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Finance Act 2004

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  1. Introductory Text

  2. Part 1 Excise duties

    1. Tobacco products duty

      1. 1.Rates of tobacco products duty

    2. Alcoholic liquor duties

      1. 2.Rate of duty on beer

      2. 3.Rates of duty on wine and made-wine

      3. 4.Duty stamps for spirits etc

    3. Hydrocarbon oil etc duties

      1. 5.Rates

      2. 6.Road fuel gas

      3. 7.Sulphur-free fuel

      4. 8.Definition of “fuel oil”

      5. 9.Mixing of rebated oil

      6. 10.Bioethanol

      7. 11.Biodiesel

      8. 12.Fuel substitutes

      9. 13.Warehousing

      10. 14.Treatment of certain energy products

    4. Betting and gaming duties

      1. 15.General betting duty: pool betting

      2. 16.Rates of gaming duty

    5. Amusement machine licence duty

      1. 17.Amusement machine licence duty: rates

    6. Vehicle excise duty

      1. 18.Fee for payment of duty by credit card

  3. Part 2 Value added tax

    1. 19.Disclosure of VAT avoidance schemes

    2. 20.Groups

    3. 21.Reverse charge on gas and electricity supplied by persons outside UK

    4. 22.Use of stock in trade cars for consideration less than market value

  4. Part 3 Income tax, corporation tax and capital gains tax

    1. Chapter 1 Income tax and corporation tax charge and rate bands

      1. Income tax

        1. 23.Charge and rates for 2004-05

        2. 24.Personal allowances for those aged 65 or more

      2. Corporation tax

        1. 25.Charge and main rate for financial year 2005

        2. 26.Small companies' rate and fraction for financial year 2004

        3. 27.Corporation tax starting rate and fraction for financial year 2004

        4. 28.The non-corporate distribution rate

      3. Trusts

        1. 29.Special rates of tax applicable to trusts

    2. Chapter 2 Corporation tax: general

      1. Transfer pricing

        1. 30.Provision not at arm’s length: transactions between UK taxpayers etc

        2. 31.Exemptions for dormant companies and small and medium-sized enterprises

        3. 32.Special applications of paragraph 6 of Schedule 28AA to the Taxes Act 1988

      2. Penalties: temporary relaxation

        1. 33.Provision not at arm’s length: temporary relaxation of liability to penalty

      3. Thin capitalisation

        1. 34.Payments of excessive interest etc

        2. 35.Elimination of double counting etc

        3. 36.Balancing payments and elections to pay tax instead

      4. Transfer pricing and thin capitalisation: commencement

        1. 37.Commencement and transitional provisions

      5. Expenses of companies with investment business and insurance companies

        1. 38.Expenses of management: companies with investment business

        2. 39.Accounting period to which expenses of management are referable

        3. 40.Expenses of insurance companies

        4. 41.Related amendments to other enactments

        5. 42.Commencement of sections 38 to 41

        6. 43.Companies with investment business: transitional provisions

        7. 44.Insurance companies: transitional provisions

      6. Amounts reversing expenses of management deducted

        1. 45.Amounts reversing expenses of management deducted: charge to tax

      7. Power to make consequential amendments

        1. 46.Power to make consequential amendments

      8. Insurance companies: miscellaneous

        1. 47.Insurance companies etc.

      9. Loan relationships and derivative contracts

        1. 48.Loan relationships: miscellaneous amendments

        2. 49.Derivative contracts: miscellaneous amendments

      10. Accounting practice

        1. 50.Generally accepted accounting practice

        2. 51.Use of different accounting practices within a group of companies

        3. 52.Amendment of enactments that operate by reference to accounting practice

        4. 53.Treatment of expenditure on research and development

        5. 54.Trading profits etc. from securities: taxation of amounts taken to reserves

      11. Miscellaneous

        1. 55.Duty of company to give notice of coming within charge to corporation tax

        2. 56.Relief for community amateur sports clubs

    3. Chapter 3 Construction industry scheme

      1. Introduction

        1. 57.Introduction

        2. 58.Sub-contractors

        3. 59.Contractors

      2. Deductions on account of tax from contract payments to sub-contractors

        1. 60.Contract payments

        2. 61.Deductions on account of tax from contract payments

        3. 62.Treatment of sums deducted

      3. Registration of sub-contractors

        1. 63.Registration for gross payment or for payment under deduction

        2. 64.Requirements for registration for gross payment

        3. 65.Change in control of company registered for gross payment

        4. 66.Cancellation of registration for gross payment

        5. 67.Registration for gross payment: appeals

        6. 68.Registration for payment under deduction: cancellation and appeals

      4. Verification, returns etc and penalties

        1. 69.Verification etc of registration status of sub-contractors

        2. 70.Periodic returns by contractors etc

        3. 71.Collection and recovery of sums to be deducted

        4. 72.Penalties

      5. Supplementary

        1. 73.Regulations under this Chapter: supplementary

        2. 73A.Designated international organisations: exemption from section 59

        3. 74.Meaning of “construction operations”

        4. 75.Meaning of “the Inland Revenue” etc and delegation of Board’s functions

        5. 76.Consequential amendments

        6. 77.Commencement and transitional provision

    4. Chapter 4 Personal taxation

      1. Taxable benefits

        1. 78.Childcare and childcare vouchers

        2. 79.Exemption for loaned computer equipment

        3. 80.Vans

        4. 81.Emergency vehicles

        5. 82.European travel expenses of MPs and other representatives

      2. Gift aid

        1. 83.Giving through the self-assessment return

      3. Gifts with a reservation

        1. 84.Charge to income tax by reference to enjoyment of property previously owned

      4. Employment-related securities and options

        1. 85.Relief where national insurance contributions met by employee

        2. 86.Shares in employee-controlled companies and unconnected companies

        3. 87.Restricted securities with artificially depressed value

        4. 88.Shares under approved plans and schemes

        5. 89.Shares acquired on public offer

        6. 90.Associated persons etc.

      5. Miscellaneous

        1. 91.Income of spouses: jointly held property

        2. 92.Minor amendments of or connected with ITEPA 2003

    5. Chapter 5 Enterprise incentives

      1. 93.Enterprise investment scheme

      2. 94.Venture capital trusts

      3. 95.Corporate venturing scheme

      4. 96.Enterprise management incentives: subsidiaries

    6. Chapter 6 Exemption from income tax for certain interest and royalty payments

      1. Introductory

        1. 97.Introductory

      2. Exemption from income tax

        1. 98.Exemption from income tax for certain interest and royalty payments

        2. 99.Permanent establishments and “25% associates”

      3. Exemption notices

        1. 100.Interest payments: exemption notices

      4. Payment without deduction

        1. 101.Payment of royalties without deduction at source

        2. 102.Claim for tax deducted at source from exempt interest or royalty payments

      5. Special relationships and anti-avoidance

        1. 103.Special relationships

        2. 104.Anti-avoidance

      6. Supplementary

        1. 105.Consequential amendments

        2. 106.Transitional provision

    7. Chapter 7 Savings income: double taxation arising from withholding tax

      1. Introductory

        1. 107.Introductory

      2. Credit etc for special withholding tax

        1. 108.Income tax credit etc for special withholding tax

        2. 109.Capital gains tax credit etc for special withholding tax

        3. 110.Credit under Part 18 of Taxes Act 1988 to be allowed first

      3. Computation of income etc

        1. 111.Computation of income etc subject to special withholding tax only

        2. 112.Computation of income etc subject to foreign tax and special withholding tax

      4. Certificates to avoid levy of special withholding tax

        1. 113.Issue of certificate

        2. 114.Refusal to issue certificate and appeal against refusal

      5. SupplementaryM

        1. 115.Supplementary

    8. Chapter 8 Chargeable gains

      1. 116.Restriction of gifts relief etc

      2. 117.Private residence relief

      3. 118.Authorised unit trusts: treatment of umbrella schemes

    9. Chapter 9 Avoidance involving loss relief or partnership

      1. Individuals benefited by film relief

        1. 119.Individuals benefited by film relief

        2. 120.“Disposal of a right of the individual to profits arising from the trade”

        3. 121.“The losses claimed” and “the individual’s capital contribution to the trade”

        4. 122.Computing the chargeable amount

        5. 122A.Partners: meaning of “capital contribution to the trade”

        6. 123.“Film-related losses” and “non-taxable consideration”

      2. Individuals in partnership: restriction of relief

        1. 124.Restriction of relief: non-active partners

        2. 125.Partnerships exploiting films

      3. Individuals in partnership: exit charge

        1. 126.Losses derived from exploiting licence: introductory

        2. 127.Charge to income tax

        3. 128.Definitions for purposes of section 127

        4. 129.Disposals to which section 126 applies

        5. 130.“A significant amount of time”

      4. Companies in partnership

        1. 131.Companies in partnership

        2. 132.Companies in partnership: supplementary

        3. 133.Relationship with chargeable gains

    10. Chapter 10 Avoidance: miscellaneous

      1. 134.Finance leasebacks

      2. 135.Rent factoring of leases of plant or machinery

      3. 136.Manufactured dividends

      4. 137.Manufactured payments under arrangements having an unallowable purpose

      5. 138.Gilt strips

      6. 139.Gifts of shares, securities and real property to charities etc

      7. 140.Life policies etc.: restriction of corresponding deficiency relief

    11. Chapter 11 Miscellaneous

      1. Reliefs for business

        1. 141.Relief for research and development: software and consumable items

        2. 142.Temporary increase in amount of first-year allowances for small enterprises

        3. 143.Deduction for expenditure by landlords on energy-saving items

        4. 144.Lloyd’s names: conversion to limited liability underwriting

      2. Offshore matters

        1. 145.Offshore funds

        2. 146.Meaning of “offshore installation”

      3. Health

        1. 147.Immediate needs annuities

        2. 148.Corporation tax: health service bodies

  5. Part 4 Pension schemes etc

    1. Chapter 1 Introduction

      1. Introductory

        1. 149.Overview of Part 4

      2. Main concepts

        1. 150.Meaning of “pension scheme”

        2. 151.Meaning of “member”

        3. 152.Meaning of “arrangement”

    2. Chapter 2 Registration of pension schemes

      1. Registration

        1. 153.Registration of pension schemes

        2. 154.Persons by whom registered pension scheme may be established

        3. 155.Persons by whom scheme may be established: supplementary

        4. 156.Appeal against decision not to register

      2. De-registration

        1. 157.De-registration

        2. 158.Grounds for de-registration

        3. 159.Appeal against decision to de-register

    3. Chapter 3 Payments by registered pension schemes

      1. Introductory

        1. 160.Payments by registered pension schemes

        2. 161.Meaning of “payment” etc

        3. 162.Meaning of “loan”

        4. 163.Meaning of “borrowing” etc

      2. Authorised member payments

        1. 164.Authorised member payments

        2. 165.Pension rules

        3. 166.Lump sum rule

        4. 167.Pension death benefit rules

        5. 168.Lump sum death benefit rule

        6. 169.Recognised transfers

        7. 170.Appeal against decision to exclude recognised overseas pension scheme

        8. 171.Scheme administration member payments

      3. Unauthorised member payments

        1. 172.Assignment

        2. 172A.Surrender

        3. 172B.Increase in rights of connected person on death

        4. 172C.Allocation of unallocated employer contributions

        5. 172D.Limit on increase in benefits

        6. 173.Benefits

        7. 174.Value shifting

        8. 174A.Taxable property held by investment-regulated pension schemes

      4. Authorised employer payments

        1. 175.Authorised employer payments

        2. 176.Public service scheme payment

        3. 177.Authorised surplus payment

        4. 178.Compensation payments

        5. 179.Authorised employer loan

        6. 180.Scheme administration employer payments

      5. Unauthorised employer payments

        1. 181.Value shifting

      6. Borrowing

        1. 182.Unauthorised borrowing: money purchase arrangements

        2. 183.Effect of unauthorised borrowing: money purchase arrangements

        3. 184.Unauthorised borrowing: other arrangements

        4. 185.Effect of unauthorised borrowing: other arrangements

      7. Income and gains from taxable property

        1. 185A.Income from taxable property

        2. 185B.Annual profits and deemed profits

        3. 185C.Deemed market value

        4. 185D.Apportionment to pension scheme

        5. 185E.Credit for tax paid

        6. 185F.Gains from taxable property

        7. 185G.Disposal by person holding directly

        8. 185H.Disposal of interest in vehicle

        9. 185I.Credit for tax paid

    4. Chapter 4 Registered pension schemes: tax reliefs and exemptions

      1. Scheme investments

        1. 186.Income

        2. 187.Chargeable gains

      2. Members' contributions

        1. 188.Relief for contributions

        2. 189.Relevant UK individual

        3. 190.Annual limit for relief

        4. 191.Methods of giving relief

        5. 192.Relief at source

        6. 193.Relief under net pay arrangements

        7. 194.Relief on making of claim

        8. 195.Transfer of certain shares to be treated as payment of contribution

      3. Employers' contributions

        1. 196.Relief for employers in respect of contributions paid

        2. 196A.Power to restrict relief

        3. 197.Spreading of relief

        4. 198.Spreading of relief: cessation of business

        5. 199.Deemed contributions

        6. 200.No other relief for employers in connection with contributions

        7. 201.Relief for employees

      4. Inland Revenue contributions

        1. 202.Minimum contributions under pensions legislation

      5. Inheritance tax exemptions

        1. 203.Inheritance tax exemptions

    5. Chapter 5 Registered pension schemes: tax charges

      1. Charges on authorised payments

        1. 204.Authorised pensions and lump sums

        2. 205.Short service refund lump sum charge

        3. 206.Special lump sum death benefits charge

        4. 207.Authorised surplus payments charge

      2. Unauthorised payments charge

        1. 208.Unauthorised payments charge

        2. 209.Unauthorised payments surcharge

        3. 210.Surchargeable unauthorised member payments

        4. 211.Valuation of crystallised rights for purposes of section 210

        5. 212.Valuation of uncrystallised rights for purposes of section 210

        6. 213.Surchargeable unauthorised employer payments

      3. Lifetime allowance charge

        1. 214.Lifetime allowance charge

        2. 215.Amount of charge

        3. 216.Benefit crystallisation events and amounts crystallised

        4. 217.Persons liable to charge

        5. 218.Individual’s lifetime allowance and standard lifetime allowance

        6. 219.Availability of individual’s lifetime allowance

        7. 220.Pension credits from previously crystallised rights

        8. 221.Non-residence: general

        9. 222.Non-residence: money purchase arrangements

        10. 223.Non-residence: other arrangements

        11. 224.Transfers from recognised overseas pension scheme: general

        12. 225.Overseas scheme transfers: money purchase arrangements

        13. 226.Overseas scheme transfers: other arrangements

      4. Annual allowance charge

        1. 227.Annual allowance charge

        2. 228.Annual allowance

        3. 229.Total pension input amount

        4. 230.Cash balance arrangements

        5. 231.Cash balance arrangements: uprating of opening value

        6. 232.Cash balance arrangements: adjustments of closing value

        7. 233.Other money purchase arrangements

        8. 234.Defined benefits arrangements

        9. 235.Defined benefits arrangements: uprating of opening value

        10. 236.Defined benefits arrangements: adjustments of closing value

        11. 237.Hybrid arrangements

        12. 238.Pension input period

      5. Scheme sanction charge

        1. 239.Scheme sanction charge

        2. 240.Amount of charge

        3. 241.Scheme chargeable payment

      6. De-registration charge

        1. 242.De-registration charge

    6. Chapter 6 Schemes that are not registered pension schemes

      1. Non-UK schemes

        1. 243.Overseas pension schemes: migrant member relief

        2. 244.Non-UK schemes: application of certain charges

      2. Employer-financed retirement benefit schemes

        1. 245.Restriction of deduction for contributions by employer

        2. 246.Restriction of deduction for non-contributory provision

        3. 246A.Case where no relief for provision by an employer

        4. 247.Abolition of income tax charge in respect of employer payments

        5. 248.Employer’s cost of insuring against non-payment of benefit

        6. 249.Taxation of non-pension benefits

    7. Chapter 7 Compliance

      1. Information

        1. 250.Registered pension scheme return

        2. 251.Information: general requirements

        3. 252.Notices requiring documents or particulars

        4. 253.Appeal against notices

      2. Accounting and assessment

        1. 254.Accounting for tax by scheme administrators

        2. 255.Assessments under this Part

      3. Payment

        1. 255A.Electronic payment

        2. 255B.Payments to be cleared payments

      4. Registration regulations

        1. 256.Enhanced lifetime allowance regulations

      5. Penalties

        1. 257.Registered pension scheme return

        2. 258.Information required by regulations

        3. 259.Documents and particulars required by notice

        4. 260.Accounting return

        5. 261.Enhanced lifetime allowance regulations: documents and information

        6. 262.Enhanced lifetime allowance regulations: failures to comply

        7. 263.Lifetime allowance enhanced protection: benefit accrual

        8. 264.False statements etc

        9. 265.Winding-up to facilitate payment of lump sums

        10. 266.Transfers to insured schemes

      6. Relief from liability in respect of returned unauthorised member payments

        1. 266A.Member's liability

        2. 266B.Scheme's liability

      7. Discharge of tax liability: good faith

        1. 267.Lifetime allowance charge

        2. 268.Unauthorised payments surcharge and scheme sanction charge

        3. 269.Appeal against decision on discharge of liability

      8. Scheme administrator

        1. 270.Meaning of “scheme administrator”

        2. 271.Liability of scheme administrator

        3. 272.Trustees etc. liable as scheme administrator

        4. 273.Members liable as scheme administrator

        5. 273ZA.Income and gains from taxable property

        6. 273A.Insurance company liable as scheme administrator

        7. 274.Supplementary

    8. Chapter 8 Supplementary

      1. Interpretation

        1. 274A.Power to split schemes

        2. 275.Insurance company

        3. 276.Relevant valuation factor

        4. 277.Valuation assumptions

        5. 278.Market value

        6. 279.Other definitions

        7. 280.Abbreviations and general index

      2. Other supplementary provisions

        1. 281.Minor and consequential amendments

        2. 282.Orders and regulations

        3. 283.Transitionals and savings

        4. 284.Commencement

  6. Part 5 Oil

    1. 285.Certain receipts not to be tariff receipts

    2. 286.Petroleum extraction activities: exploration expenditure supplement

    3. 287.Restrictions on expenditure allowable

    4. 288.Terminal losses

  7. Part 6 Other taxes

    1. Climate change levy

      1. 289.Supplies to producers of commodities

    2. Aggregates levy

      1. 290.Transitional tax credit in Northern Ireland: changes to existing scheme

      2. 291.Transitional tax credit in Northern Ireland: new scheme

    3. Lorry road-user charge

      1. 292.Lorry road-user charge

    4. Inheritance tax

      1. 293.Delivery of accounts etc

      2. 294.Grant of probate

      3. 295.Amendments to penalty regime

    5. Stamp duty land tax and stamp duty

      1. 296.Miscellaneous amendments

    6. Stamp duty land tax

      1. 297.Leases

      2. 298.Notification, registration and penalties

      3. 299.Claims not included in returns

      4. 300.Assents and appropriations by personal representatives

      5. 301.Chargeable consideration

      6. 302.Charities relief

      7. 303.Shared ownership leases

      8. 304.Application to certain partnership transactions

      9. 305.Liability of partners

  8. Part 7 Disclosure of tax avoidance schemes

    1. 306.Meaning of “notifiable arrangements” and “notifiable proposal”

    2. 307.Meaning of “promoter”

    3. 308.Duties of promoter

    4. 309.Duty of person dealing with promoter outside United Kingdom

    5. 310.Duty of parties to notifiable arrangements not involving promoter

    6. 311.Arrangements to be given reference number

    7. 312.Duty of promoter to notify client of number

    8. 313.Duty of parties to notifiable arrangements to notify Board of number, etc.

    9. 314.Legal professional privilege

    10. 315.Penalties

    11. 316.Information to be provided in form and manner specified by Board

    12. 317.Regulations under Part 7

    13. 318.Interpretation of Part 7

    14. 319.Part 7: commencement and savings

  9. Part 8 Miscellaneous matters

    1. 320.Exclusion of extended limitation period in England, Wales and Northern Ireland

    2. 321.Exclusion of extended prescriptive period in Scotland

    3. 322.Mutual assistance: customs union with the Principality of Andorra

    4. 323.Ending of shipbuilders' relief

    5. 324.Government borrowing: preparations for possible adoption of Euro

    6. 325.Premium bonds

  10. Part 9 Supplementary provisions

    1. 326.Repeals

    2. 327.Interpretation

    3. 328.Short title

  11. SCHEDULES

    1. SCHEDULE 1

      New Schedule 2A to the Alcoholic Liquor Duties Act 1979

      1. The Schedule inserted before Schedule 3 to the Alcoholic Liquor...

    2. SCHEDULE 2

      Disclosure of value added tax avoidance schemes

      1. Part 1 Principal amendments of Value Added Tax Act 1994

        1. 1.After section 58 of the Value Added Tax Act 1994...

        2. 2.After Schedule 11 to that Act insert— SCHEDULE 11A Disclosure...

      2. Part 2 Consequential amendments

        1. 3.In section 70 of the Value Added Tax Act 1994...

        2. 4.In section 83 of that Act (appeals) after paragraph (z)...

        3. 5.(1) Section 84 of that Act (further provisions relating to...

        4. 6.In section 97 of that Act (orders, rules and regulations)...

    3. SCHEDULE 3

      Corporation tax: the non-corporate distribution rate: supplementary provisions

      1. Part 1 General provisions

        1. Introduction

          1. 1.The provisions of this Schedule supplement section 13AB (corporation tax:...

        2. Meaning of “non-corporate distribution”

          1. 2.(1) A “non-corporate distribution” means a distribution made by a...

        3. Calculation of company’s “underlying rate of corporation tax”

          1. 3.(1) A company’s underlying rate of corporation tax for an...

        4. Matching: distributions not exceeding basic profits

          1. 4.Where in an accounting period the total amount of the...

        5. Matching: distributions exceeding basic profits

          1. 5.Where in an accounting period the total amount of the...

      2. Part 2 Allocation of excess NCDs to other companies

        1. Allocation of excess NCDs to other companies

          1. 6.(1) This Part of this Schedule provides for the allocation...

        2. Allocation of excess NCDs to other group companies

          1. 7.(1) If at the end of the distribution period the...

        3. Allocation of excess NCDs: period or periods to which amount to be allocated

          1. 8.(1) Excess NCDs falling to be allocated to another company...

        4. Allocation of excess NCDs: degrouping

          1. 9.(1) This paragraph applies where a company (“company A”) ceases...

        5. Allocation of excess NCDs: procedure

          1. 10.(1) The basic rule is that the allocation of excess...

        6. Allocation of excess NCDs: amounts proving to be excessive

          1. 11.(1) This paragraph applies where an amount of excess NCDs...

        7. Allocation of excess NCDs to companies not resident in the United Kingdom

          1. 12.(1) The provisions of this Part of this Schedule as...

      3. Part 3 Other supplementary provisions

        1. Carry forward of excess NCDs

          1. 13.(1) Any excess NCDs not allocated to another company under...

        2. Definition of a group

          1. 14.(1) For the purposes of section 13AB and this Schedule...

        3. Accounting period treated as ending if company ceases to be a member of a group

          1. 15.(1) Section 13AB and this Schedule apply in relation to...

        4. Treatment of distributions made otherwise than in an accounting period

          1. 16.For the purposes of section 13AB and this Schedule, a...

        5. Holding companies treated as carrying on a business

          1. 17.(1) For the purposes of section 13AB and this Schedule...

        6. Interpretation

          1. 18.In section 13AB and this Schedule— “basic profits” means the...

    4. SCHEDULE 4

      Amendments relating to the rate applicable to trusts

      1. Sums paid to settlor otherwise than as income

        1. 1.(1) Section 677 of the Taxes Act 1988 (sums paid...

      2. Trustees chargeable to income tax at 30 per cent in certain cases

        1. 2.The side-note to section 694 of the Taxes Act 1988...

      3. Commencement

        1. 3.The amendments made by paragraph 1 have effect for the...

    5. SCHEDULE 5

      Provision not at arm’s length: related amendments

      1. Taxes Management Act 1970

        1. Notice of enquiry

          1. 1.(1) Section 9A of the Taxes Management Act 1970 (c....

      2. Income and Corporation Taxes Act 1988

        1. Valuation of trading stock at discontinuance of trade

          1. 2.(1) Section 100 of the Taxes Act 1988 is amended...

        2. Petroleum extraction activities: ring fence trade: charges on income

          1. 3.(1) Section 494 of the Taxes Act 1988 (charges on...

        3. Assumptions for calculating chargeable profits etc: transfer pricing

          1. 4.In Schedule 24 to the Taxes Act 1988, paragraph 20...

      3. Finance Act 1996

        1. Loan relationships: introductory

          1. 5.Schedule 9 to the Finance Act 1996 (c. 8) (loan...

        2. Transactions not at arm’s length

          1. 6.(1) Paragraph 11 is amended as follows.

        3. Continuity of treatment: groups etc.

          1. 7.(1) Paragraph 12 is amended as follows.

        4. Amounts imputed under Schedule 28AA to the Taxes Act 1988

          1. 8.For paragraph 16 (imputed interest) substitute— Amounts imputed under Schedule...

      4. Finance Act 1998

        1. Introductory

          1. 9.The Finance Act 1998 (c. 36) is amended as follows....

        2. Scope of enquiry

          1. 10.(1) In Schedule 18 (company tax returns, assessments and related...

      5. Finance Act 2000

        1. Introductory: tonnage tax: transactions not at arm’s length

          1. 11.Schedule 22 to the Finance Act 2000 (c. 17) (tonnage...

        2. Transactions between tonnage tax company and another person

          1. 12.(1) Paragraph 58 is amended as follows.

        3. Transactions between tonnage tax trade and other activities of same company

          1. 13.(1) Paragraph 59 is amended as follows.

      6. Finance Act 2002

        1. Introductory

          1. 14.The Finance Act 2002 (c. 23) is amended as follows....

        2. Derivative contracts

          1. 15.(1) Schedule 26 (derivative contracts) is amended as follows.

        3. Intangible fixed assets

          1. 16.(1) Schedule 29 (gains and losses of a company from...

    6. SCHEDULE 6

      Expenses of companies with investment business and insurance companies

      1. Income and Corporation Taxes Act 1988

        1. Levies and repayments under Financial Services and Markets Act 2000: investment companies

          1. 1.(1) Section 76B of the Taxes Act 1988 is amended...

        2. Incidental costs of obtaining loan finance

          1. 2.(1) Section 77 of the Taxes Act 1988 is amended...

        3. Change in ownership of investment company: deductions generally.

          1. 3.(1) Section 768B of the Taxes Act 1988 is amended...

        4. Deductions: assets transferred within group

          1. 4.(1) Section 768C of the Taxes Act 1988 is amended...

        5. Change in ownership of company carrying on property business

          1. 5.(1) Section 768D of the Taxes Act 1988 is amended...

        6. Change in ownership of company with unused non-trading loss on intangible fixed assets

          1. 6.(1) Section 768E of the Taxes Act 1988 is amended...

      2. Finance Act 1989

        1. Charge of certain receipts of basic life assurance business

          1. 7.(1) Section 85 of the Finance Act 1989 (c. 26)...

        2. Spreading of relief for acquisition expenses

          1. 8.(1) Section 86 of the Finance Act 1989 (c. 26)...

      3. Finance Act 1996

        1. Loan relationships: special provisions for insurers: treatment of deficit

          1. 9.(1) In Schedule 11 to the Finance Act 1996 (c....

    7. SCHEDULE 7

      Insurance companies etc

      1. Transfers of business

        1. 1.In section 444A(3ZA) of the Taxes Act 1988 (losses), for...

        2. 2.(1) Section 444AB of the Taxes Act 1988 (charge on...

        3. 3.(1) In the Taxes Act 1988, after section 444AB insert—...

        4. 4.(1) In section 444AD of the Taxes Act 1988 (modification...

        5. 5.(1) In section 82(1) of the Finance Act 1989 (c....

      2. Chargeable gains

        1. 6.(1) In section 210A(10) of the Taxation of Chargeable Gains...

      3. Double taxation

        1. 7.In section 804B of the Taxes Act 1988 (double taxation...

      4. Meaning of “referable”

        1. 8.(1) Section 432A of the Taxes Act 1988 (apportionment of...

        2. 9.(1) In the following provisions of the Taxes Act 1988—...

    8. SCHEDULE 8

      Loan relationships: miscellaneous amendments

      1. Introductory

        1. 1.Schedule 9 to the Finance Act 1996 (c. 8) (loan...

      2. Late interest: close companies where limited partnership is collective investment scheme etc

        1. 2.(1) Paragraph 2 (late interest) is amended as follows.

      3. Bad debts etc: release of amount where creditor is subject to insolvency proceedings

        1. 3.(1) Paragraph 5 (bad debts etc) is amended as follows....

      4. Bad debt etc: parties having connection and creditor in insolvent administrative receivership

        1. 4.(1) Paragraph 6A (bad debt etc: parties having connection and...

      5. Deemed assignment of assets and liabilities on company ceasing to be resident in UK etc

        1. 5.(1) After paragraph 10 (imported losses etc) insert— Deemed assignment...

      6. Discounted securities of close companies: limited partnership collective investment scheme etc

        1. 6.(1) Paragraph 18 (discounted securities of close companies) is amended...

      7. Interpretation of references to major interest

        1. 7.(1) Paragraph 20 (major interest) is amended as follows.

    9. SCHEDULE 9

      Derivative contracts: miscellaneous amendments

      1. Introductory

        1. 1.Schedule 26 to the Finance Act 2002 (c. 23) is...

      2. Power to amend provisions of Schedule 26

        1. 2.(1) Paragraph 13 is amended as follows.

      3. Deemed assignment of derivative contracts on company ceasing to be resident in UK etc

        1. 3.(1) At the beginning of Part 6 (special computational provisions)...

      4. Derivative contracts for unallowable purposes

        1. 4.(1) In paragraph 23, in sub-paragraph (7) (definition of amount...

      5. Open-ended investment companies: capital profits and losses

        1. 5.(1) In paragraph 33(4)(b) (which refers to a subsequent statement...

    10. SCHEDULE 10

      Amendment of enactments that operate by reference to accounting practice

      1. Part 1 Loan relationships

        1. Main computational provisions

          1. 1.(1) Section 84 of the Finance Act 1996 (c. 8)...

          2. 2.(1) Section 84A of that Act (exchange gains and losses...

          3. 3.For sections 85 and 86 of that Act (authorised accounting...

          4. 4.In section 87 of that Act (accounting method where parties...

          5. 5.In section 88 of that Act (exemption from section 87...

          6. 6.(1) Section 88A of that Act (accounting method where rate...

          7. 7.Omit section 90 of that Act (changes of accounting method)....

          8. 8.After that section insert— Change of accounting basis applicable to...

          9. 9.(1) Omit section 92 of that Act (convertible securities etc.:...

          10. 10.Omit section 92A of that Act (convertible securities etc.: debtor...

          11. 11.(1) Omit sections 93, 93A and 93B of that Act...

          12. 12.Omit section 94 of that Act (indexed gilt-edged securities).

          13. 13.After that section insert— Loan relationships with embedded derivatives (1) This section applies where a company is permitted or...

          14. 14.In section 95 of that Act (gilt strips), in subsection...

          15. 15.In section 96 of that Act (special rules for certain...

          16. 16.In section 101 of that Act (financial instruments), after subsection...

          17. 17.(1) Section 103 of that Act (interpretation) is amended as...

        2. Special computational provisions

          1. 18.Schedule 9 to the Finance Act 1996 (c. 8) (loan...

          2. 19.In paragraph 3 (1) (options etc.) for “an authorised accruals...

          3. 20.(1) Paragraph 5 (bad debts etc.) is amended as follows....

          4. 21.(1) Paragraph 5A (bad debts and consortium relief) is amended...

          5. 22.(1) Paragraph 6 (bad debts etc where parties have a...

          6. 23.(1) Paragraph 6A (bad debts etc.: parties having connection and...

          7. 24.(1) Paragraph 6B (bad debts etc. : companies becoming connected)...

          8. 25.(1) Paragraph 6C (bad debts etc.: cessation of connection) is...

          9. 26.In paragraph 8 (restriction on writing off overseas sovereign debts...

          10. 27.(1) Paragraph 9 (further restriction on bringing into account losses...

          11. 28.In paragraph 10 (imported losses etc.), for sub-paragraph (1) substitute—...

          12. 29.In paragraph 10A (deemed disposal on company ceasing to be...

          13. 30.In paragraph 11 (transactions not at arm’s length), for sub-paragraph...

          14. 31.In paragraph 12 (continuity of treatment: groups etc.), in sub-paragraph...

          15. 32.In paragraph 13 (loan relationships for unallowable purposes), in the...

          16. 33.(1) Paragraph 14 (debits and credits treated as relating to...

          17. 34.In paragraph 16 (amounts imputed under Schedule 28AA to the...

          18. 35.(1) Paragraph 19 (partnerships involving companies) is amended as follows....

          19. 36.After paragraph 19 insert— Adjustment on change of accounting policy...

        3. Collective investment schemes etc.

          1. 37.Schedule 10 to the Finance Act 1996 (c. 8) (loan...

          2. 38.For paragraph 1A (investment trusts and venture capital trusts: capital...

          3. 39.(1) Paragraph 2A (authorised unit trusts) is amended as follows....

          4. 40.(1) Paragraph 2B (open-ended investment companies) is amended as follows....

          5. 41.(1) Paragraph 4 (company holdings in unit trusts and offshore...

          6. 42.In Schedule 11 to the Finance Act 1996 (c. 8)...

        4. Consequential amendments

          1. 43.In section 440 of the Taxes Act 1988 (insurance companies:...

          2. 44.In section 730A of that Act (treatment of price differential...

          3. 45.In Schedule 28A of that Act (change in ownership of...

          4. 46.In paragraph 7(3) of Schedule 26 to the Transport Act...

      2. Part 2 Derivative contracts

        1. Method of taxation

          1. 47.(1) In Schedule 26 to the Finance Act 2002 (c....

          2. 48.(1) Paragraph 16 of that Schedule (exchange gains and losses...

        2. Accounting methods

          1. 49.In the heading to Part 4 of that Schedule for...

          2. 50.For paragraphs 17 to 20 of that Schedule (authorised accounting...

          3. 51.In paragraph 21 (basis of accounting for contracts falling within...

        3. Special provision for bad debt etc.

          1. 52.In the heading to Part 5 of that Schedule (special...

          2. 53.(1) Paragraph 22 of that Schedule (bad debts etc.) is...

        4. Special computational provisions

          1. 54.In paragraph 22A of that Schedule (deemed assignment of derivative...

          2. 55.In paragraph 23 of that Schedule (derivative contracts for unallowable...

          3. 56.(1) Paragraph 25 of that Schedule (debits and credits treated...

          4. 57.In paragraph 30 of that Schedule (transactions within groups: authorised...

          5. 58.In paragraph 31A of that Schedule (amounts imputed under Schedule...

        5. Collective investment schemes

          1. 59.(1) Paragraph 32 of that Schedule (authorised unit trusts: capital...

          2. 60.(1) Paragraph 33 of that Schedule (open-ended investment companies: capital...

          3. 61.In paragraph 34 of that Schedule (power to amend paragraphs...

          4. 62.In paragraph 36 of that Schedule (contracts relating to holdings...

          5. 63.For paragraph 38 of that Schedule (investment trusts and venture...

        6. Miscellaneous

          1. 64.In paragraph 48 of that Schedule (election to treat contract...

          2. 65.In paragraph 49(4) of that Schedule (partnerships involving companies: provisions...

          3. 66.For paragraph 50 of that Schedule (partnerships involving companies: application...

          4. 67.After that paragraph insert— Adjustment on company changing to international...

        7. Interpretation

          1. 68.Omit paragraph 52 of that Schedule (meaning of “statutory accounts”)....

          2. 69.In paragraph 54 (1) of that Schedule (interpretation)—

        8. Consequential amendment

          1. 70.In section 440 of the Taxes Act 1988 (insurance companies:...

      3. Part 3 Intangible fixed assets

        1. Excluded assets: assets in respect of which capital allowances previously made

          1. 71.In Part 10 of Schedule 29 to the Finance Act...

        2. Adjustment on change of accounting policy

          1. 72.In Part 13 of that Schedule (supplementary provisions), after paragraph...

        3. References to amounts recognised in profit and loss account

          1. 73.(1) In Part 15 of that Schedule (interpretation) paragraph 134(a)...

        4. Consequential amendments

          1. 74.In paragraph 15(4) of that Schedule (credits on revaluation of...

          2. 75.In paragraph 20 (1) of that Schedule (realisation of asset...

          3. 76.In paragraph 27 (1) of that Schedule (calculation of tax...

      4. Part 4 Foreign currency accounting

        1. Main provisions

          1. 77.For sections 92 to 94AB of the Finance Act 1993...

        2. Consequential amendments

          1. 78.(1) Section 730BB of the Taxes Act 1988 (exchange gains...

        3. Transitional provision

          1. 79.Where a company carries forward to its first period of...

    11. SCHEDULE 11

      Conditions for registration for gross payment

      1. Part 1 Conditions to be satisfied by individuals

        1. General

          1. 1.(1) In the case of an application for an individual...

        2. The business test

          1. 2.The applicant must satisfy the Inland Revenue, by such evidence...

        3. The turnover test

          1. 3.(1) The applicant must satisfy the Inland Revenue, by such...

        4. The compliance test

          1. 4.(1) The applicant must, subject to sub-paragraphs (3) and (4),...

      2. Part 2 Conditions to be satisfied by firms

        1. General

          1. 5.In the case of an application for an individual or...

        2. The business test

          1. 6.The applicant must satisfy the Inland Revenue, by such evidence...

        3. The turnover test

          1. 7.(1) The partners must satisfy the Inland Revenue, by such...

        4. The compliance test

          1. 8.(1) Subject to sub-paragraphs (2) and (3), each of the...

      3. Part 3 Conditions to be satisfied by companies

        1. General

          1. 9.In the case of an application for a company to...

        2. The business test

          1. 10.The company must satisfy the Inland Revenue, by such evidence...

        3. The turnover test

          1. 11.(1) The company must either— (a) satisfy the Inland Revenue,...

        4. The compliance test

          1. 12.(1) The company must, subject to sub-paragraphs (2) and (3),...

      4. Part 4 Supplementary provisions

        1. Power to amend conditions for registration for gross payment

          1. 13.(1) The Treasury may by order made by statutory instrument...

        2. “Qualifying period”

          1. 14.In this Schedule “the qualifying period” means the period of...

        3. Regulations under this Schedule

          1. 15.Any power under this Schedule to make regulations prescribing the...

          2. 16.Regulations under paragraph 3(1), 7 (1) or 11 (1) prescribing...

    12. SCHEDULE 12

      Construction industry scheme: consequential amendments

      1. Records to be kept for purposes of returns

        1. 1.(1) Section 12B of the Taxes Management Act 1970 (c....

      2. General rule as to when corporation tax is due and payable

        1. 2.(1) Section 59D of the Taxes Management Act 1970 is...

      3. Claim for repayment in advance of liability being established

        1. 3.(1) Section 59DA of the Taxes Management Act 1970 is...

      4. Priority of claim for tax

        1. 4.(1) Section 62 of the Taxes Management Act 1970 is...

      5. Recovery of tax in Scotland

        1. 5.(1) Section 63 of the Taxes Management Act 1970 (c....

      6. Priority of claim for tax in Scotland

        1. 6.(1) Section 64 of the Taxes Management Act 1970 is...

      7. Special returns etc

        1. 7.(1) Section 98 of the Taxes Management Act 1970 is...

      8. Special penalties in the case of certain returns

        1. 8.(1) Section 98A of the Taxes Management Act 1970 is...

      9. Sub-contractors in the construction industry

        1. 9.(1) The Taxes Act 1988 is amended as follows.

      10. Designated international organisations: miscellaneous exemptions

        1. 10.(1) Section 582A of the Taxes Act 1988 is amended...

      11. Application of Income Tax Acts to public departments etc

        1. 11.(1) Section 829 of the Taxes Act 1988 is amended...

      12. Provisions for securing payment by company of outstanding tax

        1. 12.(1) Section 130 of the Finance Act 1988 (c. 39)...

      13. Supplementary provisions relating to contributions: Great Britain

        1. 13.(1) Schedule 1 to the Social Security Contributions and Benefits...

      14. Supplementary provisions relating to contributions: Northern Ireland

        1. 14.(1) Schedule 1 to the Social Security Contributions and Benefits...

      15. Transitional provisions concerning construction workers supplied by agencies

        1. 15.(1) Section 56 of the Finance Act 1998 (c. 36)...

      16. Company tax returns, assessments and related matters

        1. 16.(1) Schedule 18 to the Finance Act 1998 is amended...

      17. Calculation of deemed employment payment

        1. 17.(1) Section 54 of the Income Tax (Earnings and Pensions)...

    13. SCHEDULE 13

      Childcare and childcare vouchers

      1. Childcare

        1. 1.In Chapter 11 of Part 4 of the Income Tax...

      2. Childcare vouchers

        1. 2.(1) Chapter 4 of Part 3 of the Income Tax...

        2. 3.In Chapter 6 of Part 4 of the Income Tax...

    14. SCHEDULE 14

      Vans

      1. 1.The Income Tax (Earnings and Pensions) Act 2003 (c. 1)...

      2. 2.(1) Section 114 (cars, vans and related benefits) is amended...

      3. 3.In section 116(2) (when car is first made available and...

      4. 4.In section 119 (where alternative to benefit of car offered),...

      5. 5.For sections 155 to 166 substitute— Cash equivalent of the...

      6. 6.After section 169 insert— Van available to more than one...

      7. 7.(1) Section 170 (orders etc.) is amended as follows.

      8. 8.In section 237 (exemption from Chapter 10 of Part 3...

    15. SCHEDULE 15

      Charge to income tax on benefits received by former owner of property

      1. Introductory

        1. 1.In this Schedule— “IHTA 1984” means the Inheritance Tax Act...

        2. 2.(1) For the purposes of this Schedule whether a person...

      2. Land

        1. 3.(1) This paragraph applies where— (a) an individual (“the chargeable...

        2. 4.(1) For any taxable period the chargeable amount in relation...

        3. 5.(1) For the purposes of paragraph 4 the annual value...

      3. Chattels

        1. 6.(1) This paragraph applies where— (a) an individual (“the chargeable...

        2. 7.(1) For any taxable period the chargeable amount in relation...

      4. Intangible property comprised in settlement where settlor retains an interest

        1. 8.(1) This paragraph applies where— (a) the terms of a...

        2. 9.(1) For any taxable period the chargeable amount in relation...

      5. Excluded transactions

        1. 10.(1) For the purposes of paragraphs 3(2) and 6(2) (the...

      6. Exemptions from charge

        1. 11.(1) Paragraph 3 (land), paragraph 6 (chattels) and paragraph 8...

      7. Chargeable person resident or domiciled outside the United Kingdom

        1. 12.(1) This Schedule does not apply in relation to any...

      8. Exemption in cases where aggregate notional annual values do not exceed £5,000

        1. 13.(1) This paragraph applies where, in relation to any person...

      9. Power of Treasury to confer further exemptions by regulations

        1. 14.Regulations may confer further exemptions from the charges to income...

      10. Valuation

        1. 15.Except as otherwise provided by this Schedule, the value of...

      11. Changes in distribution of deceased’s estate

        1. 16.Any disposition made by a person (“the chargeable person”) in...

      12. Guarantees

        1. 17.Where a person (“A”) acts as guarantor in respect of...

      13. Persons chargeable under different provisions by reference to same property

        1. 18.(1) Where, in any year of assessment, a person (“the...

      14. Relationship with Part 3 of Income Tax (Earnings and Pensions) Act 2003

        1. 19.Where, in any year of assessment, a person is (apart...

      15. Regulations

        1. 20.(1) Regulations under this Schedule may— (a) make different provision...

      16. Election for application of inheritance tax provisions

        1. 21.(1) This paragraph applies where— (a) a person (“the chargeable...

        2. 22.(1) This paragraph applies where— (a) a person (“the chargeable...

        3. 23.(1) In this paragraph— “election” means an election under paragraph...

    16. SCHEDULE 16

      Relief where national insurance contributions met by employee

      1. Income tax relief: restricted securities

        1. 1.(1) Chapter 2 of Part 7 of the Income Tax...

      2. Income tax relief: convertible securities

        1. 2.(1) Chapter 3 of Part 7 of the Income Tax...

      3. Income tax relief: securities options

        1. 3.(1) Chapter 5 of Part 7 of the Income Tax...

      4. Consequential amendments: PAYE

        1. 4.(1) Part 11 of the Income Tax (Earnings and Pensions)...

      5. Consequential amendments: corporation tax relief

        1. 5.(1) Schedule 23 of the Finance Act 2003 (c. 14)...

      6. Consequential amendments: capital gains tax

        1. 6.(1) Section 119A of the Taxation of Chargeable Gains Act...

      7. Other consequential amendments

        1. 7.(1) In section 484(7) of the Income Tax (Earnings and...

    17. SCHEDULE 17

      Minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003

      1. Free or subsidised meals

        1. 1.(1) In Chapter 11 of Part 4 of the Income...

      2. Payments to non-approved pension schemes: exception for employment where earnings not within main charging provisions

        1. 2.(1) In Chapter 1 of Part 6 of the Income...

      3. Time limit for assessment: income received after year for which it is assessable

        1. 3.(1) In Part 4 of the Taxes Management Act 1970...

      4. Computation of profits or gains under Schedule D: delayed payment of remuneration

        1. 4.(1) In section 43 of the Finance Act 1989 (c....

      5. Donations to charity by individuals: application to Crown employment

        1. 5.(1) In section 25(2) of the Finance Act 1990 (c....

      6. Payments on account of income tax

        1. 6.(1) Section 108 of the Finance Act 1995 (c. 4)...

      7. Tax relief for expenditure on R&D or remediation of contaminated land: staff costs

        1. 7.(1) In Schedule 20 to the Finance Act 2000 (c....

      8. Gains and losses of a company from intangible fixed assets: delayed payment of remuneration

        1. 8.(1) In Schedule 29 to the Finance Act 2002 (c....

      9. Minor corrections of the Income Tax (Earnings and Pensions) Act 2003

        1. 9.(1) The Income Tax (Earnings and Pensions) Act 2003 (c....

      10. Other minor corrections

        1. 10.(1) In section 59A(8)(b) of the Taxes Management Act 1970...

    18. SCHEDULE 18

      Enterprise investment scheme

      1. Part 1 Income tax relief

        1. (1) Section 289 of the Taxes Act 1988 (eligibility for...

      2. Part 2 Deferral relief

        1. 12.Schedule 5B to the Taxation of Chargeable Gains Act 1992...

        2. 13.(1) In paragraph 1(2) (definition of qualifying investment)—

        3. 14.In paragraph 1A (failure of conditions of application)—

        4. 15.(1) In paragraph 10 (re-investment in same company, etc)—

        5. 16.(1) In paragraph 13 (value received by investor) in sub-paragraph...

        6. 17.(1) In paragraph 14 (value received by other persons) in...

        7. 18.(1) In paragraph 14A (certain receipts to be disregarded for...

        8. 19.(1) In paragraph 16 (information)— (a) in sub-paragraph (6), for...

        9. 20.(1) In paragraph 19 (1) (interpretation)— (a) before the definition...

      3. Part 3 Commencement

        1. 21.Except where otherwise provided, the amendments made by this Schedule...

    19. SCHEDULE 19

      Venture capital trusts

      1. Part 1 Increase in relief on investments and distributions

        1. In paragraph 1(3) of Schedule 15B to the Taxes Act...

      2. Part 2 Abolition of deferral relief

        1. Main amendments

          1. 4.Section 151A(3) of the Taxation of Chargeable Gains Act 1992...

          2. 5.Schedule 5C to that Act (venture capital trusts: deferred charge...

        2. Consequential amendment

          1. 6.(1) The Taxation of Chargeable Gains Act 1992 is amended...

        3. Commencement

          1. 7.(1) The amendments made by this Part have effect in...

      3. Part 3 Miscellaneous

        1. Schedule 28B to the Taxes Act 1988 (venture capital trusts:...

    20. SCHEDULE 20

      Corporate venturing scheme

      1. 1.Schedule 15 to the Finance Act 2000 (c. 17) (the...

      2. 2.In paragraph 3 (meaning of “the qualification period”)—

      3. 3.In paragraph 15 (introduction) after paragraph (e) insert—

      4. 4.In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2)...

      5. 5.(1) Paragraph 21 (meaning of “qualifying subsidiary”) is amended as...

      6. 6.After paragraph 21 insert— The property managing subsidiaries requirement (1) The issuing company is not a qualifying issuing company...

      7. 7.In paragraph 23 (the trading activities requirement)—

      8. 8.In paragraph 24 (ceasing to meet trading requirements by reason...

      9. 9.In paragraph 25 (meaning of “qualifying trade”) in sub-paragraph (3)(b),...

      10. 10.In paragraph 35 (requirement as to the shares) in sub-paragraph...

      11. 11.In paragraph 36 (requirement as to money raised)—

      12. 12.In paragraph 40 (entitlement to claim)— (a) in sub-paragraph (2),...

      13. 13.In paragraph 102 (minor definitions etc) after sub-paragraph (7) insert—...

      14. 14.In paragraph 103 (index of defined expressions), after the entry...

      15. 15.The amendments made by this Schedule have effect in relation...

    21. SCHEDULE 21

      Chargeable gains: restriction of gifts relief etc

      1. Penalties for failure to furnish particulars etc

        1. 1.(1) Section 98 of the Taxes Management Act 1970 (c....

      2. Charge on settlor with interest in settlement etc: supplementary provisions

        1. 2.(1) Section 79 of the Taxation of Chargeable Gains Act...

      3. Relief for gifts of business assets

        1. 3.(1) Section 165 of the Taxation of Chargeable Gains Act...

      4. Gifts relief not to be available on certain transfers to settlor-interested settlements etc

        1. 4.After section 169A of the Taxation of Chargeable Gains Act...

      5. Gifts on which inheritance tax is chargeable etc

        1. 5.(1) Section 260 of the Taxation of Chargeable Gains Act...

      6. Payment by instalments of tax on gifts

        1. 6.(1) Section 281 of the Taxation of Chargeable Gains Act...

      7. Recovery of tax from donee

        1. 7.(1) Section 282 of the Taxation of Chargeable Gains Act...

      8. Application of taper relief

        1. 8.(1) Schedule A1 to the Taxation of Chargeable Gains Act...

      9. Relief for gifts of business assets

        1. 9.(1) Schedule 7 to the Taxation of Chargeable Gains Act...

      10. Commencement

        1. 10.(1) The amendment in paragraph 1(2) of this Schedule has...

    22. SCHEDULE 22

      Chargeable gains: private residence relief

      1. Relief on disposal of private residence

        1. 1.(1) Section 222 of the Taxation of Chargeable Gains Act...

      2. Amount of relief

        1. 2.(1) Section 223 of the Taxation of Chargeable Gains Act...

      3. Amount of relief: further provisions

        1. 3.(1) Section 224 of the Taxation of Chargeable Gains Act...

      4. Private residence occupied under terms of settlement

        1. 4.(1) Section 225 of the Taxation of Chargeable Gains Act...

      5. Private residence held by personal representatives

        1. 5.After section 225 of the Taxation of Chargeable Gains Act...

      6. Private residence relief: cases where relief obtained under section 260

        1. 6.After section 226 of the Taxation of Chargeable Gains Act...

      7. Commencement

        1. 7.(1) The amendments in paragraphs 1(2) and 4(4)(a) of this...

      8. Transitional provision

        1. 8.(1) This paragraph has effect where section 226A of the...

    23. SCHEDULE 23

      Finance leasebacks: transitional provision

      1. Introduction

        1. 1.(1) Sections 228B to 228E of the Capital Allowances Act...

      2. Section 228B

        1. 2.(1) This paragraph applies if the pre-commencement rentals are greater...

      3. Section 228B

        1. 3.(1) This paragraph applies where— (a) the existing leaseback terminates,...

      4. Section 228C

        1. 4.Section 228C shall not apply where the existing leaseback terminates...

      5. Section 228C

        1. 5.(1) Section 228C applies subject to this paragraph where—

      6. Section 228C

        1. 6.(1) This paragraph applies if— (a) the existing leaseback terminates...

      7. Section 228D

        1. 7.(1) This paragraph applies if the pre-commencement rentals are greater...

      8. Section 228D

        1. 8.(1) This paragraph applies where— (a) the existing leaseback terminates,...

      9. Section 228E

        1. 9.Section 228E shall not apply where the existing leaseback terminates...

      10. Chargeable gains

        1. 10.(1) Sub-paragraph (2) applies where— (a) an existing leaseback is...

      11. Interpretation

        1. 11.(1) In this Schedule— “existing leaseback” means a leaseback the...

    24. SCHEDULE 24

      Manufactured dividends

      1. Amendments of sections 231AA, 231AB and 233 of the Taxes Act 1988

        1. 1.(1) In section 231AA of the Taxes Act 1988 (no...

      2. Amendments of paragraph 2A of Schedule 23A to the Taxes Act 1988

        1. 2.(1) In Schedule 23A to the Taxes Act 1988 (manufactured...

      3. Amendment of the Taxation of Chargeable Gains Act 1992

        1. 3.(1) After section 263C of the Taxation of Chargeable Gains...

    25. SCHEDULE 25

      Lloyd’s names: conversion to limited liability underwriting

      1. 1.The Finance Act 1993 (c. 34) is amended as follows....

      2. 2.After section 179A insert— Conversion to limited liability underwriting Schedule 20A to this Act (which makes provision for certain...

      3. 3.After Schedule 20 insert— SCHEDULE 20A Lloyd’s underwriters: conversion to...

    26. SCHEDULE 26

      Offshore funds

      1. Computation of UK equivalent profits: creditor relationships

        1. 1.(1) In paragraph 5(3) of Schedule 27 to the Taxes...

      2. Computation of UK equivalent profits: derivative contracts

        1. 2.(1) In paragraph 5(3) of Schedule 27 to the Taxes...

      3. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 3.At the beginning of Chapter 5 of Part 17 of...

      4. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 4.(1) Section 757 of that Act (disposal of material interests...

      5. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 5.In section 758 of that Act (offshore funds operating equalisation...

      6. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 6.(1) Section 759 of that Act (material interests in offshore...

      7. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 7.(1) Section 760 of that Act (non-qualifying offshore funds) is...

      8. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 8.(1) Schedule 27 to that Act (distributing funds: supplementary) is...

      9. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 9.In Schedule 28 to that Act (computation of offshore income...

      10. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 10.In section 587B of the Taxes Act 1988 (gifts of...

      11. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 11.In section 212 of the Taxation of Chargeable Gains Act...

      12. Treatment of umbrella funds and funds comprising more than one class of interest

        1. 12.(1) Schedule 10 to the Finance Act 1996 (c. 8)...

      13. Investment conditions to be met by funds seeking certification as distributing fund

        1. 13.(1) Section 760 of the Taxes Act 1988 (non-qualifying offshore...

      14. Investment conditions to be met by funds seeking certification as distributing fund

        1. 14.(1) In Schedule 27 to the Taxes Act 1988 (distributing...

      15. Exchange of interests of different classes

        1. 15.(1) After section 762 of the Taxes Act 1988 insert—...

      16. Correction of cross-reference

        1. 16.(1) In section 763(6) of the Taxes Act 1988 (offshore...

      17. Transitional provision

        1. 17.(1) This paragraph applies for the purposes of determining whether...

    27. SCHEDULE 27

      Meaning of “offshore installation”

      1. Part 1 The new definition

        1. 1.In Part 19 of the Taxes Act 1988 (supplemental provisions),...

        2. 2.In section 832 (1) of the Taxes Act 1988 (interpretation...

        3. 3.Subject to the following provisions of this Schedule, paragraphs 1...

      2. Part 2 Minor and consequential amendments

        1. The Taxes Act 1988

          1. 4.(1) Chapter 3 of Part 7 of the Taxes Act...

        2. The Taxes Act 1988

          1. 5.(1) Schedule 28B to the Taxes Act 1988 (venture capital...

        3. Finance Act 2000 (c. 17)

          1. 6.(1) Schedule 15 to the Finance Act 2000 (the corporate...

        4. Finance Act 2000 (c. 17)

          1. 7.(1) In Schedule 22 to the Finance Act 2000 (tonnage...

        5. Capital Allowances Act 2001 (c. 2)

          1. 8.In section 94 of the Capital Allowances Act 2001 (expenditure...

        6. Capital Allowances Act 2001 (c. 2)

          1. 9.(1) Section 153 of the Capital Allowances Act 2001 (ships...

        7. Capital Allowances Act 2001 (c. 2)

          1. 10.In Part 2 of Schedule 1 to the Capital Allowances...

        8. Capital Allowances Act 2001 (c. 2)

          1. 11.(1) Paragraphs 8 to 10 have effect—

        9. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 12.In section 40 of the Income Tax (Earnings and Pensions)...

        10. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 13.In section 305 of the Income Tax (Earnings and Pensions)...

        11. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 14.For section 385 of the Income Tax (Earnings and Pensions)...

        12. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 15.In Part 2 of Schedule 1 to the Income Tax...

        13. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 16.Paragraphs 12 to 15 have effect for the year 2004-05...

        14. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

          1. 17.(1) Schedule 5 to the Income Tax (Earnings and Pensions)...

    28. SCHEDULE 28

      Registered pension schemes: authorised pensions—supplementary

      1. Part 1 Pension rules

        1. Defined benefits and money purchase arrangements

          1. Ill-health condition

            1. 1.For the purposes of this Part the ill-health condition is...

        2. Scheme pension

          1. 2.(1) In the case of a pension scheme with fewer...

          2. 2A.(1) Where this paragraph applies in relation to a pension...

        3. Money purchase arrangements

          1. Lifetime annuity

            1. 3.(1) For the purposes of this Part an annuity payable...

        4. Unsecured pension and alternatively secured pension

          1. 4.“Unsecured pension” means— (a) a short-term annuity, or

          2. 5.“Alternatively secured pension” means income withdrawal.

        5. Short-term annuity

          1. 6.(1) For the purposes of this Part an annuity payable...

        6. Income withdrawal

          1. 7.“Income withdrawal” means— (a) if the member has not reached...

        7. Member’s unsecured pension fund

          1. 8.(1) For the purposes of this Part the member’s unsecured...

        8. Unsecured pension year and basis amount for unsecured pension year

          1. 9.(1) “Unsecured pension year” means— (a) the period of 12...

        9. Unsecured pension year and basis amount for unsecured pension year

          1. 10.(1) The period of five unsecured pension years beginning with...

        10. Member’s alternatively secured pension fund

          1. 11.(1) For the purposes of this Part the member’s alternatively...

        11. Alternatively secured pension year and basis amount for alternatively secured pension year

          1. 12.(1) “Alternatively secured pension year” means— (a) the period of...

        12. Alternatively secured pension year and basis amount for alternatively secured pension year

          1. 13.(1) For the first alternatively secured pension year, the basis...

        13. Relevant annuity

          1. 14.(1) A “relevant annuity”is an annuity of a description prescribed...

      2. Part 2 Pension death benefit rules

        1. Defined benefits and money purchase arrangements

          1. Meaning of “dependant”

            1. 15.(1) A person who was married to , or a...

          2. Dependants' scheme pension

            1. 16.(1) In the case of a pension scheme with fewer...

            2. 16A.(1) Paragraphs 16B and 16C apply where—

            3. 16B.(1) Where a pension is payable under the pension scheme...

            4. 16C.(1) Where a pension is payable under the pension scheme...

        2. Money purchase arrangements

          1. Dependants' annuity

            1. 17.(1) For the purposes of this Part an annuity payable...

          2. Dependants' unsecured pension and dependants' alternatively secured pension

            1. 18.“Dependants' unsecured pension” means— (a) a dependants' short-term annuity, or...

            2. 19.“Dependants' alternatively secured pension” means dependants' income withdrawal.

          3. Dependants' short-term annuity

            1. 20.(1) For the purposes of this Part an annuity payable...

          4. Dependants' income withdrawal

            1. 21.Dependants' income withdrawal means— (a) if the dependant has not...

          5. Dependant’s unsecured pension fund

            1. 22.(1) For the purposes of this Part a dependant’s unsecured...

          6. Unsecured pension year and basis amount for unsecured pension year

            1. 23.(1) “Unsecured pension year” means— (a) the period of 12...

            2. 24.(1) The period of five unsecured pension years beginning with...

          7. Dependant’s alternatively secured pension fund

            1. 25.(1) For the purposes of this Part a dependant’s alternatively...

          8. Alternatively secured pension year and basis amount for alternatively secured pension year

            1. 26.(1) “Alternatively secured pension year” means— (a) the period of...

            2. 27.(1) For the first alternatively secured pension year, the basis...

    29. SCHEDULE 29

      Registered pension schemes: authorised lump sums—supplementary

      1. Part 1 Lump sum rule

        1. Pension commencement lump sum

          1. 1.(1) For the purposes of this Part a lump sum...

          2. 2.(1) If sub-paragraph (2) applies, the permitted maximum is nil....

          3. 3.(1) Where the member becomes entitled to income withdrawal, the...

          4. 3A.(1) Where this paragraph applies in relation to a pension...

        2. Serious ill-health lump sum

          1. 4.(1) For the purposes of this Part a lump sum...

        3. Short service refund lump sum

          1. 5.(1) For the purposes of this Part a lump sum...

        4. Refund of excess contributions lump sum

          1. 6.(1) A lump sum is a refund of excess contributions...

        5. Trivial commutation lump sum

          1. 7.(1) For the purposes of this Part a lump sum...

          2. 8.(1) The value of the member’s relevant crystallised pension rights...

          3. 9.(1) The value of the member’s uncrystallised rights on the...

        6. Winding-up lump sum

          1. 10.(1) For the purposes of this Part a lump sum...

        7. Lifetime allowance excess lump sum

          1. 11.For the purposes of this Part a lump sum is...

        8. Interpretation of Part 1

          1. 12.(1) Expressions used in this Part of this Schedule and...

      2. Part 2 Lump sum death benefit rule

        1. Defined benefits arrangements

          1. Defined benefits lump sum death benefit

            1. 13.For the purposes of this Part a lump sum death...

          2. Pension protection lump sum death benefit

            1. 14.(1) For the purposes of this Part a lump sum...

        2. Money purchase arrangements

          1. Uncrystallised funds lump sum death benefit

            1. 15.(1) For the purposes of this Part a lump sum...

          2. Annuity protection lump sum death benefit

            1. 16.(1) For the purposes of this Part a lump sum...

          3. Unsecured pension fund lump sum death benefit

            1. 17.(1) For the purposes of this Part a lump sum...

          4. Charity lump sum death benefit

            1. 18.(1) A lump sum death benefit is a charity lump...

          5. Transfer lump sum death benefit

            1. 19.(1) For the purposes of this Part a lump sum...

        3. Defined benefits and money purchase arrangements

          1. Trivial commutation lump sum death benefit

            1. 20.(1) A lump sum death benefit is a trivial commutation...

          2. Winding-up lump sum death benefit

            1. 21.(1) For the purposes of this Part a lump sum...

        4. Interpretation

          1. Interpretation of Part 2

            1. 22.(1) Expressions used in this Part of this Schedule and...

    30. SCHEDULE 29A

      Taxable property held by investment-regulated pension schemes

      1. Part 1 Investment-regulated pension schemes

        1. Schemes other than occupational pension schemes

          1. 1.(1) For the purposes of the taxable property provisions a...

        2. Occupational pension schemes

          1. 2.(1) For the purposes of the taxable property provisions a...

        3. Separate self-controlled section

          1. 3.(1) This paragraph applies in the case of an arrangement...

        4. Related persons

          1. 4.(1) For the purposes of this Part of this Schedule...

        5. Arrangements

          1. 5.Where sums or assets held for the purposes of an...

      2. Part 2 Taxable property

        1. Taxable property

          1. 6.For the purposes of the taxable property provisions property is...

        2. Residential property

          1. 7.(1) Subject as follows, for the purposes of the taxable...

          2. 8.(1) For the purposes of the taxable property provisions a...

          3. 9.(1) The Treasury may by order amend this Part of...

          4. 10.(1) Residential property is not taxable property in relation to...

        3. Tangible moveable property

          1. 11.(1) The Treasury may by order provide that, for the...

      3. Part 3 Acquisition and holding of taxable property

        1. Acquisition

          1. 12.(1) For the purposes of the taxable property provisions an...

        2. Holding

          1. 13.(1) For the purposes of the taxable property provisions an...

        3. Direct holding

          1. 14.(1) For the purposes of the taxable property provisions a...

        4. Exception to direct holding

          1. 15.(1) A person does not hold an interest in taxable...

        5. Indirect holding

          1. 16.(1) For the purposes of the taxable property provisions a...

          2. 17.(1) For the purposes of paragraph 16 a person holds...

          3. 18.(1) For the purposes of paragraph 16 a person holds...

          4. 19.(1) For the purposes of paragraph 16 a pension scheme...

        6. Exceptions to indirect holding

          1. 20.(1) A pension scheme does not hold an interest in...

          2. 21.(1) This paragraph applies to a vehicle in which a...

          3. 22.(1) This paragraph applies to a vehicle in which a...

          4. 23.(1) This paragraph applies to a vehicle in which a...

          5. 24.(1) For the purposes of paragraph 23 this paragraph applies...

          6. 25.(1) This paragraph contains provisions supplementary to paragraph 24.

          7. 26.(1) This paragraph applies to a vehicle in which a...

        7. Deemed acquisition

          1. 27.Where— (a) an investment-regulated pension scheme holds an interest in...

          2. 28.(1) Subject to paragraph 29, this paragraph applies where—

          3. 29.(1) Where there is an increase in the extent of...

        8. Associated persons

          1. 30.(1) For the purposes of this Part of this Schedule...

      4. Part 4 Amount and timing of unauthorised payment

        1. Introduction

          1. 31.(1) This Part of this Schedule has effect for determining—...

        2. Acquisition: basic rules

          1. 32.(1) This paragraph applies to a case within subsection (1)...

        3. Acquisition: further provisions

          1. 33.(1) This paragraph applies where— (a) an investment-regulated pension scheme...

          2. 34.(1) This paragraph applies where— (a) an investment-regulated pension scheme...

          3. 35.(1) This paragraph applies where— (a) an investment-regulated pension scheme...

          4. 36.(1) The Treasury may by regulations make provision with respect...

        4. Post-acquisition unauthorised payments

          1. 37.(1) The Treasury may by regulations make provision for an...

        5. Improvement of taxable property

          1. 38.(1) This paragraph applies to a case within subsection (2)...

        6. Conversion or adaptation as residential property

          1. 39.(1) This paragraph applies to a case within subsection (3)...

          2. 40.(1) This paragraph applies to a case within subsection (3)...

        7. Apportionment to pension scheme

          1. 41.(1) This paragraph applies for determining— (a) whether the amount...

          2. 42.(1) References in this Schedule to the extent of an...

          3. 43.(1) For the purposes of this Schedule, and except in...

        8. Deemed acquisition: adjustment

          1. 44.(1) This paragraph applies where an investment-regulated pension scheme is...

        9. Apportionment to member

          1. 45.(1) This paragraph has effect for determining—

    31. SCHEDULE 30

      Registered pension schemes: employer loans

      1. Definitions

        1. Charge of adequate value

          1. 1.(1) A charge is of adequate value if it meets...

        2. Loan repayment date

          1. 2.(1) “Loan repayment date” means the date by which the...

        3. Loan year

          1. 3.(1) “Loan year” means— (a) the period of 12 months...

        4. Required amount

          1. 4.“The required amount”, in relation to a period beginning with...

      2. Amount of unauthorised payment

        1. Loan does not comply with section 179(1) when made

          1. 5.(1) If a loan does not comply with section 179...

        2. Loan ceases to be secured by charge of adequate value

          1. 6.If at any time after a loan is made the...

        3. Further reduction in value of charge which is not of adequate value

          1. 7.(1) If at any time after a loan is made—...

        4. Loan ceases to comply with repayment terms

          1. 8.(1) If at any time after a loan is made—...

        5. Increase in extent to which loan does not comply with repayment terms

          1. 9.(1) If at any time after a loan is made—...

        6. Prevention of double charging

          1. 10.(1) This paragraph applies if on any date there is...

        7. Total unauthorised payments not to exceed amount of loan

          1. 11.If the aggregate amount of the unauthorised payments in relation...

        8. Amount 1

          1. 12.(1) Amount 1 arises if paragraph (a) of section 179...

        9. Amount 2

          1. 13.(1) Amount 2 arises if paragraph (b) of section 179...

        10. Amount A

          1. 14.(1) Amount A arises if paragraph (a) of section 179(2)...

        11. Amount B

          1. 15.(1) Amount B arises if paragraph (b) of section 179(2)...

        12. Amount C

          1. 16.(1) Amount C arises if paragraph (c) of section 179(2)...

    32. SCHEDULE 31

      Taxation of benefits under registered pension schemes

      1. 1.Part 9 of ITEPA 2003 (pension income) is amended as...

      2. 2.In section 565 (structure of Part 9), for “Chapters 16...

      3. 3.(1) Section 566(4) (nature of charge to tax on pension...

      4. 4.In section 567(4)(a) (amount charged to tax), for “15” substitute...

      5. 5.In section 568 (person liable to tax), for “15” substitute...

      6. 6.After Chapter 5 insert— Chapter 5A PENSIONS UNDER REGISTERED PENSION...

      7. 7.Omit Chapters 6, 7, 8 and 9 (pensions under approved...

      8. 8.(1) Section 610 (annuities under sponsored superannuation schemes) is amended...

      9. 9.In section 611(3) (annuities in recognition of another’s service), for...

      10. 10.Omit Chapter 13 (return of surplus additional voluntary contributions under...

      11. 11.After Chapter 15 insert— CHAPTER 15A LUMP SUMS UNDER REGISTERED...

      12. 12.Omit Chapter 16 (lump sums).

      13. 13.In section 644(2) (pensions to which section 580 or 590...

      14. 14.(1) Section 683 of ITEPA 2003 (PAYE income) is amended...

      15. 15.In Part 2 of Schedule 1 to ITEPA 2003 (index...

    33. SCHEDULE 32

      Registered pension schemes: benefit crystallisation events—supplementary

      1. General: meaning of “the relevant pension schemes”

        1. 1.For the purposes of the benefit crystallisation events “the relevant...

      2. Post-75 events not generally benefit crystallisation events

        1. 2.The only sort of event that constitutes a benefit crystallisation...

      3. Benefit crystallisation events 1, 2 and 4: prevention of overlap

        1. 3.(1) This paragraph applies for the purposes of benefit crystallisation...

      4. Benefit crystallisation events 1, 2 and 4: prevention of overlap

        1. 4.(1) This paragraph applies for the purposes of benefit crystallisation...

      5. Benefit crystallisation events 1 and 5: hybrid arrangements

        1. 5.(1) This paragraph applies where— (a) immediately before the individual...

      6. Benefit crystallisation events 2, 3 and 5: meaning of “RVF”

        1. 6.For the purposes of benefit crystallisation events 2, 3 and...

      7. Benefit crystallisation events 2 and 4: early lifetime annuities

        1. 7.(1) This paragraph has effect if— (a) the individual becomes...

      8. Benefit crystallisation event 2: early pensions

        1. 8.For the purposes of benefit crystallisation event 2 if—

      9. Benefit crystallisation event 2: meaning of “P”

        1. 9.(1) For the purposes of benefit crystallisation event 2 “P”...

      10. Benefit crystallisation event 3: disregarding abatement

        1. 9A.For the purposes of benefit crystallisation event 3, any abatement...

      11. Benefit crystallisation event 3: excepted circumstances

        1. 10.(1) For the purposes of benefit crystallisation event 3 “excepted...

      12. Benefit crystallisation event 3: threshold annual rate

        1. 10A.(1) This paragraph applies for the purposes of benefit crystallisation...

      13. Benefit crystallisation event 3: permitted margin

        1. 11.(1) This paragraph applies for the purposes of benefit crystallisation...

      14. Benefit crystallisation event 3: permitted margin

        1. 12.(1) This paragraph applies for the purposes of benefit crystallisation...

      15. Benefit crystallisation event 3: meaning of “XP”

        1. 13.(1) For the purposes of benefit crystallisation event 3 “XP”...

      16. Benefit crystallisation event 5: meaning of “DP” and “DSLS”

        1. 14.(1) For the purposes of benefit crystallisation event 5 “DP”...

      17. Benefit crystallisation event 6: meaning of “relevant lump sum”

        1. 15.For the purposes of benefit crystallisation event 6 a lump...

      18. Benefit crystallisation event 7: meaning of “relevant lump sum death benefit”

        1. 16.For the purposes of benefit crystallisation event 7 a lump...

      19. Benefit crystallisation event 8: prevention of overlap with other events

        1. 17.(1) This paragraph applies for the purposes of benefit crystallisation...

    34. SCHEDULE 33

      Overseas pension schemes: migrant member relief

      1. Relief for members' etc. contributions

        1. 1.(1) An individual who is a relevant migrant member of...

      2. Relief for employers' contributions

        1. 2.(1) Subsections (2) to (5) of section 196 (relief for...

        2. 3.In ITEPA 2003, after section 308 insert— Exemption of contributions...

      3. Meaning of “relevant migrant member”

        1. 4.(1) For the purposes of this Schedule an individual who...

      4. Meaning of “qualifying” overseas pension scheme

        1. 5.(1) For the purposes of this Schedule an overseas pension...

        2. 6.(1) This paragraph applies where an overseas pension scheme is...

    35. SCHEDULE 34

      Non-UK schemes: application of certain charges

      1. Member payment charges

        1. 1.(1) For the purposes of the member payment charges the...

        2. 2.The member payment provisions do not apply in relation to...

        3. 3.(1) The member payment provisions do not apply in relation...

        4. 4.(1) The member payment provisions do not apply in relation...

        5. 5.Sections 205 and 206 (short service refund lump sum charge...

        6. 6.(1) The amount of any liability to tax imposed on...

        7. 7.(1) The member payment provisions apply with respect to a...

      2. Unauthorised payment charge: taxable property

        1. 7A.(1) The Commissioners for Her Majesty's Revenue and Customs may...

      3. Annual allowance charge

        1. 8.(1) The provisions of this Part relating to the annual...

        2. 9.The annual allowance provisions apply by virtue of paragraph 8...

        3. 10.(1) Sections 230 (1) and 234 (1) (cash balance and...

        4. 11.(1) Section 233 (1) (other money purchase arrangements) applies by...

        5. 12.(1) The annual allowance provisions apply by virtue of paragraph...

      4. Lifetime allowance charge

        1. 13.(1) The provisions of this Part relating to the lifetime...

        2. 14.(1) This paragraph applies in relation to the amount crystallised...

        3. 15.(1) An individual who is a relieved member of a...

        4. 16.(1) This paragraph applies on the occurrence of a transfer...

        5. 17.Section 217 (persons liable to charge) applies with respect to...

        6. 18.(1) This paragraph applies where sums and assets held for...

        7. 19.(1) The provisions of this Part of this Act relating...

      5. Meaning of “double tax arrangements”

        1. 20.In this Schedule “double tax arrangements” means arrangements having effect...

    36. SCHEDULE 35

      Pension schemes etc: minor and consequential amendments

      1. Taxes Management Act 1970 (c. 9)

        1. 1.In section 9(1A) of the Taxes Management Act 1970 (tax...

      2. Income and Corporation Taxes Act 1988 (c. 1)

        1. 2.The Income and Corporation Taxes Act 1988 (c. 1) is...

        2. 3.In section 21A(2) (Schedule A: computation of amount chargeable), insert...

        3. 4.In section 56(3)(b) (transfers in deposits and debts: exemption for...

        4. 5.In section 127(3)(a) (enterprise allowance), for “623(2)(c) or 833(4)(c)” substitute...

        5. 6.In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a),...

        6. 7.In section 227(8)(a) (purchase of own shares: rules about trustees...

        7. 8.In section 265(3)(c) (transfer of blind person’s allowance to spouse...

        8. 9.In section 266 (1) (life assurance premiums), for “sections 274...

        9. 10.(1) Section 266A (life assurance premiums paid by employer) is...

        10. 11.In section 268(7)(b) (early conversion or surrender of rights: life...

        11. 12.In section 273 (payments securing annuities), for the words from...

        12. 13.In section 336(1A)(b) (temporary residents not liable under certain pension...

        13. 14.In section 348(1A)(b) (payments out of profits or gains brought...

        14. 15.In section 349(1A)(b) (payments not out of profits or gains...

        15. 16.(1) Section 349B(3) (payments in case of which requirement to...

        16. 17.In section 360A(9)(a) (meaning of “material interest” in section 360:...

        17. 18.In section 414(7), (close companies: shares held on trust for...

        18. 19.In section 415(4)(b), (certain quoted companies not to be close...

        19. 20.For section 431B (life assurance: meaning of “pension business”) substitute—...

        20. 21.In section 464(5) (policies and contracts to be disregarded in...

        21. 22.(1) Section 466 (interpretation of Chapter 2 of Part 12)...

        22. 23.In section 467(3) (exemption for trade unions and employers' associations:...

        23. 24.In section 503(2) (letting of furnished holiday accommodation treated as...

        24. 25.In section 539(2) (policies of life insurance to which Chapter...

        25. 26.In section 613(4) (parliamentary pension funds)— (a) omit “respective” and...

        26. 27.(1) Section 657(2) (life annuities to which section 656 does...

        27. 28.(1) Section 660A (income arising under a settlement where settlor...

        28. 29.(1) Section 686 (accumulation and discretionary trusts: special rates of...

        29. 30.In section 715(1)(k) (exceptions from section 713 where exemption could...

        30. 31.In section 730A(7) (treatment of price differential on sale and...

        31. 32.In section 737D (1) (manufactured dividends: power to provide eligibility...

        32. 33.In section 824(9) (repayment supplements), after “settlement” insert “, scheme...

        33. 34.In section 828 (orders and regulations), after subsection (5) insert—...

        34. 35.(1) Section 832 (1) (interpretation of the Tax Acts) is...

        35. 36.In section 840A(1)(b)(iv) (definition of “bank”: exclusion of insurance companies),...

      3. Finance Act 1990 (c. 29)

        1. 37.In section 25(9) of the Finance Act 1990 (donations to...

      4. Taxation of Chargeable Gains Act 1992 (c. 12)

        1. 38.The Taxation of Chargeable Gains Act 1992 is amended as...

        2. 39.In section 13(10B)(b) (attribution of gains to members of non-resident...

        3. 40.For sections 239A and 239B (cessation of approval of retirement...

        4. 41.In section 288 (1) (interpretation), after the definition of “recognised...

        5. 42.(1) Paragraph 2 of Schedule 1 (application of exempt amount...

      5. Finance Act 1996 (c. 8)

        1. 43.The Finance Act 1996 is amended as follows.

        2. 44.In section 148 (mis-sold personal pensions), after subsection (6) insert—...

        3. 45.In paragraph 2(1D) of Schedule 9 (loan relationships: late interest),...

      6. Finance Act 1999 (c. 16)

        1. 46.(1) Paragraph 6A of Schedule 19 to the Finance Act...

      7. Capital Allowances Act 2001 (c. 2)

        1. 47.The Capital Allowances Act 2001 is amended as follows.

        2. 48.In section 4(2A) (expenditure and sums that are not capital...

        3. 49.In Part 1 of Schedule 1 (abbreviations) insert at the...

      8. Finance Act 2002 (c. 23)

        1. 50.The Finance Act 2002 is amended as follows.

        2. 51.In paragraph 4(2)(c) of Schedule 22 (computation of profits: adjustment...

        3. 52.(1) Schedule 29 (gains and losses of a company from...

        4. 53.In paragraph 114, for sub-paragraph (3) substitute—

      9. Income Tax (Earnings and Pensions) Act 2003 (c. 1)

        1. 54.The Income Tax (Earnings and Pensions) Act 2003 is amended...

        2. 55.In section 23(3) (calculation of “chargeable overseas earnings”), in Step...

        3. 56.In section 54 (1) (calculation of deemed employment payment), in...

        4. 57.In section 56(8) (application of Income Tax Acts in relation...

        5. 58.In section 218(4) (“lower-paid employment”: deductions to be subtracted), for...

        6. 59.In section 315(5) (limited exemption for expenses connected with certain...

        7. 60.(1) Section 327 (deductions from earnings: general) is amended as...

        8. 61.In section 381 (deductions from seafarers' earnings: taking account of...

        9. 62.(1) Section 407 (payments and benefits on termination of employment:...

        10. 63.(1) Section 408 (payments and benefits on termination of employment:...

        11. 64.In section 563 (former employees: deductions for liabilities), in the...

        12. 65.(1) Schedule 1 (abbreviations and defined expressions) is amended as...

    37. SCHEDULE 36

      Pension schemes etc: transitional provisions and savings

      1. Part 1 Pre-commencement pension schemes

        1. Deemed registration of existing schemes

          1. 1.(1) Any pension scheme which, immediately before 6th April 2006,...

        2. Opting out of deemed registration

          1. 2.(1) Paragraph 1 (1) does not apply to a pension...

        3. Power to modify rules of existing schemes

          1. 3.(1) The Board of Inland Revenue may by regulations make...

        4. Scheme administrator

          1. 4.(1) Where under paragraph 1 (1) a pension scheme is...

        5. Post-commencement withdrawal of approval

          1. 5.(1) The repeal by this Act of—

        6. Pre-commencement liabilities of scheme administrator

          1. 6.Any liabilities or obligations of— (a) the administrator of a...

      2. Part 2 Pre-commencement rights: lifetime allowance charge

        1. “Primary protection”

          1. 7.(1) This paragraph makes provision for the operation of a...

          2. 8.(1) The value of the individual’s relevant uncrystallised pension rights...

          3. 9.(1) This paragraph applies if any of the individual’s uncrystallised...

          4. 10.(1) The value of the individual’s relevant crystallised pension rights...

          5. 11.(1) This paragraph applies where— (a) paragraph 7 makes provision...

          6. 11A.(1) This paragraph applies where— (a) paragraph 7 makes provision...

          7. 11B.(1) This paragraph and paragraphs 11C and 11D specify the...

          8. 11C.(1) In arriving at the aggregate mentioned in paragraph 11B(2)...

          9. 11D.(1) Sub-paragraph (2) applies where any of the lump sum...

        2. “Enhanced protection”

          1. 12.(1) This paragraph applies on and after 6th April 2006...

          2. 13.Relevant benefit accrual occurs in relation to an individual under...

          3. 14.(1) For the purposes of paragraph 13(a) a relevant contribution...

          4. 15.(1) For the purposes of paragraph 13(b) “the relevant crystallised...

          5. 15A.(1) This paragraph applies where— (a) a person is paid...

          6. 16.(1) This paragraph specifies the post-commencement earnings limit if the...

          7. 17.(1) This paragraph specifies the post-commencement earnings limit in any...

          8. 17A.(1) There is an impermissible transfer into a relevant existing...

        3. Pre-commencement pension credits

          1. 18.(1) This paragraph makes provision for the operation of a...

        4. Individuals permitted to take pension before normal minimum pension age

          1. 19.(1) This paragraph applies where a benefit crystallisation event occurs...

        5. Pre-commencement pensions

          1. 20.(1) This paragraph makes provision about an individual who, on...

      3. Part 3 Pre-commencement benefit rights

        1. Rights to take benefit before normal minimum pension age

          1. 21.(1) If paragraph 22 or 23 applies in relation to...

          2. 22.(1) This paragraph applies in relation to a registered pension...

          3. 23.(1) This paragraph applies in relation to a registered pension...

          4. 23A.(1) Where— (a) paragraph 19 applies to a benefit crystallisation...

        2. Lump sum rights exceeding £375,000: primary and enhanced protection

          1. 24.(1) If the lump sum condition and the registration condition...

          2. 25.(1) The amount of an individual’s total lump sum rights...

          3. 26.(1) This paragraph applies if any of the individual’s uncrystallised...

          4. 27.(1) If (and for so long as) paragraph 12 (enhanced...

          5. 28.(1) If paragraph 12 (enhanced protection) does not apply in...

          6. 29.(1) If (and for so long as) paragraph 12 (enhanced...

          7. 30.(1) Any part of a lump sum falling within paragraph...

        3. Entitlement to lump sums exceeding 25% of uncrystallised rights

          1. 31.(1) If the pension condition is met in relation to...

          2. 32.(1) Subject to sub-paragraph (2), the value of the individual’s...

          3. 33.(1) Subject to sub-paragraph (2), the value of the individual’s...

          4. 34.(1) Schedule 29 applies with the following modifications.

        4. Winding-up lump sums paid by former approved superannuation funds

          1. 35.(1) For the tax year 2006-07, Schedule 29 (authorised lump...

        5. Right to payment of lump sum death benefit

          1. 36.(1) This paragraph applies to a member of a registered...

      4. Part 4 Other provisions

        1. Pre-commencement ill-health insurance contracts

          1. 37.(1) Payments under protected ill-health insurance contracts are not unauthorised...

        2. Pre-commencement holdings of taxable property

          1. 37A.(1) This paragraph applies in relation to an investment-regulated pension...

          2. 37B.(1) Paragraph 37A ceases to apply to an investment-regulated pension...

          3. 37C.(1) This paragraph applies where— (a) on 6th April 2006...

          4. 37D.(1) This paragraph applies where— (a) sub-paragraph (1) or (2)...

          5. 37E.(1) This paragraph applies where— (a) paragraph 37A would otherwise...

        3. Post-commencement acquisitions of taxable property

          1. 37F.(1) This paragraph applies where on or after 6th April...

          2. 37G.(1) Where Condition A or B is met in relation...

          3. 37H.(1) This paragraph applies where on or after 6th April...

          4. 37I.(1) Where Condition A, B or C is met in...

        4. Pre-commencement loans to sponsoring employers

          1. 38.(1) This paragraph applies to a loan if—

        5. Retirement annuity contracts: carry-back of pre-commencement contributions

          1. 39.The repeal by this Act of section 619(4) of ICTA...

        6. Members' contributions to pre-commencement retirement annuity contracts

          1. 40.(1) Relief in respect of contributions made by a member...

        7. Employers' contributions relieved before 6th April 2006

          1. 41.To the extent that any contribution paid by an employer...

        8. Spreading of employer’s contributions

          1. 42.The power of the Board of Inland Revenue under section...

        9. Taxation of annuities paid under pre-commencement retirement annuity contracts

          1. 43.(1) Chapter 9 of Part 9 of ITEPA 2003 (taxation...

        10. Taxation of pensions accruing (but not taxed) pre-commencement and paid or received post-commencement

          1. 44.(1) If an amount which accrued but was not paid...

        11. Pensions taxed pre-commencement but accruing post-commencement

          1. 45.(1) If an amount which was paid but had not...

        12. Application of PAYE to certain annuities in payment at commencement

          1. 46.(1) Taxable pension income for the tax year 2006-07 or...

        13. Authorised surplus payments charge: pre-19th March 1986 winding-up

          1. 47.Section 207 (authorised surplus payments charge) does not apply to...

        14. Annual allowance charge: post-commencement contributions to discharge pre-commencement unfunded promises

          1. 48.(1) This paragraph applies where, during the period beginning with...

        15. Annual allowance charge: enhanced protection

          1. 49.(1) This paragraph applies if notice of intention to rely...

        16. Saving of sections 605 and 651A of ICTA

          1. 50.The repeal by this Act of sections 605 and 651A...

        17. Individuals with pre-commencement entitlement to corresponding relief

          1. 51.(1) This paragraph applies where the Board of Inland Revenue...

        18. Continuing operation of section 392 of ITEPA 2003

          1. 52.Section 392 of ITEPA 2003 (non-approved schemes: relief where no...

        19. Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement

          1. 53.(1) Paragraph 54 or 55 has effect where—

          2. 54.(1) This paragraph has effect if— (a) all of the...

          3. 55.(1) This paragraph has effect if paragraph 54 does not....

        20. Inheritance tax

          1. 56.(1) This paragraph applies in relation to a fund or...

          2. 57.(1) The percentage of the assets of the fund or...

          3. 58.(1) Section 151 of the Inheritance Tax Act 1984 (treatment...

    38. SCHEDULE 37

      Oil taxation: tax-exempt tariffing receipts and assets producing them

      1. Part 1 Amendments of the Oil Taxation Act 1983 relating to allowable expenditure and disposal receipts

        1. Introductory

          1. 1.The Oil Taxation Act 1983 (c. 56) is amended in...

        2. Expenditure incurred on long-term assets other than non-dedicated mobile assets

          1. 2.(1) Section 3 (expenditure incurred on long-term assets other than...

        3. Exclusion from s.3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts

          1. 3.After section 3 insert— Exclusion from section 3(4) of expenditure...

        4. Expenditure related to exempt gas: asset use giving rise to tax-exempt tariffing receipts

          1. 4.(1) Section 4 (expenditure related to exempt gas and deballasting)...

        5. Disposal receipts from assets used in a way that gives rise to tax-exempt tariffing receipts

          1. 5.(1) Section 7 (chargeable receipts from disposals) is amended as...

        6. Assets no longer in use for the principal field

          1. 6.(1) In Schedule 1 (allowable expenditure) in Part 1 (extensions...

        7. Brought-in assets

          1. 7.(1) In Part 2 of Schedule 1, paragraph 7 is...

        8. Subsequent use of new asset otherwise than in connection with a taxable field

          1. 8.(1) In Part 2 of Schedule 1, paragraph 8 is...

      2. Part 2 Transitional provision

        1. Expenditure incurred in transitional period: restriction of tax-exempt tariffing receipts

          1. 9.(1) In this paragraph— “claim period” has the same meaning...

      3. Part 3 Amendments of the Taxes Act 1988

        1. Introductory

          1. 10.The Taxes Act 1988 is amended in accordance with the...

        2. Section 496: treatment of tax-exempt tariffing receipts for income and corporation tax

          1. 11.(1) Section 496 (tariff receipts) is amended as follows.

      4. Part 4 Amendments of other enactments

        1. Finance Act 1999

          1. Qualifying assets

            1. Qualifying assets

              1. 12.(1) Section 98 of the Finance Act 1999 (c. 16)...

    39. SCHEDULE 38

      Schedule to be inserted as Schedule 19B to the Taxes Act 1988

      1. The following is the Schedule to be inserted as Schedule...

    40. SCHEDULE 39

      Stamp duty land tax and stamp duty

      1. Part 1 Amendments to Part 4 of the Finance Act 2003: general

        1. Introduction

          1. 1.Part 4 of the Finance Act 2003 (c. 14) (stamp...

        2. Variation of lease

          1. 2.In section 43 (land transactions)— (a) in paragraph (c) of...

        3. Agreement for lease

          1. 3.In section 44 (contract and conveyance), after subsection (9) insert—...

        4. Contract providing for conveyance to third party

          1. 4.(1) After section 44 insert— Contract providing for conveyance to...

        5. Contract and conveyance: effect of transfer of rights

          1. 5.(1) Section 45 (contract and conveyance: effect of transfer of...

        6. Relief for sale and leaseback arrangements

          1. 6.(1) Section 57A (sale and leaseback arrangements) (inserted by the...

        7. Registration of land transactions

          1. 7.In section 79 (registration of land transactions etc), in subsection...

        8. “Effective date” of a transaction

          1. 8.In section 119 (meaning of “effective date” of a transaction),...

        9. Chargeable consideration

          1. 9.(1) Schedule 4 (chargeable consideration) is amended as follows.

        10. Provisions relating to leases

          1. 10.In Schedule 5 (amount of tax chargeable: rent), after paragraph...

        11. Provisions relating to leases

          1. 11.(1) Schedule 17A (further provisions relating to leases) (inserted by...

        12. Transfer of rights after 10th July 2003 relating to earlier contract: applicability of SDLT regime

          1. 12.In Schedule 19 (commencement and transitional provisions), in paragraph 3...

        13. Commencement

          1. 13.(1) Paragraph 4, and paragraphs 7 and 8 so far...

      2. Part 2 Re-enactment, with changes, of amendments made by section 109 regulations

        1. Introduction and revocation

          1. 14.(1) This Part of this Schedule contains amendments to Parts...

        2. Meaning of taking possession

          1. 15.(1) Section 44 (contract and conveyance) is amended as follows....

        3. Relief for sale and leaseback arrangements

          1. 16.After section 57 (disadvantaged areas relief) insert— Sale and leaseback...

        4. Relief for certain acquisitions of residential property

          1. 17.(1) For sections 58 and 59 (relief for certain exchanges...

        5. Initial transfer of assets to trustees of unit trust scheme

          1. 18.After section 64 insert— Initial transfer of assets to trustees...

        6. Return or further return in consequence of later linked transaction

          1. 19.(1) After section 81 (further return where relief withdrawn) insert—...

        7. Declaration by person authorised to act on behalf of purchaser

          1. 20.After section 81A (inserted by paragraph 19 above) insert— Declaration...

        8. Crown application

          1. 21.(1) Section 107 (Crown application) is amended as follows.

        9. Further provision relating to leases

          1. 22.(1) For section 120 (meaning of “lease” and other supplementary...

        10. Abolition of stamp duty: application to duplicates and counterparts

          1. 23.In section 125(5) (abolition of stamp duty except on instruments...

        11. Application of transitional provisions to certain contracts

          1. 24.In Schedule 19 (commencement and transitional provisions), after paragraph 4...

        12. Stamping of contract or agreement where transaction on completion or grant of lease subject to stamp duty land tax

          1. 25.(1) In Schedule 19 (commencement and transitional provisions), after paragraph...

        13. Commencement

          1. 26.This Part of this Schedule applies in relation to any...

    41. SCHEDULE 40

      Stamp duty land tax: claims not included in returns

      1. The following is the Schedule inserted after Schedule 11 to...

    42. SCHEDULE 41

      Stamp duty land tax: application to certain partnership transactions

      1. 1.In Schedule 15 to the Finance Act 2003 (c. 14)...

      2. 2.The following amendments are consequential on the amendment made by...

      3. 3.(1) The preceding provisions of this Schedule have effect in...

    43. SCHEDULE 42

      Repeals

      1. Part 1 Excise duties

      2. Part 2 Income Tax, Corporation Tax and Capital Gains Tax

      3. Part 3 Pension schemes etc

      4. Part 4 Other taxes

      5. Part 5 Miscellaneous matters

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