OpenLegislation

Finance Act 2007

2007 c. 11 · Enacted 19 July 2007 · Extends to United Kingdom

Not fully up to date. 16 changes made by later legislation have not yet been written into this text, which is revised to 1 April 2026.

See the changes not yet applied
ProvisionChangeMade by
s. 73repealedFinance Act 2007 Sch. 27 Pt. 4(2)
Sch. 21repealedFinance Act 2007 Sch. 27 Pt. 4(2)
Sch. 24 para. 4(1A)insertedFinance Act 2015 Sch. 20 para. 2(2)
Sch. 24 para. 4(2)(a)word substitutedFinance Act 2015 Sch. 20 para. 2(3)(a)
Sch. 24 para. 4(2)(b)word substitutedFinance Act 2015 Sch. 20 para. 2(3)(b)
Sch. 24 para. 4(2)(c)word substitutedFinance Act 2015 Sch. 20 para. 2(3)(c)
Sch. 24 para. 4(5)word substitutedFinance Act 2015 Sch. 20 para. 2(4)
Sch. 24 para. 4A(7)words substitutedFinance Act 2015 Sch. 20 para. 3(8)
Sch. 24 para. 4A(A1)(1)substituted for Sch. 24 para. 4A(1)Finance Act 2015 Sch. 20 para. 3(2)
Sch. 24 para. 10(2)words insertedFinance Act 2015 Sch. 20 para. 5
Sch. 24 para. 12(5)(a)word substitutedFinance Act 2015 Sch. 20 para. 6(b)
Sch. 24 para. 12(5)(za)insertedFinance Act 2015 Sch. 20 para. 6(a)
Sch. 24 para. 21A(2)substitutedFinance Act 2015 Sch. 20 para. 7(3)
Sch. 24 para. 21A(7)substitutedFinance Act 2015 Sch. 20 para. 7(4)
Sch. 24 para. 21A(A1)insertedFinance Act 2015 Sch. 20 para. 7(2)
Sch. 24 para. 28(fa)(iv)-(ivb)omittedFinance Act 2024 Sch. 2 para. 11
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 2007]

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: Charges, rates, thresholds etc
  2. Income tax
  3. 1Charge and rates for 2007-08
  4. Corporation tax
  5. 2Charge and main rates for financial year 2008
  6. 3Small companies' rates and fractions for financial year 2007 Repealed
  7. Inheritance tax
  8. 4Rates and rate bands for 2010-11 Repealed
  9. Alcohol and tobacco
  10. 5Rates of duty on alcoholic liquor
  11. 6Rates of tobacco products duty
  12. Gambling
  13. 7Rates of gaming duty
  14. 8Remote gaming duty
  15. 9Amusement machine licence duty
  16. Environment
  17. 10Fuel duty rates and rebates
  18. 11Rates of vehicle excise duty
  19. 12Rates of air passenger duty Repealed
  20. 13Rates of climate change levy
  21. 14Rate of aggregates levy
  22. 15Rates of landfill tax
  23. 16Emissions trading: charges for allocations
  24. Part 2: Environment
  25. Energy-saving: houses
  26. 17Corporation tax deduction for expenditure on energy-saving items Repealed
  27. 18Extension of income tax deduction for expenditure on energy-saving items
  28. 19SDLT relief for new zero-carbon homes
  29. Domestic microgeneration
  30. 20Income tax exemption for domestic microgeneration
  31. 21Renewables obligation certificates for domestic microgeneration
  32. Other measures
  33. 22Aggregates levy: exemption for aggregate removed from railways etc
  34. 23Climate change levy: reduced-rate supplies etc
  35. 24Landfill tax: bodies concerned with the environment
  36. Part 3: Income tax, corporation tax and capital gains tax
  37. Anti-avoidance
  38. 25Managed service companies
  39. 26Restrictions on trade loss relief for partners
  40. 27Extension of restrictions on allowable capital losses
  41. 28Restriction on expenses of management Repealed
  42. 29Life policies etc: effect of rebated or reinvested commission
  43. 30Avoidance involving financial arrangements
  44. 31Companies carrying on business of leasing plant or machinery
  45. 32Restrictions on companies buying losses or gains: tax avoidance schemes
  46. 33Lloyd's corporate members: restriction of group relief
  47. 34Employee benefit contributions
  48. 35Schemes etc designed to increase double taxation relief Repealed
  49. Capital allowances
  50. 36Industrial and agricultural buildings allowances Repealed
  51. 37Temporary increase in first-year capital allowances for small enterprises Repealed
  52. Insurance and friendly societies
  53. 38Insurance companies: gross roll-up business etc
  54. 39Insurance companies: basis of taxation etc
  55. 40Insurance companies: transfers etc
  56. 41Insurance companies: miscellaneous
  57. 42Technical provisions made by general insurers
  58. 43Lloyd's: cessation of business by corporate members
  59. 44Transfers of business by friendly societies to insurance companies etc Repealed
  60. 45Tax exempt business of friendly societies
  61. 46Purchased life annuities: self-assessment
  62. Repos
  63. 47Sale and repurchase of securities
  64. CFCs
  65. 48Controlled foreign companies
  66. R&D
  67. 49Vaccine research relief: amount of deduction for SMEs Repealed
  68. 50Research and development tax relief: definition of SME etc Repealed
  69. Venture capital schemes etc
  70. 51Venture capital schemes etc
  71. REITs
  72. 52Real Estate Investment Trusts
  73. Alternative finance
  74. 53Alternative finance investment bond
  75. 54Profit share agency Repealed
  76. Trusts
  77. 55Trust income
  78. 56Trust gains on contracts for life insurance
  79. Other corporation tax measures
  80. 57Offshore funds
  81. 58Election out of special film rules for film production companies
  82. 59Securitisation companies
  83. Other income tax measures
  84. 60Gift aid: limits
  85. 61Enterprise management incentives: excluded activities
  86. 62Benefits code: whether employment is “lower-paid employment”
  87. 63Armed forces redundancy schemes
  88. 64Armed forces: the Operational Allowance
  89. 65Service charge income
  90. 66Charge on benefits received by former owner of property: late elections
  91. 67Unpaid remuneration and employee benefit contributions
  92. Part 4: Pensions
  93. 68Abolition of contributions relief for life assurance premium contributions
  94. 69Alternatively secured pensions etc
  95. 70Miscellaneous
  96. Part 5: SDLT, stamp duty and SDRT
  97. SDLT: anti-avoidance provisions
  98. 71Anti-avoidance
  99. 72Partnerships
  100. Reliefs in relation to shares etc
  101. 73Exemptions: intermediaries, repurchases etc
  102. 74Acquisition relief: disregard of company holding own shares
  103. Other reliefs etc
  104. 75SDLT: alternative finance arrangements
  105. 76SDLT: exchanges
  106. 77SDLT: shared ownership trusts
  107. 78SDLT: shared ownership lease
  108. 79Certain transfers of school land
  109. SDLT: administration
  110. 80Payment of tax
  111. 81Self-certificate declarations Repealed
  112. Part 6: Investigation, administration etc
  113. Investigation etc
  114. 82Criminal investigations: powers of Revenue and Customs
  115. 83Northern Ireland criminal investigations
  116. 84Sections 82 and 83: supplementary
  117. 85Criminal investigations: Scotland
  118. 86Search warrants
  119. 87Cross-border exercise of powers
  120. Filing dates
  121. 88Personal tax returns
  122. 89Trustee's tax return
  123. 90Partnership tax returns
  124. 91Consequential amendments
  125. 92Commencement
  126. Other administration
  127. 93Mandatory electronic filing of returns
  128. 94Mandatory electronic payment
  129. 95Payment by cheque
  130. 96Enquiry into returns
  131. 97Penalties for errors
  132. Part 7: Miscellaneous
  133. Value added tax and insurance premium tax
  134. 98VAT: joint and several liability of traders in supply chain where tax unpaid
  135. 99VAT: non-business use etc of business goods
  136. 100VAT: transfers of going concerns
  137. 101IPT: meaning of “premium”
  138. Petroleum revenue tax
  139. 102Abolition of PRT for fields recommissioned after earlier decommissioning
  140. 103Tax-exempt tariffing receipts
  141. 104Allowance of unrelievable loss from abandoned field
  142. Other miscellaneous measures
  143. 105Amendments connected with Gambling Act 2005
  144. 106VED: exempt vehicles
  145. 107Limitation period in old actions for mistake of law relating to direct tax
  146. 108Disclosure of tax avoidance schemes
  147. 109Meaning of “recognised stock exchange” etc
  148. 110Mergers Directive: regulations
  149. 111Excise duties: small consignment relief
  150. 112Updating references to Standing Committees
  151. Part 8: Final provisions
  152. 113Interpretation
  153. 114Repeals
  154. 115Short title
  155. Schedule 1: Remote gaming duty
  156. Part 1: Imposition of duty
  157. 1Paragraph 1
  158. 2Paragraph 2
  159. Part 2: Consequential amendments
  160. 3Paragraph 3
  161. 4Paragraph 4 Repealed
  162. 5Paragraph 5
  163. 6Paragraph 6
  164. Schedule 2: Climate change levy: reduced-rate supplies etc
  165. Introductory
  166. 1Paragraph 1
  167. Reduced-rate supplies
  168. 2Paragraph 2
  169. 3Paragraph 3
  170. 4Paragraph 4
  171. 5Paragraph 5
  172. 6Paragraph 6
  173. 7Paragraph 7
  174. 8Paragraph 8
  175. 9Paragraph 9
  176. 10Paragraph 10
  177. Notifications and certificates
  178. 11Paragraph 11
  179. 12Paragraph 12
  180. Commencement
  181. 13Paragraph 13
  182. Schedule 3: Managed service companies
  183. Part 1: Amendments of ITEPA 2003
  184. 1Paragraph 1
  185. 2Paragraph 2
  186. 3Paragraph 3
  187. 4Paragraph 4
  188. 5Paragraph 5
  189. 6Paragraph 6
  190. 7Paragraph 7
  191. 8Paragraph 8
  192. Part 2: Calculation of profits of MSCs: deduction for deemed employment payments
  193. Deduction for deemed employment payments for income tax purposes
  194. 9Paragraph 9
  195. Deduction for deemed employment payments for corporation tax purposes
  196. 10Paragraph 10 Repealed
  197. Schedule 4: Restrictions on trade loss relief for partners
  198. Limit on amount of sideways relief and capital gains relief available in any tax year
  199. 1Paragraph 1
  200. Disregard of contributions made for purpose of accessing sideways relief and capital gains relief
  201. 2Paragraph 2
  202. Provision corresponding to paragraphs 1 and 2 for tax year 2006-07
  203. 3Paragraph 3
  204. Consequential amendments
  205. 4Paragraph 4
  206. 5Paragraph 5
  207. 6Paragraph 6
  208. 7Paragraph 7
  209. 8Paragraph 8
  210. 9Paragraph 9
  211. 10Paragraph 10
  212. 11Paragraph 11
  213. 12Paragraph 12
  214. 13Paragraph 13
  215. 14Paragraph 14
  216. 15Paragraph 15
  217. 16Paragraph 16
  218. 17Paragraph 17
  219. 18Paragraph 18
  220. 19Paragraph 19
  221. 20Paragraph 20
  222. 21Paragraph 21
  223. Schedule 5: Avoidance involving financial arrangements
  224. Amounts not forming part of a company's income
  225. 1Paragraph 1
  226. 2Paragraph 2
  227. Structured finance arrangements
  228. 3Paragraph 3 Repealed
  229. 4Paragraph 4 Repealed
  230. 5Paragraph 5 Repealed
  231. 6Paragraph 6 Repealed
  232. 7Paragraph 7 Repealed
  233. 8Paragraph 8
  234. Manufactured payments under arrangements having an unallowable purpose
  235. 9Paragraph 9 Repealed
  236. Options and groups of companies
  237. 10Paragraph 10
  238. Loan relationships: amounts not fully recognised for accounting purposes
  239. 11Paragraph 11 Repealed
  240. Shares treated as loan relationships
  241. 12Paragraph 12 Repealed
  242. 13Paragraph 13 Repealed
  243. 14Paragraph 14 Repealed
  244. Exchange gains and losses where loan not on arm's length terms
  245. 15Paragraph 15 Repealed
  246. Loan relationships and collective investment schemes
  247. 16Paragraph 16 Repealed
  248. Plant or machinery subject to a lease and finance leaseback
  249. 17Paragraph 17
  250. Derivative contracts: contracts treated for accounting purposes as financial asset or liability
  251. 18Paragraph 18 Repealed
  252. Derivative contracts: transfers of value to connected companies
  253. 19Paragraph 19 Repealed
  254. Schedule 6: Companies carrying on business of leasing plant or machinery
  255. Company reconstructions without change of ownership
  256. 1Paragraph 1 Repealed
  257. Sale etc of lessor companies etc
  258. 2Paragraph 2 Repealed
  259. Schedule 7: Insurance business: gross roll-up business etc
  260. Part 1: Amendments
  261. Taxes Management Act 1970 (c. 9)
  262. 1Paragraph 1
  263. Income and Corporation Taxes Act 1988 (c. 1)
  264. 2Paragraph 2
  265. 3Paragraph 3 Repealed
  266. 4Paragraph 4
  267. 5Paragraph 5
  268. 6Paragraph 6 Repealed
  269. 7Paragraph 7
  270. 8Paragraph 8 Repealed
  271. 9Paragraph 9 Repealed
  272. 10Paragraph 10 Repealed
  273. 11Paragraph 11 Repealed
  274. 12Paragraph 12 Repealed
  275. 13Paragraph 13 Repealed
  276. 14Paragraph 14 Repealed
  277. 15Paragraph 15
  278. 16Paragraph 16 Repealed
  279. 17Paragraph 17 Repealed
  280. 18Paragraph 18
  281. 19Paragraph 19 Repealed
  282. 20Paragraph 20
  283. 21Paragraph 21 Repealed
  284. 22Paragraph 22 Repealed
  285. 23Paragraph 23 Repealed
  286. 24Paragraph 24
  287. 25Paragraph 25 Repealed
  288. 26Paragraph 26 Repealed
  289. 27Paragraph 27
  290. 28Paragraph 28
  291. 29Paragraph 29
  292. 30Paragraph 30
  293. 31Paragraph 31 Repealed
  294. 32Paragraph 32 Repealed
  295. 33Paragraph 33 Repealed
  296. 34Paragraph 34
  297. 35Paragraph 35 Repealed
  298. 36Paragraph 36 Repealed
  299. 37Paragraph 37 Repealed
  300. 38Paragraph 38 Repealed
  301. 39Paragraph 39
  302. 40Paragraph 40 Repealed
  303. 41Paragraph 41
  304. 42Paragraph 42
  305. 43Paragraph 43 Repealed
  306. 44Paragraph 44 Repealed
  307. 45Paragraph 45 Repealed
  308. 46Paragraph 46 Repealed
  309. 47Paragraph 47
  310. 48Paragraph 48 Repealed
  311. 49Paragraph 49 Repealed
  312. 50Paragraph 50 Repealed
  313. 51Paragraph 51 Repealed
  314. 52Paragraph 52 Repealed
  315. 53Paragraph 53 Repealed
  316. 54Paragraph 54 Repealed
  317. 55Paragraph 55
  318. 56Paragraph 56 Repealed
  319. Finance Act 1989 (c. 26)
  320. 57Paragraph 57 Repealed
  321. 58Paragraph 58 Repealed
  322. 59Paragraph 59 Repealed
  323. Taxation of Chargeable Gains Act 1992 (c. 12)
  324. 60Paragraph 60
  325. 61Paragraph 61
  326. 62Paragraph 62
  327. 63Paragraph 63
  328. 64Paragraph 64
  329. Finance Act 1996 (c. 8)
  330. 65Paragraph 65 Repealed
  331. 66Paragraph 66 Repealed
  332. 67Paragraph 67 Repealed
  333. Capital Allowances Act 2001 (c. 2)
  334. 68Paragraph 68
  335. 69Paragraph 69
  336. 70Paragraph 70
  337. 71Paragraph 71
  338. Finance Act 2001 (c. 9)
  339. 72Paragraph 72 Repealed
  340. Finance Act 2002 (c. 23)
  341. 73Paragraph 73
  342. 74Paragraph 74 Repealed
  343. 75Paragraph 75 Repealed
  344. Income Tax (Trading and Other Income) Act 2005 (c. 5)
  345. 76Paragraph 76
  346. 77Paragraph 77
  347. 78Paragraph 78 Repealed
  348. 79Paragraph 79
  349. Part 2: Transitional provisions
  350. Introduction
  351. 80Paragraph 80 Repealed
  352. Carry forward of unused pension business losses
  353. 81Paragraph 81 Repealed
  354. Carry forward of unused non-pension business losses
  355. 82Paragraph 82 Repealed
  356. 83Paragraph 83 Repealed
  357. “Section 432F(2) excesses”
  358. 84Paragraph 84 Repealed
  359. Losses transferred under section 444AZA
  360. 85Paragraph 85
  361. Losses transferred under section 444AZB
  362. 86Paragraph 86
  363. Schedule 8: Insurance companies: basis of taxation etc
  364. Part 1: Amendments
  365. Income and Corporation Taxes Act 1988 (c. 1)
  366. 1Paragraph 1
  367. 2Paragraph 2 Repealed
  368. 3Paragraph 3 Repealed
  369. 4Paragraph 4 Repealed
  370. 5Paragraph 5 Repealed
  371. 6Paragraph 6 Repealed
  372. 7Paragraph 7
  373. 8Paragraph 8 Repealed
  374. 9Paragraph 9 Repealed
  375. 10Paragraph 10
  376. Finance Act 1989 (c. 26)
  377. 11Paragraph 11 Repealed
  378. 12Paragraph 12 Repealed
  379. 13Paragraph 13 Repealed
  380. 14Paragraph 14 Repealed
  381. 15Paragraph 15 Repealed
  382. 16Paragraph 16 Repealed
  383. Finance Act 1991 (c. 31)
  384. 17Paragraph 17
  385. Taxation of Chargeable Gains Act 1992 (c. 12)
  386. 18Paragraph 18
  387. Finance (No. 2) Act 1992 (c. 48)
  388. 19Paragraph 19
  389. Finance Act 1996 (c. 8)
  390. 20Paragraph 20 Repealed
  391. Finance Act 1998 (c. 36)
  392. 21Paragraph 21
  393. Capital Allowances Act 2001 (c. 2)
  394. 22Paragraph 22
  395. 23Paragraph 23
  396. 24Paragraph 24
  397. Finance Act 2002 (c. 23)
  398. 25Paragraph 25 Repealed
  399. 26Paragraph 26 Repealed
  400. 27Paragraph 27 Repealed
  401. Part 2: Transitional provisions
  402. Unused pre-commencement section 76(12) etc excesses
  403. 28Paragraph 28 Repealed
  404. Shifts in basis of taxation at first post-commencement accounting period
  405. 29Paragraph 29 Repealed
  406. Schedule 9: Insurance companies: transfers etc
  407. Definition of “insurance business transfer scheme”
  408. 1Paragraph 1
  409. Transfer schemes: expenses, losses etc
  410. 2Paragraph 2
  411. Transfer schemes: deemed periodical returns
  412. 3Paragraph 3
  413. Transfer schemes: taxing the transferor
  414. 4Paragraph 4 Repealed
  415. Transferor's period of account including transfer
  416. 5Paragraph 5 Repealed
  417. Transfer schemes: taxing the transferee
  418. 6Paragraph 6 Repealed
  419. Repeal of section 444AD
  420. 7Paragraph 7 Repealed
  421. Transfer schemes: anti-avoidance
  422. 8Paragraph 8 Repealed
  423. Repeal of FA s.82C
  424. 9Paragraph 9
  425. Transfers: receipts to be taken into account
  426. 10Paragraph 10 Repealed
  427. Transfers and demutualisations: losses where assets added to long-term insurance fund
  428. 11Paragraph 11
  429. 12Paragraph 12 Repealed
  430. Transfer schemes: old annuity contracts
  431. 13Paragraph 13
  432. Transfer schemes: no gain/no loss
  433. 14Paragraph 14
  434. Transfer schemes: old reinsurance business
  435. 15Paragraph 15 Repealed
  436. Power to amend transfer provisions
  437. 16Paragraph 16 Repealed
  438. Commencement
  439. 17Paragraph 17
  440. Schedule 10: Insurance companies: miscellaneous
  441. Contingent loans
  442. 1Paragraph 1 Repealed
  443. “Structural” assets
  444. 2Paragraph 2
  445. Losses on disposal of authorised investment fund assets to connected manager
  446. 3Paragraph 3
  447. Priority of section 83(2) of FA 1989 etc
  448. 4Paragraph 4 Repealed
  449. Tidying up of TCGA 1992
  450. 5Paragraph 5
  451. Tidying up of Chapter 2 of Part 4 of FA 1996
  452. 6Paragraph 6 Repealed
  453. Correction of erroneous repeal
  454. 7Paragraph 7
  455. Non-profit companies, non-profit funds and with-profits funds
  456. 8Paragraph 8
  457. Internal linked funds and net value
  458. 9Paragraph 9
  459. Fair value
  460. 10Paragraph 10
  461. Generalisation of definitions
  462. 11Paragraph 11 Repealed
  463. 12Paragraph 12 Repealed
  464. 13Paragraph 13 Repealed
  465. 14Paragraph 14
  466. Minor changes
  467. 15Paragraph 15
  468. Obsolete etc provisions
  469. 16Paragraph 16
  470. Commencement
  471. 17Paragraph 17
  472. Schedule 11: Technical provisions made by general insurers
  473. Restriction on amount of technical provisions made by general insurers
  474. 1Paragraph 1
  475. Enforcement
  476. 2Paragraph 2
  477. Supplementary
  478. 3Paragraph 3
  479. Repeal of section 107 of FA 2000
  480. 4Paragraph 4
  481. Commencement
  482. 5Paragraph 5
  483. Schedule 12: Friendly societies: transfers to insurance companies etc Repealed
  484. Exempt life or endowment business Repealed
  485. 1Paragraph 1 Repealed
  486. 2Paragraph 2 Repealed
  487. 3Paragraph 3 Repealed
  488. Other exempt business Repealed
  489. 4Paragraph 4 Repealed
  490. 5Paragraph 5 Repealed
  491. Commencement Repealed
  492. 6Paragraph 6 Repealed
  493. Schedule 13: Sale and repurchase of securities
  494. Purpose of Schedule
  495. 1Paragraph 1
  496. Meaning of debtor repo
  497. 2Paragraph 2 Repealed
  498. Meaning of debtor quasi-repo
  499. 3Paragraph 3 Repealed
  500. Ignoring effect on borrower of sale of securities: debtor repos, debtor quasi-repos and other arrangements
  501. 4Paragraph 4 Repealed
  502. Relief for borrower for finance charges in respect of the advance: debtor repos and debtor quasi-repos
  503. 5Paragraph 5 Repealed
  504. Ignoring sale and subsequent purchase for purposes of chargeable gains: debtor repos
  505. 6Paragraph 6
  506. Meaning of creditor repo
  507. 7Paragraph 7 Repealed
  508. Meaning of creditor quasi-repo
  509. 8Paragraph 8 Repealed
  510. Ignoring effect on lender of sale of securities: creditor repos and creditor quasi-repos
  511. 9Paragraph 9 Repealed
  512. Charge on lender for finance return in respect of the advance: creditor repos and creditor quasi-repos
  513. 10Paragraph 10 Repealed
  514. Ignoring purchase and subsequent sale for purposes of chargeable gains: creditor repos
  515. 11Paragraph 11
  516. Repo under arrangement designed to produce quasi-interest: anti-avoidance
  517. 12Paragraph 12 Repealed
  518. Requirements to deduct tax from manufactured payments: creditor repos and debtor repos
  519. 13Paragraph 13 Repealed
  520. Interpretation etc
  521. 14Paragraph 14
  522. Power to modify Schedule
  523. 15Paragraph 15
  524. Schedule 14: Sale and repurchase of securities: minor and consequential amendments
  525. Income and Corporation Taxes Act 1988 (c. 1)
  526. 1Paragraph 1
  527. 2Paragraph 2 Repealed
  528. 3Paragraph 3 Repealed
  529. 4Paragraph 4
  530. 5Paragraph 5
  531. 6Paragraph 6 Repealed
  532. 7Paragraph 7
  533. 8Paragraph 8
  534. 9Paragraph 9 Repealed
  535. 10Paragraph 10 Repealed
  536. Taxation of Chargeable Gains Act 1992 (c. 12)
  537. 11Paragraph 11
  538. 12Paragraph 12
  539. 13Paragraph 13
  540. Finance Act 1996 (c. 8)
  541. 14Paragraph 14 Repealed
  542. 15Paragraph 15 Repealed
  543. 16Paragraph 16 Repealed
  544. 17Paragraph 17 Repealed
  545. 18Paragraph 18 Repealed
  546. Finance Act 1994 (c. 9)
  547. 19Paragraph 19
  548. Finance Act 2006 (c. 25)
  549. 20Paragraph 20
  550. Income Tax Act 2007 (c. 3)
  551. 21Paragraph 21
  552. 22Paragraph 22 Repealed
  553. 23Paragraph 23 Repealed
  554. 24Paragraph 24
  555. Schedule 15: Controlled foreign companies
  556. Imputation of chargeable profits and creditable tax of controlled foreign companies
  557. 1Paragraph 1
  558. Residence
  559. 2Paragraph 2
  560. Elections and designations under section 749: supplementary provisions
  561. 3Paragraph 3
  562. Territories with a lower level of taxation
  563. 4Paragraph 4
  564. Reduction in chargeable profits for certain activities of EEA business establishments
  565. 5Paragraph 5
  566. Interpretation
  567. 6Paragraph 6
  568. Exempt activities test
  569. 7Paragraph 7
  570. Abolition of public quotation exemption
  571. 8Paragraph 8
  572. Discovery assessments
  573. 9Paragraph 9
  574. Commencement
  575. 10Paragraph 10
  576. Schedule 16: Venture capital schemes etc
  577. Part 1: Limit on number of employees of company in which investment is made
  578. Corporate venturing scheme
  579. 1Paragraph 1
  580. Enterprise investment scheme
  581. 2Paragraph 2
  582. Venture capital trusts
  583. 3Paragraph 3
  584. Part 2: Limit on amount raised annually by company through risk capital schemes
  585. Corporate venturing scheme
  586. 4Paragraph 4
  587. Enterprise investment scheme
  588. 5Paragraph 5
  589. Venture capital trusts
  590. 6Paragraph 6
  591. Enterprise investment scheme: reinvestment
  592. 7Paragraph 7
  593. Transitional provision
  594. 8Paragraph 8
  595. Part 3: Excluded activities: receipt of royalties and licence fees
  596. Corporate venturing scheme
  597. 9Paragraph 9
  598. 10Paragraph 10
  599. Enterprise investment scheme
  600. 11Paragraph 11
  601. Venture capital trusts
  602. 12Paragraph 12
  603. Commencement
  604. 13Paragraph 13
  605. Transitional provision
  606. 14Paragraph 14
  607. Part 4: Meaning of “qualifying 90% subsidiary”
  608. Corporate venturing scheme
  609. 15Paragraph 15
  610. Enterprise investment scheme etc
  611. 16Paragraph 16
  612. Venture capital trusts
  613. 17Paragraph 17
  614. Commencement
  615. 18Paragraph 18
  616. Part 5: Other amendments
  617. EIS: approved investment funds
  618. 19Paragraph 19
  619. VCTs: disposal of holding
  620. 20Paragraph 20
  621. VCTs: power to make regulations as to breaches of conditions
  622. 21Paragraph 21
  623. Schedule 17: Real Estate Investment Trusts
  624. 1Paragraph 1 Repealed
  625. 2Paragraph 2 Repealed
  626. 3Paragraph 3 Repealed
  627. 4Paragraph 4 Repealed
  628. 5Paragraph 5 Repealed
  629. 6Paragraph 6 Repealed
  630. 7Paragraph 7 Repealed
  631. 8Paragraph 8 Repealed
  632. 9Paragraph 9 Repealed
  633. 10Paragraph 10 Repealed
  634. 11Paragraph 11 Repealed
  635. 12Paragraph 12 Repealed
  636. 13Paragraph 13 Repealed
  637. 14Paragraph 14 Repealed
  638. 15Paragraph 15 Repealed
  639. 16Paragraph 16 Repealed
  640. 17Paragraph 17 Repealed
  641. 18Paragraph 18
  642. Schedule 18: Pensions schemes: abolition of relief for life assurance premium contributions etc
  643. Introduction
  644. 1Paragraph 1
  645. Life assurance premium contributions not to be relievable pension contributions
  646. 2Paragraph 2
  647. Life assurance premium contributions
  648. 3Paragraph 3
  649. Commencement: schemes other than occupational pension schemes
  650. 4Paragraph 4
  651. 5Paragraph 5
  652. Commencement: occupational pension schemes
  653. 6Paragraph 6
  654. 7Paragraph 7
  655. Power to amend commencement provisions
  656. 8Paragraph 8
  657. Schedule 19: Alternatively secured pensions and transfer lump sum death benefit etc
  658. Introduction
  659. 1Paragraph 1
  660. Alternatively secured pension: guaranteed pension and maximum
  661. 2Paragraph 2
  662. 3Paragraph 3
  663. Maximum dependants' alternatively secured pension
  664. 4Paragraph 4 Repealed
  665. Abolition of transfer lump sum death benefit
  666. 5Paragraph 5
  667. 6Paragraph 6
  668. 7Paragraph 7
  669. 8Paragraph 8
  670. 9Paragraph 9
  671. 10Paragraph 10
  672. Untraceable members
  673. 11Paragraph 11 Repealed
  674. Increase in rights on death
  675. 12Paragraph 12
  676. 13Paragraph 13 Repealed
  677. Minimum alternatively secured pension and dependants' alternatively secured pension
  678. 14Paragraph 14 Repealed
  679. 15Paragraph 15 Repealed
  680. Charity lump sum death benefit
  681. 16Paragraph 16
  682. Discharge of liability to scheme chargeable payment
  683. 17Paragraph 17
  684. Non-UK schemes
  685. 18Paragraph 18
  686. Inheritance tax
  687. 19Paragraph 19
  688. 20Paragraph 20 Repealed
  689. 21Paragraph 21 Repealed
  690. 22Paragraph 22 Repealed
  691. 23Paragraph 23 Repealed
  692. 24Paragraph 24 Repealed
  693. 25Paragraph 25 Repealed
  694. 26Paragraph 26 Repealed
  695. 27Paragraph 27
  696. Consequential amendment
  697. 28Paragraph 28
  698. Commencement
  699. 29Paragraph 29
  700. Schedule 20: Pension schemes etc: miscellaneous
  701. Introduction
  702. 1Paragraph 1
  703. Persons by whom registered pension schemes may be established
  704. 2Paragraph 2
  705. 3Paragraph 3
  706. 4Paragraph 4
  707. Unauthorised payments reduced by amount of scheme sanction charge
  708. 5Paragraph 5
  709. Surrenders
  710. 6Paragraph 6
  711. Scheme pensions where ill-health condition met
  712. 7Paragraph 7
  713. Unsecured and dependants' unsecured pensions: reference periods
  714. 8Paragraph 8
  715. Pension commencement lump sums
  716. 9Paragraph 9
  717. 10Paragraph 10
  718. 11Paragraph 11
  719. Winding-up lump sums
  720. 12Paragraph 12
  721. Lump sum death benefits
  722. 13Paragraph 13 Repealed
  723. Taxable property held by investment-regulated pension schemes: indirect holdings in REITs
  724. 14Paragraph 14
  725. Transitional provision: primary protection
  726. 15Paragraph 15
  727. Transitional provision: enhanced protection
  728. 16Paragraph 16
  729. 17Paragraph 17
  730. 18Paragraph 18
  731. 19Paragraph 19
  732. Inheritance tax: lump sum death benefits
  733. 20Paragraph 20
  734. Benefits under employer-financed retirement benefits schemes
  735. 21Paragraph 21
  736. Consequential amendments
  737. 22Paragraph 22
  738. 23Paragraph 23
  739. Commencement
  740. 24Paragraph 24
  741. Schedule 21: Exemptions from stamp duty and SDRT: intermediaries, repurchases etc
  742. Intermediaries
  743. 1Paragraph 1
  744. 2Paragraph 2
  745. 3Paragraph 3
  746. 4Paragraph 4
  747. Repurchases and stock lending
  748. 5Paragraph 5
  749. 6Paragraph 6
  750. Exemptions from stamp duty and SDRT in cases involving recognised investment exchanges
  751. 7Paragraph 7
  752. Consequential repeal
  753. 8Paragraph 8
  754. Schedule 22: Amendments and repeals consequential on extension of HMRC powers
  755. Part 1: Amendments
  756. 1Paragraph 1
  757. 2Paragraph 2
  758. Part 2: Repeals
  759. 3Paragraph 3
  760. 4Paragraph 4
  761. 5Paragraph 5
  762. 6Paragraph 6
  763. 7Paragraph 7
  764. 8Paragraph 8
  765. 9Paragraph 9
  766. 10Paragraph 10
  767. 11Paragraph 11
  768. 12Paragraph 12
  769. 13Paragraph 13
  770. 14Paragraph 14
  771. 15Paragraph 15
  772. 16Paragraph 16
  773. 17Paragraph 17
  774. Schedule 23: Extension of HMRC powers: Scotland
  775. Criminal Law (Consolidation) (Scotland) Act 1995 (c. 39)
  776. 1Paragraph 1
  777. 2Paragraph 2
  778. 3Paragraph 3
  779. 4Paragraph 4 Repealed
  780. 5Paragraph 5 Repealed
  781. 6Paragraph 6
  782. 7Paragraph 7
  783. Criminal Procedure (Scotland) Act 1995 (c. 46)
  784. 8Paragraph 8
  785. 9Paragraph 9
  786. 10Paragraph 10
  787. Criminal Justice and Police Act 2001 (c. 16)
  788. 11Paragraph 11
  789. 12Paragraph 12
  790. 13Paragraph 13
  791. 14Paragraph 14
  792. Schedule 24: Penalties for errors
  793. Part 1: Liability for penalty
  794. Error in taxpayer's document
  795. 1Paragraph 1
  796. Error in taxpayer's document attributable to another person
  797. 1AParagraph 1A
  798. Under-assessment by HMRC
  799. 2Paragraph 2
  800. Degrees of culpability
  801. 3Paragraph 3
  802. Errors related to avoidance arrangements
  803. 3AParagraph 3A
  804. 3BParagraph 3B
  805. Errors related to transfer pricing records
  806. 3CParagraph 3C
  807. Part 2: Amount of penalty
  808. Standard amount
  809. 4Paragraph 4
  810. 4AParagraph 4A
  811. 4AAParagraph 4AA
  812. 4BParagraph 4B
  813. 4CParagraph 4C
  814. 4DParagraph 4D
  815. Potential lost revenue: normal rule
  816. 5Paragraph 5
  817. Potential lost revenue: multiple errors
  818. 6Paragraph 6
  819. Potential lost revenue: losses
  820. 7Paragraph 7
  821. Potential lost revenue: delayed tax
  822. 8Paragraph 8
  823. Reductions for disclosure
  824. 9Paragraph 9
  825. 10Paragraph 10
  826. 10AParagraph 10A
  827. Special reduction
  828. 11Paragraph 11
  829. Interaction with other penalties and late payment surcharges
  830. 12Paragraph 12
  831. Part 3: Procedure
  832. Assessment
  833. 13Paragraph 13
  834. Suspension
  835. 14Paragraph 14
  836. Appeal
  837. 15Paragraph 15
  838. 16Paragraph 16
  839. 17Paragraph 17
  840. Part 4: Miscellaneous
  841. Agency
  842. 18Paragraph 18
  843. Companies: officers' liability
  844. 19Paragraph 19
  845. Partnerships
  846. 20Paragraph 20
  847. Double jeopardy
  848. 21Paragraph 21
  849. 21ZAParagraph 21ZA
  850. Part 5: General
  851. Classification of territories
  852. 21AParagraph 21A
  853. Location of assets etc
  854. 21BParagraph 21B
  855. Treatment of certain payments on account of tax
  856. 21CParagraph 21C
  857. Interpretation
  858. 22Paragraph 22
  859. 23Paragraph 23
  860. 23AParagraph 23A
  861. 23BParagraph 23B
  862. 24Paragraph 24
  863. 25Paragraph 25
  864. 26Paragraph 26
  865. 27Paragraph 27
  866. 28Paragraph 28
  867. Consequential amendments
  868. 29Paragraph 29
  869. 30Paragraph 30
  870. 31Paragraph 31
  871. Schedule 25: Amendments connected with Gambling Act 2005
  872. Part 1: Amendments of the Tax Acts
  873. Exemption from corporation tax for profits of charitable companies from certain lotteries
  874. 1Paragraph 1 Repealed
  875. Exemption from income tax for profits of charitable trusts from certain lotteries
  876. 2Paragraph 2
  877. Part 2: Amendments of BGDA 1981
  878. Introductory
  879. 3Paragraph 3
  880. Bookmakers: spread bets
  881. 4Paragraph 4
  882. Liability to pay general betting duty
  883. 5Paragraph 5
  884. Bet-brokers
  885. 6Paragraph 6
  886. Definitions for purposes of betting duties
  887. 7Paragraph 7
  888. Combined bingo
  889. 8Paragraph 8
  890. ...
  891. 9Paragraph 9 Repealed
  892. Definition of “gaming”
  893. 10Paragraph 10
  894. Supplementary provisions as to betting duties
  895. 11Paragraph 11
  896. Exemptions from bingo duty
  897. 12Paragraph 12
  898. Part 3: Amendments of FA 1993 relating to lottery duty
  899. Introductory
  900. 13Paragraph 13
  901. Charge to lottery duty
  902. 14Paragraph 14
  903. Disclosure of information
  904. 15Paragraph 15
  905. Part 4: Amendments of FA 1997 relating to gaming duty
  906. Introductory
  907. 16Paragraph 16
  908. Charge to gaming duty
  909. 17Paragraph 17
  910. Banker's profits from gaming
  911. 18Paragraph 18
  912. Definition of “gaming”
  913. 19Paragraph 19
  914. Gaming Duty Register
  915. 20Paragraph 20
  916. Part 5: Miscellaneous amendments
  917. Provision of FA 1966 relating to repealed law
  918. 21Paragraph 21
  919. Customs and Excise Management Act 1979
  920. 22Paragraph 22
  921. Part 6: Commencement
  922. 23Paragraph 23
  923. Schedule 26: Meaning of "recognised stock exchange" etc
  924. Meaning of “recognised stock exchange” etc in Tax Acts and TCGA 1992
  925. 1Paragraph 1
  926. 2Paragraph 2 Repealed
  927. 3Paragraph 3
  928. Valuation of shares listed on recognised stock exchange for purposes of TCGA 1992 etc
  929. 4Paragraph 4
  930. 5Paragraph 5
  931. Minor and consequential amendments
  932. 6Paragraph 6
  933. 7Paragraph 7
  934. 8Paragraph 8
  935. 9Paragraph 9
  936. 10Paragraph 10
  937. 11Paragraph 11
  938. 12Paragraph 12
  939. Schedule 27: Repeals
  940. 1Environment
  941. 2Income tax, corporation tax and capital gains tax
  942. 3Pensions
  943. 4SDLT, stamp duty and SDRT
  944. 5Investigation, administration etc
  945. 6Miscellaneous