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