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

for “£3,310” there shall be substituted “£3,540”.

for “£10,600” there shall be substituted “£11,400”,and

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

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

for “£1,895” there shall be substituted “£2,025”.

for “£10,600” there shall be substituted “£11,400”,and

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

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

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

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

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

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

the words “ employment to which Chapter II of Part V applies ”shall be substituted for the words from “director’s” to “section167)” in F177section 418(3)(a) of that Act;

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

on or after 6th April 1990 an individual makes a payment in respect of a premium under a contract of private medical insurance (whenever issued),

the contract meets the requirement in subsection (2) below as to the person or persons insured,

at the time the payment is made the contract is an eligible contract,

the individual making the payment does not make it out of resources provided by another person for the purpose of enabling it to be made, and

the individual making the payment is not entitled to claim any relief or deduction in respect of it under any other provision of the Tax Acts.

an individual who at the time the payment is made is aged 60 or over and resident in the United Kingdom,

individuals each of whom at that time is aged 60 or over and resident in the United Kingdom, or

two individuals who are married to each other at that time, at least one of whom is aged 60 or over at that time, and each of whom is resident in the United Kingdom at that time.

a payment is made in respect of a premium under a contract at a time when the contract meets the requirement in subsection (2) above by virtue of paragraph (c) of that subsection, and

a payment is made under the same contract at a time after one of the individuals has died and when the contract does not (apart from this subsection) meet the requirement in subsection (2) above by virtue only of the fact that the surviving spouse is not aged 60 or over at the time,

in accordance with subsections (3A) to (3C) below, and

only on a claim made for the purpose.

the amount found under subsection (3B) below, and

the amount which reduces his liability to nil.

taking the amount of the payment referred to in subsection (3A) above or (as the case may be) the aggregate amount of the payments there referred to, and

finding an amount equal to tax on the amount taken under paragraph (a) above at the basic rate for the year of assessment concerned.

any income tax reduction under Chapter I of Part VII of the Taxes Act 1988 or under section 347B of that Act;

any income tax reduction under section 353(1A) of the Taxes Act 1988;

any relief by way of a reduction of liability to tax which is given in accordance with any arrangements having effect by virtue of section 788 of the Taxes Act 1988 or by way of a credit under section 790(1) of that Act;

any tax at the basic rate on so much of that person’s income as is income the income tax on which he is entitled to charge against any other person or to deduct, retain or satisfy out of any payment.

shall accept the amount paid after deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made, and

may, on making a claim F35in accordance with regulations, recover from the Board an amount equal to the amount deducted.

an individual who has made a payment in respect of a premium under a contract of private medical insurance shall cease to be and be treated as not having been entitled to relief under subsection (3) above; and

he or the person to whom the payment was made (depending on the terms of the regulations) shall account to the Board for tax from which relief has been given on the basis that the individual was so entitled.

references to a premium, in relation to a contract of insurance, are to any amount payable under the contract to the insurer, and

references to an individual who is resident in the United Kingdom at anytime include references to an individual who is at that time performing duties which are treated by virtue of section 132(4)(a) of the Taxes Act 1988 as performed in the United Kingdom.

it was entered into by an insurer who at the time it was entered into was a qualifying insurer and was approved by the Board for the purposes of this section,

the period of insurance under the contract does not exceed one year(commencing with the date it was entered into),

at the relevant time the contract satisfies the conditions set out in subsection (2A) below,

the contract is not one in the case of which subsection (2D) below applies,

the contract is not connected with any other contract at the relevant time and has not been connected with any other contract at any time since it was entered into, F38and

no benefit has been provided by virtue of the contract other than an approved benefit, F39and

the contract meets one or more of the three conditions set out below.

the contract either provides indemnity in respect of all or any of the costs of all or any of the treatments, medical services and other matters for the time being specified in regulations made by the Treasury, or in addition to providing indemnity of that description provides cash benefits falling within rules for the time being so specified,

the contract does not confer any right other than such a right as is mentioned in paragraph (a) above or is for the time being specified in regulations made by the Treasury,

the premium under the contract is reasonable, and

the contract satisfies such other requirements as are for the time being specified in regulations made by the Treasury.

at the relevant time the contract confers a material right, or more than one such right, but

the total cost to the insurer of providing benefits in pursuance of the material right or (as the case may be) in pursuance of all the material rights would not exceed the prescribed sum,

is not a right such as is mentioned in subsection (2A)(a) above or such as is for the time being specified in regulations made under subsection (2A)(b) above, and

is not a right to a cash benefit.

at least one other contract is entered into which is a contract (a collateral contract) under which a benefit is provided in consideration of the insured’s entering into the main contract, and

the cost to the insurer of fulfilling his obligations under the collateral contract (or, if there is more than one collateral contract, of fulfilling his obligations under all of them) exceeds the prescribed sum.

which were (at the time the contract was entered into) certified by the Board as compatible with an eligible contract when made to that standard form, and

which (at that time) satisfied any conditions subject to which the additions were so certified.

they are simultaneously in force at that time,

either of them was entered into with reference to the other, or with a view to enabling the other to be entered into on particular terms, or with a view to facilitating the other being entered into on particular terms, and

the terms on which either of them was entered into would have been significantly less favourable to the insured if the other had not been entered into.

an insurer lawfully carrying on in the United Kingdom business of any of the classes specified in Part I of Schedule 2 to the M8Insurance Companies Act 1982;

an insurer not carrying on business in the United Kingdom but carrying on business in another member State and being either a national of a member State or a company or partnership formed under the law of any part of the United Kingdom or another member State and having its registered office, central administration or principal place of business in a member State.

mentioned in subsection (2A)(a) above, or

for the time being specified in regulations made under subsection (2A)(b) above.

it is a single benefit provided otherwise than as mentioned in subsection (9) above and the cost to the insurer of providing it does not exceed the prescribed sum, or

it is one of a number of benefits provided otherwise than as mentioned in subsection (9) above and the total cost to the insurer of providing the benefits does not exceed the prescribed sum.

the contract either provides indemnity in respect of all or any of the costs of all or any of the treatments, medical services and other matters for the time being specified in regulations made by the Treasury, or in addition to providing indemnity of that description provides cash benefits falling within rules for the time being so specified,

the contract does not confer any right other than such a right as is mentioned in paragraph (a) above or is for the time being specified in regulations made by the Treasury,

the premium under the contract is in the Board’s opinion reasonable, and

the contract satisfies such other requirements as are for the time being specified in regulations made by the Treasury.

the insurer, or

any person who (if the policy were certified) would be entitled to relief under section 54 above.

provide that a claim under section 54(3) or (6)(b) above shall be made in such form and manner, shall be made at such time, and shall be accompanied by such documents, as may be prescribed;

make provision for and with respect to appeals against a decision of an officer of the Board or the Board with respect to a claim under section 54(6)(b) above;

make provision, in relation to payments in respect of which a person is entitled to relief under section 54 above, for the giving by insurers in such circumstances as may be prescribed of certificates of payment in such form as may be prescribed to such persons as may be prescribed;

provide that a person who provides (or has at any time provided) insurance under contracts of private medical insurance shall comply with any notice which is served on him by the Board and which requires him within a prescribed period to make available for the Board’s inspection documents (of a prescribed kind) relating to such contracts;

provide that persons of such a description as may be prescribed shall, within a prescribed period of being required to do so by the Board, furnish to the Board information (of a prescribed kind) about contracts of private medical insurance;

make provision with respect to the approval of insurers for the purposes of section 55 above and the withdrawal of approval for the purposes of that section;

make provision for and with respect to appeals against decisions of the Board with respect to the giving or withdrawal of approval of insurers for the purposes of section 55 above;

make provision with respect to the certification by the Board of standard forms of eligible contract and variations from standard forms of eligible contract certified by them;

make provision for and with respect to appeals against decisions of the Board with respect to the certification of standard forms of eligible contractor variations from standard forms of eligible contract certified by them;

provide that certification, or the revocation of a certification, under section 56 above shall be carried out in such form and manner as may be prescribed;

make provision with respect to appeals against decisions of the Board with respect to certification or the revocation of certification under section 56 above;

make provision generally as to administration in connection with sections 54 to 56 above.

section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;

section 30 (tax repaid in error etc.) F48apart from subsection (1B),

F49section 86 (interest), and

section 95 (incorrect return or accounts),

in a case where the person falling within section 54(6) above has made any interim claim, within the meaning of regulations made under subsection (1) and section 54(4) above, as respects some part of the year of assessment for which the assessment is made, is 1st January in that year of assessment; and

a company expends a sum in making a payment by way of contribution to the trustees of a trust which is a qualifying employee share ownership trust at the time the sum is expended,

at that time, the company or a company which it then controls has employees who are eligible to benefit under the terms of the trust deed,

at that time the company is resident in the United Kingdom,

before the expiry of the expenditure period the sum is expended by the trustees for one or more of the qualifying purposes, and

before the end of the claim period a claim for relief under this section is made.

shall be deducted in computing for the purposes of Schedule D the F57profits of a trade carried on by the company,

if the company is an investment company, shall be treated as expenses of management, or

if the company is a company in relation to which the I - E rules apply and the sum is referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to the company's basic life assurance and general annuity business, shall be treated for the purposes of section 76 of that Act as ordinary BLAGAB management expenses of the company.

the acquisition of shares in the company which established the trust;

the repayment of sums borrowed;

the payment of interest on sums borrowed;

the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

the meeting of expenses.

the trustees shall be treated as receiving, when the event occurs, F206income of an amount that is equal to the chargeable amount (within the meaning of section 70 below),

that income shall be chargeable to income tax for the year of assessment in which the event occurs,

the tax so chargeable shall be charged on the full amount of the income the trustees are treated as receiving in the year of assessment F218, and

the trustees are liable for any tax so chargeable, F219...

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any interest which is due on the tax or the part (as the case may be) and has not been paid by the trustees, and

any interest accruing due on the tax or the part (as the case may be)after the date of service,

the company which established the employee share ownership trust;

any company falling within subsection (7) below.

it has paid a sum to the trustees, and

the sum has been deducted as mentioned in section 67(2)(a) above or treated as mentioned in section 67(2)(b) above.

the transfer of securities by the trustees, if the transfer is not a qualifying transfer;

the transfer of securities by the trustees to persons who are at the time of the transfer beneficiaries under the terms of the trust deed, if the terms on which the transfer is made are not qualifying terms;

the retention of securities by the trustees at the expiry of the F58qualifying period beginning with the date on which they acquired them;

the expenditure of a sum by the trustees for a purpose other than a qualifying purpose.

it is made to the trustees of a scheme which at the time of the transfer is a profit sharing scheme approved under Schedule 9 to the Taxes Act 1988, and

it is made for a consideration which is not less than the price the securities might reasonably be expected to fetch on a sale in the open market.

it is a transfer of relevant shares made to the trustees of the plan trust of F184a share incentive plan,

the plan is approved under F185Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 when the transfer is made, and

the consideration (if any) for which the transfer is made does not exceed the market value of the shares.

the trustees transfer or dispose of part of a holding of shares (whether by way of a qualifying transfer or otherwise), and

the holding includes any relevant shares,

“ original funds ” means any money held by the trustees of the employee share ownership trust in a bank or building society account at midnight on 20th March 2000, and

any payment made by the trustees after that time (whether to acquire shares or otherwise) shall be treated as made out of original funds (and not out of money received after that time) until those funds are exhausted.

all the securities transferred at the same time F62other than those transferred on a transfer such as is mentioned in subsection (4ZA) below are transferred on similar terms,

securities have been offered to all the persons who are beneficiaries under the terms of the trust deed F63by virtue of a rule which conforms with paragraph 4(2), (3) or (4) of Schedule 5 to this Act when the transfer is made, and

securities are transferred to all such F64persons who have accepted.

it is made to a person exercising a right to acquire shares, and

that right is being exercised in accordance with the provisions of that scheme, and

the consideration for the transfer is payable to the trustees.

seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;

twenty years, in the case of other trusts;

the acquisition of shares in the company which established the trust;

the repayment of sums borrowed;

the payment of interest on sums borrowed;

the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

the meeting of expenses.

beginning with the qualifying transfer mentioned in that paragraph, and

ending nine months after the end of the period of account in which that qualifying transfer took place.

For this purpose the period of account means the period of account of the company that established the employee share ownership trust.

acquire securities when they become entitled to them (subject to the exceptions in subsection (9) below);

transfer securities to another person when that other becomes entitled to them;

retain securities if they remain entitled to them.

if securities are issued to trustees in exchange in circumstances mentioned in section F69135(1) of the Taxation of Chargeable Gains Act 1992, they shall be treated as having acquired them when they became entitled to the securities for which they are exchanged;

if trustees become entitled to securities as a result of a reorganisation, they shall be treated as having acquired them when they became entitled to the original shares which those securities represent (construing “reorganisation” and “original shares” in accordance with section F69126 of that Act).

shares;

debentures.

if the event constitutes a disposal of the securities by the trustees for the purposes of the F70Taxation of Chargeable Gains Act 1992, the chargeable amount is an amount equal to the sums allowable under section F7038(1)(a) and (b) of that Act;

if the event does not constitute such a disposal, the chargeable amount is an amount equal to the sums which would be so allowable had the trustees made a disposal of the securities for the purposes of that Act at the time the chargeable event occurs.

the amount of the consideration received for the qualifying transfer mentioned in section 69(1)(e) above, less

the amount of any expenditure by the trustees for a qualifying purpose during the period mentioned in section 69(5A) above.

a chargeable event (within the meaning of section 69 above) occurs in relation to the trustees of an employee share ownership trust,

at the time the event occurs anything is outstanding in respect of the principal of an amount or amounts borrowed at any time by the trustees, and

the chargeable event is one as regards which section 72(2)(b) below applies.

“the initial chargeable event” means the event referred to in subsection (1)(a) above, and

“the total outstanding amount” means the total amount outstanding, at the time the initial chargeable event occurs, in respect of the principal of an amount or amounts borrowed at any time by the trustees.

the trustees shall be treated as receiving, when the further event occurs, F208income of an amount that is equal to the chargeable amount,

that income shall be chargeable to income tax for the year of assessment at the end of which the further event occurs,

the tax so chargeable shall be charged on the full amount of the income the trustees are treated as receiving in the year of assessment F220, and

the trustees are liable for any tax so chargeable, F221...

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the aggregate of the total outstanding amount repaid in the year of assessment, and

an amount found by applying the formula A-B-C.

A is the amount which would be the chargeable amount for the initial chargeable event apart from section 72(2) below,

B is the chargeable amount for the initial chargeable event, and

C is the amount (if any) found under subsection (8) below.

a chargeable event (within the meaning of section 69 above) occurs in relation to the trustees in circumstances mentioned in subsection (1) above,

a sum falls to be included in the total outstanding amount found for the time the event occurs,

another chargeable event (within the meaning of that section) occurs in relation to the trustees in circumstances mentioned in subsection (1) above, and

the same sum or a part of it would (apart from this subsection) fall to be included in the total outstanding amount found for the time the event occurs,

an event which is a chargeable event by virtue of section 69 above;

an event which is a chargeable event by virtue of section 71 above.

the amount which would (apart from this subsection) be the chargeable amount for the event in question shall be aggregated, for the purposes of paragraph (b) below, with the chargeable amounts for other chargeable events(if any) occurring in relation to the trustees before the event in question,

if the amount which would (apart from this subsection) be the chargeable amount for the event in question (or the aggregate found under paragraph (a)above, if there is one) exceeds the deductible amount, the chargeable amount for the event in question shall be the amount it would be apart from this subsection less an amount equal to the excess, and

section 70(2) and (3) and section 71(5) above shall have effect subject to paragraph (b) above.

it has been deducted as mentioned in section 67(2)(a) above, or treated as mentioned in section 67(2)(b) above, before the occurrence of that event, or

it would fall to be so deducted or treated if a claim for relief under section 67 above had been made immediately before the occurrence of that event.

sums received (including sums borrowed) by the trustees;

expenditure incurred by them;

assets acquired by them;

transfers of assets made by them.

that a sum has been so deducted or so treated, and

what sum has been so deducted or so treated.