PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS
53 Farming and other commercial occupation of land (except woodlands).
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F254 Woodlands managed on a commercial basis.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55 Mines, quarries and other concerns.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 Transactions in deposits with and without certificates or in debts.
1
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.
C12
M3Profits or gains arising to a F4company 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 F5an amount to which the charge to corporation tax on income applies.
3
M4Subsection (2) above F6and 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 F7company 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 F8613(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
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F103A
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3C
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F134A
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 F14Part 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 F14that 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 F15132 of the 1992 Act.
56AF16 Disposal or exercise of rights in pursuance of deposits.
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).
57 Deep discount securities.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58 Foreign pensions.
F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59 Persons chargeable.
1
F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
F20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .