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Income and Corporation Taxes Act 1970 (repealed 6.4.1992)

1970 c. 10 · Enacted 12 March 1970 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 April 1992.

Annotations to the whole text

Textual amendments

F1

Act repealed (in relation to Tax for the year 1992/93 and subsequent years as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290(3), Sch. 11 para. 24(1), Sch.12 (with savings in ss. 201(3), 290, Sch. 11 paras. 22, 26(2), 27), subject to applications, powers and amendments in the following enactments: Social Security Contributions and Benefits Act 1992 (c. 4), s. 16(1)(3), Sch. 2; Social Security (Consequential Provisions) Act 1992 (c. 6), s. 5, Sch. 3 Pt. II para. 15; Taxation of Chargeable Gains Act 1992 (c. 12), ss. 1(2), 209(3); Finance (No. 2) Act 1992, ss. 24, 49(2)(3)(a)(b)(4)(9), 77, Sch. 6 paras.4, 9, Sch. 17 paras. 6(3)(6), 7; S.I. 1992/58, arts. 9, 11(3),33, Sch. 2 para.1, S.I. 1992/1725, art. 107, Sch. 8 para.2; S.I. 1995/171, reg. 4(2)(a); S.I. 1995/1916, reg. 4; 1994 c. 9, s. 258, Sch. 26 Pt. V

Contents

  1. Part I
  2. 1—51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. Part II: Annual Payments and Interest
  4. 51AGeneral rule.
  5. 51BQualifying maintenance payments.
  6. 52—66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. Part s III—V
  8. 67—107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. Part VI: Schedule D
  10. Chapter I: The Charge
  11. 108—110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 111Woodlands managed on a commercial basis.
  13. 112—167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. Part VII: Loss Relief
  15. Chapter I
  16. 168Set-off against general income.
  17. 169Extension of right of set-off to capital allowances.
  18. 170. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 171Carry-forward against subsequent profits.
  20. 172, 173. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 174Carry-back of terminal losses.
  22. 175—237. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  23. Part XI: Company Taxation
  24. Chapter I: Main Provisions
  25. General system of taxation
  26. 238Charge to corporation tax.
  27. 239—242. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. Corporation tax
  29. 243General scheme of corporation tax.
  30. 244Time for payment of corporation tax: companies trading before financial year 1965.
  31. 245—266. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 267Company reconstruction or amalgamation: transfer of assets.
  33. 267AInsurance companies: transfers of business.
  34. 268APostponement of charge on transfer of assets to non-resident company.
  35. 269Interest charged to capital.
  36. Transfers concerning companies of different member States
  37. 269ATransfer of a UK trade.
  38. 269BSection 269A: anti-avoidance.
  39. 269CTransfer of a non-UK trade.
  40. 269DSection 269C: anti-avoidance.
  41. Gilt-edged securities: restrictions on exemptions
  42. 270Charge to tax on certain disposals of United Kingdom securities.
  43. 271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  44. Groups of companies
  45. 272Groups of companies: definitions.
  46. 273Transfers within a group.
  47. 273ATransfer of United Kingdom branch or agency.
  48. 274Transfers within a group: trading stock.
  49. 275Disposal or acquisition outside a group.
  50. 276Replacement of business assets by members of a group.
  51. 277. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  52. 278Company ceasing to be member of a group.
  53. 278AExemption from charge under s. 278 in the case of certain mergers.
  54. 279Shares in subsidiary member of a group.
  55. Losses attributable to depreciatory transactions
  56. 280Transactions in a group.
  57. 281Dividend stripping.
  58. Chapter III: Close Companies
  59. 282—303. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  60. Part XII: Special Classes of Companies and Businesses
  61. 304, 305. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  62. 306. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  63. 307—337. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  64. Trade unions
  65. 338Exemption for trade unions.
  66. Chapter IV: Savings Banks, Industrial and Provident Societies, Building Societies and Mutual Business
  67. 339—341A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  68. 342Disposals of land between the Housing Corporation . . . and housing associations.
  69. 342ADisposals by Housing Corporation and and certain housing associations.
  70. 342BDisposals by Northern Ireland housing associations.
  71. 343—496. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  72. Part XVIII: Double Taxation Relief
  73. Chapter I: The Principal Reliefs
  74. 497Relief by agreement with other countries.
  75. 498—514. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  76. 515Postponement of capital allowances to secure double taxation relief.
  77. 516—535. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  78. Part XX: General
  79. 536Commencement.
  80. 537Savings, transitory provisions and consequential amendments.
  81. 538Repeals.
  82. 539Continuity and construction of references to old and new law.
  83. 540Short title and construction.
  84. Schedule S 1-13. . .
  85. Schedule 14: SAVINGS AND TRANSITORY PROVISIONS
  86. 1-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  87. 11Paragraph 11
  88. 12—27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  89. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  90. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  91. Schedule 15: Consequential Amendments
  92. Part
  93. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  94. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  95. Friendly societies and trade unions
  96. 3Paragraph 3
  97. Post-war credits
  98. 4Paragraph 4
  99. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  100. 6, 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  101. 8, 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  102. General powers of amendment in Acts relating to overseas countries
  103. 10Paragraph 10
  104. Translation of references to enactments repealed and re-enacted
  105. 11Paragraph 11
  106. TablePart I
  107. The Finance Act 1966 (1966 c. 18)
  108. The Finance Act (1968 c. 44)
  109. Part II
  110. The Finance Act 1952 (1952 c. 33)
  111. The Finance Act 1965 (1965 c. 25)
  112. The Land Commission Act 1967 (1967 c. 1)
  113. The Provisional Collection of Taxes Act 1968 (1968 c. 2)
  114. The Trustee Savings Banks Act 1969 (1969 c. 50)
  115. 12Paragraph 12
  116. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  117. Schedule 16. . .