OpenLegislation

Finance Act 2000

2000 c. 17 · Enacted 28 July 2000 · Extends to United Kingdom

Not fully up to date. 12 changes made by later legislation have not yet been written into this text, which is revised to 7 April 2026.

See the changes not yet applied
ProvisionChangeMade by
Sch. 14 para. 25(3A)insertedRegulation of Care (Scotland) Act 2001 Sch. 3 para. 24(2)(b)(i)(ii)
Sch. 15 para. 32(3A)insertedRegulation of Care (Scotland) Act 2001 Sch. 3 para. 24(3)(b)(i)(ii)
Sch. 6 para. 5(3)words omittedFinance Act 2012 Sch. 32 para. 22(2)(a)
Sch. 6 para. 20AomittedFinance Act 2012 Sch. 32 para. 22(2)(b)
Sch. 6 para. 20BomittedFinance Act 2012 Sch. 32 para. 22(2)(b)
Sch. 6 para. 24(2)words omittedFinance Act 2012 Sch. 32 para. 22(2)(c)(i)
Sch. 6 para. 24(2)words omittedFinance Act 2012 Sch. 32 para. 22(2)(c)(ii)
Sch. 6 para. 24(2)words omittedFinance Act 2012 Sch. 32 para. 22(2)(c)(iii)
Sch. 6 para. 149AomittedFinance Act 2012 Sch. 32 para. 22(2)(d)
Sch. 6 para. 5(3)word omittedFinance Act 2016 s. 144(2)(a)
Sch. 6 para. 19 20omittedFinance Act 2016 s. 144(2)(b)
Sch. 6 para. 24(2)omittedFinance Act 2016 s. 144(2)(b)
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.[28th July 2000]

Most Gracious Sovereign,

WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C1C2C3

Annotations to the whole text

Modifications

C1

Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.

C2

Act applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C3

Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

Contents

  1. Part I: Excise duties
  2. Alcoholic liquor duties
  3. 1Rate of duty on beer.
  4. 2Rates of duty on cider.
  5. 3Rates of duty on wine and made-wine.
  6. Hydrocarbon oil duties
  7. 4Rates of duty and rebate on hydrocarbon oil.
  8. 5Ultra low sulphur petrol.
  9. 6Mixing of rebated light oils.
  10. 7Power to amend definitions of types of hydrocarbon oil.
  11. 8Penalties for misuse of rebated heavy oil.
  12. 9Use of rebated heavy oil as fuel.
  13. 10Rebates, marking and reliefs.
  14. 11Emulsions of water in gas oil.
  15. Tobacco products duty
  16. 12Rates of tobacco products duty.
  17. 13Basis of calculation ofad valorem element of duty on cigarettes.
  18. 14Fiscal marks on tobacco products.
  19. 15Management of excise duty on tobacco products.
  20. Gaming duty
  21. 16Rates of gaming duty.
  22. Amusement machine licence duty
  23. 17Amusement machine licence duty.
  24. Air passenger duty
  25. 18Rates of duty.
  26. 19Changes in exemption from duty.
  27. Vehicle excise duty
  28. 20Threshold for reduced general rate.
  29. 21Increase in general rate.
  30. 22Rates of duty for new cars and vans.
  31. 23Enforcement provisions for graduated rates.
  32. 24Rates of duty for goods vehicles.
  33. Enforcement of duties
  34. 25Power to search premises.
  35. 26Power to search articles.
  36. 27Security for customs and excise duties.
  37. 28Civil penalties for breach of excise duty requirements.
  38. 29Correction of reference.
  39. Part II: Climate change levy
  40. 30Climate change levy.
  41. Part III: Income Tax, Corporation Tax and Capital Gains Tax
  42. Chapter I: Charge and rates
  43. Income tax
  44. 31Charge and rates for 2000-01. Repealed
  45. 32Extension of starting rate to savings income of individuals. Repealed
  46. 33Deduction of income tax from foreign dividends. Repealed
  47. 34Children’s tax credit. Repealed
  48. Corporation tax
  49. 35Charge and main rate for financial year 2001.
  50. 36Small companies’ rate for financial year 2000. Repealed
  51. Capital gains tax
  52. 37Application of starting rate to capital gains tax. Repealed
  53. Chapter II: Other provisions
  54. Giving to charity
  55. 38Payroll deduction scheme. Repealed
  56. 39Gift aid payments by individuals.
  57. 40Gift aid payments by companies. Repealed
  58. 41Covenanted payments to charities.
  59. 42Millennium gift aid. Repealed
  60. 43Gifts of shares and securities to charities etc. Repealed
  61. 44Gifts to charity from certain trusts.
  62. 45Loans to charities. Repealed
  63. 46Exemption for small trades etc. Repealed
  64. Employee share ownership
  65. 47Employee share ownership plans. Repealed
  66. 48Relief for transfers to employee share ownership plans.
  67. 49Phasing out of approved profit sharing schemes.
  68. 50Phasing out of relief for payments to trustees of profit sharing schemes. Repealed
  69. 51Approved profit sharing scheme: other awards of shares.
  70. 52Approved profit sharing schemes: restriction on type of shares.
  71. 53Approved profit sharing schemes: loan arrangements.
  72. 54Employee share ownership trusts.
  73. 55Shares transferred from employee share ownership trust.
  74. 56Further provisions about share options. Repealed
  75. Other provisions about employment
  76. 57Benefits in kind: deregulatory amendments. Repealed
  77. 58Education and Training. Repealed
  78. 59Cars available for private use. Repealed
  79. 60Provision of services through intermediary. Repealed
  80. Pension schemes
  81. 61Occupational and personal pension schemes. Repealed
  82. Enterprise incentives
  83. 62Enterprise management incentives. Repealed
  84. 63Corporate venturing scheme.
  85. 64Enterprise investment scheme: amendments.
  86. 65Venture capital trusts: amendments.
  87. 66Taper relief: taper for business assets. Repealed
  88. 67Taper relief: assets qualifying as business assets. Repealed
  89. Research and development
  90. 68Meaning of “research and development".
  91. 69Tax relief for expenditure on research and development.
  92. Capital allowances
  93. 70First year allowances for small or medium-sized enterprises. Repealed
  94. 71First year allowances for ICT expenditure by small enterprises. Repealed
  95. 72Expenditure of a small enterprise. Repealed
  96. 73Repeal of notification requirements.
  97. 74Pool for certain leased assets and inexpensive cars.
  98. 75Machinery and plant allowances for non-residents etc.
  99. 76Production animals.
  100. 77Sale and leaseback. Repealed
  101. 78Meaning of “fixture". Repealed
  102. 79Leased assets under the Affordable Warmth Programme. Repealed
  103. 80Fixtures and machinery and plant on hire-purchase etc. Repealed
  104. 81Production sharing contracts. Repealed
  105. Tonnage tax
  106. 82Tonnage tax.
  107. Other relieving provisions
  108. 83Relief for interest on loans to buy annuities.
  109. 84Exemption of payments under New Deal 50plus. Repealed
  110. 85Exemption of payments under Employment Zones programme. Repealed
  111. 86Loan where return bears inverse relationship to results. Repealed
  112. 87Tax treatment of acquisition, disposal or revaluation of certain rights. Repealed
  113. 88Contributions to local enterprise agencies, etc.
  114. 89Waste disposal: entitlement of successor to allowances.
  115. Capital gains tax: gifts and trusts
  116. 90Restriction of gifts relief.
  117. 91Disposal of interest in settled property: deemed disposal of underlying assets.
  118. 92Transfers of value by trustees linked with trustee borrowing.
  119. 93Restriction on set-off of trust losses.
  120. 94Attribution to trustees of gains of non-resident companies.
  121. 95Disposal of interest in non-resident settlement.
  122. 96Payments by trustees to non-resident companies.
  123. Groups and group relief
  124. 97Group relief for non-resident companies etc.
  125. 98Recovery of tax payable by non-resident company. Repealed
  126. 99Joint arrangements for claims.
  127. 100Limit on amount of group relief in case of consortium claim. Repealed
  128. 101Civil penalties: incorrect certificates Repealed
  129. 102Chargeable gains: non-resident companies and groups etc.
  130. International matters
  131. 103Double taxation relief.
  132. 104Controlled foreign companies.
  133. 105Corporation tax: use of currencies other than sterling.
  134. 106. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  135. Insurance
  136. 107General insurance reserves. Repealed
  137. 108Overseas life assurance business. Repealed
  138. 109Insurance business: apportionment rules. Repealed
  139. Miscellaneous
  140. 110Rent factoring. Repealed
  141. 111Payments under deduction of tax.
  142. 112UK public revenue dividends: deduction of tax. Repealed
  143. 113Tax treatment of expenditure on production or acquisition of films. Repealed
  144. Part IV: Stamp duty and Stamp duty reserve tax
  145. Stamp duty
  146. 114Rates: conveyance or transfer on sale.
  147. 115Rates: duty on lease chargeable by reference to rent.
  148. 116Rate of duty on seven year leases.
  149. 117Power to vary stamp duties.
  150. 118Land transferred etc for other property.
  151. 119Transfer of land to connected company.
  152. 120Exceptions from section 119.
  153. 121Grant of lease to connected company.
  154. 122Marketable securities transferred etc for exempt property.
  155. 123Transfer of property between associated companies: Great Britain.
  156. 124Transfer of property between associated companies: Northern Ireland.
  157. 125Grant of leases etc between associated companies.
  158. 126Future issues of stock.
  159. 127Company acquisition reliefs: redeemable shares.
  160. 128Surrender of leases.
  161. 129Abolition of duty on instruments relating to intellectual property.
  162. 130Transfers to registered social landlords etc. Repealed
  163. 131Relief for certain instruments executed before this Act has effect.
  164. 132The Northern Ireland Assembly Commission.
  165. Stamp duty and Stamp duty reserve tax
  166. 133Loan capital where return bears inverse relationship to results.
  167. 134Transfers between depositary receipt systems and clearance systems.
  168. Part V: Other taxes
  169. Value added tax
  170. 135Supplies to which reduced rate applies. Repealed
  171. 136Disposals of assets for which a VAT repayment is claimed.
  172. 137Gold: penalty for failure to comply with record-keeping requirements etc.
  173. Inheritance tax
  174. 138Treatment of employee share ownership trusts.
  175. Petroleum revenue tax
  176. 139Operating expenditure incurred while safeguard relief applies.
  177. Landfill tax
  178. 140Rate.
  179. 141Disposals which are not taxable.
  180. 142Secondary liability.
  181. Part VI: Miscellaneous and supplementary provisions
  182. Incentives for electronic communications
  183. 143Power to provide incentives to use electronic communications.
  184. Compliance
  185. 144Offence of fraudulent evasion of income tax Repealed
  186. 145Information about interest etc paid, credited or received.
  187. 146International exchange of information: general. Repealed
  188. 147International exchange of information: inheritance tax. Repealed
  189. 148Use of minimum wage information. Repealed
  190. 149Orders for the delivery of documents.
  191. 150Search warrants: miscellaneous amendments. Repealed
  192. Provisions relating to government finance
  193. 151Debt Management Account.
  194. 152National Savings Bank.
  195. 153National savings certificates.
  196. 154Exchange Equalisation Account.
  197. Supplementary provisions
  198. 155Interpretation.
  199. 156Repeals.
  200. 157Short title.
  201. Schedule 1: Mixing of rebated light oils
  202. Converting unleaded petrol into leaded petrol
  203. 1Paragraph 1
  204. Converting unleaded petrol into higher octane unleaded petrol
  205. 2Paragraph 2 Repealed
  206. Mixing different kinds of unleaded petrol
  207. 3Paragraph 3
  208. Interpretation
  209. 4Paragraph 4 Repealed
  210. Schedule 2: Amusement machine licence duty
  211. Introduction
  212. 1Paragraph 1
  213. Exceptions from requirement to be licensed
  214. 2Paragraph 2
  215. Amusement machine licence duty
  216. 3Paragraph 3
  217. Amount of duty
  218. 4Paragraph 4
  219. Meaning of amusement machine
  220. 5Paragraph 5
  221. Supplementary provisions
  222. 6Paragraph 6
  223. Paragraphs 2 to 6: commencement
  224. 7Paragraph 7
  225. Seasonal licences: duration
  226. 8Paragraph 8
  227. Unlicensed amusement machines: duty chargeable
  228. 9Paragraph 9
  229. 10Paragraph 10
  230. Schedule 3: Vehicle excise duty on new cars and vans
  231. Paragraph
  232. Schedule 4: Vehicle excise duty: enforcement provisions for graduated rates
  233. Introduction
  234. 1Paragraph 1
  235. Particulars to be furnished on application for licence
  236. 2Paragraph 2
  237. Power to require evidence in support of application
  238. 3Paragraph 3
  239. Powers exercisable where licence issued on basis of incorrect application
  240. 4Paragraph 4
  241. Power to declare licence void
  242. 5Paragraph 5
  243. Power to require payment of balance of duty
  244. 6Paragraph 6
  245. Power to require delivery up of licence
  246. 7Paragraph 7
  247. Power to require delivery up of licence and payment in respect of duty
  248. 8Paragraph 8
  249. Failure to deliver up licence
  250. 9Paragraph 9
  251. Failure to deliver up licence: additional liability
  252. 10Paragraph 10
  253. Meaning of the “relevant period"
  254. 11Paragraph 11
  255. Construction and effect
  256. 12Paragraph 12
  257. Schedule 5: Rates of vehicle excise duty on goods vehicles
  258. 1Paragraph 1
  259. 2Paragraph 2
  260. 3Paragraph 3
  261. 4Paragraph 4
  262. 5Paragraph 5
  263. 6Paragraph 6
  264. Schedule 6: Climate change levy
  265. Part I: The levy
  266. Climate change levy
  267. 1Paragraph 1
  268. Levy charged on taxable supplies
  269. 2Paragraph 2
  270. Meaning of “taxable commodity"
  271. 3Paragraph 3
  272. Part II: Taxable supplies
  273. Introduction
  274. 4Paragraph 4
  275. Supplies of electricity
  276. 5Paragraph 5
  277. Supplies of gas
  278. 6Paragraph 6
  279. Other supplies made in course or furtherance of business
  280. 7Paragraph 7
  281. Excluded supplies: supply for domestic or charity use
  282. 8Paragraph 8
  283. Excluded supplies: meaning of “for domestic use"
  284. 9Paragraph 9
  285. Excluded supplies: supply before 1st April 2001
  286. 10Paragraph 10
  287. Exemption: supply not for burning in the UK
  288. 11Paragraph 11
  289. Exemption: Northern Ireland gas supplies
  290. 11AParagraph 11A Repealed
  291. Exemption: supply used in transport
  292. 12Paragraph 12
  293. Exemption: mineralogical and metallurgical processes
  294. 12AParagraph 12A
  295. Exemption: supplies to producers of commodities other than electricity
  296. 13Paragraph 13
  297. 13AParagraph 13A
  298. Exemption: supplies (other than self-supplies) to electricity producers
  299. 14Paragraph 14
  300. Exemption: supplies (other than self-supplies) to combined heat and power stations
  301. 15Paragraph 15
  302. Exemption: supplies (other than self-supplies) of electricity from partly exempt combined heat and power stations
  303. 16Paragraph 16
  304. Exemption: self-supplies by electricity producers
  305. 17Paragraph 17
  306. Exemption: supply not used as fuel
  307. 18Paragraph 18
  308. Exemption: supply for use in recycling processes
  309. 18AParagraph 18A Repealed
  310. Exemption: electricity from renewable sources
  311. 19Paragraph 19
  312. Exemption under paragraph 19: averaging periods
  313. 20Paragraph 20
  314. Exemption: electricity produced in combined heat and power stations
  315. 20AParagraph 20A
  316. Exemption under paragraph 20A: averaging periods
  317. 20BParagraph 20B
  318. Regulations to avoid double charges to levy
  319. 21Paragraph 21
  320. Regulations giving effect to exemptions
  321. 22Paragraph 22
  322. Deemed supply: use of commodities by utilities and producers
  323. 23Paragraph 23
  324. Deemed supply: change of circumstances etc
  325. 24Paragraph 24
  326. Deemed taxable supply: commodities to be used in producing electricity
  327. 24AParagraph 24A
  328. Deemed taxable supply: commodities to be used in combined heat and power station
  329. 24BParagraph 24B
  330. 24CParagraph 24C
  331. Power to make regulations giving effect to paragraphs 24A to 24C etc
  332. 24DParagraph 24D
  333. Part III: Time of supply
  334. Introduction
  335. 25Paragraph 25
  336. Electricity or gas: supply when climate change levy accounting document issued
  337. 26Paragraph 26
  338. Electricity or gas: duty to issue climate change levy accounting document
  339. 27Paragraph 27
  340. Electricity or gas: actual supply not followed by climate change levy accounting document
  341. 28Paragraph 28
  342. Electricity or gas: special utility schemes
  343. 29Paragraph 29
  344. Other commodities: general rules for supply by UK residents
  345. 30Paragraph 30
  346. Other commodities: earlier invoice
  347. 31Paragraph 31
  348. Other commodities: later invoice
  349. 32Paragraph 32
  350. Other commodities: supply by non-UK residents
  351. 33Paragraph 33
  352. Other commodities: deemed supplies
  353. 34Paragraph 34
  354. Other commodities: directions by Commissioners
  355. 35Paragraph 35
  356. Supplies invoiced or paid for before 1st April 2001
  357. 36Paragraph 36
  358. Supplies of electricity or gas spanning change of rate etc.
  359. 37Paragraph 37
  360. Other supplies spanning change of rate etc.
  361. 38Paragraph 38
  362. Deemed supplies under paragraph 24A, 24B, 24C or 42D
  363. 38AParagraph 38A
  364. Regulations as to time of supply
  365. 39Paragraph 39
  366. Part IV: Payment and rate of levy
  367. Persons liable to account for levy
  368. 40Paragraph 40
  369. Returns and payment of levy
  370. 41Paragraph 41
  371. Amount payable by way of levy
  372. 42Paragraph 42
  373. 42AParagraph 42A
  374. 42BParagraph 42B
  375. 42CParagraph 42C
  376. 42DParagraph 42D
  377. Half-rate for supplies to horticultural producers
  378. 43Paragraph 43 Repealed
  379. ...
  380. Paragraph Repealed
  381. Supplies for use in scrap metal recycling and reduced-rate supplies: deemed supply
  382. 43BParagraph 43B
  383. Reduced-rate for supplies covered by climate change agreement
  384. 44Paragraph 44
  385. Reduced-rate supplies: variation of certificates under paragraph 44
  386. 45Paragraph 45
  387. Reduced-rate supplies: deemed supply
  388. 45AParagraph 45A Repealed
  389. Removal of reduced rate where targets set by climate change agreement not met
  390. 45BParagraph 45B
  391. Climate change agreements
  392. 46Paragraph 46
  393. Climate change agreements: direct agreement ...
  394. 47Paragraph 47
  395. Climate change agreement: combination of umbrella and underlying agreements
  396. 48Paragraph 48
  397. Climate change agreement: supplemental provisions
  398. 49Paragraph 49
  399. Facilities to which climate change agreements can apply
  400. 50Paragraph 50
  401. Energy-intensive installations
  402. 51Paragraph 51
  403. Power to vary the installations covered by paragraph 51
  404. 52Paragraph 52
  405. The Administrator etc
  406. 52AParagraph 52A
  407. 52BParagraph 52B
  408. 52CParagraph 52C
  409. 52DParagraph 52D
  410. 52EParagraph 52E
  411. 52FParagraph 52F
  412. Part V: Registration Not yet in force
  413. Requirement to be registered Not yet in force
  414. 53Paragraph 53 Not yet in force
  415. Interpretation of Part V Not yet in force
  416. 54Paragraph 54 Not yet in force
  417. Notification of registrability etc. Not yet in force
  418. 55Paragraph 55 Not yet in force
  419. Form of registration Not yet in force
  420. 56Paragraph 56 Not yet in force
  421. Notification of loss or prospective loss of registrability Not yet in force
  422. 57Paragraph 57 Not yet in force
  423. Cancellation of registration Not yet in force
  424. 58Paragraph 58 Not yet in force
  425. Correction of the register etc. Not yet in force
  426. 59Paragraph 59 Not yet in force
  427. Supplemental regulations about notifications Not yet in force
  428. 60Paragraph 60 Not yet in force
  429. Publication of information on the register Not yet in force
  430. 61Paragraph 61 Not yet in force
  431. Part VI: Credits and repayments
  432. Tax credits
  433. 62Paragraph 62
  434. Repayments of overpaid levy
  435. 63Paragraph 63
  436. Supplemental provisions about repayments etc.
  437. 64Paragraph 64
  438. Reimbursement arrangements
  439. 65Paragraph 65
  440. Interest payable by the Commissioners
  441. 66Paragraph 66
  442. Assessment for excessive repayment
  443. 67Paragraph 67
  444. Assessment for overpayments of interest
  445. 68Paragraph 68
  446. Assessments under paragraphs 67 and 68
  447. 69Paragraph 69
  448. Interest on amounts assessed
  449. 70Paragraph 70
  450. Assessments to interest under paragraph 70
  451. 71Paragraph 71
  452. Supplementary assessments
  453. 72Paragraph 72
  454. Set-off of or against amounts due under this Schedule
  455. 73Paragraph 73
  456. Set-off of or against other taxes and duties
  457. 74Paragraph 74
  458. Restriction on powers to provide for set-off
  459. 75Paragraph 75
  460. Part VI: supplemental provisions
  461. 76Paragraph 76
  462. Part VII: Recovery and interest
  463. Recovery of levy as debt due
  464. 77Paragraph 77
  465. Assessments of amounts of levy due
  466. 78Paragraph 78
  467. Supplementary assessments
  468. 79Paragraph 79
  469. Time limits for assessments
  470. 80Paragraph 80
  471. Ordinary interest on overdue levy paid before assessment
  472. 81Paragraph 81
  473. Penalty interest on unpaid levy
  474. 82Paragraph 82
  475. Penalty interest on levy where no return made
  476. 83Paragraph 83
  477. Ordinary and penalty interest on under-declared levy
  478. 84Paragraph 84
  479. Penalty interest on unpaid ordinary interest
  480. 85Paragraph 85
  481. Penalty interest
  482. 86Paragraph 86
  483. Supplemental provisions about interest
  484. 87Paragraph 87
  485. Assessments to interest
  486. 88Paragraph 88
  487. Further assessments to penalty interest
  488. 89Paragraph 89
  489. Controlled goods agreements
  490. 89AParagraph 89A Repealed
  491. Walking possession agreements
  492. 90Paragraph 90
  493. Interpretation etc. of Part VII
  494. 91Paragraph 91
  495. Part VIII: Evasion, misdeclaration and neglect
  496. Criminal offences: Evasion
  497. 92Paragraph 92
  498. Criminal offences: Misstatements
  499. 93Paragraph 93
  500. Criminal offences: Conduct involving evasions or misstatements
  501. 94Paragraph 94
  502. Criminal offences: Preparations for evasion
  503. 95Paragraph 95
  504. Offences under paragraphs 92 to 95: procedural matters
  505. 96Paragraph 96
  506. Arrest for offences under paragraphs 92 to 94
  507. 97Paragraph 97 Repealed
  508. Civil penalties: Evasion
  509. 98Paragraph 98 Repealed
  510. Liability of directors etc. for penalties under paragraph 98
  511. 99Paragraph 99 Repealed
  512. Civil penalties: Misdeclaration or neglect
  513. 100Paragraph 100 Repealed
  514. Civil penalties: Incorrect notifications etc.
  515. 101Paragraph 101
  516. Interpretation of Part VIII
  517. 102Paragraph 102
  518. Part IX: Civil penalties
  519. Preliminary
  520. 103Paragraph 103
  521. Reduction of penalties
  522. 104Paragraph 104
  523. Matters not amounting to reasonable excuse
  524. 105Paragraph 105
  525. Assessments to penalties etc.
  526. 106Paragraph 106
  527. Further assessments to daily penalties
  528. 107Paragraph 107
  529. Time limits on penalty assessments
  530. 108Paragraph 108
  531. Penalty interest on unpaid penalties
  532. 109Paragraph 109
  533. Supplemental provisions about interest
  534. 110Paragraph 110
  535. Assessments to penalty interest on unpaid penalties
  536. 111Paragraph 111
  537. Further assessments to interest on penalties
  538. 112Paragraph 112
  539. Up-rating of amounts of penalties
  540. 113Paragraph 113
  541. Part X: Non-residents, groups and other special cases
  542. Non-resident taxpayers: appointment of tax representatives
  543. 114Paragraph 114
  544. Effect of appointment of tax representatives
  545. 115Paragraph 115
  546. Groups of companies etc.
  547. 116Paragraph 116
  548. Partnerships and other unincorporated bodies
  549. 117Paragraph 117
  550. Death and incapacity
  551. 118Paragraph 118
  552. Transfer of a business as a going concern
  553. 119Paragraph 119
  554. Insolvency etc.
  555. 120Paragraph 120
  556. Part XI: Review and appeal
  557. Appeals
  558. 121Paragraph 121
  559. Offer of review
  560. 121AParagraph 121A
  561. Right to require review
  562. 121BParagraph 121B
  563. Review by HMRC
  564. 121CParagraph 121C
  565. Extensions of time
  566. 121DParagraph 121D
  567. Review out of time
  568. 121EParagraph 121E
  569. Nature of review etc
  570. 121FParagraph 121F
  571. Bringing of appeals
  572. 121GParagraph 121G
  573. Appeals: further provisions
  574. 122Paragraph 122
  575. Determinations on appeal
  576. 123Paragraph 123
  577. Part XII: Information and evidence
  578. Provision of information
  579. 124Paragraph 124 Repealed
  580. Records
  581. 125Paragraph 125
  582. Evidence of records that are required to be preserved
  583. 126Paragraph 126 Repealed
  584. Production of documents
  585. 127Paragraph 127 Repealed
  586. Powers in relation to documents produced
  587. 128Paragraph 128 Repealed
  588. Entry and inspection
  589. 129Paragraph 129 Repealed
  590. Entry and search
  591. 130Paragraph 130 Repealed
  592. Order for access to recorded information etc.
  593. 131Paragraph 131
  594. Removal of documents etc.
  595. 132Paragraph 132
  596. Enforcement of paragraph 132
  597. 133Paragraph 133
  598. Power to take samples and examine meters
  599. 134Paragraph 134
  600. Evidence by certificate
  601. 135Paragraph 135
  602. Inducements to provide information
  603. 136Paragraph 136
  604. Disclosure of information
  605. 137Paragraph 137
  606. Meaning of “authorised person"
  607. 138Paragraph 138
  608. Part XIII: Miscellaneous and supplementary
  609. Security for levy
  610. 139Paragraph 139
  611. Destination of receipts
  612. 140Paragraph 140 Repealed
  613. Provisional collection of levy
  614. 141Paragraph 141 Repealed
  615. Invoices incorrectly showing levy due
  616. 141AParagraph 141A
  617. Adjustment of contracts
  618. 142Paragraph 142
  619. Climate change levy accounting documents
  620. 143Paragraph 143
  621. Service of notices etc.
  622. 144Paragraph 144
  623. Variation and withdrawal of directions etc.
  624. 145Paragraph 145
  625. Regulations and orders
  626. 146Paragraph 146
  627. Part XIV: Interpretation
  628. General
  629. 147Paragraph 147
  630. Meaning of “combined heat and power station" etc.
  631. 148Paragraph 148
  632. Determination of efficiency percentages for combined heat and power stations
  633. 149Paragraph 149
  634. Certification of electricity from fully or partly exempt combined heat and power station
  635. 149AParagraph 149A
  636. Meaning of “utility"
  637. 150Paragraph 150
  638. Person treated as, or as not being, a utility
  639. 151Paragraph 151
  640. Meaning of “auto-generator"
  641. 152Paragraph 152
  642. Meaning of “exempt unlicensed electricity supplier”
  643. 152AParagraph 152A
  644. Meaning of “small generating station”
  645. 152BParagraph 152B
  646. Meaning of “levy due for an accounting period"
  647. 153Paragraph 153
  648. Meaning of “repayment of levy"
  649. 154Paragraph 154
  650. Interpretation of “in the course or furtherance of a business"
  651. 155Paragraph 155
  652. Meaning of “resident in the United Kingdom"
  653. 156Paragraph 156
  654. References to the Gas and Electricity Markets Authority: transitional provision
  655. 157Paragraph 157
  656. Schedule 7: Climate change levy: consequential amendments
  657. Provisional Collection of Taxes Act 1968 (c.2)
  658. 1Paragraph 1
  659. Bankruptcy (Scotland) Act 1985 (c.66)
  660. 2Paragraph 2 Repealed
  661. Insolvency Act 1986 (c.45)
  662. 3Paragraph 3 Repealed
  663. Income and Corporation Taxes Act 1988 (c.1)
  664. 4Paragraph 4
  665. Insolvency (Northern Ireland) Order 1989 (N.I. 19)
  666. 5Paragraph 5 Repealed
  667. Finance Act 1996 (c.8)
  668. 6Paragraph 6
  669. Finance Act 1997 (c.16)
  670. 7Paragraph 7
  671. Schedule 8
  672. Part I: Introductory
  673. Employee share ownership plans
  674. 1Paragraph 1
  675. Group plans
  676. 2Paragraph 2
  677. Meaning of “award of shares", “participant" etc.
  678. 3Paragraph 3
  679. Application for approval
  680. 4Paragraph 4
  681. Appeal against refusal of approval
  682. 5Paragraph 5
  683. Part II: General requirements
  684. Introduction
  685. 6Paragraph 6
  686. The purpose of the plan
  687. 7Paragraph 7
  688. All-employee nature of plan
  689. 8Paragraph 8
  690. Participation on same terms
  691. 9Paragraph 9
  692. No preferential treatment for directors etc.
  693. 10Paragraph 10
  694. No further conditions
  695. 11Paragraph 11
  696. No loan arrangements
  697. 12Paragraph 12
  698. Part III: Eligibility of individuals
  699. Introduction
  700. 13Paragraph 13
  701. The employment requirement
  702. 14Paragraph 14
  703. The “no material interest" requirement
  704. 15Paragraph 15
  705. The requirement of non-participation in other relevant share schemes
  706. 16Paragraph 16
  707. Meaning of “material interest"
  708. 17Paragraph 17
  709. Material interest: options etc.
  710. 18Paragraph 18
  711. Material interest: shares held by trustees of approved profit sharing schemes etc.
  712. 19Paragraph 19
  713. Meaning of “associate"
  714. 20Paragraph 20
  715. Meaning of “associate": trustees of employee benefit trust
  716. 21Paragraph 21
  717. Meaning of “associate": trustees of discretionary trust
  718. 22Paragraph 22
  719. Part IV: Free shares
  720. Introduction
  721. 23Paragraph 23
  722. Maximum annual award
  723. 24Paragraph 24
  724. Performance allowances
  725. 25Paragraph 25
  726. Performance allowances: general application
  727. 26Paragraph 26
  728. Performance allowances: measures and targets
  729. 27Paragraph 27
  730. Performance allowances: information to be given to employees
  731. 28Paragraph 28
  732. Performance allowances: method one
  733. 29Paragraph 29
  734. Performance allowances: method two
  735. 30Paragraph 30
  736. The holding period
  737. 31Paragraph 31
  738. Holding period: power to authorise trustees to accept general offers etc.
  739. 32Paragraph 32
  740. Part V: Partnership shares
  741. Introduction
  742. 33Paragraph 33
  743. Partnership share agreements
  744. 34Paragraph 34
  745. Deductions from salary
  746. 35Paragraph 35
  747. Maximum amount of deductions
  748. 36Paragraph 36
  749. Minimum amount of deductions
  750. 37Paragraph 37
  751. Notice of possible effect of deductions on benefit entitlement
  752. 38Paragraph 38
  753. Partnership share money held for employee
  754. 39Paragraph 39
  755. Plan with no accumulation period
  756. 40Paragraph 40
  757. Plan with accumulation period
  758. 41Paragraph 41
  759. Application of money deducted in accumulation period
  760. 42Paragraph 42
  761. Restriction imposed on number of shares awarded
  762. 43Paragraph 43
  763. Stopping and re-starting deductions
  764. 44Paragraph 44
  765. Withdrawal from partnership share agreement
  766. 45Paragraph 45
  767. Repayment of partnership share money on withdrawal of approval or termination
  768. 46Paragraph 46
  769. Access to partnership shares
  770. 47Paragraph 47
  771. Meaning of “salary"
  772. 48Paragraph 48
  773. Part VI: Matching shares
  774. Introduction
  775. 49Paragraph 49
  776. General requirements for matching shares
  777. 50Paragraph 50
  778. Ratio of matching shares to partnership shares
  779. 51Paragraph 51
  780. Application of provisions relating to holding period etc.
  781. 52Paragraph 52
  782. Part VII: Reinvestment of cash dividends
  783. Reinvestment
  784. 53Paragraph 53
  785. Limit on amount reinvested
  786. 54Paragraph 54
  787. General requirements for dividend shares
  788. 55Paragraph 55
  789. Acquisition of dividend shares
  790. 56Paragraph 56
  791. Holding period for dividend shares
  792. 57Paragraph 57
  793. Certain amounts not reinvested to be carried forward
  794. 58Paragraph 58
  795. Part VIII: Types of share that may be used
  796. Introduction
  797. 59Paragraph 59
  798. Must be ordinary share capital
  799. 60Paragraph 60
  800. Requirement as to listing etc.
  801. 61Paragraph 61
  802. Shares must be fully paid up and not redeemable
  803. 62Paragraph 62
  804. Only certain kinds of restriction allowed
  805. 63Paragraph 63
  806. Permitted restrictions: voting rights
  807. 64Paragraph 64
  808. Permitted restrictions: provision for forfeiture
  809. 65Paragraph 65
  810. Permitted restrictions: pre-emption conditions
  811. 66Paragraph 66
  812. Prohibited companies
  813. 67Paragraph 67
  814. Part IX: The trustees
  815. Establishment of trustees
  816. 68Paragraph 68
  817. Power of trustees to borrow
  818. 69Paragraph 69
  819. Duty to give notice of award of shares etc.
  820. 70Paragraph 70
  821. General duties of trustees
  822. 71Paragraph 71
  823. Power of trustees to raise funds to subscribe for rights issue
  824. 72Paragraph 72
  825. Meeting PAYE obligations
  826. 73Paragraph 73
  827. Deemed disposal by trustees on disposal of beneficial interest
  828. 74Paragraph 74
  829. Duties of trustees in relation to tax liabilities
  830. 75Paragraph 75
  831. Acquisition by trustees of shares from employee share ownership trust
  832. 76Paragraph 76
  833. Part X: Income tax
  834. Introduction
  835. 77Paragraph 77
  836. No charge on award of shares etc.
  837. 78Paragraph 78
  838. Capital receipts in respect of participant’s shares
  839. 79Paragraph 79
  840. Exclusion of certain charges in relation to participant’s shares
  841. 80Paragraph 80
  842. Charge on free or matching shares ceasing to be subject to plan
  843. 81Paragraph 81
  844. Charge on disposal of beneficial interest during the holding period
  845. 82Paragraph 82
  846. Partnership share money deducted before tax
  847. 83Paragraph 83
  848. Charge on partnership share money paid over to employee
  849. 84Paragraph 84
  850. Charge on cancellation payments in respect of partnership share agreement
  851. 85Paragraph 85
  852. Charge on partnership shares ceasing to be subject to plan
  853. 86Paragraph 86
  854. Circumstances in which there is no charge on shares ceasing to be subject to plan
  855. 87Paragraph 87
  856. Dividends etc. in respect of unappropriated shares
  857. 88Paragraph 88
  858. Reinvestment of cash dividend on behalf of participant
  859. 89Paragraph 89
  860. Repayment of excess cash dividend
  861. 90Paragraph 90
  862. Treatment of cash dividend retained for reinvestment
  863. 91Paragraph 91
  864. Treatment of cash dividend retained and then later paid out
  865. 92Paragraph 92
  866. Charge on dividend shares ceasing to be subject to plan
  867. 93Paragraph 93
  868. PAYE: shares ceasing to be subject to plan
  869. 94Paragraph 94
  870. PAYE: shares ceasing to be subject to the plan
  871. 95Paragraph 95
  872. PAYE: capital receipts
  873. 96Paragraph 96
  874. Part XI: Capital gains tax
  875. Introduction
  876. 97Paragraph 97
  877. Gains accruing to trustees
  878. 98Paragraph 98
  879. Participant absolutely entitled as against trustees
  880. 99Paragraph 99
  881. Different classes of shares
  882. 100Paragraph 100
  883. No chargeable gain on shares ceasing to be subject to the plan
  884. 101Paragraph 101
  885. Treatment of forfeited shares
  886. 102Paragraph 102
  887. Acquisition by trustees of shares from profit sharing scheme
  888. 103Paragraph 103
  889. Disposal of rights under rights issue
  890. 104Paragraph 104
  891. Part XII: Corporation tax deductions
  892. Introduction
  893. 105Paragraph 105
  894. Deduction for providing free or matching shares
  895. 106Paragraph 106
  896. Deduction for additional expenses in providing partnership shares
  897. 107Paragraph 107
  898. Cases in which no deduction is allowed
  899. 108Paragraph 108
  900. No deduction for expenses in providing dividend shares
  901. 109Paragraph 109
  902. Treatment of forfeited shares
  903. 110Paragraph 110
  904. Deduction for costs of setting up the plan
  905. 111Paragraph 111
  906. Deductions for contributions to running expenses of plan
  907. 112Paragraph 112
  908. 112ADeduction for contribution to plan trust
  909. 112BWithdrawal of deduction under paragraph 112A
  910. Withdrawal of deductions on withdrawal of approval
  911. 113Paragraph 113
  912. Application of provisions to expenses of management of investment companies etc.
  913. 114Paragraph 114
  914. Part XIII: Supplementary provisions
  915. Company reconstructions
  916. 115Paragraph 115
  917. Treatment of shares acquired under rights issue
  918. 116Paragraph 116
  919. 116AExemptions from stamp duty and stamp duty reserve tax
  920. Power to require information
  921. 117Exemptions from stamp duty and stamp duty reserve tax
  922. Withdrawal of approval
  923. 118Paragraph 118
  924. Appeal against withdrawal of approval
  925. 119Paragraph 119
  926. Termination of plan
  927. 120Paragraph 120
  928. Effect of plan termination notice
  929. 121Paragraph 121
  930. Meaning of shares being withdrawn from or ceasing to be subject to plan
  931. 122Paragraph 122
  932. Meaning of participant ceasing to be in relevant employment
  933. 123Paragraph 123
  934. Exercise of functions conferred on “the Inland Revenue"
  935. 124Paragraph 124
  936. Determination of market value
  937. 125Paragraph 125
  938. Meaning of “associated company"
  939. 126Paragraph 126
  940. Jointly owned companies
  941. 127Paragraph 127
  942. Meaning of “readily convertible asset"
  943. 128Paragraph 128
  944. Minor definitions
  945. 129Paragraph 129
  946. Index of defined expressions
  947. 130Paragraph 130
  948. Schedule 9: New Schedule 7C to the Taxation of Chargeable Gains Act 1992
  949. Paragraph
  950. Schedule 10
  951. Introduction
  952. 1Paragraph 1
  953. Accommodation, supplies or services used in performing duties of employment
  954. 2Paragraph 2
  955. Power to provide by regulations for exemption of minor benefits
  956. 3Paragraph 3
  957. Beneficial loans: exception of loan where whole of interest qualifies for relief
  958. 4Paragraph 4
  959. Beneficial loans: loans on ordinary commercial terms
  960. 5Paragraph 5
  961. Beneficial loans: apportionment of benefit in case of joint loan etc.
  962. 6Paragraph 6
  963. Schedule 11
  964. 1Paragraph 1
  965. 2Paragraph 2
  966. Schedule 12: Provision of services through an intermediary
  967. Part I: Application of this Schedule
  968. Engagements to which this Schedule applies
  969. 1Paragraph 1 Repealed
  970. Worker treated as receiving Schedule E income
  971. 2Paragraph 2 Repealed
  972. Conditions of liability where intermediary is a company
  973. 3Paragraph 3 Repealed
  974. Conditions of liability where intermediary is a partnership
  975. 4Paragraph 4 Repealed
  976. Conditions of liability where intermediary is an individual
  977. 5Paragraph 5 Repealed
  978. Exception of certain payments subject to deduction of tax
  979. 6Paragraph 6 Repealed
  980. Part II: The deemed Schedule E payment
  981. Calculation of deemed Schedule E payment
  982. 7Paragraph 7 Repealed
  983. 7AReimbursed expenses Repealed
  984. 7BTreatment of mileage allowances Repealed
  985. Treatment of payments made under construction industry scheme
  986. 8Paragraph 8 Repealed
  987. Apportionments
  988. 9Paragraph 9 Repealed
  989. Application of Schedule E rules
  990. 10Paragraph 10 Repealed
  991. Application of Income Tax Acts in relation to deemed Schedule E payment
  992. 11Paragraph 11 Repealed
  993. Part III: Supplementary provisions
  994. Earlier date of deemed Schedule E payment in certain cases
  995. 12Paragraph 12 Repealed
  996. Relief in case of distributions by intermediary
  997. 13Paragraph 13 Repealed
  998. Provisions applicable to multiple intermediaries
  999. 14Paragraph 14 Repealed
  1000. Multiple intermediaries: avoidance of double-counting
  1001. 15Paragraph 15 Repealed
  1002. Multiple intermediaries: joint and several liability for PAYE deductions
  1003. 16Paragraph 16 Repealed
  1004. Calculation of profits of intermediary: deduction for deemed Schedule E payment
  1005. 17Paragraph 17 Repealed
  1006. Calculation of profits of intermediary: special rules for partnerships
  1007. 18Paragraph 18 Repealed
  1008. Meaning of “associate"
  1009. 19Paragraph 19 Repealed
  1010. Meaning of “the Inland Revenue"
  1011. 20Paragraph 20 Repealed
  1012. Interpretation
  1013. 21Paragraph 21 Repealed
  1014. Transitional provisions: general
  1015. 22Paragraph 22 Repealed
  1016. Transitional provisions: deemed discontinuance of business
  1017. 23Paragraph 23 Repealed
  1018. Saving for provisions relating to agency workers
  1019. 24Paragraph 24 Repealed
  1020. Schedule 13: Occupational and personal pension schemes Repealed
  1021. Part I: Amendments of the Taxes Act 1988 Repealed
  1022. Introductory Repealed
  1023. 1Paragraph 1 Repealed
  1024. Exception of certain life policies from chargeable events legislation Repealed
  1025. 2Paragraph 2 Repealed
  1026. No charge to tax under section 591C on conversion under Schedule 23ZA Repealed
  1027. 3Paragraph 3 Repealed
  1028. Definition of “retirement benefits scheme" Repealed
  1029. 4Paragraph 4 Repealed
  1030. Interpretation of Chapter 4IV of Part XIV Repealed
  1031. 5Paragraph 5 Repealed
  1032. Approval of personal pension schemes Repealed
  1033. 6Paragraph 6 Repealed
  1034. Conversion of certain approved retirement benefits schemes Repealed
  1035. 7Paragraph 7 Repealed
  1036. Eligibility to make contributions Repealed
  1037. 8Paragraph 8 Repealed
  1038. Insurance against risks relating to non-payment of contributions Repealed
  1039. 9Paragraph 9 Repealed
  1040. Income withdrawals: the relevant date Repealed
  1041. 10Paragraph 10 Repealed
  1042. Income withdrawals: purchase of two or more annuities Repealed
  1043. 11Paragraph 11 Repealed
  1044. Income withdrawals after death of member Repealed
  1045. 12Paragraph 12 Repealed
  1046. Other restrictions on approval Repealed
  1047. 13Paragraph 13 Repealed
  1048. Multiple pension dates Et ceteralaetc Repealed
  1049. 14Paragraph 14 Repealed
  1050. Tax relief on member’s contributions Repealed
  1051. 15Paragraph 15 Repealed
  1052. Maximum amount of deductions Repealed
  1053. 16Paragraph 16 Repealed
  1054. Carry-back of contributions Repealed
  1055. 17Paragraph 17 Repealed
  1056. Election for contributions to be treated as paid in previous year Repealed
  1057. 18Paragraph 18 Repealed
  1058. Abolition of carry-forward of relief Repealed
  1059. 19Paragraph 19 Repealed
  1060. Earnings from pensionable employment Repealed
  1061. 20Paragraph 20 Repealed
  1062. Meaning of “net relevant earnings" Repealed
  1063. 21Paragraph 21 Repealed
  1064. Presumption of same level of relevant earnings Et ceteralaetc for 5 years Repealed
  1065. 22Paragraph 22 Repealed
  1066. Higher level contributions after cessation of actual relevant earnings: modification of section 646B Repealed
  1067. 23Paragraph 23 Repealed
  1068. Appeals Repealed
  1069. 24Paragraph 24 Repealed
  1070. Old transitional provisions Repealed
  1071. 25Paragraph 25 Repealed
  1072. Benefits under approved pension arrangements not to be income of settlor Repealed
  1073. 26Paragraph 26 Repealed
  1074. Conversion of certain approved retirement benefits schemes Repealed
  1075. 27Paragraph 27 Repealed
  1076. Part II: Transitional provisions Repealed
  1077. Schemes approved before 6th April 2001 deemed to contain certain provisions Repealed
  1078. 28Paragraph 28 Repealed
  1079. Deemed requisite evidence for the presumptions Repealed
  1080. 29Paragraph 29 Repealed
  1081. Applications for approval Repealed
  1082. 30Paragraph 30 Repealed
  1083. Schedule 14
  1084. Part I: Introductory
  1085. Qualifying options
  1086. 1Paragraph 1
  1087. Notice of option to be given to Inland Revenue
  1088. 2Paragraph 2
  1089. Correction of notice by Revenue
  1090. 3Paragraph 3
  1091. Notice of enquiry
  1092. 4Paragraph 4
  1093. Completion of enquiry
  1094. 5Paragraph 5
  1095. Effect of enquiry
  1096. 6Paragraph 6
  1097. Appeals
  1098. 7Paragraph 7
  1099. Part II: General requirements
  1100. Introduction
  1101. 8Paragraph 8
  1102. Purpose of granting the option
  1103. 9Paragraph 9
  1104. Maximum entitlement of employee
  1105. 10Paragraph 10
  1106. Number of employees who may hold qualifying options
  1107. 11Maximum value of options in respect of relevant company’s shares
  1108. Part III: Qualifying companies
  1109. Introduction
  1110. 12Paragraph 12
  1111. The independence requirement
  1112. 13Paragraph 13
  1113. The qualifying subsidiaries requirement
  1114. 14Paragraph 14
  1115. Meaning of “qualifying subsidiary"
  1116. 15Paragraph 15
  1117. The gross assets requirement
  1118. 16Paragraph 16
  1119. The trading activities requirement
  1120. 17Paragraph 17
  1121. Meaning of “qualifying trade"
  1122. 18Paragraph 18
  1123. Excluded activities
  1124. 19Paragraph 19
  1125. Excluded activities: wholesale and retail distribution
  1126. 20Paragraph 20
  1127. Excluded activities: leasing of ships
  1128. 21Paragraph 21
  1129. Excluded activities: receipt of royalties and licence fees
  1130. 22Paragraph 22
  1131. Excluded activities: property development
  1132. 23Paragraph 23
  1133. Excluded activities: hotels and comparable establishments
  1134. 24Paragraph 24
  1135. Excluded activities: nursing homes and residential care homes
  1136. 25Paragraph 25
  1137. Excluded activities: provision of facilities for another business
  1138. 26Paragraph 26
  1139. Part IV: Eligible employees
  1140. Introduction
  1141. 27Paragraph 27
  1142. The employment requirement
  1143. 28Paragraph 28
  1144. The requirement as to commitment of working time
  1145. 29Paragraph 29
  1146. The “no material interest" requirement
  1147. 30Paragraph 30
  1148. Meaning of “material interest"
  1149. 31Paragraph 31
  1150. Material interest: options etc.
  1151. 32Paragraph 32
  1152. Material interest: shares held by trustees of approved profit-sharing schemes etc.
  1153. 33Paragraph 33
  1154. Meaning of “associate"
  1155. 34Paragraph 34
  1156. Meaning of “associate": trustees of employee benefit trust
  1157. 35Paragraph 35
  1158. Meaning of “associate": trustees of discretionary trust
  1159. 36Paragraph 36
  1160. Part V: Requirements as to terms of option etc.
  1161. Introduction
  1162. 37Paragraph 37
  1163. Type of shares that may be acquired
  1164. 38Paragraph 38
  1165. Option to be capable of exercise within 10 years
  1166. 39Paragraph 39
  1167. Terms of option to be agreed in writing
  1168. 40Paragraph 40
  1169. Non-assignability of rights
  1170. 41Paragraph 41
  1171. Part VI: Income tax
  1172. Introduction
  1173. 42Paragraph 42
  1174. Exclusion of charge on grant
  1175. 43Paragraph 43
  1176. Exercise of option to acquire shares at market value
  1177. 44Paragraph 44
  1178. Exercise of option to acquire shares at less than market value
  1179. 45Paragraph 45
  1180. Exercise of option to acquire shares at nil cost
  1181. 46Paragraph 46
  1182. Main disqualifying events
  1183. 47Paragraph 47
  1184. Disqualifying events: company reorganisation
  1185. 48Paragraph 48
  1186. Disqualifying events: alterations of share capital
  1187. 49Paragraph 49
  1188. Disqualifying events: conversion of shares
  1189. 50Paragraph 50
  1190. Disqualifying events: grant of CSOP option
  1191. 51Paragraph 51
  1192. Disqualifying events: actual relevant working time
  1193. 52Paragraph 52
  1194. Effect of disqualifying event
  1195. 53Paragraph 53
  1196. Exclusion of charge on acquisition at under-value
  1197. 54Paragraph 54
  1198. Saving for other income tax charges
  1199. 55Paragraph 55
  1200. Part VII: Capital gains tax
  1201. Qualifying shares
  1202. 56Paragraph 56
  1203. Taper relief on disposal of qualifying shares
  1204. 57Paragraph 57
  1205. Rights issues in respect of qualifying shares
  1206. 58Paragraph 58
  1207. Part VIII: Company reorganisations
  1208. Introduction
  1209. 59Paragraph 59
  1210. Meaning of “qualifying exchange of shares"
  1211. 60Paragraph 60
  1212. Grant of replacement option
  1213. 61Paragraph 61
  1214. Period within which replacement option must be granted
  1215. 62Paragraph 62
  1216. Qualifying requirements for replacement option
  1217. 63Paragraph 63
  1218. Part IX: Supplementary provisions
  1219. Power to require information
  1220. 64Paragraph 64
  1221. Annual returns
  1222. 65Paragraph 65
  1223. Meaning of “market value" of shares
  1224. 66Paragraph 66
  1225. Determination of market value
  1226. 67Paragraph 67
  1227. Exercise of functions conferred on “the Inland Revenue"
  1228. 68Paragraph 68
  1229. Power to amend by Treasury order
  1230. 69Paragraph 69
  1231. Compliance with time limits
  1232. 70Paragraph 70
  1233. Minor definitions
  1234. 71Paragraph 71
  1235. Index of defined expressions
  1236. 72Paragraph 72
  1237. Schedule 15: The corporate venturing scheme
  1238. Part I: Investment relief: introduction
  1239. Meaning of “investment relief"
  1240. 1Paragraph 1
  1241. Eligibility for investment relief
  1242. 2Paragraph 2
  1243. Meaning of “the qualification period"
  1244. 3Paragraph 3
  1245. Part II: The investing company
  1246. Introduction
  1247. 4Paragraph 4
  1248. The “no material interest" requirement
  1249. 5Paragraph 5
  1250. The “no reciprocal arrangements" requirement
  1251. 6Paragraph 6
  1252. Meaning of “material interest"
  1253. 7Paragraph 7
  1254. The “no control" requirement
  1255. 8Paragraph 8
  1256. Relevant preference shares
  1257. 9Paragraph 9
  1258. The non-financial activities requirement
  1259. 10Paragraph 10
  1260. Meaning of “non-financial trade"
  1261. 11Paragraph 11
  1262. Meaning of “non-financial trading group"
  1263. 12Paragraph 12
  1264. Requirement as to shares being a chargeable asset
  1265. 13Paragraph 13
  1266. Requirement as to no tax avoidance
  1267. 14Paragraph 14
  1268. Part III: The issuing company
  1269. Introduction
  1270. 15Paragraph 15
  1271. The “unquoted status" requirement
  1272. 16Paragraph 16
  1273. The independence requirement
  1274. 17Paragraph 17
  1275. The “individual-owners" requirement
  1276. 18Paragraph 18
  1277. The partnerships and joint ventures requirement
  1278. 19Paragraph 19
  1279. The qualifying subsidiaries requirement
  1280. 20Paragraph 20
  1281. Meaning of “qualifying subsidiary"
  1282. 21Paragraph 21
  1283. The property managing subsidiaries requirement
  1284. 21AParagraph 21A
  1285. The gross assets requirement
  1286. 22Paragraph 22
  1287. The number of employees requirement
  1288. 22AParagraph 22A
  1289. The trading activities requirement
  1290. 23Paragraph 23
  1291. Meaning of “qualifying 90% subsidiary”
  1292. 23AParagraph 23A
  1293. Ceasing to meet trading activities requirement by reason of administration, receivership, etc.
  1294. 24Paragraph 24
  1295. Meaning of “qualifying trade"
  1296. 25Paragraph 25
  1297. Excluded activities
  1298. 26Paragraph 26
  1299. Excluded activities: wholesale and retail distribution
  1300. 27Paragraph 27
  1301. Excluded activities: leasing of ships
  1302. 28Paragraph 28
  1303. Excluded activities: receipt of royalties and licence fees
  1304. 29Paragraph 29
  1305. Excluded activities: property development
  1306. 30Paragraph 30
  1307. Excluded activities: shipbuilding
  1308. 30AParagraph 30A
  1309. Excluded activities: producing coal
  1310. 30BParagraph 30B
  1311. Excluded activities: producing steel
  1312. 30CParagraph 30C
  1313. Excluded activities: hotels and comparable establishments
  1314. 31Paragraph 31
  1315. Excluded activities: nursing homes and residential care homes
  1316. 32Paragraph 32
  1317. Excluded activities: provision of facilities for another business
  1318. 33Paragraph 33
  1319. Part IV: General requirements
  1320. Introduction
  1321. 34Paragraph 34
  1322. Requirement as to the shares
  1323. 35Paragraph 35
  1324. Requirement as to maximum amount raised annually through risk capital schemes
  1325. 35AParagraph 35A
  1326. Requirement as to the money raised
  1327. 36Paragraph 36
  1328. Requirement as to no pre-arranged exits
  1329. 37Paragraph 37
  1330. Requirement as to no tax avoidance
  1331. 38Paragraph 38
  1332. Part V: Investment relief
  1333. Form of investment relief
  1334. 39Paragraph 39
  1335. Entitlement to claim
  1336. 40Paragraph 40
  1337. Compliance certificates
  1338. 41Paragraph 41
  1339. Compliance statements
  1340. 42Paragraph 42
  1341. Appeal against refusal to authorise compliance certificate
  1342. 43Paragraph 43
  1343. Penalties for fraudulent certificate or statement etc.
  1344. 44Paragraph 44
  1345. Attribution of relief to shares
  1346. 45Paragraph 45
  1347. Part VI: Withdrawal of investment relief
  1348. Disposal of shares
  1349. 46Paragraph 46
  1350. Value received by investing company
  1351. 47Paragraph 47
  1352. Meaning of “the period of restriction"
  1353. 48Paragraph 48
  1354. When value is received
  1355. 49Paragraph 49
  1356. The amount of value received
  1357. 50Paragraph 50
  1358. Value received where there is more than one issue of shares
  1359. 51Paragraph 51
  1360. Cases where maximum investment relief not obtained
  1361. 52Paragraph 52
  1362. Receipts of value by and from connected persons
  1363. 53Paragraph 53
  1364. Receipt of replacement value
  1365. 54Paragraph 54
  1366. Provision supplementary to paragraph 54
  1367. 55Paragraph 55
  1368. Value received by other persons
  1369. 56Paragraph 56
  1370. Insignificant repayments disregarded
  1371. 57Paragraph 57
  1372. Provision supplementary to paragraph 56 and 57
  1373. 58Paragraph 58
  1374. Put options and call options
  1375. 59Paragraph 59
  1376. Withdrawal of relief
  1377. 60Paragraph 60
  1378. Appeals against withdrawal of relief
  1379. 61Paragraph 61
  1380. Time limits
  1381. 62Paragraph 62
  1382. Interest
  1383. 63Paragraph 63
  1384. Information to be provided by the investing company
  1385. 64Paragraph 64
  1386. Information to be provided by the issuing company etc.
  1387. 65Paragraph 65
  1388. Power of Inland Revenue to obtain information
  1389. 66Paragraph 66
  1390. Part VII: Relief for losses on disposals of shares
  1391. Eligibility for relief against income
  1392. 67Paragraph 67
  1393. Entitlement to claim
  1394. 68Paragraph 68
  1395. Form of loss relief
  1396. 69Paragraph 69
  1397. Priority of loss relief
  1398. 70Paragraph 70
  1399. Tax avoidance
  1400. 71Paragraph 71
  1401. Adjustment of corporation tax
  1402. 72Paragraph 72
  1403. Part VIII: Deferral relief
  1404. Introduction
  1405. 73Paragraph 73
  1406. Meaning of “qualifying investment"
  1407. 74Paragraph 74
  1408. Meaning of “the qualifying shares"
  1409. 75Paragraph 75
  1410. Postponement of original gain
  1411. 76Paragraph 76
  1412. Meaning of “deferral relief"
  1413. 77Paragraph 77
  1414. Chargeable events
  1415. 78Paragraph 78
  1416. Gain accruing on chargeable event
  1417. 79Paragraph 79
  1418. Part IX: Company restructuring
  1419. Share reorganisations
  1420. 80Paragraph 80
  1421. Rights issues etc.
  1422. 81Paragraph 81
  1423. Company reconstructions and amalgamations
  1424. 82Paragraph 82
  1425. Certain exchanges resulting in acquisition of share capital by new company
  1426. 83Paragraph 83
  1427. No disposal on certain exchanges of shares
  1428. 84Paragraph 84
  1429. Attribution of relief to new shares
  1430. 85Paragraph 85
  1431. Substitution of new shares for old shares
  1432. 86Paragraph 86
  1433. Operation of requirements of Parts II and III in relation to new shares
  1434. 87Paragraph 87
  1435. Relationship between this Part and the 1992 Act
  1436. 88Paragraph 88
  1437. Part X: Advance clearance
  1438. Application for advance clearance notice
  1439. 89Paragraph 89
  1440. Provision of further information
  1441. 90Paragraph 90
  1442. Decision on application and review procedure
  1443. 91Paragraph 91
  1444. Effect of advance clearance notice
  1445. 92Paragraph 92
  1446. Part XI: Supplementary and general
  1447. Identification of shares on a disposal
  1448. 93Paragraph 93
  1449. Determination of loss where investment relief is attributable to shares
  1450. 94Paragraph 94
  1451. Nominees
  1452. 95Paragraph 95
  1453. Meaning of “disposal"
  1454. 96Paragraph 96
  1455. Construction of references to shares being “held continuously"
  1456. 97Paragraph 97
  1457. Meaning of “issue of shares"
  1458. 98Paragraph 98
  1459. Meaning of “associate"
  1460. 99Paragraph 99
  1461. “The Board" and “the Inland Revenue"
  1462. 100Paragraph 100
  1463. Power to amend by Treasury order
  1464. 101Paragraph 101
  1465. Minor definitions etc.
  1466. 102Paragraph 102
  1467. Index of defined expressions
  1468. 103Paragraph 103
  1469. Schedule 16: Corporate venturing scheme: consequential amendments
  1470. Penalties in connection with returns etc.
  1471. 1Paragraph 1
  1472. Enterprise investment scheme
  1473. 2Paragraph 2 Repealed
  1474. Loss relief
  1475. 3Paragraph 3 Repealed
  1476. EIS: deferral relief
  1477. 4Paragraph 4
  1478. Company tax returns, assessments etc.
  1479. 5Paragraph 5
  1480. Schedule 17: Enterprise investment scheme: amendments Repealed
  1481. Part I: Reduction of applicable periods
  1482. Meaning of “eligible shares"
  1483. 1Paragraph 1 Repealed
  1484. Conditions relating to individuals
  1485. 2Paragraph 2 Repealed
  1486. Conditions relating to further investment by connected person
  1487. 3Paragraph 3 Repealed
  1488. Value received from company
  1489. 4Paragraph 4 Repealed
  1490. Value received by persons other than claimants
  1491. 5Paragraph 5 Repealed
  1492. Meaning of “termination date" and “relevant period"
  1493. 6Paragraph 6 Repealed
  1494. Postponement of chargeable gains on reinvestment
  1495. 7Paragraph 7 Repealed
  1496. Commencement
  1497. 8Paragraph 8
  1498. Part II: Qualifying companies
  1499. Company in administration or receivership
  1500. 9Paragraph 9 Repealed
  1501. Company in liquidation
  1502. 10Paragraph 10 Repealed
  1503. Independence of qualifying company
  1504. 11Paragraph 11 Repealed
  1505. Commencement
  1506. 12Paragraph 12 Repealed
  1507. Part III: Other amendments
  1508. Qualifying trades
  1509. 13Paragraph 13 Repealed
  1510. Meaning of “arrangements"
  1511. 14Paragraph 14 Repealed
  1512. Meaning of “research and development"
  1513. 15Paragraph 15
  1514. Schedule 18: Venture capital trusts: amendments
  1515. Part I: Reduction of applicable periods
  1516. Relief from income tax
  1517. 1Paragraph 1 Repealed
  1518. Deferred CGT charge on reinvestment
  1519. 2Paragraph 2
  1520. Commencement
  1521. 3Paragraph 3
  1522. Part II: Qualifying holdings Repealed
  1523. Introductory Repealed
  1524. 4Paragraph 4 Repealed
  1525. Qualifying trade: receipt of royalties or licence fees Repealed
  1526. 5Paragraph 5 Repealed
  1527. Meaning of “research and development" Repealed
  1528. 6Paragraph 6 Repealed
  1529. Company in administration or receivership Repealed
  1530. 7Paragraph 7 Repealed
  1531. Company reorganisations et ceteralaetc. involving exchange of shares Repealed
  1532. 8Paragraph 8 Repealed
  1533. Schedule 19: Meaning of “research and development"
  1534. Part I: The new definition
  1535. Research and development
  1536. 1Paragraph 1 Repealed
  1537. Oil and gas exploration and appraisal
  1538. 2Paragraph 2 Repealed
  1539. Part II: Consequential amendments
  1540. Income and Corporation Taxes Act 1988 (c.1)
  1541. 3Paragraph 3
  1542. 4Paragraph 4
  1543. 5Paragraph 5
  1544. 6Paragraph 6
  1545. Capital Allowances Act 1990 (c.1)
  1546. 7Paragraph 7
  1547. 8Paragraph 8
  1548. 9Paragraph 9
  1549. 10Paragraph 10
  1550. 11Paragraph 11
  1551. Taxation of Chargeable Gains Act 1992 (c.12)
  1552. 12Paragraph 12
  1553. Schedule 20: Tax relief for expenditure on research and development Repealed
  1554. Part I: Entitlement to relief Repealed
  1555. Entitlement to R&D tax relief Repealed
  1556. 1Paragraph 1 Repealed
  1557. Meaning of “small or medium-sized enterprise". Repealed
  1558. 2Paragraph 2 Repealed
  1559. Qualifying R&D expenditure Repealed
  1560. 3Paragraph 3 Repealed
  1561. Relevant research and development Repealed
  1562. 4Paragraph 4 Repealed
  1563. Staffing costs Repealed
  1564. 5Paragraph 5 Repealed
  1565. Expenditure on software or consumable items Repealed
  1566. 6Paragraph 6 Repealed
  1567. Relevant payments to subjects of clinical trials Repealed
  1568. 6AParagraph 6A Repealed
  1569. Meaning of “intellectual property" Repealed
  1570. 7Paragraph 7 Repealed
  1571. Subsidised expenditure Repealed
  1572. 8Paragraph 8 Repealed
  1573. Qualifying expenditure on externally provided workers Repealed
  1574. 8AParagraph 8A Repealed
  1575. Meaning of “externally provided worker” Repealed
  1576. 8BParagraph 8B Repealed
  1577. Treatment of expenditure where company and staff provider are connected persons Repealed
  1578. 8CParagraph 8C Repealed
  1579. Election for connected persons treatment Repealed
  1580. 8DParagraph 8D Repealed
  1581. Treatment of staff provision payment in other cases Repealed
  1582. 8EParagraph 8E Repealed
  1583. Qualifying expenditure on sub-contracted research and development Repealed
  1584. 9Paragraph 9 Repealed
  1585. Treatment of expenditure where company and sub-contractor are connected persons Repealed
  1586. 10Paragraph 10 Repealed
  1587. Election for connected persons treatment Repealed
  1588. 11Paragraph 11 Repealed
  1589. Treatment of sub-contractor payment in other cases Repealed
  1590. 12Paragraph 12 Repealed
  1591. Part II: Manner of giving effect to relief Repealed
  1592. Deduction in computing profits of trade Repealed
  1593. 13Paragraph 13 Repealed
  1594. Alternative treatment of pre-trading expenditure Repealed
  1595. 14Paragraph 14 Repealed
  1596. Entitlement to R&D tax credit Repealed
  1597. 15Paragraph 15 Repealed
  1598. Amount of credit Repealed
  1599. 16Paragraph 16 Repealed
  1600. Total amount of company’s Pay As You EarnPAYE and NICs liabilities Repealed
  1601. 17Paragraph 17 Repealed
  1602. Payment in respect of R&D tax credit Repealed
  1603. 18Paragraph 18 Repealed
  1604. R&D tax relief or tax credit only available where company is a going concern Repealed
  1605. 18AParagraph 18A Repealed
  1606. Restriction on losses carried forward Repealed
  1607. 19Paragraph 19 Repealed
  1608. Payment in respect of R&D tax credit not income Repealed
  1609. 20Paragraph 20 Repealed
  1610. Part III: Supplementary provisions Repealed
  1611. Artificially inflated claims for deduction or R&D tax credit Repealed
  1612. 21Paragraph 21 Repealed
  1613. Restriction on consortium relief Repealed
  1614. 22Paragraph 22 Repealed
  1615. Treatment of deemed trading loss Repealed
  1616. 23Paragraph 23 Repealed
  1617. Funding of R&D tax credits Repealed
  1618. 24Paragraph 24 Repealed
  1619. Interpretation Repealed
  1620. 25Paragraph 25 Repealed
  1621. Transitional provisions Repealed
  1622. 26Paragraph 26 Repealed
  1623. Schedule 21: R&D tax credits: consequential amendments
  1624. Interest
  1625. 1Paragraph 1
  1626. Claim must be made in tax return
  1627. 2Paragraph 2
  1628. Recovery of excessive R&D tax credit
  1629. 3Paragraph 3
  1630. Claims for R&D tax credits
  1631. 4Paragraph 4
  1632. Schedule 22: Tonnage tax
  1633. Part I: Introductory
  1634. Tonnage tax
  1635. 1Paragraph 1
  1636. Tonnage tax companies and groups
  1637. 2Paragraph 2
  1638. Profits of tonnage tax company
  1639. 3Paragraph 3
  1640. Tonnage tax profits: method of calculation
  1641. 4Paragraph 4
  1642. Tonnage tax profits: calculation in case of joint operation etc.
  1643. 5Paragraph 5
  1644. Measurement of tonnage of ship
  1645. 6Paragraph 6
  1646. Part II: Tonnage tax elections
  1647. Company or group election
  1648. 7Paragraph 7
  1649. Method of making election
  1650. 8Paragraph 8
  1651. Person by whom election to be made
  1652. 9Paragraph 9
  1653. When election may be made
  1654. 10Paragraph 10
  1655. Power to provide further opportunities for election
  1656. 11Paragraph 11
  1657. When election takes effect
  1658. 12Paragraph 12
  1659. Period for which election is in force
  1660. 13Paragraph 13
  1661. Effect of election ceasing to be in force
  1662. 14Paragraph 14
  1663. Renewal election
  1664. 15Paragraph 15
  1665. Bridging renewal election
  1666. 15ZAParagraph 15ZA
  1667. Withdrawal notices
  1668. 15AParagraph 15A
  1669. Power to provide further opportunities for withdrawal
  1670. 15BParagraph 15B
  1671. Part III: Qualifying companies and groups
  1672. Qualifying companies and groups
  1673. 16Paragraph 16
  1674. Effect of temporarily ceasing to operate qualifying ships
  1675. 17Paragraph 17
  1676. Meaning of operating a ship
  1677. 18Paragraph 18
  1678. Meaning of managing a qualifying ship
  1679. 18AParagraph 18A
  1680. Qualifying ships
  1681. 19Paragraph 19
  1682. Vessels excluded from being qualifying ships
  1683. 20Paragraph 20
  1684. Qualifying dredgers and tugs
  1685. 20AParagraph 20A
  1686. Power to modify exclusions
  1687. 21Paragraph 21
  1688. Effect of change of use
  1689. 22Paragraph 22
  1690. ...
  1691. 22AParagraph 22A Repealed
  1692. ...
  1693. 22BParagraph 22B Repealed
  1694. ...
  1695. 22CParagraph 22C Repealed
  1696. ...
  1697. 22DParagraph 22D Repealed
  1698. ...
  1699. 22EParagraph 22E Repealed
  1700. ...
  1701. 22FParagraph 22F Repealed
  1702. Part IV: The training requirement
  1703. Introduction
  1704. 23Paragraph 23
  1705. The minimum training obligation
  1706. 24Paragraph 24
  1707. Meaning of “training commitment"
  1708. 25Paragraph 25
  1709. Approval of initial training commitment
  1710. 26Paragraph 26
  1711. Annual training commitment
  1712. 27Paragraph 27
  1713. Supplementary provisions about training commitments
  1714. 28Paragraph 28
  1715. Payments in lieu of training
  1716. 29Paragraph 29
  1717. Monitoring of compliance with training commitment
  1718. 30Paragraph 30
  1719. Higher rate of payment in case of failure to meet training commitment
  1720. 31Paragraph 31
  1721. Certificate of non-compliance
  1722. 32Paragraph 32
  1723. Certificates of non-compliance: supplementary provisions
  1724. 33Paragraph 33
  1725. Disclosure of information
  1726. 34Paragraph 34
  1727. Offences
  1728. 35Paragraph 35
  1729. General provisions about regulations
  1730. 36Paragraph 36
  1731. Part V: Other requirements
  1732. The requirement that not more than 75% of fleet tonnage is chartered in
  1733. 37Paragraph 37
  1734. The 75% limit: election not effective if limit exceeded
  1735. 38Paragraph 38
  1736. The 75% limit: exclusion of company if limit exceeded
  1737. 39Paragraph 39
  1738. The 75% limit: exclusion of group if limit exceeded
  1739. 40Paragraph 40
  1740. The requirement not to enter into tax avoidance arrangements
  1741. 41Paragraph 41
  1742. Tax avoidance: exclusion from tonnage tax
  1743. 42Paragraph 42
  1744. Appeals
  1745. 43Paragraph 43
  1746. The requirement to prove compliance with safety etc standards
  1747. 43AParagraph 43A
  1748. Part VI: Relevant shipping profits
  1749. Introduction
  1750. 44Paragraph 44
  1751. Tonnage tax activities
  1752. 45Paragraph 45
  1753. Core qualifying activities
  1754. 46Paragraph 46
  1755. Qualifying secondary activities
  1756. 47Paragraph 47
  1757. Qualifying incidental activities
  1758. 48Paragraph 48
  1759. Relevant shipping income: distributions of overseas shipping companies
  1760. 49Paragraph 49
  1761. Relevant shipping income: certain interest etc.
  1762. 50Paragraph 50
  1763. General exclusion of investment income
  1764. 51Paragraph 51
  1765. Part VII: The ring fence: general provisions
  1766. Accounting period ends on entry or exit
  1767. 52Paragraph 52
  1768. Tonnage tax trade
  1769. 53Paragraph 53
  1770. Profits of controlled foreign companies
  1771. 54Paragraph 54
  1772. General exclusion of reliefs, deductions and set-offs
  1773. 55Paragraph 55
  1774. Exclusion of loss relief
  1775. 56Paragraph 56
  1776. Exclusion of relief or set-off against tax liability
  1777. 57Paragraph 57
  1778. Transactions not at arm’s length: between tonnage tax company and another person
  1779. 58Paragraph 58
  1780. Transactions not at arm’s length: between tonnage tax trade and other activities of same company
  1781. 59Paragraph 59
  1782. Transactions not at arm’s length: duty to give notice
  1783. 60Paragraph 60
  1784. Treatment of finance costs: single company
  1785. 61Paragraph 61
  1786. Treatment of finance costs: group company
  1787. 62Paragraph 62
  1788. Meaning of “finance costs"
  1789. 63Paragraph 63
  1790. Part VIII: Chargeable gains and allowable losses on tonnage tax assets
  1791. Chargeable gains: tonnage tax assets
  1792. 64Paragraph 64
  1793. Chargeable gains: disposal of tonnage tax asset
  1794. 65Paragraph 65
  1795. Chargeable gains: losses brought forward
  1796. 66Paragraph 66
  1797. Chargeable gains: roll-over relief for business assets
  1798. 67Paragraph 67
  1799. Part IX: The ring fence: capital allowances: general
  1800. Introduction
  1801. 68Paragraph 68
  1802. Entry: plant and machinery: assets to be used wholly for tonnage tax trade
  1803. 69Paragraph 69
  1804. Entry: plant and machinery: assets to be used partly for tonnage tax trade
  1805. 70Paragraph 70
  1806. Entry: ships acquired and disposed of within twelve months
  1807. 71Paragraph 71
  1808. Entry: deferred balancing charge on disposal of ship
  1809. 72Paragraph 72
  1810. During: plant and machinery: new expenditure partly for tonnage tax purposes
  1811. 73Paragraph 73
  1812. During: plant and machinery: asset beginning to be used for tonnage tax trade
  1813. 74Paragraph 74
  1814. During: plant and machinery: change of use of tonnage tax asset
  1815. 75Paragraph 75
  1816. During: plant and machinery: change of use of non-tonnage tax asset
  1817. 76Paragraph 76
  1818. During: plant and machinery: disposals
  1819. 77Paragraph 77
  1820. During: plant and machinery: reduction of balancing charges
  1821. 78Paragraph 78
  1822. During: plant and machinery: giving effect to balancing charge
  1823. 79Paragraph 79
  1824. 79AParagraph 79A
  1825. During: plant and machinery: deferment of balancing charge
  1826. 80Paragraph 80
  1827. During: plant and machinery: surrender of unrelieved qualifying expenditure
  1828. 81Paragraph 81
  1829. During: industrial buildings: mixed use
  1830. 82Paragraph 82
  1831. During: industrial buildings: balancing charges
  1832. 83Paragraph 83
  1833. During: industrial buildings: residue of qualifying expenditure
  1834. 84Paragraph 84 Repealed
  1835. Exit: plant and machinery
  1836. 85Paragraph 85
  1837. Exit: industrial buildings
  1838. 86Paragraph 86 Repealed
  1839. Meaning of “not entitled to capital allowances"
  1840. 87Paragraph 87
  1841. Interpretation
  1842. 88Paragraph 88
  1843. Part X: The ring fence: capital allowances: ship leasing
  1844. Introduction
  1845. 89Paragraph 89
  1846. Quantitative restrictions not to apply to ordinary charters
  1847. 89AParagraph 89A
  1848. Defeased leasing
  1849. 90Paragraph 90
  1850. Defeased leasing: excepted forms of security
  1851. 91Paragraph 91
  1852. Long funding leases: conditions for alternative treatment
  1853. 91AParagraph 91A
  1854. Lease to tonnage tax company or group
  1855. 91BParagraph 91B
  1856. Tonnage tax company to operate and manage qualifying ship
  1857. 91CParagraph 91C
  1858. Period and rate of sublease of qualifying ship
  1859. 91DParagraph 91D
  1860. Anti-avoidance
  1861. 91EParagraph 91E
  1862. Consequences of paragraph 91A(2) ceasing to have effect
  1863. 91FParagraph 91F
  1864. Sale and lease-back arrangements
  1865. 92Paragraph 92
  1866. Certificates required to support claim by ... lessor
  1867. 93Paragraph 93
  1868. Quantitative restrictions on allowances
  1869. 94Paragraph 94
  1870. Quantitative restrictions: further provisions as to rate bands, limit and pooling
  1871. 95Paragraph 95
  1872. Quantitative restrictions: meaning of “cost of providing ship"
  1873. 96Paragraph 96
  1874. Quantitative restrictions: treatment of disposal proceeds
  1875. 97Paragraph 97
  1876. Quantitative restrictions: change of circumstances bringing case within restrictions
  1877. 98Paragraph 98
  1878. Quantitative restrictions: change of circumstances taking case out of restrictions
  1879. 99Paragraph 99
  1880. Determination of tax written down value, etc.
  1881. 100Paragraph 100
  1882. Quantitative restrictions: power to alter amounts by regulations
  1883. 101Paragraph 101
  1884. Exclusion of leases entered into on or before 23rd December 1999
  1885. 102Paragraph 102
  1886. Part XI: Special rules for offshore activities
  1887. Introduction
  1888. 103Paragraph 103
  1889. Meaning of “offshore activities"
  1890. 104Paragraph 104
  1891. Vessels to which special provisions do not apply
  1892. 105Paragraph 105 Repealed
  1893. Treatment of periods of inactivity
  1894. 106Paragraph 106
  1895. Profits from offshore activities to be computed according to ordinary rules
  1896. 107Paragraph 107
  1897. Application of ring fence provisions
  1898. 108Paragraph 108
  1899. Chargeable gains from assets used for offshore activities
  1900. 109Paragraph 109
  1901. Capital allowances: general
  1902. 110Paragraph 110
  1903. Capital allowances: proportionate reduction of allowances
  1904. 111Paragraph 111
  1905. Capital allowances: notional qualifying expenditure: existing assets
  1906. 112Paragraph 112
  1907. Capital allowances: notional qualifying expenditure: new assets
  1908. 113Paragraph 113
  1909. The training requirement
  1910. 114Paragraph 114
  1911. Interpretation
  1912. 115Paragraph 115
  1913. Part XII: Groups, mergers and related matters
  1914. Meaning of “group" and “member of group"
  1915. 116Paragraph 116
  1916. Companies treated as controlled by an individual
  1917. 117Paragraph 117
  1918. Meaning of “control"
  1919. 118Paragraph 118
  1920. Company not to be treated as member of more than one group
  1921. 119Paragraph 119
  1922. Arrangements for dealing with group matters
  1923. 120Paragraph 120
  1924. Meaning of “merger" and “demerger"
  1925. 121Paragraph 121
  1926. Merger: between tonnage tax groups or companies
  1927. 122Paragraph 122
  1928. Merger: tonnage tax group or company and qualifying non-tonnage tax group or company
  1929. 123Paragraph 123
  1930. Merger: tonnage tax group or company and non-qualifying group or company
  1931. 124Paragraph 124
  1932. Merger: non-qualifying group or company and qualifying non-tonnage tax group or company
  1933. 125Paragraph 125
  1934. Meaning of “dominant party" in relation to merger
  1935. 126Paragraph 126
  1936. Demerger: single company
  1937. 127Paragraph 127
  1938. Demerger: group
  1939. 128Paragraph 128
  1940. Duty to notify Inland Revenue of group changes
  1941. 129Paragraph 129
  1942. Part XIII: Application of provisions to partnerships
  1943. Introduction
  1944. 130Paragraph 130
  1945. Calculation of partnership profits
  1946. 131Paragraph 131
  1947. Qualifying partnerships
  1948. 132Paragraph 132
  1949. Ships owned by or chartered to partners
  1950. 133Paragraph 133
  1951. Transactions not at arm’s length
  1952. 134Paragraph 134
  1953. Adjustments for capital allowance purposes
  1954. 135Paragraph 135
  1955. General
  1956. 136Paragraph 136
  1957. Part XIV: Withdrawal of relief etc. on company leaving tonnage tax
  1958. Introduction
  1959. 137Paragraph 137
  1960. Exit charge: chargeable gains
  1961. 138Paragraph 138
  1962. Exit charge: balancing charges
  1963. 139Paragraph 139
  1964. Ten year disqualification from re-entry into tonnage tax
  1965. 140Paragraph 140
  1966. Second or subsequent application of this Part
  1967. 141Paragraph 141
  1968. Part XV: Supplementary provisions
  1969. Meaning of “ship"
  1970. 142Paragraph 142
  1971. Meaning of “on bareboat charter terms"
  1972. 143Paragraph 143
  1973. Meaning of “associate"
  1974. 144Paragraph 144
  1975. Exercise of functions conferred on “the Inland Revenue"
  1976. 145Paragraph 145
  1977. Meaning of “company" and related expressions
  1978. 146Paragraph 146
  1979. Index of defined expressions
  1980. 147Paragraph 147
  1981. Schedule 23: Tax treatment of amounts relating to acquisition etc. of certain rights Repealed
  1982. Rights to which this Schedule applies Repealed
  1983. 1Paragraph 1 Repealed
  1984. Tax treatment of expenditure on acquisition and receipts from disposal Repealed
  1985. 2Paragraph 2 Repealed
  1986. Tax treatment of amounts arising from revaluation Repealed
  1987. 3Paragraph 3 Repealed
  1988. Tax treatment must accord with accounting approach in relevant group accounts Repealed
  1989. 4Paragraph 4 Repealed
  1990. Interpretation Repealed
  1991. 5Paragraph 5 Repealed
  1992. Transitional provision in relation to IRUs Repealed
  1993. 6Paragraph 6 Repealed
  1994. Schedule 24: New Schedule 4A to the Taxation of Chargeable Gains Act 1992
  1995. Paragraph
  1996. Schedule 25: New Schedule 4B to the Taxation of Chargeable Gains Act 1992
  1997. Paragraph
  1998. Schedule 26: Transfers of value: attribution of gains to beneficiaries
  1999. Part I: New Schedule 4C to the Taxation of Chargeable Gains Act 1992
  2000. 1Paragraph 1
  2001. Part II: Consequential amendments
  2002. Taxation of Chargeable Gains Act 1992 (c.12)
  2003. 2Paragraph 2
  2004. 3Paragraph 3
  2005. 4Paragraph 4
  2006. 5Paragraph 5
  2007. Taxes Act 1988
  2008. 6Paragraph 6 Repealed
  2009. Schedule 27: Group relief in case of non-resident companies etc.
  2010. Part I: Amendments of Chapter IV of Part X of the Taxes Act 1988
  2011. Availability of relief
  2012. 1Paragraph 1 Repealed
  2013. 2Paragraph 2 Repealed
  2014. Limits on amount of relief
  2015. 3Paragraph 3 Repealed
  2016. 4Paragraph 4 Repealed
  2017. Amendments of Schedule 18 to the Taxes Act 1988
  2018. 5Paragraph 5 Repealed
  2019. Commencement
  2020. 6Paragraph 6 Repealed
  2021. Part II: Consequential amendments
  2022. Section 76 of the Taxes Act 1988
  2023. 7Paragraph 7 Repealed
  2024. Section 434A of the Taxes Act 1988
  2025. 8Paragraph 8 Repealed
  2026. Section 502 of the Taxes Act 1988
  2027. 9Paragraph 9 Repealed
  2028. Schedule 24 to the Taxes Act 1988
  2029. 10Paragraph 10
  2030. Schedule 18 to the Finance Act 1998
  2031. 11Paragraph 11
  2032. Commencement
  2033. 12Paragraph 12
  2034. Schedule 28: Recovery of tax payable by non-resident company Repealed
  2035. Introduction Repealed
  2036. 1Paragraph 1 Repealed
  2037. Companies that may be required to pay unpaid tax Repealed
  2038. 2Paragraph 2 Repealed
  2039. Notice requiring payment of unpaid tax Repealed
  2040. 3Paragraph 3 Repealed
  2041. Time limit for giving notice Repealed
  2042. 4Paragraph 4 Repealed
  2043. Limit on amount payable in consortium case Repealed
  2044. 5Paragraph 5 Repealed
  2045. Supplementary provisions Repealed
  2046. 6Paragraph 6 Repealed
  2047. Schedule 29: Chargeable gains: non-resident companies and groups etc.
  2048. Part I: Application of Taxation of Chargeable Gains Act 1992
  2049. Main amendments
  2050. 1Paragraph 1
  2051. Transfers within a group
  2052. 2Paragraph 2
  2053. Transfer of United Kingdom branch or agency
  2054. 3Paragraph 3
  2055. De-grouping charge
  2056. 4Paragraph 4
  2057. Reconstruction or amalgamation involving transfer of business
  2058. 5Paragraph 5
  2059. Deemed disposal on non-resident ceasing to carry on trade in United Kingdom through branch or agency
  2060. 6Paragraph 6
  2061. Restriction on set-off of pre-entry losses
  2062. 7Paragraph 7
  2063. Restrictions on setting losses against pre-entry gains
  2064. 8Paragraph 8 Repealed
  2065. Recovery of unpaid tax
  2066. 9Paragraph 9
  2067. Replacement of business assets by members of group
  2068. 10Paragraph 10
  2069. Transfers of assets within a group: trading stock
  2070. 11Paragraph 11
  2071. Restriction of losses by reference to capital allowances
  2072. 12Paragraph 12
  2073. Assets held on 6th April 1965: disposal outside group
  2074. 13Paragraph 13
  2075. Part II: Minor and consequential amendments
  2076. Section 97 of the Inheritance Tax Act 1984
  2077. 14Paragraph 14
  2078. Section 132 of the Finance Act 1988
  2079. 15Paragraph 15
  2080. Section 14 of the Taxation of Chargeable Gains Act 1992
  2081. 16Paragraph 16
  2082. Section 31A of the Taxation of Chargeable Gains Act 1992
  2083. 17Paragraph 17 Repealed
  2084. Section 106 of the Taxation of Chargeable Gains Act 1992
  2085. 18Paragraph 18 Repealed
  2086. Section 116 of the Taxation of Chargeable Gains Act 1992
  2087. 19Paragraph 19
  2088. Section 117A of the Taxation of Chargeable Gains Act 1992
  2089. 20Paragraph 20 Repealed
  2090. Section 117B of the Taxation of Chargeable Gains Act 1992
  2091. 21Paragraph 21 Repealed
  2092. Section 138A of the Taxation of Chargeable Gains Act 1992
  2093. 22Paragraph 22
  2094. Section 140 of the Taxation of Chargeable Gains Act 1992
  2095. 23Paragraph 23
  2096. Section 176 of the Taxation of Chargeable Gains Act 1992
  2097. 24Paragraph 24
  2098. Section 177 of the Taxation of Chargeable Gains Act 1992
  2099. 25Paragraph 25
  2100. Section 178 of the Taxation of Chargeable Gains Act 1992
  2101. 26Paragraph 26
  2102. Section 180 of the Taxation of Chargeable Gains Act 1992
  2103. 27Paragraph 27
  2104. Section 181 of the Taxation of Chargeable Gains Act 1992
  2105. 28Paragraph 28
  2106. Section 192 of the Taxation of Chargeable Gains Act 1992
  2107. 29Paragraph 29
  2108. Section 211 of the Taxation of Chargeable Gains Act 1992
  2109. 30Paragraph 30 Repealed
  2110. Section 216 of the Taxation of Chargeable Gains Act 1992
  2111. 31Paragraph 31
  2112. Section 217C of the Taxation of Chargeable Gains Act 1992
  2113. 32Paragraph 32
  2114. Section 228 of the Taxation of Chargeable Gains Act 1992
  2115. 33Paragraph 33
  2116. Section 253 of the Taxation of Chargeable Gains Act 1992
  2117. 34Paragraph 34
  2118. Section 276 of the Taxation of Chargeable Gains Act 1992
  2119. 35Paragraph 35
  2120. Schedule A1 to the Taxation of Chargeable Gains Act 1992
  2121. 36Paragraph 36
  2122. Schedule 2 to the Taxation of Chargeable Gains Act 1992
  2123. 37Paragraph 37
  2124. Schedule 3 to the Taxation of Chargeable Gains Act 1992
  2125. 38Paragraph 38
  2126. Schedule 7B to the Taxation of Chargeable Gains Act 1992
  2127. 39Paragraph 39 Repealed
  2128. Schedule 7C to the Taxation of Chargeable Gains Act 1992
  2129. 40Paragraph 40
  2130. Section 136 of the Finance Act 1993
  2131. 41Paragraph 41 Repealed
  2132. Section 136A of the Finance Act 1993
  2133. 42Paragraph 42 Repealed
  2134. Schedule 17 to the Finance Act 1993
  2135. 43Paragraph 43 Repealed
  2136. Schedule 9 to the Finance Act 1996
  2137. 44Paragraph 44 Repealed
  2138. Schedule 15 to the Finance Act 1996
  2139. 45Paragraph 45
  2140. Part III: Transitional provisions
  2141. 46Paragraph 46
  2142. 47De-grouping charge: deferral until company leaves new group
  2143. Schedule 30: Double taxation relief
  2144. Power to make treaty provision for matching credit for tax spared in foreign country
  2145. 1Paragraph 1 Repealed
  2146. Matching credit for tax spared below immediate overseas subsidiary: treaty relief
  2147. 2Paragraph 2 Repealed
  2148. Matching credit for tax spared below immediate overseas subsidiary: unilateral relief
  2149. 3Paragraph 3 Repealed
  2150. Relief for persons resident outside the UK who have branches or agencies in the UK
  2151. 4Paragraph 4
  2152. No double relief etc.
  2153. 5Paragraph 5 Repealed
  2154. Limits on credit: minimisation of the foreign tax
  2155. 6Paragraph 6 Repealed
  2156. Foreign tax on amounts underlying non-trading credits
  2157. 7Paragraph 7 Repealed
  2158. Restriction of relief for underlying tax
  2159. 8Paragraph 8 Repealed
  2160. Computation of underlying tax: the relevant profits
  2161. 9Paragraph 9 Repealed
  2162. Dividends paid between related companies but not covered by arrangements
  2163. 10Paragraph 10 Repealed
  2164. Restriction of relief for underlying tax: dividends paid between related companies
  2165. 11Paragraph 11 Repealed
  2166. Dividends paid out of transferred profits
  2167. 12Paragraph 12 Repealed
  2168. Separate streaming of dividend so far as representing an ADP dividend of a CFC
  2169. 13Paragraph 13 Repealed
  2170. UK insurance companies trading overseas: repeal of section 802
  2171. 14Paragraph 14 Repealed
  2172. Underlying tax: foreign taxation of group as a single entity
  2173. 15Paragraph 15 Repealed
  2174. Life assurance companies with overseas branches etc: restriction of credit
  2175. 16Paragraph 16 Repealed
  2176. Allocation of foreign tax to different categories of insurance business
  2177. 17Paragraph 17 Repealed
  2178. Allocation of expenses etc in a computation under Case I of Schedule D
  2179. 18Paragraph 18 Repealed
  2180. Interpretation of sections 804A to 804E
  2181. 19Paragraph 19
  2182. Time limits for claims for credit relief
  2183. 20Paragraph 20 Repealed
  2184. Foreign dividends: onshore pooling and utilisation of certain unrelieved foreign tax
  2185. 21Paragraph 21 Repealed
  2186. Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere
  2187. 22Paragraph 22 Repealed
  2188. Unrelieved foreign tax: profits of overseas branch or agency
  2189. 23Paragraph 23 Repealed
  2190. Foreign tax on amounts underlying non-trading credits
  2191. 24Paragraph 24 Repealed
  2192. Royalties: special relationship
  2193. 25Paragraph 25 Repealed
  2194. Postponement of capital allowances to obtain double taxation relief
  2195. 26Paragraph 26 Repealed
  2196. Time limits where reduction under s.811 rendered excessive or insufficient
  2197. 27Paragraph 27 Repealed
  2198. Mutual agreement procedure
  2199. 28Paragraph 28 Repealed
  2200. Restriction of interest on repayment of tax resulting from carry back of relievable tax
  2201. 29Paragraph 29
  2202. Time limits where deduction under s.278 of the 1992 Act rendered excessive or insufficient
  2203. 30Paragraph 30 Repealed
  2204. Schedule 31: Controlled foreign companies
  2205. Introductory
  2206. 1Paragraph 1
  2207. Conditions for company to be controlled foreign company
  2208. 2Paragraph 2
  2209. Designer rate tax provisions: deemed lower level of taxation
  2210. 3Paragraph 3
  2211. “Control" and the two “40 per cent" tests
  2212. 4Paragraph 4
  2213. Exempt activities: wholesale, distributive, financial or service business
  2214. 5Paragraph 5
  2215. Local holding companies
  2216. 6Paragraph 6
  2217. Other holding companies
  2218. 7Paragraph 7
  2219. Businesses to which requirement as to derivation of receipts applies
  2220. 8Paragraph 8
  2221. Commencement
  2222. 9Paragraph 9
  2223. Schedule 32: Stamp duty on seven year leases: transitional provisions
  2224. Introductory
  2225. 1Paragraph 1
  2226. Instruments to which this Schedule applies
  2227. 2Paragraph 2
  2228. Instruments which remain duly stamped
  2229. 3Paragraph 3
  2230. Instruments which cease to be duly stamped
  2231. 4Paragraph 4
  2232. Stamping following earlier adjudication
  2233. 5Paragraph 5
  2234. Use of instruments in evidence, etc.
  2235. 6Paragraph 6
  2236. Adjudication, interest and penalties
  2237. 7Paragraph 7
  2238. Schedule 33: Power to vary stamp duties
  2239. Power of Treasury to make provision by regulations
  2240. 1Paragraph 1
  2241. Power only to be used for cases involving land or shares etc.
  2242. 2Paragraph 2
  2243. Power not to be used to vary rates or thresholds
  2244. 3Paragraph 3
  2245. Approval of regulations by House of Commons
  2246. 4Paragraph 4
  2247. Claim for repayment if regulations not approved
  2248. 5Paragraph 5
  2249. Use in evidence, etc. of instruments affected by regulations ceasing to have effect
  2250. 6Paragraph 6
  2251. Temporary effect of regulations
  2252. 7Paragraph 7
  2253. Power to make transitional etc. provision
  2254. 8Paragraph 8
  2255. Interpretation
  2256. 9Paragraph 9
  2257. Schedule 34: Abolition of stamp duty on instruments relating to intellectual property: supplementary provisions
  2258. Introduction
  2259. 1Paragraph 1
  2260. Stamp duty reduced in certain other cases
  2261. 2Paragraph 2
  2262. Apportionment of consideration for stamp duty purposes
  2263. 3Paragraph 3
  2264. Certification of instruments for stamp duty purposes
  2265. 4Paragraph 4
  2266. Acquisition under statute
  2267. 5Paragraph 5
  2268. Schedule 35: Value added tax: charge at reduced rate
  2269. 1Paragraph 1
  2270. 2Paragraph 2
  2271. 3Paragraph 3
  2272. 4Paragraph 4
  2273. 5Paragraph 5
  2274. 6Paragraph 6
  2275. 7Paragraph 7
  2276. 8Paragraph 8
  2277. 9Paragraph 9
  2278. 10Paragraph 10
  2279. Schedule 36: New Schedule 3A to the Value Added Tax Act 1994
  2280. Paragraph
  2281. Schedule 37: Landfill tax: new Part VIII of Schedule 5 to the Finance Act 1996
  2282. Paragraph
  2283. Schedule 38: Regulations for providing incentives for electronic communications
  2284. Introduction
  2285. 1Paragraph 1
  2286. Kinds of incentive
  2287. 2Paragraph 2
  2288. Conditions of entitlement
  2289. 3Paragraph 3
  2290. Withdrawal of entitlement
  2291. 4Paragraph 4
  2292. Power to authorise provision by directions
  2293. 5Paragraph 5
  2294. Power to provide for penalties
  2295. 6Paragraph 6
  2296. General supplementary provisions
  2297. 7Paragraph 7
  2298. Interpretation
  2299. 8Paragraph 8
  2300. Schedule 39: New Schedule 1AA to the Taxes Management Act 1970
  2301. Paragraph
  2302. Schedule 40: Repeals
  2303. Part I: Excise duties
  2304. Paragraph
  2305. Paragraph
  2306. Part II: Income tax, corporation tax and capital gains tax
  2307. Paragraph
  2308. Paragraph
  2309. Paragraph
  2310. Paragraph
  2311. Paragraph
  2312. Paragraph
  2313. Paragraph
  2314. Paragraph
  2315. Paragraph
  2316. Paragraph
  2317. Paragraph
  2318. Paragraph
  2319. Paragraph
  2320. Paragraph
  2321. Paragraph
  2322. Paragraph
  2323. Paragraph
  2324. Paragraph
  2325. Part III: Stamp duty and stamp duty reserve tax
  2326. Paragraph
  2327. IVValue Added Tax
  2328. VInformation powers