- Latest available (Revised)
- Point in Time (08/11/2005)
- Original (As enacted)
Version Superseded: 01/04/2009
Point in time view as at 08/11/2005.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 285.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
285(1)Amend section 696 (absolute interests in residue) as follows.U.K.
(2)In subsection (1) for “person who” substitute “ company which ”.
(3)In subsection (2)—
(a)for “person”, wherever it occurs, substitute “ company ”, and
(b)at the end add “; and references to the residuary income of a company for an accounting period are to be construed in accordance with subsection (8)”.
(4)In subsection (3)—
(a)for “all tax” substitute “ corporation tax ”,
(b)for “person” substitute “ company ”, and
(c)for “year of assessment” substitute “ accounting period ”.
(5)In subsection (3A)—
(a)for “person”, in both places where it occurs, substitute “ company ”,
(b)at the end of paragraph (b) insert “ (whether or not the company was a company liable to corporation tax at the time of payment) ”, and
(c)for “year of assessment” substitute “ accounting period ”.
(6)In subsection (3B) for—
(a)“person”, in both places where it occurs,
(b)“year of assessment”, in both places where it occurs,
(c)“years of assessment”,
(d)“each year”,
(e)“his”, in both places where it occurs, and
(f)“that year”, wherever it occurs in paragraph (a) and (b),
substitute “ company ”, “ accounting period ”, “ accounting periods ”, “ each accounting period ”, “ its ” and “ that accounting period ” respectively.
(7)In subsection (4) for “person”, “any year” and “that year” substitute “ company ”, “ any accounting period ” and “ that accounting period ” respectively.
(8)In subsection (5) for—
(a)“person”, in both places where it occurs, and
(b)“year of assessment”,
substitute “ company ” and “ accounting period ” respectively.
(9)In subsection (6)—
(a)for “person” substitute “ company ”,
(b)for “year” substitute “ accounting period ”, and
(c)omit the words from “and shall” to the end of the subsection.
(10)In subsection (7) for—
(a)“person”,
(b)“income tax for any year”,
(c)“that year”, and
(d)“him”, in both places where it occurs,
substitute “ company ”, “ corporation tax for any accounting period ”, “ the relevant year of assessment ” and “ it ” respectively.
(11)In subsection (8) omit the words from the beginning to “this section”.
(12)After subsection (8) insert—
“(9)In subsection (7) “the relevant year of assessment”, in relation to an amount deemed to have been paid to a company as income for an accounting period by virtue of this section, means the year of assessment for which the amount would have been deemed to have been paid as income if references in subsections (3) to (6) to accounting periods were references to years of assessment.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: