Income Tax Act 2007
Income Tax Act 2007 (2007 c. 3)
- Income Tax Act 2007 (2007 c. 3)
- Part 1 Overview
- 1 Overview of Income Tax Acts
- 2 Overview of Act
- Part 2 Basic provisions
- Chapter 1 Charges to income tax
- 3 Overview of charges to income tax
- 4 Income tax an annual tax
- 5 Income tax and companies
- Chapter 2 Rates at which income tax is charged
- The rates
- 6 The ... basic rate , higher rate and additional rate
- 6A The Scottish basic, higher and additional rates
- 6B The Welsh rates
- 6C The default basic, higher and additional rates
- 6D The property basic, higher and additional rates
- 7 The starting rate for savings and savings nil rate
- 7A The savings basic, higher and additional rates
- 8 The dividend nil rate, dividend ordinary rate, dividend upper rate and dividend additional rate
- 9 The trust rate , property trust rate, savings trust rate and dividend trust rate
- Income charged at particular rates
- 9A Overview of sections 10 to 15
- 10 Income charged at the ... basic , higher and additional rates: individuals
- 11 Income charged at the default basic rate: non-individuals
- 11A Income charged at Scottish rates
- 11B Income charged at the Welsh basic, higher and additional rates
- 11C Income charged at the default basic, higher and additional rates: non-UK resident individuals
- 11CA Income charged at the property basic, higher and additional rates: individuals
- 11CB Income charged at the Welsh property basic, higher and additional rates: individuals
- 11CC Income charged at the property basic rate: non-individuals
- 11D Income charged at the savings basic, higher and additional rates : individuals
- 11DA Income charged at the savings basic rate: non-individuals
- 12 Income charged at the starting rate for savings
- 12A Savings income charged at the savings nil rate
- 12B Individual's entitlement to a savings allowance
- 13 Income charged at the dividend ordinary , dividend upper and dividend additional rates: individuals
- 13A Income charged at the dividend nil rate
- 14 Income charged at the dividend ordinary rate: non-individuals
- 15 Income charged at the trust rate , the property trust rate, the savings trust rate and the dividend trust rate
- 16 Savings and dividend income to be treated as highest part of total income
- 16A Treatment of property income in hierarchy of total income
- 17 Repayment: tax paid at greater rate instead of starting rate for savingsor savings nil rate
- 17A Meaning of “property income”
- 18 Meaning of “savings income”
- 19 Meaning of “dividend income”
- Starting rate limit and basic rate limit
- 20 The starting rate limit and the basic rate limit
- 21 Indexation of the basic rate limit and starting rate limit for savings
- Chapter 3 Calculation of income tax liability
- 22 Overview of Chapter
- 23 The calculation of income tax liability
- 24 Reliefs deductible at Step 2
- 24A Limit on Step 2 deductions
- 24B Calculation of net income at Step 2 for low income estates and trusts
- 25 Reliefs and allowances deductible at Steps 2 and 3: supplementary
- 26 Tax reductions
- 27 Order of deducting tax reductions: individuals
- 28 Order of deducting tax reductions: other persons
- 29 Tax reductions: supplementary
- 30 Additional tax
- 31 Total income: supplementary
- 32 Liability not dealt with in the calculation
- Part 3 Personal reliefs
- Chapter 1 Introduction
- 33 Overview of Part
- Chapter 2 Personal allowance and blind person's allowance
- Introduction
- 34 Allowances under Chapter
- Personal allowances
- 35 Personal allowance
- 36 Personal allowance for those born after 5 April 1938 but before 6 April 1948
- 37 Personal allowance for those born before 6 April 1938
- Blind person's allowance
- 38 Blind person's allowance
- 39 Transfer of part of blind person's allowance to a spouse or civil partner
- 40 Election for transfer of allowance under section 39
- Supplementary
- 41 Allowances in year of death
- Chapter 3 Tax reductions for married couples and civil partners: persons born before 6 April 1935
- Introduction
- 42 Tax reductions under Chapter
- 43 Meaning of “the minimum amount”
- 43A. Meaning of “relevant conversion”
- 44 Election for new rules to apply
- Married couple's allowance
- 45 Marriages before 5 December 2005
- 46 Marriages and civil partnerships on or after 5 December 2005
- Elections to transfer relief
- 47 Election by individual to transfer relief under section 45 or 46
- 48 Joint election to transfer relief under section 45 or 46
- 49 Election for partial transfer back of relief
- 50 Procedure for making and withdrawing elections under sections 47 to 49
- Transfer of unused relief
- 51 Transfer of unused relief
- 52 Transfer back of unused relief
- 53 Transfer of unused relief: general
- Supplementary
- 54 Tax reductions in the year of marriage or entry into civil partnership
- 55 Sections 45 to 53: supplementary
- CHAPTER 3A Transferable tax allowance for married couples and civil partners
- Introduction
- 55A Tax reduction under Chapter
- Tax reduction
- 55B Tax reduction: entitlement
- Election to reduce personal allowance
- 55C Election to reduce personal allowance
- 55D Procedure for elections under section 55C
- Supplementary
- 55E Limitation on number of tax reductions and elections
- Chapter 4 General
- 56 Residence etc of claimants
- 57 Indexation of allowances
- 57A Personal allowance linked to national minimum wage
- 58 Meaning of “adjusted net income”
- Part 4 Loss relief
- Chapter 1 Introduction
- 59 Overview of Part
- Chapter 2 Trade losses
- Introduction
- 60 Overview of Chapter
- 61 Non-partners: losses of a tax year
- 62 Partners: losses of a tax year etc
- 63 Prohibition against double counting
- Trade loss relief against general income
- 64 Deduction of losses from general income
- 65 How relief works
- Restriction on relief for uncommercial trades
- 66 Restriction on relief unless trade is commercial
- Restriction on relief for “hobby” farming or market gardening
- 67 Restriction on relief in case of farming or market gardening
- 68 Reasonable expectation of profit
- 69 Whether trade is the same trade
- 70 Determining losses in previous tax years
- Use of trading loss as CGT loss
- 71 Treating trade losses as CGT losses
- Early trade losses relief
- 72 Relief for individuals for losses in first 4 years of trade
- 73 How relief works
- 74 Restrictions on relief unless trade is commercial etc
- General restrictions on sideways relief and capital gains relief
- 74ZA No relief for tax-generated losses
- 74A Reliefs in any tax year not to exceed cap for tax year
- 74B No relief for tax-generated losses
- 74C Meaning of “non-active capacity” for purposes of section 74Aetc
- 74D Meaning of “qualifying film expenditure” for purposes of sections 74ZA and 74A
- ...
- 74E No relief where cash basis used to calculate losses
- Restrictions on sideways relief for certain capital allowances
- 75 Trade leasing allowances given to individuals
- 76 First-year allowances and annual investment allowances: introduction
- 77 First-year allowances: partnerships with companies
- 78 First-year allowances and annual investment allowances: arrangements to reduce tax liabilities
- 79 Capital allowances restrictions: supplementary
- Restriction on sideways relief for specific trades
- 80 Ring fence income
- 81 Dealings in commodity futures
- 82 Exploitation of films
- Carry-forward trade loss relief
- 83 Carry forward against subsequent trade profits
- 84 How relief works
- 85 Use of trade-related interest and dividends if trade profits insufficient
- 86 Trade transferred to a company
- 87 Ring fence trades
- 88 Carry forward of certain interest as loss
- Terminal trade loss relief
- 89 Carry back of losses on a permanent cessation of a trade
- 90 Losses that are “terminal losses”
- 91 How relief works
- 92 Use of trade-related interest and dividends if trade profits insufficient
- 93 Mineral extraction trade and carry back of balancing allowances
- 94 Carry back of certain interest as loss
- Wholly foreign trades
- 95 Foreign trades etc: reliefs only against foreign income
- Post-cessation trade relief
- 96 Post-cessation trade relief
- 97 Meaning of “qualifying payment”
- 98 Meaning of “qualifying event” etc
- 98A Denial of relief for tax-generated payments or events
- 99 Reduction of relief for unpaid trade expenses
- 100 Prohibition against double counting
- 101 Treating excess post-cessation trade relief as CGT loss
- Chapter 3 Restrictions on trade loss relief for certain partners
- Introduction
- 102 Overview of Chapter
- 103 Meaning of “sideways relief”, “capital gains relief” and “firm”
- 103A Meaning of “limited partner”
- 103B Meaning of “non-active partner” etc
- Limit on amount of sideways relief and capital gains relief
- 103C Limit on reliefs in any tax year not to exceed cap for tax year
- 103D Meaning of “qualifying film expenditure”
- Limited partners
- 104 Restriction on reliefs for limited partners
- 105 Meaning of “contribution to the firm”
- 106 Meaning of “limited partner”
- Members of LLPs
- 107 Restriction on reliefs for members of LLPs
- 108 Meaning of “contribution to the LLP”
- 109 Unrelieved losses brought forward
- Non-active members of LLPs or other partnerships (apart from limited partnerships)
- 110 Restriction on reliefs for non-active partners in early tax years
- 111 Meaning of “contribution to the firm”
- 112 Meaning of “early tax year”
- 113 Unrelieved losses brought forward
- Exclusion of amounts in calculating contribution to the firm or LLP
- 113A Exclusion of amounts contributed to access relief
- ...
- 114 Power to exclude other amounts
- Restrictions for film trades carried on in partnership
- 115 Restrictions on reliefs for firms exploiting films
- 116 Exclusion from restrictions under section 115: certain film expenditure
- Partnerships with mixed membership etc
- 116A Excess loss allocation to partners who are individuals
- Chapter 4 Losses from property businesses
- Introduction
- 117 Overview of Chapter
- Carry-forward property loss relief
- 118 Carry forward against subsequent property business profits
- 119 How relief works
- Property loss relief against general income
- 120 Deduction of property losses from general income
- 121 How relief works
- 122 Meaning of “the applicable amount of the loss”
- 123 Meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”
- 124 Supplementary
- Post-cessation property relief
- 125 Post-cessation property relief
- 126 Treating excess post-cessation property relief as CGT loss
- ...
- 127 UK furnished holiday lettings business treated as trade
- 127ZA EEA furnished holiday lettings business treated as trade
- Restrictions on relief
- 127A No relief for tax-generated losses attributable to annual investment allowance
- 127B No relief for tax-generated agricultural expenses
- 127BA Restriction of relief: cash basis
- 127C Excess loss allocation to partners who are individuals
- Chapter 5 Losses in an employment or office
- 128 Employment loss relief against general income
- 129 How relief works
- 130 Treating loss in employment or office as CGT loss
- Chapter 6 Losses on disposal of shares
- Share loss relief against general income
- 131 Share loss relief
- 132 Entitlement to claim
- 133 How relief works
- Shares to which EIS relief is not attributable
- 134 Qualifying trading companies
- 135 Subscriptions for shares
- 136 Disposals of new shares
- Qualifying trading companies: the requirements
- 137 The trading requirement
- 138 Ceasing to meet trading requirement because of administration or receivership
- 139 The control and independence requirement
- 140 The qualifying subsidiaries requirement
- 141 The property managing subsidiaries requirement
- 142 The gross assets requirement
- 143 The unquoted status requirement
- 144 Power to amend requirements by Treasury order
- Qualifying trading companies: supplementary
- 145 Relief after an exchange of shares for shares in another company
- 146 Substitution of new shares for old shares
- Limits on share loss relief and mixed holdings
- 147 Limits on share loss relief
- 148 Disposal of shares forming part of mixed holding
- 149 Section 148: supplementary
- Miscellaneous and supplementary
- 150 Deemed time of issue for certain shares
- 151 Interpretation of Chapter
- Chapter 7 Losses from miscellaneous transactions
- Loss relief against miscellaneous income
- 152 Losses from miscellaneous transactions
- 153 How relief works
- Deposit rights
- 154 Transactions in deposit rights
- Supplementary
- 154A Anti-avoidance
- 155 Time limit for claiming relief
- Part 5 Enterprise investment scheme
- Chapter 1 Introduction
- EIS relief
- 156 Meaning of “EIS relief” and commencement
- 157 Eligibility for EIS relief
- 157A Risk-to-capital condition
- 158 Form and amount of EIS relief
- Miscellaneous
- 159 Periods A, B and C
- 160 Overview of other Chapters of Part
- 161 Other tax reliefs relating to EIS
- Chapter 2 The investor
- Introduction
- 162 Overview of Chapter
- The requirements
- 163 The no connection with the issuing company requirement
- 164 The no linked loans requirement
- 164A The existing shareholdings requirement
- 165 The no tax avoidance requirement
- Meaning of connection with issuing company
- 166 Connection with issuing company
- 167 Employees, directors and partners
- 168 Directors excluded from connection
- 169 Directors qualifying for relief despite connection
- 170 Persons interested in capital etc of company
- 171 Persons subscribing for shares under certain arrangements
- Chapter 3 General requirements
- Introduction
- 172 Overview of Chapter
- The requirements
- 173 The shares requirement
- 173A The maximum amount raised annually through risk finance investments requirement
- 173AA Maximum risk finance investments at the issue date requirement
- 173AB Maximum risk finance investments during period B requirement
- 173B The spending of money raised by SEIS investment requirement
- 174 The purpose of the issue requirement
- 175 The use of the money raised requirement
- 175A The permitted maximum age requirement
- 176 The minimum period requirement
- 177 The no pre-arranged exits requirement
- 178 The no tax avoidance requirement
- 178A The no disqualifying arrangements requirement
- Meaning of “qualifying business activity”
- 179 Meaning of “qualifying business activity”
- Chapter 4 The issuing company
- Introduction
- 180 Overview of Chapter
- The requirements
- 180A The UK permanent establishment requirement
- 180B The financial health requirement
- 181 The trading requirement
- 182 Ceasing to meet trading requirement because of administration or receivership
- 183 The issuing company to carry on the qualifying business activity requirement
- 184 The unquoted status requirement
- 185 The control and independence requirement
- 186 The gross assets requirement
- 186A The number of employees requirement
- 187 The qualifying subsidiaries requirement
- 188 The property managing subsidiaries requirement
- Definitions
- 189 Meaning of “qualifying trade”
- 190 Meaning of “qualifying 90% subsidiary”
- 191 Meaning of “qualifying subsidiary”
- 191A Meaning of “permanent establishment”
- Excluded activities
- 192 Meaning of “excluded activities”
- 193 Excluded activities: wholesale and retail distribution
- 194 Excluded activities: leasing of ships
- 195 Excluded activities: receipt of royalties and licence fees
- 196 Excluded activities: property development
- 196A Excluded activities: shipbuilding
- 196B Excluded activities: producing coal
- 196C Excluded activities: producing steel
- 197 Excluded activities: hotels and comparable establishments
- 198 Excluded activities: nursing homes and residential care homes
- 198A Excluded activities: ... export of electricity
- 198B Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
- 199 Excluded activities: provision of services or facilities for another business
- Supplementary
- 200 Power to amend by Treasury order
- Chapter 5 Attribution of and claims for EIS relief
- Attribution
- 201 Attribution of EIS relief to shares
- Claims: general
- 202 Time for making claims for EIS relief
- 203 Entitlement to claim
- Claims: supporting documents
- 204 Compliance certificates
- 205 Compliance statements
- 206 Appeal against refusal to authorise compliance certificate
- 207 Penalties for fraudulent certificate or statement etc
- Chapter 6 Withdrawal or reduction of EIS relief
- Introduction
- 208 Overview of Chapter
- Disposals
- 209 Disposal of shares
- 210 Cases where maximum EIS relief not obtained
- 211 Call options
- 212 Put options
- Value received by investor
- 213 Value received by the investor
- 214 Value received: receipts of insignificant value
- 215 Meaning of “receipts of insignificant value”
- 216 When value is received
- 217 The amount of value received
- 218 Value received where there is more than one issue of shares
- 219 Value received where part of share issue treated as made in previous tax year
- 220 Cases where maximum EIS relief not obtained
- 221 Receipts of value by and from connected persons etc
- 222 Receipt of replacement value
- 223 Section 222: supplementary
- Repayments etc of share capital to other persons
- 224 Repayments etc of share capital to other persons
- 225 Insignificant repayments ignored for purposes of section 224
- 226 Amount of repayments etc where there is more than one issue of shares
- 227 Single issue affecting more than one individual
- 228 Single issue treated as made partly in previous tax year
- 229 Maximum relief not obtained for share issue
- 230 Repayment of authorised minimum within 12 months
- 231 Restriction on withdrawal of relief under section 224
- Miscellaneous
- 232 Acquisition of a trade or trading assets
- 233 Acquisition of share capital
- 234 Relief subsequently found not to have been due
- Chapter 7 Withdrawal or reduction of EIS relief: procedure
- Assessments and appeals
- 235 Assessments for the withdrawal or reduction of EIS relief
- 236 Appeals against section 234(3)(b) notices
- 237 Time limits for assessments
- 238 Cases where assessment not to be made
- Interest
- 239 Date from which interest is chargeable
- Information
- 240 Information to be provided by the investor
- 241 Information to be provided by the issuing company etc
- 242 Power to require information where section 240 or 241 applies or could have applied
- 243 Power to require information in other cases
- 244 Obligations of secrecy
- Chapter 8 Supplementary and general
- Disposals of shares
- 245 Transfers between spouses or civil partners
- 246 Identification of shares on a disposal
- Acquisition of issuing company
- 247 Continuity of EIS relief where issuing company is acquired by new company
- 248 Carry over of obligations etc where EIS relief attributed to new shares
- 249 Substitution of new shares for old shares
- Nominees etc
- 250 Nominees and bare trustees
- 251 Approved knowledge-intensive fund as nominee
- Powers to amend
- 251A Powers to amend Chapters 2 to 4 by Treasury regulations
- Interpretation
- 252 Meaning of a company being “in administration” or “in receivership”
- 252A Meaning of “knowledge-intensive company”
- 252B Knowledge-intensive company reaching turnover of £200,000
- 253 Meaning of “associate”
- 254 Meaning of “disposal of shares”
- 255 Meaning of “issue of shares”
- 256 Meaning of “the termination date”
- 256A Meaning of “the EIS original rate”
- 256B Meaning of “specified Northern Ireland company”
- 257 Minor definitions etc
- PART 5A Seed enterprise investment scheme
- CHAPTER 1 Introduction
- SEIS relief
- 257A Meaning of “SEIS relief” and commencement
- 257AA Eligibility for SEIS relief
- 257AAA Risk-to-capital condition
- 257AB Form and amount of SEIS relief
- Miscellaneous
- 257AC Meaning of “period A” and “period B”
- 257AD Overview of other Chapters of Part
- 257AE CGT reliefs relating to SEIS
- CHAPTER 2 The investor
- Introduction
- 257B Overview of Chapter
- The requirements
- 257BA The no employee investors requirement
- 257BB The no substantial interest in the issuing company requirement
- 257BC The no related investment arrangements requirement
- 257BD The no linked loan requirement
- 257BE The no tax avoidance requirement
- Meaning of substantial interest in a company
- 257BF Persons with a substantial interest in a company
- CHAPTER 3 General requirements
- Introduction
- 257C Overview of Chapter
- The requirements
- 257CA The shares requirement
- 257CB The purpose of the issue requirement
- 257CC The spending of the money raised requirement
- 257CD The no pre-arranged exits requirement
- 257CE The no tax avoidance requirement
- 257CF The no disqualifying arrangements requirement
- CHAPTER 4 The issuing company
- Introduction
- 257D Overview of Chapter
- The requirements
- 257DA The trading requirement
- 257DB Ceasing to meet trading requirement: administration etc
- 257DC The issuing company to carry on the qualifying business activity
- 257DD The UK permanent establishment requirement
- 257DE The financial health requirement
- 257DF The unquoted status requirement
- 257DG The control and independence requirement
- 257DH The no partnerships requirement
- 257DI The gross assets requirement
- 257DJ The number of employees requirement
- 257DK No previous other risk capital scheme investments
- 257DL The amount raised through the SEIS
- 257DM The qualifying subsidiaries requirement
- 257DN The property managing subsidiaries requirement
- CHAPTER 5 Attribution and claims for SEIS relief
- Attribution
- 257E Attribution of SEIS relief to shares
- Claims: general
- 257EA Time for making claims for SEIS relief
- 257EB Entitlement to claim
- Claims: supporting documents
- 257EC Compliance certificates
- 257ED Compliance statements
- 257EE Appeal against refusal to authorise compliance certificate
- 257EF Penalties for fraudulent certificate or statement etc
- 257EG Power to amend sections 257EC and 257ED
- CHAPTER 6 Withdrawal or reduction of SEIS relief
- Introduction
- 257F Overview of Chapter
- 257FA Disposal of shares
- 257FB Cases where maximum SEIS relief not obtained
- 257FC Call options
- 257FD Put options
- Value received by investor
- 257FE Value received by the investor
- 257FF Value received: receipts of insignificant value
- 257FG Meaning of “a receipt of insignificant value”
- 257FH When value is received
- 257FI The amount of value received
- 257FJ Value received where there is more than one issue
- 257FK Value received where part of issue treated as made in previous tax year
- 257FL Cases where maximum SEIS relief not obtained
- 257FM Receipts of value by and from connected persons etc
- 257FN Receipt of replacement value
- 257FO Section 257FN: supplementary
- Miscellaneous
- 257FP Acquisition of trade or trading assets
- 257FQ Acquisition of share capital
- 257FR Relief subsequently found not to have been due
- CHAPTER 7 Withdrawal or reduction of SEIS relief: procedure
- Assessments and appeals
- 257G Assessments for the withdrawal or reduction of SEIS relief
- 257GA Appeals against section 257FR(3)(b) notices
- 257GB Time limits for assessments
- 257GC Cases where assessments not to be made
- Interest
- 257GD Date from which interest is chargeable
- Information
- 257GE Information to be provided by the investor
- 257GF Information to be provided by the issuing company etc
- 257GG Power to require information where section 257GE or 257GF applies or could have applied
- 257GH Power to require information in other cases
- 257GI Obligations of secrecy
- CHAPTER 8 Supplementary and general
- Disposals of shares
- 257H Transfers between spouses or civil partners
- 257HA Identification of shares on a disposal
- Acquisition of issuing company
- 257HB Continuity of SEIS relief where issuing company is acquired by new company
- 257HC Carry over of obligations etc where SEIS relief attributed to new shares
- 257HD Substitution of new shares for old shares
- Nominees etc
- 257HE Nominees and bare trustees
- Interpretation
- 257HF Meaning of “new qualifying trade”
- 257HG Meaning of “qualifying business activity”
- 257HH Meaning of “disposal of shares”
- 257HI Meaning of “issue of shares”
- 257HJ Minor definitions
- PART 5B Tax relief for social investments
- CHAPTER 1 Introduction
- 257J Meaning of “SI relief” and “social enterprise”
- 257JA Form and amount of relief
- 257JB Meaning of “community benefit society”
- 257JC Charities that are trusts
- 257JD Accreditation as a social impact contractor
- 257JE Meaning of “social impact contract”
- 257JF Accreditations: supplementary provisions
- 257JG Period of accreditation as a social impact contractor
- 257JH Functions of Ministers of the Crown under sections 257JD to 257JG
- CHAPTER 2 Eligibility for relief: basic rule and key definitions
- Eligibility
- 257K Eligibility for SI relief
- Key definitions
- 257KA Key to reading the rest of the Part
- 257KB When investment is made, and “investment date”
- 257KC “Shorter applicable period” and “longer applicable period”
- CHAPTER 3 Eligibility: conditions relating to the investor and the investment
- 257L Investment to be in new shares or new qualifying debt investments
- 257LA Condition that the amount invested must have been paid over
- 257LB The no pre-arranged exits requirements
- 257LC The no risk avoidance requirement
- 257LD The no linked loans requirement
- 257LDA The existing investments requirement
- 257LE The no tax avoidance requirement
- 257LEA The no disqualifying arrangements requirement
- 257LF Restrictions on being an employee, partner or paid director
- 257LG The requirement not to be interested in capital etc of social enterprise
- 257LH Requirement for no collusion with a non-qualifying investor
- CHAPTER 4 Eligibility: conditions relating to the social enterprise
- Conditions relating to the social enterprise: general
- 257M The continuing to be a social enterprise requirement
- 257MA The amount raised from investments potentially eligible for relief
- 257MB Power to amend limits on amounts raised
- 257MC The gross assets requirement
- 257MD The unquoted status requirement
- 257ME The control and independence requirements
- 257MF The qualifying subsidiaries requirement
- 257MG The property-managing subsidiaries requirement
- 257MH The number of employees requirement
- 257MI The no partnership requirement
- 257MIA The financial health requirement
- 257MJ The trading requirement
- 257MK Ceasing to meet trading requirement: administration or receivership
- 257ML The issue must be to raise money for chosen trade or preparing for it
- 257MM Requirement to use money raised and to trade for minimum period
- 257MN The social enterprise must carry on the chosen trade
- Limits on amounts that may be invested
- 257MNA Maximum amount where investment made in first 7 years
- 257MNB Section 257MNA: supplementary
- 257MNC Maximum amount for cases outside section 257MNA
- 257MND Limit on investment in shorter applicable period
- 257MNE Power to amend limits on amounts that may be invested
- Interpretation of conditions relating to the social enterprise
- 257MP Meaning of “qualifying trade”
- 257MQ Meaning of “excluded activity”
- 257MQA Excluded activities: nursing homes and residential care homes
- 257MR Excluded activities: property development
- 257MS Excluded activity: subsidised generation or export of electricity
- 257MT Excluded activity: providing services or facilities for another business
- 257MU Meaning of “qualifying subsidiary”
- 257MV Meaning of “90% social subsidiary” of a social enterprise
- 257MW Excluded activities: power to amend
- CHAPTER 5 Attribution of relief
- 257N Attribution of SI relief to investments
- CHAPTER 6 Claims for relief
- 257P Time for making claims for SI relief
- 257PA Entitlement to claim
- 257PB Compliance statements
- 257PC Compliance certificates
- 257PD Penalties for fraudulent certificate or statement etc
- 257PE Power to amend Chapter
- CHAPTER 7 Withdrawal or reduction of SI relief
- Value received by the investor
- 257Q Effect of the investor receiving value from the social enterprise
- 257QA Value received: insignificant receipts
- 257QB Value received where there is more than one issue of investments
- 257QC Value received where part of investment treated as made in previous tax year
- 257QD Cases where maximum SI relief not obtained
- 257QE When value is received
- 257QF The amount of value received
- 257QG Receipts of value by and from connected persons etc
- 257QH Receipt of replacement value
- 257QI Section 257QH: supplementary
- Repayments etc of investments to other persons
- 257QJ Repayments etc of share capital to other persons
- 257QK Insignificant payments ignored for the purposes of section 257QJ
- 257QL Amount of repayments etc if there is more than one issue of shares
- 257QM Single issue affecting more than one individual
- 257QN Single issue treated as made partly in previous tax year
- 257QO Maximum relief not obtained for share issue
- 257QP Repayment of authorised minimum within 12 months
- Miscellaneous
- 257QQ Acquisition of a trade or trading assets
- 257QR Acquisition of share capital
- 257QS Relief subsequently found not to have been due
- Disposals
- 257R Disposal of whole or part of the investment
- 257RA Cases where maximum relief not obtained
- 257RB Call options
- 257RC Put options
- CHAPTER 8 Withdrawal or reduction of SI relief: procedure
- Assessments and appeals
- 257S Assessments for the withdrawal or reduction of SI relief
- 257SA Appeals against section 257QS(3)(b) notices
- 257SB Time limits for assessments
- 257SC Cases where assessment not to be made
- Interest
- 257SD Date from which interest is chargeable
- Information
- 257SE Information to be provided by the investor
- 257SF Information to be provided by the social enterprise etc
- 257SG Power to require information in section 257SE or 257SF cases
- 257SH Power to require information in other cases
- 257SI Confidentiality
- CHAPTER 9 Miscellaneous and supplementary provisions
- 257T Transfers between spouses or civil partners
- 257TA Identification of investments on a disposal
- 257TB Meaning of a company being “in administration” or “in receivership”
- 257TC Meaning of “associate”
- 257TD Meaning of “control”
- 257TE Minor definitions etc
- Part 6 Venture capital trusts
- Chapter 1 Introduction
- 258 Overview of Part
- 259 Venture capital trusts and VCT approvals
- 260 Other tax reliefs relating to VCTs
- Chapter 2 VCT relief
- Entitlement to relief
- 261 Eligibility for relief
- 262 Entitlement to claim relief
- 263 Form and amount of relief
- 264 No entitlement to relief if there is a linked loan
- 264A Restricting relief where there is a linked sale
- 265 No entitlement to relief which would have been lost if it had already been obtained
- Loss of relief
- 266 Loss of relief if shares disposed of within 5 years
- 267 Transfers of shares between spouses or civil partners
- 268 Loss of relief if VCT approval withdrawn
- 269 Loss of relief which is subsequently found not to have been due
- 270 Assessment on withdrawal or reduction of relief
- Supplementary
- 271 Provision of information
- 272 Regulations as to procedure etc
- 273 Interpretation of Chapter
- Chapter 3 VCT approvals
- Giving of approval
- 274 Requirements for the giving of approval
- 275 Alternative requirements for the giving of approval
- 276 Conditions relating to income
- 277 The 15% holding limit condition
- 278 Conditions relating to value of investments: general
- 279 Conditions relating to value of investments: qualifying holdings
- 280 Conditions relating to qualifying holdings and eligible shares
- 280A The 80% qualifying holdings condition: disposal of holding
- 280B The investment limits condition
- 280BA The minimum investment on further issue condition
- 280C The permitted maximum age condition
- 280D The no business acquisition condition
- Withdrawal of approval
- 281 Withdrawal of VCT approval of a company
- 282 Withdrawal of VCT approval in cases for which provision made under section 280(3)
- Supplementary
- 283 Time as from which VCT approval has effect
- 284 Power to make regulations as to procedure
- 285 Interpretation of Chapter
- Chapter 4 Qualifying holdings
- Introduction
- 286 Qualifying holdings: introduction
- The requirements
- 286ZA The risk-to-capital requirement
- 286A The UK permanent establishment requirement
- 286B The financial health requirement
- 287 The maximum qualifying investment requirement
- 288 The no guaranteed loan requirement
- 289 The proportion of eligible shares requirement
- 290 The trading requirement
- 291 The carrying on of a qualifying activity requirement
- 292 Ceasing to meet requirements because of administration or receivership
- 292A The maximum amount raised annually through risk finance investments requirement
- 292AA Maximum risk finance investments when relevant holding is issued requirement
- 292AB Maximum risk finance investments during the 5-year post-investment period requirement
- 292B The spending of money raised by SEIS investment requirement
- 293 The use of the money raised requirement
- 294 The relevant company to carry on the relevant qualifying activity requirement
- 294A The permitted company age requirement
- 295 The unquoted status requirement
- 296 The control and independence requirement
- 297 The gross assets requirement
- 297A The number of employees requirement
- 297B The proportion of skilled employees requirement
- 298 The qualifying subsidiaries requirement
- 299 The property managing subsidiaries requirement
- 299A The no disqualifying arrangements requirement
- Definitions
- 300 Meaning of “qualifying trade”
- 301 Meaning of “qualifying 90% subsidiary”
- 302 Meaning of “qualifying subsidiary”
- 302A Meaning of “permanent establishment”
- Excluded activities
- 303 Meaning of “excluded activities”
- 304 Excluded activities: wholesale and retail distribution
- 305 Excluded activities: leasing of ships
- 306 Excluded activities: receipt of royalties and licence fees
- 307 Excluded activities: property development
- 307A Excluded activities: shipbuilding
- 307B Excluded activities: producing coal
- 307C Excluded activities: producing steel
- 308 Excluded activities: hotels and comparable establishments
- 309 Excluded activities: nursing homes and residential care homes
- 309A Excluded activities: ... export of electricity
- 309B Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
- 310 Excluded activities: provision of services or facilities for another business
- Supplementary
- 311 Power to amend Chapter
- 312 Winding up of the relevant company
- 312A Power to require information relating to disqualifying arrangements
- 313 Interpretation of Chapter
- Chapter 5 Powers: winding up and mergers of VCTs
- Winding up
- 314 Power to treat VCT-in-liquidation as VCT
- 315 Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
- 316 Power to make provision about distributions by VCT-in-liquidation
- 317 Power to facilitate disposal to VCT by VCT-in-liquidation
- 318 Power in respect of periods before and after winding up
- 319 Sections 314 to 318: supplementary
- 320 Meaning of “VCT-in-liquidation”
- Mergers
- 321 Power to facilitate mergers of VCTs
- 322 Provision that may be made by regulations under section 321
- 323 Meaning of “merger” and “successor company”
- Supplementary
- 324 Regulations under Chapter
- 325 Interpretation of Chapter
- Chapter 6 Supplementary and general
- Acquisitions for restructuring purposes
- 326 Restructuring to which sections 326A, 327 and 327A apply
- 326A Certain requirements of Chapter 3 to be treated as met
- 327 Certain requirements of Chapter 4 to be treated as met
- 327A Follow-on funding
- 328 Supplementary
- Conversion of shares etc and company reorganisations
- 329 Conversion of convertible shares and securities
- 330 Power to facilitate company reorganisations etc involving exchange of shares
- Nominees
- 330A Nominees
- Power to amend Part
- 330B Powers to amend Chapters 3 and 4 by Treasury regulations
- Supplementary
- 331 Meaning of a company being “in administration” or “in receivership”
- 331A Meaning of “knowledge-intensive company”
- 331B Knowledge-intensive company reaching turnover of £200,000
- 331C Meaning of “specified Northern Ireland company”
- 332 Minor definitions etc
- Part 7 Community investment tax relief
- Chapter 1 Introduction
- CITR
- 333 Meaning of “CITR”
- 334 Eligibility for CITR
- 335 Form and amount of CITR
- 335A Carry forward of CITR
- Miscellaneous
- 336 Meaning of “making an investment”
- 337 Determination of “the invested amount”
- 338 Meaning of “the 5 year period” and “the investment date”
- 339 Overview of other Chapters of Part
- Chapter 2 Accredited community development finance institutions
- 340 Application and criteria for accreditation
- 341 Terms and conditions of accreditation
- 342 Period of accreditation
- 343 Delegation of Secretary of State's functions
- Chapter 3 Qualifying investments
- 344 Qualifying investments: introduction
- 345 Conditions to be met in relation to loans
- 346 Conditions to be met in relation to securities
- 347 Conditions to be met in relation to shares
- 348 Tax relief certificates
- 349 No pre-arranged protection against risks
- Chapter 4 General conditions
- 350 No control of CDFI by investor
- 351 Investor must have beneficial ownership
- 352 No acquisition of share in partnership
- 353 No tax avoidance purpose
- Chapter 5 Claims for and attribution of CITR
- Claims
- 354 Loans: no claim after disposal or excessive repayments or receipts of value
- 355 Securities or shares: no claim after disposal or excessive receipts of value
- 356 No claim after loss of accreditation by the CDFI
- Attribution
- 357 Attribution: general
- 358 Attribution: bonus shares
- Chapter 6 Withdrawal or reduction of CITR
- Introduction
- 359 Overview of Chapter
- Disposals
- 360 Disposal of loan during 5 year period
- 361 Disposal of securities or shares during 5 year period
- Repayment of loans
- 362 Repayment of loan capital during 5 year period
- Receipts of value
- 363 Value received by investor during 6 year period: loans
- 364 Value received by investor during 6 year period: securities or shares
- 365 Receipts of insignificant value to be added together
- 366 When value is received
- 367 The amount of value received
- 368 Value received if there is more than one investment
- 369 Effect of receipt of value on future claims for CITR
- 370 Receipts of value by or from connected persons
- CITR not due
- 371 CITR subsequently found not to have been due
- Manner of withdrawal or reduction
- 372 Manner of withdrawal or reduction of CITR
- Chapter 7 Supplementary and general
- Alternative finance arrangements
- 372A Meaning of “loan” and “interest”
- 372B Purchase and resale arrangements
- 372C Deposit arrangements
- 372D Profit share agency arrangements
- Miscellaneous
- 373 Information to be provided by the investor
- 374 Disclosure
- 375 Nominees
- 376 Application for postponement of tax pending appeal
- 377 Identification of securities or shares on a disposal
- Definitions
- 378 Meaning of “issue of securities or shares”
- 379 Meaning of “disposal”
- 380 Construction of references to being “held continuously”
- 381 Meaning of “associate”
- 382 Minor definitions etc
- Part 8 Other reliefs
- Chapter 1 Interest payments
- The relief: introduction
- 383 Relief for interest payments
- 384 General restrictions on relief under Chapter
- 384A Restriction on relief where arrangements minimise risk to borrower
- 384B Restriction on relief where cash basis applies
- 385 General provisions about loans
- 386 Loans partly meeting requirements
- 387 Exclusion of double relief etc
- Loans for plant or machinery
- 388 Loan to buy plant or machinery for partnership use
- 389 Eligibility requirements for interest on loans within section 388
- 390 Loan to buy plant or machinery for employment use
- 391 Eligibility requirements for interest on loans within section 390
- Loans for interests in close companies etc
- 392 Loan to buy interest in close company etc
- 393 Eligibility requirements for interest on loans within section 392
- 393A Close investment-holding companies
- 394 Meaning of “material interest” in section 393
- 395 Meaning of “associate” in section 394
- Loans for interests in employee-controlled companies
- 396 Loan to buy interest in employee-controlled company
- 397 Eligibility requirements for interest on loans within section 396
- Loans for investing in partnerships
- 398 Loan to invest in partnership
- 399 Eligibility requirements for interest on loans within section 398
- 399A Property partnerships: restriction of relief for investment loan interest
- 399B Property partnerships: tax reduction for non-deductible loan interest
- 400 Film partnerships
- Loans for investing in co-operatives
- 401 Loan to invest in co-operative
- 402 Eligibility requirements for interest on loans within section 401
- Loans for paying inheritance tax
- 403 Loan to pay inheritance tax
- 404 Eligibility requirements for interest on loans within section 403
- 405 Carry back and forward of relief for interest on loans within section 403
- General and supplementary
- 406 Effect of recovery of capital in the case of some loans
- 407 Events counting as recovery of capital for section 406
- 408 Replacement loans
- 409 Business successions between partnerships
- 410 Other business successions and reorganisations
- 411 Ineligibility of interest where business is occupation of commercial woodlands
- 412 Information
- CHAPTER 1A Irrecoverable peer-to-peer loans
- The relief
- 412A Relief for irrecoverable peer-to-peer loans
- 412B Claims for additional relief: sideways relief
- 412C Claims for additional relief: carry-forward relief
- 412D How carry-forward relief works
- Supplementary provisions
- 412E Subsequent recovery of peer-to-peer loans
- 412F Assigned loans treated as made by the assignee etc
- 412G Nominees etc
- 412H Interaction with other reliefs
- Interpretation
- 412I Meaning of “loan”, “peer-to-peer loan” and related terms
- 412J Meaning of “operator” and related terms
- Chapter 2 Gift aid
- The relief
- 413 Overview of Chapter
- 414 Relief for gifts to charity
- 414A Tax reduction or charge if basic rate, and devolved basic rate, differ
- 415 Meaning of “grossed up amount”
- 416 Meaning of “qualifying donation”
- 417 Meaning of “benefits associated with a gift”
- Restrictions on associated benefits
- 418 Restrictions on associated benefits
- 419 Gifts and benefits linked to periods of less than 12 months
- Admission rights
- 420 Disregard of certain admission rights
- 421 Admission rights: supplementary
- Disqualified overseas gifts
- 422 Disqualified overseas gifts
- Measures to ensure donor's liability not less than tax treated as deducted
- 423 Restriction of certain reliefs
- 424 Charge to tax
- 425 Total amount of income tax to which individual charged for a tax year
- Election to carry back relief
- 426 Election by donor: gift treated as made in previous tax year
- Supplementary
- 427 Meaning of “charged amount”
- 428 Meaning of “gift aid declaration”
- 429 Giving through self-assessment return
- 430 “Charity” to include exempt bodies
- Chapter 3 Gifts of shares, securities and real property to charities etc
- Entitlement to relief
- 431 Relief for gifts of shares, securities and real property to charities etc
- 432 Meaning of “qualifying investment”
- 433 Meaning of “qualifying interest in land”
- Amount of relief
- 434 The relievable amount
- 435 Incidental costs of making disposal
- 436 Consideration
- Value of net benefit to charity
- 437 Value of net benefit to charity
- 438 Market value of qualifying investments
- 438A Acquisition value of qualifying investments
- 439 Meaning of “disposal-related obligation”
- 440 Meaning and amount of “disposal-related liability”
- Special provisions about qualifying interests in land
- 441 Certificate required from charity
- 442 Qualifying interests in land held jointly
- 443 Calculation of relievable amount where joint disposal of interest in land
- 444 Disqualifying events
- Supplementary
- 445 Prohibition against double relief
- 446 “Charity” to include exempt bodies
- Chapter 4 Annual payments ...
- 447 Overview of Chapter
- 448 Relief for individuals
- 449 Relief for other persons
- 450 Other persons: payments ineligible for relief
- 451 Special rule for persons affected by section 733 of ICTA
- 452 The gross amount of a payment
- Chapter 5 Qualifying maintenance payments
- 453 Tax reduction for qualifying maintenance payments
- 454 Meaning of “qualifying maintenance payment”
- 455 Child support maintenance payments
- 456 Payments under orders for recovery of benefit etc
- Chapter 6 Miscellaneous other reliefs
- Payments for life insurance etc
- 457 Payments to trade unions
- 458 Payments to police organisations
- 459 Payments for benefit of family members
- 460 Residence etc of claimants
- Patent royalty receipts
- 461 Spreading of patent royalty receipts
- Part 9 Special rules about settlements and trustees
- Chapter 1 Introduction
- 462 Overview of Part
- 463 Interpretation of Part
- 464 Scottish trusts
- Chapter 2 General provision about settlements and trustees
- Overview
- 465 Overview of Chapter and interpretation
- Settled property
- 466 Meaning of “settled property” etc
- Settlors
- 467 Meaning of “settlor” etc
- 468 Meaning of “disposable property”
- 469 Person ceasing to be a settlor
- 470 Transfers between settlements
- 471 Identification of settlor following transfer covered by section 470
- 472 Settlor where property becomes settled because of variation of will etc
- 473 Deceased person as settlor where variation of will etc
- Trustees
- 474 Trustees of settlement to be treated as a single and distinct person
- 475 Residence of trustees
- 476 How to work out whether settlor meets condition C
- Sub-funds
- 477 Sub-fund elections under Schedule 4ZA to TCGA 1992
- Regulations
- 478 References to settled property etc in regulations
- Chapter 3 Special rates for trustees' income
- 479 Trustees' accumulated or discretionary income to be charged at special rates
- 480 Meaning of “accumulated or discretionary income”
- 481 Other amounts to be charged at special rates for trustees
- 482 Types of amount to be charged at special rates for trustees
- 483 Sums paid by personal representatives to trustees
- Chapter 4 Trustees' expenses and special rates for trustees
- 484 Trustees' expenses to be set against trustees' trust rate income
- 485 Carry forward of unused expenses
- 486 How allowable expenses are to be set against trust rate income
- 487 Non-UK resident trustees
- Chapter 5 Share incentive plans
- 488 Application of section 479 to trustees of Schedule 2 share incentive plans
- 489 “The applicable period” in relation to shares
- 490 Interpretation of Chapter
- Chapter 6 Trustees' first slice of trust rate income
- 491 Special rates not to apply to first slice of trustees' trust rate income
- 492 Cases where settlor has made more than one settlement
- Chapter 7 Discretionary payments
- Payments constituting income of beneficiary (other than employment income)
- 493 Discretionary payments by trustees
- 494 Grossing up of discretionary payment and payment of income tax
- 495 Statement about deduction of income tax
- 496 Income tax charged on trustees
- Payments constituting employment income of beneficiary
- 496A Discretionary payments by trustees: employment income
- 496B Relief for trustees
- Tax pool
- 497 Calculation of trustees' tax pool
- 498 Types of income tax for the purposes of section 497
- Chapter 8 Trustees' expenses and beneficiary's income
- 499 Application of Chapter
- 500 Restrictions on use of trustees' expenses to reduce the beneficiary's income
- 501 Non-UK resident beneficiaries
- 502 Meaning of “untaxed income” in section 501
- 503 How beneficiary's income is reduced
- Chapter 9 Unauthorised unit trusts
- 504 Treatment of income of unauthorised unit trust
- 504A. Treatment of capital expenditure of unauthorised unit trust
- 505 Relief for trustees of unauthorised unit trust
- 506 Special rules for trustees affected by section 733 of ICTA
- Chapter 10 Heritage maintenance settlements
- Introduction
- 507 Overview of Chapter
- Trustees' election in respect of income etc
- 508 Election by trustees
- 509 Change of circumstances during a tax year
- Absence of election and income treated as income of settlor: special rules
- 510 Sums applied for property maintenance purposes
- 511 Prevention of double taxation: reimbursement of settlor
- Application of property for non-heritage purposes: charge to tax
- 512 Charge to tax on some settlements
- 513 Income charged
- 514 Persons liable
- 515 Rate of tax
- 516 Transfer of property between settlements
- 517 Exemption for income treated as income of settlor
- PART 9A Transactions in UK land
- Introduction
- 517A Overview of Part
- Amounts treated as profits of a trade
- 517B Disposals of land in the United Kingdom
- 517C Disposals of land: profits treated as trading profits
- 517D Disposals of property deriving its value from land in the United Kingdom
- 517E Disposals within section 517D: profits treated as trading profits
- 517F Profits and losses
- Person to whom profits attributed
- 517G The chargeable person
- Anti-fragmentation
- 517H Fragmented activities
- Calculation of profit or gain on disposal
- 517I Calculation of surplus on a disposal of land
- 517J Apportionments
- Arrangements for avoiding tax
- 517K Arrangements for avoiding tax
- Exemptions
- 517L Gain attributable to period before intention to develop formed
- 517M Private residences
- Other supplementary provisions
- 517N Tracing value
- 517O Relevance of transactions, arrangements, etc
- Interpretation
- 517P “Another person”
- 517Q “Arrangement”
- 517R “Disposal”
- 517S “Land” and related expressions
- 517T References to realising a gain
- 517U Related parties
- Part 10 Special rules about charitable trusts etc
- Introduction
- 518 Overview of Part
- 519 Meaning of “charitable trust”
- Gifts and other payments
- 520 Gifts entitling donor to gift aid relief: income tax treated as paid
- 521 Gifts entitling donor to gift aid relief: income tax liability and exemption
- 521A Gifts under payroll deduction schemes: income tax liability and exemption
- 522 Gifts of money from companies: income tax liability and exemption
- 523 Payments from other charities: income tax liability and exemption
- 523A Legacies: income tax liability and exemption
- Other exemptions
- 524 Exemption for profits etc of charitable trades
- 525 Meaning of “charitable trade”
- 526 Exemption for profits etc of small-scale trades
- 527 Exemption from charges under provisions to which section 1016 applies
- 528 Condition as to trading and miscellaneous incoming resources
- 529 Exemption for profits from fund-raising events
- 530 Exemption for profits from lotteries
- 531 Exemption for property income etc
- 532 Exemption for savings and investment income
- 533 Exemption for public revenue dividends
- 534 Exemption for transactions in deposits
- 535 Exemption for offshore income gains
- 536 Exemption for certain miscellaneous income
- 537 Exemption for income from estates in administration
- Claims
- 538 Requirement to make claim
- 538A Claims in relation to gift aid relief etc
- Restrictions on exemptions
- 539 Restrictions on exemptions
- 540 The non-exempt amount
- 541 Attributing income to the non-exempt amount
- 542 How income is attributed to the non-exempt amount
- Non-charitable expenditure
- 543 Meaning of “non-charitable expenditure”
- 544 Section 543: supplementary
- 545 Section 543(1)(f): meaning of expenditure
- 546 Section 543(1)(f): tax year in which certain expenditure treated as incurred
- 547 Section 543(1)(f): payment to body outside the UK
- 548 Section 543(1)(i) and (j): investments and loans
- Substantial donor transactions
- 549 Transactions with substantial donors
- 550 Meaning of “relievable gift”
- 551 Non-charitable expenditure in substantial donor transactions
- 552 Adjustment if section 551(1) and (2) applied to single transaction
- 553 Section 551: certain payments and benefits to be ignored
- 554 Transactions: exceptions
- 555 Donors: exceptions
- 556 Connected charities
- 557 Substantial donor transactions: supplementary
- Approved charitable investments and loans
- 558 Approved charitable investments
- 559 Securities which are approved charitable investments
- 560 Conditions to be met for some securities
- 561 Approved charitable loans
- Carry back of excess non-charitable expenditure
- 562 Excess expenditure treated as non-charitable expenditure of earlier years
- 563 Rules for attributing excess expenditure to earlier years
- 564 Adjustments in consequence of section 562
- Part 10A Alternative finance arrangements
- Introduction
- 564A Introduction
- 564B Meaning of “financial institution”
- Arrangements that are alternative finance arrangements
- 564C Purchase and resale arrangements
- 564D Diminishing shared ownership arrangements : initial acquisition
- 564DA Diminishing shared ownership arrangements: refinancing
- 564E Deposit arrangements
- 564F Profit share agency arrangements
- 564G Investment bond arrangements
- 564H Provision not at arm's length: exclusion of arrangements from sections 564C to 564G
- Meaning of “alternative finance return”
- 564I Purchase and resale arrangements
- 564J Purchase and resale arrangements where return in foreign currency
- 564K Diminishing shared ownership arrangements
- 564L Other arrangements
- Treatment of alternative finance return as interest etc
- 564M Treatment of alternative finance return as interest for ITTOIA 2005
- 564N Alternative finance return under arrangements for trade or property business purposes
- 564O Relief for some alternative finance return under Chapter 1 of Part 8 etc
- 564P Tax relief schemes and arrangements
- 564Q Deduction of income tax at source under Part 15
- Special rules for investment bond arrangements
- 564R Treatment of discount
- 564S Treatment of bond-holder and bond-issuer
- 564T Treatment as securities
- 564U Arrangements not unit trust scheme or offshore fund
- Other rules
- 564V Exclusion of alternative finance return from consideration for sale of assets
- 564W Diminishing shared ownership arrangements not partnerships
- 564WA Diminishing shared ownership arrangements: further provision in respect of refinancing
- 564X Treatment of principal under profit share agency arrangements
- 564Y Provision not at arm's length: relevant return
- Part 11 Manufactured payments and repos
- Chapter 1 Introduction
- 565 Overview of Part
- 566 Meaning of “UK shares” and “UK securities”
- 567 Meaning of “overseas shares”, “overseas securities” and “overseas dividend”
- 568 Meaning of “stock lending arrangement”
- 569 Meaning of “repo”
- 570 Meaning of “buying back” securities etc
- 571 Meaning of “related” agreements
- Chapter 2 Manufactured payments
- Introduction
- 572 Overview of Chapter
- 572A Meaning of “avoidance arrangements”
- Manufactured dividends on UK shares
- 573 Manufactured dividends on UK shares
- 574 Allowable deductions...
- 575 Allowable deductions: restriction on double-counting
- 576 Manufactured dividends on UK shares: Real Estate Investment Trusts
- 577 Statements about manufactured dividends
- Manufactured interest on UK securities
- 578 Manufactured interest on UK securities
- 579 Allowable deductions...
- 580 Allowable deductions: restriction on double counting
- Manufactured overseas dividends
- 581 Manufactured overseas dividends
- 581A Avoidance arrangements
- 582 Powers about manufactured overseas dividends
- Special cases
- 583 Manufactured payments exceeding underlying payments
- 584 Manufactured payments less than underlying payments
- 585 Power to deal with other special cases
- General regulation-making powers
- 586 Powers about administrative provisions
- 587 Power for manufactured payments to be eligible for relief
- 588 Regulation-making powers: general
- Interpretation
- 589 Meaning of “gross amount”: interest and manufactured overseas dividends
- 590 Meaning of “relevant withholding tax”
- 591 Interpretation of other terms used in Chapter
- Chapter 3 Tax credits: stock lending arrangements and repos
- Stock lending arrangements
- 592 No tax credits for borrower under stock lending arrangement
- Repos
- 593 No tax credits for interim holder under repo
- 594 No tax credits for original owner under repo
- Interpretation
- 595 Meaning of “manufactured dividend”
- Chapter 4 Deemed manufactured payments
- Stock lending arrangements
- 596 Deemed manufactured payments: stock lending arrangements
- 597 Deemed interest: cash collateral under stock lending arrangements
- 598 Cash collateral under stock lending arrangements: supplementary
- 599 Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral
- 600 Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral”
- Repos
- 601 Repo cases in which deeming rules apply
- 602 Deemed manufactured payments: repos
- 603 Deemed deductions of tax
- 604 Deemed increase in repurchase price: price differences under repos
- 605 Deemed increase in repurchase price: other income tax purposes
- Interpretation
- 606 Interpretation of Chapter
- Chapter 5 Price differences under repos
- Main tax treatment
- 607 Treatment of price differences under repos
- 608 Exceptions to section 607
- Additional tax treatment
- 609 Additional income tax consequences of price differences
- Interpretation
- 610 Repurchase price in deemed manufactured payment case
- Power to modify
- 611 Power to modify Chapter in non-arm's length case
- Chapter 6 Powers to modify repo provisions
- 612 Non-standard repo cases
- 613 Redemption arrangements
- 614 Sections 612 and 613: supplementary
- PART 11ZA Manufactured payments
- 614ZA Overview of Part
- 614ZB Key definitions
- 614ZC Treatment of payer of manufactured payment
- 614ZD Treatment of recipient of manufactured payment
- Part 11A Leasing arrangements: finance leases and loans
- Chapter 1 Introduction
- Introduction
- 614A Overview of Part
- Meaning of expressions about rent
- 614AA Normal rent
- 614AB Accountancy rental earnings
- 614AC Rental earnings
- Chapter 2 Finance leases with return in capital form
- Introduction
- 614B Arrangements to which this Chapter applies
- 614BA Purposes of this Chapter
- Leases to which this Chapter applies
- 614BB Application of this Chapter
- 614BC The conditions referred to in section 614BB(1)
- 614BD Provisions supplementing section 614BC
- 614BE The arrangements and circumstances referred to in section 614BC(8)
- Current lessor taxed by reference to accountancy rental earnings
- 614BF Current lessor taxed by reference to accountancy rental earnings
- Reduction of taxable rent by cumulative rental excesses
- 614BG Reduction of taxable rent by cumulative rental excesses: introduction
- 614BH Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
- 614BI Reduction of taxable rent by the cumulative accountancy rental excess
- 614BJ Meaning of “normal rental excess” and “cumulative normal rental excess”
- 614BK Reduction of taxable rent by the cumulative normal rental excess
- Relief for bad debts by reduction of cumulative rental excesses
- 614BL Relief for bad debts: reduction of cumulative accountancy rental excess
- 614BM Recovery of bad debts following reduction under section 614BL
- 614BN Relief for bad debts: reduction of cumulative normal rental excess
- 614BO Recovery of bad debts following reduction under section 614BN
- Effect of disposals
- 614BP Effect of disposals of leases: general
- 614BQ Assignments on which neither a gain nor a loss accrues
- Capital allowances: claw-back of major lump sum
- 614BR Effect of capital allowances: introduction
- 614BS Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
- 614BT Cases where expenditure taken into account under other provisions of CAA 2001
- 614BU Capital allowances deductions: waste disposal and cemeteries
- 614BV Capital allowances deductions: films and sound recordings
- 614BW Contributors to capital expenditure
- Schemes to which this Chapter does not at first apply
- 614BX Pre-26 November 1996 schemes where this Chapter does not at first apply
- 614BY Post-25 November 1996 schemes to which Chapter 3 applied first
- Chapter 3 Other finance leases
- Introduction
- 614C Introduction to Chapter
- 614CA Purpose of this Chapter
- Leases to which this Chapter applies
- 614CB Leases to which this Chapter applies
- Current lessor taxed by reference to accountancy rental earnings
- 614CC Current lessor taxed by reference to accountancy rental earnings
- Application of provisions of Chapter 2 for purposes of this Chapter
- 614CD Application of provisions of Chapter 2 for purposes of this Chapter
- Chapter 4 Supplementary provisions
- 614D Pre-26 November 1996 schemes and post-25 November 1996 schemes
- 614DA Time apportionment where periods of account do not coincide
- 614DB Periods of account and related periods of account and tax years
- 614DC Connected persons
- 614DD Assets which represent the leased asset
- 614DE Parent undertakings and consolidated group accounts
- 614DF Assessments and adjustments
- 614DG Interpretation
- Part 12 Accrued income profits
- Chapter 1 Introduction
- 615 Overview of Part
- Chapter 2 Accrued income profits and losses
- Charge to tax
- 616 Charge to tax on accrued income profits
- 617 Income charged
- 618 Person liable
- Securities to which Chapter applies
- 619 Meaning of “securities” and when securities are of the same kind
- Transfers to which Chapter applies
- 620 Transactions which are transfers: general
- 621 Transferors and transferees
- 622 Application of Chapter to different kinds of transfer
- 623 Transfers with accrued interest
- 624 Transfers without accrued interest
- 625 Transfers with unrealised interest
- 626 Transfers of variable rate securities
- 627 Meaning of “variable rate securities”
- Calculating accrued income profits and losses
- 628 Making accrued income profits and losses: general rule
- 629 Calculating accrued income profits and losses where section 628 applies
- 630 Making accrued income profits: settlement day outside interest period
- 631 Amount of accrued income profits where section 630 applies
- The payments treated as made on transfers
- 632 Payment on transfer with accrued interest
- 633 Payment on transfer without accrued interest
- 634 Payment on transfer with unrealised interest
- 635 Payment on transfer of variable rate securities
- Exception where there is a transfer to a legatee
- 636 Exception where there is a transfer to a legatee
- Relief for losses
- 637 Accrued income losses treated as payments in next interest period
- Excluded transferors and transferees
- 638 Excluded persons: disregard of certain payments and transfers
- 639 Small holdings: individuals
- 640 Small holdings: personal representatives
- 641 Small holdings: trustees of a disabled person's trusts
- 642 Traders
- 643 Non-residents
- 644 Individuals to whom the remittance basis applies
- 645 Charitable trusts etc
- 646 Pension scheme trustees
- 647 Makers of manufactured payments
- Further transactions treated as transfers
- 648 Strips of gilt-edged securities
- 649 New securities issued with extra return
- 650 Trading stock appropriations etc
- 651 Owner becoming entitled to securities as trustee
- 652 Securities ceasing to be held on charitable trusts
- Excluded transfers
- 653 Stock lending
- 654 Sale and repurchase arrangements
- 655 Transfers under sale and repurchase arrangements
- 656 Power to modify: non-standard sale and repurchase arrangements
- 657 Power to modify: redemption arrangements
- 658 Powers to modify: supplementary
- Special rules about some calculations
- 659 Transfers with or without accrued interest: interest in default
- 660 Transfers with unrealised interest: interest in default
- 661 Successive transfers with unrealised interest in default
- 662 New securities issued with extra return: special rules about payments
- 663 Transfers without accrued interest to makers of manufactured payments
- 664 Foreign currency securities: sterling equivalent of payments on transfers
- 665 Foreign currency securities: unrealised interest payable in foreign currency
- Nominees and trustees
- 666 Certain transfers by or to nominees or trustees treated as made by or to others
- 667 Trustees' accrued income profits treated as settlement income
- Relief where transfer proceeds unremittable
- 668 Relief for unremittable transfer proceeds: general
- 669 Relief for unremittable transfer proceeds: section 630 profits
- 670 Withdrawal of relief
- Individuals to whom remittance basis applies
- 670A Individuals to whom remittance basis applies
- Interpretation
- 671 Meaning of “interest”
- 672 Meaning of “interest payment day”
- 673 Meaning of “interest period”
- 674 Meaning of “the settlement day”
- 675 The holding of securities
- 676 Nominal value of securities: general
- 677 Nominal value: foreign currency securities
- Chapter 3 Exemptions relating to interest on securities
- 678 Exemptions relating to interest on securities: preliminary
- 679 Interest on securities involving accrued income losses: general
- 680 Interest on securities involving accrued income losses: foreign trustees
- 681 Unrealised interest received by transferee after transfer
- Part 12A Sale and lease-back etc
- Chapter 1 Payments connected with transferred land
- Overview
- 681A Overview
- Application of the Chapter
- 681AA Transferor or associate becomes liable for payment of rent
- 681AB Transferor or associate becomes liable for payment other than rent
- 681AC Relevant income tax relief and relevant deduction from earnings
- Relief: restriction and carrying forward
- 681AD Relevant income tax relief: deduction not to exceed commercial rent
- Certain deductions from earnings: restriction and carrying forward of relief
- 681AE Deduction from earnings not to exceed commercial rent
- 681AF Carrying forward parts of payments
- 681AG Aggregation and apportionment of payments
- 681AH Payments made for later periods
- Interpretation etc
- 681AI Exclusion of service charges etc
- 681AJ Commercial rent: comparison with rent under a lease
- 681AK Commercial rent: comparison with payments other than rent
- 681AL Lease and rent
- 681AM Associated persons
- 681AN Land outside the UK
- Chapter 2 New lease of land after assignment or surrender
- Overview
- 681B Overview
- Application of the Chapter
- 681BA New lease after assignment or surrender
- Taxation of consideration
- 681BB Taxation of consideration
- 681BC Position where new lease does not include all original property
- Relief for rent under new lease
- 681BD Relief for rent under new lease
- New lease treated as ending
- 681BE New lease treated as ending
- 681BF Position where rent reduces
- 681BG Position where lease may be ended
- 681BH Position where lease may be varied
- 681BI Lease treated as ending: rentcharge
- Lease varied to provide for increased rent
- 681BJ Lease varied to provide for increased rent
- Interpretation
- 681BK Relevant income tax relief
- 681BL Linked persons
- 681BM Lease, lessee, lessor and rent
- Chapter 3 Leased trading assets
- Overview
- 681C Overview
- Application of the Chapter
- 681CA Professions and vocations
- 681CB Leased trading assets
- Relief: restriction and carrying forward
- 681CC Tax deduction not to exceed commercial rent
- 681CD Long funding finance leases
- 681CE Commercial rent
- Interpretation
- 681CF Lease
- 681CG Relevant asset
- Chapter 4 Leased assets: capital sums
- Overview
- 681D Overview
- Application of the Chapter
- 681DA Application of the Chapter
- 681DB Payment under lease
- 681DC Sum obtained
- Charge to income tax
- 681DD Charge to income tax
- 681DE Hire-purchase agreements
- 681DF Adjustments where sum obtained before payment made
- Obtaining of sum
- 681DG Sum obtained in respect of interest
- 681DH Sum obtained in respect of lessee's interest
- 681DI Disposal of interest to associate
- Apportionment
- 681DJ Apportionment of payments made and of sums obtained
- 681DK Manner of apportionment
- Interpretation
- 681DL Associates
- 681DM Capital sum
- 681DN Lease
- 681DO Relevant asset
- 681DP Relevant tax relief
- Part 13 Tax avoidance
- Chapter 1 Transactions in securities
- Introduction
- 682 Overview of Chapter
- 683 Provisions of Chapter
- Person liable to counteraction of income tax advantages
- 684 Person liable to counteraction of income tax advantage
- 685 Receipt of consideration in connection with distribution by or assets of close company
- 686 Excluded circumstances: fundamental change of ownership
- 687 Income tax advantage
- 688 Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
- 689 Receipt of consideration in connection with relevant company distribution (circumstance D)
- 690 Receipt of assets of relevant company (circumstance E)
- 691 Meaning of “relevant company” in sections 689 and 690
- 692 Abnormal dividends: general
- 693 Abnormal dividends: the excessive return condition
- 694 Abnormal dividends: the excessive accrual condition
- Procedure for counteraction of income tax advantages
- 695 Notice of enquiry
- 696 Opposed notifications: statutory declarations
- 697 Opposed notifications: determinations by tribunal
- 698 Counteraction notices
- 698A No-counteraction notices
- 699 Limit on amount assessed in section 689 and 690 cases
- 700 Timing of assessments ...
- Clearance procedure ...
- 701 Application for clearance of transactions
- 702 Effect of clearance notification under section 701
- 703 Power to obtain information
- ...
- 704 The tribunal
- Appeals
- 705 Appeals against counteraction notices
- 706 Rehearing by tribunal of appeal against counteraction notice
- 707 Statement of case by tribunal for opinion of High Court or Court of Session
- 708 Cases before High Court or Court of Session
- 709 Effect of appeals against tribunal's determination under section 706
- 710 Appeals from High Court or Court of Session
- 711 Proceedings in Northern Ireland
- Supplementary
- 712 Application of Chapter where individual within section 684 dies
- 713 Interpretation of Chapter
- Chapter 2 Transfer of assets abroad
- Introduction
- 714 Overview of Chapter
- 715 Meaning of “relevant transaction”
- 716 Meaning of “relevant transfer” and “transfer”
- 717 Meaning of “assets” etc
- 718 Meaning of “person abroad” etc
- 719 Meaning of “associated operation”
- 719A Other definitions
- Charge where power to enjoy income
- 720 Charge to tax on income treated as arising under section 721
- 720A Transfers by closely-held companies
- 721 Individuals with power to enjoy income as a result of relevant transactions
- 721A Meaning of “protected foreign-source income” in section 721
- 721B Section 721A: tainting
- 722 When an individual has power to enjoy income of person abroad
- 723 The enjoyment conditions
- 724 Special rules where benefit provided out of income of person abroad
- 725 Reduction in amount charged where controlled foreign company involved
- 725A Recovery of tax paid as a result of section 721
- 726 Qualifying new residents and remittance-basis users: “foreign” deemed income
- Charge where capital sums received
- 727 Charge to tax on income treated as arising under section 728
- 727A Transfers by closely-held companies
- 728 Individuals receiving capital sums as a result of relevant transactions
- 729 The capital receipt conditions
- 729A Meaning of “protected foreign-source income” in section 728
- 729B Recovery of tax paid as a result of section 728
- 730 Qualifying new residents and remittance-basis users: “foreign” deemed income
- Charge where benefit received
- 731 Charge to tax on income treated as arising under section 732
- 732 Non-transferors receiving a benefit as a result of relevant transactions
- 733 Income charged under section 731
- 733A Settlor liable for section 731 charge on closely-related beneficiary
- 733B Recipients of onward gifts
- 733C Cases where income treated as arising to recipient of onward gift
- 733D Cases where deemed income attributed to recipient of onward gift
- 733E Cases where settlor liable following onward gift
- 734 Reduction in amount charged: previous capital gains tax charge
- 734A Reduction in amount charged: previous settlements charge
- 735 Qualifying new residents and remittance-basis users: “foreign” deemed income
- 735A Section 735: relevant income and benefits relating to foreign deemed income
- Transitional provision about protected foreign-source income and transitionally protected income
- 735AA Settlements to which following sections apply
- 735AB “Protected foreign-source income” and “transitionally protected income”
- 735AC Transitionally protected income not to be taxed on remittance
- 735AD Settlor liable for benefits charge despite being transferor
- 735AE Settlor liable in place of close family member
- 735AF Onward gifts from non-residents or qualifying new residents
- 735AG Deduction allowed for previous settlements charge
- 735B Historical liability under section 733A where remittance basis applied
- 735C Historical operation of section 733C or 733E where remittance basis applied
- Exemptions: no tax avoidance purpose or genuine commercial transaction
- 736 Exemptions: introduction
- 737 Exemption: all relevant transactions post-4 December 2005 transactions
- 738 Meaning of “commercial transaction”
- 739 Exemption: all relevant transactions pre-5 December 2005 transactions
- 740 Exemption: relevant transactions include both pre-5 December 2005 and post-4 December 2005 transactions
- 741 Application of section 742 (partial exemption)
- 742 Partial exemption where later associated operations fail conditions
- 742A Post-5 April 2012 transactions: exemption for genuine transactions
- Value of certain benefits
- 742B Value of certain benefits
- 742C Value of benefit provided by a payment by way of loan
- 742D Value of benefit provided by making movable property available
- 742E Value of benefit provided by making land available
- General
- 743 No duplication of charges
- 744 Meaning of taking income into account in charging income tax for section 743
- 745 Rates of tax applicable to income charged under sections 720 and 727 etc
- 746 Deductions and reliefs where individual charged under section 720 or 727
- 747 Amounts corresponding to accrued income profits and related interest
- Supplementary
- 748 Power to obtain information
- 749 Restrictions on particulars to be provided by relevant lawyers
- 750 Restrictions on particulars to be provided by banks
- 751 The tribunal’s jurisdiction on appeals
- Chapter 3 Transactions in land
- Introduction
- 752 Overview of Chapter
- 753 Meaning of disposing of land
- 754 Priority of other income tax provisions
- Charge on gains from transactions in land
- 755 Charge to tax on gains from transactions in land
- 756 Income treated as arising when gains obtained from some land disposals
- 757 Person obtaining gain
- 758 Income charged
- 759 Person liable
- 760 Method of calculating gain
- Further provisions relevant to the charge
- 761 Transactions, arrangements, sales and realisations relevant for Chapter
- 762 Tracing value
- 763 Meaning of “another person”
- 764 Valuations and apportionments
- Exemptions
- 765 Exemption: gain attributable to period before intention to develop formed
- 766 Exemption: disposals of shares in companies holding land as trading stock
- 767 Exemption: private residences
- Recovery of tax
- 768 Recovery of tax where consideration receivable by person not assessed
- 769 Recovery of tax: certificates of tax paid etc
- Clearances and power to obtain information
- 770 Clearance procedure
- 771 Power to obtain information
- Interpretation
- 772 Interpretation of Chapter
- Chapter 4 Sales of occupation income
- Introduction
- 773 Overview of Chapter
- 774 Meaning of “occupation”
- 775 Priority of other tax provisions
- Charge on sale of occupation income
- 776 Charge to tax on sale of occupation income
- 777 Conditions for sections 778 and 779 to apply
- 778 Income arising where capital amount other than derivative property or right obtained
- 779 Income arising where derivative property or right obtained
- Further provisions relevant to the charge
- 780 Transactions, arrangements, sales and realisations relevant for Chapter
- 781 Tracing value
- 782 Meaning of “other person”
- 783 Valuations and apportionments
- Exemption for sales of going concerns
- 784 Exemption for sales of going concerns
- 785 Restriction on exemption: sales of future earnings
- Recovery of tax
- 786 Recovery of tax where consideration receivable by person not assessed
- 787 Recovery of tax: certificates of tax paid etc
- Power to obtain information
- 788 Power to obtain information
- Interpretation
- 789 Minor definitions
- Chapter 5 Avoidance involving trading losses
- Introduction
- 790 Overview of Chapter
- Individuals in partnership: recovery of excess relief
- 791 Charge to tax on income treated as received under section 792
- 792 Partners claiming excess sideways or capital gains relief
- 793 Calculating the amount of income treated as received
- 794 Meaning of “the total amount of trade losses claimed” etc
- 795 Meaning of “post-1 December 2004 loss”
- Individuals claiming relief for film-related trading losses
- 796 Charge to tax on income treated as received under section 797
- 797 Individuals claiming sideways or capital gains relief for film-related losses
- 798 Meaning of “non-taxable consideration” etc
- 799 Meaning of “disposal of a right of the individual to profits” etc
- 800 Meaning of “film-related losses” etc
- 801 Meaning of “capital contribution”
- 802 Exclusion of amounts in calculating capital contribution by a partner
- 803 Prohibition against double counting
- Individuals in partnership claiming relief for licence-related trading losses
- 804 Charge to tax on income treated as received under section 805
- 805 Partners claiming relief for licence-related trading losses
- 806 Calculation of amount of income treated as received by the individual
- 807 Supplementary provision relating to calculation in section 806
- 808 Meaning of “disposal of the licence” etc
- 809 Other definitions
- Chapter 5A Transfers of income streams
- 809AZA Application of Chapter
- 809AZB Value of transferred income stream treated as income
- 809AZC Exception: amount otherwise taxed
- 809AZD Exception: certain annuities
- 809AZE Exception: transfer by way of security
- 809AZF Partnership shares
- 809AZG Interpretation
- Chapter 5AA Disposals of income streams through partnerships
- 809AAZA Application of Chapter
- 809AAZB Relevant amount to be treated as income
- Chapter 5B Finance arrangements
- Type 1 arrangements
- 809BZA Type 1 finance arrangement defined
- 809BZB Certain tax consequences not to have effect
- 809BZC Payments treated as borrower's income
- 809BZD Deemed interest if borrower is not a partnership
- 809BZE Deemed interest if borrower is a partnership
- Type 2 arrangements
- 809BZF Type 2 finance arrangement defined
- 809BZG Relevant change in relation to partnership
- 809BZH Certain tax consequences not to have effect
- 809BZI Deemed interest
- Type 3 arrangements
- 809BZJ Type 3 finance arrangement defined
- 809BZK Certain tax consequences not to have effect
- 809BZL Deemed interest
- Exceptions
- 809BZM Exceptions: preliminary
- 809BZN Exceptions
- 809BZO Exceptions: relevant person
- 809BZP Power to make further exceptions
- Supplementary
- 809BZQ Accounts
- 809BZR Arrangements
- 809BZS Assets
- Chapter 5C Loan or credit transactions
- 809CZA Loan or credit transaction defined
- 809CZB Certain payments treated as yearly interest
- 809CZC Tax charged on income transferred
- Chapter 5D Disposals of assets through partnerships
- 809DZA Application of Chapter
- 809DZB Relevant amount to be treated as income
- CHAPTER 5E Disguised investment management fees
- 809EZA Disguised investment management fees: charge to income tax
- 809EZB Meaning of “management fee” in section 809EZA
- 809EZC Meaning of “carried interest” in section 809EZB
- 809EZD Sums treated as “carried interest” for purposes of section 809EZB
- 809EZDA Sums arising to connected persons other than companies
- 809EZDB Sums arising to connected company or unconnected person
- 809EZE Interpretation of Chapter
- 809EZF Disguised investment management fees: anti-avoidance
- 809EZG Disguised investment management fees: avoidance of double taxation
- 809EZH Powers to amend Chapter
- CHAPTER 5F Income-based carried interest
- Income-based carried interest
- 809FZA Overview
- 809FZB Income-based carried interest: general rule
- Average holding period
- 809FZC Average holding period
- Average holding period: disposals
- 809FZD Disposals
- 809FZE Part disposals
- 809FZF Unwanted short-term investments
- Average holding period: derivatives and hedging
- 809FZG Derivatives
- 809FZH Hedging: exchange gains and losses
- 809FZI Hedging: interest rates
- Average holding period: aggregation of acquisitions and disposals
- 809FZJ Significant interests
- 809FZK Venture capital funds
- 809FZL Significant equity stake funds
- 809FZM Controlling equity stake funds
- 809FZN Real estate funds
- 809FZO Funds of funds
- 809FZP Secondary funds
- Direct lending funds
- 809FZQ Direct lending funds
- 809FZR Direct lending funds: exception
- Conditionally exempt carried interest
- 809FZS Conditionally exempt carried interest
- 809FZT Carried interest which ceases to be conditionally exempt
- Supplementary
- 809FZU Employment-related securities
- 809FZV “Loan to own” investments
- 809FZW Anti-avoidance
- 809FZX Treasury regulations
- 809FZY “Reasonable to suppose”
- Interpretation
- 809FZZ Interpretation of Chapter 5F
- Chapter 6 Avoidance involving leases of plant and machinery
- 809ZA Plant and machinery leases: capital receipts to be treated as income
- 809ZB Section 809ZA: interpretation
- 809ZC Section 809ZA: lease of plant and machinery and other property
- 809ZD Section 809ZA: expectation that relevant capital payment will not be paid
- 809ZE Capital payment”, “relevant capital payment” etc
- 809ZF Further interpretation of section 809ZA etc
- 809ZFA Consideration for taking over payment obligations as lessee treated as income
- Chapter 7 Avoidance involving obtaining tax relief for interest
- 809ZG Tax relief schemes and arrangements
- CHAPTER 8 Tainted charity donations
- Introduction
- 809ZH Overview of Chapter
- 809ZI Relievable charity donations
- Tainted donations
- 809ZJ Tainted donations
- 809ZK Circumstances in which financial advantage deemed to be obtained
- 809ZL Certain financial assistance to be ignored
- Removal of reliefs and imposition of charge to tax
- 809ZM Removal of income tax relief where donation becomes tainted in same tax year
- 809ZMA Clawback of income tax relief where donation becomes tainted in later tax year
- 809ZMB Removal or clawback of income tax relief for associated donations
- 809ZN Income tax charge where gift aid is withdrawn
- 809ZO Income tax charge where payment of trust income to charity
- Supplementary
- 809ZP Connected charities
- 809ZQ Connected persons
- 809ZR Minor definitions
- Part 14 Income tax liability: miscellaneous rules
- Chapter A1 Remittance basis
- Introduction
- 809A Overview of Chapter
- Application of remittance basis
- 809B Claim for remittance basis to apply
- 809C Claim for remittance basis by long-term UK resident: nomination of foreign income and gains to which section 809H(2) is to apply
- 809D Application of remittance basis without claim where unremitted foreign income and gains under £2,000
- 809E Application of remittance basis without claim: other cases
- Effect of section 809B, 809D or 809E applying
- 809F Effect on what is chargeable
- 809G Claim for remittance basis: effect on allowances etc
- 809H Claim for remittance basis by long-term UK resident: charge
- 809I Remittance basis charge: income and gains treated as remitted
- 809J Section 809I: order of remittances
- Remittance of income and gains: introduction
- 809K Sections 809L to 809Z6: introduction
- Remittance of income and gains: meaning of “remitted to the United Kingdom”
- 809L Meaning of “remitted to the United Kingdom”
- 809M Meaning of “relevant person”
- 809N Section 809L: gift recipients, qualifying property and enjoyment
- 809O Section 809L: dealings where there is a connected operation
- Remittance of income and gains: amount remitted
- 809P Section 809L: amount remitted
- Remittance of income and gains: transfers from mixed funds
- 809Q Sections 809L and 809P: transfers from mixed funds
- 809R Section 809Q: composition of mixed fund
- 809RZA Transfers into TRF capital account
- 809RZB TRF capital account
- 809RZC Breaches of the TRF deposit rule
- 809RZD Effect where 30-day deadline is met
- 809RA Special mixed fund rules for certain employment cases
- 809RB Qualifying accounts
- 809RC Breaches of the deposit rule
- 809RD Effect where 30-day deadline is met
- 809S Section 809Q: anti-avoidance
- Remittance of income and gains: supplementary
- 809T Foreign chargeable gains accruing on disposal made otherwise than for full consideration
- 809U Deemed income or gains not to be regarded as remitted before time when they are treated as arising or accruing
- Relief for money used to pay tax etc
- 809UA Money used for payments on account
- 809V Money paid to the Commissioners
- Business investment relief
- 809VA Money or other property used to make investments
- 809VB Failure to invest within 45 days
- 809VC Qualifying investments
- 809VD Condition A
- 809VE Commercial trades
- 809VF Condition B
- 809VG Income or gains treated as remitted following certain events
- 809VH Meaning of “potentially chargeable event”
- 809VI The appropriate mitigation steps
- 809VIA Application of appropriate mitigation steps where TRF capital involved
- 809VJ The grace period allowed for the appropriate mitigation steps
- 809VK Retention of funds to meet CGT liabilities
- 809VL Effect of taking appropriate mitigation steps within grace period
- 809VM Cases involving tax deposits
- 809VN Order of disposals etc
- 809VO Investments made from mixed funds
- Relief for certain UK services
- 809W Consideration for certain services
- Exempt property relief
- 809X Exempt property
- 809Y Property that ceases to be exempt property treated as remitted
- 809YA Exception to section 809Y: proceeds taken offshore or invested
- 809YB Condition E: supplementary
- 809YC Effect of disapplying section 809Y
- 809YD Chargeable gains accruing on sales of exempt property
- 809YE Exception to section 809Y: gifts to the nation
- 809YF Exception to section 809Y: compensation taken offshore or invested
- 809Z Public access rule: general
- 809Z1 Public access rule: relevant VAT relief
- 809Z2 Personal use rule
- 809Z3 Repair rule
- 809Z4 Temporary importation rule
- 809Z5 Notional remitted amount
- 809Z6 Exempt property: other interpretation
- Interpretation of Chapter
- 809Z7 Meaning of “foreign income and gains” etc
- 809Z8 Meaning of “the disposal proceeds”
- 809Z9 Taking proceeds etc offshore or investing them
- 809Z10 General interpretation
- Chapter 1 Limits on liability to income tax of non-UK residents
- Introduction
- 810 Overview of Chapter
- Limit for non-UK resident individuals, trustees etc
- 811 Limit on liability to income tax of non-UK residents
- 812 Case where limit not to apply
- 812A Temporary non-residents
- 813 Meaning of “disregarded income”
- 814 Meaning of “disregarded transaction income”
- Limit for non-UK resident companies
- 815 Limit on liability to income tax of non-UK resident companies
- 816 Meaning of “disregarded company income”
- The independent broker conditions
- 817 The independent broker conditions
- The independent investment manager conditions
- 818 The independent investment manager conditions
- 819 Investment managers: the 20% rule
- 820 Meaning of “qualifying period”
- 821 Meaning of “relevant disregarded income”
- 822 Meaning of “beneficial entitlement”
- 823 Treatment of transactions where requirements of 20% rule not met
- 824 Application of 20% rule to collective investment schemes
- Supplementary
- 825 Meaning of “disregarded savings and investment income”
- 826 Meaning of “disregarded annual payments”
- 827 Meaning of “investment manager” and “investment transaction”
- 828 Transactions through brokers and investment managers
- Chapter 1A Exemption for persons not domiciled in United Kingdom
- 828A Introduction
- 828B Conditions to be met
- 828C The exemption
- 828D Interpretation of Chapter
- Chapter 2 Residence
- 829 Residence of individuals temporarily abroad
- 830 Residence of individuals working abroad
- 831 Foreign income of individuals in the United Kingdom for temporary purpose
- 832 Employment income of individuals in the United Kingdom for temporary purpose
- 833 Visiting forces etc
- 834 Residence of personal representatives
- 835 Residence rules for trustees ...
- 835A Residence of companies
- Chapter 2A Domicile
- 835B Domicile for income tax purposes of overseas electors
- 835BA Deemed domicile
- Chapter 2B UK representative of non-UK resident
- Introduction
- 835C Overview of Chapter
- 835D Income tax chargeable on company's income: application
- Branches and agencies
- 835E Branch or agency treated as UK representative
- 835F Trade or profession carried on in partnership
- Persons who are not UK representatives
- 835G Agents
- 835H Brokers
- 835I Investment managers
- 835J Persons acting under alternative finance arrangements
- 835K Lloyd's agents
- The independent broker conditions
- 835L The independent broker conditions
- The independent investment manager conditions
- 835M The independent investment manager conditions
- 835N Investment managers: the 20% rule
- 835O Meaning of “qualifying period”, “relevant disregarded income” and “beneficial entitlement”
- 835P Treatment of transactions where 20% rule not met
- 835Q Application of 20% rule to collective investment schemes
- Supplementary
- 835R Supplementary provision
- 835S Interpretation of Chapter
- Chapter 2C Income tax obligations and liabilities imposed on UK representatives
- 835T Introduction to Chapter
- 835U Obligations and liabilities of UK representative
- 835V Exceptions: notices and information
- 835W Exceptions: criminal offences and penalties etc
- 835X Indemnities
- 835Y Meaning of “independent agent”
- Chapter 3 Jointly held property
- 836 Jointly held property
- 837 Jointly held property: declarations of unequal beneficial interests
- Chapter 3A Banks etc in compulsory liquidation
- 837A Overview of Chapter
- 837B Application of Chapter
- 837C Charge to income tax on winding up receipts
- 837D Transfer of rights to payment
- 837E Allowable deductions
- 837F Election to carry back
- 837G Relationship of Chapter with other income tax provisions
- 837H Interpretation of Chapter
- Chapter 4 Other miscellaneous rules
- 838 Local authorities and local authority associations
- 838A Asbestos compensation settlements
- 839 Issue departments of the Reserve Bank of India and the State Bank of Pakistan
- 840 Government securities held by non-UK resident central banks
- 841 Official agents of Commonwealth countries etc
- 842 UK Economic Interest Groupings and European Economic Interest Groupings
- 843 Restriction of deductions for annual payments
- 844 Letters patent etc: exempting provisions
- 845 Extra return to be treated as interest etc
- 846 Interpretation of section 845
- Part 15 Deduction of income tax at source
- Chapter 1 Introduction
- 847 Overview of Part
- 848 Income tax deducted at source treated as income tax paid by recipient
- 849 Interaction with other Income Tax Acts provisions
- Chapter 2 Meaning of “relevant investment” for purposes of section 876
- Introduction
- 850 Overview of Chapter
- ...
- 851 Duty to deduct sums representing income tax
- 852 Power to make regulations disapplying section 851
- Deposit-takers and relevant investments
- 853 Meaning of “deposit-taker”
- 854 Power to prescribe persons as deposit-takers
- 855 Meaning of “investment” and “deposit”
- 856 Investments which are relevant investments
- 857 Investments to be treated as being or as not being relevant investments
- ...
- 858 Declarations of non-UK residence: individuals
- 859 Declarations of non-UK residence: Scottish partnerships
- 860 Declarations of non-UK residence: personal representatives
- 861 Declarations of non-UK residence: settlements
- 862 Inspection of declarations
- Investments which are not relevant investments
- 863 General client account deposits
- 864 Qualifying uncertificated eligible debt security units
- 865 Qualifying certificates of deposit
- 866 Qualifying time deposits
- 867 Lloyd's premium trust funds
- 868 Investments held outside the United Kingdom
- 869 Sale and repurchase of securities
- 870 Other investments
- Supplementary
- 871 Power to make regulations to give effect to Chapter
- 872 Power to make orders amending Chapter
- 873 Discretionary or accumulation settlements
- Chapter 3 Deduction from certain payments of yearly interest
- Duty to deduct sums representing income tax
- 874 Duty to deduct from certain payments of yearly interest
- Exceptions from duty to deduct
- 875 Interest paid by building societies
- 876 Interest paid by deposit-takers
- 877 UK public revenue dividends
- 878 Interest paid by banks
- 879 Interest paid on advances from banks
- 880 Interest paid on advances from building societies
- 881 National Savings Bank interest
- 882 Quoted Eurobond interest
- 883 Interest on loan to buy life annuity
- 884 Relevant foreign income
- 885 Authorised persons dealing in financial instruments
- 886 Interest paid by recognised clearing houses etc
- 887 Payments made by registered societies
- 888 Statutory interest
- 888A Qualifying private placements
- 888B Designated dividends of investment trusts
- 888C Interest distributions of certain open-ended investment companies
- 888D Interest distribution of certain authorised unit trusts
- 888DA Payments of interest by a QAHC
- 888E Interest on certain peer-to-peer lending
- Chapter 4 Deduction from payments in respect of building society securities
- 889 Payments in respect of building society securities
- Chapter 5 Deduction from payments of UK public revenue dividends
- Introduction
- 890 Overview of Chapter
- 891 Meaning of “UK public revenue dividend”
- Duty to deduct sums representing income tax
- 892 Duty to deduct from certain UK public revenue dividends
- Payments which are payable gross
- 893 Payments of UK public revenue dividends which are payable gross
- 894 Treasury directions
- Deduction at source applications
- 895 Deduction at source application
- 896 Withdrawal of application
- Regulations
- 897 Power to make regulations
- Chapter 6 Deduction from annual payments and patent royalties
- Introduction
- 898 Overview of Chapter
- 899 Meaning of “qualifying annual payment”
- Duty to deduct from annual payments
- 900 Deduction from commercial payments made by individuals
- 901 Deduction from annual payments made by other persons
- 902 Meaning of “applicable rate” in section 901
- Duty to deduct from patent royalties
- 903 Deduction from patent royalties
- Supplementary
- 904 Annual payments for dividends or non-taxable consideration
- 905 Interpretation of Chapter
- Chapter 7 Deduction from other payments connected with intellectual property
- Certain royalties etc where usual place of abode of owner is abroad
- 906 Certain royalties etc where usual place of abode of owner is abroad
- 907 Meaning of “intellectual property”
- 908 Royalty payments etc made through UK resident agents
- 909 Royalty payments: further provision
- Proceeds of a sale of patent rights
- 910 Proceeds of a sale of patent rights: payments to non-UK residents
- Chapter 8 Chapters 6 and 7: special provision in relation to royalties
- Deduction at special rates
- 911 Double taxation arrangements: deduction at treaty rate
- 912 Power to make directions disapplying section 911
- 913 Interpretation of sections 911 and 912
- ...
- 914 European Union
- 915 Power to make directions disapplying section 914
- 916 Duty of payee to notify if payment not exempt
- 917 Supplementary
- Tax avoidance
- 917A Tax avoidance arrangements
- Chapter 9 Manufactured payments
- Manufactured dividends
- 918 Manufactured dividends on UK shares: Real Estate Investment Trusts
- Manufactured interest
- 919 Manufactured interest on UK securities: payments by UK residents etc
- 920 Foreign payers of manufactured interest: the reverse charge
- 921 Cases where interest on underlying securities paid gross
- Manufactured overseas dividends
- 922 Manufactured overseas dividends: payments by UK residents etc
- 923 Foreign payers of manufactured overseas dividends: the reverse charge
- 924 Power to reduce section 923 liability
- 925 Power to provide set-off entitlement
- Repos
- 925A Creditor repos
- 925B Debtor repos
- 925C Actual payments ignored if section 925A ... applies
- 925D Power to modify repo sections
- 925E Cases where section 925D applies: non-standard repos
- 925F Interpretation of the repo sections
- Supplementary
- 926 Interpretation of Chapter
- 927 Regulation-making powers: general
- Chapter 10 Deduction from non-commercial payments by companies
- 928 Chargeable payments connected with exempt distributions
- Chapter 11 Payments between companies etc: exception from duties to deduct
- Introduction
- 929 Overview of Chapter
- Exception from duties to deduct for excepted payments
- 930 Exception from duties to deduct sums representing income tax
- 931 Power to make directions disapplying section 930
- 932 Meaning of “qualifying partnership”
- Excepted payments
- 933 UK resident companies
- 934 Non-UK resident companies
- 935 PEP and ISA managers
- 936 Recipients who are to be paid gross
- 937 Partnerships
- Incorrect belief that payment is an excepted payment
- 938 Consequences of reasonable but incorrect belief
- Chapter 12 Funding bonds
- 939 Duty to retain bonds where issue treated as payment of interest
- 940 Exception from duty to retain bonds
- 940A No appropriate bond or combination of bonds
- Chapter 13 Unauthorised unit trusts
- 941 Deemed payments to unit holders and deemed deductions of income tax
- 942 Income tax to be collected from trustees
- 943 Calculation of trustees' income pool
- ... Treatment of cases involving double tax relief
- 943B The “foreign element” of a deemed deduction or deemed income
- 943C Calculation of trustees' double tax relief pool
- 943D Annual statements
- Chapter 14 Tax avoidance: directions for duty to deduct to apply
- 944 Directions for deduction from payments to non-UK residents
- Chapter 15 Collection: deposit-takers, building societies and certain companies
- Introduction
- 945 Overview of Chapter
- 946 Payments within this section
- 947 Return periods
- 948 Meaning of “accounting period”
- Returns of income tax
- 949 Payments in an accounting period
- 950 Payments otherwise than in an accounting period
- Collection and payment of income tax
- 951 Collection and payment of income tax
- Set-off
- 952 Conditions for a set-off claim
- 953 How a set-off claim works
- 954 Proceedings begun after a set-off claim is made
- 955 Proceedings begun before a set-off claim is made
- Assessments and errors
- 956 Assessments where section 946 payment included in return
- 957 Assessments in other cases
- 958 Payer's duty to deliver amended return
- 959 Application of Income Tax Acts provisions about time limits for assessments
- 960 Further provisions about assessments
- Supplementary
- 961 Relationship between Chapter and Income Tax Acts powers
- 962 Power to make regulations modifying Chapter
- Chapter 16 Collection: certain payments by other persons
- 963 Collection of income tax on certain payments by other persons
- 963A Power to make regulations modifying section 963
- Chapter 17 Collection through self-assessment return
- 964 Collection through self-assessment return
- Chapter 18 Other regimes involving the deduction of income tax at source
- Visiting performers
- 965 Overview of sections 966 to 970
- 966 Duty to deduct and account for sums representing income tax
- 967 Calculation of sums representing income tax
- 968 Treatment of sums representing income tax
- 969 Regulations
- 970 Supplementary
- Non-resident landlords
- 971 Income tax due in respect of income of non-resident landlords
- 972 Regulations under section 971
- Real Estate Investment Trusts
- 973 Income tax due in respect of distributions
- 974 Regulations under section 973
- Chapter 19 General
- Supplementary
- 975 Statements about deduction of income tax
- 975A Statements about certain payments of interest
- 976 Arrangements for payments of interest less tax or at specified net rate
- 977 Payments to companies
- 978 Application to public departments
- 979 Designated international organisations: exceptions from duties to deduct
- 979A FSCS payments representing interest
- 980 Derivative contracts: exception from duties to deduct
- 981 Foreign currency securities etc: exception from duties to deduct
- 981A. Offshore receipts in respect of intangible property: exception from duties to deduct
- 982 Income tax is calculated by reference to gross amounts
- Interpretation
- 983 Meaning of “deposit”
- 984 Meaning of “financial instrument”
- 985 Meaning of “qualifying certificate of deposit”
- 986 Meaning of “qualifying uncertificated eligible debt security unit”
- 987 Meaning of “quoted Eurobond”
- Part 16 Income Tax Acts definitions etc
- Chapter 1 Definitions
- 988 Overview of Chapter
- 989 The definitions
- 990 Meaning of “Act”
- 991 Meaning of “bank”
- 992 Meaning of “company”
- 993 Meaning of “connected” persons
- 994 Meaning of “connected” persons: supplementary
- 995 Meaning of “control”
- 996 Meaning of “farming” and related expressions
- 997 Meaning of “generally accepted accounting practice” and related expressions
- 998 Meaning of “grossing up”
- 998A Meaning of “hire-purchase agreement”
- 999 Meaning of “local authority”
- 1000 Meaning of “local authority association”
- 1001 Meaning of “offshore installation”
- 1002 Regulations about the meaning of “offshore installation”
- 1003 Meaning of “oil and gas exploration and appraisal”
- 1004 Meaning of “property investment LLP”
- 1005 Meaning of “recognised stock exchange”etc
- 1006 Meaning of “research and development”
- 1007 Meaning of “unit trust scheme”
- 1007A Meaning of “permanent establishment”
- Chapter 2 Other Income Tax Acts provisions
- 1008 Scotland
- 1009 Sources of income within the charge to income tax or corporation tax
- 1010 Application of Income Tax Acts to recognised investment exchanges
- 1011 References to married persons, or civil partners, living together
- 1012 Relationship between rules on highest part of total income
- 1013 Territorial sea of the United Kingdom
- 1014 Orders and regulations
- 1015 Territorial scope of charges under certain provisions to which section 1016 applies
- 1016 Table of provisions to which this section applies
- Part 17 Definitions for purposes of Act and final provisions
- Definitions for the purposes of Act
- 1017 Abbreviated references to Acts
- 1018 “Act” to include Scottish and Northern Ireland legislation in some cases
- 1019 Meaning of “certificate of deposit”
- 1020 Claims and elections
- 1021 Application of definitions of “connected” persons and “control”
- 1022 Meaning of “debenture”
- 1023 Meaning of “double taxation arrangements”
- 1024 Meaning of “gilt-edged securities”
- 1025 Meaning of “modified net income”
- 1026 Meaning of “non-qualifying income” for the purposes of section 1025
- Final provisions
- 1027 Minor and consequential amendments
- 1028 Power to make consequential provision
- 1029 Power to undo changes
- 1030 Transitional provisions and savings
- 1031 Repeals and revocations
- 1032 Index of defined expressions
- 1033 Extent
- 1034 Commencement
- 1035 Short title
- SCHEDULES
- SCHEDULE 1 Minor and consequential amendments
- Part 1 Income and Corporation Taxes Act 1988
- Part 2 Other enactments
- Chevening Estate Act 1959 (c. 49)
- Taxes Management Act 1970 (c. 9)
- Finance Act 1971 (c. 68)
- Biological Standards Act 1975 (c. 4)
- House of Commons Disqualification Act 1975 (c. 24)
- Inheritance Tax Act 1984 (c. 51)
- Administration of Justice Act 1985 (c. 61)
- Building Societies Act 1986 (c. 53)
- Finance Act 1988 (c. 39)
- Finance Act 1989 (c. 26)
- Finance Act 1990 (c. 29)
- Finance Act 1991 (c. 31)
- Social Security Contributions and Benefits Act 1992 (c. 4)
- Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance (No. 2) Act 1992 (c. 48)
- Tribunals and Inquiries Act 1992 (c. 53)
- Judicial Pensions and Retirement Act 1993 (c. 8)
- Charities Act 1993 (c. 10)
- Finance Act 1993 (c. 34)
- Agriculture Act 1993 (c. 37)
- Finance Act 1994 (c. 9)
- Finance Act 1995 (c. 4)
- Finance Act 1996 (c. 8)
- Finance (No.2) Act 1997 (c. 58)
- Finance Act 1998 (c. 36)
- Greater London Authority Act 1999 (c. 29)
- Finance Act 2000 (c. 17)
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2002 (c. 23)
- Proceeds of Crime Act 2002 (c. 29)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Finance Act 2003 (c. 14)
- Finance Act 2004 (c. 12)
- Pensions Act 2004 (c. 35)
- Constitutional Reform Act 2005 (c. 4)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Finance Act 2005 (c. 7)
- Finance (No. 2) Act 2005 (c. 22)
- Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
- Finance Act 2006 (c. 25)
- Part 3 Amendment having effect in relation to shares issued after 5 April 2007
- Income and Corporation Taxes Act 1988 (c. 1)
- SCHEDULE 2 Transitionals and savings
- Part 1 General provisions
- Continuity of the law: general
- General saving for old transitional provisions and savings
- Partnerships involving companies
- Interpretation
- Part 2 Changes in the law
- Part 3 Rates at which income tax is charged
- Part 4 Personal reliefs
- Part 5 Losses (except losses on disposal of shares)
- General: carry forward loss reliefs
- Trade loss relief against general income
- Early trade losses relief
- Sideways relief: trade leasing allowances given to individuals
- Sideways relief: dealings in commodity futures
- Terminal trade loss relief
- Post-cessation trade loss relief and post-cessation property relief
- Reliefs for limited partners not to exceed contribution to the firm
- Reliefs for members of LLPs not to exceed contribution to the LLP
- Members of LLPs: carry-forward of losses
- Reliefs for non-active partners not to exceed contribution to the firm
- Non-active partners: carry-forward of losses
- Restriction on reliefs for non-active partners: pre-10 February 2004 events
- Regulations under section 114
- Application of existing regulations under sections 114 and 802
- Losses in an employment or office
- Loss relief against miscellaneous income: Case VI losses
- Part 6 Losses on disposal of shares
- Qualifying trading companies
- Disposals of new shares
- The trading requirement
- Ceasing to meet trading requirement because of administration or receivership
- The control and independence requirement
- The qualifying subsidiaries requirement
- The property managing subsidiaries requirement
- The gross assets requirement
- The unquoted status requirement
- Power to amend requirements by Treasury order
- Relief after an exchange of shares for shares in another company
- Substitution of new shares for old shares
- Interpretation of Chapter
- Meaning of “qualifying subsidiary”
- Meaning of “excluded activities”
- Excluded activities: wholesale and retail distribution
- Excluded activities: leasing of ships
- Excluded activities: receipt of royalties and licence fees
- Excluded activities: provision of services or facilities for another business
- Meaning of a company being “in administration”
- Application in relation to corresponding bonus shares
- Part 7 Enterprise investment scheme
- The gross assets requirement
- Part 8 Venture capital trusts
- Eligibility for relief
- Form and amount of relief
- No entitlement to relief if there is a linked loan
- Loss of relief if shares disposed of within 5 years
- Interpretation of Chapter 2
- The 15% holding limit condition
- Conditions relating to value of investments
- Conditions relating to qualifying holdings and eligible shares: supplementary
- Interpretation of Chapter 3
- The maximum qualifying investment requirement
- The no guaranteed loan requirement
- The proportion of eligible shares requirement
- The trading requirement
- The carrying on of a qualifying activity requirement
- Ceasing to meet the requirement because of administration or receivership
- The use of the money raised requirement
- The relevant company to carry on the relevant qualifying activity requirement
- The gross assets requirement
- The property managing subsidiaries requirement
- Meaning of “qualifying trade”
- Meaning of “qualifying 90% subsidiary”
- Meaning of “qualifying subsidiary”
- Meaning of “excluded activities”
- Excluded activities: wholesale and retail distribution
- Excluded activities: leasing of ships
- Excluded activities: receipt of royalties and licence fees
- Excluded activities: provision of services or facilities for another business
- Winding up of the relevant company
- Acquisitions for restructuring purposes etc
- Power to facilitate company reorganisations
- Meaning of a company being “in administration”
- Meaning of “company”, “shares” and “research and development” in Part 6
- Part 9 Other reliefs
- Interest: loans for interests in close companies
- Interest: loans for interests in employee-controlled companies
- Interest relief: film partnerships
- Interest: loans for investing in co-operatives
- Gift aid: gifts of money for relief in poor countries
- Gift aid: restrictions on associated benefits
- Gift aid: election to carry back relief
- Qualifying maintenance payments: maintenance assessments
- Part 10 Special rules about settlements and trustees
- Trustees' expenses to be set against trustees' trust rate income
- Share incentive plans: definition of “applicable period”
- Discretionary payments: trustees' tax pool
- Part 11 Special rules about charitable trusts etc
- Transactions with substantial donors
- Non-charitable expenditure
- ... ...
- ...
- Deemed manufactured payments: stock lending arrangements
- Deemed manufactured payments: repos
- Price differences under repos
- Powers to modify repo provisions
- Part 13 Accrued income profits
- Sale and repurchase arrangements
- Successive transfers with unrealised interest in default
- Unrealised interest received by transferee after transfer within Chapter 2 of Part 12
- Part 14 Tax avoidance
- Transactions in securities: general
- Transactions in securities: meaning of relevant companies for the purposes of sections 689 and 690
- Transactions in securities: statement of case by tribunal for opinion of High Court or Court of Session
- Transactions in securities: appeals to House of Lords
- Transfers of assets abroad: non-transferors receiving benefit- exclusion of income arising before 10 March 1981
- Transfers of assets abroad: whether trustees are “persons abroad”
- Transfers of assets abroad: whether personal representatives are “persons abroad”
- Transfers of assets abroad: company residence for transfers between 20 March 1990 and 29 November 1993
- Transfers of assets abroad: information powers concerning transfers between 20 March 1990 and 29 November 1993 involving companies
- Transfers of assets abroad: income arising before 26 November 1996
- Transfers of assets abroad: meaning of “associated operation” and consideration of associated operations alone
- Individuals in partnership: recovery of excess relief
- Individuals claiming relief for film-related trading losses
- Individuals in partnership: exit charge
- Part 15 Deduction of income tax at source
- Deduction by deposit-takers: discretionary or accumulation settlements
- Deduction by deposit-takers and building societies: declarations of non-UK residence
- Deduction by deposit-takers: qualifying certificates of deposit
- Deduction by deposit-takers: qualifying time deposits
- Deduction by deposit-takers and building societies: saving for regulations
- Deduction by deposit-takers, building societies etc: collection of tax
- Deduction from certain payments of yearly interest: interest paid by banks
- Deduction from certain payments of yearly interest: interest paid on advances from banks
- Deduction from certain UK public revenue dividends
- Unauthorised unit trusts: calculation of trustees' income pool
- Non-resident landlords
- Interpretation
- Part 16 Other provisions
- Old references to surtax and standard rate tax
- Section 820 of ICTA
- SCHEDULE 3 Repeals and revocations
- Part 1 Repeals and revocations: general
- Part 2 Repeals having effect in relation to shares issued after 5 April 2007
- SCHEDULE 4 Index of defined expressions
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