Introductory Text
Part 1 Value added tax
1.Goods subject to warehousing regime: place of acquisition or supply
2.Cars: determination of consideration for fuel supplied for private use
3.Credit for, or repayment of, overstated or overpaid VAT
4.Section 3: consequential and supplementary provision
5.Reverse charge: gas and electricity valuation
6.Disclosure of value added tax avoidance schemes
Part 2 Income tax, corporation tax and capital gains tax
Chapter 1 Personal taxation
Social security pension lump sums
7.Charge to income tax on lump sum
8.Meaning of “applicable year of assessment” in section 7
9.Interpretation and commencement
10.Consequential amendments
Gift aid
11.Donations to charity by individuals
Employee securities
12.Employee securities: anti-avoidance
Chapter 2 Scientific research organisations
13.Corporation tax exemption for organisations
14.Income tax deduction for payments to organisations
15.Corporation tax deduction for payments to organisations
Chapter 3 Authorised investment funds etc
16.Open-ended investment companies
17.Authorised unit trusts and open-ended investment companies
18.Section 17(3): specific powers
19.Section 17: commencement and procedure
20.Unauthorised unit trusts: chargeable gains
21.Unit trusts: treatment of accumulation units
22.Section 349B ICTA: exemption for distributions to PEP/ISA managers
23.Offshore funds
Chapter 4 Avoidance involving tax arbitrage
24.Deduction cases
25.Rules relating to deductions
26.Receipts cases
27.Rule as to qualifying payment
28.Notices under sections 24 and 26
29.Amendments relating to company tax returns
30.Interpretation
31.Commencement
Chapter 5 Chargeable gains
Residence, location of assets etc
32.Temporary non-residents
33.Trustees both resident and non-resident in a year of assessment
34.Location of assets etc
Miscellaneous
35.Exercise of options etc
36.Notional transfers within a group
Chapter 6 Miscellaneous
Accounting practice and related matters
37.Accounting practice and related matters
Financial avoidance etc
38.Charges on income for the purposes of corporation tax
39.Avoidance involving financial arrangements
Financing of companies etc
40.Transfer pricing and loan relationships
Intangible fixed assets
41.Intangible fixed assets
Insurance companies etc
42.Insurance companies etc
International matters
43.Implementation of the amended Parent/Subsidiary Directive
44.Territories with a lower level of taxation: reduction of amount of local tax
Miscellaneous
45.Lloyd’s underwriters: assessment and collection of tax
46.Energy Act 2004 and Health Protection Agency Act 2004
Part 3 Stamp taxes
Stamp duty land tax
47.E-conveyancing
48.Disclosure of information contained in land transaction returns
49.Miscellaneous amendments
Stamp duty and stamp duty reserve tax
50.Power to extend exceptions relating to recognised exchanges
Part 4 European company statute
51.Chargeable gains
52.Intangible fixed assets
53.Intangible fixed assets: permanent establishment in another member State
54.Loan relationships
55.Derivative contracts
56.Capital allowances
57.Stamp duty reserve tax
58.Bearer instruments: stamp duty and stamp duty reserve tax
59.Consequential amendments
60.Residence
61.Continuity for transitional purposes
62.Groups
63.Groups: intangible fixed assets
64.Held-over gains
65.Restrictions on set-off of pre-entry losses
Part 5 Miscellaneous matters
66.Vehicle excise duty: late renewal supplements
67.Reorganisation of water and sewerage services in Northern Ireland
68.EU Mutual Assistance Directive: notifications
69.Abolition of statutory adjudicator for National Savings and Investments
Part 6 Supplementary provisions
70.Repeals
71.Interpretation
72.Short title
SCHEDULES
SCHEDULE 1
Disclosure of value added tax avoidance schemes
1.Introduction
2.Interpretative provisions
3.For paragraph 2 substitute— (1) For the purposes of this Schedule, a taxable person...
4.After paragraph 2 insert— Meaning of “non-deductible tax” (1) In this Schedule “non-deductible tax”, in relation to a...
5.Duty to notify Commissioners
6.In paragraph 7 (exemptions from duty to notify) in the...
7.Amount of penalty
8.Penalty assessments
SCHEDULE 2
Employee securities: anti-avoidance
1.Introductory
2.Rights under certain insurance contracts to be securities
3.Restricted securities
4.(1) Section 424 (employment-related securities which are not restricted securities...
5.(1) In section 428 (amount of charge under section 426),...
6.(1) In section 429 (exception from charge under section 426...
7.(1) After section 431A insert— Securities acquired for purpose of...
8.Convertible securities
9.(1) In section 436(a) (meaning of “convertible securities”), for “immediate...
10.(1) In section 440 (amount of charge under section 438),...
11.(1) In section 443 (exception from charge under section 438...
12.Securities acquired for less than market value
13.(1) In section 446R (exception from Chapter for certain company...
14.(1) In section 446U(1) (discharge of notional loan), insert at...
15.(1) After section 446U insert— Pre-acquisition avoidance cases (1) Sections 446S to 446U do not apply if the...
16.(1) Section 698 (PAYE: special charges on employment-related securities) is...
17.Post-acquisition benefits from securities
18.(1) Section 447 (charge on other chargeable benefits from securities)...
19.(1) In section 449 (exception from charge under section 447...
20.Corporation tax relief: minor and consequential amendments
SCHEDULE 3
Qualifying scheme
Part 1 Introductory
1.For the purposes of section 24 a scheme is a...
Part 2 Schemes involving hybrid entities
2.A scheme falls within this Part if a party to...
3.(1) An entity is a hybrid entity if—
Part 3 Schemes involving hybrid effect
4.Schemes involving hybrid effect
5.Instruments of alterable character
6.Shares subject to conversion
7.Securities subject to conversion
8.Debt instruments treated as equity
Part 4 Schemes involving hybrid effect and connected persons
9.Schemes involving hybrid effect and connected persons
10.Scheme including issue of shares not conferring a qualifying beneficial entitlement
11.Scheme including transfer of rights under a security
12.Interpretation
SCHEDULE 4
Chargeable gains: location of assets etc
Part 1 Location of assets
1.Exceptions from sections 713 and 714 of ICTA
2.Foreign securities: delayed remittances
3.Designated international organisations
4.Location of assets: general
5.Location of certain intangible assets
6.Location of assets: interests of co-owners
Part 2 Minor amendments: non-resident company with UK permanent establishment
7.Computation of losses
8.Reallocation within group of gain or loss accruing under section 179
9.Exemptions for disposals by companies with substantial shareholding
Part 3 Commencement
10.Commencement
SCHEDULE 5
Chargeable gains: options
Part 1 Application of market value rule in case of exercise of option
1.Application of market value rule in case of exercise of option
2.Application of market value rule in case of exercise of option: exception
Part 2 Miscellaneous amendments relating to share options etc
3.Shares acquired on same day: election for alternative treatment
4.Employment-related securities options
5.Interpretation of TCGA 1992
Part 3 Commencement
6.Commencement
SCHEDULE 6
Accounting practice and related matters
1.Adjustment on change of accounting basis
2.(1) In section 227 of ITTOIA 2005 (adjustment on change...
3.Meaning of “statutory insolvency arrangement”
4.Minor corrections
5.Deemed release of liability on impaired debt becoming held by connected company
6.Adjustment on change to international accounting standards: bad debt debits formerly disallowed
7.Loan relationships with embedded derivatives
8.(1) In section 116(8A) of TCGA 1992 (reorganisations, conversions and...
9.Exchange gains and losses
10.In section 103 of FA 1996 (loan relationships: general interpretation),...
11.In paragraph 54 of Schedule 26 to FA 2002 (derivative...
SCHEDULE 7
Avoidance involving financial arrangements
1.Rent factoring
2.Section 730: restriction to income consisting of distributions in respect of company shares etc
3.Change in ownership of company with investment business
4.Transfers of rights to receive annual payments
5.Disposals and acquisitions of company loan relationships with or without interest
6.Manufactured interest and the accrued income scheme
7.Consideration due after time of disposal: creditor relationships etc
8.Corporate strips: manipulation of price: associated payment giving rise to loss
9.Transactions within a group: shares subject to third party obligations
10.Shares treated as loan relationships
11.Related transactions in relation to right to receive manufactured interest
12.Money debts etc not arising from lending of money: discounts and profits from transactions
13.Meaning of “commercial rate of interest”
14.Capital redemption policies: removal of exclusion from loan relationships computations
15.Deemed disposal of assets and liabilities on company ceasing to be resident in UK etc
16.Transactions not at arm’s length: exceptions relating to groups of companies
17.Continuity of treatment of groups etc: treatment of transferee company
18.Transferee leaving group after replacing transferor as party to loan relationship
19.Avoidance involving repos or stock lending
20.Capital redemption policies: computations on the I minus E basis
21.Relevant discounted securities: corporate strips
22.Transactions within groups: treatment of transferee company
23.Transactions within groups: fair value accounting
24.Transferee leaving group after replacing transferor as party to derivative contract
25.Deeply discounted securities: corporate strips
SCHEDULE 8
Financing of companies etc: transfer pricing and loan relationships
1.Amendments of Schedule 28AA to ICTA
2.Amendments of Schedule 9 to FA 1996
3.(1) Paragraph 18 of that Schedule (discounted securities of close...
4.Commencement and transitional provisions
SCHEDULE 9
Insurance companies etc
1.Expenses of insurance companies
2.Interpretative provisions relating to insurance companies
3.Amendment of Chapter 1 of Part 12 of ICTA etc
4.Apportionment of income and gains
5.Section 432B apportionment: participating funds
6.Transfers of business: deemed periodical return
7.Transfers of business: modification of section 444AC of ICTA
8.Transfers of business: transferor shares are assets of transferee’s long-term insurance fund etc
9.Equalisation reserves for general business
10.Unappropriated surplus on valuation
11.Relevant financial reinsurance contracts
12.Receipts to be taken into account
13.Meaning of “brought into account”
14.Changes in recognised accounts: attribution of amounts carried forward under s.432F of ICTA
15.Charge of certain receipts of basic life assurance business
16.Corporation tax: policy holders' fraction of profits
17.Overseas life insurance companies
18.Meaning of “pension business”
19.Miscellaneous references to “class” of business
20.Transfers of business: references to accounting period ending with day of transfer
SCHEDULE 10
Stamp duty land tax: miscellaneous amendments
Part 1 Amendments coming into force in accordance with paragraph 16
1.Introduction
2.Transfer of rights: exclusion of transaction to which alternative finance provisions apply
3.Group relief
4.In paragraph 3 of Schedule 7 (withdrawal of group relief)—...
5.In paragraph 4 of Schedule 7 (cases in which group...
6.After paragraph 4 of Schedule 7 insert— Withdrawal of group...
7.In Schedule 17A (further provisions relating to leases) in paragraph...
8.Reconstruction and acquisition reliefs
9.In paragraph 9 of Schedule 7 (withdrawal of reconstruction or...
10.Withdrawal of money etc from partnership after transfer of chargeable interest
11.Grant of lease to bare trustee
12.In paragraph 11 of Schedule 17A (cases where assignment of...
13.Variation of lease
14.Loan or deposit in connection with grant or assignment of lease
15.In section 80 (adjustment where contingency ceases or consideration is...
16.Commencement
Part 2 Amendments coming into force in accordance with paragraph 22
17.Introduction
18.Transfers involving public bodies
19.Group relief: avoidance arrangements
20.Acquisition relief: avoidance arrangements
21.Stamp duty on transfers of partnership interests
22.Commencement
SCHEDULE 11
Repeals
Part 1 Value added tax
Part 2 Income tax, corporation tax and capital gains tax
Part 3 Stamp taxes
Part 4 European company statute
Part 5 Miscellaneous matters