OpenLegislation

Finance Act 2000 in England

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  506. 97Paragraph 97 Repealed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  508. 98Paragraph 98 Repealed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  510. 99Paragraph 99 Repealed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  512. 100Paragraph 100 Repealed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