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The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

S.I. 2004/2310 · Made 7 September 2004

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 7th September 2004

Laid before the House of Commons 7th September 2004

Coming into force 28th September 2004

The Treasury, in exercise of the powers conferred upon them by paragraph 8 of Schedule 23A to the Income and Corporation Taxes Act 1988f1 and section 46 of the Finance Act 2004f2, make the following Order:

Annotations to the whole text

Footnotes

f1

1988 c. 1: Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991 (c. 31).

f2

2004 c. 12.

Contents

  1. 1Citation, commencement, effect and interpretation
  2. 2Amendments to enactments in consequence of sections 38, 40 and 45 of, and Schedule 6 to, the Finance Act 2004
  3. Signature
  4. Schedule: EXPENSES OF COMPANIES WITH INVESTMENT BUSINESS AND INSURANCE COMPANIES
  5. Finance Act 1950
  6. 1Treatment of enemy debts written off during World War II
  7. Taxes Act 1988
  8. 2Paragraph 2
  9. 3Relief for contributions to certain bodies
  10. 4Costs of establishing share option or profit sharing schemes: relief
  11. 5Payment to trustees of approved profit sharing schemes
  12. 6Costs of establishing employee share ownership trusts
  13. 7Employees seconded to charities and educational establishments
  14. 8Charitable donations: contributions to agent’s expenses
  15. 9Payments to Export Credits Guarantee Department
  16. 10Additional payments to redundant employees
  17. 11Other grants under Industrial Development Act 1982 etc
  18. 12Schedule A losses
  19. 13Write-off of government investment
  20. 14Group relief: meaning of “management expenses” in section 403
  21. 15Computation of gross profits
  22. 16Limitation of group relief in relation to certain dual resident companies
  23. 17Losses from Schedule A business or overseas property business
  24. 18General annuity business
  25. 19Transfers of business
  26. 20Authorised unit trusts
  27. 21Interest distributions
  28. 22Credit unions
  29. 23Business entertaining expenses
  30. 24Expenditure involving crime
  31. 25Expenditure on car hire
  32. 26Statutory redundancy payments
  33. 27Gifts of shares, securities and real property to charities etc
  34. 28Training courses for employees
  35. 29Counselling services for employees
  36. 30Exempt approved schemes
  37. 31Social security benefits and contributions
  38. 32Sale and lease-back: limitation on tax reliefs
  39. 33Assets leased to traders and others
  40. 34Limits on credit for foreign tax: corporation tax
  41. 35Share incentive plans: corporation tax deductions
  42. 36Modification of the Taxes Act 1988 in relation to overseas life insurance companies
  43. 37Manufactured overseas dividends
  44. 38Controlled foreign companies: relief against liability for tax in respect of chargeable profits
  45. 39Change in ownership of investment company: deductions
  46. 40Provision not at arm’s length
  47. Finance Act 1988
  48. 41Consideration for certain restrictive undertakings
  49. Finance Act 1989
  50. 42Investment and insurance companies: computation
  51. 43Non-approved retirement benefit schemes
  52. 44Management expenses
  53. 45Corporation tax: policy holders' fraction of profits
  54. 46Policy holder’s share of profits
  55. Finance Act 1991
  56. 47Basic life assurance and general annuity business: transitional relief for old annuity contracts
  57. Taxation of Chargeable Gains Act 1992
  58. 48Allowable deductions: consideration chargeable to tax on income
  59. Finance Act 1996
  60. 49Interest, and exchange gains and losses, on debts etc not arising from the lending of money
  61. 50Loan relationships: claims etc relating to deficits
  62. Finance Act 1999
  63. 51Receipts by way of reverse premium: insurance companies carrying on life assurance business
  64. Capital Allowances Act 2001
  65. 52Qualifying activities
  66. 53Related definitions
  67. 54Giving of allowances: managing investments of company with investment business
  68. 55Life assurance business: different giving effect rules for different categories of business
  69. 56Provisions supplementary to sections 255 and 256
  70. 57Management assets
  71. Finance Act 2001
  72. 58Remediation of contaminated land: entitlement to land remediation tax credit
  73. 59Land remediation tax credit: restriction of losses carried forward
  74. 60Land remediation tax credit: entitlement to relief: “I minus E” basis
  75. 61Land remediation tax credit: giving effect to relief: enhanced expenses of management
  76. 62Land remediation tax credit: entitlement to life assurance company tax credit
  77. 63Land remediation tax credit: restriction on carrying forward expenses of management as follows
  78. Finance Act 2002
  79. 64Tax relief for research and development: entitlement to relief in respect of “I minus E” basis
  80. 65Expenditure on vaccine research etc: entitlement to relief in respect of “I minus E” basis
  81. 66Loan relationships
  82. 67Intangible fixed assets: special provisions relating to insurance companies
  83. ITEPA
  84. 68Business entertainment and gifts: exception where employer’s expenses disallowed
  85. Finance Act 2003
  86. 69Corporation tax relief for employee share acquisition: shares: method of giving relief
  87. 70Corporation tax relief for employee share acquisition: options: method of giving relief
  88. 71Restriction of deductions for employee benefit contributions: life assurance business
  89. The Energy Act 2004
  90. 72Extinguishment of BNFL losses for tax purposes
  91. Amendments to secondary legislation
  92. 73The Income Tax (Manufactured Overseas Dividends) Regulations 1993
  93. 74The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995
  94. 75Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997
  95. 76The Open-ended Investment Companies (Tax) Regulations 1997
  96. 77The European Single Currency (Taxes) Regulations 1998
  97. 78The Insurance Companies (Capital Redemption Business)(Modification of the Corporation Tax Acts) Regulations 1999
  98. Explanatory note