^F40223 Charge and rates for 2004-05¶

^F40324 Personal allowances for those aged 65 or more¶

25 Charge and main rate for financial year 2005¶

^F69126 Small companies' rate and fraction for financial year 2004¶

27 Corporation tax starting rate and fraction for financial year 2004¶

^F35128 The non-corporate distribution rate¶

^F40429 Special rates of tax applicable to trusts¶

^F69330 Provision not at arm’s length: transactions between UK taxpayers etc¶

^F69331 Exemptions for dormant companies and small and medium-sized enterprises¶

^F69332 Special applications of paragraph 6 of Schedule 28AA to the Taxes Act 1988¶

33 Provision not at arm’s length: temporary relaxation of liability to penalty¶

34 Payments of excessive interest etc¶

^F70835 Elimination of double counting etc¶

^F70836 Balancing payments and elections to pay tax instead¶

37 Commencement and transitional provisions¶

^F58938 Expenses of management: companies with investment business¶

^F59039 Accounting period to which expenses of management are referable¶

^F100140 Expenses of insurance companies¶

^F100641 Related amendments to other enactments¶

42 Commencement of sections 38 to 41¶

43 Companies with investment business: transitional provisions¶

• “the commencement date” shall be construed in accordance with subsection (5);
• “investment company” has the same meaning as in Part 4 of the Taxes Act 1988 (see section 130 of that Act);
• “new accounting period” means an accounting period beginning on or after the commencement date;
• “old accounting period” means an accounting period beginning before the commencement date;
• “the new section 75” means section 75 as it has effect in relation to a new accounting period;
• “the old section 75” means section 75 as it has effect (apart from subsection (5) above) in relation to an old accounting period;
• “section 75” means section 75 of the Taxes Act 1988.

^F100844 Insurance companies: transitional provisions¶

45 Amounts reversing expenses of management deducted: charge to tax¶

46 Power to make consequential amendments¶

• “enactment” includes an enactment comprised in subordinate legislation;
• “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30) (see section 21 of that Act).

47 Insurance companies etc.¶

^F59148 Loan relationships: miscellaneous amendments¶

49 Derivative contracts: miscellaneous amendments¶

^F71050 Generally accepted accounting practice¶

^F71151 Use of different accounting practices within a group of companies¶

52 Amendment of enactments that operate by reference to accounting practice¶

• Part 1 makes amendments relating to loan relationships;
• Part 2 makes amendments relating to derivative contracts;
• Part 3 makes amendments relating to intangible fixed assets;
• Part 4 makes amendments relating to foreign currency accounting.

^I3153 Treatment of expenditure on research and development¶

• section 82A of the Taxes Act 1988 (deduction of expenditure on research and development),
• Schedule 20 to the Finance Act 2000 (c. 17) (R&D tax relief),
• Schedule 12 to the Finance Act 2002 (c. 23) (tax relief for expenditure on research and development), and
• Schedule 13 to that Act (tax relief for expenditure on vaccine research etc.).

• “intangible asset” has the meaning it has for accounting purposes; and
• “research and development” has the meaning given by section 837A of the Taxes Act 1988.

^F59454 Trading profits etc. from securities: taxation of amounts taken to reserves¶

55 Duty of company to give notice of coming within charge to corporation tax¶

55A Section 55: exception to duty to give notice¶

^F71256 Relief for community amateur sports clubs¶

57 Introduction¶

58 Sub-contractors¶

59 Contractors¶

• “development corporation” has the same meaning as in—
  1. the New Towns Act 1981 (c. 64), or
  2. the New Towns (Scotland) Act 1968 (c. 16);
• “enactment” includes an enactment comprised in an Act of the Scottish Parliament and a provision comprised in Northern Ireland legislation;
• “housing association” has the same meaning as in—
  1. the Housing Associations Act 1985 (c. 69), or
  2. Part 2 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/ 1725 (N.I. 15));
• “housing trust” has the same meaning as in the Housing Associations Act 1985;
• “HSS trust” means a Health and Social Services trust established under the Health and Personal Social Services (Northern Ireland) Order 1991 (S.I. 1991/194 (N.I. 1));
• “new town commission” has the same meaning as in the New Towns Act (Northern Ireland) 1965 (c. 13 (N.I.));
• “NHS trust” means a National Health Service trust—
  1. established under section 25 of the National Health Service Act 2006 or section 18 of the National Health Service (Wales) Act 2006, or
  2. constituted under section 12A of the National Health Service (Scotland) Act 1978 (c. 29).

60 Contract payments¶

61 Deductions on account of tax from contract payments¶

62 Treatment of sums deducted¶

62A Payments made in the knowledge of deliberate failures to comply¶

62B Returns made in the knowledge of deliberate failures to comply¶

62C Regulations¶

63 Registration for gross payment or for payment under deduction¶

64 Requirements for registration for gross payment¶

65 Change in control of company registered for gross payment¶

66 Cancellation of registration for gross payment¶

67 Registration for gross payment: appeals¶

68 Registration for payment under deduction: cancellation and appeals¶

69 Verification etc of registration status of sub-contractors¶

70 Periodic returns by contractors etc¶

70A Security for payments to HMRC¶

71 Collection and recovery of sums to be deducted¶

72 Penalties: false statements and documentation ¶

72A Penalties: deliberate failures to comply¶

72B Penalties under section 72A: officers’ liability¶

72C Appeals in relation to a decision notice under section 72B¶

73 Regulations under this Chapter: supplementary¶

73A Designated international organisations: exemption from section 59¶

74 Meaning of “construction operations”¶

75 Meaning of “the Inland Revenue” etc and delegation of Board’s functions¶

76 Consequential amendments¶

77 Commencement and transitional provision¶

78 Childcare and childcare vouchers¶

^F35279 Exemption for loaned computer equipment¶

80 Vans¶

81 Emergency vehicles¶

82 European travel expenses of MPs and other representatives¶

^F71383 Giving through the self-assessment return¶

84 Charge to income tax by reference to enjoyment of property previously owned¶

^I1985 Relief where national insurance contributions met by employee¶

86 Shares in employee-controlled companies and unconnected companies¶

87 Restricted securities with artificially depressed value¶

88 Shares under approved plans and schemes¶

89 Shares acquired on public offer¶

90 Associated persons etc.¶

^F41691 Income of spouses: jointly held property¶

92 Minor amendments of or connected with ITEPA 2003¶

^F2297 Introductory¶

^F2398 Exemption from income tax for certain interest and royalty payments¶

^F2499 Permanent establishments and “25% associates”¶

^F25100 Interest payments: exemption notices¶

^F417101 Payment of royalties without deduction at source¶

^F418102 Claim for tax deducted at source from exempt interest or royalty payments¶

^F26103 Special relationships¶

^F27104 Anti-avoidance¶

105 Consequential amendments¶

^F28106 Transitional provision¶

^F692107 Introductory¶

^F692108 Income tax credit etc for special withholding tax¶

^F692109 Capital gains tax credit etc for special withholding tax¶

^F692110 Credit under Part 18 of Taxes Act 1988 to be allowed first¶

^F692111 Computation of income etc subject to special withholding tax only¶

112 Computation of income etc subject to foreign tax and special withholding tax¶

^F714113 Issue of certificate¶

^F715114 Refusal to issue certificate and appeal against refusal¶

115 Supplementary¶

^F369119 Individuals benefited by film relief¶

^F369120 “Disposal of a right of the individual to profits arising from the trade”¶

^F369121 “The losses claimed” and “the individual’s capital contribution to the trade”¶

^F369122 Computing the chargeable amount¶

^F369122A Partners: meaning of “capital contribution to the trade”¶

^F369123 “Film-related losses” and “non-taxable consideration”¶

^F419124 Restriction of relief: non-active partners¶

^F420125 Partnerships exploiting films¶

^F370126 Losses derived from exploiting licence: introductory¶

^F370127 Charge to income tax¶

^F370128 Definitions for purposes of section 127¶

^F370129 Disposals to which section 126 applies¶

^F370130 “A significant amount of time”¶

^F644131 Companies in partnership¶

^F644132 Companies in partnership: supplementary¶

^F644133 Relationship with chargeable gains¶

^F604141 Relief for research and development: software and consumable items¶

^F503142 Temporary increase in amount of first-year allowances for small enterprises¶

^F31143 Deduction for expenditure by landlords on energy-saving items¶

144 Lloyd’s names: conversion to limited liability underwriting¶

145 Offshore funds¶

146 Meaning of “offshore installation”¶

147 Immediate needs annuities¶

^F718148 Corporation tax: health service bodies¶

149 Overview of Part 4¶

• Chapter 2 is about the registration and de-registration of pension schemes,
• Chapter 3 is about the payments that may be made by registered pension schemes and related matters,
• Chapter 4 deals with tax reliefs and exemptions in connection with registered pension schemes,
• Chapter 5 imposes tax charges in connection with registered pension schemes,
• Chapter 6 is about some schemes that are not registered pension schemes,
• Chapter 7 makes provision about compliance,and
• Chapter 8 contains interpretation and other supplementary provisions.

150 Meaning of “pension scheme”¶

^C71151 Meaning of “member”¶

^C72152 Meaning of “arrangement”¶

153 Registration of pension schemes¶

153A Power to require information or documents in relation to applications for registration¶

153B Power to inspect documents in relation to applications for registration¶

153C Penalties for failure to comply with information notices etc¶

153D Penalties for inaccurate information in applications¶

153E Penalties for inaccurate information or documents provided under information notice¶

153F Penalties for false declarations¶

154 Persons by whom registered pension scheme may be established¶

^F393155 Persons by whom scheme may be established: supplementary¶

156 Appeal against decision not to register¶

156A Cases where application for registration not decided within 6 months¶

157 De-registration¶

158 Grounds for de-registration¶

159 Appeal against decision to de-register¶

159A Power to require information or documents for purpose of considering if scheme administrator is fit and proper¶

159B Power to inspect documents for purpose of considering if scheme administrator is fit and proper¶

159C Penalties for failure to comply with information notices etc¶

159D Penalties for inaccurate information or documents provided under information notice¶

^I38160 Payments by registered pension schemes¶

^I39C40161 Meaning of “payment” etc¶

^I40162 Meaning of “loan”¶

^I41163 Meaning of “borrowing” etc¶

^I42C74164 Authorised member payments¶

^{I43C103C144C171C180C208}165 Pension rules¶

^I44C76166 Lump sum rule¶

^{I45C104C147C192C188C172C209}167 ^C192Pension death benefit rules¶

^I46C80168 Lump sum death benefit rule¶

^I47169 Recognised transfers¶

^I48170 Appeal against decision to exclude recognised overseas pension scheme¶

^I49171 Scheme administration member payments¶

^I50172 Assignment¶

172A Surrender¶

172B Increase in rights of connected person on death¶

^F840172BA Increase in rights on death arising from alternatively secured pension fund etc¶

172C Allocation of unallocated employer contributions¶

172D Limit on increase in benefits¶

^I51173 Benefits¶

• “the benefits code” has the meaning given by section 63(1) of ITEPA 2003,
• “director” has the meaning given by section 67 of that Act,
• “lower-paid employment as a minister of religion” has the meaning given by section 290D of that Act, and
• “material interest” has the meaning given by section 68 of that Act.

^I52174 Value shifting¶

174A Taxable property held by investment-regulated pension schemes¶

^I53C82175 Authorised employer payments¶

^I54C82176 Public service scheme payment¶

^I55C82177 Authorised surplus payment¶

^I56C82178 Compensation payments¶

^I57C82179 Authorised employer loan¶

^I58C82C206180 Scheme administration employer payments¶

^I59C82181 Value shifting¶