Legalize / United Kingdom / Income and Corporation Taxes Act 1988 / History

Reform history

Income and Corporation Taxes Act 1988

100 versions · 1988-02-09

2022-07-14

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2013-07-17

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2012-07-17

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2012-04-01

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2011-08-11

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2011-07-19

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2011-06-16

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2011-02-25

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2010-12-16

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2009-12-01

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2009-11-11

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2009-10-01

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2009-09-01

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2009-08-13

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2009-07-21

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2009-04-23

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2009-02-21

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2009-02-03

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2009-01-01

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2008-12-27

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2008-10-29

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2008-10-28

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2008-07-22

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2007-12-28

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2007-12-06

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2007-11-29

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2007-08-14

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2007-07-19

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2006-06-09

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2006-03-22

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Changes on 2006-03-22

@@ -4,7 +4,7 @@

### Income tax

#### Case V income from land outside UK: corporation tax.

#### Computation of income tax where no profits in year of assessment.

##### 1

@@ -168,7 +168,7 @@

- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying expenditure and non-qualifying expenditure.

#### Transactions with substantial donors

##### 9

@@ -29239,7 +29239,7 @@

## SCHEDULE 31

#### Application of lower rate to income from savings and distributions.

#### The charge to income tax.

##### 1A

@@ -29729,7 +29729,7 @@

- (9) In the application of this section to Scotland, references to a lease granted out of a taxed lease are to be construed as references to a sublease of land subject to the taxed lease.

#### Schedule E.

#### Schedule F.

##### 42A

@@ -30115,7 +30115,7 @@

For this purpose “*debit*” means an amount which for accounting purposes reduces a profit, or increases a loss, for a period of account.

#### Restrictions on relief

#### Regulations

##### 75B

@@ -30231,7 +30231,7 @@

- (5) “*Repayment provision*” has the meaning given in section 76A(3).

#### Rules for ascertaining duration of leases.

#### Saving for pre-1963 leases, and special relief for individuals.

##### 79A

@@ -30495,7 +30495,7 @@

- “taxed receipt” (see section 287(4) of that Act).

#### Income tax: mode of charge.

#### Interpretation of Part III.

##### 88A

@@ -31145,7 +31145,7 @@

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

#### Treasury directions as respects Northern Ireland securities.

#### Commencement of direction under section 50 or 51.

### Limited liability partnerships

@@ -31673,7 +31673,7 @@

#### Payments to Export Credit Guarantee Department.

#### Paying agents.

#### Definitions.

##### 140A

@@ -35227,7 +35227,7 @@

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

#### Relief for contributions in respect of share option gains.

#### Exemptions from section 148.

##### 440A

@@ -35753,7 +35753,7 @@

- (13) For the purposes of this section an insurance company which has elected under section 83YA(9) of the Finance Act 1989 (changes in value of assets brought into account: non-profit companies) to be treated as a non-profit company in relation to a period of account is to be regarded as a non-profit company in relation to the period of account.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Relief for necessary expenses.

##### 432F

@@ -35805,7 +35805,7 @@

- (8) Condition C is that the surplus arising since the last valuation shown in line 34 of the Form 58 of the non-profit fund, or any of the non-profit funds, in relation to which condition A or B is met in the periodical return for the current period of account is a negative amount.

#### U.K. company distributions not generally chargeable to corporation tax.

#### Application of lower rate to company distributions.

##### 434AZB

@@ -37445,7 +37445,7 @@

- (9) If a friendly society which (or a branch of which) has made an election under subsection (1) or (2) above becomes an incorporated friendly society, the election shall have effect in relation to the incorporated friendly society as it had effect in relation to the society (or branch) which made the election (and accordingly, in relation to accounting periods of the incorporated friendly society, “*the society*” in subsection (8)(a) and (b) above shall be read as referring to the incorporated friendly society).

#### Restrictions on the use of tax credits by pension funds.

#### No tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement.

##### 465A

@@ -37481,7 +37481,7 @@

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

#### Consequences of certain arrangements to pass on the value of a tax credit.

#### Tax credits for non-U.K. residents.

##### 468EE

@@ -37665,7 +37665,7 @@

and, without prejudice to the generality of paragraph (b) above, such an order may make such incidental modifications of subsection (11) above as the Treasury may think fit.

#### Election by company paying dividend.

#### Procedure for making election.

##### 468M

@@ -38007,13 +38007,13 @@

- (4) For the purposes of this section, crediting interest shall be treated as paying it.

#### Returns.

#### Interpretation of sections 249 and 250.

##### 480C

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

#### “Gross rate” and “gross amount” of distributions to include ACT.

#### Interpretation of Part VI.

##### 482A

@@ -38379,7 +38379,7 @@

### Lessors under long funding finance or operating leases: avoidance etc

#### Meaning of “the minimum amount”

#### Meaning of “adjusted net income”

##### 502GA

@@ -39069,9 +39069,9 @@

#### Life assurance premiums.

#### Transfer of relief under section 257A.

#### Transitional relief: husband with excess allowances.

#### Indexation of amounts in sections 257 , 257A and 257AB.

#### Transitional relief: the elderly.

#### Transfer of reliefs.

@@ -40107,7 +40107,7 @@

- “*qualifying subsidiary*” is to be read in accordance with section 191 of ITA 2007.

#### Restriction of relief where amounts raised exceed permitted maximum.

#### Individuals qualifying for relief.

##### 576E

@@ -40363,7 +40363,7 @@

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

#### Provisions supplementary to sections 293 and 297.

#### Disposal of shares.

##### 581A

@@ -40387,7 +40387,7 @@

- (6) An organisation designated for the purposes of this subsection shall not be a person to whom section 59 of the Finance Act 2004 applies.

#### Taxation of consideration for certain restrictive undertakings.

#### Divers and diving supervisors.

##### 587A

@@ -40665,7 +40665,7 @@

- (12) This section shall be construed as one with section 587B.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Charges on income: interest payable to non-residents.

##### 589A

@@ -42707,7 +42707,7 @@

notwithstanding that it was not he who sold them.

#### Second loans.

#### Home improvement loans.

##### 730A

@@ -43729,7 +43729,7 @@

- (b) they are otherwise directed by the company to perform duties on its behalf in the territory.

#### Extension of right of set-off to capital allowances.

#### Restrictions on right of set-off.

##### 751AA

@@ -43757,7 +43757,7 @@

- (5) In subsection (4) “*the relevant amount*” means the amount (if any) by which it is just and reasonable that the chargeable profits should be treated as reduced, having regard to the effect of Parts 3 and 4 of Schedule 15 to FA 2009 on amounts brought into account for the purposes of corporation tax by the payer, or any other company.

#### Treatment of interest as a loss for purposes of carry-forward and carry-back.

#### Losses from trade etc. carried on abroad

##### 751AB

@@ -43941,7 +43941,7 @@

- (11) In this section “*the HMRC Commissioners*” means the Commissioners for Her Majesty's Revenue and Customs.

#### Losses from overseas property business.

#### Losses other than terminal losses.

##### 752A

@@ -44511,7 +44511,7 @@

- (d) a reference to an offshore fund being a non-qualifying fund shall be read in relation to times before the coming into force of this section as a reference to the main fund being a non-qualifying fund.

#### Terminal losses.

#### Leasing contracts and company reconstructions.

##### 762ZA

@@ -45027,7 +45027,7 @@

Schedule 28AA (which deals with provision made or imposed otherwise than at arm’s length) shall have effect.

#### Dealings in commodity futures etc: withdrawal of loss relief.

#### Write-off of government investment.

### Factoring of income receipts etc

@@ -45559,7 +45559,7 @@

- (4) Section 785B(2) has effect as if the reference to the amount of the capital payment were to such amount as is apportioned under subsection (2) in respect of the plant or machinery within subsection (2)(a).

#### Certain quoted companies not to be close companies.

#### Meaning of “associated company” and “control”.

##### 785E

@@ -45577,7 +45577,7 @@

#### Section 432B apportionment: income of non-participating funds.

#### Apportionment of asset value increase where line 51 amount decreases

#### Transfers of business involving excess assets

##### 793A

@@ -46937,7 +46937,7 @@

#### Reduced loss relief for additions to non-profit funds

#### Additions to non-profit funds: amount of loss reduction

#### Sections 434AZA and 434AZB: supplementary

##### 815A

@@ -46971,7 +46971,7 @@

- (b) income of a person resident in the United Kingdom to which section 858 of ITTOIA 2005 applies.

#### Income or gains arising from property investment LLP

#### Determination of policy holders’ share for purposes of s.438B

##### 815AA

@@ -47029,9 +47029,9 @@

- (3) An Order under this section shall not be submitted to Her Majesty in Council unless a draft of the Order has been laid before and approved by a resolution of the House of Commons.

#### Modifications where tax charged under Case I of Schedule D.

#### Modifications in relation to BLAGAB group reinsurers

#### Modifications for change of tax basis

#### Overseas life assurance business.

##### 826A

@@ -48390,7 +48390,7 @@

## SCHEDULE 4A

#### Building societies: time for payment of tax.

#### Interest paid on deposits with banks etc.

##### 1

@@ -48438,7 +48438,7 @@

An averaging claim must be made not later than twelve months after the 31st January next following the end of the later of the tax years to which it relates.

#### Relevant deposits: computation of tax on interest.

#### “Deposit-taker”, “deposit” and “relevant deposit”.

##### 6

@@ -50433,7 +50433,7 @@

- (2) Section 168(6) (when cars and vans are made available for private use and are made available by reason of employment) applies for the purposes of sub-paragraph (1).

#### Non-resident policies and off-shore capital redemption policies.

#### Overseas life assurance business: life policies.

##### 7

@@ -54268,7 +54268,7 @@

## Part 2 — Application and interpretation

#### Returns where it is not established whether acceptable distribution policy applies.

#### Determinations requiring the sanction of the Board.

##### 2

@@ -78014,543 +78014,543 @@

#### U.K. company distributions not generally chargeable to corporation tax.

#### Conditional acquisition of shares.

#### Application of lower rate to company distributions.

#### Section 209(3AA): hedging arrangements

#### Chargeable payments connected with exempt distributions.

#### Tax credits for certain recipients of qualifying distributions.

#### Treatment of cash dividend retained and then later paid out

#### Children’s tax credit.

#### Married couple’s allowance(pre-5th December 2005 marriages).

#### Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)

#### Life assurance premiums paid by employer

#### Eligibility for relief.

#### Transfer of reliefs.

#### Form of relief.

#### Valuation of interests in land for purposes of section 294(1)(b).

#### Spouses and civil partners.

#### Application to subsidiaries.

#### Company reconstructions without a change of ownership.

#### The conditions mentioned in section 349A(1)

#### Company reconstructions involving business of leasing plant or machinery

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying maintenance payments.

#### Directions disapplying section 349A(1)

#### Section 349A(1): consequences of reasonable but incorrect belief

#### Loan to buy machinery or plant.

#### Loan to buy life annuity.

#### Relevant loan interest.

#### Interest ceasing to be relevant loan interest, etc.

#### Losses from overseas property business.

#### Treatment of interest as a loss for purposes of carry-forward and carry-back.

#### Losses of ring fence trade: set off against profits of an earlier accounting period

#### Dealings in commodity futures etc: withdrawal of loss relief.

#### Transactions in deposits with and without certificates or in debts.

#### Limits on group relief.

#### Close companies.

#### “Distribution” to include certain expenses of close companies.

#### Loans to participators etc.

#### Profits reserved for policy holders and annuitants.

#### Income or gains arising from property investment LLP

#### Determination of policy holders’ share for purposes of s.438B

#### Modifications in relation to BLAGAB group reinsurers

#### Transfers of business: deemed periodical return

#### Transfers of business: election for transferee to pay tax of transferor

#### Modification of s. 444BA for mutual or overseas business and for non-resident companies.

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

#### Audit powers in relation to non-residents.

#### Savings banks: exemption from tax.

#### Tax representatives.

#### Exceptions from section 559.

#### Conditions to be satisfied by firms.

#### Offshore income gains accruing to persons resident or domiciled abroad.

#### Income treated as arising under section 761(1): remittance basis

#### Change in ownership of company with unused non-trading loss on intangible fixed assets

#### Form of relief.

#### Attribution of relief to shares.

#### Interpretation of Chapter III.

#### Payments not out of profits or gains brought into charge to income tax, and annual interest.

#### Losses from UK property business.

#### Meaning of “associated company” and “control”.

#### Interpretative provisions relating to insurance companies.

#### Reduced loss relief for additions to non-profit funds

#### Life reinsurance business: separate charge on profits.

#### Transfers of other business

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

#### Valuation of oil disposed of or appropriated in certain circumstances.

#### Conditions to be satisfied by individuals.

#### Conditions to be satisfied by companies.

#### Restriction of relief for payments of interest.

#### Change in company ownership: postponed corporation tax.

#### Supplementary provisions.

#### Provisions supplementary to section 138.

#### Travel expenses of employees not domiciled in the United Kingdom.

#### U.K. company distributions not generally chargeable to corporation tax.

#### Meaning of “distribution”.

#### Election by company paying dividend.

#### Returns.

#### Further interpretation of sections 135 to 139.

#### Application of lower rate to company distributions.

#### Section 209(3AA): link to shares of company or associated company

#### Exempt distributions: division of business

#### Dividend or bonus granted by industrial and provident society

#### Application of sections 251B and 251C

#### Children’s tax credit.

#### Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)

#### Life assurance premiums.

#### Eligibility for relief.

#### Aggregation of wife’s income with husband’s.

#### Eligibility for relief.

#### Companies with interests in land.

#### Restriction on withdrawal of relief under section 303.

#### Withdrawal of relief.

#### Company reconstructions without a change of ownership.

#### Relief for contributions in respect of share option gains.

#### Further interpretation of sections 135 to 139.

#### Relief for necessary expenses.

## [SCHEDULE 19A

#### Change in ownership of company with unused non-trading loss on intangible fixed assets

#### Meaning of “research and development”.

#### Exceptions from the general charge.

#### Provisions supplementary to section 138.

#### Interpretation of sections 251A to 251C

#### Relief for contributions in respect of share option gains.

#### Meaning of “distribution”.

#### Elections as to transfer of relief under section 257A.

#### Tax on companies in administration

#### Extension of section 349: proceeds of sale of UK patent rights

#### Payments out of profits or gains brought into charge to income tax: deduction of tax.

#### The conditions mentioned in section 349A(1)

#### Transfers of trade to obtain balancing allowances

#### Company reconstructions: supplemental.

#### Qualifying maintenance payments.

#### Directions disapplying section 349A(1)

#### Relief where borrower deceased.

#### Loan to pay inheritance tax.

#### Relevant loan interest.

#### Interest which never has been relevant loan interest etc.

#### Losses from overseas property business.

#### Treatment of interest as a loss for purposes of carry-forward and carry-back.

#### Losses of ring fence trade: set off against profits of an earlier accounting period

#### Dealings in commodity futures etc: withdrawal of loss relief.

#### Transactions in deposits with and without certificates or in debts.

#### Computation of gross profits.

#### Close companies.

#### “Distribution” to include certain expenses of close companies.

#### Loans to participators etc.

#### Section 432B: apportionment of business transfer-in

#### Income or gains arising from property investment LLP

#### Determination of policy holders’ share for purposes of s.438B

#### Modifications in relation to BLAGAB group reinsurers

#### Transfers of life assurance business: Case I losses of the transferor

#### Retained assets

#### Equalisation reserves for general business.

#### Exceptions to section 349 for payments between companies etc

#### The conditions mentioned in section 349A(1)

#### Carry-forward against subsequent profits.

#### Election that assets not be foreign business assets

#### Meaning of “child trust fund business”

#### Securities.

#### Taxation in respect of other business.

#### Taxation in respect of other business: incorporated friendly societies etc.

#### Taxation in respect of other business.

#### Taxation in respect of other business: incorporated friendly societies etc.

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

#### Audit powers in relation to non-residents.

#### Determination of reduced rate for building societies and composite rate for banks etc.

#### Cases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease

#### Qualifying expenditure and non-qualifying expenditure.

#### Meaning of “construction operations”.

#### Provisions supplementary to sections 573 to 575.

#### Sales etc. at an undervalue or overvalue.

#### Leased assets: special cases.

#### Transactions associated with loans or credit.

#### Restriction of relief for payments of interest.

#### Payments not out of profits or gains brought into charge to income tax, and annual interest.

#### Extension of section 349: proceeds of sale of UK patent rights

#### Taxation of borrower when loan under section 419 released etc

#### Election that assets not be foreign business assets

#### Apportionment of asset value increase where line 51 amount decreases

#### Securities.

#### Life or endowment business: application of the Corporation Tax Acts.

#### Conditions for tax exempt business.

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

#### Charities: general.

#### Lessee under long funding finance lease: termination

#### Provisions supplementary to section 520.

#### General powers to make regulations under Chapter IV.

#### Ceasing to meet the trading requirement because of administration or receivership

#### Interest on tax overpaid.

#### Relief by agreement with other territories.

#### Exemptions from section 148.

#### Giving effect to mileage allowance relief

#### Limited exemption for computer equipment.

#### Taxation of profit-related pay.

#### Interpretation.

#### Relief for contributions in respect of share option gains.

#### Transfer of relief under section 257A where relief exceeds income.

#### Charges on income: interest payable to non-residents.

#### Set-off against general income.

#### Meaning of “participator”, “associate”, “director” and “loan creditor”.

#### Meaning of “individual savings account business”

#### Schedule A business or overseas property business.

#### Life reinsurance business: separate charge on profits.

#### Life or endowment business: application of the Corporation Tax Acts.

#### Old societies.

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

#### Lessee under long funding finance lease: termination

#### Letting of furnished holiday accommodation treated as trade for certain income tax purposes

#### Taxation of design royalties where owner abroad.

#### General powers to make regulations under Chapter IV.

#### Deductions from profits of contributions paid under certified schemes.

#### The qualifying subsidiaries requirement

#### Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.

#### Reduction of United Kingdom taxes by amount of credit due.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Limited exemption for computer equipment.

#### Provisions supplementary to section 138.

#### Minimum and maximum subscriptions.

#### Exclusions from section 423.

#### Section 432B apportionment: value of non-participating funds.

#### Certified unit trusts: corporation tax.

#### Authorised unit trusts.

#### Funds of funds: distributions.

#### Distribution accounts.

#### Other unit trusts.

#### Transitional provisions relating to unit trusts.

#### Computation of amount available for surrender by way of group relief.

#### Exploration expenditure supplement

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

#### Interpretation.

#### Conversion of certain approved retirement benefits schemes.

#### Power to prescribe restrictions on approval.

#### Carry-forward of unused relief under section 619.

#### Interest: special relationship.

#### Qualifying companies

#### Repayment supplements: companies.

#### The Arbitration Convention.

#### Power to inspect documents.

#### Substituted retirement annuity contracts.

#### Carry-back of contributions.

#### Utilisation of eligible unrelieved foreign tax.

#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.

#### Recovery of tax credits incorrectly paid.

#### Power to inspect documents.

#### Schedule C.

#### Fractions of a pound, and yearly assessments.

#### Restrictions on relief

#### Section 37(4) and reductions in receipts under ITTOIA 2005

#### Rules for ascertaining duration of leases.

#### Appeals against determinations under sections 34 to 36 or Chapter 4 of Part 3 of ITTOIA 2005.

#### Securities of foreign states.

#### Deep discount securities.

#### Discounted bills of exchange.

#### Expenses of insurance companies

#### Discounted bills of exchange.

#### Debts of overseas governments etc.

#### Expenses connected with living accommodation.

#### Restrictions on the use of tax credits by pension funds.

#### Schedule A business or overseas property business.

#### Section 432B apportionment: participating funds.

#### Dividends paid to investment trusts.

#### Regulations supplementing sections 468M to 468PA

#### Supplementary provisions.

#### Letting of furnished holiday accommodation treated as trade for certain income tax purposes

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

#### The conditions for being an excepted group life policy

#### Interpretation.

#### Application of Income Tax Acts from year to year.

#### Interest on payments in respect of corporation tax and meaning of “the material date".

#### Exemption for trade unions and employers’ associations.

#### Assets of branch of registered friendly society to be treated as assets of society after incorporation.

#### Building societies: incidental costs of issuing qualifying shares.

#### Relief for expenses.

#### Patent income to be earned income in certain cases.

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

#### Exceptions from section 559.

#### The trading requirement

#### Carry-back of contributions.

#### The prescribed circumstances.

#### Earnings from pensionable employment.

#### Earnings from associated employments.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Interest on tax overpaid.

#### Repayment supplements: companies.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Funds of funds: distributions.

#### Assets of branch of registered friendly society to be treated as assets of society after incorporation.

#### Certified unit trusts: corporation tax.

#### Transactions with substantial donors

#### Charities: general.

#### The conditions for being an excepted group life policy

#### Introductory.

#### Life policies: computation of gain.

#### Treatment of certain assignments etc involving co-ownership

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

#### The property managing subsidiaries requirement

#### Statutory redundancy payments.

#### Cessation of approval: general provisions.

#### Application of section 739 and 740

#### Payments to unmarried minor children of settlor.

#### Application of section 739 and 740

#### Sale and repurchase of securities.

#### Interest on tax overpaid.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Interpretation of the Tax Acts.

#### Interpretation of Income Tax Acts.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Authorised unit trusts.

#### Life policies: computation of gain.

#### Regulations in relation to qualifying policies

#### Exceptions from section 559.

#### Conditions to be satisfied by partners who are individuals.

#### Offshore income gains accruing to persons resident or domiciled abroad.

#### Offshore income gains: application of transfer of assets abroad provisions

#### Change in ownership of company with unused non-trading loss on intangible fixed assets

#### Form of relief.

#### Attribution of relief to shares.

#### Interpretation of Chapter III.

#### Payments not out of profits or gains brought into charge to income tax, and annual interest.

#### Losses from UK property business.

#### Meaning of “associated company” and “control”.

#### Interpretative provisions relating to insurance companies.

#### Computation of losses and limitation on relief.

#### Life reinsurance business: separate charge on profits.

#### Transfers of other business

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

#### Treatment of oil extraction activities etc. for tax purposes.

#### Conditions to be satisfied by individuals.

#### Conditions to be satisfied by companies.

#### Restriction of relief for payments of interest.

#### Change in company ownership: corporation tax.

#### Supplementary provisions.

#### Provisions supplementary to section 138.

#### Travel expenses of employees not domiciled in the United Kingdom.

#### U.K. company distributions not generally chargeable to corporation tax.

#### Meaning of “distribution”.

#### Election by company paying dividend.

#### Returns.

#### Further interpretation of sections 135 to 139.

#### Relief for contributions in respect of share option gains.

#### Further interpretation of sections 135 to 139.

#### Relief for necessary expenses.

## [SCHEDULE 19A

#### Change in ownership of company carrying on property business.

#### Meaning of “research and development”.

#### Exceptions from the general charge.

#### Provisions supplementary to section 138.

#### Interpretation of sections 251A to 251C

#### Relief for contributions in respect of share option gains.

#### Meaning of “distribution”.

#### Elections as to transfer of relief under section 257A.

#### Tax on companies in administration

#### Extension of section 349: proceeds of sale of UK patent rights

#### Payments out of profits or gains brought into charge to income tax: deduction of tax.

#### The conditions mentioned in section 349A(1)

#### Extension of section 349: proceeds of sale of UK patent rights

#### The conditions mentioned in section 349A(1)

#### Restriction of set-off of allowances against general income

#### Election that assets not be foreign business assets

#### Meaning of “child trust fund business”

#### Securities.

#### Taxation in respect of other business.

#### Taxation in respect of other business: incorporated friendly societies etc.

#### Taxation in respect of other business.

#### Taxation in respect of other business: incorporated friendly societies qualifying for exemption.

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

#### Cases where ss. 502B to 502G do not apply: plant or machinery held as trading stock

#### Qualifying expenditure and non-qualifying expenditure.

#### Meaning of “construction operations”.

#### Provisions supplementary to sections 573 to 575.

#### Provision not at arm’s length.

#### Leased assets: special cases.

#### Assets leased to traders and others.

#### Section 785B: expectation that relevant capital payment will not be paid

#### Restriction of relief for payments of interest.

#### Payments not out of profits or gains brought into charge to income tax, and annual interest.

#### Extension of section 349: proceeds of sale of UK patent rights

#### Exceptions from section 419.

#### Interpretative provisions relating to insurance companies.

#### Apportionment of asset value increase where line 51 amount decreases

#### Securities.

#### Life or endowment business: application of the Corporation Tax Acts.

#### Transfers of other business

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

#### Charities: general.

#### Lessee under long funding finance lease: termination

#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.

#### General powers to make regulations under Chapter IV.

#### Ceasing to meet the trading requirement because of administration or receivership

#### Interest on tax overpaid.

#### Relief by agreement with other territories.

#### Exemptions from section 148.

#### Giving effect to mileage allowance relief

#### Limited exemption for computer equipment.

#### Taxation of profit-related pay.

#### Relief for contributions in respect of share option gains.

#### Transfer of relief under section 257A where relief exceeds income.

#### Charges on income: interest payable to non-residents.

#### Losses from overseas property business.

#### Meaning of “participator”, “associate”, “director” and “loan creditor”.

#### Meaning of “child trust fund business”

#### Schedule A business or overseas property business.

#### Taxation of pure reinsurance business.

#### Election as to tax exempt business.

#### Old societies.

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

#### Lessee under long funding finance lease: limit on deductions

#### Letting of furnished holiday accommodation treated as trade for certain income tax purposes

#### Relief for payments in respect of designs.

#### General powers to make regulations under Chapter IV.

#### Meaning of “construction operations”.

#### The qualifying subsidiaries requirement

#### Leased assets subject to hire-purchase agreements.

#### Reduction of United Kingdom taxes by amount of credit due.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Limited exemption for computer equipment.

#### Provisions supplementary to section 138.

#### Attribution of relief to shares.

#### Apportionment of certain income, deductions and interest.

#### Section 432B apportionment: value of non-participating funds.

#### Certified unit trusts: corporation tax.

#### Exemption for trade unions and employers’ associations.

#### Certified unit trusts: distributions.

#### Interpretation.

#### Foreign income distribution to corporate unit holder.

#### Court common investment funds.

#### Sale and lease-back.

#### Tariff receipts and tax-exempt tariffing receipts

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

#### Interpretation.

#### Conversion of certain approved retirement benefits schemes.

#### Power to prescribe restrictions on approval.

#### Carry-forward of unused relief under section 619.

#### Restriction on deduction of interest or dividends from trading income.

#### Qualifying companies

#### Repayment supplements: companies.

#### The Arbitration Convention.

#### Arrangements to avoid section 812.

#### Other approved contracts.

#### Carry-back of contributions.

#### Onshore pooling.

#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.

#### Recovery of tax credits incorrectly paid.

#### Power to inspect documents.

#### Schedule C.

#### Certain income charged at basic rate.

#### Restrictions on relief

#### Section 37(4) and reductions in receipts under ITTOIA 2005

#### Rules for ascertaining duration of leases.

#### Relief for rent etc. not paid.

#### United Kingdom government securities held by non-residents.

#### Disposal or exercise of rights in pursuance of deposits.

#### Discounted bills of exchange.

#### Expenses of insurance companies

#### Discounted bills of exchange.

#### Payments to Export Credit Guarantee Department.

#### Expenses connected with living accommodation.

#### Restrictions on the use of tax credits by pension funds.

#### Apportionment of income and gains.

#### Section 432B apportionment: value of non-participating funds.

#### Dividends paid to investment trusts.

#### Section 468O(1A): consequences of reasonable but incorrect belief

#### Supplementary provisions.

#### Letting of furnished holiday accommodation treated as trade for certain income tax purposes

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

#### Application of this Chapter etc. to policies and contracts in which persons other than companies are interested

#### Interpretation.

#### Old references to standard rate tax.

#### Interest on payments in respect of corporation tax and meaning of “the material date".

#### Exemption for trade unions and employers’ associations.

#### Assets of branch of registered friendly society to be treated as assets of society after incorporation.

#### Building societies: incidental costs of issuing qualifying shares.

#### Relief for expenses.

#### Capital sums: . . . winding up or partnership change.

#### Manner of making allowances and charges.

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

#### Exceptions from section 559.

#### Qualifying trading companies

#### Earnings cap.

#### The prescribed circumstances.

#### Earnings from pensionable employment.

#### Meaning of “net relevant earnings”.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Interest on tax overpaid.

#### Repayment supplements: companies.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Funds of funds: distributions.

#### Old societies.

#### Certified unit trusts: corporation tax.

#### Transactions with substantial donors

#### Charities: general.

#### The conditions for being an excepted group life policy

#### Introductory.

#### Life policies: chargeable events.

#### Calculation of certain amounts for purposes of sections 540, 542 and 545.

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

#### The qualifying subsidiaries requirement

#### Statutory redundancy payments.

#### Effect on approved schemes of regulations under section 591.

#### Application of section 739 and 740

#### Business entertaining expenses.

#### Schemes approved before 23rd July 1987.

#### Payments to unmarried minor children of settlor.

#### Application of section 739 and 740

#### Sale and repurchase of securities.

#### Interest on tax overpaid.

#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.

#### Interpretation of the Tax Acts.

#### Interpretation of Income Tax Acts.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Authorised unit trusts.

#### Life policies: computation of gain.

#### Regulations in relation to qualifying policies

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

#### Provisions supplementary to sections 573 to 575.

#### Relief for individuals.

#### Superannuation funds approved before 6th April 1980.

#### Income arising under settlement where settlor retains an interest.

#### Revocable settlements allowing release of obligation.

#### Interest on payments in respect of corporation tax and meaning of “the material date".

#### Territorial sea and designated areas.

#### Revocable settlements allowing reversion of property.

#### VAT penalties etc.

#### Interpretation of this Act.

#### Meaning of “research and development”.

@@ -78754,7 +78754,7 @@

For the purposes of this Schedule a car is available to an employee at a particular time if it is then made available, by reason of his employment and without any transfer of the property in it, either to him or to others being members of his family or household.

#### Conditions for approval of retirement benefit schemes.

#### Section 590: supplementary provisions.

#### Settlements made after 6th April 1965.

@@ -78766,7 +78766,7 @@

#### Levies and repayments under the Financial Services and Markets Act 2000.

#### Valuation of work in progress at discontinuance of profession or vocation.

#### Provisions supplementary to sections 100 and 101.

#### Tax credits for non-U.K. residents.

@@ -78896,7 +78896,7 @@

- (11) This section shall have effect in relation to distribution periods beginning on or after 6th April 1987.

#### Cases where no obligation to deduct tax

#### Deduction of tax (mixed funds).

#### Transitional provisions relating to unit trusts.

@@ -78906,826 +78906,826 @@

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

#### Approval of schemes.

#### Conversion of certain approved retirement benefits schemes.

#### Appeals against Board’s notices under section 703.

#### Variable interest rate.

#### Appeals against Board’s notices under section 703.

#### Meaning of “settlement day” for purposes of sections 711 to 728.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The approved amount: passenger payments

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### How averaging claim is given effect

#### Levies and repayments under the Financial Services and Markets Act 2000: investment companies.

#### Costs of establishing share option or profit sharing schemes: relief.

#### Costs of establishing employee share ownership trusts: relief.

#### Charitable donations: contributions to agent’s expenses.

#### Restriction on relief: individuals.

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

### CHAPTER 1B — PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR

### CHAPTER 1C — LIABILITY OF TRUSTEES

#### Counselling services for employees.

#### Qualifying counselling services etc.

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

#### Income arising under settlement where settlor retains an interest.

#### Sub-funds

#### Treatment of price differential on sale and repurchase of securities.

#### Exchange gains and losses on sale and repurchase of securities

#### Persons entitled to exemptions.

#### Manufactured dividends and interest.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

#### Supplement in respect of a pre-commencement accounting period

#### Supplement in respect of a post-commencement period

## Part IV — Disallowed debits and non-trading deficits

#### Deemed interest: cash collateral under stock lending arrangements

#### About this Schedule

#### Qualifying companies

#### Supplement in respect of a pre-commencement accounting period

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### Costs of establishing share option or profit sharing schemes: relief.

#### Charitable donations: contributions to agent’s expenses.

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Treatment of certain assignments etc involving co-ownership

#### The conditions for being an excepted group life policy

#### Overseas life assurance business: life policies.

#### Counselling services for employees.

#### Statutory redundancy payments.

#### Carry-forward of unused relief under section 619.

#### Power to prescribe restrictions on approval.

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

#### Settlements made before 7th April 1965 but after 9th April 1946.

#### Share incentive plans: distributions in respect of unappropriated shares

#### Certain income not to be income of settlor etc.

#### Exceptions from sections 713 and 714

#### Application of sections 741 and 741A

#### Supplemental provisions.

#### Power to obtain information.

#### Apportionment of chargeable profits and creditable tax

#### The approved amount: mileage allowance payments

#### Qualifying companies

#### Tax year

#### Application of charges where rights to payments transferred.

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

#### Introductory.

#### The control and independence requirement

#### Substituted retirement annuity contracts.

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

#### Special provisions as to certain interests in residue.

#### Share incentive plans: distributions in respect of unappropriated shares

#### Special provisions as to certain interests in residue.

#### Liability of non-transferors.

#### Application of sections 741 and 741A

#### Exemption from sections 739 and 740 (transactions before 5th December 2005)

#### Tax year

#### Company vehicles

### Manufactured interest on UK securities: general

### Manufactured interest on gilt-edged securities etc.

#### Amount of post-commencement supplement for a post-commencement period

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Certain deficiencies allowable as deductions.

#### Tax credits under Part 1 of Tax Credits Act 2002

#### Exemption from tax in respect of qualifying premiums.

#### The prescribed circumstances.

#### Meaning of “interest”, “transfers with or without accrued interest” etc.

#### Income arising under settlement where settlor retains an interest.

#### Payments to unmarried minor children of settlor.

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

#### Cancellation of tax advantage.

#### Exception for sale and repurchase of securities.

#### Section 751A: supplementary

#### Reduction in chargeable profits for certain financing income

#### Determinations requiring the sanction of the Board.

#### Effect of notice under section 804ZA

#### Section 751A: supplementary

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Introduction

#### The approved amount: mileage allowance payments

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Exemptions and reliefs in respect of income from investments etc. of certain pension schemes.

#### Revocable settlements allowing release of obligation.

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

#### Exceptions from sections 713 and 714

#### Reduction in chargeable profits for certain financing income

#### Reduction in chargeable profits: failure to qualify for exemptions

#### Reduction in chargeable profits following an exempt period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Company vehicles

#### Introduction

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### “A significant amount of time”

#### Section 87(2) and (3) and reductions in receipts under ITTOIA 2005

#### “The individual’s contribution to the trade”

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

#### The trading requirement

#### The control and independence requirement

#### Sub-funds

#### Payments under discretionary trusts.

#### Certain income not to be income of settlor etc.

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

#### Trading stock.

#### Information.

### Introductory

### Payments and other benefits to which section 148 applies

### Payments and other benefits excluded from charge under section 148

### Application of £30,000 threshold

### Exclusion or reduction of charge in case of foreign service

### Valuation of benefits

### Notional interest treated as paid if amount charged in respect of beneficial loan

### Giving effect to the charge to tax

### Reporting requirements

### Interpretation

#### Relevant interests.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

#### About this Schedule

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

#### Unrealised interest in default

#### Treatment of price differential on sale and repurchase of securities.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Qualifying companies

#### Qualifying interests in land held jointly

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

#### Nominees, trustees etc.

#### Information.

#### Company vehicles

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The non-qualifying pool

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

#### Unrealised interest in default

#### Treatment of price differential on sale and repurchase of securities.

#### Transfers of rights to receive distributions in respect of shares

#### Qualifying vehicles

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Variable interest rate.

#### Introduction

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Tax credits under Part 1 of Tax Credits Act 2002

#### Payments under discretionary trusts.

#### Certain income not to be income of settlor etc.

#### Application to Scotland.

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

#### Deemed manufactured payments: further provisions.

#### Supplemental provisions.

### The appropriate percentage

### Car with CO2 emissions figure

### The lower threshold

### Bi-fuel cars

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a post-commencement period

#### The non-qualifying pool

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

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

#### Nominees, trustees etc.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Revocable settlements allowing release of obligation.

#### Amount of post-commencement supplement for a post-commencement period

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

#### About this Schedule

#### Amount of post-commencement supplement for a post-commencement period

#### About this Schedule

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Qualifying companies

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

#### Arrangements made under old law.

#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Supplement in respect of a pre-commencement accounting period

#### Supplement in respect of a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### “The individual’s contribution to the trade”

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

#### Reduction of United Kingdom taxes by amount of credit due.

#### Dividends paid out of transferred profits.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a pre-commencement accounting period

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Special rule for computing chargeable profits.

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

#### The Arbitration Convention.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Insurance companies carrying on more than one category of business: restriction of credit.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Section 87(2) and (3) and reductions in receipts under ITTOIA 2005

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

#### Liability of non-transferors.

#### Power to modify sections 727A, 730A, 730BB and 737A to 737C

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

#### Reduction of United Kingdom taxes by amount of credit due.

#### Interest: special relationship.

#### Section 796: trade income

#### Effect of notice under section 804ZA

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The non-qualifying pool

#### About this Schedule

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

#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.

#### Section 796: trade income

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The non-qualifying pool

#### About this Schedule

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Amount of post-commencement supplement for a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Conventional basis: general charge on receipts after discontinuance . . . .

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

#### Schemes and arrangements designed to increase relief

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.

#### Section 796: trade income

#### Arrangements made under old law.

#### Reduction of United Kingdom taxes by amount of credit due.

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

#### VAT penalties etc.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Supplement in respect of a pre-commencement accounting period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Conventional basis: general charge on receipts after discontinuance . . . .

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

#### Arrangements made under old law.

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

#### Interpretation of this Act.

#### Qualifying vehicles

#### Introduction

#### Qualifying companies

#### Amount of post-commencement supplement for a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

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

#### Interpretation of Income Tax Acts.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### Allowable deductions.

#### Partners: meaning of “contribution to the trade”

#### Separate streaming of dividend so far as representing an ADP dividend of a CFC.

#### Territorial sea and designated areas.

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

#### Qualifying trade, profession or vocation

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The approved amount: passenger payments

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Restriction on relief: individuals.

#### Partners: meaning of “contribution to the trade”

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Definitions.

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

#### Separate streaming of dividend so far as representing an ADP dividend of a CFC.

#### Interest on tax overpaid.

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

##### 468A

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

##### 468A

- (1) In relation to an open-ended investment company the rate of corporation tax for the financial year 2005 and subsequent financial years shall be deemed to be the rate at which income tax at the lower rate is charged for the year of assessment which begins on 6th April in the financial year concerned (and sections 13, 13AA and 13AB shall not apply).

- (2) In this section “*open-ended investment company*” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.

- (3) Each of the parts of an umbrella company shall be regarded for the purposes of this section as an open-ended investment company and the umbrella company as a whole shall not be so regarded (and shall not, unless an enactment expressly provides otherwise, be regarded as a company for any other purpose of the Tax Acts).

- (4) In subsection (3) “*umbrella company*” means an open-ended investment company—

- (a) in respect of which the instrument of incorporation provides arrangements for separate pooling of the contributions of the shareholders and the profits or income out of which payments are to be made to them, and

- (b) the shareholders of which are entitled to exchange rights in one pool for rights in another,

and a reference to part of an umbrella company is a reference to a separate pool.

#### Insurance companies: allocation of expenses etc in computations under Case I of Schedule D.

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying trade, profession or vocation

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Interpretation of the Corporation Tax Acts.

#### Meaning of “research and development”.

#### Meaning of “UK property business” and “overseas property business”

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

#### How averaging claim is given effect

#### Levies and repayments under the Financial Services and Markets Act 2000.

#### Costs of establishing share option or profit sharing schemes: relief.

#### Payments to trustees of approved profit sharing schemes.

#### Charitable donations: contributions to agent’s expenses.

#### Restriction on relief: individuals.

#### How averaging claim is given effect

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Accounting periods

#### Amount of post-commencement supplement for a post-commencement period

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

### CHAPTER 1B — PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR

### CHAPTER 1C — LIABILITY OF TRUSTEES

#### Qualifying courses of training etc.

#### Qualifying counselling services etc.

#### Meaning of “research and development”.

#### Meaning of “investment LLP” and “property investment LLP”

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

#### Income arising under settlement where settlor retains an interest.

#### Application of section 739 and 740

#### Treatment of price differential on sale and repurchase of securities.

#### Interpretation of section 730A.

#### Dealers in securities.

#### Manufactured dividends and interest.

#### Qualifying trade, profession or vocation

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

#### Supplement in respect of a pre-commencement accounting period

#### Supplement in respect of a post-commencement period

## Part IV — Disallowed debits and non-trading deficits

#### Deemed interest: cash collateral under stock lending arrangements

#### Deemed manufactured payments in the case of stock lending arrangements.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Qualifying companies

#### Supplement in respect of a pre-commencement accounting period

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### Costs of establishing share option or profit sharing schemes: relief.

#### Charitable donations: contributions to agent’s expenses.

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Treatment of certain assignments etc involving co-ownership

#### The conditions for being an excepted group life policy

#### Overseas life assurance business: life policies.

#### Counselling services for employees.

#### Expenditure on car hire: supplementary

#### Sponsored superannuation schemes and controlling directors.

#### Personal pension arrangements with more than one pension date etc.

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

#### Settlements made before 7th April 1965 but after 9th April 1946.

#### Settlements made after 6th April 1965.

#### Certain distributions to be treated as income to which section 686 applies.

#### Certain income not to be income of settlor etc.

#### Exceptions from sections 713 and 714

#### Exemption from sections 739 and 740 (transactions on or after 5th December 2005)

#### Supplemental provisions.

#### No duplication of charge.

#### Apportionment of chargeable profits and creditable tax

#### The approved amount: mileage allowance payments

#### Qualifying vehicles

#### Qualifying companies

#### Employment

#### Treatment of receipts as earned income.

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

#### Introductory.

#### The control and independence requirement

#### Substituted retirement annuity contracts.

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

#### Special provisions as to certain interests in residue.

#### Share incentive plans: distributions in respect of unappropriated shares

#### Supplementary provisions as to absolute interests in residue.

#### Prevention of avoidance of income tax.

#### Application of sections 741 and 741A

#### Exemption from sections 739 and 740 (transactions before 5th December 2005)

#### Tax year

#### The approved amount: passenger payments

### Manufactured interest on UK securities: general

### Manufactured interest on gilt-edged securities etc.

#### Amount of post-commencement supplement for a post-commencement period

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Section 548A: further definitions

#### Tax credits under Part 1 of Tax Credits Act 2002

#### Termination of relief under this Chapter, and transitional provisions.

#### The prescribed circumstances.

#### Income arising under settlement where settlor retains an interest.

#### Payments to unmarried minor children of settlor.

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

#### Cancellation of tax advantage.

#### Exception for sale and repurchase of securities.

#### Section 751A: supplementary

#### Reduction in chargeable profits for certain financing income

#### Determinations requiring the sanction of the Board.

#### Effect of notice under section 804ZA

#### Section 751A: supplementary

#### The non-qualifying pool

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Introduction

#### The approved amount: mileage allowance payments

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Parliamentary pension funds.

#### Revocable settlements allowing release of obligation.

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

#### Treatment of deemed sums and reliefs.

#### Reduction in chargeable profits for certain financing income

#### Reduction in chargeable profits: failure to qualify for exemptions

#### Reduction in chargeable profits following an exempt period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Company vehicles

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### “A significant amount of time”

#### Section 87(2) and (3) and reductions in receipts under ITTOIA 2005

#### “A significant amount of time”

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

#### The trading requirement

#### Ceasing to meet the trading requirement because of administration or receivership

#### Sub-funds

#### Payments under discretionary trusts.

#### Certain income not to be income of settlor etc.

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

#### Death.

#### Exception for sale and repurchase of securities.

### Introductory

### Payments and other benefits to which section 148 applies

### Payments and other benefits excluded from charge under section 148

### Application of £30,000 threshold

### Exclusion or reduction of charge in case of foreign service

### Valuation of benefits

### Notional interest treated as paid if amount charged in respect of beneficial loan

### Giving effect to the charge to tax

### Reporting requirements

### Interpretation

#### Apportionment of chargeable profits and creditable tax

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

#### About this Schedule

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

#### Unrealised interest in default

#### Treatment of price differential on sale and repurchase of securities.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Qualifying companies

#### Gifts of shares, securities and real property to charities etc

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

#### Nominees, trustees etc.

#### Information.

#### Company vehicles

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The non-qualifying pool

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

#### Interest in default.

#### Treatment of price differential on sale and repurchase of securities.

#### Sale and repurchase of securities.

#### Qualifying vehicles

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Transfer of unrealised interest.

#### Introduction

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Tax credits under Part 1 of Tax Credits Act 2002

#### Application of section 686D where settlor has made more than one settlement

#### Schedule 4 directions.

#### Interpretation.

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

#### Interpretation of section 737A.

#### Supplemental provisions.

### The appropriate percentage

### Car with CO2 emissions figure

### The lower threshold

### Bi-fuel cars

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a post-commencement period

#### The non-qualifying pool

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

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

#### Nominees, trustees etc.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Revocable settlements allowing release of obligation.

#### Amount of post-commencement supplement for a post-commencement period

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

#### About this Schedule

#### Amount of post-commencement supplement for a post-commencement period

#### About this Schedule

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Qualifying companies

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

#### Arrangements made under old law.

#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Supplement in respect of a pre-commencement accounting period

#### Supplement in respect of a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### “The individual’s contribution to the trade”

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

#### Reduction of United Kingdom taxes by amount of credit due.

#### Dividends paid out of transferred profits.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a pre-commencement accounting period

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Special rule for computing chargeable profits.

#### Imputation of chargeable profits and creditable tax of controlled foreign companies

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

#### Mutual agreement procedure and presentation of cases under arrangements.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Insurance companies carrying on more than one category of business: restriction of credit.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Section 87(2) and (3) and reductions in receipts under ITTOIA 2005

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

#### Liability of non-transferors.

#### Power to provide for manufactured payments to be eligible for relief.

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

#### Interpretation of credit code.

#### Interest: special relationship.

#### Section 796: trade income

#### Schemes and arrangements designed to increase relief

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The non-qualifying pool

#### About this Schedule

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

#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.

#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The non-qualifying pool

#### About this Schedule

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Amount of post-commencement supplement for a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Conventional basis: general charge on receipts after discontinuance . . . .

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

#### Schemes and arrangements designed to increase relief

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.

#### Section 796: trade income

#### Arrangements made under old law.

#### Reduction of United Kingdom taxes by amount of credit due.

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

#### VAT penalties etc.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### Supplement in respect of a pre-commencement accounting period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Conventional basis: general charge on receipts after discontinuance . . . .

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

#### Relief by agreement with other territories.

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

#### Interpretation of this Act.

#### Qualifying vehicles

#### Introduction

#### Qualifying companies

#### Amount of post-commencement supplement for a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Supplement in respect of a post-commencement period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

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

#### Interpretation of Income Tax Acts.

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### Allowable deductions.

#### Partners: meaning of “contribution to the trade”

#### Dividends paid out of transferred profits.

#### Territorial sea and designated areas.

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

#### Qualifying trade, profession or vocation

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### The approved amount: passenger payments

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying companies

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Restriction on relief: companies.

#### Meaning of “relevant loss” in section 118ZN

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Definitions.

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

#### Separate streaming of dividend so far as representing an ADP dividend of a CFC.

#### Interest on tax overpaid.

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Accounting periods

#### The mixed pool of qualifying E&A expenditure and supplement previously allowed

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

##### 468A

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

##### 468A

- (2) In this section “*open-ended investment company*” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.

- (4) In subsection (3) “*umbrella company*” means an open-ended investment company—

- (b) the shareholders of which are entitled to exchange rights in one pool for rights in another,

and a reference to part of an umbrella company is a reference to a separate pool.

#### Insurance companies carrying on more than one category of business: restriction of credit.

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

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Qualifying trade, profession or vocation

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### Interpretation of the Corporation Tax Acts.

#### Meaning of “research and development”.

#### Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D)

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

#### How averaging claim is given effect

#### Adjustment of profits on averaging claim

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Accounting periods

#### Amount of post-commencement supplement for a post-commencement period

#### Supplement in respect of a pre-commencement accounting period

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

#### “Annual value” of land.

#### Local authorities.

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

#### Introduction

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### About this Schedule

#### Supplement in respect of a post-commencement period

#### The pool of qualifying E&A losses and the pool of non-qualifying losses

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2006-01-06

Income and Corporation Taxes Act 1988

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2005-12-27

Income and Corporation Taxes Act 1988

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2005-12-05

Income and Corporation Taxes Act 1988

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2005-11-01

Income and Corporation Taxes Act 1988

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2005-10-05

Income and Corporation Taxes Act 1988

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2005-09-27

Income and Corporation Taxes Act 1988

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2005-08-12

Income and Corporation Taxes Act 1988

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2005-08-11

Income and Corporation Taxes Act 1988

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2005-08-03

Income and Corporation Taxes Act 1988

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2005-07-24

Income and Corporation Taxes Act 1988

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2005-07-20

Income and Corporation Taxes Act 1988

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2005-06-08

Income and Corporation Taxes Act 1988

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2005-04-07

Income and Corporation Taxes Act 1988

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2005-04-06

Income and Corporation Taxes Act 1988

original version Text at this date