Income Tax (Trading and Other Income) Act 2005
2005 c. 5 · Enacted 24 March 2005 · Extends to United Kingdom
An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.
[24th March 2005] C3
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:—C4C5C6C7C8
Annotations to the whole text
Modifications
- C1
Act modified (with effect as mentioned in reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 96 (as amended (1.9.2009) by S.I. 2009/2036, reg. 31)
- C2
Ss. 23A-23H modified (16.11.2017) (with application in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 12 para. 1(1)
- C3
Act applied in part (with modifications) (with effect as mentioned in reg. 1(2) of the amending S.I.) by The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (S.I. 2007/1050), regs. 3-12 (as amended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2))
- C4
Act modified (1.4.2010) by Income Tax Act 2007 (c. 3), s. 564M(1) (as inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 2 para. 14(1) (with Sch. 9 paras. 1-9, 22))
- C5
Act applied (1.4.2010) by Income Tax Act 2007 (c. 3), s. 681BD(3) (as inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 3 (with Sch. 9 paras. 1-9, 22))
- C6
Act applied (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 9 para. 41(3) (with Sch. 9 paras. 1-9, 22)
- C7
Act modified by 2016 c. 24, Sch. 22 para. 13(2A) (as inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(7))
- C8
Act: power to amend conferred (26.10.2018) by Nuclear Safeguards Act 2018 (c. 15), ss. 2(1)(b), 6(2) (with ss. 2(6), 5(3)); S.I. 2018/1079, reg. 2(c)
Contents
- Part 1: Overview
- 1Overview of Act
- 2Overview of priority rules
- Part 2: Trading income
- Chapter 1: Introduction
- 3Overview of Part 2
- 4Provisions which must be given priority over Part 2
- Chapter 2: Income taxed as trade profits
- Charge to tax on trade profits
- 5Charge to tax on trade profits
- 6Territorial scope of charge to tax
- 6AArrangements for avoiding tax
- 6BTrade of dealing in or developing UK land
- 7Income charged
- 7AApportionment etc of profits to tax year
- 7BRule if trader starts to carry on trade after 31 March
- 7CRule if there is a late accounting date
- 7DElection to disapply late accounting date rules
- 8Person liable
- Trades and trade profits
- 9Farming and market gardening
- 10Commercial occupation of land other than woodlands
- 11Commercial occupation of woodlands
- 12Profits of mines, quarries and other concerns
- 13Visiting performers
- 14Visiting performers: supplementary
- 15Divers and diving supervisors
- 16Oil extraction and related activities
- 16AVoluntary office-holders: compensation for lost profits
- 16BPayments to company directors
- 16CProfessionals in practice: incidental income from an office or employment
- Starting and ceasing to trade
- 17Effect of becoming or ceasing to be a UK resident
- 18Effect of company starting or ceasing to be within charge to income tax
- Trading income and property income
- 19Tied premises
- 20Caravan sites where trade carried on
- 21Surplus business accommodation
- 22Payments for wayleaves
- Trading allowance
- 22ATrading allowance
- Rent-a-room and qualifying care relief
- 23Rent-a-room and qualifying care relief
- Trading income provided through third parties
- 23AApplication of section 23E: conditions
- 23BMeaning of “relevant benefit”
- 23CMeaning of “qualifying third party payment”
- 23DOther definitions
- 23ETax treatment of relevant benefits
- 23FRelevant benefits: persons other than T
- 23GAnti-avoidance
- 23HDouble taxation
- Carried interest
- 23ITax treatment of carried interest
- 23JElection to disapply section 23I
- 23KLocation of trade treated as carried on under section 23I etc
- 23LCarried interest arising where individual deceased
- 23MTemporary non-UK residents: tax treatment of accrued carried interest gains
- 23NPermitted deduction etc
- 23PCarried interest: anti-avoidance
- 23QCarried interest: avoidance of double taxation
- 23RDefinitions
- Chapter 3: Trade profits: basic rules
- Professions and vocations
- 24Professions and vocations
- Basis of accounting
- 24ACash basis to apply by default
- 25Generally accepted accounting practice
- 25ACash basis for small businesses Repealed
- 25BExcluded trades
- 25CElection for profits to be calculated in accordance with GAAP
- 26Losses calculated on same basis as profits
- Rules relating to calculation of profits
- 27Receipts and expenses
- 28Items treated under CAA 2001 as receipts and expenses
- 28AMoney's worth
- 29Interest
- Animals kept for trade purposes
- 30Animals kept for trade purposes
- Rules relating to deductions
- 31Relationship between rules prohibiting and allowing deductions
- Chapter 3A: Trade profits: cash basis
- ...
- 31AConditions to be met for profits to be calculated on cash basis Repealed
- 31BRelevant maximum Repealed
- 31CExcluded persons Repealed
- ...
- 31DEffect of election under section 25A Repealed
- Calculation of profits on cash basis
- 31ECalculation of profits on cash basis
- Overview of rest of Part 2
- 31FOverview of rest of Part 2 as it applies to cash basis
- Chapter 4: Trade profits: rules restricting deductions
- Introduction
- 32Professions and vocations
- Cash basis accounting
- 32AApplication of Chapter to the cash basis
- Capital expenditure
- 33Capital expenditure
- 33ACash basis: capital expenditure
- Wholly and exclusively and losses rules
- 34Expenses not wholly and exclusively for trade and unconnected losses
- Bad and doubtful debts
- 35Bad and doubtful debts
- Unpaid remuneration
- 36Unpaid remuneration
- 37Unpaid remuneration: supplementary
- Employee benefit contributions
- 38Restriction of deductions
- 39Making of “employee benefit contributions”
- 40Provision of qualifying benefits
- 41Timing and amount of certain qualifying benefits
- 42Provision or payment out of employee benefit contributions
- 43Profits calculated before end of 9 month period
- 44Interpretation of sections 38 to 44
- Business entertainment and gifts
- 45Business entertainment and gifts: general rule
- 46Business entertainment: exceptions
- 47Business gifts: exceptions
- Car or motor cycle hire
- 48Car ... hire
- 49Car ... hire: supplementary
- 50Hiring cars (but not motor cycles) with low carbon dioxide emissions Repealed
- 50AShort-term hiring in and long-term hiring out
- 50BConnected persons: application of section 48
- Patent royalties
- 51Patent royalties Repealed
- Interest payments
- 51ACash basis: interest payments on loans Repealed
- 52Exclusion of double relief for interest
- Social security contributions
- 53Social security contributions
- Penalties , interest and VAT surcharges and interest
- 54Penalties , interest and VAT surcharges and interest
- Crime-related payments
- 55Crime-related payments
- Integral features
- 55AExpenditure on integral features
- Rental rebates
- 55BRental rebates
- Chapter 5: Trade profits: rules allowing deductions
- Introduction
- 56Professions and vocations
- Cash basis accounting
- 56AApplication of Chapter to the cash basis
- Pre-trading expenses
- 57Pre-trading expenses
- Subsistence expenses
- 57AExpenses incurred by traders on food and drink
- ...
- 57BCash basis: interest payments on loans Repealed
- Incidental costs of obtaining finance
- 58Incidental costs of obtaining finance
- 59Convertible loans and loan stock etc.
- Tenants under taxed leases
- 60Tenants under taxed leases: introduction
- 61Tenants occupying land for purposes of trade treated as incurring expenses
- 62Limit on deductions if tenant entitled to mineral extraction allowance
- 63Tenants dealing with land as property employed for purposes of trade
- 64Restrictions on section 61 expenses: lease premium receipts
- 65Restrictions on section 61 expenses: lease of part of premises
- 66Corporation tax receipts under ICTA treated as taxed receipts
- 67Restrictions on section 61 expenses: corporation tax receipts under ICTA
- ...
- 68Replacement and alteration of trade tools Repealed
- Payments for restrictive undertakings
- 69Payments for restrictive undertakings
- Seconded employees
- 70Employees seconded to charities and educational establishments
- 71Educational establishments
- Contributions to agents' expenses
- 72Payroll deduction schemes: contributions to agents' expenses
- Counselling and retraining expenses
- 73Counselling and other outplacement services
- 74Retraining courses
- 75Retraining courses: recovery of tax
- Redundancy payments etc.
- 76Redundancy payments and approved contractual payments
- 77Payments in respect of employment wholly in employer's trade
- 78Payments in respect of employment in more than one capacity
- 79Additional payments
- 79AAdditional payments: change in the persons carrying on the trade
- 80Payments made by the Government
- Personal security expenses
- 81Personal security expenses
- Contributions to local enterprise organisations or urban regeneration companies
- 82Contributions to local enterprise organisations or urban regeneration companies
- 83Meaning of “local enterprise organisation”
- 84Approval of local enterprise agencies
- 85Supplementary provisions with respect to approvals
- 86Meaning of “urban regeneration company”
- Contributions to flood and coastal erosion risk management projects
- 86AContributions to flood and coastal erosion risk management projects
- 86BInterpretation of section 86A
- Scientific research
- 87Expenses of research and development
- 88Payments to research associations, universities etc.
- Expenses connected with patents, designs and trade marks
- 89Expenses connected with patents
- 90Expenses connected with designs or trade marks
- Export Credits Guarantee Department
- 91Payments to Export Credits Guarantee Department
- Expenses connected with foreign trades
- 92Expenses connected with foreign trades
- 93Allocation of expenses
- 94Family expenses
- SAYE option schemes, CSOP schemes
- 94ACosts of setting up SAYE option scheme or CSOP scheme
- Limited liability partnerships: salaried members
- 94AADeductions in relation to salaried members
- Chapter 5A: Trade profits: deductions allowable at a fixed rate
- Introduction
- 94BProfessions and vocations
- 94CProvisions not applicable to certain firms
- Expenditure on vehicles
- 94DExpenditure on vehicles
- 94EExcluded vehicles
- 94FThe appropriate mileage amount
- 94GDefinitions of types of vehicle
- Use of home for business purposes
- 94HUse of home for business purposes
- Premises used both as home and business premises
- 94IPremises used both as a home and as business premises
- Chapter 6: Trade profits: receipts
- Introduction
- 95Professions and vocations
- Cash basis accounting
- 95AApplication of Chapter to the cash basis
- Capital receipts
- 96Capital receipts
- 96ACapital receipts under, or after leaving, cash basis
- 96BSection 96A: supplementary provision
- Debts released
- 97Debts incurred and later released
- Cash basis: value of stock and work in progress on cessation
- 97ACash basis: value of trading stock on cessation of trade
- 97BCash basis: value of work in progress on cessation of profession or vocation
- Amounts received following earlier cessation
- 98Acquisition of trade: receipts from transferor's trade
- Reverse premiums
- 99Reverse premiums
- 100Excluded cases
- 101Tax treatment of reverse premiums
- 102Arrangements not at arm's length
- 103Connected persons and property arrangements
- Assets of mutual concerns
- 104Distribution of assets of mutual concerns
- Industrial development grants
- 105Industrial development grants
- Proceeds of insurance etc.
- 106Sums recovered under insurance policies etc.
- Chapter 6A: Trade profits: amounts not reflecting commercial transactions
- 106AProfessions and vocations
- 106BApplication of Chapter
- 106CAmounts not reflecting commercial transactions
- 106DCapital receipts
- 106EGifts to charities etc
- Chapter 7: Trade profits: gifts to charities etc.
- 107Professions and vocations
- 108Gifts of trading stock to charities etc.
- 109Receipt by donor or connected person of benefit attributable to certain gifts
- 110Meaning of “designated educational establishment”
- Chapter 8: Trade profits: herd basis rules
- Introduction
- 111Election for application of herd basis rules
- 111AHerd basis rules not to apply where cash basis used
- 112Meaning of “animal”, “herd”, “production herd” etc.
- 113Other interpretative provisions
- The herd basis rules
- 114Initial cost of herd and value of herd
- 115Addition of animals to herd
- 116Replacement of animals in herd
- 117Amount of receipt if old animal slaughtered under disease control order
- 118Sale of animals from herd
- 119Sale of whole or substantial part of herd
- 120Acquisition of new herd begun within 5 years of sale
- 121Section 120: sale for reasons outside farmer's control
- 122Replacement of part sold begun within 5 years of sale
- 123Section 122: sale for reasons outside farmer's control
- Elections
- 124Herd basis elections
- 125Five year gap in which no production herd kept
- 126Slaughter under disease control order
- Preventing abuse of the herd basis rules
- 127Preventing abuse of the herd basis rules
- Supplementary
- 128Information if election made Repealed
- 129Further assessment etc. if herd basis rules apply
- Chapter 9: Trade profits: . . . sound recordings
- Introduction
- 130Expenditure to which this Chapter applies
- 130AChapter not to apply where cash basis used
- 131Meaning of “film” and related expressions Repealed
- 132Meaning of “original master version” and “certified master version”
- 133Meaning of “relevant period”
- Expenditure treated as revenue in nature
- 134Expenditure treated as revenue in nature
- Rules for allocating expenditure
- 135Allocation of production or acquisition expenditure to relevant periods
- Certified master versions: special rules for allocating expenditure
- 136Application of provisions about certified master versions Repealed
- 137Certified master versions: preliminary expenditure Repealed
- 138Certified master versions: production expenditure Repealed
- 138ACertified master versions: acquisition expenditure Repealed
- Certified master versions: limited-budget films
- 139Certified master versions: production expenditure on limited-budget films Repealed
- 140Certified master versions: acquisition expenditure on limited-budget films Repealed
- Interpretation of sections 138 to 140
- 140A“Disqualifying deduction” Repealed
- 141“Total production expenditure in respect of the original master version” Repealed
- 142When expenditure is incurred Repealed
- Deferred income agreements
- 142ADeferred income agreements which exist when deduction made Repealed
- 142BMeaning of “deferred income agreement in respect of a film” Repealed
- 142CDeferred income agreements entered into after deduction made Repealed
- 142DMeaning of the “net excess relief” Repealed
- 142ESections 142A to 142D: time of entry into an agreement Repealed
- Election for sections 134 to 140 not to apply
- 143Election for sections 134 to 140 not to apply Repealed
- Supplementary
- 144Meaning of “genuinely intended for theatrical release” Repealed
- Chapter 10: Trade profits: certain telecommunication rights
- 144AChapter not to apply where cash basis used
- 145Professions and vocations
- 146Meaning of “relevant telecommunication right”
- 147Expenditure and receipts treated as revenue in nature
- 148Credits or debits arising from revaluation
- Chapter 10A: Leases of plant or machinery: special rules for long funding leases
- Application of Chapter
- 148ZAChapter not to apply where cash basis used
- Lessors under long funding finance leases
- 148ALessor under long funding finance lease: rental earnings
- 148BLessor under long funding finance lease: exceptional items
- 148CLessor under long funding finance lease making termination payment
- Lessors under long funding operating leases
- 148DLessor under long funding operating lease: periodic deduction
- 148DA“Starting value”: general
- 148DB“Starting value” where plant or machinery originally unqualifying
- 148ELong funding operating lease: lessor's additional expenditure
- 148EADetermination of remaining residual value resulting from lessor's first additional expenditure
- 148EBDetermination of remaining residual value resulting from lessor's further additional expenditure
- 148FLessor under long funding operating lease: termination of lease
- Lessors under long funding finance or operating leases: avoidance etc
- 148FACases where ss. 148A to 148F do not apply: plant or machinery held as trading stock
- 148FBCases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease
- 148FCCases where ss. 148A to 148F do not apply: other avoidance
- 148FDCases where ss 148A to 148F do not apply: films
- Lessees under long funding finance leases
- 148GLessee under long funding finance lease: limit on deductions
- 148GALessee under long funding finance leases: right-of-use leases
- 148HLessee under long funding finance lease: termination
- Lessees under long funding operating leases
- 148ILessee under long funding operating lease
- Interpretation of this Chapter
- 148JInterpretation of Chapter 10A
- Chapter 11: Trade profits: other specific trades
- Cash basis accounting
- 148KApplication of Chapter to the cash basis
- Dealers in securities etc.
- 149Taxation of amounts taken to reserves
- 150Conversion etc. of securities held as circulating capital
- 151Exchanges of gilts for gilt strips
- 152Consolidation of gilt strips
- 153Meaning of “gilt-edged security” and “strip”
- 154Regulations for determining market value of securities or strips
- 154ACertain non-UK residents with interest on 3½% War Loan 1952 Or After
- Persons authorised for purposes of FISMA 2000
- 155Levies and repayments under FISMA 2000
- Dealers in land etc.
- 156Purchase or sale of woodlands
- 157Relief in respect of mineral royalties Repealed
- 158Lease premiums etc: reduction of receipts
- Ministers of religion
- 159Ministers of religion
- Barristers and advocates
- 160Alternative basis of calculation in early years of practice Repealed
- Mineral exploration and access
- 161Mineral exploration and access
- Persons liable to pool betting duty
- 162Payments by persons liable to pool betting duty Repealed
- Intermediaries treated as making employment payments
- 163Deduction for deemed employment payment
- 164Special rules for partnerships
- Managed service companies
- 164ADeduction for deemed employment payments
- Worker's services provided to public sector through intermediary
- 164BIntermediaries providing worker's services to public sector
- Waste disposal
- 165Deduction for site preparation expenditure
- 166Allocation of site preparation expenditure
- 167Site preparation expenditure: supplementary
- 168Site restoration payments
- Cemeteries and crematoria
- 169Cemeteries and crematoria: interests in land
- 170Deduction for capital expenditure
- 171Allocation of ancillary capital expenditure
- 172Exclusion of expenditure met by subsidies
- Crematoria: niches, memorials and inscriptions
- 172ZANiches, memorials and inscriptions: introduction
- 172ZBAllowable deductions: niches
- 172ZCAllowable deductions: memorials
- 172ZDAllowable deductions: inscriptions
- 172ZECosts of the building
- Chapter 11A: Trade profits: changes in trading stock
- Introduction
- 172AMeaning of “trading stock”
- 172AAChapter not to apply where cash basis used
- Transfers of trading stock between trade and trader
- 172BTrading stock appropriated by trader
- 172CTrading stock supplied by trader
- Other disposals not made in the course of trade
- 172DDisposals not made in the course of trade
- 172EAcquisitions not made in the course of trade
- Relationship with transfer pricing rules
- 172FTransfer pricing rules to take precedence
- Chapter 12: Trade profits: valuation of stock and work in progress on cessation of trade
- Valuation of trading stock
- 173Valuation of trading stock on cessation
- 174Meaning of “trading stock”
- 175Basis of valuation of trading stock
- 176Sale basis of valuation: sale to unconnected person
- 177Sale basis of valuation: sale to connected person
- 178Sale basis of valuation: election by connected persons
- 179Connected persons
- 180Cost to buyer of stock valued on sale basis of valuation
- 181Meaning of “sale” and related expressions
- Valuation of work in progress
- 182Valuation of work in progress on cessation
- 183Meaning of “work in progress”
- 184Basis of valuation of work in progress
- 185Election for valuation at cost
- Supplementary
- 186Determination of questions ...
- Chapter 13: Deductions from profits: unremittable amounts
- 187Professions and vocations
- 188Application of Chapter
- 188AChapter not to apply where cash basis used
- 189Relief for unremittable amounts
- 190Restrictions on relief
- 191Withdrawal of relief
- Chapter 14: Disposal and acquisition of know-how
- 191AChapter not to apply where cash basis used
- 192Meaning of “know-how” etc.
- 193Disposal of know-how if trade continues to be carried on
- 194Disposal of know-how as part of disposal of all or part of a trade
- 195Seller controlled by buyer etc.
- Chapter 15: Basis periods
- Introduction
- 196Professions and vocations Repealed
- Accounting date
- 197Meaning of “accounting date” Repealed
- The normal rules
- 198General rule Repealed
- 199First tax year Repealed
- 200Second tax year Repealed
- 201Tax year in which there is no accounting date Repealed
- 202Final tax year Repealed
- Apportionment of profits
- 203Apportionment etc. of profits to basis periods Repealed
- Overlap profits and losses
- 204Meaning of “overlap period” and “overlap profit” Repealed
- 204AOverlap profit and trading allowance under Chapter 1 of Part 6A Repealed
- 205Deduction for overlap profit in final tax year Repealed
- 206Restriction on bringing losses into account twice Repealed
- 207Treatment of business start-up payments received in an overlap period Repealed
- Rules where first accounting date shortly before end of tax year
- 208When the late accounting date rules apply Repealed
- 209Rule if there is an accounting date Repealed
- 210Rules if there is no accounting date Repealed
- Slight variations in accounting date
- 211Treating middle date as accounting date Repealed
- 212Consequence of treating middle date as accounting date Repealed
- 213Circumstances in which middle date not treated as accounting date Repealed
- Special rules if accounting date changes
- 214When a change of accounting date occurs Repealed
- 215Change of accounting date in third tax year Repealed
- 216Change of accounting date in later tax year Repealed
- 217Conditions for basis period to end with new accounting date Repealed
- 218Commercial reasons for change of accounting date Repealed
- 219The year after an ineffective change of accounting date Repealed
- 220Deduction for overlap profit on change of accounting date Repealed
- Chapter 16: Averaging profits of farmers and creative artists
- 221Claim for averaging of fluctuating profits
- 221AClaim not available where cash basis used
- 222Circumstances in which claim for two-year averaging may be made
- 222ACircumstances in which claim for five-year averaging may be made
- 223Adjustment of profits
- 224Effect of adjustment
- 225Effect of later adjustment of profits
- Chapter 16ZA: COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALS
- 225ZAApplication of Chapter 16ZA
- 225ZAAChapter not to apply where cash basis used
- 225ZBRight to make claim
- 225ZCBook value
- 225ZDEffect of claim for spreading profits
- 225ZEAdjustment: cessation of trading
- 225ZFTime limits etc for spreading claim
- 225ZGInterpretation
- Chapter 16A: Oil activities
- Application of Chapter
- 225ZHChapter not to apply where cash basis used
- Basic definitions
- 225AMeaning of “oil extraction activities”
- 225BMeaning of “oil rights”
- 225CMeaning of “ring fence income”
- 225DMeaning of “ring fence trade”
- 225EOther definitions
- Oil valuation
- 225FValuation where market value taken into account under section 2 of OTA 1975
- 225GValuation where disposal not sale at arm's length
- 225HValuation where excess of nominated proceeds
- 225IValuation where relevant appropriation but no disposal
- 225JValuation where appropriation to refining etc
- Regional development grants
- 225KReduction of expenditure by reference to regional development grant
- 225LAdjustment as a result of regional development grant
- Tariff receipts etc
- 225MTariff receipts etc
- Abandonment guarantees
- 225NExpenditure on abandonment guarantees
- 225ORelief for reimbursement expenditure under abandonment guarantees Repealed
- 225PPayment under abandonment guarantee not immediately applied Repealed
- 225QAmounts excluded from section 225O(1) Repealed
- Abandonment expenditure
- 225RIntroduction to section 225S
- 225SRelief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure
- 225TReimbursement by defaulter in respect of certain abandonment expenditure Repealed
- Interest on repayment of APRT
- 225UInterest on repayment of APRT
- Receipts arising from decommissioning
- 225VReceipts arising from decommissioning
- Chapter 17: Adjustment income
- Introduction
- 226Professions and vocations
- Adjustment on change of basis
- 227Application of Chapter
- 227AApplication of Chapter where cash basis used
- 227BCash basis treatment: full relief under Chapter 1 of Part 6A (trading allowance)
- 227CApplication of Chapter where section 227B applies
- 228Adjustment income and adjustment expense
- 229Income charged
- 230Person liable
- 231Calculation of the adjustment
- Treatment of adjustment income and adjustment expense
- 232Treatment of adjustment income
- 233Treatment of adjustment expense
- Expenses previously brought into account
- 234No adjustment for certain expenses previously brought into account
- Realising or writing off assets
- 235Cases where adjustment not required until assets realised or written off
- Mark to market
- 236Change from realisation basis to mark to market
- 237Election for spreading if section 236 applies
- Spreading of adjustment income: barristers and advocates
- 238Spreading on ending of exemption for barristers and advocates Repealed
- 239Election to accelerate charge under section 238 Repealed
- Spreading of adjustment income on leaving cash basis
- 239ASpreading on leaving cash basis
- 239BElection to accelerate charge under section 239A
- Supplementary
- 240Liability of personal representatives if person liable dies
- Chapter 17A: Cash basis: adjustments for capital allowances
- Introduction
- 240AProfessions and vocations
- Adjustments on entering cash basis
- 240B“Entering the cash basis”
- 240CUnrelieved qualifying expenditure: Parts 2, 7 and 8 of CAA 2001
- 240CAUnrelieved qualifying expenditure: Part 5 of CAA 2001
- 240DAssets not fully paid for
- Successions where predecessor and successor are connected persons
- 240EEffect of election where predecessor and successor are connected persons
- Chapter 18: Post-cessation receipts
- Introduction
- 241Professions and vocations
- Charge to tax on post-cessation receipts
- 242Charge to tax on post-cessation receipts
- 243Extent of charge to tax
- 244Income charged
- 245Person liable
- Meaning of “post-cessation receipts”
- 246Basic meaning of “post-cessation receipt”
- 247Other rules about what counts as post-cessation receipts
- Sums treated as post-cessation receipts
- 248Debts paid after cessation
- 249Debts released after cessation
- 250Receipts relating to post-cessation expenditure
- 251Transfer of rights if transferee does not carry on trade
- Sums that are not post-cessation receipts
- 252Transfer of trading stock or work in progress
- 253Lump sums paid to personal representatives for copyright etc.
- Deductions
- 254Allowable deductions
- 255Further rules about allowable deductions
- Reliefs
- 256Treatment of post-cessation receipts
- 257Election to carry back
- Chapter 19: Supplementary
- 258Changes in trustees and personal representatives
- 259Meaning of “statutory insolvency arrangement”
- Part 3: Property income
- Chapter 1: Introduction
- 260Overview of Part 3
- 261Provisions which must be given priority over Part 3
- 262Priority between Chapters within Part 3
- Chapter 2: Property businesses
- Introduction
- 263Introduction
- Basic meaning of UK and overseas property business
- 264UK property business
- 265Overseas property business
- Generating income from land
- 266Meaning of “generating income from land”
- 267Activities not for generating income from land
- Chapter 3: Profits of property businesses: basic rules
- Charge to tax on profits of a property business
- 268Charge to tax on profits of a property business
- 269Territorial scope of charge to tax
- 270Income charged
- 271Person liable
- Basis of calculation of profits
- 271ABasis of calculation of profits: GAAP required
- 271BCalculation of profits in accordance with GAAP
- 271CBasis of calculation of profits: cash basis required
- 271DCalculation of profits on the cash basis
- Calculation of profits : application of trading income rules
- 271EProfits of a property business: application of trading income rules
- 272Application of trading income rules: GAAP
- 272ZAApplication of trading income rules: cash basis
- Calculation of profits: other general rules
- 272ARestricting deductions for finance costs related to residential property
- 272BMeaning of “costs of a dwelling-related loan”
- 273Amounts not brought into account as part of a property business
- 274Relationship between rules prohibiting and allowing deductions
- Tax reductions for non-deductible costs of a dwelling-related loan
- 274AReduction for individuals: entitlement
- 274AAReduction for individuals: calculation
- 274BReduction for accumulated or discretionary trust income: entitlement
- 274CReduction for accumulated or discretionary trust income: calculation
- Apportionment of profits
- 275Apportionment etc. of profits to tax year
- 275ARule if person starts to carry on business after 31 March
- 275BRule if there is a late accounting date
- 275CElection to disapply late accounting date rules
- Chapter 4: Profits of property businesses: lease premiums etc.
- Introduction
- 276Introduction
- 276AApplication of Chapter to property businesses using cash basis
- Amounts treated as receipts: leases
- 277Lease premiums
- 278Amount treated as lease premium where work required
- 279Sums payable instead of rent
- 280Sums payable for surrender of lease
- 281Sums payable for variation or waiver of terms of lease
- 281ASums to which sections 277 to 281 do not apply
- 282Assignments for profit of lease granted at undervalue
- 283Provisions supplementary to section 282
- Other amounts treated as receipts
- 284Sales with right to reconveyance
- 285Sale and leaseback transactions
- 286Provisions supplementary to sections 284 and 285
- Additional calculation rule for reducing certain receipts
- 287Circumstances in which additional calculation rule applies
- 288The additional calculation rule
- 289The additional calculation rule: special cases
- 290Meaning of “unused amount” and “unreduced amount”
- Deductions in relation to certain receipts
- 291Deductions for expenses under section 292
- 292Tenants under taxed leases treated as incurring expenses
- 293Restrictions on section 292 expenses: the additional calculation rule
- 294Restrictions on section 292 expenses: lease of part of premises
- Limit on effect of additional calculation rule and deductions
- 295Limit on reductions and deductions
- Relationship with ICTA
- 296Corporation tax receipts treated as taxed receipts
- 297Taking account of reductions in corporation tax receipts
- 298Taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTA
- Certain administrative provisions
- 299Payment of tax by instalments
- 300Statement of accuracy for purposes of section 282
- 301Claim for repayment of tax payable by virtue of section 284
- 302Claim for repayment of tax payable by virtue of section 285
- Determinations affecting liability of more than one person
- 302AAppeals against proposed determinations
- 302BSection 302A: supplementary
- 302CDetermination by tribunal
- Effective duration of lease
- 303Rules for determining effective duration of lease
- 304Applying the rules in section 303
- 305Information about effective duration of lease Repealed
- Other interpretative provisions
- 306Provisions about premiums
- 307Interpretation
- Chapter 5: Profits of property businesses: other rules about receipts and deductions
- Cash basis: application of Chapter
- 307ACash basis: application of Chapter
- Property businesses using cash basis
- 307BCash basis: capital expenditure
- 307CCash basis: deduction for costs of loans
- 307DCash basis: modification of deduction for costs of loans
- Property businesses that use, or have used, cash basis
- 307ECapital receipts under, or after leaving, cash basis
- 307FDeemed capital receipts under, or after leaving, cash basis
- Property allowance
- 307GProperty allowance
- Furnished accommodation: receipts and deductions
- 308Furnished lettings
- ...
- Section Repealed
- Section Repealed
- Section Repealed
- Furnished accommodation: rent-a-room relief
- 309Rent-a-room relief
- Treatment of receipts on acquisition of business
- 310Acquisition of business: receipts from transferor's UK property business
- Reverse premiums as receipts
- 311Reverse premiums
- Deduction for replacement of domestic items
- 311AReplacement domestic items relief
- Deductions for expenditure on energy-saving items
- 312Deduction for expenditure on energy-saving items
- 313Restrictions on relief
- 314Regulations
- Deductions for expenditure on sea walls
- 315Deduction for expenditure on sea walls
- 316Transfer of interest in premises
- 317Ending of lease of premises
- 318Transfer involving company within the charge to corporation tax
- Mineral royalties
- 319Relief in respect of mineral royalties Repealed
- Apportionments on sale of land
- 320Nature of item apportioned on sale of estate or interest in land
- Mutual business
- 321Mutual business
- Chapter 6: Commercial letting of furnished holiday accommodation Repealed
- Introduction Repealed
- 322Introduction Repealed
- Definition Repealed
- 323Meaning of “commercial letting of furnished holiday accommodation” Repealed
- 324Meaning of “relevant period” in sections 325 and 326 Repealed
- 325Meaning of “qualifying holiday accommodation” Repealed
- 326Under-used holiday accommodation: averaging elections Repealed
- 326AUnder-used holiday accommodation: letting condition not met Repealed
- Separate profit calculations Repealed
- 327Relief: UK property business Repealed
- 328Relevant UK earnings for pension purposes: UK property business Repealed
- 328ACapital allowances and loss relief: overseas property business Repealed
- 328BRelevant UK earnings for pension purposes: overseas property business Repealed
- Chapter 7: Adjustment income
- Adjustment on change of basis
- 329Application of Chapter
- 329AApplication of Chapter where cash basis used
- 330Adjustment income and adjustment expense
- 331Income charged
- 332Person liable
- Treatment of adjustment income and adjustment expense
- 333Treatment of adjustment income
- 334Treatment of adjustment expense
- Spreading of adjustment income on leaving cash basis
- 334ASpreading on leaving cash basis and related election
- Chapter 7A: Cash basis: adjustments for capital allowances
- 334B“Entering the cash basis”
- 334CUnrelieved qualifying expenditure
- 334DAssets not fully paid for
- 334EEffect of election where predecessor and successor are connected persons
- Chapter 8: Rent receivable in connection with a UK section 12(4) concern
- Charge to tax on rent receivable in connection with a UK section 12(4) concern
- 335Charge to tax on rent receivable in connection with a UK section 12(4) concern
- 336Meaning of “rent receivable in connection with a UK section 12(4) concern”
- 337Income charged
- 338Person liable
- Management expenses of owner of mineral rights
- 339Deduction for management expenses of owner of mineral rights
- Mineral royalties
- 340Relief in respect of mineral royalties Repealed
- 341Meaning of “mineral lease or agreement” and “mineral royalties” Repealed
- 342Extended meaning of “mineral royalties” etc. in Northern Ireland Repealed
- 343Power of Commissioners to determine what counts as “mineral royalties” Repealed
- Chapter 9: Rent receivable for UK electric-line wayleaves
- Charge to tax on rent receivable for UK electric-line wayleaves
- 344Charge to tax on rent receivable for a UK electric-line wayleave
- 345Meaning of “rent receivable for a UK electric-line wayleave”
- 346Extent of charge to tax
- 347Income charged
- 348Person liable
- Chapter 10: Post-cessation receipts
- Charge to tax on post-cessation receipts
- 349Charge to tax on post-cessation receipts
- 350Extent of charge to tax
- 351Income charged
- 352Person liable
- Meaning of “post-cessation receipts”
- 353Basic meaning of “post-cessation receipt”
- 354Other rules about what counts as a “post-cessation receipt”
- 355Transfer of rights if transferee does not carry on UK property business
- Supplementary
- 356Application to businesses within the charge to corporation tax
- Chapter 11: Overseas property income
- 357Charge to tax on overseas property income Repealed
- 358Meaning of “overseas property income” Repealed
- 359Income charged Repealed
- 360Person liable Repealed
- Chapter 12: Supplementary
- 361Changes in trustees and personal representatives
- 362Effect of company starting or ceasing to be within charge to income tax Repealed
- 363Overseas property businesses and overseas land: adaptation of rules
- 364Meaning of “lease” and “premises”
- Part 4: Savings and investment income
- Chapter 1: Introduction
- 365Overview of Part 4
- 366Provisions which must be given priority over Part 4
- 367Priority between Chapters within Part 4
- 368Territorial scope of Part 4 charges
- 368AInterpretation of special rules for temporary non-residents
- Chapter 2: Interest
- Charge to tax on interest
- 369Charge to tax on interest
- 370Income charged
- 370AValuation of interest not paid in cash
- 371Person liable
- Other income taxed as interest
- 372Building society dividends
- 373Open-ended investment company interest distributions
- 374Date when interest payments under section 373 made
- 375Interpretation of sections 373 and 374
- 376Authorised unit trust interest distributions
- 377Date when interest payments under section 376 made
- 378Interpretation of sections 376 and 377
- 378AOffshore fund distributions
- 379Payments by registered societies or certain co-operatives
- 380Funding bonds
- 380AFSCS payments representing interest
- 381Discounts
- Chapter 2A: Disguised interest
- 381ACharge to tax on disguised interest
- 381BIncome charged
- 381CPerson liable
- 381DAvoidance of double taxation
- 381EException for returns from certain shares
- Chapter 3: Dividends etc. from UK resident companies and tax treated as paid in respect of certain distributions
- Introduction
- 382Contents of Chapter
- Charge to tax on dividends and other distributions
- 383Charge to tax on dividends and other distributions
- 384Income charged
- 385Person liable
- Purchase by company of exempt employee shareholder shares
- 385ANo charge to tax on purchase by company of exempt employee shareholder shares Repealed
- Amounts treated as dividends
- 386Open-ended investment company dividend distributions
- 387Date when dividends paid under section 386
- 388Interpretation of sections 386 and 387
- 389Authorised unit trust dividend distributions
- 390Date when dividends paid under section 389
- 391Interpretation of sections 389 and 390
- Shares in Schedule 2 share incentive plans (“SIPs”)
- 392SIP shares: introduction
- 393Later charge where cash dividends retained in SIPs are paid over
- 394Distribution when dividend shares cease to be subject to SIP
- 395Reduction in tax due in cases within section 394
- 396Interpretation of sections 392 to 395
- Other amounts treated as distributions
- 396AArrangements offering a choice of capital or income return
- 396BDistributions in a winding up
- ... Payment and deduction of tax
- 397Tax credits for qualifying distributions of UK resident companies: UK residents and eligible non-UK residents Repealed
- 397ATax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents Repealed
- 397AATax credit under section 397A: conditions Repealed
- 397BTax credits under section 397A: manufactured overseas dividends Repealed
- 397BAMeaning of “qualifying territory” Repealed
- 397CMeaning of “minority shareholder” Repealed
- 398Increase in amount or value of dividends where tax credit available Repealed
- 399Tax treated as paid on distributions received by non-UK resident persons Repealed
- 400Non-qualifying distributions Repealed
- 401Relief: distribution repaying shares or security issued in earlier distribution
- Employee-ownership trusts
- 401ZARelief: distributions to trustees of employee-ownership trusts
- 401ARecovery of overpaid tax credit etc Repealed
- 401BPower to obtain information
- Anti-avoidance
- 401CTemporary non-residents
- Chapter 4: Dividends from non-UK resident companies
- Charge to tax on dividends from non-UK resident companies
- 402Charge to tax on dividends from non-UK resident companies
- 403Income charged
- 404Person liable
- 404ADistributions in a winding up
- Shares in Schedule 2 share incentive plans (“SIPs”)
- 405SIP shares: introduction
- 406Later charge where cash dividends retained in SIPs are paid over
- 407Dividend payment when dividend shares cease to be subject to SIP
- 408Reduction in tax due in cases within section 407
- Anti-avoidance
- 408ATemporary non-residents
- Chapter 5: Stock dividends from UK resident companies
- 409Charge to tax on stock dividend income
- 410When stock dividend income arises
- 410AConversion etc of bonus share capital
- 411Income charged
- 412Cash equivalent of share capital
- 413Person liable
- 413ATemporary non-residents
- 414Income tax treated as paid Repealed
- 414AInterpretation of Chapter
- Chapter 6: Release of loan to participator in close company
- 415Charge to tax under Chapter 6
- 416Income charged
- 417Person liable
- 418Relief where borrowers liable as settlors
- 419Loans and advances to persons who die
- 420Loans and advances to trustees of trusts that have ended
- 420ATemporary non-residents
- 421Income tax treated as paid Repealed
- 421APower to obtain information
- Chapter 7: Purchased life annuity payments
- 422Charge to tax on purchased life annuity payments
- 423Meaning of “purchased life annuity”
- 424Income charged
- 425Person liable
- 426Annuity payments received after deduction of tax
- Chapter 8: Profits from deeply discounted securities
- Charge to tax under Chapter 8
- 427Charge to tax on profits from deeply discounted securities
- 428Income charged
- 429Person liable
- Deeply discounted securities
- 430Meaning of “deeply discounted security”
- 431Excluded occasions of redemption
- 432Securities which are not deeply discounted securities
- 433Meaning of “excluded indexed security”
- 434Securities issued in separate tranches: preliminary
- 435Securities issued in separate tranches: basic rule
- 436Deeply discounted securities issued in separate tranches: nominal value rule
- Disposals
- 437Transactions which are disposals
- 438Timing of transfers and acquisitions
- Calculating profits
- 439Calculating the profit from disposals
- 440Market value disposals
- 441Market value acquisitions
- 442Securities issued in accordance with qualifying earn-out right
- Special rules for strips of government securities
- 443Application of this Chapter to strips of government securities
- 444Meaning of “strip” in Chapter 8
- 445Strips of government securities: acquisitions and disposals
- 446Strips of government securities: relief for losses
- 447Restriction of profits on strips by reference to original acquisition cost
- 448Restriction of losses on strips by reference to original acquisition cost
- 449Strips of government securities: manipulation of acquisition, transfer or redemption payments
- 450Market value of strips etc.
- 451Market value of strips etc. quoted in foreign stock exchange lists
- 452Power to modify this Chapter for strips
- Special rules for corporate strips
- 452AApplication of this Chapter to corporate strips
- 452BMeaning of “interest-bearing corporate security” in Chapter 8
- 452CConversion of interest-bearing corporate securities into corporate strips
- 452DConversion into corporate strips: lower level conversions
- 452EMeaning of “corporate strip” in Chapter 8
- 452FCorporate strips: acquisitions and disposals
- 452GCorporate strips: manipulation of acquisition, transfer or redemption payments
- Special rules for listed securities held since 26th March 2003
- 453Application of sections 454 to 456
- 454Listed securities held since 26th March 2003: relief for losses
- 455Listed securities held since 26th March 2003: calculating the profit or loss on disposals
- 456Securities issued to connected persons etc. at excessive price: subsequent transfers to connected persons
- Trustees
- 457Trustees
- 458Non-UK resident trustees
- Miscellaneous and supplementary
- 459Transfer of assets abroad
- 460Minor definitions
- Chapter 9: Gains from contracts for life insurance etc.
- Charge to tax under Chapter 9
- 461Charge to tax under Chapter 9
- 462When gains arise from policies and contracts
- 463Income charged
- 463ARestricted relief qualifying policies: disapplication of section 485 etc
- 463BRestricted relief qualifying policies: allowable premiums
- 463CRestricted relief qualifying policies: personal representatives and trustees with deceased settlors
- 463DRestricted relief qualifying policies: assignments and events following assignments etc
- 463ETransitional protection for policies issued in respect of insurances made on or after 21 March 2012 but before 6 April 2013
- Person liable etc.
- 464Person liable for tax: introduction
- 465Person liable: individuals
- 465AAmounts for which individuals liable to be treated as highest part of total income
- 465BTemporary non-residents
- 466Person liable: personal representatives
- 467Person liable: UK resident trustees
- 468Non-UK resident trustees and foreign institutions
- 469Two or more persons interested in policy or contract
- 470Interests in rights under a policy or contract for section 469
- 471Determination of shares etc.
- 472Trusts created by two or more persons
- Policies and contracts to which Chapter 9 applies
- 473Policies and contracts to which Chapter 9 applies: general
- 473AConnected policies or contracts treated as single policy or contract
- 474Special rules: qualifying policies
- 475Special rules: personal portfolio bonds
- 476Special rules: foreign policies
- 477Special rules: certain older policies and contracts
- 478Exclusion of mortgage repayment policies
- 479Exclusion of pension policies
- 480Exclusion of excepted group life policies
- 481Excepted group life policies: conditions about benefits
- 482Excepted group life policies: conditions about persons intended to benefit
- 483Exclusion of credit union group life policies
- When chargeable events occur: general
- 484When chargeable events occur
- 485Disregard of certain events in relation to qualifying policies
- 486Exclusion of maturity of capital redemption policies in certain circumstances Repealed
- 487Disregard of certain assignments
- 488Disregard of some events after alterations of life insurance policy terms
- 489Conditions applicable to alterations of life insurance policy terms
- 490Last payment under guaranteed income bonds etc. treated as total surrender
- Calculating gains: general
- 491Calculating gains: general rules
- 492The total benefit value of a policy or contract
- 493The value of a policy or contract
- 494The total allowable deductions for a policy or contract
- 495Disregard of certain amounts in calculating gains under section 491
- 496Modification of section 494: qualifying endowment policies held as security for company debts
- 497Disregard of trivial inducement benefits
- Part surrenders and assignments: periodic calculations and excess events
- 498Requirement for periodic calculations in part surrender or assignment cases
- 499Meaning of “insurance year” and “final insurance year”
- 500Events treated as part surrenders
- 501Part surrenders: loans
- 502Exception from section 501 for loans to buy life annuities
- 503Exception from section 501 for certain loans under qualifying policies
- 504Part surrenders: payments under guaranteed income bonds etc.
- 505Assignments etc. involving co-ownership
- 506Assignments occurring when there is a co-ownership transaction
- 507Method for making periodic calculations under section 498
- 507ARecalculating gains under section 507
- 508The value of rights partially surrendered or assigned
- 509Chargeable events in certain cases where periodic calculations show gains
- Transaction-related calculations and part surrender or assignment events
- 510Requirement for transaction-related calculations in certain part surrender and assignment cases
- 511Method for making transaction-related calculations under section 510
- 512Available premium left for relevant transaction
- 512ARecalculating gains under section 511
- 513Special rules for part surrenders and assignments in final insurance year
- 514Chargeable events where transaction-related calculations show gains
- Personal portfolio bonds
- 515Requirement for annual calculations in relation to personal portfolio bonds 9
- 516Meaning of “personal portfolio bond”
- 517Policies and contracts which are not personal portfolio bonds
- 518The index categories
- 519The index selection conditions
- 520The property categories
- 521The property selection conditions
- 522Method for making annual calculations under section 515
- 523The total amount of personal portfolio bond excesses
- 524The total amount of part surrender gains
- 525Chargeable events where annual calculations show gains
- 526Power to make regulations about personal portfolio bonds
- Reductions from gains
- 527Reduction for sums taken into account otherwise than under Chapter 9
- 528Reduction in amount charged on basis of non-UK residence where individual liable for tax
- 528AReduction in amount charged on basis of non-UK residence of deceased person
- 529Exceptions to section 528 Repealed
- Income tax treated as paid and reliefs
- 530Income tax treated as paid etc.
- 531Exceptions to section 530
- 532Relief for policies and contracts with European Economic Area insurers
- 533Meaning of “comparable EEA tax charge”
- 534Regulations providing for relief in other cases where foreign tax chargeable
- 535Top slicing relief
- 536Top slicing relieved liability: one chargeable event
- 537Top slicing relieved liability: two or more chargeable events
- 538Recovery of tax from trustees
- Deficiencies
- 539Relief for deficiencies
- 540When deficiencies arise: events following calculation events
- 541Calculation of deficiencies
- Rebated or reinvested commission
- 541AEffect of rebated or reinvested commission in certain cases
- 541BSection 541A: further definitions
- Supplementary
- 542Replacement of qualifying policies
- 543Issue time of qualifying policy replacing foreign policy
- 544Application of Chapter to policies and contracts in which companies interested
- 545Minor definitions
- 546Table of provisions subject to special rules for older policies and contracts
- Chapter 10: Distributions from unauthorised unit trusts
- ... Repealed
- Section Repealed
- Section Repealed
- Section Repealed
- Chapter 11: Transactions in deposits
- 551Charge to tax on profits from disposal of deposit rights
- 552Meaning of “deposit rights”
- 553Income charged
- 554Person liable
- Chapter 12: Disposals of futures and options involving guaranteed returns Repealed
- Charge to tax under Chapter 12 Repealed
- 555Charge to tax under Chapter 12 Repealed
- 556Income charged Repealed
- 557Person liable Repealed
- 558Meaning of “future”, “option” etc. Repealed
- When disposals involve guaranteed returns Repealed
- 559When disposals involve guaranteed returns Repealed
- 560Production of guaranteed returns Repealed
- 561The return from one or more disposals Repealed
- When disposals of futures and options occur Repealed
- 562When disposals of futures and options occur: general Repealed
- 563Timing of certain grants of options where related disposals occur later Repealed
- 564Deemed disposal where futures run to delivery or options are exercised Repealed
- 565Interpretation of section 564 Repealed
- 566When transactions are related Repealed
- Losses Repealed
- 567Losses Repealed
- Trustees Repealed
- 568Special rule for certain income of trustees Repealed
- Transfer of assets abroad Repealed
- 569Anti-avoidance: transfer of assets abroad Repealed
- Chapter 13: Sales of foreign dividend coupons
- 570Charge to tax under Chapter 13 Repealed
- 571Meaning of “foreign holdings” etc. Repealed
- 572Income charged Repealed
- 573Person liable Repealed
- Part 5: Miscellaneous income
- Chapter 1: Introduction
- 574Overview of Part 5
- 575Provisions which must be given priority over Part 5
- 576Priority between Chapters within Part 5
- 577Territorial scope of Part 5 charges
- 577ATerritorial scope of Part 5 charges: receipts from intellectual property
- Chapter 2: Receipts from intellectual property
- Introduction
- 578Contents of Chapter
- Charge to tax on non-trading income from intellectual property
- 579Charge to tax on royalties and other income from intellectual property
- 580Income charged under section 579
- 581Person liable for tax under section 579
- 582Deductions in calculating certain income charged under section 579
- Disposals of know-how
- 583Charge to tax on income from disposals of know-how
- 584Exceptions to charge under section 583
- 585Income charged under section 583
- 586Person liable for tax under section 583
- Sales of patent rights
- 587Charge to tax on income from sales of patent rights
- 588Income charged under section 587
- 589Person liable for tax under section 587
- 590UK resident sellers: spreading rules
- 591Non-UK resident sellers: election for spreading
- 592Further provision about elections for spreading: instalments
- 593Death of seller
- 594Winding up of a body corporate
- 595Deduction of tax from payments to non-UK residents
- 596Adjustments where tax has been deducted
- 597Licences connected with patents
- 598Rights to acquire future patent rights
- 599Sums paid for Crown use etc. treated as paid under licence
- Relief from income tax on patent income
- 600Relief for expenses: patent income
- 601How relief is given under section 600
- Payments received after deduction of tax
- 602Payments received after deduction of tax
- Supplementary
- 603Contributions to expenditure
- 604Contributions not made by public bodies nor eligible for tax relief
- 605Exchanges
- 606Apportionment where property sold together
- 607Questions about apportionments affecting two or more persons
- 608Meaning of “capital sums” etc.
- Chapter 2A: Offshore receipts in respect of intangible property Repealed
- Charge to tax on offshore receipts in respect of intangible property Repealed
- 608ACharge to tax on UK-derived amounts Repealed
- 608BIncome charged under section 608A Repealed
- 608CPerson liable for tax under section 608A Repealed
- 608DMeaning of residence Repealed
- 608EMeaning of “full treaty territory” Repealed
- 608FMeaning of “UK-derived amount” and “UK sales” Repealed
- 608GSection 608F: apportionment of amounts Repealed
- 608GASection 608F: disregard for third party sales where intangible property makes insignificant contribution Repealed
- 608HMeaning of “intangible property” Repealed
- 608IApplication of Chapter to certain partnerships Repealed
- Exemptions Repealed
- 608JExemption where limited UK sales Repealed
- 608JAExemption where company resident in specified territory Repealed
- 608KExemption where business undertaken within territory of residence Repealed
- 608LExemption where foreign tax at least half of UK tax Repealed
- 608MSection 608L: the local tax amount Repealed
- 608MAExemption where income of opaque partnership taxable in full treaty territory Repealed
- 608MBExemption for certain bodies corporate that are transparent in full treaty territory Repealed
- 608MCExemption for double taxation on amounts within same control group Repealed
- 608NExemptions: further provision Repealed
- Recovery of tax from person in same control group Repealed
- 608ONotice requiring payment from person in same control group as taxpayer Repealed
- 608PPayment notice: effect Repealed
- 608QPayment notice: appeals Repealed
- 608RPayment notice: effect of making payment etc Repealed
- Meaning of “control group” and “related person” Repealed
- 608SControl groups Repealed
- 608TRelated persons Repealed
- 608UMeaning of “51% investment” and “25% investment” Repealed
- 608VMeaning of direct or indirect participation in management, control or capital Repealed
- General Repealed
- 608WAnti-avoidance Repealed
- 608XInteraction with other general provisions Repealed
- 608YAppeals against assessments Repealed
- Interpretation: general Repealed
- 608ZInterpretation of Chapter: general Repealed
- Chapter 3: Films and sound recordings: non-trade businesses
- 609Charge to tax on films and sound recordings businesses
- 610Income charged
- 611Person liable
- 612Calculation of income
- 613Application of trading income rules to non-trade businesses
- Chapter 4: Certain telecommunication rights: non-trading income
- 614Charge to tax on certain telecommunication rights of a non-trader
- 615Income charged
- 616Person liable
- 617Deductions in calculating certain income charged
- 618Payments received after deduction of tax
- Chapter 5: Settlements: amounts treated as income of settlor or family
- Charge to tax under Chapter 5
- 619Charge to tax under Chapter 5
- 619AIncome treated as highest part of settlor's total income
- 620Meaning of “settlement” and “settlor”
- Income charged and person liable
- 621Income charged
- 622Person liable
- Rules for calculating income
- 623Calculation of income
- Income treated as income of settlor: retained interests
- 624Income where settlor retains an interest
- 625Settlor's retained interest
- 626Exception for outright gifts between spouses or civil partners
- 627Exceptions for certain types of income
- 628Exception for gifts to charities
- 628AException for protected foreign-source income Repealed
- 628BSection 628A: tainting Repealed
- 628CForeign income arising before, but remitted on or after, 6 April 2017 Repealed
- Income treated as income of settlor: relevant children
- 629Income paid to relevant children of settlor
- 630Exception for gifts to charities
- 630AException for protected foreign-source income Repealed
- 631Retained and accumulated income
- 632Offshore income gains
- Capital sums treated as income of settlor: trustees' payments
- 633Capital sums paid to settlor by trustees of settlement
- 634Meaning of “capital sum” and “sums paid to settlor”
- 635Amount of available income
- 636Calculation of undistributed income
- 637Qualifications to section 636
- Trustees' payments: further provisions
- 638Capital sums paid by way of loan or repayment of loan
- 639Loans to participators in close companies
- 640Grossing-up of deemed income
- Capital sums treated as income of settlor: connected bodies
- 641Capital sums paid to settlor by body connected with settlement
- 642Exception for certain loans or repayments of loans
- 643Interpretation of sections 641 and 642
- Transitional provision about protected foreign-source income and transitional trust income
- 643ZA“Protected foreign-source income” and “transitional trust income”
- 643ZBProtected foreign-source income and transitional trust income not to be taxed elsewhere in Chapter
- 643ABenefits paid out of protected foreign-source income or transitional trust income
- 643BMeaning of “untaxed benefits total” in section 643A
- 643CMeaning of “available protected income” in section 643A
- 643DReduction in section 643A income: previous capital gains tax charge
- 643EReimbursement of tax paid by settlor because of section 643B(2)
- 643EAOnward gifts from non-residents or qualifying new residents
- 643FIncome attributed by section 643A to user of remittance basis
- 643GSection 643F(4): benefits and income “relating” to deemed income
- 643HMeaning of close member of settlor's family in sections 643A to 643EA
- 643IRecipients of onward gifts Repealed
- 643JCases where income treated as arising to recipient of onward gift Repealed
- 643KCases where deemed income attributed to recipient of onward gift Repealed
- 643LCases where settlor liable following onward gift Repealed
- 643MOnward gift to settlor or close family member by other recipient Repealed
- 643NPerson liable under section 643J or 643L and remittance basis applied
- Settlements by two or more settlors
- 644Application to settlements by two or more settlors
- 645Property or income originating from settlor
- Other supplementary provisions
- 646Adjustments between settlor and trustees etc.
- 646ATrustees' expenses to be rateably apportioned
- 647Power to obtain information Repealed
- 648Income arising under a settlement
- Chapter 6: Beneficiaries' income from estates in administration
- Charge to tax on estate income
- 649Charge to tax on estate income
- 650Absolute, limited and discretionary interests
- 651Meaning of “UK estate” and “foreign estate”
- Types of estate income
- 652Estate income: absolute interests in residue
- 653Meaning of “the administration period” and “the final tax year”
- 654Estate income: limited interests in residue
- 655Estate income: discretionary interests in residue
- Income charged and person liable
- 656Income charged: UK estates
- 657Income charged: foreign estates
- 658Special rules for foreign income
- 659Person liable
- Basic amount of estate income: general calculation rules
- 660Basic amount of estate income: absolute interests
- 661Basic amount of estate income: limited interests
- 662Basic amount of estate income: discretionary interests
- 663The applicable rate for grossing up basic amounts of estate income
- 664The aggregate income of the estate
- Further provisions for calculating estate income relating to absolute interests
- 665Assumed income entitlement
- 666The residuary income of the estate
- 667Shares of residuary income of estate
- 668Reduction in share of residuary income of estate
- 669Reduction in residuary income: inheritance tax on accrued income
- 670Applicable rate for determining assumed income entitlement (UK estates)
- Special rules for successive interests
- 671Successive absolute interests
- 672Successive interests: assumed income entitlement of holder of absolute interest following limited interest
- 673Successive interests: payments in respect of limited interests followed by absolute interests
- 674Successive interests: holders of limited interests
- 675Basic amount of estate income: successive limited interests
- 676Apportionments
- Relief where foreign estates have borne UK income tax
- 677Relief where UK income tax borne by foreign estate: absolute interests
- 678Relief where UK income tax borne by foreign estate: limited and discretionary interests
- General
- 679Income from which basic amounts are treated as paid
- 679AIncome from which sums within section 668(1)(b) are treated as paid
- 680Income treated as bearing income tax
- 680AIncome treated as dividend income
- 680BIncome treated as savings income
- 680CIncome treated as property income
- 681Transfers of assets etc. treated as payments
- 682Assessments, adjustments and claims after the administration period
- 682AStatements relating to estate income
- Chapter 7: Annual payments not otherwise charged
- 683Charge to tax on annual payments not otherwise charged
- 684Income charged
- 685Person liable
- 685ASettlor-interested settlements
- 686Payments received after deduction of tax
- Chapter 8: Income not otherwise charged
- 687Charge to tax on income not otherwise charged
- 688Income charged
- 689Person liable
- 689ATemporary non-residents
- Part 6: Exempt income
- Chapter 1: Introduction
- 690Overview of Part 6
- Chapter 2: National savings income
- 691National Savings Bank ordinary account interest Repealed
- 692Income from savings certificates
- 693Income from Ulster Savings Certificates
- Chapter 3: Income from individual investment plans
- 694Income from individual investment plans
- 694ADeceased investors
- 695Investment plans
- 695AInvestment plans for children
- 696Plan managers
- 697Special requirements for certain foreign managers
- 698Requirements for discharge of foreign institution's duties
- 699Non-entitlement to exemption
- 700Information Repealed
- 701General and supplementary powers
- Chapter 4: SAYE interest
- 702Interest under certified SAYE savings arrangements
- 703Meaning of “certified SAYE savings arrangement”
- 704Types of arrangements and providers
- 705Certification of arrangements
- 706Withdrawal and variation of certifications and connected requirements
- 707Authorisation of providers
- 708Withdrawal and variation of authorisations
- Chapter 5: Venture capital trust dividends
- 709Venture capital trust dividends
- 710Treatment of shares where annual acquisition limit exceeded
- 711Identification of shares after disposals
- 712Identification of shares after reorganisations etc.
- Chapter 6: Income from FOTRA securities
- 713Introduction: securities free of tax to residents abroad (“FOTRA securities”)
- 714Exemption of profits from FOTRA securities
- 715Interest from FOTRA securities held on trust
- 716Restriction on deductions etc. relating to FOTRA securities
- Chapter 7: Purchased life annuity payments
- Partial exemption for purchased life annuity payments
- 717Exemption for part of purchased life annuity payments
- 718Excluded annuities
- 719Extent of exemption under section 717
- 720Exempt proportion: term dependent solely on duration of life
- 721Exempt sum: term dependent solely on duration of life
- 722Consideration for the grant of annuities
- 723Determinations Repealed
- 724Regulations
- Immediate needs annuities
- 725Annual payments under immediate needs annuities
- 726Meaning of “care provider”
- Chapter 8: Other annual payments
- Certain annual payments by individuals
- 727Certain annual payments by individuals
- 728Commercial payments
- 729Payments for non-taxable consideration
- 730Foreign maintenance payments
- Periodical payments of personal injury damages etc.
- 731Periodical payments of personal injury damages
- 732Compensation awards
- 733Persons entitled to exemptions for personal injury payments etc.
- 734Payments from trusts for injured persons
- Health and employment insurance payments
- 735Health and employment insurance payments
- 736Health and employment risks and benefits
- 737Period for which payments may be made
- 738Risk of significant loss
- 739Conditions to be met by policies also providing other benefits
- 740Conditions to be met where policies are linked
- 741Aggregation of policies where employment ends for health reasons
- 742Meaning of “the insured”
- 743Policies for the benefit of others who contribute to premiums
- Payments to adopters
- 744Payments to adopters , etc: England and Wales
- 745Payments to adopters, etc: Scotland
- 746Payments to adopters, etc: Northern Ireland
- 747Power to amend sections 744 to 746
- Payments by persons liable to pool betting duty
- 748Payments by persons liable to pool betting duty Repealed
- Chapter 9: Other income
- Interest only income
- 749Repayment interest, and interest paid under repayment supplements
- 749AInterest on tax overpaid
- 750Interest from tax reserve certificates Repealed
- 751Interest on damages for personal injury
- 752Interest under employees' share schemes
- 753Interest on repayment of student loan
- 753AInterest on unpaid relevant contributions
- 754Redemption of funding bonds
- 755Interest on foreign currency securities etc. owned by non-UK residents
- 756Which securities and loans are foreign currency ones for section 755
- 756AInterest on certain deposits of victims of National-Socialist persecution
- ...
- 757Interest and royalty payments: introduction Repealed
- 758Exemption for certain interest and royalty payments Repealed
- 759The person making the payment Repealed
- 760The person beneficially entitled to the payment Repealed
- 761Meaning of “25% associates” Repealed
- 762Interest payments: exemption notices Repealed
- 763Special relationships Repealed
- 764Application of ICTA provisions about special relationships Repealed
- 765Anti-avoidance Repealed
- 766Interest and royalty payments: interpretation Repealed
- 767Power to amend references to the Directive by order Repealed
- Income from commercial occupation of woodlands
- 768Commercial occupation of woodlands
- Housing grants
- 769Housing grants
- Schedule 2 share incentive plan distributions
- 770Amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment
- Foreign income of consular officers and employees
- 771Relevant foreign income of consular officers and employees
- 772Further provisions about Orders under section 771
- Income of non-UK residents from certain securities
- 773Income from Inter-American Development Bank securities
- 774Income from securities issued by designated international organisations
- Other
- 775Income towards reducing the national debt
- 775AGovernment bonus for savings account or other investment plan
- 776Scholarship income
- 776APayments under Jobs Growth Wales Plus
- 777VAT repayment supplements Repealed
- 778Incentives to use electronic communications
- 779Gains on commodity and financial futures
- 780Disabled person's vehicle maintenance grant
- 781Payments under New Deal 50plus
- 782Payments under employment zone programme
- 782ADomestic microgeneration
- 782BRenewables obligation certificates for domestic microgeneration
- 782CVolunteers etc: compensation for lost employment income
- Chapter 10: General
- 783General disregard of exempt income for income tax purposes
- Part 6A: Income charged under this Act: trading and property allowances
- Chapter 1: Trading allowance
- Introduction
- 783ARelief under this Chapter
- Basic definitions
- 783AA“Relevant trade” of an individual
- 783AB“Miscellaneous income”
- 783ACThe individual's “relevant income”
- 783ADThe individual's trading allowance
- Full relief
- 783AEFull relief: introduction
- 783AFFull relief: trade profits
- 783AGFull relief: miscellaneous income
- Partial relief
- 783AHPartial relief: alternative calculation of profits: introduction
- 783AIPartial relief: alternative calculation of trade profits
- 783AJPartial relief: alternative calculation of chargeable miscellaneous income
- 783AKDeductible amount: splitting of trading allowance
- Elections
- 783ALElection for full relief not to be given
- 783AMElection for partial relief
- Exclusions from relief
- 783ANExclusion from relief: expenses deducted against rent-a-room receipts
- 783AOExclusion from relief: payments by employer
- 783APExclusion from relief: payments by firm
- 783AQExclusion from relief: payments by close company
- Interpretation
- 783ARInterpretation of this Chapter
- Chapter 2: Property allowance
- Introduction
- 783BRelief under this Chapter
- Basic definitions
- 783BA“Relevant property business” of an individual
- 783BB“Relievable receipts” of a property business
- 783BCThe individual's “relevant property income”
- 783BDThe individual's property allowance
- Relief if relevant property income does not exceed property allowance
- 783BEFull relief: introduction
- 783BFFull relief: property profits
- Relief if relevant property income exceeds property allowance
- 783BGPartial relief: alternative calculation of property profits: introduction
- 783BHPartial relief: alternative calculation of property profits
- 783BIDeductible amount: splitting of property allowance
- Elections
- 783BJElection for full relief not to be given
- 783BKElection for partial relief
- Exclusions from relief
- 783BLExclusion from relief: tax reduction under section 274A
- 783BMExclusion from relief: expenses deducted against rent-a-room receipts
- 783BNExclusion from relief: payments by employer
- 783BOExclusion from relief: payments by firm
- 783BPExclusion from relief: payments by close company
- Interpretation
- 783BQInterpretation of this Chapter
- Part 7: Income charged under this Act: rent-a-room and qualifying care relief
- Chapter 1: Rent-a-room relief
- Introduction
- 784Overview of Chapter 1
- 785Person who qualifies for relief
- Basic definitions
- 786Meaning of “rent-a-room receipts”
- 787Meaning of “residence”
- 788Meaning of “total rent-a-room amount”
- Individual's limit
- 789The individual's limit
- 790Exclusive receipts condition
- Relief if amount does not exceed limit
- 791Full rent-a-room relief: introduction
- 792Full rent-a-room relief: trading income
- 793Full rent-a-room relief: property income
- 794Full rent-a-room relief: income chargeable under Chapter 8 of Part 5
- Alternative calculation of profits if amount exceeds limit
- 795Alternative calculation of profits: introduction
- 796Alternative calculation of profits: trading income
- 797Alternative calculation of profits: property income
- 798Alternative calculation of profits: income chargeable under Chapter 8 of Part 5
- Elections
- 799Election not to apply full relief
- 800Election for alternative methodof calculating profits
- 801Time limit on adjustment of assessment
- Interpretation
- 802Minor definitions
- Chapter 2: qualifying care relief
- Introduction
- 803Overview of Chapter 2
- 804Person who qualifies for relief
- 804AShared lives care: further condition for relief
- Basic definitions
- 805Meaning of “qualifying care receipts”
- 805AMeaning of providing qualifying care
- 806Meaning of providing foster care
- 806AMeaning of providing shared lives care
- 806BMeaning of “residence”
- 807Calculation of “total qualifying care receipts”
- Individual's limit
- 808The individual's limit
- 809Share of fixed amount: residence used by more than one carer
- 810Share of fixed amount: income period not a year
- 811The amount per adult or child
- Relief if amount does not exceed limit
- 812Full qualifying care relief: introduction
- 813Full qualifying care relief: trading income
- 814Full qualifying care relief: income chargeable under Chapter 8 of Part 5
- Alternative calculation of profits if amount exceeds limit
- 815Alternative calculation of profits: introduction
- 816Alternative calculation of profits: trading income
- 817Alternative calculation of profits: income chargeable under Chapter 8 of Part 5
- 818Election for alternative methodof calculating profits
- 819Adjustment of assessment
- Periods of account not ending on 5th April
- 820Periods of account not ending on 5th April
- 821Meaning of “relevant limit”
- 822Full relief
- 823Alternative method of calculating profits
- Capital allowances for foster carers carrying on trade
- 824Capital allowances: introduction
- 825Unallocated capital expenditure
- 825ADeemed disposal event
- 825BPlant or machinery used for care business
- 825CPlant or machinery used for other qualifying activities
- 825DSubsequent disposal events
- 826Excluded capital expenditure
- 827Excluded capital expenditure: subsequent treatment of asset
- Overlap profit
- 828Overlap profit Repealed
- 828AIndexation of the fixed amount and the amount per adult and child
- Part 8: Foreign income: special rules
- Chapter 1: Introduction
- 829Overview of Part 8
- 830Meaning of “relevant foreign income”
- Chapter 2: Relevant foreign income charged on remittance basis
- Remittance basis
- 831Claims for relevant foreign income to be charged on the remittance basis Repealed
- 832Relevant foreign income charged on remittance basis
- 832ASection 832: temporary non-residents
- 832BSection 832: deductions from remitted income
- 833Income treated as remitted: repayment of UK-linked debts Repealed
- 834Arrangements treated as repayment of UK-linked debts Repealed
- Relief for delayed remittances
- 835Relief for delayed remittances Repealed
- 836Relief for delayed remittances: backdated pensions Repealed
- 837Claims for relief on delayed remittances Repealed
- Chapter 3: Relevant foreign income charged on arising basis: deductions and reliefs
- 838Expenses attributable to collection or payment of relevant foreign income
- 839Annual payments payable out of relevant foreign income
- 840Relief for backdated pensions charged on the arising basis
- 840AClaims under section 840
- Chapter 4: Unremittable income
- 841Unremittable income: introduction
- 842Claim for relief for unremittable income
- 843Withdrawal of relief
- 844Income charged on withdrawal of relief after source ceases
- 845Valuing unremittable income
- Chapter 5: Relief for new residents on foreign income
- 845AClaim for relief for qualifying new residents
- 845BQualifying new residents
- 845CEffect of claim, foreign employment election or foreign gain claim on losses
- 845DEffect of claim, foreign employment election or foreign gain claim: costs of dwelling-related loan
- 845EEffect of claim, foreign employment election or foreign gain claim on personal allowance etc
- 845FEffect of claim on relief for contributions to registered pension schemes
- 845GForeign income relief ignored for purposes of determining adjusted net income
- 845HQualifying foreign income
- 845IDisqualified income
- 845JPerformance income
- Part 9: Partnerships
- Introduction
- 846Overview of Part 9
- 847General provisions
- 848Assessment of partnerships
- 848ABare trusts
- Calculation of partners' shares
- 849Calculation of firm's profits or losses
- 850Allocation of firm's profits or losses between partners
- 850AProfit-making period in which some partners have losses
- 850BLoss-making period in which some partners have profits
- 850CExcess profit allocation to non-individual partners
- 850DExcess profit allocation: cases involving individuals who are not partners
- 850EPayments by B out of the excess part of B's profit share
- 851Calculations etc. where firm has other income or losses
- Firms with trading income
- 852Carrying on by partner of notional trade Repealed
- 852ANotional trades: indirect partners Repealed
- 853Basis periods for partners' notional trades Repealed
- Firms with trading and other source income
- 854Carrying on by partner of notional business Repealed
- 855Basis periods for partners' notional businesses Repealed
- 855ANotional business: indirect partners Repealed
- 856Overlap profits from partners' notional businesses Repealed
- Firms with a foreign element
- 857Partners to whom the remittance basis applies
- 858Resident partners and double taxation agreements
- Miscellaneous
- 859Special provisions about farming and property income
- 860Adjustment income
- 861Sale of patent rights: effect of partnership changes
- 862Sale of patent rights: effect of later cessation of trade
- 863Limited liability partnerships
- 863ALimited liability partnerships: salaried members
- 863BCondition A
- 863CCondition B
- 863DCondition C
- 863EM's contribution to the limited liability partnership: the basic calculation
- 863FM's contribution to the limited liability partnership: deemed contributions
- 863GAnti-avoidance
- Alternative investment fund managers
- 863HElection for special provision for alternative investment fund managers to apply
- 863IAllocation of profit to the AIFM firm
- 863JVesting of remuneration represented by the allocated profit
- 863KVesting statements
- 863LThe AIFMD remuneration guidelines
- Part 10: General provisions
- Chapter 1: Introduction
- 864Overview of Part 10
- Chapter 2: General calculation rules etc.
- Unpaid remuneration
- 865Unpaid remuneration: non-trades and non-property businesses
- Employee benefit contributions
- 866Employee benefit contributions: non-trades and non-property businesses
- Business entertainment and gifts
- 867Business entertainment and gifts: non-trades and non-property businesses
- Social security contributions
- 868Social security contributions: non-trades etc.
- Penalties , interest and VAT surcharges and interest
- 869Penalties , interest and VAT surcharges and interest: non-trades etc.
- Crime-related payments
- 870Crime-related payments: non-trades and non-property businesses
- Apportionment of profits
- 871Apportionment etc. of miscellaneous profits to tax year
- Calculation of losses
- 872Losses calculated on same basis as miscellaneous income
- Chapter 3: Supplementary and general provisions
- Orders and regulations
- 873Orders and regulations made by Treasury or Commissioners
- Interpretation
- 874Activities in UK sector of continental shelf
- 875Meaning of “caravan”
- 876Meaning of “farming” and related expressions Repealed
- 877Meaning of grossing up Repealed
- 878Other definitions
- 879Interpretation: Scotland
- 880Interpretation: Northern Ireland
- General and final
- 881Disapplication of corporation tax: section 9 of ICTA Repealed
- 882Consequential amendments
- 883Commencement and transitional provisions etc.
- 884Repeals and revocations
- 885Abbreviations and general index in Schedule 4
- 886Short title
- Schedule A1: Carried Interest: interpretation of key terms
- Part 1: Meaning of carried interest
- 1Meaning of “carried interest”
- 2Sums treated as “carried interest”
- 3Consideration for right to sum of carried interest treated as “carried interest”
- 4Tax distribution treated as “carried interest”
- 5Co-investment returns not “carried interest”
- 6Definitions
- Part 2: Sums arising to other persons treated as arising to the individual
- 7Sums arising to connected persons other than companies
- 8Sums arising to connected company or unconnected person
- 9Deferred sums
- 10Deferred sums: exceptions
- Part 3: Qualifying carried interest
- Chapter 1: Qualifying carried interest
- 11Overview
- 12Qualifying carried interest: general rule
- Chapter 2: Average holding period
- 13Average holding period
- Chapter 3: Average holding period: making and disposals of investments
- 14Timing of making investments
- 15Disposals
- 16Part disposals
- 17Acquisitions from associated investment schemes
- 18Unwanted short-term investments
- 19Debt investments made by advancing money
- 20Disposals of debt investments
- Chapter 4: Average holding period: derivatives and hedging
- 21Derivatives
- 22Hedging: exchange gains and losses
- 23Hedging: interest rates
- Chapter 5: Average holding period: aggregation of acquisitions and disposals
- 24Significant interests
- 25Venture capital funds
- 26Significant equity stake funds
- 27Controlling equity stake funds
- 28Real estate funds
- 29Credit funds
- 30Funds of funds
- Chapter 6: Conditionally qualifying carried interest
- 31Conditionally qualifying carried interest
- 32Carried interest which ceases to be conditionally qualifying carried interest
- Chapter 7: Supplementary
- 33Anti-avoidance
- 34Treasury regulations
- Chapter 8: Interpretation
- 35Interpretation of Part 3
- Part 4: Carried interest elections
- 36Election for carried interest to be chargeable as scheme profits arise
- 37Election in relation to scheme to apply to associated schemes
- 38Interaction with other charges
- 39Deemed trade losses where carried interest never arises
- 40Anti-avoidance
- Schedule 1: Consequential amendments
- Part 1: Income and Corporation Taxes Act 1988
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- 262Paragraph 262 Repealed
- 263Paragraph 263
- 264Paragraph 264
- 265Paragraph 265
- 266Paragraph 266
- 267Paragraph 267
- 268Paragraph 268
- 269Paragraph 269 Repealed
- 270Paragraph 270 Repealed
- 271Paragraph 271
- 272Paragraph 272
- 273Paragraph 273
- 274Paragraph 274
- 275Paragraph 275
- 276Paragraph 276
- 277Paragraph 277 Repealed
- 278Paragraph 278 Repealed
- 279Paragraph 279
- 280Paragraph 280 Repealed
- 281Paragraph 281 Repealed
- 282Paragraph 282 Repealed
- 283Paragraph 283 Repealed
- 284Paragraph 284 Repealed
- 285Paragraph 285 Repealed
- 286Paragraph 286 Repealed
- 287Paragraph 287 Repealed
- 288Paragraph 288 Repealed
- 289Paragraph 289
- 290Paragraph 290 Repealed
- 291Paragraph 291 Repealed
- 292Paragraph 292 Repealed
- 293Paragraph 293 Repealed
- 294Paragraph 294 Repealed
- 295Paragraph 295 Repealed
- 296Paragraph 296 Repealed
- 297Paragraph 297 Repealed
- 298Paragraph 298 Repealed
- 299Paragraph 299 Repealed
- 300Paragraph 300 Repealed
- 301Paragraph 301
- 302Paragraph 302 Repealed
- 303Paragraph 303 Repealed
- 304Paragraph 304 Repealed
- 305Paragraph 305 Repealed
- 306Paragraph 306 Repealed
- 307Paragraph 307 Repealed
- 308Paragraph 308 Repealed
- 309Paragraph 309 Repealed
- 310Paragraph 310 Repealed
- 311Paragraph 311 Repealed
- 312Paragraph 312 Repealed
- 313Paragraph 313 Repealed
- 314Paragraph 314 Repealed
- 315Paragraph 315 Repealed
- 316Paragraph 316 Repealed
- 317Paragraph 317 Repealed
- 318Paragraph 318 Repealed
- 319Paragraph 319 Repealed
- 320Paragraph 320 Repealed
- 321Paragraph 321 Repealed
- 322Paragraph 322 Repealed
- 323Paragraph 323 Repealed
- 324Paragraph 324
- 325Paragraph 325 Repealed
- 326Paragraph 326 Repealed
- 327Paragraph 327 Repealed
- 328Paragraph 328 Repealed
- 329Paragraph 329 Repealed
- 330Paragraph 330
- 331Paragraph 331
- 332Paragraph 332 Repealed
- 333Paragraph 333 Repealed
- 334Paragraph 334
- 335Paragraph 335 Repealed
- 336Paragraph 336
- 337Paragraph 337 Repealed
- 338Paragraph 338 Repealed
- 339Paragraph 339 Repealed
- 340Paragraph 340 Repealed
- 341Paragraph 341 Repealed
- 342Paragraph 342
- 343Paragraph 343
- 344Paragraph 344
- 345Paragraph 345
- 346Paragraph 346
- 347Paragraph 347 Repealed
- 348Paragraph 348
- 349Paragraph 349
- 350Paragraph 350 Repealed
- 351Paragraph 351 Repealed
- 352Paragraph 352
- Part 2: Other enactments
- Finance Act 1950 (c. 15)
- 353Paragraph 353
- 354Paragraph 354
- Chevening Estate Act 1959 (c. 49)
- 355Paragraph 355
- 356Paragraph 356
- Taxes Management Act 1970 (c. 9)
- 357Paragraph 357
- 358Paragraph 358
- 359Paragraph 359 Repealed
- 360Paragraph 360 Repealed
- 361Paragraph 361
- 362Paragraph 362
- 363Paragraph 363 Repealed
- 364Paragraph 364 Repealed
- 365Paragraph 365
- 366Paragraph 366
- 367Paragraph 367
- 368Paragraph 368
- 369Paragraph 369
- 370Paragraph 370
- 371Paragraph 371
- 372Paragraph 372
- 373Paragraph 373 Repealed
- 374Paragraph 374 Repealed
- 375Paragraph 375 Repealed
- 376Paragraph 376 Repealed
- 377Paragraph 377
- 378Paragraph 378 Repealed
- 379Paragraph 379
- 380Paragraph 380
- 381Paragraph 381
- 382Paragraph 382
- 383Paragraph 383 Repealed
- 384Paragraph 384
- Finance Act 1971 (c. 68)
- 385Paragraph 385
- 386Paragraph 386
- Finance Act 1973 (c. 51)
- 387Paragraph 387 Repealed
- 388Paragraph 388 Repealed
- Biological Standards Act 1975 (c. 4)
- 389Paragraph 389 Repealed
- 390Paragraph 390 Repealed
- Oil Taxation Act 1975 (c. 22)
- 391Paragraph 391
- 392Paragraph 392
- Inheritance Tax Act 1984 (c. 51)
- 393Paragraph 393
- 394Paragraph 394
- 395Paragraph 395
- 396Paragraph 396
- Films Act 1985 (c. 21)
- 397Paragraph 397
- 398Paragraph 398
- 399Paragraph 399
- Finance Act 1988 (c. 39)
- 400Paragraph 400
- 401Paragraph 401 Repealed
- 402Paragraph 402
- 403Paragraph 403
- 404Paragraph 404
- Water Act 1989 (c. 15)
- 405Paragraph 405
- Finance Act 1989 (c. 26)
- 406Paragraph 406
- 407Paragraph 407
- 408Paragraph 408
- 409Paragraph 409
- 410Paragraph 410
- 411Paragraph 411 Repealed
- 412Paragraph 412
- Electricity Act 1989 (c. 29)
- 413Paragraph 413
- Finance Act 1990 (c. 29)
- 414Paragraph 414
- 415Paragraph 415 Repealed
- 416Paragraph 416 Repealed
- Finance Act 1991 (c. 31)
- 417Paragraph 417
- 418Paragraph 418 Repealed
- Social Security Contributions and Benefits Act 1992 (c. 4)
- 419Paragraph 419
- 420Paragraph 420
- 421Paragraph 421
- 422Paragraph 422
- Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)
- 423Paragraph 423
- 424Paragraph 424
- 425Paragraph 425
- Taxation of Chargeable Gains Act 1992 (c. 12)
- 426Paragraph 426
- 427Paragraph 427 Repealed
- 428Paragraph 428 Repealed
- 429Paragraph 429 Repealed
- 430Paragraph 430
- 431Paragraph 431
- 432Paragraph 432
- 433Paragraph 433
- 434Paragraph 434
- 435Paragraph 435 Repealed
- 436Paragraph 436
- 437Paragraph 437
- 438Paragraph 438
- 439Paragraph 439
- 440Paragraph 440
- 441Paragraph 441 Repealed
- 442Paragraph 442
- 443Paragraph 443
- 444Paragraph 444
- 445Paragraph 445
- 446Paragraph 446
- 447Paragraph 447
- 448Paragraph 448
- 449Paragraph 449
- 450Paragraph 450
- 451Paragraph 451
- Finance (No. 2) Act 1992 (c. 48)
- 452Paragraph 452
- 453Paragraph 453
- 454Paragraph 454
- 455Paragraph 455
- 456Paragraph 456
- 457Paragraph 457
- 458Paragraph 458
- 459Paragraph 459
- 460Paragraph 460
- 461Paragraph 461
- Finance Act 1993 (c. 34)
- 462Paragraph 462
- 463Paragraph 463
- 464Paragraph 464
- 465Paragraph 465
- 466Paragraph 466
- Pension Schemes Act 1993 (c. 48)
- 467Paragraph 467
- 468Paragraph 468
- Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- 469Paragraph 469
- 470Paragraph 470
- Finance Act 1994 (c. 9)
- 471Paragraph 471
- 472Paragraph 472
- 473Paragraph 473
- Coal Industry Act 1994 (c. 21)
- 474Paragraph 474
- Finance Act 1995 (c. 4)
- 475Paragraph 475
- 476Paragraph 476
- 477Paragraph 477
- 478Paragraph 478
- 479Paragraph 479 Repealed
- 480Paragraph 480 Repealed
- 481Paragraph 481 Repealed
- 482Paragraph 482
- 483Paragraph 483
- 484Paragraph 484
- Finance Act 1996 (c. 8)
- 485Paragraph 485
- 486Paragraph 486 Repealed
- 487Paragraph 487
- 488Paragraph 488 Repealed
- 489Paragraph 489 Repealed
- 490Paragraph 490
- 491Paragraph 491
- Finance Act 1997 (c. 16)
- 492Paragraph 492
- 493Paragraph 493 Repealed
- 494Paragraph 494 Repealed
- Finance Act (No.2) 1997 (c. 58)
- 495Paragraph 495
- 496Paragraph 496 Repealed
- 497Paragraph 497
- 498Paragraph 498
- Finance Act 1998 (c. 39)
- 499Paragraph 499
- 500Paragraph 500 Repealed
- 501Paragraph 501
- 502Paragraph 502 Repealed
- 503Paragraph 503 Repealed
- 504Paragraph 504
- Finance Act 1999 (c. 16)
- 505Paragraph 505
- 506Paragraph 506 Repealed
- 507Paragraph 507
- 508Paragraph 508 Repealed
- 509Paragraph 509 Repealed
- Commonwealth Development Corporation Act 1999 (c. 20)
- 510Paragraph 510
- Finance Act 2000 (c. 17)
- 511Paragraph 511
- 512Paragraph 512
- 513Paragraph 513
- 514Paragraph 514 Repealed
- 515Paragraph 515
- 516Paragraph 516
- 517Paragraph 517
- 518Paragraph 518
- 519Paragraph 519
- 520Paragraph 520 Repealed
- 521Paragraph 521
- 522Paragraph 522
- 523Paragraph 523
- Capital Allowances Act 2001 (c. 2)
- 524Paragraph 524
- 525Paragraph 525
- 526Paragraph 526
- 527Paragraph 527 Repealed
- 528Paragraph 528 Repealed
- 529Paragraph 529
- 530Paragraph 530
- 531Paragraph 531
- 532Paragraph 532
- 533Paragraph 533
- 534Paragraph 534
- 535Paragraph 535
- 536Paragraph 536
- 537Paragraph 537
- 538Paragraph 538
- 539Paragraph 539
- 540Paragraph 540
- 541Paragraph 541
- 542Paragraph 542
- 543Paragraph 543
- 544Paragraph 544
- 545Paragraph 545
- 546Paragraph 546
- 547Paragraph 547
- 548Paragraph 548
- 549Paragraph 549
- 550Paragraph 550
- 551Paragraph 551
- 552Paragraph 552 Repealed
- 553Paragraph 553 Repealed
- 554Paragraph 554 Repealed
- 555Paragraph 555 Repealed
- 556Paragraph 556 Repealed
- 557Paragraph 557 Repealed
- 558Paragraph 558 Repealed
- 559Paragraph 559 Repealed
- 560Paragraph 560 Repealed
- 561Paragraph 561
- 562Paragraph 562
- 563Paragraph 563
- 564Paragraph 564
- 565Paragraph 565
- 566Paragraph 566
- 567Paragraph 567
- 568Paragraph 568
- 569Paragraph 569
- 570Paragraph 570
- 571Paragraph 571
- 572Paragraph 572
- 573Paragraph 573
- 574Paragraph 574
- Finance Act 2002 (c. 23)
- 575Paragraph 575
- 576Paragraph 576 Repealed
- 577Paragraph 577 Repealed
- 578Paragraph 578 Repealed
- 579Paragraph 579
- 580Paragraph 580
- Proceeds of Crime Act 2002 (c. 29)
- 581Paragraph 581
- 582Paragraph 582
- 583Paragraph 583
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- 584Paragraph 584
- 585Paragraph 585
- 586Paragraph 586
- 587Paragraph 587
- 588Paragraph 588
- 589Paragraph 589
- 590Paragraph 590
- 591Paragraph 591
- 592Paragraph 592
- 593Paragraph 593
- 594Paragraph 594
- 595Paragraph 595
- 596Paragraph 596
- 597Paragraph 597
- 598Paragraph 598
- 599Paragraph 599
- 600Paragraph 600
- 601Paragraph 601
- 602Paragraph 602
- 603Paragraph 603
- 604Paragraph 604
- 605Paragraph 605
- 606Paragraph 606
- 607Paragraph 607
- 608Paragraph 608
- 609Paragraph 609
- 610Paragraph 610
- 611Paragraph 611
- 612Paragraph 612
- 613Paragraph 613
- 614Paragraph 614
- 615Paragraph 615
- 616Paragraph 616
- 617Paragraph 617
- 618Paragraph 618
- 619Paragraph 619
- 620Paragraph 620
- Finance Act 2003 (c. 14)
- 621Paragraph 621
- 622Paragraph 622 Repealed
- 623Paragraph 623
- 624Paragraph 624
- 625Paragraph 625
- 626Paragraph 626
- Courts Act 2003 (c. 39)
- 627Paragraph 627
- Child Trust Funds Act 2004 (c. 6)
- 628Paragraph 628
- Finance Act 2004 (c. 12)
- 629Paragraph 629
- 630Paragraph 630 Repealed
- 631Paragraph 631
- 632Paragraph 632
- 633Paragraph 633
- 634Paragraph 634
- 635Paragraph 635 Repealed
- 636Paragraph 636 Repealed
- 637Paragraph 637
- 638Paragraph 638
- 639Paragraph 639
- 640Paragraph 640 Repealed
- 641Paragraph 641 Repealed
- 642Paragraph 642 Repealed
- 643Paragraph 643 Repealed
- 644Paragraph 644
- 645Paragraph 645
- 646Paragraph 646
- 647Paragraph 647
- 648Paragraph 648 Repealed
- 649Paragraph 649
- 650Paragraph 650
- 651Paragraph 651
- 652Paragraph 652
- 653Paragraph 653
- 654Paragraph 654
- 655Paragraph 655
- 656Paragraph 656
- Pensions Act 2004 (c. 35)
- 657Paragraph 657
- 658Paragraph 658
- 659Paragraph 659
- Schedule 2: Transitionals and savings etc.
- Part 1: General provisions
- Continuity of the law: general
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- General saving for old transitional provisions and savings
- 7Paragraph 7
- General saving for section 9(5) of ICTA
- 8Paragraph 8
- Partnerships involving companies
- 9Paragraph 9
- Interpretation
- 10Paragraph 10
- Part 2: Changes in the law
- 11Paragraph 11
- Part 3: Trading income
- Unpaid remuneration
- 12Paragraph 12
- Employee benefit contributions
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- ...
- 16Paragraph 16 Repealed
- 17Paragraph 17 Repealed
- Crime-related payments
- 18Paragraph 18
- Tenants under taxed leases
- 19Paragraph 19
- 20Paragraph 20
- Seconded employees
- 21Paragraph 21
- Training courses for employees
- 22Paragraph 22
- 23Paragraph 23
- Contributions to urban regeneration companies
- 24Paragraph 24
- Local enterprise agencies
- 25Paragraph 25
- Expenses connected with patents, designs and trade marks
- 26Paragraph 26
- Payments to Export Credits Guarantee Department
- 27Paragraph 27
- Reverse premiums
- 28Paragraph 28
- Sums recovered under insurance policies etc.
- 29Paragraph 29
- Meaning of “designated educational establishment”
- 30Paragraph 30
- Films and sound recordings
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- Certain telecommunication rights
- 39Paragraph 39
- 40Paragraph 40
- Dealers in securities etc: taxation of amounts taken to reserves
- 41Paragraph 41
- Purchase or sale of woodlands
- 42Paragraph 42
- Ministers of religion
- 43Paragraph 43
- Waste disposal
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- Valuation of trading stock on cessation
- 47Paragraph 47
- Apportionment of profits or losses to tax years before tax year 2005-06
- 48Paragraph 48
- Treatment of business start-up payments received in an overlap period
- 49Paragraph 49
- Profits or losses of a trade, profession or vocation previously chargeable in accordance with section 65(1) of ICTA
- 50Paragraph 50
- Profits of mines, quarries and other concerns not chargeable by reference to a basis period
- 51Paragraph 51
- Overlap profit: pre-April 1994 trades, professions and vocations
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- Averaging profits of farmers and creative artists
- 55Paragraph 55
- Adjustment on change of basis
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- Post-cessation receipts
- 60Paragraph 60
- 61Paragraph 61
- Part 4: Property income
- Apportionment of profits or losses to tax years before tax year 2005-06
- 62Paragraph 62
- Lease premiums
- 63Paragraph 63
- Lease premiums: sums payable instead of rent
- 64Paragraph 64
- Lease premiums: sums payable for surrender of lease
- 65Paragraph 65
- Lease premiums: assignments for profit of lease granted at undervalue
- 66Paragraph 66
- Lease premiums: pre-commencement receipts treated as taxed receipts
- 67Paragraph 67
- Lease premiums: taking account of reductions in pre-commencement receipts
- 68Paragraph 68
- Lease premiums: taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTA
- 69Paragraph 69
- Lease premiums: rules for determining effective duration of lease
- 70Paragraph 70
- 71Paragraph 71
- Reverse premiums
- 72Paragraph 72
- Deductions for expenditure on energy-saving items
- 73Paragraph 73
- Commercial letting of furnished holiday accommodation
- 74Paragraph 74 Repealed
- 75Paragraph 75 Repealed
- Adjustment on change of basis
- 76Paragraph 76
- Meaning of “mineral royalties”
- 77Paragraph 77
- Part 5: Savings and investment income: general
- Open-ended investment companies: saving for powers to make provision corresponding to provisions applicable to unit trusts
- 78Paragraph 78
- Stock dividends issued in respect of shares issued before 6 April 1975
- 78AParagraph 78A
- Deeply discounted securities issued in accordance with qualifying earn-out right
- 79Paragraph 79
- Deeply discounted securities: deemed transfers of strips on 5th April
- 80Paragraph 80
- Deeply discounted securities: restriction of profits and losses on strips
- 81Paragraph 81
- Deeply discounted securities: saving for charities' losses
- 82Paragraph 82
- Deeply discounted securities: saving for pension trustees' losses
- 83Paragraph 83
- Exclusion of deeply discounted securities from section 711 to 728 of ICTA (accrued income profits)
- 84Paragraph 84 Repealed
- Gains from contracts for life insurance etc: foreign policies of life insurance
- 85Paragraph 85
- Gains from contracts for life insurance etc: exclusion of pension policies
- 86Paragraph 86
- Gains from contracts for life insurance etc: rights partially assigned
- 87Paragraph 87
- 88Paragraph 88
- Gains from contracts for life insurance etc: regulations providing for relief where foreign tax chargeable
- 89Paragraph 89
- Gains from contracts for life insurance etc: pure protection group life policies
- 90Paragraph 90
- Gains from contracts for life insurance etc: assessment of trustees etc
- 91Paragraph 91 Repealed
- Transactions in deposits
- 92Paragraph 92
- 93Paragraph 93
- Disposals of futures and options involving guaranteed returns: certain pre-6th February 1998 transactions
- 94Paragraph 94
- Disposals of futures and options involving guaranteed returns: rates of tax for pension trustees
- 95Paragraph 95 Repealed
- Part 6: Savings and investment income: insurance contracts and policies made before certain dates
- Pre-20th March 1968 policies and contracts excluded from Chapter 9 of Part 4
- 96Paragraph 96
- Pre-27th March 1974 policies and contracts: disapplication of section 500(c)
- 97Paragraph 97
- Pre-27th March 1974 contracts: disapplication of section 531(3)(c)
- 98Paragraph 98
- Pre-10th December 1974 contracts for a life annuity: disapplication of section 484(1)(d)
- 99Paragraph 99
- Pre-14th March 1975 policies and contracts: calculation of gains under section 507
- 100Paragraph 100
- Pre-25th March 1982 replacement policies: disapplication of section 542
- 101Paragraph 101
- Certain pre-26th June 1982 policies and contracts excluded from Chapter 9 of Part 4
- 102Paragraph 102
- Certain pre-18th November 1983 policies not foreign policies of life insurance
- 103Paragraph 103
- Certain pre-23rd February 1984 policies not foreign capital redemption policies
- 104Paragraph 104
- Pre-14th March 1984 policies: disregard of amounts deducted and repaid after tax relief by deduction from premiums abolished
- 105Paragraph 105
- Certain pre-20th March 1985 policies: application of section 529(1)
- 106Paragraph 106
- Pre-14th March 1989 qualifying policies: application of section 485(2)(b) and (3)(b)
- 107Paragraph 107
- Pre-14th March 1989 policies and contracts: application of section 501
- 108Paragraph 108
- Contracts in accounting periods beginning before 1st January 1992: disapplication of sections 530 and 539(3)
- 109Paragraph 109
- Certain pre-17th March 1998 policies: application of section 529(1)
- 110Paragraph 110
- Certain pre-17th March 1998 policies not foreign policies of life insurance
- 111Paragraph 111
- Pre-17th March 1998 policy or contract: UK resident trustees
- 112Paragraph 112
- Certain pre-23rd March 1999 policies not foreign capital redemption policies
- 113Paragraph 113
- Pre-9th April 2003 policy or contract: UK resident trustees
- 114Paragraph 114
- Pre-9th April 2003 policy or contract: loans to trustees
- 115Paragraph 115
- Pre-9th April 2003 policy: excepted group life policies
- 116Paragraph 116
- Pre-3rd March 2004 policy or contract: calculation of deficiencies
- 117Paragraph 117
- Pre-1st January 2005 contracts for immediate needs annuities: income tax treated as paid
- 118Paragraph 118
- Part 7: Savings and investment income: gains from contracts for life insurance etc. (personal portfolio bonds)
- Pre-17th March 1998 contract or policy: conditions to be met for contract or policy not to be a personal portfolio bond
- 119Paragraph 119
- The date condition
- 120Paragraph 120
- The non-variation condition
- 121Paragraph 121
- The first selection condition
- 122Paragraph 122
- The second selection condition
- 123Paragraph 123
- Policy holders becoming UK resident after 17th March 1998
- 124Paragraph 124
- Policy holders becoming permanently UK resident after 17th March 1998
- 125Paragraph 125
- Meaning of “permitted index”
- 126Paragraph 126
- Meaning of “permitted property”
- 127Paragraph 127
- Other definitions
- 128Paragraph 128
- Part 8: Miscellaneous income
- Intellectual property: contributions to expenditure not made by public bodies nor eligible for tax relief
- 129Paragraph 129
- Certain telecommunication rights
- 130Paragraph 130
- 131Paragraph 131
- Income treated as income of settlor: exception for pension income
- 132Paragraph 132
- Amounts treated as income of settlor: income paid to unmarried minor children of settlor
- 133Paragraph 133
- Amounts treated as income of settlor: capital sums paid to settlor by trustees of settlement
- 134Paragraph 134
- Amounts treated as income of settlor: capital sums paid to settlor by body connected with settlement
- 135Paragraph 135
- Beneficiaries' income from estates in administration: basic amounts
- 136Paragraph 136
- Beneficiaries' income from estates in administration: income treated as bearing income tax
- 137Paragraph 137
- Part 9: Exempt income
- Ulster savings certificates
- 138Paragraph 138
- SAYE interest
- 139Paragraph 139
- 140Paragraph 140
- 141Paragraph 141
- Venture capital trust dividends: shares acquired before the tax year 2004-05
- 142Paragraph 142
- Purchased life annuity payments: old determinations concerning capital elements
- 143Paragraph 143 Repealed
- Purchased life annuity payments: carry forward of excess capital elements
- 144Paragraph 144
- Purchased life annuity payments: penalty for false statements
- 145Paragraph 145 Repealed
- Certain annual payments by individuals
- 146Paragraph 146
- Annual payments for non-taxable consideration
- 147Paragraph 147
- Periodical payments of personal injury damages etc.
- 148Paragraph 148
- Part 10: Foster-care relief
- 149Paragraph 149
- Part 11: Foreign income: special rules
- Relevant foreign income charged on remittance basis: income arising before the tax year 2005-06
- 150Paragraph 150 Repealed
- Relevant foreign income charged on remittance basis: delayed remittances
- 151Paragraph 151 Repealed
- Relief for backdated pensions charged on arising basis
- 152Paragraph 152
- Unremittable income that arose before the tax year 2005-06
- 153Paragraph 153
- Part 12: Other provisions
- Unpaid remuneration: non-trades and non-property businesses
- 154Paragraph 154
- Employee benefit contributions: non-trades and non-property businesses
- 155Paragraph 155
- 156Paragraph 156
- Crime-related payments: non-trades and non-property businesses
- 157Paragraph 157
- Apportionment of miscellaneous profits or losses to tax years before tax year 2005-06
- 158Paragraph 158
- General deduction rules
- 159Paragraph 159
- Section 820 of ICTA
- 160Paragraph 160
- Amendments of Part 4 of FA 2004 (pension schemes etc.)
- 161Paragraph 161
- Schedule 3Repeals and revocations
- Schedule 4: Abbreviations and defined expressions
- 1Abbreviations of Acts
- 2Index of expressions defined in this Act etc.