OpenLegislation

Finance Act 2006

2006 c. 25 · Enacted 19 July 2006 · Extends to United Kingdom

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Sch. 12 para. 47(1)omittedFinance Act 2008 s. 41(7)(j)

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.

[19th July 2006]

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 to 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:—

Contents

  1. Part 1: Excise duties
  2. Tobacco products duty
  3. 1Rates of tobacco products duty
  4. 2Tobacco products duty: evasion
  5. Alcoholic liquor duties
  6. 3Rate of duty on beer
  7. 4Rates of duty on wine and made-wine
  8. 5Repeal of provisions of ALDA 1979 of no practical utility etc
  9. Hydrocarbon oil duties
  10. 6Rates until 1st September 2006
  11. 7Rates from 1st September 2006
  12. 8Road vehicles
  13. Betting and gaming duties
  14. 9General betting duty: gaming machines
  15. 10Rates of gaming duty
  16. Amusement machine licence duty
  17. 11Definition of “gaming machine”
  18. 12Classes of machine and rates of duty
  19. Vehicle excise duty
  20. 13Rates
  21. 14Reduced pollution certificates
  22. 15Late renewal supplement
  23. Part 2: Value added tax
  24. Gaming machines
  25. 16Gaming machines
  26. Land
  27. 17Buildings and land
  28. Imported works of art etc
  29. 18Value of imported works of art etc: auctioneer's commission
  30. Avoidance and fraud
  31. 19Missing trader intra-community fraud
  32. 20Power to inspect goods Repealed
  33. 21Directions to keep records where belief VAT might not be paid
  34. 22Treatment of credit vouchers
  35. Part 3: Income tax, corporation tax and capital gains tax
  36. Chapter 1: Income tax and corporation tax: charge and rate bands
  37. Income tax
  38. 23Charge and rates for 2006-07
  39. Corporation tax
  40. 24Charge and main rate for financial year 2007
  41. 25Small companies' rate and fraction for financial year 2006 Repealed
  42. 26Abolition of corporation tax starting rate and non-corporate distribution rate
  43. Chapter 2: Reliefs for business
  44. Group relief
  45. 27Group relief where surrendering company not resident in UK
  46. Research and development
  47. 28Relief for research and development: subjects of clinical trials Repealed
  48. 29Claims for relief for research and development
  49. Capital allowances
  50. 30Temporary increase in amount of first-year allowances for small enterprises Repealed
  51. Chapter 3: Films and sound recordings
  52. Introductory
  53. 31Meaning of “film” and related expressions Repealed
  54. 32Meaning of “film production company” Repealed
  55. 33Meaning of “film-making activities” etc Repealed
  56. 34Meaning of “production expenditure” and related expressions Repealed
  57. 35Meaning of “UK expenditure” Repealed
  58. 36Meaning of “qualifying co-production” and “co-producer” Repealed
  59. Taxation of activities of film production company
  60. 37Taxation of activities of film production company Repealed
  61. Film tax relief
  62. 38Films qualifying for film tax relief Repealed
  63. 39Conditions of relief: intended theatrical release Repealed
  64. 40Conditions of relief: British film Repealed
  65. 41Conditions of relief: UK expenditure Repealed
  66. 42Film tax relief: further provisions
  67. Film losses
  68. 43Films: restriction on use of losses while film in production Repealed
  69. 44Films: use of losses in later periods Repealed
  70. 45Films: terminal losses Repealed
  71. Films: withdrawal of existing reliefs
  72. 46Films: withdrawal of existing reliefs (corporation tax)
  73. 47Films: withdrawal of existing reliefs (income tax)
  74. Corporation tax treatment of sound recordings
  75. 48Sound recordings: revenue nature of expenditure Repealed
  76. 49Sound recordings: allocation of expenditure Repealed
  77. 50Sound recordings: interpretation Repealed
  78. Supplementary provisions
  79. 51Corporation tax: films and sound recordings as intangible fixed assets Repealed
  80. 52Films: application of provisions to certain films already in production Repealed
  81. 53Films and sound recordings: commencement and power to alter dates
  82. Chapter 4: Charities
  83. 54Transactions with substantial donors Repealed
  84. 55Non-charitable expenditure Repealed
  85. 56Trade profits Repealed
  86. 57Gift aid relief for companies wholly owned by one or more charities Repealed
  87. 58Extension of restrictions on gift aid payments by close companies Repealed
  88. Chapter 5: Personal taxation
  89. Cars
  90. 59Cars with a CO2 emissions figure Repealed
  91. Mobile telephones and computers
  92. 60Mobile telephones
  93. 61Computer equipment
  94. Eye care
  95. 62Exemption for employees' eye tests and special glasses
  96. Vouchers and tokens
  97. 63Power to exempt use of vouchers or tokens to obtain exempt benefits
  98. Holocaust victims
  99. 64Payments to or in respect of victims of National-Socialist persecution
  100. Chapter 6: The London Olympic Games and Paralympic Games
  101. 65London Organising Committee
  102. 66Section 65: supplementary
  103. 67International Olympic Committee
  104. 68Competitors and staff
  105. Chapter 7: Chargeable gains
  106. Capital losses
  107. 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  108. 70Restrictions on companies buying losses or gains
  109. 71Other avoidance involving losses accruing to companies
  110. 72Repeal of s.106 of TCGA 1992
  111. Insurance policies and annuities
  112. 73Policies of insurance and non-deferred annuities
  113. Capital gains tax
  114. 74Exception to “bed and breakfasting” rules etc
  115. Chapter 8: Avoidance: miscellaneous
  116. Film partnerships
  117. 75Interest relief: film partnership Repealed
  118. Financial instruments
  119. 76Avoidance involving financial arrangements
  120. Intangible fixed assets
  121. 77Treating assets as “existing assets” etc Repealed
  122. International matters
  123. 78Controlled foreign companies and treaty non-resident companies
  124. 79Transfer of assets abroad
  125. Pre-owned assets
  126. 80Restriction of exemption from charge to income tax
  127. Chapter 9: Miscellaneous provisions
  128. Leasing of plant or machinery
  129. 81Leases of plant or machinery
  130. Sale of lessors
  131. 82Sale etc of lessor companies etc Repealed
  132. 83Restrictions on use of losses etc: leasing partnerships
  133. 84Disposal of plant or machinery subject to lease where income retained
  134. 85Restrictions on effect of elections under section 266 of CAA 2001
  135. Insurance companies and policyholders
  136. 86Insurance companies Repealed
  137. 87Qualifying policies: altering method for calculating benefits
  138. Settlements
  139. 88Settlements, etc: chargeable gains
  140. 89Settlements, etc: income
  141. 90Special trusts tax rates not to apply to social landlords' service charge income Repealed
  142. Investment reliefs
  143. 91Venture capital schemes
  144. Employment-related securities
  145. 92Avoidance using options etc
  146. 93Corporation tax relief for shares acquired under EMI option Repealed
  147. PAYE
  148. 94PAYE: retrospective notional payments
  149. Alternative finance arrangements
  150. 95Profit share agency
  151. 96Diminishing shared ownership Repealed
  152. 97Beneficial loans to employees Repealed
  153. 98Orders amending Chapter 5 of Part 2 of FA 2005 Repealed
  154. Nuclear decommissioning
  155. 99Amendment of section 29 of the Energy Act 2004
  156. 100Amendment of section 30 of the Energy Act 2004
  157. Accounting practice
  158. 101Securitisation companies
  159. 102Accountancy change: spreading of adjustment
  160. Part 4: Real Estate Investment Trusts
  161. Introduction
  162. 103Real Estate Investment Trusts Repealed
  163. 104Property rental business Repealed
  164. 105Other key concepts Repealed
  165. 106Conditions for company Repealed
  166. 107Conditions for tax-exempt business Repealed
  167. 108Conditions for balance of business Repealed
  168. Entering Real Estate Investment Trust Regime
  169. 109Notice Repealed
  170. 110Duration Repealed
  171. 111Effects of entry Repealed
  172. 112Entry charge Repealed
  173. Assets etc
  174. 113Ring-fencing of tax-exempt business Repealed
  175. 114Maximum shareholding Repealed
  176. 115Profit: financing-cost ratio Repealed
  177. 116Minor or inadvertent breach Repealed
  178. 117Cancellation of tax advantage Repealed
  179. 118Funds awaiting re-investment Repealed
  180. Profits
  181. 119Corporation tax Repealed
  182. 120Calculation of profits Repealed
  183. 121Distributions: liability to tax Repealed
  184. 122Distributions: deduction of tax Repealed
  185. 123Attribution of distributions Repealed
  186. Capital gains
  187. 124Corporation tax Repealed
  188. 125Movement of assets out of ring-fence Repealed
  189. 126Movement of assets into ring-fence Repealed
  190. 126ADemergers Repealed
  191. 127Interpretation Repealed
  192. Leaving Real Estate Investment Trust Regime
  193. 128Termination by notice: company Repealed
  194. 129Termination by notice: Commissioners Repealed
  195. 130Automatic termination for breach of requirement Repealed
  196. 131Effects of cessation Repealed
  197. 132Early exit by notice Repealed
  198. 133Early exit Repealed
  199. Groups
  200. 134Group Real Estate Investment Trusts Repealed
  201. 135Transfer within group
  202. 136Availability of group reliefs Repealed
  203. Miscellaneous
  204. 136AConnected persons Repealed
  205. 137Insurance companies
  206. 138Joint ventures Repealed
  207. 139Manufactured dividends Repealed
  208. 140Penalties for failure to give notice, etc
  209. 141Effect of deemed disposal and re-acquisition Repealed
  210. 142Interpretation Repealed
  211. 143Housing investment trusts: repeal
  212. General
  213. 144Regulations Repealed
  214. 145Commencement
  215. Part 5: Oil
  216. New basis for determining market value
  217. 146New basis for determining the market value of oil
  218. 147Section 146: commencement and transitional provisions
  219. Attribution of blended crude oil
  220. 148Crude oil: power to make regulations
  221. Nomination scheme
  222. 149Nomination scheme
  223. 150Amendment of Schedule 10 to FA 1987
  224. 151Nomination excesses and corporation tax Repealed
  225. Ring fence trades
  226. 152Increase in rate of supplementary charge
  227. 153Election to defer capital allowances
  228. 154Ring fence expenditure supplement
  229. Part 6: Inheritance tax
  230. Future rates and bands
  231. 155Rates and rate bands for 2008-09 and 2009-10
  232. Trusts
  233. 156Rules for trusts etc
  234. 157Purchase of interests in foreign trusts
  235. Part 7: Pensions
  236. 158Taxable property held by investment-regulated pension schemes
  237. 159Recycling of lump sums
  238. 160Inheritance tax
  239. 161Miscellaneous
  240. Part 8: Stamp taxes
  241. Stamp duty and stamp duty land tax: thresholds
  242. 162Raising of thresholds
  243. Stamp duty land tax
  244. 163Partnerships
  245. 164Leases
  246. 165Reallocation of trust property as between beneficiaries
  247. 166Unit trust schemes
  248. 167Demutualisation of insurance companies
  249. 168Alternative finance
  250. Stamp duty
  251. 169Reliefs for certain company acquisitions
  252. Part 9: Miscellaneous provisions
  253. Landfill tax
  254. 170Rate of landfill tax
  255. Climate change levy
  256. 171Climate change levy: rates
  257. 172Abolition of half-rate supplies etc
  258. International tax arrangements
  259. 173International tax enforcement arrangements
  260. 174Arrangements under section 173: information powers Repealed
  261. 175Arrangements under section 173: recovery of debts
  262. 176Double taxation agreements: procedure Repealed
  263. Disclosure of information
  264. 177Disclosure of information
  265. Part 10: Supplementary provisions
  266. 178Repeals
  267. 179Interpretation
  268. 180Short title
  269. Schedule 1: Group relief where surrendering company not resident in UK
  270. Part 1: Amendments of Chapter 4 of Part 10 of ICTA Repealed
  271. Availability of relief Repealed
  272. 1Paragraph 1 Repealed
  273. Limits on group relief Repealed
  274. 2Paragraph 2 Repealed
  275. Relief for or in respect of non-resident companies within the charge to corporation tax Repealed
  276. 3Paragraph 3 Repealed
  277. Relief in respect of overseas losses of non-resident companies Repealed
  278. 4Paragraph 4 Repealed
  279. Interpretation of Chapter 4 of Part 10 of ICTA Repealed
  280. 5Paragraph 5 Repealed
  281. Group relief: equity holders and profits or assets available for distribution Repealed
  282. 6Paragraph 6 Repealed
  283. Meaning of conditions in section 403F etc Repealed
  284. 7Paragraph 7 Repealed
  285. Part 2: Amendments of other enactments
  286. Claims for group relief
  287. 8Paragraph 8
  288. Part 3: Commencement
  289. Commencement
  290. 9Paragraph 9
  291. Schedule 2: Relief for research and development: subjects of clinical trials Repealed
  292. Amendments to Schedule 20 to FA 2000 Repealed
  293. 1Paragraph 1 Repealed
  294. Amendments to Schedule 12 to FA 2002 Repealed
  295. 2Paragraph 2 Repealed
  296. Amendments to Schedule 13 to FA 2002 Repealed
  297. 3Paragraph 3 Repealed
  298. Schedule 3: Claims for relief for research and development
  299. Introductory
  300. 1Paragraph 1
  301. Claims to be included in return
  302. 2Paragraph 2
  303. Claims for R&D tax relief
  304. 3Paragraph 3
  305. 4Paragraph 4
  306. 5Paragraph 5
  307. Claims for relief under Schedule 12 to FA 2002
  308. 6Paragraph 6 Repealed
  309. Claims for relief under Schedule 13 to FA 2002
  310. 7Paragraph 7 Repealed
  311. 8Paragraph 8 Repealed
  312. 9Paragraph 9 Repealed
  313. Commencement and transitional provision
  314. 10Paragraph 10
  315. 11Paragraph 11
  316. Schedule 4: Taxation of activities of film production company Repealed
  317. Films to which this Schedule applies Repealed
  318. 1Paragraph 1 Repealed
  319. Activities treated as separate trade Repealed
  320. 2Paragraph 2 Repealed
  321. When the trade begins Repealed
  322. 3Paragraph 3 Repealed
  323. Pre-trading expenditure Repealed
  324. 4Paragraph 4 Repealed
  325. Costs of the film Repealed
  326. 5Paragraph 5 Repealed
  327. Income from the film Repealed
  328. 6Paragraph 6 Repealed
  329. Calculation of profit or loss Repealed
  330. 7Paragraph 7 Repealed
  331. Estimates Repealed
  332. 8Paragraph 8 Repealed
  333. When costs are taken to be incurred Repealed
  334. 9Paragraph 9 Repealed
  335. Exclusion of expenditure relieved under other provisions Repealed
  336. 10Paragraph 10 Repealed
  337. Schedule 5: Film tax relief: further provisions
  338. Part ... Repealed
  339. Repealed
  340. Paragraph Repealed
  341. Repealed
  342. Paragraph Repealed
  343. Repealed
  344. Paragraph Repealed
  345. Repealed
  346. Paragraph Repealed
  347. Repealed
  348. Paragraph Repealed
  349. Repealed
  350. Paragraph Repealed
  351. Repealed
  352. Paragraph Repealed
  353. Repealed
  354. Paragraph Repealed
  355. Repealed
  356. Paragraph Repealed
  357. Repealed
  358. Paragraph Repealed
  359. Repealed
  360. Paragraph Repealed
  361. Repealed
  362. Paragraph Repealed
  363. Repealed
  364. Paragraph Repealed
  365. Repealed
  366. Paragraph Repealed
  367. Part 2: Certification of British films for purposes of film tax relief
  368. 15Paragraph 15
  369. 16Paragraph 16
  370. 17Paragraph 17
  371. 18Paragraph 18
  372. 19Paragraph 19
  373. 20Paragraph 20
  374. 21Paragraph 21
  375. 22Paragraph 22
  376. 23Paragraph 23
  377. Confidentiality of information
  378. 24Paragraph 24 Repealed
  379. Wrongful disclosure
  380. 25Paragraph 25 Repealed
  381. Part 3: Consequential amendments
  382. Interest
  383. 26Paragraph 26
  384. Claim to be made in tax return
  385. 27Paragraph 27
  386. Recovery of excessive film tax credit
  387. 28Paragraph 28
  388. Claims for film tax credits
  389. 29Paragraph 29
  390. Part ...
  392. Paragraph Repealed
  394. Paragraph Repealed
  396. Paragraph Repealed
  398. Paragraph Repealed
  400. Paragraph Repealed
  401. Schedule 6: Avoidance involving financial arrangements
  402. Repeal of rent factoring provisions
  403. 1Paragraph 1
  404. Dividend stripping: subsequent sales etc of rights to receive dividends etc
  405. 2Paragraph 2
  406. Deemed interest: cash collateral under stock lending arrangements
  407. 3Paragraph 3 Repealed
  408. Quasi-stock lending arrangements and quasi-cash collateral
  409. 4Paragraph 4 Repealed
  410. Multiple holders of securities subject to sale and repurchase agreement: no relief for deemed manufactured payments
  411. 5Paragraph 5 Repealed
  412. Structured finance arrangements: factoring of income receipts etc
  413. 6Paragraph 6 Repealed
  414. Rent factoring of leases of plant or machinery
  415. 7Paragraph 7 Repealed
  416. Transactions associated with loans or credit
  417. 8Paragraph 8 Repealed
  418. Structured finance arrangements: chargeable gains treatment of acquisitions and disposals
  419. 9Paragraph 9
  420. Loan relationships: mandatory convertibles
  421. 10Paragraph 10
  422. Loan relationships: computation in accordance with generally accepted accounting practice
  423. 11Paragraph 11 Repealed
  424. Loan relationships: amounts not fully recognised for accounting purposes
  425. 12Paragraph 12 Repealed
  426. Shares treated as loan relationships: shares subject to outstanding third party obligations
  427. 13Paragraph 13 Repealed
  428. Shares treated as loan relationships: application of rules to non-qualifying shares
  429. 14Paragraph 14 Repealed
  430. Shares treated as loan relationships: redeemable shares
  431. 15Paragraph 15 Repealed
  432. Creditor relationships and benefit derived by connected persons
  433. 16Paragraph 16 Repealed
  434. Loan relationships: money debts etc not arising from the lending of money
  435. 17Paragraph 17 Repealed
  436. Loan relationships: meaning of “fair value” in Chapter 2 of Part 4 of FA 1996
  437. 18Paragraph 18 Repealed
  438. Loan relationships: continuity of treatment of groups etc
  439. 19Paragraph 19 Repealed
  440. Loan relationships: repo and stock-lending arrangements
  441. 20Paragraph 20 Repealed
  442. Derivative contracts: computation in accordance with generally accepted accounting practice
  443. 21Paragraph 21 Repealed
  444. Derivative contracts: transactions within groups
  445. 22Paragraph 22 Repealed
  446. Derivative contracts: transactions within groups (fair value accounting)
  447. 23Paragraph 23 Repealed
  448. Derivative contracts: meaning of “fair value” in Schedule 26 to FA 2002
  449. 24Paragraph 24 Repealed
  450. Schedule 7: Transfer of assets abroad
  451. Part: Income and Corporation Taxes Act 1988
  452. Amendments of ICTA: introductory
  453. 1Paragraph 1 Repealed
  454. Section 741: application subject to sections 741B and 741C
  455. 2Paragraph 2 Repealed
  456. Exemption from sections 739 and 740: new provision
  457. 3Paragraph 3 Repealed
  458. Application of sections 741 and 741A
  459. 4Paragraph 4 Repealed
  460. Just and reasonable apportionment in certain cases
  461. 5Paragraph 5 Repealed
  462. Section 742: interpretation of the Chapter
  463. 6Paragraph 6 Repealed
  464. Part: ITTOIA 2005
  465. Gains from contracts for life insurance etc
  466. 7Paragraph 7
  467. Schedule 8: Long funding leases of plant or machinery
  468. Part 1: Capital allowances
  469. Introductory
  470. 1Paragraph 1
  471. Use for other qualifying activity of plant or machinery previously used for long funding leasing
  472. 2Paragraph 2
  473. Expenditure on plant or machinery for long funding leasing not to be qualifying expenditure
  474. 3Paragraph 3
  475. General exclusions applying to certain sections
  476. 4Paragraph 4
  477. Commencement of leasing under long funding lease: disposal events and disposal values
  478. 5Paragraph 5
  479. Lessee under long funding lease: capital allowances, disposal events and disposal values
  480. 6Paragraph 6
  481. Interpretation of provisions relating to long funding leases
  482. 7Paragraph 7
  483. Cases in which short-life asset treatment is ruled out
  484. 8Paragraph 8
  485. Fixtures
  486. 9Paragraph 9
  487. Part 2: Corporation tax
  488. Introductory
  489. 10Paragraph 10 Repealed
  490. Special rules for long funding leases
  491. 11Paragraph 11 Repealed
  492. Part 3: Income tax
  493. Introductory
  494. 12Paragraph 12
  495. Special rules for long funding leases
  496. 13Paragraph 13
  497. Application of Chapter 10A for calculating the profits of a property business
  498. 14Paragraph 14
  499. Part 4: Commencement and transitional provisions
  500. Commencement
  501. 15Paragraph 15
  502. Election for lease to be treated as long funding lease for tax purposes
  503. 16Paragraph 16
  504. Excepted leases
  505. 17Paragraph 17
  506. Extended time limit: the additional conditions
  507. 18Paragraph 18
  508. Events beyond the control of the parties etc
  509. 19Paragraph 19
  510. Pre-existing heads of agreement relating to two or more assets
  511. 20Paragraph 20
  512. Expenditure incurred before passing of this Act where lease is not an excepted lease
  513. 21Paragraph 21
  514. When expenditure is incurred for the purposes of paragraph 21
  515. 22Paragraph 22
  516. When a lease is “finalised”
  517. 23Paragraph 23
  518. When an asset is “under construction”
  519. 24Paragraph 24
  520. Combined assets and constituent assets
  521. 25Paragraph 25
  522. Mixed leases
  523. 26Paragraph 26
  524. Interpretation of this Part
  525. 27Paragraph 27
  526. Schedule 9: Leases of plant or machinery: miscellaneous amendments
  527. Part: Income and Corporation Taxes Act 1988
  528. Petroleum extraction activities: sale and leaseback
  529. 1Paragraph 1 Repealed
  530. Supplementary charge in respect of ring fence trades
  531. 2Paragraph 2 Repealed
  532. Leased assets: special cases
  533. 3Paragraph 3 Repealed
  534. Part: Taxation of Chargeable Gains Act 1992
  535. Long funding leases: deemed disposals and re-acquisitions
  536. 4Paragraph 4
  537. Restriction of losses: long funding leases of plant or machinery
  538. 5Paragraph 5
  539. Definition of market value
  540. 6Paragraph 6
  541. Part: Finance Act 1997
  542. Leasing arrangements
  543. 7Paragraph 7 Repealed
  544. Part: Finance Act 2000
  545. Tonnage tax: introductory
  546. 8Paragraph 8
  547. Meaning of “finance costs”
  548. 9Paragraph 9
  549. Capital allowances: ship leasing
  550. 10Paragraph 10
  551. Part: Capital Allowances Act 2001
  552. Withdrawal of first year allowances for lessors of certain plant or machinery
  553. 11Paragraph 11 Repealed
  554. Plant or machinery treated as owned by person entitled to benefit of contract etc
  555. 12Paragraph 12
  556. Phasing out of overseas leasing rules
  557. 13Paragraph 13
  558. Anti-avoidance: meaning of “finance lease”
  559. 14Paragraph 14
  560. Capital allowances: allocation of expenditure to a chargeable period
  561. 15Paragraph 15
  562. Schedule 10: Sale etc of lessor companies etc
  563. Part 1: Introduction Repealed
  564. Contents of Schedule Repealed
  565. 1Paragraph 1 Repealed
  566. Commencement Repealed
  567. 2Paragraph 2 Repealed
  568. Part 2: Leasing business carried on by a company alone Repealed
  569. Income and matching expense in different accounting periods Repealed
  570. 3Paragraph 3 Repealed
  571. Amount of income and expense Repealed
  572. 4Paragraph 4 Repealed
  573. No carry back of the expense Repealed
  574. 5Paragraph 5 Repealed
  575. Meaning of “business of leasing plant or machinery” Repealed
  576. 6Paragraph 6 Repealed
  577. Provision for the purposes of condition A in paragraph 6 Repealed
  578. 7Paragraph 7 Repealed
  579. 7AParagraph 7A Repealed
  580. Provision for the purposes of condition B in paragraph 6 Repealed
  581. 8Paragraph 8 Repealed
  582. Meaning of “associated company” Repealed
  583. 9Paragraph 9 Repealed
  584. Meaning of “a qualifying change of ownership” in relation to a company Repealed
  585. 10Paragraph 10 Repealed
  586. Qualifying 75% subsidiaries Repealed
  587. 11Paragraph 11 Repealed
  588. Consortium relationships Repealed
  589. 12Paragraph 12 Repealed
  590. No qualifying change of ownership in the case of certain intra-group reorganisations Repealed
  591. 13Paragraph 13 Repealed
  592. No qualifying change of ownership where principal company's interest in consortium company unchanged Repealed
  593. 13AParagraph 13A Repealed
  594. Meaning of “company owned by a consortium” etc Repealed
  595. 14Paragraph 14 Repealed
  596. Meaning of qualifying 75% or 90% subsidiary etc Repealed
  597. 15Paragraph 15 Repealed
  598. The amount of the income: the basic amount Repealed
  599. 16Paragraph 16 Repealed
  600. Meaning of “PM” in paragraph 16 Repealed
  601. 17Paragraph 17 Repealed
  602. 17AParagraph 17A Repealed
  603. Meaning of “TWDV” in paragraph 16 Repealed
  604. 18Paragraph 18 Repealed
  605. Amount to be nil if basic amount negative Repealed
  606. 19Paragraph 19 Repealed
  607. Adjustment to basic amount: qualifying 75% subsidiaries Repealed
  608. 20Paragraph 20 Repealed
  609. Adjustment to the basic amount: consortium relationships Repealed
  610. 21Paragraph 21 Repealed
  611. Migration Repealed
  612. 22Paragraph 22 Repealed
  613. 23AParagraph 23A Repealed
  614. Part 3: Leasing business carried on by a company in partnership Repealed
  615. Change in company's interest in business: income treated as received etc Repealed
  616. 23Paragraph 23 Repealed
  617. Amount of income and expense Repealed
  618. 24Paragraph 24 Repealed
  619. Meaning of “business of leasing plant or machinery” Repealed
  620. 25Paragraph 25 Repealed
  621. Meaning of “associated company” Repealed
  622. 26Paragraph 26 Repealed
  623. Meaning of “qualifying change” in company's interest in a business Repealed
  624. 27Paragraph 27 Repealed
  625. Determining the percentage share in the profits or loss of business Repealed
  626. 28Paragraph 28 Repealed
  627. The amount of the income: the basic amount Repealed
  628. 29Paragraph 29 Repealed
  629. Amount to be nil if basic amount negative Repealed
  630. 30Paragraph 30 Repealed
  631. Adjustment of basic amount Repealed
  632. 31Paragraph 31 Repealed
  633. Amount of expense Repealed
  634. 32Paragraph 32 Repealed
  635. Income and matching expense in different accounting periods Repealed
  636. 33Paragraph 33 Repealed
  637. Amount of income and expense Repealed
  638. 34Paragraph 34 Repealed
  639. No carry back of the expense Repealed
  640. 35Paragraph 35 Repealed
  641. Amount of the income Repealed
  642. 36Paragraph 36 Repealed
  643. Meaning of “profits” etc Repealed
  644. 37Paragraph 37 Repealed
  645. Part 4: Miscellaneous Repealed
  646. Anti-avoidance Repealed
  647. 38Paragraph 38 Repealed
  648. 38AParagraph 38A Repealed
  649. 38BParagraph 38B Repealed
  650. Relief for expense under paragraph 3 , 23(4A) or 33 otherwise giving rise to carried forward loss Repealed
  651. 39Paragraph 39 Repealed
  652. Relationship of Schedule with section 228K of CAA 2001 Repealed
  653. 40Paragraph 40 Repealed
  654. Definitions for purposes of Schedule Repealed
  655. 41Paragraph 41 Repealed
  656. Index of definitions Repealed
  657. 42Paragraph 42 Repealed
  658. Consequential amendments Repealed
  659. 43Paragraph 43 Repealed
  660. Schedule 11: Insurance companies Repealed
  661. Continuing the effect of orders under section 431A(3) of ICTA Repealed
  662. 1Paragraph 1 Repealed
  663. Section 432B apportionment: participating funds Repealed
  664. 2Paragraph 2 Repealed
  665. Transfers of business: excess of assets or liabilities Repealed
  666. 3Paragraph 3 Repealed
  667. Transfers of business: modification of s. 83(2B) of FA 1989 Repealed
  668. 4Paragraph 4 Repealed
  669. Surpluses of mutual and former mutual businesses Repealed
  670. 5Paragraph 5 Repealed
  671. Receipts to be taken into account Repealed
  672. 6Paragraph 6 Repealed
  673. Changes in value of assets brought into account: non-profit companies Repealed
  674. 7Paragraph 7 Repealed
  675. Contingent loans Repealed
  676. 8Paragraph 8 Repealed
  677. Schedule 12: Settlements: amendment of TCGA 1992 etc
  678. Part 1: Settlors, trustees and settlements
  679. Basic trust concepts
  680. 1Paragraph 1
  681. 2Paragraph 2
  682. Interests in settlements
  683. 3Paragraph 3 Repealed
  684. 4Paragraph 4
  685. 5Paragraph 5
  686. Part 2: Sub-fund settlements
  687. 6Paragraph 6
  688. Part 3: Consequential and minor amendments
  689. Introduction
  690. 7Paragraph 7
  691. General
  692. 8Paragraph 8
  693. 9Paragraph 9
  694. 10Paragraph 10
  695. 11Paragraph 11
  696. 12Paragraph 12
  697. 13Paragraph 13 Repealed
  698. 14Paragraph 14
  699. 15Paragraph 15
  700. 16Paragraph 16
  701. 17Paragraph 17
  702. 18Paragraph 18
  703. 19Paragraph 19
  704. 20Paragraph 20
  705. 21Paragraph 21
  706. 22Paragraph 22
  707. 23Paragraph 23
  708. 24Paragraph 24
  709. 25Paragraph 25
  710. 26Paragraph 26
  711. 27Paragraph 27 Repealed
  712. 28Paragraph 28
  713. 29Paragraph 29 Repealed
  714. Residence of trustees
  715. 30Paragraph 30
  716. 31Paragraph 31 Repealed
  717. 32Paragraph 32
  718. 33Paragraph 33
  719. 34Paragraph 34
  720. 35Paragraph 35
  721. 36Paragraph 36
  722. 37Paragraph 37
  723. 38Paragraph 38
  724. 39Paragraph 39
  725. 40Paragraph 40
  726. 41Paragraph 41
  727. Sub-fund settlements
  728. 42Paragraph 42
  729. 43Paragraph 43
  730. 44Paragraph 44
  731. 45Paragraph 45
  732. Amendments of other Acts
  733. 46Paragraph 46
  734. 47Paragraph 47 Repealed
  735. 48Paragraph 48
  736. Schedule 13: Settlements: amendments to ICTA and ITTOIA 2005 etc
  737. Part 1: Principal amendments
  738. 1Paragraph 1 Repealed
  739. 2Paragraph 2 Repealed
  740. 3Paragraph 3 Repealed
  741. 4Paragraph 4 Repealed
  742. 5Paragraph 5
  743. 6Paragraph 6
  744. Part 2: Minor and consequential amendments
  745. 7Paragraph 7
  746. 8Paragraph 8
  747. 9Paragraph 9 Repealed
  748. 10Paragraph 10 Repealed
  749. 11Paragraph 11 Repealed
  750. 12Paragraph 12 Repealed
  751. 13Paragraph 13 Repealed
  752. 14Paragraph 14 Repealed
  753. 15Paragraph 15 Repealed
  754. 16Paragraph 16 Repealed
  755. 17Paragraph 17 Repealed
  756. 18Paragraph 18 Repealed
  757. 19Paragraph 19 Repealed
  758. 20Paragraph 20 Repealed
  759. 21Paragraph 21 Repealed
  760. 22Paragraph 22 Repealed
  761. 23Paragraph 23
  762. 24Paragraph 24 Repealed
  763. 25Paragraph 25 Repealed
  764. 26Paragraph 26 Repealed
  765. 27Paragraph 27
  766. 28Paragraph 28
  767. 29Paragraph 29 Repealed
  768. 30Paragraph 30
  769. 31Paragraph 31
  770. 32Paragraph 32
  771. 33Paragraph 33
  772. 34Paragraph 34
  773. 35Paragraph 35
  774. 36Paragraph 36
  775. 37Paragraph 37 Repealed
  776. Schedule 14: Investment reliefs: venture capital schemes
  777. Part 1: Limits on gross assets of issuers of shares or securities
  778. Enterprise investment scheme
  779. 1Paragraph 1 Repealed
  780. Venture capital trusts
  781. 2Paragraph 2 Repealed
  782. Corporate venturing scheme
  783. 3Paragraph 3
  784. Part 2: Rate of relief for investments in venture capital trusts
  785. 4Paragraph 4 Repealed
  786. Part 3: Enterprise investment scheme: maximum subscriptions and carry-back of relief
  787. 5Paragraph 5 Repealed
  788. 6Paragraph 6 Repealed
  789. Part 4: Lengthening of periods applicable to venture capital trusts
  790. 7Paragraph 7 Repealed
  791. Part 5: Venture capital trusts: meaning of “investments”
  792. 8Paragraph 8 Repealed
  793. Schedule 15: Accountancy change: spreading of adjustment
  794. Part 1: Income tax
  795. Application of this Part of this Schedule
  796. 1Paragraph 1
  797. Spreading of adjustment income
  798. 2Paragraph 2
  799. Effect of cessation of business
  800. 3Paragraph 3
  801. Election to accelerate charge
  802. 4Paragraph 4
  803. Liability of personal representatives
  804. 5Paragraph 5
  805. Meaning of “business”
  806. 6Paragraph 6
  807. Application of provisions to partnerships
  808. 7Paragraph 7
  809. Cases where spreading already available
  810. 8Paragraph 8
  811. Part 2: Corporation tax
  812. Application of this Part of this Schedule
  813. 9Paragraph 9
  814. Spreading of adjustment
  815. 10Paragraph 10
  816. Accounting periods of less than twelve months
  817. 11Paragraph 11
  818. Effect of other events bringing accounting period to an end
  819. 12Paragraph 12
  820. Election to accelerate charge
  821. 13Paragraph 13
  822. Meaning of “business” etc
  823. 14Paragraph 14
  824. Application of provisions to partnerships
  825. 15Paragraph 15
  826. Schedule 16: Real Estate Investment Trusts: excluded business and income Repealed
  827. Part 1: Classes of business Repealed
  828. 1Paragraph 1 Repealed
  829. 2Paragraph 2 Repealed
  830. 3Paragraph 3 Repealed
  831. 4Paragraph 4 Repealed
  832. 5Paragraph 5 Repealed
  833. Part 2: Classes of income or profit Repealed
  834. 6Paragraph 6 Repealed
  835. 7Paragraph 7 Repealed
  836. 8Paragraph 8 Repealed
  837. 9Paragraph 9 Repealed
  838. 10Paragraph 10 Repealed
  839. 11Paragraph 11 Repealed
  840. 12Paragraph 12 Repealed
  841. 13Paragraph 13 Repealed
  842. Part 3: Power to amend Repealed
  843. 14Paragraph 14 Repealed
  844. Schedule 17: Group Real Estate Investment Trusts: modifications Repealed
  845. Introduction Repealed
  846. 1Paragraph 1 Repealed
  847. 2Paragraph 2 Repealed
  848. 3Paragraph 3 Repealed
  849. General modification Repealed
  850. 4Paragraph 4 Repealed
  851. Conditions Repealed
  852. 5Paragraph 5 Repealed
  853. 6Paragraph 6 Repealed
  854. 7Paragraph 7 Repealed
  855. Entering Real Estate Investment Trust Regime Repealed
  856. 8Paragraph 8 Repealed
  857. 9Paragraph 9 Repealed
  858. 10Paragraph 10 Repealed
  859. 11Paragraph 11 Repealed
  860. 12Paragraph 12 Repealed
  861. 13Paragraph 13 Repealed
  862. 14Paragraph 14 Repealed
  863. Assets, etc Repealed
  864. 15Paragraph 15 Repealed
  865. 16Paragraph 16 Repealed
  866. Profits Repealed
  867. 17Paragraph 17 Repealed
  868. 18Paragraph 18 Repealed
  869. 19Paragraph 19 Repealed
  870. 20Paragraph 20 Repealed
  871. Capital gains Repealed
  872. 21Paragraph 21 Repealed
  873. 22Paragraph 22 Repealed
  874. Leaving Real Estate Investment Trust Regime Repealed
  875. 23Paragraph 23 Repealed
  876. 24Paragraph 24 Repealed
  877. 25Paragraph 25 Repealed
  878. 26Paragraph 26 Repealed
  879. Anti-avoidance Repealed
  880. 27Paragraph 27 Repealed
  881. 28Paragraph 28 Repealed
  882. 29Paragraph 29 Repealed
  883. Manufactured dividends Repealed
  884. 30Paragraph 30 Repealed
  885. Financial statements Repealed
  886. 31Paragraph 31 Repealed
  887. Non-UK resident members Repealed
  888. 32Paragraph 32 Repealed
  889. Takeovers Repealed
  890. 33Paragraph 33 Repealed
  891. Demergers Repealed
  892. 34Paragraph 34 Repealed
  893. Schedule 18: Oil taxation: market value of oil
  894. Part 1: Amendments of the Oil Taxation Act 1975
  895. Introductory
  896. 1Paragraph 1
  897. Assessable profits and allowable losses
  898. 2Paragraph 2
  899. Allowance of exploration and appraisal expenditure
  900. 3Paragraph 3
  901. Interpretation
  902. 4Paragraph 4
  903. Date of delivery or appropriation for shipped oil not disposed of in sales at arm's length
  904. 5Paragraph 5
  905. “The Board”
  906. 6Paragraph 6
  907. Returns by participators
  908. 7Paragraph 7
  909. Gas fractionation
  910. 8Paragraph 8
  911. Aggregate market value of oil for purposes of section 2(5)
  912. 9Paragraph 9
  913. Power to make regulations
  914. 10Paragraph 10
  915. Part 2: Amendments of other enactments
  916. Chapter: Finance (No. 2) Act 1987
  917. The designated fraction for the month
  918. 11Paragraph 11
  919. Chapter: Income and Corporation Taxes Act 1988
  920. Valuation of oil disposed of or appropriated in certain circumstances.
  921. 12Paragraph 12
  922. Schedule 19: Schedule to be inserted as Schedule 19C to ICTA Repealed
  923. Paragraph Repealed
  924. Schedule 20: Inheritance tax: rules for trusts etc
  925. Part 1: “Trusts for bereaved minors”, “age 18-to-25 trusts” and “accumulation and maintenance” trusts
  926. Trusts for bereaved minors and Age 18-to-25 trusts
  927. 1Paragraph 1
  928. Section 71 of IHTA 1984 not to apply to property settled on or after 22nd March 2006
  929. 2Paragraph 2
  930. Section 71 of IHTA 1984 to cease to apply to certain settled property from 6th April 2008
  931. 3Paragraph 3
  932. Part 2: Interests in possession: when settled property is part of beneficiary's estate
  933. Aggregation with person's estate of property in which interest in possession subsists
  934. 4Paragraph 4
  935. “Immediate post-death interests” and “transitional serial interests”
  936. 5Paragraph 5
  937. Disabled persons' trusts: meaning of “disabled person's interest” and “disabled person”
  938. 6Paragraph 6
  939. Part 3: Related amendments in IHTA 1984
  940. Commencement
  941. 7Paragraph 7
  942. Deemed disposition where omission to exercise a right increases value of another person's estate or of settled property not aggregated with a person's estate
  943. 8Paragraph 8
  944. Potentially exempt transfers: provision in consequence of section 71 of IHTA 1984 not applying to property settled on or after 22nd March 2006
  945. 9Paragraph 9
  946. Person's “estate” not to include certain interests in possession
  947. 10Paragraph 10
  948. Life assurance policies entered into before 22nd March 2006
  949. 11Paragraph 11
  950. Tax where interest in possession ends, or is treated as ending, during beneficiary's life
  951. 12Paragraph 12
  952. 13Paragraph 13
  953. 14Paragraph 14
  954. Non-aggregation with deceased person's estate of property in which he had interest in possession if property reverts to settlor or passes to settlor's spouse or civil partner etc
  955. 15Paragraph 15
  956. Rate of tax on ending of interest in possession in property settled during settlor's life
  957. 16Paragraph 16
  958. Property entering maintenance fund after death of person entitled to interest in possession
  959. 17Paragraph 17
  960. “Relevant property” not to include property held on trust for a bereaved child
  961. 18Paragraph 18
  962. “Relevant property” to include property held on employee trusts or newspaper trusts if certain interests in possession subsist in the property
  963. 19Paragraph 19
  964. Certain interests in possession to which a person becomes entitled on or after 22nd March 2006 not to be “qualifying interests in possession” for purposes of Chapter 3 of Part 3 of IHTA 1984
  965. 20Paragraph 20
  966. New meaning of “qualifying interest in possession” not to apply in section 72 of IHTA 1984
  967. 21Paragraph 21
  968. No charge under sections 71B, 71E etc where property held on trusts for bereaved child becomes held on trusts for charitable purposes etc
  969. 22Paragraph 22
  970. No postponement of commencement date of settlement where property settled on or after 22nd March 2006 unless settlor, or spouse or civil partner, has immediate post-death interest
  971. 23Paragraph 23
  972. Protective trusts
  973. 24Paragraph 24
  974. Alterations of capital etc of close company where participator holds shares etc in company as trustee of settled property in which an interest in possession subsists
  975. 25Paragraph 25
  976. Close company's interest in possession treated as interest of its participators
  977. 26Paragraph 26
  978. Distributions within two years of person's death out of property settled by his will
  979. 27Paragraph 27
  980. Interpretation of IHTA 1984
  981. 28Paragraph 28
  982. Part 4: Related amendments in TCGA 1992
  983. 29Paragraph 29
  984. 30Paragraph 30
  985. 31Paragraph 31
  986. 32Paragraph 32
  987. Part 5: Property subject to a reservation
  988. 33Paragraph 33
  989. Part 6: Conditional exemption: relief from charges
  990. 34Paragraph 34
  991. Schedule 21: Taxable property held by investment-regulated pension schemes
  992. 1Paragraph 1
  993. 2Paragraph 2
  994. 3Paragraph 3
  995. 4Paragraph 4
  996. 5Paragraph 5
  997. 6Paragraph 6
  998. 7Paragraph 7
  999. 8Paragraph 8
  1000. 9Paragraph 9
  1001. 10Paragraph 10
  1002. 11Paragraph 11
  1003. 12Paragraph 12
  1004. 13Paragraph 13
  1005. 14Paragraph 14
  1006. 15Paragraph 15
  1007. Schedule 22: Pension schemes: inheritance tax
  1008. Introductory
  1009. 1Paragraph 1
  1010. Dispositions
  1011. 2Paragraph 2
  1012. Secured pension funds
  1013. 3Paragraph 3 Repealed
  1014. 4Paragraph 4 Repealed
  1015. Liability
  1016. 5Paragraph 5 Repealed
  1017. 6Paragraph 6 Repealed
  1018. Delivery of accounts
  1019. 7Paragraph 7 Repealed
  1020. Payment
  1021. 8Paragraph 8 Repealed
  1022. Interest
  1023. 9Paragraph 9 Repealed
  1024. Interpretation
  1025. 10Paragraph 10
  1026. Rates of tax
  1027. 11Paragraph 11 Repealed
  1028. Transitional
  1029. 12Paragraph 12 Repealed
  1030. Schedule 23: Pension schemes etc: miscellaneous
  1031. Introduction
  1032. 1Paragraph 1
  1033. Meaning of “pension credit member” etc: person dying before discharge of liability
  1034. 2Paragraph 2
  1035. Unauthorised payments: former members and sponsoring employers etc
  1036. 3Paragraph 3
  1037. 4Paragraph 4
  1038. 5Paragraph 5
  1039. 6Paragraph 6
  1040. 7Paragraph 7
  1041. 8Paragraph 8
  1042. 9Paragraph 9
  1043. 10Paragraph 10
  1044. 11Paragraph 11
  1045. 12Paragraph 12
  1046. 13Paragraph 13
  1047. 14Paragraph 14
  1048. 15Paragraph 15
  1049. 16Paragraph 16
  1050. 17Paragraph 17
  1051. 18Paragraph 18
  1052. 19Paragraph 19
  1053. “Bridging” pensions
  1054. 20Paragraph 20
  1055. 21Paragraph 21 Repealed
  1056. Pension commencement lump sum: scheme pensions under money purchase arrangements
  1057. 22Paragraph 22
  1058. 23Paragraph 23
  1059. 24Paragraph 24
  1060. 25Paragraph 25
  1061. 26Paragraph 26
  1062. Short service refund lump sum: protected rights etc.
  1063. 27Paragraph 27
  1064. Refund of excess contributions lump sum: excess relief at source
  1065. 28Paragraph 28
  1066. Annuity protection lump sum death benefit: benefits from unsecured pension fund
  1067. 29Paragraph 29 Repealed
  1068. Benefit crystallisation events: reaching 75 after designation for unsecured pension
  1069. 30Paragraph 30
  1070. Availability of individual's lifetime allowance: previous benefit crystallisation events
  1071. 31Paragraph 31
  1072. Overseas pension schemes: extension of migrant member relief
  1073. 32Paragraph 32
  1074. Abatement
  1075. 33Paragraph 33
  1076. Amendments and transitionals
  1077. 34Paragraph 34
  1078. 35Paragraph 35
  1079. Transitional provision: uncrystallised rights under paragraph 9 to include separate lump sums
  1080. 36Paragraph 36
  1081. Transitional protection: taking account of death benefits
  1082. 37Paragraph 37
  1083. 38Paragraph 38
  1084. 39Paragraph 39
  1085. 40Paragraph 40
  1086. 41Paragraph 41
  1087. 42Paragraph 42
  1088. Transitional protection: right to take benefits before normal pension age
  1089. 43Paragraph 43
  1090. Transitional provisions: minor corrections
  1091. 44Paragraph 44
  1092. 45Paragraph 45
  1093. 46Paragraph 46
  1094. Schedule 24: Stamp duty land tax: amendments of Schedule 15 to FA 2003
  1095. Introduction
  1096. 1Paragraph 1
  1097. Transfer of chargeable interest to a partnership
  1098. 2Paragraph 2
  1099. 3Paragraph 3
  1100. 4Paragraph 4
  1101. Transfer of chargeable interest from a partnership
  1102. 5Paragraph 5
  1103. 6Paragraph 6
  1104. 7Paragraph 7
  1105. Transfer of chargeable interest from a partnership to a partnership
  1106. 8Paragraph 8
  1107. Transfer of partnership interest: restriction of charge to property-investment partnerships
  1108. 9Paragraph 9
  1109. Prevention of double charge where money etc withdrawn from partnership
  1110. 10Paragraph 10
  1111. Commencement
  1112. 11Paragraph 11
  1113. Schedule 25: Stamp duty land tax: amendments of Schedule 17A to FA 2003
  1114. Introduction
  1115. 1Paragraph 1
  1116. Agricultural tenancies variable under statutory provisions
  1117. 2Paragraph 2
  1118. Backdated lease granted to tenant holding over
  1119. 3Paragraph 3
  1120. Disapplication of “single lease” treatment where agreement for lease followed by grant
  1121. 4Paragraph 4 Repealed
  1122. 5Paragraph 5 Repealed
  1123. Disapplication of “new lease” treatment for certain rent increases after fifth year
  1124. 6Paragraph 6
  1125. Abnormal rent increase after fifth year
  1126. 7Paragraph 7 Repealed
  1127. 8Paragraph 8 Repealed
  1128. Commencement
  1129. 9Paragraph 9
  1130. Schedule 26: Repeals
  1131. 1Excise duties
  1132. 2Value added tax
  1133. 3Income tax, corporation tax and capital gains tax
  1134. 4Real Estate Investment Trusts
  1135. 5Oil
  1136. 6Inheritance tax
  1137. 7Stamp taxes
  1138. 8Miscellaneous provisions