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Textual Amendments
F1S. 38 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 3(1)
F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)In subsection (12), paragraphs (b) and (e) and the word “and" immediately preceding paragraph (e) shall cease to have effect.
F3(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10)This section has effect in relation to—
(a)gifts made on or after 6th April 2000 which are not covenanted payments; and
(b)covenanted payments falling to be made on or after that date;
and any regulations made under subsection (3) of section 25 of the M1Finance Act 1990 (as substituted by subsection (4) above) within three months of the passing of this Act may be so made as to apply to any payments in relation to which this section has effect.
Textual Amendments
F2S. 39(1)-(6) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F3S. 39(8)(9) omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(k)
Marginal Citations
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Textual Amendments
F4S. 40 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
F5(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)In section 347A of that Act (annual payments and interest: general rule), subsections (2)(b), (7) and (8) shall cease to have effect.
F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In subsection (6) of section 505 of that Act (charities: general), the words “and, for this purpose, all covenanted payments to charity (within the meaning of section 347A(7)) shall be treated as a single item” shall cease to have effect.
F7(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Section 59 of the M2Finance Act 1989 (covenanted subscriptions) shall cease to have effect.
(8)Where a deed of covenant executed by an individual before 6th April 2000 provides for the payment of specified amounts, any amount payable under the deed on or after that date shall be determined as if the individual were entitled to deduct tax from that amount at the basic rate.
(9)This section shall have effect in relation to covenanted payments—
(a)falling to be made by individuals on or after 6th April 2000; or
(b)made by companies on or after 1st April 2000.
Textual Amendments
F5S. 41(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
F6S. 41(3)(4) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F7S. 41(6) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
Marginal Citations
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Textual Amendments
F8S. 42 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 2(2)(b)
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Textual Amendments
F9S. 43 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
F10(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F11(5A)This section applies if—
(a)in a year of assessment qualifying income arises under a UK settlement,
(b)the qualifying income consists of charitable income and non-charitable income, and
(c)expenses of the trustees are to be used to reduce the charitable income for the purpose of calculating a beneficiary's liability to corporation tax.
(5B)The amount of those expenses which can used for that purpose is limited to the amount allocated to the charitable income.
(5C)The amount of the expenses allocated to the charitable income is determined by apportioning them rateably between the charitable income and the non-charitable income.
(5D)In this section—
“charitable income” means income within section 628(1) or 630(1) of ITTOIA 2005,
“non-charitable income” means income which is not charitable income, and
“qualifying income” and “UK settlement” have the same meaning as in section 628 of ITTOIA 2005.]
(6)This section has effect in relation to qualifying income arising to a UK trust on or after 6th April 2000.
Textual Amendments
F10S. 44(1)-(3) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 512(2), Sch. 3 (with Sch. 2)
F11S. 44(5A)-(5D) substituted for s. 44(4)(5) (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 391 (with Sch. 2)
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Textual Amendments
F12S. 45 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 513, Sch. 3 (with Sch. 2)
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Textual Amendments
F13S. 46 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 309, Sch. 3 Pt. 1 (with Sch. 2)