OpenLegislation

Income and Corporation Taxes Act 1988

1988 c. 1 · Enacted 9 February 1988 · Extends to United Kingdom

Not fully up to date. 13 changes made by later legislation have not yet been written into this text, which is revised to 1 April 2026.

See the changes not yet applied
ProvisionChangeMade by
ActTax Acts: power to modify conferredHorserace Betting and Olympic Lottery Act 2004 s. 18
s. 842(4)words insertedFinance Act 2009 Sch. 22 para. 11(2)
s. 266ArepealedFinance Act 2012 Sch. 39 para. 28(1)
s. 274repealedFinance Act 2012 Sch. 39 para. 28(1)
s. 824(2D)(b)repealedFinance Act 2012 Sch. 39 para. 28(1)
Sch. 14repealedFinance Act 2012 Sch. 39 para. 28(1)
Sch. 15 para. 8words repealedFinance Act 2012 Sch. 39 para. 28(1)
s. 824(3)(ad)repealedFinance Act 2012 Sch. 39 para. 28(1)
s. 266repealedFinance Act 2012 Sch. 39 para. 28(1)
s. 826(1)(f)-(fb)omittedFinance Act 2024 Sch. 2 para. 9(2)
s. 826(3C)words omittedFinance Act 2024 Sch. 2 para. 9(3)
s. 826(8A)(b)(ii)words omittedFinance Act 2024 Sch. 2 para. 9(4)
s. 826(8BA)words omittedFinance Act 2024 Sch. 2 para. 9(5)

An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.

[9th February 1988]X1C1C2C3C4C5C6C7C8C9C10C11C12C13C14C15C16C17C18C19

Annotations to the whole text

Modifications

C1

General amendments, modifications, etc. to Tax Acts (or Income Tax Acts or Corporation Taxes Acts as the case may be):

Taxes Management Act 1970 (c.9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c.29, SIF 63:1), s. 95(1)(2));

British Telecommunications Act 1981 (c.38, SIF 96), s. 82(2)(7);

Telecommunications Act 1984 (c.12, SIF 96), s. 72(3);

Finance Act 1984 (c.43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12;

Finance Act 1985 (c.54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4);

The Income Tax (Entertainers and Sportsmen) Regulations 1987 (S.I. 1987/530), regs. 11(2), 13(1), 14;

Income and Corporation Taxes Act 1988 (c.1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c.29, SIF 63:1), s. 50(2)), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20;

Finance Act 1988 (c.39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6;

Electricity Act 1989 (c. 29, SIF 44:1), s. 90, Sch. 11 para. 8(2); S.I. 1990/117, art. 3, Sch. 1;

Capital Allowances Act 1990 (c.1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2); S.I. 1990/627;

Finance Act 1990 (c.29, SIF 63:1), s. 25(10);

Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 84(3) (having effect with respect to gifts made on or after 19.3.1991), s. 587A(2)(3) (with application as referred to in Finance Act 1991 (c.31, SIF 63:1), s. 54, Sch. 12 para. 5 (if the new securities are issued on or after 19.3.1991)), s. 736A, Sch. 23A paras. 2(2), 3(2), 4(4), 5(2), 7(1);

Ports Act 1991 (c. 52, SIF 58), s. 35(8);

The Official Listing of Securities (Change of Competent Authority) Regulations 1991 (S.I. 1991/2000), regs. 1(1), 4(5);

British Technology Group Act 1991 (c.66, SIF 64), s.12(1)(3)(4); S.I. 1991/2721, art.2;

The Social Security (Contributions) Regulations 1979 (S.I. 1979/591), Sch. 1 reg. 28 (as substituted by S.I. 1992/97, reg. 18);

Social Security Contributions and Benefits Act 1992 (c. 4), ss. 16, 177(4), Sch.2 (with s. 108(5));

Taxation of Chargeable Gains Act 1992 (c. 12), ss. 209(3), 289 (with ss. 60, 101(1), 171, 201(3)) (with effect for the year 1992-93 and subsequent years of assessment);

The Lloyd's Underwriters (Tax) (1989-90) Regulations 1992 (S.I. 1992/511), reg.3 (with effect for the year of assessment 1989-90);

Finance (No. 2) Act 1992 (c. 48), ss. 66, 77, Sch. 12 paras. 6(2), 7, Sch. 17 para.9;

The Lloyd's Underwriters (Tax) (1990-91) Regulations 1993 (S.I. 1993/415), regs. 1(1), 3(1) (with effect for the year of assessment 1990-91);

Finance Act 1993 (c. 34), s. 78(3)-(5), 118(1), 146(2)(3), 165, 175, Sch. 20 paras. 8, 9(1);

Finance Act 1993 (c. 34), ss. 172(1), 176(1), 179(4)(5), 180(1)(a)(2), 182(2), 184(3) (with effect for the year 1992-93 and subsequent years of assessment);

Agriculture Act 1993 (c. 37), ss. 12, 36, Sch. 2, paras. 1, 2(1), 3(2), 16(2)(a), Sch. 4 para. 1(1);

The Income Tax (Manufactured Overseas Dividends) Regulations 1993 (S.I. 1993/2004), regs. 1, 4(1) , 5(1), 7(1), 8, 11(7);

Finance Act 1994 (c. 9), ss. 139(1)(2), 173(2)(b)(4)(a)(b), 174, Sch. 25 paras. 2, 6(1)(2);

Finance Act 1994 (c. 9), s. 252(1)(3), Sch. 24 paras. 1(4), 12(2), 15(1)(b), 18(1)-(4), 20(1)(a)(3), 25(1) (with retrospective effect to 11.1.1994);

Coal Industry Act 1994 (c. 21), ss. 21, 68(4), Sch. 4 paras. 11(1), 14, 17(2)-(4), 19(1)(a)(3); S.I. 1994/2189, art. 2, Sch.;

The Lloyd's Underwriters (Tax) (1991-92) Regulations 1994 (S.I. 1994/728), reg.3 (with effect for the year of assessment 1991-92);

Finance Act 1995 (c. 4), ss. 152, 157(12);

Finance Act 1995 (c. 4), s. 154 (with retrospective effect to 29.11.1994);

Income and Corporation Taxes Act 1988 (c. 1), Sch. 5A (as inserted by Finance Act 1995 (c. 4), s. 85(2)(3), Sch. 19);

Crown Agents Act 1995 (c. 24), s. 7(3)-(5);

Atomic Energy Authority Act 1995 (c. 37), s. 8, Sch. 3 paras. 1, 2, 7, 13;

Gas Act 1995 (c. 45), s. 17(1)(2), Sch. 5 paras. 1, 10(1)-(3);

The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171), reg. 3;

The Lloyd's Underwriters (Tax) Regulations 1995 (S.I. 1995/351), reg. 4 (with regs. 5-8 and S.I. 1995/352, regs. 6-12, 14, 15);

The Lloyd's Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 (S.I. 1995/352), regs. 1, 4 (with regs. 6-12, 14, 15 and S.I. 1995/351, regs. 5-8) (with effect for the years of assessment 1992-93 to 1996-97);

The Income Tax (Manufactured Dividends) (Tradepoint) Regulations 1995 (S.I. 1995/2052), regs. 1, 10;

Finance Act 1996 (c. 8), ss. 81(1), 151(1), 152, 154(2)(5)(9), Sch. 10 para. 4(2), Sch. 11 para. 4(4);

Income and Corporation Taxes Act 1988 (c. 1), s. 689A(2) (as inserted by Finance Act 1996 (c. 8), Sch. 6 paras. 16, 28);

Broadcasting Act 1996 (c. 55), Sch. 7 paras. 1(3), 18, 27;

Finance Act 1997 (c. 16), s. 79(3), Sch. 7 paras. 2(1)(3), 3(2)(5), 7(2);

Income and Corporation Taxes Act 1988 (c. 1), Sch. 23A paras. 3, 8(2A) (as substituted and inserted respectively by Finance Act 1997 (c. 16), Sch. 10 paras. 11(1), 13(3), 16);

Capital Allowances Act 1990 (c. 1), ss. 28A, 29(1)(1A) (as inserted and substituted respectively by Finance Act 1997 (c. 16), Sch. 15 paras. 3, 4)

Finance (No. 2) Act 1997 (c. 58), s. 29(1), Sch. 6 para. 23;

Income and Corporation Taxes Act 1988 (c. 1), s. 1A(5) (as substituted by Finance (No. 2) Act 1997 (c. 58), s. 31(4)(6);

The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 3 (as amended by S.I. 2001/3629, art. 165(2)(a); S.I. 2004/822, reg. 4)

The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 1, 3-23 (as amended by S.I. 1997/1715);

The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997 (S.I. 1997/2681), regs. 1, 9;

Teaching and Higher Education Act 1998 (c. 30), s. 22(5)(g);

Finance Act 1998 (c. 36), ss. 30(3), 31(2), 32(8), 46, 47(3)(a), 117, 161(2)(b)(7), Sch. 18;

Income and Corporation Taxes Act 1988 (c. 1), ss. 65A(3), 70A(3), 596C, 754(2), Sch. 28AA para. 6(2)(b) (as inserted or substituted (as the case may be) by Finance Act 1998 (c. 36), ss. 38, 93(3)(4), 108(5)(6), Sch. 5 paras. 24, 25, 73, Sch. 16, Sch. 17 paras. 9(4), 37;

Regional Development Agencies Act 1998 (c. 45), s. 38; S.I. 1998/2952, art. 2(2);

Scotland Act 1998 (c. 46), s. 73(2); S.I. 1998/3178, art. 2(2), Sch. 3;

The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 21;

Finance Act 1999 (c. 16), s. 68(4);

Income and Corporation Taxes Act 1988 (c. 1), s. 469A (as inserted by Finance Act 1999 (c. 16), s. 68(1)(3));

Commonwealth Development Corporation Act 1999 (c. 20), ss. 6(2)(c), 16(1)(4)(c)(5);

Finance Act 2000 (c. 17), Sch. 14 para. 43;

Income and Corporation Taxes Act 1988 (c. 1), s. 587B(2)(b) (as inserted by Finance Act 2000 (c. 17), s. 43(1)(3));

Capital Allowances Act 2001 (c. 2), ss. 253(4), 260(5), 579, Sch. 3 paras. 54, 55;

Income and Corporation Taxes Act 1988 (c. 1), s. 118ZA (as substituted by Finance Act 2001 (c. 9), s. 75(1)(6));

Finance Act 2002 (c. 23), ss. 55(2)-(4)(7), 83(1)(a)(3), Sch. 26 para. 51;

Income Tax (Earnings and Pensions) Act 2003 (c. 1), ss. 56, 566(2), 723(1) (with s. 48(2), Sch. 7));

Finance Act 2003 (c. 14), ss. 148(1)-(5), 150, 195;

The Taxation of Benefits under Government Pilot Schemes (Return to Work Credit and Employment Retention and Advancement Schemes) Order 2003 (S.I. 2003/2339), arts. 1, 3;

Finance Act 2004 (c. 12), ss. 51, 188(7), 192(8)(10), 205(7), 206(7), 207(7), 208(8), 215(11), 227(5), 254(7), 255(3), 284(1) (with Sch. 36);

Finance Act 2002 (c. 23),Sch. 26 para. 36(2) (as substituted by Finance Act 2004 (c. 12), s. 52(1)(3), Sch. 10 para. 62);

Income and Corporation Taxes Act 1988 (c. 1), s. 837C (as inserted by Finance Act 2004 (c. 12), Sch. 27 paras. 1, 3);

Income and Corporation Taxes Act 1988 (c. 1), Sch. 19B para. 15(2) (as inserted by Finance Act 2004 (c. 12), Sch. 38);

Energy Act 2004 (c. 20), ss. 27(10), 28(5), 29(6), 30(6), 38(2), 44(5), Sch. 9 para. 37(3); S.I. 2004/2575, art. 2(1), Sch. 1;

Horserace Betting and Olympic Lottery Act 2004 (c. 25), ss. 4(1), 5(3)(c)(4); S.I. 2011/462, art. 2;

The Taxation of Benefits under Government Pilot Schemes (Working Neighbourhoods Pilot and In Work Credit) Order 2004 (S.I. 2004/575), art. 3;

Finance Act 2005 (c. 7), ss. 41(4), 50, 53, 54, 56, 83(1);

Railways Act 2005 (c. 14), Sch. 10 para. 34(2); S.I. 2005/1444, art. 2(1), Sch. 1; S.I. 2005/1909, art, 2, Sch.;

Finance (No. 2) Act 2005 (c. 22), ss. 7(2), 8, 9;

Finance Act 1988 (c.39), s. 66A(2)(4) (as inserted by Finance (No. 2) Act 2005 (c. 22), s. 60(1)(3));

The Pension Protection Fund (Tax) (2005-06) Regulations 2005 (S.I. 2005/1907), reg. 4;

The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), reg. 3;

The Donations to Charity by Individuals (Appropriate Declarations) (Amendment) Regulations 2005 (S.I. 2005/2790), regs. 6, 7;

The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), reg. 4;

Telecommunications Act 1984 (c. 12), s. 72(3) (as substituted by S.I. 2006/745, art. 2);

The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2006 (S.I. 2006/3218), regs. 1(1)(2), 2-12;

The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) Regulations 2006 (S.I. 2006/3389), regs. 1(1)(2), 2-10 (as amended by S.I. 2007/2147, regs. 1-6);

Income Tax Act 2007 (c. 3), ss. 414, 466, 467, 473(5)(6), 474, 477, 513(4), 573, 576, 578, 586(2), 597(2), 711(2), 959, 963(4), 970(1), 988-1016 (Pt. 16) (with Sch. 2);

Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 61G (as inserted by Finance Act 2007 (c. 11), s. 25, Sch. 3 para. 4);

Consumers, Estate Agents and Redress Act 2007 (c. 17), Sch. 4 para. 11; S.I. 2007/3546, art. 3, Sch.;

The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (S.I. 2007/1050), regs. 1, 3-12 (as amended by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2));

The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007 (S.I. 2007/3338), reg. 3;

The Taxation of Insurance Securitisation Companies Regulations 2007 (S.I. 2007/3402), regs. 1, 6;

Income and Corporation Taxes Act 1988 (c. 1), s. 461D(4) (as inserted by Finance Act 2008 (c. 9), Sch. 18 para. 3);

Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 840A(3) (as inserted by Finance Act 2008 (c. 9), Sch. 7 paras. 69, 81);

Crossrail Act 2008 (c. 18), Sch. 13 para. 3(2)(4);

The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 69Z15(2), 69Z16(2), 69Z17(2) (as inserted by S.I. 2008/705, reg. 5);

The Friendly Societies (Transfers of Other Business) (Modification of the Corporation Tax Acts) Regulations 2008 (S.I. 2008/1942), regs. 1-7;

The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008 (S.I. 2008/2646), regs. 1, 2;

Corporation Tax Act 2009 (c. 4), ss. 2(4), 3, 294(2), 481(2), 490(2), 509(2), 515, 516(1), 521(4)(e)(5), 539(6), 540(3), 545, 550, 592(3), 593(2), 608(7), 799(1)(b), 802(2), 855(7)(8), 969, 1273, 1329 (with Sch. 2);

Income and Corporation Taxes Act 1988 (c. 1), s. 230A (as inserted by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 100);

Finance Act 2009 (c. 10), s. 25;

Corporation Tax Act 2009 (c. 4), s. 521B(2) (as inserted by Finance Act 2009 (c. 10), Sch. 24 paras. 4, 12-16);

The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 4, 26(2);

The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1, 4-7, 31(2);

The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 69Z61 (as inserted by S.I. 2009/2036, reg. 24);

The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (S.I. 2009/2971), regs. 1(1)(2), 4;

The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1, 16(2), 94 (with Sch. 1);

Corporation Tax Act 2010 (c. 4), ss. 128, 620, 624, 625, 778, 784, 786, 876, 950(5), 996(1)(2), 1070, 1071, 1166 (with Sch. 2);

Taxation (International and Other Provisions) Act 2010 (c. 8), s. 79(2), 192, 220 (with ss. 213, 214, Sch. 9 paras. 1-9);

Income Tax Act 2007 (c. 3), s. 809CZB(2) (as inserted by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 5 para. 7 (with Sch. 9 paras. 1-9));

Finance Act 2011 (c. 11), s. 53(5)(7)-(10), Sch. 2 paras. 53(4), 54(6);

The Taxation of Equitable Life (Payments) Order 2011 (S.I. 2011/1502), arts. 1, 3;

Finance Act 2012 (c. 14), ss. 69(b), 71(3), 72, 142(1)(b), 143(1)(b), 144(1), 148, 151, 152, 158(5), 166(5)(6), 167(4) (with Sch. 17);

Corporation Tax Act 2010 (c. 4), ss. 793(8), 812(5A) (as inserted by Finance Act 2012 (c. 14), s. 22(2)-(4));

Taxation (International and Other Provisions) Act 2010 (c. 8), s. 371SO(2) (as inserted by Finance Act 2012 (c. 14), Sch. 20 para. 1);

Small Charitable Donations Act 2012 (c. 23), ss. 15, 21(1);

The Bank Levy (Double Taxation Relief) Regulations 2012 (S.I. 2012/458), regs. 1, 13;

The Bank Levy (Double Taxation Arrangements) (Federal Republic of Germany) Regulations 2012 (S.I. 2012/459), regs. 1(1)(2), 11;

Income Tax Act 2007 (c. 3), Pt. 11ZA (ss. 614ZA-614ZD) (as inserted by Finance Act 2013 (c. 29), Sch. 29 paras. 1, 51);

Corporation Tax Act 2010 (c. 4), Pt. 17A (ss. 814A-814D) (as inserted by Finance Act 2013 (c. 29), Sch. 29 paras. 2, 51);

The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1, 3 (with reg. 8);

Finance Act 2014 (c. 26), s. 223(8)(9)(a);

Corporation Tax Act 2009 (c. 4), s. 490(2) (as substituted by Finance Act 2014 (c. 26), s. 27(3)(7)-(9));

Corporation Tax Act 2010 (c. 4), s. 329N(2) (as inserted by Finance Act 2014 (c. 26), Sch. 14 paras. 1, 4);

Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)(3) (as inserted by National Insurance Contributions Act 2015 (c. 5), Sch. 1 paras. 3, 35);

Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)(3) (as inserted by National Insurance Contributions Act 2015 (c. 5), Sch. 1 paras. 12, 35);

Finance Act 2015 (c. 11), ss. 99(2), 116;

Taxes Management Act 1970 (c. 9), ss. 12ZH, 12ZI, 59AB (as inserted by Finance Act 2015 (c. 11), Sch. 7 paras. 43, 51, 60);

The Education (Postgraduate Master?s Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1, 67(1);

The Bank Levy (Double Taxation Relief) (Single Resolution Fund Levy) Regulations 2016 (S.I. 2016/1212), regs. 1, 16;

Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 61R (as inserted by Finance Act 2017 (c. 10), Sch. 1 paras. 9, 16);

Finance Act 2012 (c. 14), ss. 124A(6), 124B(7), 124C(7) (as inserted by Finance (No. 2) Act 2017 (c. 32), Sch. 4 paras. 26, 190-192);

Corporation Tax Act 2010 (c. 4), ss. 303B(5), 303C(7), 303D(6), 321(2A) (as inserted by Finance (No. 2) Act 2017 (c. 32), Sch. 4 paras. 48, 52(3), 190-192);

Taxes Management Act 1970 (c. 9), ss. 28A(8), 28B(9) (as inserted by Finance (No. 2) Act 2017 (c. 32), Sch. 15 paras. 12(6), 13(6), 44);

Finance Act 1998 (c. 36), Sch. 18 para. 32(4) (as inserted by Finance (No. 2) Act 2017 (c. 32), Sch. 15 paras. 28(4), 44)

Finance Act 2019 (c. 1), Sch. 3 paras. 7, 9, 12, 13;

Corporation Tax Act 2009 (c. 4), s. 420A(2) (as inserted by Finance Act 2019 (c. 1), Sch. 20 paras. 2, 10(a), 16);

Capital Allowances Act 2001 (c. 2), s. 270HE (as inserted by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2

C2

Act (except ss. 201 and 684) amended (1.1.1992) by S.I. 1991/2684, arts. 2, 4,Sch. 1

C3

Act: Coal Industry Act 1994 (c. 21), Sch. 4 Pt. 1 to be construed as one with this Act (19.9.1994) by virtue of ss. 21, 68(4) of, and Sch. 4 para. 1(2) to, that Act); S.I. 1999/2189, art. 2, Sch.

C4

Act modified (17.9.2004 with effect in accordance with reg. 1 of the modifying S.I.) by The Overseas Life Insurance Companies Regulations 2004 (S.I. 2004/2200), regs. 3, 4

C5

Act modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), reg. 7

C6

Act modified (1.4.2006 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 94 (as amended by S.I. 2008/3159, regs. 1(2)(4), 28)

C7

Act modified (31.12.2006 with effect in accordance with reg. 1 of the modifying S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), regs. 1, 3-18 (as amended by: S.I. 2007/2146, regs. 1, 3-13; S.I. 2007/3449, regs. 1, 3-6; S.I. 2008/1924, regs. 1, 3-12)

C8

Act modified (with effect in accordance with Sch. 4 para. 2(2)-(4) of the modifying Act) by Finance Act 2007 (c. 11), Sch. 4 para. 3

C9

Act modified (14.8.2007 with effect in accordance with reg. 1(2)(3) of the modifying S.I.) by The Insurance Companies (Tax Exempt Business) Regulations 2007 (S.I. 2007/2145), regs. 3-12

C10

Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 3, Sch.

C11

Act applied (1.4.2010 with effect in accordance with s. 1184(1) of the affecting Act) by Corporation Tax Act 2010 (c. 4), s. 853

C12

Act amended by Finance Act 2010 (c. 13), Sch. 8 para. 8(2)(4)

C13

Act amended (2006-07) by Finance (No. 3) Act 2010 (c. 33), Sch. 14 para. 3(5)

C14

Act applied (with modifications) (1.10.2010) by The Employment and Support Allowance (Transitional Provisions, Housing Benefit and Council Tax Benefit) (Existing Awards) (No. 2) Regulations 2010 (S.I. 2010/1907), regs. 1(2), 16(2)(c), Sch. 2

C15

Act amended by Finance Act 2012 (c. 14), Sch. 15 para. 17(4)(5)

C16

Corporation Tax Acts modified (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 11(1)-(4) (with ss. 15(1), 16(1))

C17

Taxes Acts modified (6.4.2024) by 1970 c. 9, s. 8(7) (as inserted by Finance (No. 2) Act 2017 (c. 32), s. 61(6), Sch. 14 para. 3(15); S.I. 2021/1079, reg. 2)

C18

Taxes Acts modified (6.4.2024) by 1970 c. 9, s. 8A(7) (as inserted by Finance (No. 2) Act 2017 (c. 32), s. 61(6), Sch. 14 para. 4(12); S.I. 2021/1079, reg. 2)

C19

Taxes Acts modified (1.4.2026) by 1970 c. 9, Sch. A1 para. 10(7) (as inserted by Finance (No. 2) Act 2017 (c. 32), s. 60(3)(4); S.I. 2026/356, reg. 2)

Editorial notes

X1

EDITORIAL NOTE

The originating text of this Act is derived from the 1990 edition of The Taxes Acts edited by the Inland Revenue and published by Her Majesty's Stationery Office. The style of editing followed in older versions of the revised text may therefore differ from that applicable to most other Acts published in the online edition of the revised statutes. Any references in older footnote annotations to Vol. 1, 2 etc. are to the Volumes of that 1990 edition.

References to Acts in sidenotes and footnote annotations may be abbreviated. The main abbreviations used are listed below. Where a reference to an Act consists of the year, or the year and a series number (such as "1975", or "1975 (No. 2)", etc.), without any following letter(s) in parentheses, the reference is in most cases to the Finance Act, or Finance (No. 2) Act, etc., of that year. Exceptions to this are 1952, 1970, and 1988 (as to which see the list below).

ABBREVIATIONS USED IN SIDENOTES AND FOOTNOTES

1828 (R.S.) = Revenue Solicitors Act 1828 (c. 25, SIF 57)

1890 (I.R.R.) = Inland Revenue Regulation Act 1890 (c. 21, SIF 63:1)

1952 = Income Tax Act 1952 (c. 10, SIF 63:1)

1968 (C) = Capital Allowances Act 1968 (c. 3)

1970 (M) = Taxes Management Act 1970 (c. 9, SIF 63:1)

1970 = Income and Corporation Taxes Act 1970 (c. 10, SIF 63:1)

1970 (F) = Finance Act 1970 (c. 24, SIF 63:1,2)

1970 (No.2) = Income and Corporation Taxes (No.2) Act 1970 (c. 54)

1975 (O) = Oil Taxation Act 1975 (c. 22) (and similarly as respects subsequent years)

1976 (D) = Development Land Tax Act 1976 (c. 24)

1977 (I.T.R.) = Finance (Income Tax Reliefs) Act 1977 (c. 53)

1979 (C) = Capital Gains Tax Act 1979 (c. 14, SIF 63:2)

1984 (C) = Capital Transfer Tax Act 1984/Inheritance Tax Act 1984 (c. 51, SIF 65)

1988 = Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)

1988 (F) = Finance Act 1988 (c. 39, SIF 63:1,2)

1990 (C) = Capital Allowances Act 1990 (c. 1, SIF 63:1)

O.J. = Official Journal of the European Communities

SIF = Statutes in Force, the official hard-copy predecessor to the online statutes (and any following numbers refer to the relevant volume)

Contents

  1. Part I: THE CHARGE TO TAX
  2. Income tax
  3. 1The charge to income tax. Repealed
  4. 1AApplication of lower rate to income from savings and distributions. Repealed
  5. 1BRates of tax applicable to distribution income etc. Repealed
  6. 2Fractions of a pound, and yearly assessments. Repealed
  7. 3Certain income charged at basic rate. Repealed
  8. 4Construction of references in Income Tax Acts to deduction of tax. Repealed
  9. 5Date for payment. Repealed
  10. Corporation tax
  11. 6The charge to corporation tax and exclusion of income tax and capital gains tax.
  12. 7Treatment of certain payments and repayment of income tax. Repealed
  13. 8General scheme of corporation tax. Repealed
  14. 8AResolutions to reduce corporation tax. Repealed
  15. 9Computation of income: application of income tax principles.
  16. 10Time for payment of tax. Repealed
  17. 11Companies not resident in United Kingdom.
  18. 11AADetermination of profits attributable to permanent establishment Repealed
  19. 12Basis of, and periods for, assessment.
  20. Small companies’ rate
  21. 13Small companies’ relief. Repealed
  22. 13ZAInterpretation of section 13(7) Repealed
  23. 13AACorporation tax starting rate. Repealed
  24. 13ABThe non-corporate distribution rate Repealed
  25. 13AClose investment-holding companies. Repealed
  26. Advance corporation tax
  27. 14Advance corporation tax and qualifying distributions. Repealed
  28. The six Schedules
  29. 15Schedule A. Repealed
  30. 16Schedule B. Repealed
  31. 17Schedule C. Repealed
  32. 18Schedule D. Repealed
  33. 19Schedule E. Repealed
  34. 20Schedule F. Repealed
  35. Part II: PROVISIONS RELATING TO THE SCHEDULE A CHARGE
  36. General
  37. 21Persons chargeable and basis of assessment. Repealed
  38. 21AComputation of amount chargeable. Repealed
  39. 21BApplication of other rules applicable to Case I of Schedule D. Repealed
  40. 21CThe Schedule A charge and mutual business. Repealed
  41. 22Assessments. Repealed
  42. 23Collection from lessees and agents. Repealed
  43. 24Construction of Part II. Repealed
  44. Deductions and other allowances
  45. 25Deductions from rent: general rules. Repealed
  46. 26Deductions from rent: land managed as one estate. Repealed
  47. 27Deductions from rent: maintenance funds for historic buildings. Repealed
  48. 28Deductions from receipts other than rent. Repealed
  49. 29Sporting rights. Repealed
  50. 30Expenditure on making sea walls. Repealed
  51. 31Provisions supplementary to sections 25 to 30. Repealed
  52. 31ZADeduction for expenditure on energy-saving items Repealed
  53. 31ZBRestrictions on relief Repealed
  54. 31ZCRegulations Repealed
  55. 31ADeductions for expenditure by landlords on energy-saving items Repealed
  56. 31BProvisions supplementary to section 31A Repealed
  57. 32Capital allowances for machinery and plant used in estate management. Repealed
  58. 33Agricultural land: allowance for excess expenditure on maintenance. Repealed
  59. Connected persons
  60. 33ARents or receipts payable by a connected person. Repealed
  61. 33BRents or receipts relating to land in respect of which a connected person makes payments to a third party. Repealed
  62. Premiums, leases at undervalue etc
  63. 34Treatment of premiums, etc. as rent. Repealed
  64. 35Charge on assignment of lease granted at an undervalue. Repealed
  65. 36Charge on sale of land with right to reconveyance. Repealed
  66. 37Premiums paid etc: deductions from premiums and rent received. Repealed
  67. 37ASection 37(4) and reductions in receipts under ITTOIA 2005 Repealed
  68. 38Rules for ascertaining duration of leases. Repealed
  69. 39Saving for pre-1963 leases, and special relief for individuals. Repealed
  70. Supplementary provisions
  71. 40Tax treatment of receipts and outgoings on sale of land. Repealed
  72. 41Relief for rent etc. not paid. Repealed
  73. 42Appeals against determinations under . . . Chapter 4 of Part 3 of ITTOIA 2005. Repealed
  74. 42ANon-residents and their representatives. Repealed
  75. 43Non-residents. Repealed
  76. Rent factoring
  77. 43AFinance agreement: interpretation. Repealed
  78. 43BTransfer of rent. Repealed
  79. 43CTransfer of rent: exceptions, &c. Repealed
  80. 43DInterposed lease. Repealed
  81. 43EInterposed lease: exceptions, &c. Repealed
  82. 43FInsurance business. Repealed
  83. 43GInterpretation. Repealed
  84. Part III: GOVERNMENT SECURITIES
  85. General
  86. 44Income tax: mode of charge. Repealed
  87. 45Interpretation of Part III. Repealed
  88. Government securities: exemptions from tax
  89. 46Savings certificates and tax reserve certificates. Repealed
  90. 47United Kingdom government securities held by non-residents. Repealed
  91. 48Securities of foreign states. Repealed
  92. 49Stock and dividends in name of Treasury etc.
  93. Government securities: interest payable without deduction of tax
  94. 50United Kingdom securities: Treasury directions for payment without deduction of tax. Repealed
  95. 51Treasury directions as respects Northern Ireland securities. Repealed
  96. 51AACommencement of direction under section 50 or 51. Repealed
  97. 51AGilt-edged securities held under authorised arrangements. Repealed
  98. 51BPeriodic accounting for tax on interest on gilt-edged securities. Repealed
  99. 52Taxation of interest on converted government securities and interest which becomes subject to deduction. Repealed
  100. Part IV: PROVISIONS RELATING TO THE SCHEDULE D CHARGE
  101. Chapter I: SUPPLEMENTARY CHARGING PROVISIONS
  102. 53Farming and other commercial occupation of land (except woodlands). Repealed
  103. 54Woodlands managed on a commercial basis. Repealed
  104. 55Mines, quarries and other concerns. Repealed
  105. 56Transactions in deposits with and without certificates or in debts.
  106. 56ADisposal or exercise of rights in pursuance of deposits.
  107. 57Deep discount securities. Repealed
  108. 58Foreign pensions. Repealed
  109. 59Persons chargeable.
  110. Chapter II: INCOME TAX: BASIS OF ASSESSMENT ETC.
  111. Cases I and II
  112. 60Assessment on current year basis. Repealed
  113. 61Basis of assessment at commencement. Repealed
  114. 62Change of basis period. Repealed
  115. 62AConditions for such a change. Repealed
  116. 63Basis of assessment on discontinuance. Repealed
  117. 63AOverlap profits and overlap losses. Repealed
  118. Cases III, IV and V
  119. 64Case III assessments. Repealed
  120. 65Cases IV and V assessments: general. Repealed
  121. 65ACase V income from land outside UK: income tax. Repealed
  122. 66Special rules for fresh income. Repealed
  123. 67Special rules where source of income disposed of or yield ceases. Repealed
  124. 68Special rules where property etc. situated in Republic of Ireland. Repealed
  125. 68AShare incentive plans: application of section 68B Repealed
  126. 68BShare incentive plans: cash dividends and dividend shares Repealed
  127. 68CShare incentive plans: interpretation Repealed
  128. Case VI
  129. 69Case VI assessments. Repealed
  130. Chapter III: CORPORATION TAX: BASIS OF ASSESSMENT ETC
  131. 70Basis of assessment etc. Repealed
  132. 70ACase V income from land outside UK: corporation tax. Repealed
  133. Chapter IV: PROVISIONS SUPPLEMENTARY TO CHAPTERS II AND III
  134. 71Computation of income tax where no profits in year of assessment. Repealed
  135. 72Apportionments etc. for purposes of Cases I, II and VI. Repealed
  136. 73Single assessments for purposes of Cases III, IV and V. Repealed
  137. Chapter V: COMPUTATIONAL PROVISIONS
  138. Deductions
  139. 74General rules as to deductions not allowable. Repealed
  140. 75Expenses of management: companies with investment business Repealed
  141. 75AAccounting period to which expenses of management are referable Repealed
  142. 75BAmounts reversing expenses of management deducted: charge to tax Repealed
  143. 76Expenses of insurance companies Repealed
  144. Payments for restrictive undertakings
  145. 76ZAPayments for restrictive undertakings Repealed
  146. Seconded employees
  147. 76ZBEmployees seconded to charities and educational establishments Repealed
  148. Counselling and retraining expenses
  149. 76ZCCounselling and other outplacement services Repealed
  150. 76ZDRetraining courses Repealed
  151. 76ZERetraining courses: recovery of tax Repealed
  152. Redundancy payments etc
  153. 76ZFRedundancy payments and approved contractual payments Repealed
  154. 76ZGPayments in respect of employment wholly in employer's business Repealed
  155. 76ZHPayments in respect of employment in more than one capacity Repealed
  156. 76ZIAdditional payments Repealed
  157. 76ZJPayments by the Government Repealed
  158. Contributions to local enterprise organisations or urban regeneration companies
  159. 76ZKContributions to local enterprise organisations or urban regeneration companies Repealed
  160. Unpaid remuneration
  161. 76ZLUnpaid remuneration Repealed
  162. 76ZMUnpaid remuneration: supplementary Repealed
  163. Car or motor cycle hire
  164. 76ZNCar or motor cycle hire Repealed
  165. 76ZOHiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013 Repealed
  166. 76ALevies and repayments under the Financial Services and Markets Act 2000. Repealed
  167. 76BLevies and repayments under the Financial Services and Markets Act 2000: investment companies. Repealed
  168. 77Incidental costs of obtaining loan finance. Repealed
  169. 78Discounted bills of exchange. Repealed
  170. 79Contributions to local enterprise agencies. Repealed
  171. 79AContributions to training and enterprise councils and local enterprise companies. Repealed
  172. 79BContributions to urban regeneration companies Repealed
  173. 80Expenses connected with foreign trades etc. Repealed
  174. 81Travel between trades etc. Repealed
  175. 82Interest paid to non-residents. Repealed
  176. 82AExpenditure on research and development. Repealed
  177. 82BPayments to research associations, universities etc. Repealed
  178. 83Patent fees etc. and expenses. Repealed
  179. 83AGifts in kind to charities etc. Repealed
  180. 84Gifts to educational establishments. Repealed
  181. 84ACosts of establishing share option or profit sharing schemes: relief. Repealed
  182. 85Payments to trustees of approved profit sharing schemes. Repealed
  183. 85ACosts of establishing employee share ownership trusts: relief. Repealed
  184. 85BApproved share incentive plans Repealed
  185. 86Employees seconded to charities and educational establishments. Repealed
  186. 86ACharitable donations: contributions to agent’s expenses. Repealed
  187. 87Taxable premiums etc. Repealed
  188. 87ASection 87(2) and (3) and reductions in receipts under ITTOIA 2005 Repealed
  189. 88Payments to Export Credit Guarantee Department. Repealed
  190. 88ADebts of overseas governments etc. Repealed
  191. 88BSection 88A debts: restriction on deductions under section 74(j). Repealed
  192. 88CSection 88A debts: restriction on other deductions. Repealed
  193. 88DRestriction of deductions in respect of certain debts Repealed
  194. 89Debts proving to be irrecoverable after discontinuance etc Repealed
  195. 90Additional payments to redundant employees. Repealed
  196. 91Cemeteries. Repealed
  197. 91AWaste disposal: restoration payments. Repealed
  198. 91BWaste disposal: preparation expenditure. Repealed
  199. 91BAWaste disposal: entitlement of successor to allowances. Repealed
  200. 91CMineral exploration and access. Repealed
  201. Treatment of regional development and other grants and debts released etc.
  202. 92Regional development grants. Repealed
  203. 93Other grants under Industrial Development Act 1982 etc. Repealed
  204. 94Debts deducted and subsequently released. Repealed
  205. 95Taxation of dealers in respect of distributions etc. Repealed
  206. 95ZATaxation of UK distributions received by insurance companies
  207. Special provisions
  208. 95ACreative artists: relief for fluctuating profits Repealed
  209. 96Farming and market gardening: relief for fluctuating profits. Repealed
  210. 97Treatment of farm animals etc. Repealed
  211. 98Tied premises: receipts and expenses treated as those of trade. Repealed
  212. 99Dealers in land. Repealed
  213. Chapter VI: DISCONTINUANCE . . .
  214. Valuation of trading stock etc.
  215. 100Valuation of trading stock at discontinuance of trade. Repealed
  216. 101Valuation of work in progress at discontinuance of profession or vocation. Repealed
  217. 102Provisions supplementary to sections 100 and 101. Repealed
  218. Case VI charges on receipts
  219. 103Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis. Repealed
  220. 104Conventional basis: general charge on receipts after discontinuance . . . . Repealed
  221. 105Allowable deductions. Repealed
  222. 106Application of charges where rights to payments transferred. Repealed
  223. Reliefs
  224. 107Treatment of receipts as earned income. Repealed
  225. 108Election for carry-back. Repealed
  226. 109Charge under section 104: relief for individuals born before 6th April 1917. Repealed
  227. Relief for post-cessation expenditure
  228. 109ARelief for post-cessation expenditure. Repealed
  229. Supplemental
  230. 110Interpretation etc. Repealed
  231. Change of residence
  232. 110AChange of residence. Repealed
  233. Chapter VII: PARTNERSHIPS AND SUCCESSIONS
  234. General
  235. 111Treatment of partnerships.
  236. 112Partnerships controlled abroad. Repealed
  237. 113Effect, for income tax, of change in ownership of trade, profession or vocation. Repealed
  238. Partnerships involving companies
  239. 114Special rules for computing profits and losses. Repealed
  240. 115Provisions supplementary to section 114. Repealed
  241. 116Arrangements for transferring relief. Repealed
  242. Limited partners
  243. 117Restriction on relief: individuals. Repealed
  244. 118Restriction on relief: companies. Repealed
  245. Limited liability partnerships
  246. 118ZATreatment of limited liability partnerships. Repealed
  247. 118ZBRestriction on relief: companies Repealed
  248. 118ZCMember’s contribution to trade. Repealed
  249. 118ZDCarry forward of unrelieved losses. Repealed
  250. Non-active general partners and non-active members of limited liability partnerships
  251. 118ZERestriction on relief for non-active partners Repealed
  252. 118ZFMeaning of “the aggregate amount” Repealed
  253. 118ZG“The individual’s contribution to the trade” Repealed
  254. 118ZH“A significant amount of time” Repealed
  255. 118ZICarry forward of unrelieved losses of non-active partners Repealed
  256. 18ZJCommencement: the first restricted year Repealed
  257. 118ZKTransitional provision for years after the first restricted year Repealed
  258. Partnerships exploiting films
  259. 118ZLPartnerships exploiting films Repealed
  260. 118ZMPartnerships exploiting films: supplementary Repealed
  261. Partners: meaning of “contribution to the trade”
  262. 118ZNPartners: meaning of “contribution to the trade” Repealed
  263. 118ZOMeaning of “relevant loss” in section 118ZN Repealed
  264. Chapter VIIA: Paying and collecting agents
  265. 118ADefinitions. Repealed
  266. 118BPaying agents. Repealed
  267. 118CCollecting agents. Repealed
  268. 118DChargeable payments and chargeable receipts. Repealed
  269. 118EDeduction of tax from chargeable payments and chargeable receipts. Repealed
  270. 118FAccounting for tax on chargeable payments and chargeable receipts. Repealed
  271. 118GRelevant securities of eligible persons. Repealed
  272. 118HRelevant securities of eligible persons: administration. Repealed
  273. 118IDeduction of tax at reduced rate. Repealed
  274. 118JPrevention of double accounting. Repealed
  275. 118KRegulations. Repealed
  276. Chapter VIII: MISCELLANEOUS AND SUPPLEMENTAL
  277. 119Rent etc. payable in connection with mines, quarries and similar concerns. Repealed
  278. 120Rent etc. payable in respect of electric line wayleaves. Repealed
  279. 121Management expenses of owner of mineral rights. Repealed
  280. 122Relief in respect of mineral royalties. Repealed
  281. 123Foreign dividends. Repealed
  282. 124Interest on quoted Eurobonds. Repealed
  283. 125Annual payments for dividends or non-taxable consideration Repealed
  284. 126Treasury securities issued at a discount. Repealed
  285. 126ACharge to tax on appropriation of securities and bonds. Repealed
  286. 127Enterprise allowance. Repealed
  287. 127AFutures and options: transactions with guaranteed returns. Repealed
  288. 128Commodity and financial futures etc.: losses and gains.
  289. 129Stock lending. Repealed
  290. 129AStock lending: interest on cash collateral. Repealed
  291. 129BStock lending fees.
  292. 130Meaning of “investment company” in Part 4
  293. Part V: PROVISIONS RELATING TO THE SCHEDULE E CHARGE
  294. Chapter I: SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION
  295. Miscellaneous provisions
  296. 131Chargeable emoluments. Repealed
  297. 132Place of performance, and meaning of emoluments received in the U.K. Repealed
  298. 133Voluntary pensions. Repealed
  299. 134Workers supplied by agencies. Repealed
  300. Shareholdings, loans etc.
  301. 135Gains by directors and employees from share options. Repealed
  302. 136Provisions supplementary to section 135. Repealed
  303. 137Payment of tax under section 135 by instalments. Repealed
  304. 138Share acquisitions by directors and employees. Repealed
  305. 139Provisions supplementary to section 138. Repealed
  306. 140Further interpretation of sections 135 to 139. Repealed
  307. 140AConditional acquisition of shares. Repealed
  308. 140BConsideration for shares conditionally acquired. Repealed
  309. 140CCases where interest to be treated as only conditional. Repealed
  310. 140DConvertible shares. Repealed
  311. 140EConsideration for convertible shares. Repealed
  312. 140FSupplemental provision with respect to convertible shares. Repealed
  313. 140GInformation for the purposes of sections 140A to 140F. Repealed
  314. 140HConstruction of sections 140A to 140G. Repealed
  315. Vouchers etc.
  316. 141Non-cash vouchers. Repealed
  317. 142Credit-tokens. Repealed
  318. 143Cash vouchers taxable under P.A.Y.E. Repealed
  319. 144Supplementary provisions. Repealed
  320. 144APayments etc. received free of tax. Repealed
  321. Living accommodation
  322. 145Living accommodation provided for employee. Repealed
  323. 146Additional charge in respect of certain living accommodation. Repealed
  324. 146APriority of rules applying to living accommodation. Repealed
  325. 147Occupation of Chevening House. Repealed
  326. Payments on retirement, sick pay etc.
  327. 148Payments and other benefits in connection with termination of employment, etc. Repealed
  328. 149Sick pay. Repealed
  329. 150Job release scheme allowances, maternity pay and statutory sick pay. Repealed
  330. 151Income support etc. Repealed
  331. 151AJobseeker’s allowance. Repealed
  332. 152Notification of taxable amount of certain benefits. Repealed
  333. Chapter II: EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS
  334. Expenses
  335. 153Payments in respect of expenses. Repealed
  336. Benefits in kind
  337. 154General charging provision. Repealed
  338. 155Exceptions from the general charge. Repealed
  339. 155ZAAccommodation, supplies or services used in performing duties of employment. Repealed
  340. 155ZBPower to provide for exemption of minor benefits. Repealed
  341. 155AAMobile telephones. Repealed
  342. 155ACare for children. Repealed
  343. 156Cash equivalent of benefits charged under section 154. Repealed
  344. 156ALimited exemption for computer equipment. Repealed
  345. 157Cars available for private use. Repealed
  346. 157ACars available for private use: cash alternative, etc. Repealed
  347. 158Car fuel. Repealed
  348. 159Pooled cars. Repealed
  349. 159AAVans available for private use. Repealed
  350. 159ABPooled vans. Repealed
  351. 159ACHeavier commercial vehicles available for private use. Repealed
  352. 159A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  353. 160Beneficial loan arrangements. Repealed
  354. 161Exceptions from section 160. Repealed
  355. 161ATreatment of qualifying loans. Repealed
  356. 161BBeneficial loans: loans on ordinary commercial terms. Repealed
  357. 162Employee shareholdings. Repealed
  358. 163Expenses connected with living accommodation. Repealed
  359. 164Director’s tax paid by employer. Repealed
  360. 165Scholarships. Repealed
  361. General supplementary provisions
  362. 166Notice of nil liability under this Chapter. Repealed
  363. 167Employment to which this Chapter applies. Repealed
  364. 168Other interpretative provisions. Repealed
  365. 168APrice of a car as regards a year. Repealed
  366. 168AAEquipment to enable disabled person to use car. Repealed
  367. 168ABEquipment etc. to enable car to run on road fuel gas. Repealed
  368. 168BPrice of a car: accessories not included in list price. Repealed
  369. 168CPrice of a car: accessories available after car first made available. Repealed
  370. 168DPrice of a car: capital contributions. Repealed
  371. 168EPrice of a car: replacement accessories. Repealed
  372. 168FPrice of a car: classic cars. Repealed
  373. 168GPrice of a car: cap for expensive car. Repealed
  374. Chapter III: PROFIT-RELATED PAY
  375. Preliminary
  376. 169Interpretation. Repealed
  377. 170Taxation of profit-related pay. Repealed
  378. The relief
  379. 171Relief from tax. Repealed
  380. 172Exceptions from tax. Repealed
  381. Registration
  382. 173Persons who may apply for registration. Repealed
  383. 174Excluded employments. Repealed
  384. 175Applications for registration. Repealed
  385. 176Registration. Repealed
  386. 177Change of scheme employer. Repealed
  387. 177ADeath of scheme employer. Repealed
  388. 177BAlteration of scheme’s terms. Repealed
  389. 178Cancellation of registration. Repealed
  390. Administration
  391. 179Recovery of tax from scheme employer. Repealed
  392. 180Annual returns etc. Repealed
  393. 181Other information. Repealed
  394. 182Appeals. Repealed
  395. Supplementary
  396. 183Partnerships. Repealed
  397. 184Independent accountants. Repealed
  398. Chapter IV: OTHER EXEMPTIONS AND RELIEFS
  399. Share option and profit sharing schemes
  400. 185Approved share option schemes. Repealed
  401. 186Approved profit sharing schemes.
  402. 187Interpretation of sections 185 and 186 and Schedules 9 and 10.
  403. Contributions in respect of share option gains
  404. 187ARelief for contributions in respect of share option gains. Repealed
  405. Retirement benefits etc.
  406. 188Exemptions from section 148. Repealed
  407. 189Lump sum benefits on retirement. Repealed
  408. 190Payments to MPs and others. Repealed
  409. 191Job release scheme allowances not to be treated as income. Repealed
  410. Removal expenses and benefits
  411. 191ARemoval expenses and benefits. Repealed
  412. 191BRemoval benefits: beneficial loan arrangements. Repealed
  413. Foreign emoluments and earnings, pensions and certain travel facilities
  414. 192Relief from tax for foreign emoluments. Repealed
  415. 192AForeign earnings deduction for seafarers. Repealed
  416. 193Foreign earnings and travel expenses. Repealed
  417. 194Other foreign travel expenses. Repealed
  418. 195Travel expenses of employees not domiciled in the United Kingdom. Repealed
  419. 196Foreign pensions. Repealed
  420. 197Leave travel facilities for the armed forces. Repealed
  421. 197ACar parking facilities Repealed
  422. 197AAWorks bus services. Repealed
  423. 197ABSupport for public transport road services. Repealed
  424. 197ACProvision of cycle or cyclist’s safety equipment. Repealed
  425. Mileage allowances
  426. 197ADMileage allowance payments Repealed
  427. 197AEPassenger payments Repealed
  428. 197AFMileage allowance relief Repealed
  429. 197AGGiving effect to mileage allowance relief Repealed
  430. 197AHInterpretation of sections 197AD to 197AG Repealed
  431. Mileage allowances
  432. 197B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  433. 197C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  434. 197D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  435. 197E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  436. 197F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  437. Sporting and recreational facilities
  438. 197GSporting and recreational facilities. Repealed
  439. Other expenses, subscriptions etc.
  440. 198Relief for necessary expenses. Repealed
  441. 198A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  442. 199Expenses necessarily incurred and defrayed from official emoluments. Repealed
  443. 200Expenses of Members of Parliament. Repealed
  444. 200ZAExpenses of members of Scottish Parliament, National Assembly for Wales or Northern Ireland Assembly. Repealed
  445. 200AAIncidental benefits for holders of certain offices etc. Repealed
  446. 200AIncidental overnight expenses. Repealed
  447. 200BWork-related training provided by employers. Repealed
  448. 200CExpenditure excluded from section 200B. Repealed
  449. 200DOther work-related training. Repealed
  450. 200EEducation and training funded by employers. Repealed
  451. 200FSection 200E: exclusion of expenditure not directly related to training. Repealed
  452. 200GSection 200E: exclusion of expenditure if contributions not generally available to staff. Repealed
  453. 200HSection 200E: exclusion of expenditure otherwise relieved. Repealed
  454. 200JEducation or training funded by third parties. Repealed
  455. 201Fees and subscriptions to professional bodies, learned societies etc. Repealed
  456. 201AAEmployee liabilities and indemnity insurance. Repealed
  457. 201AExpense of entertainers. Repealed
  458. 202Donations to charity: payroll deduction scheme. Repealed
  459. Chapter V: ASSESSMENT, COLLECTION, RECOVERY AND APPEALS
  460. 202AAssessment on receipts basis. Repealed
  461. 202BReceipts basis: meaning of receipt. Repealed
  462. 203Pay as you earn. Repealed
  463. 203AP.A.Y.E.: meaning of payment. Repealed
  464. 203BPAYE: payment by intermediary. Repealed
  465. 203CPAYE: employee of non-UK employer. Repealed
  466. 203DPAYE: employee non-resident, etc. Repealed
  467. 203EPAYE: mobile UK workforce. Repealed
  468. 203FPAYE: tradeable assets. Repealed
  469. 203FAPAYE: enhancing the value of an asset. Repealed
  470. 203FBPAYE: gains from share options etc. Repealed
  471. 203GPAYE: non-cash vouchers. Repealed
  472. 203HPAYE: credit-tokens. Repealed
  473. 203IPAYE: cash vouchers. Repealed
  474. 203JS.203B to s.203I: accounting for tax. Repealed
  475. 203KTrading arrangements. Repealed
  476. 203LS.203B to s.203K: interpretation, etc. Repealed
  477. 204P.A.Y.E repayments. Repealed
  478. 205Assessments unnecessary in certain circumstances. Repealed
  479. 206Additional provision for certain assessments. Repealed
  480. 206APAYE settlement agreements. Repealed
  481. 207Disputes as to domicile or ordinary residence. Repealed
  482. Part VI: COMPANY DISTRIBUTIONS, TAX CREDITS ETC
  483. Chapter I: TAXATION OF COMPANY DISTRIBUTIONS
  484. 207AApplication of lower rate to company distributions. Repealed
  485. 208U.K. company distributions not generally chargeable to corporation tax. Repealed
  486. Chapter II: MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
  487. 209Meaning of “distribution”. Repealed
  488. 209ASection 209(3AA): link to shares of company or associated company Repealed
  489. 209BSection 209(3AA): hedging arrangements Repealed
  490. 210Bonus issue following repayment of share capital. Repealed
  491. 211Matters to be treated or not to be treated as repayments of share capital. Repealed
  492. Chapter III: MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
  493. Payments of interest
  494. 212Interest etc. paid in respect of certain securities. Repealed
  495. Demergers
  496. 213Exempt distributions. Repealed
  497. 213AExempt distributions: division of business Repealed
  498. 214Chargeable payments connected with exempt distributions. Repealed
  499. 215Advance clearance by Board of distributions and payments. Repealed
  500. 216Returns. Repealed
  501. 217Information. Repealed
  502. 218Interpretation of sections 213 to 217. Repealed
  503. Purchase of own shares
  504. 219Purchase by unquoted trading company of own shares. Repealed
  505. 220Conditions as to residence and period of ownership. Repealed
  506. 221Reduction of vendor’s interest as shareholder. Repealed
  507. 222Conditions applicable where purchasing company is member of group. Repealed
  508. 223Other conditions. Repealed
  509. 224Relaxation of conditions in certain cases. Repealed
  510. 225Advance clearance of payments by Board. Repealed
  511. 226Returns and information. Repealed
  512. 227Associated persons. Repealed
  513. 228Connected persons. Repealed
  514. 229Other interpretative provisions. Repealed
  515. Stock dividends
  516. 230Stock dividends: distributions. Repealed
  517. Industrial and provident society dividends etc
  518. 230ADividend or bonus granted by industrial and provident society Repealed
  519. Chapter IV: TAX CREDITS
  520. 231Tax credits for certain recipients of qualifying distributions. Repealed
  521. 231ARestrictions on the use of tax credits by pension funds. Repealed
  522. 231AANo tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement. Repealed
  523. 231ABNo tax credit for original owner under repurchase agreement in respect of certain manufactured dividends. Repealed
  524. 231BConsequences of certain arrangements to pass on the value of a tax credit. Repealed
  525. 232Tax credits for non-U.K. residents. Repealed
  526. 233Taxation of certain recipients of distributions and in respect of non-qualifying distributions. Repealed
  527. 234Information relating to distributions. Repealed
  528. 234AInformation relating to distributions: further provisions. Repealed
  529. 235Distributions of exempt funds etc. Repealed
  530. 236Provisions supplementary to section 235. Repealed
  531. 237Disallowance of reliefs in respect of bonus issues. Repealed
  532. Chapter V: ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME
  533. 238Interpretation of terms and collection of ACT. Repealed
  534. 239Set-off of ACT against liability to corporation tax. Repealed
  535. 240Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax. Repealed
  536. 241Calculation of ACT where company receives franked investment income. Repealed
  537. 242Set-off of losses etc. against surplus of franked investment income. Repealed
  538. 243Set-off of loss brought forward, or terminal loss. Repealed
  539. 244Further provisions relating to claims under section 242 or 243. Repealed
  540. 245Calculation etc. of ACT on change of ownership of company. Repealed
  541. 245ARestriction on application of section 240 in certain circumstances. Repealed
  542. 245BRestriction on set-off where asset transferred after change in ownership of company. Repealed
  543. 246Charge of ACT at previous rate until new rate fixed, and changes of rate. Repealed
  544. Chapter VA: Foreign Income Dividends
  545. Election by company paying dividend
  546. 246AElection by company paying dividend. Repealed
  547. 246BProcedure for making election. Repealed
  548. Recipient of foreign income dividend
  549. 246CNo tax credit for recipient. Repealed
  550. 246DIndividuals etc. Repealed
  551. Companies: payments and receipts
  552. 246EForeign income dividend not franked payment. Repealed
  553. 246FCalculation of ACT where company receives foreign income dividend. Repealed
  554. 246GInformation relating to foreign income dividends. Repealed
  555. 246HPower of inspector to require information. Repealed
  556. Foreign source profit and distributable foreign profit
  557. 246IForeign source profit and distributable foreign profit. Repealed
  558. Matching of dividend with distributable foreign profit
  559. 246JMatching of dividend with distributable foreign profit. Repealed
  560. 246KMatching: subsidiaries. Repealed
  561. 246LRequirement as to subsidiaries. Repealed
  562. 246MMatching: further provisions. Repealed
  563. Repayment or set-off of advance corporation tax
  564. 246NACT to be repaid or set off against corporation tax liability. Repealed
  565. 246PNotional foreign source advance corporation tax. Repealed
  566. 246QRepayment or set-off: supplementary. Repealed
  567. 246RSupplementary claims. Repealed
  568. International headquarters companies
  569. 246SInternational headquarters companies. Repealed
  570. 246TLiability to pay ACT displaced. Repealed
  571. 246USettlement of liability by IHC as to ACT. Repealed
  572. 246VSettlement of liability by non-IHC as to ACT. Repealed
  573. 246WPayments and repayments where further matching takes place. Repealed
  574. Adjustments
  575. 246XAdjustments where profits or foreign tax altered. Repealed
  576. Application of this Chapter
  577. 246YApplication of this Chapter. Repealed
  578. Chapter VI: MISCELLANEOUS AND SUPPLEMENTAL
  579. Group income
  580. 247Dividends etc. paid by one member of a group to another. Repealed
  581. 248Provisions supplementary to section 247. Repealed
  582. Stock dividends
  583. 249Stock dividends treated as income. Repealed
  584. 250Returns. Repealed
  585. 251Interpretation of sections 249 and 250. Repealed
  586. Approved share incentive plans
  587. 251AApplication of sections 251B and 251C Repealed
  588. 251BTreatment of cash dividend retained and then later paid out Repealed
  589. 251CCharge on dividend shares ceasing to be subject to plan Repealed
  590. 251DInterpretation of sections 251A to 251C Repealed
  591. Supplemental
  592. 252Rectification of excessive set-off etc. of ACT or tax credit. Repealed
  593. 253Power to modify or replace section 234(5) to (9) and Schedule 13. Repealed
  594. 254Interpretation of Part VI. Repealed
  595. 255“Gross rate” and “gross amount” of distributions to include ACT. Repealed
  596. Part VII: GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
  597. Chapter I: PERSONAL RELIEFS
  598. The reliefs
  599. 256General. Repealed
  600. 256AMeaning of “adjusted net income” Repealed
  601. 256BMeaning of “the minimum amount” Repealed
  602. 257Personal allowance. Repealed
  603. 257AAChildren’s tax credit. Repealed
  604. 257AMarried couple’s allowance(pre-5th December 2005 marriages). Repealed
  605. 257ABMarried couple's allowance (post-5th December 2005 marriages and civil partnerships etc.) Repealed
  606. 257BAElections as to transfer of relief under section 257A or 257AB. Repealed
  607. 257BBTransfer of relief under section 257A where relief exceeds income or 257AB. Repealed
  608. 257BTransfer of relief under section 257A.
  609. 257CIndexation of amounts in sections 256B, 257, 257A and 257AB. Repealed
  610. 257DTransitional relief: husband with excess allowances. Repealed
  611. 257ETransitional relief: the elderly. Repealed
  612. 257FTransitional relief: separated couples. Repealed
  613. 258Widower’s or widow’s housekeeper. Repealed
  614. 259Additional relief in respect of children. Repealed
  615. 260Apportionment of relief under section 259. Repealed
  616. 261Claims under section 259 for year of marriage. Repealed
  617. 261AAdditional relief in respect of children for year of separation. Repealed
  618. 262Widow’s bereavement allowance. Repealed
  619. 263Dependent relatives. Repealed
  620. 264Claimant depending on services of a son or daughter. Repealed
  621. 265Blind person’s allowance. Repealed
  622. 266Life assurance premiums.
  623. 266ALife assurance premiums paid by employer
  624. 267Qualifying policies.
  625. 268Early conversion or surrender of life policies. Repealed
  626. 269Surrender etc. of policies after four years. Repealed
  627. 270Provisions supplementary to sections 268 and 269. Repealed
  628. 271Deemed surrender in cases of certain loans. Repealed
  629. 272Collection of sums payable under sections 268 and 269. Repealed
  630. 273Payments securing annuities. Repealed
  631. 274Limits on relief under section 266.
  632. Supplemental
  633. 275Meaning of “relative”. Repealed
  634. 276Effect on relief of charges on income. Repealed
  635. 277Partners. Repealed
  636. 278Non-residents. Repealed
  637. Chapter II: TAXATION OF INCOME OF SPOUSES AND CIVIL PARTNERS
  638. General rules
  639. 279Aggregation of wife’s income with husband’s. Repealed
  640. 280Transfer of reliefs. Repealed
  641. 281Tax repayments to wives. Repealed
  642. 282Construction of references to spouses or civil partners living together. Repealed
  643. 282AJointly held property. Repealed
  644. 282BJointly held property: declarations. Repealed
  645. Separate assessments
  646. 283Option for separate assessment. Repealed
  647. 284Effect of separate assessment on personal reliefs. Repealed
  648. 285Collection from wife of tax assessed on husband but attributable to her income. Repealed
  649. 286Right of husband to disclaim liability for tax on deceased wife’s income. Repealed
  650. Separate taxation
  651. 287Separate taxation of wife’s earnings. Repealed
  652. 288Elections under section 287. Repealed
  653. Chapter III: ENTERPRISE INVESTMENT SCHEME
  654. 289Eligibility for relief. Repealed
  655. 289AForm of relief. Repealed
  656. 289BAttribution of relief to shares. Repealed
  657. 290Minimum and maximum subscriptions. Repealed
  658. 290ARestriction of relief where amounts raised exceed permitted maximum. Repealed
  659. 291Individuals qualifying for relief. Repealed
  660. 291AConnected persons: directors. Repealed
  661. 291BConnected persons: persons interested in capital etc. of company. Repealed
  662. 292Parallel trades. Repealed
  663. 293Qualifying companies. Repealed
  664. 294Companies with interests in land. Repealed
  665. 295Valuation of interests in land for purposes of section 294(1)(b). Repealed
  666. 296Section 294 disapplied where amounts raised total £50,000 or less. Repealed
  667. 297Qualifying trades. Repealed
  668. 298Provisions supplementary to sections 293 and 297. Repealed
  669. 299Disposal of shares. Repealed
  670. 299ALoan linked investments. Repealed
  671. 299BPre-arranged exits. Repealed
  672. 300Value received from company. Repealed
  673. 300AReceipt of replacement value Repealed
  674. 301Provisions supplementary to section 300. Repealed
  675. 301AReceipts of insignificant value: supplementary provision Repealed
  676. 302Replacement capital. Repealed
  677. 303Value received by persons other than claimants. Repealed
  678. 303AAInsignificant repayments disregarded for purposes of s.303(1) Repealed
  679. 303ARestriction on withdrawal of relief under section 303. Repealed
  680. 304Spouses and civil partners. Repealed
  681. 304AAcquisition of share capital by new company. Repealed
  682. 305Reorganisation of share capital. Repealed
  683. 305ARelief for loss on disposal of shares. Repealed
  684. 306Claims. Repealed
  685. 307Withdrawal of relief. Repealed
  686. 308Application to subsidiaries. Repealed
  687. 309Further provisions as to subsidiaries. Repealed
  688. 310Information. Repealed
  689. 311Nominees, bare trustees and approved investment funds. Repealed
  690. 312Interpretation of Chapter III. Repealed
  691. Chapter IV: SPECIAL PROVISIONS
  692. 313Taxation of consideration for certain restrictive undertakings. Repealed
  693. 314Divers and diving supervisors. Repealed
  694. 315Wounds and disability pensions. Repealed
  695. 316Allowances, bounties and gratuities. Repealed
  696. 317Victoria Cross and other awards. Repealed
  697. 318Other pensions in respect of death due to war service etc. Repealed
  698. 319Crown servants: foreign service allowance. Repealed
  699. 320Commonwealth Agents-General and official agents etc. Repealed
  700. 321Consuls and other official agents. Repealed
  701. 322Consular officers and employees. Repealed
  702. 323Visiting forces. Repealed
  703. 324Designated international organisations. Repealed
  704. 325Interest on deposits with National Savings Bank. Repealed
  705. 326Interest etc. under contractual savings schemes. Repealed
  706. 326ATax-exempt special savings accounts. Repealed
  707. 326BLoss of exemption for special savings accounts. Repealed
  708. 326BBFollow-up TESSAs. Repealed
  709. 326CTax-exempt special savings accounts: supplementary. Repealed
  710. 326DTax-exempt special savings accounts: tax representatives. Repealed
  711. 327Disabled person’s vehicle maintenance grant. Repealed
  712. 327APayments to adopters Repealed
  713. 328Funds in court. Repealed
  714. 329Interest on damages for personal injuries. Repealed
  715. 329AAPersonal injury damages in the form of periodical payments. Repealed
  716. 329ABCompensation for personal injury under statutory or other schemes. Repealed
  717. 329AAnnuities purchased for certain persons. Repealed
  718. 329BAnnuities assigned in favour of certain persons. Repealed
  719. 329CAnnuities: criminal injuries. Repealed
  720. 330Compensation for National-Socialist persecution. Repealed
  721. 331Scholarship income. Repealed
  722. 331AStudent loans: certain interest to be disregarded. Repealed
  723. 332Expenditure and houses of ministers of religion.
  724. 332AVenture capital trusts: relief. Repealed
  725. 333Investment plan regulations
  726. 333APersonal equity plans: tax representatives. Repealed
  727. 333BInvolvement of insurance companies with plans and accounts. Repealed
  728. Chapter V: RESIDENCE OF INDIVIDUALS
  729. 334Commonwealth citizens and others temporarily abroad. Repealed
  730. 335Residence of persons working abroad. Repealed
  731. 336Temporary residents in the United Kingdom. Repealed
  732. Part VIII: TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
  733. Taxation of income
  734. 337Company beginning or ceasing to carry on trade Repealed
  735. 337AComputation of company’s profits or income: exclusion of general deductions
  736. 338Charges on income deducted from total profits Repealed
  737. 338AMeaning of “charges on income" Repealed
  738. 338BCharges on income: annuities or other annual payments Repealed
  739. 339Charges on income: donations to charity. Repealed
  740. 339A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  741. 340Charges on income: interest payable to non-residents. Repealed
  742. 341Payments of interest etc. between related companies. Repealed
  743. 342Tax on company in liquidation. Repealed
  744. 342ATax on companies in administration Repealed
  745. 343Company reconstructions without a change of ownership. Repealed
  746. 343ZATransfers of trade to obtain balancing allowances Repealed
  747. 343ACompany reconstructions involving business of leasing plant or machinery Repealed
  748. 344Company reconstructions: supplemental. Repealed
  749. Chargeable gains
  750. 345. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  751. 346. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  752. 347. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  753. Part IX: ANNUAL PAYMENTS AND INTEREST
  754. Annual payments
  755. 347AGeneral rule. Repealed
  756. 347BQualifying maintenance payments. Repealed
  757. 348Payments out of profits or gains brought into charge to income tax: deduction of tax. Repealed
  758. 349Payments not out of profits or gains brought into charge to income tax, and annual interest. Repealed
  759. 349ZAExtension of section 349: proceeds of sale of UK patent rights Repealed
  760. 349AExceptions to section 349 for payments between companies etc Repealed
  761. 349BThe conditions mentioned in section 349A(1) Repealed
  762. 349CDirections disapplying section 349A(1) Repealed
  763. 349DSection 349A(1): consequences of reasonable but incorrect belief Repealed
  764. 349EDeductions under section 349(1): payment of royalties overseas Repealed
  765. 350Charge to tax where payments made under section 349. Repealed
  766. 350AUK public revenue dividends: deduction of tax. Repealed
  767. 351Small maintenance payments. Repealed
  768. 352Certificates of deduction of tax. Repealed
  769. Relief for payments of interest (excluding MIRAS)
  770. 353General provision.
  771. 354Loans to buy land etc. Repealed
  772. 355Matters excluded from section 354. Repealed
  773. 356Job-related accommodation. Repealed
  774. 356ALimit on relief for home loans: residence basis. Repealed
  775. 356BResidence basis: married couples. Repealed
  776. 356CPayments to which sections 356A and 356B apply. Repealed
  777. 356DProvisions supplementary to sections 356A to 356C. Repealed
  778. 357Limit on amount of loan eligible for relief by virtue of section 354. Repealed
  779. 357ASubstitution of security. Repealed
  780. 357BTreatment of loans following security substitution. Repealed
  781. 357CSubstitution of security: supplemental. Repealed
  782. 358Relief where borrower deceased. Repealed
  783. 359Loan to buy machinery or plant. Repealed
  784. 360Loan to buy interest in close company. Repealed
  785. 360AMeaning of “material interest” in section 360. Repealed
  786. 361Loan to buy interest in co-operative or employee-controlled company. Repealed
  787. 362Loan to buy into partnership. Repealed
  788. 363Provisions supplementary to sections 360 to 362. Repealed
  789. 364Loan to pay inheritance tax. Repealed
  790. 365Loan to buy life annuity.
  791. 366Information.
  792. 367Provisions supplementary to sections 354 to 366.
  793. 367AAlternative finance arrangements
  794. 368Exclusion of double relief etc. Repealed
  795. Mortgage interest relief at source
  796. 369Mortgage interest payable under deduction of tax.
  797. 370Relevant loan interest.
  798. 371Second loans. Repealed
  799. 372Home improvement loans. Repealed
  800. 373Loans in excess of the qualifying maximum, and joint borrowers.
  801. 374Conditions for application of section 369.
  802. 374AInterest which never has been relevant loan interest etc.
  803. 375Interest ceasing to be relevant loan interest, etc.
  804. 375AOption to deduct interest for the purposes of Schedule A. Repealed
  805. 376Qualifying borrowers and qualifying lenders.
  806. 376AThe register of qualifying lenders.
  807. 377Variation of terms of repayment of certain loans. Repealed
  808. 378Supplementary regulations.
  809. 379Section 379
  810. Part X: LOSS RELIEF AND GROUP RELIEF
  811. Chapter I: LOSS RELIEF: INCOME TAX
  812. Losses from UK property business or overseas property business
  813. 379ALosses from UK property business. Repealed
  814. 379BLosses from overseas property business. Repealed
  815. Trade etc. losses
  816. 380Set-off against general income. Repealed
  817. 381Further relief for individuals for losses in early years of trade. Repealed
  818. 382Provisions supplementary to sections 380 and 381. Repealed
  819. 383Extension of right of set-off to capital allowances. Repealed
  820. 384Restrictions on right of set-off. Repealed
  821. 384ARestriction of set-off of allowances against general income Repealed
  822. 385Carry-forward against subsequent profits. Repealed
  823. 386Carry-forward where business transferred to a company. Repealed
  824. 387Carry-forward as losses of amounts taxed under section 350. Repealed
  825. 388Carry-back of terminal losses. Repealed
  826. 389Supplementary provisions relating to carry-back of terminal losses. Repealed
  827. 390Treatment of interest as a loss for purposes of carry-forward and carry-back. Repealed
  828. 391Losses from trade etc. carried on abroad Repealed
  829. Case VI losses
  830. 392Losses from miscellaneous transactions Repealed
  831. Chapter II: LOSS RELIEF: CORPORATION TAX
  832. Losses from UK property business or overseas property business
  833. 392AUK property business losses Repealed
  834. 392BLosses from overseas property business. Repealed
  835. Trade etc. losses
  836. 393Losses other than terminal losses. Repealed
  837. 393ALosses: set off against profits of the same, or an earlier, accounting period. Repealed
  838. 393BLosses of ring fence trade: set off against profits of an earlier accounting period Repealed
  839. 394Terminal losses. Repealed
  840. 395Leasing contracts and company reconstructions. Repealed
  841. Case VI losses
  842. 396Losses from miscellaneous transactions Repealed
  843. Chapter III: LOSS RELIEF: MISCELLANEOUS PROVISIONS
  844. 397Restriction of relief in case of farming and market gardening. Repealed
  845. 398Transactions in deposits with and without certificates or in debts.
  846. 399Dealings in commodity futures etc: withdrawal of loss relief. Repealed
  847. 400Write-off of government investment. Repealed
  848. 401Relief for pre-trading expenditure. Repealed
  849. Chapter IV: GROUP RELIEF
  850. 402Surrender of relief between members of groups and consortia. Repealed
  851. 403Losses etc. which may be surrendered by way of group relief. Repealed
  852. 403ZAAmounts eligible for group relief: trading losses. Repealed
  853. 403ZBAmounts eligible for group relief: excess capital allowances. Repealed
  854. 403ZCAmounts eligible for group relief: non-trading deficit on loan relationships. Repealed
  855. 403ZDOther amounts available by way of group relief. Repealed
  856. 403ZEComputation of gross profits. Repealed
  857. 403ALimits on group relief. Repealed
  858. 403BApportionments under section 403A. Repealed
  859. 403CAmount of relief in consortium cases. Repealed
  860. 403DRelief for or in respect of UK losses of non-resident companies Repealed
  861. 403ERelief for overseas losses of UK resident companies. Repealed
  862. 403FRelief in respect of overseas losses of non-resident companies Repealed
  863. 403GUnallowable overseas losses of non-resident companies Repealed
  864. 404Limitation of group relief in relation to certain dual resident companies. Repealed
  865. 405Claims relating to losses etc. of members of both group and consortium. Repealed
  866. 406Claims relating to losses etc. of consortium company or group member. Repealed
  867. 407Relationship between group relief and other relief. Repealed
  868. 408Corresponding accounting periods. Repealed
  869. 409Companies joining or leaving group or consortium. Repealed
  870. 410Arrangements for transfer of company to another group or consortium. Repealed
  871. 411Exclusion of double allowances. Repealed
  872. 411ZANo relief where deduction of relevant return under alternative finance arrangements disallowed Repealed
  873. 411AGroup relief by way of substitution for loss relief. Repealed
  874. 412Claims and adjustments. Repealed
  875. 413Interpretation of Chapter IV. Repealed
  876. Part XI: CLOSE COMPANIES
  877. Chapter I: INTERPRETATIVE PROVISIONS
  878. 414Close companies. Repealed
  879. 415Certain quoted companies not to be close companies. Repealed
  880. 416Meaning of “associated company” and “control”. Repealed
  881. 417Meaning of “participator”, “associate”, “director” and “loan creditor”. Repealed
  882. Additional matters to be treated as distributions
  883. 418“Distribution” to include certain expenses of close companies. Repealed
  884. Chapter II: CHARGES TO TAX IN CONNECTION WITH LOANS
  885. 419Loans to participators etc. Repealed
  886. 420Exceptions from section 419. Repealed
  887. 421Taxation of borrower when loan under section 419 released etc Repealed
  888. 422Extension of section 419 to loans by companies controlled by close companies. Repealed
  889. Chapter III: APPORTIONMENT OF UNDISTRIBUTED INCOME ETC.
  890. 423Apportionment of certain income, deductions and interest. Repealed
  891. 424Exclusions from section 423. Repealed
  892. 425Manner of apportionment. Repealed
  893. 426Charge to income tax where apportionment is to an individual. Repealed
  894. 427Reduction of charge under section 426 in certain cases. Repealed
  895. 428Increase of apportioned sum etc. by reference to ACT. Repealed
  896. 429Payment and collection of income tax. Repealed
  897. 430Consequences of apportionment: ACT. Repealed
  898. Part XII: SPECIAL CLASSES OF COMPANIES AND BUSINESSES
  899. Chapter I: INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
  900. Insurance companies: general
  901. 431Interpretative provisions relating to insurance companies. Repealed
  902. 431ZAElection that assets not be foreign business assets Repealed
  903. 431AAmendment of Chapter etc Repealed
  904. 431AARelevant benefits for purposes of section 431(4)(d) and (e). Repealed
  905. Classes of life assurance business
  906. 431BMeaning of “pension business”. Repealed
  907. 431BAMeaning of “child trust fund business” Repealed
  908. 431BBMeaning of “individual savings account business” Repealed
  909. 431CMeaning of “life reinsurance business”. Repealed
  910. 431DMeaning of “overseas life assurance business”. Repealed
  911. 431EOverseas life assurance business: regulations. Repealed
  912. 431EAMeaning of “gross roll-up business” Repealed
  913. 431FMeaning of “basic life assurance and general annuity business”. Repealed
  914. Basis of taxation etc
  915. 431GCompany carrying on life assurance business Repealed
  916. 431HCompany carrying on life assurance business and other insurance business Repealed
  917. 432Separation of different categories of business.
  918. 432YAPHI business other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook Repealed
  919. 432ZALinked assets. Repealed
  920. 432AApportionment of income and gains. Repealed
  921. 432AAUK property business or overseas property business Repealed
  922. 432ABLosses from UK property business or overseas property business. Repealed
  923. 432BApportionment of receipts brought into account. Repealed
  924. 432CSection 432B apportionment: non-participating funds Repealed
  925. 432CAApportionment of asset value increase where line 51 amount decreases Repealed
  926. 432CBTransfers of business involving excess assets Repealed
  927. 432DSection 432B apportionment: value of non-participating funds. Repealed
  928. 432ESection 432B apportionment: participating funds. Repealed
  929. 432FSection 432B apportionment: supplementary provisions. Repealed
  930. 432GSection 432B apportionment: business transfers-in Repealed
  931. 433Profits reserved for policy holders and annuitants. Repealed
  932. Miscellaneous provisions relating to life assurance business
  933. 434Franked investment income etc. Repealed
  934. 434AComputation of losses and limitation on relief. Repealed
  935. 434AZAReduced loss relief for additions to non-profit funds Repealed
  936. 434AZBAdditions to non-profit funds: amount of loss reduction Repealed
  937. 434AZCSections 434AZA and 434AZB: supplementary Repealed
  938. 434BTreatment of interest and annuities.
  939. 434CInterest on repayment of advance corporation tax. Repealed
  940. 434DCapital allowances: management assets. Repealed
  941. 434ECapital allowances: investment assets. Repealed
  942. 435Taxation of gains reserved for policy holders and annuitants. Repealed
  943. 436Pension business: separate charge on profits. Repealed
  944. 436AGross roll-up business: separate charge on profits Repealed
  945. 436BGains referable to gross roll-up business not to be chargeable gains Repealed
  946. 437General annuity business. Repealed
  947. 437AMeaning of “steep-reduction annuity” etc. Repealed
  948. 438Pension business: exemption from tax. Repealed
  949. 438APension business: payments on account of tax credits and deducted tax. Repealed
  950. 438BIncome or gains arising from property investment LLP Repealed
  951. 438CDetermination of policy holders’ share for purposes of s.438B Repealed
  952. 439Restricted government securities. Repealed
  953. 439ATaxation of pure reinsurance business. Repealed
  954. 439BLife reinsurance business: separate charge on profits. Repealed
  955. 440Transfers of assets etc. Repealed
  956. 440ASecurities. Repealed
  957. 440BModifications where tax charged under section 35 of CTA 2009. Repealed
  958. 440CModifications for change of tax basis Repealed
  959. 440DModifications in relation to BLAGAB group reinsurers Repealed
  960. 441Overseas life assurance business. Repealed
  961. 441ASection 441: distributions.
  962. 441BTreatment of UK land. Repealed
  963. 442Overseas business of U.K. companies. Repealed
  964. 442ATaxation of investment return where risk reinsured. Repealed
  965. 443Life policies carrying rights not in money. Repealed
  966. 444Life policies issued before 5th August 1965. Repealed
  967. 444ATransfers of business. Repealed
  968. 444AZATransfers of life assurance business: gross roll-up business losses of the transferor Repealed
  969. 444AZBTransfers of life assurance business: trade losses of the transferor Repealed
  970. 444AATransfers of business: deemed periodical returns Repealed
  971. 444ABTransfer schemes: transferor Repealed
  972. 444ABANon long-term fund transferred assets Repealed
  973. 444ABAANon-profit fund transferred assets Repealed
  974. 444ABBRetained assets Repealed
  975. 444ABBATransfers of business: election for transferee to pay tax of transferor Repealed
  976. 444ABCTransfer scheme transferring part of business: transferor Repealed
  977. 444ABDTransferor's period of account including transfer Repealed
  978. 444ACTransfer schemes: reduction of income of transferee Repealed
  979. 444ACZATransfer schemes transferring part of business: reduction in income of transferee Repealed
  980. 444ACATransfers of business: transferor shares are assets of transferee's long-term insurance fund etc Repealed
  981. 444ADTransfers of business: modification of s.83(2B) FA 1989 Repealed
  982. 444AETransfers of business: FAFTS Repealed
  983. 444AEATransfer schemes: anti-avoidance rule Repealed
  984. 444AEBLife assurance trade profits advantage: transferor Repealed
  985. 444AECLife assurance trade profits advantage: transferee Repealed
  986. 444AECAParts of transfer scheme arrangements: anti-avoidance rule Repealed
  987. 444AECBParts of transfer scheme arrangements: life assurance trade profits advantage transferor Repealed
  988. 444AECCParts of transfer scheme arrangements: life assurance trade profits advantage transferee Repealed
  989. 444AEDClearance: no avoidance or group advantage Repealed
  990. Surpluses of mutual and former mutual businesses
  991. 444AFDemutualisation surplus: life assurance business Repealed
  992. 444AGSection 444AF: “demutualisation transfer surplus” Repealed
  993. 444AHModification of section 444AG etc for gross roll-up businesses Repealed
  994. 444AISection 444AF: “reduction in company's unappropriated surplus” Repealed
  995. 444AJSections 444AF and 444AK: “relevant receipts reduction” Repealed
  996. 444AKMutual surplus: gross roll-up business Repealed
  997. 444ALInterpretation of sections 444AF to 444AK Repealed
  998. Provisions applying in relation to overseas life insurance companies
  999. 444BModification of Act in relation to overseas life insurance companies. Repealed
  1000. Equalisation reserves
  1001. 444BAEqualisation reserves for general business. Repealed
  1002. 444BBModification of s. 444BA for mutual or overseas business and for non-resident companies. Repealed
  1003. 444BCModification of s. 444BA for non-annual accounting etc. Repealed
  1004. 444BDApplication of s. 444BA rules to other equalisation reserves. Repealed
  1005. 444CModification of section 440. Repealed
  1006. 444DQualifying distributions, tax credits, etc. Repealed
  1007. 444EIncome from investments attributable to BLAGAB, etc. Repealed
  1008. Provisions applying only to overseas life insurance companies
  1009. 445. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1010. 446Annuity business.
  1011. 447Section 447
  1012. 448. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1013. 449. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1014. Underwriters
  1015. 450. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1016. 451. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1017. 452. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1018. 453. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1019. 454. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1020. 455. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1021. 456. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1022. 457. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1023. Capital redemption business
  1024. 458Capital redemption business. Repealed
  1025. 458ACapital redemption business: power to apply life assurance provisions. Repealed
  1026. Chapter II: FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
  1027. Unregistered friendly societies
  1028. 459Exemption from tax. Repealed
  1029. Registered friendly societies
  1030. 460Exemption from tax in respect of life or endowment business. Repealed
  1031. 461Taxation in respect of other business. Repealed
  1032. 461ATaxation in respect of other business: incorporated friendly societies qualifying for exemption. Repealed
  1033. 461BTaxation in respect of other business: incorporated friendly societies etc. Repealed
  1034. 461CTaxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society. Repealed
  1035. 461DTransfers of other business Repealed
  1036. 462Conditions for tax exempt business. Repealed
  1037. 462AElection as to tax exempt business. Repealed
  1038. 463Long-term business: application of the Corporation Tax Acts. Repealed
  1039. 464Maximum benefits payable to members. Repealed
  1040. 465Old societies. Repealed
  1041. 465AAssets of branch of registered friendly society to be treated as assets of society after incorporation. Repealed
  1042. 466Interpretation of Chapter II. Repealed
  1043. Trade unions and employers’ associations
  1044. 467Exemption for trade unions and employers’ associations. Repealed
  1045. Chapter III: UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
  1046. Unit trust schemes
  1047. 468Authorised unit trusts. Repealed
  1048. 468AAAuthorised unit trusts: futures and options. Repealed
  1049. 468ACertified unit trusts. Repealed
  1050. 468AOpen-ended investment companies Repealed
  1051. 468BCertified unit trusts: corporation tax. Repealed
  1052. 468CCertified unit trusts: distributions. Repealed
  1053. 468DFunds of funds: distributions. Repealed
  1054. 468EAuthorised unit trusts: corporation tax. Repealed
  1055. 468EECorporation tax: cases where lower rate applies. Repealed
  1056. 468FAuthorised unit trusts: distributions. Repealed
  1057. 468GDividends paid to investment trusts. Repealed
  1058. Distributions of authorised unit trusts: general
  1059. 468HInterpretation. Repealed
  1060. 468IDistribution accounts. Repealed
  1061. Dividend and foreign income distributions
  1062. 468JDividend distributions. Repealed
  1063. 468KForeign income distributions. Repealed
  1064. Interest distributions
  1065. 468LInterest distributions. Repealed
  1066. 468MCases where no obligation to deduct tax Repealed
  1067. 468NDeduction of tax (mixed funds).
  1068. 468OResidence condition and reputable intermediary condition. Repealed
  1069. 468PResidence declarations. Repealed
  1070. 468PASection 468O(1A): consequences of reasonable but incorrect belief Repealed
  1071. 468PBRegulations supplementing sections 468M to 468PA Repealed
  1072. Distributions to corporate unit holder
  1073. 468QDividend distribution to corporate unit holder. Repealed
  1074. 468RForeign income distribution to corporate unit holder. Repealed
  1075. 469Other unit trusts. Repealed
  1076. 469ACourt common investment funds. Repealed
  1077. 470Transitional provisions relating to unit trusts.
  1078. Dealers in securities, banks and insurance businesses
  1079. 471Exchange of securities in connection with conversion operations, nationalisation etc. Repealed
  1080. 472Distribution of securities issued in connection with nationalisation etc. Repealed
  1081. 472ATrading profits etc. from securities: taxation of amounts taken to reserves Repealed
  1082. 473Conversion etc. of securities held as circulating capital. Repealed
  1083. 474Treatment of tax-free income.
  1084. 475Tax-free Treasury securities: exclusion of interest on borrowed money. Repealed
  1085. Chapter IV: BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS
  1086. 476Building societies: regulations for payment of tax. Repealed
  1087. 477Investments becoming or ceasing to be relevant building society investments. Repealed
  1088. 477ABuilding societies: loan relationships. Repealed
  1089. 477BBuilding societies: incidental costs of issuing qualifying shares. Repealed
  1090. 478Building societies: time for payment of tax. Repealed
  1091. 479Interest paid on deposits with banks etc. Repealed
  1092. 480Deposits becoming or ceasing to be composite rate deposits. Repealed
  1093. 480ARelevant deposits: deduction of tax from interest payments. Repealed
  1094. 480BRelevant deposits: exception from section 480A. Repealed
  1095. 480CRelevant deposits: computation of tax on interest. Repealed
  1096. 481“Deposit-taker”, “deposit” and “relevant deposit”. Repealed
  1097. 482Supplementary provisions. Repealed
  1098. 482AAudit powers in relation to non-residents. Repealed
  1099. 483Determination of reduced rate for building societies and composite rate for banks etc.
  1100. 484Savings banks: exemption from tax. Repealed
  1101. 485Savings banks: supplemental. Repealed
  1102. 486Industrial and provident societies and co-operative associations. Repealed
  1103. 487Credit unions. Repealed
  1104. 488Co-operative housing associations. Repealed
  1105. 489Self-build societies. Repealed
  1106. 490Companies carrying on a mutual business or not carrying on a business. Repealed
  1107. 491Distribution of assets of body corporate carrying on mutual business. Repealed
  1108. Chapter V
  1109. PETROLEUM EXTRACTION ACTIVITIES
  1110. 492Treatment of oil extraction activities etc. for tax purposes. Repealed
  1111. 493Valuation of oil disposed of or appropriated in certain circumstances. Repealed
  1112. 494Loan relationships etc. Repealed
  1113. 494AASale and lease-back. Repealed
  1114. 494AComputation of amount available for surrender by way of group relief. Repealed
  1115. 495Regional development grants. Repealed
  1116. 496Tariff receipts and tax-exempt tariffing receipts Repealed
  1117. 496AExploration expenditure supplement
  1118. 496BRing fence expenditure supplement Repealed
  1119. 497Restriction on setting ACT against income from oil extraction activities etc. Repealed
  1120. 498Limited right to carry back surrendered ACT. Repealed
  1121. 499Surrender of ACT where oil extraction company etc. owned by a consortium. Repealed
  1122. 500Deduction of PRT in computing income for corporation tax purposes. Repealed
  1123. 501Interest on repayment of PRT. Repealed
  1124. 501ASupplementary charge in respect of ring fence trades Repealed
  1125. 501BAssessment, recovery and postponement of supplementary charge Repealed
  1126. 502Interpretation of Chapter V. Repealed
  1127. Chapter 5A: Special rules for long funding leases of plant or machinery: corporation tax
  1128. Introductory
  1129. 502AScope of Chapter 5A Repealed
  1130. Lessors under long funding finance leases
  1131. 502BLessor under long funding finance lease: rental earnings Repealed
  1132. 502CLessor under long funding finance lease: exceptional items Repealed
  1133. 502DLessor under long funding finance lease making termination payment Repealed
  1134. Lessors under long funding operating leases
  1135. 502ELessor under long funding operating lease: periodic deduction Repealed
  1136. 502FLong funding operating lease: lessor's additional expenditure Repealed
  1137. 502GLessor under long funding operating lease: termination of lease Repealed
  1138. Lessors under long funding finance or operating leases: avoidance etc
  1139. 502GACases where ss. 502B to 502G do not apply: plant or machinery held as trading stock Repealed
  1140. 502GBCases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease Repealed
  1141. 502GCCases where ss. 502B to 502G do not apply: other avoidance Repealed
  1142. 502GDCases where ss 502B to 502G do not apply: films Repealed
  1143. Insurance company as lessor
  1144. 502HInsurance company as lessor Repealed
  1145. Lessees under long funding finance leases
  1146. 502ILessee under long funding finance lease: limit on deductions Repealed
  1147. 502JLessee under long funding finance lease: termination Repealed
  1148. Lessees under long funding operating leases
  1149. 502KLessee under long funding operating lease Repealed
  1150. Interpretation of Chapter
  1151. 502LInterpretation of this Chapter Repealed
  1152. Chapter VI: MISCELLANEOUS BUSINESSES AND BODIES
  1153. 503Letting of furnished holiday accommodation treated as a trade for certain corporation tax purposes. Repealed
  1154. 504Supplementary provisions. Repealed
  1155. 504ALetting of furnished holiday accommodation treated as trade for certain income tax purposes Repealed
  1156. 505Charitable companies: general. Repealed
  1157. 506Charitable and non-charitable expenditure Repealed
  1158. 506ATransactions with substantial donors Repealed
  1159. 506BSection 506A: exceptions Repealed
  1160. 506CSections 506A and 506B: supplemental Repealed
  1161. 507The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum. Repealed
  1162. 508Scientific research organisations. Repealed
  1163. 508AInvestment trusts investing in housing. Repealed
  1164. 508BInterpretation of section 508A. Repealed
  1165. 508AContemplative religious communities: profits exempt from corporation tax
  1166. 508BContemplative religious communities: gains exempt from corporation tax
  1167. 509Reserves of marketing boards and certain other statutory bodies. Repealed
  1168. 510Agricultural societies. Repealed
  1169. 510AEuropean economic interest groupings. Repealed
  1170. 511The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council.
  1171. 512Atomic Energy Authority and National Radiological Protection Board. Repealed
  1172. 513British Airways Board and National Freight Corporation. Repealed
  1173. 514Funds for reducing the National Debt. Repealed
  1174. 515Signatories to Operating Agreement for INMARSAT. Repealed
  1175. 516Government securities held by non-resident central banks. Repealed
  1176. 517Issue departments of the Reserve Bank of India and the State Bank of Pakistan. Repealed
  1177. 518Harbour reorganisation schemes. Repealed
  1178. 519Local authorities. Repealed
  1179. 519AHealth service bodies. Repealed
  1180. Part XIII: MISCELLANEOUS SPECIAL PROVISIONS
  1181. Chapter I: INTELLECTUAL PROPERTY
  1182. Patents and know-how
  1183. 520Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure. Repealed
  1184. 521Provisions supplementary to section 520. Repealed
  1185. 522Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure. Repealed
  1186. 523Lapses of patent rights, sales etc. Repealed
  1187. 524Taxation of receipts from sale of patent rights. Repealed
  1188. 525Capital sums: . . . winding up or partnership change. Repealed
  1189. 526Relief for expenses. Repealed
  1190. 527Spreading of royalties over several years.
  1191. 528Manner of making allowances and charges. Repealed
  1192. 529Patent income to be earned income in certain cases. Repealed
  1193. 530Disposal of know-how. Repealed
  1194. 531Provisions supplementary to section 530. Repealed
  1195. 532Application of Capital Allowances Act Repealed
  1196. 533Interpretation of sections 520 to 532. Repealed
  1197. Copyright and public lending right
  1198. 534Relief for copyright payments etc. Repealed
  1199. 535Relief where copyright sold after ten years or more. Repealed
  1200. 536Taxation of royalties where owner abroad. Repealed
  1201. 537Public lending right. Repealed
  1202. Designs
  1203. 537ARelief for payments in respect of designs. Repealed
  1204. 537BTaxation of design royalties where owner abroad. Repealed
  1205. Artists’ receipts
  1206. 538Relief for painters, sculptors and other artists. Repealed
  1207. Chapter II: LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
  1208. 539Introductory. Repealed
  1209. 539ZAApplication of this Chapter etc. to policies and contracts in which persons other than companies are interested Repealed
  1210. 539AThe conditions for being an excepted group life policy Repealed
  1211. 540Life policies: chargeable events. Repealed
  1212. 541Life policies: computation of gain. Repealed
  1213. 542Life annuity contracts: chargeable events. Repealed
  1214. 543Life annuity contracts: computation of gain. Repealed
  1215. 544Second and subsequent assignment of life policies and contracts. Repealed
  1216. 545Capital redemption policies. Repealed
  1217. 546Calculation of certain amounts for purposes of sections 540, 542 and 545. Repealed
  1218. 546ATreatment of certain assignments etc involving co-ownership Repealed
  1219. 546BSpecial provision in respect of certain section 546 excesses Repealed
  1220. 546CCharging the section 546 excess to tax where section 546B applies Repealed
  1221. 546DModifications of s.546C for final year ending with terminal chargeable event Repealed
  1222. 547Method of charging gain to tax. Repealed
  1223. 547AMethod of charging gain to tax: multiple interests. Repealed
  1224. 548Deemed surrender of certain loans. Repealed
  1225. 548AEffect of rebated or reinvested commission in certain cases Repealed
  1226. 548BSection 548A: further definitions Repealed
  1227. 549Certain deficiencies allowable as deductions. Repealed
  1228. 550Relief where gain charged at a higher rate. Repealed
  1229. 551Right of individual to recover tax from trustees. Repealed
  1230. 551ARight of company to recover tax from trustees. Repealed
  1231. 552Information: duty of insurers.
  1232. 552ZAInformation: supplementary provisions
  1233. 552ZBRegulations in relation to qualifying policies
  1234. 552ATax representatives.
  1235. 552BDuties of overseas insurers’ tax representatives.
  1236. 553Non-resident policies and off-shore capital redemption policies. Repealed
  1237. 553AOverseas life assurance business: life policies. Repealed
  1238. 553BOverseas life assurance business: capital redemption policies. Repealed
  1239. 553CPersonal portfolio bonds. Repealed
  1240. 554Borrowings on life policies to be treated as income in certain cases. Repealed
  1241. Chapter III: ENTERTAINERS AND SPORTSMEN
  1242. 555Payment of tax. Repealed
  1243. 556Activity treated as trade etc. and attribution of income. Repealed
  1244. 557Charge on profits. Repealed
  1245. 558Supplementary provisions.
  1246. Chapter IV: SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY
  1247. 559Deductions on account of tax etc. from payments to certain sub-contractors. Repealed
  1248. 559ATreatment of sums deducted under s.559 Repealed
  1249. 560Persons who are sub-contractors or contractors for purposes of Chapter IV. Repealed
  1250. 561Exceptions from section 559. Repealed
  1251. 562Conditions to be satisfied by individuals. Repealed
  1252. 563Conditions to be satisfied by partners who are individuals. Repealed
  1253. 564Conditions to be satisfied by firms. Repealed
  1254. 565Conditions to be satisfied by companies. Repealed
  1255. 566General powers to make regulations under Chapter IV. Repealed
  1256. 567Meaning of “construction operations”. Repealed
  1257. Chapter V: SCHEMES FOR RATIONALIZING INDUSTRY
  1258. 568Deductions from profits of contributions paid under certified schemes.
  1259. 569Repayment of contributions.
  1260. 570Payments under certified schemes which are not repayments of contributions.
  1261. 571Cancellation of certificates.
  1262. 572Application to statutory redundancy schemes.
  1263. Chapter 5A: Share loss relief
  1264. Relief for losses on unquoted shares in trading companies
  1265. 573Relief for companies. Repealed
  1266. 575Exclusion of relief under section 573 . . . in certain cases. Repealed
  1267. 576Provisions supplementary to sections 573 and 575. Repealed
  1268. 576AQualifying trading companies Repealed
  1269. Qualifying trading companies: the requirements
  1270. 576BThe trading requirement Repealed
  1271. 576CCeasing to meet the trading requirement because of administration or receivership Repealed
  1272. 576DThe control and independence requirement Repealed
  1273. 576EThe qualifying subsidiaries requirement Repealed
  1274. 576FThe property managing subsidiaries requirement Repealed
  1275. 576GThe gross assets requirement Repealed
  1276. 576HThe unquoted status requirement Repealed
  1277. 576IPower to amend requirements by Treasury order Repealed
  1278. Qualifying trading companies: supplementary provisions
  1279. 576JRelief after an exchange of shares for shares in another company Repealed
  1280. 576KSubstitution of new shares for old shares Repealed
  1281. Supplemental
  1282. 576LInterpretation of Chapter Repealed
  1283. Chapter VI: OTHER PROVISIONS
  1284. Relief for losses on unquoted shares in trading companies
  1285. 574Relief for individuals. Repealed
  1286. Miscellaneous
  1287. 577Business entertaining expenses. Repealed
  1288. 577AExpenditure involving crime. Repealed
  1289. 578Housing grants. Repealed
  1290. 578AExpenditure on car hire Repealed
  1291. 578BExpenditure on car hire: supplementary Repealed
  1292. 579Statutory redundancy payments. Repealed
  1293. 580Provisions supplementary to section 579. Repealed
  1294. 580ARelief from tax on annual payments under certain insurance policies. Repealed
  1295. 580BMeaning of “self-contained” for the purposes of s.580A. Repealed
  1296. 580CRelief from tax on annual payments under immediate needs annuities Repealed
  1297. 581Borrowing in foreign currency by local authorities and statutory corporations. Repealed
  1298. 581AInterest on foreign currency securities etc. Repealed
  1299. 582Funding bonds issued in respect of interest on certain debts. Repealed
  1300. 582ADesignated international organisations: miscellaneous exemptions. Repealed
  1301. 583Inter-American Development Bank. Repealed
  1302. 584Relief for unremittable overseas income Repealed
  1303. 585Relief from tax on delayed remittances. Repealed
  1304. 586Disallowance of deductions for war risk premiums. Repealed
  1305. 587Disallowance of certain payments in respect of war injuries to employees. Repealed
  1306. 587ANew issues of securities: extra return. Repealed
  1307. 587BGifts of shares, securities and real property to charities etc Repealed
  1308. 587BAQualifying interests in land held jointly Repealed
  1309. 587CSupplementary provision for gifts of real property Repealed
  1310. 588Training courses for employees. Repealed
  1311. 589Qualifying courses of training etc. Repealed
  1312. 589ACounselling services for employees. Repealed
  1313. 589BQualifying counselling services etc.
  1314. Part XIV: PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
  1315. Chapter I: RETIREMENT BENEFIT SCHEMES
  1316. Approval of schemes
  1317. 590Conditions for approval of retirement benefit schemes. Repealed
  1318. 590ASection 590: supplementary provisions. Repealed
  1319. 590BSection 590: further supplementary provisions. Repealed
  1320. 590CEarnings cap. Repealed
  1321. 591Discretionary approval. Repealed
  1322. 591AEffect on approved schemes of regulations under section 591. Repealed
  1323. 591BCessation of approval: general provisions. Repealed
  1324. 591CCessation of approval: tax on certain schemes. Repealed
  1325. 591DSection 591C: supplementary. Repealed
  1326. Tax reliefs
  1327. 592Exempt approved schemes. Repealed
  1328. 593Relief by way of deductions from contributions. Repealed
  1329. 594Exempt statutory schemes. Repealed
  1330. Charge to tax in certain cases
  1331. 595Charge to tax in respect of certain sums paid by employer etc. Repealed
  1332. 596Exceptions from section 595. Repealed
  1333. 596ACharge to tax: benefits under non-approved schemes. Repealed
  1334. 596BSection 596A: supplementary provisions. Repealed
  1335. 596CNotional interest treated as paid if amount charged in respect of beneficial loan. Repealed
  1336. 597Charge to tax: pensions. Repealed
  1337. 598Charge to tax: repayment of employee’s contributions. Repealed
  1338. 599Charge to tax: commutation of entire pension in special circumstances. Repealed
  1339. 599ACharge to tax: payments out of surplus funds. Repealed
  1340. 600Charge to tax: unauthorised payments to or for employees. Repealed
  1341. 601Charge to tax: payments to employers. Repealed
  1342. 602Regulations relating to pension fund surpluses. Repealed
  1343. 603Reduction of surpluses. Repealed
  1344. Supplementary provisions
  1345. 604Application for approval of a scheme. Repealed
  1346. 605Information. Repealed
  1347. 605AFalse statements etc. Repealed
  1348. 606Default of administrator etc. Repealed
  1349. 606ARecourse to scheme members. Repealed
  1350. 607Pilots’ benefit fund. Repealed
  1351. 608Superannuation funds approved before 6th April 1980. Repealed
  1352. 609Schemes approved before 23rd July 1987. Repealed
  1353. 610Amendments of schemes. Repealed
  1354. 611Definition of “retirement benefits scheme”. Repealed
  1355. 611ADefinition of relevant statutory scheme. Repealed
  1356. 611AADefinition of the administrator. Repealed
  1357. 611ADefinition of relevant statutory scheme. Repealed
  1358. 612Other interpretative provisions, and regulations for purposes of this Chapter. Repealed
  1359. Chapter II: OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS
  1360. 613Parliamentary pension funds.
  1361. 614Exemptions and reliefs in respect of income from investments etc. of certain pension schemes.
  1362. 615Exemption from tax in respect of certain pensions.
  1363. 616Other overseas pensions. Repealed
  1364. 617Social security benefits and contributions. Repealed
  1365. 617ATax credits under Part 1 of Tax Credits Act 2002 Repealed
  1366. Chapter III: RETIREMENT ANNUITIES
  1367. 618Termination of relief under this Chapter, and transitional provisions. Repealed
  1368. 619Exemption from tax in respect of qualifying premiums. Repealed
  1369. 620Qualifying premiums. Repealed
  1370. 621Other approved contracts. Repealed
  1371. 622Substituted retirement annuity contracts. Repealed
  1372. 623Relevant earnings. Repealed
  1373. 624Sponsored superannuation schemes and controlling directors. Repealed
  1374. 625Carry-forward of unused relief under section 619. Repealed
  1375. 626Modification of section 619 in relation to persons over 50. Repealed
  1376. 627Lloyd’s underwriters. Repealed
  1377. 628Partnership retirement annuities. Repealed
  1378. 629Annuity premiums of Ministers and other officers.
  1379. Chapter IV: PERSONAL PENSION SCHEMES
  1380. Preliminary
  1381. 630Interpretation. Repealed
  1382. 631Approval of schemes. Repealed
  1383. 631AConversion of certain approved retirement benefits schemes. Repealed
  1384. Restrictions on approval
  1385. 632Establishment of schemes. Repealed
  1386. 632AEligibility to make contributions. Repealed
  1387. 632BEligibility to make contributions: concurrent membership. Repealed
  1388. 633Scope of benefits. Repealed
  1389. 634Annuity to member. Repealed
  1390. 634AIncome withdrawals by member. Repealed
  1391. 635Lump sum to member. Repealed
  1392. 636Annuity after death of member. Repealed
  1393. 636AIncome withdrawals after death of member. Repealed
  1394. 637Death benefit. Repealed
  1395. 637AReturn of contributions on or after death of member. Repealed
  1396. 638Other restrictions on approval. Repealed
  1397. 638ZAPersonal pension arrangements with more than one pension date etc. Repealed
  1398. 638APower to prescribe restrictions on approval. Repealed
  1399. Tax reliefs
  1400. 639Member’s contributions. Repealed
  1401. 640Maximum amount of deductions. Repealed
  1402. 640AEarnings cap. Repealed
  1403. 641Carry-back of contributions. Repealed
  1404. 641AElection for contributions to be treated as paid in previous year. Repealed
  1405. 642Carry-forward of relief. Repealed
  1406. 643Employer’s contributions and personal pension income etc. Repealed
  1407. 644Meaning of “relevant earnings”. Repealed
  1408. 645Earnings from pensionable employment. Repealed
  1409. 646Meaning of “net relevant earnings”. Repealed
  1410. 646AEarnings from associated employments. Repealed
  1411. 646BPresumption of same level of relevant earnings etc for 5 years. Repealed
  1412. 646CProvisions supplementary to section 646B. Repealed
  1413. 646DHigher level contributions after cessation of actual relevant earnings: modification of section 646B. Repealed
  1414. Charge to tax
  1415. 647Unauthorised payments. Repealed
  1416. 648Contributions under unapproved arrangements. Repealed
  1418. 648AAnnuities: charge under Schedule E. Repealed
  1419. 648BReturn of contributions after pension date. Repealed
  1420. Miscellaneous
  1421. 649Minimum contributions under Social Security Act 1986. Repealed
  1422. 650Withdrawal of approval. Repealed
  1423. 650ACharge on withdrawal of approval from arrangements. Repealed
  1424. 651Appeals. Repealed
  1425. 651AInformation powers. Repealed
  1426. 652Information about payments. Repealed
  1427. 653Information: penalties. Repealed
  1428. 653ANotices to be given to scheme administrator. Repealed
  1429. 654Remuneration of Ministers and other officers. Repealed
  1430. 655Transitional provisions. Repealed
  1431. Chapter V: PURCHASED LIFE ANNUITIES
  1432. 656Purchased life annuities other than retirement annuities. Repealed
  1433. 657Purchased life annuities to which section 656 applies. Repealed
  1434. 658Supplementary. Repealed
  1435. Chapter VI: MISCELLANEOUS
  1436. 658ACharges and assessments on administrators. Repealed
  1437. 659Financial futures and traded options. Repealed
  1438. 659AFutures and options.
  1439. 659BDefinition of insurance company. Repealed
  1440. 659CEffect of appointment or arrangements under section 659B. Repealed
  1441. 659DInterpretation of provisions about pension sharing. Repealed
  1442. 659ETreatment of income from property investment LLPs
  1443. Part XV: SETTLEMENTS
  1444. Chapter IA: Liability of settlor
  1445. Main provisions
  1446. 660AIncome arising under settlement where settlor retains an interest. Repealed
  1447. 660BPayments to unmarried minor children of settlor. Repealed
  1448. 660CNature of charge on settlor.
  1449. 660DAdjustments between settlor and trustees, &c. Repealed
  1450. Supplementary provisions
  1451. 660EApplication to settlements by two or more settlors. Repealed
  1452. 660FPower to obtain information. Repealed
  1453. 660GMeaning of “settlement” and related expressions. Repealed
  1454. Chapter I: DISPOSITIONS FOR SHORT PERIODS Repealed
  1455. 660Dispositions for period which cannot exceed six years. Repealed
  1456. 661Adjustments between disponor and trustees. Repealed
  1457. 662Application of Chapter I to dispositions by two or more disponors. Repealed
  1458. Chapter II: SETTLEMENTS ON CHILDREN
  1459. 663The general rule. Repealed
  1460. 664Accumulation settlements. Repealed
  1461. 665Meaning of “irrevocable”. Repealed
  1462. 666Interest paid by trustees. Repealed
  1463. 667Adjustments between disponor and trustees. Repealed
  1464. 668Application of Chapter II to settlements by two or more settlors. Repealed
  1465. 669Power to obtain information under Chapter II. Repealed
  1466. 670Interpretation of Chapter II. Repealed
  1467. Chapter 1B: PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR
  1468. 671Revocable settlements allowing release of obligation. Repealed
  1469. 672Revocable settlements allowing reversion of property. Repealed
  1470. 673Settlements where settlor retains an interest. Repealed
  1471. 674Settlements: discretionary power for benefit of settlor etc. Repealed
  1472. 674AOther settlements where settlor retains interest in settled property. Repealed
  1473. 675Provisions supplementary to sections 671 to 674. Repealed
  1474. 676Disallowance of deduction from total income of certain sums paid by settlor. Repealed
  1475. 677Sums paid to settlor otherwise than as income. Repealed
  1476. 678Capital sums paid by body connected with settlement. Repealed
  1477. 679Application of Chapter III to settlements by two or more settlors. Repealed
  1478. 680Power to obtain information for purposes of Chapter III. Repealed
  1479. 681Interpretation of Chapter III. Repealed
  1480. 682Ascertainment of undistributed income. Repealed
  1481. 682ASupplementary provisions. Repealed
  1482. Chapter 1C: LIABILITY OF TRUSTEES
  1483. . . .
  1484. 683Settlements made after 6th April 1965. Repealed
  1485. 684Settlements made before 7th April 1965 but after 9th April 1946. Repealed
  1486. 685Provisions supplementary to sections 683 and 684. Repealed
  1487. . . .
  1488. 685AMeaning of “settled property” Repealed
  1489. 685BMeaning of “settlor” Repealed
  1490. 685CTransfer between settlements: identification of settlor Repealed
  1491. 685DVariation of will or intestacy, etc: identification of settlor Repealed
  1492. 685ETrustees of settlements Repealed
  1493. 685FApplication of section 739 and 740 Repealed
  1494. 685GSub-funds Repealed
  1495. 686Accumulation and discretionary trusts: special rates of tax. Repealed
  1496. 686AReceipts to be treated as income to which section 686 applies Repealed
  1497. 686BShare incentive plans: distributions in respect of unappropriated shares Repealed
  1498. 686CInterpretation of section 686B Repealed
  1499. 686DSpecial trust rates not to apply to first slice of trust income Repealed
  1500. 686EApplication of section 686D where settlor has made more than one settlement Repealed
  1501. 687Payments under discretionary trusts. Repealed
  1502. 687ADiscretionary payments by trustees to companies. Repealed
  1503. 688Schemes for employees and directors to acquire shares. Repealed
  1504. 689Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries. Repealed
  1505. Chapter ID: Trust management expenses
  1506. 689ADisregard of expenses where beneficiary non-resident. Repealed
  1507. 689BOrder in which expenses to be set against income. Repealed
  1508. Chapter V: MAINTENANCE FUNDS FOR HISTORIC BUILDINGS
  1509. 690Schedule 4 directions. Repealed
  1510. 691Certain income not to be income of settlor etc. Repealed
  1511. 692Reimbursement of settlor. Repealed
  1512. 693Severance of settled property for certain purposes. Repealed
  1513. 694Trustees chargeable to income tax in certain cases at higher rate reduced by rate applicable to trusts Repealed
  1514. Part XVI: ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION
  1515. 695Limited interests in residue. Repealed
  1516. 696Absolute interests in residue. Repealed
  1517. 697Supplementary provisions as to absolute interests in residue. Repealed
  1518. 698Special provisions as to certain interests in residue. Repealed
  1519. 698ATaxation of income of beneficiaries at lower rate or at rates applicable to distribution income. Repealed
  1520. 699Relief from higher rate tax for inheritance tax on accrued income. Repealed
  1521. 699AUntaxed sums comprised in the income of the estate. Repealed
  1522. 700Adjustments and information. Repealed
  1523. 701Interpretation. Repealed
  1524. 702Application to Scotland. Repealed
  1525. Part XVII: TAX AVOIDANCE
  1526. Chapter I: CANCELLATION OF CORPORATION TAX ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES
  1527. 703Cancellation of corporation tax advantage. Repealed
  1528. 704The prescribed circumstances. Repealed
  1529. 705Appeals against Board’s notices under section 703. Repealed
  1530. 705AStatement of case by tribunal for opinion of High Court. Repealed
  1531. 705BProceedings in Northern Ireland. Repealed
  1532. 706The tribunal. Repealed
  1533. 707Procedure for clearance in advance. Repealed
  1534. 708Power to obtain information. Repealed
  1535. 709Meaning of “corporation tax advantage” and other expressions. Repealed
  1536. Chapter II: TRANSFERS OF SECURITIES
  1537. Transfers with or without accrued interest: introductory
  1538. 710Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728. Repealed
  1539. 711Meaning of “interest”, “transfers with or without accrued interest” etc. Repealed
  1540. 712Meaning of “settlement day” for purposes of sections 711 to 728. Repealed
  1541. Transfers with or without accrued interest: charge to tax and reliefs
  1542. 713Deemed sums and reliefs. Repealed
  1543. 714Treatment of deemed sums and reliefs. Repealed
  1544. 715Exceptions from sections 713 and 714 Repealed
  1545. 716Transfer of unrealised interest. Repealed
  1546. 717Variable interest rate. Repealed
  1547. 718Interest in default. Repealed
  1548. 719Unrealised interest in default Repealed
  1549. Transfers with or without accrued interest: supplemental
  1550. 720Nominees, trustees etc. Repealed
  1551. 721Death. Repealed
  1552. 722Trading stock. Repealed
  1553. 722AGilt strips: deemed transfer. Repealed
  1554. 723Foreign securities: delayed remittances Repealed
  1555. 724Insurance companies. Repealed
  1556. 725. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1557. 726. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1558. 726ANew issues of securities. Repealed
  1559. 727Stock lending. Repealed
  1560. 727AException for sale and repurchase of securities. Repealed
  1561. 728Information. Repealed
  1562. Other transfers of securities
  1563. 729Sale and repurchase of securities. Repealed
  1564. 730Transfers of rights to receive distributions in respect of shares Repealed
  1565. 730ATreatment of price differential on sale and repurchase of securities. Repealed
  1566. 730BInterpretation of section 730A. Repealed
  1567. 730BBExchange gains and losses on sale and repurchase of securities Repealed
  1568. 730CExchanges of gilts: traders etc. Repealed
  1569. Purchase and sale of securities
  1570. 731Application and interpretation of sections 732 to 734. Repealed
  1571. 732Dealers in securities. Repealed
  1572. 733Persons entitled to exemptions. Repealed
  1573. 734Persons other than dealers in securities. Repealed
  1574. 735Meaning of “appropriate amount in respect of” interest. Repealed
  1575. Miscellaneous provisions relating to securities
  1576. 736Company dealing in securities: distribution materially reducing value of holding. Repealed
  1577. 736AManufactured dividends and interest. Repealed
  1578. 736BDeemed manufactured payments in the case of stock lending arrangements. Repealed
  1579. 736CDeemed interest: cash collateral under stock lending arrangements Repealed
  1580. 736DQuasi-stock lending arrangements and quasi-cash collateral Repealed
  1581. 737Manufactured dividends: treatment of tax deducted. Repealed
  1582. 737ASale and repurchase of securities: deemed manufactured payments. Repealed
  1583. 737BInterpretation of section 737A. Repealed
  1584. 737CDeemed manufactured payments: further provisions. Repealed
  1585. Supplemental
  1586. 737DPower to provide for manufactured payments to be eligible for relief. Repealed
  1587. 737EPower to modify sections . . . 730A, 730BB and 737A to 737C Repealed
  1588. 738Power to amend sections 732, 735 and 737. Repealed
  1589. Chapter III: TRANSFER OF ASSETS ABROAD
  1590. 739Prevention of avoidance of income tax. Repealed
  1591. 740Liability of non-transferors. Repealed
  1592. 741Exemption from sections 739 and 740 (transactions before 5th December 2005) Repealed
  1593. 741AExemption from sections 739 and 740 (transactions on or after 5th December 2005) Repealed
  1594. 741BApplication of sections 741 and 741A Repealed
  1595. 741CCases where there are both old transactions and new transactions Repealed
  1596. 741DSection 739: just and reasonable apportionment in certain cases Repealed
  1597. 742Interpretation of this Chapter Repealed
  1598. 743Supplemental provisions. Repealed
  1599. 744No duplication of charge. Repealed
  1600. 745Power to obtain information. Repealed
  1601. 746Persons resident in the Republic of Ireland. Repealed
  1602. Chapter IV: CONTROLLED FOREIGN COMPANIES
  1603. 747Imputation of chargeable profits and creditable tax of controlled foreign companies Repealed
  1604. 747ASpecial rule for computing chargeable profits. Repealed
  1605. 748Cases where section 747(3) does not apply. Repealed
  1606. 748ZAExclusion of small profits exemptions Repealed
  1607. 748ATerritorial exclusions from exemption under section 748 Repealed
  1608. 749Residence. Repealed
  1609. 749AElections and designations under section 749: supplementary provisions. Repealed
  1610. 749BInterests in companies. Repealed
  1611. 750Territories with a lower level of taxation. Repealed
  1612. 750ADeemed lower level of taxation: designer rate tax provisions. Repealed
  1613. 751Accounting periods and creditable tax Repealed
  1614. 751AReduction in chargeable profits for certain activities of EEA business establishments Repealed
  1615. 751AAReduction in chargeable profits for certain financing income Repealed
  1616. 751ABReduction in chargeable profits: failure to qualify for exemptions Repealed
  1617. 751ACReduction in chargeable profits following an exempt period Repealed
  1618. 751BSections 751A to 751AC: supplementary Repealed
  1619. 752Apportionment of chargeable profits and creditable tax Repealed
  1620. 752ARelevant interests. Repealed
  1621. 752BSection 752(3): the percentage of shares which a relevant interest represents. Repealed
  1622. 752CInterpretation of apportionment provisions. Repealed
  1623. 753Notices and appeals. Repealed
  1624. 754Assessment, recovery and postponement of tax. Repealed
  1625. 754AReturns where it is not established whether acceptable distribution policy applies. Repealed
  1626. 754BDeterminations requiring the sanction of the Board. Repealed
  1627. 755Information relating to controlled foreign companies Repealed
  1628. 755ATreatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business. Repealed
  1629. 755BAmendment of return where general insurance business of foreign company accounted for on non-annual basis. Repealed
  1630. 755CApplication of Chapter where general insurance business of foreign company accounted for on non-annual basis. Repealed
  1631. 755D“Control" and the two “40 per cent" tests. Repealed
  1632. 756Interpretation and construction of Chapter IV. Repealed
  1633. Chapter V: OFFSHORE FUNDS
  1634. Meaning of offshore fund
  1635. 756AGeneral definition of offshore fund Repealed
  1636. Treatment of umbrella funds
  1637. 756BTreatment of umbrella funds Repealed
  1638. Treatment of funds comprising more than one class of interest
  1639. 756CTreatment of funds comprising more than one class of interest Repealed
  1640. Material interests in non-qualifying offshore funds
  1641. 757Disposal of material interests in non-qualifying offshore funds Repealed
  1642. 758Offshore funds operating equalisation arrangements Repealed
  1643. 759Material interests in offshore funds Repealed
  1644. 760Non-qualifying offshore funds Repealed
  1645. Charge to tax of offshore income gains
  1646. 761Charge to income tax or corporation tax of offshore income gain. Repealed
  1647. 762Offshore income gains accruing to persons resident or domiciled abroad. Repealed
  1648. 762ZAOffshore income gains: application of transfer of assets abroad provisions Repealed
  1649. 762ZBIncome treated as arising under section 761(1): remittance basis Repealed
  1650. 762AExchange of interests of different classes Repealed
  1651. 763Deduction of offshore income gain in determining capital gain. Repealed
  1652. 764Offshore income gains of trustees. Repealed
  1653. Chapter VI: MISCELLANEOUS
  1654. Migration etc. of company
  1655. 765Migration etc. of companies. Repealed
  1656. 765AMovements of capital between residents of member States. Repealed
  1657. 766Offences under section 765. Repealed
  1658. 767Interpretation and commencement of sections 765 and 766. Repealed
  1659. Change in ownership of company
  1660. 767AChange in company ownership: corporation tax. Repealed
  1661. 767AAChange in company ownership: postponed corporation tax. Repealed
  1662. 767BChange of company ownership: supplementary. Repealed
  1663. 767CChange in company ownership: information. Repealed
  1664. 768Change in ownership of company: disallowance of trading losses. Repealed
  1665. 768AChange in ownership: disallowance of carry back of trading losses. Repealed
  1666. 768BChange in ownership of company with investment business: deductions generally Repealed
  1667. 768CDeductions: asset transferred within group. Repealed
  1668. 768DChange in ownership of company carrying on property business. Repealed
  1669. 768EChange in ownership of company with unused non-trading loss on intangible fixed assets Repealed
  1670. 769Rules for ascertaining change in ownership of company. Repealed
  1671. Transactions between associated persons
  1672. 770AProvision not at arm’s length. Repealed
  1673. 770Sales etc. at an undervalue or overvalue. Repealed
  1674. 771Transactions by petroleum companies. Repealed
  1675. 772Information for purposes of section 770, and appeals. Repealed
  1676. 773Interpretation of sections 770 and 771. Repealed
  1677. 774Transactions between dealing company and associated company. Repealed
  1678. Factoring of income receipts etc
  1679. 774AMeaning of “structured finance arrangement” for purposes of s.774B Repealed
  1680. 774BDisregard of intended effects of arrangement involving disposals of assets Repealed
  1681. 774CMeaning of “structured finance arrangement” for purposes of s.774D Repealed
  1682. 774DDisregard of intended effects of arrangement involving change in relation to a partnership Repealed
  1683. 774ESections 774B and 774D: exceptions Repealed
  1684. 774FSections 774B and 774D: power to provide further exceptions Repealed
  1685. 774GSections 774A to 774D: minor definitions etc Repealed
  1686. Other provisions
  1687. 775Sale by individual of income derived from his personal activities. Repealed
  1688. 775ATransfers of rights to receive annual payments Repealed
  1689. 776Transactions in land: taxation of capital gains. Repealed
  1690. 777Provisions supplementary to section 776. Repealed
  1691. 778Power to obtain information. Repealed
  1692. 779Sale and leaseback: limitation on tax reliefs. Repealed
  1693. 780Sale and leaseback: taxation of consideration received. Repealed
  1694. 781Assets leased to traders and others. Repealed
  1695. 782Leased assets: special cases. Repealed
  1696. 783Leased assets: supplemental. Repealed
  1697. 784Leased assets subject to hire-purchase agreements. Repealed
  1698. 785Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784. Repealed
  1699. 785ZARestrictions on use of losses: leasing partnerships Repealed
  1700. 785ZBSection 785ZA: definitions Repealed
  1701. 785ARent factoring of leases of plant or machinery Repealed
  1702. 785BPlant and machinery leases: capital receipts to be treated as income Repealed
  1703. 785CSection 785B: interpretation Repealed
  1704. 785DSection 785B: lease of plant and machinery and other property Repealed
  1705. 785ESection 785B: expectation that relevant capital payment will not be paid Repealed
  1706. 786Transactions associated with loans or credit. Repealed
  1707. 787Restriction of relief for payments of interest. Repealed
  1708. Part XVIII: DOUBLE TAXATION RELIEF
  1709. Chapter I: THE PRINCIPAL RELIEFS
  1710. 788Relief by agreement with other territories. Repealed
  1711. 789Arrangements made under old law. Repealed
  1712. 790Unilateral relief. Repealed
  1713. 791Power to make regulations for carrying out section 788. Repealed
  1714. Chapter II: RULES GOVERNING RELIEF BY WAY OF CREDIT
  1715. General
  1716. 792Interpretation of credit code. Repealed
  1717. 793Reduction of United Kingdom taxes by amount of credit due. Repealed
  1718. 793ANo double relief etc. Repealed
  1719. 794Requirement as to residence. Repealed
  1720. 795Computation of income subject to foreign tax. Repealed
  1721. 795ALimits on credit: minimisation of the foreign tax. Repealed
  1722. 796Limits on credit: income tax. Repealed
  1723. 797Limits on credit: corporation tax. Repealed
  1724. 797AForeign tax on items giving rise to a non-trading credit : loan relationships. Repealed
  1725. 797BForeign tax on items giving rise to a non-trading credit: intangible fixed assets Repealed
  1726. 798Section 796: trade income Repealed
  1727. 798ASection 797: trade income Repealed
  1728. 798BSection 798A: special cases Repealed
  1729. 798CDisallowed credit: use as deduction Repealed
  1730. Tax underlying dividends
  1731. 799Computation of underlying tax. Repealed
  1732. 800Dividends paid between related companies but not covered by arrangements. Repealed
  1733. 801Dividends paid between related companies: relief for U.K. and third country taxes. Repealed
  1734. 801ARestriction of relief for underlying tax. Repealed
  1735. 801BDividends paid out of transferred profits. Repealed
  1736. 801CSeparate streaming of dividend so far as representing an ADP dividend of a CFC. Repealed
  1737. 802U.K. insurance companies trading overseas. Repealed
  1738. 803Underlying tax reflecting interest on loans. Repealed
  1739. 803AForeign taxation of group as a single entity. Repealed
  1740. Miscellaneous rules
  1741. 804Relief against income tax in respect of income arising in years of commencement. Repealed
  1742. 804ZASchemes and arrangements designed to increase relief Repealed
  1743. 804ZBEffect of notice under section 804ZA Repealed
  1744. 804ZCNotices under section 804ZA: further provision Repealed
  1745. 804ALife assurance companies with overseas branches etc: restriction of credit. Repealed
  1746. 804BInsurance companies carrying on more than one category of business: restriction of credit. Repealed
  1747. 804CInsurance companies: allocation of expenses etc in computations under section 35 of CTA 2009. Repealed
  1748. 804DInterpretation of section 804C in relation to life assurance business etc. Repealed
  1749. 804EInterpretation of section 804C in relation to other insurance business. Repealed
  1750. 804FInterpretation of sections 804A to 804E. Repealed
  1751. 804GReduction in credit: payment by reference to foreign tax Repealed
  1752. 805Elections against credit. Repealed
  1753. 806Time limit for claims etc. Repealed
  1754. Foreign dividends: onshore pooling and utilisation of eligible unrelieved foreign tax
  1755. 806AEligible unrelieved foreign tax on dividends: introductory. Repealed
  1756. 806BThe amounts that are eligible unrelieved foreign tax. Repealed
  1757. 806COnshore pooling. Repealed
  1758. 806DUtilisation of eligible unrelieved foreign tax. Repealed
  1759. 806ERules for carry back of relievable tax under section 806D. Repealed
  1760. 806FCredit to be given for underlying tax before other foreign tax etc. Repealed
  1761. 806GClaims for the purposes of section 806D(4) or (5). Repealed
  1762. 806HSurrender of relievable tax by one company in a group to another. Repealed
  1763. 806JInterpretation of foreign dividend provisions of this Chapter. Repealed
  1764. Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere
  1765. 806KApplication of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere. Repealed
  1766. Unrelieved foreign tax: profits of overseas branch or agency
  1767. 806LCarry forward or carry back of unrelieved foreign tax. Repealed
  1768. 806MProvisions supplemental to section 806L. Repealed
  1769. Chapter III: MISCELLANEOUS PROVISIONS
  1770. 807Sale of securities with or without accrued interest. Repealed
  1771. 807ADisposals and acquisitions of company loan relationships with or without interest. Repealed
  1772. European cross-border transfers of business
  1773. 807BIntroduction to section 807C Repealed
  1774. 807CTax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets Repealed
  1775. European cross-border mergers
  1776. 807DIntroduction to section 807E Repealed
  1777. 807ETax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets Repealed
  1778. Transparent entities involved in cross-border transfers and mergers
  1779. 807FIntroduction to section 807G Repealed
  1780. 807GTax treated as chargeable in respect of relevant transactions Repealed
  1781. 808Restriction on deduction of interest or dividends from trading income. Repealed
  1782. 808AInterest: special relationship. Repealed
  1783. 808BRoyalties: special relationship. Repealed
  1784. 809Relief in respect of discretionary trusts. Repealed
  1785. 810Postponement of capital allowances to secure double taxation relief. Repealed
  1786. 811Deduction for foreign tax where no credit allowable. Repealed
  1787. 812Withdrawal of right to tax credit of certain non-resident companies connected with unitary states. Repealed
  1788. 813Recovery of tax credits incorrectly paid. Repealed
  1789. 814Arrangements to avoid section 812. Repealed
  1790. 815Power to inspect documents. Repealed
  1791. 815ATransfer of a non-UK trade. Repealed
  1792. 815AZAUK residents and foreign enterprises Repealed
  1793. 815AAMutual agreement procedure and presentation of cases under arrangements. Repealed
  1794. 815BThe Arbitration Convention. Repealed
  1795. 815CExchange of information with other territories. Repealed
  1796. 816Disclosure of information. Repealed
  1797. Part XIX: SUPPLEMENTAL
  1798. Miscellaneous
  1799. 817Deductions not to be allowed in computing profits or gains. Repealed
  1800. 818Arrangements for payments of interest less tax or of fixed net amount. Repealed
  1801. 819Old references to standard rate tax. Repealed
  1802. 820Application of Income Tax Acts from year to year.
  1803. 821Under-deductions from payments made before passing of annual Act.
  1804. 822Over-deductions from interest on loan capital etc. made before passing of annual Act.
  1805. 823Adjustments of reliefs where given at different times. Repealed
  1806. 824Repayment supplements: individuals and others.
  1807. 825Repayment supplements: companies.
  1808. 826Interest on tax overpaid.
  1809. 826AInterest on payments in respect of corporation tax and meaning of “the material date".
  1810. 827VAT penalties etc. Repealed
  1811. 827ATerritorial scope of charges under certain provisions to which section 836B applies Repealed
  1812. 828Orders and regulations made by the Treasury or the Board.
  1813. 829Application of Income Tax Acts to public departments and avoidance of exempting provisions. Repealed
  1814. 830Territorial sea . . . .
  1815. Interpretation
  1816. 831Interpretation of this Act.
  1817. 832Interpretation of the Corporation Tax Acts etc. Repealed
  1818. 833Interpretation of Income Tax Acts. Repealed
  1819. 834Interpretation of the Corporation Tax Acts. Repealed
  1820. 834AMiscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D) Repealed
  1821. 834BMeaning of “UK property business” and “overseas property business” Repealed
  1822. 834CTotal profits Repealed
  1823. 835“Total income” in the Income Tax Acts. Repealed
  1824. 836Returns of total income. Repealed
  1825. 836AGenerally accepted accounting practice Repealed
  1826. 836BTable of provisions to which this section applies Repealed
  1827. 837“Annual value” of land. Repealed
  1828. 837AMeaning of “research and development”. Repealed
  1829. 837BMeaning of “oil and gas exploration and appraisal”. Repealed
  1830. 837CMeaning of “offshore installation” Repealed
  1831. 838Subsidiaries. Repealed
  1832. 839Connected persons. Repealed
  1833. 840Meaning of “control” in certain contexts. Repealed
  1834. 840ZAMeaning of “tax advantage” Repealed
  1835. 840ABanks. Repealed
  1836. 841Meaning of “recognised stock exchange” etc Repealed
  1837. 841ARecognised clearing systems. Repealed
  1838. 842Investment trusts. Repealed
  1839. 842AAVenture capital trusts. Repealed
  1840. 842ALocal authorities. Repealed
  1841. 842BMeaning of . . . “property investment LLP” Repealed
  1842. Commencement, savings, repeals etc.
  1843. 843Commencement.
  1844. 844Savings, transitional provisions, consequential amendments and repeals.
  1845. 845Short title.
  1846. Schedule A1: Determination of profits attributable to permanent establishment: supplementary provisions
  1847. Part 1: Introduction
  1848. Introduction
  1849. 1Paragraph 1
  1850. Part 2: General provisions
  1851. Transactions treated as taking place at arm’s length
  1852. 2Paragraph 2
  1853. Application of general provision as to allowable deductions
  1854. 3Paragraph 3
  1855. Prohibition of deductions for payments in respect of intangible assets
  1856. 4Paragraph 4
  1857. Prohibition of deductions for interest or other financing costs
  1858. 5Paragraph 5
  1859. Provision of goods or services for permanent establishment
  1860. 6Paragraph 6
  1861. Part 3: Provisions applicable to non-resident banks
  1862. Application of this Part
  1863. 7Paragraph 7
  1864. Non-resident banks: transfer of financial assets
  1865. 8Paragraph 8
  1866. Loans by non-resident banks: attribution of financial assets and profits arising
  1867. 9Paragraph 9
  1868. Borrowing by non-resident banks: permanent establishment acting as agent or intermediary
  1869. 10Paragraph 10
  1870. Schedule A2: Corporation tax: the non-corporate distribution rate: supplementary provisions
  1871. Part 1: General provisions
  1872. Introduction
  1873. 1Paragraph 1
  1874. Meaning of “non-corporate distribution”
  1875. 2Paragraph 2
  1876. Calculation of company’s “underlying rate of corporation tax”
  1877. 3Paragraph 3
  1878. Matching: distributions not exceeding basic profits
  1879. 4Paragraph 4
  1880. Matching: distributions exceeding basic profits
  1881. 5Paragraph 5
  1882. Part 2: Allocation of excess NCDs to other companies
  1883. Allocation of excess NCDs to other companies
  1884. 6Paragraph 6
  1885. Allocation of excess NCDs to other group companies
  1886. 7Paragraph 7
  1887. Allocation of excess NCDs: period or periods to which amount to be allocated
  1888. 8Paragraph 8
  1889. Allocation of excess NCDs: degrouping
  1890. 9Paragraph 9
  1891. Allocation of excess NCDs: procedure
  1892. 10Paragraph 10
  1893. Allocation of excess NCDs: amounts proving to be excessive
  1894. 11Paragraph 11
  1895. Allocation of excess NCDs to companies not resident in the United Kingdom
  1896. 12Paragraph 12
  1897. Part 3: Other supplementary provisions
  1898. Carry forward of excess NCDs
  1899. 13Paragraph 13
  1900. Definition of a group
  1901. 14Paragraph 14
  1902. Accounting period treated as ending if company ceases to be a member of a group
  1903. 15Paragraph 15
  1904. Treatment of distributions made otherwise than in an accounting period
  1905. 16Paragraph 16
  1906. Holding companies treated as carrying on a business
  1907. 17Paragraph 17
  1908. Interpretation
  1909. 18Paragraph 18
  1910. Schedule 1
  1911. Expenditure before 1964-65: deductions from rents
  1912. 1Paragraph 1
  1913. Expenditure before 1964-65: deductions from other receipts
  1914. 2Paragraph 2
  1915. Expenditure on sea walls before 1964-65
  1916. 3Paragraph 3
  1917. Schedule 2Schedule 2
  1918. Schedule 3
  1919. Part I: PUBLIC REVENUE DIVIDENDS ETC. PAYABLE TO THE BANK OF ENGLAND OR THE BANK OF IRELAND OR ENTRUSTED FOR PAYMENT TO THE BANK OF ENGLAND, THE BANK OF IRELAND OR THE NATIONAL DEBT COMMISSIONERS
  1920. 1Paragraph 1
  1921. 2Paragraph 2
  1922. 3Paragraph 3
  1923. 4Paragraph 4
  1924. Part II: PUBLIC REVENUE DIVIDENDS PAYABLE BY PUBLIC OFFICES AND DEPARTMENTS
  1925. 5Paragraph 5
  1926. Part III: OTHER PUBLIC REVENUE DIVIDENDS, FOREIGN DIVIDENDS AND PROCEEDS OF COUPONS
  1927. 6Paragraph 6
  1928. 6AParagraph 6A
  1929. 6BParagraph 6B
  1930. 6CParagraph 6C
  1931. 6DParagraph 6D
  1932. 6EParagraph 6E
  1933. 6FParagraph 6F
  1934. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1935. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1936. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1937. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1938. 11Paragraph 11
  1939. 12Paragraph 12
  1940. 13Paragraph 13
  1941. 14Paragraph 14
  1942. Part IV: INTEREST PAYABLE OUT OF THE PUBLIC REVENUE OF THE REPUBLIC OF IRELAND ETC.
  1943. 15Paragraph 15
  1944. Schedule 4
  1945. Interpretation
  1946. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1947. Charge to tax after acquisition of certain securities
  1948. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1949. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1950. Charge to tax on disposal of securities
  1951. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1952. Deduction of income element from total profits of company and allowance as charge on income
  1953. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1954. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1955. Disposals
  1956. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1957. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1958. Securities issued and owned by associated companies or group companies
  1959. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1960. Close companies
  1961. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1962. Early redemption
  1963. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1964. 11A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1965. Issue price
  1966. 11B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1967. Identification of securities disposed of
  1968. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1969. Information
  1970. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1971. Charities
  1972. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1973. Retirement benefit schemes
  1974. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1975. Stock lending
  1976. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1977. Trustees
  1978. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1979. Underwriters
  1980. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1981. Gilts: special rules
  1982. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1983. Non-gilts: special rules
  1984. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1985. Convertible securities: special rules
  1986. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  1987. Schedule 4AA
  1988. Introductory
  1989. 1Paragraph 1
  1990. Deduction for providing free or matching shares
  1991. 2Paragraph 2
  1992. Deduction for additional expenses in providing partnership shares
  1993. 3Paragraph 3
  1994. Cases in which no deduction is allowed
  1995. 4Paragraph 4
  1996. No deduction for expenses in providing dividend shares
  1997. 5Paragraph 5
  1998. Treatment of forfeited shares
  1999. 6Paragraph 6
  2000. Deduction for costs of setting up the plan
  2001. 7Paragraph 7
  2002. Deductions for contributions to running expenses of plan
  2003. 8Paragraph 8
  2004. Deduction for contribution to plan trust
  2005. 9Paragraph 9
  2006. Withdrawal of deduction under paragraph 9
  2007. 10Paragraph 10
  2008. Withdrawal of deductions on withdrawal of approval
  2009. 11Paragraph 11
  2010. Termination of plan: shares acquired as mentioned in paragraph 9 but not yet awarded
  2011. 12Paragraph 12
  2012. Application of provisions to expenses of management of companies with investment business etc
  2013. 13Paragraph 13
  2014. Schedule 4A: CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS
  2015. 1Introduction
  2016. 2Qualifying trade, profession or vocation
  2017. 3Circumstances in which claim may be made
  2018. 4Years in respect of which claim may be made
  2019. 5Time limit for claim
  2020. 6Adjustment of profits on averaging claim
  2021. 7How averaging claim is given effect
  2022. 8Extension of time for making other claims
  2023. 9Giving effect to late claim for other relief
  2024. 10Effect of later adjustment of profits
  2025. 11Interpretation of references to profits
  2026. 12Interpretation of references to amount chargeable to tax
  2027. 13Meaning of “claim” and “associated claim”
  2028. 14Meaning of “tax year”
  2029. Schedule 5
  2030. Farming: the general rule
  2031. 1Paragraph 1
  2032. Farming: election for the herd basis
  2033. 2Paragraph 2
  2034. 3Paragraph 3
  2035. Farming: provisions applicable to special cases
  2036. 4Paragraph 4
  2037. 5Paragraph 5
  2038. 6Paragraph 6
  2039. Exclusion of working animals, and interpretation of preceding provisions
  2040. 7Paragraph 7
  2041. 8Paragraph 8
  2042. Application of preceding provisions to trades other than farming, creatures other than animals, and animals and creatures kept singly
  2043. 9Paragraph 9
  2044. Supplemental and saving
  2045. 10Paragraph 10
  2046. 11Paragraph 11
  2047. 12Paragraph 12
  2048. Schedule 5AA
  2049. Charge to tax etc.
  2050. 1Paragraph 1
  2051. Transactions to which Schedule applies
  2052. 2Paragraph 2
  2053. Production of guaranteed return
  2054. 3Paragraph 3
  2055. Disposals of futures or options
  2056. 4Paragraph 4
  2057. Futures running to delivery and options exercised
  2058. 4AParagraph 4A
  2059. The return from one or more disposals
  2060. 5Paragraph 5
  2061. Related transactions
  2062. 6Paragraph 6
  2063. Special rule for trusts
  2064. 7Paragraph 7
  2065. Transfer of assets abroad
  2066. 8Paragraph 8
  2067. Apportionment in the case of insurance companies
  2068. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2069. Schedule 5A: Stock lending: interest on cash collateral
  2070. Introductory
  2071. 1Paragraph 1
  2072. Treatment of interest earned on cash collateral
  2073. 2Paragraph 2
  2074. Application of paragraph 2 in case of chain of arrangements
  2075. 3Paragraph 3
  2076. Interpretation
  2077. 4Paragraph 4
  2078. Schedule 6
  2079. ITables of Flat Rate Cash Equivalents
  2080. Part II: SUPPLEMENTARY PROVISIONS
  2081. Cash equivalent
  2082. 1Paragraph 1
  2083. The appropriate percentage
  2084. 2Paragraph 2
  2085. Car with CO2 emissions figure
  2086. 3Paragraph 3
  2087. The lower threshold
  2088. 4Paragraph 4
  2089. Bi-fuel cars
  2090. 5Paragraph 5
  2091. Automatic cars made available to disabled drivers
  2092. 5AParagraph 5A
  2093. “EC certificate of conformity", “EC type-approval certificate" and “UK approval certificate"
  2094. 5BParagraph 5B
  2095. Car with no CO2 emissions figure
  2096. 5CParagraph 5C
  2097. Diesel car supplement
  2098. 5DParagraph 5D
  2099. Discounts
  2100. 5EParagraph 5E
  2101. Car registered before 1st January 1998
  2102. 5FParagraph 5F
  2103. Electrically propelled vehicle
  2104. 5GParagraph 5G
  2105. Reduction for periods when car unavailable
  2106. 6Paragraph 6
  2107. Reduction for payments for use of car
  2108. 7Paragraph 7
  2109. Replacement cars
  2110. 8Paragraph 8
  2111. Meaning of “unavailable”
  2112. 9Paragraph 9
  2113. General
  2114. 10Paragraph 10
  2115. Schedule 6A
  2116. Part I: Basic Case
  2117. Cash equivalent
  2118. 1Paragraph 1
  2119. Reductions for periods where van unavailable
  2120. 2Paragraph 2
  2121. Reduction for payments for use of van
  2122. 3Paragraph 3
  2123. Part II: SHARED VANS
  2124. Introduction
  2125. 4Paragraph 4
  2126. Benefit to employee
  2127. 5Paragraph 5
  2128. Basic value
  2129. 6Paragraph 6
  2130. Limit of benefit
  2131. 7Paragraph 7
  2132. Alternative calculation
  2133. 8Paragraph 8
  2134. Reduction for payments for use
  2135. 9Paragraph 9
  2136. Part III: GENERAL
  2137. Interaction of Parts I and II
  2138. 10Paragraph 10
  2139. Limit of cash equivalent
  2140. 11Paragraph 11
  2141. Interpretation
  2142. 12Paragraph 12
  2143. Schedule 7
  2144. Part I: MEANING OF “OBTAINED BY REASON OF EMPLOYMENT”
  2145. 1Paragraph 1
  2146. 2Paragraph 2
  2147. Part II: CALCULATION OF CASH EQUIVALENT OF LOAN BENEFIT
  2148. General
  2149. 3Paragraph 3
  2150. Normal method of calculation (averaging)
  2151. 4Paragraph 4
  2152. Election for alternative method of calculation
  2153. 5Paragraph 5
  2154. Apportionment of cash equivalent in case of joint loan etc.
  2155. 5AParagraph 5A
  2156. Part III: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  2157. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2158. 7Paragraph 7
  2159. 8Paragraph 8
  2160. 9Paragraph 9
  2161. 10Paragraph 10
  2162. 11Paragraph 11
  2163. 12Paragraph 12
  2164. 13Paragraph 13
  2165. Part IV: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  2166. 14Paragraph 14
  2167. 15Paragraph 15
  2168. 16Paragraph 16
  2169. 17Paragraph 17
  2170. 18Paragraph 18
  2171. Part V: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  2172. 19Paragraph 19
  2173. Schedule 7A: Beneficial loans: loans on ordinary commercial terms
  2174. Introduction
  2175. 1Paragraph 1
  2176. Requirements relating to original loan
  2177. 2Paragraph 2
  2178. Requirements relating to loan varied before 6th April 2000
  2179. 3Paragraph 3
  2180. Requirements relating to loan varied on or after 6th April 2000
  2181. 4Paragraph 4
  2182. Disregard of certain penalties, fees, etc.
  2183. 5Paragraph 5
  2184. Meaning of 'member of the public’
  2185. 6Paragraph 6
  2186. Schedule 8
  2187. Form
  2188. 1Paragraph 1
  2189. Employer and employment unit
  2190. 2Paragraph 2
  2191. 3Paragraph 3
  2192. 4Paragraph 4
  2193. Employees
  2194. 5Paragraph 5
  2195. 6Paragraph 6
  2196. 7Paragraph 7
  2197. 8Paragraph 8
  2198. Profit periods
  2199. 9Paragraph 9
  2200. 10Paragraph 10
  2201. Distributable pool
  2202. 11Paragraph 11
  2203. 12Paragraph 12
  2204. 13Paragraph 13
  2205. 13AParagraph 13A
  2206. 14Paragraph 14
  2207. 14AParagraph 14A
  2208. 15Paragraph 15
  2209. Payment from distributable pool etc.
  2210. 16Paragraph 16
  2211. 17Paragraph 17
  2212. 18Paragraph 18
  2213. Ascertainment of profits
  2214. 19Paragraph 19
  2215. 19AParagraph 19A
  2216. 20Paragraph 20
  2217. Parts of undertakings
  2218. 21Paragraph 21
  2219. 22Paragraph 22
  2220. 23Paragraph 23
  2221. 24Paragraph 24
  2222. Schedule 9: APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
  2223. Part I: GENERAL
  2224. 1Paragraph 1
  2225. 2Paragraph 2
  2226. 3Paragraph 3
  2227. 4Paragraph 4
  2228. 5Paragraph 5
  2229. 6Paragraph 6
  2230. Part II: REQUIREMENTS GENERALLY APPLICABLE
  2231. 7Paragraph 7
  2232. 8Paragraph 8
  2233. 8AParagraph 8A
  2234. 9Paragraph 9
  2235. 10Paragraph 10
  2236. 11Paragraph 11
  2237. 11AParagraph 11A
  2238. 12Paragraph 12
  2239. 13Paragraph 13
  2240. 14Paragraph 14
  2241. 15Paragraph 15
  2242. Part III: REQUIREMENTS APPLICABLE TO SAVINGS-RELATED SHARE OPTION SCHEMES
  2243. 16Paragraph 16
  2244. 17Paragraph 17
  2245. 18Paragraph 18
  2246. 19Paragraph 19
  2247. 20Paragraph 20
  2248. 21Paragraph 21
  2249. 22Paragraph 22
  2250. 23Paragraph 23
  2251. 24Paragraph 24
  2252. 25Paragraph 25
  2253. 26Paragraph 26
  2254. Part IV: REQUIREMENTS APPLICABLE TO OTHER SHARE OPTION SCHEMES
  2255. 27Paragraph 27
  2256. 28Paragraph 28
  2257. 29Paragraph 29
  2258. Part V: REQUIREMENTS APPLICABLE TO PROFIT SHARING SCHEMES
  2259. 30Paragraph 30
  2260. 31Paragraph 31
  2261. 32Paragraph 32
  2262. 33Paragraph 33
  2263. 34Paragraph 34
  2264. 35Paragraph 35
  2265. 36Paragraph 36
  2266. Part VI: MATERIAL INTEREST TEST
  2267. Interests under trusts
  2268. 37Paragraph 37
  2269. Options etc.
  2270. 38Paragraph 38
  2271. Shares held by trustees of approved profit sharing schemes
  2272. 39Paragraph 39
  2273. Shares subject to an employee benefit trust
  2274. 40Paragraph 40
  2275. Schedule 10: FURTHER PROVISIONS RELATING TO PROFIT SHARING SCHEMES
  2276. Limitations on contractual obligations of participants
  2277. 1Paragraph 1
  2278. The period of retention
  2279. 2Paragraph 2
  2280. The appropriate percentage
  2281. 3Paragraph 3
  2282. 3AParagraph 3A
  2283. Capital receipts
  2284. 4Paragraph 4
  2285. Company reconstructions
  2286. 5Paragraph 5
  2287. 5AParagraph 5A
  2288. Excess or unauthorised shares
  2289. 6Paragraph 6
  2290. P.A.Y.E. deduction of tax
  2291. 7Paragraph 7
  2292. Schedule 11
  2293. Introductory
  2294. 1Paragraph 1
  2295. Payments and other benefits to which section 148 applies
  2296. 2Paragraph 2
  2297. Payments and other benefits excluded from charge under section 148
  2298. 3Paragraph 3
  2299. 4Paragraph 4
  2300. 5Paragraph 5
  2301. 6Paragraph 6
  2302. Application of £30,000 threshold
  2303. 7Paragraph 7
  2304. 8Paragraph 8
  2305. Exclusion or reduction of charge in case of foreign service
  2306. 9Paragraph 9
  2307. 10Paragraph 10
  2308. 11Paragraph 11
  2309. Valuation of benefits
  2310. 12Paragraph 12
  2311. Notional interest treated as paid if amount charged in respect of beneficial loan
  2312. 13Paragraph 13
  2313. Giving effect to the charge to tax
  2314. 14Paragraph 14
  2315. Reporting requirements
  2316. 15Paragraph 15
  2317. Interpretation
  2318. 16Paragraph 16
  2319. Schedule 11A
  2320. Part I: TAX RELIEF
  2321. 1Paragraph 1
  2322. 2Paragraph 2
  2323. Part II: QUALIFYING EXPENSES AND QUALIFYING BENEFITS
  2324. Qualifying removal expenses
  2325. 3Paragraph 3
  2326. Qualifying removal benefits
  2327. 4Paragraph 4
  2328. Connection with employment
  2329. 5Paragraph 5
  2330. The relevant day
  2331. 6Paragraph 6
  2332. Part III: ELIGIBLE REMOVAL EXPENSES
  2333. Introduction
  2334. 7Paragraph 7
  2335. Expenses of disposal
  2336. 8Paragraph 8
  2337. Expenses of acquisition
  2338. 9Paragraph 9
  2339. Expenses of abortive acquisition
  2340. 10Paragraph 10
  2341. Expenses of transporting belongings
  2342. 11Paragraph 11
  2343. Travelling and subsistence expenses
  2344. 12Paragraph 12
  2345. Bridging loan expenses
  2346. 13Paragraph 13
  2347. Duplicate expenses
  2348. 14Paragraph 14
  2349. Power to amend
  2350. 15Paragraph 15
  2351. Part IV: ELIGIBLE REMOVAL BENEFITS
  2352. Introduction
  2353. 16Paragraph 16
  2354. Benefits in respect of disposal
  2355. 17Paragraph 17
  2356. Benefits in respect of acquisition
  2357. 18Paragraph 18
  2358. Benefits in respect of abortive acquisition
  2359. 19Paragraph 19
  2360. Benefits in respect of the transporting of belongings
  2361. 20Paragraph 20
  2362. Travelling and subsistence benefits
  2363. 21Paragraph 21
  2364. Benefits in respect of new residence
  2365. 22Paragraph 22
  2366. Power to amend
  2367. 23Paragraph 23
  2368. Part V: THE QUALIFYING LIMIT
  2369. 24Paragraph 24
  2370. Part VI: GENERAL
  2371. Interpretation
  2372. 25Paragraph 25
  2373. 26Paragraph 26
  2374. 27Paragraph 27
  2375. 28Paragraph 28
  2376. Commencement
  2377. 29Paragraph 29
  2378. Schedule 12
  2379. 1Paragraph 1
  2380. Amount of emoluments
  2381. 1AParagraph 1A
  2382. Emoluments eligible for relief
  2383. 2Paragraph 2
  2384. Qualifying periods
  2385. 3Paragraph 3
  2386. Supplementary
  2387. 4Paragraph 4
  2388. 5Paragraph 5
  2389. 6Paragraph 6
  2390. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2391. Schedule 12AAMILEAGE ALLOWANCES: INTERPRETATION
  2392. 1Introduction
  2393. 2Business travel
  2394. 3Qualifying vehicles
  2395. 4The approved amount: mileage allowance payments
  2396. 5The approved amount: passenger payments
  2397. 6Company vehicles
  2398. 7Employment
  2399. 8Tax year
  2400. Schedule 12A: Ordinary commuting and private travel
  2401. Introduction
  2402. 1Paragraph 1
  2403. Ordinary commuting and private travel
  2404. 2Paragraph 2
  2405. 3Paragraph 3
  2406. Permanent and temporary workplaces
  2407. 4Paragraph 4
  2408. The 24 month rule and fixed term appointments
  2409. 5Paragraph 5
  2410. Depots and bases
  2411. 6Paragraph 6
  2412. Area-based employees
  2413. 7Paragraph 7
  2414. Schedule 13
  2415. Duty to make returns
  2416. 1Paragraph 1
  2417. Contents of return
  2418. 2Paragraph 2
  2419. Payment of tax
  2420. 3Paragraph 3
  2421. International headquarters companies
  2422. 3A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2423. 3B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2424. Receipt of franked investment income after payment of advance corporation tax
  2425. 4Paragraph 4
  2426. Receipt of foreign income dividends after payment of advance corporation tax
  2427. 4A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2428. Claims for set-off in respect of franked investment income received by a company
  2429. 5Paragraph 5
  2430. 6Paragraph 6
  2431. Claims for set-off in respect of foreign income dividends received by a company
  2432. 6A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2433. Qualifying distributions which are not payments and payments of uncertain nature
  2434. 7Paragraph 7
  2435. Amended return where company becomes aware of an error
  2436. 7AParagraph 7A
  2437. Items included in error
  2438. 8Paragraph 8
  2439. Qualifying distribution made otherwise than in an accounting period
  2440. 9Paragraph 9
  2441. Manufactured foreign income dividends
  2442. 9A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2443. Assessments and due date of tax
  2444. 10Paragraph 10
  2445. Schedule 13A: Surrenders of advance corporation tax
  2446. General
  2447. 1Paragraph 1
  2448. Multiple claims
  2449. 2Paragraph 2
  2450. Content of claims etc.
  2451. 3Paragraph 3
  2452. Time limit for claims
  2453. 4Paragraph 4
  2454. Claim to be included in return where possible
  2455. 5Paragraph 5
  2456. 6Paragraph 6
  2457. Contents of notices of withdrawal, etc.
  2458. 7Paragraph 7
  2459. Simultaneous claims and withdrawals of claims
  2460. 8Paragraph 8
  2461. Time limit for withdrawing claims
  2462. 9Paragraph 9
  2463. No amendment of claims
  2464. 10Paragraph 10
  2465. Further self-assessments by the surrendering company
  2466. 11Paragraph 11
  2467. 12Paragraph 12
  2468. Further self-assessments by subsidiary
  2469. 13Paragraph 13
  2470. Standard provisions about enquiries into self-assessments
  2471. 14Paragraph 14
  2472. Repayments
  2473. 15Paragraph 15
  2474. Schedule 13B: Children’s Tax Credit
  2475. Child living with more than one adult: married and unmarried couples
  2476. 1Paragraph 1
  2477. 2Paragraph 2
  2478. 3Paragraph 3
  2479. 4Paragraph 4
  2480. 5Paragraph 5
  2481. Child living with more than one adult: other cases
  2482. 6Paragraph 6
  2483. Combined cases
  2484. 7Paragraph 7
  2485. Change of circumstances
  2486. 8Paragraph 8
  2487. Schedule 14: PROVISIONS ANCILLARY TO SECTION 266
  2488. Part I: MODIFICATION OF SECTION 266 IN CERTAIN CASES
  2489. Spouses and civil partners
  2490. 1Paragraph 1
  2491. Premiums payable to friendly societies and industrial assurance companies
  2492. 2Paragraph 2
  2493. 3Paragraph 3
  2494. Part II: SUPPLEMENTARY PROVISIONS AS TO RELIEF UNDER SECTION 266
  2495. 4Paragraph 4
  2496. 5Paragraph 5
  2497. 6Paragraph 6
  2498. 7Paragraph 7
  2499. 8Paragraph 8
  2500. Schedule 15: QUALIFYING POLICIES
  2501. Part A1: Premium limit for qualifying policies
  2502. Premium limit for qualifying policies to apply from 6 April 2013
  2503. A1Paragraph A1
  2504. Restricted relief qualifying policies
  2505. A2Paragraph A2
  2506. The premium limit for qualifying policies
  2507. A3Paragraph A3
  2508. Protected policies
  2509. A4Paragraph A4
  2510. How to determine if an individual is a beneficiary under a policy
  2511. A5Paragraph A5
  2512. Further definitions
  2513. A6Paragraph A6
  2514. Part I: QUALIFYING CONDITIONS
  2515. Chapter: RULES FOR QUALIFYING POLICIES
  2516. Rights to be beneficially owned by individuals only
  2517. B1Paragraph B1
  2518. Assignments
  2519. B2Paragraph B2
  2520. Required statements
  2521. B3Paragraph B3
  2522. Chapter: General rules applicable to whole life and term assurances
  2523. 1Paragraph 1
  2524. Chapter: General rules applicable to endowment assurances
  2525. 2Paragraph 2
  2526. Chapter: Special types of policy
  2527. (i)Friendly Society policies
  2528. 3Paragraph 3
  2529. 4Paragraph 4
  2530. 5Paragraph 5 Repealed
  2531. 6Paragraph 6
  2532. 6AParagraph 6A
  2533. (ii) Industrial assurance policies
  2534. 7Paragraph 7
  2535. 8Paragraph 8
  2536. 8AParagraph 8A
  2537. (iii) Family income policies and mortgage protection
  2538. 9Paragraph 9
  2539. Chapter: Other special provisions
  2540. (i) Short-term assurances
  2541. 10Paragraph 10
  2542. (ii) Personal accident insurance
  2543. 11Paragraph 11
  2544. (iii) Exceptional risk of death or disability
  2545. 12Paragraph 12
  2546. (iv) Connected policies
  2547. 13Paragraph 13
  2548. 14Paragraph 14
  2549. (v) Premiums paid out of sums due under previous policies
  2550. 15Paragraph 15
  2551. (vi) Additional premiums under section 72(9) of the Ginance Act 1984
  2552. 16Paragraph 16
  2553. (viii) Substituitions and variations
  2554. 17Paragraph 17
  2555. 18Paragraph 18
  2556. 19Paragraph 19
  2557. 20Paragraph 20
  2558. (viii) Policy reinstated after non-payment of premium
  2559. 20ZAParagraph 20ZA
  2560. Meaning of “industrial assurance business”
  2561. 20AParagraph 20A
  2562. Part II: CERTIFICATION OF QUALIFYING POLICIES
  2563. Policies issued in respect of insurances made on or after 1st April 1976 or varied on or after that date
  2564. 21Paragraph 21 Repealed
  2565. 22Paragraph 22 Repealed
  2566. Part III: POLICIES ISSUED BY NON-RESIDENT COMPANIES
  2567. 23Paragraph 23
  2568. 24Paragraph 24
  2569. 25Paragraph 25
  2570. 26Paragraph 26
  2571. 27Paragraph 27
  2572. Schedule 15A: CONTRACTUAL SAVINGS SCHEMES
  2573. Introduction
  2574. 1Paragraph 1
  2575. Share option linked schemes
  2576. 2Paragraph 2
  2577. Relevant European institutions
  2578. 3Paragraph 3
  2579. Treasury specifications
  2580. 4Paragraph 4
  2581. 5Paragraph 5
  2582. 6Paragraph 6
  2583. Treasury authorisation
  2584. 7Paragraph 7
  2585. 8Paragraph 8
  2586. 9Paragraph 9
  2587. 10Paragraph 10
  2588. 11Paragraph 11
  2589. 12Paragraph 12
  2590. Schedule 15B: Venture Capital Trusts: Relief from Income Tax
  2591. Part I: Relief on investment
  2592. Entitlement to claim relief
  2593. 1Paragraph 1
  2594. Loan-linked investments
  2595. 2Paragraph 2
  2596. Loss of investment relief
  2597. 3Paragraph 3
  2598. Assessment on withdrawal or reduction of relief
  2599. 4Paragraph 4
  2600. Provision of information
  2601. 5Paragraph 5
  2602. Interpretation of Part I
  2603. 6Paragraph 6
  2604. Part II: Relief on distributions
  2605. 7Paragraph 7 Repealed
  2606. Meaning of “permitted maximum”
  2607. 8Paragraph 8 Repealed
  2608. Interpretation of Part II
  2609. 9Paragraph 9 Repealed
  2610. Schedule 16
  2611. Interpretation
  2612. 1Paragraph 1
  2613. Duty to make returns
  2614. 2Paragraph 2
  2615. Contents of returns
  2616. 3Paragraph 3
  2617. Payment of tax
  2618. 4Paragraph 4
  2619. Set-off of income tax borne on company income against tax payable
  2620. 5Paragraph 5
  2621. 6Paragraph 6
  2622. 7Paragraph 7
  2623. Amended return where company becomes aware of an error
  2624. 7AParagraph 7A
  2625. Items included in error
  2626. 8Paragraph 8
  2627. Relevant payment made otherwise than in accounting period
  2628. 9Paragraph 9
  2629. Assessments and due date of tax
  2630. 10Paragraph 10
  2631. Saving
  2632. 11Paragraph 11
  2633. Schedule 17
  2634. Part I: DIVISION OF ACCOUNTING PERIODS COVERING 1st APRIL 1987
  2635. 1Paragraph 1
  2636. 2Paragraph 2
  2637. 3Paragraph 3
  2638. Part II: EARLY PAYMENTS OF INTEREST ETC. AND CHARGES ON INCOME
  2639. Interpretation
  2640. 4Paragraph 4
  2641. Early payment of interest etc.
  2642. 5Paragraph 5
  2643. Early payment of charges on income
  2644. 6Paragraph 6
  2645. Appeals
  2646. 7Paragraph 7
  2647. Part III: GENERAL
  2648. 8Paragraph 8
  2649. Schedule 17A
  2650. Introductory
  2651. 1Paragraph 1
  2652. Time limits
  2653. 2Paragraph 2
  2654. 3Paragraph 3
  2655. 4Paragraph 4
  2656. 5Paragraph 5
  2657. Method of making claim
  2658. 6Paragraph 6
  2659. Nature of claim
  2660. 7Paragraph 7
  2661. 8Paragraph 8
  2662. 9Paragraph 9
  2663. Consent to surrender
  2664. 10Paragraph 10
  2665. 11Paragraph 11
  2666. Adjustments
  2667. 12Paragraph 12
  2668. Schedule 18
  2669. 1Paragraph 1
  2670. 1AParagraph 1A
  2671. 2Paragraph 2
  2672. 3Paragraph 3
  2673. 4Paragraph 4
  2674. 5Paragraph 5
  2675. 5AParagraph 5A
  2676. 5BParagraph 5B
  2677. 5CParagraph 5C
  2678. 5DParagraph 5D
  2679. 5EParagraph 5E
  2680. 5FParagraph 5F
  2681. 6Paragraph 6
  2682. 7Paragraph 7
  2683. Schedule 18A
  2684. Part 1: Meaning of conditions for the purposes of section 403F
  2685. Introduction
  2686. 1Paragraph 1
  2687. The equivalence condition
  2688. 2Paragraph 2
  2689. The EEA tax loss condition: companies resident in EEA territory
  2690. 3Paragraph 3
  2691. The EEA tax loss condition: companies not resident in EEA territory
  2692. 4Paragraph 4
  2693. The qualifying loss condition
  2694. 5Paragraph 5
  2695. Qualifying relief for current period and previous periods
  2696. 6Paragraph 6
  2697. Qualifying relief for future periods
  2698. 7Paragraph 7
  2699. Amount not given other qualifying relief under law of territory outside UK
  2700. 8Paragraph 8
  2701. Precedence condition
  2702. 9Paragraph 9
  2703. Part 2: Application of UK rules to non-resident company
  2704. Introduction
  2705. 10Paragraph 10
  2706. Basic rules
  2707. 11Paragraph 11
  2708. Assumptions as to UK residence
  2709. 12Paragraph 12
  2710. Assumptions as to places in which activities carried out
  2711. 13Paragraph 13
  2712. Deemed accounting period
  2713. 14Paragraph 14
  2714. Capital allowances
  2715. 15Paragraph 15
  2716. Applicable UK tax rules
  2717. 16Paragraph 16
  2718. Part 3: Definitions for the purposes of this Schedule
  2719. Charge to tax under the law of any territory outside the United Kingdom
  2720. 17Paragraph 17
  2721. Schedule 19
  2722. Part I: DETERMINATION OF RELEVANT INCOME AND DISTRIBUTIONS
  2723. Relevant income
  2724. 1Paragraph 1
  2725. Maximum amount of relevant income
  2726. 2Paragraph 2
  2727. Distributions
  2728. 3Paragraph 3
  2729. Distributable income and estate or trading income
  2730. 4Paragraph 4
  2731. 5Paragraph 5
  2732. 6Paragraph 6
  2733. Meaning of “trading company” and “member of a trading group”
  2734. 7Paragraph 7
  2735. Requirements of a company’s business
  2736. 8Paragraph 8
  2737. 9Paragraph 9
  2738. Cessations and liquidations
  2739. 10Paragraph 10
  2740. Legal restrictions on distributions
  2741. 11Paragraph 11
  2742. Stock dividends
  2743. 12Paragraph 12
  2744. Part II: PROCEDURE
  2745. Notice of amount to be apportioned
  2746. 13Paragraph 13
  2747. Notice of manner of apportionment
  2748. 14Paragraph 14
  2749. Revision of apportionment
  2750. 15Paragraph 15
  2751. Protection by transmission of accounts
  2752. 16Paragraph 16
  2753. Information
  2754. 17Paragraph 17
  2755. Exercise of functions by the Board
  2756. 18Paragraph 18
  2757. Schedule 19AA
  2758. 1Paragraph 1
  2759. 2Paragraph 2
  2760. 3Paragraph 3
  2761. 4Paragraph 4
  2762. 5Paragraph 5
  2763. Schedule 19AB
  2764. Entitlement to certain payments on account
  2765. 1Paragraph 1
  2766. Changes in the provisional fraction
  2767. 2Paragraph 2
  2768. Repayment, with interest, of excessive provisional repayments
  2769. 3Paragraph 3
  2770. Reduced entitlement during transitional period
  2771. 4Paragraph 4
  2772. Transitional application of pay and file provisions
  2773. 5Paragraph 5
  2774. Interpretation
  2775. 6Paragraph 6
  2776. Schedule 19ABA
  2777. Part 1: INTRODUCTORY
  2778. 1Paragraph 1
  2779. Part 2: MODIFICATIONS OF THIS ACT
  2780. 2Paragraph 2
  2781. Modification of section 76 (expenses of insurance companies)
  2782. 3Paragraph 3
  2783. Modification of section 431 (interpretative provisions relating to insurance companies)
  2784. 4Paragraph 4
  2785. Modification of section 432B (apportionment of receipts brought into account)
  2786. 5Paragraph 5
  2787. Modification of section 432E (section 432B apportionment: participating funds)
  2788. 6Paragraph 6
  2789. Modification of section 432F (section 432B apportionment: supplementary provisions)
  2790. 7Paragraph 7
  2791. Modification of section 444AA (transfers of business: deemed periodic return)
  2792. 8Paragraph 8
  2793. Modification of section 444ABA (relevant non-transferred assets)
  2794. 8AParagraph 8A
  2795. Modification of section 444ABB (retained assets)
  2796. 8BParagraph 8B
  2797. Modification of section 444ABD (transferor's period of account including transfer)
  2798. 8CParagraph 8C
  2799. Modification of section 444AC (transfer schemes: reduction of income of transferee)
  2800. 8DParagraph 8D
  2801. Modification of section 444AE (transfers of business: FAFTS)
  2802. 8EParagraph 8E
  2803. Modification of section 444AEA (transfer schemes: anti-avoidance rule)
  2804. 8FParagraph 8F
  2805. . . .
  2806. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2807. . . .
  2808. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2809. . . .
  2810. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2811. Part 3: MODIFICATION OF THE FINANCE ACT 1989
  2812. Modification of the Finance Act 1989
  2813. 12Paragraph 12
  2814. Modification of section 82B (unappropriated surplus on valuation)
  2815. 13Paragraph 13
  2816. Modification of section 82D (treatment of profits: life assurance—adjustment consequent on change in Insurance Prudential Sourcebook)
  2817. 14Paragraph 14
  2818. Modification of section 82E (section 82D: treatment of transferors under insurance business transfer schemes)
  2819. 15Paragraph 15
  2820. Modification of section 82 (section 82D: treatment of transferees under insurance business transfer schemes)
  2821. 16Paragraph 16
  2822. Modification of section 83 (receipts to be taken into account)
  2823. 17Paragraph 17
  2824. Modification of section 83XA (structural assets)
  2825. 18Paragraph 18
  2826. Modification of section 83YA (changes in value of assets brought into account: non-profit companies)
  2827. 19Paragraph 19
  2828. Modification of section 83YB (meaning of “appropriate line 51” amount for purposes of section 83YA)
  2829. 20Paragraph 20
  2830. Modification of section 83YC to 83YF (financing-arrangement-funded transfers)
  2831. 20AParagraph 20A
  2832. Modification of section 83A (meaning of brought into account)
  2833. 21Paragraph 21
  2834. Modification of section 83B (changes in recognised accounts: attribution of amounts carried forward under section 432F of Taxes Act 1988)
  2835. 22Paragraph 22
  2836. Modification of section 85A (excess adjusted life assurance trade profits)
  2837. 23Paragraph 23
  2838. Modification of section 86 (spreading of relief for acquisition expenses)
  2839. 24Paragraph 24
  2840. Modification of section 89 (policy holders' share of profits)
  2841. 25Paragraph 25
  2842. Part 4: Modification of Part 2 of TIOPA 2010 (double taxation relief)
  2843. 26Paragraph 26
  2844. Modification of section 102 (interpreting sections 99 to 101 for life assurance or gross roll-up business)
  2845. 27Paragraph 27
  2846. Modification of section 103 (interpreting sections 99 to 101 for other insurance business)
  2847. 28Paragraph 28
  2848. Schedule 19AC
  2849. 1Paragraph 1
  2850. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2851. 3Paragraph 3
  2852. 4Paragraph 4
  2853. 4AParagraph 4A
  2854. 5Paragraph 5
  2855. 5ZAParagraph 5ZA
  2856. 5AParagraph 5A
  2857. 5BParagraph 5B
  2858. 5CParagraph 5C
  2859. 6Paragraph 6
  2860. 6AParagraph 6A
  2861. 7Paragraph 7
  2862. 8Paragraph 8
  2863. 9Paragraph 9
  2864. 9A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2865. 9BParagraph 9B
  2866. 9C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2867. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2868. 10A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2869. 10AAParagraph 10AA
  2870. 10BParagraph 10B
  2871. 10CParagraph 10C
  2872. 11Paragraph 11
  2873. 11AParagraph 11A
  2874. 11BParagraph 11B
  2875. 11CParagraph 11C
  2876. 12Paragraph 12
  2877. 13Paragraph 13
  2878. 14Paragraph 14
  2879. 14AParagraph 14A
  2880. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  2881. Schedule 19A: UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX
  2882. Preliminary
  2883. 1Paragraph 1
  2884. Returns by managing agent
  2885. 2Paragraph 2
  2886. Repayment claims by managing agent
  2887. 2AParagraph 2A
  2888. Returns by members’ agent
  2889. 2BParagraph 2B
  2890. Payments on account of tax
  2891. 3Paragraph 3
  2892. Assessments on members’ agent
  2893. 3AParagraph 3A
  2894. Determinations by inspector
  2895. 4Paragraph 4
  2896. Appeals
  2897. 5Paragraph 5
  2898. Modification of determinations pending appeal
  2899. 6Paragraph 6
  2900. Apportionments of syndicate profit or loss
  2901. 7Paragraph 7
  2902. Individual members: effect of determinations
  2903. 8Paragraph 8
  2904. Assessment of individual members: time limits
  2905. 9Paragraph 9
  2906. Supplemental: penalties
  2907. 10Paragraph 10
  2908. Supplemental: interest
  2909. 11Paragraph 11
  2910. Schedule 19B: Petroleum extraction activities: exploration expenditure supplement
  2911. Part 1: Introductory
  2912. 1About this Schedule
  2913. Part 2: Application and interpretation
  2914. 2Qualifying companies
  2915. 3Accounting periods
  2916. 4The relevant percentage
  2917. 5Limit on number of accounting periods for which supplement may be claimed
  2918. 6Qualifying E&A expenditure
  2919. 7Unrelieved group ring fence profits for accounting periods
  2920. 8Taxable ring fence profits of an accounting period
  2921. Part 3: Pre-commencement supplement
  2922. 9Supplement in respect of a pre-commencement accounting period
  2923. 10The mixed pool of qualifying E&A expenditure and supplement previously allowed
  2924. 11Treatment of disposal value on disposal of oil licence with exploitation value
  2925. 12Reduction in respect of unrelieved group ring fence profits
  2926. 13The reference amount for a pre-commencement period
  2927. 14Claims for pre-commencement supplement
  2928. Part 4: Post-commencement supplement
  2929. 15Supplement in respect of a post-commencement period
  2930. 16Amount of post-commencement supplement for a post-commencement period
  2931. 17Ring fence losses and qualifying E&A losses
  2932. 18Ring fence losses and non-qualifying losses
  2933. 18ASpecial rule for straddling periods
  2934. 19The pool of qualifying E&A losses and the pool of non-qualifying losses
  2935. 20The non-qualifying pool
  2936. 21The qualifying pool
  2937. 22Reductions in respect of utilised ring fence losses
  2938. 23Reductions in respect of unrelieved group ring fence profits
  2939. 24The reference amount for a post-commencement period
  2940. Schedule 19C
  2941. Part 1: Introductory
  2942. About this Schedule
  2943. 1Paragraph 1
  2944. Part 2: Application and interpretation
  2945. Qualifying companies
  2946. 2Paragraph 2
  2947. Accounting periods
  2948. 3Paragraph 3
  2949. The relevant percentage
  2950. 4Paragraph 4
  2951. Limit on number of accounting periods for which supplement may be claimed
  2952. 5Paragraph 5
  2953. Qualifying pre-commencement expenditure
  2954. 6Paragraph 6
  2955. Unrelieved group ring fence profits for accounting periods
  2956. 7Paragraph 7
  2957. Taxable ring fence profits of an accounting period
  2958. 8Paragraph 8
  2959. Part 3: Pre-commencement supplement
  2960. Supplement in respect of a pre-commencement accounting period
  2961. 9Paragraph 9
  2962. The mixed pool of qualifying pre-commencement expenditure and supplement previously allowed
  2963. 10Paragraph 10
  2964. Reduction in respect of disposal receipts under the Capital Allowances Act
  2965. 11Paragraph 11
  2966. Reduction in respect of unrelieved group ring fence profits
  2967. 12Paragraph 12
  2968. The reference amount for a pre-commencement period
  2969. 13Paragraph 13
  2970. Claims for pre-commencement supplement
  2971. 14Paragraph 14
  2972. Part 4: Post-commencement supplement
  2973. Supplement in respect of a post-commencement period
  2974. 15Paragraph 15
  2975. Amount of post-commencement supplement for a post-commencement period
  2976. 16Paragraph 16
  2977. Ring fence losses
  2978. 17Paragraph 17
  2979. Special rule for straddling periods
  2980. 18Paragraph 18
  2981. The pool of ring fence losses and the pool of non-qualifying Schedule 19B losses
  2982. 19Paragraph 19
  2983. The ring fence pool
  2984. 20Paragraph 20
  2985. Reductions in respect of utilised ring fence losses
  2986. 21Paragraph 21
  2987. Reductions in respect of unrelieved group ring fence profits
  2988. 22Paragraph 22
  2989. The reference amount for a post-commencement period
  2990. 23Paragraph 23
  2991. Schedule 20
  2992. Part I: QUALIFYING INVESTMENTS
  2993. 1Paragraph 1
  2994. 2Paragraph 2
  2995. 3Paragraph 3
  2996. 3AParagraph 3A
  2997. 4Paragraph 4
  2998. 5Paragraph 5
  2999. 6Paragraph 6
  3000. 6AParagraph 6A
  3001. 7Paragraph 7
  3002. 7AParagraph 7A
  3003. 8Paragraph 8
  3004. 9Paragraph 9
  3005. Part II: QUALIFYING LOANS
  3006. 10Paragraph 10
  3007. Part III: ATTRIBUTION OF EXCESS NON-QUALIFYING EXPENDITURE TO EARLIER CHARGEABLE PERIODS
  3008. 11Paragraph 11
  3009. 12Paragraph 12
  3010. 13Paragraph 13
  3011. 14Paragraph 14
  3012. Schedule 21: TAX RELIEF IN CONNECTION WITH SCHEMES FOR RATIONALIZING INDUSTRY AND OTHER REDUNDANCY SCHEMES
  3013. Part I: PRELIMINARY
  3014. 1Paragraph 1
  3015. Part II: RELIEF IN RESPECT OF CERTAIN PAYMENTS
  3016. 2Paragraph 2
  3017. 3Paragraph 3 Repealed
  3018. 4Paragraph 4
  3019. 5Paragraph 5
  3020. 6Paragraph 6
  3021. Part III: EXCLUSION OF RELIEF IN RESPECT OF CONTRIBUTIONS PAID AFTER RELIEF HAS BEEN GIVEN UNDER PART II
  3022. 7Paragraph 7
  3023. 8Paragraph 8
  3024. 9Paragraph 9
  3025. 10Paragraph 10
  3026. Schedule 22
  3027. 1Paragraph 1
  3028. 2Paragraph 2
  3029. 3Paragraph 3
  3030. 4Paragraph 4
  3031. 5Paragraph 5
  3032. 6Paragraph 6
  3033. 7Paragraph 7
  3034. 7AParagraph 7A
  3035. 8Paragraph 8
  3036. Schedule 23
  3037. Preliminary
  3038. 1Paragraph 1
  3039. Accelerated accrual
  3040. 2Paragraph 2
  3041. 3Paragraph 3
  3042. 4Paragraph 4
  3043. Final remuneration
  3044. 5Paragraph 5
  3045. Lump sums
  3046. 6Paragraph 6
  3047. Additional voluntary contributions
  3048. 7Paragraph 7
  3049. 8Paragraph 8
  3050. Supplementary
  3051. 9Paragraph 9
  3052. Schedule 23ZA
  3053. Interpretation
  3054. 1Paragraph 1
  3055. Eligible schemes
  3056. 2Paragraph 2
  3057. Approval of eligible schemes as approved personal pension schemes
  3058. 3Paragraph 3
  3059. Excessive funding of certain individual members
  3060. 4Paragraph 4
  3061. Directions as to contributions between valuation and date of change etc.
  3062. 5Paragraph 5
  3063. Scheme rules to allow changes for purpose of conversion
  3064. 6Paragraph 6
  3065. Schedule 23A
  3066. Interpretation
  3067. 1Paragraph 1
  3068. Manufactured dividends on UK equities: general
  3069. 2Paragraph 2
  3070. Deductibility of manufactured payment in the case of the manufacturer
  3071. 2A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3072. Manufactured dividends representative of foreign income dividends
  3073. 2B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3074. Manufactured interest on UK securities: general
  3075. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3076. Manufactured interest on gilt-edged securities etc.
  3077. 3A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3078. Manufactured overseas dividends
  3079. 4Paragraph 4
  3080. 4AParagraph 4A
  3081. Dividends and interest passing through the market
  3082. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3083. Unapproved manufactured payments
  3084. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3085. Irregular manufactured payments
  3086. 7Paragraph 7
  3087. Manufactured payments under arrangements having an unallowable purpose
  3088. 7AParagraph 7A
  3089. Dividend manufacturing regulations: general
  3090. 8Paragraph 8
  3091. Schedule 24: ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
  3092. General
  3093. 1Paragraph 1
  3094. 2Paragraph 2
  3095. 3Paragraph 3
  3096. 4Paragraph 4
  3097. 4AParagraph 4A Repealed
  3098. Group relief etc.
  3099. 5Paragraph 5
  3100. 6Paragraph 6 Repealed
  3101. 7Paragraph 7 Repealed
  3102. Company reconstructions
  3103. 8Paragraph 8
  3104. Losses in pre-direction accounting periods
  3105. 9Paragraph 9
  3106. Capital allowances and expenditure on car hire
  3107. 10Paragraph 10
  3108. 11Paragraph 11 Repealed
  3109. 11AParagraph 11A Repealed
  3110. Unremittable overseas income
  3111. 12Paragraph 12
  3112. Exchange gains and losses
  3113. 13Paragraph 13 Repealed
  3114. 14Paragraph 14 Repealed
  3115. 15Paragraph 15 Repealed
  3116. 16Paragraph 16 Repealed
  3117. 17Paragraph 17 Repealed
  3118. 18Paragraph 18 Repealed
  3119. 19Paragraph 19 Repealed
  3120. Transfer pricing
  3121. 20Paragraph 20 Repealed
  3122. Schedule 25: Cases where section 747(3) does not apply
  3123. Part I: ACCEPTABLE DISTRIBUTION POLICY
  3124. 1Paragraph 1
  3125. 2Paragraph 2
  3126. 2AParagraph 2A
  3127. 2BParagraph 2B
  3128. 3Paragraph 3
  3129. 4Paragraph 4
  3130. 4AParagraph 4A
  3131. Part II: EXEMPT ACTIVITIES
  3132. 5Paragraph 5
  3133. 6Paragraph 6
  3134. 7Paragraph 7
  3135. 8Paragraph 8
  3136. 9Paragraph 9
  3137. 10Paragraph 10
  3138. 11Paragraph 11
  3139. 11AParagraph 11A
  3140. 11BParagraph 11B
  3141. 12Paragraph 12
  3142. 12AParagraph 12A Repealed
  3143. Part 2A: Trading Companies with Limited UK Connection
  3144. Introductory
  3145. 12BParagraph 12B
  3146. Business establishment
  3147. 12CParagraph 12C
  3148. Business activities
  3149. 12DParagraph 12D
  3150. UK connection
  3151. 12EParagraph 12E
  3152. Finance income and relevant IP income
  3153. 12FParagraph 12F
  3154. Gross income
  3155. 12GParagraph 12G
  3156. Part 2B: Companies Exploiting Intellectual Property with Limited UK Connection
  3157. Introductory
  3158. 12HParagraph 12H
  3159. Business establishment
  3160. 12IParagraph 12I
  3161. Intellectual property business
  3162. 12JParagraph 12J
  3163. Other business activities
  3164. 12KParagraph 12K
  3165. UK connection
  3166. 12LParagraph 12L
  3167. Finance income
  3168. 12MParagraph 12M
  3169. Interpretation of Part 2B
  3170. 12NParagraph 12N
  3171. Part III: THE PUBLIC QUOTATION CONDITION
  3172. 13Paragraph 13
  3173. 14Paragraph 14
  3174. 15Paragraph 15
  3175. Part 3A: Exempt Periods
  3176. Introductory
  3177. 15AParagraph 15A
  3178. Beginning of exempt period
  3179. 15BParagraph 15B
  3180. 15CParagraph 15C
  3181. 15DParagraph 15D
  3182. Disqualifying relevant transactions
  3183. 15EParagraph 15E
  3184. Ending of exempt period
  3185. 15FParagraph 15F
  3186. Interpretation of Part 3A
  3187. 15GParagraph 15G
  3188. Part IV: REDUCTIONS IN UNITED KINGDOM TAX AND DIVERSION OF PROFITS
  3189. 16Paragraph 16
  3190. 17Paragraph 17
  3191. 18Paragraph 18
  3192. 19Paragraph 19
  3193. Schedule 26: RELIEFS AGAINST LIABILITY FOR TAX IN RESPECT OF CHARGEABLE PROFITS
  3194. Trading losses and group relief etc.
  3195. 1Paragraph 1
  3196. Advance corporation tax
  3197. 2Paragraph 2 Repealed
  3198. Gains on disposal of shares in controlled foreign companies
  3199. 3Paragraph 3
  3200. Dividends from the controlled foreign company
  3201. 4Paragraph 4
  3202. 5Paragraph 5
  3203. 6Paragraph 6
  3204. Schedule 27
  3205. Part I: THE DISTRIBUTION TEST
  3206. Requirements as to distributions
  3207. 1Paragraph 1
  3208. Funds operating equalisation arrangements
  3209. 2Paragraph 2
  3210. Certain foreign income
  3211. 3Paragraph 3
  3212. Commodity income
  3213. 4Paragraph 4
  3214. United Kingdom equivalent profits
  3215. 5Paragraph 5
  3216. Part II: MODIFICATIONS OF CONDITIONS FOR CERTIFICATION IN CERTAIN CASES
  3217. Exclusion of investments in distributing offshore funds
  3218. 6Paragraph 6
  3219. 7Paragraph 7
  3220. 8Paragraph 8
  3221. 9Paragraph 9
  3222. Offshore funds investing in trading companies
  3223. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3224. Offshore funds with wholly-owned subsidiaries
  3225. 11Paragraph 11
  3226. Offshore funds with interests in dealing and management companies
  3227. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3228. Disregard of certain investments forming less than 5 per cent. of a fund
  3229. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3230. Power of Board to disregard certain breaches of conditions
  3231. 14Paragraph 14
  3232. Part III: CERTIFICATION PROCEDURE
  3233. Application for certification
  3234. 15Paragraph 15
  3235. Appeals
  3236. 16Paragraph 16
  3237. Part IV: SUPPLEMENTARY
  3238. Assessment: effect of non-certification
  3239. 17Paragraph 17
  3240. 18Paragraph 18
  3241. Postponement of tax pending determination of question as to certification
  3242. 19Paragraph 19
  3243. Information as to decisions on certification etc.
  3244. 20Paragraph 20
  3245. Application of this Schedule in relation to umbrella funds and funds comprising more than one class of interest
  3246. 21Paragraph 21
  3247. Schedule 28
  3248. Part I: DISPOSALS OF INTERESTS IN NON-QUALIFYING FUNDS
  3249. Interpretation
  3250. 1Paragraph 1
  3251. Calculation of unindexed gain
  3252. 2Paragraph 2
  3253. 3Paragraph 3
  3254. Gains since 1st January 1984
  3255. 4Paragraph 4
  3256. The offshore income gain
  3257. 5Paragraph 5
  3258. Part II: DISPOSALS INVOLVING AN EQUALISATION ELEMENT
  3259. 6Paragraph 6
  3260. 7Paragraph 7
  3261. 8Paragraph 8
  3262. Part 3: Supplementary
  3263. Application of this Schedule in relation to umbrella funds and funds comprising more than one class of interest
  3264. 9Paragraph 9
  3265. Schedule 28A: Change in ownership of company with investment business: deductions
  3266. Part I: Significant increase in company capital
  3267. General
  3268. 1Paragraph 1
  3269. The basic rule
  3270. 2Paragraph 2
  3271. Amount A
  3272. 3Paragraph 3
  3273. Amount B
  3274. 4Paragraph 4
  3275. Capital and amounts of capital
  3276. 5Paragraph 5
  3277. Part II: Amounts in issue for purposes of section 768B
  3278. 6Paragraph 6
  3279. 6AParagraph 6A
  3280. Part III: Apportionment for purposes of section 768B
  3281. 7Paragraph 7
  3282. 8Paragraph 8
  3283. Part IV: Excess overdue interest
  3284. Part IV: Disallowed debits and non-trading deficits
  3285. 9Paragraph 9
  3286. 9AParagraph 9A
  3287. 10Paragraph 10
  3288. 10AParagraph 10A
  3289. 11Paragraph 11
  3290. 12Paragraph 12
  3291. Part V: Amounts in issue for purposes of section 768C
  3292. 13Paragraph 13
  3293. 13AParagraph 13A
  3294. Part VI: Apportionment for purposes of section 768C
  3295. 14Paragraph 14
  3296. 15Paragraph 15
  3297. 16Paragraph 16
  3298. 17Paragraph 17
  3299. Schedule 28AA: Provision not at arm’s length
  3300. Basic rule on transfer pricing etc.
  3301. 1Paragraph 1
  3302. Provision in relation to securities: determination of arm’s length provision
  3303. 1AParagraph 1A
  3304. Guarantees etc
  3305. 1BParagraph 1B
  3306. Principles for construing rules in accordance with OECD principles
  3307. 2Paragraph 2
  3308. Meaning of “transaction" and “series of transactions"
  3309. 3Paragraph 3
  3310. Participation in the management, control or capital of a person
  3311. 4Paragraph 4
  3312. Persons acting together in relation to financing arrangements
  3313. 4AParagraph 4A
  3314. Financing arrangements: anticipatory provision
  3315. 4BParagraph 4B
  3316. Advantage in relation to United Kingdom taxation
  3317. 5Paragraph 5
  3318. Exemption for dormant companies
  3319. 5AParagraph 5A
  3320. Exemption for small or medium-sized enterprises
  3321. 5BParagraph 5B
  3322. Additional provisions for medium-sized enterprises
  3323. 5CParagraph 5C
  3324. Meaning of “small enterprise” and “medium-sized enterprise”
  3325. 5DParagraph 5D
  3326. Meaning of “qualifying territory” and “non-qualifying territory”
  3327. 5EParagraph 5E
  3328. Elimination of double counting
  3329. 6Paragraph 6
  3330. Application of paragraph 6 in relation to transfers of trading stock etc
  3331. 6AParagraph 6A
  3332. Compensating adjustment where advantaged person is a controlled foreign company
  3333. 6BParagraph 6B
  3334. Claims under paragraph 6 where paragraph 1A applies
  3335. 6CParagraph 6C
  3336. Compensating adjustment for guarantor company etc where paragraph 1B applies
  3337. 6DParagraph 6D
  3338. Certain interest not to be regarded as chargeable
  3339. 6EParagraph 6E
  3340. Adjustment of disadvantaged person’s double taxation relief
  3341. 7Paragraph 7
  3342. Balancing payments between affected persons: no charge to, or relief from, tax
  3343. 7AParagraph 7A
  3344. Securities: election to discharge tax liability instead of making balancing payments
  3345. 7BParagraph 7B
  3346. Balancing payments by guarantor to issuer: no charge to, or relief from, tax
  3347. 7CParagraph 7C
  3348. Guarantees: election to discharge tax liability instead of making balancing payments
  3349. 7DParagraph 7D
  3350. Foreign exchange gains and losses and financial instruments
  3351. 8Paragraph 8
  3352. Special rules for sales etc. of oil
  3353. 9Paragraph 9
  3354. Transactions and deemed transactions involving oil
  3355. 10Paragraph 10
  3356. Special provision for companies carrying on ring fence trades
  3357. 11Paragraph 11
  3358. Appeals
  3359. 12Paragraph 12
  3360. Saving for the provisions relating to capital allowances and capital gains
  3361. 13Paragraph 13
  3362. General interpretation etc.
  3363. 14Paragraph 14
  3364. Schedule 28AB: Section 804ZA: prescribed schemes and arrangements
  3365. Introductory
  3366. 1Paragraph 1
  3367. Attribution of foreign tax
  3368. 2Paragraph 2
  3369. Effect of paying foreign tax
  3370. 3Paragraph 3
  3371. Effect of claim, election or other arrangement
  3372. 4Paragraph 4
  3373. Effect attributable to scheme or arrangement
  3374. 5Paragraph 5
  3375. Tax deductible payments
  3376. 6Paragraph 6
  3377. Schedule 28B: Venture Capital Trusts: Meaning of “qualifying holdings”
  3378. Introductory
  3379. 1Paragraph 1
  3380. Requirement that company must be unquoted company
  3381. 2Paragraph 2
  3382. Requirements as to company’s business
  3383. 3Paragraph 3
  3384. Meaning of “qualifying trade”
  3385. 4Paragraph 4
  3386. Provisions supplemental to paragraph 4
  3387. 5Paragraph 5
  3388. Meaning of “relevant qualifying subsidiary”
  3389. 5AParagraph 5A
  3390. Requirements as to the money raised by the investment in question
  3391. 6Paragraph 6
  3392. Requirement imposing a maximum on qualifying investments in the relevant company
  3393. 7Paragraph 7
  3394. Requirement as to the assets of the relevant company
  3395. 8Paragraph 8
  3396. Requirements as to the subsidiaries etc. of the relevant company
  3397. 9Paragraph 9
  3398. Meaning of “qualifying subsidiary”
  3399. 10Paragraph 10
  3400. Requirement as to property managing subsidiaries
  3401. 10ZAParagraph 10ZA
  3402. Requirement that securities should not relate to a guaranteed loan
  3403. 10AParagraph 10A
  3404. Requirement that a proportion of the holding in each company must be eligible shares
  3405. 10BParagraph 10B
  3406. Acquisitions for restructuring purposes
  3407. 10CParagraph 10C
  3408. Conversion of convertible shares and securities
  3409. 10DParagraph 10D
  3410. Winding up of the relevant company
  3411. 11Paragraph 11
  3412. Company in administration or receivership
  3413. 11AParagraph 11A
  3414. Company reorganisations etc. involving exchange of shares
  3415. 11BParagraph 11B
  3416. Power to amend Schedule
  3417. 12Paragraph 12
  3418. General interpretation
  3419. 13Paragraph 13
  3420. Schedule 29: CONSEQUENTIAL AMENDMENTS
  3421. Part: THE CAPITAL ALLOWANCES ACTS
  3422. 1 and 2Paragraph 1 and 2 Repealed
  3423. Part: TAXES MANAGEMENT ACT 1970 c.9
  3424. 3Paragraph 3
  3425. 4Paragraph 4 Repealed
  3426. 5Paragraph 5 Repealed
  3427. 6Paragraph 6 Repealed
  3428. 7Paragraph 7
  3429. 8Paragraph 8
  3430. 9Paragraph 9
  3431. 10Paragraph 10
  3432. Part: THE FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 c.31 (N.I.)
  3433. 11Paragraph 11 Repealed
  3434. Part: THE FINANCE ACT 1973 c.51
  3435. 12Paragraph 12 Repealed
  3436. Part: FRIENDLY SOCIETIES ACT 1974 c.46
  3437. 13Paragraph 13
  3438. Part: THE SOCIAL SECURITY ACTS
  3439. 14Paragraph 14 Repealed
  3440. Part: CAPITAL GAINS TAX ACT 1979 c.14
  3441. 15Paragraph 15 Repealed
  3442. 16Paragraph 16 Repealed
  3443. 17Paragraph 17 Repealed
  3444. 18Paragraph 18 Repealed
  3445. 19Paragraph 19 Repealed
  3446. 20Paragraph 20 Repealed
  3447. 21Paragraph 21 Repealed
  3448. 22Paragraph 22 Repealed
  3449. 23Paragraph 23 Repealed
  3450. 24Paragraph 24 Repealed
  3451. 25Paragraph 25 Repealed
  3452. 26Paragraph 26 Repealed
  3453. 27Paragraph 27 Repealed
  3454. 28Paragraph 28 Repealed
  3455. Part: ADMINISTRATION OF JUSTICE ACT 1985 c.61
  3456. 30Paragraph 30
  3457. Part: LAW REFORM (MISCELLANEOUS PROVISIONS) (SCOTLAND) ACT 1985 c.73
  3458. 31Paragraph 31
  3459. Part: TRANSLATION OF REFERENCES TO ENACTMENTS REPEALED AND RE-ENACTED
  3460. 32Paragraph 32
  3461. Schedule 30: TRANSITIONAL PROVISIONS AND SAVINGS
  3462. Corporation tax payment dates
  3463. 1Paragraph 1
  3464. Duration of leases
  3465. 2Paragraph 2 Repealed
  3466. 3Paragraph 3 Repealed
  3467. 4Paragraph 4 Repealed
  3468. Repeal of section 136 of the Income Tax Act 1952: allowance of annual value of land as a business expense
  3469. 5Paragraph 5 Repealed
  3470. Loss relief etc.
  3471. 6Paragraph 6
  3472. 7Paragraph 7
  3473. Capital allowances
  3474. 8Paragraph 8
  3475. Social security benefits
  3476. 9Paragraph 9 Repealed
  3477. Children's settlements: irrevocable dispositions made before 22nd April 1936
  3478. 10Paragraph 10 Repealed
  3479. Pre-1959 settlements
  3480. 11Paragraph 11 Repealed
  3481. 12Paragraph 12 Repealed
  3482. General powers of amendment in Acts relating to overseas countries
  3483. 13Paragraph 13
  3484. Double taxation agreements
  3485. 14Paragraph 14 Repealed
  3486. Securities
  3487. 15Paragraph 15 Repealed
  3488. Building societies
  3489. 16Paragraph 16
  3490. Pension business
  3491. 17Paragraph 17
  3492. Stock relief
  3493. 18Paragraph 18 Repealed
  3494. 18AParagraph 18A Repealed
  3495. Schedule E emoluments
  3496. 19Paragraph 19 Repealed
  3497. Unitary states
  3498. 20Paragraph 20 Repealed
  3499. Continuity and construction of references to old and new law
  3500. 21Paragraph 21
  3501. Schedule 31REPEALS