Finance Act 2000
Finance Act 2000 (2000 c. 17)
- Finance Act 2000 (2000 c. 17)
- Part I Excise duties
- Alcoholic liquor duties
- 1 Rate of duty on beer.
- 2 Rates of duty on cider.
- 3 Rates of duty on wine and made-wine.
- Hydrocarbon oil duties
- 4 Rates of duty and rebate on hydrocarbon oil.
- 5 Ultra low sulphur petrol.
- 6 Mixing of rebated light oils.
- 7 Power to amend definitions of types of hydrocarbon oil.
- 8 Penalties for misuse of rebated heavy oil.
- 9 Use of rebated heavy oil as fuel.
- 10 Rebates, marking and reliefs.
- 11 Emulsions of water in gas oil.
- Tobacco products duty
- 12 Rates of tobacco products duty.
- 13 Basis of calculation ofad valorem element of duty on cigarettes.
- 14 Fiscal marks on tobacco products.
- 15 Management of excise duty on tobacco products.
- Gaming duty
- 16 Rates of gaming duty.
- Amusement machine licence duty
- 17 Amusement machine licence duty.
- Air passenger duty
- 18 Rates of duty.
- 19 Changes in exemption from duty.
- Vehicle excise duty
- 20 Threshold for reduced general rate.
- 21 Increase in general rate.
- 22 Rates of duty for new cars and vans.
- 23 Enforcement provisions for graduated rates.
- 24 Rates of duty for goods vehicles.
- Enforcement of duties
- 25 Power to search premises.
- 26 Power to search articles.
- 27 Security for customs and excise duties.
- 28 Civil penalties for breach of excise duty requirements.
- 29 Correction of reference.
- Part II Climate change levy
- 30 Climate change levy.
- Part III Income Tax, Corporation Tax and Capital Gains Tax
- Chapter I Charge and rates
- Income tax
- 31 Charge and rates for 2000-01.
- 32 Extension of starting rate to savings income of individuals.
- 33 Deduction of income tax from foreign dividends.
- 34 Children’s tax credit.
- Corporation tax
- 35 Charge and main rate for financial year 2001.
- 36 Small companies’ rate for financial year 2000.
- Capital gains tax
- 37 Application of starting rate to capital gains tax.
- Chapter II Other provisions
- Giving to charity
- 38 Payroll deduction scheme.
- 39 Gift aid payments by individuals.
- 40 Gift aid payments by companies.
- 41 Covenanted payments to charities.
- 42 Millennium gift aid.
- 43 Gifts of shares and securities to charities etc.
- 44 Gifts to charity from certain trusts.
- 45 Loans to charities.
- 46 Exemption for small trades etc.
- Employee share ownership
- 47 Employee share ownership plans.
- 48 Relief for transfers to employee share ownership plans.
- 49 Phasing out of approved profit sharing schemes.
- 50 Phasing out of relief for payments to trustees of profit sharing schemes.
- 51 Approved profit sharing scheme: other awards of shares.
- 52 Approved profit sharing schemes: restriction on type of shares.
- 53 Approved profit sharing schemes: loan arrangements.
- 54 Employee share ownership trusts.
- 55 Shares transferred from employee share ownership trust.
- 56 Further provisions about share options.
- Other provisions about employment
- 57 Benefits in kind: deregulatory amendments.
- 58 Education and Training.
- 59 Cars available for private use.
- 60 Provision of services through intermediary.
- Pension schemes
- 61 Occupational and personal pension schemes.
- Enterprise incentives
- 62 Enterprise management incentives.
- 63 Corporate venturing scheme.
- 64 Enterprise investment scheme: amendments.
- 65 Venture capital trusts: amendments.
- 66 Taper relief: taper for business assets.
- 67 Taper relief: assets qualifying as business assets.
- Research and development
- 68 Meaning of “research and development".
- 69 Tax relief for expenditure on research and development.
- Capital allowances
- 70 First year allowances for small or medium-sized enterprises.
- 71 First year allowances for ICT expenditure by small enterprises.
- 72 Expenditure of a small enterprise.
- 73 Repeal of notification requirements.
- 74 Pool for certain leased assets and inexpensive cars.
- 75 Machinery and plant allowances for non-residents etc.
- 76 Production animals.
- 77 Sale and leaseback.
- 78 Meaning of “fixture".
- 79 Leased assets under the Affordable Warmth Programme.
- 80 Fixtures and machinery and plant on hire-purchase etc.
- 81 Production sharing contracts.
- Tonnage tax
- 82 Tonnage tax.
- Other relieving provisions
- 83 Relief for interest on loans to buy annuities.
- 84 Exemption of payments under New Deal 50plus.
- 85 Exemption of payments under Employment Zones programme.
- 86 Loan where return bears inverse relationship to results.
- 87 Tax treatment of acquisition, disposal or revaluation of certain rights.
- 88 Contributions to local enterprise agencies, etc.
- 89 Waste disposal: entitlement of successor to allowances.
- Capital gains tax: gifts and trusts
- 90 Restriction of gifts relief.
- 91 Disposal of interest in settled property: deemed disposal of underlying assets.
- 92 Transfers of value by trustees linked with trustee borrowing.
- 93 Restriction on set-off of trust losses.
- 94 Attribution to trustees of gains of non-resident companies.
- 95 Disposal of interest in non-resident settlement.
- 96 Payments by trustees to non-resident companies.
- Groups and group relief
- 97 Group relief for non-resident companies etc.
- 98 Recovery of tax payable by non-resident company.
- 99 Joint arrangements for claims.
- 100 Limit on amount of group relief in case of consortium claim.
- 101 Civil penalties: incorrect certificates
- 102 Chargeable gains: non-resident companies and groups etc.
- International matters
- 103 Double taxation relief.
- 104 Controlled foreign companies.
- 105 Corporation tax: use of currencies other than sterling.
- 106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Insurance
- 107 General insurance reserves.
- 108 Overseas life assurance business.
- 109 Insurance business: apportionment rules.
- Miscellaneous
- 110 Rent factoring.
- 111 Payments under deduction of tax.
- 112 UK public revenue dividends: deduction of tax.
- 113 Tax treatment of expenditure on production or acquisition of films.
- Part IV Stamp duty and Stamp duty reserve tax
- Stamp duty
- 114 Rates: conveyance or transfer on sale.
- 115 Rates: duty on lease chargeable by reference to rent.
- 116 Rate of duty on seven year leases.
- 117 Power to vary stamp duties.
- 118 Land transferred etc for other property.
- 119 Transfer of land to connected company.
- 120 Exceptions from section 119.
- 121 Grant of lease to connected company.
- 122 Marketable securities transferred etc for exempt property.
- 123 Transfer of property between associated companies: Great Britain.
- 124 Transfer of property between associated companies: Northern Ireland.
- 125 Grant of leases etc between associated companies.
- 126 Future issues of stock.
- 127 Company acquisition reliefs: redeemable shares.
- 128 Surrender of leases.
- 129 Abolition of duty on instruments relating to intellectual property.
- 130 Transfers to registered social landlords etc.
- 131 Relief for certain instruments executed before this Act has effect.
- 132 The Northern Ireland Assembly Commission.
- Stamp duty and Stamp duty reserve tax
- 133 Loan capital where return bears inverse relationship to results.
- 134 Transfers between depositary receipt systems and clearance systems.
- Part V Other taxes
- Value added tax
- 135 Supplies to which reduced rate applies.
- 136 Disposals of assets for which a VAT repayment is claimed.
- 137 Gold: penalty for failure to comply with record-keeping requirements etc.
- Inheritance tax
- 138 Treatment of employee share ownership trusts.
- Petroleum revenue tax
- 139 Operating expenditure incurred while safeguard relief applies.
- Landfill tax
- 140 Rate.
- 141 Disposals which are not taxable.
- 142 Secondary liability.
- Part VI Miscellaneous and supplementary provisions
- Incentives for electronic communications
- 143 Power to provide incentives to use electronic communications.
- Compliance
- 144 Offence of fraudulent evasion of income tax
- 145 Information about interest etc paid, credited or received.
- 146 International exchange of information: general.
- 147 International exchange of information: inheritance tax.
- 148 Use of minimum wage information.
- 149 Orders for the delivery of documents.
- 150 Search warrants: miscellaneous amendments.
- Provisions relating to government finance
- 151 Debt Management Account.
- 152 National Savings Bank.
- 153 National savings certificates.
- 154 Exchange Equalisation Account.
- Supplementary provisions
- 155 Interpretation.
- 156 Repeals.
- 157 Short title.
- SCHEDULES
- SCHEDULE 1 Mixing of rebated light oils
- Converting unleaded petrol into leaded petrol
- Converting unleaded petrol into higher octane unleaded petrol
- Mixing different kinds of unleaded petrol
- Interpretation
- SCHEDULE 2 Amusement machine licence duty
- Introduction
- Exceptions from requirement to be licensed
- Amusement machine licence duty
- Amount of duty
- Meaning of amusement machine
- Supplementary provisions
- Paragraphs 2 to 6: commencement
- Seasonal licences: duration
- Unlicensed amusement machines: duty chargeable
- SCHEDULE 3 Vehicle excise duty on new cars and vans
- SCHEDULE 4 Vehicle excise duty: enforcement provisions for graduated rates
- Introduction
- Particulars to be furnished on application for licence
- Power to require evidence in support of application
- Powers exercisable where licence issued on basis of incorrect application
- Power to declare licence void
- Power to require payment of balance of duty
- Power to require delivery up of licence
- Power to require delivery up of licence and payment in respect of duty
- Failure to deliver up licence
- Failure to deliver up licence: additional liability
- Meaning of the “relevant period"
- Construction and effect
- SCHEDULE 5 Rates of vehicle excise duty on goods vehicles
- SCHEDULE 6 Climate change levy
- Part I The levy
- Climate change levy
- Levy charged on taxable supplies
- Meaning of “taxable commodity"
- Part II Taxable supplies
- Introduction
- Supplies of electricity
- Supplies of gas
- Other supplies made in course or furtherance of business
- Excluded supplies: supply for domestic or charity use
- Excluded supplies: meaning of “for domestic use"
- Excluded supplies: supply before 1st April 2001
- Exemption: supply not for burning in the UK
- Exemption: Northern Ireland gas supplies
- Exemption: supply used in transport
- Exemption: mineralogical and metallurgical processes
- Exemption: supplies to producers of commodities other than electricity
- Exemption: supplies (other than self-supplies) to electricity producers
- Exemption: supplies (other than self-supplies) to combined heat and power stations
- Exemption: supplies (other than self-supplies) of electricity from partly exempt combined heat and power stations
- Exemption: self-supplies by electricity producers
- Exemption: supply not used as fuel
- Exemption: supply for use in recycling processes
- Exemption: electricity from renewable sources
- Exemption under paragraph 19: averaging periods
- Exemption: electricity produced in combined heat and power stations
- Exemption under paragraph 20A: averaging periods
- Regulations to avoid double charges to levy
- Regulations giving effect to exemptions
- Deemed supply: use of commodities by utilities and producers
- Deemed supply: change of circumstances etc
- Deemed taxable supply: commodities to be used in producing electricity
- Deemed taxable supply: commodities to be used in combined heat and power station
- Power to make regulations giving effect to paragraphs 24A to 24C etc
- Part III Time of supply
- Introduction
- Electricity or gas: supply when climate change levy accounting document issued
- Electricity or gas: duty to issue climate change levy accounting document
- Electricity or gas: actual supply not followed by climate change levy accounting document
- Electricity or gas: special utility schemes
- Other commodities: general rules for supply by UK residents
- Other commodities: earlier invoice
- Other commodities: later invoice
- Other commodities: supply by non-UK residents
- Other commodities: deemed supplies
- Other commodities: directions by Commissioners
- Supplies invoiced or paid for before 1st April 2001
- Supplies of electricity or gas spanning change of rate etc.
- Other supplies spanning change of rate etc.
- Deemed supplies under paragraph 24A, 24B, 24C or 42D
- Regulations as to time of supply
- Part IV Payment and rate of levy
- Persons liable to account for levy
- Returns and payment of levy
- Amount payable by way of levy
- Half-rate for supplies to horticultural producers
- ...
- Supplies for use in scrap metal recycling and reduced-rate supplies: deemed supply
- Reduced-rate for supplies covered by climate change agreement
- Reduced-rate supplies: variation of certificates under paragraph 44
- Reduced-rate supplies: deemed supply
- Removal of reduced rate where targets set by climate change agreement not met
- Climate change agreements
- Climate change agreements: direct agreement ...
- Climate change agreement: combination of umbrella and underlying agreements
- Climate change agreement: supplemental provisions
- Facilities to which climate change agreements can apply
- Energy-intensive installations
- Power to vary the installations covered by paragraph 51
- The Administrator etc
- Part V Registration
- Requirement to be registered
- Interpretation of Part V
- Notification of registrability etc.
- Form of registration
- Notification of loss or prospective loss of registrability
- Cancellation of registration
- Correction of the register etc.
- Supplemental regulations about notifications
- Publication of information on the register
- Part VI Credits and repayments
- Tax credits
- Repayments of overpaid levy
- Supplemental provisions about repayments etc.
- Reimbursement arrangements
- Interest payable by the Commissioners
- Assessment for excessive repayment
- Assessment for overpayments of interest
- Assessments under paragraphs 67 and 68
- Interest on amounts assessed
- Assessments to interest under paragraph 70
- Supplementary assessments
- Set-off of or against amounts due under this Schedule
- Set-off of or against other taxes and duties
- Restriction on powers to provide for set-off
- Part VI: supplemental provisions
- Part VII Recovery and interest
- Recovery of levy as debt due
- Assessments of amounts of levy due
- Supplementary assessments
- Time limits for assessments
- Ordinary interest on overdue levy paid before assessment
- Penalty interest on unpaid levy
- Penalty interest on levy where no return made
- Ordinary and penalty interest on under-declared levy
- Penalty interest on unpaid ordinary interest
- Penalty interest
- Supplemental provisions about interest
- Assessments to interest
- Further assessments to penalty interest
- Controlled goods agreements
- Walking possession agreements
- Interpretation etc. of Part VII
- Part VIII Evasion, misdeclaration and neglect
- Criminal offences: Evasion
- Criminal offences: Misstatements
- Criminal offences: Conduct involving evasions or misstatements
- Criminal offences: Preparations for evasion
- Offences under paragraphs 92 to 95: procedural matters
- Arrest for offences under paragraphs 92 to 94
- Civil penalties: Evasion
- Liability of directors etc. for penalties under paragraph 98
- Civil penalties: Misdeclaration or neglect
- Civil penalties: Incorrect notifications etc.
- Interpretation of Part VIII
- Part IX Civil penalties
- Preliminary
- Reduction of penalties
- Matters not amounting to reasonable excuse
- Assessments to penalties etc.
- Further assessments to daily penalties
- Time limits on penalty assessments
- Penalty interest on unpaid penalties
- Supplemental provisions about interest
- Assessments to penalty interest on unpaid penalties
- Further assessments to interest on penalties
- Up-rating of amounts of penalties
- Part X Non-residents, groups and other special cases
- Non-resident taxpayers: appointment of tax representatives
- Effect of appointment of tax representatives
- Groups of companies etc.
- Partnerships and other unincorporated bodies
- Death and incapacity
- Transfer of a business as a going concern
- Insolvency etc.
- Part XI Review and appeal
- Appeals
- Offer of review
- Right to require review
- Review by HMRC
- Extensions of time
- Review out of time
- Nature of review etc
- Bringing of appeals
- Appeals: further provisions
- Determinations on appeal
- Part XII Information and evidence
- Provision of information
- Records
- Evidence of records that are required to be preserved
- Production of documents
- Powers in relation to documents produced
- Entry and inspection
- Entry and search
- Order for access to recorded information etc.
- Removal of documents etc.
- Enforcement of paragraph 132
- Power to take samples and examine meters
- Evidence by certificate
- Inducements to provide information
- Disclosure of information
- Meaning of “authorised person"
- Part XIII Miscellaneous and supplementary
- Security for levy
- Destination of receipts
- Provisional collection of levy
- Invoices incorrectly showing levy due
- Adjustment of contracts
- Climate change levy accounting documents
- Service of notices etc.
- Variation and withdrawal of directions etc.
- Regulations and orders
- Part XIV Interpretation
- General
- Meaning of “combined heat and power station" etc.
- Determination of efficiency percentages for combined heat and power stations
- Certification of electricity from fully or partly exempt combined heat and power station
- Meaning of “utility"
- Person treated as, or as not being, a utility
- Meaning of “auto-generator"
- Meaning of “exempt unlicensed electricity supplier”
- Meaning of “small generating station”
- Meaning of “levy due for an accounting period"
- Meaning of “repayment of levy"
- Interpretation of “in the course or furtherance of a business"
- Meaning of “resident in the United Kingdom"
- References to the Gas and Electricity Markets Authority: transitional provision
- SCHEDULE 7 Climate change levy: consequential amendments
- Provisional Collection of Taxes Act 1968 (c.2)
- Bankruptcy (Scotland) Act 1985 (c.66)
- Insolvency Act 1986 (c.45)
- Income and Corporation Taxes Act 1988 (c.1)
- Insolvency (Northern Ireland) Order 1989 (N.I. 19)
- Finance Act 1996 (c.8)
- Finance Act 1997 (c.16)
- Part I Introductory
- Employee share ownership plans
- Group plans
- Meaning of “award of shares", “participant" etc.
- Application for approval
- Appeal against refusal of approval
- Part II General requirements
- Introduction
- The purpose of the plan
- All-employee nature of plan
- Participation on same terms
- No preferential treatment for directors etc.
- No further conditions
- No loan arrangements
- Part III Eligibility of individuals
- Introduction
- The employment requirement
- The “no material interest" requirement
- The requirement of non-participation in other relevant share schemes
- Meaning of “material interest"
- Material interest: options etc.
- Material interest: shares held by trustees of approved profit sharing schemes etc.
- Meaning of “associate"
- Meaning of “associate": trustees of employee benefit trust
- Meaning of “associate": trustees of discretionary trust
- Part IV Free shares
- Introduction
- Maximum annual award
- Performance allowances
- Performance allowances: general application
- Performance allowances: measures and targets
- Performance allowances: information to be given to employees
- Performance allowances: method one
- Performance allowances: method two
- The holding period
- Holding period: power to authorise trustees to accept general offers etc.
- Part V Partnership shares
- Introduction
- Partnership share agreements
- Deductions from salary
- Maximum amount of deductions
- Minimum amount of deductions
- Notice of possible effect of deductions on benefit entitlement
- Partnership share money held for employee
- Plan with no accumulation period
- Plan with accumulation period
- Application of money deducted in accumulation period
- Restriction imposed on number of shares awarded
- Stopping and re-starting deductions
- Withdrawal from partnership share agreement
- Repayment of partnership share money on withdrawal of approval or termination
- Access to partnership shares
- Meaning of “salary"
- Part VI Matching shares
- Introduction
- General requirements for matching shares
- Ratio of matching shares to partnership shares
- Application of provisions relating to holding period etc.
- Part VII Reinvestment of cash dividends
- Reinvestment
- Limit on amount reinvested
- General requirements for dividend shares
- Acquisition of dividend shares
- Holding period for dividend shares
- Certain amounts not reinvested to be carried forward
- Part VIII Types of share that may be used
- Introduction
- Must be ordinary share capital
- Requirement as to listing etc.
- Shares must be fully paid up and not redeemable
- Only certain kinds of restriction allowed
- Permitted restrictions: voting rights
- Permitted restrictions: provision for forfeiture
- Permitted restrictions: pre-emption conditions
- Prohibited companies
- Part IX The trustees
- Establishment of trustees
- Power of trustees to borrow
- Duty to give notice of award of shares etc.
- General duties of trustees
- Power of trustees to raise funds to subscribe for rights issue
- Meeting PAYE obligations
- Deemed disposal by trustees on disposal of beneficial interest
- Duties of trustees in relation to tax liabilities
- Acquisition by trustees of shares from employee share ownership trust
- Part X Income tax
- Introduction
- No charge on award of shares etc.
- Capital receipts in respect of participant’s shares
- Exclusion of certain charges in relation to participant’s shares
- Charge on free or matching shares ceasing to be subject to plan
- Charge on disposal of beneficial interest during the holding period
- Partnership share money deducted before tax
- Charge on partnership share money paid over to employee
- Charge on cancellation payments in respect of partnership share agreement
- Charge on partnership shares ceasing to be subject to plan
- Circumstances in which there is no charge on shares ceasing to be subject to plan
- Dividends etc. in respect of unappropriated shares
- Reinvestment of cash dividend on behalf of participant
- Repayment of excess cash dividend
- Treatment of cash dividend retained for reinvestment
- Treatment of cash dividend retained and then later paid out
- Charge on dividend shares ceasing to be subject to plan
- PAYE: shares ceasing to be subject to plan
- PAYE: shares ceasing to be subject to the plan
- PAYE: capital receipts
- Part XI Capital gains tax
- Introduction
- Gains accruing to trustees
- Participant absolutely entitled as against trustees
- Different classes of shares
- No chargeable gain on shares ceasing to be subject to the plan
- Treatment of forfeited shares
- Acquisition by trustees of shares from profit sharing scheme
- Disposal of rights under rights issue
- Part XII Corporation tax deductions
- Introduction
- Deduction for providing free or matching shares
- Deduction for additional expenses in providing partnership shares
- Cases in which no deduction is allowed
- No deduction for expenses in providing dividend shares
- Treatment of forfeited shares
- Deduction for costs of setting up the plan
- Deductions for contributions to running expenses of plan
- Deduction for contribution to plan trust
- Withdrawal of deduction under paragraph 112A
- Withdrawal of deductions on withdrawal of approval
- Application of provisions to expenses of management of investment companies etc.
- Part XIII Supplementary provisions
- Company reconstructions
- Treatment of shares acquired under rights issue
- Exemptions from stamp duty and stamp duty reserve tax
- Power to require information
- Exemptions from stamp duty and stamp duty reserve tax
- Withdrawal of approval
- Appeal against withdrawal of approval
- Termination of plan
- Effect of plan termination notice
- Meaning of shares being withdrawn from or ceasing to be subject to plan
- Meaning of participant ceasing to be in relevant employment
- Exercise of functions conferred on “the Inland Revenue"
- Determination of market value
- Meaning of “associated company"
- Jointly owned companies
- Meaning of “readily convertible asset"
- Minor definitions
- Index of defined expressions
- SCHEDULE 9 New Schedule 7C to the Taxation of Chargeable Gains Act 1992
- Introduction
- Accommodation, supplies or services used in performing duties of employment
- Power to provide by regulations for exemption of minor benefits
- Beneficial loans: exception of loan where whole of interest qualifies for relief
- Beneficial loans: loans on ordinary commercial terms
- Beneficial loans: apportionment of benefit in case of joint loan etc.
- SCHEDULE 12 Provision of services through an intermediary
- Part I Application of this Schedule
- Engagements to which this Schedule applies
- Worker treated as receiving Schedule E income
- Conditions of liability where intermediary is a company
- Conditions of liability where intermediary is a partnership
- Conditions of liability where intermediary is an individual
- Exception of certain payments subject to deduction of tax
- Part II The deemed Schedule E payment
- Calculation of deemed Schedule E payment
- Reimbursed expenses
- Treatment of mileage allowances
- Treatment of payments made under construction industry scheme
- Apportionments
- Application of Schedule E rules
- Application of Income Tax Acts in relation to deemed Schedule E payment
- Part III Supplementary provisions
- Earlier date of deemed Schedule E payment in certain cases
- Relief in case of distributions by intermediary
- Provisions applicable to multiple intermediaries
- Multiple intermediaries: avoidance of double-counting
- Multiple intermediaries: joint and several liability for PAYE deductions
- Calculation of profits of intermediary: deduction for deemed Schedule E payment
- Calculation of profits of intermediary: special rules for partnerships
- Meaning of “associate"
- Meaning of “the Inland Revenue"
- Interpretation
- Transitional provisions: general
- Transitional provisions: deemed discontinuance of business
- Saving for provisions relating to agency workers
- SCHEDULE 13 Occupational and personal pension schemes
- Part I Amendments of the Taxes Act 1988
- Introductory
- Exception of certain life policies from chargeable events legislation
- No charge to tax under section 591C on conversion under Schedule 23ZA
- Definition of “retirement benefits scheme"
- Interpretation of Chapter 4IV of Part XIV
- Approval of personal pension schemes
- Conversion of certain approved retirement benefits schemes
- Eligibility to make contributions
- Insurance against risks relating to non-payment of contributions
- Income withdrawals: the relevant date
- Income withdrawals: purchase of two or more annuities
- Income withdrawals after death of member
- Other restrictions on approval
- Multiple pension dates Et ceteralaetc
- Tax relief on member’s contributions
- Maximum amount of deductions
- Carry-back of contributions
- Election for contributions to be treated as paid in previous year
- Abolition of carry-forward of relief
- Earnings from pensionable employment
- Meaning of “net relevant earnings"
- Presumption of same level of relevant earnings Et ceteralaetc for 5 years
- Higher level contributions after cessation of actual relevant earnings: modification of section 646B
- Appeals
- Old transitional provisions
- Benefits under approved pension arrangements not to be income of settlor
- Conversion of certain approved retirement benefits schemes
- Part II Transitional provisions
- Schemes approved before 6th April 2001 deemed to contain certain provisions
- Deemed requisite evidence for the presumptions
- Applications for approval
- Part I Introductory
- Qualifying options
- Notice of option to be given to Inland Revenue
- Correction of notice by Revenue
- Notice of enquiry
- Completion of enquiry
- Effect of enquiry
- Appeals
- Part II General requirements
- Introduction
- Purpose of granting the option
- Maximum entitlement of employee
- Number of employees who may hold qualifying options
- Maximum value of options in respect of relevant company’s shares
- Part III Qualifying companies
- Introduction
- The independence requirement
- The qualifying subsidiaries requirement
- Meaning of “qualifying subsidiary"
- The gross assets requirement
- The trading activities requirement
- Meaning of “qualifying trade"
- Excluded activities
- Excluded activities: wholesale and retail distribution
- Excluded activities: leasing of ships
- Excluded activities: receipt of royalties and licence fees
- Excluded activities: property development
- Excluded activities: hotels and comparable establishments
- Excluded activities: nursing homes and residential care homes
- Excluded activities: provision of facilities for another business
- Part IV Eligible employees
- Introduction
- The employment requirement
- The requirement as to commitment of working time
- The “no material interest" requirement
- Meaning of “material interest"
- Material interest: options etc.
- Material interest: shares held by trustees of approved profit-sharing schemes etc.
- Meaning of “associate"
- Meaning of “associate": trustees of employee benefit trust
- Meaning of “associate": trustees of discretionary trust
- Part V Requirements as to terms of option etc.
- Introduction
- Type of shares that may be acquired
- Option to be capable of exercise within 10 years
- Terms of option to be agreed in writing
- Non-assignability of rights
- Part VI Income tax
- Introduction
- Exclusion of charge on grant
- Exercise of option to acquire shares at market value
- Exercise of option to acquire shares at less than market value
- Exercise of option to acquire shares at nil cost
- Main disqualifying events
- Disqualifying events: company reorganisation
- Disqualifying events: alterations of share capital
- Disqualifying events: conversion of shares
- Disqualifying events: grant of CSOP option
- Disqualifying events: actual relevant working time
- Effect of disqualifying event
- Exclusion of charge on acquisition at under-value
- Saving for other income tax charges
- Part VII Capital gains tax
- Qualifying shares
- Taper relief on disposal of qualifying shares
- Rights issues in respect of qualifying shares
- Part VIII Company reorganisations
- Introduction
- Meaning of “qualifying exchange of shares"
- Grant of replacement option
- Period within which replacement option must be granted
- Qualifying requirements for replacement option
- Part IX Supplementary provisions
- Power to require information
- Annual returns
- Meaning of “market value" of shares
- Determination of market value
- Exercise of functions conferred on “the Inland Revenue"
- Power to amend by Treasury order
- Compliance with time limits
- Minor definitions
- Index of defined expressions
- SCHEDULE 15 The corporate venturing scheme
- Part I Investment relief: introduction
- Meaning of “investment relief"
- Eligibility for investment relief
- Meaning of “the qualification period"
- Part II The investing company
- Introduction
- The “no material interest" requirement
- The “no reciprocal arrangements" requirement
- Meaning of “material interest"
- The “no control" requirement
- Relevant preference shares
- The non-financial activities requirement
- Meaning of “non-financial trade"
- Meaning of “non-financial trading group"
- Requirement as to shares being a chargeable asset
- Requirement as to no tax avoidance
- Part III The issuing company
- Introduction
- The “unquoted status" requirement
- The independence requirement
- The “individual-owners" requirement
- The partnerships and joint ventures requirement
- The qualifying subsidiaries requirement
- Meaning of “qualifying subsidiary"
- The property managing subsidiaries requirement
- The gross assets requirement
- The number of employees requirement
- The trading activities requirement
- Meaning of “qualifying 90% subsidiary”
- Ceasing to meet trading activities requirement by reason of administration, receivership, etc.
- Meaning of “qualifying trade"
- Excluded activities
- Excluded activities: wholesale and retail distribution
- Excluded activities: leasing of ships
- Excluded activities: receipt of royalties and licence fees
- Excluded activities: property development
- Excluded activities: shipbuilding
- Excluded activities: producing coal
- Excluded activities: producing steel
- Excluded activities: hotels and comparable establishments
- Excluded activities: nursing homes and residential care homes
- Excluded activities: provision of facilities for another business
- Part IV General requirements
- Introduction
- Requirement as to the shares
- Requirement as to maximum amount raised annually through risk capital schemes
- Requirement as to the money raised
- Requirement as to no pre-arranged exits
- Requirement as to no tax avoidance
- Part V Investment relief
- Form of investment relief
- Entitlement to claim
- Compliance certificates
- Compliance statements
- Appeal against refusal to authorise compliance certificate
- Penalties for fraudulent certificate or statement etc.
- Attribution of relief to shares
- Part VI Withdrawal of investment relief
- Disposal of shares
- Value received by investing company
- Meaning of “the period of restriction"
- When value is received
- The amount of value received
- Value received where there is more than one issue of shares
- Cases where maximum investment relief not obtained
- Receipts of value by and from connected persons
- Receipt of replacement value
- Provision supplementary to paragraph 54
- Value received by other persons
- Insignificant repayments disregarded
- Provision supplementary to paragraph 56 and 57
- Put options and call options
- Withdrawal of relief
- Appeals against withdrawal of relief
- Time limits
- Interest
- Information to be provided by the investing company
- Information to be provided by the issuing company etc.
- Power of Inland Revenue to obtain information
- Part VII Relief for losses on disposals of shares
- Eligibility for relief against income
- Entitlement to claim
- Form of loss relief
- Priority of loss relief
- Tax avoidance
- Adjustment of corporation tax
- Part VIII Deferral relief
- Introduction
- Meaning of “qualifying investment"
- Meaning of “the qualifying shares"
- Postponement of original gain
- Meaning of “deferral relief"
- Chargeable events
- Gain accruing on chargeable event
- Part IX Company restructuring
- Share reorganisations
- Rights issues etc.
- Company reconstructions and amalgamations
- Certain exchanges resulting in acquisition of share capital by new company
- No disposal on certain exchanges of shares
- Attribution of relief to new shares
- Substitution of new shares for old shares
- Operation of requirements of Parts II and III in relation to new shares
- Relationship between this Part and the 1992 Act
- Part X Advance clearance
- Application for advance clearance notice
- Provision of further information
- Decision on application and review procedure
- Effect of advance clearance notice
- Part XI Supplementary and general
- Identification of shares on a disposal
- Determination of loss where investment relief is attributable to shares
- Nominees
- Meaning of “disposal"
- Construction of references to shares being “held continuously"
- Meaning of “issue of shares"
- Meaning of “associate"
- “The Board" and “the Inland Revenue"
- Power to amend by Treasury order
- Minor definitions etc.
- Index of defined expressions
- SCHEDULE 16 Corporate venturing scheme: consequential amendments
- Penalties in connection with returns etc.
- Enterprise investment scheme
- Loss relief
- EIS: deferral relief
- Company tax returns, assessments etc.
- SCHEDULE 17 Enterprise investment scheme: amendments
- Part I Reduction of applicable periods
- Meaning of “eligible shares"
- Conditions relating to individuals
- Conditions relating to further investment by connected person
- Value received from company
- Value received by persons other than claimants
- Meaning of “termination date" and “relevant period"
- Postponement of chargeable gains on reinvestment
- Commencement
- Part II Qualifying companies
- Company in administration or receivership
- Company in liquidation
- Independence of qualifying company
- Commencement
- Part III Other amendments
- Qualifying trades
- Meaning of “arrangements"
- Meaning of “research and development"
- SCHEDULE 18 Venture capital trusts: amendments
- Part I Reduction of applicable periods
- Relief from income tax
- Deferred CGT charge on reinvestment
- Commencement
- Part II Qualifying holdings
- Introductory
- Qualifying trade: receipt of royalties or licence fees
- Meaning of “research and development"
- Company in administration or receivership
- Company reorganisations et ceteralaetc. involving exchange of shares
- SCHEDULE 19 Meaning of “research and development"
- Part I The new definition
- Research and development
- Oil and gas exploration and appraisal
- Part II Consequential amendments
- Income and Corporation Taxes Act 1988 (c.1)
- Capital Allowances Act 1990 (c.1)
- Taxation of Chargeable Gains Act 1992 (c.12)
- SCHEDULE 20 Tax relief for expenditure on research and development
- Part I Entitlement to relief
- Entitlement to R&D tax relief
- Meaning of “small or medium-sized enterprise".
- Qualifying R&D expenditure
- Relevant research and development
- Staffing costs
- Expenditure on software or consumable items
- Relevant payments to subjects of clinical trials
- Meaning of “intellectual property"
- Subsidised expenditure
- Qualifying expenditure on externally provided workers
- Meaning of “externally provided worker”
- Treatment of expenditure where company and staff provider are connected persons
- Election for connected persons treatment
- Treatment of staff provision payment in other cases
- Qualifying expenditure on sub-contracted research and development
- Treatment of expenditure where company and sub-contractor are connected persons
- Election for connected persons treatment
- Treatment of sub-contractor payment in other cases
- Part II Manner of giving effect to relief
- Deduction in computing profits of trade
- Alternative treatment of pre-trading expenditure
- Entitlement to R&D tax credit
- Amount of credit
- Total amount of company’s Pay As You EarnPAYE and NICs liabilities
- Payment in respect of R&D tax credit
- R&D tax relief or tax credit only available where company is a going concern
- Restriction on losses carried forward
- Payment in respect of R&D tax credit not income
- Part III Supplementary provisions
- Artificially inflated claims for deduction or R&D tax credit
- Restriction on consortium relief
- Treatment of deemed trading loss
- Funding of R&D tax credits
- Interpretation
- Transitional provisions
- SCHEDULE 21 R&D tax credits: consequential amendments
- Interest
- Claim must be made in tax return
- Recovery of excessive R&D tax credit
- Claims for R&D tax credits
- SCHEDULE 22 Tonnage tax
- Part I Introductory
- Tonnage tax
- Tonnage tax companies and groups
- Profits of tonnage tax company
- Tonnage tax profits: method of calculation
- Tonnage tax profits: calculation in case of joint operation etc.
- Measurement of tonnage of ship
- Part II Tonnage tax elections
- Company or group election
- Method of making election
- Person by whom election to be made
- When election may be made
- Power to provide further opportunities for election
- When election takes effect
- Period for which election is in force
- Effect of election ceasing to be in force
- Renewal election
- Bridging renewal election
- Withdrawal notices
- Power to provide further opportunities for withdrawal
- Part III Qualifying companies and groups
- Qualifying companies and groups
- Effect of temporarily ceasing to operate qualifying ships
- Meaning of operating a ship
- Meaning of managing a qualifying ship
- Qualifying ships
- Vessels excluded from being qualifying ships
- Qualifying dredgers and tugs
- Power to modify exclusions
- Effect of change of use
- ...
- ...
- ...
- ...
- ...
- ...
- Part IV The training requirement
- Introduction
- The minimum training obligation
- Meaning of “training commitment"
- Approval of initial training commitment
- Annual training commitment
- Supplementary provisions about training commitments
- Payments in lieu of training
- Monitoring of compliance with training commitment
- Higher rate of payment in case of failure to meet training commitment
- Certificate of non-compliance
- Certificates of non-compliance: supplementary provisions
- Disclosure of information
- Offences
- General provisions about regulations
- Part V Other requirements
- The requirement that not more than 75% of fleet tonnage is chartered in
- The 75% limit: election not effective if limit exceeded
- The 75% limit: exclusion of company if limit exceeded
- The 75% limit: exclusion of group if limit exceeded
- The requirement not to enter into tax avoidance arrangements
- Tax avoidance: exclusion from tonnage tax
- Appeals
- The requirement to prove compliance with safety etc standards
- Part VI Relevant shipping profits
- Introduction
- Tonnage tax activities
- Core qualifying activities
- Qualifying secondary activities
- Qualifying incidental activities
- Relevant shipping income: distributions of overseas shipping companies
- Relevant shipping income: certain interest etc.
- General exclusion of investment income
- Part VII The ring fence: general provisions
- Accounting period ends on entry or exit
- Tonnage tax trade
- Profits of controlled foreign companies
- General exclusion of reliefs, deductions and set-offs
- Exclusion of loss relief
- Exclusion of relief or set-off against tax liability
- Transactions not at arm’s length: between tonnage tax company and another person
- Transactions not at arm’s length: between tonnage tax trade and other activities of same company
- Transactions not at arm’s length: duty to give notice
- Treatment of finance costs: single company
- Treatment of finance costs: group company
- Meaning of “finance costs"
- Part VIII Chargeable gains and allowable losses on tonnage tax assets
- Chargeable gains: tonnage tax assets
- Chargeable gains: disposal of tonnage tax asset
- Chargeable gains: losses brought forward
- Chargeable gains: roll-over relief for business assets
- Part IX The ring fence: capital allowances: general
- Introduction
- Entry: plant and machinery: assets to be used wholly for tonnage tax trade
- Entry: plant and machinery: assets to be used partly for tonnage tax trade
- Entry: ships acquired and disposed of within twelve months
- Entry: deferred balancing charge on disposal of ship
- During: plant and machinery: new expenditure partly for tonnage tax purposes
- During: plant and machinery: asset beginning to be used for tonnage tax trade
- During: plant and machinery: change of use of tonnage tax asset
- During: plant and machinery: change of use of non-tonnage tax asset
- During: plant and machinery: disposals
- During: plant and machinery: reduction of balancing charges
- During: plant and machinery: giving effect to balancing charge
- During: plant and machinery: deferment of balancing charge
- During: plant and machinery: surrender of unrelieved qualifying expenditure
- During: industrial buildings: mixed use
- During: industrial buildings: balancing charges
- During: industrial buildings: residue of qualifying expenditure
- Exit: plant and machinery
- Exit: industrial buildings
- Meaning of “not entitled to capital allowances"
- Interpretation
- Part X The ring fence: capital allowances: ship leasing
- Introduction
- Quantitative restrictions not to apply to ordinary charters
- Defeased leasing
- Defeased leasing: excepted forms of security
- Long funding leases: conditions for alternative treatment
- Lease to tonnage tax company or group
- Tonnage tax company to operate and manage qualifying ship
- Period and rate of sublease of qualifying ship
- Anti-avoidance
- Consequences of paragraph 91A(2) ceasing to have effect
- Sale and lease-back arrangements
- Certificates required to support claim by ... lessor
- Quantitative restrictions on allowances
- Quantitative restrictions: further provisions as to rate bands, limit and pooling
- Quantitative restrictions: meaning of “cost of providing ship"
- Quantitative restrictions: treatment of disposal proceeds
- Quantitative restrictions: change of circumstances bringing case within restrictions
- Quantitative restrictions: change of circumstances taking case out of restrictions
- Determination of tax written down value, etc.
- Quantitative restrictions: power to alter amounts by regulations
- Exclusion of leases entered into on or before 23rd December 1999
- Part XI Special rules for offshore activities
- Introduction
- Meaning of “offshore activities"
- Vessels to which special provisions do not apply
- Treatment of periods of inactivity
- Profits from offshore activities to be computed according to ordinary rules
- Application of ring fence provisions
- Chargeable gains from assets used for offshore activities
- Capital allowances: general
- Capital allowances: proportionate reduction of allowances
- Capital allowances: notional qualifying expenditure: existing assets
- Capital allowances: notional qualifying expenditure: new assets
- The training requirement
- Interpretation
- Part XII Groups, mergers and related matters
- Meaning of “group" and “member of group"
- Companies treated as controlled by an individual
- Meaning of “control"
- Company not to be treated as member of more than one group
- Arrangements for dealing with group matters
- Meaning of “merger" and “demerger"
- Merger: between tonnage tax groups or companies
- Merger: tonnage tax group or company and qualifying non-tonnage tax group or company
- Merger: tonnage tax group or company and non-qualifying group or company
- Merger: non-qualifying group or company and qualifying non-tonnage tax group or company
- Meaning of “dominant party" in relation to merger
- Demerger: single company
- Demerger: group
- Duty to notify Inland Revenue of group changes
- Part XIII Application of provisions to partnerships
- Introduction
- Calculation of partnership profits
- Qualifying partnerships
- Ships owned by or chartered to partners
- Transactions not at arm’s length
- Adjustments for capital allowance purposes
- General
- Part XIV Withdrawal of relief etc. on company leaving tonnage tax
- Introduction
- Exit charge: chargeable gains
- Exit charge: balancing charges
- Ten year disqualification from re-entry into tonnage tax
- Second or subsequent application of this Part
- Part XV Supplementary provisions
- Meaning of “ship"
- Meaning of “on bareboat charter terms"
- Meaning of “associate"
- Exercise of functions conferred on “the Inland Revenue"
- Meaning of “company" and related expressions
- Index of defined expressions
- SCHEDULE 23 Tax treatment of amounts relating to acquisition etc. of certain rights
- Rights to which this Schedule applies
- Tax treatment of expenditure on acquisition and receipts from disposal
- Tax treatment of amounts arising from revaluation
- Tax treatment must accord with accounting approach in relevant group accounts
- Interpretation
- Transitional provision in relation to IRUs
- SCHEDULE 24 New Schedule 4A to the Taxation of Chargeable Gains Act 1992
- SCHEDULE 25 New Schedule 4B to the Taxation of Chargeable Gains Act 1992
- SCHEDULE 26 Transfers of value: attribution of gains to beneficiaries
- Part I New Schedule 4C to the Taxation of Chargeable Gains Act 1992
- Part II Consequential amendments
- Taxation of Chargeable Gains Act 1992 (c.12)
- Taxes Act 1988
- SCHEDULE 27 Group relief in case of non-resident companies etc.
- Part I Amendments of Chapter IV of Part X of the Taxes Act 1988
- Availability of relief
- Limits on amount of relief
- Amendments of Schedule 18 to the Taxes Act 1988
- Commencement
- Part II Consequential amendments
- Section 76 of the Taxes Act 1988
- Section 434A of the Taxes Act 1988
- Section 502 of the Taxes Act 1988
- Schedule 24 to the Taxes Act 1988
- Schedule 18 to the Finance Act 1998
- Commencement
- SCHEDULE 28 Recovery of tax payable by non-resident company
- Introduction
- Companies that may be required to pay unpaid tax
- Notice requiring payment of unpaid tax
- Time limit for giving notice
- Limit on amount payable in consortium case
- Supplementary provisions
- SCHEDULE 29 Chargeable gains: non-resident companies and groups etc.
- Part I Application of Taxation of Chargeable Gains Act 1992
- Main amendments
- Transfers within a group
- Transfer of United Kingdom branch or agency
- De-grouping charge
- Reconstruction or amalgamation involving transfer of business
- Deemed disposal on non-resident ceasing to carry on trade in United Kingdom through branch or agency
- Restriction on set-off of pre-entry losses
- Restrictions on setting losses against pre-entry gains
- Recovery of unpaid tax
- Replacement of business assets by members of group
- Transfers of assets within a group: trading stock
- Restriction of losses by reference to capital allowances
- Assets held on 6th April 1965: disposal outside group
- Part II Minor and consequential amendments
- Section 97 of the Inheritance Tax Act 1984
- Section 132 of the Finance Act 1988
- Section 14 of the Taxation of Chargeable Gains Act 1992
- Section 31A of the Taxation of Chargeable Gains Act 1992
- Section 106 of the Taxation of Chargeable Gains Act 1992
- Section 116 of the Taxation of Chargeable Gains Act 1992
- Section 117A of the Taxation of Chargeable Gains Act 1992
- Section 117B of the Taxation of Chargeable Gains Act 1992
- Section 138A of the Taxation of Chargeable Gains Act 1992
- Section 140 of the Taxation of Chargeable Gains Act 1992
- Section 176 of the Taxation of Chargeable Gains Act 1992
- Section 177 of the Taxation of Chargeable Gains Act 1992
- Section 178 of the Taxation of Chargeable Gains Act 1992
- Section 180 of the Taxation of Chargeable Gains Act 1992
- Section 181 of the Taxation of Chargeable Gains Act 1992
- Section 192 of the Taxation of Chargeable Gains Act 1992
- Section 211 of the Taxation of Chargeable Gains Act 1992
- Section 216 of the Taxation of Chargeable Gains Act 1992
- Section 217C of the Taxation of Chargeable Gains Act 1992
- Section 228 of the Taxation of Chargeable Gains Act 1992
- Section 253 of the Taxation of Chargeable Gains Act 1992
- Section 276 of the Taxation of Chargeable Gains Act 1992
- Schedule A1 to the Taxation of Chargeable Gains Act 1992
- Schedule 2 to the Taxation of Chargeable Gains Act 1992
- Schedule 3 to the Taxation of Chargeable Gains Act 1992
- Schedule 7B to the Taxation of Chargeable Gains Act 1992
- Schedule 7C to the Taxation of Chargeable Gains Act 1992
- Section 136 of the Finance Act 1993
- Section 136A of the Finance Act 1993
- Schedule 17 to the Finance Act 1993
- Schedule 9 to the Finance Act 1996
- Schedule 15 to the Finance Act 1996
- Part III Transitional provisions
- De-grouping charge: deferral until company leaves new group
- SCHEDULE 30 Double taxation relief
- Power to make treaty provision for matching credit for tax spared in foreign country
- Matching credit for tax spared below immediate overseas subsidiary: treaty relief
- Matching credit for tax spared below immediate overseas subsidiary: unilateral relief
- Relief for persons resident outside the UK who have branches or agencies in the UK
- No double relief etc.
- Limits on credit: minimisation of the foreign tax
- Foreign tax on amounts underlying non-trading credits
- Restriction of relief for underlying tax
- Computation of underlying tax: the relevant profits
- Dividends paid between related companies but not covered by arrangements
- Restriction of relief for underlying tax: dividends paid between related companies
- Dividends paid out of transferred profits
- Separate streaming of dividend so far as representing an ADP dividend of a CFC
- UK insurance companies trading overseas: repeal of section 802
- Underlying tax: foreign taxation of group as a single entity
- Life assurance companies with overseas branches etc: restriction of credit
- Allocation of foreign tax to different categories of insurance business
- Allocation of expenses etc in a computation under Case I of Schedule D
- Interpretation of sections 804A to 804E
- Time limits for claims for credit relief
- Foreign dividends: onshore pooling and utilisation of certain unrelieved foreign tax
- Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere
- Unrelieved foreign tax: profits of overseas branch or agency
- Foreign tax on amounts underlying non-trading credits
- Royalties: special relationship
- Postponement of capital allowances to obtain double taxation relief
- Time limits where reduction under s.811 rendered excessive or insufficient
- Mutual agreement procedure
- Restriction of interest on repayment of tax resulting from carry back of relievable tax
- Time limits where deduction under s.278 of the 1992 Act rendered excessive or insufficient
- SCHEDULE 31 Controlled foreign companies
- Introductory
- Conditions for company to be controlled foreign company
- Designer rate tax provisions: deemed lower level of taxation
- “Control" and the two “40 per cent" tests
- Exempt activities: wholesale, distributive, financial or service business
- Local holding companies
- Other holding companies
- Businesses to which requirement as to derivation of receipts applies
- Commencement
- SCHEDULE 32 Stamp duty on seven year leases: transitional provisions
- Introductory
- Instruments to which this Schedule applies
- Instruments which remain duly stamped
- Instruments which cease to be duly stamped
- Stamping following earlier adjudication
- Use of instruments in evidence, etc.
- Adjudication, interest and penalties
- SCHEDULE 33 Power to vary stamp duties
- Power of Treasury to make provision by regulations
- Power only to be used for cases involving land or shares etc.
- Power not to be used to vary rates or thresholds
- Approval of regulations by House of Commons
- Claim for repayment if regulations not approved
- Use in evidence, etc. of instruments affected by regulations ceasing to have effect
- Temporary effect of regulations
- Power to make transitional etc. provision
- Interpretation
- SCHEDULE 34 Abolition of stamp duty on instruments relating to intellectual property: supplementary provisions
- Introduction
- Stamp duty reduced in certain other cases
- Apportionment of consideration for stamp duty purposes
- Certification of instruments for stamp duty purposes
- Acquisition under statute
- SCHEDULE 35 Value added tax: charge at reduced rate
- SCHEDULE 36 New Schedule 3A to the Value Added Tax Act 1994
- SCHEDULE 37 Landfill tax: new Part VIII of Schedule 5 to the Finance Act 1996
- SCHEDULE 38 Regulations for providing incentives for electronic communications
- Introduction
- Kinds of incentive
- Conditions of entitlement
- Withdrawal of entitlement
- Power to authorise provision by directions
- Power to provide for penalties
- General supplementary provisions
- Interpretation
- SCHEDULE 39 New Schedule 1AA to the Taxes Management Act 1970
- SCHEDULE 40 Repeals
- Part I Excise duties
- Part II Income tax, corporation tax and capital gains tax
- Part III Stamp duty and stamp duty reserve tax
- Part IV Value Added Tax
- Part V Information powers
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