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Finance Act 2002

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Finance Act 2002

2002 c. 23

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

Enacted[24th July 2002]
Most Gracious Sovereign,
We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C11C10C12

Part 1  Excise duties

Tobacco products duty

1  Rates of tobacco products duty

1 For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute—
Table
1. CigarettesAn amount equal to 22 per cent of the retail price plus £94.24 per thousand cigarettes.
2. Cigars£137.26 per kilogram.
3. Hand-rolling tobacco£98.66 per kilogram.
4. Other smoking tobacco and chewing tobacco£60.34 per kilogram.
2 This section shall be deemed to have come into force at 6 o’clock in the evening of 17th April 2002.

Alcoholic liquor duties

2  Rates of duty on cider

1 In section 62(1A) of the Alcoholic Liquor Duties Act 1979 (c. 4) (rates of duty on cider)—
a in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent that is not sparkling cider), for “£39.21” substitute “ £38.43 ”;
b in paragraph (c) (rate of duty per hectolitre in any other case), for “£26.13” substitute “ £25.61 ”.
2 This section shall be deemed to have come into force on 28th April 2002.

3  Duty on beverages made with spirits to be at spirits rate

1 Omit section 1(9) of the Alcoholic Liquor Duties Act 1979 (under which alcoholic beverages of a strength between 1.2 and 5.5 per cent made with spirits are treated as not being spirits, unless of a description specified by Treasury order).
2 This section shall be deemed to have come into force on 28th April 2002.

I14  Reduced rates of duty on beer from small breweries

1 Schedule 1 to this Act (which makes provision for the excise duty on beer to be charged at reduced rates on beer produced in small breweries) has effect.
2 Subject to subsection (3), subsection (1) shall be deemed to have come into force on 1st June 2002.
3 So far as relating to—
a the insertion by paragraph 2 of that Schedule of the new section 36H of the Alcoholic Liquor Duties Act 1979, and
b paragraph 3 of that Schedule,
subsection (1) comes into force on the day on which this Act is passed.

Hydrocarbon oil duties

5  Biodiesel

1 The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows.
2 After section 2 insert—
.
F933 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 After section 6 (excise duty on hydrocarbon oil) insert—
.
5 Schedule 2 to this Act contains minor and consquential amendments of the Hydrocarbon Oil Duties Act 1979 (c. 5).
6 Subsection (4), and subsection (5) so far as relating to paragraphs 2 and 4(1) of that Schedule, have effect in relation to biodiesel that—
P1a is set aside for chargeable use (as defined in the section 6AA inserted by subsection (4)) after such date as the Commissioners of Customs and Excise may by order made by statutory instrument appoint, or
b not having been so set aside, is the subject of such chargeable use after that date,
and has not been set aside for chargeable use under section 6A of that Act (fuel substitutes) on or before that date.
7 Subsection (4), and subsection (5) so far as relating to paragraph 2 of that Schedule, have effect in relation to bioblend that—
a is imported into the United Kingdom after the date appointed under subsection (6)(a), or
b not having been so imported—
i is produced in the United Kingdom and delivered for home use after that date, and
ii has not been set aside for chargeable use under section 6A of that Act (fuel substitutes) on or before that date.
8 Subsection (5)—
a so far as relating to paragraph 3 of that Schedule, comes into force on the day after the date appointed under subsection (6)(a),
b so far as relating to paragraph 5 of that Schedule, applies to mixtures produced after the date appointed under subsection (6)(a), and
c so far as relating to paragraph 7 of that Schedule, comes into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint.

6  Regulating trade in rebated heavy oil etc

1 Schedule 3 to this Act has effect.
2 In that Schedule—
  • Part 1 makes provision for regulating trade in certain heavy oil on which rebate of excise duty has been allowed, and
  • Part 2 amends provisions of the Hydrocarbon Oil Duties Act 1979 relating to rebates.
P23 Subject to subsection (4), subsection (1) so far as relating to paragraph 1 of that Schedule shall not come into force until such day as the Commissioners of Customs and Excise may appoint by order made by statutory instrument.
4 For the purpose of the exercise of any power to make regulations, subsection (1) so far as relating to that paragraph comes into force on the day on which this Act is passed.

7  Fuel substitutes

1 In section 6A of the Hydrocarbon Oil Duties Act 1979 (c. 5) (fuel substitutes)—
a in subsection (5) (power to provide that fuel substitute to be treated as if it were a description of hydrocarbon oil), for the words from “the description of such one or more of the following” to the end substitute “ such description of hydrocarbon oil as may be so specified ”;
b in subsection (6)(a) (power to be exercised so that fuel substitute charged with duty and otherwise treated as if it were description of hydrocarbon oil to which it is most closely equivalent), for “the substance falling within the descriptions specified in subsection (5) above” substitute “ hydrocarbon oil of the description ”.
2 In section 10 of the Finance Act 1993 (c. 34) (mineral oil fuel substitutes)—
a in subsection (2) (power to provide that mineral oil fuel substitute to be treated as if it were a particular description of hydrocarbon oil), for the words from “the description of such one or more of the following” to the end substitute “ such description of hydrocarbon oil as may be so specified ”;
b in subsection (3) (power to be exercised so that mineral oil fuel substitute treated as if it were description of hydrocarbon oil to which it is most closely equivalent), for “the substance falling within the descriptions specified in subsection (2) above” substitute “ hydrocarbon oil of the description ”.

Betting and gaming duties

8  Amusement machine licences: excepted machines

1 Section 21 of the Betting and Gaming Duties Act 1981 (c. 63) (amusement machine licences) is amended as follows.
2 In subsection (3A) (excepted machines), for paragraphs (c) and (d) (certain thirty-five penny machines and video machines) substitute—
.
3 For subsection (3B) substitute—
.
4 In subsection (3C) (definition of the price for a solo game), for “35p”, in both places where it occurs, substitute “ 50p ”.
5 In section 25 of that Act (definition of different types of machine), in subsections (4) and (6) (treatment of machines capable of being played by more than one person at a time), for “an excepted video machine falling within section 21(3A)(d) above” substitute “ a fifty-penny machine within section 21(3B) above ”.
6 This section has effect in relation to the provision of an amusement machine at any time on or after 1st May 2002.

9  Amusement machine licence duty: rates

1 In the Table in section 23(2) of the Betting and Gaming Duties Act 1981 (c. 63) (rates of amusement machine licence duty), for column (4) (medium-prize machines other than five-penny machines) and column 6 (machines not in any other category) substitute—
2 This section applies in relation to any amusement machine licence for which an application is received by the Commissioners of Customs and Excise after 30th April 2002.

10  Rates of gaming duty

1 For the Table in section 11(2) of the Finance Act 1997 (c. 16) (rates of gaming duty) substitute—
2 This section has effect in relation to accounting periods beginning on or after 1st April 2002.

F16211  Gaming duty to be chargeable in respect of sic bo and three card poker

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I212  Pool betting duty etc

1 Schedule 4 to this Act has effect.
2 In that Schedule, Part 1—
  • makes provision about pool betting duty, and
  • provides for coupon betting to cease to be subject to pool betting duty but to be subject to general betting duty instead,
and Part 2 contains minor amendments and transitional provisions.
3 The amendments made by paragraph 2 of that Schedule have effect for the purposes of accounting periods beginning on or after 31st March 2002; but this does not apply to the substitution of the new regulation-making provisions.
4 The amendments made by paragraphs 3 and 4 of that Schedule apply to bets made on or after 31st March 2002.
5 Subsections (1) to (4) shall (subject to subsections (6) and (7)) be deemed to have come into force on 31st March 2002.
6 Subsection (1), so far as relating to paragraphs 5, 6(a) and (c), 7 to 9, 10(1), (2), (5) to (11), (13) and (14), 11, 12(1) and (3), 13 and 14 of Schedule 4 to this Act, shall be deemed to have come into force on 24th April 2002.
7 Subsection (1), so far as relating to—
a the substitution of the new regulation-making provisions by paragraph 2 of that Schedule, and
b paragraphs 10(3), (4) and (12) and 12(2) of that Schedule,
comes into force on the day on which this Act is passed; but the powers conferred by the new regulation-making provisions are exercisable only as respects accounting periods beginning after that day.
8 In this section “the new regulation-making provisions” means the following new provisions of the Betting and Gaming Duties Act 1981 (c. 63)—
  • section 7D(6) to (8),
  • section 7E(4) and (5),
  • section 7F(6) and (7),
  • section 8(3) and (4), and
  • section 8B(1)(b) and (2).

F8713  General betting duty: spread bets

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I314  General betting duty: overseas bet-brokers

1 In Part 1 of the Betting and Gaming Duties Act 1981 (betting duties), after section 9 (prohibitions for protection of revenue) insert—
.
2 After section 9A of that Act (inserted by subsection (1) above) insert—
.
3 Omit section 9(4) of that Act (penalties for offences under section 9).
4 In paragraph 5 of Schedule 6 to that Act (convictions under predecessors of section 9 to be treated as convictions under section 9), for “For the purposes of section 9(4)” substitute “ For the purposes of section 9B ”.
5 Subsection (1) comes into force on the day after that on which this Act is passed.
6 The amendments made by subsections (2) to (4) apply for the purposes of punishing offences committed after the day on which this Act is passed.

Vehicle excise duty

15  Cars registered on or after 1st March 2001: rates of duty

1 For the Table in paragraph 1B of Schedule 1 to the Vehicle Excise and Registration Act 1994 (c. 22) (rates of duty applicable to light passenger vehicles registered on or after 1st March 2001 on basis of certificate specifying CO2 emissions figure) substitute—
2 This section applies to any licence taken out on or after 18th April 2002 for a period beginning on or after 1st May 2002.

16  Vans registered on or after 1st March 2001: rates of duty

1 For paragraph 1J of Schedule 1 to the Vehicle Excise and Registration Act 1994 (c. 22) (rate of duty applicable to light goods vehicles first registered on or after 1st March 2001) substitute—
.
2 Subsection (1) applies to any licence taken out for a period beginning on or after 1st March 2003.

17  Disclosure of information for vehicle excise duty exemptions

In the Vehicle Excise and Registration Act 1994 (c. 22), after section 22 insert—
.

18  Motorcycles (and motorcycle trade licences): rates of duty

1 For paragraph 2(1) to (1B) of Schedule 1 to the Vehicle Excise and Registration Act 1994 (c. 22) (rates of duty applicable to motorcycles not exceeding 450 kilograms in weight unladen) substitute—
.
2 In sections 13(3)(a), 35A(5)(b) and 36(3)(b) of that Act, and in section 13(4)(a) of that Act as substituted under paragraph 8 of Schedule 4 to that Act (references to paragraph 2(1)(c) of Schedule 1 in connection with motorcycle trade licences), for “(1)(c)” substitute “ (1)(d) ”.
3 Subsection (1), and the amendments in section 13 of that Act, apply to any licence taken out on or after 18th April 2002 for a period beginning on or after 1st May 2002.
4 The amendments in sections 35A and 36 of that Act apply where the relevant period begins on or after 1st May 2002.

I2319  Registered vehicles etc

1 Schedule 5 to this Act, which provides—
  • for vehicle excise duty to be charged in respect of vehicles registered under the Vehicle Excise and Registration Act 1994 that are neither used nor kept on a public road,
  • for vehicle excise duty to be charged in respect of things that have been but have ceased to be mechanically propelled vehicles,
  • for supplements to be payable where vehicle licences are renewed late, and
  • for it to be an offence to be the person in whose name an unlicensed vehicle is registered under that Act,
has effect.
2 Subject to subsection (3), subsection (1) shall not come into force until such day as the Secretary of State may appoint by order made by statutory instrument; and an order under this subsection may appoint different days for different purposes.
3 For the purpose of the exercise of any power to make regulations, subsection (1) comes into force on the day on which this Act is passed.
4 The Secretary of State may by order made by statutory instrument make—
a such transitional provision as he considers necessary or expedient in connection with the coming into force of subsection (1);
b such provision consequential upon, or incidental or supplementary to, the amendments made by Schedule 5 to this Act (including provision further amending the Vehicle Excise and Registration Act 1994) as he considers necessary or expedient.
5 A statutory instrument containing an order under subsection (4)(b) is subject to annulment in pursuance of a resolution of either House of Parliament.

20  Calculating cylinder capacity of vehicles

1 In paragraph 1 of Schedule 1 to the Vehicle Excise and Registration Act 1994 (c. 22) (annual rates of duty: general), after sub-paragraph (2A) insert—
.
2 Omit—
a paragraph 2(4) of that Schedule (power to make regulations as to calculation of cylinder capacity of motorcycle engines), and
b section 57(8) of that Act (regulations under paragraph 2(4) of Schedule 1 not subject to annulment).
3 Any regulations—
a made under paragraph 2(4) of that Schedule or having effect as if so made, and
b in force or effective immediately before the passing of this Act,
shall have effect after the passing of this Act as if made under the paragraph 1(2B) inserted in that Schedule by this section.
4 Subsection (3) has effect in place of section 17(2)(b) of the Interpretation Act 1978 (c. 30) (but is without prejudice to any other provision of that Act) and, in particular, the fact that the instrument containing any such regulations was not subject to annulment in pursuance of a resolution of either House of Parliament shall not prevent them being revoked, amended or re-enacted by regulations under that paragraph 1(2B).

General

21  Drawback of excise duty

1 In section 133 of the Customs and Excise Management Act 1979 (c. 2) (claims for drawback of excise duty)—
a in subsection (2), for “subsections (3) to (6)” substitute “ subsections (4) to (6) ”;
b omit subsection (3) (Commissioners to be satisfied that the duty in question has been duly paid, and not already drawn back, before drawback is payable).
2 In section 14(1) of the Finance Act 1994 (c. 9) (reviewable decisions) after paragraph (bb) insert—
.
3 The amendment made by subsection (2) does not apply in relation to decisions made before the day on which this Act comes into force.

Part 2 Value added tax

I922  Disallowance of input tax where consideration not paid

1 In Part 1 of the Value Added Tax Act 1994 (c. 23) (the charge to tax), after section 26 insert—
.
2 In section 36 of that Act (bad debts), omit subsections (4A) and (5)(ea).
P33 This section has effect in relation to supplies made on or after such day as the Commissioners of Customs and Excise may appoint by order made by statutory instrument.

23  Flat-rate scheme

1 In Part 1 of the Value Added Tax Act 1994 (c. 23) (the charge to tax), after section 26A (inserted by section 22 above) insert—
.
2 In section 83 of that Act (appeals), after paragraph (f) insert—
.
3 In section 84 of that Act (further provisions relating to appeals), after subsection (4) insert—
.
4 This section shall be deemed to have come into force on 24th April 2002.

I2224  Invoices

1 In the Value Added Tax Act 1994 (c. 23) omit the following (which are superseded by the provision inserted by subsection (2))—
a subsection (9) of section 6 (time of supply);
b in paragraph 2 (VAT invoices etc) of Schedule 11 (administration, collection and enforcement)—
i in the heading, the words “, VAT invoices”;
ii in sub-paragraph (1), the words from “and may require” to the end;
iii sub-paragraphs (2) and (2A).
2 After paragraph 2 of Schedule 11 to that Act insert—
.
3 For paragraph 3 of that Schedule substitute—
.
4 The following amendments to the Value Added Tax Act 1994 (c. 23) are consequential on other amendments made by this section—
a in section 6(15), for “paragraph 2(1)” substitute “ paragraph 2A ”;
b in section 83 (appeals), for paragraph (z) substitute—
;
c in section 88 (supplies spanning change of rate etc)—
i in subsection (5), for “paragraph 2” substitute “ paragraph 2A ”;
ii in subsection (6), for “section 6(9) or paragraph 7 of Schedule 4” substitute “ paragraph 7 of Schedule 4 or paragraph 2B(4) of Schedule 11 ”.
5 This section comes into force on such day as the Treasury may by order made by statutory instrument appoint, and different days may be appointed for different provisions or different purposes.
6 An order under subsection (5) may contain such transitional provisions and savings as appear to the Treasury necessary or expedient in connection with the provisions brought into force.

F22225  Relief from VAT on acquisition if importation would attract relief

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Part 3  Income tax, corporation tax and capital gains tax

Chapter 1 Charge and rate bands

Income tax

F6826  Charge and rates for 2002-03

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F6827  Indexed rate bands for 2002-03: PAYE deductions etc

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F6828  Personal allowance for 2003-04 for those aged under 65

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F6829  Personal allowances for 2003-04 for those aged 65 or over

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Corporation tax

30  Charge and main rate for financial year 2003

Corporation tax shall be charged for the financial year 2003 at the rate of 30%.

F17231  Small companies’ rate and fraction for financial year 2002

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32  Corporation tax starting rate and fraction for financial year 2002

For the financial year 2002—
a the corporation tax starting rate shall be 0%, and
b the fraction mentioned in section 13AA(3) of the Taxes Act 1988 (marginal relief for small companies) shall be 19/400ths.

Chapter 2 Other provisions

Chargeable gains

42  Reallocation within group of gain or loss accruing under section 179

F2111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 In Schedule 7B to that Act (modification of Act in relation to overseas life insurance companies), immediately before paragraph 8 insert—
.
3 In section 97(1) of the Inheritance Tax Act 1984 (c. 51) (transfers within group, etc)—
F210a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b in paragraph (aa) for “the deemed transfer” substitute “ the election ”.
4 This section applies—
a in relation to a case where a company is treated by virtue of section 179(3) of the Taxation of Chargeable Gains Act 1992 (c. 12) as having sold and immediately reacquired an asset, where the company’s ceasing to be a member of the group in question happens on or after 1st April 2002;
b in relation to a case where a company is so treated by virtue of section 179(6) of that Act, where the relevant time (within the meaning of that subsection) is on or after that date.

43  Roll-over of degrouping charge on business assets

1 After section 179A of the Taxation of Chargeable Gains Act 1992 (c. 12) (inserted by section 42 above) insert—
.
2 After Schedule 7AA to the 1992 Act insert the Schedule 7AB set out in Schedule 7 to this Act.
F2163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 This section applies—
a in relation to a case where a company is treated by virtue of section 179(3) of the 1992 Act as having sold and immediately reacquired an asset, where the company’s ceasing to be a member of the group in question happens on or after 1st April 2002;
b in relation to a case where a company is so treated by virtue of section 179(6) of that Act, where the relevant time (within the meaning of that subsection) is on or after that date.

44  Exemptions for disposals by companies with substantial shareholding

1 In Chapter 1 of Part 6 of the Taxation of Chargeable Gains Act 1992 (c. 12) (provisions relating to chargeable gains of companies), after section 192 insert—
.
2 Schedule 8 to this Act (exemptions for disposals by companies with substantial shareholding) has effect. In that Schedule—
  • Part 1 contains Schedule 7AC to be inserted after Schedule 7AB to the Taxation of Chargeable Gains Act 1992 (c. 12) (inserted by Schedule 7 to this Act); and
  • Part 2 contains consequential amendments.
3 This section and Schedule 8 to this Act apply in relation to disposals on or after 1st April 2002.
4 Paragraph 38 of the Schedule 7AC inserted by that Schedule (degrouping: time when deemed sale and reacquisition treated as taking place) has effect where the time of degrouping or relevant time (as defined for the purposes of that paragraph) is on or after that date.
5 The amendment made by paragraph 2 of Schedule 8 to this Act has effect where the company in question ceases to be a member of the group in question on or after that date.

45  Share exchanges and company reconstructions

1 Schedule 9 to this Act (chargeable gains: share exchanges and company reconstructions) has effect.
2 In that Schedule—
  • Part 1 provides for the replacement of sections 135 and 136 of the Taxation of Chargeable Gains Act 1992;
  • Part 2 makes consequential amendments; and
  • Part 3 provides for commencement.

F9746  Taper relief: holding period for business assets

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F9847  Taper relief: minor amendments

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F6148  Use of trading losses against chargeable gains

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49  Election to forgo roll-over relief on transfer of business

1 After section 162 of the Taxation of Chargeable Gains Act 1992 (c. 12) (roll-over relief on transfer of business) insert—
.
2 This section applies in relation to a transfer of a business on or after 6th April 2002.

50  Shares acquired on same day: election for alternative treatment

1 After section 105 of the Taxation of Chargeable Gains Act 1992 (c. 12) (disposal on or before day of acquisition of shares and other unidentified assets) insert—
.
2 The amendment made by subsection (1) has effect in relation to shares acquired by an individual on or after 6th April 2002.
3 For this purpose—
a any shares to which relief under Chapter 3 of Part 7 of the Taxes Act 1988 is attributable and which were transferred to an individual as mentioned in section 304 of that Act, and
b any shares to which deferral relief (within the meaning of Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12)), but not relief under that Chapter, is attributable and which were acquired by an individual on a disposal to which section 58 of that Act applies,
shall be treated as acquired by the individual on the day on which they were issued.
4 In subsection (3)(a), the references to Chapter 3 of Part 7 and section 304 of the Taxes Act 1988 shall be read as references to those provisions as they apply to shares issued after 31st December 1993 (enterprise investment scheme).

51  Deduction of personal losses from gains treated as accruing to settlors

Schedule 11 to this Act (deduction of personal losses from gains treated as accruing to settlors) has effect.

52  Capital gains tax: variation of dispositions taking effect on death

1 In section 62(7) of the Taxation of Chargeable Gains Act 1992 (c. 12) (election to treat subsequent variation of dispositions taking effect on death as if effected by deceased) for the words from “unless” to the end of the subsection substitute “ unless the instrument contains a statement by the persons making the instrument to the effect that they intend the subsection to apply to the variation. ”.
2 This section applies in relation to instruments made on or after 1st August 2002.

New reliefs

F11853  Tax relief for expenditure on research and development

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F11954  Tax relief for expenditure on vaccine research etc

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F12055  Gifts of medical supplies and equipment

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56  R&D tax relief for small and medium-sized enterprises: minor and consequential amendments

Schedule 15 to this Act (which makes minor amendments to Schedule 20 to the Finance Act 2000 (tax relief for R&D expenditure of small and medium-sized enterprises), including amendments consequential on Schedules 12 and 13 to this Act) has effect for accounting periods ending on or after 1st April 2002.

57  Community investment tax relief

F1731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Schedule 17 to this Act (which makes provision consequential on the introduction of community investment tax relief) has effect.
3 Schedules 16 and 17 shall come into force on such day as the Treasury may by order appoint.
4 On and after that day—
a Schedule 16 shall have effect in relation to—
i investments made on or after such day as the Treasury may so appoint, being a day not earlier than 17th April 2002, and
ii claims made on or after such day as the Treasury may so appoint,
b paragraphs 2 to 4 of Schedule 17 shall have effect for years of assessment ending on or after the day appointed under paragraph (a)(i), and
c paragraph 5 of that Schedule shall have effect for accounting periods ending on or after that day.

F17458  Relief for community amateur sports clubs

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Computation of profits

F12264  Adjustment on change of basis

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65  Postponement of change to mark to market in certain cases

1 This section applies in relation to the computation in accordance with the provisions applicable for the purposes of section 35 of the Corporation Tax Act 2009 (charge on trade profits) of the profits of the insurance business, other than life assurance business, of—
a an insurance company,
b a corporate member of Lloyd’s, or
c a controlled foreign company.
2 For periods of account to which this section applies nothing in—
F124a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b section 46 of the Corporation Tax Act 2009 (computation of profits to be on basis giving true and fair view),
prevents the company from computing the profits of that business on a realisation basis rather than a mark to market basis.A “realisation basis” means not recognising a profit or loss on an asset until it is realised, and a “mark to market basis” means bringing assets into account in each period of account at a fair value.
3 Subject to subsection (4), this section applies in relation to any period of account that—
a began before 1st August 2001, and
b ends before 31st July 2002.
4 This section does not apply if—
a an earlier period of account beginning on or after 1st January 2001 ended with an accounting date different from that with which the previous period of account ended,
b the change of accounting date was notified—
i to the registrar of companies, or
ii in the case of a company established under the law of a country or territory outside the United Kingdom, to the corresponding authority of that country or territory,
on or after 17th April 2002, and
c the purpose, or one of the purposes, for which the change was made was so that a subsequent period of account would be one to which section 64 above applies (computation of profits: adjustment on change of basis).
5 In this section—
  • “controlled foreign company” has the same meaning as in Chapter 4 of Part 17 of the Taxes Act 1988; and
  • “corporate member of Lloyd’s” means a corporate member as defined in section 230(1) of the Finance Act 1994 (c. 9).

C166  Election to continue postponement of mark to market

1 Where section 65 (postponement of change to mark to market in certain cases) applies in relation to a period of account, the company may elect that it shall continue to apply in relation to subsequent periods of account as regards assets held by it on 1st January 2002.Any such election must be made within twelve months after the end of the accounting period of the company current on that date.
2 An insurance company that carries on both long-term business and business other than long-term business may make an election under this section limited to assets held by the company otherwise than in the company’s long-term insurance fund.
3 For the purpose of determining whether an election under this section applies to an asset in a case where—
a assets are realised by the company in an accounting period beginning on or after 1st January 2002,
b the assets are of such a kind that the particular assets realised are not readily identifiable,
c the realisation does not exhaust the company’s holding, and
d some but not all of the company’s holding was acquired after 1st January 2002,
assets realised shall be identified with assets acquired on the same basis as that used by the company for accounting purposes, unless the basis used by the company is “last in, first out” in which case assets realised shall be identified with assets acquired on or before 1st January 2002 in priority to assets acquired after that day.
4 Where a company has made an election under this section and—
a an asset in relation to which the election has effect is transferred to another company (“the transferee company”) in pursuance of an insurance business transfer scheme, and
b immediately after the transfer either—
i the transferee company is resident in the United Kingdom, or
ii the asset is held for the purposes of a business carried on by the transferee company in the United Kingdom through a branch or agency,
this section applies as if the transferee company had made an election under this section in relation to that asset.
5 F84...
  • F84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • F83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F816 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F817 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67  Mark to market: miscellaneous amendments

F1261 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In section 81 of the Finance Act 1999 (c. 16) (acquisitions disregarded under insurance companies concession), at the end add—
.
4 The provisions of this section come into force as follows—
a the amendments in subsections (1) and (2) apply in relation to periods of account ending on or after 1st August 2001;
b the amendment in subsection (3) applies wherever an adjustment falls to be made under Schedule 22 to the Finance Act 2002 (see Part 5 of that Schedule).

F12768  Expenditure involving crime

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial instruments

69 F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

70F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loan relationships

F12871  Accounting method where rate of interest etc is reset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2572  Convertible securities etc: loan relationships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3373  Convertible securities etc: issuing company not to be connected company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3674  Convertible securities etc: debtor relationships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2775  Asset-linked loan relationships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2776  Asset-linked loan relationships involving guaranteed returns

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2777  Loan relationships ceasing to be within section 93 of the Finance Act 1996

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange gains and losses, loan relationships and currency

79  Forex and exchange gains and losses from loan relationships etc

1 The following provisions shall cease to have effect—
a paragraph 4 of Schedule 9 to the Finance Act 1996 (c. 8) (which excludes foreign exchange gains and losses from the computation of credits and debits under the loan relationships legislation); and
C3b in consequence, sections 125 to 169 of the Finance Act 1993 (c. 34) (taxation of foreign exchange gains and losses).
2 Schedule 23 to this Act (which makes provision in relation to exchange gains and losses from loan relationships etc) shall have effect.
3 The amendments made by subsection (1) and by Parts 1 and 2 of Schedule 23 have effect in relation to accounting periods beginning on or after 1st October 2002.

C580  Corporation tax: currency

1 Schedule 24 to this Act (which makes provision in relation to corporation tax and currency) shall have effect.
2 This section has effect in relation to accounting periods beginning on or after 1st October 2002.

C481  Transitional provision

1 The Treasury may by regulations make such transitional or consequential provision, or such savings (with or without modifications), as they may from time to time consider appropriate in consequence of, or otherwise in connection with, any provision of section 79 or 80 or Schedule 23 or 24 (or any repeal consequential on any such provision).
2 The power conferred by subsection (1) includes power—
a to make different provision for different cases or different purposes;
b to amend any statutory instrument; and
c to make incidental or supplementary provision.
3 The provision that may be made by virtue of subsection (1) or (2) includes provision for or in connection with bringing amounts into account—
a for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 12), as if they were chargeable gains or allowable losses; or
b for the purposes of Part 5 of the Corporation Tax Act 2009, as if they were credits or debits in respect of a loan relationship or a related transaction of the company concerned.
4 Nothing in any provision of Schedule 23 or 24 shall prejudice the operation of this section.
5 Nothing in this section or in Schedule 23 or 24 limits the operation of section 16 or 17 of the Interpretation Act 1978 (c. 30) (effect of repeals).

Loan relationships and other money debts

82  Loan relationships: general amendments

1 Schedule 25 to this Act (which makes provision in relation to loan relationships) shall have effect.
2 The amendments made by Parts 1 and 2 of that Schedule have effect in relation to accounting periods beginning on or after 1st October 2002.

Derivative contracts

C683  Derivative contracts

1 The following shall have effect—
F131a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Schedule 27 to this Act (which makes minor and consequential amendments relating to the taxation of derivative contracts); and
c Schedule 28 to this Act (which contains transitional provisions etc in connection with the coming into force of this section and Schedules 26 and 27).
F1302 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 This section has effect in relation to accounting periods beginning on or after 1st October 2002.
4 Subsection (3) is subject to any specific provision of Schedule 28.

Intangible fixed assets

84  Gains and losses from intangible fixed assets of company

F1321 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Schedule 30 to this Act contains consequential amendments.

Insurance

85  Gains of insurance company from venture capital investment partnership

1 In Chapter 3 of Part 6 of the Taxation of Chargeable Gains Act 1992 (c. 12) (insurance), after section 211 insert—
.
2 After Schedule 7AC to that Act (inserted by Part 1 of Schedule 8 to this Act) insert the Schedule 7AD set out in Schedule 31 to this Act.

86  Lloyd’s underwriters

1 Schedule 32 to this Act (which makes provision about the taxation of Lloyd’s underwriters) has effect.
2 The amendments in that Schedule have effect in relation to quota share contracts (within the meaning of section 178 of the Finance Act 1993 (c. 34) or section 225 of the Finance Act 1994) entered into on or after 17th April 2002.

F9987  Life policies etc: chargeable events

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

International matters

88  Extension of power to give effect to double taxation arrangements

F1771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 The following amendments are consequential on that above—
F221a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F176b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F176c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F59d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F59e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F178f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 This section applies on and after the date on which this Act is passed in relation to arrangements made before that date (as well as in relation to arrangements made on or after that date).

89  Controlled foreign companies: territorial exclusions from s.748 exemptions

1 In section 748 of the Taxes Act 1988 (controlled foreign companies: cases where no apportionment falls to be made under section 747(3)) after subsection (5) insert—
.
2 After section 748 of the Taxes Act 1988 insert—
.
3 This section has effect in relation to accounting periods of controlled foreign companies beginning on or after the day on which this Act is passed.
4 In this section “accounting period” and “controlled foreign company” have the same meaning as in Chapter 4 of Part 17 of the Taxes Act 1988.

F21790  Controlled foreign companies and treaty non-resident companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary charge in respect of ring fence trades

F17991  Supplementary charge in respect of ring fence trades

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

92  Assessment, recovery and postponement of supplementary charge

F1801 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 In section 59E of the Taxes Management Act 1970 (c. 9) (further provision as to when corporation tax is due and payable) in subsection (11) (extension of references in the section to corporation tax) after paragraph (b) add—
.
3 In Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns: assessments and related matters) in paragraph 1 (meaning of “tax”) in the second sentence (amounts assessable or chargeable as if they were corporation tax) for the word “and” immediately preceding the paragraph beginning “section 747(4)(a)” substitute the following paragraph—
.
4 In paragraph 8 of that Schedule (calculation of tax payable) after paragraph number 1 of the third step insert—
.
5 Regulation 3 of the Instalment Payment Regulations (large companies) is amended as follows.
6 In paragraph (1) (which, subject to paragraphs (2) and (3), defines a large company) for “paragraphs (2) and (3),” substitute “ paragraphs (2) to (3A), ”.
7 After paragraph (3) insert—
.
8 The amendment by this section of any provision contained in regulations shall not be taken to have prejudiced any power to make further regulations revoking or amending that provision, whether in relation to the same or any other chargeable periods.
9 In this section “the Instalment Payment Regulations” means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175).

93  Supplementary charge: transitional provisions

1 In the case of a straddling period, that is to say, an accounting period which begins before 17th April 2002 and ends on or after that date—
a sections 501A and 501B of the Taxes Act 1988 (which are inserted by sections 91 and 92) shall apply as if so much of the straddling period as falls before 17th April 2002, and so much of that period as falls on or after that date, were separate accounting periods; and
b all necessary apportionments between the two separate accounting periods shall be made in proportion to the number of days in those periods.
2 In the case of a straddling period, the Instalment Payment Regulations shall apply separately—
a in relation to any tax chargeable on the company under section 501A(1) of the Taxes Act 1988; and
b in relation to any other tax chargeable on the company.
3 In their application by virtue of paragraph (a) of subsection (2), the Instalment Payment Regulations shall have effect in relation to the tax mentioned in that paragraph as if—
a the deemed accounting period treated under subsection (1)(a) as beginning on 17th April 2002 were an accounting period for the purposes of those Regulations; and
b that tax were chargeable for that period.
4 Any reference in the Instalment Payment Regulations to the total liability of a company shall accordingly be construed—
a in their application by virtue of paragraph (a) of subsection (2), as a reference to the tax mentioned in that paragraph; and
b in their application by virtue of paragraph (b) of that subsection, as a reference to the amount that would be the company’s total liability for the straddling period if the tax mentioned in paragraph (a) of that subsection were left out of account.
5 For the purposes of the Instalment Payment Regulations—
a a company shall be regarded as a large company as respects the deemed accounting period under subsection (3)(a) if, and only if, it is a large company for those purposes as respects the straddling period; and
b any question whether a company is a large company as respects the straddling period shall be determined as it would have been determined apart from section 501A of the Taxes Act 1988.
6 In this section “the Instalment Payment Regulations” has the same meaning as in section 92.

Deduction of tax

94  Deduction of tax: payments to exempt bodies etc

F701 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F702 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F703 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F704 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 In section 98 of the Taxes Management Act 1970 (c. 9) (special returns, etc), in subsection (4B)—
a in paragraph (a), after “a company” insert “ or local authority ”,
b in paragraph (b)—
i after “the company” insert “ or authority ”, and
ii for “either”, in each place, substitute “ one ”,
c in paragraph (c), after “the company” insert “ or authority ”, and
d in paragraph (d), for “neither” substitute “ none ”.
6 In that section, for subsection (4C) substitute—
.
7 The amendments made by this section apply for the purposes of payments made on or after 1st October 2002.

F7295  Deduction of tax by persons dealing in financial instruments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

96  Cross-border royalties

F621 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F622 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In section 98 of the Taxes Management Act 1970 (c. 9) (special returns etc)—
F23a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b after subsection (4C) insert—
.
4 This section applies in relation to payments made on or after 1st October 2002.

Charitable giving

F18197  Gifts of real property to charity

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7198  Gift aid: election to be treated as if gift made in previous tax year

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Films

F57F57...  Restriction of relief to films genuinely intended for theatrical release

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F57F57...  Exclusion of deferments from production expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F42101  Restriction of relief for successive acquisitions of the same film

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Miscellaneous

F182102  Distributions: reasonable commercial return for use of principal secured

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

103  References to accounting practice and periods of account

F1841 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F462 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In section 288(1) of the Taxation of Chargeable Gains Act 1992 (interpretation), at the appropriate place insert—
.
4 In the following provisions for “normal accounting practice” or “normal accountancy practice”, wherever occurring, substitute “ generally accepted accounting practice ”
a in the Taxes Act 1988, sections F60...F66..., F185..., 798B(1) F185..., F65...;
b in the Finance Act 1993 (c. 34), sections F26... 150(6)(c) and (11)(c), 154(11)(c), (12)(d), (13)(b), (13A)(d) and (13B)(d), 155(7), (11)(d) and (12)(b), 156(2)(e) and (4)(b) and 159(1)(b);
c in the Finance Act 1994 (c. 9), section 156(3)(a) and (4)(a);
F134d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F188F183e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
f in the Finance Act 2000 (c. 17), F8... in Schedule 15, paragraph 29(4), F135...;
g in the Capital Allowances Act 2001 (c. 2), sections 179(1)(f), 219(1) F67...;
F133h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 The amendments made by subsections (1) to (3) above have effect for the purposes of provisions of this Act using the expressions mentioned (including provisions inserted by amendment in other enactments) whenever those provisions are expressed to have effect or to come, or to have come, into force.This is without prejudice to the general effect of those amendments.

F43104  Discounted securities etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

105  Financial trading stock

F1371 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 In Schedule 12 to the Finance Act 1988 (c. 39) (building societies: change of status)—
a in paragraph 1 (which provides that paragraphs 2 to 7 apply where there is a transfer of the whole of a building society’s business to a successor company in accordance with section 97 etc of the Building Societies Act 1986 (c. 53)) for “2” substitute “ 3 ”; and
b omit paragraph 2 (which relates to gilt-edged securities and other financial trading stock and is superseded by Chapter 2 of Part 4 of the Finance Act 1996).

F138106  Valuation of trading stock on transfer of trade

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F187F186107  Banks etc in compulsory liquidation

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F73108  Manufactured dividends and interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F74109  Venture capital trusts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 4  Stamp duty and stamp duty reserve tax

Stamp duty

F218110  Land in disadvantaged areas

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

111  Withdrawal of group relief

1 This section applies where—
a an instrument (“the relevant instrument”) transferring land in the United Kingdom from one company (“the transferor company”) to another (“the transferee company”) has been stamped on the basis that group relief applies,
b before the end of the period of three years beginning with the date on which the instrument was executed the transferee company ceases to be a member of the same group as the transferor company, and
c at the time when the transferee company ceases to be a member of the same group as the transferor company it or a relevant associated company holds an estate or interest in land—
i that was transferred to the transferee company by the relevant instrument, or
ii that is derived from an estate or interest that was so transferred,
and that has not subsequently been transferred at market value by a duly stamped instrument on which ad valorem duty was paid and in respect of which group relief was not claimed.
2 In those circumstances—
a group relief in relation to the relevant instrument, or an appropriate proportion of it, is withdrawn, and
b the stamp duty that would have been payable on stamping the relevant instrument but for group relief if the estate or interest in land transferred by that instrument had been transferred at market value, or an appropriate proportion of the duty that would have been so paid, is payable by the transferee company within 30 days after that company ceases to be a member of the same group as the transferor company.
3 In subsection (2)(a) and (b) “an appropriate proportion” means an appropriate proportion having regard to what was transferred to the transferee company by the relevant instrument and what is held by that company or, as the case may be, that company and any relevant associated companies, at the time it or they cease to be members of the same group as the transferor company.
4 In this section “group relief” means relief under any of the following provisions—
a section 42 of the Finance Act 1930 (c. 28) or section 11 of the Finance Act (Northern Ireland) 1954 (c. 23 (N.I.)) (transfer of property between associated bodies corporate);
b section 151 of the Finance Act 1995 (c. 4) (leases etc between associated bodies corporate).
4A In this section “relevant associated company”, in relation to the transferee company, means a company that—
a is a member of the same group as the transferee company immediately before that company ceases to be a member of the same group as the transferor company, and
b ceases to be a member of the same group as the transferor company in consequence of the transferee company so ceasing.
5 In this section—
a references to the transfer of land include the grant or surrender of an estate or interest in or over land;
b “company” includes any body corporate; and
c references to a company being in the same group as another company are to the companies being associated bodies corporate within the meaning of the relevant group relief provision.
6 Schedule 34 to this Act contains provisions supplementing this section.
7 Where the relevant instrument transfers land in the United Kingdom together with other property, the provisions of this section and of Schedule 34 apply as if there were two separate instruments, one relating to land in the United Kingdom and the other relating to other property.
8 This section applies where the relevant instrument is executed after 23rd April 2002.
9 But this section does not apply to an instrument giving effect to a contract made on or before 17th April 2002, unless—
a the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right, or
b the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract because of an assignment (or, in Scotland, assignation) or further contract made after that date.
10 This section shall be deemed to have come into force on 24th April 2002.

F219112  Restriction of relief for company acquisitions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F220113  Withdrawal of relief for company acquisitions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114  Penalties for late stamping

1 Section 15B of the Stamp Act 1891 (c. 39) (late stamping: penaties) is amended as follows.
2 In subsection (1)—
a in paragraph (a) (penalty where instrument not stamped within 30 days of execution), after “is executed in the United Kingdom” insert “ or relates to land in the United Kingdom ”;
b in paragraph (b) (penalty where instrument not stamped within 30 days of instrument being first received in the United Kingdom), after “is executed outside the United Kingdom” insert “ and does not relate to land in the United Kingdom ”.
3 After that subsection insert—
.
4 This section applies in relation to instruments executed on or after the day on which this Act is passed.

115  Contracts for the sale of an estate or interest in land chargeable as conveyances

1 This section applies to a contract or agreement for the sale of an estate or interest in land in the United Kingdom where—
a the amount or value of the consideration exceeds £10 million, or
b the instrument forms part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value, of the consideration exceeds £10 million.
2 If, in the case of such a contract or agreement that is not otherwise chargeable to stamp duty, a conveyance or transfer made in conformity with the contract or agreement is not presented to the Commissioners for stamping with the ad valorem duty chargeable on it—
a within the period of 90 days after the execution of the contract or agreement, or
b within such longer period as the Commissioners may think reasonable in the circumstances of the case,
the contract or agreement shall be chargeable with the same ad valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate or interest contracted or agreed to be sold.
3 The Commissioners—
a may refuse to allow a longer period unless they are provided with a copy of the contract or agreement and such other evidence as they may reasonably require as to the facts and circumstances relevant to their decision,
b may allow a longer period subject to compliance with such conditions as they think fit, and
c shall not allow any longer period if it appears to them that the whole, or substantially the whole, of the intended consideration has been paid or transferred.
4 Where an instrument to which this section applies is presented for stamping before the end of the period mentioned in subsection (2)—
a any adjudication to the effect that stamp duty is not chargeable does not affect the operation of this section, and
b the fact that duty may be chargeable under this section may be denoted on the instrument in such manner as the Commissioners think fit.
5 Where an instrument is chargeable with duty under this section—
a section 14(4) of the Stamp Act 1891 (c. 39) (inadmissibility of unstamped instruments) does not apply in relation to it until after the end of the period mentioned in subsection (2) above, and
b sections 15A and 15B of that Act (late stamping: interest and penalties), apply in relation to it as if it had been executed at the end of that period.
6 The ad valorem duty paid upon a contract or agreement under this section shall be repaid by the Commissioners if the contract or agreement is afterwards rescinded or annulled or is for any other reason not substantially performed or carried into effect.
7 Schedule 36 contains provisions supplementing this section.
8 This section and that Schedule apply to contracts or agreements executed after the day on which this Act is passed.

116  Abolition of duty on instruments relating to goodwill

1 No stamp duty is chargeable on an instrument for the sale, transfer or other disposition of goodwill.
2 Schedule 37 to this Act contains provisions supplementing this section.
3 This section and that Schedule shall be construed as one with the Stamp Act 1891 (c. 39).
4 This section applies to instruments executed on or after 23rd April 2002.
5 This section shall be deemed to have come into force on that date.

Stamp duty and stamp duty reserve tax

F56117  Power to extend exceptions relating to recognised exchanges

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 5  Other taxes

Inheritance tax

118  IHT: rate bands

1 For the Table in Schedule 1 to the Inheritance Tax Act 1984 (c. 51) substitute—
2 Subsection (1) shall apply to any chargeable transfer made on or after 6th April 2002; and section 8(1) of that Act (indexation of rate bands) shall not have effect as respects any difference between the retail prices index for the month of September 2000 and that for the month of September 2001.

119  IHT: powers over, or exercisable in relation to, settled property or a settlement

1 The Inheritance Tax Act 1984 is amended in accordance with the following provisions of this section.
2 After section 47 (meaning of “reversionary interest”) insert—
.
3 After section 55 (reversionary interest acquired by beneficiary) insert—
.
4 In section 272 (general interpretation)—
a insert the following definition at the appropriate place—
;
and
b in the definition of “property”, at the end insert “ but does not include a settlement power ”.
5 In consequence of the amendments made by this section, the title of Chapter 2 of Part 3 of the Inheritance Tax Act 1984 (c. 51) becomes “Interests in possession, reversionary interests and settlement powers”.
6 The amendments made by this section have effect in relation to transfers of value on or after 17th April 2002.
7 The amendments made by subsections (2) and (4) shall also be deemed always to have had effect (subject to and in accordance with the other provisions of the Inheritance Tax Act 1984) for the purpose of determining the value, immediately before his death, of the estate of any person who died before 17th April 2002, for the purposes of the transfer of value which that person is treated by section 4(1) of that Act as having made immediately before his death.

120  IHT: variation of dispositions taking effect on death

1 In section 142 of the Inheritance Tax Act 1984 (alteration of dispositions taking effect on death), for subsection (2) (election to treat subsequent variation of dispositions taking effect on death as if effected by deceased) substitute—
.
2 After section 218 of that Act insert—
.
3 In section 245A of that Act (failure to provide information etc)—
a after subsection (1) insert—
.
b in subsection (4), insert “ (1A)(b), ” after “subsection (1)(b),” and after paragraph (a) insert—
.
4 This section applies in relation to instruments made on or after 1st August 2002.

Air passenger duty

F163121  Air passenger duty: extension of area to which EEA rates apply

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Landfill tax

122  Landfill tax: rate

1 In section 42 of the Finance Act 1996 (c. 8) (amount of landfill tax), in subsections (1)(a) and (2) for “£12” substitute “ £13 ”.
2 This section has effect in relation to taxable disposals made, or treated as made, on or after 1st April 2002.

Climate change levy

123  Climate change levy: electricity produced in combined heat and power station

I101 In Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy), after paragraph 20 insert—
.
2 Subsection (1) has effect in relation to supplies of electricity made on or after such day as the Treasury may by order made by statutory instrument appoint.

124  Climate change levy: certification requirement

In Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy), after paragraph 149 insert—
.

125  Climate change levy: exemption for renewable sources

1 In Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy), in paragraph 20(7), (exemption under paragraph 19: liability to account)—
a for the words from “(2)(c)” to “2 years)” substitute “ (2)(g) ”,
b after paragraph (a) insert “and”, and
c omit paragraph (c) and the preceding “and”.
2 This section has effect in relation to averaging periods under paragraph 20 of that Schedule which end on or after the day on which this Act is passed.

F100126  Climate change levy: electricity produced from coal mine methane

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

127  Climate change levy: incorrect certificates

1 In Schedule 6 to the Finance Act 2000 (climate change levy), in sub-paragraph (2)(a) of paragraph 101 (civil penalties: incorrect notifications etc)—
a in sub-paragraph (ii) for “18 and 21, or” substitute “ 15, 18 and 21, ”;
b before the word “and” at the end of sub-paragraph (iii) insert—
.
2 This section applies in relation to certificates given in respect of any supplies made on or after 24th April 2002.

128  Climate change levy: invoices incorrectly showing levy due

1 In Schedule 6 to the Finance Act 2000 (climate change levy), immediately before paragraph 142 insert—
.
2 This section applies only in relation to invoices issued on or after the day on which this Act is passed.

Aggregates levy

129  Aggregates levy: transitional relief for Northern Ireland

1 After section 30 of the Finance Act 2001 (c. 9) (credit for aggregates levy) insert—
.
2 In section 17(6) of that Act (certain tax credits to be disregarded in determining whether aggregate has already been charged to levy), in paragraph (a) after “section 30(1)(c)” insert “ or 30A ”.

130  Aggregates levy: amendments to provisions exempting spoil etc

1 In section 17(3) of the Finance Act 2001 (c. 9) (aggregate that is exempt)—
a in paragraph (e) (by-products of extracting china clay or ball clay), after “or other by-products” insert “ , not including the overburden, ”;
b after that paragraph insert—
.
2 Omit section 17(4)(b) of that Act (aggregate exempt if it consists, or is part of anything consisting, wholly or mainly of spoil from the separation of coal from other rock after extraction).
3 This section shall be deemed to have come into force on 1st April 2002.

131  Aggregates levy: crushing and cutting rock

1 In section 17(3) of the Finance Act 2001 (exempt aggregate), omit paragraph (a) (exemption for rock that has not been subjected to an industrial crushing process).
2 In section 18(2)(a) of that Act (exemption for production of dimension stone), for “dimension stone” substitute “ stone with one or more flat surfaces ”.
3 The following amendments to that Act are consequential on that made by subsection (1)—
a in section 20(1) (originating sites), omit—
i the words “and is not rock” in paragraphs (a) and (b), and
ii paragraph (c);
b in section 21 (operators of sites), omit subsection (2)(b);
c in section 24 (the register), omit subsections (6)(b) and (8)(a).
4 This section shall be deemed to have come into force on 1st April 2002.

132  Aggregates levy: miscellaneous amendments

1 Schedule 38 to this Act, which makes amendments to provisions in Part 2 of the Finance Act 2001 (aggregates levy), has effect.
2 In section 197(2) of the Finance Act 1996 (c. 8) (enactments for which interest rates are set under section 197), in paragraph (h) (aggregates levy provisions) in sub-paragraph (ii) for “paragraph 8(3)(a)” substitute “ paragraphs 6 and 8(3)(a) ”.
3 This section shall be deemed to have come into force on 1st April 2002.

133  Aggregates levy: amendments to provisions about civil penalties

1 Part 2 of Schedule 6 to the Finance Act 2001 (c. 9) (aggregates levy: civil penalties) is amended as follows.
F1162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 After paragraph 9 insert—
.
6 This section shall be deemed to have come into force on 1st May 2002.

Part 6  Miscellaneous and supplementary provisions

Recovery of taxes etc due in other member States

F212134  Recovery of taxes etc due in other member States

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mandatory e-filing

135  Mandatory e-filing

1 The Commissioners for Her Majesty’s Revenue and Customs (“the Commissioners”) may make regulations requiring the use of electronic communications for the delivery by specified persons of specified information required or authorised to be delivered by or under legislation relating to a taxation matter.
2 Regulations under this section may make provision—
a as to the electronic form to be taken by information delivered to the Revenue and Customs using electronic communications;
b requiring persons to prepare and keep records of information delivered to Revenue and Customs by means of electronic communications;
c for the production of the contents of records kept in accordance with the regulations;
d as to conditions that must be complied with in connection with the use of electronic communications for the delivery of information;
e for treating information as not having been delivered unless conditions imposed by any of the regulations are satisfied;
f for determining the time at which and person by whom information is to be taken to have been delivered;
g for authenticating whatever is delivered.
3 Regulations under this section may also make provision (which may include provision for the application of conclusive or other presumptions) as to the manner of proving for any purpose—
a whether any use of electronic communications is to be taken as having resulted in the delivery of information;
b the time of delivery of any information for the delivery of which electronic communications have been used;
c the person by whom information delivered by means of electronic communications was delivered;
d the contents of anything so delivered;
e the contents of any records;
f any other matter for which provision may be made by regulations under this section.
4 Regulations under this section may—
a allow any authorisation , requirement or other provision (other than provision under subsection (7)(a) to (ba)) for which the regulations may provide to be given , imposed or made by means of a specific or general direction given by the Commissioners;
b provide that the conditions of any such authorisation or requirement are to be taken to be satisfied only where the Revenue and Customs are satisfied as to specified matters;
c allow a person to refuse to accept delivery of information in an electronic form or by means of electronic communications except in such circumstances as may be specified in or determined under the regulations;
d allow or require use to be made of intermediaries in connection with—
i the delivery of information by means of electronic communications; or
ii the authentication or security of anything transmitted by any such means.
5 Regulations under this section may contain provision—
a requiring the Revenue and Customs to notify persons appearing to them to be, or to have become, a person of a specified description and accordingly required to use electronic communications for any purpose in accordance with the regulations,
b enabling a person so notified to have the question whether he is a person of such a description determined in the same way as an appeal.
6 Regulations under this section may provide—
a that information delivered by means of electronic communications must meet standards of accuracy and completeness set by specific or general directions given by the Commissioners, and
b that failure to meet those standards may be treated—
i as a failure to deliver the information, or
ii as a failure to comply with the requirements of the regulations.
7 The power to make provision by regulations under this section includes power—
a to provide for a contravention of, or any failure to comply with, the regulations to attract a penalty of a specified amount not exceeding £3,000;
b to provide that specified enactments relating to penalties imposed for the purposes of any taxation matter (including enactments relating to assessments, review and appeal) apply, with or without modifications, in relation to penalties under the regulations;
ba to specify other consequences of contravention of, or failure to comply with, the regulations (which may include disregarding a return delivered otherwise than by the use of electronic communications);
c to make different provision for different cases;
d to make such incidental, supplemental, consequential and transitional provision in connection with any provision contained in any of the regulations as the Commissioners think fit.
C28 References in this section to the delivery of information include references to any of the following (however referred to)—
a the production or furnishing to a person of any information, account, record or document;
b the giving, making, issue or surrender to, or service on, any person of any notice, notification, statement, declaration, certificate or direction;
c the imposition on any person of any requirement or the issue to any person of any request;
d the making of any return, claim, election or application;
e the amendment or withdrawal of anything mentioned in paragraphs (a) to (d) above.
9 Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
10 In this section—
  • “ the Revenue and Customs ” means—
    1. the Commissioners,
    2. any officer of Revenue and Customs, and
    3. any other person who for the purposes of electronic communications is acting under the authority of the Commissioners;
  • “legislation” means any enactment, EU legislation or subordinate legislation;
  • “specified” means specified by or under regulations under this section;
  • “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30);
  • “taxation matter” means any matter relating to a tax (or duty) for which the Commissioners are responsible.

136  Use of electronic communications under other provisions

1 Any power to make subordinate legislation for or in connection with the delivery of information conferred in relation to a taxation matter on—
a the Commissioners of Inland Revenue, or
b the Treasury,
includes power to make any such provision in relation to the delivery of that information as could be made in exercise of the power conferred by section 135.
2 Provision made in exercise of the powers conferred by section 135 or subsection (1) above has effect notwithstanding so much of any enactment or subordinate legislation as would otherwise—
a allow information to be delivered otherwise than by means of electronic communications, or
b preclude the use of an intermediary in connection with its delivery.
3 Expressions used in this section and section 135 have the same meaning in this section as in that section.
4 Nothing in this section shall be read as restricting the generality of the power conferred by section 135.

Lorry road-user charge

137  Lorry road-user charge

1 A tax, to be known as lorry road-user charge, shall be charged in respect of use of roads by lorries.
2 The persons by whom lorry road-user charge shall be payable, the rates at which it shall be charged, and the lorries, roads and use in respect of which it shall be charged, shall be such as Parliament may determine.
3 The amount of lorry road-user charge charged in respect of use of any roads by a lorry shall be calculated, in such manner as Parliament may determine, by reference to the distance travelled on those roads by the lorry.
4 Lorry road-user charge—
a shall be under the care and management of the Commissioners of Customs and Excise, and
b shall be administered and enforced in accordance with such provisions as Parliament may determine.
5 All money and securities for money collected or received for or on account of lorry road-user charge shall—
a if collected or received in Great Britain, be placed to the general account of the Commissioners of Customs and Excise kept at the Bank of England under section 17 of the Customs and Excise Management Act 1979;
b if collected or received in Northern Ireland, be paid into the Consolidated Fund of the United Kingdom in such manner as the Treasury may direct.
7 A Minister of the Crown or government department may—
a incur expenditure in connection with preparations for lorry road-user charge (including any fuel credit to be paid in respect of fuelling of lorries chargeable in respect of lorry road-user charge);
b enter into contracts in respect of the development or provision of equipment, systems or services to be used in connection with lorry road-user charge (including any fuel credit).

Registers of UK gilts

138  Authority of Bank of England to discharge functions in place of Bank of Ireland

1 The Bank of England has authority, in the event of the Bank of Ireland ceasing to perform any of its functions in relation to United Kingdom government stock, to discharge any of the Bank of Ireland’s functions in relation to such stock in place of the Bank of Ireland.
2 The enactments relating to United Kingdom government stock have effect in relation to anything done in the circumstances mentioned in subsection (1) for the purposes of discharging any such functions—
a as if any reference to the Bank of Ireland were a reference to the Bank of England, and
b as if any reference to an officer of the Bank of Ireland were a reference to the corresponding officer of the Bank of England.
3 In particular, sections 59 and 66 of the National Debt Act 1870 (c. 71) (provisions protecting the Bank and its officers from liability) apply to the Bank of England and to officers of that Bank in relation to anything done in the circumstances mentioned in subsection (1) above for the purposes of discharging any functions of the Bank of Ireland in relation to United Kingdom government stock.
4 In this section—
  • “enactment” includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978 (c. 30);
  • “United Kingdom government stock” means stock or bonds of any of the descriptions included in Part 1 of Schedule 11 to the Finance Act 1942 (c. 21) (whether on or after the passing of this Act).
5 This section shall be deemed always to have had effect.

139  Closure of UK gilts registers kept in Ireland

1 The Treasury may by order made by statutory instrument provide—
a that no further stock or bonds may be registered in either of the Irish gilts registers on or after such day as the order may appoint (“the appointed day”), and
b for the transfer to the English gilts register of the entries subsisting in each of those registers at the beginning of the appointed day.
2 The power conferred by subsection (1)(b) includes power to make provision in relation to stock and bonds which were not registered in either of the Irish gilts registers on the appointed day, but which should have been.
3 An order under this section may contain such consequential, incidental, supplementary and transitional provision as appears to the Treasury to be necessary or expedient, including provision amending, repealing or revoking any enactment.
4 In subsection (3) “enactment” means any enactment contained in—
a an Act, whenever passed, or
b an instrument, whenever made, under an Act, whenever passed.
5 In this section—
  • “the English gilts register” is the register required to be kept at the office of the Chief Registrar of the Bank of England under section 47 of the Finance Act 1942 (c. 21) (registration of government stock); and
  • “the Irish gilts registers” are—
    1. the register required to be kept in Belfast under that section, and
    2. the register required to be kept in Dublin under that section.
6 A statutory instrument containing an order under this section is subject to annulment in pursuance of a resolution of the House of Commons.

I31140  Administration of UK gilts

1 In section 47 of the Finance Act 1942 (transfer and registration of government stock)—
a for subsection (1)(b) (power to provide for the keeping of stock and bond registers by the Banks of England and Ireland) substitute—
,
and
b after subsection (1E) insert—
.
2 The Treasury may by order made by statutory instrument make such consequential, incidental, supplementary and transitional provision as appears to the Treasury to be necessary or expedient in consequence of the amendments made by subsection (1), including provision amending, repealing or revoking any enactment.
3 In subsection (2) “enactment” means any enactment contained in—
a an Act, whenever passed, or
b an instrument, whenever made, under an Act, whenever passed.
4 A statutory instrument containing an order under subsection (2) is subject to annulment in pursuance of a resolution of the House of Commons.
5 Sums payable by the Treasury by virtue of section 47(1EA) of the Finance Act 1942 (c. 21) (as inserted by subsection (1) above) shall be met out of the National Loans Fund with recourse to the Consolidated Fund.
6 This section shall come into force on such day as the Treasury may by order made by statutory instrument appoint.

Supplementary

141  Repeals

1 The enactments mentioned in Schedule 40 to this Act (which include provisions that are spent or of no practical utility) are repealed to the extent specified.
2 The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.

142  Interpretation

In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988 (c. 1), and “ITA 2007” means the Income Tax Act 2007”.

143  Short title

This Act may be cited as the Finance Act 2002.

SCHEDULES

SCHEDULE 1 

Beer from small breweries: reduced rate of duty

Section 4

1
1 Section 36 of the Alcoholic Liquor Duties Act 1979 (c. 4) (beer: charge of excise duty) is amended as follows.
2 In subsection (1), for “at the rate of £11.89 per hectolitre per cent of alcohol in the beer" substitute “ at the rates specified in subsection (1AA) below ”.
3 After subsection (1), insert—
.
I42In that Act, after that section (and before the heading “Reliefs from excise duty") insert—
.
3In section 49(1) of the Alcoholic Liquor Duties Act 1979 (c. 4) (beer regulations), after paragraph (j) insert—
.
4
1 The Finance Act 1994 (c. 9) is amended as follows.
2 In section 12A(3)(bb) (recovery of amounts assessed under the Alcoholic Liquor Duties Act 1979), for “or 11" substitute “ , 11 or 36G ”.
3 In section 12B(2) (meaning of “relevant time" in section 12A), after paragraph (eb) insert—
.
4 In section 14(1)(ba) (review of assessments), for “or 11" substitute “ , 11 or 36G ”.

SCHEDULE 2 

Hydrocarbon oil duties: minor and consequential amendments relating to biodiesel

Section 5

1 Introduction

The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows.

2 Biodiesel and bioblend not to be treated as fuel substitute

In section 6A(1) (fuel substitutes: charge of duty) after “which is not hydrocarbon oil" insert “ , biodiesel or bioblend ”.

3 Exclusion of bioblend from rebates on heavy oil

In section 11 (rebate on heavy oil), after subsection (5) insert—
.

F944 Repayment of duty in case of biodiesel used otherwise than as road fuel

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Mixing biodiesel and rebated heavy oil

1 In section 20AAA (mixing of rebated oil), after subsection (2A) insert—
.
2 In section 20AAA(3) (producer of mixture liable to pay duty), for “or (2A)" substitute “ , (2A) or (2B) ”.
3 After Part 2A of Schedule 2A (mixing of rebated oil) insert—
.
4 In paragraph 9(1A) of that Schedule (rates of duty for mixtures of heavy oil), after “subsection (2A)" insert “ or (2B) ”.
5 In paragraph 10(1) of that Schedule (credit for duty paid on ingredients of mixture), after “section 6" insert “ , 6AA, 6AB or 6A ”.
6 In section 20AAB (mixing of rebated oil: supplementary), in subsection (1)(a) for “or (2A)" substitute “ , (2A) or (2B) ”.
7 In section 22 (prohibition on use of petrol substitutes on which duty has not been paid), after subsection (1) insert—
.
8 In section 22(1A) (section 10 of the Finance Act 1994 does not apply), after “subsection (1)" insert “ or (1AA) ”.

6 Interpretation

In section 27(1) (interpretation) at the appropriate places insert—
,
and
.

7 Provision in relation to bioblend corresponding to that made by section 6 of the Finance Act 1998 in relation to section 6 of the Hydrocarbon Oil Duties Act 1979

1 In section 6AB (which charges excise duty on bioblend and is inserted by section 5 of this Act), in subsection (1), omit the words from “and delivered" to the end.
2 For subsection (6) of that section substitute—
.

SCHEDULE 3 

Hydrocarbon oil duties: rebated heavy oil etc

Section 6

Part 1 Regulating traders in rebated heavy oil

I111In the Hydrocarbon Oil Duties Act 1979 (c. 5), after section 23 insert—
.
2In section 100H(1) of the Customs and Excise Management Act 1979 (c. 2) (particular provision that may be made by registered excise dealers and shippers regulations), after paragraph (n) insert—
.
3In the Hydrocarbon Oil Duties Act 1979 (c. 5), after section 24 insert—
.
4
1 Section 27 of the Hydrocarbon Oil Duties Act 1979 (c. 5) (interpretation) is amended as follows.
2 In subsection (1) insert (at the appropriate place)—
.
3 In the Table set out in subsection (3) (expressions used in the Act that have a meaning given by another Act included in the Customs and Excise Acts 1979), under the heading “Management Act" insert (at the appropriate places)—
,
and
.

Part 2 Minor amendments relating to rebates

5The Hydrocarbon Oil Duties Act 1979 is amended as follows.
6In section 12(1) (no rebate allowed on heavy oil intended for use in a road vehicle), after “no rebate" insert “ under section 11 above ”.
7In section 12(2) (oil not to be used in road vehicles if rebate has been allowed under section 11(1) or 13AA(1)), for “section 11(1)" substitute “ section 11 ”.
8In section 24(2) (regulations made for the purposes of section 12 or 13AA), for “under subsection (2) of that section" substitute “ under subsection (2) of section 12, or subsection (3) of section 13AA, ”.
9In section 27(1) (interpretation), in the definition of “rebate", after “section 11," insert “ 13AA, ”.

SCHEDULE 4 

Pool betting duty etc

Section 12

Part 1 Amendments of the Betting and Gaming Duties Act 1981

1The Betting and Gaming Duties Act 1981 (c. 63) is amended as follows.
I52For sections 6 to 8 (pool betting duty: charge, rate and payment) substitute—
.
3In section 2(2) (bets to which section 2(1) does not apply)—
a in paragraph (b), after “bet," insert “ or ”, and
b omit paragraph (d) and the word “or" preceding it.
4In section 4(6) (bets to which subsections (1) to (3) do not apply), for the words from “do not apply" to the end substitute “ do not apply to on-course bets. ”.
5In section 9(2) (bets to which section applies), omit “or coupon betting" (in both places).
I66In section 9(3) (bets to which section does not apply)—
a in paragraph (a), omit “or coupon betting",
b for sub-paragraphs (i) to (iv) of paragraph (a) substitute—
,
and
c in paragraph (aa)(i), omit “or coupon betting".
7For section 9(6) substitute—
.
8Omit section 11 (definition of coupon betting).
9In section 12(3) (interpretation of sections 1 to 10 etc), omit “(except in sections 6, 7, 8, 9(2)(a) and 9(5) in their application to coupon betting)".
I710
1 Schedule 1 (administration etc of betting duties) is amended as follows.
2 In paragraph 1, in the definition of “pool betting business", at the end insert “ or would or might involve such sums becoming so payable if receipts from bets made for community benefit (as defined by section 8A of this Act) were not excluded from that duty. ”.
3 After paragraph 2 insert—
.
4 In paragraph 3, omit “shall be under the care and management of the Commissioners, and".
5 In paragraph 4(2), for “sub-paragraphs (3) and (4)" substitute “ sub-paragraph (3) ”.
6 Omit paragraph 4(4) to (6).
7 In paragraph 5(1), for “made entry or given notice in accordance with paragraph 4(2) or (4)" substitute “ made entry in accordance with paragraph 4(2) ”.
8 Renumber paragraph (b) of paragraph 5(2) as paragraph 5(3).
9 In what remains of paragraph 5(2) after that renumbering, for the words from “paragraph 12(3) below, except that" to the end substitute “ sub-paragraph (3) below. ”.
10 In paragraph 6(2), omit paragraph (b).
11 Omit paragraphs 8 and 12.
12 In paragraph 13(1)(b), after “any of paragraphs 2," insert “ 2A, ”.
13 In paragraph 14(1), omit the words after paragraph (b).
F8814 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 2 Minor amendments and transitional provisions

11 Amendment in the Excise Duties (Surcharges or Rebates) Act 1979

In section 1(3) of the Excise Duties (Surcharges or Rebates) Act 1979 (c. 8) (liability to duty other than pool betting duty adjusted if order under section in force when duty becomes due), omit the words from “, except that if the duty is pool betting duty" to the end.

I812 Amendments in Schedule 5 to the Finance Act 1994

1 Paragraph 6 of Schedule 5 to the Finance Act 1994 (c. 9) (decisions under the Betting and Gaming Duties Act 1981 that are subject to review and appeal) is amended as follows.
2 In sub-paragraph (2)(a) (decisions in connection with requiring security for duty)—
a after “regulations under paragraph 2" insert “ or 2A ”, and
b after “in relation to general betting duty" insert “ or pool betting duty ”.
3 After sub-paragraph (2) insert—
.

13 Duty charged before 31st March 2002

1 If—
a stake money is paid before 31st March 2002 in respect of a bet to which this paragraph applies, and
b pool betting duty charged on that money before that date is not paid before 24th April 2002,
that duty ceases on 24th April 2002 to be charged on that money.
2 If—
a stake money is paid before 31st March 2002 in respect of such a bet, and
b pool betting duty charged on that money before that date is paid before 24th April 2002,
the person who paid that duty becomes entitled on 24th April 2002 to a credit equal to the amount of the duty.
3 Effect is given to such a credit by setting it (until fully utilised) against pool betting duty that the person is liable to pay in respect of accounting periods for the purposes of pool betting duty that begin on or after 31st March 2002 (taking earlier such periods before later ones).
4 Such a credit does not—
a carry interest,
b affect the payability of the duty mentioned in sub-paragraph (2), or
c entitle any person to any payment in respect of the credit.
5 This paragraph applies to a bet if—
a it is a dutiable pool bet for the purposes of a calculation, under the section 7A of the Betting and Gaming Duties Act 1981 inserted by this Schedule, of the amount of a person’s net pool betting receipts for any accounting period, and
b it is made before 31st March 2002 but all the events to which it relates take place on or after that date.

14 Notifications under paragraph 4(4) of Schedule 1 to that Act of premises used in connection with coupon betting

Any notification under paragraph 4(4) of Schedule 1 to the Betting and Gaming Duties Act 1981 (c. 63) (duty to notify premises used for purposes of pool betting business in connection only with coupon betting) that is effective immediately before 24th April 2002 shall on and after that date have effect (until withdrawn) as a notification made on 31st March 2002 under paragraph 4(3) of that Schedule (duty to notify premises used for purposes of betting business in connection only with general betting).

SCHEDULE 5 

Vehicle excise duty: registered vehicles etc

Section 19

I121The Vehicle Excise and Registration Act 1994 (c. 22) is amended as follows.
I132For section 1(1) substitute—
.
I143For section 2(2) to (4) (rates where duty charged in respect of keeping but not use) substitute—
.
I154For section 7(4) (vehicle licence valid only for vehicle for which it is issued) substitute—
.
I165After section 7 insert—
.
I176
1 In section 22 (registration regulations), in subsection (1D) (power to require details about unlicensed vehicles), after paragraph (a) insert—
.
2 After that subsection insert—
.
I187In section 29(7) (rate of duty by reference to which penalty is calculated), for “section 2(2) to (4)" substitute “ section 2(3) to (6) ”.
I248After section 31 insert—
.
I259
1 In section 32 (sections 29 to 31: supplementary), in subsection (1) (discharges to be treated as convictions)—
a in the words before paragraph (a), after “section 29" insert “ or 31A ”, and
b in the words after paragraph (c), after “sections 29 to 31" insert “ or (as the case may be) sections 31A to 31C ”.
2 In the heading of that section, for “31" substitute “ 31C ”.
I2610In section 33(3)(b) (offences of not exhibiting licence are without prejudice to offences of not having a licence), after “sections 29" insert “ , 31A ”.
I1911In section 34(4) (rate of duty by reference to which penalty is calculated), for “section 2(2) to (4)" substitute “ section 2(3) to (6) ”.
I2712In section 47 (proceedings in England and Wales or Northern Ireland), in each of subsections (1) and (2)(a) (who may prosecute and time limit), after “section 29," insert “ 31A, ”.
I2813In section 48(3)(a) (proceedings in Scotland: time limit), after “section 29," insert “ 31A, ”.
I2914In section 53 (burden of proof of certain matters in proceedings for certain offences), after “section 29," insert “ 31A, ”.
I3015In section 54 (single witness sufficient in Scottish proceedings), after “section 29" insert “ , 31A ”.
I2016In section 57 (regulations), after subsection (7) insert—
.
I2117In section 62(1) (definitions), for the definition of “vehicle" substitute—
.

F6SCHEDULE 6 

Minor amendments to Schedule E charge

Section 37

F61 Share options

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F62 Credit-tokens and non-cash vouchers

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F64 Taxation of benefit where income received free of tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F65 Benefits in connection with termination of employment or change in duties or emoluments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F66 Priority between charges under sections 148 and 595 of the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7 

Chargeable gains: roll-over of degrouping charge: modification of enactments

Section 43

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

.

SCHEDULE 8 

Chargeable gains: exemptions in case of substantial shareholding

Section 44(2)

Part 1 New Schedule 7AC to the Taxation of Chargeable Gains Act 1992

1The following Schedule is inserted after Schedule 7AB to the Taxation of Chargeable Gains Act 1992 (c. 12)—
.

Part 2 Consequential amendments

2 Degrouping: time of accrual of chargeable gain or allowable loss

In section 179(4) of the Taxation of Chargeable Gains Act 1992 (c. 12) (deemed sale and reacquisition on company ceasing to be member of group: time when chargeable gain or allowable loss treated as accruing), for “which, apart from this subsection, would accrue" substitute “ accruing ”.

F2233 Treatment of furnished holiday lettings

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Overseas life insurance companies

In Schedule 7B of the Taxation of Chargeable Gains Act 1992 (c. 12) (modification of Act in relation to overseas life insurance companies), after paragraph 15 add—
.

5 Corporate venturing scheme

In Schedule 15 to the Finance Act 2000 (c. 17) (the corporate venturing scheme), in paragraphs 84(1) and 85(1) after “(see paragraph 83" insert “ and paragraph 4 of Schedule 7AC to the Taxation of Chargeable Gains Act 1992 ”.

SCHEDULE 9 

Chargeable gains: share exchanges and company reconstructions

Section 45

Part 1 Provisions replacing sections 135 and 136 of the Taxation of Chargeable Gains Act 1992

1 Share exchanges

For section 135 of the Taxation of Chargeable Gains Act 1992 (exchange of securities for those in another company) substitute—
.

2 Scheme of reconstruction involving issue of securities

For section 136 of the Taxation of Chargeable Gains Act 1992 (c. 12) (reconstruction or amalgamation involving issue of securities) substitute—
.

3 Meaning of “scheme of reconstruction"

After Schedule 5A to the Taxation of Chargeable Gains Act 1992 insert—
.

Part 2 Consequential amendments

4 Taxes Act 1988

1 The Taxes Act 1988 is amended as follows.
2 In section 299 (disposal of shares)—
F63a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b in subsection (4C), as that section applies to shares issued before 1st January 1994 (business expansion scheme),
for “(whether or not by virtue of section 135(3) of that Act)" substitute “ (including a case where that section applies by virtue of any enactment relating to chargeable gains) ”, and for the words from “shall be construed" to the end substitute “ have the same meaning as in section 127 of the 1992 Act (or, as the case may be, that section as applied by virtue of the enactment concerned) ”.
F643 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1394 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1655 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1656 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1897 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Taxation of Chargeable Gains Act 1992

1 The Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.
F2132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 In section 102 (collective investment schemes with property divided into separate parts), in subsection (3)(b) after “135" insert “ or 136 ”.
5 In section 137 (restriction on application of sections 135 and 136)—
a in subsection (1), for “, reconstruction or amalgamation" substitute “ or scheme of reconstruction ”; and
b in subsection (6), for “section 136(3)" substitute “ section 135(5), 136(5) ”.
6 In section 138(1) (procedure for clearance in advance), for “, reconstruction or amalgamation" substitute “ or scheme of reconstruction ”.
7 In section 139 (reconstruction involving transfer of business), for subsection (9) substitute—
.
8 In section 147 (quoted options treated as part of new holdings)—
a in subsection (1) for “or amalgamation" substitute “ , exchange or scheme of reconstruction ”; and
b in subsection (2) at the end insert “ and “scheme of reconstruction" has the same meaning as in section 136 ”.
9 In section 151B (venture capital trusts: supplementary), in subsection (8) for paragraph (c) substitute—
.
10 In section 171(3) (transfers within a group) for “by virtue of sections 127 and 135" substitute “ by section 127 as it applies by virtue of section 135 ”.
F8911 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 In section 251 (debts: general provisions)—
a in subsection (2) for “132 and 135" substitute “ 132, 135 and 136 ”;
b in subsection (3)—
i for “132 and 135" substitute “ 132, 135 and 136 ”, and
ii for “either section 132 or 135" substitute “ section 132, 135 or 136 ”;
c in subsection (6)(b) for the words from “unaffected" to the end substitute “ to which section 135 applies and which is unaffected by section 137(1) ”.
F10113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 In Schedule 6 (retirement relief: supplementary provisions), in paragraph 2(2) for “section 135(3)" substitute “ section 135 or 136 ”.

6 Finance Act 2000

1 Schedule 15 to the Finance Act 2000 (c. 17) (corporate venturing scheme) is amended as follows.
2 In paragraph 71 (tax avoidance), in sub-paragraph (1)(b)(ii) for “reconstructions and amalgamations" substitute “ schemes of reconstruction ”.
3 In paragraph 82(1) (company reconstructions and amalgamations), in the closing words for “company reconstructions and amalgamations" substitute “ share exchanges and company reconstructions ”.
4 In paragraph 93(7) (identification of shares on a disposal: cases to which section 127 applies)—
a for “(whether or not by virtue of section 135(3) of that Act)" substitute “ (including a case where that section applies by virtue of any enactment relating to chargeable gains) ”; and
b for the words from “shall be construed" to the end substitute “ have the same meaning as in section 127 of the 1992 Act (or, as the case may be, that section as applied by virtue of the enactment concerned) ”.
5 In paragraph 96 (meaning of “disposal")—
a in sub-paragraph (2)(a) for “section 136(1)" substitute “ section 136 ”;
b in sub-paragraph (2)(b) for “sections 135 and 136 of that Act to bona fide reconstructions and amalgamations" substitute “ section 136 of that Act to bona fide schemes of reconstruction ”.

Part 3 Commencement

7 General commencement date

1 Subject to paragraph 8, the provisions of this Schedule have effect in relation to shares or debentures issued on or after 17th April 2002 (“the commencement date”).
2 The reference in sub-paragraph (1) to shares or debentures includes any interests falling to be treated as shares or debentures for the purposes of section 135 or 136 of the Taxation of Chargeable Gains Act 1992 (c. 12) as substituted by this Schedule.

8 Commencement provision for certain consequential amendments

1 Paragraph 4(2), (3) and (5) and paragraph 6(2), (4) and (5) have effect in relation to disposals on or after the commencement date.
F1402 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Paragraph 4(6) has effect in relation to events occurring on or after the commencement date.
F1904 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F95SCHEDULE 10 

Chargeable gains: taper relief: minor amendments

Section 47

F951 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F952 Periods of share ownership that do not count because of change of activity by company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F953 Periods of share ownership not to count where company is not active

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F954 Meaning of “holding company"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F955 Meaning of “interest in shares"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F956 Meaning of “joint venture company" and “qualifying shareholding"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F957 Meaning of “ordinary share capital"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F958 Debentures to be treated as shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F959 Meaning of “trading company"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9510 Meaning of “trading group"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9511 Joint venture companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9512 Joint enterprise companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 11 

Chargeable gains: deduction of personal losses from gains treated as accruing to settlors

Section 51

1 Introduction

The Taxation of Chargeable Gains Act 1992 (c. 12) is amended in accordance with paragraphs 2 to 6.

2 Section 2

1 Section 2 (persons and gains chargeable to capital gains tax, and allowable losses) is amended as follows.
F1022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In paragraph (b) of that subsection, omit “77, 86,".
4 After that subsection insert—
.

F1033 Section 77

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F964 Section 86

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F965 Section 86A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F966 Section 87

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Commencement

This Schedule applies in relation to chargeable gains treated as accruing to a person by virtue of section 77 or 86 (read, where appropriate, with section 10A) of the Taxation of Chargeable Gains Act 1992 (c. 12) in the year 2003-04 and subsequent years of assessment.

8 Election for Schedule to apply for years earlier than 2003-04

1 This Schedule also applies, if the person so elects, in relation to chargeable gains so accruing to a person in any of the years of assessment 2000-01, 2001-02 and 2002-03.
2 An election under this paragraph—
a must be made by a notice given to an officer of the Board no later than 31st January 2005;
b where chargeable gains are treated as accruing in respect of two or more settlements, may be restricted to those treated as accruing in respect of the settlement or settlements specified in the election.
3 All such adjustments shall be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under this paragraph.
4 Where—
a a person makes an election under this paragraph for any one or more of the years of assessment 2000-01, 2001-02 and 2002-03, and
b the effect of the election, or (as the case may be) both or all of them taken together, is to increase the total amount of tax that the person is entitled to recover from the trustees of a particular settlement for those three years under section 78(1)(a) of the Taxation of Chargeable Gains Act 1992 or paragraph 6 of Schedule 5 to that Act,
the trustees of that settlement must join in the election, or (as the case may be) each of them that has that effect or contributes to it.

F105SCHEDULE 12 

Tax relief for expenditure on research and development

Section 53

F105Part 1 Entitlement to relief for R&D expenditure: large companies

F1051 Entitlement to relief under this Part

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1052 Meaning of “large company" and “small or medium-sized enterprise"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1053 Qualifying R&D expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1054 Qualifying expenditure on direct research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1055 Expenditure on research and development directly undertaken on company’s behalf

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1056 Qualifying expenditure on contributions to independent research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 2 Entitlement to relief for R&D expenditure: work subcontracted to small or medium-sized enterprise

F1057 Entitlement to relief under this Part

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1058 Qualifying sub-contracted R&D expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1059 Expenditure on research and development directly undertaken by the SME

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10510 Expenditure on research and development directly undertaken on SME’s behalf

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 2A Entitlement of SME to additional relief available to large companies

F105Entitlement to relief under this Part

F10510A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Qualifying additional Small or Medium-sized EnterpriseSME expenditure

F10510B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Capped SME expenditure

F10510C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 3 The relief

F10511 Deduction in computing profits of trade

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 4 Special provision for giving relief to insurance companies

F10512 Treated as large companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10513 Entitlement to relief in respect of “I minus E" basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 5 Supplementary provisions

F10514 Research and development expenditure of group companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10515 Refunds of contributions to independent research and development etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10516 Artificially inflated claims for deduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F105Part 6 General provisions

F10517 Meaning of “relevant research and development”, “staffing costs”, “ software or consumable items ” , “relevant payments to the subjects of a clinical trial” and “qualifying expenditure on externally provided workers"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10518 Meaning of “qualifying body"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10519 Other definitions etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10520 Transitional provision

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F106SCHEDULE 13 

Tax relief for expenditure on vaccine research etc

Section 54

F106Part 1 Entitlement to relief

F1061 Entitlement to relief under this Schedule

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1062 Qualifying expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1063 Qualifying expenditure on direct research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1064 Qualifying R&D activity

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1065 Meaning of “relevant R&D”, “small or medium-sized enterprise”, “staffing costs”, “software or consumable items”, “relevant payments to the subjects of a clinical trial”, “subsidised” and “qualifying expenditure on externally provided workers.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1066 Qualifying expenditure on sub-contracted research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1067 Conditions that must be satisfied by qualifying expenditure on sub-contracted research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1068 Treatment of sub-contractor payment where principal and sub-contractor are connected persons

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1069 Relevant expenditure of the sub-contractor

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10610 Election for connected persons treatment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10611 Treatment of sub-contractor payment in other cases

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10612 Qualifying expenditure on contributions to independent research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F106Part 2 Manner of giving effect to relief: small and medium-sized companies

F10613 Application of this Part

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10614 Deduction in computing profits of trade

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10615 Alternative treatment of pre-trading expenditure: deemed trading loss

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10615A Paragraphs 14 and 15: modifications for larger SMEs claiming R&D tax credits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10616 Entitlement to tax credit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10616A Entitlement to tax credit: modification for larger SMEs

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10617 Amount of credit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10618 Payment in respect of tax credit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10618A Relief or tax credit only available where company is a going concern

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10619 Restriction on losses carried forward

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10620 Payment in respect of tax credit not income

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F106Part 3 Manner of giving effect to relief: large companies

F10621 Deduction in computing profits of trade

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F106Part 4 Special provision for giving relief to insurance companies

F10622 Treated as large companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10623 Entitlement to relief in respect of “I minus E" basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F106Part 5 Supplementary provisions

F10624 Artificially inflated claims for deduction or tax credit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10625 Refunds of contributions to independent research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10626 Funding of tax credits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10627 Interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10628 Commencement and transitional provision

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F107SCHEDULE 14 

Tax credits under Schedule 13: consequential amendments

Section 54

F1071 Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1072 Claim must be made in tax return

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1073 Recovery of excessive tax credits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1074 Claims for tax credits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1075 Commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F108SCHEDULE 15 

R&D tax relief for small and medium-sized enterprises: minor and consequential amendments

Section 56

F1081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1082. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1083. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1084. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1085. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168SCHEDULE 16 

Community investment tax relief

Section 57

F168Part 1 Introduction

F1681 Eligibility for tax relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1682 Meaning of “investment"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1683 Meaning of “the five year period"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 2 Accredited community development finance institutions

F168Application of Chapter 2 of Part 7 of ITA 2007

F1684. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 3 Qualifying investments

F1688 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1689 Conditions to be satisfied in relation to loans

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16810 Conditions to be satisfied in relation to securities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16811 Conditions to be satisfied in relation to shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16812 Tax relief certificates

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16813 Pre-arranged protection against risks

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 4 General conditions

F16814 No control of CDFI by investor

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16815 Beneficial ownership

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16816 Investor must not be accredited

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16817 No acquisition of share in partnership

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16818 No tax avoidance purpose

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 5 Form of relief

F16819 Individual investors

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16820 Company investors

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16821 Determination of “the invested amount"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16822 Loans: no claim after disposal or excessive repayments or receipts of value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16823 Securities or shares: no claim after disposal or excessive receipts of value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16824 Loss of accreditation by the CDFI

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16825 Accreditation of the investor

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16826 Attribution

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 6 Withdrawal of relief

F16827 Manner of withdrawal of relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16828 Disposal of loan during five year period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16829 Disposal of shares or securities during five year period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16830 Repayments of loan capital

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16831 Value received treated as repayment of loan

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16832 Value received by investor where the investment consists of securities or shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16833 Meaning of “period of restriction"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16834 Aggregation of receipts of insignificant value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16835 When value is received

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16836 The amount of value received

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16837 Value received where there is more than one investment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16838 Effect of receipt of value on future claims for relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16839 Receipts of value by and from connected persons

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 7 Restructuring of CDFI

F16840 Rights issues etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16841 Company reconstructions etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F168Part 8 Supplementary and general

F16842 Information to be provided by the investor

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16843 Disclosure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16844 Nominees

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16845 Application for postponement of tax pending appeal

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16846 Meaning of “issue of securities or shares"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16847 Identification of securities or shares on a disposal

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16848 Meaning of “disposal"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16849 Construction of references to investment being “held continuously"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16850 Meaning of “associate"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16851 Minor definitions etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16852 Index of defined expressions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I32SCHEDULE 17 

Community investment tax relief: consequential amendments

Section 57

F1911. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F762. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F773. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F784. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I325In Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns, assessments and related matters), in paragraph 8 (calculation of tax payable), after paragraph 1A of the second step of the calculation in sub-paragraph (1) insert—
.

F169SCHEDULE 18 

Relief for community amateur sports clubs

Section 58

F169Part 1 Clubs entitled to be registered

F1691 The requirements

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1692 Open to the whole community

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1693 Organised on an amateur basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F169Part 2 Exemptions for registered clubs

F1694 Exemption for trading income

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1695 Exemption for interest and gift aid income

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1696 Exemption for property income

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1697 Exemption for chargeable gains

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1698 Exemption reduced where club incurs non-qualifying expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F169Part 3 Reliefs for donors

F1699. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F169Part 4 Chargeable gains: property ceasing to be held for qualifying purposes

F16910. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F169Part 5 Registration

F16911 Registration and termination

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16912 Information etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16913 Appeals

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F169Part 6 Interpretation

F16914  “Eligible sport"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16915  “Inland Revenue"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16916 Other expressions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 19 

Capital allowances: cars with low carbon dioxide emissions

Section 59

1 Introductory

The Capital Allowances Act 2001 (c. 2) is amended as follows.

2 Types of expenditure for which first-year allowances available

In section 39, after the entry relating to section 45A add,
.

3 First-year qualifying expenditure: car with low carbon dioxide emissions

After section 45C insert—
.

4 General exclusions affecting first-year qualifying expenditure

1 Section 46 is amended as follows.
2 In subsection (1) (expenditure which is subject to the general exclusions) after the entry relating to section 45A add
.
3 After subsection (2) (general exclusions listed for the purposes of subsection (1)) insert—
.

5 Amount of first-year allowances

In section 52(3), in the Table, after the entry relating to expenditure qualifying under section 45A add—
.

F1646 Single asset pool in relation to cars above cost threshold

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 20 

Capital allowances: plant or machinery for gas refuelling station

Section 61

1 Introductory

The Capital Allowances Act 2001 (c. 2) is amended as follows.

2 Types of expenditure for which first-year allowances available

In section 39, after the entry relating to section 45D (which is inserted by Schedule 19 to this Act) add—
.

3 First-year qualifying expenditure: plant or machinery for gas refuelling station

After section 45D (which is added by Schedule 19 to this Act) insert—
.

4 General exclusions affecting first-year qualifying expenditure

In section 46, in subsection (1) (expenditure which is subject to the general exclusions) after the entry relating to section 45D (which is added by Schedule 19 to this Act) add—
.

5 Amount of first-year allowance

In section 52(3), in the Table, after the entry relating to expenditure qualifying under section 45D (which is added by Schedule 19 to this Act) add—
.

SCHEDULE 21 

First-year allowances for expenditure wholly for a ring fence trade

Section 63

Part 1 Plant and machinery

1 Introductory

Part 2 of the Capital Allowances Act 2001 (c. 2) (plant and machinery allowances) is amended as follows.

2 Types of expenditure for which first-year allowances available

In section 39, after the entry relating to section 45E (which is added by Schedule 20 to this Act) add
.

3 First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade

After section 45E (which is inserted by Schedule 20 to this Act) insert—
.

4 Plant or machinery used for less than five years in a ring fence trade

After section 45F insert—
.

5 General exclusions affecting first-year qualifying expenditure

In section 46, in subsection (1) (expenditure which is subject to the general exclusions) after the entry relating to section 45E (which is added by Schedule 20 to this Act) add
.

6 Amount of first-year allowances

In section 52(3), in the Table, after the entry relating to expenditure qualifying under section 45E (which is added by Schedule 20 to this Act) add—
.

7 Penalty for failure to provide information etc

1 The Taxes Management Act 1970 (c. 9) is amended as follows.
2 In the second column of the Table in section 98, in the entry relating to requirements imposed by provisions of the Capital Allowances Act, after “45B(5) and (6)," insert “ 45G(4) and (5), ”.

Part 2 Mineral extraction allowances

8 Introductory

Part 5 of the Capital Allowances Act 2001 (c. 2) (mineral extraction allowances) is amended as follows.

9 First-year qualifying expenditure

After section 416, insert the following Chapter—
.

10 First-year allowances

At the beginning of Chapter 6 (allowances and charges) insert—
.

11 Artificially inflated claims for first-year allowances

After section 416D insert—
.

12 Amount of allowances and charges: balancing charge for period in which expenditure incurred

1 Section 418 is amended as follows.
2 In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—
.

13 Unrelieved qualifying expenditure: effect of first-year qualifying expenditure

1 Section 419 is amended as follows.
2 In subsection (1) (amount of qualifying expenditure which is unrelieved qualifying expenditure for the chargeable period in which the expenditure is incurred) for “the whole of it" substitute—
.
3 After subsection (2) insert—
.

F109SCHEDULE 22 

Computation of profits: adjustment on change of basis

Section 64

F109Part 1 Introduction

F1091 General scheme

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F109Part 2 General rules

F1092 Calculation of adjustment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1093 Meaning of items being brought into account

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1094 Giving effect to positive adjustment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1095 Giving effect to negative adjustment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F109Part 3 Special rules for certain cases

F1096 No adjustment for certain expenses previously brought into account

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1097 Cases where adjustment not required until asset realised or written off

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1098 Change from realisation basis to mark to market

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1099 Election for spreading where paragraph 8 applies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10910 Application of paragraphs 8 and 9 in case of transfer of insurance business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10911 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10912 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F109Part 4 Supplementary provisions

F10913 Application of provisions to partnerships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10914 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10915 Interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F109Part 5 Commencement

F10916 General rule

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10917 Application of provisions to certain earlier changes of basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10918 Period in which change of basis takes effect

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 23 

Exchange gains and losses from loan relationships etc

Section 79

Part 1 Amendments of the Finance Act 1996

1 Introductory

Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) (loan relationships) is amended in accordance with the following provisions of this Part.

F1412 Meaning of “related transaction”

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F533 Exchange gains and losses from loan relationships etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F374 Authorised accounting methods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F385 Convertible securities etc: exchange gains and losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1426 Extension of section 100 to exchange gains and losses and to items other than money debts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1437 Interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F398 Bad debt etc: cases where departure allowed from assumption of prompt payment in full

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1109 Bad debts etc where parties have a connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11010 Transactions not at arm’s length

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11011 Exchange gains and losses where loan not on arm’s length terms

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11012 Continuity of treatment: groups etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11013 Loan relationships for unallowable purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11014 Life assurance business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11015 Special provisions for insurers: apportionments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 Savings and transitional provisions in the Finance Act 1996

In Schedule 15 (savings and transitional provisions) omit paragraphs 22 to 24.

Part 2 Amendments of other legislation

The Income and Corporation Taxes Act 1988

F19217 Charges on income

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19218 Supplementary charge in respect of ring fence trades

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4819 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20 Double taxation relief

1 Section 798B of the Taxes Act 1988 (adjustments of interest and dividends for spared tax etc) is amended as follows.
2 In subsection (5) (meaning of “qualifying losses”) for paragraph (a) (exchange losses under Finance Act 1993) substitute—
.

F19321 Provision not at arm’s length: foreign exchange gains and losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Finance Act 1995

22 Miscellaneous amendments

1 The Finance Act 1995 (c. 4) is amended as follows.
2 Omit section 131(which made transitional provision in relation to exchange gains and losses and which is spent).
3 In Part 2 of Schedule 24 (amendments of certain enactments) in paragraph 7 (commencement on day appointed under section 165(7)(b) of Finance Act 1993) for the words following “come into force on” substitute “ 23rd March 1995 ”.

The Finance Act 2000

23 Tonnage tax

1 Schedule 22 to the Finance Act 2000 (c. 17) is amended as follows.
2 In paragraph 50 (relevant shipping income: certain interests etc) in sub-paragraph (2) (income to which paragraph 50 applies) at the end of paragraph (a) insert “ and ”.
3 In paragraph 63 (meaning of “finance costs”) in sub-paragraph (2)(c) (exchange gain or loss) for “within the meaning of Chapter II of Part II of the Finance Act 1993” substitute “ within the meaning given by section 103(1A) of the Finance Act 1996 ”.

The Finance Act 2002

24 Intangible fixed assets: assets entirely excluded: financial assets

1 Schedule 29 to the Finance Act 2002 (gains and losses of a company from intangible fixed assets) is amended as follows.
2 In paragraph 75 (assets entirely excluded: financial assets) in sub-paragraph (3) for paragraph (a) (money debts) substitute—
.

Part 3 Transitional provisions etc

F14425 Anti-avoidance: change of accounting period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26 Deferred foreign exchange gains

1 The repeal of sections 139 to 143 of the Finance Act 1993 (c. 34) (foreign exchange gains and losses) does not prevent the making of a claim under section 139 of that Act (deferral of unrealised gains) by a company in respect of a gain accruing in an accrual period which begins with, or at any time in, the last accounting period of the company which begins before 1st October 2002; but any such claim shall have effect subject to the following provisions of this paragraph and (subject to regulations under section 81) regulations under Chapter 2 of Part 2 of that Act.
2 Amounts which, but for the repeal of subsections (4) to (10) of section 140 of the Finance Act 1993, would fall to be treated by virtue of those subsections as exchange gains for an accrual period which consists of, or falls in, an accounting period beginning on or after 1st October 2002—
a shall be brought into account for that accounting period as if they were credits falling for the purposes of Part 5 of the Corporation Tax Act 2009 to be brought into account in respect of the company’s loan relationships;
b shall be treated for the purposes of that Part as non-trading credits, to the extent that they would, but for the repeal of subsections (5), (8) and (9) of section 140 of the Finance Act 1993, have fallen to be treated by virtue of those subsections as non-trading exchange gains; and
c except as provided by paragraph (b), shall be brought into account under section 297(2) of the Corporation Tax Act 2009 (trading credits).
3 Before the expiration of the period of 2 years following the end of its first accounting period beginning on or after 1st October 2002, a company may elect for any amounts that would otherwise fall to be brought into account for that accounting period in accordance with paragraph (a) of sub-paragraph (2) instead to be brought into account in accordance with that sub-paragraph, but—
a over the first 6 accounting periods of the company which begin on or after 1st October 2002; and
b in instalments of an equal amount for each such accounting period.
4 If a company—
a makes an election under sub-paragraph (3), but
b ceases to be within the charge to corporation tax before six accounting periods of the company which begin on or after 1st October 2002 have elapsed,
any instalment under that sub-paragraph which does not fall to be brought into account for an earlier accounting period shall be brought into account for the accounting period in which the company ceases to be within the charge to corporation tax.
F545 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C7SCHEDULE 24 

Corporation tax: currency

Section 80

The Finance Act 1993

F281 Introductory

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F282 The basic rule: sterling to be used

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F283 Use of currency other than sterling: accounts as a whole etc in foreign currency

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F284 Use of currency other than sterling: accounts etc partly from statements in foreign currency

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F285 Rules for ascertaining currency equivalents: general

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F286 Rules for ascertaining sterling equivalent for section 93(4) or (5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Finance Act 1994

7 Lloyd’s underwriters: corporations etc

1 Section 226 of the Finance Act 1994 (c. 9) (provisions which are not to apply to corporate members of Lloyd’s) is amended as follows.
2 Subsection (1) (which prevents sections 92 to 95 of the Finance Act 1993 (c. 34) from applying) shall cease to have effect (and sections 92 to 94AB of that Act shall accordingly apply for the purposes of computing for the purposes of corporation tax the profits or losses of a corporate member’s underwriting business).

SCHEDULE 25 

Loan relationships

Section 82

Part 1 Amendments of the Finance Act 1996

1 Introductory

Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) (loan relationships) is amended in accordance with the following provisions of this Part of this Schedule.

F1122 Meaning of “loan relationship” etc: method of settlement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1123 Non-trading deficit on loan relationships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F294 Debits and credits brought into account

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F295 Authorised accounting methods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F296 Application of accounting methods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1127 Accounting method where parties have a connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1128 Meaning of “control” in section 87

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1129 Inconsistent application of accounting methods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4010 Changes of accounting method

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11211 Payments subject to deduction of tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11212 Indexed gilt-edged securities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11213 Manufactured interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11214 Interpretation: “shares” not to include building society shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11215 Interpretation: miscellaneous

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11216 Provision continuing to be made on accruals basis after company ceases to be party

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11217 Claims to treat deficit as eligible for group relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11218 Claim to carry back deficit to previous accounting periods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11219 Deficit carried forward and set against non-trading profits of succeeding accounting periods

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11220 Distributions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10421 Life assurance policies and capital redemption policies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11222 Late interest: further cases where paragraph 2 of Schedule 9 applies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11223 Bad debts and consortium relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11224 Bad debt etc where parties have a connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11225 Bad debt etc: parties having connection and creditor company in insolvent liquidation etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4926 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11327 Bad debt etc: departure not permitted by paragraph 6: subsequent cessation of connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11328 Imported losses etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11329 Continuity of treatment: groups etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11330 Loan relationships for unallowable purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11331 Debits and credits treated as relating to capital expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9032 Repo transactions and stock lending

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11333 Discounted securities where companies have a connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11334 Discounted securities of close companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11335 Partnerships involving companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11336 Interpretation of Schedule 9: “major interest”

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37 Investment trusts and venture capital trusts: treatment of capital reserves

1 Schedule 10 (collective investment schemes) is amended as follows.
2 For paragraph 1 substitute—
.

38 Authorised unit trusts and open-ended investment companies

1 Schedule 10 (collective investment schemes) is amended as follows.
2 For paragraph 2 (which makes special provision in relation to authorised unit trusts and is applied to open-ended investment companies by regulations under section 152 of the Finance Act 1995 (c. 4)) and the heading immediately preceding it substitute—
.

39 Distributing offshore funds

For paragraph 3 of that Schedule substitute—
.

F14840 Life assurance business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41 Adjustments in the case of chargeable assets etc

1 In Schedule 15 (loan relationships: savings and transitional provisions) paragraph 11 is amended as follows.
2 After sub-paragraph (2) insert—
.

42 Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss

In Schedule 15, after paragraph 11 (other adjustments in the case of chargeable assets etc) insert—
.

Part 2 Amendments of other enactments

The Taxes Act 1988

43 Introductory

The Taxes Act 1988 is amended as follows.

44 Incidental costs of obtaining loan finance

In section 77(2)(a) (meaning of “qualifying loan” etc) omit sub-paragraph (ii) (interest deductible under section 338 against total profits).

F19445 Group relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2446 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14947 Building society shares: regulations for deduction of tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15048 Building society shares: incidental costs of issuing qualifying shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19549 European Economic Interest Groupings

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15150 Funding bonds issued in respect of interest on certain debts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5551 Transfers of income arising from securities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9152 Treatment of price differential on sale and repurchase of securities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15253 Restriction of relief for payments of interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19654 Limits on credit: corporation tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19655 Foreign tax on items giving rise to a non-trading credit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19756 Investment trusts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7957 Venture capital trusts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20758 Change in ownership of investment company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Finance Act 1988

59 Commercial woodlands

1 Schedule 6 to the Finance Act 1988 (c. 39) is amended as follows.
2 In consequence of Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships) in paragraph 3 (abolition of Schedule D election etc) omit—
a sub-paragraphs (3)(a), (4)(a) and (5)(a) and (b);
b in sub-paragraph (5), in the words following paragraph (c), the word “group”; and
c sub-paragraph (6).

The Taxation of Chargeable Gains Act 1992

60 Interest charged to capital

1 Section 40 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.
2 After subsection (3) add—
.

Part 3 Transitional provisions

F11161 Interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11161A Non-trading deficit carried forward from last old accounting period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11162 Discounted securities where companies have a connection

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11163 Discounted securities of close companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11164 Authorised unit trusts and open-ended investment companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114SCHEDULE 26 

Derivative contracts

Section 83

F114Part 1 Introduction

F1141 Profits arising from derivative contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 2 Derivative contracts

F1142 Derivative contracts and relevant contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1142A Non-financial contracts with embedded derivatives

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1142B Hybrid derivatives

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1143 Contracts to satisfy accounting requirements etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1144 Contracts excluded by virtue of their underlying subject matter

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1144A Contracts which become derivative contracts: chargeable assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1144B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1144D Treatment of credits and debits on former chargeable asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1145 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1145A 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1146 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1147 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1148 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1149 Underlying subject matter which is subordinate or of small value disregarded

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11410 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11411 Meaning of “underlying subject matter”

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11412 Definition of terms relating to derivative contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11413 Power to amend paragraphs 2 to 12 and Part 9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 3 Method of taxation

F11414 Method of bringing amounts into account

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11415 Credits and debits brought into account

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11416 Exchange gains and losses arising from derivative contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 4  Computation of amounts to be brought into account

F11417A Computation in accordance with generally accepted accounting practice

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11417B Amounts recognised in determining company’s profit or loss

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11417C Power to make further provision by regulations

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11421 Basis of accounting for contracts falling within paragraph 6, 7 or 8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 5 Special provision for release of liability

F11422 Release of liability under derivative contract

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 6 Special computational provisions

F11422A Deemed assignment of derivative contracts on company ceasing to be resident in UKetc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11423 Derivative contracts for unallowable purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11424 Derivative contracts for unallowable purposes: supplementary

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11425 Debits and credits treated as relating to capital expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11425A Debits and credits recognised in equity or shareholders' funds

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11426 Transfers of value to connected companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11427 Exchange gains and losses where derivative contracts not on arm’s length terms

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11427A Disposals for consideration not fully recognised by accounting practice

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11428 Transactions within groups

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11429 Transactions within groups: exceptions relating to insurance

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11430 Transactions within groups: fair value accounting

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11430A Transferee leaving group after replacing transferor as party to derivative contract

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11430I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11431 Derivative contracts with non-residents

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11431A Amounts imputed under Schedule 28AA to the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 7 Collective investment schemes

F11432 Authorised unit trusts: capital profits and losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11433 Open-ended investment companies: capital profits and losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11434 Power to amend paragraphs 32 and 33

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11435 Distributing offshore funds

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11436 Contracts relating to holdings in unit trust schemes, open-ended investment companies and offshore funds

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11437 Contract which becomes contract to which paragraph 36 applies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11438 Investment trusts: capital profits, gains or losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11438A Venture capital trusts: capital profits, gains or losses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11439 Investment trusts: approval for purposes of section 842 of the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11440 Venture capital trusts: approval for purposes of section 842AA of the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 8 Insurance and mutual trading companies

F11441 Application of Schedule to insurance and mutual trading companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11441A Application of section 103(3)(c) of the Finance Act 1996

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11442 ...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11443 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11443 Mutual trading and non-life mutual business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 9 Miscellaneous

F11443A Contracts which become derivative contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11443B Contracts which cease to be derivative contracts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11444 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445A Derivative contracts which are to be taxed on a chargeable gains basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445B Carry back of net losses on derivative contracts to which paragraph 45A applies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445C Derivative contracts relating to land or certain tangible movable property

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445D Creditor relationships: embedded derivatives which are options

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445E Exclusions from paragraph 45D

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445F Creditor relationships: embedded derivatives which are exactly tracking contracts for differences

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445FA Creditor relationships: existing assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445G Property based total return swaps

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445H Treatment of net gains and losses on terminal exercise of option

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445HZA Treatment of net gains and losses on disposal of certain embedded derivatives

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445HA  Treatment of credits and debits on terminal exercise of non-embedded option or running to delivery of future

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445H 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445I Index-linked gilt-edged securities with embedded contracts for differences

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445J Issuers of securities with embedded derivatives: deemed options

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445JA Issuers of securities with embedded derivatives: equity instruments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445K Issuers of securities with embedded derivatives: deemed contracts for differences

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445KA Securities with embedded options: existing liabilities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445L Derivatives not embedded in a loan relationship

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445LA Elections under paragraph 45L(2A): further provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11445M Treatment of host contract as a loan relationship

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11446 Contracts where part of underlying subject matter of excluded type

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11447 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11448 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11448A 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11449 Partnerships involving companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11450 Partnerships involving companies: use of fair value accounting

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11450A Adjustment on company changing to international accounting standards

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11451 Prevention of deduction of tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114Part 10 Interpretation

F11452 Statutory accounts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11453 Derivative and relevant contracts of person

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11454 General interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C8SCHEDULE 27 

Derivative contracts: minor and consequential amendments

Section 83

1 The Taxes Act 1988

The Taxes Act 1988 is amended as follows.
2In section 15(1) (Schedule A) in paragraph 2(3) of Schedule A (profits of Schedule A business computed without regard to certain items) for the third indent (which relates to qualifying payments within Chapter 2 of Part 4 of the Finance Act 1994 (c. 9)) substitute—
.
F1533. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
F441 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 After subsection (1A) of that section insert—
.
F925. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6Omit section 468AA (authorised unit trusts: futures and options).
7
1 Section 468L (interest distributions) is amended as follows.
2 In subsection (9) (meaning of “qualifying investments”) after paragraph (e) insert—
.
3 In subsection (11) (assumption as to investments of other authorised unit trust which are to be regarded as qualifying investments) after “within paragraphs (a) to (c)” insert “ , (f) and (g) ”.
4 After subsection (12G) insert—
.
F1708. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1709. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F17010. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11In section 798B (restriction of relief on certain interest and dividends: meaning of “financial expenditure”) in subsection (5) (meaning of “qualifying losses”) for paragraph (b) (losses brought into account for purposes of Chapter 2 of Part 4 of the Finance Act 1994) substitute—
.
12
1 Section 807A (disposals and acquisitions of company loan relationships with or without interest) is amended as follows.
F1982 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 In that subsection, omit the definition of “relevant qualifying payment”.
F19913. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4514. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F20015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 The Finance Act 1994

In section 226 (provisions of the Finance Act 1993 (c. 34) and Finance Act 1994 which are not to apply in the case of Lloyd’s underwriters) for subsection (3) (contracts and options in premium trust fund of corporate member not to be qualifying contracts for purposes of Chapter 2 of Part 4 of the Finance Act 1994) substitute—
.

17 The Finance Act 1996

The Finance Act 1996 (c. 8) is amended as follows.
F4118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15419. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15520. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21Omit Schedule 12(meaning of debt contract or option).

22 The Finance Act 2000

The Finance Act 2000 (c. 17) is amended as follows.
23
1 Schedule 22 (tonnage tax) is amended as follows.
2 In paragraph 50 (income which, otherwise than under Schedule 22 to the Finance Act 2000, falls to be taken into account as trading income from trade consisting of tonnage tax activities) in sub-paragraph (2), for paragraph (c) substitute—
.
3 In paragraph 63 (ring-fencing of accounting periods where company is tonnage tax company: meaning of “finance costs”) in sub-paragraph (2), for paragraph (b) substitute—
.

24 The Finance Act 2002

The Finance Act 2002 is amended as follows.
25Section 78 (which amends the provision made by Schedule 5AA to the Taxes Act 1988 as regards corporation tax in relation to guaranteed returns on transactions involving futures and options, provision as regards which is made in Schedule 26 in relation to accounting periods beginning on or after 1st October 2002) shall cease to have effect.
26In Schedule 29 (taxation of intangible fixed assets) in paragraph 75 (which provides for the Schedule not to apply to financial assets) for sub-paragraph (3)(b) (financial assets to include qualifying contracts within Chapter 2 of Part 4 of the Finance Act 1994) substitute—
.

C9SCHEDULE 28 

Derivative contracts: transitional provisions etc

Section 83

F1561 Anti-avoidance: change of accounting period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Qualifying contracts to which company ceases to be party before commencement day

1 This paragraph applies if the conditions in sub-paragraphs (2) and (3) are satisfied in relation to any contract of a company.
2 The first condition is that the company was a party to a qualifying contract (within the meaning of Chapter 2 of Part 4 of the Finance Act 1994) before its commencement day, but is not a party to it on that commencement day.
3 The second condition is that, if the company had been a party to the contract on its commencement day, the contract would have been a derivative contract.
4 To the extent that amounts have been brought into account in computing, in accordance with Chapter 2 of Part 4 of the Finance Act 1994, the profits or losses accruing to the company from the contract in an old period of the company, they shall not be brought into account again by the company as credits or debits given in respect of that contract for the first new period or any subsequent accounting period of the company by Schedule 26.
4A In relation to a subsequent accounting period ending on or after 1 April 2009, the reference in sub-paragraph (4) to Schedule 26 is to be read as a reference to Part 7 of the Corporation Tax Act 2009.

F1583 Qualifying contracts which become derivative contracts

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4 Contracts which become derivative contracts: chargeable assets

1 This paragraph applies if the conditions in sub-paragraphs (2) to (4) are satisfied in relation to any contract of a company.
2 The first condition is that the company is a party to the contract immediately before and on its commencement day.
3 The second condition is that the contract—
a was not a qualifying contract (within the meaning of Chapter 2 of Part 4 of the Finance Act 1994) immediately before the company’s commencement day, but
b as from that day is a derivative contract.
4 The third condition is that the contract was, immediately before the company’s commencement day, a chargeable asset.
5 Where this paragraph applies, the company shall, when it ceases to be a party to the contract, bring into account, for the accounting period in which it ceases to be a party to the contract, the amount of any chargeable gain or allowable loss which would have been treated as accruing to the company on the assumption—
a that it had made a disposal of the asset immediately before its commencement day, and
b that the disposal had been for a consideration equal to the value (if any) given to the contract in the accounts of the company at the end of the company’s accounting period immediately before its first new period.
6 Sub-paragraph (5) has effect subject to sub-paragraph (7).
7 The company may elect that a debit representing the amount of any allowable loss, which under sub-paragraph (5) is to be brought into account for the accounting period in which it ceases to be a party to the contract, shall be brought into account for that accounting period as if it were a non-trading debit falling to be brought into account for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) in respect of a loan relationship of the company.
7A In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (7) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.
8 An election under sub-paragraph (7) may only be made within the period of two years following the end of the accounting period in which the company ceases to be a party to the contract.
9 For the purposes of this paragraph an asset is a chargeable asset if any gain accruing on the disposal of the asset by the company would be a chargeable gain for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 12) (and includes any obligations under futures contracts which, by virtue of section 143 of that Act, are regarded as assets to the disposal of which that Act applies).
10 This paragraph has effect subject to paragraph 5.

5 Contracts: election to treat as two assets

1 This paragraph applies if the conditions in sub-paragraphs (2) to (4) are satisfied in relation to any contract of a company.
2 The first condition is that the company is a party to the contract immediately before and on its commencement day.
3 The second condition is that the contract—
a was not a qualifying contract (within the meaning of Chapter 2 of Part 4 of the Finance Act 1994 (c. 9)) immediately before the company’s commencement day, but
b as from that day would, but for an election under sub-paragraph (5) of this paragraph, be a derivative contract to which paragraph 7 of Schedule 26 (contracts designed to secure guaranteed amount) applies.
4 The third condition is that the contract was, immediately before the company’s commencement day, a chargeable asset.
5 Where this paragraph applies the company may elect that its contract shall be treated for the purposes of the Corporation Tax Acts as if it were—
a a creditor relationship of the company which is a zero coupon bond (within the meaning of paragraph 48 of Schedule 26), and
b an option of the company whose underlying subject matter is the same as the underlying subject matter of the contract to which this paragraph applies;
and sub-paragraphs (4) to (6) of that paragraph shall apply to a creditor relationship and an option arising under this sub-paragraph as they apply to a creditor relationship and an option arising under paragraph 48(2) of Schedule 26.
6 An election under sub-paragraph (5) in relation to a contract—
a may only be made within the period of two years following the end of the company’s first new period;
b has effect for the company’s first new period and all subsequent accounting periods of the company; and
c is irrevocable.
7 Where an election under sub-paragraph (5) has been made by a company in relation to a contract, the company shall, when it ceases to be a party to the contract, bring into account, for the accounting period in which it ceases to be a party to the contract, the amount of any chargeable gain or allowable loss which would have been treated as accruing to the company on the assumption—
a that it had made a disposal of the asset immediately before its commencement day, and
b that the disposal had been for a consideration equal to the value (if any) given to the contract in the accounts of the company at the end of the company’s accounting period immediately before its first new period.
8 Sub-paragraph (7) has effect subject to sub-paragraph (9).
9 The company may elect that a debit representing the amount of any allowable loss, which under sub-paragraph (7) is to be brought into account for the accounting period in which it ceases to be a party to the contract, shall be brought into account for that accounting period as if it were a non-trading debit falling to be brought into account for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) in respect of a loan relationship of the company.
9A In relation to an accounting period ending on or after 1 April 2009, the reference in sub-paragraph (9) to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009.
10 An election under sub-paragraph (9) may only be made within the period of two years following the end of the accounting period in which the company ceases to be a party to the contract.
11 For the purposes of this paragraph references to an asset being a chargeable asset shall be construed in accordance with paragraph 4(9).
12 In this paragraph “option” and “underlying subject matter” have the same meaning as in Schedule 26.

6 Contracts which become derivative contracts: contracts within Schedule 5AA to the Taxes Act 1988

1 This paragraph applies if the conditions in sub-paragraphs (2) to (5) are satisfied in relation to any contract of a company.
2 The first condition is that the company is a party to the contract immediately before and on its commencement day.
3 The second condition is that the contract—
a was not a qualifying contract (within the meaning of Chapter 2 of Part 4 of the Finance Act 1994 (c. 9)) immediately before the company’s commencement day, but
b as from that day is a derivative contract.
4 The third condition is that the contract was, immediately before the company’s commencement day, a transaction to which Schedule 5AA to the Taxes Act 1988 applied.
5 The fourth condition is that, on or after the company’s commencement day, a relevant event occurs.
6 For the purposes of this paragraph a relevant event is an event which would, if Schedule 5AA to the Taxes Act 1988 had continued to apply to the contract for the purposes of corporation tax, have given rise to an amount of profits falling to be charged under that Schedule.
7 A credit representing that amount of profits (“a relevant credit”) shall be brought into account by virtue of paragraph 14(3) of Schedule 26 for the accounting period in which the relevant event occurs as if it were a non-trading credit falling to be brought into account for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 in respect of a loan relationship of the company.
8 The amount of the relevant credit is the sum of—
a the amount of profits which would have been chargeable under Schedule 5AA to the Taxes Act 1988 if it had continued to apply to the contract, and
b the amount of any debits given by Schedule 26 in respect of the contract for the first new period and any subsequent accounting period ending with the accounting period in which the relevant event occurred,
less the amount of any credits given by Schedule 26 in respect of the contract for those accounting periods.
8A In relation to an accounting period ending on or after 1 April 2009—
a the reference in sub-paragraph (7) to paragraph 14(3) of Schedule 26 is to be read as a reference to section 574 of the Corporation Tax Act 2009,
b the reference in that sub-paragraph to Chapter 2 of Part 4 of the Finance Act 1996 is to be read as a reference to Part 5 of the Corporation Tax Act 2009, and
c the references in sub-paragraph (8) to Schedule 26 are to be read as references to Part 7 of the Corporation Tax Act 2009.

7 Interpretation

For the purposes of this Schedule—
a a company’s commencement day is the first day of its first accounting period to begin on or after 1st October 2002,
b a company’s first new period is its first accounting period to begin on or after that date, and
c an old period of the company is any accounting period of the company ending before the first day of its first new period.

F115SCHEDULE 29 

Gains and losses of a company from intangible fixed assets

Section 84(1)

F115Part 1 Introduction

F1151 Gains and losses in respect of intangible fixed assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1152 Intangible assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1153 Intangible fixed assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1154 Goodwill

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1155 Company not drawing up correct accounts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1156 Reference to consolidated group accounts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 2 Debits in respect of intangible fixed assets

F1157 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1158 Expenditure written off as it is incurred

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1159 Writing down on accounting basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11510 Writing down at fixed rate: election for fixed-rate basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11511 Writing down at fixed rate: calculation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11512 Reversal of previous accounting gain

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 3 Credits in respect of intangible fixed assets

F11513 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11514 Receipts recognised as they accrue

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11514A Receipts in respect of royalties so far as not dealt with under paragraph 14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11515 Revaluation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11516 Negative goodwill

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11517 Reversal of previous accounting loss

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 4 Realisation of intangible fixed assets

F11518 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11519 Meaning of “realisation"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11520 Realisation of asset written down for tax purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11521 Realisation of asset shown in balance sheet and not written down for tax purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11522 Apportionment in case of part realisation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11523 Realisation of asset not shown in balance sheet

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11524 Meaning of “proceeds of realisation"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11525 Relief in case of reinvestment

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11526 Abortive expenditure on realisation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 5 Calculation of tax written down value

F11527 Asset written down on accounting basis

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11528 Asset written down at fixed rate

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11529 Effect of part realisation of asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 6 How credits and debits are given effect

F11530 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11531 Asset held for purposes of trade

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11532 Asset held for purposes of property business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11533 Assets held for purposes of mines, transport undertakings, etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11534 Non-trading credits and debits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11535 Claim to set non-trading loss against total profits

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11536 Special provisions relating to insurance companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 7 Roll-over relief in case of realisation and reinvestment

F11537 The relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11538 Conditions to be met in relation to the old asset and its realisation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11539 Conditions to be met in relation to the expenditure on other assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11540 Claim for relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11541 How the relief is given: general

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11542 Determination of appropriate proportion or adjusted cost

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11542A References to cost of asset where asset affected by change of accounting policy

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11543 Declaration of provisional entitlement to relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11544 Realisation and reacquisition

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11545 Deemed realisations and deemed acquisitions to be disregarded

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 8 Groups of companies

F11546 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11547 General rule: a company and its 75% subsidiaries form a group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11548 Membership of group restricted to effective 51% subsidiaries of principal company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11549 Principal company cannot be 75% subsidiary of another company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11550 Company cannot be member of more than one group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11551 Continuity of identity of group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11551A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11552 Meaning of “effective 51% subsidiary"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11553 Meaning of equity holder and profits or assets available for distribution

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11554 Supplementary provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 9 Application of provisions to groups of companies

F11555 Transfers within a group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11556 Roll-over relief on reinvestment: application to group member

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11557 Roll-over relief on reinvestment: acquisition of group company treated as equivalent to acquisition of underlying assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11558 Company ceasing to be member of group (“degrouping")

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11559 Degrouping: associated companies leaving group at the same time

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11560 Degrouping: principal company becoming member of another group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11561 Degrouping: company ceasing to be member of group by reason of exempt distribution

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11562 Degrouping: merger carried out for bona fide commercial reasons

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11563 Degrouping: group member ceasing to exist

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11564 Degrouping: supplementary provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11565 Degrouping: application of roll-over relief in relation to degrouping charge

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11566 Reallocation of degrouping charge within group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11567 Application of roll-over relief in relation to reallocated degrouping charge

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11568 Recovery of degrouping charge from another group company or controlling director

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11569 Recovery of degrouping charge from another group company or controlling director: procedure etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11570 Recovery of degrouping charge from another group company or controlling director: time limit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11571 Payments between group members in respect of reliefs

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 10 Excluded assets

F11572 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11573 Assets entirely excluded: rights over tangible assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11573A Assets entirely excluded: assets in respect of which capital allowance previously made

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11574 Assets entirely excluded: oil licences

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11575 Assets entirely excluded: financial assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11576 Assets entirely excluded: rights in companies, trusts, etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11577 Assets entirely excluded: non-commercial purposes etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11578 Assets excluded except as regards royalties: life assurance business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11579 Assets excluded except as regards royalties: mutual trade or business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11580 Assets excluded except as regards royalties: films and sound recordings

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11580A Assets excluded: certain films

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11580B Assets excluded except as regards royalties: sound recordings

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11581 Assets excluded except as regards royalties: computer software treated as part of cost of related hardware

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11582 Assets excluded to extent specified: research and development

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11583 Assets excluded to extent specified: election to exclude capital expenditure on computer software

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 11 Transfer of business or trade

F11584 Company reconstruction involving transfer of business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11585 Transfer of UK business between companies resident in different EU member States

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11585A European cross-border merger: transfer of UK business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Transparent entities

F11585B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11585C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11585D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11586 Postponement of charge on transfer of assets to non-resident company.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11587 Transfer of non-UK business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11587A European cross-border merger: transfer of non-UK business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11588 Procedure on application for clearance

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11589 Transfer of life assurance business

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11590 Transfer of business of building society to company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11591 Amalgamation of or transfer of engagements by certain societies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 12 Transactions between related parties

F11592 Transfer between company and related party treated as being at market value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11593 Exclusion of roll-over relief in case of part realisation involving related party

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11594 Delayed payment of royalty payable by company to related party

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11595 Meaning of “related party"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11595A Persons treated as “related parties”

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11596 Meaning of “control" and “major interest"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11597 Rights and powers to be taken into account: general

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11598 Rights and powers to be taken into account: rights and powers held jointly

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11599 Rights and powers to be taken into account: partnerships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115100 Meaning of “participator" and “associate"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115101 Connected persons

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 13 Supplementary provisions

F115102 Treatment of grants and other contributions to expenditure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115103 Grants to be left out of account for tax purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115104 Finance leasing etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115105 Assets acquired or realised together

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115106 Deemed market value acquisition: adjustment of amounts in case of nil accounting value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115107 Treatment of fungible assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115108 Asset ceasing to be chargeable intangible asset: deemed realisation at market value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115109 Asset ceasing to be chargeable intangible asset: postponement of gain in certain cases

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115110 Asset becoming chargeable intangible asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115111 Tax avoidance arrangements to be disregarded

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115112 Debits not allowed in respect of expenditure not generally deductible for tax purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115113 Delayed payment of employees' remuneration

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115114 Delayed payment of pension contributions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115115 Bad debts etc

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116 Assumptions for computing chargeable profits of controlled foreign companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 13A Adjustment on change of accounting policy

F115116A Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116B Change of accounting policy involving change of value

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116C Change of accounting policy involving disaggregation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116D Change of accounting policy involving disaggregation: original asset subject to fixed rate writing down

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116E Change of accounting policy involving disaggregation: election for fixed rate writing down in relation to resulting asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116F Cap on credit to be brought into account on change of accounting policy

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116G Exclusion of debits or credits brought into account under other provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115116H Subsequent events affecting asset subject to adjustment under this Part

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 14 Commencement and transitional provisions

F115117 Commencement date

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115118 Application of Schedule to assets created or acquired after commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115119 Application of Schedule to royalties

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115120 Assets regarded as created or acquired when expenditure incurred

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115121 Internally-generated goodwill: whether created before or after commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115122 Certain other internally-generated assets: whether created before or after commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115123 Expenditure on acquisition treated as incurred when recognised for accounting purposes

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115124 When expenditure treated as incurred: chargeable gains rule to be followed in certain cases

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115125 When expenditure treated as incurred: capital allowances general rule to be followed in certain cases

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115126 Application of Schedule to fungible assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115127 Certain assets acquired on transfer of business treated as existing assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115127A Assets whose value derives from existing assets treated as existing assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115127B Assets acquired in connection with disposals of existing assets treated as existing assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115128 Application of Schedule to certain existing telecommunication rights

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115129 Application of Schedule to existing Lloyd’s syndicate capacity

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115130 Roll-over relief: application in relation to disposal of existing asset after commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115131 Roll-over relief: application in relation to degrouping charge on existing asset arising after commencement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115132 Roll-over relief: transitory interaction with relief on replacement of business asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115Part 15 Interpretation

F115133 References to expenditure on an asset

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115134 References to amounts recognised in determining profit or loss

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115135 Meaning of “accounting value"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115136 Meaning of “adjustments required for tax purposes"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115137 Meaning of “chargeable intangible asset" and “chargeable realisation gain"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115138 Interpretation provisions relating to insurance companies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115139 Meaning of “royalty"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115140 Meaning of “tax-neutral transfer"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115141 Meaning of “the Inland Revenue"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115142 Meaning of “the Taxes Acts"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115143 Index of defined expressions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 30 

Gains and losses of a company from intangible fixed assets: consequential amendments

Section 84(2)

1 General provisions about deductions

1 For sections 337 and 337A of the Taxes Act 1988 (corporation tax: general provisions about taxation of income) substitute—
.
F2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In section 214(1) of the Taxes Act 1988 (chargeable payments connected with exempt distributions), in paragraph (c) (payments not to be treated as distributions for purposes of certain provisions) for “sections 337(2) and 338(2)(a)" substitute “ section 337A(1) ”.
F2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F805 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1712 Surrender of non-trading loss by way of group relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1713 Extension of charitable exemption to non-trading gains

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1714 Change in ownership of company with unused non-trading loss

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2035 Double taxation relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2146 Value-shifting provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 31 

Gains of insurance company from venture capital investment partnership

Section 85

The following Schedule is inserted after Schedule 7AC to the Taxation of Chargeable Gains Act 1992 (c. 12)—

.

SCHEDULE 32 

Lloyd’s underwriters

Section 86

1 Individuals

Chapter 3 of Part 2 of the Finance Act 1993 (c. 34) (Lloyd’s underwriters, etc) is amended as follows.
2In section 178(stop loss and quota share insurance), in subsection (1) (deductions), for paragraph (c) substitute—
.
3After subsection (3) of that section insert—
.
4For subsection (4) of that section substitute—
.
5In section 184(1) (interpretation), in the definition of “stop-loss insurance", after “business" insert “ , except insurance taken out by entering a quota share contract (within the meaning of section 178 above) ”.

6 Corporate bodies

Chapter 5 of Part 4 of the Finance Act 1994 (c. 9) (Lloyd’s underwriters: corporations etc) is amended as follows.
7In section 225 (stop loss and quota share insurance), in subsection (1) (deductions), for paragraph (b) substitute—
.
8After subsection (3) of that section insert—
.
9For subsection (4) of that section substitute—
.
10In section 230(1) (interpretation), in the definition of “stop-loss insurance", after “business" insert “ , except insurance taken out by entering a quota share contract (within the meaning of section 225 above) ”.

F69SCHEDULE 33 

Venture capital trusts

Section 109

F69Part 1 Venture capital trusts: winding up

F691 Meaning of “VCT-in-liquidation"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F692 Power to treat VCT-in-liquidation as VCT

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F693 Power to treat conditions for VCT approval as fulfilled with respect to VCT-in-liquidation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F694 Power to make provision about distributions by VCT-in-liquidation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F695 Power to facilitate disposals to VCT by VCT-in-liquidation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F696 Provision in respect of periods before and after winding-up

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F697 Part 1: supplementary provisions and interpretation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F69Part 2 Venture capital trusts: mergers

F698 Power to facilitate mergers of VCTs

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F699 Provision that may be made by regulations under paragraph 8(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6910 Meaning of “merger" and “successor company"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F69Part 3 Time allowed for VCT to invest money raised by further share issue

F6911 Power to disapply, or limit operation of, section 842AA(5B) of the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6912 Withdrawal of VCT approval in cases for which provision made under paragraph 11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6913 Consequential amendment in section 842AA(5A) of the Taxes Act 1988

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F69Part 4 Supplementary

F6914 Extension of existing powers to give effect to VCT reliefs

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6915 Penalties for non-compliance with regulations under this Schedule

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6916 Regulations under this Schedule: inclusion of supplementary etc provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6917 Interpretation of Schedule

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 34 

Stamp duty: withdrawal of group relief: supplementary provisions

Section 111

1 Introduction

1 The provisions of this Schedule supplement section 111 (withdrawal of group relief).
2 Expressions used in this Schedule that are defined for the purposes of that section have the same meaning in this Schedule.

2 Relief not withdrawn if transferor company leaves group

1 Section 111 does not apply if the transferee company ceases to be a member of the same group as the transferor company by reason of the latter company leaving the group.
2 The transferor company is regarded as leaving the group if the companies cease to be members of the same group by reason of a transaction relating to shares in—
a the transferor company, or
b another company that as a result of the transaction ceases to be a member of the same group as the transferee company.

3 Relief not withdrawn in case of winding-up

1 Section 111 does not apply if the transferee company ceases to be a member of the same group as the transferor company by reason of anything done for the purposes of, or in the course of, winding up the transferor company or another company that is above the transferor company in the group structure.
2 For the purposes of this paragraph a company is “above” the transferor company in the group structure if it is the parent (within the meaning of the relevant group relief provision)—
a of the transferor company, or
b of another company that is above the transferor company in the group structure.

4 Relief not withdrawn in case of exempt acquisition

1 Section 111 does not apply if—
a the transferee company ceases to be a member of the same group as the transferor company as a result of an acquisition of shares by another company (“the parent company”) in relation to which acquisition relief applies, and
b the transferee company is immediately after that acquisition a member of the same group as the parent company (“the new group”).
2 For this purpose—
a “acquisition relief” means relief under section 75 of the Finance Act 1986 (c. 41); and
b references to an acquisition in relation to which such relief applies are to an acquisition such that an instrument effecting the transfer of the shares is exempt from stamp duty by virtue of that provision.
3 But if before the end of the period of two years beginning with the date on which the relevant instrument was executed—
a the transferee company ceases to be a member of the new group, and
b at the time when the transferee company ceases to be a member of the new group it or a relevant associated company (as defined in sub-paragraph (4) below) holds an estate or interest in land that—
i was transferred to the transferee company by the relevant instrument, or
ii is derived from an estate or interest that was so transferred,
and that has not subsequently been transferred at market value by a duly stamped instrument on which ad valorem duty was paid and in respect of which group relief was not claimed,
section 111 and the provisions of this Schedule apply as if the transferee had then ceased to be a member of the same group as the transferor company and had then held the estate or interest referred to in paragraph (b).
4 In sub-paragraph (3)(b) “relevant associated company”, in relation to the transferee company, means a company that is in the same group as the transferee company immediately before the transferee company ceases to be a member of the new group and which ceases to be a member of the new group in consequence of the transferee company so ceasing.

5 Interest

1 If any duty payable under section 111 is not paid within the period of 30 days within which payment is to be made, interest is payable on the amount remaining unpaid.
2 The provisions of section 15A(3) to (5) of the Stamp Act 1891 (c. 39) (rate of interest on unpaid duty, etc) apply in relation to interest under sub-paragraph (1).

6 Duty of transferee company to notify particulars

1 The transferee company shall, within the period of 30 days mentioned in section 111(2)(b) within which payment is to be made, notify the Commissioners of—
a the date on which it ceased to be a member of the same group as the transferor company,
b the relevant land held by it at that time,
c the nature of the relevant instrument, the date on which it was executed, the parties to the instrument and the date on which the instrument was stamped,
d the market value of the land transferred to it by the relevant instrument at the date on which that instrument was executed, and
e the amount of duty and interest payable by it under section 111 or this Schedule.
2 In sub-paragraph (1)(b) the “relevant land” held by the transferee company means every estate or interest to in relation to which section 111(1)(c) applies.
3 In section 98(5) of the Taxes Management Act 1970 (c. 9) (penalty for failure to provide information), in the second column of the Table, at the appropriate place insert “paragraph 6 of Schedule 34 to the Finance Act 2002".

7 Determination, collection and recovery of duty and interest

The provisions of regulations under section 98 of the Finance Act 1986 (c. 41) (stamp duty reserve tax: administration etc), and the provisions of the Taxes Management Act 1970 (c. 9) applied by those regulations, have effect with the necessary modifications in relation to—
a the determination by the Commissioners of the duty payable under section 111 or the interest payable thereon,
b appeals against any such determination, and
c the collection and recovery of any such duty or interest,
as if it were an amount of stamp duty reserve tax.

8 Recovery of group relief from from another group company or controlling director

1 This paragraph applies where—
a an amount is payable under section 111 or this Schedule by the transferee company,
b a notice of determination of the amount payable has been issued by the Commissioners, and
c the whole or part of that amount is unpaid six months after the date on which it became payable.
2 The following persons may, by notice under paragraph 9, be required to pay the unpaid amount—
a the transferor company;
b any company that, at any relevant time, was a member of the same group as the transferee company and was above it in the group structure;
c any person who at any relevant time was a controlling director of the transferee company or of a company having control of the transferee company.
3 For the purposes of this paragraph—
a a “relevant time” means any time between the execution of the relevant instrument and the transferee company ceasing to be a member of the same group as the transferor company;
b a company is “above” another company in a group structure if it is the parent (within the meaning of the relevant group relief provision)—
i of that company, or
ii of another company that is above that company in the group structure.
4 In this paragraph—
  • “director”, in relation to a company, has the meaning given by section 67(1) and (2) of the Income Tax (Earnings and Pensions) Act 2003 and includes any person falling within section 452(1) of the Corporation Tax Act 2010;
  • “controlling director”, in relation to a company, means a director of the company who has control of it (construing control in accordance with sections 450 and 451 of the Corporation Tax Act 2010).

9 Recovery of group relief from another group company or controlling director: procedure and time limit

1 The Commissioners may serve a notice on a person within paragraph 8(2) requiring him, within 30 days of the service of the notice, to pay the amount that remains unpaid.
2 Any notice under this paragraph must be served before the end of the period of three years beginning with the date on which the notice of determination mentioned in paragraph 8(1)(b) is issued.
3 The notice must state the amount required to be paid by the person on whom the notice is served.
4 The notice has effect—
a for the purposes of the recovery from that person of the amount required to be paid and of interest on that amount, and
b for the purposes of appeals,
as if it were a notice of determination and that amount were an amount of stamp duty reserve tax due from that person.
5 A person who has paid an amount in pursuance of a notice under this paragraph may recover that amount from the transferee company.
6 A payment in pursuance of a notice under this paragraph is not allowed as a deduction in computing any income, profits or losses for any tax purposes.

10 Power to require information

1 The Commissioners may by notice require any person to furnish them within such time, not being less than 30 days, as may be specified in the notice with such information (including documents or records) as the Commissioners may reasonably require for the purposes of section 111 or this Schedule.
2 A relevant lawyer shall not be obliged in pursuance of a notice under this paragraph to disclose, without his client’s consent, any information with respect to which a claim to professional privilege could be maintained.
2A “Relevant lawyer” means a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.
3 In section 98(5) of the Taxes Management Act 1970 (c. 9) (penalty for failure to comply with notice to provide information), in the first column of the Table, at the appropriate place insert “paragraph 10 of Schedule 34 to the Finance Act 2002".

11 Supplementary

Section 111 and this Schedule shall be construed as one with the Stamp Act 1891 (c. 39).

F215SCHEDULE 35 

Stamp duty: withdrawal of relief for company acquisitions: supplementary provisions

Section 113

F2151 Introduction

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F2152 Change of control due to exempt transfer

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2153 Change of control due to intra-group transfer

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2154 Change of control due to exempt share acquisition

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2155 Change of control due to interest of loan creditor

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F2156 Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2157 Duty of acquiring company to notify particulars

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F2158 Determination, collection and recovery of duty and interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2159 Recovery of section 76 relief from from another group company or controlling director

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F21510 Recovery of section 76 relief from another group company or controlling director: procedure and time limit

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F21511 Power to require information

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F21512 Supplementary

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SCHEDULE 36 

Stamp duty: contracts chargeable as conveyances: supplementary provisions

Section 115(7)

Part 1 Subsales

1 Introduction

This Part of this Schedule has effect for affording relief from duty under section 115 (contracts chargeable as conveyances) on a subsale.

2 Meaning of “subsale"

For the purposes of this Schedule there is a subsale—
a where the purchaser under a contract or agreement for the sale of an estate or interest in land in the United Kingdom (“the original sale”), without having obtained a conveyance of the property contracted to be sold, contracts to sell the whole or part of the property to another person, or
b where the sub-purchaser under a subsale of an estate or interest in land in the United Kingdom, without having obtained a conveyance of the property contracted to be sold, contracts to sell to another person the whole or part of the property contracted to be sold by the original sale,
so as to entitle that person to call for a conveyance from the original seller.

3 Relief where duty paid on original sale or earlier subsale

1 Where duty under section 115 has been paid—
a on the original sale, or
b on an intervening subsale,
duty under that section on a subsale, or subsequent subsale, is chargeable only in respect of the amount (if any) by which the chargeable consideration on that transaction exceeds the chargeable consideration on the earlier transaction.
2 If there is more than one such earlier transaction on which duty has been paid, the reference in sub-paragraph (1) to the chargeable consideration on the earlier transaction shall be read as a reference to the higher or highest amount of chargeable consideration on which duty has been paid.
3 If the subsale does not relate to the whole of the property to which the earlier transaction related, the references in sub-paragraphs (1) and (2) to the chargeable consideration on an earlier transaction shall be read as references to an appropriate proportion of that consideration.
4 What is an appropriate proportion shall be determined on a just and reasonable basis having regard to the subject matter of the subsale and of the earlier transaction.
5 For the purposes of this paragraph the chargeable consideration on a transaction is the consideration that falls to be brought into account in determining the duty chargeable on it.
6 Where under this paragraph duty on a subsale is chargeable in respect of part only of the consideration for the subsale, it is chargeable at the rate that would be applicable if the whole of the chargeable consideration on the subsale were taken into account.

Part 2 Subsequent conveyance or transfer

4 Introduction

1 This Part of this Schedule has effect for affording relief where ad valorem duty is chargeable both—
a under section 115 on a contract or agreement (“the original sale”), and
b on a subsequent conveyance or transfer by the original seller to the purchaser, or a sub-purchaser, in conformity with that contract or agreement.
2 References in this Part to the purchaser under the original sale, or a sub-purchaser under a subsale, include a person by whom the rights of the purchaser, or a sub-purchaser, are exercisable by virtue of any assignment (in Scotland, assignation) or agreement (other than a subsale).

5 Conveyance or transfer of property contracted to be sold

1 Where the original seller conveys the whole of the property contracted to be sold—
a to the purchaser, or
b to a sub-purchaser in circumstances in which section 58(4) of the Stamp Act 1891 (c. 39) applies (conveyance chargeable only on consideration moving from sub-purchaser),
the conveyance or transfer is chargeable with duty only to the extent (if any) that the ad valorem duty chargeable on it (apart from this sub-paragraph) exceeds the duty paid under section 115 on the original sale together with the amount of any such duty paid on an intervening subsale.
2 Where—
a the original seller conveys the property contracted to be sold to different sub-purchasers in parts or parcels, and
b section 58(5) of the Stamp Act 1891 (c. 39) applies (conveyance chargeable only on consideration moving from sub-purchaser),
the conveyance or transfer of each part or parcel is chargeable with duty only to the extent (if any) that the ad valorem duty chargeable on it (apart from this sub-paragraph) exceeds an appropriate proportion of the ad valorem duty paid on the original sale together with an appropriate proportion of any such duty paid on an intervening subsale.
3 What is an appropriate proportion shall be determined on a just and reasonable basis having regard to the subject matter of the conveyance or transfer and of the earlier transaction.
4 Where sub-paragraph (1) or (2) applies to reduce or extinguish the duty payable on a conveyance or transfer, the Commissioners shall, upon application and upon production of the earlier instrument or instruments, duly stamped, either—
a denote the payment of the whole of the ad valorem duty upon the conveyance or transfer, or
b transfer to the conveyance or transfer the ad valorem duty paid on the earlier instrument or instruments.

6 Repayment of duty in certain cases

1 Where—
a duty is paid under section 115 on the original sale,
b one or more conveyances or transfers are executed in conformity with that contract or agreement so that the whole of the property contracted to be sold is duly conveyed to a purchaser or to one or more sub-purchasers,
c those conveyances or transfers are all duly stamped, and
d the aggregate amount of the duty that would have been paid on those conveyances or transfers but for duty having been previously paid on the original sale is less than the duty paid on the original sale,
the Commissioners shall repay the difference to the person by whom the duty was paid on the original sale.
2 If duty has been paid under section 115 on one or more intervening subsales, sub-paragraph (1) has effect with the following modifications—
a the reference to duty having been paid on the original sale shall be read as a reference to duty having been paid either on the original sale or on an intervening subsale;
b the reference to the amount of duty paid on the original sale shall be read as a reference to the aggregate of the amounts paid on the original sale and any intervening subsales, and
c any repayment shall be apportioned among the persons by whom those amounts were paid.
3 The apportionment mentioned in sub-paragraph (2)(c) shall be made on a just and reasonable basis having regard to the subject matter of the original sale and of the subsale or subsales in question.

Part 3 General supplementary provisions

7 Construction of references to duty on transactions

Any reference in section 115 or this Schedule to duty chargeable or paid on a transaction is to duty chargeable or paid on the stamping of the instrument by which the transaction is effected.

8 Transactions relating to land in the UK and to other property

1 Where a transaction relates both to land in the United Kingdom and to other property, section 115 and this Schedule apply as if there were separate transactions.
2 Similarly, the reference in section 115(1)(b) to a series of transactions is to a series of transactions so far as relating to land in the United Kingdom.
3 If, in a case where a transaction or series of transactions relates partly to land in the United Kingdom and partly to other property, the consideration is not apportioned in a manner that is just and reasonable, section 115 and this Schedule shall have effect as if the consideration had been apportioned in such a manner.

9 Person claiming relief to establish entitlement

It is for a person claiming any relief under this Schedule to prove to the satisfaction of the Commissioners that he is entitled to relief and in what amount.

10 Construction as one

Section 115 and this Schedule shall be construed as one with the Stamp Act 1891 (c. 39).

SCHEDULE 37 

Stamp duty: abolition of duty on instruments relating to goodwill: supplementary provisions

Section 116(2)

1 Reduction of stamp duty where instrument partly relating to goodwill

1 This paragraph applies where stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (c. 16) (conveyance or transfer on sale) is chargeable on an instrument that relates partly to goodwill and partly to property other than goodwill.
2 In such a case—
a the consideration in respect of which duty would otherwise be charged shall be apportioned, on a just and reasonable basis, as between the goodwill and the other property, and
b the instrument shall be charged only in respect of the consideration attributed to the other property.
3 This paragraph applies to instruments executed on or after 23rd April 2002.

2 Apportionment of consideration for stamp duty purposes

1 Where part of the property referred to in section 58(1) of the Stamp Act 1891 (c. 39) (consideration to be apportioned between different instruments as parties think fit) consists of goodwill, that provision shall have effect as if “the parties think fit" read “is just and reasonable".
2 Where—
a part of the property referred to in section 58(2) of the Stamp Act 1891 (property contracted to be purchased by two or more persons etc) consists of goodwill, and
b both or (as the case may be) all the relevant persons are connected with one another,
that provision shall have effect as if the words from “for distinct parts of the consideration" to the end of the subsection read “, the consideration shall be apportioned in such manner as is just and reasonable, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance is to be charged with ad valorem duty in respect of such distinct consideration.".
3 In a case where sub-paragraph (1) or (2) applies and the consideration is apportioned in a manner that is not just and reasonable, the enactments relating to stamp duty shall have effect as if—
a the consideration had been apportioned in a manner that is just and reasonable, and
b the amount of any distinct consideration set forth in any conveyance relating to a separate part or parcel of property were such amount as is found by a just and reasonable apportionment (and not the amount actually set forth).
4 For the purposes of sub-paragraph (2)—
a a person is a relevant person if he is a person by or for whom the property is contracted to be purchased;
b the question whether persons are connected with one another shall be determined in accordance with section 1122 of the Corporation Tax Act 2010.
5 This paragraph applies to instruments executed on or after 23rd April 2002.

3 Certification of instruments for stamp duty purposes

1 Goodwill shall be disregarded for the purposes of paragraph 6 of Schedule 13 to the Finance Act 1999 (c. 19) (certification of instrument as not forming part of transaction or series of transactions exceeding specified amount).
2 Any statement as mentioned in paragraph 6(1) of that Schedule shall be construed as leaving out of account any matter which is to be so disregarded.
3 This paragraph applies to instruments executed on or after 23rd April 2002.

4 Acquisition under statute

1 Section 12 of the Finance Act 1895 (c. 16) (property vested by Act or purchased under statutory powers) does not require any person who is authorised to purchase any property as mentioned in that section after 23rd April 2002 to include any goodwill in the instrument of conveyance required by that section to be produced to the Commissioners.
2 If the property consists wholly of goodwill no instrument of conveyance need be produced to the Commissioners under that section.
3 This paragraph applies where the Act mentioned in that section, and by virtue of which property is vested or a person is authorised to purchase property, is passed after 23rd April 2002.

5 Interpretation

In this Schedule “the enactments relating to stamp duty” means the Stamp Act 1891 (c.39) and any enactment amending that Act or that is to be construed as one with that Act.

SCHEDULE 38 

Aggregates levy amendments

Section 132

1 Introduction

This Schedule makes amendments to provisions of Part 2 of the Finance Act 2001 (c. 9) (aggregates levy).

2 The charge

In section 16(1) (charge to aggregates levy), for “A levy" substitute “ A tax ”.

3 Meaning of “aggregate" etc

1 Section 17 (meaning of “aggregate" etc) is amended as follows.
2 In subsection (2) (meaning of “taxable" aggregate), for paragraph (d) substitute—
.
3 In subsection (3)(d) (exemption for aggregate won in the course of road works), in sub-paragraph (ii) for “otherwise than wholly or mainly" substitute “ not ”.
4 In subsection (4), in paragraph (d) (exemption for cuttings from oil drilling)—
a after “the Petroleum Act 1998" insert “ or the Petroleum (Production) Act (Northern Ireland) 1964 ”;
b omit the words from “otherwise" to the end (which restrict the exemption to off-shore drilling).

4 Exempt processes

1 Section 18 (exempt processes) is amended as follows.
2 In subsection (2)(c) (exemption for production of lime etc), for “some other substance" substitute “ anything else ”.
3 In subsection (3) (meaning of “relevant substance"), omit paragraphs (d) (calcite) and (h) (flint).

5 Commercial exploitation

1 Section 19 (commercial exploitation) is amended as follows.
2 In subsection (2) (description of sites removal of aggregate from which counts as exploitation), in paragraph (b) for the words from “who is the operator" to the end substitute “ under whose name that originating site is also registered ”.
3 After subsection (3) (meaning of “commercial" exploitation) insert—
.
4 In subsection (4) (exemption in certain cases where aggregate is won from one site and incorporated into a neighbouring site), for the words “adjacent land" in both places substitute “ other land ”.

6 Responsibility for commercial exploitation

In section 22 (which determines who is taken to be responsible for exploitation of aggregate), at the end of subsection (2) (responsibility for “commercial" exploitation) insert—
.

7 The register

In section 24 (the register), in subsection (6) (premises that may be registered) insert after paragraph (c)—
.

8 Insolvency etc

In section 37 (regulations about cases of insolvency etc), in subsection (7) (meaning of “insolvency procedure) omit paragraphs (g) to (j) (appointment of receiver and other interim or provisional orders).

9 Notification of registrability etc

1 Paragraph 1 of Schedule 4 (notification of registrability etc) is amended as follows.
2 For sub-paragraph (1) substitute—
.
3 In sub-paragraphs (2) and (5), after “sub-paragraph (1)" insert “ or (1A) ”.

10 Restriction on powers to provide for set-off

In paragraph 11 of Schedule 8 (restriction on powers to provide for set-off), in sub-paragraph (2) (meaning of “insolvency procedure") omit paragraphs (f), (g) and (h) (appointment of receiver and other interim or provisional orders).

F209SCHEDULE 39 

Recovery of taxes etc due in other member States

Section 134(1)

F2091 Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2092 Enforcement of claims in the United Kingdom

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2093 Power to make supplementary provision by regulations

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2094 Proceedings on contested claims

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2095 Claims determined in taxpayer’s favour

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2096 Other supplementary provisions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 40 

Repeals

Section 141

Part 1 Excise duties

(1) Alcoholic liquor duties
This repeal shall be deemed to have come into force on 28th April 2002.
Short title and chapterExtent of repeal
Alcoholic Liquor Duties Act 1979 (c. 4)Section 1(9).
(2) Hydrocarbon oil duties
Short title and chapterExtent of repeal
Hydrocarbon Oil Duties Act 1979 (c. 5)In section 6AB(1), the words from “and delivered" to the end.
Finance Act 1998 (c. 36)Section 9(2) and (3).

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

(3) Amusement Machine Licence duty
These repeals have effect in accordance with section 8(6) of this Act.,
Short title and chapterExtent of repeal
Betting and Gaming Duties Act 1981 (c. 63)In section 26(2), the definition of “thirty-five-penny machine".
Finance Act 1995 (c. 4)In Schedule 3, paragraph 8(2)(b).
(4) Betting duties
Short title and chapterExtent of repeal
Excise Duties (Surcharges or Rebates) Act 1979 (c. 8)In section 1(3), the words from “, except that if the duty is pool betting duty" to the end.
Betting and Gaming Duties Act 1981 (c. 63)
In section 2(2), paragraph (d) and the word “or" preceding it.
In section 9(2), the words “or coupon betting" (in both places).
In section 9(3)(a), the words “or coupon betting".
In section 9(3)(aa)(i), the words “or coupon betting".
Section 9(4).
Section 11.
In section 12(3), the words “(except in sections 6, 7, 8, 9(2)(a) and 9(5) in their application to coupon betting)".
In Schedule 1—
(a) in paragraph 3, the words “shall be under the care and management of the Commissioners, and";
(b) paragraphs 4(4) to (6), 6(2)(b), 8 and 12;
(c) in paragraph 14(1), the words after paragraph (b).
Finance Act 1986 (c. 41)In Schedule 4, paragraph 2(1).
Finance Act 1993 (c. 34)Section 39(a).
Finance Act 2001 (c. 9)In Schedule 1, the second paragraph (which begins “In section 6(1)").

1 The repeal of section 9(4) of the Betting and Gaming Duties Act 1981 has effect in accordance with section 14(6) of this Act.

2 The other repeals have effect in accordance with section 12 of this Act.

(5) Vehicle excise duty
Short title and chapterExtent of repeal
Vehicle Excise and Registration Act 1994 (c. 22)
Section 57(8).
In Schedule 1, paragraph 2(4).
Finance Act 1995 (c. 4)In Schedule 4, paragraph 7.

1 The repeal of paragraph 2(4) of Schedule 1 to the Vehicle Excise and Registration Act 1994 has effect subject to the saving in section 20(3) of this Act.

2 The repeal of paragraph 7 of Schedule 4 to the Finance Act 1995 has effect in accordance with section 18(3) of this Act.

(6) Drawback of excise duty
Short title and chapterExtent of repeal
Customs and Excise Manage-ment Act 1979 (c. 2)Section 133(3).

Part 2 Value added tax

(1) Disallowance of input tax where consideration not paid
These repeals have effect in accordance with section 22(3) of this Act.
Short title and chapterExtent of repeal
Value Added Tax Act 1994 (c. 23)Section 36(4A) and (5)(ea).
Finance Act 1997 (c. 16)Section 39(2) to (4).
(2) Invoices
These repeals have effect in accordance with section 24(5) and (6) of this Act.
Short title and chapterExtent of repeal
Value Added Tax Act 1994 (c. 23)
Section 6(9).
In paragraph 2 of Schedule 11—
(a) in the heading, the words “, VAT invoices";
(b) in sub-paragraph (1), the words from “and may require" to the end;
(c) sub-paragraphs (2) and (2A).
Finance Act 1996 (c. 8)Section 38(2).

Part 3 Income tax, corporation tax and capital gains tax

(1) Deductions from payments to sub-contractors
These repeals have effect in accordance with section 40(4) of this Act.
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)
In section 559—
(a) in subsection (4), the words from “and the sum so deducted" to the end;
(b) subsections (5) and (5A);
(c) subsection (8).
Finance Act 1998 (c. 36)
In Schedule 7, in paragraph 1 the words “559(4)(b) and (5) (twice)".
In Schedule 8, paragraph 2(1).
(2) Company reconstructions
These repeals have effect in accordance with paragraphs 7 and 8 of Schedule 9 to this Act.
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)In section 842(3)(c), the words “or amalgamation".
Taxation of Chargeable Gains Act 1992 (c. 12)
In the heading before section 135, the words “and amalgamations".
In section 139(1), in the heading, in subsection (1)(a) and in subsection (5) (twice), the words “or amalgamation".
In section 211(2)—
(a) in paragraph (a), and
(b) in the closing words,
the words “or amalgamation".
In section 214C(2)(a) and (3), the words “or amalgamation".
Finance (No. 2) Act 1992 (c. 48)Section 35(1).
(3) Taper relief
These repeals have effect in accordance with paragraphs 2, 4 and 7 of Schedule 10 to this Act.
Short title and chapterExtent of repeal
Taxation of Chargeable Gains Act 1992 (c. 12)
In section 2A(8)(b)(ii), the words “11 or".
In Schedule A1—
(a) paragraph 11;
(b) in paragraph 22(1), in the definition of “51 per cent subsidiary", the words “(except in paragraph 11 above)";
(c) in paragraph 23, the final sentence of sub-paragraph (4), sub-paragraph (5), in sub-paragraph (7) the words “, (5)(b)" and sub-paragraphs (9) and (10);
(d) paragraph 24(6).
(4) Gains treated as accruing to settlors
These repeals have effect in accordance with paragraphs 7 and 8 of Schedule 11 to this Act.
Short title and chapterExtent of repeal
Taxation of Chargeable Gains Act 1992 (c. 12)
In section 2(5)(b), the words “77, 86,".
Section 77(6A).
Section 86(4A).
In section 86A(8), the words “or aggregate amount".
Finance Act 1998 (c. 36)In Schedule 21, paragraph 6(1) and (2).
(5) Tax relief for research and development expenditure
These repeals have effect for accounting periods ending on or after 1st April 2002.
Short title and chapterExtent of repeal
Finance Act 2000 (c. 17)
In Schedule 20—
(a) in paragraph 5(1)(c), the words “(within the meaning of section 231A(4) of the Taxes Act 1988)";
(b) in paragraph 12, the word “and" at the end of paragraph (a).
(6) Community investment tax credit
This repeal has effect in accordance with section 57(3) and (4)(b) of this Act.
Short title and chapterExtent of repeal
Finance Act 1990 (c. 29)In section 25(7), the word “and" at the end of paragraph (b).
(7) Cars with low carbon dioxide emissions
Short title and chapterExtent of repeal
Capital Allowances Act 2001 (c. 2)
In section 39, the word “or" preceding the words “section 45A".
In section 46(1), the word “or" preceding the words “section 45A".
In section 74(2), the word “and" preceding paragraph (b).

These repeals have effect in accordance with section 59 of this Act.

(8) Computation of profits
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)In section 473(2), the words, “, if the securities were not such as are mentioned in subsection (1)(b) above".
Finance Act 1998 (c. 36)
Section 44.
Schedule 6.
Capital Allowances Act 2001In Schedule 2, paragraph 102.

The repeal in section 473(2) of the Taxes Act 1988 has effect in accordance with section 67(4)(a) of this Act.

The other repeals have effect in accordance with section 64(6) of and paragraphs 16 and 17 of Schedule 22 to this Act.

(9) Asset-linked loan relationships
Short title and chapterExtent of repeal
Finance Act 1996 (c. 8)
In section 92, in subsection (1)(e), the word “and".
Section 93(11) and (13).

The repeal in section 92 of the Finance Act 1996 (c. 8) has effect in accordance with section 72 of this Act.

The repeals in section 93 of that Act have effect in accordance with section 75 of this Act.

(10) Forex and exchange gains and losses from loan relationships etc
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)
In section 15(1), the second indent of paragraph 2(3) of Schedule A.
Section 56(3A) to (3D).
In Schedule 24, paragraphs 13 to 19.
In Schedule 27, paragraph 5(2A) so far as relating to sections 125 to 133 of the Finance Act 1993.
Taxation of Chargeable Gains Act 1992 (c. 12)
In section 117(A1), the words “(subject to sections 117A and 117B below)".
Sections 117A and 117B.
Finance Act 1993 (c. 34)
Section 60.
Sections 125 to 169.
Schedules 15 to 17.
In Schedule 18, paragraph 2.
Finance Act 1994 (c. 9)
Sections 114 to 116.
Section 226(2).
Finance Act 1995 (c. 4)
Section 52(2).
Section 131.
In Schedule 24, paragraphs 1 to 3.
In Schedule 25, paragraphs 6(5) and 7.
Finance Act 1996 (c. 8)
In section 85(2), the word “and" at the end of paragraph (b).
In section 92(6)(b), the words “127 or".
In Schedule 9—
(a) paragraphs 4 and 11(4);
(b) in paragraph 13(6), the definition of “related transaction";
(c) in paragraph 15(1), the words “for the purposes of section 84 of this Act".
In Schedule 11, in paragraph 3A(1)(b), the words “debt or".
In Schedule 14, paragraphs 67 to 74.
In Schedule 15, paragraphs 22 to 24.
In Schedule 20, paragraphs 68 to 70.
Finance Act 1998 (c. 36)
Section 108(3) and (4)(a).
In section 109—
(a) subsections (1) and (2);
(b) subsection (4) so far as relating to those subsections;
(c) subsection (5) so far as relating to the enactments specified in paragraph (a) of it.
Section 110(4)(b).
Schedule 4, paragraph 7.
Finance Act 2000 (c. 17)
Section 106.
In Schedule 22, paragraph 50(2)(b).
In Schedule 29, paragraphs 20, 21 and 41 to 43.

The repeal in Schedule 27 to the Taxes Act 1988 has effect for account periods beginning on or after 1st October 2002.

The other repeals have effect in accordance with section 79(3) of this Act and Schedule 23 to this Act.

(11) Corporation tax: currency
These repeals have effect in accordance with section 80 of this Act and Schedule 24 to this Act.
Short title and chapterExtent of repeal
Finance Act 1993 (c. 34)In section 93, subsections (3) and (6) and, in subsection (7), the definitions of “branch" and “the closing rate/net investment method".
Finance Act 1994 (c. 9)Section 226(1).
Finance Act 1998 (c. 36)Section 163(3)(b) and (c).
(12) Loan relationships: general amendments
These repeals have effect in accordance with section 82(2) of this Act.
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)
In section 77(2)(a), sub-paragraph (ii) and the preceding word “or".
Section 403ZC(2).
In section 432A(9B), the definition of “money debt".
In section 797A, the second sentence in subsection (5) and in subsection (7).
In Schedule 28A—
(a) in paragraph 7, in sub-paragraph (1)(d), the word “and" preceding sub-paragraph (iii), in sub-paragraph (1)(e), the word “and" preceding sub-paragraph (iii), and sub-paragraph (2);
(b) in paragraph 16, in sub-paragraph (1)(d), the word “and" preceding sub-paragraph (iii), in sub-paragraph (1)(e), the word “and" preceding sub-paragraph (iii), and sub-paragraph (2).
Finance Act 1988 (c. 39)
In Schedule 6, in paragraph 3—
(a) sub-paragraphs (3)(a), (4)(a) and (5)(a) and (b);
(b) in sub-paragraph (5), in the words following paragraph (c), the word “group";
(c) sub-paragraph (6).
Finance Act 1996 (c. 8)
In section 83—
(a) in subsection (2), paragraphs (b) and (d) and the word “or" at the end of paragraph (c);
(b) subsection (4);
(c) in subsection (7), in paragraph (a), the word “(b)", and paragraph (b) and the preceding word “and".
In section 87—
(a) in subsection (3), in paragraph (a) the words “or in the two years before the beginning of that period", in paragraph (b) the words “or in those two years", and paragraph (c) and the preceding word “or";
(b) subsections (6) to (8).
Section 89.
Section 91.
In Schedule 8, paragraph 2.
In Schedule 9, in paragraph 17—
(a) in sub-paragraph (5), in paragraph (a) the words “or in the period of two years before the beginning of that period" and in paragraph (b) the words “or in those two years";
(b) sub-paragraphs (6) and (7).
In Schedule 9, in paragraph 18—
(a) in sub-paragraph (1), the word “and" immediately preceding paragraph (b);
(b) in sub-paragraph (4), the definition of “control".
Finance Act 1998 (c. 36)Section 82(1) and (2)(c) and (e).
(13) Derivative contracts
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)
Section 468AA.
In section 807A(7), the definition of “relevant qualifying payment".
In Schedule 5AA—
(a) in paragraph 1, sub-paragraphs (2)(b) and (c) and (3), in sub-paragraph (5), the words “and 396", in sub-paragraph (6), the words “, corporation tax" and “or 396", and sub-paragraph (7);
(b) paragraph 2(3);
(c) paragraph 4(4A);
(d) in paragraph 4A, in sub-paragraph (5)(b), the words “or 396", and sub-paragraph (10A);
(e) paragraph 6(3A);
(f) paragraph 9.
In Schedule 27, paragraph 5(2A) so far as relating to sections 159 and 160 of, and paragraph 1 of Schedule 18 to, the Finance Act 1994.
Finance Act 1990 (c. 29)Section 81(1).
Finance Act 1994 (c. 9)
Sections 147 to 175.
Section 177.
Schedule 18.
Finance Act 1995 (c. 4)
Section 52(3).
Section 132.
Finance Act 1996 (c. 8)
Section 93A(3)(a) and (7).
Section 101(2) to (6).
Schedule 12.
In Schedule 14, paragraphs 75 to 79.
In Schedule 15, paragraph 25.
In Schedule 20, paragraph 71.
Finance Act 1998 (c. 36)
Section 99(2) and (3).
In section 109—
(a) subsection (3);
(b) subsection (4) so far as relating to subsection (3);
(c) subsection (5) so far as relating to the enactments specified in paragraph (b) of it.
Finance Act 2000 (c. 17)In Schedule 30, paragraph 24(3).
Finance Act 2002 (c. 23)
Sections 69 and 70.
Section 78.

The repeal in Schedule 27 to the Taxes Act 1988 has effect for account periods beginning on or after 1st October 2002.

The other repeals have effect in accordance with section 83(3) of this Act.

(14) Deduction of tax: payments to exempt bodies etc
This repeal has effect in accordance with section 94(7) of this Act.
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)Section 349B(1)(b) and the word “or" preceding it.
(15) Gifts of real property to charity
This repeal has effect in accordance with section 97 of this Act.
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988In section 587B(9), the word “and" preceding paragraph (d).
(16) References to accounting practice and periods of account
Short title and chapterExtent of repeal
Taxes Management Act 1970 (c. 9)In section 12AB(5), the definition of “period of account".
Income and Corporation Taxes Act 1988 (c. 1)
Section 43A(2).
Section 91A(8).
Section 91B(11)(e) and the word “and" preceding it.
In section 297(5B), the second sentence.
Section 494AA(2)(b) and the word “or" preceding it.
In section 560(2), the words from “and in paragraph (f)" to the end.
In section 834(1), in the definition of “accounting date", the words from “and “period of account"" to the end.
Section 837A(5).
In section 842B(2), the second sentence.
In Schedule 5, in paragraphs 2(6) and 6(4), the definitions of “period of account".
In Schedule 28B, in paragraph 4(6B), the second sentence.
Finance Act 1988 (c. 39)In section 86(3), the definition of “period of account".
Finance Act 1989 (c. 26)In section 43(9), the definition of “period of account".
Taxation of Chargeable Gains Act 1992 (c. 12)
In section 161(3A), the words from “and in paragraph (a)" to the end.
In section 13(5B), the second sentence.
Finance Act 1997 (c. 16)
In Schedule 12—
(a) in paragraph 1(1)(c), the words “, in the case of companies incorporated in any part of the United Kingdom," and “for the purposes of the accounts of such companies";
(b) in paragraph 4(5), the words “, if the recipient were a company incorporated in the United Kingdom,";
(c) in paragraph 15(1)(c), the words “, in the case of companies incorporated in any part of the United Kingdom," and “for the purposes of the accounts of such companies";
(d) paragraph 28(1) to (4).
Finance Act 1998 (c. 36)
Section 45.
In Schedule 18, in paragraph 14(2), the second sentence.
Finance Act 1999 (c. 16)In Schedule 6, paragraph 3(5).
Finance Act 2000 (c. 17)
In Schedule 14, in paragraph 22(4), the second sentence.
In Schedule 15, in paragraph 29(4), the second sentence.
In Schedule 20, in paragraph 25(1), the definition of “normal accounting practice".
In Schedule 23, in paragraph 5, the definitions of “normal accounting practice" and “statutory accounts".
Capital Allowances Act 2001 (c. 2)
Section 179(2).
Section 219(2).
(17) Financial trading stock
Short title and chapterExtent of repeal
Income and Corporation Taxes Act 1988 (c. 1)Section 100(1B)(a).
Finance Act 1988 (c. 39)In Schedule 12, paragraph 2.
(18) Banks etc in compulsory liquidation
These repeals have effect in accordance with section 107 of this Act.
Short title and chapterExtent of repeal
Finance (No. 2) Act 1992 (c. 48)In Schedule 12, paragraphs 3(3)(c) and 4(3).
Finance Act 1998 (c. 36)In Schedule 7, in paragraph 8, the words “3(3)(c) and".

Part 4 Other taxes

(1) Air passenger duty: extension of area to which EEA rates apply
This repeal has effect in accordance with section 121 of this Act.
Short title and chapterExtent of repeal
Finance Act 1994 (c. 9)In section 30(2), the word “or" preceding paragraph (b).
(2) Climate change levy
This repeal has effect in accordance with section 125(2) of this Act.
Short title and chapterExtent of repeal
Finance Act 2000 (c. 17)In Schedule 6, in paragraph 20(7), paragraph (c) and the preceding word “and".
(3) Aggregates levy
Short title and chapterExtent of repeal
Finance Act 2001 (c. 9)
In section 17—
(a) subsection (3)(a);
(b) in subsection (4), paragraph (b) and the words in paragraph (d) from “otherwise" to the end.
Section 18(3)(d) and (h).
In section 20(1)—
(a) the words “and is not rock" in paragraphs (a) and (b);
(b) paragraph (c).
Section 21(2)(b).
Section 24(6)(b) and (8)(a).
Section 37(7)(g) to (j).
In Schedule 6, in paragraph 7(1), paragraph (b) and the words from “equal to the amount" to the end.
In Schedule 8, in paragraph 11(2), paragraphs (f), (g) and (h).

The repeals in Schedule 6 to the Finance Act 2001 shall be deemed to have come into force on 1st May 2002.

The other repeals shall be deemed to have come into force on 1st April 2002.

Part 5 Miscellaneous

Recovery of tax due in other member States
Short title and chapterExtent of repeal
Finance Act 1977 (c. 36)Section 11.
Finance Act 1980 (c. 48)
In section 17—
(a) subsection (1);
(b) in subsection (2A), the words “(1) and";
(c) in subsection (3), the words from the beginning to “passing of this Act;".

Footnotes

  1. I1
    S. 4 wholly in force; s. 4(1) in force at 1.6.2002 for specified purposes, otherwise s. 4 in force at 24.7.2002, see s. 4(2)(3)
  2. P1
    S. 5(6)(a) power fully exercised: 25.7.2002 appointed by S.I. 2002/1926, art. 2
  3. P2
    S. 6(3) power wholly exercised: 1.4.2003 appointed for specified purposes by S.I. 2002/3056, art. 2
  4. I2
    S. 12 wholly in force; s. 12(1) in force at 31.3.2002 or 24th April 2002, otherwise s. 12 in force at 24.7.2002, see. s. 12(5)-(7)
  5. I3
    S. 14 wholly in force; s. 14(2)-(6) in force at 24.7.2002 and s. 14(1) in force at 25.7.2002 by s. 14(5)
  6. P3
    S. 22(3) power fully exercised: 1.1.2003 appointed by S.I. 2002/3028, art. 2
  7. F1
    s. 69 repealed (with effect in accordance with s. 83(3)) by 2002 c. 23, s. 141, Sch. 40, Pt. 3(13) Note 2
  8. F2
    S. 70 repealed (with effect in accordance with s. 83(3)) by 2002 c. 23, s. 141, Sch. 40, Pt. 3(13) Note 2
  9. F3
    S. 78 repealed (with effect in accordance with s. 83(3)) by 2002 c. 23, ss. 83, 141, Sch. 27 para. 25, Sch. 40, Pt. 3(13) Note 2
  10. I4
    Sch. 1 para. 2 wholly in force; Sch. 1 para. 2 in force for specified purposes at 1.6.2002, otherwise Sch. 1 para. 2 in force at 24.7.2002, see. s. 4
  11. I5
    Sch. 4 para. 2 wholly in force; Sch. 4 para. 2 in force at 31.3.2002 for specified purposes, otherwise in force at 24.7.2002, see. s. 12(5)(7)(a)(8)
  12. I6
    Sch. 4 para. 6 wholly in force; Sch. 4 para. 6(b) in force at 31.3.2002; Sch. 4 para. 6(a)(c) in force at 24.4.2002, see s. 12(5)(6)
  13. I7
    Sch. 6 para. 10 wholly in force; Sch. 6 para. 10(1)(2)(5)-(11)(13)(14) in force at 24.4.2002; Sch. 6 para. 10(3)(4)(12) in force at 24.7.2002, see s. 12(6)(7)(b)
  14. I8
    Sch. 4 para. 12 wholly in force; Sch. 4 para. 12(1)(3) in force at 24.4.2002; Sch. 4 para. 12(2) in force at 24.7.2002, see. s. 12(6)(7)(b)
  15. I9
    S. 22 has effect as specified by The Finance Act 2002, section 22, (Appointed Day) Order 2002 (S.I. 2002/3028), art. 2
  16. C1
    S. 66 modified by SI 1997/473 reg. 53E (as inserted (30.1.2003) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2003 (S.I. 2003/23), regs. 1(1), 10
  17. I10
    S. 123(1) has effect as specified by The Finance Act 2002, section 123, (Appointed Day) Order 2003 (S.I. 2003/603), art. 2
  18. I11
    Sch. 3 para. 1 in force at 24.7.2002 for specified purposes , see s. 6(3)(4); Sch. 3 para. 1 in force at 1.4.2003 in so far as not already in force by S.I. 2002/3056, art. 2
  19. F4
    S. 39 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  20. F5
    Ss. 33-37 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  21. F6
    Sch. 6 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  22. F7
    S. 41 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  23. F8
    Words in s. 103(4)(f) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  24. F9
    S. 111(4A) inserted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(5)(11) (with s. 126(9)(10))
  25. F10
    Words in s. 111(1)(b) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(2)(11) (with s. 126(9)(10))
  26. F11
    Words in s. 111(1)(c) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(3)(a)(i)(11) (with s. 126(9)(10))
  27. F12
    Words in s. 111(1)(c) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(3)(a)(ii)(11) (with s. 126(9)(10))
  28. F13
    Words in s. 111(1)(c) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(3)(c)(11) (with s. 126(9)(10))
  29. F14
    Words in s. 111(1)(c)(i) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(3)(b)(11) (with s. 126(9)(10))
  30. F15
    Words in s. 111(3) inserted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(4)(a)(11) (with s. 126(9)(10))
  31. F16
    Words in s. 111(3) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(4)(b)(11) (with s. 126(9)(10))
  32. F17
    Sch. 34 para. 4(4) inserted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(8)(11) (with s. 126(9)(10))
  33. F18
    Words in Sch. 34 para. 4(3) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(7)(11) (with s. 126(9)(10))
  34. F19
    Words in Sch. 34 para. 4(3)(b) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(6)(a)(i)(11) (with s. 126(9)(10))
  35. F20
    Words in Sch. 34 para. 4(3)(b) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(6)(a)(ii)(11) (with s. 126(9)(10))
  36. F21
    Words in Sch. 34 para. 4(3)(b) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(6)(c)(11) (with s. 126(9)(10))
  37. F22
    Words in Sch. 34 para. 4(3)(b)(i) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 126(6)(b)(11) (with s. 126(9)(10))
  38. F23
    S. 96(3)(a) repealed (with effect in accordance with Sch. 43 Pt. 5(3) Note of the amending Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(3)
  39. F24
    Sch. 25 para. 46 repealed (with effect in accordance with Sch. 43 Pt. 3(12) Note 1 of the amending Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
  40. I12
    Sch. 5 para. 1 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 1 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  41. I13
    Sch. 5 para. 2 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 2 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  42. I14
    Sch. 5 para. 3 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 3 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  43. I15
    Sch. 5 para. 4 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 4 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  44. I16
    Sch. 5 para. 5 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 5 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  45. I17
    Sch. 5 para. 6 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 6 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  46. I18
    Sch. 5 para. 7 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 7 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  47. I19
    Sch. 5 para. 11 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 11 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  48. I20
    Sch. 5 para. 16 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 16 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  49. I21
    Sch. 5 para. 17 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 17 in force at 30.11.2003 in so far as not already in force by S.I. 2003/3086, art. 2; Sch. 5 para. 17 in force at 24.7.2002 for specified purposes , see s. 19(2)(3)
  50. I22
    S. 24 in force at 1.12.2003 by S.I. 2003/3043, art. 2
  51. I23
    S. 19(1) in force for specified purposes at 24.7.2002, see s. 19(2)(3); s. 19(2)-(5) in force at 24.7.2002; s. 19(1) in force at 30.11.2003 for specified purposes and 19.12.2003 for remaining purposes by S.I. 2003/3086, art. 2
  52. I24
    Sch. 5 para. 8 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 8 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  53. I25
    Sch. 5 para. 9 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 9 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  54. I26
    Sch. 5 para. 10 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 10 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  55. I27
    Sch. 5 para. 12 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 12 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  56. I28
    Sch. 5 para. 13 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 13 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  57. I29
    Sch. 5 para. 14 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 14 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  58. I30
    Sch. 5 para. 15 in force at 24.7.2002 for specified purposes, see s. 19(2)(3); Sch. 5 para. 15 in force at 19.12.2003 in so far as not already in force by S.I. 2003/3086, art. 2
  59. I31
    S. 140 in force at 11.3.2004 by S.I. 2004/689, art. 2
  60. C2
    S. 135(8) applied by SI 2001/1004 reg. 90A(2) (as inserted (6.4.2004) by The Social Security (Contributions, Categorisation of Earners and Intermediaries) (Amendment) Regulations 2004 (S.I. 2004/770), regs. 1(1), 23)
  61. F25
    S. 72 repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  62. F26
    Word in s. 103(4)(b) repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  63. F27
    Ss. 75-77 repealed (with effect in accordance with s. 52(3), Sch. 10 para. 11(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  64. F28
    Sch. 24 paras. 1-6 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  65. F29
    Sch. 25 paras. 4-6 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  66. F30
    S. 40(3) repealed (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(7)
  67. F31
    Words in s. 40(4) repealed (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(7)
  68. F32
    S. 40(1) repealed (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(7)
  69. F33
    S. 73 repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  70. F34
    S. 137(5) substituted for s. 137(5)(6) (22.7.2004) by Finance Act 2004 (c. 12), s. 292(3)
  71. F35
    S. 137(4) substituted (22.7.2004) by Finance Act 2004 (c. 12), s. 292(2)
  72. F36
    S. 74 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  73. F37
    Sch. 23 para. 4 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  74. F38
    Sch. 23 para. 5 repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  75. F39
    Sch. 23 para. 8 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  76. F40
    Sch. 25 para. 10 repealed (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  77. F41
    Sch. 27 para. 18 repealed (with effect in accordance with s. 52(3), Sch. 10 para. 11(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
  78. F42
    S. 101 repealed (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 para. 2(1)(2), Sch. 11 Pt. 2(3) (with Sch. 3 para. 2(3))
  79. F43
    S. 104 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  80. F44
    Sch. 27 para. 4(1) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  81. F45
    Sch. 27 para. 14 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  82. F46
    S. 103(2) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)
  83. F47
    S. 137(7) substituted (7.4.2005) by Finance Act 2005 (c. 7), s. 100
  84. F48
    Sch. 23 para. 19 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(6)
  85. F49
    Sch. 25 para. 26 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(5)
  86. F50
    Words in s. 135(10) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 95(1)(c); S.I. 2005/1126, art. 2(2)(h)
  87. F51
    Words in s. 135(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 95(1)(a); S.I. 2005/1126, art. 2(2)(h)
  88. F52
    Words in s. 135(2)-(5) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 95(1)(b); S.I. 2005/1126, art. 2(2)(h)
  89. I32
    Sch. 17 in force at 23.1.2003 by S.I. 2003/88, art. 2
  90. F53
    Sch. 23 para. 3 repealed (with effect in accordance with Sch. 11 Pt. 2(6) Note 3 of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(6)
  91. F54
    Sch. 23 para. 26(5) repealed (with effect in accordance with Sch. 11 Pt. 2(6) Note 3 of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(6)
  92. F55
    Sch. 25 para. 51 repealed (with effect in accordance with Sch. 11 Pt. 2(8) Note of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(8)
  93. F56
    S. 117 repealed (11.8.2005) by Finance (No. 2) Act 2005 (c. 22), s. 50(6), Sch. 11 Pt. 3(2); S.I. 2005/2007, art. 2
  94. F57
    Ss. 99-101 repealed (with effect in accordance with Sch. 26 Pt. 3(4) Note 1 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(4)
  95. F58
    S. 62 repealed (with effect in accordance with Sch. 26 Pt. 3(13) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(13)
  96. F59
    S. 88(2)(d)(e) repealed (19.7.2006) by Finance Act 2006 (c. 25), Sch. 26 Pt. 8(2)
  97. F60
    Word in s. 103(4)(a) repealed (with effect in accordance with Sch. 26 Pt. 3(12) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(12)
  98. C3
    S. 79(1)(b) extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
  99. C4
    S. 81 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(6)(8)(11)
  100. C5
    S. 80 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
  101. C6
    S. 83 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
  102. C7
    Sch. 24 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
  103. C8
    Sch. 27 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(4)(8)(11)
  104. C9
    Sch. 28 extended (retrospective to 30.9.2002) by Finance Act 2003 (c. 14), s. 177(6)-(8)(11)
  105. C10
    Act applied in part (with modifications) by 2009 c. 4, Sch. 2 para. 131 (as amended) (29.3.2007) by The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (S.I. 2007/1050), regs. 1(1), 3-12 (as amended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2))
  106. F61
    S. 48 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  107. F62
    S. 96(1)(2) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  108. F63
    Sch. 9 para. 4(2)(a) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)
  109. F64
    Sch. 9 para. 4(3) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)
  110. F65
    Words in s. 103(4)(a) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  111. F66
    Word in s. 103(4)(a) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)
  112. F67
    Words in s. 103(4)(g) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  113. F68
    Ss. 26-29 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  114. F69
    Sch. 33 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 423, Sch. 3 Pt. 1 (with Sch. 2)
  115. F70
    S. 94(1)-(4) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  116. F71
    S. 98 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 415, Sch. 3 Pt. 1 (with Sch. 2)
  117. F72
    S. 95 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  118. F73
    S. 108 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  119. F74
    S. 109 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  120. F75
    Words in s. 142 inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 416 (with Sch. 2)
  121. F76
    Sch. 17 para. 2 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)
  122. F77
    Sch. 17 para. 3 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  123. F78
    Sch. 17 para. 4 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  124. F79
    Sch. 25 para. 57 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 421, Sch. 3 Pt. 1 (with Sch. 2)
  125. F80
    Sch. 30 para. 1(5) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  126. F81
    S. 66(6)(7) repealed (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(4)(c), Sch. 27 Pt. 2(9)
  127. F82
    Words in s. 66(4)(a) substituted (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(4)(a)
  128. F83
    Words in s. 66(5) repealed (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(4)(b), Sch. 27 Pt. 2(9)
  129. F84
    Words in s. 66(5) repealed (with effect in accordance with Sch. 10 para. 17(2) to the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(10)(a), Sch. 27 Pt. 2(10)
  130. F85
    Words in s. 135(10) substituted (19.7.2007) by Finance Act 2007 (c. 11), s. 93(3)
  131. F86
    S. 135(7)(ba) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 93(2)
  132. F87
    S. 13 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 6(3)
  133. F88
    Sch. 4 para. 10(14) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 6(3)
  134. F89
    Sch. 9 para. 5(11) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(9)
  135. F90
    Sch. 25 para. 32 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(14)
  136. F91
    Sch. 25 para. 52 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(14)
  137. F92
    Sch. 27 para. 5 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)
  138. C11
    Act modified (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), regs. 37-41 (as amended (with effect in accordance with reg. 1(2) of the amending S.I.) by The Overseas Life Insurance Companies (Amendment) Regulations 2007 (S.I. 2007/2146), regs. 22-24)
  139. F93
    S. 5(3) omitted (retrospective to 1.4.2008) by virtue of Finance Act 2008 (c. 9), Sch. 5 paras. 25(d)(i), 26(b)
  140. F94
    Sch. 2 para. 4 omitted (retrospective to 1.4.2008) by virtue of Finance Act 2008 (c. 9), Sch. 5 paras. 25(d)(ii), 26(b)
  141. F95
    Sch. 10 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(iii)
  142. F96
    Sch. 11 paras. 4-6 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(iv)
  143. F97
    S. 46 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(i)
  144. F98
    S. 47 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(i)
  145. F99
    S. 87 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(k)
  146. F100
    S. 126 omitted (with effect in accordance with s. 149(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 149(2)(a)
  147. F101
    Sch. 9 para. 5(13) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(ii)
  148. F102
    Sch. 11 para. 2(2) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(iv)
  149. F103
    Sch. 11 para. 3 omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 21(f)
  150. F104
    Sch. 25 para. 21 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(k)
  151. C12
    Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.
  152. F105
    Sch. 12 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 536, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  153. F106
    Sch. 13 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 537, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  154. F107
    Sch. 14 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  155. F108
    Sch. 15 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  156. F109
    Sch. 22 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 540, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  157. F110
    Sch. 23 paras. 9-15 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  158. F111
    Sch. 25 paras. 61-64 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 542, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  159. F112
    Sch. 25 paras. 2-25 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  160. F113
    Sch. 25 paras. 27-36 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  161. F114
    Sch. 26 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 543, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  162. F115
    Sch. 29 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 545, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  163. F116
    S. 133(2)-(4) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 21(j) (with savings in S.I. 2009/511, art. 4(f)); S.I. 2009/571, art. 2 (with art. 6)
  164. F117
    S. 38 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  165. F118
    S. 53 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 527, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  166. F119
    S. 54 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 528, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  167. F120
    S. 55 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 529, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  168. F121
    S. 60 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  169. F122
    S. 64 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 530, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  170. F123
    Words in s. 65(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 531(3) (with Sch. 2 Pts. 1, 2)
  171. F124
    S. 65(2)(a) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  172. F125
    Words in s. 65(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 531(2) (with Sch. 2 Pts. 1, 2)
  173. F126
    S. 67(1)(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  174. F127
    S. 68 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  175. F128
    S. 71 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 532, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  176. F129
    Words in s. 81(3)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 533 (with Sch. 2 Pts. 1, 2)
  177. F130
    S. 83(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 534, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  178. F131
    S. 83(1)(a) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 534, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  179. F132
    S. 84(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 535, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  180. F133
    S. 103(4)(h) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  181. F134
    S. 103(4)(d) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  182. F135
    Words in s. 103(4)(f) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  183. F136
    S. 103(5) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  184. F137
    S. 105(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  185. F138
    S. 106 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  186. F139
    Sch. 9 para. 4(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  187. F140
    Sch. 9 para. 8(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  188. F141
    Sch. 23 para. 2 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  189. F142
    Sch. 23 para. 6 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  190. F143
    Sch. 23 para. 7 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  191. F144
    Sch. 23 para. 25 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 541(2), Sch. 3 Pt. 1 (with Pts. 1, 2, Sch. 2 para. 57)
  192. F145
    Words in Sch. 23 para. 26(2)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 541(3)(a)(i) (with Sch. 2 Pts. 1, 2)
  193. F146
    Words in Sch. 23 para. 26(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 541(3)(a)(ii) (with Sch. 2 Pts. 1, 2)
  194. F147
    Words in Sch. 23 para. 26(2)(c) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 541(3)(a)(iii) (with Sch. 2 Pts. 1, 2)
  195. F148
    Sch. 25 para. 40 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  196. F149
    Sch. 25 para. 47 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  197. F150
    Sch. 25 para. 48 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  198. F151
    Sch. 25 para. 50 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  199. F152
    Sch. 25 para. 53 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  200. F153
    Sch. 27 para. 3 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  201. F154
    Sch. 27 para. 19 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  202. F155
    Sch. 27 para. 20 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  203. F156
    Sch. 28 para. 1 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  204. F157
    Sch. 28 para. 2(4A) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(3) (with Sch. 2 Pts. 1, 2)
  205. F158
    Sch. 28 para. 3 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  206. F159
    Sch. 28 para. 4(7A) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(5) (with Sch. 2 Pts. 1, 2)
  207. F160
    Sch. 28 para. 5(9A) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(6) (with Sch. 2 Pts. 1, 2)
  208. F161
    Sch. 28 para. 6(8A) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 544(7) (with Sch. 2 Pts. 1, 2)
  209. F162
    S. 11 omitted (retrospective to 27.4.2009) by virtue of Finance Act 2009 (c. 10), s. 114(16)(a)(17) (with s. 114(18))
  210. F163
    S. 121 omitted (with effect in accordance with Sch. 5 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 5 para. 6(c)
  211. F164
    Sch. 19 para. 6 omitted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1) of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 25 (with Sch. 11 paras. 30-32)
  212. F165
    Sch. 9 para. 4(5)(6) repealed (with effect in accordance with reg. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2
  213. F166
    Sch. 34 para. 10(2A) inserted (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 21 para. 135(b) (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(h)
  214. F167
    Words in Sch. 34 para. 10(2) substituted (1.1.2010) by Legal Services Act 2007 (c. 29), s. 211(2), Sch. 21 para. 135(a) (with ss. 29, 192, 193); S.I. 2009/3250, art. 2(h)
  215. F168
    Sch. 16 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 373, Sch. 3 Pt. 1 (with Sch. 2)
  216. F169
    Sch. 18 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 374, Sch. 3 Pt. 1 (with Sch. 2)
  217. F170
    Sch. 27 paras. 8-10 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  218. F171
    Sch. 30 paras. 2-4 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  219. F172
    S. 31 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  220. F173
    S. 57(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 369, Sch. 3 Pt. 1 (with Sch. 2)
  221. F174
    S. 58 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 370, Sch. 3 Pt. 1 (with Sch. 2)
  222. F175
    Words in s. 63(2)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 371 (with Sch. 2)
  223. F176
    S. 88(2)(b)(c) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  224. F177
    S. 88(1) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  225. F178
    S. 88(2)(f) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  226. F179
    S. 91 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  227. F180
    S. 92(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  228. F181
    S. 97 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  229. F182
    S. 102 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  230. F183
    S. 103(4)(e) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 8 (with Sch. 9 paras. 1-9, 22)
  231. F184
    S. 103(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  232. F185
    Words in s. 103(4)(a) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  233. F186
    S. 107 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)
  234. F187
    S. 107 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)
  235. F188
    S. 103(4)(e) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 2 (with Sch. 2)
  236. F189
    Sch. 9 para. 4(7) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  237. F190
    Sch. 9 para. 8(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  238. F191
    Sch. 17 para. 1 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  239. F192
    Sch. 23 paras. 17, 18 repealed (1.4.2010) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  240. F193
    Sch. 23 para. 21 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)
  241. F194
    Sch. 25 para. 45 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  242. F195
    Sch. 25 para. 49 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  243. F196
    Sch. 25 paras. 54, 55 repealed (1.4.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  244. F197
    Sch. 25 para. 56 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  245. F198
    Sch. 27 para. 12(2)(3) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  246. F199
    Sch. 27 para. 13 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  247. F200
    Sch. 27 para. 15 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)
  248. F201
    Sch. 30 para. 1(2) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  249. F202
    Sch. 30 para. 1(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  250. F203
    Sch. 30 para. 5 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  251. F204
    Words in Sch. 34 para. 8(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 375(a) (with Sch. 2)
  252. F205
    Words in Sch. 34 para. 8(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 375(b) (with Sch. 2)
  253. F206
    Words in Sch. 37 para. 2(4)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 377 (with Sch. 2)
  254. F207
    Sch. 25 para. 58 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  255. F208
    Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with arts. 3(2)(3), 4(2), 6(4)(5))
  256. F209
    Sch. 39 repealed (with effect in accordance with Sch. 25 paras. 17(1), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 17(1)
  257. F210
    S. 42(3)(a) repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 8(b)
  258. F211
    S. 42(1) repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 8(b)
  259. F212
    S. 134 repealed (with effect in accordance with Sch. 25 paras. 17(1), 19 of the amending Act) by Finance Act 2011 (c. 11), Sch. 25 para. 17(1)
  260. F213
    Sch. 9 para. 5(2)(3) repealed (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 5(d)
  261. F214
    Sch. 30 para. 6 repealed (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 5(e)
  262. F215
    Sch. 35 repealed (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 5(1)(b) (with Sch. 39 paras. 11-13)
  263. F216
    S. 43(3) repealed (17.7.2012) by Finance Act 2012 (c. 14), s. 37(3)
  264. F217
    S. 90 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 21 (with Sch. 20 para. 50(9))
  265. F218
    S. 110 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 7(2)(a) (with Sch. 39 paras. 11-13)
  266. F219
    S. 112 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 5(2)(d) (with Sch. 39 paras. 11-13)
  267. F220
    S. 113 repealed (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 5(1)(b) (with Sch. 39 paras. 11-13)
  268. F221
    S. 88(2)(a) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
  269. F222
    S. 25 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(d) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7)
  270. F223
    Sch. 8 para. 3 repealed (with effect in accordance with Sch. 5 para. 13 of the amending Act) by Finance Act 2025 (c. 8), Sch. 5 paras. 11(c), 13 (with Sch. 5 paras. 14, 15, 18(4), 19)
  271. F224
    Words in s. 135(4)(a) substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 260(2)(a)
  272. F225
    Words in s. 135(4)(a) substituted (18.3.2026) by Finance Act 2026 (c. 11), s. 260(2)(b)