Finance Act 2005
Finance Act 2005 (2005 c. 7)
- Finance Act 2005 (2005 c. 7)
- Part 1 Excise duties
- Tobacco products duty
- 1 Rates of tobacco products duty
- Alcoholic liquor duties
- 2 Rate of duty on beer
- 3 Rates of duty on wine and made-wine
- Hydrocarbon oil etc duties
- 4 Consolidation of current rates of hydrocarbon oil duties etc.
- 5 Rates of hydrocarbon oil duties etc. from 1st September 2005
- Gaming duty
- 6 Rates of gaming duty
- Vehicle excise duty
- 7 Rates
- Part 2 Income tax, corporation tax and capital gains tax
- Chapter 1 Income tax and corporation tax charge and rate bands
- Income tax
- 8 Charge and rates for 2005-06
- 9 Personal allowances for those aged 65 or more
- Corporation tax
- 10 Charge and main rate for financial year 2006
- 11 Small companies' rate and fraction for financial year 2005
- 12 Corporation tax starting rate and fraction for financial year 2005
- 13 Non-corporate distribution rate for financial year 2005
- Trusts
- 14 Special trust rates not to apply to first slice of trust income
- Chapter 2 Personal taxation
- Taxable benefits
- 15 Childcare vouchers: exempt amount
- 16 Extension of exemptions for childcare, workplace parking, cycles etc
- 17 Transfer of previously loaned computer or cycle etc
- 18 Extension of outplacement services etc exemption: part-time employees
- Armed forces
- 19 Armed forces pensions and compensation schemes
- Chapter 3 Employment-related securities
- 20 Research institution spin-out companies
- 21 Research institution spin-out companies: pre-2nd December 2004 cases
- 22 Capital gains
- Chapter 4 Trusts with vulnerable beneficiary
- Introductory
- 23 Introduction
- 24 Entitlement to make claim for special tax treatment
- Income tax
- 25 Qualifying trusts income: special income tax treatment
- 26 Amount of relief
- 27 Trustees' liability: TQTI
- 28 Vulnerable person's liability: VQTI
- 28A Disapplication of section 629 of ITTOIA 2005
- 29 Part years
- Capital gains tax
- 30 Qualifying trusts gains: special capital gains tax treatment
- 31 UK resident vulnerable persons: amount of relief
- 32 Non-UK resident vulnerable persons: amount of relief
- 33 Vulnerable person's liability: VQTG
- Qualifying trusts
- 34 Disabled persons
- 35 Relevant minors
- 36 Parts of assets
- Vulnerable persons
- 37 Vulnerable person election
- 38 Meaning of “disabled person”
- 39 Meaning of “relevant minor”
- Miscellaneous and supplementary
- 40 Power to make enquiries
- 41 Interpretation etc.
- 42 Application in relation to Scotland
- 43 Penalties under TMA 1970
- 44 Consequential amendments
- 45 Commencement
- Chapter 5 Alternative finance arrangements
- Introductory
- 46 Alternative finance arrangements
- Arrangements giving rise to alternative finance return
- 47 Alternative finance arrangements: purchase and re-sale
- 47A Alternative finance arrangements: diminishing shared ownership
- 48 Arrangements within section 47: foreign currency and non-residents
- 48A Alternative finance arrangements: alternative finance investment bond: introduction
- 48B Alternative finance arrangements: alternative finance investment bond: effects
- Arrangements giving rise to profit share return
- 49 Alternative finance arrangements: deposit
- 49A Alternative finance arrangements: profit share agency
- Treatment of alternative finance arrangements
- 50 Treatment of alternative finance arrangements: companies
- 51 Treatment of alternative finance arrangements: persons other than companies
- 51A Discount
- 52 Provision not at arm's length
- 53 Treatment of section 47 , 47A or 48A arrangements: sale and purchase of asset
- 54 Return not to be treated as distribution
- 54A. Treatment of section 47, 49 and 49A arrangements as loans: Community Investment Tax Relief
- Supplementary
- 55 Further provisions
- 56 Application of Chapter
- 57 Interpretation of Chapter
- Chapter 6 Film relief
- Tax relief for limited-budget films
- 58 Relief for production and acquisition expenditure on limited-budget films
- Restrictions on relief
- 59 Restrictions on relief for production and acquisition expenditure
- Deferred income agreements
- 60 Deferred income agreements which exist when relief claimed
- 61 Meaning of “deferred income agreement in respect of a film”
- 62 Deferred income agreements entered into after relief claimed
- 63 Sections 60 to 62: supplementary
- 64 Transitional provision for years of assessment before the year 2005-06
- 65 Corresponding provision in ITTOIA 2005
- Companies benefited by film relief: exit charges
- 66 When a chargeable event occurs
- 67 Consequences of a chargeable event: exit event X or Y
- 68 Exit event Z: a relevant disposal at an undervalue
- 69 Consequences of a chargeable event: exit event Z
- 70 Valuation of the “rights to guaranteed income” and “disposed rights”
- 71 Meaning of “company” and related terms
- Chapter 7 Avoidance involving partnership
- Partners: restrictions on relief
- 72 Removal of restrictions on interest relief
- 73 Meaning of “contribution to the trade”
- Partners: recovery of excess relief
- 74 Recovery of excess relief given under section 380 or 381 of ICTA
- 75 Computing the chargeable amount
- 76 Meaning of “relevant loss”
- 77 Transitional provision for years of assessment before the year 2005-06
- 78 Consequential amendments
- Partners benefited by film relief
- 79 Meaning of “capital contribution to the trade”
- Chapter 8 Accounting practice and related matters
- 80 Accounting practice and related matters
- 81 Computation of profits: change of accounting basis
- 82 Change of accounting practice: deferment of transitional adjustments
- 83 Application of accounting standards to securitisation companies
- 84 Taxation of securitisation companies
- Chapter 9 International matters
- Double taxation relief: general
- 85 Dividends by reference to which a deduction is allowed: no underlying tax
- Double taxation relief: restrictions
- 86 Limits on credit: income tax and corporation tax: trading profits
- 87 Schemes and arrangements designed to increase relief
- 88 Self-assessment amendments
- Controlled foreign companies
- 89 ADP dividends and double taxation relief
- 90 Foreign taxation of group as single entity: exclusion of ADP CFCs
- Annual payments and double taxation relief
- 91 Tax avoidance involving annual payments and double taxation relief
- Chapter 10 Miscellaneous
- Capital allowances
- 92 Capital allowances: renovation of business premises in disadvantaged areas
- Tonnage tax
- 93 Tonnage tax
- Part 3 Stamp taxes
- Stamp duty land tax
- 94 Alternative property finance
- Stamp duty land tax and stamp duty
- 95 Raising of thresholds
- 96 Removal of disadvantaged areas relief for non-residential property
- Stamp duty and stamp duty reserve tax
- 97 Demutualisation of insurance companies
- Part 4 Other taxes
- Inheritance tax
- 98 Rates and rate bands for the next three years
- Landfill tax
- 99 Rate of landfill tax
- Lorry road-user charge
- 100 Lorry road-user charge
- Part 5 Pensions etc
- 101 Pension schemes etc.
- 102 Pension Protection Fund etc.
- Part 6 Miscellaneous
- 103 Civil partnerships etc
- Part 7 Supplementary provisions
- 104 Repeals
- 105 Interpretation
- 106 Short title
- SCHEDULES
- SCHEDULE 1 Non-UK resident vulnerable persons: interpretation
- Vulnerable person's actual income
- Trustees' specially taxed income
- Vulnerable person's deemed CGT taxable amount
- Vulnerable person's notional section 77 gains
- Actual gains and actual losses
- Assumed gains and assumed losses
- Relevant assumptions
- SCHEDULE 1A Meaning of “disabled person”
- “Disabled person”
- Attendance allowance
- Disability assistance for older people
- Disability living allowance
- Disability assistance for children and young people
- Scottish adult disability living allowance
- Personal independence payment
- Disability assistance for working age people
- Increased disablement pension
- Constant attendance allowance
- Armed forces independence payment
- Interpretation
- SCHEDULE 2 Alternative finance arrangements: further provisions
- Interpretation of Schedule
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1996 (c. 8)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Income Tax Act 2007
- SCHEDULE 3 Films: restrictions on relief for production and acquisition expenditure
- Part 1 Restrictions on circumstances in which relief may be obtained
- Section 42 of the Finance (No.2) Act 1992 (c. 48)
- Section 101 of the Finance Act 2002 (c. 23)
- Section 138 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 139 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 140 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Meaning of “disqualifying deduction”
- Transitional provision for films in production
- Part 2 Restrictions on amount of relief which may be obtained
- Section 42 of the Finance (No.2) Act 1992 (c. 48)
- Section 48 of the Finance (No.2) Act 1997 (c. 58)
- Section 138 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 138A of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 139 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 140 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 141 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Section 142 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 3 Minor and consequential amendments
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance (No.2) Act 1992 (c. 48)
- Finance Act 1997 (c. 16)
- Finance (No. 2) Act 1997 (c. 58)
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2002 (c. 23)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Commencement of Part 3 amendments
- Part 4 Interpretation
- Meaning of “pre-announcement expenditure”
- Meaning of film “in production”
- Meaning of “film” and “original master version”
- SCHEDULE 4 Accounting practice and related matters
- Part 1 Bad debts and related matters
- ICTA
- FA 1996
- FA 1997
- Schedule 26 to FA 2002
- Schedule 29 to FA 2002
- Part 2 Other provisions connected with accounting practice
- ICTA
- FA 1996
- FA 1997
- CAA 2001
- Schedule 26 to FA 2002
- Schedule 29 to FA 2002
- ITEPA 2003
- FA 2004
- Power to make certain regulations with limited retrospective effect
- SCHEDULE 5 Section 804ZA: prescribed schemes and arrangements
- SCHEDULE 6 Capital allowances: renovation of business premises in disadvantaged areas
- Part 1 New Part 3A of the Capital Allowances Act 2001
- Part 2 Consequential amendments
- SCHEDULE 7 Tonnage tax
- Part 1 Amendments of Schedule 22 to FA 2000
- Introduction
- Period for which election is in force
- Withdrawal notices
- Qualifying ships
- Vessels excluded from being qualifying ships
- Qualifying dredgers and tugs
- Effect of change of use
- Flagging: rule for ships other than dredgers and tugs
- Flagging: rules for dredgers and tugs
- Flagging: restrictions where dredger or tug ceases to be qualifying ship under paragraph 22E
- Requirement to prove compliance with safety etc standards
- The ring fence: capital allowances: general: introduction
- The ring fence: capital allowances: exit: plant and machinery
- The ring fence: capital allowances: ship leasing: sale and lease-back arrangements
- Meaning of “offshore activities”
- Vessels to which the special rules for offshore activities do not apply
- Index of defined expressions
- Part 2 Commencement and transitional provision
- Commencement
- Transitional provision: qualifying activities
- Transitional provision: flagging: order designating financial year 2005
- Transitional provision: flagging
- SCHEDULE 8 Stamp duty land tax: alternative property finance
- Introduction
- Alternative property finance: England and Wales and Northern Ireland
- Alternative property finance: Scotland
- Consequential amendments
- Commencement
- SCHEDULE 9 Stamp duty land tax and stamp duty: removal of disadvantaged areas relief for non-residential property
- Stamp duty land tax
- Stamp duty
- Commencement and transitional provisions
- SCHEDULE 10 Pension schemes etc.
- Introduction
- Deferred annuities
- Orders for return of unauthorised payments
- Unauthorised member payments
- Unauthorised payments: loans to person connected with member or sponsoring employer
- Abatement of public service pensions
- Scheme pensions
- Annuities
- Unsecured pension funds and alternatively secured pension funds
- Meaning of “dependant”
- Dependants' scheme pensions
- Lifetime annuities and dependants' annuities purchased together
- Pension commencement lump sums
- Recognised transfers
- Assignment
- Surrender and allocation of rights etc.
- Restriction of employers' relief in respect of contributions
- Lifetime allowance: reduction of rights in respect of tax paid
- Lifetime allowance: minor amendment
- Lifetime allowance: pension credits
- Migrant member relief
- Information
- Electronic payment
- Insurance company liable as scheme administrator
- Power to split schemes
- Power to modify rules of existing schemes
- Primary and enhanced protection: valuation of uncrystallised rights
- Enhanced protection
- Transitional provisions: persons who may take benefits before normal minimum pension age
- Transitional provisions: block transfers
- Transitional provisions: lump sums before normal minimum pension age
- Transitional provisions: lump sums exceeding 25% of uncrystallised rights
- Transitional provisions: inheritance tax
- Trivial commutation and winding-up lump sums
- Application of PAYE to annuities etc.
- House of Commons Members' Fund
- Commencement
- SCHEDULE 11 Repeals
- Part 1 Excise duties
- Part 2 Income tax, corporation tax and capital gains tax
- Part 3 Stamp taxes
- Part 4 Pensions etc
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