Finance Act 2002

2002 c. 23 · Enacted 24 July 2002 · Extends to United Kingdom

Contents

1. Part 1: Excise duties
2. Tobacco products duty
3. 1Rates of tobacco products duty
4. Alcoholic liquor duties
5. 2Rates of duty on cider
6. 3Duty on beverages made with spirits to be at spirits rate
7. 4Reduced rates of duty on beer from small breweries
8. Hydrocarbon oil duties
9. 5Biodiesel
10. 6Regulating trade in rebated heavy oil etc
11. 7Fuel substitutes
12. Betting and gaming duties
13. 8Amusement machine licences: excepted machines
14. 9Amusement machine licence duty: rates
15. 10Rates of gaming duty
16. 11Gaming duty to be chargeable in respect of sic bo and three card poker Repealed
17. 12Pool betting duty etc
18. 13General betting duty: spread bets Repealed
19. 14General betting duty: overseas bet-brokers
20. Vehicle excise duty
21. 15Cars registered on or after 1st March 2001: rates of duty
22. 16Vans registered on or after 1st March 2001: rates of duty
23. 17Disclosure of information for vehicle excise duty exemptions
24. 18Motorcycles (and motorcycle trade licences): rates of duty
25. 19Registered vehicles etc
26. 20Calculating cylinder capacity of vehicles
27. General
28. 21Drawback of excise duty
29. Part 2: Value added tax
30. 22Disallowance of input tax where consideration not paid
31. 23Flat-rate scheme
32. 24Invoices
33. 25Relief from VAT on acquisition if importation would attract relief Repealed
34. Part 3: Income tax, corporation tax and capital gains tax
35. Chapter 1: Charge and rate bands
36. Income tax
37. 26Charge and rates for 2002-03 Repealed
38. 27Indexed rate bands for 2002-03: PAYE deductions etc Repealed
39. 28Personal allowance for 2003-04 for those aged under 65 Repealed
40. 29Personal allowances for 2003-04 for those aged 65 or over Repealed
41. Corporation tax
42. 30Charge and main rate for financial year 2003
43. 31Small companies’ rate and fraction for financial year 2002 Repealed
44. 32Corporation tax starting rate and fraction for financial year 2002
45. Chapter 2: Other provisions
46. Employment income and related matters
47. 33Employer-subsidised public transport bus services Repealed
48. 34Car fuel: calculation of cash equivalent of benefit Repealed
49. 35Statutory paternity pay and statutory adoption pay Repealed
50. 36Exemption of minor benefits: application to non-cash vouchers Repealed
51. 37Minor amendments to Schedule E charge Repealed
52. 38Provision of services through an intermediary: minor amendments Repealed
53. 39Employee share ownership plans: minor amendments Repealed
54. 40Treatment of deductions from payments to sub-contractors
55. 41Parliamentary visits to EU candidate countries: tax treatment of members’ expenses Repealed
56. Chargeable gains
57. 42Reallocation within group of gain or loss accruing under section 179
58. 43Roll-over of degrouping charge on business assets
59. 44Exemptions for disposals by companies with substantial shareholding
60. 45Share exchanges and company reconstructions
61. 46Taper relief: holding period for business assets Repealed
62. 47Taper relief: minor amendments Repealed
63. 48Use of trading losses against chargeable gains Repealed
64. 49Election to forgo roll-over relief on transfer of business
65. 50Shares acquired on same day: election for alternative treatment
66. 51Deduction of personal losses from gains treated as accruing to settlors
67. 52Capital gains tax: variation of dispositions taking effect on death
68. New reliefs
69. 53Tax relief for expenditure on research and development Repealed
70. 54Tax relief for expenditure on vaccine research etc Repealed
71. 55Gifts of medical supplies and equipment Repealed
72. 56R&D tax relief for small and medium-sized enterprises: minor and consequential amendments
73. 57Community investment tax relief
74. 58Relief for community amateur sports clubs Repealed
75. Capital allowances and related matters
76. 59Cars with low carbon dioxide emissions
77. 60Expense of hiring cars with low carbon dioxide emissions Repealed
78. 61Plant or machinery for gas refuelling station: first-year allowances
79. 62Expenditure on green technologies: leasing Repealed
80. 63First-year allowances for expenditure wholly for a ring fence trade
81. Computation of profits
82. 64Adjustment on change of basis Repealed
83. 65Postponement of change to mark to market in certain cases
84. 66Election to continue postponement of mark to market
85. 67Mark to market: miscellaneous amendments
86. 68Expenditure involving crime Repealed
87. Financial instruments
88. 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
89. 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
90. Loan relationships
91. 71Accounting method where rate of interest etc is reset Repealed
92. 72Convertible securities etc: loan relationships Repealed
93. 73Convertible securities etc: issuing company not to be connected company Repealed
94. 74Convertible securities etc: debtor relationships Repealed
95. 75Asset-linked loan relationships Repealed
96. 76Asset-linked loan relationships involving guaranteed returns Repealed
97. 77Loan relationships ceasing to be within section 93 of the Finance Act 1996 Repealed
98. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
99. Foreign exchange gains and losses, loan relationships and currency
100. 79Forex and exchange gains and losses from loan relationships etc
101. 80Corporation tax: currency
102. 81Transitional provision
103. Loan relationships and other money debts
104. 82Loan relationships: general amendments
105. Derivative contracts
106. 83Derivative contracts
107. Intangible fixed assets
108. 84Gains and losses from intangible fixed assets of company
109. Insurance
110. 85Gains of insurance company from venture capital investment partnership
111. 86Lloyd’s underwriters
112. 87Life policies etc: chargeable events Repealed
113. International matters
114. 88Extension of power to give effect to double taxation arrangements
115. 89Controlled foreign companies: territorial exclusions from s.748 exemptions
116. 90Controlled foreign companies and treaty non-resident companies Repealed
117. Supplementary charge in respect of ring fence trades
118. 91Supplementary charge in respect of ring fence trades Repealed
119. 92Assessment, recovery and postponement of supplementary charge
120. 93Supplementary charge: transitional provisions
121. Deduction of tax
122. 94Deduction of tax: payments to exempt bodies etc
123. 95Deduction of tax by persons dealing in financial instruments Repealed
124. 96Cross-border royalties
125. Charitable giving
126. 97Gifts of real property to charity Repealed
127. 98Gift aid: election to be treated as if gift made in previous tax year Repealed
128. Films
129. ...Restriction of relief to films genuinely intended for theatrical release Repealed
130. ...Exclusion of deferments from production expenditure Repealed
131. 101Restriction of relief for successive acquisitions of the same film Repealed
132. Miscellaneous
133. 102Distributions: reasonable commercial return for use of principal secured Repealed
134. 103References to accounting practice and periods of account
135. 104Discounted securities etc Repealed
136. 105Financial trading stock
137. 106Valuation of trading stock on transfer of trade Repealed
138. 107Banks etc in compulsory liquidation Repealed
139. 108Manufactured dividends and interest Repealed
140. 109Venture capital trusts Repealed
141. Part 4: Stamp duty and stamp duty reserve tax
142. Stamp duty
143. 110Land in disadvantaged areas Repealed
144. 111Withdrawal of group relief
145. 112Restriction of relief for company acquisitions Repealed
146. 113Withdrawal of relief for company acquisitions Repealed
147. 114Penalties for late stamping
148. 115Contracts for the sale of an estate or interest in land chargeable as conveyances
149. 116Abolition of duty on instruments relating to goodwill
150. Stamp duty and stamp duty reserve tax
151. 117Power to extend exceptions relating to recognised exchanges Repealed
152. Part 5: Other taxes
153. Inheritance tax
154. 118IHT: rate bands
155. 119IHT: powers over, or exercisable in relation to, settled property or a settlement
156. 120IHT: variation of dispositions taking effect on death
157. Air passenger duty
158. 121Air passenger duty: extension of area to which EEA rates apply Repealed
159. Landfill tax
160. 122Landfill tax: rate
161. Climate change levy
162. 123Climate change levy: electricity produced in combined heat and power station
163. 124Climate change levy: certification requirement
164. 125Climate change levy: exemption for renewable sources
165. 126Climate change levy: electricity produced from coal mine methane Repealed
166. 127Climate change levy: incorrect certificates
167. 128Climate change levy: invoices incorrectly showing levy due
168. Aggregates levy
169. 129Aggregates levy: transitional relief for Northern Ireland
170. 130Aggregates levy: amendments to provisions exempting spoil etc
171. 131Aggregates levy: crushing and cutting rock
172. 132Aggregates levy: miscellaneous amendments
173. 133Aggregates levy: amendments to provisions about civil penalties
174. Part 6: Miscellaneous and supplementary provisions
175. Recovery of taxes etc due in other member States
176. 134Recovery of taxes etc due in other member States Repealed
177. Mandatory e-filing
178. 135Mandatory e-filing
179. 136Use of electronic communications under other provisions
180. Lorry road-user charge
181. 137Lorry road-user charge
182. Registers of UK gilts
183. 138Authority of Bank of England to discharge functions in place of Bank of Ireland
184. 139Closure of UK gilts registers kept in Ireland
185. 140Administration of UK gilts
186. Supplementary
187. 141Repeals
188. 142Interpretation
189. 143Short title
190. Schedule 1: Beer from small breweries: reduced rate of duty
191. 1Paragraph 1
192. 2Paragraph 2
193. 3Paragraph 3
194. 4Paragraph 4
195. Schedule 2: Hydrocarbon oil duties: minor and consequential amendments relating to biodiesel
196. 1Introduction
197. 2Biodiesel and bioblend not to be treated as fuel substitute
198. 3Exclusion of bioblend from rebates on heavy oil
199. 4Repayment of duty in case of biodiesel used otherwise than as road fuel Repealed
200. 5Mixing biodiesel and rebated heavy oil
201. 6Interpretation
202. 7Provision in relation to bioblend corresponding to that made by section 6 of the Finance Act 1998 in relation to section 6 of the Hydrocarbon Oil Duties Act 1979 Not yet in force
203. Schedule 3: Hydrocarbon oil duties: rebated heavy oil etc
204. Part 1: Regulating traders in rebated heavy oil
205. 1Paragraph 1
206. 2Paragraph 2
207. 3Paragraph 3
208. 4Paragraph 4
209. Part 2: Minor amendments relating to rebates
210. 5Paragraph 5
211. 6Paragraph 6
212. 7Paragraph 7
213. 8Paragraph 8
214. 9Paragraph 9
215. Schedule 4: Pool betting duty etc
216. Part 1: Amendments of the Betting and Gaming Duties Act 1981
217. 1Paragraph 1
218. 2Paragraph 2
219. 3Paragraph 3
220. 4Paragraph 4
221. 5Paragraph 5
222. 6Paragraph 6
223. 7Paragraph 7
224. 8Paragraph 8
225. 9Paragraph 9
226. 10Paragraph 10
227. Part 2: Minor amendments and transitional provisions
228. 11Amendment in the Excise Duties (Surcharges or Rebates) Act 1979
229. 12Amendments in Schedule 5 to the Finance Act 1994
230. 13Duty charged before 31st March 2002
231. 14Notifications under paragraph 4(4) of Schedule 1 to that Act of premises used in connection with coupon betting
232. Schedule 5: Vehicle excise duty: registered vehicles etc
233. 1Paragraph 1
234. 2Paragraph 2
235. 3Paragraph 3
236. 4Paragraph 4
237. 5Paragraph 5
238. 6Paragraph 6
239. 7Paragraph 7
240. 8Paragraph 8
241. 9Paragraph 9
242. 10Paragraph 10
243. 11Paragraph 11
244. 12Paragraph 12
245. 13Paragraph 13
246. 14Paragraph 14
247. 15Paragraph 15
248. 16Paragraph 16
249. 17Paragraph 17
250. Schedule 6: Minor amendments to Schedule E charge Repealed
251. 1Share options Repealed
252. 2Credit-tokens and non-cash vouchers Repealed
253. 3Paragraph 3 Repealed
254. 4Taxation of benefit where income received free of tax Repealed
255. 5Benefits in connection with termination of employment or change in duties or emoluments Repealed
256. 6Priority between charges under sections 148 and 595 of the Taxes Act 1988 Repealed
257. Schedule 7: Chargeable gains: roll-over of degrouping charge: modification of enactments
258. Schedule 8: Chargeable gains: exemptions in case of substantial shareholding
259. Part 1: New Schedule 7AC to the Taxation of Chargeable Gains Act 1992
260. 1Paragraph 1
261. Part 2: Consequential amendments
262. 2Degrouping: time of accrual of chargeable gain or allowable loss
263. 3Treatment of furnished holiday lettings Repealed
264. 4Overseas life insurance companies
265. 5Corporate venturing scheme
266. Schedule 9: Chargeable gains: share exchanges and company reconstructions
267. Part 1: Provisions replacing sections 135 and 136 of the Taxation of Chargeable Gains Act 1992
268. 1Share exchanges
269. 2Scheme of reconstruction involving issue of securities
270. 3Meaning of “scheme of reconstruction"
271. Part 2: Consequential amendments
272. 4Taxes Act 1988
273. 5Taxation of Chargeable Gains Act 1992
274. 6Finance Act 2000
275. Part 3: Commencement
276. 7General commencement date
277. 8Commencement provision for certain consequential amendments
278. Schedule 10: Chargeable gains: taper relief: minor amendments Repealed
279. 1Introduction Repealed
280. 2Periods of share ownership that do not count because of change of activity by company Repealed
281. 3Periods of share ownership not to count where company is not active Repealed
282. 4Meaning of “holding company" Repealed
283. 5Meaning of “interest in shares" Repealed
284. 6Meaning of “joint venture company" and “qualifying shareholding" Repealed
285. 7Meaning of “ordinary share capital" Repealed
286. 8Debentures to be treated as shares Repealed
287. 9Meaning of “trading company" Repealed
288. 10Meaning of “trading group" Repealed
289. 11Joint venture companies Repealed
290. 12Joint enterprise companies Repealed
291. Schedule 11: Chargeable gains: deduction of personal losses from gains treated as accruing to settlors
292. 1Introduction
293. 2Section 2
294. 3Section 77 Repealed
295. 4Section 86 Repealed
296. 5Section 86A Repealed
297. 6Section 87 Repealed
298. 7Commencement
299. 8Election for Schedule to apply for years earlier than 2003-04
300. Schedule 12: Tax relief for expenditure on research and development Repealed
301. Part 1: Entitlement to relief for R&D expenditure: large companies Repealed
302. 1Entitlement to relief under this Part Repealed
303. 2Meaning of “large company" and “small or medium-sized enterprise" Repealed
304. 3Qualifying R&D expenditure Repealed
305. 4Qualifying expenditure on direct research and development Repealed
306. 5Expenditure on research and development directly undertaken on company’s behalf Repealed
307. 6Qualifying expenditure on contributions to independent research and development Repealed
308. Part 2: Entitlement to relief for R&D expenditure: work subcontracted to small or medium-sized enterprise Repealed
309. 7Entitlement to relief under this Part Repealed
310. 8Qualifying sub-contracted R&D expenditure Repealed
311. 9Expenditure on research and development directly undertaken by the SME Repealed
312. 10Expenditure on research and development directly undertaken on SME’s behalf Repealed
313. Part 2A: Entitlement of SME to additional relief available to large companies Repealed
314. Entitlement to relief under this Part Repealed
315. 10AParagraph 10A Repealed
316. Qualifying additional Small or Medium-sized EnterpriseSME expenditure Repealed
317. 10BParagraph 10B Repealed
318. Capped SME expenditure Repealed
319. 10CParagraph 10C Repealed
320. Part 3: The relief Repealed
321. 11Deduction in computing profits of trade Repealed
322. Part 4: Special provision for giving relief to insurance companies Repealed
323. 12Treated as large companies Repealed
324. 13Entitlement to relief in respect of “I minus E" basis Repealed
325. Part 5: Supplementary provisions Repealed
326. 14Research and development expenditure of group companies Repealed
327. 15Refunds of contributions to independent research and development etc Repealed
328. 16Artificially inflated claims for deduction Repealed
329. Part 6: General provisions Repealed
330. 17Meaning of “relevant research and development”, “staffing costs”, “ software or consumable items ” , “relevant payments to the subjects of a clinical trial” and “qualifying expenditure on externally provided workers" Repealed
331. 18Meaning of “qualifying body" Repealed
332. 19Other definitions etc Repealed
333. 20Transitional provision Repealed
334. Schedule 13: Tax relief for expenditure on vaccine research etc Repealed
335. Part 1: Entitlement to relief Repealed
336. 1Entitlement to relief under this Schedule Repealed
337. 2Qualifying expenditure Repealed
338. 3Qualifying expenditure on direct research and development Repealed
339. 4Qualifying R&D activity Repealed
340. 5Meaning of “relevant R&D”, “small or medium-sized enterprise”, “staffing costs”, “software or consumable items”, “relevant payments to the subjects of a clinical trial”, “subsidised” and “qualifying expenditure on externally provided workers. Repealed
341. 6Qualifying expenditure on sub-contracted research and development Repealed
342. 7Conditions that must be satisfied by qualifying expenditure on sub-contracted research and development Repealed
343. 8Treatment of sub-contractor payment where principal and sub-contractor are connected persons Repealed
344. 9Relevant expenditure of the sub-contractor Repealed
345. 10Election for connected persons treatment Repealed
346. 11Treatment of sub-contractor payment in other cases Repealed
347. 12Qualifying expenditure on contributions to independent research and development Repealed
348. Part 2: Manner of giving effect to relief: small and medium-sized companies Repealed
349. 13Application of this Part Repealed
350. 14Deduction in computing profits of trade Repealed
351. 15Alternative treatment of pre-trading expenditure: deemed trading loss Repealed
352. 15AParagraphs 14 and 15: modifications for larger SMEs claiming R&D tax credits Repealed
353. 16Entitlement to tax credit Repealed
354. 16AEntitlement to tax credit: modification for larger SMEs Repealed
355. 17Amount of credit Repealed
356. 18Payment in respect of tax credit Repealed
357. 18ARelief or tax credit only available where company is a going concern Repealed
358. 19Restriction on losses carried forward Repealed
359. 20Payment in respect of tax credit not income Repealed
360. Part 3: Manner of giving effect to relief: large companies Repealed
361. 21Deduction in computing profits of trade Repealed
362. Part 4: Special provision for giving relief to insurance companies Repealed
363. 22Treated as large companies Repealed
364. 23Entitlement to relief in respect of “I minus E" basis Repealed
365. Part 5: Supplementary provisions Repealed
366. 24Artificially inflated claims for deduction or tax credit Repealed
367. 25Refunds of contributions to independent research and development Repealed
368. 26Funding of tax credits Repealed
369. 27Interpretation Repealed
370. 28Commencement and transitional provision Repealed
371. Schedule 14: Tax credits under Schedule 13: consequential amendments Repealed
372. 1Interest Repealed
373. 2Claim must be made in tax return Repealed
374. 3Recovery of excessive tax credits Repealed
375. 4Claims for tax credits Repealed
376. 5Commencement Repealed
377. Schedule 15: R&D tax relief for small and medium-sized enterprises: minor and consequential amendments Repealed
378. 1Paragraph 1 Repealed
379. 2Paragraph 2 Repealed
380. 3Paragraph 3 Repealed
381. 4Paragraph 4 Repealed
382. 5Paragraph 5 Repealed
383. Schedule 16: Community investment tax relief Repealed
384. Part 1: Introduction Repealed
385. 1Eligibility for tax relief Repealed
386. 2Meaning of “investment" Repealed
387. 3Meaning of “the five year period" Repealed
388. Part 2: Accredited community development finance institutions Repealed
389. Application of Chapter 2 of Part 7 of ITA 2007 Repealed
390. 4Paragraph 4 Repealed
391. Part 3: Qualifying investments Repealed
392. 8Introduction Repealed
393. 9Conditions to be satisfied in relation to loans Repealed
394. 10Conditions to be satisfied in relation to securities Repealed
395. 11Conditions to be satisfied in relation to shares Repealed
396. 12Tax relief certificates Repealed
397. 13Pre-arranged protection against risks Repealed
398. Part 4: General conditions Repealed
399. 14No control of CDFI by investor Repealed
400. 15Beneficial ownership Repealed
401. 16Investor must not be accredited Repealed
402. 17No acquisition of share in partnership Repealed
403. 18No tax avoidance purpose Repealed
404. Part 5: Form of relief Repealed
405. 19Individual investors Repealed
406. 20Company investors Repealed
407. 21Determination of “the invested amount" Repealed
408. 22Loans: no claim after disposal or excessive repayments or receipts of value Repealed
409. 23Securities or shares: no claim after disposal or excessive receipts of value Repealed
410. 24Loss of accreditation by the CDFI Repealed
411. 25Accreditation of the investor Repealed
412. 26Attribution Repealed
413. Part 6: Withdrawal of relief Repealed
414. 27Manner of withdrawal of relief Repealed
415. 28Disposal of loan during five year period Repealed
416. 29Disposal of shares or securities during five year period Repealed
417. 30Repayments of loan capital Repealed
418. 31Value received treated as repayment of loan Repealed
419. 32Value received by investor where the investment consists of securities or shares Repealed
420. 33Meaning of “period of restriction" Repealed
421. 34Aggregation of receipts of insignificant value Repealed
422. 35When value is received Repealed
423. 36The amount of value received Repealed
424. 37Value received where there is more than one investment Repealed
425. 38Effect of receipt of value on future claims for relief Repealed
426. 39Receipts of value by and from connected persons Repealed
427. Part 7: Restructuring of CDFI Repealed
428. 40Rights issues etc Repealed
429. 41Company reconstructions etc Repealed
430. Part 8: Supplementary and general Repealed
431. 42Information to be provided by the investor Repealed
432. 43Disclosure Repealed
433. 44Nominees Repealed
434. 45Application for postponement of tax pending appeal Repealed
435. 46Meaning of “issue of securities or shares" Repealed
436. 47Identification of securities or shares on a disposal Repealed
437. 48Meaning of “disposal" Repealed
438. 49Construction of references to investment being “held continuously" Repealed
439. 50Meaning of “associate" Repealed
440. 51Minor definitions etc Repealed
441. 52Index of defined expressions Repealed
442. Schedule 17: Community investment tax relief: consequential amendments
443. 1Paragraph 1 Repealed
444. 2Paragraph 2 Repealed
445. 3Paragraph 3 Repealed
446. 4Paragraph 4 Repealed
447. 5Paragraph 5
448. Schedule 18: Relief for community amateur sports clubs Repealed
449. Part 1: Clubs entitled to be registered Repealed
450. 1The requirements Repealed
451. 2Open to the whole community Repealed
452. 3Organised on an amateur basis Repealed
453. Part 2: Exemptions for registered clubs Repealed
454. 4Exemption for trading income Repealed
455. 5Exemption for interest and gift aid income Repealed
456. 6Exemption for property income Repealed
457. 7Exemption for chargeable gains Repealed
458. 8Exemption reduced where club incurs non-qualifying expenditure Repealed
459. Part 3: Reliefs for donors Repealed
460. 9Paragraph 9 Repealed
461. Part 4: Chargeable gains: property ceasing to be held for qualifying purposes Repealed
462. 10Paragraph 10 Repealed
463. Part 5: Registration Repealed
464. 11Registration and termination Repealed
465. 12Information etc Repealed
466. 13Appeals Repealed
467. Part 6: Interpretation Repealed
468. 14“Eligible sport" Repealed
469. 15“Inland Revenue" Repealed
470. 16Other expressions Repealed
471. Schedule 19: Capital allowances: cars with low carbon dioxide emissions
472. 1Introductory
473. 2Types of expenditure for which first-year allowances available
474. 3First-year qualifying expenditure: car with low carbon dioxide emissions
475. 4General exclusions affecting first-year qualifying expenditure
476. 5Amount of first-year allowances
477. 6Single asset pool in relation to cars above cost threshold Repealed
478. Schedule 20: Capital allowances: plant or machinery for gas refuelling station
479. 1Introductory
480. 2Types of expenditure for which first-year allowances available
481. 3First-year qualifying expenditure: plant or machinery for gas refuelling station
482. 4General exclusions affecting first-year qualifying expenditure
483. 5Amount of first-year allowance
484. Schedule 21: First-year allowances for expenditure wholly for a ring fence trade
485. Part 1: Plant and machinery
486. 1Introductory
487. 2Types of expenditure for which first-year allowances available
488. 3First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade
489. 4Plant or machinery used for less than five years in a ring fence trade
490. 5General exclusions affecting first-year qualifying expenditure
491. 6Amount of first-year allowances
492. 7Penalty for failure to provide information etc
493. Part 2: Mineral extraction allowances
494. 8Introductory
495. 9First-year qualifying expenditure
496. 10First-year allowances
497. 11Artificially inflated claims for first-year allowances
498. 12Amount of allowances and charges: balancing charge for period in which expenditure incurred
499. 13Unrelieved qualifying expenditure: effect of first-year qualifying expenditure
500. Schedule 22: Computation of profits: adjustment on change of basis Repealed
501. Part 1: Introduction Repealed
502. 1General scheme Repealed
503. Part 2: General rules Repealed
504. 2Calculation of adjustment Repealed
505. 3Meaning of items being brought into account Repealed
506. 4Giving effect to positive adjustment Repealed
507. 5Giving effect to negative adjustment Repealed
508. Part 3: Special rules for certain cases Repealed
509. 6No adjustment for certain expenses previously brought into account Repealed
510. 7Cases where adjustment not required until asset realised or written off Repealed
511. 8Change from realisation basis to mark to market Repealed
512. 9Election for spreading where paragraph 8 applies Repealed
513. 10Application of paragraphs 8 and 9 in case of transfer of insurance business Repealed
514. 11Paragraph 11 Repealed
515. 12Paragraph 12 Repealed
516. Part 4: Supplementary provisions Repealed
517. 13Application of provisions to partnerships Repealed
518. 14Paragraph 14 Repealed
519. 15Interpretation Repealed
520. Part 5: Commencement Repealed
521. 16General rule Repealed
522. 17Application of provisions to certain earlier changes of basis Repealed
523. 18Period in which change of basis takes effect Repealed
524. Schedule 23: Exchange gains and losses from loan relationships etc
525. Part 1: Amendments of the Finance Act 1996
526. 1Introductory
527. 2Meaning of “related transaction” Repealed
528. 3Exchange gains and losses from loan relationships etc Repealed
529. 4Authorised accounting methods Repealed
530. 5Convertible securities etc: exchange gains and losses Repealed
531. 6Extension of section 100 to exchange gains and losses and to items other than money debts Repealed
532. 7Interpretation Repealed
533. 8Bad debt etc: cases where departure allowed from assumption of prompt payment in full Repealed
534. 9Bad debts etc where parties have a connection Repealed
535. 10Transactions not at arm’s length Repealed
536. 11Exchange gains and losses where loan not on arm’s length terms Repealed
537. 12Continuity of treatment: groups etc Repealed
538. 13Loan relationships for unallowable purposes Repealed
539. 14Life assurance business Repealed
540. 15Special provisions for insurers: apportionments Repealed
541. 16Savings and transitional provisions in the Finance Act 1996
542. Part 2: Amendments of other legislation
543. The Income and Corporation Taxes Act 1988
544. 17Charges on income Repealed
545. 18Supplementary charge in respect of ring fence trades Repealed
546. 19Paragraph 19 Repealed
547. 20Double taxation relief
548. 21Provision not at arm’s length: foreign exchange gains and losses Repealed
549. The Finance Act 1995
550. 22Miscellaneous amendments
551. The Finance Act 2000
552. 23Tonnage tax
553. The Finance Act 2002
554. 24Intangible fixed assets: assets entirely excluded: financial assets
555. Part 3: Transitional provisions etc
556. 25Anti-avoidance: change of accounting period Repealed
557. 26Deferred foreign exchange gains
558. Schedule 24: Corporation tax: currency
559. The Finance Act 1993
560. 1Introductory Repealed
561. 2The basic rule: sterling to be used Repealed
562. 3Use of currency other than sterling: accounts as a whole etc in foreign currency Repealed
563. 4Use of currency other than sterling: accounts etc partly from statements in foreign currency Repealed
564. 5Rules for ascertaining currency equivalents: general Repealed
565. 6Rules for ascertaining sterling equivalent for section 93(4) or (5) Repealed
566. The Finance Act 1994
567. 7Lloyd’s underwriters: corporations etc
568. Schedule 25: Loan relationships
569. Part 1: Amendments of the Finance Act 1996
570. 1Introductory
571. 2Meaning of “loan relationship” etc: method of settlement Repealed
572. 3Non-trading deficit on loan relationships Repealed
573. 4Debits and credits brought into account Repealed
574. 5Authorised accounting methods Repealed
575. 6Application of accounting methods Repealed
576. 7Accounting method where parties have a connection Repealed
577. 8Meaning of “control” in section 87 Repealed
578. 9Inconsistent application of accounting methods Repealed
579. 10Changes of accounting method Repealed
580. 11Payments subject to deduction of tax Repealed
581. 12Indexed gilt-edged securities Repealed
582. 13Manufactured interest Repealed
583. 14Interpretation: “shares” not to include building society shares Repealed
584. 15Interpretation: miscellaneous Repealed
585. 16Provision continuing to be made on accruals basis after company ceases to be party Repealed
586. 17Claims to treat deficit as eligible for group relief Repealed
587. 18Claim to carry back deficit to previous accounting periods Repealed
588. 19Deficit carried forward and set against non-trading profits of succeeding accounting periods Repealed
589. 20Distributions Repealed
590. 21Life assurance policies and capital redemption policies Repealed
591. 22Late interest: further cases where paragraph 2 of Schedule 9 applies Repealed
592. 23Bad debts and consortium relief Repealed
593. 24Bad debt etc where parties have a connection Repealed
594. 25Bad debt etc: parties having connection and creditor company in insolvent liquidation etc Repealed
595. 26Paragraph 26 Repealed
596. 27Bad debt etc: departure not permitted by paragraph 6: subsequent cessation of connection Repealed
597. 28Imported losses etc Repealed
598. 29Continuity of treatment: groups etc Repealed
599. 30Loan relationships for unallowable purposes Repealed
600. 31Debits and credits treated as relating to capital expenditure Repealed
601. 32Repo transactions and stock lending Repealed
602. 33Discounted securities where companies have a connection Repealed
603. 34Discounted securities of close companies Repealed
604. 35Partnerships involving companies Repealed
605. 36Interpretation of Schedule 9: “major interest” Repealed
606. 37Investment trusts and venture capital trusts: treatment of capital reserves
607. 38Authorised unit trusts and open-ended investment companies
608. 39Distributing offshore funds
609. 40Life assurance business Repealed
610. 41Adjustments in the case of chargeable assets etc
611. 42Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss
612. Part 2: Amendments of other enactments
613. The Taxes Act 1988
614. 43Introductory
615. 44Incidental costs of obtaining loan finance
616. 45Group relief Repealed
617. 46Paragraph 46 Repealed
618. 47Building society shares: regulations for deduction of tax Repealed
619. 48Building society shares: incidental costs of issuing qualifying shares Repealed
620. 49European Economic Interest Groupings Repealed
621. 50Funding bonds issued in respect of interest on certain debts Repealed
622. 51Transfers of income arising from securities Repealed
623. 52Treatment of price differential on sale and repurchase of securities Repealed
624. 53Restriction of relief for payments of interest Repealed
625. 54Limits on credit: corporation tax Repealed
626. 55Foreign tax on items giving rise to a non-trading credit Repealed
627. 56Investment trusts Repealed
628. 57Venture capital trusts Repealed
629. 58Change in ownership of investment company Repealed
630. The Finance Act 1988
631. 59Commercial woodlands
632. The Taxation of Chargeable Gains Act 1992
633. 60Interest charged to capital
634. Part 3: Transitional provisions
635. 61Interpretation Repealed
636. 61ANon-trading deficit carried forward from last old accounting period Repealed
637. 62Discounted securities where companies have a connection Repealed
638. 63Discounted securities of close companies Repealed
639. 64Authorised unit trusts and open-ended investment companies Repealed
640. Schedule 26: Derivative contracts Repealed
641. Part 1: Introduction Repealed
642. 1Profits arising from derivative contracts Repealed
643. Part 2: Derivative contracts Repealed
644. 2Derivative contracts and relevant contracts Repealed
645. 2ANon-financial contracts with embedded derivatives Repealed
646. 2BHybrid derivatives Repealed
647. 3Contracts to satisfy accounting requirements etc Repealed
648. 4Contracts excluded by virtue of their underlying subject matter Repealed
649. 4AContracts which become derivative contracts: chargeable assets Repealed
650. 4BParagraph 4B Repealed
651. 4DTreatment of credits and debits on former chargeable asset Repealed
652. 5Paragraph 5 Repealed
653. 5AParagraph 5A Repealed
654. 6Paragraph 6 Repealed
655. 7Paragraph 7 Repealed
656. 8Paragraph 8 Repealed
657. 9Underlying subject matter which is subordinate or of small value disregarded Repealed
658. 10Paragraph 10 Repealed
659. 11Meaning of “underlying subject matter” Repealed
660. 12Definition of terms relating to derivative contracts Repealed
661. 13Power to amend paragraphs 2 to 12 and Part 9 Repealed
662. Part 3: Method of taxation Repealed
663. 14Method of bringing amounts into account Repealed
664. 15Credits and debits brought into account Repealed
665. 16Exchange gains and losses arising from derivative contracts Repealed
666. Part 4: Computation of amounts to be brought into account Repealed
667. 17AComputation in accordance with generally accepted accounting practice Repealed
668. 17BAmounts recognised in determining company’s profit or loss Repealed
669. 17CPower to make further provision by regulations Repealed
670. 21Basis of accounting for contracts falling within paragraph 6, 7 or 8 Repealed
671. Part 5: Special provision for release of liability Repealed
672. 22Release of liability under derivative contract Repealed
673. Part 6: Special computational provisions Repealed
674. 22ADeemed assignment of derivative contracts on company ceasing to be resident in UKetc Repealed
675. 23Derivative contracts for unallowable purposes Repealed
676. 24Derivative contracts for unallowable purposes: supplementary Repealed
677. 25Debits and credits treated as relating to capital expenditure Repealed
678. 25ADebits and credits recognised in equity or shareholders' funds Repealed
679. 26Transfers of value to connected companies Repealed
680. 27Exchange gains and losses where derivative contracts not on arm’s length terms Repealed
681. 27ADisposals for consideration not fully recognised by accounting practice Repealed
682. 28Transactions within groups Repealed
683. 29Transactions within groups: exceptions relating to insurance Repealed
684. 30Transactions within groups: fair value accounting Repealed
685. 30ATransferee leaving group after replacing transferor as party to derivative contract Repealed
686. 30BParagraph 30B Repealed
687. 30CParagraph 30C Repealed
688. 30DParagraph 30D Repealed
689. 30EParagraph 30E Repealed
690. 30FParagraph 30F Repealed
691. 30GParagraph 30G Repealed
692. 30HParagraph 30H Repealed
693. 30IParagraph 30I Repealed
694. 31Derivative contracts with non-residents Repealed
695. 31AAmounts imputed under Schedule 28AA to the Taxes Act 1988 Repealed
696. Part 7: Collective investment schemes Repealed
697. 32Authorised unit trusts: capital profits and losses Repealed
698. 33Open-ended investment companies: capital profits and losses Repealed
699. 34Power to amend paragraphs 32 and 33 Repealed
700. 35Distributing offshore funds Repealed
701. 36Contracts relating to holdings in unit trust schemes, open-ended investment companies and offshore funds Repealed
702. 37Contract which becomes contract to which paragraph 36 applies Repealed
703. 38Investment trusts: capital profits, gains or losses Repealed
704. 38AVenture capital trusts: capital profits, gains or losses Repealed
705. 39Investment trusts: approval for purposes of section 842 of the Taxes Act 1988 Repealed
706. 40Venture capital trusts: approval for purposes of section 842AA of the Taxes Act 1988 Repealed
707. Part 8: Insurance and mutual trading companies Repealed
708. 41Application of Schedule to insurance and mutual trading companies Repealed
709. 41AApplication of section 103(3)(c) of the Finance Act 1996 Repealed
710. 42... Repealed
711. 43Paragraph 43 Repealed
712. 43Mutual trading and non-life mutual business Repealed
713. Part 9: Miscellaneous Repealed
714. 43AContracts which become derivative contracts Repealed
715. 43BContracts which cease to be derivative contracts Repealed
716. 44Paragraph 44 Repealed
717. 45Paragraph 45 Repealed
718. 45ADerivative contracts which are to be taxed on a chargeable gains basis Repealed
719. 45BCarry back of net losses on derivative contracts to which paragraph 45A applies Repealed
720. 45CDerivative contracts relating to land or certain tangible movable property Repealed
721. 45DCreditor relationships: embedded derivatives which are options Repealed
722. 45EExclusions from paragraph 45D Repealed
723. 45FCreditor relationships: embedded derivatives which are exactly tracking contracts for differences Repealed
724. 45FACreditor relationships: existing assets Repealed
725. 45GProperty based total return swaps Repealed
726. 45HTreatment of net gains and losses on terminal exercise of option Repealed
727. 45HZATreatment of net gains and losses on disposal of certain embedded derivatives Repealed
728. 45HATreatment of credits and debits on terminal exercise of non-embedded option or running to delivery of future Repealed
729. 45HParagraph 45H Repealed
730. 45IIndex-linked gilt-edged securities with embedded contracts for differences Repealed
731. 45JIssuers of securities with embedded derivatives: deemed options Repealed
732. 45JAIssuers of securities with embedded derivatives: equity instruments Repealed
733. 45KIssuers of securities with embedded derivatives: deemed contracts for differences Repealed
734. 45KASecurities with embedded options: existing liabilities Repealed
735. 45LDerivatives not embedded in a loan relationship Repealed
736. 45LAElections under paragraph 45L(2A): further provisions Repealed
737. 45MTreatment of host contract as a loan relationship Repealed
738. 46Contracts where part of underlying subject matter of excluded type Repealed
739. 47Paragraph 47 Repealed
740. 48Paragraph 48 Repealed
741. 48AParagraph 48A Repealed
742. 49Partnerships involving companies Repealed
743. 50Partnerships involving companies: use of fair value accounting Repealed
744. 50AAdjustment on company changing to international accounting standards Repealed
745. 51Prevention of deduction of tax Repealed
746. Part 10: Interpretation Repealed
747. 52Statutory accounts Repealed
748. 53Derivative and relevant contracts of person Repealed
749. 54General interpretation Repealed
750. Schedule 27: Derivative contracts: minor and consequential amendments
751. 1The Taxes Act 1988
752. 2Paragraph 2
753. 3Paragraph 3 Repealed
754. 4Paragraph 4
755. 5Paragraph 5 Repealed
756. 6Paragraph 6
757. 7Paragraph 7
758. 8Paragraph 8 Repealed
759. 9Paragraph 9 Repealed
760. 10Paragraph 10 Repealed
761. 11Paragraph 11
762. 12Paragraph 12
763. 13Paragraph 13 Repealed
764. 14Paragraph 14 Repealed
765. 15Paragraph 15 Repealed
766. 16The Finance Act 1994
767. 17The Finance Act 1996
768. 18Paragraph 18 Repealed
769. 19Paragraph 19 Repealed
770. 20Paragraph 20 Repealed
771. 21Paragraph 21
772. 22The Finance Act 2000
773. 23Paragraph 23
774. 24The Finance Act 2002
775. 25Paragraph 25
776. 26Paragraph 26
777. Schedule 28: Derivative contracts: transitional provisions etc
778. 1Anti-avoidance: change of accounting period Repealed
779. 2Qualifying contracts to which company ceases to be party before commencement day
780. 3Qualifying contracts which become derivative contracts Repealed
781. 4Contracts which become derivative contracts: chargeable assets
782. 5Contracts: election to treat as two assets
783. 6Contracts which become derivative contracts: contracts within Schedule 5AA to the Taxes Act 1988
784. 7Interpretation
785. Schedule 29: Gains and losses of a company from intangible fixed assets Repealed
786. Part 1: Introduction Repealed
787. 1Gains and losses in respect of intangible fixed assets Repealed
788. 2Intangible assets Repealed
789. 3Intangible fixed assets Repealed
790. 4Goodwill Repealed
791. 5Company not drawing up correct accounts Repealed
792. 6Reference to consolidated group accounts Repealed
793. Part 2: Debits in respect of intangible fixed assets Repealed
794. 7Introduction Repealed
795. 8Expenditure written off as it is incurred Repealed
796. 9Writing down on accounting basis Repealed
797. 10Writing down at fixed rate: election for fixed-rate basis Repealed
798. 11Writing down at fixed rate: calculation Repealed
799. 12Reversal of previous accounting gain Repealed
800. Part 3: Credits in respect of intangible fixed assets Repealed
801. 13Introduction Repealed
802. 14Receipts recognised as they accrue Repealed
803. 14AReceipts in respect of royalties so far as not dealt with under paragraph 14 Repealed
804. 15Revaluation Repealed
805. 16Negative goodwill Repealed
806. 17Reversal of previous accounting loss Repealed
807. Part 4: Realisation of intangible fixed assets Repealed
808. 18Introduction Repealed
809. 19Meaning of “realisation" Repealed
810. 20Realisation of asset written down for tax purposes Repealed
811. 21Realisation of asset shown in balance sheet and not written down for tax purposes Repealed
812. 22Apportionment in case of part realisation Repealed
813. 23Realisation of asset not shown in balance sheet Repealed
814. 24Meaning of “proceeds of realisation" Repealed
815. 25Relief in case of reinvestment Repealed
816. 26Abortive expenditure on realisation Repealed
817. Part 5: Calculation of tax written down value Repealed
818. 27Asset written down on accounting basis Repealed
819. 28Asset written down at fixed rate Repealed
820. 29Effect of part realisation of asset Repealed
821. Part 6: How credits and debits are given effect Repealed
822. 30Introduction Repealed
823. 31Asset held for purposes of trade Repealed
824. 32Asset held for purposes of property business Repealed
825. 33Assets held for purposes of mines, transport undertakings, etc Repealed
826. 34Non-trading credits and debits Repealed
827. 35Claim to set non-trading loss against total profits Repealed
828. 36Special provisions relating to insurance companies Repealed
829. Part 7: Roll-over relief in case of realisation and reinvestment Repealed
830. 37The relief Repealed
831. 38Conditions to be met in relation to the old asset and its realisation Repealed
832. 39Conditions to be met in relation to the expenditure on other assets Repealed
833. 40Claim for relief Repealed
834. 41How the relief is given: general Repealed
835. 42Determination of appropriate proportion or adjusted cost Repealed
836. 42AReferences to cost of asset where asset affected by change of accounting policy Repealed
837. 43Declaration of provisional entitlement to relief Repealed
838. 44Realisation and reacquisition Repealed
839. 45Deemed realisations and deemed acquisitions to be disregarded Repealed
840. Part 8: Groups of companies Repealed
841. 46Introduction Repealed
842. 47General rule: a company and its 75% subsidiaries form a group Repealed
843. 48Membership of group restricted to effective 51% subsidiaries of principal company Repealed
844. 49Principal company cannot be 75% subsidiary of another company Repealed
845. 50Company cannot be member of more than one group Repealed
846. 51Continuity of identity of group Repealed
847. 51AParagraph 51A Repealed
848. 52Meaning of “effective 51% subsidiary" Repealed
849. 53Meaning of equity holder and profits or assets available for distribution Repealed
850. 54Supplementary provisions Repealed
851. Part 9: Application of provisions to groups of companies Repealed
852. 55Transfers within a group Repealed
853. 56Roll-over relief on reinvestment: application to group member Repealed
854. 57Roll-over relief on reinvestment: acquisition of group company treated as equivalent to acquisition of underlying assets Repealed
855. 58Company ceasing to be member of group (“degrouping") Repealed
856. 59Degrouping: associated companies leaving group at the same time Repealed
857. 60Degrouping: principal company becoming member of another group Repealed
858. 61Degrouping: company ceasing to be member of group by reason of exempt distribution Repealed
859. 62Degrouping: merger carried out for bona fide commercial reasons Repealed
860. 63Degrouping: group member ceasing to exist Repealed
861. 64Degrouping: supplementary provisions Repealed
862. 65Degrouping: application of roll-over relief in relation to degrouping charge Repealed
863. 66Reallocation of degrouping charge within group Repealed
864. 67Application of roll-over relief in relation to reallocated degrouping charge Repealed
865. 68Recovery of degrouping charge from another group company or controlling director Repealed
866. 69Recovery of degrouping charge from another group company or controlling director: procedure etc Repealed
867. 70Recovery of degrouping charge from another group company or controlling director: time limit Repealed
868. 71Payments between group members in respect of reliefs Repealed
869. Part 10: Excluded assets Repealed
870. 72Introduction Repealed
871. 73Assets entirely excluded: rights over tangible assets Repealed
872. 73AAssets entirely excluded: assets in respect of which capital allowance previously made Repealed
873. 74Assets entirely excluded: oil licences Repealed
874. 75Assets entirely excluded: financial assets Repealed
875. 76Assets entirely excluded: rights in companies, trusts, etc Repealed
876. 77Assets entirely excluded: non-commercial purposes etc Repealed
877. 78Assets excluded except as regards royalties: life assurance business Repealed
878. 79Assets excluded except as regards royalties: mutual trade or business Repealed
879. 80Assets excluded except as regards royalties: films and sound recordings Repealed
880. 80AAssets excluded: certain films Repealed
881. 80BAssets excluded except as regards royalties: sound recordings Repealed
882. 81Assets excluded except as regards royalties: computer software treated as part of cost of related hardware Repealed
883. 82Assets excluded to extent specified: research and development Repealed
884. 83Assets excluded to extent specified: election to exclude capital expenditure on computer software Repealed
885. Part 11: Transfer of business or trade Repealed
886. 84Company reconstruction involving transfer of business Repealed
887. 85Transfer of UK business between companies resident in different EU member States Repealed
888. 85AEuropean cross-border merger: transfer of UK business Repealed
889. Transparent entities Repealed
890. 85BParagraph 85B Repealed
891. 85CParagraph 85C Repealed
892. 85DParagraph 85D Repealed
893. 86Postponement of charge on transfer of assets to non-resident company. Repealed
894. 87Transfer of non-UK business Repealed
895. 87AEuropean cross-border merger: transfer of non-UK business Repealed
896. 88Procedure on application for clearance Repealed
897. 89Transfer of life assurance business Repealed
898. 90Transfer of business of building society to company Repealed
899. 91Amalgamation of or transfer of engagements by certain societies Repealed
900. Part 12: Transactions between related parties Repealed
901. 92Transfer between company and related party treated as being at market value Repealed
902. 93Exclusion of roll-over relief in case of part realisation involving related party Repealed
903. 94Delayed payment of royalty payable by company to related party Repealed
904. 95Meaning of “related party" Repealed
905. 95APersons treated as “related parties” Repealed
906. 96Meaning of “control" and “major interest" Repealed
907. 97Rights and powers to be taken into account: general Repealed
908. 98Rights and powers to be taken into account: rights and powers held jointly Repealed
909. 99Rights and powers to be taken into account: partnerships Repealed
910. 100Meaning of “participator" and “associate" Repealed
911. 101Connected persons Repealed
912. Part 13: Supplementary provisions Repealed
913. 102Treatment of grants and other contributions to expenditure Repealed
914. 103Grants to be left out of account for tax purposes Repealed
915. 104Finance leasing etc Repealed
916. 105Assets acquired or realised together Repealed
917. 106Deemed market value acquisition: adjustment of amounts in case of nil accounting value Repealed
918. 107Treatment of fungible assets Repealed
919. 108Asset ceasing to be chargeable intangible asset: deemed realisation at market value Repealed
920. 109Asset ceasing to be chargeable intangible asset: postponement of gain in certain cases Repealed
921. 110Asset becoming chargeable intangible asset Repealed
922. 111Tax avoidance arrangements to be disregarded Repealed
923. 112Debits not allowed in respect of expenditure not generally deductible for tax purposes Repealed
924. 113Delayed payment of employees' remuneration Repealed
925. 114Delayed payment of pension contributions Repealed
926. 115Bad debts etc Repealed
927. 116Assumptions for computing chargeable profits of controlled foreign companies Repealed
928. Part 13A: Adjustment on change of accounting policy Repealed
929. 116AIntroduction Repealed
930. 116BChange of accounting policy involving change of value Repealed
931. 116CChange of accounting policy involving disaggregation Repealed
932. 116DChange of accounting policy involving disaggregation: original asset subject to fixed rate writing down Repealed
933. 116EChange of accounting policy involving disaggregation: election for fixed rate writing down in relation to resulting asset Repealed
934. 116FCap on credit to be brought into account on change of accounting policy Repealed
935. 116GExclusion of debits or credits brought into account under other provisions Repealed
936. 116HSubsequent events affecting asset subject to adjustment under this Part Repealed
937. Part 14: Commencement and transitional provisions Repealed
938. 117Commencement date Repealed
939. 118Application of Schedule to assets created or acquired after commencement Repealed
940. 119Application of Schedule to royalties Repealed
941. 120Assets regarded as created or acquired when expenditure incurred Repealed
942. 121Internally-generated goodwill: whether created before or after commencement Repealed
943. 122Certain other internally-generated assets: whether created before or after commencement Repealed
944. 123Expenditure on acquisition treated as incurred when recognised for accounting purposes Repealed
945. 124When expenditure treated as incurred: chargeable gains rule to be followed in certain cases Repealed
946. 125When expenditure treated as incurred: capital allowances general rule to be followed in certain cases Repealed
947. 126Application of Schedule to fungible assets Repealed
948. 127Certain assets acquired on transfer of business treated as existing assets Repealed
949. 127AAssets whose value derives from existing assets treated as existing assets Repealed
950. 127BAssets acquired in connection with disposals of existing assets treated as existing assets Repealed
951. 128Application of Schedule to certain existing telecommunication rights Repealed
952. 129Application of Schedule to existing Lloyd’s syndicate capacity Repealed
953. 130Roll-over relief: application in relation to disposal of existing asset after commencement Repealed
954. 131Roll-over relief: application in relation to degrouping charge on existing asset arising after commencement Repealed
955. 132Roll-over relief: transitory interaction with relief on replacement of business asset Repealed
956. Part 15: Interpretation Repealed
957. 133References to expenditure on an asset Repealed
958. 134References to amounts recognised in determining profit or loss Repealed
959. 135Meaning of “accounting value" Repealed
960. 136Meaning of “adjustments required for tax purposes" Repealed
961. 137Meaning of “chargeable intangible asset" and “chargeable realisation gain" Repealed
962. 138Interpretation provisions relating to insurance companies Repealed
963. 139Meaning of “royalty" Repealed
964. 140Meaning of “tax-neutral transfer" Repealed
965. 141Meaning of “the Inland Revenue" Repealed
966. 142Meaning of “the Taxes Acts" Repealed
967. 143Index of defined expressions Repealed
968. Schedule 30: Gains and losses of a company from intangible fixed assets: consequential amendments
969. 1General provisions about deductions
970. 2Surrender of non-trading loss by way of group relief Repealed
971. 3Extension of charitable exemption to non-trading gains Repealed
972. 4Change in ownership of company with unused non-trading loss Repealed
973. 5Double taxation relief Repealed
974. 6Value-shifting provisions Repealed
975. Schedule 31: Gains of insurance company from venture capital investment partnership
976. Paragraph
977. Schedule 32: Lloyd’s underwriters
978. 1Individuals
979. 2Paragraph 2
980. 3Paragraph 3
981. 4Paragraph 4
982. 5Paragraph 5
983. 6Corporate bodies
984. 7Paragraph 7
985. 8Paragraph 8
986. 9Paragraph 9
987. 10Paragraph 10
988. Schedule 33: Venture capital trusts Repealed
989. Part 1: Venture capital trusts: winding up Repealed
990. 1Meaning of “VCT-in-liquidation" Repealed
991. 2Power to treat VCT-in-liquidation as VCT Repealed
992. 3Power to treat conditions for VCT approval as fulfilled with respect to VCT-in-liquidation Repealed
993. 4Power to make provision about distributions by VCT-in-liquidation Repealed
994. 5Power to facilitate disposals to VCT by VCT-in-liquidation Repealed
995. 6Provision in respect of periods before and after winding-up Repealed
996. 7Part 1: supplementary provisions and interpretation Repealed
997. Part 2: Venture capital trusts: mergers Repealed
998. 8Power to facilitate mergers of VCTs Repealed
999. 9Provision that may be made by regulations under paragraph 8(1) Repealed
1000. 10Meaning of “merger" and “successor company" Repealed
1001. Part 3: Time allowed for VCT to invest money raised by further share issue Repealed
1002. 11Power to disapply, or limit operation of, section 842AA(5B) of the Taxes Act 1988 Repealed
1003. 12Withdrawal of VCT approval in cases for which provision made under paragraph 11 Repealed
1004. 13Consequential amendment in section 842AA(5A) of the Taxes Act 1988 Repealed
1005. Part 4: Supplementary Repealed
1006. 14Extension of existing powers to give effect to VCT reliefs Repealed
1007. 15Penalties for non-compliance with regulations under this Schedule Repealed
1008. 16Regulations under this Schedule: inclusion of supplementary etc provisions Repealed
1009. 17Interpretation of Schedule Repealed
1010. Schedule 34: Stamp duty: withdrawal of group relief: supplementary provisions
1011. 1Introduction
1012. 2Relief not withdrawn if transferor company leaves group
1013. 3Relief not withdrawn in case of winding-up
1014. 4Relief not withdrawn in case of exempt acquisition
1015. 5Interest
1016. 6Duty of transferee company to notify particulars
1017. 7Determination, collection and recovery of duty and interest
1018. 8Recovery of group relief from from another group company or controlling director
1019. 9Recovery of group relief from another group company or controlling director: procedure and time limit
1020. 10Power to require information
1021. 11Supplementary
1022. Schedule 35: Stamp duty: withdrawal of relief for company acquisitions: supplementary provisions Repealed
1023. 1Introduction Repealed
1024. 2Change of control due to exempt transfer Repealed
1025. 3Change of control due to intra-group transfer Repealed
1026. 4Change of control due to exempt share acquisition Repealed
1027. 5Change of control due to interest of loan creditor Repealed
1028. 6Interest Repealed
1029. 7Duty of acquiring company to notify particulars Repealed
1030. 8Determination, collection and recovery of duty and interest Repealed
1031. 9Recovery of section 76 relief from from another group company or controlling director Repealed
1032. 10Recovery of section 76 relief from another group company or controlling director: procedure and time limit Repealed
1033. 11Power to require information Repealed
1034. 12Supplementary Repealed
1035. Schedule 36: Stamp duty: contracts chargeable as conveyances: supplementary provisions
1036. Part 1: Subsales
1037. 1Introduction
1038. 2Meaning of “subsale"
1039. 3Relief where duty paid on original sale or earlier subsale
1040. Part 2: Subsequent conveyance or transfer
1041. 4Introduction
1042. 5Conveyance or transfer of property contracted to be sold
1043. 6Repayment of duty in certain cases
1044. Part 3: General supplementary provisions
1045. 7Construction of references to duty on transactions
1046. 8Transactions relating to land in the UK and to other property
1047. 9Person claiming relief to establish entitlement
1048. 10Construction as one
1049. Schedule 37: Stamp duty: abolition of duty on instruments relating to goodwill: supplementary provisions
1050. 1Reduction of stamp duty where instrument partly relating to goodwill
1051. 2Apportionment of consideration for stamp duty purposes
1052. 3Certification of instruments for stamp duty purposes
1053. 4Acquisition under statute
1054. 5Interpretation
1055. Schedule 38: Aggregates levy amendments
1056. 1Introduction
1057. 2The charge
1058. 3Meaning of “aggregate" etc
1059. 4Exempt processes
1060. 5Commercial exploitation
1061. 6Responsibility for commercial exploitation
1062. 7The register
1063. 8Insolvency etc
1064. 9Notification of registrability etc
1065. 10Restriction on powers to provide for set-off
1066. Schedule 39: Recovery of taxes etc due in other member States Repealed
1067. 1Introduction Repealed
1068. 2Enforcement of claims in the United Kingdom Repealed
1069. 3Power to make supplementary provision by regulations Repealed
1070. 4Proceedings on contested claims Repealed
1071. 5Claims determined in taxpayer’s favour Repealed
1072. 6Other supplementary provisions Repealed
1073. Schedule 40: Repeals
1074. 1Excise duties
1075. 2Value added tax
1076. 3Income tax, corporation tax and capital gains tax
1077. 4Other taxes
1078. 5Miscellaneous