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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II INCOME TAX: BASIS OF ASSESSMENT ETC.
Cases I and II
60 Assessment on current year basis.
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61 Basis of assessment at commencement.
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 Change of basis period.
F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62AF27 Conditions for such a change.
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63 Basis of assessment on discontinuance.
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63AF28 Overlap profits and overlap losses.
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cases III, IV and V
64 Case III assessments.
F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65 Cases IV and V assessments: general.
F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65AF38 Case V income from land outside UK: income tax.
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66 Special rules for fresh income.
F32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67 Special rules where source of income disposed of or yield ceases.
F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68 Special rules where property etc. situated in Republic of Ireland.
F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68AF39Share incentive plans: application of section 68B
F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68BShare incentive plans: cash dividends and dividend shares
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68CShare incentive plans: interpretation
F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Case VI
69 Case VI assessments.
F40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER III CORPORATION TAX: BASIS OF ASSESSMENT ETC
70 Basis of assessment etc.
F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70AF43 Case V income from land outside UK: corporation tax.
F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER IV PROVISIONS SUPPLEMENTARY TO CHAPTERS II AND III
71 Computation of income tax where no profits in year of assessment.
F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72 Apportionments etc. for purposes of Cases I, II and VI.
F45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73 Single assessments for purposes of Cases III, IV and V.
F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER V COMPUTATIONAL PROVISIONS
Deductions
74 General rules as to deductions not allowable.
F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75Expenses of management: companies with investment business
F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75AF52Accounting period to which expenses of management are referable
F49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75BF53Amounts reversing expenses of management deducted: charge to tax
F50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76Expenses of insurance companies
F51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F151Payments for restrictive undertakings
76ZAPayments for restrictive undertakings
F54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F152Seconded employees
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)
76ZBEmployees seconded to charities and educational establishments
F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F153Counselling and retraining expenses
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)
76ZCCounselling and other outplacement services
F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZDF59Retraining courses
F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZEF60Retraining courses: recovery of tax
F58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F154Redundancy payments etc
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)
76ZFRedundancy payments and approved contractual payments
F61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZGF66Payments in respect of employment wholly in employer's business
F62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZHF67Payments in respect of employment in more than one capacity
F63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZIF68Additional payments
F64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZJF69Payments by the Government
F65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F155Contributions to local enterprise organisations or urban regeneration companies
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)
76ZKContributions to local enterprise organisations or urban regeneration companies
F70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F156Unpaid remuneration
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)
76ZLUnpaid remuneration
F71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZMF73Unpaid remuneration: supplementary
F72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F132Car or motor cycle hire
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)
F7476ZNCar or motor cycle hire
F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76ZOF133Hiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013
F76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7776A Levies and repayments under the Financial Services and Markets Act 2000.
F78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7976B Levies and repayments under the Financial Services and Markets Act 2000: investment companies.
F80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77 Incidental costs of obtaining loan finance.
F81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78 Discounted bills of exchange.
F82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79 Contributions to local enterprise agencies.
F83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8479A Contributions to training and enterprise councils and local enterprise companies.
F85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8679BContributions to urban regeneration companies
F87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80 Expenses connected with foreign trades etc.
F88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81 Travel between trades etc.
F89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82 Interest paid to non-residents.
F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9182A Expenditure on research and development.
F92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9382B Payments to research associations, universities etc.
F94. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83 Patent fees etc. and expenses.
F95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9683A Gifts in kind to charities etc.
F97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84 Gifts to educational establishments.
F98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9984A Costs of establishing share option or profit sharing schemes: relief.
F100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85 Payments to trustees of approved profit sharing schemes.
F101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10285A Costs of establishing employee share ownership trusts: relief.
F103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10485BApproved share incentive plans
F105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86 Employees seconded to charities and educational establishments.
F106. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10786A Charitable donations: contributions to agent’s expenses.
F108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87 Taxable premiums etc.
F109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11087ASection 87(2) and (3) and reductions in receipts under ITTOIA 2005
F111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88 Payments to Export Credit Guarantee Department.
F112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11388A Debts of overseas governments etc.
F114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11588B Section 88A debts: restriction on deductions under section 74(j).
F116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11788C Section 88A debts: restriction on other deductions.
F118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11988DRestriction of deductions in respect of certain debts
F120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89Debts proving to be irrecoverable after discontinuance etc
F121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90 Additional payments to redundant employees.
F122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91 Cemeteries.
F123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12491A Waste disposal: restoration payments.
F125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12691B Waste disposal: preparation expenditure.
F127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12891BA Waste disposal: entitlement of successor to allowances.
F129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13091C Mineral exploration and access.
F131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treatment of regional development and other grants and debts released etc.
92 Regional development grants.
F134. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93 Other grants under Industrial Development Act 1982 etc.
F135. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94 Debts deducted and subsequently released.
F136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95F137Taxation of dealers in respect of distributions etc.
F138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95ZAF143Taxation of UK distributions received by insurance companies
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 F139F140section 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 F141. . . (“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 F142business 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.
Special provisions
95AF150 Creative artists: relief for fluctuating profits
F144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96 Farming and market gardening: relief for fluctuating profits.
F145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97 Treatment of farm animals etc.
F146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14798 Tied premises: receipts and expenses treated as those of trade.
F148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99 Dealers in land.
F149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VI DISCONTINUANCE F172. . .
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.
100 Valuation of trading stock at discontinuance of trade.
F157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101 Valuation of work in progress at discontinuance of profession or vocation.
F158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102 Provisions supplementary to sections 100 and 101.
F159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Case VI charges on receipts
103 Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis.
F160. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104 Conventional basis: general charge on receipts after discontinuance F161. . . .
F162. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105 Allowable deductions.
F163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106 Application of charges where rights to payments transferred.
F164. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reliefs
107 Treatment of receipts as earned income.
F165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108 Election for carry-back.
F166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109 Charge under section 104: relief for individuals born before 6th April 1917.
F167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F173 Relief for post-cessation expenditure
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.
F168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental
110 Interpretation etc.
F169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F174F171 Change of residence
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)
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.
F170. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VII PARTNERSHIPS AND SUCCESSIONS
General
111F175 Treatment of partnerships.
1
F176. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
F177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112 Partnerships controlled abroad.
F178. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113 Effect, for income tax, of change in ownership of trade, profession or vocation.
F179. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partnerships involving companies
114 Special rules for computing profits and losses.
F180. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115 Provisions supplementary to section 114.
F181. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116 Arrangements for transferring relief.
F182. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limited partners
117 Restriction on relief: individuals.
F183. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118 Restriction on relief: companies.
F184. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F200Limited liability partnerships
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.
F185. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZBRestriction on relief: companies
F186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZC Member’s contribution to trade.
F187. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZD Carry forward of unrelieved losses.
F188. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F201Non-active general partners and non-active members of limited liability partnerships
Ss. 118ZE-118ZK and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 124(1)
118ZERestriction on relief for non-active partners
F189. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZFMeaning of “the aggregate amount”
F190. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZG“The individual’s contribution to the trade”
F191. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZH“A significant amount of time”
F192. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZICarry forward of unrelieved losses of non-active partners
F193. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18ZJCommencement: the first restricted year
F194. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZKTransitional provision for years after the first restricted year
F195. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F202Partnerships exploiting films
Ss. 118ZL, 118ZM and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 125
118ZLPartnerships exploiting films
F196. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZMPartnerships exploiting films: supplementary
F197. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F203Partners: meaning of “contribution to the trade”
Ss. 118ZN, 118ZO and preceding cross-heading inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 73(1)(5)
118ZNPartners: meaning of “contribution to the trade”
F198. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZOMeaning of “relevant loss” in section 118ZN
F199. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F242F215Chapter VIIA Paying and collecting agents
Pt. 4 Ch. 7A (ss. 118A-118K) inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 29 para. 1
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.
F204. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118B Paying agents.
F205. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118C Collecting agents.
F206. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118D Chargeable payments and chargeable receipts.
F207. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118E Deduction of tax from chargeable payments and chargeable receipts.
F208. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118F Accounting for tax on chargeable payments and chargeable receipts.
F209. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118G Relevant securities of eligible persons.
F210. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118H Relevant securities of eligible persons: administration.
F211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118I Deduction of tax at reduced rate.
F212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118J Prevention of double accounting.
F213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118K Regulations.
F214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VIII MISCELLANEOUS AND SUPPLEMENTAL
119 Rent etc. payable in connection with mines, quarries and similar concerns.
F216. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120 Rent etc. payable in respect of electric line wayleaves.
F217. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
121 Management expenses of owner of mineral rights.
F218. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122 Relief in respect of mineral royalties.
F219. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123 Foreign dividends.
F220. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124 Interest on quoted Eurobonds.
F221. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125F222Annual payments for dividends or non-taxable consideration
F223. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126 Treasury securities issued at a discount.
F224. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126A Charge to tax on appropriation of securities and bonds.
F225. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127 Enterprise allowance.
F226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127AF239 Futures and options: transactions with guaranteed returns.
F227. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128 Commodity and financial futures etc.: losses and gains.
1
F228. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2292
F230. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F230. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129 Stock lending.
F231. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129AF240 Stock lending: interest on cash collateral.
F232. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129BF241 Stock lending fees.
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 F233sections 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 F234any stock lending arrangement relating to investments which, but for any transfer under the arrangement, would be investments of that description.
F2354
In this section “stock lending arrangement” has the same meaning as in section 263B of the 1992 Act.
130F236Meaning of “investment company” in Part 4
M6In this Part of this Act F237—
F238. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“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 M7Trustee Savings Bank Act 1985, is a successor or a further successor to a trustee savings bank.
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)