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Finance Act 2004
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 255(1)(h) and word inserted by S.I. 2024/1012 reg. 5(3)(b)
- Sch. 29 para. 13(1)(d) amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A by S.I. 2024/1012 reg. 17
- Sch. 33 para. 4(1)(d) amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A by S.I. 2024/1012 reg. 17
- Sch. 36 para. 12A inserted by S.I. 2024/1012 reg. 8(5)
- Sch. 36 para. 19(1C) inserted by S.I. 2024/1012 reg. 8(7)(b)
- Sch. 36 para. 20H and cross-heading inserted by S.I. 2024/1012 reg. 8(16)
- Sch. 36 para. 28(A1) inserted by S.I. 2024/1012 reg. 8(19)
- Sch. 36 para. 20A(3)(3A) substituted for Sch. 36 para. 20A(3) by S.I. 2024/1012 reg. 8(9)(b)
- Sch. 36 para. 20B(2)(2A) substituted for Sch. 36 para. 20B(2) by S.I. 2024/1012 reg. 8(10)(b)
- Sch. 36 para. 20E(4)(4A) substituted for Sch. 36 para. 20E(4) by S.I. 2024/1012 reg. 8(13)(b)
- Sch. 36 para. 20E(10)(a) words omitted by S.I. 2024/1012 reg. 8(13)(d)
186IncomeU.K.
(1)No liability to income tax arises in respect of—
(a)income derived from investments or deposits held for the purposes of a registered pension scheme, or
(b)underwriting commissions applied for the purposes of a registered pension scheme [F1which are not relevant foreign income and which would otherwise be chargeable to income tax under Chapter 8 of Part 5 of ITTOIA 2005 (income not otherwise charged).]
(2)The exemption provided by subsection (1) does not apply to income derived from investments or deposits held as a member of a property investment LLP; and for this purpose “income” includes relevant stock lending fees, in relation to any investments, to which subsection (1) would apply by virtue of section 129B of ICTA (inclusion of relevant stock lending fees in income).
[F2(2A)The exemption provided by subsection (1) does not prevent the income from being charged to tax by virtue of section 185A.]
(3)In this Part “investments”, in relation to a registered pension scheme, includes futures contracts and options contracts; and income derived from transactions relating to futures contracts or options contracts is to be treated as derived from the contracts.
(4)For that purpose a contract is not prevented from being a futures contract or an options contract by the fact that a party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets) in full settlement of all obligations.
Textual Amendments
F1Words in s. 186(1)(b) substituted (6.4.2006) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 644, Sch. 2 para. 161 (with Sch. 2)
F2S. 186(2A) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 7
Modifications etc. (not altering text)
C1S. 186 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 17
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
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