Search Legislation

Advanced Search

Taxation (International and Other Provisions) Act 2010

Changes to legislation:

Taxation (International and Other Provisions) Act 2010 is up to date with all changes known to be in force on or before 15 November 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

  1. Introductory Text

  2. Part 1 Overview

    1. 1.Overview of Act

  3. Part 2 Double taxation relief

    1. CHAPTER 1 Double taxation arrangements and unilateral relief arrangements

      1. Double taxation arrangements

        1. 2.Giving effect to arrangements made in relation to other territories

        2. 3.Arrangements may include retrospective or supplementary provision

        3. 4.Meaning of “double taxation” in sections 2 and 3

        4. 5.Orders under section 2: contents and procedure

        5. 6.The effect given by section 2 to double taxation arrangements

        6. 7.General regulations

      2. Unilateral relief arrangements

        1. 8.Interpretation: “unilateral relief arrangements” means rules 1 to 9, etc

        2. 9.Rule 1: the unilateral entitlement to credit for non-UK tax

        3. 10.Rule 2: accrued income profits

        4. 11.Rule 3: interaction between double taxation arrangements and rules 1 and 2

        5. 12.Rule 4: cases in which, and calculation of, credit allowed for tax on dividends

        6. 13.Rule 5: credit for tax charged directly on dividend

        7. 14.Rule 6: credit for underlying tax on dividend paid to 10% associate of payer

        8. 15.Rule 7: credit for underlying tax on dividend paid to sub-10% associate

        9. 16.Rule 8: credit for underlying tax on dividend paid by exchanged associate

        10. 17.Rule 9: credit in relation to dividends for spared tax

    2. CHAPTER 2 Double taxation relief by way of credit

      1. Effect to be given to credit for foreign tax allowed against UK tax

        1. 18.Entitlement to credit for foreign tax reduces UK tax by amount of the credit

        2. 19.Time limits for claims for relief under section 18(2)

        3. 20.Foreign tax includes tax spared because of international development relief

      2. Interpretation of Chapter

        1. 21.Meaning of “the arrangements”, “the non-UK territory”, “foreign tax” etc

      3. Credits where same income charged to income tax in more than one tax year

        1. 22.Credit for foreign tax on overlap profit if credit for that tax already allowed

        2. 23.Time limits for claims for relief under section 22(2)

        3. 24.Claw-back of relief under section 22(2)

      4. Cases in which credit not allowed

        1. 25.Credit not allowed if relief allowed against overseas tax

        2. 26.Credit not allowed under arrangements unless taxpayer is UK resident

        3. 27.Credit not allowed if person elects against credit

      5. Exceptions to requirement to be UK resident

        1. 28.Unilateral relief for Isle of Man or Channel Islands tax

        2. 29.Unilateral relief for tax on income from employment or office

        3. 30.Unilateral relief for non-UK tax on non-resident's UK branch or agency etc

      6. Calculating income or gains in respect of which credit is allowed

        1. 31.Calculation of income or gain where remittance basis does not apply

        2. 32.Calculation of amount received where UK tax charged on remittance basis

      7. Limits on credit: general rules

        1. 33.Limit on credit: minimisation of the foreign tax

        2. 34.Reduction in credit: payment by reference to foreign tax

        3. 35.Disallowed credit: use as a deduction

      8. Limit on, and reduction of, credit against income tax

        1. 36.Amount of limit

        2. 37.Credit against tax on trade income: further rules

        3. 38.Credit against tax on royalties: further rules

        4. 39.Credit reduced by reference to accrued income losses

      9. Limit on credit against capital gains tax

        1. 40.Amount of limit

      10. Limit on total credit against income tax and capital gains tax

        1. 41.Amount of limit

      11. Limit on credit against corporation tax

        1. 42.Amount of limit

        2. 43.Profits attributable to permanent establishments for purposes of section 42(2)

        3. 44.Credit against tax on trade income

        4. 45.Credit against tax on trade income: anti-avoidance rules

        5. 46.Applying section 44(2): asset in hedging relationship with derivative contract

        6. 47.Applying section 44(2): royalty income

        7. 48.Applying section 44(2): “portfolio” of transactions, arrangements or assets

        8. 49.Restricting section 44(3) if company is a bank or connected with a bank

        9. 49A.Limit on credit in cases involving qualifying loan relationships of CFCs

        10. 49B.Applying section 42(2) to non-trading credits from loan relationships etc

      12. Calculating tax for purposes of section 42(2)

        1. 50.Tax for period on loan relationships

        2. 51.Tax for period on intangible fixed assets

      13. Allocation of deductions etc to profits for purposes of section 42

        1. 52.General deductions

        2. 53.Earlier years' non-trading deficits on loan relationships

        3. 54.Non-trading debits on loan relationships

        4. 55.Current year's non-trading deficits on loan relationships

        5. 56.Non-trading debits on intangible fixed assets

      14. Taking account of foreign tax underlying dividends

        1. 57.Credit in respect of dividend: taking account of underlying tax

        2. 58.Calculation if dividend paid by non-resident company to resident company

        3. 59.Meaning of “relevant profits” in section 58

        4. 60.Underlying tax to be left out of account on claim to that effect

        5. 61.Calculation if section 58 does not apply

        6. 62.Meaning of “relevant profits” in section 61

      15. Taking account of tax underlying dividends that is not foreign tax

        1. 63.Non-UK company dividend paid to 10% investor: relief for UK and other tax

      16. Tax underlying dividend treated as underlying tax paid by dividend's recipient

        1. 64.Meaning of “dividend-paying chain” of companies

        2. 65.Relief for underlying tax paid by company lower in dividend-paying chain

        3. 66.Limitations on section 65(4)

      17. Tax underlying dividends: restriction of relief, and particular cases

        1. 67.Restriction of relief if underlying tax at rate higher than rate of corporation tax

        2. 68.Meaning of “avoidance scheme” in section 67

        3. 69.Dividends paid out of transferred profits

        4. 70.Underlying tax reflecting interest on loans

        5. 71.Foreign taxation of group as single entity

      18. Unrelieved foreign tax on profits of overseas permanent establishment

        1. 72.Application of section 73(1)

        2. 73.Carry-forward and carry-back of unrelieved foreign tax

        3. 74.Rules for carrying back unrelieved foreign tax

        4. 75.Two or more establishments treated as a single establishment

        5. 76.Former and subsequent establishments regarded as distinct establishments

        6. 77.Claims for relief under section 73(1)

        7. 78.Meaning of “overseas permanent establishment”

      19. Action after adjustment of amount payable by way of UK or foreign tax

        1. 79.Time limits for action if tax adjustment makes credit excessive or insufficient

        2. 80.Duty to give notice that adjustment has rendered credit excessive

      20. Schemes and arrangements designed to increase relief: anti-avoidance

        1. 81.Giving a counteraction notice

        2. 82.Conditions for the purposes of section 81(1)

        3. 83.Schemes and arrangements referred to in section 82(4)

        4. 84.Section 83(2) and (4): schemes enabling attribution of foreign tax

        5. 85.Section 83(2) and (4): schemes about effect of paying foreign tax

        6. 85A.Section 83(2) and (4): schemes involving deemed foreign tax

        7. 86.Section 83(2) and (4): schemes about claims or elections etc

        8. 87.Section 83(2) and (4): schemes that would reduce a person's tax liability

        9. 88.Section 83(2) and (4): schemes involving tax-deductible payments

        10. 89.Contents of counteraction notice

        11. 90.Consequences of counteraction notices

        12. 91.Counteraction notices given before tax return made

        13. 92.Counteraction notices given after tax return made

        14. 93.Amendment, closure notices and discovery assessments in section 92 cases

        15. 94.Information made available for the purposes of section 92(4)

        16. 95.Interpretation of sections 89 to 94

      21. Insurance companies

        1. 96.Companies with overseas branches: restriction of credit

        2. 97.Companies with more than one category of business: restriction of credit

        3. 97A.Commercial allocation of relevant income to different categories of long-term business

        4. 98.Attribution for section 97 purposes if category is gross roll-up business

        5. 99.Allocation of expenses etc in calculations under section 35 of CTA 2009

        6. 100.First limitation for purposes of section 99(2)

        7. 101.Second limitation for purposes of section 99(2)

        8. 102.Interpreting sections 99 to 101 for life assurance or gross roll-up business

        9. 103.Interpreting sections 99 to 101 for other insurance business

        10. 104.Interpreting sections 100 and 101: amounts referable to category of business

    3. CHAPTER 3 Miscellaneous provisions

      1. Application of Part for capital gains tax purposes

        1. 105.Meaning of “chargeable gain”

        2. 106.Chapters 1 and 2 apply to capital gains tax separately from other taxes

      2. When foreign tax disregarded in applying Part for corporation tax purposes

        1. 107.Disregard of foreign tax referable to derivative contract

        2. 108.Disregard of foreign tax attributable to interest under a loan relationship

        3. 109.Repo cases in which no disregard under section 108

        4. 110.Stock-lending cases in which no disregard under section 108

      3. Special rules for discretionary trusts

        1. 111.When payment to beneficiary treated as arising from foreign source

      4. Deduction for foreign tax where no credit allowed

        1. 112.Deduction from income for foreign tax (instead of credit against UK tax)

        2. 113.Deduction from capital gain for foreign tax (instead of credit against UK tax)

        3. 114.Time limits for action if tax adjustment makes reduction too large or too small

        4. 115.Duty to give notice that adjustment has rendered reduction too large

      5. European cross-border transfers of business

        1. 116.Introduction to section 117

        2. 117.Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets

      6. European cross-border mergers

        1. 118.Introduction to section 119

        2. 119.Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets

      7. Transparent entities involved in cross-border transfers and mergers

        1. 120.Introduction to section 121

        2. 121.Tax treated as chargeable in respect of relevant transactions

      8. Cross-border transfers and mergers: chargeable gains

        1. 122.Tax treated as chargeable in respect of gains on transfer of non-UK business

      9. Interpretation of sections related to the Mergers Directive

        1. 123.Interpretation of sections 116 to 122

      10. Cases about being taxed otherwise than in accordance with double taxation arrangements

        1. 124.Giving effect to solutions to cases and mutual agreements resolving cases

        2. 125.Effect of, and deadline for, presenting a case

      11. The Arbitration Convention

        1. 126.Meaning of “the Arbitration Convention”

        2. 127.Giving effect to agreements, decisions and opinions under the Convention

        3. 128.Disclosure under the Convention

      12. Disclosure of information

        1. 129.Disclosure where relief given overseas for tax paid in the United Kingdom

      13. Interpretation of double taxation arrangements

        1. 130.Interpreting provision about UK taxation of profits of foreign enterprises

        2. 130A.Interpreting provision about UK taxation of pensions etc

        3. 131.Interpreting provision about interest influenced by special relationship

        4. 132.Interpreting provision about royalties influenced by special relationship

        5. 133.Special relationship rule for royalties: matters to be shown by taxpayer

      14. Assessments

        1. 134.Correcting assessments where relief is available

  4. Part 3 Double taxation relief for special withholding tax

    1. Introductory

      1. 135.Relief under this Part: introductory

      2. 136.Interpretation of Part

    2. Credit etc for special withholding tax

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

      2. 138.Amount and application of the deemed tax under section 137

      3. 139.Capital gains tax credit etc for special withholding tax

      4. 140.Provisions about the deemed tax under section 139

      5. 141.Credit under Chapter 2 of Part 2 to be allowed first

    3. Calculation of income or gain on remittance basis where special withholding tax levied

      1. 142.Conditions for purposes of section 143

      2. 143.Taking account of special withholding tax in calculating income or gains

    4. Certificates to avoid levy of special withholding tax

      1. 144.Issue of certificate

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

  5. Part 4 Transfer pricing

    1. CHAPTER 1 Basic transfer-pricing rule

      1. 146.Application of this Part

      2. 147.Tax calculations to be based on arm's length, not actual, provision

      3. 148.The “participation condition”

    2. CHAPTER 2 Key interpretative provisions

      1. Meaning of certain expressions that first appear in section 147

        1. 149.“Actual provision” and “affected persons”

        2. 150.“Transaction” and “series of transactions”

        3. 151.“Arm's length provision”

        4. 152.Arm's length provision where actual provision relates to securities

        5. 153.Arm's length provision where security issued and guarantee given

        6. 154.Interpretation of sections 152 and 153

        7. 155.“Potential advantage” in relation to United Kingdom taxation

        8. 156.“Losses” and “profits”

      2. “Direct participation” in management, control or capital of a person

        1. 157.Direct participation

      3. “Indirect participation” in management, control or capital of a person

        1. 158.Indirect participation: defined by sections 159 to 162

        2. 159.Indirect participation: potential direct participant

        3. 160.Indirect participation: one of several major participants

        4. 161.Indirect participation: sections 148 and 175: financing cases

        5. 162.Indirect participation: sections 148 and 175: further financing cases

        6. 163.Meaning of “connected” in section 159

      4. Application of OECD principles

        1. 164.Part to be interpreted in accordance with OECD principles

    3. CHAPTER 3 Exemptions from basic rule

      1. 165.Exemption for dormant companies

      2. 166.Exemption for small and medium-sized enterprises

      3. 167.Small and medium-sized enterprises: exceptions from exemption

      4. 167A.Small enterprises: exception from exemption: transfer pricing notice

      5. 168.Medium-sized enterprises: exception from exemption: transfer pricing notice

      6. 169.Giving of transfer pricing notices

      7. 170.Appeals against transfer pricing notices

      8. 171.Tax returns where transfer pricing notice given

      9. 172.Meaning of “small enterprise” and “medium-sized enterprise”

      10. 173.Meaning of “qualifying territory” and “non-qualifying territory”

    4. CHAPTER 4 Position, if only one affected person potentially advantaged, of other affected person

      1. Claim by affected person who is not advantaged

        1. 174.Claim by the affected person who is not potentially advantaged

        2. 174A.Claims under section 174 where disadvantaged person within charge to income tax

        3. 175.Claims under section 174 where actual provision relates to a security

        4. 176.Claims under section 174: advantaged person must have made return

        5. 177.Time for making, or amending, claim under section 174

        6. 178.Meaning of “return” in sections 176 and 177

      2. Claims: special cases

        1. 179.Compensating payment if advantaged person is controlled foreign company

        2. 180.Application of section 174(2)(a) in relation to transfers of trading stock etc

      3. Alternative way of claiming if a security is involved

        1. 181.Section 182 applies to claims where actual provision relates to a security

        2. 182.Making of section 182 claims

        3. 183.Giving effect to section 182 claims

        4. 184.Amending a section 182 claim if it is followed by relevant notice

      4. Notification to persons who may be disadvantaged

        1. 185.Notice to potential claimants

        2. 186.Extending claim period if notice under section 185 not given or given late

      5. Treatment of interest where claim made

        1. 187.Tax treatment if actual interest exceeds arm's length interest

      6. Treatment of interest where claim prevented by section 174A

        1. 187A.Excess interest treated as a qualifying distribution

      7. Adjustment of double taxation relief where claim made

        1. 188.Double taxation relief by way of credit for foreign tax

        2. 189.Double taxation relief by way of deduction for foreign tax

      8. Interpretation of Chapter

        1. 190.Meaning of “relevant notice”

    5. CHAPTER 5 Position of guarantor of affected person's liabilities under a security issued by the person

      1. 191.When sections 192 to 194 apply

      2. 192.Attribution to guarantor company of things done by issuing company

      3. 193.Interaction between claims under sections 174 and 192(1)

      4. 194.Claims under section 192(1): general provisions

    6. CHAPTER 6 Balancing payments

      1. 195.Qualifying conditions for purposes of section 196

      2. 196.Balancing payments between affected persons: no charge to, or relief from, tax

      3. 197.Qualifying conditions for purposes of section 198

      4. 198.Balancing payments by guarantor to issuer: no charge to, or relief from, tax

      5. 199.Pre-conditions for making election under section 200

      6. 200.Election to pay tax rather than make balancing payments

      7. 201.Pre-conditions for making election under section 202

      8. 202.Election, in guarantee case, to pay tax rather than make balancing payments

      9. 203.Elections under section 200 or 202

      10. 204.Meaning of “capital market condition” in sections 199 and 201

    7. CHAPTER 7 Oil-related ring-fence trades

      1. 205.Provision made or imposed between ring-fence trade and other activities

      2. 206.Meaning of “oil-related ring-fence trade” in sections 205 and 218

      3. 206A.Modification of basic rule where allowances restricted for certain expenditure

    8. CHAPTER 8 Supplementary provisions and interpretation of Part

      1. Unit trusts

        1. 207.Application of Part to unit trusts

      2. Determinations requiring Commissioners' sanction

        1. 208.The determinations which require the Commissioners' sanction

        2. 209.Determinations exempt from requirement for Commissioners' sanction

        3. 210.The requirement for the Commissioners' sanction

        4. 211.Restriction of right to appeal against Commissioners' approval

      3. Appeals

        1. 212.Appeals

      4. Effect of Part on capital allowances and chargeable gains

        1. 213.Capital allowances

        2. 214.Chargeable gains

      5. Adjustments

        1. 215.Manner of making adjustments to give effect to Part

      6. Definitions

        1. 216.Meaning of “the relevant activities”

        2. 217.Meaning of “control” and “firm”

  6. Part 5 Advance pricing agreements

    1. 218.Meaning of “advance pricing agreement”

    2. 219.Meaning of “associate” in section 218(2)(e)

    3. 220.Effect of agreement on party to it

    4. 221.Effect of revocation of agreement or breach of its conditions

    5. 222.Effect of agreement on non-parties

    6. 223.Application for agreement

    7. 224.Provision in agreement about years ended or begun before agreement made

    8. 225.Modification and revocation of agreement

    9. 226.Annulment of agreement for misrepresentation

    10. 227.Penalty for misrepresentation in connection with agreement

    11. 228.Party to agreement: duty to provide information

    12. 229.Modifications of agreement for double taxation purposes

    13. 230.Interpretation of Part: meaning of “Commissioners” and “officer”

  7. Part 6 Tax arbitrage

    1. Introduction

      1. 231.Overview

    2. Deduction notices

      1. 232.Deduction notices

      2. 233.The deduction scheme conditions

      3. 234.Schemes achieving UK tax advantage for a company

      4. 235.Further provisions about deduction notices

    3. Deduction schemes

      1. 236.Schemes involving hybrid entities

      2. 237.Instruments of alterable character

      3. 238.Shares subject to conversion

      4. 239.Securities subject to conversion

      5. 240.Debt instruments treated as equity

      6. 241.Scheme including issue of shares not conferring qualifying beneficial entitlement

      7. 242.Scheme including transfer of rights under a security

    4. Consequences of deduction notices

      1. 243.Consequences of deduction notices

      2. 244.The rule against double deduction

      3. 245.Application of the rule against deduction for untaxable payments

      4. 246.Cases where payee's non-liability treated as not a result of scheme

      5. 247.Cases where payee treated as having reduced liability as a result of scheme

      6. 248.The rule against deduction for untaxable payments

    5. Receipt notices

      1. 249.Receipt notices

      2. 250.The receipt scheme conditions

      3. 251.Amounts within corporation tax

      4. 252.Further provisions about receipt notices

      5. 253.Exception for dealers

      6. 254.Rule for calculation or recalculation of income etc following receipt notice

    6. General provisions about deduction notices and receipt notices

      1. 255.Notices given before tax return made

      2. 256.Notices given after tax return made

      3. 257.Amendments, closure notices and discovery assessments where section 256 applies

    7. Interpretation

      1. 258.Schemes and series of transactions

      2. 259.Minor definitions

  8. Part 7 Tax treatment of financing costs and income

    1. CHAPTER 1 Introduction

      1. 260.Introduction

    2. CHAPTER 2 Application of Part

      1. 261.Application of Part

      2. 262.UK net debt of worldwide group for period of account of worldwide group

      3. 263.Net debt of a company

      4. 264.Worldwide gross debt of worldwide group for period of account of the group

      5. 265.References to amounts disclosed in balance sheet of a company

      6. 265A.Different accounting treatment used at company and group levels

      7. 266.Qualifying financial services groups

      8. 267.Qualifying activities

      9. 268.Lending activities and activities ancillary to lending activities

      10. 269.Insurance activities and insurance-related activities

      11. 270.Relevant dealing in financial instruments

      12. 271.UK trading income of the worldwide group

      13. 272.Worldwide trading income of the worldwide group

      14. 273.Foreign currency accounting

      15. 273A.Meaning of “group securitisation company”

    3. CHAPTER 3 Disallowance of deductions

      1. 274.Application of Chapter and meaning of “total disallowed amount”

      2. 275.Meaning of “company to which this Chapter applies”

      3. 275A.Meaning of “dual resident investing company”

      4. 276.Appointment of authorised company for relevant period of account

      5. 277.Meaning of “the reporting body”

      6. 278.Statement of allocated disallowances: submission

      7. 279.Statement of allocated disallowances: submission of revised statement

      8. 280.Statement of allocated disallowances: requirements

      9. 280A.Statement of allocated disallowances: dual resident investing companies

      10. 281.Statement of allocated disallowances: effect

      11. 282.Company tax returns

      12. 283.Power to make regulations about statement of allocated disallowances

      13. 284.Failure of reporting body to submit statement of allocated disallowances

      14. 284A.Section 284: supplementary

      15. 285.Powers to make regulations in relation to reductions under section 284

    4. CHAPTER 4 Exemption of financing income

      1. 286.Application of Chapter and meaning of “total disallowed amount”

      2. 287.Meaning of “company to which this Chapter applies”

      3. 288.Appointment of authorised company for relevant period of account

      4. 289.Meaning of “the reporting body”

      5. 290.Statement of allocated exemptions: submission

      6. 291.Statement of allocated exemptions: submission of revised statement

      7. 292.Statement of allocated exemptions: requirements

      8. 293.Statement of allocated exemptions: effect

      9. 294.Company tax returns

      10. 295.Power to make regulations about statement of allocated exemptions

      11. 296.Failure of reporting body to submit statement of allocated exemptions

      12. 297.Power to make regulations in relation to reductions under section 296

      13. 298.Balancing payments between group companies: no tax charge or relief

      14. 298A.Application of Chapter to financing income amounts determined under section 314A

    5. CHAPTER 5 Intra-group financing income where payer denied deduction

      1. 299.Tax exemption for certain financing income received from EEA companies

      2. 300.Meaning of “relevant associate”

      3. 301.Meaning of “tax-resident” and “EEA territory”

      4. 302.Qualifying EEA tax relief for payment in current or previous period

      5. 303.Qualifying EEA tax relief for payment in future period

      6. 304.References to tax of a territory

      7. 305.Financing income amounts of a company

    6. CHAPTER 6 Tax avoidance

      1. 305A.Schemes preventing this Part applying to a large group

      2. 306.Schemes involving manipulation of rules in Chapter 2

      3. 307.Schemes involving manipulation of rules in Chapters 3 and 4

      4. 308.Meaning of “relevant net deduction”

      5. 309.Calculation of amounts

      6. 310.Meaning of “carried-back amount” and “carried-forward amount”

      7. 311.Schemes involving manipulation of rules in Chapter 5

      8. 312.Meaning of “scheme” and “excluded scheme”

    7. CHAPTER 7 “Financing expense amount” and “financing income amount”

      1. 313.The financing expense amounts of a company

      2. 314.The financing income amounts of a company

      3. 314A.The financing income amounts of a chargeable company under Part 9A

      4. 315.Interpretation of sections 313 and 314

      5. 316.Group treasury companies

      6. 317.Real estate investment trusts

      7. 317A.Companies with permanent establishments profits election

      8. 318.Companies engaged in oil extraction activities

      9. 318A.Industrial and provident societies

      10. 319.Intra-group short-term finance: financing expense

      11. 320.Intra-group short-term finance: financing income

      12. 321.Short-term loan relationships

      13. 322.Stranded deficits in non-trading loan relationships: financing expense

      14. 323.Stranded deficits in non-trading loan relationships: financing income

      15. 324.Stranded management expenses in non-trading loan relationships: financing expense

      16. 325.Stranded management expenses in non-trading loan relationships: financing income

      17. 326.Charities

      18. 327.Educational and public bodies

      19. 328.Interpretation of sections 316 to 327

    8. CHAPTER 8 “Tested expense amount” and “tested income amount”

      1. 329.The tested expense amount

      2. 330.The tested income amount

      3. 331.Companies with net financing deduction or net financing income that is small

      4. 331ZA.Elections disapplying sections 329(5) and 330(5)

      5. 331A.Mismatches between tax treatment and accounting treatment

    9. CHAPTER 9 “Available amount”

      1. 332.The available amount

      2. 332A.Groups containing securitisation companies

      3. 332AA.Change of accounting standards: investment entities

      4. 332B.Partnerships: expenses of borrowing

      5. 332C.Partnerships: other expenses

      6. 333.Group members with income from oil extraction subject to particular tax treatment in UK

      7. 334.Group members with income from shipping subject to particular tax treatment in UK

      8. 335.Group members with income from property rental subject to particular tax treatment in UK

      9. 336.Meaning of accounting expressions used in this Chapter

      10. 336A.Mismatches between tax treatment and accounting treatment

    10. CHAPTER 10 Other interpretative and supplementary provisions

      1. 337.The worldwide group

      2. 338.Meaning of “group”

      3. 339.Meaning of “ultimate parent”

      4. 340.Meaning of “corporate entity”

      5. 341.Meaning of “relevant non-corporate entity”

      6. 342.Treatment of entities stapled to corporate, or relevant non-corporate, entities

      7. 343.Treatment of business combinations

      8. 344.Meaning of “large” in relation to a group

      9. 345.Meaning of “UK group company” and “relevant group company”

      10. 346.Financial statements of the worldwide group

      11. 347.Non-compliant financial statements of the worldwide group

      12. 348.Non-existent financial statements of the worldwide group

      13. 348A.Financial statements: business combinations to which the worldwide group is a party

      14. 349.References to amounts disclosed in financial statements

      15. 350.Translation of amounts disclosed in financial statements

      16. 351.Expressions taking their meaning from international accounting standards

      17. 352.Meaning of “relevant accounting period”

      18. 353.Other expressions

      19. 353A.Effect of Part on parties to capital market arrangements

      20. 353AA.Power to make regulations where accounting standards change

      21. 353B.Regulations and orders

  9. Part 8 Offshore funds ETC

    1. Tax treatment of participants in offshore funds

      1. 354.Power to make regulations about tax treatment of participants

      2. 355.Meaning of “offshore fund”

      3. 356.Meaning of “mutual fund”

      4. 357.Exceptions to definition of “mutual fund”

      5. 358.Meaning of “relevant income-producing asset”

      6. 359.Power to make regulations about exceptions to definition of “mutual fund”

    2. Supplementary

      1. 360.Treatment of umbrella arrangements

      2. 361.Treatment of arrangements comprising more than one class of interest

      3. 362.Meaning of “participant” and “participation”

      4. 363.Meaning of “umbrella arrangements” and “part of umbrella arrangements”

      5. 363A.Residence of undertakings for collective investment in transferable securities and alterative investment funds

  10. Part 9 Amendments to relocate provisions of tax legislation

    1. 364.Oil activities

    2. 365.Alternative finance arrangements

    3. 366.Power to amend the alternative finance provisions

    4. 367.Leasing arrangements: finance leases and loans

    5. 368.Sale and lease-back etc

    6. 369.Factoring of income etc

    7. 370.UK representatives of non-UK residents

    8. 371.Miscellaneous relocations

  11. PART 9A Controlled foreign companies

    1. Chapter 1 Overview

      1. 371AA.Overview of Part

    2. Chapter 2 The CFC charge

      1. 371BA.Introduction to the CFC charge

      2. 371BB.The CFC charge gateway

      3. 371BC.Charging the CFC charge

      4. 371BD.Chargeable companies

      5. 371BE.Companies which are managers of offshore funds etc

      6. 371BF.Companies which are participants in offshore funds

      7. 371BG.Companies holding shares as trading assets etc

      8. 371BH.Companies carrying on BLAGAB

      9. 371BI.Banking companies

    3. Chapter 3 The CFC charge gateway: determining which (if any) of Chapters 4 to 8 applies

      1. 371CA.Does Chapter 4 apply?

      2. 371CB.Does Chapter 5 apply?

      3. 371CC.Incidental non-trading finance profits: the 5% rule

      4. 371CD.Incidental non-trading finance profits: the further 5% rule

      5. 371CE.Does Chapter 6 apply?

      6. 371CF.Does Chapter 7 apply?

      7. 371CG.Does Chapter 8 apply?

    4. Chapter 4 The CFC charge gateway: profits attributable to UK activities

      1. 371DA.Introduction to Chapter

      2. 371DB.The steps

      3. 371DC.Exclusion: UK activities a minority of total activities

      4. 371DD.Exclusion: economic value

      5. 371DE.Exclusion: independent companies' arrangements

      6. 371DF.Exclusion: trading profits (the basic rule)

      7. 371DG.Exclusion: trading profits (business premises condition)

      8. 371DH.Exclusion: trading profits (income condition)

      9. 371DI.Exclusion: trading profits (management expenditure condition)

      10. 371DJ.Exclusion: trading profits (IP condition)

      11. 371DK.Exclusion: trading profits (export of goods condition)

      12. 371DL.Exclusion: trading profits (anti-avoidance)

    5. Chapter 5 The CFC charge gateway: non-trading finance profits

      1. 371EA.The basic rule

      2. 371EB. UK activities

      3. 371EC.Capital investment from the UK

      4. 371ED.Arrangements in lieu of dividends etc to UK resident companies etc

      5. 371EE.Leases to UK resident companies etc

    6. Chapter 6 The CFC charge gateway: trading finance profits

      1. 371FA.The basic rule

      2. 371FB.Qualifying loan relationships

      3. 371FC.Loans from foreign permanent establishments of UK resident companies

      4. 371FD.Exclusion: banking business

      5. 371FE.Exclusion: insurance business

    7. Chapter 7 The CFC charge gateway: captive insurance business

      1. 371GA.The basic rule

    8. Chapter 8 The CFC charge gateway: solo consolidation

      1. 371HA.The basic rule

    9. Chapter 9 Exemptions for profits from qualifying loan relationships

      1. 371IA.The basic rule

      2. 371IB.Loans funded out of qualifying resources

      3. 371IC.What is the “qualifying value” of “relevant pre-acquisition funds or other assets”?

      4. 371ID.The 75% exemption

      5. 371IE.Matched interest

      6. 371IF.Determining the profits of a qualifying loan relationship

      7. 371IG.What is a “qualifying loan relationship”?

      8. 371IH.Exclusions from definition of “qualifying loan relationship”

      9. 371II.Power to amend definitions

      10. 371IJ.Claims

    10. Chapter 10 The exempt period exemption

      1. 371JA.Introduction to Chapter

      2. 371JB.The basic rule

      3. 371JC.When does an exempt period begin?

      4. 371JD.How long is an exempt period?

      5. 371JE.Adjustment of profits passing through the CFC charge gateway

      6. 371JF.Anti-avoidance

      7. 371JG.Amendment of company tax returns

    11. Chapter 11 The excluded territories exemption

      1. 371KA.Introduction to Chapter

      2. 371KB.The basic rule

      3. 371KC.How to determine the territory in which a CFC is resident

      4. 371KD.What is “the threshold amount”?

      5. 371KE.Category A income: the basic rule

      6. 371KF.Category A income: permanent establishments in excluded territories

      7. 371KG.Category B income

      8. 371KH.Category C income

      9. 371KI.Category D income

      10. 371KJ.The IP condition

    12. Chapter 12 The low profits exemption

      1. 371LA.Introduction to Chapter

      2. 371LB.The basic rule

      3. 371LC.Anti-avoidance

    13. Chapter 13 The low profit margin exemption

      1. 371MA.Introduction to Chapter

      2. 371MB.The basic rule

      3. 371MC.Anti-avoidance

    14. Chapter 14 The tax exemption

      1. 371NA.Introduction to Chapter

      2. 371NB.The basic rule

      3. 371NC.Reductions to “the local tax amount”

      4. 371ND.What are “designer rate tax provisions”?

      5. 371NE.How to determine “the corresponding UK tax”

    15. Chapter 15 Relevant interests in a CFC

      1. Introduction

        1. 371OA.Application of Chapter

        2. 371OB.Provision about interpretation

      2. What is a “relevant interest” in a CFC?

        1. 371OC.“Relevant interests” of UK resident companies

        2. 371OD.“Relevant interests” of persons related to UK resident companies

        3. 371OE.Other “relevant interests”

    16. Chapter 16 Creditable tax of a CFC

      1. 371PA.What is “creditable tax”?

    17. Chapter 17 Apportionment of a CFC's chargeable profits and creditable tax

      1. Introduction

        1. 371QA.Application of Chapter

        2. 371QB.Provision about interpretation

      2. How are the apportionments to be made?

        1. 371QC.The basic rules

        2. 371QD.Apportionments to be made in proportion to shareholding

        3. 371QE.Indirect shareholdings

        4. 371QF.Variable shareholdings

        5. 371QG.Anti-avoidance

    18. Chapter 18 Control etc

      1. 371RA.Overview of Chapter

      2. 371RB.Legal and economic control

      3. 371RC.Legal and economic control: the 40% rule

      4. 371RD.Legal and economic control: supplementary provision

      5. 371RE.Control determined by reference to accounting standards

      6. 371RF.Power to amend section 371RE etc

    19. Chapter 19 Assumed taxable total profits, assumed total profits and the corporation tax assumptions

      1. Overview

        1. 371SA.Overview of Chapter

      2. “Assumed taxable total profits” and “assumed total profits”

        1. 371SB.What are “assumed taxable total profits” and “assumed total profits”?

      3. “The corporation tax assumptions”

        1. 371SC.What are “the corporation tax assumptions”?

        2. 371SD. UK residence etc

        3. 371SE.Close company

        4. 371SF.Claims and elections

        5. 371SG.Disapplication of assumption in section 371SF(1)

        6. 371SH.Elections under section 9A of CTA 2010

        7. 371SI.Modification of sections 6 and 7 of CTA 2010

        8. 371SJ.Elections for leases to be treated as long funding leases

        9. 371SK.Intangible fixed assets

        10. 371SL.Group relief etc

        11. 371SM.Capital allowances

        12. 371SN.Unremittable overseas income

        13. 371SO.Tax advantages

        14. 371SP.Disguised interest: application of Chapter 2A of Part 6 of CTA 2009

        15. 371SQ.Shares accounted for as liabilities: application of section 521C of CTA 2009

        16. 371SR.Double taxation relief: counteraction notices

    20. Chapter 20 Residence of CFCs

      1. 371TA.The basic rule

      2. 371TB.How to determine the territory in which the CFC is resident

      3. 371TC.Elections and designations about residence

    21. Chapter 21 Management

      1. 371UA.Introduction to Chapter

      2. 371UB.Application of the Taxes Acts to the CFC charge

      3. 371UBA.Payments in respect of a charge on a banking company: information to be provided

      4. 371UC.Just and reasonable apportionments

      5. 371UD.Relief against sum charged

      6. 371UE.Appeals affecting more than one person

      7. 371UF.Recovery of sum charged from other UK resident companies

    22. Chapter 22 Supplementary provision

      1. 371VA.Definitions

      2. 371VB.Accounting periods

      3. 371VC.Accounting profits

      4. 371VD.Adjustments to accounting profits

      5. 371VE.Cell companies etc

      6. 371VF.Connected persons etc

      7. 371VG.Finance profits

      8. 371VH.Interests in companies

      9. 371VI.Property business profits

      10. 371VIA.Relevant finance leases

      11. 371VJ.Regulations

  12. Part 10 General provisions

    1. Subordinate legislation

      1. 372.Orders and regulations

    2. Interpretation

      1. 373.Abbreviated references to Acts

    3. Final provisions

      1. 374.Minor and consequential amendments

      2. 375.Power to make consequential provision

      3. 376.Power to undo changes

      4. 377.Transitional provisions and savings

      5. 378.Repeals and revocations

      6. 379.Index of defined expressions

      7. 380.Extent

      8. 381.Commencement

      9. 382.Short title

  13. SCHEDULES

    1. SCHEDULE 1

      Oil activities: new Chapter 16A of Part 2 of ITTOIA 2005

      1. 1.ITTOIA 2005 is amended as follows.

      2. 2.After section 225 insert— Chapter 16A Oil activities Basic definitions...

    2. SCHEDULE 2

      Alternative finance arrangements

      1. Part 1 New Part 10A of ITA 2007

        1. 1.ITA 2007 is amended as follows.

        2. 2.After Part 10 insert— Part 10A Alternative finance arrangements Introduction...

        3. 3.After section 564A insert— Meaning of “financial institution” (1) In this Part “financial institution” means—

        4. 4.After section 564B insert— Arrangements that are alternative finance arrangements...

        5. 5.After section 564C insert— Diminishing shared ownership arrangements (1) This section applies to arrangements if under them—

        6. 6.After section 564D insert— Deposit arrangements (1) This section applies to arrangements if under them—

        7. 7.After section 564E insert— Profit share agency arrangements (1) This section applies to arrangements if under them—

        8. 8.After section 564F insert— Investment bond arrangements (1) This section applies to arrangements if—

        9. 9.After section 564G insert— Provision not at arm's length: exclusion...

        10. 10.After section 564H insert— Meaning of “alternative finance return” Purchase...

        11. 11.After section 564I insert— Purchase and resale arrangements where return...

        12. 12.After section 564J insert— Diminishing shared ownership arrangements (1) In the case of diminishing shared ownership arrangements, payments...

        13. 13.After section 564K insert— Other arrangements (1) In the case of deposit arrangements, amounts paid or...

        14. 14.After section 564L insert— Treatment of alternative finance return as...

        15. 15.After section 564M insert— Alternative finance return under arrangements for...

        16. 16.After section 564N insert— Relief for some alternative finance return...

        17. 17.After section 564O insert— Tax relief schemes and arrangements Section 809ZG (tax relief schemes and arrangements) applies to alternative...

        18. 18.After section 564P insert— Deduction of income tax at source...

        19. 19.After section 564Q insert— Special rules for investment bond arrangements...

        20. 20.After section 564R insert— Treatment of bond-holder and bond-issuer (1) This section applies for the purposes of the Income...

        21. 21.After section 564S insert— Treatment as securities (1) Investment bond arrangements are securities for the purposes of...

        22. 22.After section 564T insert— Arrangements not unit trust scheme or...

        23. 23.After section 564U insert— Other rules Exclusion of alternative finance...

        24. 24.After section 564V insert— Diminishing shared ownership arrangements not partnerships...

        25. 25.After section 564W insert— Treatment of principal under profit share...

        26. 26.After section 564X insert— Provision not at arm's length: relevant...

      2. Part 2 New Chapter 4 of Part 4 of TCGA 1992

        1. 27.TCGA 1992 is amended as follows.

        2. 28.After Chapter 3 of Part 4 insert— Chapter 4 Alternative...

        3. 29.After section 151H insert— Meaning of “financial institution” (1) In this Chapter “financial institution” means—

        4. 30.After section 151I insert— Arrangements that are alternative finance arrangements...

        5. 31.After section 151J insert— Diminishing shared ownership arrangements (1) This section applies to arrangements if under them—

        6. 32.After section 151K insert— Deposit arrangements (1) This section applies to arrangements if under them—

        7. 33.After section 151L insert— Profit share agency arrangements (1) This section applies to arrangements if under them—

        8. 34.After section 151M insert— Investment bond arrangements (1) This section applies to arrangements if—

        9. 35.After section 151N insert— Provision not at arm's length: exclusion...

        10. 36.After section 151O insert— Meaning of “alternative finance return” Purchase...

        11. 37.After section 151P insert— Purchase and resale arrangements where return...

        12. 38.After section 151Q insert— Diminishing shared ownership arrangements (1) In the case of diminishing shared ownership arrangements, payments...

        13. 39.After section 151R insert— Other arrangements (1) In the case of deposit arrangements, amounts paid or...

        14. 40.After section 151S insert— Special rules for investment bond arrangements...

        15. 41.After section 151T insert— Treatment of bond-holder and bond-issuer (1) This section applies for the purposes of this Act...

        16. 42.After section 151U insert— Treatment as securities (1) Investment bond arrangements are securities for the purposes of...

        17. 43.After section 151V insert— Investment bond arrangements not unit trust...

        18. 44.After section 151W insert— Other rules Exclusion of some alternative...

        19. 45.After section 151X insert— Diminishing shared ownership arrangements not partnerships...

      3. Part 3 Other amendments

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

          1. 46.ICTA is amended as follows.

          2. 47.After section 367 insert— Alternative finance arrangements (1) Sections 353 and 365 have effect as if—

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

          1. 48.ITEPA 2003 is amended as follows.

          2. 49.After section 173 (loans to which Chapter 7 of Part...

        3. Income Tax Act 2007 (c. 3)

          1. 50.ITA 2007 is amended as follows.

          2. 51.At the beginning of Chapter 7 of Part 7 (Community...

          3. 52.After section 372A insert— Purchase and resale arrangements (1) This section applies if, under arrangements to which section...

          4. 53.After section 372B insert— Deposit arrangements (1) This section applies if, under arrangements to which section...

          5. 54.After section 372C insert— Profit share agency arrangements (1) This section applies if, under arrangements to which section...

          6. 55.In section 1005 (meaning of “recognised stock exchange” etc) after...

    3. SCHEDULE 3

      Leasing arrangements: finance leases and loans

      1. Part 1 New Part 11A of ITA 2007

        1. 1.ITA 2007 is amended as follows.

        2. 2.After Part 11 insert— Part 11A Leasing arrangements: finance leases...

        3. 3.After section 614AC insert— Chapter 2 Finance leases with return...

        4. 4.After section 614BY insert— Chapter 3 Other finance leases Introduction...

        5. 5.After section 614CD insert— Chapter 4 Supplementary provisions Pre-26 November...

      2. Part 2 New section 37A of TCGA 1992

        1. 6.TCGA 1992 is amended as follows.

        2. 7.After section 37 insert— Consideration on disposal of certain leases...

    4. SCHEDULE 4

      Sale and lease-back etc: new Part 12A of ITA 2007

      1. 1.ITA 2007 is amended as follows.

      2. 2.After section 681 insert— Part 12A Sale and lease-back etc...

      3. 3.After section 681AN insert— Chapter 2 New lease of land...

      4. 4.After section 681BM insert— Chapter 3 Leased trading assets Overview...

      5. 5.After section 681CG insert— Chapter 4 Leased assets: capital sums...

    5. SCHEDULE 5

      Factoring of income etc: new Chapters 5B and 5C of Part 13 of ITA 2007

      1. 1.ITA 2007 is amended as follows.

      2. 2.After section 809AZG insert— Chapter 5B Finance arrangements Type 1...

      3. 3.After section 809BZE insert— Type 2 arrangements Type 2 finance...

      4. 4.After section 809BZI insert— Type 3 arrangements Type 3 finance...

      5. 5.After section 809BZL insert— Exceptions Exceptions: preliminary (1) Sections 809BZN to 809BZP make provision for finance arrangement...

      6. 6.After section 809BZP insert— Supplementary Accounts (1) This section applies for the purposes of this Chapter....

      7. 7.After section 809BZS insert— Chapter 5C Loan or credit transactions...

    6. SCHEDULE 6

      UK Representatives of non-UK residents

      1. Part 1 New Chapters 2B and 2C of Part 14 of ITA 2007

        1. 1.After section 835B of ITA 2007 (which is inserted by...

        2. 2.After section 835C insert— Income tax chargeable on company's income:...

        3. 3.After section 835D insert— Branches and agencies Branch or agency...

        4. 4.After section 835E insert— Trade or profession carried on in...

        5. 5.After section 835F insert— Persons who are not UK representatives...

        6. 6.After section 835G insert— Brokers (1) This section applies if a non-UK resident carries on...

        7. 7.After section 835H insert— Investment managers (1) This section applies if a non-UK resident carries on...

        8. 8.After section 835I insert— Persons acting under alternative finance arrangements...

        9. 9.After section 835J insert— Lloyd's agents (1) This section applies if— (a) a non-UK resident (“X”)...

        10. 10.After section 835K insert— The independent broker conditions The independent...

        11. 11.After section 835L insert— The independent investment manager conditions The...

        12. 12.After section 835M insert— Investment managers: the 20% rule (1) The requirements of the 20% rule are met if...

        13. 13.After section 835N insert— Meaning of “qualifying period”, “relevant disregarded...

        14. 14.After section 835O insert— Treatment of transactions where 20% rule...

        15. 15.After section 835P insert— Application of 20% rule to collective...

        16. 16.After section 835Q insert— Supplementary Supplementary provision (1) For the purposes of this Chapter a person is...

        17. 17.After section 835R insert— Interpretation of Chapter (1) This section applies for the purposes of this Chapter....

        18. 18.After section 835S insert— Chapter 2C Income tax obligations and...

        19. 19.After section 835T insert— Obligations and liabilities of UK representative...

        20. 20.After section 835U insert— Exceptions: notices and information (1) An obligation or liability attaching to a non-UK resident...

        21. 21.After section 835V insert— Exceptions: criminal offences and penalties etc...

        22. 22.After section 835W insert— Indemnities (1) An independent agent of a non-UK resident is entitled...

        23. 23.After section 835X insert— Meaning of “independent agent” (1) In this Chapter “independent agent”, in relation to a...

      2. Part 2 New Part 7A of TCGA 1992

        1. 24.After section 271 of TCGA 1992 insert— Part 7A UK...

        2. 25.After section 271A insert— Branches and agencies Branch or agency...

        3. 26.After section 271B insert— Trade or profession carried on in...

        4. 27.After section 271C insert— Interpretation of Chapter In this Chapter— “branch or agency” means any factorship, agency,...

        5. 28.After section 271D insert— Chapter 2 Capital gains tax obligations...

        6. 29.After section 271E insert— Obligations and liabilities of UK representative...

        7. 30.After section 271F insert— Exceptions: notices and information (1) An obligation or liability attaching to a non-UK resident...

        8. 31.After section 271G insert— Exceptions: criminal offences and penalties etc...

        9. 32.After section 271H insert— Indemnities (1) An independent agent of a non-UK resident is entitled...

        10. 33.After section 271I insert— Meaning of “non-UK resident” and “independent...

    7. SCHEDULE 7

      Miscellaneous relocations

      1. Part 1 Relocation of section 38 of, and Schedule 15 to, FA 1973

        1. Taxes Management Act 1970 (c. 9)

          1. 1.TMA 1970 is amended as follows.

          2. 2.After Part 7 insert— Part 7A Holders of licences under...

          3. 3.After section 77E insert— Exemption certificates Issue, cancellation and effect...

          4. 4.After section 77G insert— Supplementary Calculations under sections 77C(3) and...

          5. 5.(1) Amend the first column of the Table in section...

        2. Finance Act 1973 (c. 51)

          1. 6.FA 1973 is amended as follows.

          2. 7.Omit section 38 (which introduces and interprets Schedule 15).

          3. 8.Omit Schedule 15 (territorial extension of charge to tax: supplementary...

        3. Oil Taxation Act 1975 (c. 22)

          1. 9.The Oil Taxation Act 1975 is amended as follows.

          2. 10.In section 3(4) (expenditure not allowable under the section) for...

      2. Part 2 Relocation of section 24 of FA 1974

        1. Taxes Management Act 1970 (c. 9)

          1. 11.TMA 1970 is amended as follows.

          2. 12.In section 8 (personal return) after subsection (4) insert—

          3. 13.After section 8 insert— Interpretation of section 8(4A) (1) For the purposes of section 8(4A) of this Act,...

          4. 14.After section 15 insert— Non-resident's staff are UK client's employees...

        2. Finance Act 1974 (c. 30)

          1. 15.FA 1974 is amended as follows.

          2. 16.Omit section 24 (returns of persons treated as employees).

      3. Part 3 Relocation of section 42 of ICTA

        1. Taxes Management Act 1970 (c. 9)

          1. 17.TMA 1970 is amended as follows.

          2. 18.(1) Amend the first column of the Table in section...

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

          1. 19.ICTA is amended as follows.

          2. 20.Omit section 42 (appeals against determinations under Chapter 4 of...

        3. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 21.ITTOIA 2005 is amended as follows.

          2. 22.After section 302 insert— Determinations affecting liability of more than...

        4. Corporation Tax Act 2009 (c. 4)

          1. 23.CTA 2009 is amended as follows.

          2. 24.In section 242(2) (determination by tribunal) for the words from...

      4. Part 4 Relocation of section 84A of ICTA

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

          1. 25.ICTA is amended as follows.

          2. 26.Omit section 84A (costs of establishing share option or profit...

        2. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 27.ITTOIA 2005 is amended as follows.

          2. 28.In Chapter 5 of Part 2, after section 94 insert—...

          3. 29.In section 272(2) (profits of property business: application of trading...

      5. Part 5 Relocation of section 152 of ICTA

        1. Taxes Management Act 1970 (c. 9)

          1. 30.TMA 1970 is amended as follows.

          2. 31.(1) Amend section 48 (application of following provisions of Part...

          3. 32.After section 54 insert— No questioning in appeal of amounts...

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

          1. 33.ICTA is amended as follows.

          2. 34.Omit section 152 (notification of taxable amount of certain benefits)....

      6. Part 6 Relocation of section 337A(2) of ICTA

        1. Income and Corporation Taxes Act 1988

          1. 35.ICTA is amended as follows.

          2. 36.Omit section 6(5) (signpost to Part 8 of the Act)....

          3. 37.Omit section 337A(2) (in calculating a company's income, deductions in...

        2. Corporation Tax Act 2009 (c. 4)

          1. 38.CTA 2009 is amended as follows.

          2. 39.After section 1301 insert— Restriction of deductions for interest In calculating a company's income from any source for corporation...

      7. Part 7 Relocation of section 475 of ICTA

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

          1. 40.ICTA is amended as follows.

          2. 41.Omit section 475 (tax-free Treasury securities: exclusion of interest on...

        2. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 42.ITTOIA 2005 is amended as follows.

          2. 43.Before section 155 (before the italic cross-heading) insert— Certain non-UK...

      8. Part 8 Relocation of section 700 of ICTA

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

          1. 44.ICTA is amended as follows.

          2. 45.Omit section 700 (adjustments and information).

        2. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 46.ITTOIA 2005 is amended as follows.

          2. 47.After section 682 (assessments, adjustments and claims after the administration...

      9. Part 9 Relocation of section 787 of ICTA

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

          1. 48.ICTA is amended as follows.

          2. 49.Omit section 787 (restriction of relief for payments of interest)....

        2. Income Tax Act 2007 (c. 3)

          1. 50.ITA 2007 is amended as follows.

          2. 51.In section 2(13) (overview of Part 13) after paragraph (h)...

          3. 52.After section 809ZF (which is inserted by CTA 2010) insert—...

      10. Part 10 Relocation of sections 130 to 132 of FA 1988

        1. Taxes Management Act 1970 (c. 9)

          1. 53.TMA 1970 is amended as follows.

          2. 54.After section 109A insert— Companies ceasing to be UK resident...

        2. Finance Act 1988 (c. 39)

          1. 55.FA 1988 is amended as follows.

          2. 56.Omit sections 130 to 132 (company migration).

      11. Part 11 Relocation of section 151 of FA 1989

        1. Taxes Management Act 1970 (c. 9)

          1. 57.TMA 1970 is amended as follows.

          2. 58.After section 30A insert— Assessing income tax on trustees and...

        2. Finance Act 1989 (c. 26)

          1. 59.FA 1989 is amended as follows.

          2. 60.Omit section 151 (assessment of trustees and personal representatives).

        3. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 61.ITTOIA 2005 is amended as follows.

          2. 62.In Schedule 2 (transitionals and savings etc) omit paragraph 91...

      12. Part 12 Relocation of Schedule 12 to F(No.2)A 1992 so far as applying for income tax purposes

        1. Finance (No.2) Act 1992 (c. 48)

          1. 63.F(No.2)A 1992 is amended as follows.

          2. 64.Omit section 66 (which introduces Schedule 12).

          3. 65.Omit Schedule 12 (banks etc in compulsory liquidation).

        2. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 66.ITTOIA 2005 is amended as follows.

          2. 67.In section 369 (charge to tax on interest) after subsection...

        3. Income Tax Act 2007 (c. 3)

          1. 68.ITA 2007 is amended as follows.

          2. 69.In section 2(14) (overview of Act: Part 14) after paragraph...

          3. 70.In section 3(2) (overview of charges to income tax)—

          4. 71.After section 837 insert— Chapter 3A Banks etc in compulsory...

          5. 72.In Schedule 4 (index of defined expressions) at the appropriate...

      13. Part 13 Relocation of section 200 of FA 1996 so far as applying for income tax purposes

        1. Finance Act 1996 (c. 8)

          1. 73.FA 1996 is amended as follows.

          2. 74.(1) Amend section 200 (domicile for tax purposes of overseas...

        2. Income Tax Act 2007 (c. 3)

          1. 75.ITA 2007 is amended as follows.

          2. 76.In section 2(14)(b) (overview of Act: reference to Chapter 2...

          3. 77.After section 835A insert— Chapter 2A Domicile Domicile for income...

      14. Part 14 Relocation of section 36 of FA 1998 and section 111 of FA 2009

        1. Taxes Management Act 1970 (c. 9)

          1. 78.TMA 1970 is amended as follows.

          2. 79.In Part 5A (payment of tax) after section 59E insert—...

          3. 80.In Part 5A after section 59F insert— Managed payment plans...

        2. Finance Act 1998 (c. 36)

          1. 81.FA 1998 is amended as follows.

          2. 82.Omit section 36 (arrangements with respect to payment of corporation...

        3. Finance Act 2009 (c. 10)

          1. 83.FA 2009 is amended as follows.

          2. 84.Omit section 111 (managed payment plans).

      15. Part 15 Relocation of section 118 of FA 1998

        1. Taxes Management Act 1970 (c. 9)

          1. 85.TMA 1970 is amended as follows.

          2. 86.In Part 4, after section 43D (which is inserted by...

        2. Finance Act 1998 (c. 36)

          1. 87.FA 1998 is amended as follows.

          2. 88.Omit section 118 (claims for income tax purposes).

        3. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 89.ITTOIA 2005 is amended as follows.

          2. 90.(1) Amend section 878 (other definitions) as follows.

        4. Income Tax Act 2007 (c. 3)

          1. 91.ITA 2007 is amended as follows.

          2. 92.In section 989 (interpretation of Income Tax Acts) in the...

          3. 93.(1) Amend section 1020 (claims and elections) as follows.

      16. Part 16 Relocation of section 144 of FA 2000

        1. Taxes Management Act 1970 (c. 9)

          1. 94.TMA 1970 is amended as follows.

          2. 95.After section 106 insert— Evasion Offence of fraudulent evasion of...

        2. Finance Act 2000 (c. 17)

          1. 96.FA 2000 is amended as follows.

          2. 97.Omit section 144 (offence of fraudulent evasion of income tax)....

        3. Serious Organised Crime and Police Act 2005 (c. 15)

          1. 98.The Serious Organised Crime and Police Act 2005 is amended...

          2. 99.In section 76(3)(n) (offence under section 144 of FA 2000...

        4. Serious Crime Act 2007 (c. 27)

          1. 100.The Serious Crime Act 2007 is amended as follows.

          2. 101.(1) Amend Schedule 1 as follows. (2) In paragraph 8(3)...

      17. Part 17 Relocation of section 199 of FA 2003

        1. Taxes Management Act 1970 (c. 9)

          1. 102.TMA 1970 is amended as follows.

          2. 103.After section 18A insert— Savings income: regulations about European and...

          3. 104.(1) Amend the first column of the Table in section...

        2. Finance Act 2003 (c. 14)

          1. 105.FA 2003 is amended as follows.

          2. 106.Omit section 199 (savings income: power to make regulations in...

      18. Part 18 Relocation of section 61 of F(No.2)A 2005

        1. Finance Act 1998 (c. 36)

          1. 107.FA 1998 is amended as follows.

          2. 108.(1) Amend Schedule 18 (company tax returns, assessments and related...

        2. Finance (No. 2) Act 2005 (c. 22)

          1. 109.F(No.2) A 2005 is amended as follows.

          2. 110.Omit section 61 (continuity for transitional purposes in cases involving...

      19. Part 19 Relocation of paragraph 13 of Schedule 13 to FA 2007

        1. Income Tax Act 2007 (c. 3)

          1. 111.ITA 2007 is amended as follows.

          2. 112.After section 925 insert— Repos Creditor repos (1) Subsection (2) applies if a company (“the lender”) has...

          3. 113.In section 926 (interpretation of Chapter 9 of Part 15)...

        2. Finance Act 2007 (c. 11)

          1. 114.FA 2007 is amended as follows.

          2. 115.In Schedule 13 (sale and repurchase of securities) omit paragraph...

    8. SCHEDULE 8

      Minor and consequential amendments

      1. Part 1 Double taxation relief

        1. Taxes Management Act 1970 (c. 9)

          1. 1.TMA 1970 is amended as follows.

          2. 2.In section 9A(4)(c) (scope of enquiries) for “section 804ZA of...

          3. 3.(1) Amend section 12B (records to be kept for purposes...

          4. 4.In section 24 (power to obtain information about income from...

          5. 5.In section 29(7A) (discovery assessments: relaxation of pre-conditions) for “section...

          6. 6.In section 43C(5) (meaning of consequential claim) for “or 43A”...

          7. 7.In Part 4, after section 43C insert— Claims for double...

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

          1. 8.ICTA is amended as follows.

          2. 9.In section 444BB(6) (meaning of “double taxation relief”)—

          3. 10.In section 750(3)(b) (disregard of certain double taxation relief) for...

          4. 11.In section 751(6)(a) (“creditable tax” includes amounts of double taxation...

          5. 12.In section 755A(4A)(b) (dividend paid by controlled foreign company to...

          6. 13.Omit section 788 (giving effect to double taxation arrangements).

          7. 14.Omit section 789 (conversion of references to the profits tax...

          8. 15.Omit section 790 (unilateral relief).

          9. 16.Omit section 791 (power to make regulations giving effect to...

          10. 17.Omit sections 792 to 798C (which contain rules about double...

          11. 18.Omit sections 799 and 801 to 801B (double taxation relief:...

          12. 19.Omit sections 803 to 804E and 804G to 806 (further...

          13. 20.(1) Amend section 806A as follows. (2) In subsection (2)—...

          14. 21.(1) Amend section 806B as follows. (2) In subsection (2)(b)...

          15. 22.In section 806C(3) and (4) for “this Part” substitute “...

          16. 23.In section 806D(3), (4) and (5) for “this Part” substitute...

          17. 24.In section 806F(1) and (2) for “this Part” substitute “...

          18. 25.(1) Amend section 806J (interpretation of sections 806A to 806J)...

          19. 26.Omit sections 806L and 806M (unrelieved foreign tax).

          20. 27.Omit sections 807 and 807A (provision, in connection with relief,...

          21. 28.Omit sections 807B to 807G (provisions related to the Mergers...

          22. 29.Omit sections 808A to 809 and 811 (provision, in connection...

          23. 30.. . . . . . . . . ....

          24. 31.In section 814(1)(a) for “section 788(1)” substitute “ section 2(1)...

          25. 32.Omit sections 815A to 815B and 816 (provision, in connection...

          26. 33.In section 828(4) (orders and regulations not subject to annulment)...

          27. 34.(1) Amend Schedule 19ABA (modification of life assurance provisions of...

          28. 35.(1) Amend Schedule 26 (reliefs against liability for tax in...

          29. 36.Omit Schedule 28AB (prescribed schemes and arrangements for purposes of...

        3. Finance Act 1989 (c. 26)

          1. 37.FA 1989 is amended as follows.

          2. 38.In section 115(1) (tax credits for dividends paid to non-residents...

          3. 39.In section 182A(6) (double taxation: disclosure of information: interpretation) for...

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

          1. 40.TCGA 1992 is amended as follows.

          2. 41.In section 10(4) (persons exempt under Part 18 of ICTA)...

          3. 42.In section 10B(3) (companies exempt under Part 18 of ICTA)...

          4. 43.In section 59(2)(b) (arrangements giving relief for partnership gains) for...

          5. 44.In sections 140H(3), 140I(3) and 140J(3) (gains on which tax...

          6. 45.Omit section 277 (application to capital gains tax of provisions...

          7. 46.Omit section 278 (deduction for foreign gains tax in respect...

          8. 47.In section 288(1) (interpretation) for the definition of “double taxation...

        5. Finance Act 1993 (c. 34)

          1. 48.FA 1993 is amended as follows.

          2. 49.Omit section 194 (application to petroleum revenue tax of provisions...

          3. 50.In section 195(3) (interpretation of Part 3) omit “, other...

        6. Finance (No. 2) Act 1997 (c. 58)

          1. 51.F(No.2) A 1997 is amended as follows.

          2. 52.(1) Amend section 30 (tax credits) as follows.

        7. Finance Act 1998 (c. 36)

          1. 53.FA 1998 is amended as follows.

          2. 54.(1) Amend Schedule 18 (company tax returns etc) as follows....

        8. Finance Act 2000 (c. 17)

          1. 55.FA 2000 is amended as follows.

          2. 56.(1) Amend Schedule 22 (tonnage tax) as follows.

        9. Capital Allowances Act 2001 (c. 2)

          1. 57.CAA 2001 is amended as follows.

          2. 58.In section 105(4) (meaning of “double taxation arrangements”) for the...

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

          1. 59.ITEPA 2003 is amended as follows.

          2. 60.In section 643(6) in the definition of “double taxation relief...

        11. Finance Act 2004 (c. 12)

          1. 61.FA 2004 is amended as follows.

          2. 62.In Chapter 7 of Part 3 (special withholding tax) omit—...

          3. 63.In section 189(3) (treatment of relevant UK earnings) for “by...

          4. 64.In Schedule 34 (non-UK pensions schemes: application of certain charges)...

        12. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 65.ITTOIA 2005 is amended as follows.

          2. 66.In section 397A(7) (interpretation of section) in the definition of...

          3. 67.For section 397BA(2)(a) (which refers to arrangements to which section...

          4. 68.In section 763(3) (priority of double taxation arrangements) for “section...

          5. 69.(1) Section 764 (application of ICTA provisions about special relationships)...

          6. 70.In section 858(1)(b) (resident partners and double taxation agreements) for...

        13. Income Tax Act 2007 (c. 3)

          1. 71.ITA 2007 is amended as follows.

          2. 72.In section 1(2)(a) (example of income tax provisions located outside...

          3. 73.(1) Amend section 26(1)(b) (provisions referred to at Step 6...

          4. 74.In section 27(6) (tax reductions for individuals by way of...

          5. 75.In section 28(4) (tax reductions for non-individuals by way of...

          6. 76.(1) Amend section 29 (tax reductions: supplementary) as follows.

          7. 77.(1) Amend section 32 (liabilities not dealt with in calculation...

          8. 78.(1) Amend section 53 (transfer of unused relief: general) as...

          9. 79.(1) In section 424(2) (gift aid: charge to tax: interpretation)...

          10. 80.(1) Amend section 425 (“total amount of income tax” in...

          11. 81.In section 527(2) omit paragraph (b) (subsection (1) does not...

          12. 82.In section 582(2) (regulations may remove or reduce rights to...

          13. 83.In section 828C(4) (entitlement to double taxation relief)—

          14. 84.In section 849(1) (interaction between Part 15 of ITA 2007...

          15. 85.In section 1023 (meaning in Act of “double taxation arrangements”)...

          16. 86.In section 1026— (a) after paragraph (e) insert “ or...

        14. Finance Act 2008 (c. 9)

          1. 87.FA 2008 is amended as follows.

          2. 88.In Schedule 17 in paragraph 10(3) after paragraph (c) insert...

        15. Corporation Tax Act 2009 (c. 4)

          1. 89.CTA 2009 is amended as follows.

          2. 90.In section 464(3)— (a) in paragraph (f) for “section 795(4)...

          3. 91.In section 486(2) for “section 811 of ICTA” substitute “...

          4. 92.In section 550(7) (meaning of “double taxation relief”) for “Part...

          5. 93.In section 697(3)(a) (exceptions to section 696) for “because of...

          6. 94.In section 782(1)(a) (intangible fixed assets transferred in the course...

          7. 95.In section 793(3)(b) (when election under section 792 may be...

          8. 96.In section 827(7) (no claim under section if claim made...

          9. 97.In section 906(3)— (a) omit “and” after paragraph (a), and...

          10. 98.For section 931C(1)(a) (which refers to arrangements to which section...

          11. 99.In section 931H(5) for “Part 18 of ICTA” substitute “...

          12. 100.In section 931J(7) for “Part 18 of ICTA” substitute “...

          13. 101.In section 1266(1)(b) (resident partners and double taxation agreements) for...

        16. Finance Act 2009 (c. 10)

          1. 102.FA 2009 is amended as follows.

          2. 103.In section 56(1) (tax in respect of MEPs' pay) for...

          3. 104.In Schedule 16 in paragraph 7(2)(a) (purposes for which straddling...

          4. 105.In Schedule 35 in paragraph 2(4)(b) for “section 788 of...

      2. Part 2 Transfer pricing and advance pricing agreements

        1. Taxes Management Act 1970 (c. 9)

          1. 106.TMA 1970 is amended as follows.

          2. 107.In section 9A(4)(b) (scope of enquiries) for “paragraph 5C of...

          3. 108.(1) Amend the second column of the Table in section...

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

          1. 109.ICTA is amended as follows.

          2. 110.Omit section 770A (which introduces Schedule 28AA).

          3. 111.Omit Schedule 28AA (transfer pricing).

        3. Finance Act 1998 (c. 36)

          1. 112.FA 1998 is amended as follows.

          2. 113.Omit section 110 (determinations requiring the sanction of the Commissioners...

          3. 114.Omit section 111 (duty to give notice to persons who...

        4. Finance Act 1999 (c. 16)

          1. 115.FA 1999 is amended as follows.

          2. 116.Omit section 85 (advance pricing agreements).

          3. 117.Omit section 86(1) to (8) and (10) (provisions supplementary to...

          4. 118.Omit section 87 (effect of advance pricing agreements on non-parties)....

        5. Finance Act 2000 (c. 17)

          1. 119.(1) Schedule 22 to FA 2000 (tonnage tax) is amended...

        6. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 120.ITTOIA 2005 is amended as follows.

          2. 121.(1) Amend section 172F (transfer pricing rules to take precedence...

          3. 122.In section 173(2) (trading stock not to be valued if...

        7. Corporation Tax Act 2009 (c. 4)

          1. 123.CTA 2009 is amended as follows.

          2. 124.(1) Amend section 161 (transfer pricing rules take precedence over...

          3. 125.In section 162(2) (trading stock not to be valued if...

          4. 126.In section 340(7) (Schedule 28AA to ICTA does not apply...

          5. 127.In section 374(3)(a) (meaning of non-qualifying territory) for “paragraph 5E...

          6. 128.(1) Amend section 376(5) (interpretation of section 375) as follows....

          7. 129.In section 377(3)(a) (meaning of non-qualifying territory) for “paragraph 5E...

          8. 130.In section 407(6)(a) (meaning of non-qualifying territory) for “paragraph 5E...

          9. 131.(1) Amend section 410(5) (interpretation of section) as follows.

          10. 132.In section 444(3) (section is subject to section 445) for...

          11. 133.(1) Amend section 445 (disapplication of section 444 where Schedule...

          12. 134.(1) Amend section 446 (bringing into account adjustments made under...

          13. 135.(1) Amend section 447 (exchange gains and losses on debtor...

          14. 136.In section 452(1)(a) and (3)(a) (exchange gains and losses where...

          15. 137.In section 455(5) (section does not apply if paragraph 1(2)...

          16. 138.In section 464(3)(a) (which refers to and describes section 445(2))...

          17. 139.In section 484(1) (non-lending relationships treated as loan relationships: meaning...

          18. 140.In section 508(2) (arrangements which are not alternative finance arrangements)—...

          19. 141.In section 625(7) (Schedule 28AA to ICTA does not apply...

          20. 142.(1) Amend section 693 (bringing into account adjustments under Schedule...

          21. 143.(1) Amend section 694 (exchange gains and losses where derivative...

          22. 144.In section 698(5) (section does not apply if paragraph 1(2)...

          23. 145.(1) In the provisions mentioned in sub-paragraph (2) (provisions which...

          24. 146.In section 775(3) (intangible fixed assets: transfers within a group)...

          25. 147.(1) Amend section 846 (intangible fixed assets: transfers not at...

          26. 148.In section 931P(4) (section does not apply if Schedule 28AA...

        8. Finance Act 2009 (c. 10)

          1. 149.FA 2009 is amended as follows.

          2. 150.In Schedule 17 (international movement of capital) in paragraph 12(5)...

      3. Part 3 Tax arbitrage

        1. Finance (No. 2) Act 2005 (c. 22)

          1. 151.F(No.2)A 2005 is amended as follows.

          2. 152.Omit sections 24 to 28 (avoidance involving tax arbitrage).

          3. 153.Omit section 30 (interpretation of Chapter 4 of Part 2)....

          4. 154.Omit section 31 (commencement of Chapter 4 of Part 2)....

          5. 155.Omit Schedule 3 (qualifying schemes).

      4. Part 4 Tax treatment of financing costs and income

        1. Taxes Management Act 1970 (c. 9)

          1. 156.TMA 1970 is amended as follows.

          2. 157.(1) Amend the first column of the Table in section...

        2. Finance Act 2009

          1. 158.FA 2009 is amended as follows.

          2. 159.Omit section 35 (which introduces Schedule 15).

          3. 160.Omit paragraphs 1 to 94 and 97 to 99 of...

      5. Part 5 Offshore funds

        1. Inheritance Tax Act 1984 (c. 51)

          1. 161.The Inheritance Tax Act 1984 is amended as follows.

          2. 162.In section 174(1)(a) (income tax and unpaid inheritance tax) for...

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

          1. 163.TCGA 1992 is amended as follows.

          2. 164.In section 108(1)(c) (identification of relevant securities for corporation tax)...

          3. 165.In section 212(1)(b) (annual deemed disposal of unit trusts etc)...

          4. 166.In Schedule 7AD (gains of insurance company from venture capital...

        3. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 167.ITTOIA 2005 is amended as follows.

          2. 168.In section 378A(7) (offshore fund distributions) for “section 40A of...

        4. Finance Act 2008 (c. 9)

          1. 169.FA 2008 is amended as follows.

          2. 170.Omit sections 40A to 42A (offshore funds).

        5. Corporation Tax Act 2009 (c. 4)

          1. 171.CTA 2009 is amended as follows.

          2. 172.In section 489 (meaning of “offshore fund etc”)—

        6. Finance Act 2009 (c. 10)

          1. 173.FA 2009 is amended as follows.

          2. 174.Omit paragraph 6 of Schedule 22 (restriction on regulation-making power...

      6. Part 6 Oil activities

        1. Finance Act 1980 (c. 48)

          1. 175.FA 1980 is amended as follows.

          2. 176.In section 107(7) (transmedian fields) for “Chapter V of Part...

        2. Finance Act 1982 (c. 39)

          1. 177.FA 1982 is amended as follows.

          2. 178.In section 134(1) (alternative valuation of ethane used for petrochemical...

          3. 179.In Schedule 19 (supplementary provisions relating to advance petroleum revenue...

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

          1. 180.ICTA is amended as follows.

          2. 181.Omit section 493(1) to (6) (valuation of oil disposed of...

          3. 182.Omit section 495 (regional development grants).

          4. 183.Omit section 496 (tariff receipts and tax-exempt tariffing receipts).

          5. 184.Omit section 502(1) and (2) (interpretation of Chapter 5).

        4. Finance Act 1991 (c. 31)

          1. 185.FA 1991 is amended as follows.

          2. 186.Omit sections 62 to 65 (abandonment guarantees and abandonment expenditure)....

        5. Finance Act 1999 (c. 16)

          1. 187.FA 1999 is amended as follows.

          2. 188.In section 98(7) (qualifying assets) for paragraphs (b) and (c)...

        6. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 189.ITTOIA 2005 is amended as follows.

          2. 190.In section 16(3) (oil extraction and related activities) for “section...

          3. 191.In Part 2 of Schedule 4 (index of defined expressions)...

        7. Income Tax Act 2007 (c. 3)

          1. 192.ITA 2007 is amended as follows.

          2. 193.In section 80(3) (ring fence income) for “same meaning as...

      7. Part 7 Alternative finance arrangements

        1. Finance Act 1986 (c. 41)

          1. 194.FA 1986 is amended as follows.

          2. 195.In section 78(7)(d) (loan capital)— (a) for “which fall within...

          3. 196.In section 79 (loan capital: new provisions)—

          4. 197.In section 99(9A) (interpretation)— (a) for “falling within section 48A...

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

          1. 198.TCGA 1992 is amended as follows.

          2. 199.In section 99(2) (application of Act to unit trust schemes)...

          3. 200.In section 117 (meaning of “qualifying corporate bond”) for subsection...

          4. 201.Omit section 151F (treatment of alternative finance arrangements).

          5. 202.In the Table in section 288(8) (interpretation), in the entry...

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

          1. 203.ITEPA 2003 is amended as follows.

          2. 204.In section 420(1) (meaning of securities etc) for paragraph (h)...

        4. Finance Act 2003 (c. 14)

          1. 205.FA 2003 is amended as follows.

          2. 206.In section 71A(8) (alternative property finance: land sold to a...

          3. 207.In section 72(7) (alternative property finance in Scotland: land sold...

          4. 208.In section 72A(8) (alternative property finance in Scotland: land sold...

          5. 209.In section 73(5)(a) (alternative property finance: land sold to a...

          6. 210.In section 73C (alternative finance investment bonds) for “falling within...

        5. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 211.ITTOIA 2005 is amended as follows.

          2. 212.In Part 2 of Schedule 4 (index of defined expressions)...

        6. Finance Act 2005 (c. 7)

          1. 213.FA 2005 is amended as follows.

          2. 214.Omit sections 46 to 47A, 48(1), 48A, 48B(1) to (5)...

          3. 215.In Schedule 2 (alternative finance arrangements: further provisions) omit paragraphs...

        7. Finance Act 2006 (c. 25)

          1. 216.FA 2006 is amended as follows.

          2. 217.Omit section 97 (beneficial loans to employees).

          3. 218.Omit section 98 (orders amending Chapter 5 of Part 2...

        8. Income Tax Act 2007 (c. 3)

          1. 219.ITA 2007 is amended as follows.

          2. 220.In section 2 (overview of Act) after subsection (10) insert—...

          3. 221.In section 383(6) (relief for interest payments)—

          4. 222.In section 849(4) (interaction with other Income Tax Acts provisions)...

          5. 223.In Schedule 4 (index of expressions defined in that Act)...

        9. Corporation Tax Act 2009 (c. 4)

          1. 224.CTA 2009 is amended as follows.

          2. 225.Omit section 521 (power to extend Chapter 6 of Part...

          3. 226.Omit section 1310(5) (orders and regulations).

        10. Finance Act 2009 (c. 10)

          1. 227.FA 2009 is amended as follows.

          2. 228.In section 123 (alternative finance investment bonds) for “falling within...

          3. 229.(1) Amend Schedule 61 (alternative finance investment bonds) as follows....

      8. Part 8 Leasing arrangements: finance leases and loans

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

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

          2. 231.In section 37 (consideration chargeable to tax on income) at...

        2. Finance Act 1997 (c. 16)

          1. 232.(1) FA 1997 is amended as follows.

        3. Capital Allowances Act 2001 (c. 2)

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

          2. 234.In section 60(1)(c) (meaning of “disposal receipt”) for “paragraph 11”...

          3. 235.In section 420(b) (meaning of “disposal receipt”) for “paragraph 11”...

          4. 236.In section 476(1)(b) (disposal value of patent rights) for “paragraph...

        4. Income Tax Act 2007 (c. 3)

          1. 237.The Income Tax Act 2007 is amended as follows.

          2. 238.In section 2 (overview of Act) after subsection (11) insert—...

          3. 239.In Schedule 4 (index of defined expressions) at the appropriate...

      9. Part 9 Sale and lease-back etc

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

          1. 240.ICTA is amended as follows.

          2. 241.Omit section 24 (which has come to apply only for...

          3. 242.Omit sections 779 to 785 (sale and lease-back etc).

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

          1. 243.TCGA 1992 is amended as follows.

          2. 244.In Schedule 8 (leases) in paragraph 9(2) (gain reduced by...

        3. Broadcasting Act 1996 (c. 55)

          1. 245.The Broadcasting Act 1996 is amended as follows.

          2. 246.(1) Amend Schedule 7 (transfer schemes: taxation provisions) as follows....

        4. Finance Act 1999 (c. 16)

          1. 247.FA 1999 is amended as follows.

          2. 248.In section 97(6), in the definition of “lease”, for “sections...

        5. Greater London Authority Act 1999 (c. 29)

          1. 249.The Greater London Authority Act 1999 is amended as follows....

          2. 250.(1) Amend paragraph 13 of Schedule 33 (taxation provisions: public-private...

        6. Transport Act 2000 (c. 38)

          1. 251.The Transport Act 2000 is amended as follows.

          2. 252.In paragraph 15 of Schedule 7 (transfer schemes: tax: leased...

        7. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 253.ITTOIA 2005 is amended as follows.

          2. 254.(1) Amend section 49 (car or motor cycle hire: supplementary)...

          3. 255.In section 100(4) (meaning of sale and lease-back arrangement) after...

        8. Income Tax Act 2007 (c. 3)

          1. 256.ITA 2007 is amended as follows.

          2. 257.In section 2 (overview of Act) after subsection (12) insert—...

          3. 258.In section 989 at the appropriate place insert— “hire-purchase agreement”...

          4. 259.After section 998 insert— Meaning of “hire-purchase agreement” (1) This section applies for the purposes of the provisions...

          5. 260.(1) Amend section 1016(2) (table of provisions to which section...

          6. 261.In Schedule 4 (index of defined expressions) at the appropriate...

        9. Corporation Tax Act 2009 (c. 4)

          1. 262.CTA 2009 is amended as follows.

          2. 263.In section 97(4) (meaning of sale and lease-back arrangement) after...

      10. Part 10 Factoring of income etc

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

          1. 264.ICTA is amended as follows.

          2. 265.Omit sections 774A to 774G (factoring of income receipts etc)....

          3. 266.Omit section 786 (transactions associated with loans or credit).

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

          1. 267.TCGA 1992 is amended as follows.

          2. 268.(1) Amend section 263E (structured finance arrangements) as follows.

        3. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 269.ITTOIA 2005 is amended as follows.

          2. 270.After section 281 insert— Sums to which sections 277 to...

        4. Income Tax Act 2007 (c. 3)

          1. 271.ITA 2007 is amended as follows.

          2. 272.In section 2(13) (overview of Part 13) omit the “or”...

          3. 273.For section 809AZE (transfers of income streams: exception for transfer...

          4. 274.(1) Amend section 1016(2) (table of provisions to which section...

          5. 275.In Schedule 4 (index of defined expressions) at the appropriate...

      11. Part 11 UK representatives of non-UK residents

        1. Finance Act 1995 (c. 4)

          1. 276.FA 1995 is amended as follows.

          2. 277.Omit section 126 (UK representatives of non-residents).

          3. 278.Omit section 127 (persons not treated as UK representatives).

          4. 279.Omit Schedule 23 (obligations etc imposed on UK representatives).

        2. Income Tax Act 2007 (c. 3)

          1. 280.ITA 2007 is amended as follows.

          2. 281.In section 2(14) (overview of Act)— (a) omit the “and”...

          3. 282.In section 813(2) (meaning of “disregarded income”) for “section 126...

          4. 283.(1) Amend section 817 (independent broker conditions) as follows.

          5. 284.In section 824 (application of 20% rule to collective investment...

          6. 285.(1) Amend section 1014(2) (orders and regulations to which section...

          7. 286.In Schedule 4 (index of defined expressions) at the appropriate...

      12. Part 12 Amendments for purposes connected with other tax law rewrite Acts

        1. Solicitors (Northern Ireland) Order 1976 (S.I. 1976/582 (N.I. 12))

          1. 287.The Solicitors (Northern Ireland) Order 1976 is amended as follows....

          2. 288.In paragraph 38(3) of Schedule 1A for the words from...

        2. Administration of Justice Act 1985 (c. 61)

          1. 289.The Administration of Justice Act 1985 is amended as follows....

          2. 290.In paragraph 36(3) of Schedule 2 for “749,” substitute “...

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

          1. 291.ICTA is amended as follows.

          2. 292.Omit section 59(3) and (4) (person answerable for tax charged...

        4. Broadcasting Act 1996 (c. 55)

          1. 293.The Broadcasting Act 1996 is amended as follows.

          2. 294.(1) Amend paragraph 19 of Schedule 7 (no profit or...

        5. Greater London Authority Act 1999 (c. 29)

          1. 295.The Greater London Authority Act 1999 is amended as follows....

          2. 296.In paragraph 7 of Schedule 33 (taxation provisions: revenue nature...

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

          1. 297.ITEPA 2003 is amended as follows.

          2. 298.In section 211(2) (which refers to section 215, which in...

          3. 299.In section 215 (which now refers to section 776(1) of...

          4. 300.In section 331(1) (Part 5 is to be read with...

        7. Finance Act 2004 (c. 12)

          1. 301.FA 2004 is amended as follows.

          2. 302.(1) Amend section 318 (interpretation of Part 7) as follows....

        8. Finance Act 2005 (c. 7)

          1. 303.FA 2005 is amended as follows.

          2. 304.Omit section 48B(6) to (8) (alternative finance arrangements: alternative finance...

          3. 305.In Schedule 2 (alternative finance arrangements: further provisions) omit paragraph...

        9. Income Tax Act 2007 (c. 3)

          1. 306.ITA 2007 is amended as follows.

          2. 307.In section 887(4) (industrial and provident society payments) for “section...

        10. Corporation Tax Act 2009 (c. 4)

          1. 308.CTA 2009 is amended as follows.

          2. 309.Before section 1 insert— Overview of the Corporation Tax Acts...

          3. 310.In section 39(2) (profits of mines, quarries and other concerns)...

          4. 311.In section 1269 (interpretation of sections 1267 and 1268) in...

          5. 312.In paragraph 75 of Schedule 2 (transitional provision and savings:...

      13. Part 13 General

        1. Taxes Management Act 1970 (c. 9)

          1. 313.TMA 1970 is amended as follows.

          2. 314.In section 118(1) after the definition of “the 1992 Act”...

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

          1. 315.ICTA is amended as follows.

          2. 316.In section 831(3) (interpretation of ICTA) after the definition of...

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

          1. 317.TCGA 1992 is amended as follows.

          2. 318.(1) Amend section 287 (powers to make orders or regulations...

          3. 319.In section 288(1) (interpretation) after the definition of “the Taxes...

        4. Finance Act 1998 (c. 36)

          1. 320.FA 1998 is amended as follows.

          2. 321.(1) Amend Schedule 18 (company tax returns etc) as follows....

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

          1. 322.ITEPA 2003 is amended as follows.

          2. 323.In Part 1 of Schedule 1 (abbreviations of Acts etc)...

        6. Income Tax (Trading and Other Income) Act 2005 (c. 5)

          1. 324.ITTOIA 2005 is amended as follows.

          2. 325.In Part 1 of Schedule 4 (abbreviations of Acts) after...

        7. Income Tax Act 2007 (c. 3)

          1. 326.ITA 2007 is amended as follows.

          2. 327.In section 1014(2) (orders and regulations under the Income Tax...

          3. 328.In section 1017 (abbreviated references to Acts) for the “and”...

        8. Corporation Tax Act 2009 (c. 4)

          1. 329.CTA 2009 is amended as follows.

          2. 330.In section 1312 (abbreviated references to Acts) after the definition...

        9. Finance Act 2009 (c. 10)

          1. 331.FA 2009 is amended as follows.

          2. 332.In section 126(1) (abbreviated references to Acts) after the entry...

    9. SCHEDULE 9

      Transitionals and savings etc

      1. Part 1 General provisions

        1. Continuity of the law: general

          1. 1.The repeal of provisions and their enactment in a rewritten...

          2. 2.Paragraph 1 does not apply to any change made by...

          3. 3.Any subordinate legislation or other thing which—

          4. 4.(1) Any reference (express or implied) in this Act, another...

          5. 5.(1) Any reference (express or implied) in any enactment, instrument...

          6. 6.Paragraphs 1 to 5 have effect instead of section 17(2)...

          7. 7.Paragraphs 4 and 5 apply only so far as the...

        2. General saving for old transitional provisions and savings

          1. 8.(1) The repeal by this Act of a transitional or...

        3. Interpretation

          1. 9.(1) In this Part— “enactment” includes subordinate legislation (within the...

      2. Part 2 Changes in the law

        1. 10.(1) This paragraph applies if, in the case of any...

      3. Part 3 Double taxation relief

        1. Conversion of references to the profits tax in old arrangements

          1. 11.(1) Sub-paragraph (2) applies to any arrangements—

        2. Effect in relation to capital gains tax of arrangements given effect before introduction of that tax

          1. 12.Any arrangements specified in an Order in Council made under...

        3. Double taxation arrangements to which section 11(3) applies

          1. 13.Section 11(3) does not have effect in relation to arrangements...

        4. Unilateral relief for underlying tax on dividends

          1. 14.(1) Condition C in section 15 (credit for underlying tax...

        5. Time limits for claims for relief

          1. 15.(1) If article 10 of the 2009 Order applies—

        6. Taking account of underlying tax

          1. 16.In relation to distributions paid before 1 July 2009, the...

        7. Reduction in credit: payment by reference to foreign tax

          1. 17.Section 34 does not have effect in relation to payments...

        8. Credit against corporation tax on trade income: anti-avoidance

          1. 18.Section 45(2) has effect in relation to a credit for...

        9. Credit against corporation tax on trade income: banks

          1. 19.Section 49 has effect in relation to a credit for...

        10. Meaning of “relevant profits” in section 58

          1. 20.In relation to dividends paid before 1 July 2009, section...

        11. Conditions for relief for underlying tax paid by company lower in dividend-paying chain

          1. 21.Section 65(3)(a) applies with the omission of sub-paragraph (ii) if...

        12. Application of sections 109 and 110 in relation to pre-1 October 2007 cases

          1. 22.(1) Section 109 does not apply in the case of...

        13. Income increased by amounts paid by reference to foreign tax for which deduction allowed

          1. 23.Section 112(3) does not have effect in relation to payments...

        14. Offshore fund treated after 1 December 2009 as distributing fund under repealed Chapter 5 of Part 17 of ICTA

          1. 24.In paragraph 5(4)(b) of Schedule 27 to ICTA (offshore funds:...

        15. Limited effect of amendments of sections 806A to 806J of ICTA

          1. 25.The amendments in sections 806A to 806J of ICTA that...

        16. Interpretative rules saved for the purposes of applying sections 806A to 806K of ICTA to distributions paid before 1 July 2009

          1. 26.(1) Despite their repeal by this Act, the saved rules...

        17. Repealed references to Part 18 of ICTA saved for purposes of sections 806A to 806K of ICTA

          1. 27.(1) Sub-paragraph (2) has effect for the purposes of applying...

      4. Part 4 Transfer pricing

        1. Transfer pricing: meaning of potential advantage

          1. 28.Section 155(6)(b) does not have effect in relation to distributions...

      5. Part 5 Advance pricing agreements

        1. 29.(1) An agreement made before 27 July 1999 cannot have...

      6. Part 6 Tax avoidance (arbitrage)

        1. Arbitrage: contributions to capital of UK resident companies before 16 March 2005

          1. 30.Sections 249 to 254 (tax arbitrage: receipt notices) do not...

      7. Part 7 Tax treatment of financing costs and income

        1. Periods of account in relation to which Part 7 does not have effect

          1. 31.(1) Part 7 of this Act does not have effect...

        2. Exclusion of certain debits and credits

          1. 32.(1) An amount that would, apart from this paragraph, meet...

      8. Part 8 Offshore funds

        1. Restriction on regulation-making power under section 354

          1. 33.(1) Regulations under section 354 may not make provision about...

          2. 34.Paragraph 33 does not prevent regulations under section 354 making—...

      9. Part 9 Oil activities

        1. Regional development grants

          1. 35.In relation to periods of account (within the meaning given...

        2. Reimbursement by defaulter in respect of certain abandonment expenditure

          1. 36.(1) If article 10 of the 2009 Order applies, section...

      10. Part 10 Alternative finance arrangements

        1. Alternative finance arrangements entered into before certain dates etc

          1. 37.(1) The alternative finance provisions do not apply to purchase...

        2. Alternative finance arrangements not offshore funds

          1. 38.So far as Chapter 5 of Part 17 of ICTA...

        3. Alternative finance arrangements entered into before 15 October 2009

          1. 39.(1) In relation to arrangements entered into before 15 October...

          2. 40.(1) In relation to arrangements entered into before 15 October...

      11. Part 11 Sale and lease-back etc

        1. New lease of land after assignment or surrender: right to new lease existed pre-22 June 1971

          1. 41.(1) Sub-paragraphs (2) and (3) apply if—

      12. Part 12 Factoring of income etc

        1. Application of Chapter 5B of Part 13 of ITA 2007 (finance arrangements) to pre-6 June 2006 arrangements

          1. 42.Chapter 5B of Part 13 of ITA 2007 (which is...

        2. Application of section 809BZN of ITA 2007 (finance arrangements: exceptions)

          1. 43.(1) In relation to a transfer before 22 April 2009,...

        3. Application of section 809CZC of ITA 2007 (income-transfer under loan or credit transaction)

          1. 44.In relation to a transfer before 22 April 2009, section...

      13. Part 13 Miscellaneous relocations

        1. Application of sections 925A to 925F of ITA 2007 (repos)

          1. 45.(1) Sections 925A to 925F and 926(1A) of ITA 2007...

    10. SCHEDULE 10

      Repeals and revocations

      1. Part 1 Double taxation relief

      2. Part 2 Transfer pricing and advance pricing agreements

      3. Part 3 Tax arbitrage

      4. Part 4 Tax treatment of financing costs and income

      5. Part 5 Offshore funds

      6. Part 6 Oil activities

      7. Part 7 Alternative finance arrangements

      8. Part 8 Leasing arrangements: finance leases and loans

      9. Part 9 Sale and lease-back etc

      10. Part 10 Factoring of income etc

      11. Part 11 UK representatives of non-UK residents

      12. Part 12 Miscellaneous relocations

      13. Part 13 Repeals for purposes connected with other tax law rewrite Acts

    11. SCHEDULE 11

      Index of defined expressions used in Parts 2 to 8

      1. Part 1 Double taxation relief: index of defined expressions used in Parts 2 and 3

      2. Part 2 Transfer pricing: index of defined expressions used in Part 4

      3. Part 3 Advance pricing agreements: index of defined expressions used in Part 5

      4. Part 4 Tax arbitrage: index of defined expressions used in Part 6

      5. Part 5 Tax treatment of financing costs and income: index of defined expressions used in Part 7

      6. Part 6 Offshore funds: index of defined expressions used in Part 8

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

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?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

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?

You have chosen to open the Whole Act without Schedules

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?

You have chosen to open Schedules only

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?

Close

Legislation is available in different versions:

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

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.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources

The data on this page is available in the alternative data formats listed: