xmlns:atom="http://www.w3.org/2005/Atom"
Part 1 Charges, rates, thresholds etc
Part 3 Income tax, corporation tax and capital gains tax
Part 5 SDLT, stamp duty and SDRT
Part 6 Investigation, administration etc
SCHEDULES
Climate change levy: reduced-rate supplies etc
3.In paragraph 5(3) (supplies of electricity), for “or 24” substitute...
4.In paragraph 6(2A) (supplies of gas), after “24” insert “or...
5.(1) Paragraph 34 (other commodities: deemed supplies) is amended as...
6.In paragraph 39(1)(c) (regulations as to time of supply), for...
7.For paragraph 44 substitute— (1) For the purposes of this Schedule, a taxable supply...
8.(1) Paragraph 45 (reduced-rate supplies: variation of notices under paragraph...
9.After that paragraph insert— Reduced-rate supplies: deemed supply (1) This paragraph applies where— (a) a taxable supply has...
10.In paragraph 147 (interpretation), in the definition of “reduced-rate supply”—...
12.(1) Paragraph 101 (civil penalties: incorrect notifications etc) is amended...
Part 1 Amendments of ITEPA 2003
2.In section 7(5) (meaning of “employment income” etc), for paragraph...
3.In section 48(2) (workers under arrangements made by intermediaries: scope...
4.After section 61 insert— Chapter 9 Managed service companies Application...
5.In section 218(1) (exclusion of lower-paid employments from parts of...
6.After section 688 insert— Managed service companies: recovery from other...
7.In section 717(4) (orders and regulations not subject to negative...
8.In Part 2 of Schedule 1 (index of defined expressions),...
Part 2 Calculation of profits of MSCs: deduction for deemed employment payments
Restrictions on trade loss relief for partners
1.Limit on amount of sideways relief and capital gains relief available in any tax year
2.Disregard of contributions made for purpose of accessing sideways relief and capital gains relief
3.Provision corresponding to paragraphs 1 and 2 for tax year 2006-07
5.In section 32 (liability not dealt with in the calculation),...
6.In section 82(a) (exploitation of films), for “sections 115 and...
8.After section 103 insert— Meaning of “limited partner” (1) In this Chapter “limited partner” means an individual who...
9.After section 103C (as inserted by paragraph 1(1) above) insert—...
10.In— (a) section 104(5) (restriction on reliefs for limited partners),...
11.In— (a) section 105(11) (meaning of “contribution to the firm”...
13.In section 112 (meaning of “non-active partner” and “early tax...
14.Omit the italic-cross heading before section 114 (regulations: exclusion of...
15.In section 115 (restrictions on reliefs for firms exploiting films),...
16.Omit section 116 (exclusion from restrictions under section 115: certain...
17.In section 792 (partners claiming excess sideways or capital gains...
18.In section 809 (individuals in partnership claiming relief for licence-related...
19.In paragraph 148(3)(b) of Schedule 2 (transitionals and savings: tax...
Avoidance involving financial arrangements
2.(1) In section 660C of ICTA, omit subsection (4) (income...
4.In section 774D of ICTA (disregard of intended effects of...
5.In section 774E of ICTA (exceptions), in subsection (7)(a) (meaning...
6.(1) Section 774G of ICTA (minor definitions etc for purposes...
8.(1) Section 263E of TCGA 1992 (structured finance arrangements) is...
9.Manufactured payments under arrangements having an unallowable purpose
11.Loan relationships: amounts not fully recognised for accounting purposes
13.(1) Section 91B of FA 1996 (non-qualifying shares) is amended...
14.(1) In section 103(1) of FA 1996 (interpretation of Chapter...
15.Exchange gains and losses where loan not on arm’s length terms
17.Plant or machinery subject to a lease and finance leaseback
18.Derivative contracts: contracts treated for accounting purposes as financial asset or liability
19.Derivative contracts: transfers of value to connected companies
Companies carrying on business of leasing plant or machinery
Insurance business: gross roll-up business etc
3.(1) Section 76 (expenses of insurance companies) is amended as...
4.Omit section 333B (involvement of insurance companies with plans and...
5.In section 403E (relief for overseas losses of UK resident...
6.(1) Section 431 (interpretative provisions relating to insurance companies) is...
7.In section 431A(3)(a) (power to amend), omit “and Schedule 19AA”....
8.After section 431B insert— Meaning of “child trust fund business”...
9.(1) Section 431D (meaning of “overseas life assurance business”) is...
10.After section 431E insert— Meaning of “gross roll-up business” In this Chapter “gross roll-up business” means business of any...
11.In section 431F (meaning of “basic life assurance and general...
12.In section 432ZA(7) (linked assets), for “long-term business other than...
13.(1) Section 432A (apportionment of income and gains) is amended...
14.(1) Section 432AA (Schedule A business or overseas property business)...
15.In section 432AB (losses from Schedule A business or overseas...
16.(1) Section 432B (apportionment of receipts brought into account) is...
17.For section 432C substitute— Section 432B apportionment: non-participating funds (1) This section specifies the extent to which the net...
18.Omit section 432D (section 432B apportionment: value of non-participating funds)....
19.(1) Section 432E (section 432B apportionment: participating funds) is amended...
20.In section 432F(2) (section 432B apportionment: supplementary provisions)—
21.For section 432G substitute— Section 432B apportionment: business transfers-in (1) There is referable to the life assurance business of...
22.(1) Section 434 (franked investment income etc) is amended as...
23.(1) Section 434A (computation of losses and limitation on relief)...
24.Omit section 436 (pension business: separate charge on profits).
25.Before section 437 insert— Gross roll-up business: separate charge on...
26.(1) Section 438 (pension business: exemption from tax) is amended...
27.Omit section 438B (income or gains arising from property investment...
28.Omit section 438C (determination of policy holders' share for purposes...
30.Omit section 439B (life reinsurance business: separate charge on profits)....
31.(1) Section 440 (transfers of assets etc) is amended as...
32.In section 440A(2) (securities)— (a) in paragraph (a), for sub-paragraphs...
33.In section 440B(4) (modifications where tax charged under Case I...
35.In section 444A(3) (transfers of business)— (a) for “436(3)(c) or...
36.(1) Section 444AC (transfers of business: excess of assets or...
37.(1) Section 444AF (demutualisation surplus: life assurance business) is amended...
38.(1) Section 444AK (mutual surplus: Case VI categories of life...
39.Omit sections 458 and 458A (capital redemption business).
40.In section 460(2) (registered friendly societies: exemption from tax in...
41.In section 461 (registered friendly societies: other business), omit subsection...
42.In section 461B (incorporated friendly societies), omit subsection (2A).
43.(1) Section 466 (interpretation of Chapter 2 of Part 12)...
44.In section 502H(2)(a)(ii) and (4)(b) (insurance company as lessor), for...
45.In section 539(3) (life policies, life annuities and capital redemption...
46.(1) Section 553B (overseas life assurance business: capital redemption policies)...
47.(1) Section 755A (treatment of chargeable profits and creditable tax...
48.In section 804A(1) (life assurance companies with overseas branches etc:...
49.(1) Section 804B (insurance companies carrying on more than one...
50.In section 804C(14) (insurance companies: allocation of expenses etc in...
51.(1) Section 804D (interpretation of section 804C in relation to...
52.In section 804E (interpretation of section 804C in relation to...
53.In section 806L(5) (carry forward or carry back of unrelieved...
54.In section 808 (restriction on deduction of interest or dividends...
56.In paragraph 2(1A)(a) of Schedule 25 (cases where section 747(3)...
58.In section 88(3A) (corporation tax: policy holders' fraction of profits),...
59.In section 89(1A) (policy holders' share of profits), for paragraph...
61.In section 204(10) (policies of insurance and non-deferred annuities)—
62.In section 210B— (a) omit paragraph (b) of subsection (6)...
63.In section 212(2) (annual deemed disposal of holdings of certain...
64.In section 213(1A) (spreading of gains and losses under section...
66.In paragraph 12(3) of Schedule 9 (loan relationships: special computational...
67.(1) Schedule 11 (loan relationships: special provisions for insurers) is...
69.(1) Section 255 (apportionment of allowances and charges) is amended...
70.(1) Section 256 (different giving effect rules for different categories...
71.(1) Section 545 (investment assets) is amended as follows.
74.(1) Schedule 12 (tax relief for expenditure on research and...
75.(1) Schedule 26 (derivative contracts) is amended as follows.
77.In section 473(2) (policies and contracts to which Chapter 9...
78.In section 476(3) (special rules: foreign policies), in the definition...
79.In Schedule 2 (transitionals and savings etc), in paragraph 118(2),...
Insurance companies: basis of taxation etc
2.(1) Section 76 (expenses of insurance companies) is amended as...
3.In section 431(2) (interpretative provisions relating to insurance companies), insert...
4.For section 432 (and the italic cross-heading before it) substitute—...
5.In section 432A(7)(c)(ii) (apportionment of income and gains), for “85(2C)(c)”...
6.In section 437(1A) (annuities), for “, otherwise than in accordance...
7.Omit section 439A (taxation of pure reinsurance business).
8.(1) Section 440B (modifications where tax charged under Case I...
9.After that section insert— Modifications for change of tax basis...
10.In section 755A(2) and (6)(a) (controlled foreign companies: apportionments to...
12.In section 83(6)(c) (receipts to be taken into account), for...
13.In subsection (1) of section 85 (charge of certain receipts...
14.After that section insert— Excess adjusted Case I profits (1) Where for any accounting period an insurance company is...
15.(1) Section 88 (policy holders' fraction of profits) is amended...
16.(1) Section 89 (policy holders' share of profits) is amended...
23.In section 256(1) (different giving effect rules for different categories...
24.In section 257(2) (life assurance: supplementary), for paragraphs (a) and...
Sale and repurchase of securities
4.Ignoring effect on borrower of sale of securities: debtor repos, debtor quasi-repos and other arrangements
5.Relief for borrower for finance charges in respect of the advance: debtor repos and debtor quasi-repos
6.Ignoring sale and subsequent purchase for purposes of chargeable gains: debtor repos
9.Ignoring effect on lender of sale of securities: creditor repos and creditor quasi-repos
10.Charge on lender for finance return in respect of the advance: creditor repos and creditor quasi-repos
11.Ignoring purchase and subsequent sale for purposes of chargeable gains: creditor repos
12.Repo under arrangement designed to produce quasi-interest: anti-avoidance
13.Requirements to deduct tax from manufactured payments: creditor repos and debtor repos
Sale and repurchase of securities: minor and consequential amendments
2.(1) Section 231AA (no tax credit for borrower under stock...
3.(1) Section 231AB (no tax credit for original owner under...
4.Omit sections 730A and 730B (treatment of price differential on...
5.Omit section 730BB (exchange gains and losses on sale and...
6.(1) Section 731 (purchase and sale of securities: application and...
7.Omit sections 737A to 737C (sale and repurchase of securities:...
8.Omit section 737E (power to modify sections 730A, 730BB and...
9.In section 774E(4) (exceptions to sections 774B and 774D), for...
10.In section 807A (disposals and acquisitions of company loan relationships...
12.(1) Section 263A (agreements for sale and repurchase of securities)...
13.(1) For paragraph 12 of Schedule 7AC substitute— (1) This paragraph applies where— (a) a company (“the borrower”)...
15.In section 91C(3) (shares treated as loan relationships: condition 1...
16.(1) Section 97 (manufactured interest) is amended as follows.
18.For paragraph 15 of Schedule 9 (and the italic cross-heading...
22.In section 602(1)(b) (deemed manufactured payments: repos), for “the repurchase...
23.In section 607 (treatment of price differences under repos), after...
24.In section 886(2) (interest paid by recognised clearing houses etc),...
2.In section 106 (conditions for company)— (a) in subsection (1),...
4.In section 108(2) (profit condition), for paragraph (b) substitute—
8.In section 117 (cancellation of tax advantage), insert at the...
9.In section 120 (calculation of profits)— (a) in paragraph (a)...
10.In section 123(a) (attribution of distributions), for “Condition 4” substitute...
11.After section 126 (movement of assets into ring fence) insert—...
12.In section 127 (interpretation), for “126” substitute “126A”.
14.In section 138 (joint ventures), after subsection (3) insert—
15.In paragraph 3 of Schedule 16 (excluded income: owner-occupied property),...
16.(1) Schedule 17 (modifications for groups) is amended as follows....
17.In section 505(1) of ICTA (charities: exemptions), after paragraph (a)...
Pensions schemes: abolition of relief for life assurance premium contributions etc
Alternatively secured pensions and transfer lump sum death benefit etc
2.Alternatively secured pension: guaranteed pension and maximum
3.In paragraph 12 of Schedule 28 (pension rules: alternatively secured...
6.Omit section 172B(5)(a) (reduction for transfer lump sum death benefit)....
7.In section 188(5) (amounts not to be treated as contributions),...
8.In section 280(2) (index), omit the entry relating to transfer...
9.In Schedule 29, omit paragraph 19 (transfer lump sum death...
13.After that section insert— Increase in rights on death arising...
14.Minimum alternatively secured pension and dependants' alternatively secured pension
15.In section 241(1) (scheme chargeable payment), after paragraph (a) insert—...
20.(1) Section 151A (person dying with alternatively secured pension fund)...
21.(1) Section 151B (relevant dependant with pension fund inherited from...
22.After that section insert— Rate or rates of charge under...
23.(1) Section 151C (dependant dying with other pension fund) is...
24.In section 216(6)(ac) (delivery of account)— (a) after “occurs” insert...
25.In section 226(4) (payment), after “Act” insert “, or under...
26.In section 233(1)(c) (interest on unpaid tax), after “Act” insert...
27.In Schedule 2 (provisions applying on reduction of tax), omit...
Pension schemes etc: miscellaneous
2.Persons by whom registered pension schemes may be established
3.Omit section 155 (persons by whom scheme may be established:...
5.Unauthorised payments reduced by amount of scheme sanction charge
8.Unsecured and dependants' unsecured pensions: reference periods
10.In section 219(7) (multiple benefit crystallisation events occurring by reason...
11.(1) Schedule 29 (authorised lump sums) is amended as follows....
14.Taxable property held by investment-regulated pension schemes: indirect holdings in REITs
17.(1) Paragraph 12 (when enhanced protection ceases) is amended as...
18.In paragraph 14 (relevant contributions), after sub-paragraph (3) insert—
19.(1) Paragraph 15 (relevant benefit accrual) is amended as follows....
21.Benefits under employer-financed retirement benefits schemes
Exemptions from stamp duty and SDRT: intermediaries, repurchases etc
Amendments and repeals consequential on extension of HMRC powers
4.In TMA 1970— (a) sections 20C and 20CC (search warrants),...
7.Section 148(4) of FA 1989 (definition of “business” for purposes...
8.In VATA 1994— (a) section 72(9) (powers of arrest), and...
12.In FA 2001 (aggregates levy)— (a) paragraph 6 of Schedule...
15.Section 323(3)(e) and (f) of the Proceeds of Crime Act...
17.In CRCA 2005— (a) section 13(3)(b) and (c) (Commissioners' functions...
Extension of HMRC powers: Scotland
2.The heading to that Part becomes “Investigation of Revenue and...
3.At the beginning of that Part insert— Investigation of offences...
4.In section 24 (detention and questioning by customs officers)—
5.In section 25(1) (right to have someone informed of the...
6.In section 26 (detention in connection with drug smuggling offences),...
7.After that section insert— Power of arrest Power of arrest...
9.In subsection (1), in the definition of “officer of law”,...
10.After that subsection insert— (1A) The inclusion of officers of...
14.(1) The amendments made by this Schedule come into force...
Amendments connected with Gambling Act 2005
Meaning of “recognised stock exchange” etc
1.Meaning of “recognised stock exchange” etc in Tax Acts and TCGA 1992
2.For section 841 of ICTA substitute— Meaning of “recognised stock...
3.In section 288 of TCGA 1992 (interpretation), after subsection (5)...
4.Valuation of shares listed on recognised stock exchange for purposes of TCGA 1992 etc
5.(1) In ITTOIA 2005, for sections 450 and 451 substitute—...
9.In paragraph 4(2C)(b) of Schedule 26 to FA 2002 (derivative...
10.(1) ITEPA 2003 (persons to whom section 421J applies) is...