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