, Sch. 3 Pt. 1 (with Sch. 2)

Artists’ receipts U.K.

538 Relief for painters, sculptors and other artists. U.K.

F1628 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1628 S. 538 repealed (with effect in accordance with s. 71(3) of the repealing Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(6)

CHAPTER II U.K. LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES

Modifications etc. (not altering text)

C19 Pt. 13 Ch. 2 restricted (with effect in accordance with s. 105(1) of the affecting Act) by Finance Act 1996 (c. 8), Sch. 13 para. 3(2) (with Sch. 13 para. 16)

C20 Pt. 13 Ch. 2 applied (with modifications) (6.4.1999) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 35(7), 36(3)-(7) (as amended by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), reg. 12)

C21 Pt. 13 Ch. 2 applied (with modifications) (6.4.1999 with effect in accordance with reg. 1 of the affecting S.I.) by The Personal Portfolio Bonds (Tax) Regulations 1999 (S.I. 1999/1029), reg. 6(2)-(8) (as amended (6.4.2002) by The Personal Portfolio Bonds (Tax) (Amendment) Regulations 2002 (S.I. 2002/455), regs. 1, 2)

C22 Pt. 13 Ch. 2 modified (9.4.2003) by Finance Act 2003 (c. 14), s. 171(1)(3), Sch. 34 para. 3

C23 Pt. 13 Ch. 2 modified (9.4.2003) by Finance Act 2003 (c. 14), s. 171(1)(3), Sch. 34 para. 15

C24 Pt. 13 Ch. 2 modified (6.4.2005) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), regs. 1, 2(1), 38(3)-(8); S.I. 2004/3369, art. 2(1)

C25 Pt. 13 Ch. 2 modified (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 14(5)-(7)

C26 Pt. 13 Ch. 2 modified (with effect in accordance with Sch. 13 para. 5 of the modifying Act) by Finance Act 2008 (c. 9), Sch. 13 para. 6

539 Introductory. U.K.

F1629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1629 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1630 539ZA Application of this Chapter etc. to policies and contracts in which persons other than companies are interested U.K.

F1631 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1630 S. 539ZA inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 211 (with Sch. 2)

F1631 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1632 539A The conditions for being an excepted group life policy U.K.

F1633 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1632 S. 539A inserted (9.4.2003) by Finance Act 2003 (c. 14), s. 171(1)(3), Sch. 34 para. 2

F1633 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

540 Life policies: chargeable events. U.K.

F1634 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1634 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

541 Life policies: computation of gain. U.K.

F1635 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1635 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

542 Life annuity contracts: chargeable events. U.K.

F1636 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1636 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

543 Life annuity contracts: computation of gain. U.K.

F1637 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1637 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

544 Second and subsequent assignment of life policies and contracts. U.K.

F1638 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1638 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

545 Capital redemption policies. U.K.

F1639 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1639 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

546 Calculation of certain amounts for purposes of sections 540, 542 and 545. U.K.

F1640 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1640 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1641 546A Treatment of certain assignments etc involving co-ownership U.K.

F1642 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1641 S. 546A inserted (with effect in accordance with s. 83(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 9

F1642 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1643 546B Special provision in respect of certain section 546 excesses U.K.

F1644 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1643 Ss. 546B-546D inserted (with effect in accordance with s. 83(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 10

F1644 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

546C Charging the section 546 excess to tax where section 546B applies U.K.

F1645 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1643 Ss. 546B-546D inserted (with effect in accordance with s. 83(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 10

F1645 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

546D Modifications of s.546C for final year ending with terminal chargeable event U.K.

F1646 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1643 Ss. 546B-546D inserted (with effect in accordance with s. 83(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 10

F1646 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

547 Method of charging gain to tax. U.K.

F1647 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1647 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1648 547A Method of charging gain to tax: multiple interests. U.K.

F1649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1648 S. 547A inserted (with effect in accordance with Sch. 14 para. 7(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 14 para. 2

F1649 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

548 Deemed surrender of certain loans. U.K.

F1650 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1650 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1651 548A Effect of rebated or reinvested commission in certain cases U.K.

F1652 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1651 Ss. 548A, 548B inserted (with effect in accordance with s. 29(4) of the amending Act) by Finance Act 2007 (c. 11), s. 29(1)

F1652 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

548B Section 548A: further definitions U.K.

F1653 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1651 Ss. 548A, 548B inserted (with effect in accordance with s. 29(4) of the amending Act) by Finance Act 2007 (c. 11), s. 29(1)

F1653 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

549 Certain deficiencies allowable as deductions. U.K.

F1654 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1654 S. 549 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 219, Sch. 3 (with Sch. 2)

550 Relief where gain charged at a higher rate. U.K.

F1655 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1655 S. 550 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 220, Sch. 3 (with Sch. 2)

551 Right of individual to recover tax from trustees. U.K.

F1656 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1656 S. 551 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 221, Sch. 3 (with Sch. 2)

[F1657 551A Right of company to recover tax from trustees. U.K.

F1658 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1657 Ss. 551A inserted (with effect in accordance with Sch. 14 para. 7(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 14 para. 3

F1658 Ss. 539-551A omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 3

[F1659 552 Information: duty of insurers. U.K.

(1) Where a chargeable event F1660 . . . has happened in relation to any policy or contract, the body by or with whom the policy or contract was issued, entered into or effected shall—

(a) unless satisfied that no gain is to be treated as arising by reason of the event, deliver to the appropriate policy holder before the end of the relevant three month period a certificate specifying the information described in subsection (5) below; and

(b) if the condition in paragraph (a) or (b) of subsection (2) below is satisfied, deliver to the inspector before the end of the relevant three month period a certificate specifying the information described in subsection (5) below together with the name and address of the appropriate policy holder.

(2) For the purposes of this section—

(a) the condition in this paragraph is that the event is an assignment for money or money’s worth of the whole of the rights conferred by the policy or contract; or

(b) the condition in this paragraph is that the amount of the gain, or the aggregate amount of the gain and any gains connected with it, exceeds one half of the basic rate limit for the relevant year of assessment.

(3) If, in the case of every certificate which a body delivers under subsection (1)(a) above which relates to a gain attributable to a year of assessment F1661 . . . , the body also delivers to the inspector—

(a) before the end of the relevant three month period for the purposes of subsection (1)(b) above,

(b) by a means prescribed by the Board for the purposes of this subsection under section 552ZA(5), and

(c) in a form so prescribed in the case of that means,

a certificate specifying the same information as the certificate under subsection (1)(a) together with the name and address of the appropriate policy holder, the body shall be taken to have complied with the requirements of subsection (1)(b) above in relation to that year of assessment F1662 . . . so far as relating to the chargeable events to which the certificates relate.

(4) Where a certificate is not required to be delivered under subsection (1)(b) above in the case of any chargeable event—

(a) the inspector may by notice require the body to deliver to him a copy of any certificate that the body was required to deliver under subsection (1)(a) above which relates to the chargeable event; and

(b) it shall be the duty of the body to deliver such a copy within 30 days of receipt of the notice.

(5) The information to be given to the appropriate policy holder pursuant to subsection (1)(a) above or the inspector pursuant to subsection (1)(b) above is—

(a) any unique identifying designation given to the policy or contract;

(b) the nature of the chargeable event and—

(i) the date on which it happened; and

(ii) if it is a chargeable event by virtue of F1663 . . . [F1664 section 514(1) of ITTOIA 2005 (chargeable events where transaction-related calculations show gains), the date on which [F1665 the insurance year ends];]

(c) if the event is the assignment of all the rights conferred by the policy or contract, such of the following as may be required for computing the amount of the gain to be treated as arising by virtue of F1666 . . . [F1667 Chapter 9 of Part 4 of ITTOIA 2005]—

(i) F1668 . . . [F1669 the amount or value of any capital sums of a kind referred to in section 492(1)(b) to (e) of ITTOIA 2005];

(ii) the amounts previously paid under the policy or contract by way of premiums or otherwise by way of consideration for an annuity;

(iii) F1670 . . . [F1671 the amount of so much of any payment previously made on account of an annuity as is exempt under section 717 of ITTOIA 2005];

(iv) the value of any previously assigned parts of or shares in the rights conferred by the policy or contract;

(v) F1672 . . . [F1673 the total of the amounts of gains treated as arising on previous chargeable events within section 509(1) or 514(1) of ITTOIA 2005];

(d) except where paragraph (c) above applies, the amount of the gain treated as arising by reason of the event;

[F1674 (e) the number of years relevant for computing the annual equivalent of the amount of the gain for the purposes of subsection (1) of section 536 of ITTOIA 2005 (top slicing relieved liability: one chargeable event), apart from subsections (6) and (8) of that section;]

[F1675 (f) on the assumption that section 465 of ITTOIA 2005 (person liable: individuals) has effect in relation to the gain —

(i) whether an individual would fall to be treated as having paid income tax at the [F1676 basic rate] on the amount of the gain in accordance with section 530 of that Act; and

(ii) if so, except in a case where paragraph (c) above applies, the amount of such tax that would fall to be so treated as paid.]

(6) For the purposes of subsection (1)(a) above, the relevant three month period is whichever of the following periods ends the latest—

(a) the period of three months following the happening of the chargeable event;

(b) if the event is a surrender or assignment which is a chargeable event by virtue of F1677 . . . [F1678 section 514(1) of ITTOIA 2005 F1679 . . . ], the period of three months following the end of [F1680 the insurance year] in which the event happens;

(c) if the event is a death or an assignment of the whole of the rights or a surrender or assignment which is a chargeable event by virtue of F1681 . . . [F1682 section 514(1) of ITTOIA 2005 F1681 . . . ], the period of three months beginning with receipt of written notification of the event.

(7) For the purposes of subsection (1)(b) above, the relevant three month period is whichever of the following periods ends the latest—

(a) the period of three months following the end of the year of assessment F1683 . . . in which the event happened;

(b) if the event is a surrender or assignment which is a chargeable event by virtue of [F1684 section 514(1) of ITTOIA 2005, the period of three months following the end of the insurance year] in which the event happens;

(c) if the event is a death or an assignment, the period of three months beginning with receipt of written notification of the event;

(d) if a certificate under subsection (1)(b) above would not be required in respect of the event apart from the happening of another event, and that other event is one of those mentioned in paragraph (c) above, the period of three months beginning with receipt of written notification of that other event.

(8) For the purposes of this section the cases where a gain is connected with another gain are those cases where—

(a) both gains arise in connection with policies or contracts containing obligations which, immediately before the chargeable event, were obligations of the same body;

(b) the policy holder of those policies or contracts is the same;

(c) both gains are attributable to the same year of assessment F1685 . . . ;

(d) the terms of the policies or contracts are the same, apart from any difference in their maturity dates; and

(e) the policies or contracts were issued in respect of insurances made, or were entered into or effected, on the same date.

(9) For the purposes of this section, the year of assessment F1686 . . . to which a gain is attributable is—

(a) in the case of a gain treated as arising by virtue of [F1687 subsection (1) of section 514 of ITTOIA 2005, the year of assessment which includes the end of the insurance year mentioned in subsection (3) and (4) of that section;] or

(b) in any other case, the year of assessment F1688 . . . in which happens the chargeable event by reason of which the gain is treated as arising.

(10) In this section—

• “amount”, in relation to any gain, means the amount of the gain apart from F1689 . . . [F1690 section 528 of ITTOIA 2005];

• “appropriate policy holder” means—

  (a)

  in relation to an assignment of part of or a share in the rights conferred by a policy or contract, any person who is both—

  (i)

  the policy holder, or one of the policy holders, immediately before the assignment; and

  (ii)

  the assignor or one of the assignors; and

  (b)

  in relation to any other chargeable event, the person who is the policy holder immediately before the happening of the event;

• [F1691 “chargeable event” means an event which is a chargeable event within the meaning of F1692 . . . Chapter 9 of Part 4 of ITTOIA 2005;]

• F1693 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• [F1694 “insurance year” has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);]

• “the relevant year of assessment”, in the case of any gain, means—

  (a)

  the year of assessment to which the gain is attributable, F1695 . . .

  (b)

  F1695 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F1696 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F1696 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11) F1697 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) This section is supplemented by section 552ZA.

[F1698 [F1699 (13) For the purposes of this section—

(a) section 491(2) of ITTOIA 2005 is taken to have effect as if, in the definition of “PG”, the words from “but” to the end were omitted, and

(b) no account is to be taken of the effect of [F1700 section 465B or 541A] of that Act.]]

[F1701 (14) For the purposes of this section no account is to be taken of the effect of sections 528 and 528A of ITTOIA 2005.]]

Textual Amendments

F1659 Ss. 552, 552ZA substituted for s. 552 (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 18

F1660 Words in s. 552(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(2), Sch. 3 (with Sch. 2)

F1661 Words in s. 552(3) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(2)(a)

F1662 Words in s. 552(3) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(2)(b)

F1663 Words in s. 552(5)(b)(ii) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(a)(i)

F1664 Words in s. 552(5)(b)(ii) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(a) (with Sch. 2)

F1665 Words in s. 552(5)(b)(ii) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(a)(ii)

F1666 Words in s. 552(5)(c) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(b)(i)

F1667 Words in s. 552(5)(c) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(b)(i) (with Sch. 2)

F1668 Words in s. 552(5)(c)(i) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(b)(ii)

F1669 Words in s. 552(5)(c)(i) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(b)(ii) (with Sch. 2)

F1670 Words in s. 552(5)(c)(iii) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(b)(iii)

F1671 Words in s. 552(5)(c)(iii) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(b)(iii) (with Sch. 2)

F1672 Words in s. 552(5)(c)(v) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(3)(b)(iv)

F1673 Words in s. 552(5)(c)(v) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(b)(iv) (with Sch. 2)

F1674 S. 552(5)(e) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(c) (with Sch. 2)

F1675 S. 552(5)(f) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(3)(d) (with Sch. 2)

F1676 Words in s. 552(5)(f)(i) substituted (with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 43

F1677 Words in s. 552(6)(b) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(4)(a)(i)

F1678 Words in s. 552(6)(b) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(4)(a)(i) (with Sch. 2)

F1679 Closing bracket in s. 552(6)(b) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(4)(a)(ii)

F1680 Words in s. 552(6)(b) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 4(4)(a)(iii)

F1681 Words and closing bracket in s. 552(6)(c) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(4)(b)

F1682 Words in s. 552(6)(c) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(4)(b) (with Sch. 2)

F1683 Words in s. 552(7)(a) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(5)(a)

F1684 Words in s. 552(7)(b) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 4(5)(b)

F1685 Words in s. 552(8)(c) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(6)

F1686 Words in s. 552(9) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(7)(a)

F1687 Words in s. 552(9)(a) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 4(7)(b)

F1688 Words in s. 552(9)(b) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(7)(c)

F1689 S. 552(10): words in definition of "amount" omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(a)

F1690 S. 552(10): words in definition of "amount" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(7)(a) (with Sch. 2)

F1691 S. 552(10): definition of "chargeable event" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 222(7)(b) (with Sch. 2)

F1692 S. 552(10): words in definition of "chargeable event" omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(b)

F1693 S. 552(10): definition of "financial year" omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(c)

F1694 S. 552(10): definition of "insurance year" inserted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(d)

F1695 S. 552(10): in definition of "the relevant year of assessment", para. (b) and preceding word omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(e)

F1696 S. 552(10): definitions of "section 546 excess" and "year" omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(8)(f)

F1697 S. 552(11) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 4(9)

F1698 S. 552(13) inserted (with effect in accordance with s. 29(4) of the amending Act) by Finance Act 2007 (c. 11), s. 29(2)

F1699 S. 552(13) substituted (with effect in accordance with s. 11(4)-(6) of the amending Act) by Finance Act 2011 (c. 11), s. 11(3)

F1700 Words in s. 552(13) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 144

F1701 S. 552(14) inserted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2013 (c. 29), Sch. 8 para. 6

Modifications etc. (not altering text)

C27 S. 552(6) modified (9.4.2003) by Finance Act 2003 (c. 14), s. 171(1)(3), Sch. 34 para. 5

[F1702 552ZA Information: supplementary provisions U.K.

(1) This section supplements section 552 and shall be construed as one with it.

(2) Where the obligations under any policy or contract of the body that issued, entered into or effected it (“the original insurer”) are at any time the obligations of another body (“the transferee”) to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, section 552 shall have effect in relation to that time, except where the chargeable event—

(a) happened before the transfer, and

(b) in the case of a death or an assignment, is an event of which the notification mentioned in subsection (6) or (7) of that section was given before the transfer,

as if the policy or contract had been issued, entered into or effected by the transferee.

(3) Where, in consequence of F1703 . . . [F1704 section 514(1) of ITTOIA 2005], paragraph (a) or (b) of section 552(1) requires certificates to be delivered in respect of two or more surrenders, happening in the same year, of part of or a share in the rights conferred by the policy or contract, a single certificate may be delivered under the paragraph in question in respect of all those surrenders (and may treat them as if they together constituted a single surrender) unless between the happening of the first and the happening of the last of them there has been—

(a) an assignment of part of or a share in the rights conferred by the policy or contract; or

(b) an assignment, otherwise than for money or money’s worth, of the whole of the rights conferred by the policy or contract.

(4) Where the appropriate policy holder is two or more persons—

(a) section 552(1)(a) requires a certificate to be delivered to each of them; but

(b) nothing in section 552 or this section requires a body to deliver a certificate under subsection (1)(a) of that section to any person whose address has not been provided to the body (or to another body, at a time when the obligations under the policy or contract were obligations of that other body).

(5) A certificate under section 552(1)(b) or (3)—

(a) shall be in a form prescribed for the purpose by the Board; and

(b) shall be delivered by any means prescribed for the purpose by the Board;

and different forms, or different means of delivery, may be prescribed for different cases or different purposes.

(6) The Board may by regulations make such provision as they think fit for securing that they are able—

(a) to ascertain whether there has been or is likely to be any contravention of the requirements of section 552 or this section; and

(b) to verify any certificate under that section.

(7) Regulations under subsection (6) above may include, in particular, provisions requiring persons to whom premiums under any policy are or have at any time been payable—

(a) to supply information to the Board; and

(b) to make available books, documents and other records for inspection on behalf of the Board.

(8) Regulations under subsection (6) above may—

(a) make different provision for different cases; and

(b) contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.]

Textual Amendments

F1702 Ss. 552, 552ZA substituted for s. 552 (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 18

F1703 Words in s. 552ZA(3) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 5

F1704 Words in s. 552ZA(3) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 223 (with Sch. 2)

[F1705 552ZB Regulations in relation to qualifying policies U.K.

(1) The Commissioners for Her Majesty's Revenue and Customs may make regulations—

(a) requiring relevant persons—

(i) to provide prescribed information to persons who apply for the issue of qualifying policies or who are, or may be, required to make statements under paragraph B3(2) of Schedule 15;

(ii) to provide to an officer of Revenue and Customs prescribed information about qualifying policies which have been issued by them or in relation to which they are or have been a relevant transferee;

(b) making such provision (not falling within paragraph (a)) as the Commissioners think fit for securing that an officer of Revenue and Customs is able—

(i) to ascertain whether there has been or is likely to be any contravention of the requirements of the regulations or of paragraph B3(2) of Schedule 15;

(ii) to verify any information provided to an officer of Revenue and Customs as required by the regulations.

(2) The provision that may be made by virtue of subsection (1)(b) includes, in particular, provision requiring relevant persons to make available books, documents and other records for inspection by or on behalf of an officer of Revenue and Customs.

(3) The regulations may—

(a) make different provision for different cases or circumstances, and

(b) contain incidental, supplementary, consequential, transitional, transitory or saving provision.

(4) In this section—

• “prescribed” means prescribed by the regulations,

• “qualifying policy” includes a policy which would be a qualifying policy apart from—

  (a)

  paragraph A1(2), B1(2), B2(2) or B3(3) of Schedule 15, or

  (b)

  paragraph 17(2)(za) of that Schedule (including as applied by paragraph 18), and

• “relevant person” means a person—

  (a)

  who issues, or has issued, qualifying policies, or

  (b)

  who is, or has been, a relevant transferee in relation to qualifying policies.

(5) For the purposes of this section a person (“X”) is at any time a “relevant transferee” in relation to a qualifying policy if the obligations under the policy of its issuer are at that time the obligations of X as a result of there having been a transfer to X of the whole or any part of a business previously carried on by the issuer.]

Textual Amendments

F1705 S. 552ZB inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 9 para. 10

[F1706 552A Tax representatives. U.K.

(1) This section has effect for the purpose of securing that, where it applies to an overseas insurer, another person is the overseas insurer’s tax representative.

(2) In this section “overseas insurer” means a person who is not resident in the United Kingdom who carries on a business which consists of or includes the effecting and carrying out of—

(a) policies of life insurance;

(b) contracts for life annuities; or

(c) capital redemption policies.

(3) This section applies to an overseas insurer—

(a) if the condition in subsection (4) below is satisfied on the designated day; or

(b) where that condition is not satisfied on that day, if it has subsequently become satisfied.

(4) The condition mentioned in subsection (3) above is that—

(a) there are in force relevant insurances the obligations under which are obligations of the overseas insurer in question or of an overseas insurer connected with him; and

(b) the total amount or value of the gross premiums paid under those relevant insurances is £1 million or more.

(5) In this section “relevant insurance” means any policy of life insurance, contract for a life annuity or capital redemption policy F1707 . . . in the case of which—

(a) the holder is resident in the United Kingdom;

(b) the obligations of the insurer are obligations of a person not resident in the United Kingdom; and

(c) those obligations are not attributable to a branch or agency of that person’s in the United Kingdom.

(6) Before the expiration of the period of three months following the day on which this section first applies to an overseas insurer, the overseas insurer must nominate to the Board a person to be his tax representative.

(7) A person shall not be a tax representative unless—

(a) if he is an individual, he is resident in the United Kingdom and has a fixed place of residence there, or

(b) if he is not an individual, he has a business establishment in the United Kingdom,

and, in either case, he satisfies such other requirements (if any) as are prescribed in regulations made for the purpose by the Board.

(8) A person shall not be an overseas insurer’s tax representative unless—

(a) his nomination by the overseas insurer has been approved by the Board; or

(b) he has been appointed by the Board.

(9) The Board may by regulations make provision supplementing this section; and the provision that may be made by any such regulations includes provision with respect to—

(a) the making of a nomination by an overseas insurer of a person to be his tax representative;

(b) the information which is to be provided in connection with such a nomination;

(c) the form in which such a nomination is to be made;

(d) the powers and duties of the Board in relation to such a nomination;

(e) the procedure for approving, or refusing to approve, such a nomination, and any time limits applicable to doing so;

(f) the termination, by the overseas insurer or the Board, of a person’s appointment as a tax representative;

(g) the appointment by the Board of a person as the tax representative of an overseas insurer (including the circumstances in which such an appointment may be made);

(h) the nomination by the overseas insurer, or the appointment by the Board, of a person to be the tax representative of an overseas insurer in place of a person ceasing to be his tax representative;

(j) circumstances in which an overseas insurer to whom this section applies may, with the Board’s agreement, be released (subject to any conditions imposed by the Board) from the requirement that there must be a tax representative;

(k) appeals to the [F1708 tribunal] against decisions of the Board under this section or regulations under it.

(10) The provision that may be made by regulations under subsection (9) above also includes provision for or in connection with the making of other arrangements between the Board and an overseas insurer for the purpose of securing the discharge by or on behalf of the overseas insurer of the relevant duties, within the meaning of section 552B.

(11) [F1709 Section 1122 of CTA 2010] (connected persons) applies for the purposes of this section.

(12) In this section—

• [F1710 “capital redemption policy” means a capital redemption policy in relation to which F1711 . . . Chapter 9 of Part 4 of ITTOIA 2005 [F1712 has] effect;]

• [F1713 “contract for a life annuity” means a contract for a life annuity in relation to which F1711 . . . Chapter 9 of Part 4 of ITTOIA 2005 [F1712 has] effect;]

• “the designated day” means such day as the Board may specify for the purpose in regulations;

• [F1714 “policy of life insurance” means a policy of life insurance in relation to which F1711 . . . Chapter 9 of Part 4 of ITTOIA 2005 [F1712 has] effect;]

• “tax representative” means a tax representative under this section.

Subordinate Legislation Made

P1 S. 552A(12) power exercised: 6.4.1999 appointed by S.I. 1999/881, reg. 3

Textual Amendments

F1706 Ss. 552A, 552B inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 87

F1707 Words in s. 552A(5) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 224(2), Sch. 3 (with Sch. 2)

F1708 Word in s. 552A(9)(k) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 148

F1709 Words in s. 552A(11) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 87 (with Sch. 2)

F1710 S. 552A(12): definition of "capital redemption policy" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 224(3) (with Sch. 2)

F1711 Words in s. 552A(12) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 6(a)

F1712 Words in s. 552A(12) substituted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by Finance Act 2008 (c. 9), Sch. 14 para. 6(b)

F1713 S. 552A(12): definition of "contract for a life annuity" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 224(3) (with Sch. 2)

F1714 S. 552A(12): definition of "policy of life insurance" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 224(3) (with Sch. 2)

Modifications etc. (not altering text)

C28 S. 522A restricted (6.4.1999) by The Overseas Insurers (Tax Representatives) Regulations 1999 (S.I. 1999/881), reg. 11(2)

552B Duties of overseas insurers’ tax representatives. U.K.

(1) It shall be the duty of an overseas insurer’s tax representative to secure (where appropriate by acting on the overseas insurer’s behalf) that the relevant duties are discharged by or on behalf of the overseas insurer.

[F1715 (2) For the purposes of this section “the relevant duties” are—

(a) the duties imposed by section 552,

(b) the duties imposed by section 552ZA(2), (4) or (5), F1716 . . .

(c) any duties imposed by regulations made under subsection (6) of section 552ZA by virtue of subsection (7) of that section, [F1717 and

(d) any duties imposed by regulations under section 552ZB,]

so far as relating to relevant insurances under which the overseas insurer in question has any obligations.]

(3) An overseas insurer’s tax representative shall be personally liable—

(a) in respect of any failure to secure the discharge of the relevant duties, and

(b) in respect of anything done for purposes connected with acting on the overseas insurer’s behalf,

as if the relevant duties were imposed jointly and severally on the tax representative and the overseas insurer.

(4) In the application of this section in relation to any particular tax representative, it is immaterial whether any particular relevant duty arose before or after his appointment.

(5) This section has effect in relation to relevant duties relating to chargeable events happening on or after the day by which section 552A(6) requires the nomination of the overseas insurer’s first tax representative to be made.

[F1718 (5A) In subsection (5) “chargeable event” has the same meaning as in section 552 (see subsection (10) of that section).]

(6) Expressions used in this section and in section 552A have the same meaning in this section as they have in that section.]

Textual Amendments

F1706 Ss. 552A, 552B inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 87

F1715 S. 552B(2) substituted (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 19

F1716 Word in s. 552B(2) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 9 para. 11(a)

F1717 S. 552B(2)(d) and preceding word inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 9 para. 11(b)

F1718 S. 552B(5A) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 225 (with Sch. 2)

553 Non-resident policies and off-shore capital redemption policies. U.K.

F1719 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1719 Ss. 553-553C omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 7

[F1720 553A Overseas life assurance business: life policies. U.K.

F1721 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1720 S. 553A inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 88(1)

F1721 Ss. 553-553C omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 7

[F1722 553B Overseas life assurance business: capital redemption policies. U.K.

F1723 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1722 S. 553B inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 88(2)

F1723 Ss. 553-553C omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 7

[F1724 553C Personal portfolio bonds. U.K.

F1725 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1724 S. 553C inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 89

F1725 Ss. 553-553C omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 7

554 Borrowings on life policies to be treated as income in certain cases. U.K.

F1726 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1726 S. 554 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 229, Sch. 3 (with Sch. 2)

CHAPTER III U.K. ENTERTAINERS AND SPORTSMEN

555 Payment of tax. U.K.

F1727 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1727 S. 555 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 113, Sch. 3 Pt. 1 (with Sch. 2)

556 Activity treated as trade etc. and attribution of income. U.K.

F1728 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1728 S. 556 omitted (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by virtue of Corporation Tax Act 2009 (c. 4), Sch. 1 para. 186 (with Sch. 2 Pts. 1, 2)

557 Charge on [F1729 profits]. U.K.

F1730 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1729 Word in s. 557 sidenote substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 1

F1730 S. 557 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 231, Sch. 3 (with Sch. 2)

558 Supplementary provisions. U.K.

(1) F1731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F1732 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F1732 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1731 S. 558(1)-(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 115, Sch. 3 Pt. 1 (with Sch. 2)

F1732 S. 558(5)(6) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 187, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

CHAPTER IV U.K. SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY

559 Deductions on account of tax etc. from payments to certain sub-contractors. U.K.

F1733 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1733 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

[F1734 559A Treatment of sums deducted under s.559 U.K.

F1735 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1734 S. 559A inserted (with effect in accordance with s. 40(4) of the amending Act) by Finance Act 2002 (c. 23), s. 40(1)

F1735 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

560 Persons who are sub-contractors or contractors for purposes of Chapter IV. U.K.

F1736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1736 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

561 Exceptions from section 559. U.K.

F1737 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1737 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

562 Conditions to be satisfied by individuals. U.K.

F1738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1738 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

563 Conditions to be satisfied by partners who are individuals. U.K.

F1739 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1739 S. 563 repealed (with effect in accordance with Sch. 27 para. 8(1), Sch. 29 Pt. 8(21) Note 3 of the repealing Act) by Finance Act 1995 (c. 4), Sch. 27 para. 5, Sch. 29 Pt. 8(21); S.I. 1998/2620, art. 3

564 Conditions to be satisfied by firms. U.K.

F1740 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1740 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

565 Conditions to be satisfied by companies. U.K.

F1741 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1741 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

566 General powers to make regulations under Chapter IV. U.K.

F1742 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1742 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

567 Meaning of “construction operations”. U.K.

F1743 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1743 Pt. 13 Ch. 4 (ss. 559-567) repealed (with effect in accordance with s. 77 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 12 para. 9(2), Sch. 42 Pt. 2(7), Note; S.I. 2006/3240, art. 2

CHAPTER V U.K. SCHEMES FOR RATIONALIZING INDUSTRY

568 Deductions from profits of contributions paid under certified schemes. U.K.

M73 (1) Notwithstanding anything contained in F1744 . . . [F1745 section 33 of ITTOIA 2005][F1746 or section 53 of CTA 2009 (no deduction for capital expenditure)] but subject to the following provisions of this Chapter, where a person pays, wholly and exclusively for the purposes of a trade in respect of which he is chargeable [F1747 under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009,] a contribution in furtherance of a scheme which is for the time being certified by the Secretary of State under this section, the contribution shall, in so far as it is paid in furtherance of the primary object of the scheme, be allowed to be deducted as an expense in computing the [F1748 profits] of that trade.

(2) The Secretary of State shall certify a scheme under this section if he is satisfied—

(a) that the primary object of the scheme is the elimination of redundant works or machinery or plant from use in an industry in the United Kingdom; and

(b) that the scheme is in the national interest and in the interests of that industry as a whole; and

(c) that such number of persons engaged in that industry as are substantially representative of the industry are liable to pay contributions in furtherance of the primary object of the scheme by agreement between them and the body of persons carrying out the scheme.

References in this subsection to an industry in the United Kingdom shall include references to the business carried on by owners of ships or of a particular class of ships, wherever that business is carried on, and, in relation to that business, references in this subsection to works or machinery or plant shall include references to ships.

(3) The Secretary of State shall cancel any certificate granted under this section if he ceases to be satisfied as to any of the matters referred to in subsection (2) above.

(4) The Secretary of State may at any time require the body of persons carrying out a scheme certified under this section to produce any books or documents of whatever nature relating to the scheme and, if the requirement is not complied with, he may cancel the certificate.

(5) In this section and in section 569 “contribution”, in relation to a scheme, does not include a sum paid by a person by way of loan or subscription of share capital, or in consideration of the transfer of assets to him, or by way of a penalty for contravening or failing to comply with the scheme.

Textual Amendments

F1744 Words in s. 568(1) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 188(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F1745 Words in s. 568(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 232(a) (with Sch. 2)

F1746 Words in s. 568(1) inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 188(b) (with Sch. 2 Pts. 1, 2)

F1747 Words in s. 568(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 188(c) (with Sch. 2 Pts. 1, 2)

F1748 Words in s. 568(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 1

Marginal Citations

M73 Source-1970 s.406

569 Repayment of contributions. U.K.

M74 (1) In the event of the repayment, whether directly or by way of distribution of assets on a winding up or otherwise, of a contribution or any part of a contribution which has been allowed to be deducted under section 568, the deduction of the contribution, or so much of it as has been repaid, shall be deemed to be an unauthorised deduction in respect of which an assessment shall be made, and, notwithstanding the provisions of the Tax Acts requiring assessments to be made within six years after the end of the chargeable period to which they relate, any such assessment and any consequential assessment may be made at any time within three years after the end of the chargeable period in which the repayment was made.

(2) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.

Marginal Citations

M74 Source-1970 s.407; 1971 Sch.6 45

570 Payments under certified schemes which are not repayments of contributions. U.K.

M75 (1) Subject to the provisions of this section, where, under any scheme which is for the time being certified or has at any time been certified by the Secretary of State under section 568, any payment (not being a payment made by way of repayment of contributions) is made to a person carrying on a trade to which the scheme relates, that payment shall be treated for the purposes of the Tax Acts as a trading receipt of the trade, and shall accordingly be taken into account in computing the [F1749 profits] of the trade for those purposes.

(2) Where F1750 . . . the payments which have been made under such a scheme in respect of a trade (not being payments made by way of repayment of contributions) have been made wholly or partly in respect of damage in respect of which no relief may be given under the Tax Acts, [F1751 and a claim is made to that effect,] then, subject to and in accordance with the provisions of [F1752 Schedule 21]—

(a) relief shall be given in respect of those payments by reducing the amounts which are to be treated as trading receipts of the trade under subsection (1) above; but

(b) where such relief is given, section 568 shall, in relation to contributions subsequently paid under the scheme in respect of the trade, have effect subject to the modifications specified in Part III of that Schedule,

[F1753 and paragraph 6 of that Schedule applies for the purposes of this subsection as it applies for the purposes of that Schedule.]

(3) The provisions of this section and Schedule 21 shall apply in relation to any payment made to a person who has ceased to carry on a trade to which any such scheme as is mentioned in subsection (1) above relates as they apply in relation to payments made to a person carrying on such a trade, subject to the modification that so much of that payment as falls to be treated as a trading receipt by virtue of those provisions shall be deemed for the purposes of those provisions to have been made to him on the last day on which he was engaged in carrying on the trade.

(4) In determining for the purposes of this section and of Schedule 21—

(a) whether any trade has ceased to be carried on; or

(b) whether any contribution is paid in respect of a trade in respect of which a payment has been made; or

(c) whether any payment is made in respect of a trade in respect of which a contribution has been paid,

no regard shall be had to any event which, by virtue of [F1754 section 18 of ITTOIA 2005 or section 41 of CTA 2009 (company starting or ceasing to be within charge to corporation tax) is to be treated as effecting a cessation of trading.]

Textual Amendments

F1749 Words in s. 570(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 1

F1750 Words in s. 570(2) repealed (with effect in accordance with s. 134(2) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 20 para. 31(a), Sch. 41 Pt. 5(10), Note

F1751 Words in s. 570(2) inserted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 31(b)

F1752 Words in s. 570(2) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 31(c)

F1753 Words in s. 570(2) added (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 31(d)

F1754 Words in s. 570(4) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 189 (with Sch. 2 Pts. 1, 2)

Marginal Citations

M75 Source-1970 s.408

571 Cancellation of certificates. U.K.

M76 (1) Where any certificate granted with respect to a scheme under section 568 is cancelled by the Secretary of State, and any deductible contributions paid in furtherance of the scheme have not been repaid at the expiration of one year from the cancellation, the body of persons carrying out the scheme shall, for the chargeable period in which that year expires, be charged to tax F1755 . . . upon the aggregate amount of the deductible contributions which have not been repaid at that time.

[F1756 (1A) An amount charged to income tax under subsection (1) above is treated for income tax purposes as an amount of income.]

[F1757 (1B) So far as relating to corporation tax, the charge to tax under subsection (1) has effect as an application of the charge to corporation tax on income.]

(2) The charge to tax under subsection (1) above shall not be made if the total amount of any contributions, other than deductible contributions, which have been paid under the scheme and have not been repaid before that time is greater than the available resources of the scheme, and shall not in any case be made upon an amount greater than the excess, if any, of those resources over that total amount.

(3) In subsection (2) above “the available resources”, in relation to any scheme, means a sum representing the total funds held for the purposes of the scheme at the expiration of one year from the cancellation of the certificate plus a sum representing any funds held for the purposes of the scheme which, during that year, have been applied otherwise than in accordance with the provisions of the scheme as in force when the certificate was granted.

(4) Where the body of persons carrying out a scheme are charged to tax by virtue of subsection (1) above, and, after the expiration of one year from the cancellation of the certificate, any deductible contribution paid in furtherance of the scheme is repaid, the amount upon which the charge is made shall on the making of a claim be reduced by the amount repaid, and all such repayments of tax shall be made as are necessary to give effect to the provisions of this subsection.

(5) In this section “contribution” includes a part of a contribution, and “deductible contribution” means a contribution allowed to be deducted under section 568, any reduction under Part III of Schedule 21 being left out of account.

(6) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.

Textual Amendments

F1755 Words in s. 571(1) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 190(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F1756 S. 571(1A) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 116 (with Sch. 2)

F1757 S. 571(1B) inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 190(3) (with Sch. 2 Pts. 1, 2)

Marginal Citations

M76 Source-1970 s.409

572 Application to statutory redundancy schemes. U.K.

M77 (1) Sections 569 to 571 and Schedule 21 shall, subject to the adaptations specified in subsection (2) below, apply in relation to a statutory redundancy scheme as they apply in relation to a scheme certified under section 568.

(2) The adaptations referred to above are as follows, that is to say—

(a) for any reference to a contribution allowed to be deducted under section 568 there shall be substituted a reference to a contribution allowed to be deducted under any provision of the Tax Acts other than that section;

(b) any provision that section 568 shall, in relation to contributions, have effect subject to modifications, shall be construed as a provision that so much of any provision of the Tax Acts other than that section as authorises the deduction of contributions shall, in relation to the contributions in question, have effect subject to the modifications in question;

(c) for any reference to the cancellation of a certificate with respect to a scheme there shall be substituted a reference to the scheme ceasing to have effect; and

(d) for any reference to the provisions of the scheme as in force when the certificate was granted there shall be substituted a reference to the provisions of the scheme as in force when the contributions were first paid thereunder.

(3) In this section “statutory redundancy scheme” means a scheme for the elimination or reduction of redundant works, machinery or plant, or for other similar purposes, to which effect is given by or under any Act, whether passed before or after this Act.

Marginal Citations

M77 Source-1970 s.410

[F1758 Chapter 5A U.K. Share loss relief

Textual Amendments

F1758 Pt. 13 Ch. 5A created (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by virtue of Income Tax Act 2007 (c. 3), Sch. 1 para. 117(3) (with Sch. 2)

Relief for losses on unquoted shares in trading companies U.K.

573 Relief for companies. U.K.

F1759 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1759 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C29 S. 573 transposed from Pt. 13 Ch. 6 to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 117(3) (with Sch. 2)

575 Exclusion of relief under section 573 F1760 . . . in certain cases. U.K.

F1761 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1760 Words in s. 575 sidenote repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 119(2), Sch. 3 Pt. 1 (with Sch. 2)

F1761 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C30 S. 575 transposed from Pt. 13 Ch. 6 to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 119(7) (with Sch. 2)

576 Provisions supplementary to [F1762 sections 573 and 575]. U.K.

F1763 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1762 Words in s. 576 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(2) (with Sch. 2)

F1763 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C31 S. 576 transposed from Pt. 13 Ch. 6 to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(7) (with Sch. 2)

[F1764 576A Qualifying trading companies U.K.

F1765 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1764 S. 576A inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 121 (with Sch. 2)

F1765 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1766 Qualifying trading companies: the requirements U.K.

Textual Amendments

F1766 S. 576B and preceding cross-heading inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 122 (with Sch. 2)

576B The trading requirement U.K.

F1767 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1767 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1768 576C Ceasing to meet the trading requirement because of administration or receivership U.K.

F1769 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1768 S. 576C inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 123 (with Sch. 2)

F1769 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1770 576D The control and independence requirement U.K.

F1771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1770 S. 576D inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 124 (with Sch. 2)

F1771 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1772 576E The qualifying subsidiaries requirement U.K.

F1773 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1772 S. 576E inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 125 (with Sch. 2)

F1773 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1774 576F The property managing subsidiaries requirement U.K.

F1775 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1774 S. 576F inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 126 (with Sch. 2)

F1775 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1776 576G The gross assets requirement U.K.

F1777 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1776 S. 576G inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 127 (with Sch. 2)

F1777 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1778 576H The unquoted status requirement U.K.

F1779 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1778 S. 576H inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 128 (with Sch. 2)

F1779 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1780 576I Power to amend requirements by Treasury order U.K.

F1781 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1780 S. 576I inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 129 (with Sch. 2)

F1781 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1782 Qualifying trading companies: supplementary provisions U.K.

Textual Amendments

F1782 S. 576J and preceding cross-heading inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 130 (with Sch. 2)

576J Relief after an exchange of shares for shares in another company U.K.

F1783 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1783 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1784 576K Substitution of new shares for old shares U.K.

F1785 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1784 S. 576K inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 131 (with Sch. 2)

F1785 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

[F1786 Supplemental U.K.

Textual Amendments

F1786 S. 576L and preceding cross-heading inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 132 (with Sch. 2)

576L Interpretation of Chapter U.K.

F1787 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1787 Pt. 13 Ch. 5A (ss. 573, 575-576L) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 88, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER VI U.K. OTHER PROVISIONS

Modifications etc. (not altering text)

C32 Pt 13 Ch. 6: ss. 573, 575 and 576 transposed to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 paras. 117(3), 119(7), 120(7) (with Sch. 2)

Relief for losses on unquoted shares in trading companies U.K.

574 Relief for individuals. U.K.

F1788 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1788 S. 574 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 118, Sch. 3 Pt. 1 (with Sch. 2)

Miscellaneous U.K.

577 Business entertaining expenses. U.K.

F1789 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1789 S. 577 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 191, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1790 577A Expenditure involving crime. U.K.

F1791 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1790 S. 577A inserted (with application in accordance with s. 123(2) of the amending Act) by Finance Act 1993 (c. 34), s. 123(1)(2)

F1791 S. 577A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 192, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

578 Housing grants. U.K.

F1792 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1792 S. 578 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 193, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1793 578A Expenditure on car hire U.K.

F1794 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1793 Ss. 578A, 578B inserted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 52 (with Sch. 3 para. 113)

F1794 Ss. 578A, 578B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 194, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

578B Expenditure on car hire: supplementary U.K.

F1795 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1793 Ss. 578A, 578B inserted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 52 (with Sch. 3 para. 113)

F1795 Ss. 578A, 578B repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 194, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

579 Statutory redundancy payments. U.K.

F1796 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1796 Ss. 579, 580 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 195, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

580 Provisions supplementary to section 579. U.K.

F1797 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1797 Ss. 579, 580 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 195, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1798 580A Relief from tax on annual payments under certain insurance policies. U.K.

F1799 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1798 Ss. 580A, 580B inserted (with effect in accordance with s. 143(2)-(5) of the amending Act) by Finance Act 1996 (c. 8), s. 143(1)

F1799 Ss. 580A-580C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 240, Sch. 3 (with Sch. 2)

580B Meaning of “self-contained” for the purposes of s.580A. U.K.

F1800 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1798 Ss. 580A, 580B inserted (with effect in accordance with s. 143(2)-(5) of the amending Act) by Finance Act 1996 (c. 8), s. 143(1)

F1800 Ss. 580A-580C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 240, Sch. 3 (with Sch. 2)

[F1801 580C Relief from tax on annual payments under immediate needs annuities U.K.

F1802 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1801 S. 580C inserted (with effect in accordance with s. 147(6) of the amending Act) by Finance Act 2004 (c. 12), s. 147(3)

F1802 Ss. 580A-580C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 240, Sch. 3 (with Sch. 2)

581 Borrowing in foreign currency by local authorities and statutory corporations. U.K.

F1803 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1803 S. 581 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 241, Sch. 3 (with Sch. 2)

[F1804 581A Interest on foreign currency securities etc. U.K.

F1805 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1804 S. 581A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 242 (with Sch. 2)

F1805 S. 581A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 133, Sch. 3 Pt. 1 (with Sch. 2)

582 Funding bonds issued in respect of interest on certain debts. U.K.

F1806 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1806 S. 582 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 196, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1807 582A Designated international organisations: miscellaneous exemptions. U.K.

F1808 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1807 S. 582A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 118(1)

F1808 S. 582A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 135, Sch. 3 Pt. 1 (with Sch. 2)

583 Inter-American Development Bank. U.K.

F1809 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1809 S. 583 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 244, Sch. 3 (with Sch. 2)

584 Relief for unremittable overseas income U.K.

F1810 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1810 S. 584 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 197, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

585 Relief from tax on delayed remittances. U.K.

F1811 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1811 S. 585 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 246, Sch. 3 (with Sch. 2)

586 Disallowance of deductions for war risk premiums. U.K.

F1812 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1812 Ss. 586, 587 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 198, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

587 Disallowance of certain payments in respect of war injuries to employees. U.K.

F1813 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1813 Ss. 586, 587 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 198, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F1814 587A New issues of securities: extra return. U.K.

F1815 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1814 S. 587A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 54, Sch. 12 para. 1 (with application as referred to in Sch. 12 para. 5 of that Act)

F1815 S. 587A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 136, Sch. 3 Pt. 1 (with Sch. 2)

[F1816 587B [F1817 Gifts of shares, securities and real property to charities etc] U.K.

F1818 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1816 S. 587B inserted (with effect in accordance with s. 43(3) of the amending Act) by Finance Act 2000 (c. 17), s. 43(1)

F1817 S. 587B sidenote substituted (with effect in accordance with s. 97(6) of the amending Act) by Finance Act 2002 (c. 23), s. 97(4)

F1818 S. 587B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 89, Sch. 3 Pt. 1 (with Sch. 2)

[F1819 587BA Qualifying interests in land held jointly U.K.

F1820 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1819 S. 587BA inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 138 (with Sch. 2)

F1820 S. 587BA repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 90, Sch. 3 Pt. 1 (with Sch. 2)

[F1821 587C Supplementary provision for gifts of real property U.K.

F1822 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1821 S. 587C inserted (with effect in accordance with s. 97(6) of the amending Act) by Finance Act 2002 (c. 23), s. 97(5)

F1822 S. 587C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 91, Sch. 3 Pt. 1 (with Sch. 2)

588 Training courses for employees. U.K.

F1823 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1823 S. 588 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 200, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

589 Qualifying courses of training etc. U.K.

F1824 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1824 S. 589 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 68, Sch. 8 Pt. 1 (with Sch. 7)

[F1825 589A Counselling services for employees. U.K.

F1826 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1825 Ss. 589A, 589B inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 108

F1826 S. 589A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 201, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F1827 589B Qualifying counselling services etc. U.K.

(1) F1828 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1828 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1828 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1829 (4) F1828 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4A) F1828 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(5) F1830 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1827 Ss. 589A, 589B inserted (27.7.1993) by Finance Act 1993 (c. 34), s. 108

F1828 S. 589B(1)-(4A) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 70(2), Sch. 8 Pt. 1 (with Sch. 7)

F1829 S. 589B(4)(4A) substituted for s. 589B(4) (with effect in accordance with s. 57(4) of the amending Act) by Finance Act 2001 (c. 9), Sch. 12 Pt. 2 para. 13

F1830 S. 589B(5) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 202, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

PART XIV U.K. PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.

CHAPTER I U.K. RETIREMENT BENEFIT SCHEMES

Modifications etc. (not altering text)

C33 Pt. 14 Ch. 1 (ss. 590-612) modified (31.3.1995) by Judicial Pensions and Retirement Act 1993 (c. 8), ss. 18, 19(4), 31(2); S.I. 1995/631, art. 2

Approval of schemes U.K.

590 Conditions for approval of retirement benefit schemes. U.K.

F1831 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1831 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1832 590A Section 590: supplementary provisions. U.K.

F1833 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1832 Ss. 590A-590C inserted by Finance Act 1989 (c. 26), s. 75, Sch. 6 paras. 4, 18(4)

F1833 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1834 590B Section 590: further supplementary provisions. U.K.

F1835 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1834 Ss. 590A-590C inserted by Finance Act 1989 (c. 26), s. 75, Sch. 6 paras. 4, 18(4)

F1835 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1836 590C Earnings cap. U.K.

F1837 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1836 Ss. 590A-590C inserted by Finance Act 1989 (c. 26), s. 75, Sch. 6 paras. 4, 18(4)

F1837 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

591 Discretionary approval. U.K.

F1838 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1838 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1839 591A Effect on approved schemes of regulations under section 591. U.K.

F1840 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1839 S. 591A inserted by Finance Act 1991 (c. 31), s.35

F1840 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1841 591B Cessation of approval: general provisions. U.K.

F1842 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1841 S. 591B inserted (retrospectively) by Finance Act 1991 (c. 31), s. 36(1)(3)

F1842 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1843 591C Cessation of approval: tax on certain schemes. U.K.

F1844 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1843 Ss. 591C, 591D inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(1)

F1844 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

591D Section 591C: supplementary. U.K.

F1845 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1843 Ss. 591C, 591D inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(1)

F1845 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Tax reliefs U.K.

592 Exempt approved schemes. U.K.

F1846 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1846 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

593 Relief by way of deductions from contributions. U.K.

F1847 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1847 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

594 Exempt statutory schemes. U.K.

F1848 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1848 Ss. 590-594 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Charge to tax in certain cases U.K.

595 Charge to tax in respect of certain sums paid by employer etc. U.K.

F1849 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1849 Ss. 595, 596 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 74, Sch. 8 Pt. 1 (with Sch. 7)

596 Exceptions from section 595. U.K.

F1850 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1850 Ss. 595, 596 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 74, Sch. 8 Pt. 1 (with Sch. 7)

[F1851 596A Charge to tax: benefits under non-approved schemes. U.K.

F1852 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1851 Ss. 596A, 596B inserted (with effect in accordance with Sch. 6 para. 18(7) of the amending Act) by Finance Act 1989 (c. 26), Sch. 6 para. 9

F1852 Ss. 596A-596C repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 75, Sch. 8 Pt. 1 (with Sch. 7)

[F1853 596B Section 596A: supplementary provisions. U.K.

F1854 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1853 Ss. 596A, 596B inserted (with effect in accordance with Sch. 6 para. 18(7) of the amending Act) by Finance Act 1989 (c. 26), Sch. 6 para. 9

F1854 Ss. 596A-596C repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 75, Sch. 8 Pt. 1 (with Sch. 7)

[F1855 596C Notional interest treated as paid if amount charged in respect of beneficial loan. U.K.

F1856 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1855 S. 596C inserted (with effect in accordance with s. 93(4) of the amending Act) by Finance Act 1998 (c. 36), s. 93(3)

F1856 Ss. 596A-596C repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 75, Sch. 8 Pt. 1 (with Sch. 7)

597 Charge to tax: pensions. U.K.

F1857 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1857 S. 597 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 76, Sch. 8 Pt. 1 (with Sch. 7)

598 Charge to tax: repayment of employee’s contributions. U.K.

F1858 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1858 Ss. 598-599A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36) (with savings in S.I. 2006/5072, arts. 1(1), 38)

599 Charge to tax: commutation of entire pension in special circumstances. U.K.

F1859 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1859 Ss. 598-599A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36) (with savings in S.I. 2006/5072, arts. 1(1), 38)

[F1860 599A Charge to tax: payments out of surplus funds. U.K.

F1861 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1860 S. 599A inserted (with effect in accordance with Sch. 6 para. 18(9) of the amending Act) by Finance Act 1989 (c. 26), Sch. 6 para. 12

F1861 Ss. 598-599A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36) (with savings in S.I. 2006/5072, arts. 1(1), 38)

600 Charge to tax: unauthorised payments to or for employees. U.K.

F1862 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1862 S. 600 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 78, Sch. 8 Pt. 1 (with Sch. 7)

601 Charge to tax: payments to employers. U.K.

F1863 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1863 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

602 Regulations relating to pension fund surpluses. U.K.

F1864 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1864 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

603 Reduction of surpluses. U.K.

F1865 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1865 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Supplementary provisions U.K.

604 Application for approval of a scheme. U.K.

F1866 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1866 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

605 Information. U.K.

F1867 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1867 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1868 605A False statements etc. U.K.

F1869 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1868 S. 605A inserted (with application in accordance with s. 106(2) of the amending Act) by Finance Act 1994 (c. 9), s. 106(1)

F1869 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

606 Default of administrator etc. U.K.

F1870 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1870 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1871 606A Recourse to scheme members. U.K.

F1872 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1871 S. 606A inserted (with effect in accordance with Sch. 15 para. 6(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 15 para. 6(1)

F1872 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

607 Pilots’ benefit fund. U.K.

F1873 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1873 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

608 Superannuation funds approved before 6th April 1980. U.K.

F1874 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1874 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

609 Schemes approved before 23rd July 1987. U.K.

F1875 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1875 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

610 Amendments of schemes. U.K.

F1876 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1876 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

611 Definition of “retirement benefits scheme”. U.K.

F1877 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1877 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1878 611A Definition of relevant statutory scheme. U.K.

F1879 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1878 S. 611A inserted (14.3.1989) by Finance Act 1989 (c. 26), Sch. 6 paras. 15, 18(1)

F1879 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1880 611AA Definition of the administrator. U.K.

F1881 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1880 S. 611AA inserted (with application in accordance with s. 103(3) of the amending Act) by Finance Act 1994 (c. 4), s. 103(1)

F1881 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

611A Definition of relevant statutory scheme. U.K.

F1879 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1878 S. 611A inserted (14.3.1989) by Finance Act 1989 (c. 26), Sch. 6 paras. 15, 18(1)

F1879 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

612 Other interpretative provisions, and regulations for purposes of this Chapter. U.K.

F1882 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1882 Ss. 601-612 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

CHAPTER II U.K. OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS

613 Parliamentary pension funds. U.K.

[F1883 (1) M78 The salary of a Member of the House of Commons shall, for all the purposes of the Income Tax Acts, be treated as reduced by the [F1884 amounts deducted in pursuance of section 4 of the House of Commons Members' Fund Act 2016]; but a Member shall not by reason of any such deduction be entitled to relief under any other provision of the Income Tax Acts.]

(2) F1885 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1886 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) M79 The F1887 . . . trustees of—

(a) the House of Commons Members’ Fund [F1888 specified in section 1 of the 2016 Act];

(b) F1889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1890 (bb) F1889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(c) F1889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) F1889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

shall be entitled to exemption from income tax in respect of all income derived from [F1891 that Fund] or any investment of [F1891 that Fund].

A claim under this subsection shall be made to the Board.

Textual Amendments

F1883 S. 613(1) (which was repealed by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 83, Sch. 8 Pt. 1) restored (retrospectively) by Finance Act 2005 (c. 7), Sch. 10 para. 63

F1884 Words in s. 613(1) substituted (12.8.2016) by House of Commons Members' Fund Act 2016 (c. 18), ss. 8(2)(a), 10

F1885 S. 613(2) omitted (12.8.2016) by virtue of House of Commons Members' Fund Act 2016 (c. 18), ss. 8(2)(b), 10

F1886 S. 613(3) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 83, Sch. 8 Pt. 1 (with Sch. 7)

F1887 Word in s. 613(4) repealed (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 26(a), Sch. 42 Pt. 3, Note (with Sch. 36)

F1888 Words in s. 613(4)(a) substituted (12.8.2016) by House of Commons Members' Fund Act 2016 (c. 18), ss. 8(2)(c), 10

F1889 S. 613(4)(b)-(d) repealed (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 26(a), Sch. 42 Pt. 3, Note (with Sch. 36)

F1890 S. 613(4)(bb) inserted (with effect in accordance with s. 52(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 5 para. 4

F1891 Words in s. 613(4) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 26(b) (with Sch. 36)

Marginal Citations

M78 Source-1970 s.211(1), (4)

M79 Source-1970 s.211(2) 1981 s.50(1); PPA 1987 Sch.3 2(1)

614 Exemptions and reliefs in respect of income from investments etc. of certain pension schemes. U.K.

(1) F1892 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) M80 Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the M81 Government of India Act 1935, and having effect as a scheme made under section 2 of the M82 Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.

[F1893 (2A) The reference in subsection (2) above to interest on sums forming part of a fund include references to any amount which is treated as income by virtue of [F1894 Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply] discounted securities) and derives from any investment forming part of that fund.]

(3) M83 Income derived from investments or deposits of any fund referred to in [F1895 section 648, 649, 650 or 651 of ITEPA 2003] shall not be charged to income tax, and any income tax deducted from any such income shall be repaid by the Board to the persons entitled to receive the income.

(4) M84 In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the M85 Overseas Aid Act 1966, the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person [F1896 not domiciled and not resident] in the United Kingdom.

(5) M86 In respect of dividends and other income derived from investments, deposits or other property of a superannuation fund to which section 615(3) applies the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person [F1897 not domiciled and not resident] in the United Kingdom.

(6) M87 A claim under this section shall be made to the Board.

Textual Amendments

F1892 S. 614(1) repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(22)

F1893 S. 614(2A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 34 (with Sch. 15)

F1894 Words in s. 614(2A) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 261 (with Sch. 2)

F1895 Words in s. 614(3) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 84 (with Sch. 7)

F1896 Words in s. 614(4) substituted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 28(a)

F1897 Words in s. 614(5) substituted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 28(b)

Marginal Citations

M80 Source-1970 s.213(1)

M81 1935 c. 2.

M82 1973 c. 21.

M83 Source-1970 s.214(2), 216(2); 1973 s.53(1)

M84 Source-1970 s.217(2), (4)

M85 1966 c. 21.

M86 Source-1970 s.218(1)

M87 Source-1970 s.212(3), 213(1), 214(3), 216(2), 217(2), 218(1); 1987 Sch.15 2(13)

615 Exemption from tax in respect of certain pensions. U.K.

(1) F1898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) M88 Where an annuity is paid from a superannuation fund to which this subsection applies to a person who is not resident in the United Kingdom, income tax shall not be deducted from any payment of the annuity or accounted for under [F1899 Chapter 6 of Part 15 of ITA 2007 (deduction from annual payments and patent royalties)] by the trustees or other persons having the control of the fund.

(4) F1898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F1898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) M89 Subsection (3) above applies to any superannuation fund which—

(a) is bona fide established under irrevocable trusts in connection with some trade or undertaking carried on wholly or partly outside the United Kingdom;

(b) has for its sole purpose [F1900 (subject to any enactment or Northern Ireland legislation requiring or allowing provision for the value of any rights to be transferred between schemes or between members of the same scheme)] the provision of superannuation benefits in respect of persons’ employment in the trade or undertaking wholly outside the United Kingdom; F1901 . . .

(c) is recognised by the employer and employed persons in the trade or undertaking; [F1902 and]

[F1903 (d) meets the benefit accrual condition (see subsection (6A));]

and for the purposes of this subsection duties performed in the United Kingdom the performance of which is merely incidental to the performance of other duties outside the United Kingdom shall be treated as performed outside the United Kingdom .

[F1904 (6A) The benefit accrual condition is—

(a) that, in the case of any money purchase arrangement relating to a member of the fund that is not a cash balance arrangement, no contributions are made under the arrangement on or after 6 April 2017;

(b) that, in the case of any cash balance arrangement relating to a member of the fund, there is no increase on or after 6 April 2017 in the value of any person's rights under the arrangement;

(c) that, in the case of any defined benefits arrangement relating to a member of the fund, there is no increase on or after 6 April 2017 in the value of any person's rights under the arrangement; and

(d) that, in the case of any arrangement relating to a member of the fund that is neither a money purchase arrangement nor a defined benefits arrangement—

(i) no contributions are made under the arrangement on or after 6 April 2017, and

(ii) there is no increase on or after 6 April 2017 in the value of any person's rights under the arrangement.

(6B) For the purposes of subsection (6A)(b)—

(a) whether there is an increase in the value of a person's rights is to be determined by reference to whether there is an increase in the amount that would, on the valuation assumptions, be available for the provision of benefits under the arrangement to or in respect of the person (and, if there is, the amount of the increase), but

(b) in the case of rights that accrued to a person before 6 April 2017, ignore increases in the value of the rights if in no tax year do they exceed the relevant percentage.

(6C) For the purposes of subsection (6A)(c)—

(a) whether there is an increase in the value of a person's rights is to be determined by reference to whether there is an increase in the benefits amount as defined by paragraph 14(7) of Schedule 18 to the Finance Act 2011, but

(b) in the case of rights that accrued to a person before 6 April 2017, ignore increases in the value of the rights if in no tax year do they exceed the relevant percentage.

(6D) For the purposes of subsection (6A)(d)(ii), regulations made by the Commissioners for Her Majesty's Revenue and Customs may make provision—

(a) for determining whether there is an increase in the value of a person's rights,

(b) for determining the amount of any increase, and

(c) for ignoring the whole or part of any increase;

and regulations under this subsection may make provision having effect in relation to times before the regulations are made.

(6E) In this section, “relevant percentage”, in relation to a tax year, means—

(a) where, on 20 March 2017, the rules of the fund include provision for the value of the rights of a person to increase during the tax year at an annual rate specified in those rules, that rate, or

(b) in any other case, the percentage by which the consumer prices index for September in the previous tax year is higher than it was for the September in the tax year before that (or, if greater, 0%).

(6F) The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision—

(a) so as to change, or modify the effect of, the benefit accrual condition;

(b) as to the matters to be taken into account in determining whether the benefit accrual condition is met;

(c) for a superannuation fund to be treated to any extent as meeting or not meeting the benefit accrual condition.

(6G) Provision under subsection (6D) or (6F) may be made by amending this section.]

(7) [F1905 M90 For the purposes of this section—

• “arrangement”, in relation to a member of a superannuation fund, means an arrangement relating to the member under the fund;

• a money purchase arrangement relating to a member of a superannuation fund is a “cash balance arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits;

• an arrangement relating to a member of a superannuation fund is a “defined benefits arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are defined benefits;

• an arrangement relating to a member of a superannuation fund is a “money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are money purchase benefits;

• “cash balance benefits”, “defined benefits” and “money purchase benefits” have the meaning given by section 152 of the Finance Act 2004, but for this purpose reading references in that section to a pension scheme as references to a superannuation fund;

• “member”, in relation to a superannuation fund, has the meaning given by section 151 of the Finance Act 2004, but for this purpose reading references in that section to a pension scheme as references to a superannuation fund;]

• “pension” includes a gratuity or any sum payable on or in respect of death or, in the case of a pension falling within subsection (2)(g) above, ill-health, and a return of contributions with or without interest thereon or any other addition thereto;

• “overseas territory” means any territory or country outside the United Kingdom;

• “the Pensions (Increase) Acts” means the M91 Pensions (Increase) Act 1971 and any Act passed after that Act for purposes corresponding to the purposes of that Act;

• “United Kingdom trust territory” means a territory administered by the government of the United Kingdom under the trusteeship system of the United Nations;

• [F1906 “the valuation assumptions” has the meaning given by section 277 of the Finance Act 2004.]

(8) F1898 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1907 (9) For the purposes of this section, a person shall be taken to be employed in the public service of an overseas territory at any time when—

(a) he is employed in any capacity under the government of that territory, or under any municipal or other local authority in it,

(b) he is employed, in circumstances not falling within paragraph (a) above, by a body corporate established for any public purpose in that territory by an enactment of a legislature empowered to make laws for that territory, or

(c) he is the holder of a public office in that territory in circumstances not falling within either paragraph (a) or (b).

(10) For the purposes of subsection (9), references to the government of an overseas territory include references to a government constituted for two or more overseas territories, and to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more such territories.]

[F1908 (11) Where the conditions in subsection (6)(a) to (c) are met in the case of a superannuation fund (“the actual fund”)—

(a) any disqualifying contributions made under an arrangement relating to a member of the actual fund are treated for the purposes of the Income Tax Acts as instead made under an arrangement relating to the member under a separate superannuation fund (“the shadow fund” for the actual fund),

(b) any disqualifying increase in the value of a person's rights under an arrangement relating to a member of the actual fund is treated for the purposes of the Income Tax Acts as instead being an increase under an arrangement relating to the member under the shadow fund for the actual fund, and

(c) any reference in this or any other Act (including the reference in subsection (3) and any reference enacted after the coming into force of this subsection) to a fund, or superannuation fund, to which subsection (3) applies does not include so much of the actual fund as—

(i) represents any contribution treated as made under, or any increase in the value of any rights treated as an increase under, the shadow fund of the actual fund or the shadow fund of any other superannuation fund, or

(ii) arises, or (directly or indirectly) derives, from anything within sub-paragraph (i) or this sub-paragraph.

(12) For the purposes of subsection (11) a contribution, or an increase in the value of any rights, is “disqualifying” if it would (ignoring that subsection) cause the benefit accrual condition not to be met in the case of the actual fund.

(13) For the purposes of the provisions of this section relating to the benefit accrual condition, where there is a recognised transfer—

(a) any transfer of sums or assets to the recipient fund by the recognised transfer is to be categorised as not being “a contribution” to the recipient fund, and

(b) any increase in the value of rights under the recipient fund that occurs at the time of the recognised transfer is to be treated as not being an increase in that value if the increase is solely a result of the transfer effected by the recognised transfer.

(14) For the purposes of subsection (13), where there is a transfer such that sums or assets held for the purposes of, or representing accrued rights under, an arrangement relating to a member of a superannuation fund (“the transferor fund”) are transferred so as to become held for the purposes of, or to represent rights under, an arrangement relating to that person as a member of another superannuation fund, the transfer is a “recognised transfer” if—

(a) the conditions in subsection (6)(a) to (c) are met in the case of each of the funds, and

(b) none of the sums and assets transferred—

(i) represents any contribution treated as made under, or any increase in the value of any rights treated as an increase under, the shadow fund of the transferor fund or the shadow fund of any other superannuation fund, or

(ii) arises, or (directly or indirectly) derives, from anything within sub-paragraph (i) or this sub-paragraph.]

Textual Amendments

F1898 S. 615(1)(2)(4)(5)(8) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 85, Sch. 8 Pt. 1 (with Sch. 7)

F1899 Words in s. 615(3) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 140 (with Sch. 2)

F1900 Words in s. 615(6)(b) inserted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 11

F1901 Word in s. 615(6)(b) omitted (6.4.2017) by virtue of Finance Act 2017 (c. 10), Sch. 3 para. 3(2)(a)(6)

F1902 Word in s. 615(6)(c) inserted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(2)(b)(6)

F1903 S. 615(6)(d) inserted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(2)(c)(6)

F1904 S. 615(6A)-(6G) inserted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(3)(6)

F1905 Words in s. 615(7) substituted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(4)(a)(6)

F1906 Words in s. 615(7) inserted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(4)(b)(6)

F1907 S. 615(9)(10) inserted (17.6.2002) by International Development Act 2002 (c. 1), s. 20(2), Sch. 3 para. 9(3) (with Sch. 5); S.I. 2002/1408, art. 2

F1908 S. 615(11)-(14) inserted (6.4.2017) by Finance Act 2017 (c. 10), Sch. 3 para. 3(5)(6)

Marginal Citations

M88 Source-1970 s.218(3)

M89 Source-1970 s.218(4)

M90 Source-1970 s.214(5), 215(3), 216(4), 217(4)

M91 1971 c. 56.

616 Other overseas pensions. U.K.

F1909 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1909 S. 616 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 86, Sch. 8 Pt. 1 (with Sch. 7)

617 Social security benefits and contributions. U.K.

F1910 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1910 S. 617 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 203, Sch. 3 Pt. 1 (with Sch. 2 Pts 1, 2)

[F1911 617A Tax credits under Part 1 of Tax Credits Act 2002 U.K.

F1912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1911 S. 617A inserted (prosp.) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 3 para. 14 (the insertion being brought into force at 6.4.2003 by S.I. 2003/962, art. 2(3)(d)(iii))

F1912 S. 617A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 88, Sch. 8 Pt. 1 (with Sch. 7)

CHAPTER III U.K. RETIREMENT ANNUITIES

618 Termination of relief under this Chapter, and transitional provisions. U.K.

F1913 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1913 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

619 Exemption from tax in respect of qualifying premiums. U.K.

F1914 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1914 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

620 Qualifying premiums. U.K.

F1915 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1915 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

621 Other approved contracts. U.K.

F1916 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1916 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

622 Substituted retirement annuity contracts. U.K.

F1917 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1917 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

623 Relevant earnings. U.K.

F1918 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1918 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

624 Sponsored superannuation schemes and controlling directors. U.K.

F1919 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1919 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

625 Carry-forward of unused relief under section 619. U.K.

F1920 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1920 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

626 Modification of section 619 in relation to persons over 50. U.K.

F1921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1921 Ss. 618-626 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

F1922 627 Lloyd’s underwriters. U.K.

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

Textual Amendments

F1922 S. 627 repealed (with effect as mentioned in s. 228(4) of the repealing Act) by Finance Act 1994 (c. 9), s. 228(2)(a), Sch. 26 Pt. 5(25), Note 1

628 Partnership retirement annuities. U.K.

F1923 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1923 S. 628 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

629 Annuity premiums of Ministers and other officers. U.K.

M92 (1) For the purposes of this Chapter so much of any salary which—

(a) is payable to the holder of a qualifying office who is also a Member of the House of Commons, and

(b) is payable for a period in respect of which the holder is not a participant in relation to that office in arrangements contained in the Parliamentary pension scheme but is a participant in relation to his membership of the House of Commons in any such arrangements, or for any part of such a period,

as is equal to the difference between a Member’s pensionable salary and the salary which (in accordance with any such resolution as is mentioned in subsection (3)(a) below) is payable to him as a Member holding that qualifying office shall be treated as remuneration from the office of Member and not from the qualifying office.

(2) In this section—

• “Member’s pensionable salary” means a Member’s ordinary salary under any resolution of the House of Commons which, being framed otherwise than as an expression of opinion, is for the time being in force relating to the remuneration of Members or, if the resolution provides for a Member’s ordinary salary thereunder to be treated for pension purposes as being at a higher rate, a notional yearly salary at that higher rate;

• “qualifying office” means an office mentioned in section 2(2)(b), (c) or (d) of the Parliamentary and other M93 Pensions Act 1987;

• “the Parliamentary pension scheme” has the same meaning as in that Act;

and without prejudice to the power conferred by virtue of paragraph 13 of Schedule 1 to that Act, regulations under section 2 of that Act may make provision specifying the circumstances in which a person is to be regarded for the purposes of this section as being or not being a participant in relation to his Membership of the House of Commons, or in relation to any office, in arrangements contained in the Parliamentary pension scheme.

(3) In subsection (2) above “a Member’s ordinary salary”, in relation to any resolution of the House of Commons, means—

(a) if the resolution provides for salary to be paid to Members at different rates according to whether or not they are holders of particular offices, or are in receipt of salaries or pensions as the holders or former holders of particular offices, a Member’s yearly salary at the higher or highest rate; and

(b) in any other case, a Member’s yearly salary at the rate specified in or determined under the resolution.

Modifications etc. (not altering text)

C34 S. 629 applied (with modifications) (with effect in accordance with s. 52(2) of the affecting Act) by Finance Act 1999 (c. 16), Sch. 5 para. 6

Marginal Citations

M92 Source-1970 s.229

M93 1987 c. 45.

CHAPTER IV U.K. PERSONAL PENSION SCHEMES

Modifications etc. (not altering text)

C35 Pt. 14 Ch. 5 excluded (1.5.1995) by Finance Act 1995 (c. 4), s. 60(5)

Preliminary U.K.

630 Interpretation. U.K.

F1924 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1924 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

631 Approval of schemes. U.K.

F1925 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1925 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1926 631A Conversion of certain approved retirement benefits schemes. U.K.

F1927 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1926 S. 631A inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 7 (with Sch. 13 Pt. 2)

F1927 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Restrictions on approval U.K.

632 Establishment of schemes. U.K.

F1928 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1928 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1929 632A Eligibility to make contributions. U.K.

F1930 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1929 Ss. 632A, 632B inserted (6.4.2001) by Finance Act 2000 (c. 17), Sch. 13 para. 8 (with Sch. 13 Pt. 2)

F1930 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

632B Eligibility to make contributions: concurrent membership. U.K.

F1931 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1929 Ss. 632A, 632B inserted (6.4.2001) by Finance Act 2000 (c. 17), Sch. 13 para. 8 (with Sch. 13 Pt. 2)

F1931 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

633 Scope of benefits. U.K.

F1932 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1932 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

634 Annuity to member. U.K.

F1933 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1933 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1934 634A Income withdrawals by member. U.K.

F1935 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1934 S. 634A inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 4

F1935 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

635 Lump sum to member. U.K.

F1936 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1936 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

636 Annuity after death of member. U.K.

F1937 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1937 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1938 636A Income withdrawals after death of member. U.K.

F1939 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1938 S. 636A inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 7

F1939 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

637 Death benefit. U.K.

F1940 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1940 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1941 637A Return of contributions on or after death of member. U.K.

F1942 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1941 Ss. 637, 637A substituted for s. 637 (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 8

F1942 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

638 Other restrictions on approval. U.K.

F1943 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1943 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1944 638ZA Personal pension arrangements with more than one pension date etc. U.K.

F1945 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1944 S. 638ZA inserted (6.4.2001) by Finance Act 2000 (c. 17), Sch. 13 para. 14 (with Sch 13 Pt. 2)

F1945 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1946 638A Power to prescribe restrictions on approval. U.K.

F1947 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1946 S. 638A inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 94(1)

F1947 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Tax reliefs U.K.

639 Member’s contributions. U.K.

F1948 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1948 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

640 Maximum amount of deductions. U.K.

F1949 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1949 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1950 640A Earnings cap. U.K.

F1951 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1950 S. 640A inserted (with effect in accordance with Sch. 7 para. 4(2) of the amending Act) by Finance Act 1989 (c. 26), Sch. 7 para. 4(1)

F1951 Ss. 630-640A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

641 Carry-back of contributions. U.K.

F1952 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1952 S. 641 repealed (with effect in accordance with Sch. 13 para. 17 of the repealing Act) by Finance Act 2000 (c. 17), Sch. 40 Pt, 2(4), Note 3 (with Sch. 13 Pt. 2)

[F1953 641A Election for contributions to be treated as paid in previous year. U.K.

F1954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1953 S. 641A inserted (with effect in accordance with Sch. 13 para. 18(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 13 para. 18(1) (with Sch. 13 Pt. 2)

F1954 S. 641A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

642 Carry-forward of relief. U.K.

F1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1955 S. 642 repealed (with effect in accordance with Sch. 13 para. 19 of the repealing Act) by Finance Act 2000 (c. 17), Sch. 40 Pt, 2(4), Note 4 (with Sch. 13 Pt. 2)

643 Employer’s contributions and personal pension income etc. U.K.

F1956 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1956 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

644 Meaning of “relevant earnings”. U.K.

F1957 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1957 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

645 Earnings from pensionable employment. U.K.

F1958 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1958 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

646 Meaning of “net relevant earnings”. U.K.

F1959 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1959 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1960 646A Earnings from associated employments. U.K.

F1961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1960 S. 646A inserted (with effect in accordance with Sch. 7 para. 8(2) of the amending Act) by Finance Act 1989 (c. 26), Sch. 7 para. 8(1)

F1961 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1962 646B Presumption of same level of relevant earnings etc for 5 years. U.K.

F1963 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1962 Ss. 646B, 646C inserted (with effect in accordance with Sch. 13 para. 22(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 13 para. 22(1) (with Sch. 13 Pt. 2)

F1963 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

646C Provisions supplementary to section 646B. U.K.

F1964 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1962 Ss. 646B, 646C inserted (with effect in accordance with Sch. 13 para. 22(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 13 para. 22(1) (with Sch. 13 Pt. 2)

F1964 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1965 646D Higher level contributions after cessation of actual relevant earnings: modification of section 646B. U.K.

F1966 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1965 S. 646D inserted (with effect in accordance with Sch. 13 para. 23(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 13 para. 23(1) (with Sch. 13 Pt. 2)

F1966 Ss. 643-646D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Charge to tax U.K.

647 Unauthorised payments. U.K.

F1967 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1967 Ss. 647-648A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 96, Sch. 8 Pt. 1 (with Sch. 7)

648 Contributions under unapproved arrangements. U.K.

F1968 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1968 Ss. 647-648A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 96, Sch. 8 Pt. 1 (with Sch. 7)

U.K.

[F1969 F1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1969 S. 648A and preceding cross-heading inserted (with application in accordance with s. 109(2) of the amending Act) by Finance Act 1994 (c. 9), s. 109(1)

F1970 Cross-heading preceding s. 648A omitted (1.5.1995) by virtue of Finance Act 1995 (c. 4), Sch. 11 para. 12

648A Annuities: charge under Schedule E. U.K.

F1971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1969 S. 648A and preceding cross-heading inserted (with application in accordance with s. 109(2) of the amending Act) by Finance Act 1994 (c. 9), s. 109(1)

F1971 Ss. 647-648A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 96, Sch. 8 Pt. 1 (with Sch. 7)

[F1972 648B Return of contributions after pension date. U.K.

F1973 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F1969 S. 648A and preceding cross-heading inserted (with application in accordance with s. 109(2) of the amending Act) by Finance Act 1994 (c. 9), s. 109(1)

F1972 S. 648B inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 12

F1973 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Miscellaneous U.K.

649 Minimum contributions under Social Security Act 1986. U.K.

F1974 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1974 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

650 Withdrawal of approval. U.K.

F1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1975 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1976 650A Charge on withdrawal of approval from arrangements. U.K.

F1977 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1976 S. 650A inserted (with effect in accordance with s. 95(4) of the amending Act) by Finance Act 1998 (c. 36), s. 95(1)

F1977 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

651 Appeals. U.K.

F1978 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1978 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1979 651A Information powers. U.K.

F1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1979 S. 651A inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 96(1)

F1980 Ss. 648B-651A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

652 Information about payments. U.K.

F1981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1981 S. 652 repealed (1.10.2000) by Finance Act 1998 (c. 36), s. 96(4), Sch. 27 Pt. 3(21), Note; S.I. 2000/2319, art. 2

653 Information: penalties. U.K.

F1982 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1982 Ss. 653-655 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1983 653A Notices to be given to scheme administrator. U.K.

F1984 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1983 S. 653A inserted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 1998 (c. 36), s. 97(1)

F1984 Ss. 653-655 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

654 Remuneration of Ministers and other officers. U.K.

F1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1985 Ss. 653-655 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

655 Transitional provisions. U.K.

F1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1986 Ss. 653-655 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

CHAPTER V U.K. PURCHASED LIFE ANNUITIES

656 Purchased life annuities other than retirement annuities. U.K.

F1987 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1987 Ss. 656-658 omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 8

657 Purchased life annuities to which section 656 applies. U.K.

F1988 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1988 Ss. 656-658 omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 8

658 Supplementary. U.K.

F1989 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1989 Ss. 656-658 omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 8

CHAPTER VI U.K. MISCELLANEOUS

[F1990 658A Charges and assessments on administrators. U.K.

F1991 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1990 S. 658A inserted (retrospectively) by Finance Act 1998 (c. 36), s. 98(1)

F1991 S. 658A repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

F1992 659 Financial futures and traded options. U.K.

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

Textual Amendments

F1992 S. 659 repealed (with effect in accordance with s. 81(7)(8) of the repealing Act) by Finance Act 1990 (c. 29), s. 81(4), Sch. 19 Pt. 4, Note 9

[F1993 659A Futures and options. U.K.

(1) For the purposes of sections F1994 . . . 613(4), 614(3) and (4) F1994 . . . —

(a) “investments” (or “investment”) includes futures contracts and options contracts, and

(b) income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts.

F1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.]

Textual Amendments

F1993 S. 659A inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 1990 (c. 29), s. 81(2)

F1994 Words in s. 659A(1) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1995 659B Definition of insurance company. U.K.

F1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1995 Ss. 659B, 659C inserted (with effect in accordance with s. 60 of the amending Act) by Finance Act 1995 (c. 4), s. 59(5)

F1996 Ss. 659B-659D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

659C Effect of appointment or arrangements under section 659B. U.K.

F1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1995 Ss. 659B, 659C inserted (with effect in accordance with s. 60 of the amending Act) by Finance Act 1995 (c. 4), s. 59(5)

F1997 Ss. 659B-659D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F1998 659D Interpretation of provisions about pension sharing. U.K.

F1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1998 S. 659D inserted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 17

F1999 Ss. 659B-659D repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

[F2000 659E Treatment of income from property investment LLPs U.K.

(1) The exemptions specified below do not apply to income derived from investments, deposits or other property held as a member of a property investment LLP [F2001 (see section 1004 of ITA 2007)].

(2) The exemptions are those provided by—

• F2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• section 613(4) (Parliamentary pension funds),

• section 614(3) (certain colonial, &c. pension funds),

• section 614(4) (the Overseas Service Pension Fund),

• section 614(5) (other pension funds for overseas employees),

• F2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The income to which subsection (1) above applies includes relevant stock lending fees, in relation to any investments, to which any of the provisions listed in subsection (2) above would apply by virtue of section 129B.

(4) Section 659A (treatment of futures and options) applies for the purposes of subsection (1) above.]

Textual Amendments

F2000 S. 659E inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 76(2), Sch. 25 para. 2

F2001 Words in s. 659E(1) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 143 (with Sch. 2)

F2002 S. 659E(2): entries repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

PART XV U.K. SETTLEMENTS

Modifications etc. (not altering text)

C36 Pt. 15 modified (with effect in accordance with s. 105(1) of the modifying Act) by Finance Act 1996 (c. 8), Sch. 13 para. 6(1) (with Sch. 13 para. 16, Sch. 15)

[F2003 Chapter IA U.K. Liability of settlor

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

Modifications etc. (not altering text)

C37 Pt. 15 Ch. 1A excluded (with effect in accordance with s. 44(6) of the affecting Act) by Finance Act 2000 (c. 17), s. 44(1)

C38 Pt. 15 Ch. 1A modified (with effect in accordance with s. 45(3) of the modifying Act) by Finance Act 2000 (c. 17), s. 45(1)

Main provisions U.K.

660A Income arising under settlement where settlor retains an interest. U.K.

F2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2004 Ss. 660A, 660B repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 271, Sch. 3 (with Sch. 2)

660B Payments to unmarried minor children of settlor. U.K.

F2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2005 Ss. 660A, 660B repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 271, Sch. 3 (with Sch. 2)

660C Nature of charge on settlor. U.K.

(1) F2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2007 (1A) F2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(2) F2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2009 (4) F2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2006 S. 660C(1)-(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(2), Sch. 3 (with Sch. 2)

F2007 S. 660C(1A) inserted (with effect in accordance with Sch. 4 para. 14(4) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 14(3)

F2008 S. 660C(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 144, Sch. 3 Pt. 1 (with Sch. 2)

F2009 S. 660C(4) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 272(4) (with Sch. 2)

F2010 S. 660C(4) repealed (with effect in accordance with Sch. 5 para. 2(2)(3) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 5 para. 2(1), Sch. 27 Pt. 2(3), Note

660D Adjustments between settlor and trustees, &c. U.K.

F2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2011 Ss. 660D-660G repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 273, Sch. 3 (with Sch. 2)

Supplementary provisions U.K.

660E Application to settlements by two or more settlors. U.K.

F2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2012 Ss. 660D-660G repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 273, Sch. 3 (with Sch. 2)

660F Power to obtain information. U.K.

F2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2013 Ss. 660D-660G repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 273, Sch. 3 (with Sch. 2)

660G Meaning of “settlement” and related expressions. U.K.

F2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2014 Ss. 660D-660G repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 273, Sch. 3 (with Sch. 2)

CHAPTER I U.K. DISPOSITIONS FOR SHORT PERIODS

F2003 660 Dispositions for period which cannot exceed six years. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 661 Adjustments between disponor and trustees. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 662 Application of Chapter I to dispositions by two or more disponors. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

CHAPTER II U.K. SETTLEMENTS ON CHILDREN

F2003 663 The general rule. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 664 Accumulation settlements. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 665 Meaning of “irrevocable”. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 666 Interest paid by trustees. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 667 Adjustments between disponor and trustees. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 668 Application of Chapter II to settlements by two or more settlors. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 669 Power to obtain information under Chapter II. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 670 Interpretation of Chapter II. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

[F2015 CHAPTER 1B U.K. PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR]

Textual Amendments

F2015 Pt. 15 Ch. 1B heading inserted (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 8

F2003 671 Revocable settlements allowing release of obligation. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 672 Revocable settlements allowing reversion of property. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 673 Settlements where settlor retains an interest. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 674 Settlements: discretionary power for benefit of settlor etc. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 674A [F2016 Other settlements where settlor retains interest in settled property.] U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2016 1989 s.109(1).

F2003 675 Provisions supplementary to sections 671 to 674. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

F2003 676 Disallowance of deduction from total income of certain sums paid by settlor. U.K.

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

Textual Amendments

F2003 Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1

677 Sums paid to settlor otherwise than as income. U.K.

F2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2017 S. 677 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 274, Sch. 3 (with Sch. 2)

678 Capital sums paid by body connected with settlement. U.K.

F2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2018 S. 678 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 275, Sch. 3 (with Sch. 2)

679 Application of Chapter III to settlements by two or more settlors. U.K.

F2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2019 Ss. 679-681 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

680 Power to obtain information for purposes of Chapter III. U.K.

F2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2020 Ss. 679-681 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

681 Interpretation of Chapter III. U.K.

F2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2021 Ss. 679-681 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

682 Ascertainment of undistributed income. U.K.

F2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2022 Ss. 682, 682A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 276, Sch. 3 (with Sch. 2)

[F2023 682A Supplementary provisions. U.K.

F2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2023 S. 682A inserted (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 11

F2024 Ss. 682, 682A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 276, Sch. 3 (with Sch. 2)

[F2025 CHAPTER 1C U.K. LIABILITY OF TRUSTEES]

Textual Amendments

F2025 Pt. 15 Ch. 1C heading substituted for heading before s. 686 (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 12

Modifications etc. (not altering text)

C39 Pt. 15 Ch. 1C modified (6.4.2005 with effect in accordance with s. 883(1) of the modifying Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 457(1)(3) (with Sch. 2)

F2026 . . . U.K.

Textual Amendments

F2026 Ss. 683-685 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

683 Settlements made after 6th April 1965. U.K.

F2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2027 Ss. 683-685 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

684 Settlements made before 7th April 1965 but after 9th April 1946. U.K.

F2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2028 Ss. 683-685 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

685 Provisions supplementary to sections 683 and 684. U.K.

F2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2029 Ss. 683-685 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)

F2030 . . . U.K.

Textual Amendments

F2030 Cross-heading before s. 686 replaced by Pt. 15 Ch. 1C heading (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 12

[F2031 685A Meaning of “settled property” U.K.

F2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2032 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685B Meaning of “settlor” U.K.

F2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2033 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685C Transfer between settlements: identification of settlor U.K.

F2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2034 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685D Variation of will or intestacy, etc: identification of settlor U.K.

F2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2035 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685E Trustees of settlements U.K.

F2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2036 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685F Application of section 739 and 740 U.K.

F2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2037 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

685G Sub-funds U.K.

F2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2031 Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)

F2038 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

686 [F2039 Accumulation and discretionary trusts: special rates of tax.] U.K.

F2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2039 S. 686 sidenote substituted (with effect in accordance with s. 32(11) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 32(8)

F2040 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

[F2041 686A Receipts to be treated as income to which section 686 applies U.K.

F2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2041 S. 686A inserted (with effect in accordance with s. 32(11) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 32(9)

F2042 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2) (subject to an amendment to s. 686A(2)(a) by Finance Act 2007 (c. 11), s. 55(1)(3))

[F2043 686B Share incentive plans: distributions in respect of unappropriated shares U.K.

F2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2043 Ss. 686B, 686C inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 100 (with Sch. 2 para. 87, Sch. 7)

F2044 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

686C Interpretation of section 686B U.K.

F2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2043 Ss. 686B, 686C inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 100 (with Sch. 2 para. 87, Sch. 7)

F2045 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

[F2046 686D Special trust rates not to apply to first slice of trust income U.K.

F2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2046 S. 686D inserted (with effect in accordance with s. 14(5) of the amending Act) by Finance Act 2005 (c. 7), s. 14(1)

F2047 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

[F2048 686E Application of section 686D where settlor has made more than one settlement U.K.

F2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2048 S. 686E inserted (6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 para. 4(2)(3)

F2049 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

687 Payments under discretionary trusts. U.K.

F2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2050 Ss. 685A-687 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 145, Sch. 3 Pt. 1 (with Sch. 2)

[F2051 687A [F2052 Discretionary payments by trustees to companies]. U.K.

F2053 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2051 S. 687A inserted (with effect in accordance with s. 27(2) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 27(1)

F2052 Words in s. 687A sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 146(5) (with Sch. 2)

F2053 S. 687A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 92, Sch. 3 Pt. 1 (with Sch. 2)

688 Schemes for employees and directors to acquire shares. U.K.

F2054 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2054 S. 688 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 279, Sch. 3 (with Sch. 2)

689 Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries. U.K.

F2055 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2055 S. 689 repealed (with effect in accordance with s. 74(2), Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 17 para. 15, Sch. 29 Pt. 8(8)

[F2056 Chapter ID U.K. Trust management expenses

Textual Amendments

F2056 Pt. 15 Ch. 1D (ss. 689A, 689B) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 16

689A Disregard of expenses where beneficiary non-resident. U.K.

F2057 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2057 S. 689A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 147, Sch. 3 Pt. 1 (with Sch. 2)

689B Order in which expenses to be set against income. U.K.

F2058 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2058 S. 689B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 93, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER V U.K. MAINTENANCE FUNDS FOR HISTORIC BUILDINGS

690 Schedule 4 directions. U.K.

F2059 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2059 Ss. 690-694 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

691 Certain income not to be income of settlor etc. U.K.

F2060 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2060 Ss. 690-694 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

692 Reimbursement of settlor. U.K.

F2061 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2061 Ss. 690-694 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

693 Severance of settled property for certain purposes. U.K.

F2062 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2062 Ss. 690-694 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

694 [F2063 Trustees chargeable to income tax in certain cases at higher rate reduced by rate applicable to trusts] U.K.

F2064 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2063 S. 694 sidenote substituted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 4 para. 2

F2064 Ss. 690-694 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

PART XVI U.K. ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION

695 Limited interests in residue. U.K.

F2065 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2065 S. 695 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 204, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

696 Absolute interests in residue. U.K.

F2066 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2066 S. 696 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 205, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

697 Supplementary provisions as to absolute interests in residue. U.K.

F2067 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2067 S. 697 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 206, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

698 Special provisions as to certain interests in residue. U.K.

F2068 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2068 S. 698 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 207, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F2070 698A Taxation of income of beneficiaries at lower rate or at rates applicable to [F2069 distribution] income. U.K.

F2071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2069 Word in s. 698A sidenote substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(5) (with Sch. 2)

F2070 S. 698A inserted (27.7.1993 with effect for the year 1993-1994 and subsequent years of assessment) by 1993 c. 34, s. 79, Sch. 6 paras. 11(2), 25(1)

F2071 S. 698A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 150, Sch. 3 Pt. 1 (with Sch. 2)

699 Relief from higher rate tax for inheritance tax on accrued income. U.K.

F2072 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2072 S. 699 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 289, Sch. 3 (with Sch. 2)

[F2073 699A Untaxed sums comprised in the income of the estate. U.K.

F2074 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2073 S. 699A inserted (with effect in accordance with s. 76(6) of the amending Act) by Finance Act 1995 (c. 4), s. 76(4)

F2074 S. 699A repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 208, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

700 Adjustments and information. U.K.

F2075 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2075 S. 700 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 45, Sch. 10 Pt. 12 (with Sch. 9)

701 Interpretation. U.K.

F2076 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2076 S. 701 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 210, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

702 Application to Scotland. U.K.

F2077 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2077 S. 702 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 211, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

PART XVII U.K. TAX AVOIDANCE

[F2078 CHAPTER I U.K. CANCELLATION OF [F2079 CORPORATION TAX] ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES]

Textual Amendments

F2078 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

F2079 Words in Pt. 17 Ch. 1 heading substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 153 (with Sch. 2)

703 Cancellation of [F2080 corporation tax] advantage. U.K.

F2081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2080 Words in s. 703 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 154(10) (with Sch. 2)

F2081 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

704 The prescribed circumstances. U.K.

F2082 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2082 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

705 Appeals against Board’s notices under section 703. U.K.

F2083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2083 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

[F2084 705A Statement of case by tribunal for opinion of High Court. U.K.

F2085 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2084 Ss. 705A, 705B inserted (1.1.1994) by The General and Special Commissioners (Amendment of Enactments) Regulations 1994 (S.I. 1994/1813), reg. 1(1), Sch. 1 para. 24

F2085 Ss. 705A, 705B, 706 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 152

705B Proceedings in Northern Ireland. U.K.

F2086 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2084 Ss. 705A, 705B inserted (1.1.1994) by The General and Special Commissioners (Amendment of Enactments) Regulations 1994 (S.I. 1994/1813), reg. 1(1), Sch. 1 para. 24

F2086 Ss. 705A, 705B, 706 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 152

706 The tribunal. U.K.

F2087 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2087 Ss. 705A, 705B, 706 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 152

707 Procedure for clearance in advance. U.K.

F2088 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2088 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

708 Power to obtain information. U.K.

F2089 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2089 S. 708 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 19

709 Meaning of [F2090 “corporation tax advantage”] and other expressions. U.K.

F2091 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2090 Words in s. 709 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 161(5) (with Sch. 2)

F2091 Pt. 17 Ch. 1 (ss. 703-709) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 94, Sch. 3 Pt. 1 (with Sch. 2)

CHAPTER II U.K. TRANSFERS OF SECURITIES

Transfers with or without accrued interest: introductory U.K.

710 Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728. U.K.

F2092 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2092 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

711 Meaning of “interest”, “transfers with or without accrued interest” etc. U.K.

F2093 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2093 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

712 Meaning of “settlement day” for purposes of sections 711 to 728. U.K.

F2094 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2094 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

Transfers with or without accrued interest: charge to tax and reliefs U.K.

713 Deemed sums and reliefs. U.K.

F2095 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2095 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

714 Treatment of deemed sums and reliefs. U.K.

F2096 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2096 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

715 Exceptions from sections 713 and 714 U.K.

F2097 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2097 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

716 Transfer of unrealised interest. U.K.

F2098 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2098 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

717 Variable interest rate. U.K.

F2099 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2099 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

718 Interest in default. U.K.

F2100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2100 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

719 Unrealised interest in default U.K.

F2101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2101 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

Transfers with or without accrued interest: supplemental U.K.

720 Nominees, trustees etc. U.K.

F2102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2102 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

721 Death. U.K.

F2103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2103 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

722 Trading stock. U.K.

F2104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2104 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

[F2105 722A Gilt strips: deemed transfer. U.K.

F2106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2105 S. 722A inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 40 para. 6

F2106 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

723 Foreign securities: delayed remittances U.K.

F2107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2107 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

724 Insurance companies. U.K.

F2108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2108 S. 724 repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(3), Note

F2109 725 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F2109 S. 725 repealed (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, s. 213, Sch. 23 Pt. III(12) Note 5

F2110 726 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F2110 S. 726 repealed (for the year 1991-92 and subsequent years of assessment) by Finance Act 1991 (c. 31, SIF 63:1), s. 123, Sch. 19 Pt. V, Note 6

[F2111 726A New issues of securities. U.K.

F2112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2111 S. 726A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 54, Sch. 12 paras. 2, 5

F2112 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

727 Stock lending. U.K.

F2113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2113 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

[F2114 727A Exception for sale and repurchase of securities. U.K.

F2115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2114 S. 727A inserted (with effect in accordance with s. 79(3) of the amending Act) by Finance Act 1995 (c. 4), s. 79(1) (with s. 79(4))

F2115 Ss. 710-727A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 162, Sch. 3 Pt. 1 (with Sch. 2)

728 Information. U.K.

F2116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2116 S. 728 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 20

Other transfers of securities U.K.

729 Sale and repurchase of securities. U.K.

F2117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2117 S. 729 repealed (with effect in accordance with s. 159(1)(10) of the repealing Act) by Finance Act 1996 (c. 8), s. 159(1), Sch. 41 Pt. 5(21), Note; S.I. 1996/2646, art. 2

730 [F2118 Transfers of rights to receive distributions in respect of shares] U.K.

F2119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2118 S. 730 heading substituted (with effect in accordance with Sch. 7 para. 2(13) of the amending Act) by virtue of Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 2(12)

F2119 S. 730 omitted (with effect in accordance with Sch. 25 para. 10 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(1)(a)

[F2120 730A Treatment of price differential on sale and repurchase of securities. U.K.

F2121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2120 Ss. 730A, 730B inserted (with effect in accordance with s. 80(5) of the amending Act) by Finance Act 1995 (c. 4), s. 80(1)

F2121 Ss. 730A, 730B repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 4, Sch. 27 Pt. 2(14), Note

730B Interpretation of section 730A. U.K.

F2122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2120 Ss. 730A, 730B inserted (with effect in accordance with s. 80(5) of the amending Act) by Finance Act 1995 (c. 4), s. 80(1)

F2122 Ss. 730A, 730B repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 4, Sch. 27 Pt. 2(14), Note

[F2123 730BB Exchange gains and losses on sale and repurchase of securities U.K.

F2124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2123 S. 730BB inserted (with effect in accordance with Sch. 38 para. 21(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 38 para. 12

F2124 S. 730BB repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 5, Sch. 27 Pt. 2(14), Note

[F2125 730C Exchanges of gilts: traders etc. U.K.

F2126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2125 S. 730C inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 40 para. 7

F2126 S. 730C repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 301, Sch. 3 (with Sch. 2)

Purchase and sale of securities U.K.

731 Application and interpretation of sections 732 to 734. U.K.

F2127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2127 Ss. 731-735 omitted (with effect in accordance with s. 66(6) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(c) (subject to modification to s. 731 by Corporation Tax Act 2009 (c. 4), Sch. 2 para. 144)

732 Dealers in securities. U.K.

F2128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2128 Ss. 731-735 omitted (with effect in accordance with s. 66(6) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(c)

733 Persons entitled to exemptions. U.K.

F2129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2129 Ss. 731-735 omitted (with effect in accordance with s. 66(6) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(c)

734 Persons other than dealers in securities. U.K.

F2130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2130 Ss. 731-735 omitted (with effect in accordance with s. 66(6) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(c)

735 Meaning of “appropriate amount in respect of” interest. U.K.

F2131 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2131 Ss. 731-735 omitted (with effect in accordance with s. 66(6) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(c)

Miscellaneous provisions relating to securities U.K.

736 Company dealing in securities: distribution materially reducing value of holding. U.K.

F2132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2132 S. 736 omitted (with effect in accordance with s. 66(7) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(1)(d)

[F2133 736A Manufactured dividends and interest. U.K.

F2134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2133 S. 736A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58(1) (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg. 2(a); 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(a), 4(1))

F2134 S. 736A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 95, Sch. 3 Pt. 1 (with Sch. 2)

[F2135 736B Deemed manufactured payments in the case of stock lending arrangements. U.K.

F2136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2135 S. 736B inserted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 3; S.I. 1997/991, art. 2

F2136 S. 736B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 96, Sch. 3 Pt. 1 (with Sch. 2)

[F2137 736C Deemed interest: cash collateral under stock lending arrangements U.K.

F2138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2137 S. 736C inserted (with effect in accordance with Sch. 6 para. 3(2)-(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 6 para. 3(1)

F2138 S. 736C omitted (22.4.2009) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 8(a)(i), 12 (with Sch. 24 paras. 13-16)

[F2139 736D Quasi-stock lending arrangements and quasi-cash collateral U.K.

F2140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2139 S. 736D inserted (with effect in accordance with Sch. 6 para. 4(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 6 para. 4(3)

F2140 S. 736D omitted (22.4.2009) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 8(a)(ii), 12 (with Sch. 24 paras. 13-16)

737 Manufactured dividends: treatment of tax deducted. U.K.

F2141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2141 S. 737 repealed (with effect in accordance with Sch. 10 para. 16(1), Sch. 18 Pt. 6(10) Notes 3, 6 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 8, Sch. 18 Pt. 6(10) (with Sch. 10 para. 16(3)); S.I. 1997/991, art. 2

[F2142 737A Sale and repurchase of securities: deemed manufactured payments. U.K.

F2143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2142 Ss. 737A-737C inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 122

F2143 Ss. 737A-737C repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 7, Sch. 27 Pt. 2(14), Note

737B Interpretation of section 737A. U.K.

F2144 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2142 Ss. 737A-737C inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 122

F2144 Ss. 737A-737C repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 7, Sch. 27 Pt. 2(14), Note

737C Deemed manufactured payments: further provisions. U.K.

F2145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2142 Ss. 737A-737C inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 122

F2145 Ss. 737A-737C repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 7, Sch. 27 Pt. 2(14), Note

Supplemental U.K.

[F2146 737D Power to provide for manufactured payments to be eligible for relief. U.K.

F2147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2146 Ss. 737D, 737E inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 83(1)

F2147 S. 737D omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 35(1)

737E [F2148 Power to modify sections F2149 . . . 730A, 730BB and 737A to 737C] U.K.

F2150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2146 Ss. 737D, 737E inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 83(1)

F2148 S. 737E sidenote substituted (with effect in accordance with Sch. 38 para. 21(2) of the amending Act) by virtue of Finance Act 2003 (c. 14), Sch. 38 para. 13(4)

F2149 Words in s. 737E sidenote repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 176(4), Sch. 3 Pt. 1 (with Sch. 2)

F2150 S. 737E repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 8, Sch. 27 Pt. 2(14), Note

738 Power to amend sections 732, 735 and 737. U.K.

F2151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2151 S. 738 omitted (with effect in accordance with s. 66(6)-(8) of the repealing Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(a)

CHAPTER III U.K. TRANSFER OF ASSETS ABROAD

739 Prevention of avoidance of income tax. U.K.

F2152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2152 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

740 Liability of non-transferors. U.K.

F2153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2153 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

741 [F2154 Exemption from sections 739 and 740 (transactions before 5th December 2005)] U.K.

F2155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2154 S. 741 sidenote substituted (5.12.2005) by virtue of Finance Act 2006 (c. 25), Sch. 7 para. 2(4)(5)

F2155 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

[F2156 741A Exemption from sections 739 and 740 (transactions on or after 5th December 2005) U.K.

F2157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2156 S. 741A inserted (5.12.2005) by Finance Act 2006 (c. 25), Sch. 7 para. 3

F2157 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

[F2158 741B Application of sections 741 and 741A U.K.

F2159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2158 Ss. 741B, 741C inserted (5.12.2005) by Finance Act 2006 (c. 25), Sch. 7 para. 4

F2159 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

741C Cases where there are both old transactions and new transactions U.K.

F2160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2158 Ss. 741B, 741C inserted (5.12.2005) by Finance Act 2006 (c. 25), Sch. 7 para. 4

F2160 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

[F2161 741D Section 739: just and reasonable apportionment in certain cases U.K.

F2162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2161 S. 741D inserted (5.12.2005) by Finance Act 2006 (c. 25), Sch. 7 para. 5

F2162 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

742 [F2163 Interpretation of this Chapter] U.K.

F2164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2163 S. 742 sidenote substituted (5.12.2005) by virtue of Finance Act 2006 (c. 25), Sch. 7 para. 6(5)(6)

F2164 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

743 Supplemental provisions. U.K.

F2165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2165 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

744 No duplication of charge. U.K.

F2166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2166 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

745 Power to obtain information. U.K.

F2167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2167 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

746 Persons resident in the Republic of Ireland. U.K.

F2168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2168 Ss. 739-746 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 177, Sch. 3 Pt. 1 (with Sch. 2)

[F2169 CHAPTER IV U.K. CONTROLLED FOREIGN COMPANIES]

Textual Amendments

F2169 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

747 Imputation of chargeable profits and creditable tax of controlled foreign companies U.K.

F2170 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2170 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2171 747A Special rule for computing chargeable profits. U.K.

F2172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2171 S. 747A inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 25 para. 2

F2172 S. 747A repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by Finance Act 2005 (c. 7), Sch. 4 para. 24(1), Sch. 11 Pt. 2(6), Note

748 [F2173 Cases where section 747(3) does not apply.] U.K.

F2174 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2173 S. 748 sidenote substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 3(9); S.I. 1998/3173, art. 2

F2174 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2175 748ZA Exclusion of small profits exemptions U.K.

F2176 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2175 S. 748ZA inserted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2011 (c. 11), Sch. 12 para. 5

F2176 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2177 748A Territorial exclusions from exemption under section 748 U.K.

F2178 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2177 S. 748A inserted (with effect in accordance with s. 89(3) of the amending Act) by Finance Act 2002 (c. 23), s. 89(2)

F2178 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2179 749 Residence. U.K.

F2180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2179 Ss. 749-749B substituted for s. 749 (with effect in accordance with Sch.17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 4; S.I. 1998/3173, art. 2

F2180 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2181 749A Elections and designations under section 749: supplementary provisions. U.K.

F2182 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2181 Ss. 749-749B substituted for s. 749 (with effect in accordance with Sch.17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 4; S.I. 1998/3173, art. 2

F2182 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

749B Interests in companies. U.K.

F2183 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2181 Ss. 749-749B substituted for s. 749 (with effect in accordance with Sch.17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 4; S.I. 1998/3173, art. 2

F2183 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

750 Territories with a lower level of taxation. U.K.

F2184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2184 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2185 750A Deemed lower level of taxation: designer rate tax provisions. U.K.

F2186 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2185 S. 750A inserted (with effect in accordance with Sch. 31 para. 9(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 31 para. 3

F2186 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

751 Accounting periods and creditable tax U.K.

F2187 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2187 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2188 751A Reduction in chargeable profits for certain activities of EEA business establishments U.K.

F2189 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2188 Ss. 751A, 751B inserted (with effect in accordance with Sch. 15 para. 10 of the amending Act) by Finance Act 2007 (c. 11), Sch. 15 para. 5

F2189 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2190 751AA Reduction in chargeable profits for certain financing income U.K.

F2191 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2188 Ss. 751A, 751B inserted (with effect in accordance with Sch. 15 para. 10 of the amending Act) by Finance Act 2007 (c. 11), Sch. 15 para. 5

F2190 S. 751AA inserted (with effect in accordance with Sch. 16 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 16 para. 23

F2191 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2192 751AB Reduction in chargeable profits: failure to qualify for exemptions U.K.

F2193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2188 Ss. 751A, 751B inserted (with effect in accordance with Sch. 15 para. 10 of the amending Act) by Finance Act 2007 (c. 11), Sch. 15 para. 5

F2192 S. 751AB inserted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2011 (c. 11), Sch. 12 para. 2

F2193 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2194 751AC Reduction in chargeable profits following an exempt period U.K.

F2195 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2188 Ss. 751A, 751B inserted (with effect in accordance with Sch. 15 para. 10 of the amending Act) by Finance Act 2007 (c. 11), Sch. 15 para. 5

F2194 S. 751AC inserted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2011 (c. 11), Sch. 12 para. 7

F2195 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

751B [F2196 Sections 751A [F2197 to 751AC]]: supplementary U.K.

F2198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2188 Ss. 751A, 751B inserted (with effect in accordance with Sch. 15 para. 10 of the amending Act) by Finance Act 2007 (c. 11), Sch. 15 para. 5

F2196 Words in s. 751B heading substituted (with effect in accordance with Sch. 16 para. 25 of the amending Act) by Finance Act 2009 (c. 10), Sch. 16 para. 24(2)

F2197 Words in s. 751B heading substituted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2011 (c. 11), Sch. 12 para. 12(6)

F2198 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2199 752 Apportionment of chargeable profits and creditable tax U.K.

F2200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2199 Ss. 752-752C substituted for s. 752 (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 7; S.I. 1998/3173, art. 2

F2200 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2201 752A Relevant interests. U.K.

F2202 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2201 Ss. 752-752C substituted for s. 752 (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 7; S.I. 1998/3173, art. 2

F2202 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

752B Section 752(3): the percentage of shares which a relevant interest represents. U.K.

F2203 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2201 Ss. 752-752C substituted for s. 752 (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 7; S.I. 1998/3173, art. 2

F2203 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

752C Interpretation of apportionment provisions. U.K.

F2204 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2201 Ss. 752-752C substituted for s. 752 (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 7; S.I. 1998/3173, art. 2

F2204 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

753 Notices and appeals. U.K.

F2205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2205 S. 753 repealed (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 8, Sch. 27 Pt. 3(27), Note; S.I. 1998/3173, art. 2

754 Assessment, recovery and postponement of tax. U.K.

F2206 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2206 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2207 754A Returns where it is not established whether acceptable distribution policy applies. U.K.

F2208 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2207 S. 754A inserted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 10; S.I. 1998/3173, art. 2

F2208 S. 754A omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 2(2) (with Sch. 16 paras. 7, 8)

[F2209 754B Determinations requiring the sanction of the Board. U.K.

F2210 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2209 S. 754B inserted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 11; S.I. 1998/3173, art. 2

F2210 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

755 Information relating to controlled foreign companies U.K.

F2211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2211 S. 755 repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 17 para. 12, Sch. 27 Pt. 3(27), Note; S.I. 1998/3173, art. 2

[F2212 755A Treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business. U.K.

F2213 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2212 S. 755A inserted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 13; S.I. 1998/3173, art. 2

F2213 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2214 755B Amendment of return where general insurance business of foreign company accounted for on non-annual basis. U.K.

F2215 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2214 S. 755B inserted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 14; S.I. 1998/3173, art. 2

F2215 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2216 755C Application of Chapter where general insurance business of foreign company accounted for on non-annual basis. U.K.

F2217 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2216 S. 755C inserted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 15; S.I. 1998/3173, art. 2

F2217 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2218 755D “Control" and the two “40 per cent" tests. U.K.

F2219 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2218 S. 755D inserted (with effect in accordance with Sch. 31 para. 9(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 31 para. 4(1)

F2219 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

756 Interpretation and construction of Chapter IV. U.K.

F2220 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2220 Pt. 17 Ch. 4 (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 14

[F2221 CHAPTER V U.K. OFFSHORE FUNDS]

Textual Amendments

F2221 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

[F2222 Meaning of offshore fund U.K.

Textual Amendments

F2222 Ss. 756A-756C and preceding cross-headings inserted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 3 (with Sch. 26 para. 17)

756A General definition of offshore fund U.K.

F2223 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2223 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

Treatment of umbrella funds U.K.

756B Treatment of umbrella funds U.K.

F2224 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2224 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

Treatment of funds comprising more than one class of interest U.K.

756C Treatment of funds comprising more than one class of interest U.K.

F2225 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2225 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

Material interests in non-qualifying offshore funds U.K.

757 Disposal of material interests in non-qualifying offshore funds U.K.

F2226 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2226 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

758 Offshore funds operating equalisation arrangements U.K.

F2227 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2227 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

759 Material interests in offshore funds U.K.

F2228 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2228 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

760 Non-qualifying offshore funds U.K.

F2229 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2229 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

Charge to tax of offshore income gains U.K.

761 Charge to income tax or corporation tax of offshore income gain. U.K.

F2230 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2230 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

762 Offshore income gains accruing to persons resident or domiciled abroad. U.K.

F2231 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2231 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

[F2232 762ZA Offshore income gains: application of transfer of assets abroad provisions U.K.

F2233 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2232 Ss. 762ZA, 762ZB inserted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94

F2233 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

762ZB Income treated as arising under section 761(1): remittance basis U.K.

F2234 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2232 Ss. 762ZA, 762ZB inserted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94

F2234 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

[F2235 762A Exchange of interests of different classes U.K.

F2236 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2235 S. 762A inserted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 15(1) (with Sch. 26 para. 17)

F2236 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

763 Deduction of offshore income gain in determining capital gain. U.K.

F2237 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2237 Pt. 17 Ch. 5 (ss. 756A-763) repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with Sch. 1)

764 Offshore income gains of trustees. U.K.

F2238 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2238 S. 764 repealed (6.4.2006) by Finance Act 2006 (c. 25), Sch. 13 paras. 23, 27(1), Sch. 26 Pt. 3(15), Note

CHAPTER VI U.K. MISCELLANEOUS

Migration etc. of company U.K.

765 Migration etc. of companies. U.K.

F2239 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2239 S. 765 omitted (with effect in accordance with Sch. 17 para. 13 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 17 para. 1(a)

[F2240 765A Movements of capital between residents of member States. U.K.

F2241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2240 S. 765A inserted (with effect in accordance with s. 68(4) of the amending Act) by Finance Act 1990 (c. 29), s. 68(2)

F2241 S. 765A omitted (with effect in accordance with Sch. 17 para. 13 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 17 para. 1(b)

766 Offences under section 765. U.K.

F2242 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2242 S. 766 omitted (with effect in accordance with Sch. 17 para. 13 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 17 para. 1(c)

767 Interpretation and commencement of sections 765 and 766. U.K.

F2243 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2243 S. 767 omitted (with effect in accordance with Sch. 17 para. 13 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 17 para. 1(d)

Change in ownership of company U.K.

[F2244 767A Change in company ownership: corporation tax. U.K.

F2245 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2244 Ss. 767A, 767B inserted (with effect in accordance with s. 135(6) of the amending Act) by Finance Act 1994 (c. 9), s. 135(1)

F2245 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

[F2246 767AA Change in company ownership: postponed corporation tax. U.K.

F2247 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2244 Ss. 767A, 767B inserted (with effect in accordance with s. 135(6) of the amending Act) by Finance Act 1994 (c. 9), s. 135(1)

F2246 S. 767AA inserted (with effect in accordance with s. 114(2) of the amending Act) by Finance Act 1998 (c. 36), s. 114(1)

F2247 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

767B Change of company ownership: supplementary. U.K.

F2248 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2244 Ss. 767A, 767B inserted (with effect in accordance with s. 135(6) of the amending Act) by Finance Act 1994 (c. 9), s. 135(1)

F2248 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

[F2249 767C Change in company ownership: information. U.K.

F2250 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2249 S. 767C inserted (with effect in accordance with s. 115(3) of the amending Act) by Finance Act 1998 (c. 36), s. 115(1)

F2250 S. 767C omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 81 (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 6)

768 Change in ownership of company: disallowance of trading losses. U.K.

F2251 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2251 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2) (subject to the omission of s. 768(9), so far as it continues to have effect, by virtue of Finance Act 2011 (c. 11), Sch. 23 paras. 55(d), 65)

[F2252 768A Change in ownership: disallowance of carry back of trading losses. U.K.

F2253 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2252 S. 768A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 73(3)(4)(5), Sch. 15 para. 20(1)

F2253 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

[F2254 768B [F2255 Change in ownership of company with investment business: deductions generally] U.K.

F2256 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2254 Ss. 768B, 768C inserted (with application in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 2

F2255 S. 768B sidenote substituted (with effect in accordance with ss. 42-44 of the amending Act) by virtue of Finance Act 2004 (c. 12), Sch. 6 para. 3(7)

F2256 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

768C Deductions: asset transferred within group. U.K.

F2257 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2254 Ss. 768B, 768C inserted (with application in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 2

F2257 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

[F2258 768D Change in ownership of company carrying on property business. U.K.

F2259 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2258 S. 768D inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 31 (with Sch. 5 para. 73)

F2259 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

[F2260 768E Change in ownership of company with unused non-trading loss on intangible fixed assets U.K.

F2261 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2260 S. 768E inserted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 4(3)

F2261 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

769 Rules for ascertaining change in ownership of company. U.K.

F2262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2262 Ss. 767A-769 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 102, Sch. 3 Pt. 1 (with Sch. 2)

Transactions between associated persons U.K.

[F2263 770A Provision not at arm’s length. U.K.

F2264 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2263 S. 770A substituted for ss. 770-773 (with effect in accordance with s. 108(5) of the amending Act) by Finance Act 1998 (c. 36), s. 108(1); S.I. 1998/3173, art. 2

F2264 S. 770A repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 110, Sch. 10 Pt. 2 (with Sch. 9)

F2263 770 Sales etc. at an undervalue or overvalue. U.K.

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

Textual Amendments

F2263 S. 770A substituted for ss. 770-773 (with effect in accordance with s. 108(5) of the amending Act) by Finance Act 1998 (c. 36), s. 108(1); S.I. 1998/3173, art. 2

F2263 771 Transactions by petroleum companies. U.K.

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

Textual Amendments

F2263 S. 770A substituted for ss. 770-773 (with effect in accordance with s. 108(5) of the amending Act) by Finance Act 1998 (c. 36), s. 108(1); S.I. 1998/3173, art. 2

F2263 772 Information for purposes of section 770, and appeals. U.K.

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

Textual Amendments

F2263 S. 770A substituted for ss. 770-773 (with effect in accordance with s. 108(5) of the amending Act) by Finance Act 1998 (c. 36), s. 108(1); S.I. 1998/3173, art. 2

F2263 773 Interpretation of sections 770 and 771. U.K.

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

Textual Amendments

F2263 S. 770A substituted for ss. 770-773 (with effect in accordance with s. 108(5) of the amending Act) by Finance Act 1998 (c. 36), s. 108(1); S.I. 1998/3173, art. 2

774 Transactions between dealing company and associated company. U.K.

F2265 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2265 S. 774 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1

[F2266 Factoring of income receipts etc U.K.

Textual Amendments

F2266 Ss. 774A-774G and preceding cross-heading inserted (with effect in accordance with Sch. 6 para. 6(2)-(7) of the amending Act) by Finance Act 2006 (c. 25), Sch. 6 para. 6(1)

774A Meaning of “structured finance arrangement” for purposes of s.774B U.K.

F2267 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2267 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774B Disregard of intended effects of arrangement involving disposals of assets U.K.

F2268 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2268 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774C Meaning of “structured finance arrangement” for purposes of s.774D U.K.

F2269 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2269 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774D Disregard of intended effects of arrangement involving change in relation to a partnership U.K.

F2270 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2270 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774E Sections 774B and 774D: exceptions U.K.

F2271 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2271 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774F Sections 774B and 774D: power to provide further exceptions U.K.

F2272 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2272 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

774G Sections 774A to 774D: minor definitions etc U.K.

F2273 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2273 Ss. 774A-774G repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 104, Sch. 3 Pt. 2 (with Sch. 2); and ss. 774A-774G repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 265, Sch. 10 Pt. 10 (with Sch. 9)

Other provisions U.K.

775 Sale by individual of income derived from his personal activities. U.K.

F2274 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2274 S. 775 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 182, Sch. 3 Pt. 1 (with Sch. 2)

[F2275 775A Transfers of rights to receive annual payments U.K.

F2276 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2275 S. 775A inserted (with effect in accordance with Sch. 7 para. 4(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 4(1)

F2276 S. 775A omitted (with effect in accordance with Sch. 25 para. 10 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(1)(b)

776 Transactions in land: taxation of capital gains. U.K.

F2277 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2277 Ss. 776-778 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 105, Sch. 3 Pt. 1 (with Sch. 2)

777 Provisions supplementary to [F2278 section 776]. U.K.

F2279 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2278 Words in s. 777 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 185(13) (with Sch. 2)

F2279 Ss. 776-778 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 105, Sch. 3 Pt. 1 (with Sch. 2)

778 Power to obtain information. U.K.

F2280 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2280 Ss. 776-778 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 105, Sch. 3 Pt. 1 (with Sch. 2)

779 Sale and leaseback: limitation on tax reliefs. U.K.

F2281 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2281 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

780 Sale and leaseback: taxation of consideration received. U.K.

F2282 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2282 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

781 Assets leased to traders and others. U.K.

F2283 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2283 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

782 Leased assets: special cases. U.K.

F2284 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2284 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

783 Leased assets: supplemental. U.K.

F2285 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2285 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

784 Leased assets subject to hire-purchase agreements. U.K.

F2286 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2286 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

785 Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784. U.K.

F2287 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2287 Ss. 779-785 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 106, Sch. 3 Pt. 2 (with Sch. 2); and ss. 779-785 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 242, Sch. 10 Pt. 9 (with Sch. 9)

[F2288 785ZA Restrictions on use of losses: leasing partnerships U.K.

F2289 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2288 Ss. 785ZA, 785ZB inserted (with effect in accordance with s. 83(4)-(6) of the amending Act) by Finance Act 2006 (c. 25), s. 83(2)

F2289 S. 785ZA repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 107, Sch. 3 Pt. 1 (with Sch. 2)

785ZB Section 785ZA: definitions U.K.

F2290 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2288 Ss. 785ZA, 785ZB inserted (with effect in accordance with s. 83(4)-(6) of the amending Act) by Finance Act 2006 (c. 25), s. 83(2)

F2290 S. 785ZB repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 108, Sch. 3 Pt. 1 (with Sch. 2)

[F2291 785A Rent factoring of leases of plant or machinery U.K.

F2292 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2291 S. 785A inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 2004 (c. 12), s. 135(1)

F2292 S. 785A omitted (with effect in accordance with Sch. 25 para. 10 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(1)(c)

[F2293 785B Plant and machinery leases: capital receipts to be treated as income U.K.

F2294 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2293 Ss. 785B-785E inserted (with effect in accordance with Sch. 20 para. 1(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 1(1) (with transitional modifications in Sch. 20 para. 1(3))

F2294 S. 785B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 109, Sch. 3 Pt. 1 (with Sch. 2)

785C Section 785B: interpretation U.K.

F2295 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2293 Ss. 785B-785E inserted (with effect in accordance with Sch. 20 para. 1(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 1(1) (with transitional modifications in Sch. 20 para. 1(3))

F2295 S. 785C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 110, Sch. 3 Pt. 1 (with Sch. 2)

785D Section 785B: lease of plant and machinery and other property U.K.

F2296 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2293 Ss. 785B-785E inserted (with effect in accordance with Sch. 20 para. 1(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 1(1) (with transitional modifications in Sch. 20 para. 1(3))

F2296 S. 785D repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 111, Sch. 3 Pt. 1 (with Sch. 2)

785E Section 785B: expectation that relevant capital payment will not be paid U.K.

F2297 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2293 Ss. 785B-785E inserted (with effect in accordance with Sch. 20 para. 1(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 1(1) (with transitional modifications in Sch. 20 para. 1(3))

F2297 S. 785E repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 112, Sch. 3 Pt. 1 (with Sch. 2)

786 Transactions associated with loans or credit. U.K.

F2298 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2298 S. 786 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 113, Sch. 3 Pt. 2 (with Sch. 2); and s. 786 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 266, Sch. 10 Pt. 10 (with Sch. 9)

787 Restriction of relief for payments of interest. U.K.

F2299 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2299 S. 787 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7 para. 49, Sch. 10 Pt. 12 (with Sch. 9)

PART XVIII U.K. DOUBLE TAXATION RELIEF

Modifications etc. (not altering text)

C40 Pt. 18 modified (3.5.1994) by Finance Act 1994 (c. 9), Sch. 20 para. 10 (as amended by Finance Act 1995 (c. 4), s. 122(4)(5)) (with Sch. 20 para. 12(2)(a))

C41 Pt. 18 applied (with effect in accordance with Sch. 29 Pt. 14 of the affecting Act) by Finance Act 2002 (c. 23), Sch. 29 para. 87

C42 Pt. 18 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 107(5)

C43 Pt. 18 applied by Finance Act 1996 (c. 8), Sch. 9 para. 12E(5) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(1) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(1))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 1 para. 16)

C44 Pt. 18 applied by Finance Act 2002 (c. 23), Sch. 26 para. 30E(5) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(1) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(1))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 1 para. 19)

C45 Pt. 18 applied by Finance Act 1996 (c. 8), Sch. 9 para. 12C(3) (as substituted (29.11.2007 with effect in accordance with regs. 1(2), 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 2 para. 8)

C46 Pt. 18 applied by Finance Act 2002 (c. 23), Sch. 26 para. 30C(3) (as substituted (29.11.2007 with effect in accordance with regs. 1(2), 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 2 para. 10)

C47 Pt. 18 applied by Finance Act 2002 (c. 23), Sch. 29 para. 87A(3) (as substituted (29.11.2007 with effect in accordance with regs. 1(2), 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 2 para. 12)

C48 Pt. 18 applied by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 140H(3), 140I(3), 140J(3) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(3) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(2))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 3 para. 1)

C49 Pt. 18 applied by Finance Act 1996 (c. 8), Sch. 9 paras. 12H(3), 12I(3) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(3) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(2))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 3 para. 2)

C50 Pt. 18 applied by Finance Act 2002 (c. 23), Sch. 26 paras. 30G(3), 30H(3) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(3) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(2))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 3 para. 4)

C51 Pt. 18 applied by Finance Act 2002 (c. 23), Sch. 29 paras. 85B(3), 85C(3) (as inserted (29.11.2007 with effect in accordance with regs. 1(2), 3(3) of the amending S.I. (as amended by S.I. 2008/1579, reg. 4(2))) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 3 para. 5)

C52 Pt. 18: power to amend conferred (1.4.2009 with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), s. 533(2)(3) (with Sch. 2 Pts. 1, 2)

C53 Pt. 18 modified (with effect in accordance with s. 56(3) of the modifying Act) by Finance Act 2009 (c. 10), s. 56(1)

F2300 CHAPTER I U.K. THE PRINCIPAL RELIEFS

Textual Amendments

F2300 Pt. 18 Chs. 1, 2 modified (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 277(1), 289 (with ss. 60, 101(1), 171, 201(3))

788 Relief by agreement with other [F2301 territories]. U.K.

F2302 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2301 Word in s. 788 sidenote substituted (with effect in accordance with s. 88(3) of the amending Act) by Finance Act 2002 (c. 23), s. 88(2)(b)

F2302 S. 788 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 13, Sch. 10 Pt. 1 (with Sch. 9)

789 Arrangements made under old law. U.K.

F2303 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2303 S. 789 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 14, Sch. 10 Pt. 1 (with Sch. 9)

790 Unilateral relief. U.K.

F2304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2304 S. 790 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 15, Sch. 10 Pt. 1 (with Sch. 9)

791 Power to make regulations for carrying out section 788. U.K.

F2305 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2305 S. 791 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 16, Sch. 10 Pt. 1 (with Sch. 9)

CHAPTER II U.K. RULES GOVERNING RELIEF BY WAY OF CREDIT

Modifications etc. (not altering text)

C54 Pt. 18 Chs. 1, 2 modified (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 277(1), 289 (with ss. 60, 101(1), 171, 201(3))

General U.K.

792 Interpretation of credit code. U.K.

F2306 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2306 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

793 Reduction of United Kingdom taxes by amount of credit due. U.K.

F2307 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2307 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2308 793A No double relief etc. U.K.

F2309 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2308 S. 793A inserted (with effect in accordance with Sch. 30 para. 5(2)(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 5(1)

F2309 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

794 Requirement as to residence. U.K.

F2310 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2310 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

795 Computation of income subject to foreign tax. U.K.

F2311 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2311 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2312 795A Limits on credit: minimisation of the foreign tax. U.K.

F2313 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2312 S. 795A inserted (with effect in accordance with Sch. 30 para. 6(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 6(1)

F2313 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

796 Limits on credit: income tax. U.K.

F2314 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2314 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

797 Limits on credit: corporation tax. U.K.

F2315 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2315 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2316 797A Foreign tax on [F2317 items giving rise to] a non-trading credit [F2318 : loan relationships]. U.K.

F2319 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2316 S. 797A inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 43 (with Sch. 15)

F2317 Word in s. 797A sidenote substituted (with effect in accordance with Sch. 30 para. 7(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 7(3)

F2318 Words in s. 797A sidenote added (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 5(3)

F2319 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2320 797B Foreign tax on items giving rise to a non-trading credit: intangible fixed assets U.K.

F2321 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2320 S. 797B inserted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 30 para. 5(4)

F2321 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

798 Section 796: trade income U.K.

F2322 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2322 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2323 798A Section 797: trade income U.K.

F2324 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2323 S. 798A inserted (with effect in accordance with s. 103(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 104

F2324 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2325 798B Section 798A: special cases U.K.

F2326 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2325 S. 798B inserted (with effect in accordance with s. 103(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 105

F2326 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

[F2327 798C Disallowed credit: use as deduction U.K.

F2328 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2327 Ss. 798-798C substituted for ss. 798-798B (with effect in accordance with s. 86(3)-(5) of the amending Act) by Finance Act 2005 (c. 7), s. 86(1)

F2328 Ss. 792-798C repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 17, Sch. 10 Pt. 1 (with Sch. 9)

Tax underlying dividends U.K.

799 Computation of underlying tax. U.K.

F2329 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2329 S. 799 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 18, Sch. 10 Pt. 1 (with Sch. 9)

800 Dividends paid between related companies but not covered by arrangements. U.K.

F2330 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2330 S. 800 repealed (with effect in accordance with Sch. 30 para. 10(2) of the repealing Act) by Finance Act 2000 (c. 17), Sch. 30 para. 10(1), Sch. 40 Pt. 2(13), Note

801 Dividends paid between related companies: relief for U.K. and third country taxes. U.K.

F2331 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2331 Ss. 801-801B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 18, Sch. 10 Pt. 1 (with Sch. 9)

[F2332 801A Restriction of relief for underlying tax. U.K.

F2333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2332 S. 801A inserted (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 1997 (c. 16), s. 90(1)

F2333 Ss. 801-801B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 18, Sch. 10 Pt. 1 (with Sch. 9)

[F2334 801B Dividends paid out of transferred profits. U.K.

F2335 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2334 S. 801B inserted (with effect in accordance with Sch. 30 para. 12(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 12(1)

F2335 Ss. 801-801B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 18, Sch. 10 Pt. 1 (with Sch. 9)

[F2336 801C Separate streaming of dividend so far as representing an ADP dividend of a CFC. U.K.

F2337 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2336 S. 801C inserted (with effect in accordance with Sch. 30 para. 13(2)(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 13(1)

F2337 S. 801C omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 2(4) (with Sch. 16 paras. 7, 8)

802 U.K. insurance companies trading overseas. U.K.

F2338 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2338 S. 802 repealed (with effect in accordance with Sch. 30 para. 14(2) of the repealing Act) by Finance Act 2000 (c. 17), Sch. 30 para. 14(1), Sch. 40 Pt. 2(13), Note

803 Underlying tax reflecting interest on loans. U.K.

F2339 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2339 Ss. 803-804E repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2340 803A Foreign taxation of group as a single entity. U.K.

F2341 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2340 S. 803A inserted (with effect in accordance with Sch. 30 para. 15(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 15(1)

F2341 Ss. 803-804E repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

Miscellaneous rules U.K.

804 Relief against income tax in respect of income arising in years of commencement. U.K.

F2342 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2342 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2343 804ZA Schemes and arrangements designed to increase relief U.K.

F2344 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2343 Ss. 804ZA-804ZC inserted (with effect in accordance with s. 87(3)-(5) of the amending Act) by Finance Act 2005 (c. 7), s. 87(1)

F2344 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

804ZB Effect of notice under section 804ZA U.K.

F2345 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2343 Ss. 804ZA-804ZC inserted (with effect in accordance with s. 87(3)-(5) of the amending Act) by Finance Act 2005 (c. 7), s. 87(1)

F2345 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

804ZC Notices under section 804ZA: further provision U.K.

F2346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2343 Ss. 804ZA-804ZC inserted (with effect in accordance with s. 87(3)-(5) of the amending Act) by Finance Act 2005 (c. 7), s. 87(1)

F2346 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2348 804A [F2347 Life assurance companies with overseas branches etc: restriction of credit.] U.K.

F2349 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2347 S. 804A sidenote substituted (with effect in accordance with Sch. 30 para. 16(6) of the amending Act) by virtue of Finance Act 2000 (c. 17), Sch. 30 para. 16(5)

F2348 S. 804A inserted (with effect in accordance with Sch. 7 para. 10 of the amending Act) by Finance Act 1990 (c. 29), Sch. 7 para. 5

F2349 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2350 804B Insurance companies carrying on more than one category of business: restriction of credit. U.K.

F2351 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2350 S. 804B inserted (with effect in accordance with Sch. 30 para. 17(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 17(1)

F2351 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2352 804C Insurance companies: allocation of expenses etc in computations under [F2353 section 35 of CTA 2009]. U.K.

F2354 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2352 Ss. 804C-804E inserted (with effect in accordance with Sch. 30 para. 18(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 18(1)

F2353 Words in s. 804C heading substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 251(3) (with Sch. 2 Pts. 1, 2)

F2354 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

804D Interpretation of section 804C in relation to life assurance business etc. U.K.

F2355 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2352 Ss. 804C-804E inserted (with effect in accordance with Sch. 30 para. 18(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 18(1)

F2355 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

804E Interpretation of section 804C in relation to other insurance business. U.K.

F2356 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2352 Ss. 804C-804E inserted (with effect in accordance with Sch. 30 para. 18(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 18(1)

F2356 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

[F2357 804F Interpretation of sections 804A to 804E. U.K.

F2358 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2357 S. 804F inserted (with effect in accordance with Sch. 30 para. 19(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 19(1)

F2358 S. 804F repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(2)(e), Sch. 27 Pt. 2(10), Note

[F2359 804G Reduction in credit: payment by reference to foreign tax U.K.

F2360 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2359 S. 804G inserted (with effect in accordance with s. 59(13) of the amending Act) by Finance Act 2009 (c. 10), s. 59(2)

F2360 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

805 Elections against credit. U.K.

F2361 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2361 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9)

806 Time limit for claims etc. U.K.

F2362 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2362 Ss. 803-804E, 804G-806 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 19, Sch. 10 Pt. 1 (with Sch. 9) (subject to amendment to s. 806 by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 24; S.I. 2009/403, arts. 2(2), 10)

[F2363 Foreign dividends: onshore pooling and utilisation of eligible unrelieved foreign tax U.K.

Textual Amendments

F2363 Ss. 806A-806H, 806J and cross-heading inserted (with effect in accordance with Sch. 30 para. 21(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 21(1)

806A Eligible unrelieved foreign tax on dividends: introductory. U.K.

F2364 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2364 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806A by: Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 114 (with Sch. 2); Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 20 (with Sch. 9))

806B The amounts that are eligible unrelieved foreign tax. U.K.

F2365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2365 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806B by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 21 (with Sch. 9))

806C Onshore pooling. U.K.

F2366 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2366 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806C by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 22 (with Sch. 9))

806D Utilisation of eligible unrelieved foreign tax. U.K.

F2367 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2367 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806D by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 23 (with Sch. 9))

806E Rules for carry back of relievable tax under section 806D. U.K.

F2368 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2368 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9

806F Credit to be given for underlying tax before other foreign tax etc. U.K.

F2369 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2369 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806F by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 24 (with Sch. 9))

806G Claims for the purposes of section 806D(4) or (5). U.K.

F2370 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2370 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806G by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 25; S.I. 2009/403, arts. 2(2), 10)

806H Surrender of relievable tax by one company in a group to another. U.K.

F2371 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2371 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9

806J Interpretation of foreign dividend provisions of this Chapter. U.K.

F2372 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2372 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9 (subject to amendment to s. 806J by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 25 (with Sch. 9))

[F2373 Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere U.K.

Textual Amendments

F2373 S. 806K and cross-heading inserted (with effect in accordance with Sch. 30 para. 22(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 22(1)

806K Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere. U.K.

F2374 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2374 Ss. 806A-806K omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 9

[F2375 Unrelieved foreign tax: profits of overseas branch or agency U.K.

Textual Amendments

F2375 Ss. 806L, 806M and cross-heading inserted (with effect in accordance with Sch. 30 para. 23(2)(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 23(1)

806L Carry forward or carry back of unrelieved foreign tax. U.K.

F2376 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2376 Ss. 806L, 806M repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 26, Sch. 10 Pt. 1

806M Provisions supplemental to section 806L. U.K.

F2377 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2377 Ss. 806L, 806M repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 26, Sch. 10 Pt. 1 (subject to amendment to s. 806M by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 26; S.I. 2009/403, arts. 2(2), 10)

CHAPTER III U.K. MISCELLANEOUS PROVISIONS

807 Sale of securities with or without accrued interest. U.K.

F2378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2378 Ss. 807, 807A repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 27, Sch. 10 Pt. 1 (with Sch. 9)

[F2379 807A Disposals and acquisitions of company loan relationships with or without interest. U.K.

F2380 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2379 S. 807A inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 46 (with Sch. 15)

F2380 Ss. 807, 807A repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 27, Sch. 10 Pt. 1 (with Sch. 9)

[F2381 European cross-border transfers of business U.K.

Textual Amendments

F2381 S. 807B and preceding cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 257 (with Sch. 2 Pts. 1, 2)

807B Introduction to section 807C U.K.

F2382 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2382 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

[F2383 807C Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets U.K.

F2384 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F2383 S. 807C inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 258 (with Sch. 2 Pts. 1, 2)

F2384 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

[F2385 European cross-border mergers U.K.

Textual Amendments

F2385 S. 807D and preceding cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 259 (with Sch. 2 Pts. 1, 2)

807D Introduction to section 807E U.K.

F2386 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2386 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

[F2387 807E Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets U.K.

F2388 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F2387 S. 807E inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 260 (with Sch. 2 Pts. 1, 2)

F2388 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

[F2389 Transparent entities involved in cross-border transfers and mergers U.K.

Textual Amendments

F2389 S. 807F and preceding cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 261 (with Sch. 2 Pts. 1, 2)

807F Introduction to section 807G U.K.

F2390 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2390 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

[F2391 807G Tax treated as chargeable in respect of relevant transactions U.K.

F2392 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

Textual Amendments

F2391 S. 807G inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 262 (with Sch. 2 Pts. 1, 2)

F2392 Ss. 807B-807G repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 28, Sch. 10 Pt. 1 (with Sch. 9)

808 Restriction on deduction of interest or dividends from trading income. U.K.

F2393 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2393 S. 808 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 115, Sch. 3 Pt. 1 (with Sch. 2)

[F2394 808A Interest: special relationship. U.K.

F2395 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2394 S. 808A inserted (16.7.1992 with application in relation to interest paid after 14.5.1992) by Finance (No. 2) Act 1992 (c. 48), s.52

F2395 Ss. 808A-809 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 29, Sch. 10 Pt. 1 (with Sch. 9)

[F2396 808B Royalties: special relationship. U.K.

F2397 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2396 S. 808B inserted (with effect in accordance with Sch. 30 para. 25(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 25(1)

F2397 Ss. 808A-809 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 29, Sch. 10 Pt. 1 (with Sch. 9)

809 Relief in respect of discretionary trusts. U.K.

F2398 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2398 Ss. 808A-809 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 29, Sch. 10 Pt. 1 (with Sch. 9)

810 Postponement of capital allowances to secure double taxation relief. U.K.

F2399 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2399 S. 810 repealed (with effect in accordance with Sch. 30 para. 26(2) of the repealing Act) by Finance Act 2000 (c. 17), Sch. 30 para. 26(1), Sch. 40 Pt. 2(13), Note

811 Deduction for foreign tax where no credit allowable. U.K.

F2400 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2400 S. 811 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 29, Sch. 10 Pt. 1 (with Sch. 9)

812 Withdrawal of right to tax credit of certain non-resident companies connected with unitary states. U.K.

F2401 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2401 Ss. 812-814 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1

813 Recovery of tax credits incorrectly paid. U.K.

F2402 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2402 Ss. 812-814 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1

814 Arrangements to avoid section 812. U.K.

F2403 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2403 Ss. 812-814 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1

815 Power to inspect documents. U.K.

F2404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2404 S. 815 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 23

[F2405 815A Transfer of a non-UK trade. U.K.

F2406 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2405 S. 815A inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 50

F2406 Ss. 815A-815B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 32, Sch. 10 Pt. 1 (with Sch. 9)

[F2407 815AZA UK residents and foreign enterprises U.K.

F2408 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2407 S. 815AZA inserted (with effect in accordance with s. 59(2) of the amending Act) by Finance Act 2008 (c. 9), s. 59(1)

F2408 Ss. 815A-815B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 32, Sch. 10 Pt. 1 (with Sch. 9)

[F2409 815AA Mutual agreement procedure and presentation of cases under arrangements. U.K.

F2410 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2409 S. 815AA inserted (with effect in accordance with Sch. 30 para. 28(2)(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 28(1)

F2410 Ss. 815A-815B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 32, Sch. 10 Pt. 1 (with Sch. 9)

[F2411 815B The Arbitration Convention. U.K.

F2412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2411 S. 815B inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 51(1)

F2412 Ss. 815A-815B repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 32, Sch. 10 Pt. 1 (with Sch. 9)

[F2413 815C Exchange of information with other [F2414 territories]. U.K.

F2415 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2413 S. 815C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 146(1)

F2414 Word in s. 815C sidenote substituted (with effect in accordance with s. 88(3) of the amending Act) by Finance Act 2002 (c. 23), s. 88(2)(b)

F2415 S. 815C repealed (19.7.2006) by Finance Act 2006 (c. 25), Sch. 26 Pt. 8(2)

816 Disclosure of information. U.K.

F2416 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2416 S. 816 repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 32, Sch. 10 Pt. 1 (with Sch. 9) (subject to the omission of s. 816(3), so far as it continues to have effect, by virtue of Finance Act 2011 (c. 11), Sch. 23 paras. 55(e), 65)

PART XIX U.K. SUPPLEMENTAL

Miscellaneous U.K.

817 Deductions not to be allowed in computing profits or gains. U.K.

F2417 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2417 S. 817 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 265, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

818 Arrangements for payments of interest less tax or of fixed net amount. U.K.

F2418 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2418 S. 818 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 203, Sch. 3 Pt. 1 (with Sch. 2)

819 Old references to standard rate tax. U.K.

F2419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2419 S. 819 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 204, Sch. 3 Pt. 1 (with Sch. 2)

820 Application of Income Tax Acts from year to year. U.K.

• M94 In order to ensure the collection in due time of income tax which may be granted for any year commencing on 6th April, all such provisions contained in the Income Tax Acts as were in force on the preceding day shall have full force and effect with respect to tax which may be so granted, in the same manner as if that tax had been actually granted by Act of Parliament and those provisions had been applied thereto by the Act.

Modifications etc. (not altering text)

C55 S. 820 applied (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1)(2), Sch. 2 para. 160

Marginal Citations

M94 Source—1970 s.520

821 Under-deductions from payments made before passing of annual Act. U.K.

M95 (1) Where, in any year of assessment [F2420 or accounting period], any half-yearly or quarterly payments [F2421 (or half-periodic or quarterly payments)] have been made on account of any interest, dividends or other annual profits or gains, previously to the passing of the Act imposing income [F2422 or corporation] tax for that year [F2423 or period], and tax has not been charged thereon or deducted therefrom or has not been charged thereon or deducted therefrom at the rate ultimately imposed for that year [F2423 or period]—

(a) the amount not so charged or deducted shall be charged [F2424 in respect of those payments to income tax under Chapter 2 of Part 4 of ITTOIA 2005 (interest) or shall be charged to corporation tax][F2425 F2426 . . . F2427 . . . ; and]

(b) the agents entrusted with the payment of the interest, dividends or other annual profits or gains shall furnish to the Board a list containing the names and addresses of the persons to whom payments have been made and the amount of those payments, upon a requisition made by the Board in that behalf.

(2) Any person liable to pay any rent, interest or annuity, or to make any other annual payment—

(a) shall be authorised—

(i) to make any deduction on account of income tax for any year of assessment which he has failed to make previously to the passing of the Act imposing the tax for that year, or

(ii) to make up any deficiency in any such deduction which has been so made,

on the occasion of the next payment of the rent, interest or annuity or making of the other annual payment after the passing of the Act so imposing the tax, in addition to any other deduction which he may be by law authorised to make; and

(b) shall also be entitled, if there is no future payment from which the deduction may be made, to recover the sum which might have been deducted as if it were a debt due from the person as against whom the deduction could originally have been made if the Act imposing the tax for the year had been in force.

(3) Subsection (2) above shall apply with respect to—

[F2428 (a) any payment to which section 906 of ITA 2007 applies (certain royalties etc where usual place of abode of owner is abroad), and]

[F2429 (aa) F2430 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(b) any royalty or other sum paid in respect of the user of a patent; F2431 . . .

F2431 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

as it applies with respect to any rent, interest, annuity or other annual payment.

(4) In this section “interest” and “dividends” do not include any interest or dividend which is a distribution.

Textual Amendments

F2420 Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(a) (with Sch. 2)

F2421 Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(b) (with Sch. 2)

F2422 Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(c) (with Sch. 2)

F2423 Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(d) (with Sch. 2)

F2424 Words in s. 821(1)(a) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(e) (with Sch. 2)

F2425 Words in s. 821(1)(a) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 22

F2426 Words in s. 821(1)(a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 266, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2427 Words in s. 821(1)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(f), Sch. 3 (with Sch. 2)

F2428 S. 821(3)(a) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 205(a) (with Sch. 2)

F2429 S. 821(3)(aa) inserted (1.8.1989) by Copyright, Designs and Patents Act 1988 (c. 48), Sch. 7 para. 36(7); S.I. 1989/816 art. 2

F2430 S. 821(3)(aa) and word repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 205(b), Sch. 3 Pt. 1 (with Sch. 2)

F2431 S. 821(3)(c) and preceding word repealed (with effect in accordance with Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(2)

Marginal Citations

M95 Source—1970 s.521; 1972 Sch.24 29; 1983 s.27.

822 Over-deductions from interest on loan capital etc. made before passing of annual Act. U.K.

M96 (1) If in any year of assessment (“the year”) a resolution having statutory effect under the Provisional Collection of Taxes Act 1968 provides for the charging of income tax at a [F2432 lower rate less] than that charged for the previous year, the following provisions of this section shall have effect with respect to deductions in respect of income tax by any body corporate, from payments of interest (not being a distribution) on any of its securities.

(2) Any deduction which was made before the expiration of one month from the passing of the resolution and which would, if the tax had been renewed at the rate imposed for the previous year, have been a legal deduction, shall be deemed to be a deduction rendered legal by section 2 of the Provisional Collection of Taxes Act 1968 and that section shall, subject to this section, apply accordingly.

(3) Any over-deduction to be made good under that section may be made good by a reduction of the amount of tax deducted from the next payment of like nature made on the security in question after the passing of the Act imposing the tax for the year.

(4) Any amount made good under section 2 of the Provisional Collection of Taxes Act 1968 shall—

(a) in the case of an over-deduction which is made good under subsection (3) above, enure to the benefit of the person entitled to the payment on the occasion of which the over-deduction is made good; and

(b) in any other case, enure to the benefit of the person entitled to the security in question at the date when the amount is made good,

irrespective, in either case, of whether or not he is the person who was entitled to the payment, or to the security at the date when the original deduction was made.

(5) Subsection (3) above shall not authorise the retention of any part of the amount over-deducted for more than one year from the passing of the Act imposing the tax for the year.

Textual Amendments

F2432 Words in s. 822(1) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 23

Marginal Citations

M96 Source—1970 s.522; 1971 Sch.6 76; 1972 Sch.24 30

823 Adjustments of reliefs where given at different times. U.K.

F2433 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2433 S. 823 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 206, Sch. 3 Pt. 1 (with Sch. 2)

824 Repayment supplements: individuals and others. U.K.

[F2434 (1) Subject to the following provisions of this section, a repayment made by the Board or an officer of the Board of any of the following, namely—

(a) an amount paid on account of income tax under section 59A of the Management Act;

(b) any income tax paid by or on behalf of an individual for a year of assessment;

[F2435 (c) [F2436 a penalty payable under any paragraph of Schedule 56 to the Finance Act 2009 in respect of an amount falling within any of the following items of the Table in paragraph 1 of that Schedule—

(i) item 1, 12, 18 or 19; or

(ii) insofar as the tax falls within item 1, item 17, 23 or 24; and]]

(d) a penalty incurred by an individual under any of the provisions of [F2437 that Act] [F2437 the Finance Act 2009 or Schedules 24 to 26 to the Finance Act 2021],

shall be increased under this section by an amount (a “repayment supplement”) equal to interest on the amount repaid at the rate applicable under section 178 of the Finance Act 1989 for the period (if any) between the relevant time and the date on which the order for the repayment is issued.]

F2438 [F2439 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(2) F2440 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2441 [(2A) Subsection (1) above shall apply to a repayment made in consequence of a claim under section 228 of the Income Tax Act 1952 (relief in respect of income accumulated under trusts) as if the repayment were of income tax paid by the claimant for the year of assessment in which the contingency mentioned in that section happened.]

[F2442 (2B) Subsection (1) above shall apply to a payment made by the Board under section 375(8) (payment of amount which borrower would have been able to deduct from interest payment under section 369(1)) as if the payment were a repayment falling within that subsection.]

[F2443 (2C) Subsection (1) above shall apply to a repayment made by the Board as a result of a claim for relief under—

(a) paragraph 2 of Schedule 1B to the Management Act (carry back of loss relief),

(b) paragraph 3 of that Schedule (relief for fluctuating profits of farming etc.), or

(c) Schedule 4A to this Act (relief for fluctuating profits of creative artists etc.),

as if it were a repayment falling within that subsection.]

[F2444 (2D) Subsection (1) shall apply—

(a) F2445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) to a payment made under paragraph 6(1) of Schedule 14 (payment where entitlement to life assurance premium relief has not been given by deduction) as if the payment were a repayment of income tax paid for the tax year in which the entitlement to relief arose.]

[F2446 (3) For the purposes of subsection (1) above—

[F2447 (aa) if the repayment is a payment made by the Board under section 375(8), the relevant time is—

(i) if the interest payment was made in the year 1996-97 or a subsequent year of assessment, the 31st January next following that year;

(ii) if the interest payment was made in an earlier year of assessment, the 5th April next following that year;]

[F2448 (ab) if the repayment is a repayment as a result of a claim for relief under any of the provisions mentioned in subsection (2C) above, the relevant time is the 31st January next following the year that is the later year in relation to the claim;]

[F2449 (ac) if the repayment is a repayment as a result of a claim under section 496B of ITA 2007 (relief for payments by discretionary trust taxable as employment income), the relevant time is the 31 January next following the end of the tax year to which the claim relates;]

[F2450 (ad) if the repayment is a payment falling within subsection (2D)(b), the relevant time is 31 January next following the end of the tax year in which the entitlement to relief arose;]

[F2451 (a) if the repayment is—

(i) the repayment of an amount paid in accordance with the requirements of section 59A of the Management Act on account of income tax for a year of assessment, or

(ii) the repayment of income tax for such a year which is not income tax deducted at source [F2452 (other than a repayment within paragraph (ac))],

the relevant time is the date of the payment that is being repaid;

(b) if the repayment is of income tax deducted at source for a year of assessment, the relevant time is the 31st January next following that year; and]

(c) if the repayment is of a penalty or surcharge, [F2453 the relevant time is the date on which the penalty or surcharge was paid].]

[F2454 (4) For the purposes of subsection (3) above, where a repayment in respect of income tax for a year of assessment is made to any person, that repayment—

(a) shall be attributed first to so much of any payment made by him under section 59B of the Management Act as is a payment in respect of income tax for that year;

(b) in so far as it exceeds the amount (if any) to which it is attributable under paragraph (a) above, shall be attributed in two equal parts to each of the payments made by him under section 59A of the Management Act on account of income tax for that year;

(c) in so far as it exceeds the amounts (if any) to which it is attributable under paragraphs (a) and (b) above, shall be attributed to income tax deducted at source for that year; and

(d) in so far as it is attributable to a payment made in instalments shall be attributed to a later instalment before being attributed to an earlier one.

(4A) In this section any reference to income tax deducted at source for a year of assessment is a reference to—

(a) income tax deducted or treated as deducted from any income, or treated as paid on any income, in respect of that year, F2455 . . .

(b) F2455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

but does not include a reference to amounts which, in that year, are deducted at source under [F2456 PAYE regulations] in respect of previous years.]

(5) F2457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F2458 [F2459 . . . ] The Treasury may by order from time to time increase or decrease the rate of interestby reference to which—

(a) repayment supplements are calculated under subsection (1) above; and

(b) repayment supplements are calculated under section 47 of the Finance (No. 2) Act 1975.

(7) A repayment supplement shall not be payable under this section in respect of a repayment or payment made in consequence of an order or judgment of a court having power to allow interest on the repayment or payment, or in respect of a repayment of a post-war credit within the meaning of the Income Tax (Repayment of Post-War Credits) Act 1959.

(8) F2460 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) M97 Subsections (1) [F2461 to (7)] above shall apply in relation to F2462 . . . [F2463 the trustees of a settlement][F2464 , scheme administrators of registered pension schemes sub-scheme administrators of sub-schemes which form part of a split scheme pursuant to the Registered Pensions (Splitting of Schemes) Regulations 2006][F2465 or personal representatives F2462 . . . ] as they apply in relation to an individual.

(10) F2466 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2434 S. 824(1) substituted (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(1); S.I. 1998/3173, art. 2

F2435 S. 824(1)(c) substituted (1.4.2011) by The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Assessment and Pension Schemes) (Appointed Days and Consequential and Savings Provisions) Order 2011 (S.I. 2011/702), arts. 1(1), 11 (with arts. 20, 22)

F2436 S. 824(1)(c) omitted (6.4.2024 for specified purposes) by virtue of Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 10(a); S.I. 2024/440, reg. 2

F2437 Words in s. 824(1)(d) substituted (6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 10(b); S.I. 2024/440, reg. 2

F2438 S. 824(1A) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298

F2439 S. 824(1A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(b)

F2440 S. 824(2) omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(3)

F2441 S. 824(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(d)

F2442 S. 824(2B) inserted (retrospectively, with effect in accordance with s. 41(4)-(6) of the amending Act) by Finance Act 1999 (c. 16), s. 41(2)

F2443 S. 824(2C) inserted (with effect in accordance with s. 90(4) of the amending Act) by Finance Act 2001 (c. 9), s. 90(2)

F2444 S. 824(2D) inserted (1.4.2011 with effect in accordance with art. 9(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 7(2)

F2445 S. 824(2D)(a) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(2)(a)

F2446 S. 824(3) substituted (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(2); S.I. 1998/3173, art. 2

F2447 S. 824(3)(aa) inserted (retrospectively, with effect in accordance with s. 41(4)-(6) of the amending Act) by Finance Act 1999 (c. 16), s. 41(3)

F2448 S. 824(3)(ab) inserted (with effect in accordance with s. 90(4) of the amending Act) by Finance Act 2001 (c. 9), s. 90(3)

F2449 S. 824(3)(ac) inserted (1.4.2010 with effect in accordance with art. 4(3) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 4(1)(a)

F2450 S. 824(3)(ad) inserted (1.4.2011 with effect in accordance with art. 9(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 7(3)

F2451 S. 824(3)(a)(b) substituted (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(2)

F2452 Words in s. 824(3)(a)(ii) inserted (1.4.2010 with effect in accordance with art. 4(3) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 4(1)(b)

F2453 Words in s. 824(3)(c) substituted (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(3)

F2454 S. 824(4)(4A) substituted for s. 824(4) (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(4)

F2455 S. 824(4A)(b) and preceding word omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(4)

F2456 Words in s. 824(4A) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 104 (with Sch. 7)

F2457 S. 824(5) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(a), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2

F2458 Words in s. 824(6) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298

F2459 Words in s. 824(6) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(f)

F2460 S. 824(8) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 331(3), Sch. 3 (with Sch. 2)

F2461 Words in s. 824(9) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 331(4) (with Sch. 2)

F2462 Words in s. 824(9) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(b), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2

F2463 Words in s. 824(9) substituted (1989-90 and subsequent years) by Finance Act 1989 (c. 26), s. 110(5)(6)-(9)

F2464 Words in s. 824(9) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 33 (as amended by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(6)(7)) (with Sch. 36)

F2465 Words in s. 824(9) substituted (1989-90 and subsequent years) by Finance Act 1989 (c. 26), s. 111(4)(5)-(8)

F2466 S. 824(10) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(c), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2

Modifications etc. (not altering text)

C56 S. 824 excluded (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by Finance Act 1993 (c. 34), ss. 173, 184(3), Sch. 19 Pt. III para. 13(4)

C57 S. 824 excluded (2.1.1996) by The Lloyd's Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225), reg. 12(2) (with reg. 13)

C58 S. 824 excluded (27.12.2005 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Lloyd's Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 14(4)

C59 S. 824 restricted (1.4.2011) by The Finance Act 2009, Sections 101 to 103 (Income Tax Self Assessment) (Appointed Days and Transitional and Consequential Provisions) Order 2011 (S.I. 2011/701), arts. 1(1), 4(2)(a), 5

C60 S. 824 excluded (5.10.2020) by The Finance Act 2009, Sections 101 and 102 (Disguised Remuneration Repayment Scheme) (Appointed Day and Consequential Amendment) Order 2020 (S.I. 2020/979), arts. 1, 4

C61 S. 824(3) modified (22.7.2004) by Finance Act 2004 (c. 12), s. 108

C62 S. 824(3) modified (1.4.2010 with effect in accordance with s. 381(1) of the modifying Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 137 (with Sch. 9)

Marginal Citations

M97 Source—1975 (No.2) s.47(11), (12).

825 Repayment supplements: companies. U.K.

(1) M98 This section applies to the following payments made to a company in connection with any accounting period for which the company was resident in the United Kingdom (“the relevant accounting period”), that is to say—

(a) a repayment of corporation tax paid by the company for that accounting period (including advance corporation tax paid in respect of distributions made by the company in that accounting period F2467 . . . ); or

(b) a repayment of income tax in respect of a payment received by the company in that accounting period on which the company bore income tax by deduction; F2468 . . .

(c) F2468 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Subject to the following provisions of this section, where a payment F2469 . . . to which this section applies is made by the Board or an inspector after the end of the 12 months beginning with the material date, the payment shall be increased under this section by an amount (a “repayment supplement”) equal to interest on the amount paid at the [F2470 rate applicable under section 178 of the Finance Act 1989] for each complete tax month contained in the period (if any) beginning with the relevant date and ending at the end of the tax month in which the order for the payment is issued.

[F2471 F2472 (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) M99 For the purposes of subsection (2) above—

(a) if the payment is a repayment of corporation tax that was paid on or after the first anniversary of the material date, the relevant date is the anniversary of the material date that occurs next after the date on which that tax was paid;

(b) in any other case, the relevant date is the first anniversary of the material date;

and where a payment to which this section applies is a repayment of corporation tax paid by a company on different dates, the payment shall as far as possible be treated for the purposes of this subsection as a repayment of tax paid on a later rather than an earlier date among those dates.

(4) For the purposes of this section—

(a) a repayment of corporation tax made in consequence of a claim by a company under section 239(3) to have the whole or any part of an amount of surplus advance corporation tax arising in the case of any accounting period treated as if it were advance corporation tax paid in respect of distributions made by the company in any earlier accounting period shall be treated as a repayment of corporation tax paid for the accounting period in the case of which that amount of surplus advance corporation tax arose; and

(b) a repayment of income tax or corporation tax made on a claim under subsection (4) of section 419 shall be treated as if it were a repayment of corporation tax paid for the accounting period in which the repayment of, or of the part in question of, the loan or advance mentioned in that subsection was made; [F2473 and

(c) a repayment of corporation tax or income tax falling to be made as a result of a claim under section 393A(1) to have the whole or any part of a loss incurred in an accounting period set off against profits of an earlier accounting period (“the earlier period”)—

(i) shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss was incurred, be treated as a repayment of tax paid for the earlier period; and

(ii) in any other case, shall be treated as a repayment of tax paid for the accounting period in which the loss is incurred; and

F2474 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(5) [F2475 F2476 . . . ] The Treasury may by order from time to time increase or decrease the rate of interest by reference to which repayment supplements are calculated under subsection (2) above.

(6) A repayment supplement shall not be payable under this section in respect of a payment made in consequence of an order or judgment of a court having power to allow interest on the payment.

(7) A repayment supplement paid under this section shall be disregarded for all purposes of income tax and corporation tax.

(8) In this section—

• “tax month” means the period beginning with the 6th day of any calendar month and ending with the 5th day of the following calendar month;

• “the material date” in relation to a payment to which this section applies, means the last date on which corporation tax on any of the profits of the company in question arising in the relevant accounting period could have been paid—

  (a)

  in a case where section 10(1) applies, within the nine months there mentioned;

  (b)

  in a case where section 478 applies, within the time limit imposed by subsection (2)(a) of that section, but subject to subsection (6) of that section.

(9) This section has effect subject to section 826(8).

Textual Amendments

F2467 Words in s. 825(1)(a) repealed (for accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), s. 187, Sch. 17 Pt. V, Note 6

F2468 S. 825(1)(c) and preceding word omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(5)

F2469 Words in s. 825(2) repealed (with effect in relation to payments made on and after 6.4.1993) by Finance Act 1989 (c. 26), ss. 158(2), 187, Sch. 17 Pt. 8, Note 5; S.I. 1993/753

F2470 Words in s. 825(2) substituted (from 18.8.1989) by Finance Act 1989 (c. 26), s. 179(1)(a)(vii); S.I. 1989/1298

F2471 S. 825(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 8(a)

F2472 S. 825(2A) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298

F2473 Words in s. 825(4) added by Finance Act 1991 (c. 31, SIF 63:1), s. 73(3)(4)(5), Sch. 15 para.22

F2474 S. 825(4)(d) repealed (with effect in accordance with s. 20 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 8 Pt. 2(4), Note

F2475 Words in s. 825(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 8(b)

F2476 Words in s. 825(5) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298

Modifications etc. (not altering text)

C63 S. 825(4)(a) modified (27.7.1993) by Finance Act 1993 (c. 34), s. 120, Sch. 14 para. 10(6)

S. 825(4)(a) modified (1.5.1995) by Finance Act 1995 (c. 4), s. 120, Sch. 24 para. 12(5)

Marginal Citations

M98 Source—1975 (No.2) s.48(1), (2)

M99 Source—1975 (No.2) s.48(4)-(9)

826 Interest on tax overpaid. U.K.

M100 (1) In any case where—

(a) a repayment falls to be made of corporation tax paid by a company for an accounting period which ends after the appointed day; or

[F2477 (aa) a repayment falls to be made under sections 246N and 246Q of advance corporation tax paid by a company in respect of distributions made by it in such an accounting period; or]

(b) a repayment of income tax falls to be made in respect of a payment received by a company in such an accounting period; or

(c) F2478 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2479 (d) a payment of R&D tax credit falls to be made to a company under [F2480 Chapter 2 or 7 of Part 13 of CTA 2009] in respect of an accounting period][F2481 ; or

[F2482 (da) F2483 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(e) a payment of land remediation tax credit or life assurance company tax credit falls to be made to a company under [F2484 Part 14 of CTA 2009] in respect of an accounting period][F2485 ; or

(f) a payment of film tax credit falls to be made to a company][F2486 , or

[F2487 (fa) a payment of television tax credit falls to be made to a company; or

(fb) a payment of video game tax credit falls to be made to a company; or]

[F2488 (fc) a payment of theatre tax credit falls to be made to a company; or]

[F2489 (fd) a payment of orchestra tax credit falls to be made to a company; or]

[F2490 (fe) a payment of museums and galleries exhibition tax credit falls to be made to a company; or]

(g) a payment of first-year tax credit falls to be made to a company under Schedule A1 to the Capital Allowances Act,]

then, from the material date until [F2491 the order for repayment or payment is issued], the repayment or payment shall carry interest at the rate which, under section 89 of the Management Act, is for the time being the prescribed rate for the purposes of this section.

(2) [F2492 Subject to section 826A(2),] in relation to corporation tax paid by a company for an accounting period, the material date for the purposes of this section is the date on which corporation tax was paid or, if it is later, the date on which corporation tax for that accounting period became (or, as the case may be, would have become) due and payable in accordance with [F2493 section 59D of the Management Act (payment of corporation tax)].

[F2494 (2A) F2495 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) In relation to a repayment of income tax falling within subsection (1)(b) above F2496 . . . , [F2497 the material date is the day after the end of the accounting period] in which the payment referred to in subsection (1)(b) above F2498 . . . was received by the company.

[F2499 (3A) In relation to a payment of R&D tax credit falling within subsection (1)(d) above the material date is whichever is the later of—

(a) the filing date for the company’s company tax return for the accounting period for which the R&D tax credit is claimed, and

(b) the date on which the company tax return or amended company tax return containing the claim for payment of the R&D tax credit is delivered to the Inland Revenue.

For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the M101 Finance Act 1998.]

[F2500 (3AA) F2501 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2502 (3B) In relation to a payment of land remediation tax credit or life assurance company tax credit falling within subsection (1)(e) above the material date is whichever is the later of—

(a) the filing date for the company’s company tax return for the accounting period for which the land remediation tax credit or the life assurance company tax credit is claimed, and

(b) the date on which the company tax return or amended company tax return containing the claim for payment of the land remediation tax credit or the life assurance company tax credit is delivered to the Inland Revenue.

For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]

[F2503 (3C) In relation to a payment of film tax credit [F2504 , television tax credit [F2505 , video game tax credit [F2506 , theatre tax credit [F2507 , orchestra tax credit or museums and galleries exhibition tax credit]]]] the material date is whichever is the later of—

(a) the filing date for the company's company tax return for the accounting period for which the tax credit is payable, and

(b) the date on which the company tax return or amended company tax return containing the claim for payment is delivered to an officer of Revenue and Customs.

For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]

[F2508 (3D) In relation to a payment of first-year tax credit falling within subsection (1)(g) above the material date is whichever is the later of—

(a) the filing date for the company's company tax return for the accounting period for which the tax credit is claimed, and

(b) the date on which the company tax return or amended company tax return containing the claim for payment of the tax credit is delivered to the Commissioners for Her Majesty's Revenue and Customs.

For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]

(4) For the purposes of this section a repayment of tax made on a claim under [F2509 section 458 of CTA 2010] shall be treated as if it were a repayment of corporation tax for the accounting period in which [F2510 the event giving rise to entitlement to relief under [F2511 that section] occurred] but, in relation to such a repayment of tax, the material date for the purposes of this section is—

[F2512 (a) the date when the entitlement to relief in respect of the repayment accrued, that is to say—

(i) where the repayment [F2513 , or the release or writing off,] of the loan or advance (or part thereof) occurred on or after the day mentioned in [F2514 section 458(4) of CTA 2010], the date nine months after the end of that accounting period; and

(ii) in any other case, the date nine months after the end of the accounting period in which the loan or advance was made;

or]

(b) if it is later, the date on which the tax which is to be repaid was in fact paid.

(5) F2515 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2516 (5A) F2515 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(6) Where a repayment of corporation tax is a repayment of tax paid by a company on different dates, the repayment shall so far as possible be treated for the purposes of this section as a repayment of tax paid on a later rather than an earlier date among those dates.

(7) F2517 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2518 [F2519 (7A) In any case where—

(a) a company carrying on a trade incurs a loss in the trade in an accounting period (“the later period”),

(b) as a result of a claim under [F2520 section 37 of CTA 2010], the whole or any part of that loss is [F2521 relieved][F2522 (whether under [F2523 section 37 or 42 of that Act])] for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period (“the earlier period”) which does not fall wholly within the period of twelve months immediately preceding the later period, and

(c) a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,

then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of [F2524 so much of the amount of that repayment as falls to be made]] as a result of the claim under [F2525 section 37 of CTA 2010], except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, [F2526 as mentioned in subsection (7D) below].

[F2519 (7AA) F2527 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2528 (7AA) In any case where—

(a) a company ceases to carry on a trade in an accounting period (“the terminal period”),

(b) as a result of a claim under section 45F of CTA 2010, the whole or any part of a loss made in the trade is relieved for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period (“the earlier period”) which does not fall wholly within the period of 12 months immediately preceding the terminal period, and

(c) a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,

then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of that repayment as falls to be made as a result of the claim under section 45F, except so far as concerns interest for any time after the date on which any corporation tax for the terminal period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (7D) below).]

F2529 (7B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2530 (7BB) Subject to subsection (7BC) below, in any case where—

(a) within the meaning of section 806D, any relievable underlying tax or relievable withholding tax arises in an accounting period of a company (“the later period”),

(b) pursuant to a claim under section 806G, the whole or any part of that tax is treated as mentioned in section 806D(4)(c) or (5)(c) in relation to the single related dividend or the single unrelated dividend arising in an earlier accounting period (“the earlier period”), and

(c) a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that period,

then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of the claim under section 806G, except so far as concerns interest for any time after the date on which any corporation tax for the later period became due and payable (as mentioned in subsection (7D) below).

(7BC) F2531 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2532 (7C) In a case where—

(a) there is for an accounting period of a company (“the later period”) [F2533 a non-trading deficit on the company’s loan relationships,]

(b) as a result of a claim under [F2534 [F2535 section 389(1) or 459(1)(b) of CTA 2009] the whole or part of the deficit for the later period is set off against profits] of an earlier accounting period (“the earlier period”), and

(c) a repayment falls to be made of corporation tax for the earlier period [F2536 or of income tax in respect of a payment received by the company in that accounting period],

then, in determining the amount of interest (if any) payable under this section on the [F2537 repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of] the claim under [F2538 section 389(1) or 459(1)(b) of CTA 2009] except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, [F2526 as mentioned in subsection (7D) below].]

F2539 [F2540 (7CA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2541 (7D) In subsections (7), (7A), [F2542 (7AA),] (7B) [F2543 , (7BB)] and (7C) above, any reference to the date on which corporation tax for an accounting period became, or would have become, due and payable shall be construed on the basis that corporation tax for an accounting period becomes due and payable on the day following the expiry of nine months from the end of the accounting period.]

[F2544 (7E) The power conferred by section 59E of the Management Act (alteration of date on which corporation tax becomes due and payable) does not include power to make provision in relation to subsection (7), (7A), [F2545 (7AA)] (7B), [F2546 (7BB),] (7C) or (7D) above the effect of which would be to change the meaning of references in subsection (7), (7A), [F2545 (7AA)] (7B) [F2546 , (7BB)] or (7C) above to the date on which corporation tax for an accounting period became, or would have become, due and payable (as mentioned in subsection (7D) above).]

(8) In consequence of the preceding provisions of this section, no repayment supplement (within the meaning of section 825) shall be paid in respect of any repayment of tax or payment of tax credit where the relevant accounting period (within the meaning of that section) ends after the appointed day.

[F2547 (8A) Where—

(a) interest has been paid to a company under subsection (1)(a) [F2548 [F2549 , (d)]][F2550 [F2551 , (e) [F2552 (f), (fa), (fb) [F2553 , (fc) [F2554 , (fd) or (fe)]]]]] above,

[F2555 (b) there is—

(i) a change in the company’s assessed liability to corporation tax, or

(ii) a change in the amount of the R&D tax credit F2556 [F2557 . . . ][F2558 , land remediation tax credit or life assurance company tax credit][F2559 or film tax credit][F2560 or television tax credit or video game tax credit][F2561 or theatre tax credit][F2562 or orchestra tax credit][F2563 or museums and galleries exhibition tax credit][F2564 or first-year tax credit under Schedule A1 to the Capital Allowances Act] payable to the company (which does not result in a change falling within sub-paragraph (i)),

other than a change which in whole or in part corrects an error made by the Board or an officer of the Board, and]

(c) as a result only of that change (and, in particular, not as a result of any error in the calculation of the interest), it appears to an officer of the Board that the interest ought not to have been paid, either at all or to any extent,

the interest that ought not to have been paid may be recovered from the company as if it were interest charged under Part IX of the Management Act (interest on overdue tax).

(8B) For the purposes of subsection (8A) above, the cases where there is a change in a company’s assessed liability to corporation tax are those cases where—

(a) an assessment, or an amendment of an assessment, of the amount of corporation tax payable by the company for the accounting period in question is made, or

(b) a determination of that amount is made under paragraph 36 or 37 of Schedule 18 to the Finance Act 1998 (which until superseded by a self-assessment under that Schedule has effect as if it were one),

whether or not any previous assessment or determination has been made.

[F2565 (8BA) For the purposes of subsection (8A)(b) above, the cases where there is a change in the amount of the R&D tax credit F2566 [F2567 . . . ][F2568 , the land remediation tax credit or the life assurance company tax credit][F2569 or film tax credit][F2570 or television tax credit or video game tax credit][F2571 or theatre tax credit][F2572 or orchestra tax credit][F2573 or museums and galleries exhibition tax credit][F2574 or first-year tax credit under Schedule A1 to the Capital Allowances Act] payable to the company are those cases where an assessment, or an amendment to an assessment, is made to recover an amount of R&D tax credit F2566 [F2567 . . . ][F2575 , land remediation tax credit or life assurance company tax credit][F2569 or film tax credit][F2570 or television tax credit or video game tax credit][F2571 or theatre tax credit][F2572 or orchestra tax credit][F2573 or museums and galleries exhibition tax credit][F2574 or first-year tax credit under Schedule A1 to the Capital Allowances Act] paid to the company for the accounting period in question.]

(8C) In subsection (8A)(b) above “error” includes—

(a) any computational error; and

(b) the allowance of a claim or election which ought not to have been allowed.]

(9) In this section “the appointed day” means such day or days, not being earlier than 31st March 1992, as the Treasury may by order appoint for the purposes of this section.

Subordinate Legislation Made

P2 S. 826(1)(8)(9) power exercised: 30.9.1993 appointed by S.I. 1992/3066, art. 2(2)(b)

Textual Amendments

F2477 S. 826(1)(aa) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 20(2)

F2478 S. 826(1)(c) and word omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(6)(a)

F2479 S. 826(1)(d) and preceding word inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(2)

F2480 Words in s. 826(1)(d) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(a) (with Sch. 2 Pts. 1, 2, para. 56)

F2481 S. 826(1)(e) and preceding word inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(2)

F2482 S. 826(1)(da) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(2)

F2483 S. 826(1)(da) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2, para. 56)

F2484 Words in s. 826(1)(e) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(c) (with Sch. 2 Pts. 1, 2, para. 56)

F2485 S. 826(1)(f) and preceding word inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(2); S.I. 2006/3399, art. 2

F2486 S. 826(1)(g) and preceding word inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(2)

F2487 S. 826(1)(fa)(fb) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(2), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)

F2488 S. 826(1)(fc) inserted (22.8.2014 with effect in accordance with Sch. 4 para. 17 of the amending Act) by Finance Act 2014 (c. 26), Sch. 4 paras. 2(2), 16; S.I. 2014/2228, art. 2

F2489 S. 826(1)(fd) inserted (with effect in accordance with Sch. 8 para. 17(1)(b) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 2(2)

F2490 S. 826(1)(fe) inserted (with effect in accordance with Sch. 6 para. 21(1)(b) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 2(2)

F2491 Words in s. 826(1) substituted (retrospectively) by Finance Act 1989 (c. 26), s. 180(6)(7)

F2492 Words in s. 826(2) inserted (31.7.1998) by Finance Act 1998 (c. 36), Sch. 4 para. 1(1)

F2493 Words in s. 826(2) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 42; S.I. 1998/3173, art. 2

F2494 S. 826(2A) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 20(3)

F2495 S. 826(2A) repealed (with effect in accordance with Sch. 3 para. 38(5) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(2), Sch. 27 Pt. 3(2), Note

F2496 Words in s. 826(3) omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(6)(b)(i)

F2497 Words in s. 826(3) substituted (with effect in accordance with Sch. 4 para. 2(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 2(1)

F2498 Words in s. 826(3) omitted (with effect in accordance with Sch. 1 para. 73 of the repealing Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 52(6)(b)(ii)

F2499 S. 826(3A) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(3)

F2500 S. 826(3AA) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(3)

F2501 S. 826(3AA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(3), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2502 S. 826(3B) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(3)

F2503 S. 826(3C) inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(3); S.I. 2006/3399, art. 2

F2504 Words in s. 826(3C) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(3), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)

F2505 Words in s. 826(3C) substituted (22.8.2014 with effect in accordance with Sch. 4 para. 17 of the amending Act) by Finance Act 2014 (c. 26), Sch. 4 paras. 2(3), 16; S.I. 2014/2228, art. 2

F2506 Words in s. 826(3C) substituted (with effect in accordance with Sch. 8 para. 17(1)(b) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 2(3)

F2507 Words in s. 826(3C) substituted (with effect in accordance with Sch. 6 para. 21(1)(b) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 2(3)

F2508 S. 826(3D) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(3)

F2509 Words in s. 826(4) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(a) (with Sch. 2)

F2510 Words in s. 826(4) substituted (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 1999 (c. 16), s. 90(1)(a)

F2511 Words in s. 826(4) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(b) (with Sch. 2)

F2512 S. 826(4)(a) substituted (with effect in accordance with s. 173(6) of the amending Act) by Finance Act 1996 (c. 8), s. 173(5)

F2513 Words in s. 826(4)(a)(i) inserted (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 1999 (c. 16), s. 90(1)(b)

F2514 Words in s. 826(4)(a)(i) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(c) (with Sch. 2)

F2515 S. 826(5)(5A) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2516 S. 826(5A) inserted (with effect in accordance with s. 34(5) of the amending Act) by Finance Act 1998 (c. 36), s. 34(4)

F2517 S. 826(7) repealed (with effect in accordance with Sch. 3 para. 38(6) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(3), Sch. 27 Pt. 3(2), Note

F2518 S. 826(7A)(7B) inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 73(3)(4)(5), Sch. 15 para. 23

F2519 S. 826(7AA) inserted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14 para. 10(3)(5)

F2520 Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(i) (with Sch. 2)

F2521 Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(ii) (with Sch. 2)

F2522 Words in s. 826(7A)(b) inserted (with effect in accordance with s. 111(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 35 para. 7

F2523 Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(iii) (with Sch. 2)

F2524 Words in s. 826(7A) substituted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14 para. 10(2)

F2525 Words in s. 826(7A) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(b) (with Sch. 2)

F2526 Words in s. 826(7)(7A)(7B)(7C) substituted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(2)

F2527 S. 826(7AA)(7CA) repealed (with effect in accordance with Sch. 3 para. 38(7) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(4), Sch. 27 Pt. 3(2), Note

F2528 S. 826(7AA) inserted (with effect in accordance with Sch. 4 paras. 190-192 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 106(2) (with Sch. 4 para. 194)

F2529 S. 826(7B) repealed (with effect in accordance with s. 20 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 8 Pt. 2(4), Note

F2530 S. 826(7BB)(7BC) inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 30 para. 29(2)

F2531 S. 826(7BC) omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 10

F2532 S. 826(7C) inserted (27.7.1993) by 1993 c. 34, s. 170, Sch. 18 para.5

F2533 Words in s. 826(7C)(a) substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 48(1)(a) (with Sch. 15)

F2534 Words in s. 826(7C)(b) substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 48(1)(b) (with Sch. 15)

F2535 Words in s. 826(7C)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(5)(a) (with Sch. 2 Pts. 1, 2)

F2536 Words in s. 826(7C)(c) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 24 para. 11(a)

F2537 Words in s. 826(7C) substituted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 24 para. 11(b)

F2538 Words in s. 826(7C) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(5)(b) (with Sch. 2 Pts. 1, 2)

F2539 S. 826(7AA)(7CA) repealed (with effect in accordance with Sch. 3 para. 38(7) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(4), Sch. 27 Pt. 3(2), Note

F2540 S. 826(7CA) inserted (with effect in accordance with Sch. 24 para. 12(4)(5) of the amending Act) by Finance Act 1995 (c. 4), Sch. 24 para. 12(2)

F2541 S. 826(7D) inserted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(3)

F2542 Words in s. 826(7D) inserted (with effect in accordance with Sch. 4 paras. 190-192 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 106(3) (with Sch. 4 para. 194)

F2543 Words in s. 826(7D) inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 30 para. 29(3)

F2544 S. 826(7E) inserted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(4)

F2545 Words in s. 826(7E) inserted (with effect in accordance with Sch. 4 paras. 190-192 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 106(4) (with Sch. 4 para. 194)

F2546 Words in s. 826(7E) inserted (28.7.2000) by virtue of Finance Act 2000 (c. 17), Sch. 30 para. 29(4)

F2547 S. 826(8A)-(8C) inserted (with effect in accordance with Sch. 4 para. 3(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 3(1)

F2548 Words in s. 826(8A)(a) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(4)(a)

F2549 Word in s. 826(8A)(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(6)(a) (with Sch. 2 Pts. 1, 2)

F2550 Words in s. 826(8A)(a) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(4)(a)

F2551 Words in s. 826(8A)(a) substituted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(4)(a); S.I. 2006/3399, art. 2

F2552 Words in s. 826(8A)(a) substituted (22.8.2014 with effect in accordance with Sch. 4 para. 17 of the amending Act) by Finance Act 2014 (c. 26), Sch. 4 paras. 2(4)(a), 16; S.I. 2014/2228, art. 2

F2553 Words in s. 826(8A)(a) substituted (with effect in accordance with Sch. 8 para. 17(1)(b) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 2(4)(a)

F2554 Words in s. 826(8A)(a) substituted (with effect in accordance with Sch. 6 para. 21(1)(b) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 2(4)(a)

F2555 S. 826(8A)(b) substituted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(4)(b)

F2556 Words in s. 826(8A)(b)(ii) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(6)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2557 Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(4)(b)

F2558 Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(4)(b)

F2559 Words in s. 826(8A)(b)(ii) inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(4)(b); S.I. 2006/3399, art. 2

F2560 Words in s. 826(8A)(b)(ii) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(4), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)

F2561 Words in s. 826(8A)(b)(ii) inserted (22.8.2014 with effect in accordance with Sch. 4 para. 17 of the amending Act) by Finance Act 2014 (c. 26), Sch. 4 paras. 2(4)(b), 16; S.I. 2014/2228, art. 2

F2562 Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 8 para. 17(1)(b) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 2(4)(b)

F2563 Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 6 para. 21(1)(b) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 2(4)(b)

F2564 Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(4)

F2565 S. 826(8BA) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(5)

F2566 Words in s. 826(8BA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(7), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2567 Words in s. 826(8BA) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(5)

F2568 Words in s. 826(8BA) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(5)(a)

F2569 Words in s. 826(8BA) inserted (1.1.2007) by virtue of Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(5); S.I. 2006/3399, art. 2

F2570 Words in s. 826(8BA) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(5), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)

F2571 Words in s. 826(8BA) inserted (22.8.2014 with effect in accordance with Sch. 4 para. 17 of the amending Act) by Finance Act 2014 (c. 26), Sch. 4 paras. 2(5), 16; S.I. 2014/2228, art. 2

F2572 Words in s. 826(8BA) inserted (with effect in accordance with Sch. 8 para. 17(1)(b) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 2(5)

F2573 Words in s. 826(8BA) inserted (with effect in accordance with Sch. 6 para. 21(1)(b) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 2(5)

F2574 Words in s. 826(8BA) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(5)

F2575 Words in s. 826(8BA) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(5)(b)

Modifications etc. (not altering text)

C64 S. 826 excluded (2.1.1996) by The Lloyd's Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225), reg. 12(2) (with reg. 13)

C65 S. 826 applied (with modifications) (7.1.1999 in accordance with reg. 1(2) of the affecting S.I.) by The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175), reg. 8 (as amended by: S.I. 2005/889, regs. 1(1)(3), 7; S.I. 2011/1785, regs. 1, 11; S.I. 2017/1072, regs. 1, 10)

C66 S. 826 excluded (27.12.2005 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Lloyd's Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 14(4)(6)(b)

Marginal Citations

M100 Source—1987 (No.2) s.87

M101 1998 c. 36.

[F2576 826A Interest on payments in respect of corporation tax and meaning of “the material date". U.K.

(1) The Treasury may by regulations make provision applying section 826, with such modifications as may be prescribed, for the purpose of conferring on companies of such descriptions as may be prescribed a right to interest—

(a) on such payments made by them in respect of corporation tax as may be prescribed,

(b) at the rate applicable under section 178 of the M102 Finance Act 1989, and

(c) for such period as may be prescribed,

and for treating any such interest for the purposes, or prescribed purposes, of the Tax Acts as interest under section 826(1)(a) on a repayment of corporation tax.

(2) The Treasury may by regulations make provision modifying section 826(2) in relation to companies of such description as may be prescribed.

(3) Subsections (1) and (2) above do not apply in relation to companies in relation to which section 826(2) is modified or otherwise affected by regulations under section 59E of the Management Act (alteration of date on which corporation tax becomes due and payable) in relation to the accounting period to which the corporation tax in question relates.

(4) Where the Treasury make regulations under subsection (2) above in relation to companies of any description, they may also make regulations modifying section 59DA(2) of the Management Act in relation to those companies, or any description of such companies, by varying the date before which the claim there mentioned may not be made.

(5) Regulations under this section—

(a) may make different provision in relation to different cases or circumstances or in relation to companies or accounting periods of different descriptions;

(b) may make such supplementary, incidental, consequential or transitional provision as appears to the Treasury to be necessary or expedient.

(6) Regulations under this section may not make provision in relation to accounting periods ending before the day appointed under section 199 of the M103 Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).

(7) In this section “prescribed” means prescribed by regulations made under this section.]

Textual Amendments

F2576 S. 826A inserted (31.7.1998) by Finance Act 1998 (c. 36), Sch. 4 para. 1(2)

Marginal Citations

M102 1989 c. 26.

M103 1994 c. 9.

827 VAT penalties etc. U.K.

F2577 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2577 S. 827 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 268, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[F2578 827A Territorial scope of charges under certain provisions to which section 836B applies U.K.

F2579 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2578 S. 827A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 333 (with Sch. 2)

F2579 S. 827A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 207, Sch. 3 Pt. 1 (with Sch. 2)

828 Orders and regulations made by the Treasury or the Board. U.K.

(1) M104 F2580 . . . Any power of the Treasury or the Board to make any order or regulations under this Act F2581 . . . shall be exercisable by statutory instrument.

(2) F2582 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) M105 Subject to [F2583 subsection (4)] below and to any other provision to the contrary, any statutory instrument containing any order or regulations made by the Treasury or the Board F2584 . . . shall be subject to annulment in pursuance of a resolution of the House of Commons.

(4) Subsection (3) above shall not apply in relation to an order or regulations made under section F2585 . . . [F2586 F2587 . . . ]F2588 . . . F2589 . . . F2590 . . . F2591 . . . [F2592 F2588 . . . ][F2593 590C(6)]. . . [F2594 F2595 . . . F2596 . . . ] or paragraph 7 of Schedule 14 [F2597 F2598 . . . ] or—

(a) if any other Parliamentary procedure is expressly provided;

(b) if the order in question is an order appointing a day for the purposes of any provision of the Tax Acts, being a day as from which the provision will have effect, with or without amendments, or will cease to have effect.

[F2599 (5) F2600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2601 (6) F2600 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2580 Words in s. 828(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(2)(a), Sch. 3 Pt. 1 (with Sch. 2)

F2581 Words in s. 828(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(2)(b), Sch. 3 Pt. 1 (with Sch. 2)

F2582 S. 828(2) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(3), Sch. 3 Pt. 1 (with Sch. 2)

F2583 Words in s. 828(3) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(4)(a) (with Sch. 2)

F2584 Words in s. 828(3) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(4)(b), Sch. 3 Pt. 1 (with Sch. 2)

F2585 Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(a), Sch. 3 Pt. 1 (with Sch. 2)

F2586 Words in s. 828(4) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 180(2)

F2587 Words in s. 828(4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 269(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2588 Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(b), Sch. 3 Pt. 1 (with Sch. 2)

F2589 Words in s. 828(4) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 334(2), Sch. 3 (with Sch. 2)

F2590 Words in s. 828(4) repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(19)

F2591 Words in s. 828(4) repealed (with effect in accordance with Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 20 Pt. 3(7)

F2592 Words in s. 828(4) inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 118(2)

F2593 Words in s. 828(4) inserted by Finance Act 1989 (c. 26), Sch. 6 para. 16

F2594 Words in s. 828(4) substituted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 37 para. 1(2)

F2595 Words in s. 828(4) repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 33, Sch. 10 Pt. 1 (with Sch. 9)

F2596 Words in s. 828(4) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(5), Sch. 3 Pt. 1 (with Sch. 2)

F2597 Words in s. 828(4) inserted by Capital Allowances Act 1990 (c. 1), Sch. 1 para. 8(34)

F2598 Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(c), Sch. 3 Pt. 1 (with Sch. 2)

F2599 S. 828(5) added (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 105(4) (with Sch. 7)

F2600 S. 828(5)(6) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(6), Sch. 3 Pt. 1 (with Sch. 2)

F2601 S. 828(6) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 34 (with Sch. 36)

Modifications etc. (not altering text)

C67 S. 828 excluded (18.3.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), ss. 372(4), 381(2)(a) (with Sch. 9)

C68 S. 828(3) excluded by Finance Act 2000 (c. 17), Sch. 22 para. 22C(3) (as inserted (1.7.2005) by Finance Act 2005 (c. 7), Sch. 7 paras. 8, 18(1) (with Sch. 7 paras. 19-21))

C69 S. 828(3) excluded (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 14(2)

C70 S. 828(4) modified (20.3.2007) by Income Tax Act 2007 (c. 3), ss. 1030(4), 1034(4)(b)

Marginal Citations

M104 Source—1970 ss.65(5), 204, 231(3), 343 (1A); 1970(F) s.29(6), Sch.5 2(3), 10; 1972 ss.91(3), 108(4); 1973 Sch.16 17(2); 1975 (No.2) ss.47(10), 48(6), 69(9), 70(8), 70A(3); 1976 ss.64(4), 64A, (4) Sch.4 16(2); 1980 s.24(9); Sch.10 13(3); 1982 ss.28(5), 29(1), (3), Sch.7 14(2); 1984 ss.26(1), 88(8), 126(1), Sch.8 2(1)(f), 3A; 1983 Sch.5 5A(9), 6(8); 1986 s.28, 61, Sch.11 11, Sch.12 3, Sch.17 6(7).

M105 Source—1970 ss.65(5), 204, 343(1B); 1970(F) s.29(8), Sch.5 2(3), 10; 1973 Sch.16 17(2); 1975 (No.2) ss.47(10), 48(6), 69(9), 70(8), 70A(3); 1976 ss.64(4), 64A(4); 1982 s.29(5); 1983 Sch.5 5A(9), 6(9); 1984 ss.26(6), 88(8), Sch.8 2(1), 3A; 1986 ss.26, 27(7), 55, Sch.11 11, Sch.12 3, Sch.17 6(7)

829 Application of Income Tax Acts to public departments and avoidance of exempting provisions. U.K.

F2602 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2602 S. 829 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 209, Sch. 3 Pt. 1 (with Sch. 2)

830 Territorial sea F2603 . . . . U.K.

(1) F2604 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F2605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F2605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F2605 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F2606 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2603 Words in s. 830 title omitted (1.4.2009 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Corporation Tax Act 2009 (Amendment) Order 2009 (S.I. 2009/2860), arts. 1, 3(4)(b)

F2604 S. 830(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 119, Sch. 3 Pt. 1 (with Sch. 2)

F2605 S. 830(2)-(4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 270, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2606 S. 830(5) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 106, Sch. 8 Pt. 1 (with Sch. 7)

Interpretation U.K.

831 Interpretation of this Act. U.K.

(1) M106 In this Act, except so far as the context otherwise requires—

(a) “the Corporation Tax Acts” means the enactments relating to the taxation of the income and chargeable gains of companies and of company distributions (including provisions relating also to income tax); and

(b) “the Income Tax Acts” means the enactments relating to income tax, including any provisions of the Corporation Tax Acts which relate to income tax.

(2) In this Act “the Tax Acts”, except so far as the context otherwise requires, means this Act and all other provisions of the Income Tax Acts and the Corporation Tax Acts.

(3) In this Act—

• [F2607 “CTA 2009” means the Corporation Tax Act 2009;]

• [F2608 “CTA 2010” means the Corporation Tax Act 2010;]

• [F2609 “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;]

• [F2610 “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;]

• [F2611 “ITA 2007” means the Income Tax Act 2007;]

• “the Management Act” means the Taxes Management Act 1970;

• [F2612 “TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010;]

• “the 1968 Act” means the Capital Allowances Act 1968;

• “the 1970 Act” means the Income and Corporation Taxes Act 1970; and

• “the 1979 Act” means the Capital Gains Tax Act 1979.

• [F2613 “the 1990 Act” means the Capital Allowances Act 1990.]

• [F2614 “the 1992 Act” means the Taxation of Chargeable Gains Act 1992.]

(4) Section 1 of the M107 Family Law Reform Act 1987, the paragraph inserted in Schedule 1 to the M108 Interpretation Act 1978 by paragraph 73 of Schedule 2 to that Act and section 1(3) of the M109 Law Reform (Parent and Child) (Scotland) Act 1986 (legal equality of illegitimate children) shall be disregarded in construing references in this Act to a child or to children (however expressed).

(5) M110 This Act, so far as it relates to capital gains tax, shall be construed as one with the [F2615 1992] Act.

(6) Any reference in this Act to a section, Part or Schedule is a reference to that section, Part or Schedule of or to this Act, unless the context otherwise requires.

Textual Amendments

F2607 S. 831(3): definition of "CTA 2009" inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 271 (with Sch. 2 Pts. 1, 2)

F2608 S. 831(3): definition of "CTA 2010" inserted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 120 (with Sch. 2)

F2609 S. 831(3): definition of "ITEPA 2003" inserted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 107 (with Sch. 7)

F2610 S. 831(3): definition of "ITTOIA 2005" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 336 (with Sch. 2)

F2611 S. 831(3): definition of "ITA 2007" inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 211 (with Sch. 2)

F2612 S. 831(3): definition of "TIOPA 2010" inserted (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 316 (with Sch. 9)

F2613 S. 831(3): definition of "the 1990 Act" inserted by Capital Allowances Act 1990 (c. 1), Sch. 1 para. 8(35); and that amendment continued by Capital Allowances Act 2001 (c. 2), s. 579, Sch. 2 para. 59

F2614 S. 831(3): definition of "the 1992 Act" inserted (with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(53)(a) (with ss. 60, 101(1), 171, 201(3))

F2615 Words in s. 831(5) substituted (with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(53)(b) (with ss. 60, 101(1), 171, 201(3))

Modifications etc. (not altering text)

C71 S. 831(4) applied (28.7.2000) by Finance Act 2000 (c. 17), Sch. 22 para. 144(2)

Marginal Citations

M106 Source—1970 s.526(1), (2); 1987 Sch.15 12

M107 1987 c. 42.

M108 1978 c. 30.

M109 1986 c. 9.

M110 Source—1970 s.540(2)

832 Interpretation of the [F2616 Corporation Tax Acts etc]. U.K.

F2617 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2616 Words in s. 832 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 212(6) (with Sch. 2)

F2617 S. 832 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 121, Sch. 3 Pt. 1 (with Sch. 2)

833 Interpretation of Income Tax Acts. U.K.

F2618 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2618 S. 833 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 213, Sch. 3 Pt. 1 (with Sch. 2)

834 Interpretation of the Corporation Tax Acts. U.K.

F2619 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2619 S. 834 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 122, Sch. 3 Pt. 1 (with Sch. 2)

[F2620 834A Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D) U.K.

F2621 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2620 S. 834A inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 274 (with Sch. 2 Pts. 1, 2)

F2621 S. 834A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 123, Sch. 3 Pt. 1 (with Sch. 2)

[F2622 834B Meaning of “UK property business” and “overseas property business” U.K.

F2623 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2622 S. 834B inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 275 (with Sch. 2 Pts. 1, 2)

F2623 S. 834B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 124, Sch. 3 Pt. 1 (with Sch. 2)

[F2624 834C Total profits U.K.

F2625 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2624 S. 834C inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 276 (with Sch. 2 Pts. 1, 2)

F2625 S. 834C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 125, Sch. 3 Pt. 1 (with Sch. 2)

835 “Total income” in the Income Tax Acts. U.K.

F2626 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2626 S. 835 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 215, Sch. 3 Pt. 1 (with Sch. 2)

836 Returns of total income. U.K.

F2627 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2627 S. 836 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 216, Sch. 3 Pt. 1 (with Sch. 2)

[F2628 836A Generally accepted accounting practice U.K.

F2629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2628 S. 836A inserted (with effect in accordance with s. 103(6) of the amending Act) by Finance Act 2002 (c. 23), s. 103(2)

F2629 S. 836A repealed (with effect in accordance with s. 80(4) of the repealing Act) by Finance Act 2005 (c. 7), Sch. 4 para. 25, Sch. 11 Pt. 2(7), Note 2

[F2630 836B Table of provisions to which this section applies U.K.

F2631 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2630 S. 836B inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 340 (with Sch. 2)

F2631 S. 836B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 217, Sch. 3 Pt. 1 (with Sch. 2)

837 “Annual value” of land. U.K.

F2632 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2632 S. 837 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 218, Sch. 3 Pt. 1 (with Sch. 2)

[F2633 837A Meaning of “research and development”. U.K.

F2634 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2633 S. 837A inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 19 para. 1

F2634 S. 837A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 126, Sch. 3 Pt. 1 (with Sch. 2)

[F2635 837B Meaning of “oil and gas exploration and appraisal”. U.K.

F2636 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2635 S. 837B inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 19 para. 2

F2636 S. 837B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 127, Sch. 3 Pt. 1 (with Sch. 2)

[F2637 837C Meaning of “offshore installation” U.K.

F2638 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2637 S. 837C inserted (with effect in accordance with Sch. 27 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 27 para. 1

F2638 S. 837C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 128, Sch. 3 Pt. 1 (with Sch. 2)

838 Subsidiaries. U.K.

F2639 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2639 S. 838 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 129, Sch. 3 Pt. 1 (with Sch. 2)

839 Connected persons. U.K.

F2640 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2640 S. 839 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 130, Sch. 3 Pt. 1 (with Sch. 2)

840 Meaning of “control” in certain contexts. U.K.

F2641 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2641 S. 840 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 131, Sch. 3 Pt. 1 (with Sch. 2)

[F2642 840ZA Meaning of “tax advantage” U.K.

F2643 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2642 S. 840ZA inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 225 (with Sch. 2)

F2643 S. 840ZA repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 132, Sch. 3 Pt. 1 (with Sch. 2)

[F2644 840A Banks. U.K.

F2645 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2644 S. 840A inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 37 para. 1(1)

F2645 S. 840A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 133, Sch. 3 Pt. 1 (with Sch. 2)

841 Meaning of “recognised stock exchange” etc U.K.

F2646 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2646 S. 841 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 134, Sch. 3 Pt. 1 (with Sch. 2)

[F2647 841A Recognised clearing systems. U.K.

F2648 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2647 S. 841A inserted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996 (c. 8), Sch. 7 para. 26 (with Sch. 7 paras. 33-35)

F2648 S. 841A repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. 2(17)

842 Investment trusts. U.K.

F2649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2649 S. 842 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 135, Sch. 3 Pt. 1 (with Sch. 2)

[F2650 842AA Venture capital trusts. U.K.

F2651 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2650 S. 842AA inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 70(1)

F2651 S. 842AA repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 229, Sch. 3 Pt. 1 (with Sch. 2)

[F2652 842A Local authorities. U.K.

F2653 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2652 S. 842A inserted (1.4.1990) by Finance Act 1990 (c. 29), s.127(1)(4)

F2653 S. 842A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 136, Sch. 3 Pt. 1 (with Sch. 2)

[F2654 842B Meaning of F2655 . . . “property investment LLP” U.K.

F2656 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2654 S. 842B inserted (6.4.2001 with effect in accordance with s. 76(1) of the amending Act) by Finance Act 2001 (c. 9), s. 76(2), Sch. 25 para. 1(1)

F2655 Words in s. 842B sidenote repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 231(4), Sch. 3 Pt. 1 (with Sch. 2)

F2656 S. 842B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 137, Sch. 3 Pt. 1 (with Sch. 2)

Commencement, savings, repeals etc. U.K.

843 Commencement. U.K.

(1) Except as otherwise provided by the following provisions of this section, this Act shall come into force in relation to tax for the year 1988-89 and subsequent years of assessment, and for companies’ accounting periods ending after 5th April 1988.

(2) Except as otherwise provided by the following provisions of this section, such of the provisions of this Act as relate to capital gains tax (including the provisions of Part XVIII as applied to capital gains tax by section [F2657 277 of [F2658 the 1992 Act]]) shall come into force in relation to that tax for the year 1988-89 and subsequent years of assessment.

(3) The following provisions of this Act, that is to say—

(a) so much of any provision as authorises the making of any Order in Council or regulations or other instrument;

(b) so much of any provision as relates to the making of a return, the furnishing of a certificate or the giving of any other information, including any such provision which imposes a duty on the Board or an officer of the Board as well as any such provision which imposes a duty on any other person;

(c) so much of any provision as imposes any penalty;

(d) except where the tax concerned is all tax for years of assessment before the year 1988-89 or accounting periods ending before 6th April 1988, so much of any other provision as confers any power or imposes any duty the exercise or performance of which operates or may operate in relation to tax for more than one chargeable period,

shall come into force for all purposes on 6th April 1988 to the exclusion of the corresponding enactments repealed by this Act.

(4) This section has effect except as otherwise provided by any other provision of this Act, and in particular except as provided by sections 96, 380 to 384, 393, F2659 . . ., 400, 703 F2660 . . . .

Textual Amendments

F2657 Words in s. 843(2) substituted (with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(56) (with ss. 60, 101(1), 171, 201(3))

F2658 Words in s. 843(2) substituted (retrospectively) by Finance Act 1994 (c. 9), Sch. 17 para. 8

F2659 Words in s. 843(4) repealed by Finance Act 1991 (c. 31, SIF 63:1), ss. 73(3)(4)(5), 123, Sch. 15 para. 24, Sch. 19 Pt. V, Note 4

F2660 Words in s. 843(4) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1, Note

844 Savings, transitional provisions, consequential amendments and repeals. U.K.

(1) Schedule 29, which makes amendments to other enactments consequential on the passing of this Act, shall have effect.

(2) Schedule 29, section 843 and this section are without prejudice to the provisions of the M111 Interpretation Act 1978 as respects the effect of repeals.

(3) Schedule 30 which contains savings and transitional provisions shall have effect.

(4) The enactments mentioned in Schedule 31 are hereby repealed to the extent specified in the third column of that Schedule.

(5) Subject to subsection (6) below, section 843(3), Schedule 30 and to any other provision of this Act by which any provision is brought into force to the exclusion of the corresponding enactments repealed by this Act, those repeals shall come into force in accordance with subsections (1) and (2) of section 843.

(6) No provision mentioned in subsection (5) above shall be taken as bringing a repeal into force except to the extent that the repealed enactment is being superseded.

Marginal Citations

M111 1978 c. 30.

845 Short title. U.K.

This Act may be cited as the Income and Corporation Taxes Act 1988.