LegalizeReform history
Income and Corporation Taxes Act 1988
100 versions
· 1988-02-09
2022-07-14
Income and Corporation Taxes Act 1988
2019-07-05
Income and Corporation Taxes Act 1988
2019-02-12
Income and Corporation Taxes Act 1988
2017-11-16
Income and Corporation Taxes Act 1988
2017-04-27
Income and Corporation Taxes Act 1988
2017-04-06
Income and Corporation Taxes Act 1988
2016-12-14
Income and Corporation Taxes Act 1988
2016-09-15
Income and Corporation Taxes Act 1988
2016-08-12
Income and Corporation Taxes Act 1988
2016-06-16
Income and Corporation Taxes Act 1988
2015-03-26
Income and Corporation Taxes Act 1988
2015-02-12
Income and Corporation Taxes Act 1988
2014-08-01
Income and Corporation Taxes Act 1988
2014-07-17
Income and Corporation Taxes Act 1988
2014-01-01
Income and Corporation Taxes Act 1988
2013-07-17
Income and Corporation Taxes Act 1988
2013-04-06
Income and Corporation Taxes Act 1988
2012-07-17
Income and Corporation Taxes Act 1988
Changes on 2012-07-17
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### Corporation tax
#### Savings, transitional provisions, consequential amendments and repeals.
#### Qualifying vehicles
##### 6
@@ -64,7 +64,7 @@
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#### Appeals against Board’s notices under section 703.
#### The pool of qualifying E&A losses and the pool of non-qualifying losses
##### 9
@@ -638,6310 +638,5242 @@
##### 76
- (1) In computing for the purposes of corporation tax the profits for any accounting period of a company—
- (a) which carries on life assurance business, and
- (b) which is charged to tax in respect of that business under the I minus E basis,
sections 1219 to 1223 of CTA 2009 (expenses of management of a company's investment business) do not apply in computing the profits of that business, but a deduction for expenses payable (the “expenses deduction”) is to be allowed in accordance with the following provisions of this section.
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- (2) The expenses deduction is to be made from so much of the income and gains of the accounting period referable to basic life assurance and general annuity business as remains after any deduction falling to be made by virtue of section 388 of CTA 2009 (basic rule: deficit set off against income and gains of deficit period).
- (3) For the purposes of this section “*expenses payable*” means expenses brought into account in line 12, 22 or 25 of Form 40 (the revenue account) in the periodical return of the company for a period of account, but does not include any of the amounts falling within subsection (4), (5) or (6) below.
- (4) The amounts falling within this subsection are the following—
- (a) reinsurance premiums,
- (b) refunds of premiums,
- (c) profit commissions and profit participations (however described),
- (d) expenses or other amounts payable, to the extent that the company’s purpose in incurring the liability to make the payment is not a business or other commercial purpose of the company.
For the purposes of paragraph (d) above, it is not one of the business or commercial purposes of a company to incur a liability to pay an amount of commission or other expenses which exceeds the amount which it could reasonably be expected to pay if the company were charged to tax under section 35 of CTA 2009 (charge on trade profits) in respect of its life assurance business.
- (5) The amounts falling within this subsection are any amounts payable in connection with a policy or contract to—
- (a) a policy holder or annuitant under the policy or contract (except where the policy holder is an insurance company),
- (b) any other person who is entitled to receive benefits under the policy or contract,
- (c) any person acting on behalf of a person falling within paragraph (a) or (b) above,
- (d) the personal representatives of a deceased person who fell within paragraphs (a) to (c) above.
- (6) The amounts falling within this subsection are expenses of a capital nature.
But this subsection does not apply in the case of an amount which, by virtue of any provision of the Tax Acts other than this section, falls to be treated for the purposes of this section as expenses payable which fall to be brought into account at Step 1 in subsection (7) below (the reference to Step 1 being express in the provision).
- (7) The amount of the expenses deduction for an accounting period is found by taking the following steps—
- *Step 1*
- Find so much of the expenses payable as are—attributable to basic life assurance and general annuity business (see subsection (8) below), andreferable to the accounting period (see subsection (9) below).
- *Step 2*
- Reduce each of the amounts found at Step 1 by excluding so much of the amount as is—deductible in computing, for corporation tax purposes, the profits of a UK property business,deductible by virtue of section 85(2B) of the Finance Act 1989, . . . deductible by virtue of section 272 of CTA 2009 in computing income from the letting of rights to work minerals in the United Kingdom, orrequired to be deducted by subsection (9A) below.
- *Step 3*
- Find the amounts (so far as not included at Step 1) which fall to be treated for the purposes of this section as expenses payable for the accounting period by virtue of any of the following provisions—
- section 432AB(3) (Schedule A loss or an overseas property business loss referable to basic life assurance and general annuity business);
- section 437(1A) (relief for income element of new annuities);
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#### Incidental costs of obtaining loan finance
##### 77
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#### Discounted bills of exchange
##### 78
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#### Contributions to local enterprise agencies
##### 79
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#### Expenses connected with foreign trades etc
##### 80
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#### Travel between trades etc
##### 81
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#### Interest paid to non-residents
##### 82
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#### Patent fees etc. and expenses
##### 83
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#### Payments for technical education
##### 84
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#### Payments to trustees of approved profit sharing schemes
##### 85
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#### Employees seconded to charities and educational establishments
##### 86
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#### Taxable premiums etc
##### 87
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#### Payments to Export Credit Guarantee Department
##### 88
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#### Debts proving irrecoverable after event treated as discontinuance
##### 89
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#### Additional payments to redundant employees
##### 90
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#### Cemeteries
##### 91
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### Treatment of regional development and other grants and debts released etc.
#### Regional development grants
##### 92
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#### Other grants under Industrial Development Act 1982 etc
##### 93
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#### Debts deducted and subsequently released
##### 94
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#### Taxation of dealer’s receipts on purchase by company of own shares
##### 95
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### Special provisions
#### Farming and market gardening: relief for fluctuating profits
##### 96
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#### Treatment of farm animals etc
##### 97
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#### Tied premises
##### 98
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#### Dealers in land
##### 99
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### CHAPTER VI — DISCONTINUANCE . . .
### Valuation of trading stock etc.
#### Valuation of trading stock at discontinuance of trade
##### 100
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#### Valuation of work in progress at discontinuance of profession or vocation
##### 101
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#### Provisions supplementary to sections 100 and 101
##### 102
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### Case VI charges on receipts
#### Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis
##### 103
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#### Conventional basis: general charge on receipts after discontinuance or change of basis
##### 104
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#### Allowable deductions
##### 105
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#### Application of charges where rights to payments transferred
##### 106
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### Reliefs
#### Treatment of receipts as earned income
##### 107
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#### Election for carry-back
##### 108
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#### Charge under section 104: relief for individuals born before 6th April 1917
##### 109
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### Supplemental
#### Interpretation etc
##### 110
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### CHAPTER VII — PARTNERSHIPS AND SUCCESSIONS
### General
#### Partnership assessments to income tax
##### 111
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partnerships controlled abroad
##### 112
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#### Effect, for income tax, of change in ownership of trade, profession or vocation
##### 113
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### Partnerships involving companies
#### Special rules for computing profits and losses
##### 114
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#### Provisions supplementary to section 114
##### 115
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#### Arrangements for transferring relief
##### 116
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### Limited partners
#### Restriction on relief: individuals
##### 117
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#### Restriction on relief: companies
##### 118
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### CHAPTER VIII — MISCELLANEOUS AND SUPPLEMENTAL
#### Rent etc. payable in connection with mines, quarries and similar concerns
##### 119
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#### Rent etc. payable in respect of electric line wayleaves
##### 120
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#### Management expenses of owner of mineral rights
##### 121
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#### Relief in respect of mineral royalties
##### 122
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#### Foreign dividends
##### 123
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#### Interest on quoted Eurobonds
##### 124
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#### Annual payments for non-taxable consideration
##### 125
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#### Treasury securities issued at a discount
##### 126
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#### Enterprise allowance
##### 127
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#### Commodity and financial futures etc.: losses and gains
##### 128
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stock lending
##### 129
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#### Meaning of “investment company” for purposes of Part IV
##### 130
In this Part of this Act —
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- paragraph 16(1) of Schedule 7 to the Finance Act 1991 (transitional relief for old annuities);
- “*investment company*”, means any company whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom, but includes any savings bank or other bank for savings except any which, for the purposes of the Trustee Savings Bank Act 1985, is a successor or a further successor to a trustee savings bank.
## PART V — PROVISIONS RELATING TO THE SCHEDULE E CHARGE
### CHAPTER I — SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION
### Miscellaneous provisions
#### Chargeable emoluments
##### 131
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#### Place of performance, and meaning of emoluments received in the U.K
##### 132
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#### Voluntary pensions
##### 133
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#### Workers supplied by agencies
##### 134
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### Shareholdings, loans etc.
#### Gains by directors and employees from share options
##### 135
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#### Provisions supplementary to section 135
##### 136
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#### Payment of tax under section 135 by instalments
##### 137
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#### Share acquisitions by directors and employees
##### 138
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#### Provisions supplementary to section 138
##### 139
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#### Further interpretation of sections 135 to 139
##### 140
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### Vouchers etc.
#### Non-cash vouchers
##### 141
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#### Credit-tokens
##### 142
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#### Cash vouchers taxable under P.A.Y.E
##### 143
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#### Supplementary provisions
##### 144
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### Living accommodation
#### Living accommodation provided for employee
##### 145
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#### Additional charge in respect of certain living accommodation
##### 146
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#### Occupation of Chevening House
##### 147
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### Payments on retirement, sick pay etc.
#### Payments on retirement or removal from office or employment
##### 148
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#### Sick pay
##### 149
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#### Job release scheme allowances, maternity pay and statutory sick pay
##### 150
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#### Income support etc
##### 151
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#### Notification of amount taxable under section 151
##### 152
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### CHAPTER II — EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS
### Expenses
#### Payments in respect of expenses
##### 153
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### Benefits in kind
#### General charging provision
##### 154
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#### Exceptions from the general charge
##### 155
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#### Cash equivalents of benefits charged under section 154
##### 156
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#### Cars available for private use
##### 157
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#### Car fuel
##### 158
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#### Pooled cars
##### 159
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#### Beneficial loan arrangements
##### 160
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#### Exceptions from section 160
##### 161
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#### Employee shareholdings
##### 162
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#### Expenses connected with living accommodation
##### 163
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#### Director’s tax paid by employer
##### 164
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#### Scholarships
##### 165
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### General supplementary provisions
#### Notice of nil liability under this Chapter
##### 166
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#### Meaning of “director’s or higher-paid employment”
##### 167
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#### Other interpretative provisions
##### 168
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### CHAPTER III — PROFIT-RELATED PAY
### Preliminary
#### Interpretation
##### 169
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#### Taxation of profit-related pay
##### 170
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### The relief
#### Relief from tax
##### 171
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#### Exceptions from tax
##### 172
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### Registration
#### Persons who may apply for registration
##### 173
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#### Excluded employments
##### 174
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#### Applications for registration
##### 175
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#### Registration
##### 176
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#### Change of scheme employer
##### 177
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#### Cancellation of registration
##### 178
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### Administration
#### Recovery of tax from scheme employer
##### 179
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#### Annual returns etc
##### 180
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#### Other information
##### 181
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#### Appeals
##### 182
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### Supplementary
#### Partnerships
##### 183
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#### Independent accountants
##### 184
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### CHAPTER IV — OTHER EXEMPTIONS AND RELIEFS
### Share option and profit sharing schemes
#### Approved share option schemes
##### 185
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#### Approved profit sharing schemes
##### 186
- (1) The provisions of this section apply where, after 5th April 1979 and before 1st January 2003, the trustees of an approved profit sharing scheme appropriate shares—
- (a) which have previously been acquired by the trustees, and
- (b) as to which the conditions in Part II of Schedule 9 are fulfilled,
to an individual who participates in the scheme (“the participant”).
- (2) Notwithstanding that, by virtue of such an appropriation of shares as is mentioned in subsection (1) above, the beneficial interest in the shares passes to the participant to whom they are appropriated—
- (a) the value of the shares at the time of the appropriation shall be treated as not being income of his chargeable to tax under Schedule E; and
- (b) he shall not be chargeable to income tax under that Schedule by virtue of section 78 or 79 of the Finance Act 1988 in respect of the shares or by virtue of section 162 in any case where the shares are appropriated to him at an undervalue within the meaning of that section.
- (3) Subject to the provisions of this section and paragraph 4 of Schedule 10, if, in respect of or by reference to any of a participant’s shares, the trustees become or the participant becomes entitled, before the release date, to receive any money or money’s worth (“a capital receipt”), . . . the appropriate percentage (determined as at the time the trustees become or the participant becomes so entitled) of so much of the amount or value of the receipt as exceeds the appropriate allowance for that year, as determined under subsection (12) below counts as employment income of the participant for the year of assessment in which the entitlement arises.
- (4) If the trustees dispose of any of a participant’s shares at any time before the release date or, if it is earlier, the date of the participant’s death, then, subject to subsections (6) and (7) below, . . . the appropriate percentage of the locked-in value of the shares at the time of the disposal counts as employment income of the participant for the year of assessment in which the disposal takes place.
- (5) Subject to paragraphs 5 and 6(6) of Schedule 10, the locked-in value of a participant’s shares at any time is—
- (a) if prior to that time he has become entitled to a capital receipt (within the meaning of subsection (3) above) which is referable to those shares and—
- (i) an amount calculated by reference to that capital receipt counts as his employment income by virtue of subsection (3) above, or
- (ii) if the entitlement to the capital receipt arose before 6th April 2003, he was chargeable to income tax by virtue of that subsection (as it had effect before that date) in respect of that capital receipt,
the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of them; and
- (b) in any other case, their initial market value.
- (6) Subject to subsection (7) below, if, on a disposal of shares falling within subsection (4) above, the proceeds of the disposal are less than the locked-in value of the shares at the time of the disposal, subsection (4) above shall have effect as if that locked-in value were reduced to an amount equal to the proceeds of the disposal.
- (7) If, at any time prior to the disposal of any of a participant’s shares, a payment was made to the trustees to enable them to exercise rights arising under a rights issue, then, subject to subsection (8) below, subsections (4) and (6) above shall have effect as if the proceeds of the disposal were reduced by an amount equal to that proportion of that payment or, if there was more than one, of the aggregate of those payments which, immediately before the disposal, the market value of the shares disposed of bore to the market value of all the participant’s shares held by the trustees at that time.
- (8) For the purposes of subsection (7) above—
- (a) no account shall be taken of any payment to the trustees if or to the extent that it consists of the proceeds of a disposal of rights arising under a rights issue; and
- (b) in relation to a particular disposal the amount of the payment or, as the case may be, of the aggregate of the payments referred to in that subsection shall be taken to be reduced by an amount equal to the total of the reduction (if any) previously made under that subsection in relation to earlier disposals;
and any reference in subsection (7) or paragraph (a) above to the rights arising under a rights issue is a reference to rights conferred in respect of a participant’s shares, being rights to be allotted, on payment, other shares or securities or rights of any description in the same company.
- (9) If at any time the participant’s beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of the relevant provisions as having been disposed of at that time by the trustees for (subject to subsection (10) below) the like consideration as was obtained for the disposal of the beneficial interest; and for the purposes of this subsection there is no disposal of the participant’s beneficial interest if and at the time when—
- (a) in England and Wales or Northern Ireland, that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of law, or
- (b) in Scotland, that interest becomes vested in a judicial factor, in a trustee on the participant’s sequestrated estate or in a trustee for the benefit of the participant’s creditors.
- (10) If—
- (a) a disposal of shares falling within subsection (4) above is a transfer to which paragraph 2(2)(c) of Schedule 9 applies, or
- (b) any other disposal falling within that subsection is not at arm’s length,
- (c) a disposal of shares falling within that subsection is one which is treated as taking place by virtue of subsection (9) above and takes place within the period of retention,
then for the purposes of the relevant provisions the proceeds of the disposal shall be taken to be equal to the market value of the shares at the time of the disposal.
- (11) Where the trustees of an approved scheme acquire any shares as to which the requirements of Part II of Schedule 9 are fulfilled and, within the period of 18 months beginning with the date of their acquisition, those shares are appropriated in accordance with the scheme, section 686 shall not apply to income consisting of dividends on those shares received by the trustees; and, for the purpose of determining whether any shares are appropriated within that period, shares which were acquired at an earlier time shall be taken to be appropriated before shares of the same class which were acquired at a later time.
- (12) For the purposes of subsection (3) above, “*the appropriate allowance*”, in relation to any year of assessment, means a sum which, subject to a maximum of £60, is the product of multiplying £20 by 1 plus the number of years which fall within the period of three years immediately preceding the year in question and in which shares were appropriated to the participant under the scheme; and if in any year (and before the release date) the trustees become or the participant becomes entitled, in respect of or by reference to any of his shares, to more than one capital receipt, the receipts shall be set against the appropriate allowance for that year in the order in which they are received.
- (13) Schedule 10 shall have effect with respect to profit sharing schemes.
#### Interpretation of sections 185 and 186 and Schedules 9 and 10
##### 187
- (1) In sections 185 and 186, this section and Schedules 9 and 10 “*the relevant provisions*” means those sections (including this section) and Schedules.
- (2) For the purposes of the relevant provisions, except where the context otherwise requires—
- “*appropriate percentage*” shall be construed in accordance with paragraph 3 of Schedule 10;
- “*approved*”, in relation to a scheme, means approved under Schedule 9;
- “*associated company*” has the same meaning as in section 416, except that, for the purposes of paragraph 23 of Schedule 9, subsection (1) of that section shall have effect with the omission of the words “ or at any time within one year previously ”;
- “*bonus date*” has the meaning given by paragraph 17 of Schedule 9;
- “*capital receipt*” means money or money’s worth to which the trustees of or a participant in a profit sharing scheme become or becomes entitled as mentioned in section 186(3), but subject to paragraph 4 of Schedule 10;
- “*certified contractual savings scheme*” has the meaning given by section 326;
- “*control*” has the same meaning as in section 840;
- “*grantor*”, in relation to any scheme, means the company which has established the scheme;
- “*group scheme*” and, in relation to such a scheme, “*participating company*” have the meanings given by paragraph 1(3) and (4) of Schedule 9;
- “*initial market value*”, in relation to shares in a profit sharing scheme, has the meaning given by paragraph 30(4) of Schedule 9;
- “*locked-in value*”, in relation to any shares, shall be construed in accordance with section 186(5);
- “*market value*” has the same meaning as in Part VIII of the 1992 Act;
- “*new holding*” has the meaning given by section 126(1)(b) of the 1992 Act;
- “*participant*”, in relation to a profit sharing scheme, means an individual to whom the trustees of the scheme have appropriated shares;
- “*participant’s shares*”, in relation to a participant in a profit sharing scheme, means, subject to paragraph 5(4) of Schedule 10, shares which have been appropriated to the participant by the trustees;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- section 256(2)(a) of the Capital Allowances Act (capital allowances on plant and machinery used in the management of life assurance business);
- “*period of retention*” has the meaning given by paragraph 2 of Schedule 10;
- “*release date*”, in relation to any of the shares of a participant in a profit sharing scheme, means the third anniversary of the date on which they were appropriated to him;
- “*relevant amount*”, in relation to a participant in a profit sharing scheme, means an amount which is not less than £3,000 and not more than £8,000 but which, subject to that, is 10 per cent. of his salary (determined under subsection (5) below) for the year of assessment in question or the preceding year of assessment, whichever is the greater;
- “*relevant requirements*” has the meaning given by paragraph 1 of Schedule 9;
- “*savings-related share option scheme*” has the meaning given by paragraph 1 of Schedule 9;
- “*scheme*” means a savings-related share option scheme, a share option scheme which is not a savings-related share option scheme or a profit sharing scheme, as the context may require;
- “*shares*” includes stock;
- “*specified age*”, in relation to a scheme, means the age specified in pursuance of paragraph 8A of Schedule 9 as the specified age for the purposes of the scheme;
- “*the trustees*”, in relation to an approved profit sharing scheme or the shares of a participant in such a scheme, means the body of persons for the establishment of which the scheme must provide as mentioned in paragraph 30 of Schedule 9; and
- “*just instrument*”, in relation to an approved profit sharing scheme, means the instrument referred to in paragraph 30(1)(c) of Schedule 9.
- (3) For the purposes of the application of the relevant provisions in relation to any share option scheme or profit sharing scheme, a person has a material interest in a company if he, either on his own or with one or more associates, or if any associate of his with or without such other associates,—
- (a) is the beneficial owner of, or able, directly or through the medium of other companies, or by any other indirect means to control, more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the ordinary share capital of the company, or
- (b) where the company is a close company, possesses, or is entitled to acquire, such rights as would, in the event of the winding-up of the company or in any other circumstances, give an entitlement to receive more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the assets which would then be available for distribution among the participators.
- In this subsection “*associate*” has the meaning given by section 417(3) and (4) and “*participator*” has the meaning given by section 417(1).
- (4) Subsection (3) above shall have effect subject to the provisions of Part VI of Schedule 9.
- (5) For the purposes of subsection (2) above, a participant’s salary for a year of assessment means such of the emoluments of the office or employment by virtue of which he is entitled to participate in a profit sharing scheme as are liable to be paid in that year under deduction of tax pursuant to section 203 after deducting therefrom amounts included by virtue of Chapter II of this Part.
- (6) Section 839 shall apply for the purposes of the relevant provisions.
- (7) For the purposes of the relevant provisions a company is a member of a consortium owning another company if it is one of a number of companies which between them beneficially own not less than three-quarters of the other company’s ordinary share capital and each of which beneficially owns not less than one-twentieth of that capital.
- (8) Where the disposal referred to in section 186(4) is made from a holding of shares which were appropriated to the participant at different times, then, in determining for the purposes of the relevant provisions—
- (a) the initial market value and the locked-in value of each of those shares, . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) Any of the relevant provisions with respect to—
- (a) the order in which any of a participant’s shares are to be treated as disposed of for the purposes of those provisions, or
- (b) the shares in relation to which an event is to be treated as occurring for any such purpose,
shall have effect in relation to a profit sharing scheme notwithstanding any direction given to the trustees with respect to shares of a particular description or to shares appropriated to the participant at a particular time.
- (10) In the relevant provisions “*workers’ cooperative*” means a registered industrial and provident society , as defined in section 1119 of CTA 2010, which is a cooperative society and the rules of which include provisions which secure—
- (a) that the only persons who may be members of it are those who are employed by, or by a subsidiary of, the society and those who are the trustees of its profit sharing scheme; and
- (b) that, subject to any provision about qualifications for membership which is from time to time made by the members of the society by reference to age, length of service or other factors of any description, all such persons may be members of the society;
and in this subsection “*cooperative society*” has the same meaning as in section 1 of the Industrial and Provident Societies Act 1965 or, as the case may be, the Industrial and Provident Societies Act (Northern Ireland) 1969.
### Retirement benefits etc.
#### Exemptions from section 148
##### 188
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#### Lump sum benefits on retirement
##### 189
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments to Members of Parliament, Representatives to the European Parliament and others
##### 190
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Job release scheme allowances not to be treated as income
##### 191
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Foreign emoluments and earnings, pensions and certain travel facilities
#### Relief from tax for foreign emoluments
##### 192
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign earnings and travel expenses
##### 193
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other foreign travel expenses
##### 194
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Travel expenses of employees not domiciled in the United Kingdom
##### 195
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign pensions
##### 196
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Leave travel facilities for the armed forces
##### 197
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Other expenses, subscriptions etc.
#### Relief for necessary expenses
##### 198
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses necessarily incurred and defrayed from official emoluments
##### 199
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses of Members of Parliament
##### 200
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Fees and subscriptions to professional bodies, learned societies etc
##### 201
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Donations to charity: payroll deduction scheme
##### 202
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### CHAPTER V — ASSESSMENT, COLLECTION, RECOVERY AND APPEALS
#### Pay as you earn
##### 203
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### P.A.Y.E repayments
##### 204
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Assessments unnecessary in certain circumstances
##### 205
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional provision for certain assessments
##### 206
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disputes as to domicile or ordinary residence
##### 207
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## PART VI — COMPANY DISTRIBUTIONS, TAX CREDITS ETC
### CHAPTER I — TAXATION OF COMPANY DISTRIBUTIONS
#### U.K. company distributions not generally chargeable to corporation tax
##### 208
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### CHAPTER II — MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
#### Meaning of “distribution”
##### 209
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#### Bonus issue following repayment of share capital
##### 210
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#### Matters to be treated or not to be treated as repayments of share capital
##### 211
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
### Payments of interest
#### Interest etc. paid in respect of certain securities
##### 212
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Demergers
#### Exempt distributions
##### 213
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Chargeable payments connected with exempt distributions
##### 214
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#### Advance clearance by Board of distributions and payments
##### 215
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns
##### 216
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 217
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 213 to 217
##### 218
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Purchase of own shares
#### Purchase by unquoted trading company of own shares
##### 219
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions as to residence and period of ownership
##### 220
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of vendor’s interest as shareholder
##### 221
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions applicable where purchasing company is member of group
##### 222
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other conditions
##### 223
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relaxation of conditions in certain cases
##### 224
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Advance clearance of payments by Board
##### 225
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns and information
##### 226
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Associated persons
##### 227
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Connected persons
##### 228
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretative provisions
##### 229
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Stock dividends
#### Stock dividends: distributions
##### 230
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — TAX CREDITS
#### Tax credits for certain recipients of qualifying distributions
##### 231
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax credits for non-U.K. residents
##### 232
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of certain recipients of distributions and in respect of non-qualifying distributions
##### 233
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information relating to distributions
##### 234
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distributions of exempt funds etc
##### 235
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 235
##### 236
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of reliefs in respect of bonus issues
##### 237
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME
#### Interpretation of terms and collection of ACT
##### 238
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of ACT against liability to corporation tax
##### 239
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax
##### 240
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation of ACT where company receives franked investment income
##### 241
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of losses etc. against surplus of franked investment income
##### 242
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of loss brought forward, or terminal loss
##### 243
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further provisions relating to claims under section 242 or 243
##### 244
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation etc. of ACT on change of ownership of company
##### 245
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge of ACT at previous rate until new rate fixed, and changes of rate
##### 246
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS AND SUPPLEMENTAL
### Group income
#### Dividends etc. paid by one member of a group to another
##### 247
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 247
##### 248
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Stock dividends
#### Stock dividends treated as income
##### 249
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns
##### 250
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 249 and 250
##### 251
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
#### Rectification of excessive set-off etc. of ACT or tax credit
##### 252
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to modify or replace section 234(5) to (9) and Schedule 13
##### 253
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Part VI
##### 254
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Gross rate” and “gross amount” of distributions to include ACT
##### 255
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART VII — GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
### CHAPTER I — PERSONAL RELIEFS
### The reliefs
#### General
##### 256
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Personal relief
##### 257
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Widower’s or widow’s housekeeper
##### 258
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional relief in respect of children
##### 259
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of relief under section 259
##### 260
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims under sections 258 and 259 for year of marriage
##### 261
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Widows' bereavement allowance
##### 262
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dependent relatives
##### 263
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claimant depending on services of a son or daughter
##### 264
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for blind persons
##### 265
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life assurance premiums
##### 266
- (1) Subject to the provisions of this section, section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004, an eligible individual who pays any such premium as is specified in subsection (2) below . . . shall (without making any claim) be entitled to relief under this section.
- (1A) For the purposes of subsection (1) above an individual is an eligible individual if the individual—
- (a) is resident in the United Kingdom, or
- (b) meets the conditions in section 56(3) of ITA 2007.
- (2) The premiums referred to in subsection (1) above are any premiums paid by an individual under a policy of insurance or contract for a deferred annuity, where—
- (a) the payments are made to —
- (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or
- (ii) a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;
- (iv) in the case of a deferred annuity, the National Debt Commissioners; and
- (b) the insurance or, as the case may be, the deferred annuity is on the life of the individual or on the life of his spouse or civil partner; and
- (c) the insurance or contract was made by him or his spouse or civil partner.
- (3) Subject to subsections . . . (10) and (11) below, no relief under this section shall be given—
- (a) except in respect of premiums payable under policies for securing a capital sum on death, whether in conjunction with any other benefit or not;
- (b) in respect of premiums payable under any policy issued in respect of an insurance made after 19th March 1968 unless the policy is a qualifying policy;
- (c) in respect of premiums payable under any policy issued in respect of an insurance made after 13th March 1984 . . . ;
- (d) in respect of premiums payable during the period of deferment in respect of a policy of deferred assurance.
- (4) Subject to subsection (8) below, relief under this section in respect of any premiums paid by an individual in a year of assessment shall be given by making good to the person to whom they are paid any deficiency arising from the deductions authorised under subsection (5) below; and this section and Schedule 14 shall have effect in relation to any premium or part of a premium which is paid otherwise than in the year of assessment in which it becomes due and payable as if it were paid in that year.
- (5) Subject to the provisions of Schedule 14—
- (a) an individual resident in the United Kingdom who is entitled to relief under this section in respect of any premium may deduct from any payment in respect of the premium and retain an amount equal to 12.5 per cent of the payment; and
- (b) the person to whom the payment is made shall accept the amount paid after the deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made and may recover the deficiency from the Board.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) Where the individual is not resident in the United Kingdom (but is entitled to relief by virtue of subsection (1A)(b)), subsection (4) above shall not apply but . . . the like relief shall be given to him under paragraph 6 of Schedule 14.
- (9) Subsections (5) and (8) above shall apply in relation to an individual who is not resident in the United Kingdom but is a member of the armed forces of the Crown or the spouseor civil partner of such a member as if the individual were so resident.
- (10) Subsection (3)(b) above shall not apply—
- (a) to any policy of life insurance having as its sole object the provision on an individual’s death or disability of a sum substantially the same as any amount then outstanding under a mortgage of his residence, or of any premises occupied by him for the purposes of a business, being a mortgage the principal amount secured by which is repayable by instalments payable annually or at shorter regular intervals; or
- (b) to any policy of life insurance issued in connection with an approved scheme as defined in Chapter I of Part XIV.
- (11) Subsection (3)(a) and (d) above shall not affect premiums payable—
- (a) under policies or contracts made in connection with any superannuation or bona fide pension scheme for the benefit of the employees of any employer, or of persons engaged in any particular trade, profession, vocation or business, or for the benefit of the spouse, civil partner, widow, widower , surviving civil partner or children or other dependants of any such employee or person, or
- (b) under policies taken out by teachers in the schools known in the year 1918 as secondary schools, pending the establishment of a superannuation or pension scheme for those teachers.
- (12) Schedule 14 shall have effect for the purpose of modifying, for certain cases, and supplementing the provisions of this section.
- (13) In . . . Schedule 14, “*friendly society*” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).
- (14) In subsection (2)(a)—
- “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
- “member of the society” has the same meaning as in Lloyd’s Act 1982 .
#### Qualifying policies
##### 267
Schedule 15, Part I of which contains the basic rules for determining whether or not a policy is a qualifying policy, Part II of which makes provision for the certification etc. of policies as qualifying policies and Part III of which modifies Parts I and II in their application to certain policies issued by non-resident companies, shall have effect for the purpose of determining whether or not a policy is a qualifying policy; and, accordingly, any reference in this Act to a qualifying policy shall be construed in accordance with that Schedule.
#### Early conversion or surrender of life policies
##### 268
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Surrender etc. of policies after four years
##### 269
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 268 and 269
##### 270
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deemed surrender in cases of certain loans
##### 271
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Collection of sums payable under sections 268 and 269
##### 272
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments securing widows' and children’s annuities
##### 273
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limits on relief under sections 266 and 273
##### 274
- (1) The aggregate of the premiums . . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater.
- (2) The aggregate of the relief given under section 266 in respect of premiums . . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at 12.5% on £100.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section.
### Supplemental
#### Meaning of “relative”
##### 275
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Effect on relief of charges on income
##### 276
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partners
##### 277
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non-residents
##### 278
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — TAXATION OF INCOME OF SPOUSES AND CIVIL PARTNERS
### General rules
#### Aggregation of wife’s income with husband's
##### 279
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer of reliefs
##### 280
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax repayments to wives
##### 281
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Construction of references to married women living with their husbands
##### 282
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Separate assessments
#### Option for separate assessment
##### 283
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Effect of separate assessment on personal reliefs
##### 284
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Collection from wife of tax assessed on husband but attributable to her income
##### 285
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Right of husband to disclaim liability for tax on deceased wife’s income
##### 286
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Separate taxation
#### Separate taxation of wife’s earnings
##### 287
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Elections under section 287
##### 288
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — ENTERPRISE INVESTMENT SCHEME
#### The relief
##### 289
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Minimum and maximum subscriptions
##### 290
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Individuals qualifying for relief
##### 291
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Parallel trades
##### 292
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying companies
##### 293
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies with interests in land
##### 294
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Valuation of interests in land for purposes of section 294(1)(b)
##### 295
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 294 disapplied where amounts raised total £50,000 or less
##### 296
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying trades
##### 297
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 293 and 297
##### 298
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disposal of shares
##### 299
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Value received from company
##### 300
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 300
##### 301
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Replacement capital
##### 302
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Value received by persons other than claimants
##### 303
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Husband and wife
##### 304
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reorganisation of share capital
##### 305
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims
##### 306
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Withdrawal of relief
##### 307
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application to subsidiaries
##### 308
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further provisions as to subsidiaries
##### 309
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 310
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Nominees, bare trustees and approved investment funds
##### 311
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter III
##### 312
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — SPECIAL PROVISIONS
#### Taxation of consideration for certain restrictive undertakings
##### 313
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Divers and diving supervisors
##### 314
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Wounds and disability pensions
##### 315
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances, bounties and gratuities
##### 316
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Victoria Cross and other awards
##### 317
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other pensions in respect of death due to war service etc
##### 318
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Crown servants: foreign service allowance
##### 319
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commonwealth Agents-General and official agents etc
##### 320
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consuls and other official agents
##### 321
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consular officers and employees
##### 322
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Visiting forces
##### 323
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Designated international organisations
##### 324
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on deposits with National Savings Bank
##### 325
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest etc. under contractual savings schemes
##### 326
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disabled person’s vehicle maintenance grant
##### 327
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funds in court
##### 328
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on damages for personal injuries
##### 329
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Compensation for National-Socialist persecution
##### 330
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scholarship income
##### 331
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenditure and houses of ministers of religion
##### 332
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Personal equity plans
##### 333
Regulations under Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans) may include provision generally for the purpose of the administration of corporation tax in relation to plans.
### CHAPTER V — RESIDENCE OF INDIVIDUALS
#### Commonwealth citizens and others temporarily abroad
##### 334
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Residence of persons working abroad
##### 335
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Temporary residents in the United Kingdom
##### 336
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART VIII — TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
### Taxation of income
#### Companies beginning or ceasing to carry on a trade
##### 337
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowance of charges on income and capital
##### 338
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income: donations to charity
##### 339
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income: interest payable to non-residents
##### 340
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments of interest etc. between related companies
##### 341
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax on company in liquidation
##### 342
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company reconstructions without a change of ownership
##### 343
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company reconstructions: supplemental
##### 344
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chargeable gains
#### Computation of chargeable gains
##### 345
#### Capital distribution of chargeable gains: recovery of tax from shareholder
##### 346
#### Tax on one member of group recoverable from another member
##### 347
## PART IX — ANNUAL PAYMENTS AND INTEREST
### Annual payments
#### Payments out of profits or gains brought into charge to income tax: deduction of tax
##### 348
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments not out of profits or gains brought into charge to income tax, and annual interest
##### 349
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax where payments made under section 349
##### 350
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Small maintenance payments
##### 351
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certificates of deduction of tax
##### 352
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Relief for payments of interest (excluding MIRAS)
#### General provision
##### 353
- (1) Where a person pays interest in any year of assessment, that person, if he makes a claim to the relief, shall for that year of assessment be entitled (subject to . . . section 52 of ITTOIA 2005) to relief in accordance with this section in respect of so much (if any) of the amount of that interest as is eligible for relief under this section by virtue of section 365.
- (1A) Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.
- (1AA) The amount of the tax reduction is 23% of the amount of the interest.
- (1AB) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.
- (1B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1E) Where any person is entitled for any year of assessment to relief . . . in respect of any amount of interest as is eligible for that relief partly as mentioned in subsection (1A) above and partly as mentioned in section 383 of ITA 2007 (relief for interest payments), that amount of interest shall be apportioned between the cases to which each of those provisions applies without regard to what parts of the total amount borrowed remain outstanding but according to . . . —
- (a) the proportions of the total amount borrowed which were applied for different purposes; . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies.
- (1F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) This section does not apply to a payment of relevant loan interest to which section 369 applies.
- (3) Relief under this section shall not be given in respect of—
- (a) interest on a debt incurred by overdrawing an account or by debiting the account of any person as the holder of a credit card or under similar arrangements; or
- (b) where interest is paid at a rate in excess of a reasonable commercial rate, so much of the interest as represents the excess.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loans to buy land etc
##### 354
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Matters excluded from section 354
##### 355
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Job-related accommodation
##### 356
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limit on amount of loan eligible for relief by virtue of section 354
##### 357
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where borrower deceased
##### 358
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy machinery or plant
##### 359
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy interest in close company
##### 360
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy interest in co-operative or employee-controlled company
##### 361
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy into partnership
##### 362
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 360 to 362
##### 363
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to pay inheritance tax
##### 364
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy life annuity
##### 365
- (1) Subject to the following provisions of this section, interest is eligible for relief under section 353 if it is interest on a loan in respect of which the following conditions are satisfied—
- (aa) that the loan was made before 9th March 1999;
- (a) that the loan was made as part of a scheme under which not less than nine-tenths of the proceeds of the loan were applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons (“*the annuitants*”) who include the person to whom the loan was made;
- (b) that at the time the loan was made the person to whom it was made or each of the annuitants had attained the age of 65 years;
- (c) that the loan was secured on land in the United Kingdom or the Republic of Ireland and the person to whom it was made or one of the annuitants owns an estate or interest in that land; and
- (d) that, if the loan was made after 26th March 1974, the person to whom it was made or each of the annuitants used the land on which it was secured as his only or main residence immediately before 9th March 1999 .
- (1AA) Where—
- (a) a loan made on or after 9th March 1999 was made in pursuance of an offer made by the lender before that date, and
- (b) the offer was either in writing or evidenced by a note or memorandum made by the lender before that date,
the loan shall be deemed for the purposes of subsection (1)(aa) above to have been made before that date.
- (1AB) Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall be treated as satisfied in relation to a loan (“*the new loan*”) if—
- (a) the new loan was made on or after the day on which the Finance Act 1999 was passed;
- (b) the new loan was made as part of a scheme (“*the scheme*”) under which the whole or any part of the proceeds of the loan was used to defray money applied in paying off another loan (“*the old loan*”); and
- (c) the conditions in subsection (1) above were, or were treated by virtue of this subsection as, satisfied with respect to the old loan.
- (1AC) If only part of the proceeds of the new loan was used to defray money applied in paying off the old loan, subsection (1AB) above applies only if, under the scheme, not less than nine-tenths of the remaining part of the proceeds of the new loan was applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons who include him.
- (1AD) In subsection (1AC) above “*the remaining part*” means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan.
- (1A) The condition in subsection (1)(d) above shall be treated as satisfied in relation to a loan if—
- (a) the person to whom the loan was made, or any of the annuitants, ceased to use the land as his only or main residence at a time falling within the period of twelve months ending with 8th March 1999, and
- (b) the intention at that time of the person to whom the loan was made, or each of the annuitants owning an estate or interest in the land, was to take steps, before the end of the period of twelve months after the day on which the land ceased to be so used, with a view to the disposal of his estate or interest.
- (1B) If it appears to the Board reasonable to do so, having regard to all the circumstances of a particular case, they may direct that in relation to that case subsection (1A) above shall have effect as if for the reference to 12 months there were substituted a reference to such longer period as meets the circumstances of that case.
- (2) Interest is not eligible for relief by virtue of this section unless it is payable by the person to whom the loan was made or by one of the annuitants.
- (3) If the loan was made after 26th March 1974 interest on it is eligible for relief by virtue of this section only to the extent that the amount on which it is payable does not exceed the sum of £30,000; and if the interest is payable by two or more persons the interest payable by each of them is so eligible only to the extent that the amount on which it is payable does not exceed such amount as bears to that sum the same proportion as the interest payable by him bears to the interest payable by both or all of them.
#### Information
##### 366
- (1) A person who claims relief under section 353 in respect of any payment of interest shall furnish to the inspector a statement in writing by the person to whom the payment is made, showing—
- (a) the date when the debt was incurred;
- (b) the amount of the debt when incurred;
- (c) the interest paid in the year of assessment for which the claim is made . . . ; and
- (d) the name and address of the debtor.
- (2) Where any such interest as is mentioned in section 353 is paid, the person to whom it is paid shall, if the person who pays it so requests in writing, furnish him with such statement as regards that interest as is mentioned in subsection (1) above; and the duty imposed by this subsection shall be enforceable at the suit or instance of the person making the request.
- (3) Subsections (1) and (2) above do not apply to interest paid to a building society, or to a local authority.
#### Provisions supplementary to sections 354 to 366
##### 367
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In section 365(3) references to the qualifying maximum for the year of assessment are references to such sum as Parliament may determine for the purpose for that year.
#### Exclusion of double relief etc
##### 368
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mortgage interest relief at source
#### Mortgage interest payable under deduction of tax
##### 369
- (1) If a person who is a qualifying borrower makes a payment of relevant loan interest to which this section applies, he shall be entitled, on making the payment, to deduct and retain out of it a sum equal to the applicable percentage thereof.
- (1A) In subsection (1) above “*the applicable percentage*” means 23 per cent..
- (2) Where a sum is deducted under subsection (1) above from a payment of relevant loan interest—
- (a) the person to whom the payment is made shall allow the deduction on receipt of the residue;
- (b) the borrower shall be acquitted and discharged of so much money as is represented by the deduction as if the sum had been actually paid; and
- (c) the sum deducted shall be treated as income tax paid by the person to whom the payment is made.
- (3) The following payments, that is to say—
- (a) payments of relevant loan interest to which this section applies, and
- (b) payments which would be such payments but for section 373(5),
shall not be allowable as deductions for any purpose of the Income Tax Acts except in so far as they fall to be treated as such payments by virtue only of section 375(2) and would be allowable apart from this subsection.
- (6) Sections 967(2) and 968(2) of CTA 2010 do not apply to a payment of relevant loan interest to which this section applies, but any person by whom such a payment is received shall be entitled to recover from the Board, in accordance with regulations, an amount which by virtue of subsection (2)(c) above is treated as income tax paid by him; and any amount so recovered shall be treated for the purposes of the Tax Acts in like manner as the payment of relevant loan interest to which it relates.
- (7) The following provisions of the Management Act, namely—
- (a) section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;
- (b) section 30 (tax repaid in error etc.) apart from subsection (1B),
- (c) section 86 (interest), and
- (d) section 95 (incorrect return or accounts),
shall apply in relation to an amount which is paid to any person by the Board as an amount recoverable in accordance with regulations made by virtue of subsection (6) above but to which that person is not entitled as if it were income tax which ought not to have been repaid and, where that amount was claimed by that person, as if it had been repaid as respects a chargeable period as a relief which was not due.
- (8) In the application of section 86 of the Management Act by virtue of subsection (7) above in relation to sums due and payable by virtue of an assessment made for the whole or part of a year of assessment (“the relevant year of assessment”) under section 29(1)(c) or 30 of that Act, as applied by that subsection, the relevant date—
- (a) is 1st January in the relevant year of assessment in a case where the person falling within subsection (6) above has made a relevant interim claim; and
- (b) in any other case, is the later of the following dates, that is to say—
- (i) 1st January in the relevant year of assessment; or
- (ii) the date of the making of the payment by the Board which gives rise to the assessment.
- (9) In this section—
- “*financial year*”, in relation to any person, means a financial year of that person for the purposes of the relevant regulations;
- “*interim claim*” means an interim claim within the meaning of the relevant regulations;
- “*relevant interim claim*” means, in relation to an assessment made for a period coterminous with, or falling wholly within, a person’s financial year, an interim claim made for a period falling wholly or partly within that financial year; and
- “*the relevant regulations*” means regulations made under section 378(3) for the purposes of subsection (6) above.
#### Relevant loan interest
##### 370
- (1) Subject to this section and sections 373 to 376, in this Part “*relevant loan interest*” means interest which is paid and payable in the United Kingdom to a qualifying lender and to which subsection (2) . . . below applies.
- (2) Subject to subsection (4) below, this subsection applies to interest if, disregarding section 353(2) and any other provision applying to interest falling to be treated as relevant loan interest—
- (a) it is interest falling within section . . . 365; and
- (b) apart (where applicable) from section . . . 365(3), the whole of the interest would be eligible for relief under section 353;. . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In determining whether subsection (2) above applies to any interest, section 365 shall have effect as if the words “or the Republic of Ireland” were omitted.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Second loans
##### 371
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Home improvement loans
##### 372
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loans in excess of the qualifying maximum, and joint borrowers
##### 373
- (1) The provisions of this section have effect in relation to a loan where, by virtue of . . . section 365(3), only part of the interest on the loan would (apart from section 353(2)) be eligible for relief under section 353; and in this section any such loan is referred to as a “*limited loan*”.
- (2) None of the interest on a limited loan is relevant loan interest unless—
- (a) the loan is made on or after 6th April 1987; or
- (b) the qualifying lender to whom the interest is payable has given notice to the Board in accordance with regulations that he is prepared to have limited loans of a description which includes that limited loan brought within the tax deduction scheme.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) Where the condition in paragraph (a) or (b) of subsection (2) above is fulfilled . . . only so much of the interest as (apart from section 353(2)) would be eligible for relief under section 353 is relevant loan interest.
- (6) Where a loan on which interest is payable by the borrower was made jointly to the borrower and another person who is not the borrower’s husband or wife, the interest on the loan is not relevant loan interest unless—
- (a) each of the persons to whom the loan was made is a qualifying borrower; and
- (b) in relation to each of them considered separately, the whole of that interest is relevant loan interest, in accordance with section 370 and this section.
- (7) In subsection (6) above references to the borrower’s husband or wife do not include references to a separated husband or wife . . . .
#### Conditions for application of section 369
##### 374
- (1) Section 369 does not apply to any relevant loan interest unless—
- (a) in the case of a loan of a description specified by regulations for the purposes of this paragraph, the borrower or, in the case of joint borrowers, each of them has given notice to the lender in the prescribed form certifying—
- (i) that he is a qualifying borrower; and
- (ii) that the interest is relevant loan interest; and
- (iii) such other matters as may be prescribed; or
- (b) the Board have given notice to the lender and the borrower that the interest may be paid under deduction of tax; or
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) the loan to which the interest relates is of a description specified by regulations for the purposes of this paragraph and was made—
- (i) if sub-paragraph (2) of paragraph 2 of Schedule 7 to the Finance Act 1982 applied to interest on the loan which became due on or after a date earlier than 6th April 1983, being a date specified by the Board in pursuance of sub-paragraph (5) of that paragraph, before that earlier date; or
- (ii) if the qualifying lender is a building society or a local authority, before 1st April 1983; or
- (iii) if sub-paragraphs (i) and (ii) above do not apply and the interest falls within section 370(2), before 6th April 1983.
- (2) Where notice has been given as mentioned in paragraph (a) or (b) of subsection (1) above, section 369 applies to any relevant loan interest to which the notice relates and which becomes due on or after the relevant date, as defined by subsection (3) below; and in a case falling within paragraph . . . (d) of subsection (1) above, section 369 applies to the relevant loan interest referred to in that paragraph.
- (3) In subsection (2) above “*the relevant date*” means—
- (a) in the case of a notice under subsection (1)(a) above, the date the notice is given, and
- (b) in the case of a notice under subsection (1)(b) above, a date specified in the notice as being the relevant date (which may be earlier than the date so specified as the date from which the interest may be paid under deduction of tax).
#### Interest ceasing to be relevant loan interest, etc
##### 375
- (1) If at any time—
- (a) the interest on a loan ceases to be relevant loan interest; or
- (b) a person making payments of relevant loan interest ceases to be a qualifying borrower;
the borrower shall give notice of the fact to the lender.
- (2) Without prejudice to subsection (3) below, in relation to a payment of interest—
- (a) which is due after the time referred to in subsection (1) above and before the date on which notice is given under that subsection, and
- (aa) as respects which any of the conditions mentioned in section 374(1) is fulfilled, and
- (b) from which a deduction was made as mentioned in section 369(1),
section 369 shall have effect as if the payment were a payment of relevant loan interest made by a qualifying borrower.
- (3) Nothing in subsection (2) above shall be taken as regards the borrower as entitling him to any deduction or to retain any amount deducted and, accordingly, where any amount that has been deducted exceeds the amount which ought to have been deducted, he shall be liable to make good the excess and an inspector may make such assessments as may in his judgment be required for recovering the excess.
- (4) The Management Act shall apply to an assessment under subsection (3) above as if it were an assessment to income tax for the year of assessment in which the deduction was made.
- (4A) If there is any unreasonable delay in the giving of a notice under subsection (1) above, the borrower shall be liable to a penalty not exceeding so much of the aggregate amount that he is liable to make good under subsection (3) above as is attributable to that delay.
- (5) If, as a result of receiving a notice under subsection (1) above or otherwise, a qualifying lender has reason to believe that any interest is no longer relevant loan interest or that a borrower is no longer a qualifying borrower, the lender shall furnish the Board with such information as is in his possession with respect to those matters.
- (6) Where it appears to the Board that any of the provisions of sections 370 to 373 is not or may not be fulfilled with respect to any interest, or that a qualifying borrower has or may have ceased to be a qualifying borrower, they shall give notice of that fact to the lender and the borrower specifying the description of relevant loan interest concerned or, as the case may be, that the borrower has or may have ceased to be a qualifying borrower.
- (7) Section 369 shall not apply to any payment of relevant loan interest of a description to which a notice under subsection (6) above relates and which becomes due or is made after such date as may be specified in the notice and before such date as may be specified in a further notice given by the Board to the lender and the borrower.
- (8) In any case where—
- (a) section 369 applies to any relevant loan interest by virtue of a notice under section 374(1)(b), and
- (b) the relevant date specified in the notice is earlier than the date from which the interest begins to be paid under deduction of tax, and
- (c) a payment of that interest was made on or after the relevant date but not under deduction of tax,
regulations may provide for a sum to be paid by the Board of an amount equal to that which the borrower would have been able to deduct from that payment by virtue of section 369 if it had been made after the relevant date.
- (8A) In any case where an amount to which a person is not entitled is paid to him by the Board in pursuance of regulations made by virtue of subsection (8) above, regulations may—
- (a) provide for an officer of the Board to make such assessments as may in his judgment be required for recovering that amount from that person; and
- (b) make provision corresponding to that made by subsection (4A) above and subsections (4) and (5) of section 374A.
- (8B) Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999.
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying borrowers and qualifying lenders
##### 376
- (1) Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.
- (2) In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act), the borrower is not a qualifying borrower.
- (3) In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife . . . .
- (4) The following bodies are qualifying lenders:—
- (a) a building society;
- (b) a local authority;
- (c) the Bank of England;
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (e) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
- (f) any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the Trustee Savings Bank Act 1985;
- (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (h) a development corporation within the meaning of the New Towns Act 1981 or the New Towns (Scotland) Act 1968;
- (j) the Homes and Communities Agency;
- (ja) the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;
- (k) the Regulator of Social Housing,
- (ka) the Secretary of State if the loan is made by him under section 79 of the Housing Associations Act 1985;
- (l) the Northern Ireland Housing Executive;
- (m) the Scottish Special Housing Association;
- (n) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (o) the Church of England Pensions Board;
- (p) any body which is for the time being registered under section 376A.
- (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Variation of terms of repayment of certain loans
##### 377
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary regulations
##### 378
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) The Board may by regulations make provision—
- (a) for the purposes of any provision of sections 369 to 376A which relates to any matter or thing to be specified by or done in accordance with regulations;
- (b) for the application of those sections in relation to loan interest paid by personal representatives and trustees;
- (c) with respect to the furnishing of information by borrowers or lenders, including, in the case of lenders, the inspection of books, documents and other records on behalf of the Board;
- (d) for, and with respect to, appeals to the tribunal against the refusal of the Board to issue a notice under section 374(1)(b) or the issue of a notice under section 375(6) or (7); and
- (e) generally for giving effect to sections 369 to 376A.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 369 to 378
##### 379
In sections 369 to 378—
- “contracts of general insurance” means contracts which fall within Part I of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and “contracts of long-term insurance” means contracts which fall within Part II of that Schedule;
- “*prescribed*” . . . means prescribed by the Board;
- “*qualifying borrower*” has the meaning given by section 376(1) to (3);
- “*qualifying lender*” has the meaning given by section 376(4) . . . ;
- “*regulations*” . . . means regulations made by the Board under section 378;
- “*relevant loan interest*” has the meaning given by section 370(1);
- “*separated*” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.
## PART X — LOSS RELIEF AND GROUP RELIEF
### CHAPTER I — LOSS RELIEF: INCOME TAX
### Trade etc. losses
#### Set-off against general income
##### 380
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further relief for individuals for losses in early years of trade
##### 381
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 380 and 381
##### 382
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Extension of right of set-off to capital allowances
##### 383
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restrictions on right of set-off
##### 384
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward against subsequent profits
##### 385
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward where business transferred to a company
##### 386
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward as losses of amounts taxed under section 350
##### 387
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-back of terminal losses
##### 388
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions relating to carry-back of terminal losses
##### 389
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of interest as a loss for purposes of carry-forward and carry-back
##### 390
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Losses from trade etc. carried on abroad
##### 391
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Case VI losses
#### Case VI losses
##### 392
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — LOSS RELIEF: CORPORATION TAX
### Trade etc. losses
#### Losses other than terminal losses
##### 393
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Terminal losses
##### 394
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Leasing contracts and company reconstructions
##### 395
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Case VI losses
#### Case VI losses
##### 396
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — LOSS RELIEF: MISCELLANEOUS PROVISIONS
#### Restriction of relief in case of farming and market gardening
##### 397
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transactions in deposits with and without certificates or in debts
##### 398
Where a company sustains a loss on the exercise or disposal of a right to receive any amount, being a right to which section 56(2) . . . applies, in a case where—
- (a) if a profit had arisen from that exercise or disposal, that profit would have been chargeable to corporation tax by virtue of section 56(2) . . . , and
- (b) the company is chargeable to corporation tax under Part 5 of CTA 2009 (loan relationships) in respect of interest payable on that amount,
then the amount of that interest shall be included in the amounts against which the amount of its loss may be set off under section 91 of CTA 2010.
#### Dealings in commodity futures etc: withdrawal of loss relief
##### 399
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Write-off of government investment
##### 400
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for pre-trading expenditure
##### 401
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — GROUP RELIEF
#### Surrender of relief between members of groups and consortia
##### 402
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Losses etc. which may be surrendered by way of group relief
##### 403
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limitation of group relief in relation to certain dual resident companies
##### 404
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims relating to losses etc. of members of both group and consortium
##### 405
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims relating to losses etc. of consortium company or group member
##### 406
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relationship between group relief and other relief
##### 407
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Corresponding accounting periods
##### 408
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies joining or leaving group or consortium
##### 409
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Arrangements for transfer of company to another group or consortium
##### 410
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusion of double allowances
##### 411
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims and adjustments
##### 412
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter IV
##### 413
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XI — CLOSE COMPANIES
### CHAPTER I — INTERPRETATIVE PROVISIONS
#### Close companies
##### 414
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain quoted companies not to be close companies
##### 415
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “associated company” and “control”
##### 416
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “participator”, “associate”, “director” and “loan creditor”
##### 417
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Additional matters to be treated as distributions
#### “Distribution” to include certain expenses of close companies
##### 418
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — CHARGES TO TAX IN CONNECTION WITH LOANS
#### Loans to participators etc
##### 419
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 419
##### 420
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of borrower when loan under section 419 released etc
##### 421
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Extension of section 419 to loans by companies controlled by close companies
##### 422
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — APPORTIONMENT OF UNDISTRIBUTED INCOME ETC.
#### Apportionment of certain income, deductions and interest
##### 423
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusions from section 423
##### 424
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manner of apportionment
##### 425
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to income tax where apportionment is to an individual
##### 426
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of charge under section 426 in certain cases
##### 427
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Increase of apportioned sum etc. by reference to ACT
##### 428
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payment and collection of income tax
##### 429
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consequences of apportionment: ACT
##### 430
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XII — SPECIAL CLASSES OF COMPANIES AND BUSINESSES
### CHAPTER I — INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
### Insurance companies: general
#### Interpretative provisions relating to insurance companies
##### 431
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Separation of different classes of business
##### 432
- (1) Where an insurance company carries on life assurance business in conjunction with insurance business of any other category, the life assurance business shall, for the purposes of the Corporation Tax Acts, be treated as a separate business from any other category of business carried on by the company.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profits reserved for policy holders and annuitants
##### 433
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Franked investment income etc
##### 434
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of gains reserved for policy holders and annuitants
##### 435
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity business and pension business: separate charge on profits
##### 436
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General annuity business
##### 437
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Pension business: exemption from tax
##### 438
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restricted government securities
##### 439
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Identification or exchange of long term assets
##### 440
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign life assurance funds
##### 441
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Overseas business of U.K. companies
##### 442
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies carrying rights not in money
##### 443
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies issued before 5th August 1965
##### 444
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Provisions applying only to overseas life insurance companies
#### Charge to tax on investment income
##### 445
#### Annuity business
##### 446
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of income tax and tax credits against corporation tax
##### 447
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying distributions and tax credits
##### 448
#### Double taxation agreements
##### 449
### Underwriters
#### Assessment, set-off of losses and reinsurance
##### 450
#### Regulations
##### 451
#### Special reserve funds
##### 452
#### Payments into premiums trust fund on account of losses
##### 453
#### Income tax consequences on payments into and out of special reserve fund
##### 454
#### Income tax consequences on death of underwriter
##### 455
#### Unearned income, variation of arrangements and cancellation of approval etc
##### 456
#### Interpretation of sections 450 to 456
##### 457
### Capital redemption business
#### Capital redemption business
##### 458
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
### Unregistered friendly societies
#### Exemption from tax
##### 459
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Registered friendly societies
#### Exemption from tax in respect of life or endowment business
##### 460
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation in respect of other business
##### 461
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions for tax exempt business
##### 462
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life or endowment business: application of the Corporation Tax Acts
##### 463
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Maximum benefits payable to members
##### 464
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Old societies
##### 465
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter II
##### 466
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Trade unions and employers’ associations
#### Exemption for trade unions and employers' associations
##### 467
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
### Unit trust schemes
#### Authorised unit trusts
##### 468
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other unit trusts
##### 469
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transitional provisions relating to unit trusts
##### 470
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Dealers in securities, banks and insurance businesses
#### Exchange of securities in connection with conversion operations, nationalisation etc
##### 471
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distribution of securities issued in connection with nationalisation etc
##### 472
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conversion etc. of securities held as circulating capital
##### 473
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of tax-free income
##### 474
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax-free Treasury securities: exclusion of interest on borrowed money
##### 475
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS
#### Building societies: regulations for payment of tax
##### 476
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Investments becoming or ceasing to be relevant building society investments
##### 477
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Building societies: time for payment of tax
##### 478
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest paid on deposits with banks etc
##### 479
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deposits becoming or ceasing to be composite rate deposits
##### 480
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Deposit-taker”, “deposit” and “relevant deposit”
##### 481
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 482
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Determination of reduced rate for building societies and composite rate for banks etc
##### 483
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) If the order made under section 26 of the Finance Act 1984 in the year 1987-88 is made in pursuance of subsection (4) of that section, that order shall, notwithstanding that that subsection is not re-enacted by this Act, apply for the purposes of sections 476 and 479 for the year 1988-89.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Savings banks: exemption from tax
##### 484
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Savings banks: supplemental
##### 485
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Industrial and provident societies and co-operative associations
##### 486
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Credit unions
##### 487
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Co-operative housing associations
##### 488
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Self-build societies
##### 489
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies carrying on a mutual business or not carrying on a business
##### 490
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distribution of assets of body corporate carrying on mutual business
##### 491
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V
#### Treatment of oil extraction activities etc. for tax purposes
##### 492
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Valuation of oil disposed of or appropriated in certain circumstances
##### 493
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income
##### 494
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Regional development grants
##### 495
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tariff receipts
##### 496
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restriction on setting ACT against income from oil extraction activities etc
##### 497
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limited right to carry back surrendered ACT
##### 498
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Surrender of ACT where oil extraction company etc. owned by a consortium
##### 499
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deduction of PRT in computing income for corporation tax purposes
##### 500
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on repayment of PRT
##### 501
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter V
##### 502
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS BUSINESSES AND BODIES
#### Letting of furnished holiday accommodation treated as a trade
##### 503
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 504
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charities: general
##### 505
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying expenditure and non-qualifying expenditure
##### 506
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum
##### 507
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scientific research organisations
##### 508
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reserves of marketing boards and certain other statutory bodies
##### 509
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Agricultural societies
##### 510
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council
##### 511
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Atomic Energy Authority and National Radiological Protection Board
##### 512
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### British Airways Board and National Freight Corporation
##### 513
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funds for reducing the National Debt
##### 514
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Signatories to Operating Agreement for INMARSAT
##### 515
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Government securities held by non-resident central banks
##### 516
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Issue departments of the Reserve Bank of India and the State Bank of Pakistan
##### 517
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Harbour reorganisation schemes
##### 518
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Local authorities
##### 519
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XIII — MISCELLANEOUS SPECIAL PROVISIONS
### CHAPTER I — INTELLECTUAL PROPERTY
### Patents and know-how
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure
##### 520
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 520
##### 521
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure
##### 522
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lapses of patent rights, sales etc
##### 523
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of receipts from sale of patent rights
##### 524
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital sums: death, winding up or partnership change
##### 525
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for expenses
##### 526
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Spreading of royalties over several years
##### 527
- (1) Where—
- (a) a royalty or other sum is paid to a company in respect of the user of a patent,
- (b) the user extended over a period of six complete years or more, and
- (c) the payment is one from which a sum representing income tax must be deducted under section 903 of ITA 2007,
the company may on the making of a claim require that the corporation tax payable by it by reason of the receipt of that sum shall be reduced so as not to exceed the total amount of corporation tax which would have been payable by it if that royalty or sum had been paid in six equal instalments at yearly intervals, the last of which was paid on the date on which the payment was in fact made.
- (2) Subsection (1) above shall apply in relation to a royalty or other sum where the period of the user is two complete years or more but less than six complete years as it applies to the royalties and sums mentioned in that subsection, but with the substitution for the reference to six equal instalments of a reference to so many equal instalments as there are complete years comprised in that period.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manner of making allowances and charges
##### 528
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Patent income to be earned income in certain cases
##### 529
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disposal of know-how
##### 530
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 530
##### 531
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of the 1968 Act
##### 532
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 520 to 532
##### 533
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Copyright and public lending right
#### Relief for copyright payments etc
##### 534
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where copyright sold after ten years or more
##### 535
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of royalties where owner abroad
##### 536
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Public lending right
##### 537
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Artists’ receipts
#### Relief for painters, sculptors and other artists
##### 538
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
#### Introductory
##### 539
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies: chargeable events
##### 540
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies: computation of gain
##### 541
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life annuity contracts: chargeable events
##### 542
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life annuity contracts: computation of gain
##### 543
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Second and subsequent assignment of life policies and contracts
##### 544
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital redemption policies
##### 545
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation of certain amounts for purposes of sections 540, 542 and 545
##### 546
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Method of charging gain to tax
##### 547
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deemed surrender of certain loans
##### 548
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain deficiencies allowable as deductions
##### 549
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where gain charged at a higher rate
##### 550
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Right of individual to recover tax from trustees
##### 551
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information: duty of insurers
##### 552
- (1) Where a chargeable event . . . has happened in relation to any policy or contract, the body by or with whom the policy or contract was issued, entered into or effected shall—
- (a) unless satisfied that no gain is to be treated as arising by reason of the event, deliver to the appropriate policy holder before the end of the relevant three month period a certificate specifying the information described in subsection (5) below; and
- (b) if the condition in paragraph (a) or (b) of subsection (2) below is satisfied, deliver to the inspector before the end of the relevant three month period a certificate specifying the information described in subsection (5) below together with the name and address of the appropriate policy holder.
- (2) For the purposes of this section—
- (a) the condition in this paragraph is that the event is an assignment for money or money’s worth of the whole of the rights conferred by the policy or contract; or
- (b) the condition in this paragraph is that the amount of the gain, or the aggregate amount of the gain and any gains connected with it, exceeds one half of the basic rate limit for the relevant year of assessment.
- (3) If, in the case of every certificate which a body delivers under subsection (1)(a) above which relates to a gain attributable to a year of assessment . . . , the body also delivers to the inspector—
- (a) before the end of the relevant three month period for the purposes of subsection (1)(b) above,
- (b) by a means prescribed by the Board for the purposes of this subsection under section 552ZA(5), and
- (c) in a form so prescribed in the case of that means,
a certificate specifying the same information as the certificate under subsection (1)(a) together with the name and address of the appropriate policy holder, the body shall be taken to have complied with the requirements of subsection (1)(b) above in relation to that year of assessment . . . so far as relating to the chargeable events to which the certificates relate.
- (4) Where a certificate is not required to be delivered under subsection (1)(b) above in the case of any chargeable event—
- (a) the inspector may by notice require the body to deliver to him a copy of any certificate that the body was required to deliver under subsection (1)(a) above which relates to the chargeable event; and
- (b) it shall be the duty of the body to deliver such a copy within 30 days of receipt of the notice.
- (5) The information to be given to the appropriate policy holder pursuant to subsection (1)(a) above or the inspector pursuant to subsection (1)(b) above is—
- (a) any unique identifying designation given to the policy or contract;
- (b) the nature of the chargeable event and—
- (i) the date on which it happened; and
- (ii) if it is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 (chargeable events where transaction-related calculations show gains), the date on which the insurance year ends;
- (c) if the event is the assignment of all the rights conferred by the policy or contract, such of the following as may be required for computing the amount of the gain to be treated as arising by virtue of . . . Chapter 9 of Part 4 of ITTOIA 2005—
- (i) . . . the amount or value of any capital sums of a kind referred to in section 492(1)(b) to (e) of ITTOIA 2005;
- (ii) the amounts previously paid under the policy or contract by way of premiums or otherwise by way of consideration for an annuity;
- (iii) . . . the amount of so much of any payment previously made on account of an annuity as is exempt under section 717 of ITTOIA 2005;
- (iv) the value of any previously assigned parts of or shares in the rights conferred by the policy or contract;
- (v) . . . the total of the amounts of gains treated as arising on previous chargeable events within section 509(1) or 514(1) of ITTOIA 2005;
- (d) except where paragraph (c) above applies, the amount of the gain treated as arising by reason of the event;
- (e) the number of years relevant for computing the annual equivalent of the amount of the gain for the purposes of subsection (1) of section 536 of ITTOIA 2005 (top slicing relieved liability: one chargeable event), apart from subsections (6) and (8) of that section;
- (f) on the assumption that section 465 of ITTOIA 2005 (person liable: individuals) has effect in relation to the gain —
- (i) whether an individual would fall to be treated as having paid income tax at the basic rate on the amount of the gain in accordance with section 530 of that Act; and
- (ii) if so, except in a case where paragraph (c) above applies, the amount of such tax that would fall to be so treated as paid.
- (6) For the purposes of subsection (1)(a) above, the relevant three month period is whichever of the following periods ends the latest—
- (a) the period of three months following the happening of the chargeable event;
- (b) if the event is a surrender or assignment which is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 . . . , the period of three months following the end of the insurance year in which the event happens;
- (c) if the event is a death or an assignment of the whole of the rights or a surrender or assignment which is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 . . . , the period of three months beginning with receipt of written notification of the event.
- (7) For the purposes of subsection (1)(b) above, the relevant three month period is whichever of the following periods ends the latest—
- (a) the period of three months following the end of the year of assessment . . . in which the event happened;
- (b) if the event is a surrender or assignment which is a chargeable event by virtue of section 514(1) of ITTOIA 2005, the period of three months following the end of the insurance year in which the event happens;
- (c) if the event is a death or an assignment, the period of three months beginning with receipt of written notification of the event;
- (d) if a certificate under subsection (1)(b) above would not be required in respect of the event apart from the happening of another event, and that other event is one of those mentioned in paragraph (c) above, the period of three months beginning with receipt of written notification of that other event.
- (8) For the purposes of this section the cases where a gain is connected with another gain are those cases where—
- (a) both gains arise in connection with policies or contracts containing obligations which, immediately before the chargeable event, were obligations of the same body;
- (b) the policy holder of those policies or contracts is the same;
- (c) both gains are attributable to the same year of assessment . . . ;
- (d) the terms of the policies or contracts are the same, apart from any difference in their maturity dates; and
- (e) the policies or contracts were issued in respect of insurances made, or were entered into or effected, on the same date.
- (9) For the purposes of this section, the year of assessment . . . to which a gain is attributable is—
- (a) in the case of a gain treated as arising by virtue of subsection (1) of section 514 of ITTOIA 2005, the year of assessment which includes the end of the insurance year mentioned in subsection (3) and (4) of that section; or
- (b) in any other case, the year of assessment . . . in which happens the chargeable event by reason of which the gain is treated as arising.
- (10) In this section—
- “*amount*”, in relation to any gain, means the amount of the gain apart from . . . section 528 of ITTOIA 2005;
- “*appropriate policy holder*” means—in relation to an assignment of part of or a share in the rights conferred by a policy or contract, any person who is both—the policy holder, or one of the policy holders, immediately before the assignment; andthe assignor or one of the assignors; andin relation to any other chargeable event, the person who is the policy holder immediately before the happening of the event;
- “*chargeable event*” means an event which is a chargeable event within the meaning of . . . Chapter 9 of Part 4 of ITTOIA 2005;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*insurance year*” has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);
- “*the relevant year of assessment*”, in the case of any gain, means—the year of assessment to which the gain is attributable, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- section 391(3)(b) of CTA 2009 (carried forward non-trading deficit on loan relationships);
- section 1080(2) of CTA 2009 (30% additional deduction for qualifying R&D expenditure of company carrying on life assurance business);
- section 1162 of CTA 2009 (50% additional relief for remediation expenditure on contaminated or derelict land owned by company carrying on life assurance business).
- *Step 4*
- Give effect to the provisions specified in Step 3 by adding together—so much of the amounts found at Step 1 as remains after making any reductions at Step 2, andthe amounts found at Step 3,
- and then deduct the amount of any reversal (wherever brought into account) of an expense included at Step 1 in a previous period,
- to give Subtotal 1.
- *Step 5*
- If the whole or any part of a loss arising to the company in respect of its life assurance business in the accounting period is relieved under section 37 of CTA 2010 or under Chapter 4 of Part 5 of that Act—find the amount (“amount L”) that is equal to so much of the loss as, in the aggregate, is so set off,find the amount (“amount S”) by which any losses for that period under section 436A fall to be reduced under section 434A(2)(b),from amount L deduct amount S, to give the adjusted loss deduction,
- then reduce Subtotal 1 by deducting from it the adjusted loss deduction,
- to give Subtotal 2.
- *Step 6*
- Give effect to subsection (6) of section 86 of the Finance Act 1989 (spreading of acquisition expenses) by—finding the amount that is equal to six-sevenths of the adjusted amount of the acquisition expenses (within the meaning of that section) for the accounting period, anddeducting that amount from Subtotal 2,
- to give Subtotal 3.
- *Step 7*
- Add together the following amounts—Subtotal 3, andany amounts carried forward to the accounting period under subsection (12) or (13) below (unrelieved excesses from earlier accounting periods),
- to give Subtotal 4.
- *Step 8*
- Give effect to subsections (8) and (9) of section 86 of the Finance Act 1989 (fraction of adjusted amount of acquisition expenses for earlier accounting periods) by adding together—Subtotal 4, andany amounts which are to be relieved under this section by virtue of those subsections,
- to give the expenses deduction.
- *Step 9*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- *Step 10: the amount of the expenses deduction*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) For the purposes of Step 1, the expenses that are attributable to basic life assurance and general annuity business are the expenses which are attributable to that business in accordance with proper internal accounting practice.
In this subsection “*proper internal accounting practice*” means the practice of insurance companies in allocating all the expenses of the company to particular categories of business in accordance with any applicable requirements of—
- (a) generally accepted accounting practice, . . .
- (b) the Prudential Sourcebook (Insurers), or
- (c) the Insurance Prudential Sourcebook.
- (9) The following rules have effect for determining for the purposes of Step 1 the expenses that are referable to an accounting period.
*Rule A*
Where a period of account coincides with an accounting period, the expenses brought into account for the period of account are the expenses referable to the accounting period.
*Rule B*
Where—
- (a) two or more accounting periods fall within the same period of account, and
- (b) that period of account is longer than 12 months,
section 1172 of CTA 2010 (apportionment to different periods) is to apply.
*Rule C*
In any other case where two or more accounting periods fall within the same period of account, the expenses referable to any of those accounting periods are the expenses that would have been referable to that accounting period if—
- (a) the accounting period had coincided with a period of account, and
- (b) a separate periodical return had been made for that period of account,
and section 1172 of CTA 2010 (apportionment to different periods) is not to apply.
*Rule D*
Rules A to C are subject to any provision of the Corporation Tax Acts which provides for an amount to be treated as expenses payable for, or referable to, a particular period.
- (9A) The amount required to be deducted at paragraph (d) of Step 2 is the total of the amounts (if any) arrived at under subsection (9C) below in relation to the fronting reinsurance contracts (if any) made by the company.
- (9B) A fronting reinsurance contract is a contract of reinsurance forming part of a fronting reinsurance arrangement; and a fronting reinsurance arrangement is an arrangement under which the company—
- (a) enters into a contract constituting term assurance with a person, and
- (b) reinsures all, or substantially all, of the liabilities under that contract with a reinsurer which—
- (i) does not meet the BLAGAB group reinsurance conditions in paragraph 1(3) of Schedule 19ABA to this Act, and
- (ii) is connected with that person or with a person entitled to commission from the company in respect of the contract.
- (9C) The amount referred to in subsection (9A) above in relation to any fronting reinsurance contract made by the company is the relevant reinsurance fraction of so much of the amount found at Step 1 as relates to policies and contracts which are relevant reinsured policies and contracts in relation to the fronting reinsurance contract.
- (9D) For the purposes of subsection (9C) above “the relevant reinsurance fraction” is—
$$RLTL$where—RL is so much of TL as is reinsured under the fronting reinsurance contract, andTL is the amount of the total liabilities under the relevant reinsured policies and contracts at the end of the accounting period.$
- (9E) For the purposes of subsections (9B) and (9C) above policies and contracts are relevant reinsured policies and contracts in relation to a fronting reinsurance contract if—
- (a) they are attributable to the company's basic life assurance and general annuity business, and
- (b) any or all of the risks under them are reinsured under the fronting reinsurance contract.
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) Where for any accounting period—
- (a) the amount of the expenses deduction (see Step 8), exceeds
- (b) the amount from which that deduction is to be made (see subsection (2) above),
the excess is to be carried forward to the next accounting period for which the company is charged to tax in respect of its life assurance business under the I minus E basis and brought into account for that period in accordance with Step 7.
- (13) Where for any accounting period excess adjusted Case I profits are charged to tax under section 85A of the Finance Act 1989, an amount equal to the profits is to be carried forward to the next accounting period for which the company is charged to tax in respect of its life assurance business under the I minus E basis and brought into account for that period in accordance with Step 7.
- (14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (15) In this section—
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*expenses payable*” has the meaning given by subsection (3) above;
- “*profits*” means income and chargeable gains.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Incidental costs of obtaining loan finance
##### 77
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Discounted bills of exchange
##### 78
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Contributions to local enterprise agencies
##### 79
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses connected with foreign trades etc
##### 80
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Travel between trades etc
##### 81
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest paid to non-residents
##### 82
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Patent fees etc. and expenses
##### 83
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments for technical education
##### 84
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments to trustees of approved profit sharing schemes
##### 85
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employees seconded to charities and educational establishments
##### 86
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxable premiums etc
##### 87
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments to Export Credit Guarantee Department
##### 88
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Debts proving irrecoverable after event treated as discontinuance
##### 89
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional payments to redundant employees
##### 90
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cemeteries
##### 91
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Treatment of regional development and other grants and debts released etc.
#### Regional development grants
##### 92
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other grants under Industrial Development Act 1982 etc
##### 93
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Debts deducted and subsequently released
##### 94
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of dealer’s receipts on purchase by company of own shares
##### 95
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Special provisions
#### Farming and market gardening: relief for fluctuating profits
##### 96
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of farm animals etc
##### 97
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tied premises
##### 98
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dealers in land
##### 99
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — DISCONTINUANCE . . .
### Valuation of trading stock etc.
#### Valuation of trading stock at discontinuance of trade
##### 100
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Valuation of work in progress at discontinuance of profession or vocation
##### 101
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 100 and 101
##### 102
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Case VI charges on receipts
#### Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis
##### 103
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conventional basis: general charge on receipts after discontinuance or change of basis
##### 104
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowable deductions
##### 105
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of charges where rights to payments transferred
##### 106
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Reliefs
#### Treatment of receipts as earned income
##### 107
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Election for carry-back
##### 108
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge under section 104: relief for individuals born before 6th April 1917
##### 109
- (12) This section is supplemented by section 552ZA.
- (13) For the purposes of this section—
- (a) section 491(2) of ITTOIA 2005 is taken to have effect as if, in the definition of “PG”, the words from “but” to the end were omitted, and
- (b) no account is to be taken of the effect of section 541A of that Act.
#### Non-resident policies and off-shore capital redemption policies
##### 553
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Borrowings on life policies to be treated as income in certain cases
##### 554
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — ENTERTAINERS AND SPORTSMEN
#### Payment of tax
##### 555
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Activity treated as trade etc. and attribution of income
##### 556
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge on profits or gains
##### 557
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 558
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY
#### Deductions on account of tax etc. from payments to certain sub-contractors
##### 559
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons who are sub-contractors or contractors for purposes of Chapter IV
##### 560
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 559
##### 561
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by individuals
##### 562
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by partners who are individuals
##### 563
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by firms
##### 564
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by companies
##### 565
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General powers to make regulations under Chapter IV
##### 566
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “construction operations”
##### 567
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — SCHEMES FOR RATIONALIZING INDUSTRY
#### Deductions from profits of contributions paid under certified schemes
##### 568
- (1) Notwithstanding anything contained in . . . section 33 of ITTOIA 2005or section 53 of CTA 2009 (no deduction for capital expenditure) but subject to the following provisions of this Chapter, where a person pays, wholly and exclusively for the purposes of a trade in respect of which he is chargeable under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009, a contribution in furtherance of a scheme which is for the time being certified by the Secretary of State under this section, the contribution shall, in so far as it is paid in furtherance of the primary object of the scheme, be allowed to be deducted as an expense in computing the profits of that trade.
- (2) The Secretary of State shall certify a scheme under this section if he is satisfied—
- (a) that the primary object of the scheme is the elimination of redundant works or machinery or plant from use in an industry in the United Kingdom; and
- (b) that the scheme is in the national interest and in the interests of that industry as a whole; and
- (c) that such number of persons engaged in that industry as are substantially representative of the industry are liable to pay contributions in furtherance of the primary object of the scheme by agreement between them and the body of persons carrying out the scheme.
- (3) The Secretary of State shall cancel any certificate granted under this section if he ceases to be satisfied as to any of the matters referred to in subsection (2) above.
- (4) The Secretary of State may at any time require the body of persons carrying out a scheme certified under this section to produce any books or documents of whatever nature relating to the scheme and, if the requirement is not complied with, he may cancel the certificate.
- (5) In this section and in section 569 “*contribution*”, in relation to a scheme, does not include a sum paid by a person by way of loan or subscription of share capital, or in consideration of the transfer of assets to him, or by way of a penalty for contravening or failing to comply with the scheme.
#### Repayment of contributions
##### 569
- (1) In the event of the repayment, whether directly or by way of distribution of assets on a winding up or otherwise, of a contribution or any part of a contribution which has been allowed to be deducted under section 568, the deduction of the contribution, or so much of it as has been repaid, shall be deemed to be an unauthorised deduction in respect of which an assessment shall be made, and, notwithstanding the provisions of the Tax Acts requiring assessments to be made within six years after the end of the chargeable period to which they relate, any such assessment and any consequential assessment may be made at any time within three years after the end of the chargeable period in which the repayment was made.
- (2) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.
#### Payments under certified schemes which are not repayments of contributions
##### 570
- (1) Subject to the provisions of this section, where, under any scheme which is for the time being certified or has at any time been certified by the Secretary of State under section 568, any payment (not being a payment made by way of repayment of contributions) is made to a person carrying on a trade to which the scheme relates, that payment shall be treated for the purposes of the Tax Acts as a trading receipt of the trade, and shall accordingly be taken into account in computing the profits of the trade for those purposes.
- (2) Where . . . the payments which have been made under such a scheme in respect of a trade (not being payments made by way of repayment of contributions) have been made wholly or partly in respect of damage in respect of which no relief may be given under the Tax Acts, and a claim is made to that effect, then, subject to and in accordance with the provisions of Schedule 21—
- (a) relief shall be given in respect of those payments by reducing the amounts which are to be treated as trading receipts of the trade under subsection (1) above; but
- (b) where such relief is given, section 568 shall, in relation to contributions subsequently paid under the scheme in respect of the trade, have effect subject to the modifications specified in Part III of that Schedule,
and paragraph 6 of that Schedule applies for the purposes of this subsection as it applies for the purposes of that Schedule.
- (3) The provisions of this section and Schedule 21 shall apply in relation to any payment made to a person who has ceased to carry on a trade to which any such scheme as is mentioned in subsection (1) above relates as they apply in relation to payments made to a person carrying on such a trade, subject to the modification that so much of that payment as falls to be treated as a trading receipt by virtue of those provisions shall be deemed for the purposes of those provisions to have been made to him on the last day on which he was engaged in carrying on the trade.
- (4) In determining for the purposes of this section and of Schedule 21—
- (a) whether any trade has ceased to be carried on; or
- (b) whether any contribution is paid in respect of a trade in respect of which a payment has been made; or
- (c) whether any payment is made in respect of a trade in respect of which a contribution has been paid,
no regard shall be had to any event which, by virtue of section 18 of ITTOIA 2005 or section 41 of CTA 2009 (company starting or ceasing to be within charge to corporation tax) is to be treated as effecting a cessation of trading.
#### Cancellation of certificates
##### 571
- (1) Where any certificate granted with respect to a scheme under section 568 is cancelled by the Secretary of State, and any deductible contributions paid in furtherance of the scheme have not been repaid at the expiration of one year from the cancellation, the body of persons carrying out the scheme shall, for the chargeable period in which that year expires, be charged to tax . . . upon the aggregate amount of the deductible contributions which have not been repaid at that time.
- (1A) An amount charged to income tax under subsection (1) above is treated for income tax purposes as an amount of income.
- (1B) So far as relating to corporation tax, the charge to tax under subsection (1) has effect as an application of the charge to corporation tax on income.
- (2) The charge to tax under subsection (1) above shall not be made if the total amount of any contributions, other than deductible contributions, which have been paid under the scheme and have not been repaid before that time is greater than the available resources of the scheme, and shall not in any case be made upon an amount greater than the excess, if any, of those resources over that total amount.
- (3) In subsection (2) above “*the available resources*”, in relation to any scheme, means a sum representing the total funds held for the purposes of the scheme at the expiration of one year from the cancellation of the certificate plus a sum representing any funds held for the purposes of the scheme which, during that year, have been applied otherwise than in accordance with the provisions of the scheme as in force when the certificate was granted.
- (4) Where the body of persons carrying out a scheme are charged to tax by virtue of subsection (1) above, and, after the expiration of one year from the cancellation of the certificate, any deductible contribution paid in furtherance of the scheme is repaid, the amount upon which the charge is made shall on the making of a claim be reduced by the amount repaid, and all such repayments of tax shall be made as are necessary to give effect to the provisions of this subsection.
- (5) In this section “*contribution*” includes a part of a contribution, and “*deductible contribution*” means a contribution allowed to be deducted under section 568, any reduction under Part III of Schedule 21 being left out of account.
- (6) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.
#### Application to statutory redundancy schemes
##### 572
- (1) Sections 569 to 571 and Schedule 21 shall, subject to the adaptations specified in subsection (2) below, apply in relation to a statutory redundancy scheme as they apply in relation to a scheme certified under section 568.
- (2) The adaptations referred to above are as follows, that is to say—
- (a) for any reference to a contribution allowed to be deducted under section 568 there shall be substituted a reference to a contribution allowed to be deducted under any provision of the Tax Acts other than that section;
- (b) any provision that section 568 shall, in relation to contributions, have effect subject to modifications, shall be construed as a provision that so much of any provision of the Tax Acts other than that section as authorises the deduction of contributions shall, in relation to the contributions in question, have effect subject to the modifications in question;
- (c) for any reference to the cancellation of a certificate with respect to a scheme there shall be substituted a reference to the scheme ceasing to have effect; and
- (d) for any reference to the provisions of the scheme as in force when the certificate was granted there shall be substituted a reference to the provisions of the scheme as in force when the contributions were first paid thereunder.
- (3) In this section “*statutory redundancy scheme*” means a scheme for the elimination or reduction of redundant works, machinery or plant, or for other similar purposes, to which effect is given by or under any Act, whether passed before or after this Act.
### CHAPTER VI — OTHER PROVISIONS
### Relief for losses on unquoted shares in trading companies
#### Relief for companies
##### 573
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for individuals
##### 574
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusion of relief under section 573 or 574 in certain cases
##### 575
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 573 to 575
##### 576
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous
#### Business entertaining expenses
##### 577
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Housing grants
##### 578
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statutory redundancy payments
##### 579
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 579
##### 580
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Borrowing in foreign currency by local authorities and statutory corporations
##### 581
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funding bonds issued in respect of interest on certain debts
##### 582
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Inter-American Development Bank
##### 583
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for unremittable overseas income
##### 584
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief from tax on delayed remittances
##### 585
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of deductions for war risk premiums
##### 586
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of certain payments in respect of war injuries to employees
##### 587
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Training courses for employees
##### 588
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying courses of training etc
##### 589
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XIV — PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
### CHAPTER I — RETIREMENT BENEFIT SCHEMES
### Approval of schemes
#### Conditions for approval of retirement benefit schemes
##### 590
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Discretionary approval
##### 591
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Tax reliefs
#### Exempt approved schemes
##### 592
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief by way of deductions from contributions
##### 593
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exempt statutory schemes
##### 594
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Charge to tax in certain cases
#### Charge to tax in respect of certain sums paid by employer etc
##### 595
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 595
##### 596
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: pensions
##### 597
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: repayment of employee’s contributions
##### 598
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: commutation of entire pension in special circumstances
##### 599
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: unauthorised payments to or for employees
##### 600
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: payments to employers
##### 601
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Regulations relating to pension fund surpluses
##### 602
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of surpluses
##### 603
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplementary provisions
#### Application for approval of a scheme
##### 604
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 605
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Responsibilities of administrator of scheme, and employer
##### 606
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Pilots' benefit fund
##### 607
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Superannuation funds approved before 6th April 1980
##### 608
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes approved before 23rd July 1987
##### 609
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Amendments of schemes
##### 610
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Definition of “retirement benefits scheme”
##### 611
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretative provisions, and regulations for purposes of this Chapter
##### 612
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS
#### Parliamentary pension funds
##### 613
- (1) The salary of a Member of the House of Commons shall, for all the purposes of the Income Tax Acts, be treated as reduced by the amounts deducted in pursuance of section 1 of the House of Commons Members’ Fund Act 1939; but a Member shall not by reason of any such deduction be entitled to relief under any other provision of the Income Tax Acts.
- (2) In subsection (1) above the reference to salary shall be construed as mentioned in subsection (3) of section 1 of the House of Commons Members’ Fund Act 1939, the reference to amounts deducted includes a reference to amounts required to be set aside under that subsection, and “deduction” shall be construed accordingly.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) The . . . trustees of—
- (a) the House of Commons Members’ Fund established under section 1 of that Act of 1939;
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (bb) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shall be entitled to exemption from income tax in respect of all income derived from that Fund or any investment of that Fund.
#### Exemptions and reliefs in respect of income from investments etc. of certain pension schemes
##### 614
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the Government of India Act 1935, and having effect as a scheme made under section 2 of the Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.
- (2A) The reference in subsection (2) above to interest on sums forming part of a fund include references to any amount which is treated as income by virtue of Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) and derives from any investment forming part of that fund.
- (3) Income derived from investments or deposits of any fund referred to in section 648, 649, 650 or 651 of ITEPA 2003 shall not be charged to income tax, and any income tax deducted from any such income shall be repaid by the Board to the persons entitled to receive the income.
- (4) In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the Overseas Aid Act 1966, the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person not domiciled, ordinarily resident or resident in the United Kingdom.
- (5) In respect of dividends and other income derived from investments, deposits or other property of a superannuation fund to which section 615(3) applies the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person not domiciled, ordinarily resident or resident in the United Kingdom.
- (6) A claim under this section shall be made to the Board.
#### Exemption from tax in respect of certain pensions
##### 615
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) Where an annuity is paid from a superannuation fund to which this subsection applies to a person who is not resident in the United Kingdom, income tax shall not be deducted from any payment of the annuity or accounted for under Chapter 6 of Part 15 of ITA 2007 (deduction from annual payments and patent royalties) by the trustees or other persons having the control of the fund.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) Subsection (3) above applies to any superannuation fund which—
- (a) is bona fide established under irrevocable trusts in connection with some trade or undertaking carried on wholly or partly outside the United Kingdom;
- (b) has for its sole purpose (subject to any enactment or Northern Ireland legislation requiring or allowing provision for the value of any rights to be transferred between schemes or between members of the same scheme) the provision of superannuation benefits in respect of persons’ employment in the trade or undertaking wholly outside the United Kingdom; and
- (c) is recognised by the employer and employed persons in the trade or undertaking;
and for the purposes of this subsection duties performed in the United Kingdom the performance of which is merely incidental to the performance of other duties outside the United Kingdom shall be treated as performed outside the United Kingdom.
- (7) In this section—
- “*pension*” includes a gratuity or any sum payable on or in respect of death or, in the case of a pension falling within subsection (2)(g) above, ill-health, and a return of contributions with or without interest thereon or any other addition thereto;
- “*overseas territory*” means any territory or country outside the United Kingdom;
- “*the Pensions (Increase) Acts*” means the Pensions (Increase) Act 1971 and any Act passed after that Act for purposes corresponding to the purposes of that Act;
- “*United Kingdom trust territory*” means a territory administered by the government of the United Kingdom under the trusteeship system of the United Nations.
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) For the purposes of this section, a person shall be taken to be employed in the public service of an overseas territory at any time when—
- (a) he is employed in any capacity under the government of that territory, or under any municipal or other local authority in it,
- (b) he is employed, in circumstances not falling within paragraph (a) above, by a body corporate established for any public purpose in that territory by an enactment of a legislature empowered to make laws for that territory, or
- (c) he is the holder of a public office in that territory in circumstances not falling within either paragraph (a) or (b).
- (10) For the purposes of subsection (9), references to the government of an overseas territory include references to a government constituted for two or more overseas territories, and to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more such territories.
#### Other overseas pensions
##### 616
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Social security benefits and contributions
##### 617
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — RETIREMENT ANNUITIES
#### Termination of relief under this Chapter, and transitional provisions
##### 618
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from tax in respect of qualifying premiums
##### 619
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying premiums
##### 620
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other approved contracts
##### 621
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Substituted retirement annuity contracts
##### 622
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relevant earnings
##### 623
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sponsored superannuation schemes and controlling directors
##### 624
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward of unused relief under section 619
##### 625
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Modification of section 619 in relation to persons over 50
##### 626
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lloyd’s underwriters
##### 627
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partnership retirement annuities
##### 628
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity premiums of Ministers and other officers
##### 629
- (1) For the purposes of this Chapter so much of any salary which—
- (a) is payable to the holder of a qualifying office who is also a Member of the House of Commons, and
- (b) is payable for a period in respect of which the holder is not a participant in relation to that office in arrangements contained in the Parliamentary pension scheme but is a participant in relation to his membership of the House of Commons in any such arrangements, or for any part of such a period,
as is equal to the difference between a Member’s pensionable salary and the salary which (in accordance with any such resolution as is mentioned in subsection (3)(a) below) is payable to him as a Member holding that qualifying office shall be treated as remuneration from the office of Member and not from the qualifying office.
- (2) In this section—
- “*Member’s pensionable salary*” means a Member’s ordinary salary under any resolution of the House of Commons which, being framed otherwise than as an expression of opinion, is for the time being in force relating to the remuneration of Members or, if the resolution provides for a Member’s ordinary salary thereunder to be treated for pension purposes as being at a higher rate, a notional yearly salary at that higher rate;
- “*qualifying office*” means an office mentioned in section 2(2)(b), (c) or (d) of the Parliamentary and other Pensions Act 1987;
- “*the Parliamentary pension scheme*” has the same meaning as in that Act;
and without prejudice to the power conferred by virtue of paragraph 13 of Schedule 1 to that Act, regulations under section 2 of that Act may make provision specifying the circumstances in which a person is to be regarded for the purposes of this section as being or not being a participant in relation to his Membership of the House of Commons, or in relation to any office, in arrangements contained in the Parliamentary pension scheme.
- (3) In subsection (2) above “*a Member’s ordinary salary*”, in relation to any resolution of the House of Commons, means—
- (a) if the resolution provides for salary to be paid to Members at different rates according to whether or not they are holders of particular offices, or are in receipt of salaries or pensions as the holders or former holders of particular offices, a Member’s yearly salary at the higher or highest rate; and
- (b) in any other case, a Member’s yearly salary at the rate specified in or determined under the resolution.
### CHAPTER IV — PERSONAL PENSION SCHEMES
### Preliminary
#### Interpretation
##### 630
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Approval of schemes
##### 631
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Restrictions on approval
#### Establishment of schemes
##### 632
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scope of benefits
##### 633
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity to member
##### 634
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lump sum to member
##### 635
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity after death of member
##### 636
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lump sum on death of member
##### 637
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other restrictions on approval
##### 638
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Tax reliefs
#### Member’s contributions
##### 639
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Maximum amount of deductions
##### 640
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-back of contributions
##### 641
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward of relief
##### 642
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employer’s contributions and personal pension income etc
##### 643
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant earnings”
##### 644
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Earnings from pensionable employment
##### 645
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “net relevant earnings”
##### 646
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Charge to tax
#### Unauthorised payments
##### 647
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Contributions under unapproved arrangements
##### 648
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous
#### Minimum contributions under Social Security Act 1986
##### 649
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Withdrawal of approval
##### 650
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appeals
##### 651
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information about payments
##### 652
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information: penalties
##### 653
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Remuneration of Ministers and other officers
##### 654
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transitional provisions
##### 655
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — PURCHASED LIFE ANNUITIES
#### Purchased life annuities other than retirement annuities
##### 656
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Purchased life annuities to which section 656 applies
##### 657
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary
##### 658
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS
#### Financial futures and traded options
##### 659
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XV — SETTLEMENTS
### CHAPTER I — DISPOSITIONS FOR SHORT PERIODS
#### Dispositions for period which cannot exceed six years
##### 660
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments between disponor and trustees
##### 661
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter I to dispositions by two or more disponors
##### 662
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — SETTLEMENTS ON CHILDREN
#### The general rule
##### 663
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Accumulation settlements
##### 664
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “irrevocable”
##### 665
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest paid by trustees
##### 666
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments between disponor and trustees
##### 667
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter II to settlements by two or more settlors
##### 668
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information under Chapter II
##### 669
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter II
##### 670
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — REVOCABLE SETTLEMENTS ETC.
#### Revocable settlements allowing release of obligation
##### 671
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing reversion of property
##### 672
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements where settlor retains an interest
##### 673
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements: discretionary power for benefit of settlor etc
##### 674
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 671 to 674
##### 675
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of deduction from total income of certain sums paid by settlor
##### 676
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sums paid to settlor otherwise than as income
##### 677
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital sums paid by body connected with settlement
##### 678
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter III to settlements by two or more settlors
##### 679
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information for purposes of Chapter III
##### 680
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter III
##### 681
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Ascertainment of undistributed income
##### 682
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — LIABILITY TO HIGHER RATE AND ADDITIONAL RATE TAX
### Liability of settlors
#### Settlements made after 6th April 1965
##### 683
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements made before 7th April 1965 but after 9th April 1946
##### 684
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 683 and 684
##### 685
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Liability of trustees
#### Liability to additional rate tax of certain income of discretionary trusts
##### 686
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments under discretionary trusts
##### 687
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes for employees and directors to acquire shares
##### 688
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries
##### 689
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — MAINTENANCE FUNDS FOR HISTORIC BUILDINGS
#### Schedule 4 directions
##### 690
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain income not to be income of settlor etc
##### 691
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reimbursement of settlor
##### 692
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Severance of settled property for certain purposes
##### 693
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Trustees chargeable to income tax at 30 per cent. in certain cases
##### 694
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XVI — ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION
#### Limited interests in residue
##### 695
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Absolute interests in residue
##### 696
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions as to absolute interests in residue
##### 697
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Special provisions as to certain interests in residue
##### 698
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief from higher rate tax for inheritance tax on accrued income
##### 699
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments and information
##### 700
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation
##### 701
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application to Scotland
##### 702
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XVII — TAX AVOIDANCE
### CHAPTER I — CANCELLATION OF CORPORATION TAX ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES
#### Cancellation of tax advantage
##### 703
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The prescribed circumstances
##### 704
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appeals against Board’s notices under section 703
##### 705
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The tribunal
##### 706
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Procedure for clearance in advance
##### 707
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information
##### 708
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “tax advantage” and other expressions
##### 709
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — TRANSFERS OF SECURITIES
### Transfers with or without accrued interest: introductory
#### Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728
##### 710
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “interest”, “transfers with or without accrued interest” etc
##### 711
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “settlement day” for purposes of sections 711 to 728
##### 712
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Transfers with or without accrued interest: charge to tax and reliefs
#### Deemed sums and reliefs
##### 713
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of deemed sums and reliefs
##### 714
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from sections 713 and 714
##### 715
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer of unrealised interest
##### 716
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Variable interest rate
##### 717
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest in default
##### 718
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Unrealised interest in default
##### 719
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Transfers with or without accrued interest: supplemental
#### Nominees, trustees etc
##### 720
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Death
##### 721
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Trading stock
##### 722
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign securities: delayed remittances
##### 723
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Insurance companies
##### 724
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lloyd’s underwriters
##### 725
#### Building societies
##### 726
#### Stock lending
##### 727
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 728
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Other transfers of securities
#### Sale and repurchase of securities
##### 729
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of income arising from securities
##### 730
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Purchase and sale of securities
#### Application and interpretation of sections 732 to 734
##### 731
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dealers in securities
##### 732
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons entitled to exemptions
##### 733
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons other than dealers in securities
##### 734
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “appropriate amount in respect of” interest
##### 735
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous provisions relating to securities
#### Company dealing in securities: distribution materially reducing value of holding
##### 736
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manufactured dividends: treatment of tax deducted
##### 737
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
#### Interpretation etc
##### 110
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VII — PARTNERSHIPS AND SUCCESSIONS
### General
#### Partnership assessments to income tax
##### 111
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partnerships controlled abroad
##### 112
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Effect, for income tax, of change in ownership of trade, profession or vocation
##### 113
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Partnerships involving companies
#### Special rules for computing profits and losses
##### 114
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 114
##### 115
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Arrangements for transferring relief
##### 116
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Limited partners
#### Restriction on relief: individuals
##### 117
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restriction on relief: companies
##### 118
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VIII — MISCELLANEOUS AND SUPPLEMENTAL
#### Rent etc. payable in connection with mines, quarries and similar concerns
##### 119
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Rent etc. payable in respect of electric line wayleaves
##### 120
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Management expenses of owner of mineral rights
##### 121
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief in respect of mineral royalties
##### 122
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign dividends
##### 123
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on quoted Eurobonds
##### 124
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annual payments for non-taxable consideration
##### 125
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treasury securities issued at a discount
##### 126
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Enterprise allowance
##### 127
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commodity and financial futures etc.: losses and gains
##### 128
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stock lending
##### 129
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “investment company” for purposes of Part IV
##### 130
In this Part of this Act —
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*investment company*”, means any company whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom, but includes any savings bank or other bank for savings except any which, for the purposes of the Trustee Savings Bank Act 1985, is a successor or a further successor to a trustee savings bank.
## PART V — PROVISIONS RELATING TO THE SCHEDULE E CHARGE
### CHAPTER I — SUPPLEMENTARY CHARGING PROVISIONS OF GENERAL APPLICATION
### Miscellaneous provisions
#### Chargeable emoluments
##### 131
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Place of performance, and meaning of emoluments received in the U.K
##### 132
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Voluntary pensions
##### 133
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Workers supplied by agencies
##### 134
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Shareholdings, loans etc.
#### Gains by directors and employees from share options
##### 135
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 135
##### 136
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payment of tax under section 135 by instalments
##### 137
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Share acquisitions by directors and employees
##### 138
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 138
##### 139
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further interpretation of sections 135 to 139
##### 140
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Vouchers etc.
#### Non-cash vouchers
##### 141
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Credit-tokens
##### 142
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cash vouchers taxable under P.A.Y.E
##### 143
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 144
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Living accommodation
#### Living accommodation provided for employee
##### 145
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional charge in respect of certain living accommodation
##### 146
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Occupation of Chevening House
##### 147
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Payments on retirement, sick pay etc.
#### Payments on retirement or removal from office or employment
##### 148
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sick pay
##### 149
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Job release scheme allowances, maternity pay and statutory sick pay
##### 150
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Income support etc
##### 151
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Notification of amount taxable under section 151
##### 152
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — EMPLOYEES EARNING £8,500 OR MORE AND DIRECTORS
### Expenses
#### Payments in respect of expenses
##### 153
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Benefits in kind
#### General charging provision
##### 154
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from the general charge
##### 155
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cash equivalents of benefits charged under section 154
##### 156
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cars available for private use
##### 157
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Car fuel
##### 158
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Pooled cars
##### 159
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Beneficial loan arrangements
##### 160
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 160
##### 161
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employee shareholdings
##### 162
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses connected with living accommodation
##### 163
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Director’s tax paid by employer
##### 164
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scholarships
##### 165
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### General supplementary provisions
#### Notice of nil liability under this Chapter
##### 166
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “director’s or higher-paid employment”
##### 167
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretative provisions
##### 168
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — PROFIT-RELATED PAY
### Preliminary
#### Interpretation
##### 169
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of profit-related pay
##### 170
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### The relief
#### Relief from tax
##### 171
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from tax
##### 172
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Registration
#### Persons who may apply for registration
##### 173
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Excluded employments
##### 174
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Applications for registration
##### 175
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Registration
##### 176
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change of scheme employer
##### 177
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cancellation of registration
##### 178
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Administration
#### Recovery of tax from scheme employer
##### 179
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annual returns etc
##### 180
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other information
##### 181
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appeals
##### 182
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplementary
#### Partnerships
##### 183
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Independent accountants
##### 184
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — OTHER EXEMPTIONS AND RELIEFS
### Share option and profit sharing schemes
#### Approved share option schemes
##### 185
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Approved profit sharing schemes
##### 186
- (1) The provisions of this section apply where, after 5th April 1979 and before 1st January 2003, the trustees of an approved profit sharing scheme appropriate shares—
- (a) which have previously been acquired by the trustees, and
- (b) as to which the conditions in Part II of Schedule 9 are fulfilled,
to an individual who participates in the scheme (“the participant”).
- (2) Notwithstanding that, by virtue of such an appropriation of shares as is mentioned in subsection (1) above, the beneficial interest in the shares passes to the participant to whom they are appropriated—
- (a) the value of the shares at the time of the appropriation shall be treated as not being income of his chargeable to tax under Schedule E; and
- (b) he shall not be chargeable to income tax under that Schedule by virtue of section 78 or 79 of the Finance Act 1988 in respect of the shares or by virtue of section 162 in any case where the shares are appropriated to him at an undervalue within the meaning of that section.
- (3) Subject to the provisions of this section and paragraph 4 of Schedule 10, if, in respect of or by reference to any of a participant’s shares, the trustees become or the participant becomes entitled, before the release date, to receive any money or money’s worth (“a capital receipt”), . . . the appropriate percentage (determined as at the time the trustees become or the participant becomes so entitled) of so much of the amount or value of the receipt as exceeds the appropriate allowance for that year, as determined under subsection (12) below counts as employment income of the participant for the year of assessment in which the entitlement arises.
- (4) If the trustees dispose of any of a participant’s shares at any time before the release date or, if it is earlier, the date of the participant’s death, then, subject to subsections (6) and (7) below, . . . the appropriate percentage of the locked-in value of the shares at the time of the disposal counts as employment income of the participant for the year of assessment in which the disposal takes place.
- (5) Subject to paragraphs 5 and 6(6) of Schedule 10, the locked-in value of a participant’s shares at any time is—
- (a) if prior to that time he has become entitled to a capital receipt (within the meaning of subsection (3) above) which is referable to those shares and—
- (i) an amount calculated by reference to that capital receipt counts as his employment income by virtue of subsection (3) above, or
- (ii) if the entitlement to the capital receipt arose before 6th April 2003, he was chargeable to income tax by virtue of that subsection (as it had effect before that date) in respect of that capital receipt,
the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of them; and
- (b) in any other case, their initial market value.
- (6) Subject to subsection (7) below, if, on a disposal of shares falling within subsection (4) above, the proceeds of the disposal are less than the locked-in value of the shares at the time of the disposal, subsection (4) above shall have effect as if that locked-in value were reduced to an amount equal to the proceeds of the disposal.
- (7) If, at any time prior to the disposal of any of a participant’s shares, a payment was made to the trustees to enable them to exercise rights arising under a rights issue, then, subject to subsection (8) below, subsections (4) and (6) above shall have effect as if the proceeds of the disposal were reduced by an amount equal to that proportion of that payment or, if there was more than one, of the aggregate of those payments which, immediately before the disposal, the market value of the shares disposed of bore to the market value of all the participant’s shares held by the trustees at that time.
- (8) For the purposes of subsection (7) above—
- (a) no account shall be taken of any payment to the trustees if or to the extent that it consists of the proceeds of a disposal of rights arising under a rights issue; and
- (b) in relation to a particular disposal the amount of the payment or, as the case may be, of the aggregate of the payments referred to in that subsection shall be taken to be reduced by an amount equal to the total of the reduction (if any) previously made under that subsection in relation to earlier disposals;
and any reference in subsection (7) or paragraph (a) above to the rights arising under a rights issue is a reference to rights conferred in respect of a participant’s shares, being rights to be allotted, on payment, other shares or securities or rights of any description in the same company.
- (9) If at any time the participant’s beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of the relevant provisions as having been disposed of at that time by the trustees for (subject to subsection (10) below) the like consideration as was obtained for the disposal of the beneficial interest; and for the purposes of this subsection there is no disposal of the participant’s beneficial interest if and at the time when—
- (a) in England and Wales or Northern Ireland, that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of law, or
- (b) in Scotland, that interest becomes vested in a judicial factor, in a trustee on the participant’s sequestrated estate or in a trustee for the benefit of the participant’s creditors.
- (10) If—
- (a) a disposal of shares falling within subsection (4) above is a transfer to which paragraph 2(2)(c) of Schedule 9 applies, or
- (b) any other disposal falling within that subsection is not at arm’s length,
- (c) a disposal of shares falling within that subsection is one which is treated as taking place by virtue of subsection (9) above and takes place within the period of retention,
then for the purposes of the relevant provisions the proceeds of the disposal shall be taken to be equal to the market value of the shares at the time of the disposal.
- (11) Where the trustees of an approved scheme acquire any shares as to which the requirements of Part II of Schedule 9 are fulfilled and, within the period of 18 months beginning with the date of their acquisition, those shares are appropriated in accordance with the scheme, section 686 shall not apply to income consisting of dividends on those shares received by the trustees; and, for the purpose of determining whether any shares are appropriated within that period, shares which were acquired at an earlier time shall be taken to be appropriated before shares of the same class which were acquired at a later time.
- (12) For the purposes of subsection (3) above, “*the appropriate allowance*”, in relation to any year of assessment, means a sum which, subject to a maximum of £60, is the product of multiplying £20 by 1 plus the number of years which fall within the period of three years immediately preceding the year in question and in which shares were appropriated to the participant under the scheme; and if in any year (and before the release date) the trustees become or the participant becomes entitled, in respect of or by reference to any of his shares, to more than one capital receipt, the receipts shall be set against the appropriate allowance for that year in the order in which they are received.
- (13) Schedule 10 shall have effect with respect to profit sharing schemes.
#### Interpretation of sections 185 and 186 and Schedules 9 and 10
##### 187
- (1) In sections 185 and 186, this section and Schedules 9 and 10 “*the relevant provisions*” means those sections (including this section) and Schedules.
- (2) For the purposes of the relevant provisions, except where the context otherwise requires—
- “*appropriate percentage*” shall be construed in accordance with paragraph 3 of Schedule 10;
- “*approved*”, in relation to a scheme, means approved under Schedule 9;
- “*associated company*” has the same meaning as in section 416, except that, for the purposes of paragraph 23 of Schedule 9, subsection (1) of that section shall have effect with the omission of the words “ or at any time within one year previously ”;
- “*bonus date*” has the meaning given by paragraph 17 of Schedule 9;
- “*capital receipt*” means money or money’s worth to which the trustees of or a participant in a profit sharing scheme become or becomes entitled as mentioned in section 186(3), but subject to paragraph 4 of Schedule 10;
- “*certified contractual savings scheme*” has the meaning given by section 326;
- “*control*” has the same meaning as in section 840;
- “*grantor*”, in relation to any scheme, means the company which has established the scheme;
- “*group scheme*” and, in relation to such a scheme, “*participating company*” have the meanings given by paragraph 1(3) and (4) of Schedule 9;
- “*initial market value*”, in relation to shares in a profit sharing scheme, has the meaning given by paragraph 30(4) of Schedule 9;
- “*locked-in value*”, in relation to any shares, shall be construed in accordance with section 186(5);
- “*market value*” has the same meaning as in Part VIII of the 1992 Act;
- “*new holding*” has the meaning given by section 126(1)(b) of the 1992 Act;
- “*participant*”, in relation to a profit sharing scheme, means an individual to whom the trustees of the scheme have appropriated shares;
- “*participant’s shares*”, in relation to a participant in a profit sharing scheme, means, subject to paragraph 5(4) of Schedule 10, shares which have been appropriated to the participant by the trustees;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*period of retention*” has the meaning given by paragraph 2 of Schedule 10;
- “*release date*”, in relation to any of the shares of a participant in a profit sharing scheme, means the third anniversary of the date on which they were appropriated to him;
- “*relevant amount*”, in relation to a participant in a profit sharing scheme, means an amount which is not less than £3,000 and not more than £8,000 but which, subject to that, is 10 per cent. of his salary (determined under subsection (5) below) for the year of assessment in question or the preceding year of assessment, whichever is the greater;
- “*relevant requirements*” has the meaning given by paragraph 1 of Schedule 9;
- “*savings-related share option scheme*” has the meaning given by paragraph 1 of Schedule 9;
- “*scheme*” means a savings-related share option scheme, a share option scheme which is not a savings-related share option scheme or a profit sharing scheme, as the context may require;
- “*shares*” includes stock;
- “*specified age*”, in relation to a scheme, means the age specified in pursuance of paragraph 8A of Schedule 9 as the specified age for the purposes of the scheme;
- “*the trustees*”, in relation to an approved profit sharing scheme or the shares of a participant in such a scheme, means the body of persons for the establishment of which the scheme must provide as mentioned in paragraph 30 of Schedule 9; and
- “*just instrument*”, in relation to an approved profit sharing scheme, means the instrument referred to in paragraph 30(1)(c) of Schedule 9.
- (3) For the purposes of the application of the relevant provisions in relation to any share option scheme or profit sharing scheme, a person has a material interest in a company if he, either on his own or with one or more associates, or if any associate of his with or without such other associates,—
- (a) is the beneficial owner of, or able, directly or through the medium of other companies, or by any other indirect means to control, more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the ordinary share capital of the company, or
- (b) where the company is a close company, possesses, or is entitled to acquire, such rights as would, in the event of the winding-up of the company or in any other circumstances, give an entitlement to receive more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the assets which would then be available for distribution among the participators.
- In this subsection “*associate*” has the meaning given by section 417(3) and (4) and “*participator*” has the meaning given by section 417(1).
- (4) Subsection (3) above shall have effect subject to the provisions of Part VI of Schedule 9.
- (5) For the purposes of subsection (2) above, a participant’s salary for a year of assessment means such of the emoluments of the office or employment by virtue of which he is entitled to participate in a profit sharing scheme as are liable to be paid in that year under deduction of tax pursuant to section 203 after deducting therefrom amounts included by virtue of Chapter II of this Part.
- (6) Section 839 shall apply for the purposes of the relevant provisions.
- (7) For the purposes of the relevant provisions a company is a member of a consortium owning another company if it is one of a number of companies which between them beneficially own not less than three-quarters of the other company’s ordinary share capital and each of which beneficially owns not less than one-twentieth of that capital.
- (8) Where the disposal referred to in section 186(4) is made from a holding of shares which were appropriated to the participant at different times, then, in determining for the purposes of the relevant provisions—
- (a) the initial market value and the locked-in value of each of those shares, . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) Any of the relevant provisions with respect to—
- (a) the order in which any of a participant’s shares are to be treated as disposed of for the purposes of those provisions, or
- (b) the shares in relation to which an event is to be treated as occurring for any such purpose,
shall have effect in relation to a profit sharing scheme notwithstanding any direction given to the trustees with respect to shares of a particular description or to shares appropriated to the participant at a particular time.
- (10) In the relevant provisions “*workers’ cooperative*” means a registered industrial and provident society , as defined in section 1119 of CTA 2010, which is a cooperative society and the rules of which include provisions which secure—
- (a) that the only persons who may be members of it are those who are employed by, or by a subsidiary of, the society and those who are the trustees of its profit sharing scheme; and
- (b) that, subject to any provision about qualifications for membership which is from time to time made by the members of the society by reference to age, length of service or other factors of any description, all such persons may be members of the society;
and in this subsection “*cooperative society*” has the same meaning as in section 1 of the Industrial and Provident Societies Act 1965 or, as the case may be, the Industrial and Provident Societies Act (Northern Ireland) 1969.
### Retirement benefits etc.
#### Exemptions from section 148
##### 188
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lump sum benefits on retirement
##### 189
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments to Members of Parliament, Representatives to the European Parliament and others
##### 190
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Job release scheme allowances not to be treated as income
##### 191
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Foreign emoluments and earnings, pensions and certain travel facilities
#### Relief from tax for foreign emoluments
##### 192
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign earnings and travel expenses
##### 193
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other foreign travel expenses
##### 194
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Travel expenses of employees not domiciled in the United Kingdom
##### 195
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign pensions
##### 196
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Leave travel facilities for the armed forces
##### 197
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Other expenses, subscriptions etc.
#### Relief for necessary expenses
##### 198
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses necessarily incurred and defrayed from official emoluments
##### 199
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses of Members of Parliament
##### 200
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Fees and subscriptions to professional bodies, learned societies etc
##### 201
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Donations to charity: payroll deduction scheme
##### 202
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — ASSESSMENT, COLLECTION, RECOVERY AND APPEALS
#### Pay as you earn
##### 203
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### P.A.Y.E repayments
##### 204
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Assessments unnecessary in certain circumstances
##### 205
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional provision for certain assessments
##### 206
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disputes as to domicile or ordinary residence
##### 207
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART VI — COMPANY DISTRIBUTIONS, TAX CREDITS ETC
### CHAPTER I — TAXATION OF COMPANY DISTRIBUTIONS
#### U.K. company distributions not generally chargeable to corporation tax
##### 208
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — MATTERS WHICH ARE DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
#### Meaning of “distribution”
##### 209
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Bonus issue following repayment of share capital
##### 210
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Matters to be treated or not to be treated as repayments of share capital
##### 211
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
### Payments of interest
#### Interest etc. paid in respect of certain securities
##### 212
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Demergers
#### Exempt distributions
##### 213
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Chargeable payments connected with exempt distributions
##### 214
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Advance clearance by Board of distributions and payments
##### 215
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns
##### 216
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 217
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 213 to 217
##### 218
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Purchase of own shares
#### Purchase by unquoted trading company of own shares
##### 219
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions as to residence and period of ownership
##### 220
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of vendor’s interest as shareholder
##### 221
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions applicable where purchasing company is member of group
##### 222
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other conditions
##### 223
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relaxation of conditions in certain cases
##### 224
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Advance clearance of payments by Board
##### 225
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns and information
##### 226
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Associated persons
##### 227
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Connected persons
##### 228
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretative provisions
##### 229
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Stock dividends
#### Stock dividends: distributions
##### 230
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### CHAPTER IV — TAX CREDITS
#### Tax credits for certain recipients of qualifying distributions
##### 231
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax credits for non-U.K. residents
##### 232
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of certain recipients of distributions and in respect of non-qualifying distributions
##### 233
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information relating to distributions
##### 234
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distributions of exempt funds etc
##### 235
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 235
##### 236
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of reliefs in respect of bonus issues
##### 237
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — ADVANCE CORPORATION TAX AND FRANKED INVESTMENT INCOME
#### Interpretation of terms and collection of ACT
##### 238
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of ACT against liability to corporation tax
##### 239
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax
##### 240
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation of ACT where company receives franked investment income
##### 241
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of losses etc. against surplus of franked investment income
##### 242
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of loss brought forward, or terminal loss
##### 243
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further provisions relating to claims under section 242 or 243
##### 244
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation etc. of ACT on change of ownership of company
##### 245
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge of ACT at previous rate until new rate fixed, and changes of rate
##### 246
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS AND SUPPLEMENTAL
### Group income
#### Dividends etc. paid by one member of a group to another
##### 247
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 247
##### 248
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Stock dividends
#### Stock dividends treated as income
##### 249
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Returns
##### 250
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 249 and 250
##### 251
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
#### Rectification of excessive set-off etc. of ACT or tax credit
##### 252
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to modify or replace section 234(5) to (9) and Schedule 13
##### 253
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Part VI
##### 254
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Gross rate” and “gross amount” of distributions to include ACT
##### 255
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART VII — GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
### CHAPTER I — PERSONAL RELIEFS
### The reliefs
#### General
##### 256
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Personal relief
##### 257
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Widower’s or widow’s housekeeper
##### 258
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Additional relief in respect of children
##### 259
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of relief under section 259
##### 260
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims under sections 258 and 259 for year of marriage
##### 261
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Widows' bereavement allowance
##### 262
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dependent relatives
##### 263
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claimant depending on services of a son or daughter
##### 264
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for blind persons
##### 265
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life assurance premiums
##### 266
- (1) Subject to the provisions of this section, section 274 and Schedules 14 and 15 and sections 192 to 194 of the Finance Act 2004, an eligible individual who pays any such premium as is specified in subsection (2) below . . . shall (without making any claim) be entitled to relief under this section.
- (1A) For the purposes of subsection (1) above an individual is an eligible individual if the individual—
- (a) is resident in the United Kingdom, or
- (b) meets the conditions in section 56(3) of ITA 2007.
- (2) The premiums referred to in subsection (1) above are any premiums paid by an individual under a policy of insurance or contract for a deferred annuity, where—
- (a) the payments are made to —
- (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or
- (ii) a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;
- (iv) in the case of a deferred annuity, the National Debt Commissioners; and
- (b) the insurance or, as the case may be, the deferred annuity is on the life of the individual or on the life of his spouse or civil partner; and
- (c) the insurance or contract was made by him or his spouse or civil partner.
- (3) Subject to subsections . . . (10) and (11) below, no relief under this section shall be given—
- (a) except in respect of premiums payable under policies for securing a capital sum on death, whether in conjunction with any other benefit or not;
- (b) in respect of premiums payable under any policy issued in respect of an insurance made after 19th March 1968 unless the policy is a qualifying policy;
- (c) in respect of premiums payable under any policy issued in respect of an insurance made after 13th March 1984 . . . ;
- (d) in respect of premiums payable during the period of deferment in respect of a policy of deferred assurance.
- (4) Subject to subsection (8) below, relief under this section in respect of any premiums paid by an individual in a year of assessment shall be given by making good to the person to whom they are paid any deficiency arising from the deductions authorised under subsection (5) below; and this section and Schedule 14 shall have effect in relation to any premium or part of a premium which is paid otherwise than in the year of assessment in which it becomes due and payable as if it were paid in that year.
- (5) Subject to the provisions of Schedule 14—
- (a) an individual resident in the United Kingdom who is entitled to relief under this section in respect of any premium may deduct from any payment in respect of the premium and retain an amount equal to 12.5 per cent of the payment; and
- (b) the person to whom the payment is made shall accept the amount paid after the deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made and may recover the deficiency from the Board.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) Where the individual is not resident in the United Kingdom (but is entitled to relief by virtue of subsection (1A)(b)), subsection (4) above shall not apply but . . . the like relief shall be given to him under paragraph 6 of Schedule 14.
- (9) Subsections (5) and (8) above shall apply in relation to an individual who is not resident in the United Kingdom but is a member of the armed forces of the Crown or the spouseor civil partner of such a member as if the individual were so resident.
- (10) Subsection (3)(b) above shall not apply—
- (a) to any policy of life insurance having as its sole object the provision on an individual’s death or disability of a sum substantially the same as any amount then outstanding under a mortgage of his residence, or of any premises occupied by him for the purposes of a business, being a mortgage the principal amount secured by which is repayable by instalments payable annually or at shorter regular intervals; or
- (b) to any policy of life insurance issued in connection with an approved scheme as defined in Chapter I of Part XIV.
- (11) Subsection (3)(a) and (d) above shall not affect premiums payable—
- (a) under policies or contracts made in connection with any superannuation or bona fide pension scheme for the benefit of the employees of any employer, or of persons engaged in any particular trade, profession, vocation or business, or for the benefit of the spouse, civil partner, widow, widower , surviving civil partner or children or other dependants of any such employee or person, or
- (b) under policies taken out by teachers in the schools known in the year 1918 as secondary schools, pending the establishment of a superannuation or pension scheme for those teachers.
- (12) Schedule 14 shall have effect for the purpose of modifying, for certain cases, and supplementing the provisions of this section.
- (13) In . . . Schedule 14, “*friendly society*” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).
- (14) In subsection (2)(a)—
- “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
- “member of the society” has the same meaning as in Lloyd’s Act 1982 .
#### Qualifying policies
##### 267
Schedule 15, Part I of which contains the basic rules for determining whether or not a policy is a qualifying policy, Part II of which makes provision for the certification etc. of policies as qualifying policies and Part III of which modifies Parts I and II in their application to certain policies issued by non-resident companies, shall have effect for the purpose of determining whether or not a policy is a qualifying policy; and, accordingly, any reference in this Act to a qualifying policy shall be construed in accordance with that Schedule.
#### Early conversion or surrender of life policies
##### 268
- (1) Where a policy of life insurance to which this section applies has been issued and, within four years from the making of the insurance in respect of which it was issued, any of the following events happens, that is to say—
- (a) the surrender of the whole or part of the rights conferred by the policy;
- (b) the falling due (otherwise than on death) of a sum payable in pursuance of a right conferred by the policy to participate in profits; and
- (c) the conversion of the policy into a paid-up or partly paid-up policy;
the body by whom the policy was issued shall pay to the Board, out of the sums payable by reason of the surrender or, as the case may be, out of the sum falling due or out of the fund available to pay the sums which will be due on death or on the maturity of the policy, a sum determined in accordance with the following provisions of this section, unless the body is wound up and the event is a surrender or conversion effected in connection with the winding-up.
- (2) The sum payable under subsection (1) above shall, subject to the following provisions of this section, be equal to the lower of the following, that is to say—
- (a) the appropriate percentage of the premiums payable under the policy up to the happening of the event; and
- (b) the surrender value of the policy at the time of the happening of the event less the complementary percentage of the premiums mentioned in paragraph (a) above.
- (3) If the event is one of those mentioned below, the sum payable to the Board shall not exceed the following limit, that is to say—
- (a) if it is the surrender of part of the rights conferred by the policy, the value of the rights surrendered at the time of the surrender;
- (b) if it is the conversion of the policy into a partly paid-up policy, the surrender value at the time of the conversion, of so much of the policy as is paid up; and
- (c) if it is the falling due of a sum, that sum.
- (4) If the event was preceded by the happening of such an event as is mentioned in subsection (1) above, subsection (2) above shall apply—
- (a) as if the lower of the amounts mentioned therein were reduced by the sum paid under this section in respect of the earlier event; and
- (b) if the earlier event was such an event as is mentioned in paragraph (a) or (c) of subsection (3) above, as if the surrender value of the policy were increased by the amount which, under that paragraph, limited or might have limited the sum payable under this section in respect of the earlier event.
- (5) For the purposes of this section the appropriate percentage, in relation to any event, is the percentage equal to the following fraction of the percentage found by doubling that mentioned in section 266(5)(a) as in force for the year of assessment in which the event happened, that is to say—
- (a) if the event happens in the first two of the four years mentioned in subsection (1) above, three-sixths;
- (b) if it happens in the third of those years, two-sixths; and
- (c) if it happens in the last of those years, one-sixth;
and the complementary percentage, in relation to any event, is 100 per cent. less the appropriate percentage.
- (6) Where the annual amount of the premiums payable under a policy of life insurance is at any time increased (whether under the policy or by any contract made after its issue) so as to exceed by more than 25 per cent.—
- (a) if the insurance was made on or before 26th March 1974, the annual amount as at that date, or
- (b) in the case of any other insurance, the first annual amount so payable,
the additional rights attributable to the excess shall be treated for the purposes of this section as conferred by a new policy issued in respect of an insurance made at that time, and the excess shall be treated as premiums payable under the new policy.
- (7) This section applies to any policy of life insurance which is a qualifying policy unless—
- (a) it is a policy in respect of the premiums on which relief under section 266 is not available by virtue of subsection (3)(c) of that section; or
- (b) it is a policy of life insurance issued in connection with a registered pension scheme;
and in relation to a policy of life insurance issued in respect of an insurance made before 27th March 1974 applies only in accordance with subsection (6) above.
#### Surrender etc. of policies after four years
##### 269
- (1) Where a policy of life insurance to which this section applies has been issued and, in the fifth or any later year from the making of the insurance in respect of which it was issued, either of the following events happens, that is to say—
- (a) the surrender of the whole or part of the rights conferred by the policy; and
- (b) the falling due (otherwise than on death or maturity) of a sum payable in pursuance of a right conferred by the policy to participate in profits;
then, if either of those events has happened before, the body by whom the policy was issued shall pay to the Board, out of the sums payable by reason of the surrender, or, as the case may be, out of the sum falling due, a sum determined in accordance with the following provisions of this section.
- (2) The sum payable under subsection (1) above shall, subject to the following provisions of this section, be equal to the applicable percentage of the lower of the following—
- (a) the total of the premiums which are payable in that year under the policy; and
- (b) the sums payable by reason of the surrender or, as the case may be, the sum falling due;
and the percentage to be applied for this purpose shall be a percentage equal to that mentioned in section 266(5)(a) as in force for the year of assessment in which the event happens.
- (3) Where, after a sum has become payable under subsection (1) above, and within the same year from the making of the insurance, another such event happens as is mentioned therein, the sums payable under that subsection in respect of both or all of the events shall not exceed the applicable percentage of the total mentioned in subsection (2)(a) above.
- (4) Where, on the happening of an event in the fifth or any later year from the making of the insurance, any sum is payable under subsection (1) of section 268 as applied by subsection (6) of that section as well as under subsection (1) above, subsection (2) above shall apply as if the sums or sum mentioned in paragraph (b) thereof were reduced by the sum payable under that section.
- (5) This section applies to any policy of life insurance which is a qualifying policy unless—
- (a) it is a policy in respect of the premiums on which relief under section 266 is not available by virtue of subsection (3)(c) of that section; or
- (b) it is a policy issued in the course of an industrial insurance business; or
- (c) it was issued in respect of an insurance made before 27th March 1974.
#### Provisions supplementary to sections 268 and 269
##### 270
- (1) Where on the happening of an event in relation to a policy of life insurance a sum is payable under section 268 or 269, relief under section 266 in respect of the relevant premiums paid under the policy shall be reduced by the sum so payable or, as the case may be, by so much of the sum as does not exceed the amount of that relief (or as does not exceed so much of that amount as remains after any previous reduction under this section).
- (2) For the purposes of this section the relevant premiums are—
- (a) in relation to a sum payable under section 268, the premiums payable under the policy up to the happening of the event by reason of which the sum is payable; and
- (b) in relation to a sum payable under section 269, the premiums payable in the year (from the making of the insurance) in which the event happens by reason of which the sum is payable.
- (3) Where the relevant premiums are payable in more than one year of assessment the reduction in relief under this section shall, so far as possible, reduce relief for an earlier year of assessment before reducing relief for a later one.
- (4) Any sum paid under section 268 or 269 by reason of any event shall be treated—
- (a) as between the parties, as received by the person by whom the premiums under the policy were paid; and
- (b) for the purposes of section 266, as a sum paid by that person in satisfaction of his liability resulting from the reduction of relief under this section;
and where that sum exceeds that liability he shall be entitled, on a claim made by him not later than 4 years after the end of the year of assessment in which the event happens, to repayment of the excess.
#### Deemed surrender in cases of certain loans
##### 271
- (1) Where—
- (a) by virtue of section 465 of ITTOIA 2005 a gain arising in connection with a policy . . . would be treated as forming part of an individual’s total income; and
- (b) the policy was issued in respect of an insurance made after 26th March 1974 . . .; and
- (c) any sum is at any time after the making of the insurance . . . lent to or at the direction of that individual by or by arrangement with the body issuing the policy . . .;
then, subject to subsection (2) below, the same results shall follow under sections 268 to 270 as if at the time the sum was lent there had been a surrender of part of the rights conferred by the policy . . . and the sum had been paid as consideration for the surrender (and if the policy is a qualifying policy, whether or not the premiums under it are eligible for relief under section 266, those results shall follow under section 269, whether or not a gain would be treated as arising on the surrender).
- (2) Subsection (1) above does not apply—
- (a) in relation to a policy if—
- (i) it is a qualifying policy; and
- (ii) either interest at a commercial rate is payable on the sum lent or the sum is lent to a full-time employee of the body issuing the policy for the purpose of assisting him in the purchase or improvement of a dwelling used or to be used as his only or main residence; . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Collection of sums payable under sections 268 and 269
##### 272
- (1) Any body by whom a policy to which section 268 or 269 applies has been issued shall, within 30 days of the end of each period of 12 months ending with 31st March in every year, make a return to the collector of the sums which, in that period, have become payable by it under either of those sections.
- (2) Any sum which is to be included in a return made under subsection (1) above shall be due at the time by which the return is to be made and shall be paid without being demanded.
- (3) Where any sum which was or ought to have been included in such a return is not paid by the end of the period for which the return was to be made, it may be recovered by an assessment as if it were income tax for the year of assessment in which that period ends; and where it appears to the inspector that a sum which ought to have been so included had not been included or that a return is not correct he may make such an assessment to the best of his judgment.
- (4) All the provisions of the Income Tax Acts relating to the assessment and collection of tax, interest on unpaid tax, appeals and penalties shall, with the necessary modifications, apply in relation to sums due under this section; and for the purposes of those provisions so far as they relate to interest on unpaid tax, a sum assessed in pursuance of this section shall be treated as having been payable when it would have been payable had it been included in a return under subsection (1) above.
- (5) Where, on an appeal against an assessment made in pursuance of this section, it is determined that a greater sum has been assessed than was payable, the excess, if paid, shall be repaid.
- (6) Where a body has paid a sum which is payable under section 268 or 269 it shall give within 30 days to the person by whom the sum is, under section 270(4), treated as received a statement specifying that sum and showing how it has been arrived at.
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments securing widows' and children’s annuities
##### 273
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limits on relief under sections 266 and 273
##### 274
- (1) The aggregate of the premiums . . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater.
- (2) The aggregate of the relief given under section 266 in respect of premiums . . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at 12.5% on £100.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section.
### Supplemental
#### Meaning of “relative”
##### 275
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Effect on relief of charges on income
##### 276
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partners
##### 277
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non-residents
##### 278
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — TAXATION OF INCOME OF SPOUSES AND CIVIL PARTNERS
### General rules
#### Aggregation of wife’s income with husband's
##### 279
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer of reliefs
##### 280
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax repayments to wives
##### 281
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Construction of references to married women living with their husbands
##### 282
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Separate assessments
#### Option for separate assessment
##### 283
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Effect of separate assessment on personal reliefs
##### 284
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Collection from wife of tax assessed on husband but attributable to her income
##### 285
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Right of husband to disclaim liability for tax on deceased wife’s income
##### 286
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Separate taxation
#### Separate taxation of wife’s earnings
##### 287
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Elections under section 287
##### 288
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — ENTERPRISE INVESTMENT SCHEME
#### The relief
##### 289
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Minimum and maximum subscriptions
##### 290
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Individuals qualifying for relief
##### 291
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Parallel trades
##### 292
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying companies
##### 293
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies with interests in land
##### 294
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Valuation of interests in land for purposes of section 294(1)(b)
##### 295
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 294 disapplied where amounts raised total £50,000 or less
##### 296
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying trades
##### 297
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 293 and 297
##### 298
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disposal of shares
##### 299
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Value received from company
##### 300
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 300
##### 301
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Replacement capital
##### 302
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Value received by persons other than claimants
##### 303
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Husband and wife
##### 304
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reorganisation of share capital
##### 305
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims
##### 306
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Withdrawal of relief
##### 307
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application to subsidiaries
##### 308
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further provisions as to subsidiaries
##### 309
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 310
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Nominees, bare trustees and approved investment funds
##### 311
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter III
##### 312
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — SPECIAL PROVISIONS
#### Taxation of consideration for certain restrictive undertakings
##### 313
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Divers and diving supervisors
##### 314
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Wounds and disability pensions
##### 315
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances, bounties and gratuities
##### 316
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Victoria Cross and other awards
##### 317
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other pensions in respect of death due to war service etc
##### 318
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Crown servants: foreign service allowance
##### 319
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commonwealth Agents-General and official agents etc
##### 320
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consuls and other official agents
##### 321
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consular officers and employees
##### 322
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Visiting forces
##### 323
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Designated international organisations
##### 324
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on deposits with National Savings Bank
##### 325
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest etc. under contractual savings schemes
##### 326
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disabled person’s vehicle maintenance grant
##### 327
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funds in court
##### 328
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on damages for personal injuries
##### 329
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Compensation for National-Socialist persecution
##### 330
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scholarship income
##### 331
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenditure and houses of ministers of religion
##### 332
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Personal equity plans
##### 333
Regulations under Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans) may include provision generally for the purpose of the administration of corporation tax in relation to plans.
### CHAPTER V — RESIDENCE OF INDIVIDUALS
#### Commonwealth citizens and others temporarily abroad
##### 334
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Residence of persons working abroad
##### 335
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Temporary residents in the United Kingdom
##### 336
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART VIII — TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
### Taxation of income
#### Companies beginning or ceasing to carry on a trade
##### 337
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowance of charges on income and capital
##### 338
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income: donations to charity
##### 339
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income: interest payable to non-residents
##### 340
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments of interest etc. between related companies
##### 341
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax on company in liquidation
##### 342
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company reconstructions without a change of ownership
##### 343
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company reconstructions: supplemental
##### 344
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chargeable gains
#### Computation of chargeable gains
##### 345
#### Capital distribution of chargeable gains: recovery of tax from shareholder
##### 346
#### Tax on one member of group recoverable from another member
##### 347
## PART IX — ANNUAL PAYMENTS AND INTEREST
### Annual payments
#### Payments out of profits or gains brought into charge to income tax: deduction of tax
##### 348
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments not out of profits or gains brought into charge to income tax, and annual interest
##### 349
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax where payments made under section 349
##### 350
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Small maintenance payments
##### 351
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certificates of deduction of tax
##### 352
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Relief for payments of interest (excluding MIRAS)
#### General provision
##### 353
- (1) Where a person pays interest in any year of assessment, that person, if he makes a claim to the relief, shall for that year of assessment be entitled (subject to . . . section 52 of ITTOIA 2005) to relief in accordance with this section in respect of so much (if any) of the amount of that interest as is eligible for relief under this section by virtue of section 365.
- (1A) Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.
- (1AA) The amount of the tax reduction is 23% of the amount of the interest.
- (1AB) The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.
- (1B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1E) Where any person is entitled for any year of assessment to relief . . . in respect of any amount of interest as is eligible for that relief partly as mentioned in subsection (1A) above and partly as mentioned in section 383 of ITA 2007 (relief for interest payments), that amount of interest shall be apportioned between the cases to which each of those provisions applies without regard to what parts of the total amount borrowed remain outstanding but according to . . . —
- (a) the proportions of the total amount borrowed which were applied for different purposes; . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies.
- (1F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) This section does not apply to a payment of relevant loan interest to which section 369 applies.
- (3) Relief under this section shall not be given in respect of—
- (a) interest on a debt incurred by overdrawing an account or by debiting the account of any person as the holder of a credit card or under similar arrangements; or
- (b) where interest is paid at a rate in excess of a reasonable commercial rate, so much of the interest as represents the excess.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loans to buy land etc
##### 354
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Matters excluded from section 354
##### 355
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Job-related accommodation
##### 356
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limit on amount of loan eligible for relief by virtue of section 354
##### 357
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where borrower deceased
##### 358
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy machinery or plant
##### 359
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy interest in close company
##### 360
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy interest in co-operative or employee-controlled company
##### 361
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy into partnership
##### 362
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 360 to 362
##### 363
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to pay inheritance tax
##### 364
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan to buy life annuity
##### 365
- (1) Subject to the following provisions of this section, interest is eligible for relief under section 353 if it is interest on a loan in respect of which the following conditions are satisfied—
- (aa) that the loan was made before 9th March 1999;
- (a) that the loan was made as part of a scheme under which not less than nine-tenths of the proceeds of the loan were applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons (“*the annuitants*”) who include the person to whom the loan was made;
- (b) that at the time the loan was made the person to whom it was made or each of the annuitants had attained the age of 65 years;
- (c) that the loan was secured on land in the United Kingdom or the Republic of Ireland and the person to whom it was made or one of the annuitants owns an estate or interest in that land; and
- (d) that, if the loan was made after 26th March 1974, the person to whom it was made or each of the annuitants used the land on which it was secured as his only or main residence immediately before 9th March 1999 .
- (1AA) Where—
- (a) a loan made on or after 9th March 1999 was made in pursuance of an offer made by the lender before that date, and
- (b) the offer was either in writing or evidenced by a note or memorandum made by the lender before that date,
the loan shall be deemed for the purposes of subsection (1)(aa) above to have been made before that date.
- (1AB) Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall be treated as satisfied in relation to a loan (“*the new loan*”) if—
- (a) the new loan was made on or after the day on which the Finance Act 1999 was passed;
- (b) the new loan was made as part of a scheme (“*the scheme*”) under which the whole or any part of the proceeds of the loan was used to defray money applied in paying off another loan (“*the old loan*”); and
- (c) the conditions in subsection (1) above were, or were treated by virtue of this subsection as, satisfied with respect to the old loan.
- (1AC) If only part of the proceeds of the new loan was used to defray money applied in paying off the old loan, subsection (1AB) above applies only if, under the scheme, not less than nine-tenths of the remaining part of the proceeds of the new loan was applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons who include him.
- (1AD) In subsection (1AC) above “*the remaining part*” means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan.
- (1A) The condition in subsection (1)(d) above shall be treated as satisfied in relation to a loan if—
- (a) the person to whom the loan was made, or any of the annuitants, ceased to use the land as his only or main residence at a time falling within the period of twelve months ending with 8th March 1999, and
- (b) the intention at that time of the person to whom the loan was made, or each of the annuitants owning an estate or interest in the land, was to take steps, before the end of the period of twelve months after the day on which the land ceased to be so used, with a view to the disposal of his estate or interest.
- (1B) If it appears to the Board reasonable to do so, having regard to all the circumstances of a particular case, they may direct that in relation to that case subsection (1A) above shall have effect as if for the reference to 12 months there were substituted a reference to such longer period as meets the circumstances of that case.
- (2) Interest is not eligible for relief by virtue of this section unless it is payable by the person to whom the loan was made or by one of the annuitants.
- (3) If the loan was made after 26th March 1974 interest on it is eligible for relief by virtue of this section only to the extent that the amount on which it is payable does not exceed the sum of £30,000; and if the interest is payable by two or more persons the interest payable by each of them is so eligible only to the extent that the amount on which it is payable does not exceed such amount as bears to that sum the same proportion as the interest payable by him bears to the interest payable by both or all of them.
#### Information
##### 366
- (1) A person who claims relief under section 353 in respect of any payment of interest shall furnish to the inspector a statement in writing by the person to whom the payment is made, showing—
- (a) the date when the debt was incurred;
- (b) the amount of the debt when incurred;
- (c) the interest paid in the year of assessment for which the claim is made . . . ; and
- (d) the name and address of the debtor.
- (2) Where any such interest as is mentioned in section 353 is paid, the person to whom it is paid shall, if the person who pays it so requests in writing, furnish him with such statement as regards that interest as is mentioned in subsection (1) above; and the duty imposed by this subsection shall be enforceable at the suit or instance of the person making the request.
- (3) Subsections (1) and (2) above do not apply to interest paid to a building society, or to a local authority.
#### Provisions supplementary to sections 354 to 366
##### 367
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In section 365(3) references to the qualifying maximum for the year of assessment are references to such sum as Parliament may determine for the purpose for that year.
#### Exclusion of double relief etc
##### 368
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mortgage interest relief at source
#### Mortgage interest payable under deduction of tax
##### 369
- (1) If a person who is a qualifying borrower makes a payment of relevant loan interest to which this section applies, he shall be entitled, on making the payment, to deduct and retain out of it a sum equal to the applicable percentage thereof.
- (1A) In subsection (1) above “*the applicable percentage*” means 23 per cent..
- (2) Where a sum is deducted under subsection (1) above from a payment of relevant loan interest—
- (a) the person to whom the payment is made shall allow the deduction on receipt of the residue;
- (b) the borrower shall be acquitted and discharged of so much money as is represented by the deduction as if the sum had been actually paid; and
- (c) the sum deducted shall be treated as income tax paid by the person to whom the payment is made.
- (3) The following payments, that is to say—
- (a) payments of relevant loan interest to which this section applies, and
- (b) payments which would be such payments but for section 373(5),
shall not be allowable as deductions for any purpose of the Income Tax Acts except in so far as they fall to be treated as such payments by virtue only of section 375(2) and would be allowable apart from this subsection.
- (6) Sections 967(2) and 968(2) of CTA 2010 do not apply to a payment of relevant loan interest to which this section applies, but any person by whom such a payment is received shall be entitled to recover from the Board, in accordance with regulations, an amount which by virtue of subsection (2)(c) above is treated as income tax paid by him; and any amount so recovered shall be treated for the purposes of the Tax Acts in like manner as the payment of relevant loan interest to which it relates.
- (7) The following provisions of the Management Act, namely—
- (a) section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;
- (b) section 30 (tax repaid in error etc.) apart from subsection (1B),
- (c) section 86 (interest), and
- (d) section 95 (incorrect return or accounts),
shall apply in relation to an amount which is paid to any person by the Board as an amount recoverable in accordance with regulations made by virtue of subsection (6) above but to which that person is not entitled as if it were income tax which ought not to have been repaid and, where that amount was claimed by that person, as if it had been repaid as respects a chargeable period as a relief which was not due.
- (8) In the application of section 86 of the Management Act by virtue of subsection (7) above in relation to sums due and payable by virtue of an assessment made for the whole or part of a year of assessment (“the relevant year of assessment”) under section 29(1)(c) or 30 of that Act, as applied by that subsection, the relevant date—
- (a) is 1st January in the relevant year of assessment in a case where the person falling within subsection (6) above has made a relevant interim claim; and
- (b) in any other case, is the later of the following dates, that is to say—
- (i) 1st January in the relevant year of assessment; or
- (ii) the date of the making of the payment by the Board which gives rise to the assessment.
- (9) In this section—
- “*financial year*”, in relation to any person, means a financial year of that person for the purposes of the relevant regulations;
- “*interim claim*” means an interim claim within the meaning of the relevant regulations;
- “*relevant interim claim*” means, in relation to an assessment made for a period coterminous with, or falling wholly within, a person’s financial year, an interim claim made for a period falling wholly or partly within that financial year; and
- “*the relevant regulations*” means regulations made under section 378(3) for the purposes of subsection (6) above.
#### Relevant loan interest
##### 370
- (1) Subject to this section and sections 373 to 376, in this Part “*relevant loan interest*” means interest which is paid and payable in the United Kingdom to a qualifying lender and to which subsection (2) . . . below applies.
- (2) Subject to subsection (4) below, this subsection applies to interest if, disregarding section 353(2) and any other provision applying to interest falling to be treated as relevant loan interest—
- (a) it is interest falling within section . . . 365; and
- (b) apart (where applicable) from section . . . 365(3), the whole of the interest would be eligible for relief under section 353;. . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In determining whether subsection (2) above applies to any interest, section 365 shall have effect as if the words “or the Republic of Ireland” were omitted.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Second loans
##### 371
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Home improvement loans
##### 372
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loans in excess of the qualifying maximum, and joint borrowers
##### 373
- (1) The provisions of this section have effect in relation to a loan where, by virtue of . . . section 365(3), only part of the interest on the loan would (apart from section 353(2)) be eligible for relief under section 353; and in this section any such loan is referred to as a “*limited loan*”.
- (2) None of the interest on a limited loan is relevant loan interest unless—
- (a) the loan is made on or after 6th April 1987; or
- (b) the qualifying lender to whom the interest is payable has given notice to the Board in accordance with regulations that he is prepared to have limited loans of a description which includes that limited loan brought within the tax deduction scheme.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) Where the condition in paragraph (a) or (b) of subsection (2) above is fulfilled . . . only so much of the interest as (apart from section 353(2)) would be eligible for relief under section 353 is relevant loan interest.
- (6) Where a loan on which interest is payable by the borrower was made jointly to the borrower and another person who is not the borrower’s husband or wife, the interest on the loan is not relevant loan interest unless—
- (a) each of the persons to whom the loan was made is a qualifying borrower; and
- (b) in relation to each of them considered separately, the whole of that interest is relevant loan interest, in accordance with section 370 and this section.
- (7) In subsection (6) above references to the borrower’s husband or wife do not include references to a separated husband or wife . . . .
#### Conditions for application of section 369
##### 374
- (1) Section 369 does not apply to any relevant loan interest unless—
- (a) in the case of a loan of a description specified by regulations for the purposes of this paragraph, the borrower or, in the case of joint borrowers, each of them has given notice to the lender in the prescribed form certifying—
- (i) that he is a qualifying borrower; and
- (ii) that the interest is relevant loan interest; and
- (iii) such other matters as may be prescribed; or
- (b) the Board have given notice to the lender and the borrower that the interest may be paid under deduction of tax; or
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) the loan to which the interest relates is of a description specified by regulations for the purposes of this paragraph and was made—
- (i) if sub-paragraph (2) of paragraph 2 of Schedule 7 to the Finance Act 1982 applied to interest on the loan which became due on or after a date earlier than 6th April 1983, being a date specified by the Board in pursuance of sub-paragraph (5) of that paragraph, before that earlier date; or
- (ii) if the qualifying lender is a building society or a local authority, before 1st April 1983; or
- (iii) if sub-paragraphs (i) and (ii) above do not apply and the interest falls within section 370(2), before 6th April 1983.
- (2) Where notice has been given as mentioned in paragraph (a) or (b) of subsection (1) above, section 369 applies to any relevant loan interest to which the notice relates and which becomes due on or after the relevant date, as defined by subsection (3) below; and in a case falling within paragraph . . . (d) of subsection (1) above, section 369 applies to the relevant loan interest referred to in that paragraph.
- (3) In subsection (2) above “*the relevant date*” means—
- (a) in the case of a notice under subsection (1)(a) above, the date the notice is given, and
- (b) in the case of a notice under subsection (1)(b) above, a date specified in the notice as being the relevant date (which may be earlier than the date so specified as the date from which the interest may be paid under deduction of tax).
#### Interest ceasing to be relevant loan interest, etc
##### 375
- (1) If at any time—
- (a) the interest on a loan ceases to be relevant loan interest; or
- (b) a person making payments of relevant loan interest ceases to be a qualifying borrower;
the borrower shall give notice of the fact to the lender.
- (2) Without prejudice to subsection (3) below, in relation to a payment of interest—
- (a) which is due after the time referred to in subsection (1) above and before the date on which notice is given under that subsection, and
- (aa) as respects which any of the conditions mentioned in section 374(1) is fulfilled, and
- (b) from which a deduction was made as mentioned in section 369(1),
section 369 shall have effect as if the payment were a payment of relevant loan interest made by a qualifying borrower.
- (3) Nothing in subsection (2) above shall be taken as regards the borrower as entitling him to any deduction or to retain any amount deducted and, accordingly, where any amount that has been deducted exceeds the amount which ought to have been deducted, he shall be liable to make good the excess and an inspector may make such assessments as may in his judgment be required for recovering the excess.
- (4) The Management Act shall apply to an assessment under subsection (3) above as if it were an assessment to income tax for the year of assessment in which the deduction was made.
- (4A) If there is any unreasonable delay in the giving of a notice under subsection (1) above, the borrower shall be liable to a penalty not exceeding so much of the aggregate amount that he is liable to make good under subsection (3) above as is attributable to that delay.
- (5) If, as a result of receiving a notice under subsection (1) above or otherwise, a qualifying lender has reason to believe that any interest is no longer relevant loan interest or that a borrower is no longer a qualifying borrower, the lender shall furnish the Board with such information as is in his possession with respect to those matters.
- (6) Where it appears to the Board that any of the provisions of sections 370 to 373 is not or may not be fulfilled with respect to any interest, or that a qualifying borrower has or may have ceased to be a qualifying borrower, they shall give notice of that fact to the lender and the borrower specifying the description of relevant loan interest concerned or, as the case may be, that the borrower has or may have ceased to be a qualifying borrower.
- (7) Section 369 shall not apply to any payment of relevant loan interest of a description to which a notice under subsection (6) above relates and which becomes due or is made after such date as may be specified in the notice and before such date as may be specified in a further notice given by the Board to the lender and the borrower.
- (8) In any case where—
- (a) section 369 applies to any relevant loan interest by virtue of a notice under section 374(1)(b), and
- (b) the relevant date specified in the notice is earlier than the date from which the interest begins to be paid under deduction of tax, and
- (c) a payment of that interest was made on or after the relevant date but not under deduction of tax,
regulations may provide for a sum to be paid by the Board of an amount equal to that which the borrower would have been able to deduct from that payment by virtue of section 369 if it had been made after the relevant date.
- (8A) In any case where an amount to which a person is not entitled is paid to him by the Board in pursuance of regulations made by virtue of subsection (8) above, regulations may—
- (a) provide for an officer of the Board to make such assessments as may in his judgment be required for recovering that amount from that person; and
- (b) make provision corresponding to that made by subsection (4A) above and subsections (4) and (5) of section 374A.
- (8B) Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999.
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying borrowers and qualifying lenders
##### 376
- (1) Subject to subsection (2) below, an individual is a qualifying borrower with respect to the interest on any loan.
- (2) In relation to interest paid at a time when the borrower or the borrower’s husband or wife holds an office or employment which would, but for some special exemption or immunity from tax, be a taxable employment under Part 2 of ITEPA 2003 (as defined by section 66(3) of that Act), the borrower is not a qualifying borrower.
- (3) In subsection (2) above references to the borrower’s husband or wife do not include references to a separated husband or wife . . . .
- (4) The following bodies are qualifying lenders:—
- (a) a building society;
- (b) a local authority;
- (c) the Bank of England;
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (e) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
- (f) any company to which property and rights belonging to a trustee savings bank were transferred by section 3 of the Trustee Savings Bank Act 1985;
- (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (h) a development corporation within the meaning of the New Towns Act 1981 or the New Towns (Scotland) Act 1968;
- (j) the Homes and Communities Agency;
- (ja) the Greater London Authority so far as exercising its housing or regeneration functions or its new towns and urban development functions;
- (k) the Regulator of Social Housing,
- (ka) the Secretary of State if the loan is made by him under section 79 of the Housing Associations Act 1985;
- (l) the Northern Ireland Housing Executive;
- (m) the Scottish Special Housing Association;
- (n) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (o) the Church of England Pensions Board;
- (p) any body which is for the time being registered under section 376A.
- (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Variation of terms of repayment of certain loans
##### 377
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary regulations
##### 378
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) The Board may by regulations make provision—
- (a) for the purposes of any provision of sections 369 to 376A which relates to any matter or thing to be specified by or done in accordance with regulations;
- (b) for the application of those sections in relation to loan interest paid by personal representatives and trustees;
- (c) with respect to the furnishing of information by borrowers or lenders, including, in the case of lenders, the inspection of books, documents and other records on behalf of the Board;
- (d) for, and with respect to, appeals to the tribunal against the refusal of the Board to issue a notice under section 374(1)(b) or the issue of a notice under section 375(6) or (7); and
- (e) generally for giving effect to sections 369 to 376A.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 369 to 378
##### 379
In sections 369 to 378—
- “contracts of general insurance” means contracts which fall within Part I of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and “contracts of long-term insurance” means contracts which fall within Part II of that Schedule;
- “*prescribed*” . . . means prescribed by the Board;
- “*qualifying borrower*” has the meaning given by section 376(1) to (3);
- “*qualifying lender*” has the meaning given by section 376(4) . . . ;
- “*regulations*” . . . means regulations made by the Board under section 378;
- “*relevant loan interest*” has the meaning given by section 370(1);
- “*separated*” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.
## PART X — LOSS RELIEF AND GROUP RELIEF
### CHAPTER I — LOSS RELIEF: INCOME TAX
### Trade etc. losses
#### Set-off against general income
##### 380
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Further relief for individuals for losses in early years of trade
##### 381
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 380 and 381
##### 382
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Extension of right of set-off to capital allowances
##### 383
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restrictions on right of set-off
##### 384
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward against subsequent profits
##### 385
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward where business transferred to a company
##### 386
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward as losses of amounts taxed under section 350
##### 387
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-back of terminal losses
##### 388
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions relating to carry-back of terminal losses
##### 389
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of interest as a loss for purposes of carry-forward and carry-back
##### 390
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Losses from trade etc. carried on abroad
##### 391
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Case VI losses
#### Case VI losses
##### 392
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — LOSS RELIEF: CORPORATION TAX
### Trade etc. losses
#### Losses other than terminal losses
##### 393
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Terminal losses
##### 394
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Leasing contracts and company reconstructions
##### 395
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Case VI losses
#### Case VI losses
##### 396
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — LOSS RELIEF: MISCELLANEOUS PROVISIONS
#### Restriction of relief in case of farming and market gardening
##### 397
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transactions in deposits with and without certificates or in debts
##### 398
Where a company sustains a loss on the exercise or disposal of a right to receive any amount, being a right to which section 56(2) . . . applies, in a case where—
- (a) if a profit had arisen from that exercise or disposal, that profit would have been chargeable to corporation tax by virtue of section 56(2) . . . , and
- (b) the company is chargeable to corporation tax under Part 5 of CTA 2009 (loan relationships) in respect of interest payable on that amount,
then the amount of that interest shall be included in the amounts against which the amount of its loss may be set off under section 91 of CTA 2010.
#### Dealings in commodity futures etc: withdrawal of loss relief
##### 399
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Write-off of government investment
##### 400
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for pre-trading expenditure
##### 401
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — GROUP RELIEF
#### Surrender of relief between members of groups and consortia
##### 402
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Losses etc. which may be surrendered by way of group relief
##### 403
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limitation of group relief in relation to certain dual resident companies
##### 404
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims relating to losses etc. of members of both group and consortium
##### 405
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims relating to losses etc. of consortium company or group member
##### 406
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relationship between group relief and other relief
##### 407
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Corresponding accounting periods
##### 408
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies joining or leaving group or consortium
##### 409
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Arrangements for transfer of company to another group or consortium
##### 410
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusion of double allowances
##### 411
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Claims and adjustments
##### 412
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter IV
##### 413
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XI — CLOSE COMPANIES
### CHAPTER I — INTERPRETATIVE PROVISIONS
#### Close companies
##### 414
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain quoted companies not to be close companies
##### 415
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “associated company” and “control”
##### 416
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “participator”, “associate”, “director” and “loan creditor”
##### 417
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Additional matters to be treated as distributions
#### “Distribution” to include certain expenses of close companies
##### 418
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — CHARGES TO TAX IN CONNECTION WITH LOANS
#### Loans to participators etc
##### 419
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 419
##### 420
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of borrower when loan under section 419 released etc
##### 421
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Extension of section 419 to loans by companies controlled by close companies
##### 422
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — APPORTIONMENT OF UNDISTRIBUTED INCOME ETC.
#### Apportionment of certain income, deductions and interest
##### 423
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusions from section 423
##### 424
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manner of apportionment
##### 425
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to income tax where apportionment is to an individual
##### 426
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of charge under section 426 in certain cases
##### 427
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Increase of apportioned sum etc. by reference to ACT
##### 428
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payment and collection of income tax
##### 429
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consequences of apportionment: ACT
##### 430
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XII — SPECIAL CLASSES OF COMPANIES AND BUSINESSES
### CHAPTER I — INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
### Insurance companies: general
#### Interpretative provisions relating to insurance companies
##### 431
- (1) This section has effect for the interpretation of the life assurance provisions of the Corporation Tax Acts.
- (2) Unless the context otherwise requires—
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*basic life assurance and general annuity business*” has the meaning given by section 431F;
- “*brought into account*” has the meaning given by section 83A of the Finance Act 1989;
- “*child trust fund business*” has the meaning given by section 431BA;
- “*closing*” and “*opening*”, in relation to a period of account, refer respectively to the position at the end and at the beginning of the period and, in relation to an accounting period, refer respectively to the position at the end and at the beginning of the period of account in which the accounting period falls;
- “*closing liabilities*” includes liabilities assumed at the end of the period of account concerned in consequence of the declaration of reversionary bonuses or a reduction in premiums;
- “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and “contract of long-term insurance” means any contract which falls within Part II of Schedule 1 to that Order;
- “*deposit back arrangements*” means arrangements by which an amount is deposited by the reinsurer under a contract of reinsurance with the cedant;
- “*fair value*”, in relation to assets, means the amount which would be obtained from an independent person purchasing them or, if the assets are money, its amount;
- “*foreign business assets*”, in relation to an insurance company, means assets, other than linked assets, which either—are shown in the records of the company as being primarily attributable to liabilities of the company's foreign business, orare attributable, under the law of a country or territory outside the United Kingdom, to a permanent establishment of the company in that country or territory through which it carries on foreign business;and for this purpose “*foreign business*” means overseas life assurance business or life reinsurance business to the extent that it consists of the reinsurance of overseas life assurance business;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*free assets amount*”, in relation to an insurance company, means the excess of the value of the assets of the company's long-term business , other than any structural assets (within the meaning of section 83XA of the Finance Act 1989), over the aggregate of —the value of the liabilities of that business,any money debts (within the meaning of Part 5 of CTA 2009 (see section 303 of that Act)) of the company not within paragraph (a) above which are owed in respect of that business, andthe amount of the shareholders' excess assets within the meaning given by section 432A(8)(b));
- “*General Prudential Sourcebook*” means the General Prudential Sourcebook made by the Financial Services Authority under the Financial Services and Markets Act 2000 ;
- “*gross roll-up business*” has the meaning given by section 431EA;
- “*the I minus E basis*” means the basis under which a company carrying on life assurance business is charged to tax on the relevant profits (within the meaning of section 88(3) of the Finance Act 1989) of that business otherwise than under section 35 of CTA 2009 (charge on trade profits);
- “*immediate needs annuities business*” means business which consists of the effecting or carrying out of immediate needs annuities (within the meaning of section 725 of ITTOIA 2005);
- “*individual savings account business*” has the meaning given by section 431BB;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*insurance business transfer scheme*” means—a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 , 4 or 5 of subsection (3) of that section, ora scheme which would fall within that section but for subsection (1)(b) of that section;
- “insurance company” means—a person (other than a friendly society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, oran EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act or a firm qualifying for authorisation under Schedule 4 to that Act which—carries on business which consists of the effecting or carrying out of contracts of insurance, andcarries on that business through a branch or agency in the United Kingdom,but does not include an insurance special purpose vehicle;
- “*the Insurance Prudential Sourcebook*” means the Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000;
- “*insurance special purpose vehicle*” means any undertaking which assumes risks from insurance or reinsurance undertakings and which fully funds its exposure to such risks through the proceeds of a debt issue or some other financing mechanism where the repayment rights of the providers of such debt or other financing mechanism are subordinated to the reinsurance obligations of the undertaking;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*internal linked fund*”, in relation to an insurance company, means an account—to which linked assets are appropriated by the company, andwhich may be divided into units the value of which is determined by the company by reference to the value of those assets;
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- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*liabilities*”, in relation to an insurance company, means—the mathematical reserves of the company as determined in accordance with section 1.2 of the Insurance Prudential Sourcebook, andliabilities of the company (whose value falls to be determined in accordance with section 1.3 of the General Prudential Sourcebook) which arise from deposit back arrangements;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*life assurance business*” means business which—consists of the effecting or carrying out of contracts of insurance which fall within paragraph I, II, III or VII(b) of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, oris capital redemption business,other than immediate needs annuities business;
- “*the life assurance provisions of the Corporation Tax Acts*” means—the provisions of this Chapter so far as relating to life assurance business, companies carrying on such business and friendly societies, andany other provisions of the Corporation Tax Acts making separate provision by reference to whether or not the business of a company is or includes life assurance business or any category of business that includes life assurance business;
- “*life assurance trade profits provisions*” means the provisions applicable for the purposes of the taxation under section 35 of CTA 2009 (charge on trade profits) of the profits of life assurance business carried on by an insurance company;
- “*life reinsurance business*” has the meaning given by section 431C;
- “*linked assets*”, and related expressions, shall be construed in accordance with section 432ZA;
- “long-term business” means business which consists of the effecting or carrying out of contracts of long-term insurance;
- “*long-term insurance fund*” means the fund maintained by an insurance company in respect of its long-term business . . . ;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*net value*”, in relation to any assets, means the excess of the value of the assets over the value of money debts (within the meaning of Part 5 of CTA 2009: see section 303 of that Act) attributable to an internal linked fund which are not owed in respect of liabilities;
- “*non-profit company*”, in relation to a period of account, means a company carrying on long-term business where, at the end of the period—none of the liabilities of that business, ornone but an insignificant proportion of those liabilities,are with-profits liabilities;
- “*non-profit fund*” means a fund that is not a with-profits fund;
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- “*overseas life assurance business*” has the meaning given by section 431D;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*overseas life insurance company*” means an insurance company not resident in the United Kingdom but carrying on life assurance business through a branch or agency in the United Kingdom; . . .
- “*pension business*” has the meaning given by section 431B;
- “*periodical return*”, in relation to an insurance company, means a return deposited with the Financial Services Authority under section 9.6 of the Prudential Sourcebook (Insurers)(and does not include the Forms mentioned in Rule 9.3(5)).
- “*period of account*” means the period covered by a periodical return;
- “*PHI business*” means long-term business other than life assurance business (including the reinsurance of such long-term business);
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “the Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000;
- “*reinsurance*” includes retrocession;
- “*shareholders' excess assets*” has the meaning given by section 432A(8)(b));
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*value*”, in relation to an asset of an insurance company, means the value of the asset as determined in accordance with section 1.3 of the General Prudential Sourcebook, as read with section 2.1 of the Insurance Prudential Sourcebook;
- “*with-profits fund*” has the meaning given by the Prudential Sourcebook (Insurers);
- “*with-profits liabilities*” means liabilities in respect of policies or contracts under which the policy holders or annuitants are eligible to participate in surplus;
- (2YA) Where an insurance company becomes an insurance special purpose vehicle otherwise than on the last day of a period of account, it shall be treated as an insurance special purpose vehicle from the beginning of that period.
- (2YB) “*BLAGAB profits*”, in relation to an accounting period of an insurance company, means the company's BLAGAB income and gains for the period reduced (but not below nil) by the company's BLAGAB deductions for the period.
- (2YC) “*BLAGAB income and gains*”, in relation to an accounting period of an insurance company, means the aggregate of—
- (a) income chargeable for the period . . . so far as referable (in accordance with section 432A) to the company's basic life assurance and general annuity business, and
- (b) chargeable gains so far as so referable accruing to the company in the period, but (subject to section 210A of the 1992 Act) after deducting—
- (i) any allowable losses so referable and so accruing, and
- (ii) so far as they have not been allowed as a deduction from chargeable gains in any previous accounting period, any allowable losses so referable previously accruing to the company.
- (2YD) “*BLAGAB deductions*”, in relation to an accounting period of an insurance company, means the aggregate of—
- (a) amounts falling in respect of any non-trading deficits on the company's loan relationships to be brought into account in the period in accordance with sections 387 to 391 of CTA 2009, and
- (b) the expenses deduction given by Step 8 in section 76(7) for the period.
- (2ZA) Subsections (2ZB) and (2ZC) below apply where an insurance business transfer scheme has effect to transfer long-term business from one person (“*the transferor*”) to another (“*the transferee*”).
- (2ZB) If the transfer takes place otherwise than on the last day of a period of account of the transferor, references to—
- (a) opening liabilities of the transferor,
- (b) opening values or net values of assets of the transferor, . . . or
- (c) the opening amount of the free assets amount of the transferor, . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
for the period of account, so far as relating to the business transferred, are to the part of those liabilities, values or amounts which bears to the whole the proportion A/C.
- (2ZC) If the transfer takes place otherwise than on the first day of a period of account of the transferee, references to—
- (a) closing liabilities of the transferee,
- (b) closing values or net values of assets of the transferee, . . . or
- (c) the closing amount of the free assets amount of the transferee, . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
for the period of account, so far as relating to the business transferred, are to the part of those liabilities, values or amounts which bears to the whole the proportion B/C.
- (2ZD) For the purposes of subsection (2ZC) above—
- (a) closing liabilities of the transferee are to be taken not to relate to the business transferred to the extent that they are liabilities which, immediately before the transfer, were reinsured by the transferor with the transferee, but
- (b) closing liabilities of the transferee are to be taken to relate to the business transferred to the extent that they are liabilities which, immediately before the transfer, were reinsured by the transferee with the transferor if the business transferred consists of or includes that reinsurance business.
- (2ZE) In subsections (2ZB) and (2ZC) above—
- A is the number of days in the period beginning with the period of account and ending with the day of the transfer,
- B is the number of days in the period beginning with the day of the transfer and ending with the period of account, and
- C is one-half of the number of days in the period of account.
- (2ZF) In this Chapter “*capital redemption business*” means any business of a company carrying on insurance business in so far as it consists of the effecting on the basis of actuarial calculations, and the carrying out, of contracts under which, in return for one or more fixed payments, a sum or series of sums of a specified amount become payable at a future time or over a period.
- (2ZG) The Treasury may by order amend the definition of “insurance business transfer scheme” given by subsection (2) above where it is expedient to do so in consequence of any amendment of section 105 of the Financial Services and Markets Act 2000.
- (2ZH) The power conferred by subsection (2ZG) above includes power to make incidental, supplementary, consequential or transitional provisions and savings (including provision amending any provision of the Corporation Tax Acts relating to insurance companies).
- (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Separation of different classes of business
##### 432
- (1) Where an insurance company carries on life assurance business in conjunction with insurance business of any other category, the life assurance business shall, for the purposes of the Corporation Tax Acts, be treated as a separate business from any other category of business carried on by the company.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profits reserved for policy holders and annuitants
##### 433
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Franked investment income etc
##### 434
- (1) Where an insurance company makes a payment representative of a distribution made by a company resident in the United Kingdom in respect of an asset of its long-term insurance fund, the payment is to be taken into account in computing its profits in accordance with the life assurance trade profits provisions unless the amount taken into account in accordance with section 83(2)(a) of the Finance Act 1989 includes the amount of the payment.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3A) So much of the policy holders' share of the franked investment income from investments of a company’s long-term insurance fund as is referable to its life assurance business shall be left out of account in determining, under section 32(1) of CTA 2010 (which relates to relief for small companies), the franked investment income forming part of the company’s profits for the purposes of Part 3 of that Act.
- (3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) *Subject to subsection* (5)*below, the specified part shall be, in the case of any unrelieved income, the same fraction of it as the fraction which, on a computation of the profits of the company in respect of its life assurance business in accordance with the provisions applicable to Case* I*of Schedule D* (*whether or not the company is in fact charged to tax under that Case for the relevant accounting period or periods*),*would be connoted by the words in section* 433 “*such part of those profits as belongs or is allocated to, or is reserved for, or expended on behalf of, policy holders or annuitants*”.
- (5) *If the income exceeds the profits as computed in accordance with the provisions applicable to Case* I*of Schedule D other than section 433, the specified part shall be that fraction of the income so far as not exceeding the profits, together with the amount of the excess*.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) For the purposes of this section—
- (a) “*the policy holders’ share*” of any franked investment income is so much of that income as is not the shareholders’ share within the meaning of section 89 of the Finance Act 1989, . . .
- (aa) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (ab) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (ac) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of gains reserved for policy holders and annuitants
##### 435
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity business and pension business: separate charge on profits
##### 436
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General annuity business
##### 437
- (1A) In the computation under the I minus E basis of the relevant profits (within the meaning of section 88(1) of the Finance Act 1989) of an insurance company for any accounting period, new annuities paid by the company in that period shall be brought into account by treating an amount equal to the income limit for that period as expenses payable which fall to be brought into account for that period at Step 3 in section 76(7).
- (1C) For the purposes of this section (but subject to subsections (1CA) to (1CD) below)—
- (a) “*new annuity*” means any annuity, so far as paid under a contract made by an insurance company in an accounting period beginning on or after 1st January 1992 and so far as referable to the company’s basic life assurance and general annuity business;
- (b) “*the income limit*” for an accounting period of an insurance company is the difference between—
- (i) the total amount of the new annuities paid by the company in that accounting period; and
- (ii) the total of the . . . amounts exempt under section 717 of ITTOIA 2005 contained in the new annuities so paid; . . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .and
- (d) the amounts exempt under section 717 of ITTOIA 2005 are so much of the payments under the new annuities as would be within the exemption in subsection (1) of that section if—
- (i) section 718 of that Act were omitted, and
- (ii) that exemption were an exemption applying in relation to companies as well as individuals.
- (1CA) Where a new annuity (“*the actual annuity*”) is a steep-reduction annuity, the income limit for an accounting period of the company paying the annuity shall be computed for the purposes of this section as if—
- (a) the contract providing for the actual annuity provided instead for the annuities identified by subsections (1CB) and (1CC) below; and
- (b) the consideration for each of those annuities were to be determined by the making of a just and reasonable apportionment of the consideration for the actual annuity.
- (1CB) The annuities mentioned in subsection (1CA)(a) above are—
- (a) an annuity the payments in respect of which are confined to the payments in respect of the actual annuity that fall to be made before the earliest time for the making in respect of the actual annuity of a reduced payment such as is mentioned in section 437A(1)(c); and
- (b) subject to subsection (1CC) below, an annuity the payments in respect of which are all the payments in respect of the actual annuity other than those mentioned in paragraph (a) above.
- (1CC) Where an annuity identified by paragraph (b) of subsection (1CB) above (“*the later annuity*”) would itself be a steep-reduction annuity, the annuities mentioned in subsection (1CA)(a) above—
- (a) shall not include the later annuity; but
- (b) shall include, instead, the annuities which would be identified by subsection (1CB) above (with as many further applications of this subsection as may be necessary for securing that none of the annuities mentioned in subsection (1CA)(a) above is a steep-reduction annuity) if references in that subsection to the actual annuity were references to the later annuity.
- (1CD) Subsections (1CA) to (1CC) above shall be construed in accordance with section 437A.
- (1D) In any case where—
- (a) a payment in respect of an annuity is made by an insurance company under a group annuity contract made in an accounting period beginning before 1st January 1992,
- (b) the company’s liabilities first include an amount in respect of that annuity in an accounting period beginning on or after that date, and
- (c) the company’s liability in respect of that annuity is referable to its basic life assurance and general annuity business,
the payment shall be treated for the purposes of this section, other than this subsection, as if the group annuity contract had been made in an accounting period beginning on or after 1st January 1992 (and, accordingly, as payment of a new annuity).
- (1E) In any case where—
- (a) a payment in respect of an annuity is made by a reinsurer under a reinsurance treaty made in an accounting period beginning before 1st January 1992,
- (b) the reinsurer’s liabilities first include an amount in respect of that annuity in an accounting period beginning on or after that date, and
- (c) the reinsurer’s liability in respect of that annuity is referable to its basic life assurance and general annuity business,
the payment shall, as respects the reinsurer, be treated for the purposes of this section, other than this subsection, as if the reinsurance treaty had been made in an accounting period beginning on or after 1st January 1992 (and, accordingly, as payment of a new annuity).
- (1F) In this section—
- “*group annuity contract*” means a contract between an insurance company and some other person under which the company undertakes to become liable to pay annuities to or in respect of such persons as may subsequently be specified or otherwise ascertained under or in accordance with the contract (whether or not annuities under the contract are also payable to or in respect of persons who are specified or ascertained at the time the contract is made);
- “*reinsurance treaty*” means a contract under which one insurance company is obliged to cede, and another (in this section referred to as a “*reinsurer*”) to accept, the whole or part of a risk of a class or description to which the contract relates.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Pension business: exemption from tax
##### 438
- (1) Exemption from corporation tax shall be allowed in respect of income from assets solely linked to pension business.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3AA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restricted government securities
##### 439
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Identification or exchange of long term assets
##### 440
- (1) If at any time an asset (or a part of an asset) held by an insurance company ceases to be within one of the categories set out in subsection (4) below and comes within another of those categories, the company shall for the purposes of corporation tax be deemed to have disposed of and immediately re-acquired the asset (or part) for a consideration equal to its fair value at that time.
- (2) Where—
- (a) an asset is acquired by a company as a result of an insurance business transfer scheme which has effect to transfer long-term business from any person (“the transferor”) to the company, and
- (b) the asset (or part of it) is within one of the categories set out in subsection (4) below immediately before the acquisition and is within another of those categories immediately afterwards,
the transferor shall for the purposes of corporation tax be deemed to have disposed of and immediately re-acquired the asset (or part) immediately before the acquisition for a consideration equal to its fair value at that time.
- (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) Where, apart from this subsection, section 171 or 173 the 1992 Act (transfers within a group) would apply to a disposal or acquisition by an insurance company of an asset (or part of an asset) which, immediately before the disposal or (as the case may be) immediately after the acquisition, is within one of the categories set out in paragraphs (a), (d) and (e) of subsection (4) below, that section shall not apply to the disposal or acquisition.
- (4) The categories referred to in subsections (1) to (3) above are—
- (a) assets which are linked solely to gross roll-up business or are foreign business assets;
- (d) assets linked solely to basic life assurance and general annuity business;
- (e) assets of the long-term insurance fund not within either of the preceding paragraphs;
- (f) other assets.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) In a case where the profits of a company’s life assurance business are charged to tax under section 35 of CTA 2009 (charge on trade profits) this section has effect with the modification specified in section 440B(3).
#### Foreign life assurance funds
##### 441
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Overseas business of U.K. companies
##### 442
- (1) Subsections (2) and (3) below apply where a company resident in the United Kingdom carries on insurance business outside the United Kingdom through a permanent establishment and—
- (a) that business, or part of it, together with the whole assets of the company used for the purposes of that business or part (or together with the whole of those assets other than cash), is transferred to a company not resident in the United Kingdom;
- (b) the business or part is so transferred wholly or partly in exchange for shares, or for shares and loan stock, issued by the transferee company to the transferor company; and
- (c) the shares so issued, either alone or taken together with any other shares in the transferee company already held by the transferor company, amount in all to not less than one quarter of the ordinary share capital of the transferee company.
- (2) In making any computation in accordance with the provisions applicable for the purposes of section 35 of CTA 2009 (charge on trade profits) of the profits or losses of the transferor company for the accounting period in which the transfer occurs, there shall be disregarded any profit or loss in respect of any asset transferred which, apart from this subsection, would fall to be taken into account in making that computation.
- (3) Where by virtue of subsection (2) above any profit or loss is disregarded in making any computation . . . the profit or loss shall be treated for the purposes of the 1992 Act as a chargeable gain or allowable loss accruing to the transferor company on the transfer.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies carrying rights not in money
##### 443
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies issued before 5th August 1965
##### 444
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Provisions applying only to overseas life insurance companies
#### Charge to tax on investment income
##### 445
#### Annuity business
##### 446
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Set-off of income tax and tax credits against corporation tax
##### 447
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying distributions and tax credits
##### 448
#### Double taxation agreements
##### 449
### Underwriters
#### Assessment, set-off of losses and reinsurance
##### 450
#### Regulations
##### 451
#### Special reserve funds
##### 452
#### Payments into premiums trust fund on account of losses
##### 453
#### Income tax consequences on payments into and out of special reserve fund
##### 454
#### Income tax consequences on death of underwriter
##### 455
#### Unearned income, variation of arrangements and cancellation of approval etc
##### 456
#### Interpretation of sections 450 to 456
##### 457
### Capital redemption business
#### Capital redemption business
##### 458
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
### Unregistered friendly societies
#### Exemption from tax
##### 459
An unregistered friendly society (that is, a friendly society which is neither an incorporated friendly society nor a registered friendly society) whose income does not exceed £160 a year shall, on making a claim, be entitled to exemption from . . . corporation tax (whether on income or chargeable gains).
### Registered friendly societies
#### Exemption from tax in respect of life or endowment business
##### 460
- (1) Subject to subsection (2) below, a friendly society shall, on making a claim, be entitled to exemption from . . . corporation tax (whether on income or chargeable gains) on its profits arising from life or endowment business.
- (2) Subsection (1) above—
- (a) shall not, subject to section 462, exempt a registered friendly society registered after 31st December 1957 which at any time in the period of three months ending 3rd May 1966 entered into any transaction in return for a single premium, being a transaction forming part of its life or endowment business;
- (aa) shall not, subject to section 462, exempt an incorporated friendly society which, before its incorporation, was a registered friendly society such as is mentioned in paragraph (a) above;
- (b) shall not apply to profits arising from gross roll-up business;
- (c) shall not apply to profits arising from life or endowment business consisting—
- (zai) where the profits relate to contracts made on or after the day on which the Finance Act 1995 was passed, of the assurance of gross sums under contracts under which the total premiums payable in any period of 12 months exceed £270 or of the granting of annuities of annual amounts exceeding £156;
- (ai) where the profits relate to contracts made on or after the day on which the Finance Act 1991 was passed but before the day on which the Finance Act 1995 was passed, of the assurance of gross sums under contracts under which the total premiums payable in any period of 12 months exceed £200 or of the granting of annuities of annual amounts exceeding £156;
- (i) where the profits relate to contracts made after 31st August 1990 but before the day on which the Finance Act 1991 was passed, of the assurance of gross sums under contracts under which the total premiums payable in any period of 12 months exceed £150 or of the granting of annuities of annual amounts exceeding £156;
- (ia) where the profits relate to contracts made after 31st August 1987 but before 1st September 1990, of the assurance of gross sums under contracts under which the total premiums payable in any period of 12 months exceed £100 or of the granting of annuities of annual amounts exceeding £156.
- (ii) where the profits relate to contracts made after 13th March 1984 but before 1st September 1987, of the assurance of gross sums exceeding £750 or of the granting of annuities of annual amounts exceeding £156;
- (iii) where the profits relate to contracts made before 14th March 1984, of the assurance of gross sums exceeding £500 or of the granting of annuities of annual amounts exceeding £104;
- (ca) shall not apply to so much of the profits arising from life or endowment business as is attributable to contracts for the assurance of gross sums made on or after 20th March 1991 and expressed at the outset not to be made in the course of tax exempt life or endowment business;and
- (cb) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) as respects other life or endowment business (“tax exempt life or endowment business”), has effect subject to the following provisions of this Chapter.
- (3) In determining for the purposes of subsection (2)(c)(zai), (ai), (i) or (ia) above the total premiums payable in any period of 12 months—
- (a) where those premiums are payable more frequently than annually, there shall be disregarded an amount equal to 10 per cent. of those premiums; and
- (b) so much of any premium as is charged on the ground that an exceptional risk of death or disability is involved shall be disregarded;
and in applying the limit of £156 in subsection (2)(c)(zai), (ai), (i) or (ia) above, any bonus or addition declared upon an annuity shall be disregarded.
- (4) In applying the limits referred to in subsection (2)(c)(ii) and (iii) above, any bonus or addition which either is declared upon an assurance of a gross sum or annuity or accrues upon such an assurance by reference to an increase in the value of any investments shall be disregarded.
- (4A) Subsection (4B) below applies to contracts for the assurance of gross sums under tax exempt life or endowment business made after 31st August 1987 and before the day on which the the Finance Act 1995 was passed.
- (4B) Where the amount payable by way of premium under a contract to which this subsection applies is increased by virtue of a variation made—
- (a) in the period beginning with 25th July 1991 and ending with 31st July 1992, or
- (b) in the period beginning with the day on which the Finance Act 1995 was passed and ending with 31st March 1996,
the contract shall, for the purposes of subsection (2)(c) above, be treated, in relation to any profits relating to it as varied, as made at the time of the variation.
- (5) A friendly society is within this subsection if its rules make no provision for it to carry on life or endowment business consisting of the assurance of gross sums exceeding £2,000 or of the granting of annuities of annual amounts exceeding £416.
- (6) In the case of a friendly society within subsection (5) above—
- (a) subsection (2)(c)(iii) above shall have effect with the substitution of references to £2,000 and £416 respectively for the references to £500 and £104; and
- (b) references in this Chapter to tax exempt life or endowment business shall be construed accordingly.
- (7) Where at any time a friendly society within subsection (5) above amends its rules so as to cease to be within that subsection, any part of its life or endowment business consisting of business which—
- (a) relates to contracts made before that time; and
- (b) immediately before that time was tax exempt life or endowment business,
shall thereafter continue to be tax exempt life or endowment business for the purposes of this Chapter.
- (8) Where at any time a friendly society not within subsection (5) above amends its rules so as to bring itself within that subsection, any part of its life or endowment business consisting of business which—
- (a) related to contracts made before that time; and
- (b) immediately before that time was not tax exempt life or endowment business,
shall thereafter continue not to be tax exempt life or endowment business for the purposes of this Chapter.
- (9) Where at any time a friendly society not within subsection (5) above acquires by way of transfer of engagements or amalgamation from another friendly society any life or endowment business consisting of business which—
- (a) relates to contracts made before that time; and
- (b) immediately before that time was tax exempt life or endowment business,
that business shall thereafter continue to be tax exempt life or endowment business for the purposes of this Chapter.
- (10) Where at any time a friendly society within subsection (5) above acquires by way of transfer of engagements or amalgamation from another friendly society any life or endowment business consisting of business which—
- (a) relates to contracts made before that time; and
- (b) immediately before that time was not tax exempt life or endowment business,
that business shall thereafter continue not to be tax exempt life or endowment business for the purposes of this Chapter.
- (10A) Where at any time an insurance business transfer scheme has effect to transfer to a friendly society long-term business, any life or endowment business which relates to contracts included in the transfer , other than any to which subsection (11) or (12) below applied immediately before the transfer had effect, shall not thereafter be tax exempt life or endowment business for the purposes of this Chapter.
- (10B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) Where at any time a friendly society ceases . . . by virtue of section 91 of the Friendly Societies Act 1992 (conversion into company) to be registered under that Act, any part of its life or endowment business consisting of business which—
- (a) relates to contracts made before that time; and
- (b) immediately before that time was tax exempt life or endowment business,
shall continue to be exempt from corporation tax (whether on income or chargeable gains) on profits arising from it.
- (12) Where at any time an insurance company acquires by way of transfer of engagements from a friendly society any life or endowment business consisting of business which—
- (a) relates to contracts made before that time; and
- (b) immediately before that time was tax exempt life or endowment business,
that business shall continue to be exempt from corporation tax (whether on income or chargeable gains) on profits arising from it.
- (13) But if any contracts constituting or forming part of the business of a company covered by subsection (11) or (12) above are varied during an accounting period of the company so as to increase the premiums payable under them, the business relating to those contracts is not exempt from corporation tax for that or any subsequent accounting period.
- (14) For the purposes of the Corporation Tax Acts any part of a company's business which is exempt from corporation tax by virtue of subsection (11) or (12) above shall be treated as a separate business from any other business carried on by the company.
- (15) The Treasury may by regulations provide that, where any part of the business of a company is exempt from corporation tax by virtue of subsection (11) or (12) above, the Corporation Tax Acts have effect subject to such modifications (or exceptions) as the Treasury consider appropriate.
- (16) Regulations under subsection (15) above—
- (a) may make different provision for different cases,
- (b) may include any incidental, supplementary, consequential or transitional provisions which the Treasury consider appropriate, and
- (c) may include retrospective provision.
#### Taxation in respect of other business
##### 461
- (1) Subject to the following provisions of this section, a registered friendly society other than a society to which subsection (2) below applies shall, on making a claim, be entitled to exemption from . . . corporation tax (whether on income or chargeable gains) on its profits other than those arising from life or endowment business.
- (2) This subsection applies to any society registered after 31st May 1973 unless—
- (a) its business is limited to the provision, in accordance with the rules of the society, of benefits for or in respect of employees of a particular employer or such other group of persons as is for the time being approved for the purposes of this section by the Board; or
- (b) it was registered before 27th March 1974 and its rules limit the aggregate amount which may be paid by a member by way of contributions and deposits to not more than £1 per month or such greater amount as the Board may authorise for the purposes of this section;
and also applies to any society registered before 1st June 1973 with respect to which a direction under subsection (7) below is in force.
- (3) If a society to which subsection (2) above applies, after 26th March 1974 or such later date as may be specified in a direction under this section, makes a payment to a member in respect of his interest in the society and the payment is made otherwise than in the course of life or endowment business and exceeds the aggregate of any sums paid by him to the society by way of contributions or deposits, after deducting from that aggregate the amount of—
- (a) any previous payment so made to him by the society after that date, and
- (b) any earlier repayment of such sums paid by him,
the excess shall be treated for the purposes of corporation tax and income tax as a qualifying distribution.
- (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) Where a registered friendly society—
- (a) at any time ceases . . . by virtue of section 91 of the Friendly Societies Act 1992 (conversion into company) to be registered under that Act; and
- (b) immediately before that time was exempt from . . . corporation tax on profits arising from any business carried on by it other than life or endowment business,
the company into which the society is converted shall be so exempt on its profits arising from any part of that business which relates to contracts made before that time so long as there is no increase in the scale of benefits which it undertakes to provide in the course of carrying on that part of its business.
- (4A) Where—
- (a) at any time an insurance company acquires by way of transfer of engagements from a registered friendly society any business other than life or endowment business, and
- (b) immediately before that time the society was exempt from corporation tax on profits arising from that business,
the insurance company shall be exempt from corporation tax on its profits arising from any part of that business which relates to contracts made before that time.
- (4B) But if during an accounting period of the insurance company there is an increase in the scale of benefits which it undertakes to provide in the course of carrying on any such part of that business, the company shall not be exempt from corporation tax by virtue of subsection (4A) above for that or any subsequent accounting period.
- (5) For the purposes of the Corporation Tax Acts any part of a company’s business in respect of the profits from which the company is exempt by virtue of subsection (4) or (4A) above shall be treated as a separate business from any other business carried on by the company.
- (6) If—
- (a) a friendly society registered before 1st June 1973 begins after 26th March 1974 to carry on business other than life or endowment business or, in the opinion of the Board, begins to carry on business other than life or endowment business on an enlarged scale or of a new character; and
- (b) it appears to the Board, having regard to the restrictions imposed by this section on friendly societies registered later, that for the protection of the revenue it is expedient to do so;
the Board may give a direction to the society under subsection (7) below.
- (7) A direction under this subsection is that (and has the effect that) the society to which it is given is to be treated for the purposes of this Act as a society registered after 31st May 1973 with respect to business carried on after the date of the direction.
- (8) A society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction . . . on the ground that—
- (a) it has not begun to carry on business as mentioned in subsection (6)(a) above; or
- (b) the direction is not necessary for the protection of the revenue.
- (9) If a registered friendly society in respect of which a direction is in force under subsection (7) above becomes an incorporated friendly society, the direction shall continue to have effect, so that the incorporated friendly society shall be treated for the purposes of this Act as a society registered after 31st May 1973.
- (10) For the purposes of this section a registered friendly society formed on the amalgamation of two or more friendly societies shall be treated as registered before 1st June 1973 if at the time of the amalgamation subsection (2) above did not apply to any of the societies amalgamated, but otherwise shall be treated as registered at that time.
- (11) For the purposes of this section and section 461C—
- (a) any group of persons which was approved for the purposes of this section (as mentioned in subsection (2)(a) above) immediately before 1st December 2001 shall be treated as having been approved for the purposes of this section by the Board on that date;
- (b) any greater amount which was authorised for the purposes of this section (as mentioned in subsection (2)(b) above) immediately before 1st December 2001 shall be treated as having been authorised for the purposes of this section by the Board on that date; and
- (c) where a direction that subsection (2) above applies to a society was in force immediately before 1st December 2001, a direction in relation to that society shall be treated as having been made under subsection (7) above by the Board on that date.
- (12) The Treasury may by regulations provide that, where any part of the business of a company is exempt from corporation tax by virtue of subsection (4) or (4A) above, the Corporation Tax Acts have effect subject to such modifications (or exceptions) as the Treasury consider appropriate.
- (13) Regulations under subsection (12) above—
- (a) may make different provision for different cases,
- (b) may include any incidental, supplementary, consequential or transitional provisions which the Treasury consider appropriate, and
- (c) may include retrospective provision.
#### Conditions for tax exempt business
##### 462
- (1) Subject to subsection (2) below, section 460 does not afford any exemption from corporation tax in relation to so much of the profits arising to a friendly society or insurance company from any business as is attributable to a policy which—
- (a) is not a qualifying policy (by virtue of sub-paragraph (2) of paragraph 6 of Schedule 15) and is not an excluded policy, and
- (b) would not be a qualifying policy (by virtue of that sub-paragraph) if all excluded policies were left out of account.
- (1A) For the purposes of subsection (1) above a policy is an excluded policy if—
- (a) it is a policy held otherwise than with the friendly society or insurance company, or
- (b) the person who has the contract effecting the policy acquired the rights under it on an assignment (or, in Scotland, assignation) otherwise than for money or money's worth.
- (2) Section 460(2)(a) or (aa) and subsection (1) above shall not withdraw exemption in relation to profits arising from any part of a business relating to contracts made not later than 3rd May 1966.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life or endowment business: application of the Corporation Tax Acts
##### 463
- (1) Subject to section 460(1), the Corporation Tax Acts shall apply to long-term business carried on by friendly societies in the same way as they apply to mutual life assurance business (or other long-term business) carried on by insurance companies, so however that the Treasury may by regulations provide that those Acts as so applied shall have effect subject to such modifications and exceptions as may be prescribed by the regulations, and those regulations may in particular require any part of any business to be treated as a separate business.
- (2) The provisions of the Corporation Tax Acts which apply on the transfer of the whole or part of the long-term business of an insurance company shall apply in the same way—
- (a) on the transfer of the whole or part of the business of a friendly society to another friendly society (and on the amalgamation of friendly societies), and
- (b) on the transfer of the whole or part of the business of a friendly society to a company which is not a friendly society (and on the conversion of a friendly society into such a company),
so however that the Treasury may by regulations provide that those provisions as so applied shall have effect subject to such modifications and exceptions as may be prescribed by the regulations.
- (3) The Treasury may by regulations provide that the provisions of the Corporation Tax Acts which apply on the transfer of the whole or part of the long-term business of an insurance company to another company shall have effect where the transferee is a friendly society subject to such modifications and exceptions as may be prescribed by the regulations.
- (4) Regulations under this section may make different provision for different cases and may include provision having retrospective effect.
#### Maximum benefits payable to members
##### 464
- (1) Subject to subsections (2) and (3) below, a person is not entitled to have at any time outstanding contracts with any one or more friendly societies, registered branches or insurance companies which (taking them all together) are for the assurance of—
- (a) more than £750 by way of gross sum under business which is afforded exemption from corporation tax by section 460, or
- (b) more than £156 by way of annuity under such business.
In any case where the member’s outstanding contracts were all made before 14th March 1984 this subsection shall have effect with the substitution for “£750” and “£156” of “ £2,000 ” and “ £416 ” respectively.
- (2) Subsection (1)(a) above shall not apply as respects sums assured under contracts made after 31st August 1987.
- (3) With respect to contracts for the assurance of gross sums under business which is afforded exemption from corporation tax by section 460, a person is not entitled to have outstanding at any time with any one or more friendly societies, registered branches or insurance companies—
- (zza) contracts under which the total premiums payable in any period of 12 months exceed £270; or
- (za) contracts made before the day on which the Finance Act 1995 was passed and under which the total premiums payable in any period of 12 months exceed £200; or
- (a) contracts made before the day on which the Finance Act 1991 was passed and under which the total premiums payable in any period of 12 months exceed £150; or
- (b) contracts made before 1st September 1990 under which the total premiums payable in any period of 12 months exceed £100,
unless all those contracts were made before 1st September 1987.
- (4) In applying the limits in subsection (3) above, the premiums under any contract for an annuity which was made before 1st June 1984 by a new society shall be brought into account as if the contract were for the assurance of a gross sum.
- (4A) Subsection (4B) below applies to contracts for the assurance of gross sums under business which is afforded exemption from corporation tax by section 460 if they are made after 31st August 1987 and before the day on which the Finance Act 1995 was passed.
- (4B) Where the amount payable by way of premium under a contract to which this subsection applies is increased by virtue of a variation made—
- (a) in the period beginning with 25th July 1991 and ending with 31st July 1992, or
- (b) in the period beginning with the day on which the Finance Act 1995 was passed and ending with 31st March 1996,
the contract shall, for the purposes of subsection (3) above, be treated, in relation to times when the contract has effect as varied, as made at the time of the variation.
- (5) In applying the limits in this section there shall be disregarded—
- (a) any bonus or addition which either is declared upon assurance of a gross sum or annuity or accrues upon such an assurance by reference to an increase in the value of any investments;
- (b) any policy of insurance or annuity contract by means of which the benefits to be provided under an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) are secured or any annuity contract which constitutes a registered pension scheme or is issued or held in connection with a registered pension scheme other than such an occupational pension scheme;
- (c) any increase in a benefit under a friendly society contract, as defined in section 6 of the Decimal Currency Act 1969, resulting from the adoption of a scheme prescribed or approved in pursuance of subsection (3) of that section; and
- (d) so far as concerns the total premiums payable in any period of 12 months—
- (i) 10 per cent. of the premiums payable under any contract under which the premiums are payable more frequently than annually; and
- (ii) £10 of the premiums payable under any contract made before 1st September 1987 by a friendly society other than a new society; and
- (iii) so much of any premium as is charged on the ground that an exceptional risk of death is involved.
- (6) In applying the limits in this section in any case where a person has outstanding with one or more societies, branches or companies one or more contracts made after 13th March 1984 and one or more contracts made on or before that date, any contract for an annuity which was made before 1st June 1984 by a new society shall be regarded not only as a contract for the annual amount concerned but also as a contract for the assurance of a gross sum equal to 75 per cent. of the total premiums which would be payable under the contract if it were to run for its full term or, as the case may be, if the member concerned were to die at the age of 75 years.
- (7) A friendly society , registered branch or insurance company may require a person to make and sign a statutory declaration that the total amount assured under outstanding contracts entered into by that person with any one or more friendly societies, registered branches or insurance companies (taken together) does not exceed the limits applicable by virtue of this section and that the total premiums under those contracts do not exceed those limits.
#### Old societies
##### 465
- (1) In this section “*old society*” means a friendly society which is not a new society.
- (2) This section applies if, on or after 19th March 1985, an old society—
- (a) begins to carry on tax exempt life or endowment business; or
- (b) in the opinion of the Board begins to carry on such business on an enlarged scale or of a new character.
- (3) If it appears to the Board, having regard to the restrictions placed on qualifying policies issued by new societies by paragraphs 3(1)(b) . . . and 4(3)(b) of Schedule 15, that for the protection of the revenue it is expedient to do so, the Board may give a direction to the old society under subsection (4) below.
- (4) A direction under this subsection is that (and has the effect that) the old society to which it is given is to be treated for the purposes of this Act as a new society with respect to business carried on after the date of the direction.
- (5) An old society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction . . . on the ground that—
- (a) it has not begun to carry on business as mentioned in subsection (2) above; or
- (b) that the direction is not necessary for the protection of the revenue.
- (6) If a registered friendly society in respect of which a direction is in force under subsection (4) above becomes an incorporated friendly society, the direction shall continue to have effect, so that the incorporated friendly society shall be treated for the purposes of this Act as a new society.
#### Interpretation of Chapter II
##### 466
- (1) In this Chapter “*life or endowment business*” means, subject to subsections (1A) and (1B) below—
- (a) any life assurance business, and
- (b) any PHI business (as defined in section 431) if—
- (i) the contract is one made before 1 September 1996, or
- (ii) the contract is one made on or after that date and the effecting and carrying out of the business also constitutes business within paragraphs I, II or III of Part II of Schedule 1 to the Financial Services and Markets Act (Regulated Activities) Order 2001.
- (1A) Life or endowment business does not include the issue, in respect of a contract made before 1st September 1996, of a policy affording provision for sickness or other infirmity (whether bodily or mental), unless—
- (a) the policy also affords assurance for a gross sum independent of sickness or other infirmity;
- (b) not less than 60 per cent. of the amount of the premiums is attributable to the provision afforded during sickness or other infirmity; and
- (c) there is no bonus or addition which may be declared or accrue upon the assurance of the gross sum.
- (1B) Life or endowment business does not include the assurance of any annuity the consideration for which consists of sums obtainable on the maturity, or on the surrender, of any other policy of assurance issued by the friendly society, being a policy of assurance forming part of the tax exempt life or endowment business of the friendly society.
- (2) In this Chapter—
- “*friendly society*”, without qualification, means (except in section 459) an incorporated friendly society or a registered friendly society;
- “*gross roll-up business*” shall be construed in accordance with section 431;
- “*incorporated friendly society*” means a society incorporated under the Friendly Societies Act 1992;
- “*insurance company*” shall be construed in accordance with section 431;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*long-term business*” shall be construed in accordance with section 431;
- “*new society*” means—a registered friendly society which was registered after 3rd May 1966 or which was registered in the period of three months ending on that date but which at no time earlier than that date carried on any life or endowment business, oran incorporated friendly society other than one which, before its incorporation, was a registered friendly society not within paragraph (a) above;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*policy*”, in relation to life or endowment business, includes an instrument evidencing a contract to pay an annuity upon human life;
- “*registered branch*” means the same as in the Friendly Societies Act 1992 (and includes any branch that by virtue of section 96(3) of that Act is to be treated as a registered branch);
- “*registered friendly society*” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society);
- . . .
- “*tax exempt life or endowment business*” has, subject to subsections (7) to (10A) of section 460, the meaning given by subsection (2)(d) of that section, that is to say, it means (subject to those subsections) life or endowment business other than business profits arising from which are excluded from subsection (1) of that section by subsection (2)(b) or (c) of that section (read, where appropriate, with subsection (6) of that section);
and references in sections 460 to 465 and this subsection to a friendly society include, in the case of a registered friendly society, references to any branch of that society.
- (2ZA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) It is hereby declared that for the purposes of this Chapter (except where provision to the contrary is made) a friendly society formed on the amalgamation of two or more friendly societies is to be treated as different from the amalgamated societies.
- (4) A registered friendly society formed on the amalgamation of two or more friendly societies shall, for the purposes of this Chapter, be treated as registered not later than 3rd May 1966 if at the time of the amalgamation—
- (a) all the friendly societies amalgamated were registered friendly societies eligible for the exemption conferred by section 460(1); and
- (b) at least one of them was not a new society;
or, if the amalgamation took place before 19th March 1985, the society was treated as registered not later than 3rd May 1966 by virtue of the proviso to section 337(4) of the 1970 Act.
- (5) An incorporated friendly society formed on the amalgamation of two or more friendly societies shall, for the purposes of this Chapter, be treated as a society which, before its incorporation, was a registered friendly society registered not later than 3rd May 1966 if at the time of the amalgamation—
- (a) all the friendly societies amalgamated were registered friendly societies eligible for the exemption conferred by section 460(1); and
- (b) at least one of them was not a new society.
### Trade unions and employers’ associations
#### Exemption for trade unions and employers' associations
##### 467
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — UNIT TRUST SCHEMES, DEALERS IN SECURITIES ETC.
### Unit trust schemes
#### Authorised unit trusts
##### 468
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other unit trusts
##### 469
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transitional provisions relating to unit trusts
##### 470
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Dealers in securities, banks and insurance businesses
#### Exchange of securities in connection with conversion operations, nationalisation etc
##### 471
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distribution of securities issued in connection with nationalisation etc
##### 472
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conversion etc. of securities held as circulating capital
##### 473
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of tax-free income
##### 474
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tax-free Treasury securities: exclusion of interest on borrowed money
##### 475
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — BUILDING SOCIETIES, BANKS, SAVINGS BANKS, INDUSTRIAL AND PROVIDENT SOCIETIES AND OTHERS
#### Building societies: regulations for payment of tax
##### 476
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Investments becoming or ceasing to be relevant building society investments
##### 477
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Building societies: time for payment of tax
##### 478
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest paid on deposits with banks etc
##### 479
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deposits becoming or ceasing to be composite rate deposits
##### 480
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Deposit-taker”, “deposit” and “relevant deposit”
##### 481
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 482
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Determination of reduced rate for building societies and composite rate for banks etc
##### 483
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) If the order made under section 26 of the Finance Act 1984 in the year 1987-88 is made in pursuance of subsection (4) of that section, that order shall, notwithstanding that that subsection is not re-enacted by this Act, apply for the purposes of sections 476 and 479 for the year 1988-89.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Savings banks: exemption from tax
##### 484
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Savings banks: supplemental
##### 485
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Industrial and provident societies and co-operative associations
##### 486
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Credit unions
##### 487
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Co-operative housing associations
##### 488
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Self-build societies
##### 489
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies carrying on a mutual business or not carrying on a business
##### 490
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Distribution of assets of body corporate carrying on mutual business
##### 491
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V
#### Treatment of oil extraction activities etc. for tax purposes
##### 492
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Valuation of oil disposed of or appropriated in certain circumstances
##### 493
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charges on income
##### 494
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Regional development grants
##### 495
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Tariff receipts
##### 496
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restriction on setting ACT against income from oil extraction activities etc
##### 497
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limited right to carry back surrendered ACT
##### 498
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Surrender of ACT where oil extraction company etc. owned by a consortium
##### 499
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deduction of PRT in computing income for corporation tax purposes
##### 500
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on repayment of PRT
##### 501
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter V
##### 502
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS BUSINESSES AND BODIES
#### Letting of furnished holiday accommodation treated as a trade
##### 503
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 504
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charities: general
##### 505
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying expenditure and non-qualifying expenditure
##### 506
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum
##### 507
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scientific research organisations
##### 508
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reserves of marketing boards and certain other statutory bodies
##### 509
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Agricultural societies
##### 510
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council
##### 511
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Atomic Energy Authority and National Radiological Protection Board
##### 512
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### British Airways Board and National Freight Corporation
##### 513
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funds for reducing the National Debt
##### 514
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Signatories to Operating Agreement for INMARSAT
##### 515
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Government securities held by non-resident central banks
##### 516
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Issue departments of the Reserve Bank of India and the State Bank of Pakistan
##### 517
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Harbour reorganisation schemes
##### 518
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Local authorities
##### 519
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XIII — MISCELLANEOUS SPECIAL PROVISIONS
### CHAPTER I — INTELLECTUAL PROPERTY
### Patents and know-how
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure
##### 520
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 520
##### 521
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure
##### 522
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lapses of patent rights, sales etc
##### 523
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of receipts from sale of patent rights
##### 524
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital sums: death, winding up or partnership change
##### 525
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for expenses
##### 526
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Spreading of royalties over several years
##### 527
- (1) Where—
- (a) a royalty or other sum is paid to a company in respect of the user of a patent,
- (b) the user extended over a period of six complete years or more, and
- (c) the payment is one from which a sum representing income tax must be deducted under section 903 of ITA 2007,
the company may on the making of a claim require that the corporation tax payable by it by reason of the receipt of that sum shall be reduced so as not to exceed the total amount of corporation tax which would have been payable by it if that royalty or sum had been paid in six equal instalments at yearly intervals, the last of which was paid on the date on which the payment was in fact made.
- (2) Subsection (1) above shall apply in relation to a royalty or other sum where the period of the user is two complete years or more but less than six complete years as it applies to the royalties and sums mentioned in that subsection, but with the substitution for the reference to six equal instalments of a reference to so many equal instalments as there are complete years comprised in that period.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manner of making allowances and charges
##### 528
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Patent income to be earned income in certain cases
##### 529
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disposal of know-how
##### 530
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 530
##### 531
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of the 1968 Act
##### 532
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 520 to 532
##### 533
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Copyright and public lending right
#### Relief for copyright payments etc
##### 534
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where copyright sold after ten years or more
##### 535
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation of royalties where owner abroad
##### 536
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Public lending right
##### 537
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Artists’ receipts
#### Relief for painters, sculptors and other artists
##### 538
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
#### Introductory
##### 539
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies: chargeable events
##### 540
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life policies: computation of gain
##### 541
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life annuity contracts: chargeable events
##### 542
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Life annuity contracts: computation of gain
##### 543
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Second and subsequent assignment of life policies and contracts
##### 544
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital redemption policies
##### 545
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation of certain amounts for purposes of sections 540, 542 and 545
##### 546
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Method of charging gain to tax
##### 547
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deemed surrender of certain loans
##### 548
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain deficiencies allowable as deductions
##### 549
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief where gain charged at a higher rate
##### 550
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Right of individual to recover tax from trustees
##### 551
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information: duty of insurers
##### 552
- (1) Where a chargeable event . . . has happened in relation to any policy or contract, the body by or with whom the policy or contract was issued, entered into or effected shall—
- (a) unless satisfied that no gain is to be treated as arising by reason of the event, deliver to the appropriate policy holder before the end of the relevant three month period a certificate specifying the information described in subsection (5) below; and
- (b) if the condition in paragraph (a) or (b) of subsection (2) below is satisfied, deliver to the inspector before the end of the relevant three month period a certificate specifying the information described in subsection (5) below together with the name and address of the appropriate policy holder.
- (2) For the purposes of this section—
- (a) the condition in this paragraph is that the event is an assignment for money or money’s worth of the whole of the rights conferred by the policy or contract; or
- (b) the condition in this paragraph is that the amount of the gain, or the aggregate amount of the gain and any gains connected with it, exceeds one half of the basic rate limit for the relevant year of assessment.
- (3) If, in the case of every certificate which a body delivers under subsection (1)(a) above which relates to a gain attributable to a year of assessment . . . , the body also delivers to the inspector—
- (a) before the end of the relevant three month period for the purposes of subsection (1)(b) above,
- (b) by a means prescribed by the Board for the purposes of this subsection under section 552ZA(5), and
- (c) in a form so prescribed in the case of that means,
a certificate specifying the same information as the certificate under subsection (1)(a) together with the name and address of the appropriate policy holder, the body shall be taken to have complied with the requirements of subsection (1)(b) above in relation to that year of assessment . . . so far as relating to the chargeable events to which the certificates relate.
- (4) Where a certificate is not required to be delivered under subsection (1)(b) above in the case of any chargeable event—
- (a) the inspector may by notice require the body to deliver to him a copy of any certificate that the body was required to deliver under subsection (1)(a) above which relates to the chargeable event; and
- (b) it shall be the duty of the body to deliver such a copy within 30 days of receipt of the notice.
- (5) The information to be given to the appropriate policy holder pursuant to subsection (1)(a) above or the inspector pursuant to subsection (1)(b) above is—
- (a) any unique identifying designation given to the policy or contract;
- (b) the nature of the chargeable event and—
- (i) the date on which it happened; and
- (ii) if it is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 (chargeable events where transaction-related calculations show gains), the date on which the insurance year ends;
- (c) if the event is the assignment of all the rights conferred by the policy or contract, such of the following as may be required for computing the amount of the gain to be treated as arising by virtue of . . . Chapter 9 of Part 4 of ITTOIA 2005—
- (i) . . . the amount or value of any capital sums of a kind referred to in section 492(1)(b) to (e) of ITTOIA 2005;
- (ii) the amounts previously paid under the policy or contract by way of premiums or otherwise by way of consideration for an annuity;
- (iii) . . . the amount of so much of any payment previously made on account of an annuity as is exempt under section 717 of ITTOIA 2005;
- (iv) the value of any previously assigned parts of or shares in the rights conferred by the policy or contract;
- (v) . . . the total of the amounts of gains treated as arising on previous chargeable events within section 509(1) or 514(1) of ITTOIA 2005;
- (d) except where paragraph (c) above applies, the amount of the gain treated as arising by reason of the event;
- (e) the number of years relevant for computing the annual equivalent of the amount of the gain for the purposes of subsection (1) of section 536 of ITTOIA 2005 (top slicing relieved liability: one chargeable event), apart from subsections (6) and (8) of that section;
- (f) on the assumption that section 465 of ITTOIA 2005 (person liable: individuals) has effect in relation to the gain —
- (i) whether an individual would fall to be treated as having paid income tax at the basic rate on the amount of the gain in accordance with section 530 of that Act; and
- (ii) if so, except in a case where paragraph (c) above applies, the amount of such tax that would fall to be so treated as paid.
- (6) For the purposes of subsection (1)(a) above, the relevant three month period is whichever of the following periods ends the latest—
- (a) the period of three months following the happening of the chargeable event;
- (b) if the event is a surrender or assignment which is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 . . . , the period of three months following the end of the insurance year in which the event happens;
- (c) if the event is a death or an assignment of the whole of the rights or a surrender or assignment which is a chargeable event by virtue of . . . section 514(1) of ITTOIA 2005 . . . , the period of three months beginning with receipt of written notification of the event.
- (7) For the purposes of subsection (1)(b) above, the relevant three month period is whichever of the following periods ends the latest—
- (a) the period of three months following the end of the year of assessment . . . in which the event happened;
- (b) if the event is a surrender or assignment which is a chargeable event by virtue of section 514(1) of ITTOIA 2005, the period of three months following the end of the insurance year in which the event happens;
- (c) if the event is a death or an assignment, the period of three months beginning with receipt of written notification of the event;
- (d) if a certificate under subsection (1)(b) above would not be required in respect of the event apart from the happening of another event, and that other event is one of those mentioned in paragraph (c) above, the period of three months beginning with receipt of written notification of that other event.
- (8) For the purposes of this section the cases where a gain is connected with another gain are those cases where—
- (a) both gains arise in connection with policies or contracts containing obligations which, immediately before the chargeable event, were obligations of the same body;
- (b) the policy holder of those policies or contracts is the same;
- (c) both gains are attributable to the same year of assessment . . . ;
- (d) the terms of the policies or contracts are the same, apart from any difference in their maturity dates; and
- (e) the policies or contracts were issued in respect of insurances made, or were entered into or effected, on the same date.
- (9) For the purposes of this section, the year of assessment . . . to which a gain is attributable is—
- (a) in the case of a gain treated as arising by virtue of subsection (1) of section 514 of ITTOIA 2005, the year of assessment which includes the end of the insurance year mentioned in subsection (3) and (4) of that section; or
- (b) in any other case, the year of assessment . . . in which happens the chargeable event by reason of which the gain is treated as arising.
- (10) In this section—
- “*amount*”, in relation to any gain, means the amount of the gain apart from . . . section 528 of ITTOIA 2005;
- “*appropriate policy holder*” means—in relation to an assignment of part of or a share in the rights conferred by a policy or contract, any person who is both—the policy holder, or one of the policy holders, immediately before the assignment; andthe assignor or one of the assignors; andin relation to any other chargeable event, the person who is the policy holder immediately before the happening of the event;
- “*chargeable event*” means an event which is a chargeable event within the meaning of . . . Chapter 9 of Part 4 of ITTOIA 2005;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*insurance year*” has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);
- “*the relevant year of assessment*”, in the case of any gain, means—the year of assessment to which the gain is attributable, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) This section is supplemented by section 552ZA.
- (13) For the purposes of this section, no account is to be taken of the effect of . . . section 541A of ITTOIA 2005.
#### Non-resident policies and off-shore capital redemption policies
##### 553
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Borrowings on life policies to be treated as income in certain cases
##### 554
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — ENTERTAINERS AND SPORTSMEN
#### Payment of tax
##### 555
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Activity treated as trade etc. and attribution of income
##### 556
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge on profits or gains
##### 557
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions
##### 558
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY
#### Deductions on account of tax etc. from payments to certain sub-contractors
##### 559
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons who are sub-contractors or contractors for purposes of Chapter IV
##### 560
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 559
##### 561
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by individuals
##### 562
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by partners who are individuals
##### 563
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by firms
##### 564
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions to be satisfied by companies
##### 565
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General powers to make regulations under Chapter IV
##### 566
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “construction operations”
##### 567
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — SCHEMES FOR RATIONALIZING INDUSTRY
#### Deductions from profits of contributions paid under certified schemes
##### 568
- (1) Notwithstanding anything contained in . . . section 33 of ITTOIA 2005or section 53 of CTA 2009 (no deduction for capital expenditure) but subject to the following provisions of this Chapter, where a person pays, wholly and exclusively for the purposes of a trade in respect of which he is chargeable under Part 2 of ITTOIA 2005 or Part 3 of CTA 2009, a contribution in furtherance of a scheme which is for the time being certified by the Secretary of State under this section, the contribution shall, in so far as it is paid in furtherance of the primary object of the scheme, be allowed to be deducted as an expense in computing the profits of that trade.
- (2) The Secretary of State shall certify a scheme under this section if he is satisfied—
- (a) that the primary object of the scheme is the elimination of redundant works or machinery or plant from use in an industry in the United Kingdom; and
- (b) that the scheme is in the national interest and in the interests of that industry as a whole; and
- (c) that such number of persons engaged in that industry as are substantially representative of the industry are liable to pay contributions in furtherance of the primary object of the scheme by agreement between them and the body of persons carrying out the scheme.
- (3) The Secretary of State shall cancel any certificate granted under this section if he ceases to be satisfied as to any of the matters referred to in subsection (2) above.
- (4) The Secretary of State may at any time require the body of persons carrying out a scheme certified under this section to produce any books or documents of whatever nature relating to the scheme and, if the requirement is not complied with, he may cancel the certificate.
- (5) In this section and in section 569 “*contribution*”, in relation to a scheme, does not include a sum paid by a person by way of loan or subscription of share capital, or in consideration of the transfer of assets to him, or by way of a penalty for contravening or failing to comply with the scheme.
#### Repayment of contributions
##### 569
- (1) In the event of the repayment, whether directly or by way of distribution of assets on a winding up or otherwise, of a contribution or any part of a contribution which has been allowed to be deducted under section 568, the deduction of the contribution, or so much of it as has been repaid, shall be deemed to be an unauthorised deduction in respect of which an assessment shall be made, and, notwithstanding the provisions of the Tax Acts requiring assessments to be made within six years after the end of the chargeable period to which they relate, any such assessment and any consequential assessment may be made at any time within three years after the end of the chargeable period in which the repayment was made.
- (2) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.
#### Payments under certified schemes which are not repayments of contributions
##### 570
- (1) Subject to the provisions of this section, where, under any scheme which is for the time being certified or has at any time been certified by the Secretary of State under section 568, any payment (not being a payment made by way of repayment of contributions) is made to a person carrying on a trade to which the scheme relates, that payment shall be treated for the purposes of the Tax Acts as a trading receipt of the trade, and shall accordingly be taken into account in computing the profits of the trade for those purposes.
- (2) Where . . . the payments which have been made under such a scheme in respect of a trade (not being payments made by way of repayment of contributions) have been made wholly or partly in respect of damage in respect of which no relief may be given under the Tax Acts, and a claim is made to that effect, then, subject to and in accordance with the provisions of Schedule 21—
- (a) relief shall be given in respect of those payments by reducing the amounts which are to be treated as trading receipts of the trade under subsection (1) above; but
- (b) where such relief is given, section 568 shall, in relation to contributions subsequently paid under the scheme in respect of the trade, have effect subject to the modifications specified in Part III of that Schedule,
and paragraph 6 of that Schedule applies for the purposes of this subsection as it applies for the purposes of that Schedule.
- (3) The provisions of this section and Schedule 21 shall apply in relation to any payment made to a person who has ceased to carry on a trade to which any such scheme as is mentioned in subsection (1) above relates as they apply in relation to payments made to a person carrying on such a trade, subject to the modification that so much of that payment as falls to be treated as a trading receipt by virtue of those provisions shall be deemed for the purposes of those provisions to have been made to him on the last day on which he was engaged in carrying on the trade.
- (4) In determining for the purposes of this section and of Schedule 21—
- (a) whether any trade has ceased to be carried on; or
- (b) whether any contribution is paid in respect of a trade in respect of which a payment has been made; or
- (c) whether any payment is made in respect of a trade in respect of which a contribution has been paid,
no regard shall be had to any event which, by virtue of section 18 of ITTOIA 2005 or section 41 of CTA 2009 (company starting or ceasing to be within charge to corporation tax) is to be treated as effecting a cessation of trading.
#### Cancellation of certificates
##### 571
- (1) Where any certificate granted with respect to a scheme under section 568 is cancelled by the Secretary of State, and any deductible contributions paid in furtherance of the scheme have not been repaid at the expiration of one year from the cancellation, the body of persons carrying out the scheme shall, for the chargeable period in which that year expires, be charged to tax . . . upon the aggregate amount of the deductible contributions which have not been repaid at that time.
- (1A) An amount charged to income tax under subsection (1) above is treated for income tax purposes as an amount of income.
- (1B) So far as relating to corporation tax, the charge to tax under subsection (1) has effect as an application of the charge to corporation tax on income.
- (2) The charge to tax under subsection (1) above shall not be made if the total amount of any contributions, other than deductible contributions, which have been paid under the scheme and have not been repaid before that time is greater than the available resources of the scheme, and shall not in any case be made upon an amount greater than the excess, if any, of those resources over that total amount.
- (3) In subsection (2) above “*the available resources*”, in relation to any scheme, means a sum representing the total funds held for the purposes of the scheme at the expiration of one year from the cancellation of the certificate plus a sum representing any funds held for the purposes of the scheme which, during that year, have been applied otherwise than in accordance with the provisions of the scheme as in force when the certificate was granted.
- (4) Where the body of persons carrying out a scheme are charged to tax by virtue of subsection (1) above, and, after the expiration of one year from the cancellation of the certificate, any deductible contribution paid in furtherance of the scheme is repaid, the amount upon which the charge is made shall on the making of a claim be reduced by the amount repaid, and all such repayments of tax shall be made as are necessary to give effect to the provisions of this subsection.
- (5) In this section “*contribution*” includes a part of a contribution, and “*deductible contribution*” means a contribution allowed to be deducted under section 568, any reduction under Part III of Schedule 21 being left out of account.
- (6) For the purposes of this section, a sum received by any person by way of repayment of contributions shall be deemed to be by way of repayment of the last contribution paid by him, and, if the sum exceeds the amount of that contribution, by way of repayment of the penultimate contribution so paid, and so on.
#### Application to statutory redundancy schemes
##### 572
- (1) Sections 569 to 571 and Schedule 21 shall, subject to the adaptations specified in subsection (2) below, apply in relation to a statutory redundancy scheme as they apply in relation to a scheme certified under section 568.
- (2) The adaptations referred to above are as follows, that is to say—
- (a) for any reference to a contribution allowed to be deducted under section 568 there shall be substituted a reference to a contribution allowed to be deducted under any provision of the Tax Acts other than that section;
- (b) any provision that section 568 shall, in relation to contributions, have effect subject to modifications, shall be construed as a provision that so much of any provision of the Tax Acts other than that section as authorises the deduction of contributions shall, in relation to the contributions in question, have effect subject to the modifications in question;
- (c) for any reference to the cancellation of a certificate with respect to a scheme there shall be substituted a reference to the scheme ceasing to have effect; and
- (d) for any reference to the provisions of the scheme as in force when the certificate was granted there shall be substituted a reference to the provisions of the scheme as in force when the contributions were first paid thereunder.
- (3) In this section “*statutory redundancy scheme*” means a scheme for the elimination or reduction of redundant works, machinery or plant, or for other similar purposes, to which effect is given by or under any Act, whether passed before or after this Act.
### CHAPTER VI — OTHER PROVISIONS
### Relief for losses on unquoted shares in trading companies
#### Relief for companies
##### 573
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for individuals
##### 574
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exclusion of relief under section 573 or 574 in certain cases
##### 575
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 573 to 575
##### 576
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous
#### Business entertaining expenses
##### 577
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Housing grants
##### 578
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statutory redundancy payments
##### 579
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to section 579
##### 580
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Borrowing in foreign currency by local authorities and statutory corporations
##### 581
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funding bonds issued in respect of interest on certain debts
##### 582
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Inter-American Development Bank
##### 583
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for unremittable overseas income
##### 584
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief from tax on delayed remittances
##### 585
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of deductions for war risk premiums
##### 586
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of certain payments in respect of war injuries to employees
##### 587
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Training courses for employees
##### 588
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying courses of training etc
##### 589
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XIV — PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
### CHAPTER I — RETIREMENT BENEFIT SCHEMES
### Approval of schemes
#### Conditions for approval of retirement benefit schemes
##### 590
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Discretionary approval
##### 591
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Tax reliefs
#### Exempt approved schemes
##### 592
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief by way of deductions from contributions
##### 593
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exempt statutory schemes
##### 594
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Charge to tax in certain cases
#### Charge to tax in respect of certain sums paid by employer etc
##### 595
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from section 595
##### 596
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: pensions
##### 597
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: repayment of employee’s contributions
##### 598
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: commutation of entire pension in special circumstances
##### 599
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: unauthorised payments to or for employees
##### 600
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge to tax: payments to employers
##### 601
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Regulations relating to pension fund surpluses
##### 602
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of surpluses
##### 603
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplementary provisions
#### Application for approval of a scheme
##### 604
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 605
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Responsibilities of administrator of scheme, and employer
##### 606
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Pilots' benefit fund
##### 607
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Superannuation funds approved before 6th April 1980
##### 608
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes approved before 23rd July 1987
##### 609
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Amendments of schemes
##### 610
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Definition of “retirement benefits scheme”
##### 611
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretative provisions, and regulations for purposes of this Chapter
##### 612
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — OTHER PENSION FUNDS AND SOCIAL SECURITY BENEFITS AND CONTRIBUTIONS
#### Parliamentary pension funds
##### 613
- (1) The salary of a Member of the House of Commons shall, for all the purposes of the Income Tax Acts, be treated as reduced by the amounts deducted in pursuance of section 1 of the House of Commons Members’ Fund Act 1939; but a Member shall not by reason of any such deduction be entitled to relief under any other provision of the Income Tax Acts.
- (2) In subsection (1) above the reference to salary shall be construed as mentioned in subsection (3) of section 1 of the House of Commons Members’ Fund Act 1939, the reference to amounts deducted includes a reference to amounts required to be set aside under that subsection, and “deduction” shall be construed accordingly.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) The . . . trustees of—
- (a) the House of Commons Members’ Fund established under section 1 of that Act of 1939;
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (bb) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shall be entitled to exemption from income tax in respect of all income derived from that Fund or any investment of that Fund.
#### Exemptions and reliefs in respect of income from investments etc. of certain pension schemes
##### 614
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) Any interest or dividends received by the person in whom is vested any of the Family Pension Funds mentioned in section 273 of the Government of India Act 1935, and having effect as a scheme made under section 2 of the Overseas Pensions Act 1973, on sums forming part of that fund shall be exempt from income tax.
- (2A) The reference in subsection (2) above to interest on sums forming part of a fund include references to any amount which is treated as income by virtue of Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) and derives from any investment forming part of that fund.
- (3) Income derived from investments or deposits of any fund referred to in section 648, 649, 650 or 651 of ITEPA 2003 shall not be charged to income tax, and any income tax deducted from any such income shall be repaid by the Board to the persons entitled to receive the income.
- (4) In respect of income derived from investments or deposits of the Overseas Service Pensions Fund established pursuant to section 7(1) of the Overseas Aid Act 1966, the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person not domiciled, ordinarily resident or resident in the United Kingdom.
- (5) In respect of dividends and other income derived from investments, deposits or other property of a superannuation fund to which section 615(3) applies the Board shall give by way of repayment such relief from income tax as is necessary to secure that the income is exempt to the like extent (if any) as if it were income of a person not domiciled, ordinarily resident or resident in the United Kingdom.
- (6) A claim under this section shall be made to the Board.
#### Exemption from tax in respect of certain pensions
##### 615
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) Where an annuity is paid from a superannuation fund to which this subsection applies to a person who is not resident in the United Kingdom, income tax shall not be deducted from any payment of the annuity or accounted for under Chapter 6 of Part 15 of ITA 2007 (deduction from annual payments and patent royalties) by the trustees or other persons having the control of the fund.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) Subsection (3) above applies to any superannuation fund which—
- (a) is bona fide established under irrevocable trusts in connection with some trade or undertaking carried on wholly or partly outside the United Kingdom;
- (b) has for its sole purpose (subject to any enactment or Northern Ireland legislation requiring or allowing provision for the value of any rights to be transferred between schemes or between members of the same scheme) the provision of superannuation benefits in respect of persons’ employment in the trade or undertaking wholly outside the United Kingdom; and
- (c) is recognised by the employer and employed persons in the trade or undertaking;
and for the purposes of this subsection duties performed in the United Kingdom the performance of which is merely incidental to the performance of other duties outside the United Kingdom shall be treated as performed outside the United Kingdom.
- (7) In this section—
- “*pension*” includes a gratuity or any sum payable on or in respect of death or, in the case of a pension falling within subsection (2)(g) above, ill-health, and a return of contributions with or without interest thereon or any other addition thereto;
- “*overseas territory*” means any territory or country outside the United Kingdom;
- “*the Pensions (Increase) Acts*” means the Pensions (Increase) Act 1971 and any Act passed after that Act for purposes corresponding to the purposes of that Act;
- “*United Kingdom trust territory*” means a territory administered by the government of the United Kingdom under the trusteeship system of the United Nations.
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) For the purposes of this section, a person shall be taken to be employed in the public service of an overseas territory at any time when—
- (a) he is employed in any capacity under the government of that territory, or under any municipal or other local authority in it,
- (b) he is employed, in circumstances not falling within paragraph (a) above, by a body corporate established for any public purpose in that territory by an enactment of a legislature empowered to make laws for that territory, or
- (c) he is the holder of a public office in that territory in circumstances not falling within either paragraph (a) or (b).
- (10) For the purposes of subsection (9), references to the government of an overseas territory include references to a government constituted for two or more overseas territories, and to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more such territories.
#### Other overseas pensions
##### 616
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Social security benefits and contributions
##### 617
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — RETIREMENT ANNUITIES
#### Termination of relief under this Chapter, and transitional provisions
##### 618
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from tax in respect of qualifying premiums
##### 619
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying premiums
##### 620
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other approved contracts
##### 621
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Substituted retirement annuity contracts
##### 622
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relevant earnings
##### 623
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sponsored superannuation schemes and controlling directors
##### 624
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward of unused relief under section 619
##### 625
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Modification of section 619 in relation to persons over 50
##### 626
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lloyd’s underwriters
##### 627
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partnership retirement annuities
##### 628
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity premiums of Ministers and other officers
##### 629
- (1) For the purposes of this Chapter so much of any salary which—
- (a) is payable to the holder of a qualifying office who is also a Member of the House of Commons, and
- (b) is payable for a period in respect of which the holder is not a participant in relation to that office in arrangements contained in the Parliamentary pension scheme but is a participant in relation to his membership of the House of Commons in any such arrangements, or for any part of such a period,
as is equal to the difference between a Member’s pensionable salary and the salary which (in accordance with any such resolution as is mentioned in subsection (3)(a) below) is payable to him as a Member holding that qualifying office shall be treated as remuneration from the office of Member and not from the qualifying office.
- (2) In this section—
- “*Member’s pensionable salary*” means a Member’s ordinary salary under any resolution of the House of Commons which, being framed otherwise than as an expression of opinion, is for the time being in force relating to the remuneration of Members or, if the resolution provides for a Member’s ordinary salary thereunder to be treated for pension purposes as being at a higher rate, a notional yearly salary at that higher rate;
- “*qualifying office*” means an office mentioned in section 2(2)(b), (c) or (d) of the Parliamentary and other Pensions Act 1987;
- “*the Parliamentary pension scheme*” has the same meaning as in that Act;
and without prejudice to the power conferred by virtue of paragraph 13 of Schedule 1 to that Act, regulations under section 2 of that Act may make provision specifying the circumstances in which a person is to be regarded for the purposes of this section as being or not being a participant in relation to his Membership of the House of Commons, or in relation to any office, in arrangements contained in the Parliamentary pension scheme.
- (3) In subsection (2) above “*a Member’s ordinary salary*”, in relation to any resolution of the House of Commons, means—
- (a) if the resolution provides for salary to be paid to Members at different rates according to whether or not they are holders of particular offices, or are in receipt of salaries or pensions as the holders or former holders of particular offices, a Member’s yearly salary at the higher or highest rate; and
- (b) in any other case, a Member’s yearly salary at the rate specified in or determined under the resolution.
### CHAPTER IV — PERSONAL PENSION SCHEMES
### Preliminary
#### Interpretation
##### 630
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Approval of schemes
##### 631
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Restrictions on approval
#### Establishment of schemes
##### 632
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Scope of benefits
##### 633
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity to member
##### 634
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lump sum to member
##### 635
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Annuity after death of member
##### 636
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lump sum on death of member
##### 637
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other restrictions on approval
##### 638
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Tax reliefs
#### Member’s contributions
##### 639
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Maximum amount of deductions
##### 640
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-back of contributions
##### 641
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carry-forward of relief
##### 642
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employer’s contributions and personal pension income etc
##### 643
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant earnings”
##### 644
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Earnings from pensionable employment
##### 645
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “net relevant earnings”
##### 646
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Charge to tax
#### Unauthorised payments
##### 647
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Contributions under unapproved arrangements
##### 648
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous
#### Minimum contributions under Social Security Act 1986
##### 649
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Withdrawal of approval
##### 650
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appeals
##### 651
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information about payments
##### 652
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information: penalties
##### 653
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Remuneration of Ministers and other officers
##### 654
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transitional provisions
##### 655
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — PURCHASED LIFE ANNUITIES
#### Purchased life annuities other than retirement annuities
##### 656
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Purchased life annuities to which section 656 applies
##### 657
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary
##### 658
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER VI — MISCELLANEOUS
#### Financial futures and traded options
##### 659
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XV — SETTLEMENTS
### CHAPTER I — DISPOSITIONS FOR SHORT PERIODS
#### Dispositions for period which cannot exceed six years
##### 660
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments between disponor and trustees
##### 661
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter I to dispositions by two or more disponors
##### 662
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — SETTLEMENTS ON CHILDREN
#### The general rule
##### 663
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Accumulation settlements
##### 664
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “irrevocable”
##### 665
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest paid by trustees
##### 666
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments between disponor and trustees
##### 667
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter II to settlements by two or more settlors
##### 668
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information under Chapter II
##### 669
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter II
##### 670
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — REVOCABLE SETTLEMENTS ETC.
#### Revocable settlements allowing release of obligation
##### 671
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing reversion of property
##### 672
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements where settlor retains an interest
##### 673
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements: discretionary power for benefit of settlor etc
##### 674
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 671 to 674
##### 675
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disallowance of deduction from total income of certain sums paid by settlor
##### 676
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sums paid to settlor otherwise than as income
##### 677
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Capital sums paid by body connected with settlement
##### 678
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Chapter III to settlements by two or more settlors
##### 679
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information for purposes of Chapter III
##### 680
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter III
##### 681
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Ascertainment of undistributed income
##### 682
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER IV — LIABILITY TO HIGHER RATE AND ADDITIONAL RATE TAX
### Liability of settlors
#### Settlements made after 6th April 1965
##### 683
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements made before 7th April 1965 but after 9th April 1946
##### 684
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provisions supplementary to sections 683 and 684
##### 685
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Liability of trustees
#### Liability to additional rate tax of certain income of discretionary trusts
##### 686
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments under discretionary trusts
##### 687
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes for employees and directors to acquire shares
##### 688
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries
##### 689
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — MAINTENANCE FUNDS FOR HISTORIC BUILDINGS
#### Schedule 4 directions
##### 690
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain income not to be income of settlor etc
##### 691
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reimbursement of settlor
##### 692
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Severance of settled property for certain purposes
##### 693
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Trustees chargeable to income tax at 30 per cent. in certain cases
##### 694
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XVI — ESTATES OF DECEASED PERSONS IN COURSE OF ADMINISTRATION
#### Limited interests in residue
##### 695
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Absolute interests in residue
##### 696
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplementary provisions as to absolute interests in residue
##### 697
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Special provisions as to certain interests in residue
##### 698
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief from higher rate tax for inheritance tax on accrued income
##### 699
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustments and information
##### 700
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation
##### 701
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application to Scotland
##### 702
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## PART XVII — TAX AVOIDANCE
### CHAPTER I — CANCELLATION OF CORPORATION TAX ADVANTAGES FROM CERTAIN TRANSACTIONS IN SECURITIES
#### Cancellation of tax advantage
##### 703
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The prescribed circumstances
##### 704
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appeals against Board’s notices under section 703
##### 705
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The tribunal
##### 706
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Procedure for clearance in advance
##### 707
#### Power to amend sections 732, 735 and 737
##### 738
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — TRANSFER OF ASSETS ABROAD
#### Prevention of avoidance of income tax
##### 739
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Liability of non-transferors
##### 740
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from sections 739 and 740
##### 741
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 739 to 741
##### 742
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplemental provisions
##### 743
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### No duplication of charge
##### 744
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information
##### 708
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “tax advantage” and other expressions
##### 709
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER II — TRANSFERS OF SECURITIES
### Transfers with or without accrued interest: introductory
#### Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728
##### 710
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “interest”, “transfers with or without accrued interest” etc
##### 711
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “settlement day” for purposes of sections 711 to 728
##### 712
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Transfers with or without accrued interest: charge to tax and reliefs
#### Deemed sums and reliefs
##### 713
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of deemed sums and reliefs
##### 714
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from sections 713 and 714
##### 715
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer of unrealised interest
##### 716
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Variable interest rate
##### 717
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest in default
##### 718
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Unrealised interest in default
##### 719
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Transfers with or without accrued interest: supplemental
#### Nominees, trustees etc
##### 720
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Death
##### 721
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Trading stock
##### 722
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign securities: delayed remittances
##### 723
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Insurance companies
##### 724
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lloyd’s underwriters
##### 725
#### Building societies
##### 726
#### Stock lending
##### 727
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information
##### 728
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Other transfers of securities
#### Sale and repurchase of securities
##### 729
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of income arising from securities
##### 730
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Purchase and sale of securities
#### Application and interpretation of sections 732 to 734
##### 731
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dealers in securities
##### 732
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons entitled to exemptions
##### 733
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Persons other than dealers in securities
##### 734
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “appropriate amount in respect of” interest
##### 735
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous provisions relating to securities
#### Company dealing in securities: distribution materially reducing value of holding
##### 736
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manufactured dividends: treatment of tax deducted
##### 737
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
#### Power to amend sections 732, 735 and 737
##### 738
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER III — TRANSFER OF ASSETS ABROAD
#### Prevention of avoidance of income tax
##### 739
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Liability of non-transferors
##### 740
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from sections 739 and 740
##### 741
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of sections 739 to 741
##### 742
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplemental provisions
##### 743
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### No duplication of charge
##### 744
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to obtain information
##### 745
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -6958,331 +5890,37 @@
##### 747
- (1) If . . . in any accounting period a company—
- (a) is resident outside the United Kingdom, and
- (b) is controlled by persons resident in the United Kingdom, and
- (c) is subject to a lower level of taxation in the territory in which it is resident,
. . . the provisions of this Chapter shall apply in relation to that accounting period.
- (1A) A company which would not, apart from this subsection, fall to be regarded as controlled by persons resident in the United Kingdom shall be taken for the purposes of this Chapter to be so controlled if—
- (a) there are two persons who, taken together, control the company;
- (b) one of those persons is resident in the United Kingdom and is a person in whose case the 40 per cent test in section 755D(3) is satisfied; and
- (c) the other is a person in whose case the 40 per cent test in section 755D(4) is satisfied.
- (1B) In determining, for the purposes of any provision of this Chapter except subsection (1)(a) above, whether a company is a person resident in the United Kingdom, section 18 of CTA 2009 (under which a company is treated as non-resident if it is so treated for double taxation relief purposes) shall be disregarded.
- (2) A company which falls within paragraphs (a) to (c) of subsection (1) above is in this Chapter referred to as a “*controlled foreign company*”.
- (3) Subject to section 748, where the provisions of this Chapter apply in relation to an accounting period of a controlled foreign company, the chargeable profits of that company for that period and its creditable tax (if any) for that period shall each be apportioned in accordance with section 752 among the persons (whether resident in the United Kingdom or not) who had an interest in that company at any time during that accounting period.
- (3A) In the case of an apportionment to a company resident in the United Kingdom which has made an application under section 751A , 751AA, 751AB or 751AC which has been granted, subsection (3) above has effect subject to that section.
- (4) Where, on such an apportionment of a controlled foreign company’s chargeable profits for an accounting period as is referred to in subsection (3) above, an amount of those profits is apportioned to a company resident in the United Kingdom then, subject to subsection (5) below—
- (a) a sum equal to corporation tax at the appropriate rate on that apportioned amount of profits, less the portion of the controlled foreign company’s creditable tax for that period (if any) which is apportioned to the resident company, shall be chargeable on the resident company as if it were an amount of corporation tax chargeable on that company; . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and for the purposes of paragraph (a) above “*the appropriate rate*” means the rate of corporation tax applicable to profits of that accounting period of the resident company in which ends the accounting period of the controlled foreign company which is mentioned in subsection (1) above or, if there is more than one such rate, the average rate over the whole of that accounting period of the resident company.
- (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) Tax shall not, by virtue of subsection (4) above, be chargeable on a company resident in the United Kingdom unless, on the apportionment in question, the aggregate of—
- (a) the amount of the controlled foreign company’s chargeable profits for the accounting period in question which is apportioned to the resident company, and
- (b) any amounts of those chargeable profits which are apportioned to persons who are connected or associated with the resident company,
is at least 25 per cent. of the total of those chargeable profits.
- (5A) Where the resident company has made an application under section 751A , 751AA, 751AB or 751AC which has been granted, it shall be assumed for the purposes of subsection (5) above that—
- (a) each of the persons who are connected or associated with the resident company has made an application under that section to the same effect, and
- (b) all the applications have been granted.
- (6) In relation to a company resident outside the United Kingdom—
- (a) any reference in this Chapter to its chargeable profits for an accounting period is a reference to the amount which, on the assumptions in Schedule 24, would be the amount of the total profits of the company for that period on which, after allowing for any deductions available against those profits, corporation tax would be chargeable;
- (aa) any reference in this Chapter to its chargeable profits for an accounting period includes (subject to subsections (7) to (9)) income which accrues during that accounting period to the trustees of a settlement in relation to which the company is a settlor or a beneficiary; and
- (b) any reference in this Chapter to profits does not include a reference to chargeable gains but otherwise (except as provided by paragraph (a) above) has the same meaning as it has for the purposes of corporation tax.
- (7) Where there is more than one settlor or beneficiary in relation to the settlement mentioned in subsection (6)(aa), the income is to be apportioned between the company and the other settlors or beneficiaries on a just and reasonable basis.
- (8) Where income within subsection (6)(aa) is included in the chargeable profits of a company, any dividend or other distribution received by the company which derives from that income is not included in the chargeable profits of the company to the extent that it is so derived.
- (9) Any income within subsection (6)(aa) which would (apart from this subsection)—
- (a) be included in the chargeable profits of a company which is a beneficiary in relation to a settlement and apportioned under subsection (3), and
- (b) be included in the chargeable profits of a company which is a settlor in relation to the settlement and apportioned under that subsection,
is not to be included in the chargeable profits of the company which is a settlor.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Limitations on direction-making power
##### 748
- (1) No apportionment under section 747(3) falls to be made as regards an accounting period of a controlled foreign company if—
- (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (b) throughout that period the company is, within the meaning of Part II of Schedule 25, engaged in exempt activities; or
- (ba) the company is exempt for that period by virtue of Part 2A of that Schedule (exemption for trading companies with limited UK connection); or
- (bb) the company is exempt for that period by virtue of Part 2B of that Schedule (exemption for companies exploiting intellectual property with limited UK connection); or
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) the chargeable profits of the accounting period do not exceed £50,000 or, if the accounting period is less than 12 months, a proportionately reduced amount; or
- (da) the relevant profits for the accounting period, after any adjustment required by subsection (3C), do not exceed—
- (i) £200,000, or
- (ii) if the accounting period is less than 12 months, a proportionately reduced amount; or
- (e) as respects the accounting period, the company is, within the meaning of regulations made by the Board for the purposes of this paragraph, resident in a territory specified in the regulations and satisfies—
- (i) such conditions with respect to its income or gains as may be so specified; and
- (ii) such other conditions (if any) as may be so specified;
or
- (f) the accounting period ends during an exempt period in relation to the company (see Part 3A of Schedule 25).
- (1A) Regulations under paragraph (e) of subsection (1) above may—
- (a) make different provision for different cases or with respect to different territories;
- (b) make provision having effect in relation to accounting periods of controlled foreign companies ending not more than one year before the date on which the regulations are made; and
- (c) contain such supplementary, incidental, consequential and transitional provision as the Board may think fit.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) Notwithstanding that none of paragraphs (a) to (f) of subsection (1) above applies to an accounting period of a controlled foreign company, no apportionment under section 747(3) falls to be made as regards that accounting period if it is the case that—
- (a) in so far as any of the transactions the results of which are reflected in the profits arising in that accounting period, or any two or more transactions taken together, the results of at least one of which are so reflected, achieved a reduction in United Kingdom tax, either the reduction so achieved was minimal or it was not the main purpose or one of the main purposes of that transaction or, as the case may be, of those transactions taken together to achieve that reduction, and
- (b) it was not the main reason or, as the case may be, one of the main reasons for the company’s existence in that accounting period to achieve a reduction in United Kingdom tax by a diversion of profits from the United Kingdom,
and Part IV of Schedule 25 shall have effect with respect to the preceding provisions of this subsection.
- (3A) The reference in subsection (1)(da) to the relevant profits for an accounting period are to the sum of—
- (a) the profits of the company for that period calculated in accordance with generally accepted accounting practice (disregarding any exempt distributions and any capital gains or losses), before any adjustment required or authorised by law in calculating chargeable profits,
- (b) any amount which accrues during that period to the trustees of a settlement in relation to which the company is a settlor or a beneficiary, and
- (c) the company's share of any income which accrues during that period to a partnership of which the company is a partner.
- (3B) For the purposes of subsection (3A)—
- (a) “*exempt distribution*” means a distribution (within the meaning of Part 23 of CTA 2010) which would be excluded from the company's chargeable profits by reason of it being exempt for the purposes of Part 9A of CTA 2009 (company distributions),
- (b) where there is more than one settlor or beneficiary in relation to the settlement mentioned in subsection (3A)(b), the income is to be apportioned between the company and the other settlors or beneficiaries on a just and reasonable basis, and
- (c) the company's share of any income which accrues to a partnership as mentioned in subsection (3A)(c) is to be determined by apportioning that income between the company and the other partners on a just and reasonable basis;
and in subsection (3A) and this subsection “*partnership*” includes an entity established under the law of a country or territory outside the United Kingdom of a similar character to a partnership; and “partner” is to be read accordingly.
- (3C) For the purposes of subsection (1)(da), Part 4 of TIOPA 2010 (transfer pricing) applies in relation to the calculation of the relevant profits for the accounting period as it applies in relation to the calculation of the chargeable profits for that period.
- (3D) But where the difference made in the amount of the relevant profits for the period as a result of the application of subsection (3C) would (disregarding this subsection) not exceed £50,000, no adjustment under that subsection is to be made.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) This section is subject to sections 748ZA and 748A.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Residence and interest
##### 749
- (1) Subject to subsections (2) to (4) and (6) below, in any accounting period in which a company is resident outside the United Kingdom, it shall be regarded for the purposes of this Chapter as resident in that territory in which, throughout that period, it is liable to tax by reason of domicile, residence or place of management.
- (2) If, in the case of any company,—
- (a) there are in any accounting period two or more territories falling within subsection (1) above, and
- (b) no election or designation made under paragraph (d) or (e) of subsection (3) below in relation to an earlier accounting period of the company has effect by virtue of section 749A(1) in relation to that accounting period,
subsection (3) below shall apply with respect to that company and that accounting period.
- (3) Where this subsection applies, the company shall in that accounting period be regarded for the purposes of this Chapter as resident in only one of those territories, namely—
- (a) if, throughout the accounting period, the company’s place of effective management is situated in one of those territories only, in that territory;
- (b) if, throughout the accounting period, the company’s place of effective management is situated in two or more of those territories, in that one of them in which, at the end of the accounting period, the greater amount of the company’s assets is situated;
- (c) if neither paragraph (a) nor paragraph (b) above applies, in that one of the territories falling within subsection (1) above in which, at the end of the accounting period, the greater amount of the company’s assets is situated;
- (d) if—
- (i) paragraph (a) above does not apply, and
- (ii) neither paragraph (b) nor paragraph (c) above produces one, and only one, of those territories,
in that one of them (if any) which is specified in an election made in relation to that accounting period by any one or more persons who together have a majority assessable interest in the company in that accounting period; and
- (e) if, in a case falling within paragraph (d) above, the time by which any election under that paragraph in relation to that accounting period must be made in accordance with section 749A(3)(b) expires without such an election having been made, in that one of those territories which the Board justly and reasonably designates in relation to that accounting period.
- (4) If, in the case of any company,—
- (a) there are in any accounting period two or more territories falling within subsection (1) above, and
- (b) an election or designation made under paragraph (d) or (e) of subsection (3) above in relation to an earlier accounting period of the company has effect by virtue of section 749A(1) in relation to the accounting period mentioned in paragraph (a) above,
the company shall in that accounting period be regarded for the purposes of this Chapter as resident in that one of those territories which is the subject of the election or designation.
- (5) If, in the case of any company, there is in any accounting period no territory falling within subsection (1) above, then, for the purposes of this Chapter, it shall be conclusively presumed that the company is in that accounting period resident in a territory in which it is subject to a lower level of taxation.
- (6) In any case where it becomes necessary for the purposes of subsection (3) above to determine in which of two or more territories the greater amount of a company’s assets is situated at the end of an accounting period—
- (a) account shall be taken only of those assets which, immediately before the end of that period, are situated in those territories; and
- (b) the amount of them shall be determined by reference to their market value at that time.
- (7) This section is without prejudice to the provision that may be made in regulations under section 748(1)(e).
- (8) For the purposes of this section, one or more persons together have a “majority assessable interest" in a controlled foreign company in an accounting period of the company if—
- (a) each of them has an assessable interest in the company in that accounting period; and
- (b) it is likely that, were an apportionment of the chargeable profits of the company for that accounting period made under section 747(3), the aggregate of the amounts which would be apportioned to them is greater than 50 per cent. of the aggregate of the amounts which would be apportioned to all the persons who have an assessable interest in the company in that accounting period.
- (9) For the purposes of subsection (8) above, a person has an “assessable interest" in a controlled foreign company in an accounting period of the company if he is one of the persons who it is likely would be chargeable to tax under section 747(4)(a) on an apportionment of the chargeable profits and creditable tax (if any) of the company for that accounting period under section 747(3).
- (10) For the purposes of subsection (8) and (9) above, the effect of any application under section 751A , 751AA, 751AB or 751AC shall be disregarded.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Territories with a lower level of taxation
##### 750
- (1) Without prejudice to subsection (5) of section 749, a company which, by virtue of any of subsections (1) to (4) of that section, is to be regarded as resident in a particular territory outside the United Kingdom shall be considered to be subject to a lower level of taxation in that territory if , after giving effect to subsections (1A) and (1B) below, the amount of tax (“the local tax”) which is paid under the law of that territory in respect of the profits of the company which arise in any accounting period is less than three-quarters of the corresponding United Kingdom tax on those profits.
- (1A) If in the case of that accounting period there is any income, or any income and any expenditure, of the company—
- (a) which is brought into account in determining the profits of the company in respect of which tax is paid under the law of that territory, but
- (b) which does not also fall to be brought into account in determining the chargeable profits of the company,
the local tax shall be treated for the purposes of this Chapter as reduced to what it would have been had that income and any such expenditure not been so brought into account.
- (1B) If—
- (a) under the law of that territory any tax (“the company's tax”) falls to be paid by the company in respect of profits of the company arising in that accounting period,
- (b) under that law, any repayment of tax, or any payment in respect of a credit for tax, is made to a person other than the company, and
- (c) that payment or repayment is directly or indirectly in respect of the company's tax,
the local tax shall be treated for the purposes of this Chapter as reduced (or further reduced) by the amount of that payment or repayment.
- (2) For the purposes of this Chapter, the amount of the corresponding United Kingdom tax on the profits arising in an accounting period of a company resident outside the United Kingdom is the amount of corporation tax which, on the assumptions set out in Schedule 24 and subject to subsection (3) below, would be chargeable in respect of the chargeable profits of the company for that accounting period.
- (3) In determining the amount of corporation tax which, in accordance with subsection (2) above, would be chargeable in respect of the chargeable profits of an accounting period of a company resident outside the United Kingdom—
- (a) it shall be assumed for the purposes of Schedule 24 that an apportionment under section 747(3) falls to be made as regards that period; and
- (ab) there shall be disregarded the effect of any application under section 751A , 751AA, 751AB or 751AC; and
- (b) there shall be disregarded so much of any relief from corporation tax in respect of income as would be attributable to the local tax and would fall to be given by virtue of any provision of Part 2 of TIOPA 2010 (double taxation relief). . . ; and
- (c) there shall be deducted from what would otherwise be the amount of that corporation tax—
- (i) any amount which (on the assumptions set out in Schedule 24) would fall to be set off against corporation tax by virtue of section 967 of CTA 2010; and
- (ii) any amount of income tax or corporation tax actually charged in respect of any of those chargeable profits.
- (4) The references in subsection (3)(c) above to an amount falling to be set off or an amount actually charged do not include so much of any such amount as has been or falls to be repaid to the company whether on the making of a claim or otherwise.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Accounting periods and creditable tax
##### 751
- (1) For the purposes of this Chapter, an accounting period of a company resident outside the United Kingdom shall begin—
- (a) whenever the company comes under the control of persons resident in the United Kingdom;
- (b) whenever the company . . . commences to carry on business unless an accounting period of the company has previously begun as respects which an apportionment under section 747(3) falls or has fallen to be made; and
- (c) whenever an accounting period of the company ends without the company then ceasing either to carry on business or to have any source of income whatsoever.
- (2) For the purposes of this Chapter, an accounting period of a company resident outside the United Kingdom shall end if and at the time when—
- (a) the company ceases to be under the control of persons resident in the United Kingdom; or
- (b) the company becomes, or ceases to be, liable to tax in a territory; or
- (bb) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (c) the company ceases to have any source of income whatsoever;
and for the purposes of paragraph (b) above “*liable to tax*” means liable to tax by reason of domicile, residence or place of management.
- (3) Without prejudice to subsections (1) and (2) above, sections 10(1) and (5), 11(1) and (2) and 12 of CTA 2009 shall apply for the purposes of this Chapter as they apply for the purposes of corporation tax, but with the omission of so much of those provisions as relates to a company coming or ceasing to be within the charge to corporation tax.
- (4) Where it appears to the Board that the beginning or end of any accounting period of a company resident outside the United Kingdom is uncertain, the Board may by notice specify as an accounting period of the company such period, not exceeding 12 months, as appears to the Board to be appropriate, and that period shall be treated for the purposes of this Chapter as an accounting period of the company unless the notice is subsequently amended under subsection (5) below.
- (5) If, on further facts coming to the knowledge of the Board after the giving of a notice under subsection (4) above, it appears to the Board that any accounting period specified in the notice is not the true accounting period, the Board shall amend the notice so as to specify the true period.
- (5A) Any notice under subsection (4) above, and notice of any amendment of such a notice under subsection (5) above, shall be given to every person who has an assessable interest (as defined in section 749(9)) in the company in the accounting period in question.
- (6) In this Chapter, in relation to an accounting period of a controlled foreign company as regards which an apportionment under section 747(3) falls to be made, the creditable tax means the aggregate of—
- (a) the amount of any relief from corporation tax in respect of income which (on the assumptions set out in Schedule 24 and assuming the company to be liable for corporation tax on the chargeable profits of that accounting period) would fall to be given to the company by virtue of any provision of Part 2 of TIOPA 2010 (double taxation relief) in respect of foreign tax attributable to any income which is brought into account in determining those chargeable profits; and
- (b) any amount which (on those assumptions) would fall to be set off against corporation tax on those chargeable profits by virtue of section 967 of CTA 2010; and
- (c) the amount of any income tax or corporation tax actually charged in respect of the chargeable profits of that accounting period, less any of that tax which has been or falls to be repaid to the company, whether on the making of a claim or otherwise.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of chargeable profits and creditable tax
##### 752
- (1) This section applies in any case where an apportionment under section 747(3) falls to be made as regards an accounting period of a controlled foreign company.
- (2) Where—
- (a) the persons who have relevant interests in the controlled foreign company at any time in the relevant accounting period have those interests by virtue only of directly or indirectly holding ordinary shares of the company,
- (b) each of those persons satisfies the condition that he is either—
- (i) resident in the United Kingdom throughout that accounting period, or
- (ii) resident in the United Kingdom at no time in that accounting period, and
- (c) no company which has an intermediate interest in the controlled foreign company at any time in the relevant accounting period has that interest otherwise than by virtue of directly or indirectly holding ordinary shares of the controlled foreign company,
subsection (3) below shall apply.
- (3) Where this subsection applies, the apportionment of the controlled foreign company’s chargeable profits and creditable tax (if any) for the relevant accounting period shall be made among the persons who have relevant interests in the company at any time in that period in direct proportion to the percentage of the issued ordinary shares of the controlled foreign company which, in accordance with section 752B, each of those relevant interests represents.
- (4) Where subsection (3) above does not apply, the apportionment of the controlled foreign company’s chargeable profits and creditable tax (if any) for the relevant accounting period shall be made on a just and reasonable basis among the persons who have relevant interests in the company at any time in that period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Notices and appeals
@@ -7294,81 +5932,7 @@
##### 754
- (1) Subject to the following provisions of this section, the provisions of section 747(4)(a) relating to the charging of a sum as if it were an amount of corporation tax shall be taken as applying, subject to the provisions of the Taxes Acts, and to any necessary modifications, all enactments applying generally to corporation tax, including those relating to company tax returns, those relating to the assessing, collecting and receiving of corporation tax, those conferring or regulating a right of appeal and those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.
- (1A) Accordingly (but without prejudice to subsection (1) above) the Management Act shall have effect as if—
- (a) any reference to corporation tax included a reference to a sum chargeable under section 747(4)(a) as if it were an amount of corporation tax; and
- (b) any reference to profits of a company included a reference to an amount of chargeable profits of a controlled foreign company which falls to be apportioned to a company under section 747(3).
- (2) For the purposes of the Taxes Acts, any sum chargeable on a company under section 747(4)(a) is chargeable for the accounting period of the company in which ends that one of the controlled foreign company’s accounting periods the chargeable profits of which give rise to that sum.
- (2A) Where—
- (a) an apportionment under section 747(3) falls to be made as regards an accounting period of a controlled foreign company, and
- (b) the apportionment falls to be made in accordance with section 752(4) on a just and reasonable basis, and
- (c) a company tax return is made or amended using for the apportionment a particular basis adopted by the company making the return,
the Board may determine that another basis is to be used for the apportionment.
- (2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2D) Once the Board have determined under subsection (2A) above the basis to be used for the apportionment, matters shall proceed as if that were the only basis allowed by the Tax Acts.
- (2E) A determination under subsection (2A) above may be questioned on an appeal against an amendment, made under paragraph 30 or 34 of Schedule 18 to the Finance Act 1998, of the company’s company tax return, but only on the ground that the basis of apportionment determined by the Board is not just and reasonable.
- (3) Subsection (3B) shall apply where any appeal—
- (a) under paragraph 34(3) of Schedule 18 to the Finance Act 1998 against an amendment of a company tax return, or
- (b) under paragraph 48 of that Schedule against a discovery assessment or discovery determination under paragraph 41 of that Schedule (including an assessment by virtue of paragraph 52 of that Schedule),
involves any question concerning the application of this Chapter in relation to any particular person, and the question is one whose resolution is likely to affect the liability of more than one person under this Chapter in respect of the controlled foreign company concerned.
- (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3B) Where this subsection applies—
- (a) each of the persons whose liability under this Chapter in respect of the controlled foreign company concerned is likely to be affected by the resolution of the question shall be entitled to be a party to any proceedings;
- (b) the tribunal shall determine that question separately from any other questions in those proceedings; and
- (c) the tribunal's determination on that question shall have effect as if made in an appeal to which each of those persons was a party.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) Schedule 26 shall have effect with respect to the reliefs which may be claimed by a company resident in the United Kingdom which has a liability for tax in respect of an amount of chargeable profits; and no reliefs other than those provided for by that Schedule shall be allowed against any such liability.
- (6) In any case where—
- (a) the whole or any part of the tax chargeable on a company (“the chargeable company”) by virtue of section 747(4)(a) is not paid before the date on which it is due and payable in accordance with this Act or, as the case may be, the Management Act; and
- (b) the Board serve a notice of liability to tax under this subsection on another company (“the responsible company”) which is resident in the United Kingdom and holds or has held (whether directly or indirectly) the whole or any part of the same interest in the controlled foreign company as is or was held by the chargeable company,
the whole or, as the case may be, the corresponding part of the tax chargeable on the chargeable company or, as the case may be, so much of it as remains unpaid shall be payable by the responsible company upon service of the notice.
- (7) Where a notice of liability is served under subsection (6) above—
- (a) the whole, or (as the case may be) the corresponding part, of any interest due on the tax chargeable on the chargeable company and not paid; and
- (b) any interest accruing due on that tax after the date of service,
shall be payable by the responsible company (so far as referable to tax payable by the responsible company by virtue of the notice).
- (8) In any case where—
- (a) a notice of liability is served on the responsible company under subsection (6) above, and
- (b) the relevant tax and any interest payable by the responsible company under subsection (7) above is not paid by that company before the expiry of the period of three months beginning on the date of service of the notice,
that tax and interest may, without prejudice to the right of recovery from the responsible company, be recovered from the chargeable company.
- (9) In this section “*the Taxes Acts*” has the same meaning as in the Management Act.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Information relating to controlled foreign companies
@@ -7380,27 +5944,7 @@
##### 756
- (1) In this Chapter—
- “*company tax return*” means a return required to be made under Schedule 18 to the Finance Act 1998;
- “*trading company*” means a company whose business consists wholly or mainly of the carrying on of a trade or trades.
- (1A) In this Chapter “*EEA territory*”, in relation to any time, means a territory which is an EEA state at that time other than the United Kingdom.
- (1B) But a territory is not to be regarded for the purposes of subsection (1A) above as an EEA state at any time if—
- (a) it is not a member State at that time, and
- (b) there are no arrangements made in relation to the territory having effect by virtue of section 173 of the Finance Act 2006 (international tax enforcement arrangements) at that time.
- (2) For the purposes of this Chapter—
- (a) section 1122 of CTA 2010 applies; and
- (b) subsections (2) to (7) of section 882 of CTA 2010 (meaning of associates) apply.
- (3) In this Chapter “*loan creditor*” has the meaning given by section 453 of CTA 2010.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### CHAPTER V — OFFSHORE FUNDS
@@ -8067,7 +6611,7 @@
- (2D) Subsection (1) shall apply—
- (a) to a repayment made as mentioned in section 270(4) (repayment of excess of life assurance premium relief clawed back over amount of liability) as if the repayment were a repayment of income tax paid for the tax year in which the event concerned happened; and
- (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (b) to a payment made under paragraph 6(1) of Schedule 14 (payment where entitlement to life assurance premium relief has not been given by deduction) as if the payment were a repayment of income tax paid for the tax year in which the entitlement to relief arose.
@@ -11295,7 +9839,7 @@
##### 3
- (1) Paragraphs 1 and 2 above do not apply to a policy issued by a friendly society in the course of tax exempt life or endowment business in respect of an insurance made or varied on or after 19th March 1985, but such a policy shall not be a qualifying policy unless—
- (1) Paragraphs 1 and 2 above do not apply to a policy issued by a friendly society in the course of exempt BLAGAB or eligible PHI business in respect of an insurance made or varied on or after 19th March 1985, but such a policy shall not be a qualifying policy unless—
- (a) in the case of a policy for the assurance of a gross sum or annuity, the conditions in sub-paragraph (2) are fulfilled with respect to it; and
@@ -11329,7 +9873,7 @@
- (b) may allow the person liable to pay the premiums to commute any liability for premiums where he ceases to reside in the United Kingdom or gives satisfactory proof of intention to emigrate;
- (c) may allow any liability for premiums to be discharged in consideration of surrendering a sum which has become payable on the maturity of any other policy of assurance issued by the same friendly society (or any predecessor of it) to the person liable to pay the premiums, or to his parent, where that other policy of assurance is issued as part of the friendly society’s tax exempt life or endowment business; and
- (c) may allow any liability for premiums to be discharged in consideration of surrendering a sum which has become payable on the maturity of any other policy of assurance issued by the same friendly society (or any predecessor of it) to the person liable to pay the premiums, or to his parent, where that other policy of assurance is issued as part of the friendly society’s exempt BLAGAB or eligible PHI business; and
- (d) may make provision for the waiver of premiums by reason of a person’s disability.
@@ -11357,9 +9901,9 @@
- (b) in determining the total premiums payable in any circumstances—
- (i) where those premiums are payable otherwise than annually, and the policy is issued by a new society, there shall be disregarded an amount equal to 10 per cent. of those premiums;
- (ii) where the policy is issued by a society other than a new society, there shall be disregarded an amount equal to £10 for each year for which account is taken of those premiums or, where those premiums are payable otherwise than annually, an amount equal to 10 per cent. of those premiums if that is greater; . . .
- (i) where those premiums are payable otherwise than annually, and the policy is issued by a society other than an old society, there shall be disregarded an amount equal to 10 per cent. of those premiums;
- (ii) where the policy is issued by an old society, there shall be disregarded an amount equal to £10 for each year for which account is taken of those premiums or, where those premiums are payable otherwise than annually, an amount equal to 10 per cent. of those premiums if that is greater; . . .
- (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -11397,19 +9941,19 @@
- (i) it was effected in the course of the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001,
- (ii) it was issued by a new society, and
- (ii) it was issued by a society other than an old society, and
- (iii) the rights conferred by it are surrendered in whole or in part.
##### 5
Section 466 shall apply for the interpretation of paragraphs 3 and 4 above as it applies for the interpretation of sections 460 to 465.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 6
- (1) A policy which was issued by any registered friendly society (as defined in section 466), or branch of such a society, in the course of tax exempt life or endowment business (as defined in section 466) in respect of insurances made before 19th March 1985 and which has not been varied on or after that date is a qualifying policy notwithstanding that it does not comply with the conditions specified in paragraph 1 or 2 above.
- (2) Notwithstanding paragraphs 3 to 5 or sub-paragraph (1) above, if, on or after 19th March 1985, a person becomes in breach of the limits in section 464, the policy effected by that contract which causes those limits to be exceeded shall not be a qualifying policy; and in any case where—
- (1) A policy which was issued by any registered friendly society . . . , or branch of such a society, in the course of exempt BLAGAB or eligible PHI business. . . in respect of insurances made before 19th March 1985 and which has not been varied on or after that date is a qualifying policy notwithstanding that it does not comply with the conditions specified in paragraph 1 or 2 above.
- (2) Notwithstanding paragraphs 3 to 5 or sub-paragraph (1) above, if, on or after 19th March 1985, a person becomes in breach of the limits in section 160 of the Finance Act 2012, the policy effected by that contract which causes those limits to be exceeded shall not be a qualifying policy; and in any case where—
- (a) the limits in that section are exceeded as a result of the aggregation of the sums assured or premiums payable under two or more contracts, and
@@ -11747,7 +10291,7 @@
- (3) The conditions first referred to in sub-paragraph (2) above are—
- (a) that the issuing company is lawfully carrying on in the United Kingdom life assurance business (as defined in section 431(2)); and
- (a) that the issuing company is lawfully carrying on in the United Kingdom life assurance business (as defined in section 56 of the Finance Act 2012); and
- (b) that the premiums under the policy are payable to a permanent establishment in the United Kingdom of the issuing company, being a permanent establishment through which the issuing company carries on its life assurance business; and
@@ -15092,7 +13636,7 @@
## SCHEDULE 31
#### Application of lower rate to income from savings and distributions.
#### The charge to income tax.
##### 1A
@@ -15128,7 +13672,7 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for rent etc. not paid.
#### Appeals against determinations under . . . Chapter 4 of Part 3 of ITTOIA 2005.
##### 21A
@@ -15146,7 +13690,7 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Disposal or exercise of rights in pursuance of deposits.
#### Deep discount securities.
##### 31ZB
@@ -15164,7 +13708,7 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schedule A.
#### Payments to trustees of approved profit sharing schemes.
### Connected persons
@@ -15304,7 +13848,7 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deep discount securities.
#### Relief for necessary expenses.
##### 79A
@@ -15386,5901 +13930,3151 @@
##### 76ZA
- (1) This section applies if a payment—
- (a) is treated as earnings of an employee by virtue of section 225 of ITEPA 2003 (payments for restrictive undertakings), and
- (b) is made, or treated as made for the purposes of section 226 of that Act (valuable consideration given for restrictive undertakings), by a company in relation to which section 76 applies.
- (2) The payment is treated as expenses payable which fall to be brought into account at Step 1 in section 76(7), so far as it otherwise would not be.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Seconded employees
##### 76ZB
- (1) This section applies if a company to which section 76 applies makes the services of a person employed for the purposes of the company's life assurance business available to—
- (a) a charity, or
- (b) an educational establishment,
on a basis that is stated and intended to be temporary.
- (2) Expenses of the employer that are attributable to the employee's employment during the period of the secondment are treated as expenses payable which fall to be brought into account at Step 1 in section 76(7).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Counselling and retraining expenses
##### 76ZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Redundancy payments etc
##### 76ZF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZI
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZJ
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Contributions to local enterprise organisations or urban regeneration companies
##### 76ZK
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Unpaid remuneration
##### 76ZL
- (1) This section applies if—
- (a) an amount is charged in respect of employees' remuneration in the accounts for a period of a company to which section 76 applies,
- (b) the amount would apart from this section be brought into account under section 76 as expenses payable, and
- (c) the remuneration is not paid before the end of the period of 9 months immediately following the end of the period of account.
- (2) If the remuneration is paid after the end of that period of 9 months, the amount is brought into account for the period of account in which it is paid.
- (3) But—
- (a) subsection (2) is subject to section 86 of FA 1989 (spreading of relief for acquisition expenses), and
- (b) in interpreting that section the remuneration is treated as expenses payable which fall to be included at Step 1 in section 76(7) for the period of account in which the remuneration is paid.
- (4) The amount is not brought into account under section 76 as expenses payable if it is not paid.
##### 76ZM
- (1) For the purposes of section 76ZL an amount charged in the accounts in respect of employees' remuneration includes an amount for which provision is made in the accounts with a view to its becoming employees' remuneration.
- (2) For the purposes of section 76ZL it does not matter whether an amount is charged for—
- (a) particular employments, or
- (b) employments generally.
- (3) If the profits of the company are calculated before the end of the 9 month period mentioned in section 76ZL(1)(c)—
- (a) it must be assumed, in making the calculation, that any remuneration which is unpaid when the calculation is made will not be paid before the end of that period, but
- (b) if the remuneration is subsequently paid before the end of that period, nothing in this subsection prevents the calculation being revised and any tax return being amended accordingly.
- (4) For the purposes of this section and section 76ZL remuneration is paid when it—
- (a) is treated as received by an employee for the purposes of ITEPA 2003 by section 18 or 19 of that Act (receipt of money and non-money earnings), or
- (b) would be so treated if it were not exempt income.
- (5) In this section and section 76ZL—
- “*employee*” includes an office-holder and “*employment*” therefore includes an office, and
- “*remuneration*” means an amount which is or is treated as earnings for the purposes of Parts 2 to 7 of ITEPA 2003.
### Car or motor cycle hire
##### 76ZN
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 76ZO
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 95ZA
- (1) If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions are to be taken into account in calculating for corporation tax purposes the profits of the company in that period (and accordingly section 130(2) of CTA 2009 does not apply in relation to those distributions).
- (2) A company (“company A”) receives a “relevant distribution” if—
- (a) it receives a distribution made by a company . . . (“company B”),
- (b) the value of the shares or stock in respect of which the distribution is made (“the holding”) is materially reduced by reason of the distribution,
- (c) a profit on the sale of the holding (to anyone other than company B) would be taken into account in calculating company A's profits in respect of relevant insurance business, and
- (d) either—
- (i) the holding amounts to, or is an ingredient in a holding amounting to, 10% of all holdings of the same class in company B, or
- (ii) the period between the acquisition by company A of the holding and that company first taking steps to dispose of the holding does not exceed 30 days.
- (3) In this section “*relevant insurance business*” means any kind of insurance business other than business in relation to which section 111 of the Finance Act 2012 applies.
- (4) Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i).
- (5) Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.
##### 95A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Relief for post-cessation expenditure
##### 109A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Change of residence
##### 110A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses of insurance companies
### Limited liability partnerships
##### 118ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Non-active general partners and non-active members of limited liability partnerships
##### 118ZE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest etc. paid in respect of certain securities.
##### 118ZG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZI
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 18ZJ
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZK
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Partnerships exploiting films
##### 118ZL
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZM
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Partners: meaning of “contribution to the trade”
#### Interest etc. paid in respect of certain securities.
##### 118ZN
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZO
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter VIIA — Paying and collecting agents
##### 118A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Levies and repayments under the Financial Services and Markets Act 2000.
##### 126A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 127A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 129A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 129B
- (1) The income which, as income deriving from investments of a description specified in any of the relevant provisions, is eligible for relief from tax by virtue of that provision shall be taken to include any relevant stock lending fee.
- (2) For the purposes of this section the relevant provisions are sections 613(4) and 614(3) and section 186 of the Finance Act 2004.
- (3) In this section “*relevant stock lending fee*”, in relation to investments of any description, means any amount, in the nature of a fee, which is payable in connection with any stock lending arrangement relating to investments which, but for any transfer under the arrangement, would be investments of that description.
- (4) In this section “*stock lending arrangement*” has the same meaning as in section 263B of the 1992 Act.
#### Life assurance premiums paid by employer
#### Relevant loan interest.
#### Taxation in respect of other business: incorporated friendly societies etc.
##### 140A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Long-term business: application of the Corporation Tax Acts.
##### 144A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 146A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 151A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certified unit trusts: distributions.
##### 156A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 157A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 161A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 161B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation.
#### Building societies: time for payment of tax.
##### 177A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 177B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Contributions in respect of share option gains
#### Determination of reduced rate for building societies and composite rate for banks etc.
##### 187A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Removal expenses and benefits
##### 191A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 191B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 192A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Contemplative religious communities: gains exempt from corporation tax
##### 197A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mileage allowances
##### 197AD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
##### 197AF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mileage allowances
##### 197B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Sporting and recreational facilities
##### 197G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 198A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 201AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 201A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 202A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 202B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203FA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203FB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 206A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 207A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of trade to obtain balancing allowances
##### 209A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 209B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 213A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Industrial and provident society dividends etc
##### 230A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231AA
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##### 231AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231B
- (1) This section applies in any case where—
- (a) a person (“A”) is entitled to a tax credit in respect of a qualifying distribution;
- (b) arrangements subsist such that another person (“B”) obtains, whether directly or indirectly, a payment representing any of the value of the tax credit;
- (c) the arrangements (whether or not made directly between A and B) were entered into for an unallowable purpose; and
- (d) the condition in subsection (2) below is satisfied.
- (2) The condition is that if B had been the person entitled to the tax credit and the qualifying distribution to which it relates, and had received the distribution when it was made, then—
- (a) B would not have been entitled to obtain any payment under section 231(2) or (3) in respect of the tax credit; and
- (b) if B is a company, B could not have used the income consisting of the distribution to frank a distribution actually made in the accounting period in which it would have received the distribution to which the tax credit relates.
- (3) This section does not apply if and to the extent that any other provision of the Tax Acts has the effect of cancelling or reducing the tax advantage which would otherwise be obtained by virtue of the arrangements.
- (4) Where this section applies—
- (a) no claim shall be made under section 231(2) for payment of the amount of the tax credit;
- (b) no claim shall be made under section 397(2) of ITTOIA 2005. . . in respect of the tax credit; and
- (c) the income consisting of the distribution in respect of which A is entitled to the tax credit shall not be regarded for the purposes of section 241 as franked investment income; . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) For the purposes of this section, the question whether any arrangements were entered into for an “unallowable purpose” shall be determined in accordance with subsections (6) and (7) below.
- (6) Arrangements are entered into for an unallowable purpose if the purposes for which at least one person is a party to the arrangements include a purpose which is not amongst the business or other commercial purposes of that person.
- (7) Where one of the purposes for which a person enters into any arrangements is the purpose of securing that that person or another obtains a tax advantage, that purpose shall be regarded as a business or other commercial purpose of the person only if it is neither the main purpose, nor one of the main purposes, for which the person enters into the arrangements.
- (8) Any reference in this section to a person obtaining a tax advantage includes a reference to a person obtaining a payment representing any of the value of a tax credit in circumstances where, had the person obtaining the payment been entitled to the tax credit and the qualifying distribution to which it relates, that person—
- (a) would not have been entitled to obtain any payment under section 231(2) or (3) in respect of the tax credit; and
- (b) if that person is a company, could not have used the income consisting of the distribution to frank a distribution actually made in the accounting period in which it would have received the distribution to which the tax credit relates.
- (9) If an amount representing any of the value of a tax credit to which a person is entitled is applied at the direction of, or otherwise in favour of, some other person (whether by way of set off or otherwise), the case shall be treated for the purposes of this section as one where that other person obtains a payment representing any of the value of the tax credit.
- (10) In determining for the purposes of subsections (2)(b) and (8)(b) b above whether a company could have used the income consisting of the distribution in question to frank a distribution of the company, the company shall be taken to use its actual franked investment income to frank distributions before using the income consisting of the distribution in question.
- (11) References in this section to using franked investment income to frank a distribution of a company have the same meaning as in Chapter V of Part VI.
- (12) In this section—
- “*arrangements*” means arrangements of any kind, whether in writing or not (and includes a series of arrangements, whether or not between the same parties);
- “*business or other commercial purposes*” includes the efficient management of investments;
- “*franked investment income*” has the same meaning as in Chapter V of Part VI and references to income consisting of a distribution shall be construed accordingly;
- “*tax advantage*” has the meaning given by section 1139 of CTA 2010.
#### Sections 434AZA and 434AZB: supplementary
##### 234A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 245A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 245B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter VA — Foreign Income Dividends
### Election by company paying dividend
#### Determination of policy holders’ share for purposes of s.438B
##### 246A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Recipient of foreign income dividend
##### 246C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Companies: payments and receipts
##### 246E
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##### 246F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Foreign source profit and distributable foreign profit
##### 246I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Matching of dividend with distributable foreign profit
##### 246J
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##### 246K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246M
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Repayment or set-off of advance corporation tax
##### 246N
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246P
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246Q
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246R
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### International headquarters companies
##### 246S
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##### 246T
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246U
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246V
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##### 246W
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Adjustments
##### 246X
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Application of this Chapter
##### 246Y
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Modifications where tax charged under section 35 of CTA 2009.
### Approved share incentive plans
##### 251A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 251B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 251C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Overseas life assurance business.
##### 251D
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##### 256A
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##### 256B
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##### 257AA
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##### 257A
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##### 257AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non long-term fund transferred assets
##### 257BA
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##### 257BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257B
- (1) Where—
- (a) a man is entitled to relief under section 257A, but
- (b) the amount which he is entitled to deduct from his total income by virtue of that section exceeds what is left of his total income after all other deductions have been made from it,
his wife shall be entitled to a deduction from her total income of an amount equal to the excess.
- (2) In determining for the purposes of subsection (1)(b) above the amount that is left of a person’s total income for a year of assessment after other deductions have been made from it, there shall be disregarded any deduction made—
- (a) on account of any payments of relevant loan interest which become due in that year and to which section 369 applies, or
- (b) under section 289 or
- (c) on account of any payments to which section 593(2) or 639(3) applies,or
- (d) on account of any payments to which section 54(5) of the Finance Act 1989 applies.
, or
- (e) on account of any payments to which section 32(4) of the Finance Act 1991 applies.
- (3) This section shall not apply for a year of assessment unless the claimant’s husband has given to the inspector written notice that it is to apply; and any such notice—
- (a) shall be given not later than six years after the end of the year of assessment to which it relates,
- (b) shall be in such form as the Board may determine, and
- (c) shall be irrevocable.
##### 257C
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##### 257D
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##### 257E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 261A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 266A
- (1) This section applies if—
- (a) pursuant to an employer-financed retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for or in respect of any employee of that employer, and
- (b) the payment is made under such an insurance or contract as is mentioned in section 266.
This section applies whether or not the accrual of the relevant benefits is dependent on any contingency.
- (2) Relief, if not otherwise allowable, shall be given to that employee under section 266 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if—
- (a) the payment had been made by him, and
- (b) the insurance or contract under which the payment is made had been made with him.
- (3) For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse, widow or widower, children, dependants or personal representatives.
- (4) If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them.
- (5) The amount treated as paid for or in respect of each employee is—
$$A×BC$where—A is the sum paid,B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, andC is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them.$
- (6) This section does not apply if—
- (a) in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or
- (b) the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met.
- (7) Those conditions are—
- (a) that the employment is with a foreign employer, and
- (b) that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme.
- (8) In subsection (6)(a) “*earnings charged on remittance*” means earnings which are taxable earnings under—
- (a) section 22 of ITEPA 2003 (chargeable overseas earnings for year when employee resident and ordinarily resident, but not domiciled, in UK), or
- (b) section 26 of that Act (foreign earnings for year when employee resident, but not ordinarily resident, in UK).
- (9) In this section—
- “*employer-financed retirement benefits scheme*”, and
- “*relevant benefits*”,
- have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).
#### Information: supplementary provisions
##### 282A
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##### 282B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non-resident policies and off-shore capital redemption policies.
##### 289A
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##### 289B
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##### 290A
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#### Relief for individuals.
##### 291A
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##### 291B
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##### 299A
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##### 299B
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##### 300A
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##### 301A
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##### 303AA
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#### Modification of section 440.
##### 303A
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#### Cessation of approval: general provisions.
##### 304A
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##### 305A
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#### Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
#### Transfers of other business
##### 326A
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##### 326B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326C
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##### 326D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 327A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Assets of branch of registered friendly society to be treated as assets of society after incorporation.
##### 329AA
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##### 329AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329A
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##### 329B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 331A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 332A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 333A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 333B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 338B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 337A
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 338A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 339A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 342A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Authorised unit trusts.
#### Interest paid on deposits with banks etc.
##### 343ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 343A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Deposit-taker”, “deposit” and “relevant deposit”.
#### Cancellation of corporation tax advantage.
#### Deemed manufactured payments in the case of stock lending arrangements.
##### 347A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 347B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Imputation of chargeable profits and creditable tax of controlled foreign companies
##### 349ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Election that assets not be foreign business assets
##### 349B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 350A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 432B apportionment: supplementary provisions.
##### 357A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 357B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 357C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 360A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profits reserved for policy holders and annuitants.
#### Returns.
##### 367A
- (1) Sections 353 and 365 have effect as if—
- (a) purchase and resale arrangements involved the making of a loan, and
- (b) alternative finance return were interest.
- (2) Section 366 has effect accordingly.
- (3) In this section—
- “*educational establishment*” has the same meaning as in section 70 of CTA 2009, and
- “*the period of the secondment*” means the period for which the employee's services are made available to the charity or educational establishment.
### Counselling and retraining expenses
##### 76ZC
- (1) This section applies if—
- (a) a company carrying on life assurance business (“*the employer*”) incurs counselling expenses,
- (b) the expenses are incurred in relation to a person (“*the employee*”) who holds or has held an office or employment under the employer, and
- (c) the relevant conditions are met.
- (2) The expenses are brought into account under section 76 as expenses payable (so far as they otherwise would not be).
- (3) In this section “*counselling expenses*” means expenses incurred—
- (a) in the provision of services to the employee in connection with the cessation of the office or employment,
- (b) in the payment or reimbursement of fees for such provision, or
- (c) in the payment or reimbursement of travelling expenses in connection with such provision.
- (4) In this section “*the relevant conditions*” means—
- (a) conditions A to D for the purposes of section 310 of ITEPA 2003 (employment income exemptions: counselling and other outplacement services), and
- (b) in the case of travel expenses, condition E for those purposes.
##### 76ZD
- (1) This section applies if—
- (a) a company carrying on life assurance business (“*the employer*”) incurs training course expenses,
- (b) they are incurred in relation to a person (“*the employee*”) who holds or has held an office or employment under the employer, and
- (c) the relevant conditions are met.
- (2) The expenses are brought into account under section 76 as expenses payable (so far as they otherwise would not be).
- (3) In this section—
- “*retraining course expenses*” means expenses incurred in the payment or reimbursement of retraining course expenses within the meaning given by section 311(2) of ITEPA 2003, and
- “*the relevant conditions*” means—the conditions in subsections (3) and (4) of section 311 of ITEPA 2003 (employment income exemptions: retraining courses), andin the case of travel expenses, the conditions in subsection (5) of that section.
##### 76ZE
- (1) This section applies if—
- (a) an employer's liability to corporation tax for an accounting period is determined on the assumption that it is entitled by virtue of section 76ZD to bring an amount into account in determining the amount of a deduction to be made under section 76, and
- (b) without section 76ZD the employer would not have been so entitled.
- (2) If, subsequently—
- (a) the condition in section 311(4)(a) of ITEPA 2003 is not met because of the employee's failure to begin the course within the period of one year after ceasing to be employed, or
- (b) the condition in section 311(4)(b) of ITEPA 2003 is not met because of the employee's continued employment or re-employment,
an assessment of an amount or further amount of corporation tax due as a result of the condition not being met may be made under paragraph 41 of Schedule 18 to FA 1998.
- (3) Such an assessment must be made before the end of the period of 6 years immediately following the end of the accounting period in which the failure to meet the condition occurred.
- (4) If subsection (2) applies, the employer must give an officer of Revenue and Customs a notice containing particulars of—
- (a) the employee's failure to begin the course,
- (b) the employee's continued employment, or
- (c) the employee's re-employment,
within 60 days of coming to know of it.
- “*alternative finance return*” has the meaning given in sections 564I to 564L of ITA 2007, and
- “*purchase and resale arrangements*” means arrangements to which section 564C of ITA 2007 applies.
#### Qualifying interests in land held jointly
##### 374A
- (1) This section applies where, in the case of any loan, interest on the loan never has been relevant loan interest or the borrower never has been a qualifying borrower.
- (2) Without prejudice to subsection (3) below, in relation to a payment of interest—
- (a) as respects which either of the conditions mentioned in paragraphs (a) and (b) of section 374(1) is fulfilled, and
- (b) from which a deduction was made as mentioned in section 369(1),
section 369 shall have effect as if the payment of interest were a payment of relevant loan interest made by a qualifying borrower.
- (3) Nothing in subsection (2) above shall be taken as regards the borrower as entitling him to make any deduction or to retain any amount deducted and, accordingly, where any amount has been deducted, he shall be liable to make good that amount and an officer of the Board may make such assessments as may in his judgment be required for recovering that amount.
- (4) The Management Act shall apply to an assessment under subsection (3) above as if it were an assessment to income tax for the year of assessment in which the deduction was made . . . .
- (5) If the borrower fraudulently or negligently makes any false statement or representation in connection with the making of any deduction, he shall be liable to a penalty not exceeding the amount deducted.
##### 375A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 376A
- (1) The Board shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of section 376(4).
- (1A) The following are entitled to be registered—
- (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000—
- (i) to accept deposits; or
- (ii) to effect or carry out contracts of general insurance;
- (b) a 90 per cent subsidiary of a person mentioned in—
- (i) section 376(4)(e); or
- (ii) paragraph (a) above;
- (c) any other body whose activities and objects appear to the Board to qualify it for registration.
- (2) If the Board are satisfied that an applicant for registration is entitled to be registered, they may register the applicant generally or in relation to any description of loan specified in the register, with effect from such date as may be so specified; and a body which is so registered shall become a qualifying lender in accordance with the terms of its registration.
- (3) The registration of any body may be varied by the Board—
- (a) where it is general, by providing for it to be in relation to a specified description of loan, or
- (b) where it is in relation to a specified description of loan, by removing or varying the reference to that description of loan,
and where they do so, they shall give the body written notice of the variation and of the date from which it is to have effect.
- (4) If it appears to the Board at any time that a body which is registered under this section would not be entitled to be registered if it applied for registration at that time, the Board may by written notice given to the body cancel its registration with effect from such date as may be specified in the notice.
- (5) The date specified in a notice under subsection (3) or (4) above shall not be earlier than the end of the period of 30 days beginning with the date on which the notice is served.
- (6) Any body which is aggrieved by the failure of the Board to register it under this section, or by the variation or cancellation of its registration, may appeal, by notice given to the Board before the end of the period of 30 days beginning with the date on which the body is notified of the Board’s decision. . . .
### Losses from UK property business or overseas property business
##### 379A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 379B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief by agreement with other territories.
##### 384A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Losses from UK property business or overseas property business
##### 392A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 392B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 393A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 393B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 591C: supplementary.
##### 403ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 411ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 411A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from tax in respect of qualifying premiums.
#### Approval of schemes.
#### Arrangements to avoid section 812.
#### Modification of s. 444BA for mutual or overseas business and for non-resident companies.
#### Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
##### 431ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of other business
#### Transfers of other business
##### 434A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on tax overpaid.
##### 438A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Imputation of chargeable profits and creditable tax of controlled foreign companies
##### 440A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 441A
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Redundancy payments etc
##### 76ZF
- (1) Sections 76ZG to 76ZI apply if—
- (a) a company to which section 76 applies (“*the employer*”) makes a redundancy payment or an approved contractual payment to another person (“*the employee*”), and
- (b) the payment is in respect of the employee's employment wholly in the employer's life assurance business or partly in the employer's life assurance business and partly in one or more other capacities.
- (2) For the purposes of this section and sections 76ZG to 76ZH “*redundancy payment*” means a redundancy payment payable under—
- (a) Part 11 of the Employment Rights Act 1996, or
- (b) Part 12 of the Employment Rights (Northern Ireland) Order 1996.
- (3) For the purposes of this section and those sections—
- “*contractual payment*” means a payment which, under an agreement, an employer is liable to make to an employee on the termination of the employee's contract of employment, and
- a contractual payment is “*approved*” if, in respect of that agreement, an order is in force under—section 157 of the Employment Rights Act 1996, orArticle 192 of the Employment Rights (Northern Ireland) Order 1996.
##### 76ZG
- (1) This section applies if the payment is in respect of the employee's employment wholly in the employer's life assurance business.
- (2) The payment is treated as expenses payable which fall to be brought into account at Step 1 in section 76(7), so far as it otherwise would not be.
- (3) The amount brought into account by virtue of this section for an approved contractual payment must not exceed the amount which would have been due to the employee if a redundancy payment had been payable.
- (4) If the payment is referable to an accounting period beginning after the business has permanently ceased to be carried on, it is treated as referable to the last accounting period in which the business was carried on.
##### 76ZH
- (1) This section applies if the payment is in respect of the employee's employment with the employer—
- (a) partly in the employer's life assurance business, and
- (b) partly in one or more other capacities.
- (2) The amount of the redundancy payment, or the amount which would have been due if a redundancy payment had been payable, is to be apportioned on a just and reasonable basis between—
- (a) the employment in the life assurance business, and
- (b) the employment in the other capacities.
- (3) The part of the payment apportioned to the employment in the life assurance business is treated as a payment in respect of the employee's employment wholly in the life assurance business for the purposes of section 76ZG.
##### 76ZI
- (1) This section applies if the employer's business, or part of it, ceases (permanently) to be carried on and the employer makes a payment to the employee in addition to—
- (a) the redundancy payment, or
- (b) if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.
- (2) If—
- (a) the additional payment would not otherwise be regarded as expenses payable for the purposes of section 76, but
- (b) that is only because the business, or the part of the business, has ceased to be carried on,
the additional payment is regarded as expenses payable for the purposes of section 76.
- (3) So far as the additional payment would, apart from this subsection, be regarded as expenses payable for the purposes of Step 5 in subsection (7) of section 76, it is not to be so regarded for the purposes of that subsection (or of subsection (2) above so far as relating to section 76).
- (4) The amount treated under this section as expenses payable for the purposes of section 76 is limited to 3 times the amount of—
- (a) the redundancy payment, or
- (b) if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.
- (5) If the payment is referable to an accounting period beginning after the business or the part of the business has ceased to be carried on, it is treated as referable to the last accounting period in which the business, or the part concerned, was carried on.
##### 76ZJ
- (1) This section applies if—
- (a) a redundancy payment or an approved contractual payment is payable by a company to which section 76 applies (“*the employer*”), and
- (b) a payment to which subsection (2) applies is made in respect of the payment.
- (2) This subsection applies to—
- (a) payments made by the Secretary of State under section 167 of the Employment Rights Act 1996, and
- (b) payments made by the Department for Employment and Learning under Article 202 of the Employment Rights (Northern Ireland) Order 1996.
- (3) So far as the employer reimburses the Secretary of State or Department for the payment, sections 76ZG to 76ZI apply as if the payment were—
- (a) a redundancy payment, or
- (b) an approved contractual payment,
made by the employer.
### Contributions to local enterprise organisations or urban regeneration companies
##### 76ZK
- (1) This section applies if a company to which section 76 applies (“*the contributor*”) incurs expenses in making a contribution (whether in cash or in kind)—
- (a) to a local enterprise organisation, or
- (b) to an urban regeneration company.
- (2) The expenses are treated for the purposes of section 76 as expenses payable which fall to be brought into account at Step 1 in section 76(7).
- (3) But if, in connection with the making of the contribution, the contributor or a connected person—
- (a) receives a disqualifying benefit of any kind, or
- (b) is entitled to receive such a benefit,
the amount treated in accordance with subsection (2) is restricted to the amount of the expenses less the value of the benefit.
- (4) For this purpose it does not matter whether a person receives, or is entitled to receive, the benefit—
- (a) from the local enterprise organisation or urban regeneration company concerned, or
- (b) from anyone else.
- (5) Subsection (6) applies if—
- (a) an amount has been brought into account in accordance with subsection (2), and
- (b) the contributor or a connected person receives a disqualifying benefit that is in any way attributable to the contribution.
- (6) The contributor is to be treated as receiving, when the benefit is received, an amount—
- (a) which is equal to the value of the benefit (so far as not brought into account in determining the amount of the deduction), and
- (b) to which the charge to corporation tax on income applies.
- (7) In this section—
- “*disqualifying benefit*” means a benefit the expenses of obtaining which, if incurred by the contributor directly in a transaction at arm's length, would not be expenses payable for the purposes of section 76,
- “*local enterprise organisation*” has the meaning given by section 83 of CTA 2009,
- “*urban regeneration company*” has the meaning given by section 86 of CTA 2009.
- (8) Section 1122 of CTA 2010 (connected persons) applies for the purposes of subsections (3) and (5).
### Unpaid remuneration
##### 76ZL
- (1) This section applies if—
- (a) an amount is charged in respect of employees' remuneration in the accounts for a period of a company to which section 76 applies,
- (b) the amount would apart from this section be brought into account under section 76 as expenses payable, and
- (c) the remuneration is not paid before the end of the period of 9 months immediately following the end of the period of account.
- (2) If the remuneration is paid after the end of that period of 9 months, the amount is brought into account for the period of account in which it is paid.
- (3) But—
- (a) subsection (2) is subject to section 86 of FA 1989 (spreading of relief for acquisition expenses), and
- (b) in interpreting that section the remuneration is treated as expenses payable which fall to be included at Step 1 in section 76(7) for the period of account in which the remuneration is paid.
- (4) The amount is not brought into account under section 76 as expenses payable if it is not paid.
##### 76ZM
- (1) For the purposes of section 76ZL an amount charged in the accounts in respect of employees' remuneration includes an amount for which provision is made in the accounts with a view to its becoming employees' remuneration.
- (2) For the purposes of section 76ZL it does not matter whether an amount is charged for—
- (a) particular employments, or
- (b) employments generally.
- (3) If the profits of the company are calculated before the end of the 9 month period mentioned in section 76ZL(1)(c)—
- (a) it must be assumed, in making the calculation, that any remuneration which is unpaid when the calculation is made will not be paid before the end of that period, but
- (b) if the remuneration is subsequently paid before the end of that period, nothing in this subsection prevents the calculation being revised and any tax return being amended accordingly.
- (4) For the purposes of this section and section 76ZL remuneration is paid when it—
- (a) is treated as received by an employee for the purposes of ITEPA 2003 by section 18 or 19 of that Act (receipt of money and non-money earnings), or
- (b) would be so treated if it were not exempt income.
- (5) In this section and section 76ZL—
- “*employee*” includes an office-holder and “*employment*” therefore includes an office, and
- “*remuneration*” means an amount which is or is treated as earnings for the purposes of Parts 2 to 7 of ITEPA 2003.
### Car or motor cycle hire
##### 76ZN
- (1) Subsection (2) applies if—
- (a) in calculating the corporation tax to which a company is liable for an accounting period, an amount representing expenses incurred on the hiring of a car . . . can be brought into account under section 76 as expenses payable, and
- (b) the car is not—
- (i) a car that is first registered before 1 March 2001,
- (ii) a car that has low CO₂ emissions (as defined in section 104AA of the Capital Allowances Act),
- (iii) a car that is electrically propelled (as defined in section 268B of that Act), or
- (iv) a qualifying hire car.
- (1A) Subsection (2) does not apply if condition A or condition B in section 58A of CTA 2009 (short-term hiring in and long-term hiring out) is met.
- (2) The amount that would otherwise be capable of being brought into account as expenses payable is reduced by 15%.
- (3) Subsection (4) applies if an amount is reduced as a result of subsection (2), or a corresponding provision, and—
- (a) subsequently—
- (i) there is a rebate (however described) of the hire charges, or
- (ii) a debt in respect of any of the hire charges is released otherwise than as part of a statutory insolvency agreement, and
- (b) an amount is brought into account in respect of the rebate or release.
- (4) For the purposes of subsection (3)(b) an amount is brought into account in respect of a rebate of hire charges or the release of a debt if—
- (a) the amount of a reversal representing the rebate or release falls to be deducted under Step 4 in section 76(7), or
- (b) (in the case of a rebate of hire charges) an amount representing the rebate is chargeable under section 85(1) of the Finance Act 1989 (c. 26).
- (5) The amount that would otherwise be deductible as mentioned in subsection (4)(a) or chargeable as mentioned in subsection (4)(b) is reduced by 15%.
- (6) In this section “*corresponding provision*” means—
- (a) section 56(2) of CTA 2009 (car . . . hire: trade profits and property income),
- (b) section 1251(2) of CTA 2009 (car . . . hire: companies with investment business), and
- (c) section 48(2) of ITTOIA 2005 (car . . . hire: trade profits and property income).
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) In this section “*car . . .*” and “*qualifying hire car . . .*” have the meanings given by section 57 of CTA 2009.
- (9) For the purposes of section 50B of ITTOIA 2005 and section 58B of CTA 2009 (connected persons: application of restrictions), this section is to be treated as if it were part of section 56 of CTA 2009.
##### 76ZO
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 95ZA
- (1) If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions are to be taken into account in calculating for corporation tax purposes the profits of the company in that period (and accordingly section 130(2) of CTA 2009 does not apply in relation to those distributions).
- (2) A company (“company A”) receives a “relevant distribution” if—
- (a) it receives a distribution made by a company . . . (“company B”),
- (b) the value of the shares or stock in respect of which the distribution is made (“the holding”) is materially reduced by reason of the distribution,
- (c) a profit on the sale of the holding (to anyone other than company B) would be taken into account in calculating company A's profits in respect of relevant insurance business, and
- (d) either—
- (i) the holding amounts to, or is an ingredient in a holding amounting to, 10% of all holdings of the same class in company B, or
- (ii) the period between the acquisition by company A of the holding and that company first taking steps to dispose of the holding does not exceed 30 days.
- (3) In this section “*relevant insurance business*” means any kind of insurance business other than life assurance business.
- (4) Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i).
- (5) Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.
##### 95A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Relief for post-cessation expenditure
##### 109A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Change of residence
##### 110A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses of insurance companies
### Limited liability partnerships
##### 118ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Non-active general partners and non-active members of limited liability partnerships
##### 118ZE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “distribution”.
##### 118ZG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZI
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 18ZJ
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZK
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Partnerships exploiting films
##### 118ZL
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZM
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Partners: meaning of “contribution to the trade”
#### Interest etc. paid in respect of certain securities.
##### 118ZN
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118ZO
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter VIIA — Paying and collecting agents
##### 118A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 118K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Levies and repayments under the Financial Services and Markets Act 2000.
##### 126A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 127A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 129A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 129B
- (1) The income which, as income deriving from investments of a description specified in any of the relevant provisions, is eligible for relief from tax by virtue of that provision shall be taken to include any relevant stock lending fee.
- (2) For the purposes of this section the relevant provisions are sections 613(4) and 614(3) and section 186 of the Finance Act 2004.
- (3) In this section “*relevant stock lending fee*”, in relation to investments of any description, means any amount, in the nature of a fee, which is payable in connection with any stock lending arrangement relating to investments which, but for any transfer under the arrangement, would be investments of that description.
- (4) In this section “*stock lending arrangement*” has the same meaning as in section 263B of the 1992 Act.
#### Dividends etc. paid by one member of a group to another.
#### Relevant loan interest.
#### Apportionment of certain income, deductions and interest.
##### 140A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 140H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of income and gains.
##### 144A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 146A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 151A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 155A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Election that assets not be foreign business assets
##### 156A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 157A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159AC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 159A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 161A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 161B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 168G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exceptions from tax.
#### Losses from UK property business or overseas property business.
##### 177A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 177B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Contributions in respect of share option gains
#### Substitution of security: supplemental.
##### 187A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Removal expenses and benefits
##### 191A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 191B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 192A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profits reserved for policy holders and annuitants.
##### 197A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mileage allowances
##### 197AD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest ceasing to be relevant loan interest, etc.
##### 197AF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197AH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Mileage allowances
##### 197B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 197F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Sporting and recreational facilities
##### 197G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 198A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 200J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 201AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 201A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 202A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 202B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203FA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203FB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 203L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 206A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 207A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of trade to obtain balancing allowances
##### 209A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 209B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 213A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Industrial and provident society dividends etc
##### 230A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 231B
- (1) This section applies in any case where—
- (a) a person (“A”) is entitled to a tax credit in respect of a qualifying distribution;
- (b) arrangements subsist such that another person (“B”) obtains, whether directly or indirectly, a payment representing any of the value of the tax credit;
- (c) the arrangements (whether or not made directly between A and B) were entered into for an unallowable purpose; and
- (d) the condition in subsection (2) below is satisfied.
- (2) The condition is that if B had been the person entitled to the tax credit and the qualifying distribution to which it relates, and had received the distribution when it was made, then—
- (a) B would not have been entitled to obtain any payment under section 231(2) or (3) in respect of the tax credit; and
- (b) if B is a company, B could not have used the income consisting of the distribution to frank a distribution actually made in the accounting period in which it would have received the distribution to which the tax credit relates.
- (3) This section does not apply if and to the extent that any other provision of the Tax Acts has the effect of cancelling or reducing the tax advantage which would otherwise be obtained by virtue of the arrangements.
- (4) Where this section applies—
- (a) no claim shall be made under section 231(2) for payment of the amount of the tax credit;
- (b) no claim shall be made under section 397(2) of ITTOIA 2005. . . in respect of the tax credit; and
- (c) the income consisting of the distribution in respect of which A is entitled to the tax credit shall not be regarded for the purposes of section 241 as franked investment income; . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) For the purposes of this section, the question whether any arrangements were entered into for an “unallowable purpose” shall be determined in accordance with subsections (6) and (7) below.
- (6) Arrangements are entered into for an unallowable purpose if the purposes for which at least one person is a party to the arrangements include a purpose which is not amongst the business or other commercial purposes of that person.
- (7) Where one of the purposes for which a person enters into any arrangements is the purpose of securing that that person or another obtains a tax advantage, that purpose shall be regarded as a business or other commercial purpose of the person only if it is neither the main purpose, nor one of the main purposes, for which the person enters into the arrangements.
- (8) Any reference in this section to a person obtaining a tax advantage includes a reference to a person obtaining a payment representing any of the value of a tax credit in circumstances where, had the person obtaining the payment been entitled to the tax credit and the qualifying distribution to which it relates, that person—
- (a) would not have been entitled to obtain any payment under section 231(2) or (3) in respect of the tax credit; and
- (b) if that person is a company, could not have used the income consisting of the distribution to frank a distribution actually made in the accounting period in which it would have received the distribution to which the tax credit relates.
- (9) If an amount representing any of the value of a tax credit to which a person is entitled is applied at the direction of, or otherwise in favour of, some other person (whether by way of set off or otherwise), the case shall be treated for the purposes of this section as one where that other person obtains a payment representing any of the value of the tax credit.
- (10) In determining for the purposes of subsections (2)(b) and (8)(b) b above whether a company could have used the income consisting of the distribution in question to frank a distribution of the company, the company shall be taken to use its actual franked investment income to frank distributions before using the income consisting of the distribution in question.
- (11) References in this section to using franked investment income to frank a distribution of a company have the same meaning as in Chapter V of Part VI.
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Classes of life assurance business
##### 431B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431BA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431EA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Basis of taxation etc
##### 431G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432YA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432CA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432CB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cases where section 747(3) does not apply.
##### 432F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Miscellaneous provisions relating to life assurance business
##### 434AZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction in chargeable profits for certain financing income
##### 434AZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434AZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434B
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 436A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 436B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 437A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 438B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 438C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 439A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 439B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 440B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 440C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Special rule for computing chargeable profits.
##### 440D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 441B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 442A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction in chargeable profits: failure to qualify for exemptions
##### 444AZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABAA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Loan relationships etc.
##### 444ABB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABBA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ACZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ACA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AEA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AEB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AEC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AECA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AECB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AECC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AED
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Surpluses of mutual and former mutual businesses
##### 444AF
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AG
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AH
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AI
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AJ
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AK
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AL
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Provisions applying in relation to overseas life insurance companies
##### 444B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction in chargeable profits following an exempt period
##### 444C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Equalisation reserves
##### 444BA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444BC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444BD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 458A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 461A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 461B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 461C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 461D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 462A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of umbrella funds
##### 465A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deductions: asset transferred within group.
##### 468EE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Distributions of authorised unit trusts: general
##### 468H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Dividend and foreign income distributions
##### 468J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Interest distributions
##### 468L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468M
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468N
- (1) Subsection (2) below applies where—
- (a) an interest distribution is made for a distribution period to a unit holder; and
- (b) the gross income entered in the distribution accounts for the purposes of computing the total amount available for distribution to unit holders does not derive from eligible income entirely.
- (2) Where this subsection applies, the obligation to deduct under section 349(2) shall not apply to the relevant amount of the interest distribution to the unit holder if the residence condition is on the distribution date fulfilled with respect to him.
- (3) Section 468O makes provision with respect to the circumstances in which the residence condition is fulfilled with respect to a unit holder.
- (4) This is how to calculate the relevant amount of the interest distribution—
$$R=AxBC$Where—R = the relevant amount;A = the amount of the interest distribution before deduction of tax to the unit holder in question;B = such amount of the gross income as derives from eligible income;C = the amount of the gross income.$
- (5) In subsection (4) above the references to the gross income are references to the gross income entered as mentioned in subsection (1)(b) above.
##### 468O
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468P
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468PA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468PB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Distributions to corporate unit holder
##### 468Q
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468R
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 469A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 472A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 477A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 477B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 480A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 480B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of chargeable profits and creditable tax
##### 480C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General definition of offshore fund
##### 482A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### PETROLEUM EXTRACTION ACTIVITIES
##### 494AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 494A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 496A
Schedule 19B to this Act (exploration expenditure supplement) shall have effect.
##### 496B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company with investment business: deductions generally
##### 501A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 501B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter 5A — Special rules for long funding leases of plant or machinery: corporation tax
### Introductory
##### 502A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding finance leases
##### 502B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding operating leases
##### 502E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding finance or operating leases: avoidance etc
#### Tariff receipts and tax-exempt tariffing receipts
##### 502GA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Insurance company as lessor
##### 502H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessees under long funding finance leases
#### Introductory.
##### 502I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessees under long funding operating leases
##### 502K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Interpretation of Chapter
##### 502L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 504A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
#### Arrangements made under old law.
##### 506A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 506B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 506C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of United Kingdom taxes by amount of credit due.
##### 508A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 508B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 510A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 519A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Recovery of tax credits incorrectly paid.
#### Recovery of tax credits incorrectly paid.
#### Relief by agreement with other territories.
#### Recovery of tax credits incorrectly paid.
### Designs
##### 537A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 537B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The qualifying subsidiaries requirement
##### 539ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 539A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for individuals.
##### 546A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 547A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 548A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Arrangements to avoid section 812.
##### 548B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 551A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 552ZA
- (1) This section supplements section 552 and shall be construed as one with it.
- (2) Where the obligations under any policy or contract of the body that issued, entered into or effected it (“*the original insurer*”) are at any time the obligations of another body (“*the transferee*”) to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, section 552 shall have effect in relation to that time, except where the chargeable event—
- (a) happened before the transfer, and
- (b) in the case of a death or an assignment, is an event of which the notification mentioned in subsection (6) or (7) of that section was given before the transfer,
as if the policy or contract had been issued, entered into or effected by the transferee.
- (3) Where, in consequence of . . . section 514(1) of ITTOIA 2005, paragraph (a) or (b) of section 552(1) requires certificates to be delivered in respect of two or more surrenders, happening in the same year, of part of or a share in the rights conferred by the policy or contract, a single certificate may be delivered under the paragraph in question in respect of all those surrenders (and may treat them as if they together constituted a single surrender) unless between the happening of the first and the happening of the last of them there has been—
- (a) an assignment of part of or a share in the rights conferred by the policy or contract; or
- (b) an assignment, otherwise than for money or money’s worth, of the whole of the rights conferred by the policy or contract.
- (4) Where the appropriate policy holder is two or more persons—
- (a) section 552(1)(a) requires a certificate to be delivered to each of them; but
- (b) nothing in section 552 or this section requires a body to deliver a certificate under subsection (1)(a) of that section to any person whose address has not been provided to the body (or to another body, at a time when the obligations under the policy or contract were obligations of that other body).
- (5) A certificate under section 552(1)(b) or (3)—
- (a) shall be in a form prescribed for the purpose by the Board; and
- (b) shall be delivered by any means prescribed for the purpose by the Board;
and different forms, or different means of delivery, may be prescribed for different cases or different purposes.
- (6) The Board may by regulations make such provision as they think fit for securing that they are able—
- (a) to ascertain whether there has been or is likely to be any contravention of the requirements of section 552 or this section; and
- (b) to verify any certificate under that section.
- (7) Regulations under subsection (6) above may include, in particular, provisions requiring persons to whom premiums under any policy are or have at any time been payable—
- (a) to supply information to the Board; and
- (b) to make available books, documents and other records for inspection on behalf of the Board.
- (8) Regulations under subsection (6) above may—
- (a) make different provision for different cases; and
- (b) contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.
##### 552ZB
- (1) The Commissioners for Her Majesty's Revenue and Customs may make regulations—
- (a) requiring relevant persons—
- (i) to provide prescribed information to persons who apply for the issue of qualifying policies or who are, or may be, required to make statements under paragraph B3(2) of Schedule 15;
- (ii) to provide to an officer of Revenue and Customs prescribed information about qualifying policies which have been issued by them or in relation to which they are or have been a relevant transferee;
- (b) making such provision (not falling within paragraph (a)) as the Commissioners think fit for securing that an officer of Revenue and Customs is able—
- (i) to ascertain whether there has been or is likely to be any contravention of the requirements of the regulations or of paragraph B3(2) of Schedule 15;
- (ii) to verify any information provided to an officer of Revenue and Customs as required by the regulations.
- (2) The provision that may be made by virtue of subsection (1)(b) includes, in particular, provision requiring relevant persons to make available books, documents and other records for inspection by or on behalf of an officer of Revenue and Customs.
- (3) The regulations may—
- (a) make different provision for different cases or circumstances, and
- (b) contain incidental, supplementary, consequential, transitional, transitory or saving provision.
- (4) In this section—
- “*prescribed*” means prescribed by the regulations,
- “*qualifying policy*” includes a policy which would be a qualifying policy apart from—paragraph A1(2), B1(2), B2(2) or B3(3) of Schedule 15, orparagraph 17(2)(za) of that Schedule (including as applied by paragraph 18), and
- “*relevant person*” means a person—who issues, or has issued, qualifying policies, orwho is, or has been, a relevant transferee in relation to qualifying policies.
- (5) For the purposes of this section a person (“X”) is at any time a “*relevant transferee*” in relation to a qualifying policy if the obligations under the policy of its issuer are at that time the obligations of X as a result of there having been a transfer to X of the whole or any part of a business previously carried on by the issuer.
##### 552A
- (1) This section has effect for the purpose of securing that, where it applies to an overseas insurer, another person is the overseas insurer’s tax representative.
- (2) In this section “*overseas insurer*” means a person who is not resident in the United Kingdom who carries on a business which consists of or includes the effecting and carrying out of—
- (a) policies of life insurance;
- (b) contracts for life annuities; or
- (c) capital redemption policies.
- (3) This section applies to an overseas insurer—
- (a) if the condition in subsection (4) below is satisfied on the designated day; or
- (b) where that condition is not satisfied on that day, if it has subsequently become satisfied.
- (4) The condition mentioned in subsection (3) above is that—
- (a) there are in force relevant insurances the obligations under which are obligations of the overseas insurer in question or of an overseas insurer connected with him; and
- (b) the total amount or value of the gross premiums paid under those relevant insurances is £1 million or more.
- (5) In this section “*relevant insurance*” means any policy of life insurance, contract for a life annuity or capital redemption policy . . . in the case of which—
- (a) the holder is resident in the United Kingdom;
- (b) the obligations of the insurer are obligations of a person not resident in the United Kingdom; and
- (c) those obligations are not attributable to a branch or agency of that person’s in the United Kingdom.
- (6) Before the expiration of the period of three months following the day on which this section first applies to an overseas insurer, the overseas insurer must nominate to the Board a person to be his tax representative.
- (7) A person shall not be a tax representative unless—
- (a) if he is an individual, he is resident in the United Kingdom and has a fixed place of residence there, or
- (b) if he is not an individual, he has a business establishment in the United Kingdom,
and, in either case, he satisfies such other requirements (if any) as are prescribed in regulations made for the purpose by the Board.
- (8) A person shall not be an overseas insurer’s tax representative unless—
- (a) his nomination by the overseas insurer has been approved by the Board; or
- (b) he has been appointed by the Board.
- (9) The Board may by regulations make provision supplementing this section; and the provision that may be made by any such regulations includes provision with respect to—
- (a) the making of a nomination by an overseas insurer of a person to be his tax representative;
- (b) the information which is to be provided in connection with such a nomination;
- (c) the form in which such a nomination is to be made;
- (d) the powers and duties of the Board in relation to such a nomination;
- (e) the procedure for approving, or refusing to approve, such a nomination, and any time limits applicable to doing so;
- (f) the termination, by the overseas insurer or the Board, of a person’s appointment as a tax representative;
- (g) the appointment by the Board of a person as the tax representative of an overseas insurer (including the circumstances in which such an appointment may be made);
- (h) the nomination by the overseas insurer, or the appointment by the Board, of a person to be the tax representative of an overseas insurer in place of a person ceasing to be his tax representative;
- (j) circumstances in which an overseas insurer to whom this section applies may, with the Board’s agreement, be released (subject to any conditions imposed by the Board) from the requirement that there must be a tax representative;
- (k) appeals to the tribunal against decisions of the Board under this section or regulations under it.
- (10) The provision that may be made by regulations under subsection (9) above also includes provision for or in connection with the making of other arrangements between the Board and an overseas insurer for the purpose of securing the discharge by or on behalf of the overseas insurer of the relevant duties, within the meaning of section 552B.
- (11) Section 1122 of CTA 2010 (connected persons) applies for the purposes of this section.
- (12) In this section—
- “*arrangements*” means arrangements of any kind, whether in writing or not (and includes a series of arrangements, whether or not between the same parties);
- “*business or other commercial purposes*” includes the efficient management of investments;
- “*franked investment income*” has the same meaning as in Chapter V of Part VI and references to income consisting of a distribution shall be construed accordingly;
- “*tax advantage*” has the meaning given by section 1139 of CTA 2010.
#### Sections 434AZA and 434AZB: supplementary
##### 234A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 245A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 245B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter VA — Foreign Income Dividends
### Election by company paying dividend
#### Determination of policy holders’ share for purposes of s.438B
##### 246A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Recipient of foreign income dividend
##### 246C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Companies: payments and receipts
##### 246E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Foreign source profit and distributable foreign profit
##### 246I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Matching of dividend with distributable foreign profit
##### 246J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246M
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Repayment or set-off of advance corporation tax
##### 246N
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246P
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246Q
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246R
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### International headquarters companies
##### 246S
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246T
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246U
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246V
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 246W
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Adjustments
##### 246X
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Application of this Chapter
##### 246Y
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Modifications where tax charged under section 35 of CTA 2009.
### Approved share incentive plans
##### 251A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 251B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 251C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Overseas life assurance business.
##### 251D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 256A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 256B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non long-term fund transferred assets
##### 257BA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257B
- (1) Where—
- (a) a man is entitled to relief under section 257A, but
- (b) the amount which he is entitled to deduct from his total income by virtue of that section exceeds what is left of his total income after all other deductions have been made from it,
his wife shall be entitled to a deduction from her total income of an amount equal to the excess.
- (2) In determining for the purposes of subsection (1)(b) above the amount that is left of a person’s total income for a year of assessment after other deductions have been made from it, there shall be disregarded any deduction made—
- (a) on account of any payments of relevant loan interest which become due in that year and to which section 369 applies, or
- (b) under section 289 or
- (c) on account of any payments to which section 593(2) or 639(3) applies,or
- (d) on account of any payments to which section 54(5) of the Finance Act 1989 applies.
, or
- (e) on account of any payments to which section 32(4) of the Finance Act 1991 applies.
- (3) This section shall not apply for a year of assessment unless the claimant’s husband has given to the inspector written notice that it is to apply; and any such notice—
- (a) shall be given not later than six years after the end of the year of assessment to which it relates,
- (b) shall be in such form as the Board may determine, and
- (c) shall be irrevocable.
##### 257C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 257F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 261A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 266A
- (1) This section applies if—
- (a) pursuant to an employer-financed retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for or in respect of any employee of that employer, and
- (b) the payment is made under such an insurance or contract as is mentioned in section 266.
This section applies whether or not the accrual of the relevant benefits is dependent on any contingency.
- (2) Relief, if not otherwise allowable, shall be given to that employee under section 266 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if—
- (a) the payment had been made by him, and
- (b) the insurance or contract under which the payment is made had been made with him.
- (3) For the purposes of subsection (1)(a) benefits are provided in respect of an employee if they are provided for the employee’s spouse, widow or widower, children, dependants or personal representatives.
- (4) If a sum within subsection (1) is paid with a view to the provision of benefits for or in respect of more than one employee of the employer, part of it is to be treated as paid for or in respect of each of them.
- (5) The amount treated as paid for or in respect of each employee is—
$$A×BC$where—A is the sum paid,B is the amount which would have had to be paid to secure the benefits to be provided for or in respect of the employee in question, andC is the total amount which would have had to be paid to secure the benefits to be provided for or in respect of all the employees if separate payments had been made in the case of each of them.$
- (6) This section does not apply if—
- (a) in the year of assessment in which the sum is paid the earnings from the employee’s employment are (or, if there are none, would be if there were any) earnings charged on remittance, or
- (b) the employee is not domiciled in the United Kingdom in the tax year in which the sum is paid and the conditions in subsection (7) are met.
- (7) Those conditions are—
- (a) that the employment is with a foreign employer, and
- (b) that, on a claim made by the employee, the Board are satisfied that the pension scheme corresponds to a registered pension scheme.
- (8) In subsection (6)(a) “*earnings charged on remittance*” means earnings which are taxable earnings under—
- (a) section 22 of ITEPA 2003 (chargeable overseas earnings for year when employee resident and ordinarily resident, but not domiciled, in UK), or
- (b) section 26 of that Act (foreign earnings for year when employee resident, but not ordinarily resident, in UK).
- (9) In this section—
- “*employer-financed retirement benefits scheme*”, and
- “*relevant benefits*”,
- have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).
#### Modifications for change of tax basis
##### 282A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 282B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer schemes transferring part of business: reduction in income of transferee
##### 289A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 289B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 290A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Parts of transfer scheme arrangements: anti-avoidance rule
##### 291A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 291B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 299A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 299B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 300A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 301A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 303AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Modification of section 440.
##### 303A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer schemes: reduction of income of transferee
##### 304A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 305A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
#### Transfers of other business
##### 326A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 326D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 327A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Assets of branch of registered friendly society to be treated as assets of society after incorporation.
##### 329AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329AB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 329C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 331A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 332A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 333A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 333B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 338B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 337A
- “*capital redemption policy*” means a capital redemption policy in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*contract for a life annuity*” means a contract for a life annuity in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*the designated day*” means such day as the Board may specify for the purpose in regulations;
- “*policy of life insurance*” means a policy of life insurance in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*tax representative*” means a tax representative under this section.
##### 552B
- (1) It shall be the duty of an overseas insurer’s tax representative to secure (where appropriate by acting on the overseas insurer’s behalf) that the relevant duties are discharged by or on behalf of the overseas insurer.
- (2) For the purposes of this section “*the relevant duties*” are—
- (a) the duties imposed by section 552,
- (b) the duties imposed by section 552ZA(2), (4) or (5), and
- (c) any duties imposed by regulations made under subsection (6) of section 552ZA by virtue of subsection (7) of that section,
so far as relating to relevant insurances under which the overseas insurer in question has any obligations.
- (3) An overseas insurer’s tax representative shall be personally liable—
- (a) in respect of any failure to secure the discharge of the relevant duties, and
- (b) in respect of anything done for purposes connected with acting on the overseas insurer’s behalf,
as if the relevant duties were imposed jointly and severally on the tax representative and the overseas insurer.
- (4) In the application of this section in relation to any particular tax representative, it is immaterial whether any particular relevant duty arose before or after his appointment.
- (5) This section has effect in relation to relevant duties relating to chargeable events happening on or after the day by which section 552A(6) requires the nomination of the overseas insurer’s first tax representative to be made.
- (5A) In subsection (5) “*chargeable event*” has the same meaning as in section 552 (see subsection (10) of that section).
- (6) Expressions used in this section and in section 552A have the same meaning in this section as they have in that section.
##### 553A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 553B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 553C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 559A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cessation of approval: general provisions.
### Chapter 5A — Share loss relief
### Relief for losses on unquoted shares in trading companies
##### 576A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Qualifying trading companies: the requirements
##### 576B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Repayment supplements: companies.
##### 576C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Termination of relief under this Chapter, and transitional provisions.
##### 576E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Qualifying trading companies: supplementary provisions
##### 576J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
##### 576L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Definition of insurance company.
##### 577A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 578A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 578B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on tax overpaid.
##### 581A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 582A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on payments in respect of corporation tax and meaning of “the material date".
##### 587A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587BA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of the Corporation Tax Acts etc.
##### 589A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 589B
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 338A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 339A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 342A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Authorised unit trusts.
#### Interest paid on deposits with banks etc.
##### 343ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 343A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Deposit-taker”, “deposit” and “relevant deposit”.
#### Valuation of oil disposed of or appropriated in certain circumstances.
#### Provisions supplementary to section 520.
##### 347A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 347B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relevant deposits: computation of tax on interest.
##### 349ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Election that assets not be foreign business assets
##### 349B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 349E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 350A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 356D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 432B apportionment: supplementary provisions.
##### 357A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 357B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 357C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 360A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profits reserved for policy holders and annuitants.
#### Returns.
##### 367A
- (1) Sections 353 and 365 have effect as if—
- (a) purchase and resale arrangements involved the making of a loan, and
- (b) alternative finance return were interest.
- (2) Section 366 has effect accordingly.
- (3) In this section—
- “*alternative finance return*” has the meaning given in sections 564I to 564L of ITA 2007, and
- “*purchase and resale arrangements*” means arrangements to which section 564C of ITA 2007 applies.
#### Qualifying interests in land held jointly
##### 374A
- (1) This section applies where, in the case of any loan, interest on the loan never has been relevant loan interest or the borrower never has been a qualifying borrower.
- (2) Without prejudice to subsection (3) below, in relation to a payment of interest—
- (a) as respects which either of the conditions mentioned in paragraphs (a) and (b) of section 374(1) is fulfilled, and
- (b) from which a deduction was made as mentioned in section 369(1),
section 369 shall have effect as if the payment of interest were a payment of relevant loan interest made by a qualifying borrower.
- (3) Nothing in subsection (2) above shall be taken as regards the borrower as entitling him to make any deduction or to retain any amount deducted and, accordingly, where any amount has been deducted, he shall be liable to make good that amount and an officer of the Board may make such assessments as may in his judgment be required for recovering that amount.
- (4) The Management Act shall apply to an assessment under subsection (3) above as if it were an assessment to income tax for the year of assessment in which the deduction was made . . . .
- (5) If the borrower fraudulently or negligently makes any false statement or representation in connection with the making of any deduction, he shall be liable to a penalty not exceeding the amount deducted.
##### 375A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 376A
- (1) The Board shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of section 376(4).
- (1A) The following are entitled to be registered—
- (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000—
- (i) to accept deposits; or
- (ii) to effect or carry out contracts of general insurance;
- (b) a 90 per cent subsidiary of a person mentioned in—
- (i) section 376(4)(e); or
- (ii) paragraph (a) above;
- (c) any other body whose activities and objects appear to the Board to qualify it for registration.
- (2) If the Board are satisfied that an applicant for registration is entitled to be registered, they may register the applicant generally or in relation to any description of loan specified in the register, with effect from such date as may be so specified; and a body which is so registered shall become a qualifying lender in accordance with the terms of its registration.
- (3) The registration of any body may be varied by the Board—
- (a) where it is general, by providing for it to be in relation to a specified description of loan, or
- (b) where it is in relation to a specified description of loan, by removing or varying the reference to that description of loan,
and where they do so, they shall give the body written notice of the variation and of the date from which it is to have effect.
- (4) If it appears to the Board at any time that a body which is registered under this section would not be entitled to be registered if it applied for registration at that time, the Board may by written notice given to the body cancel its registration with effect from such date as may be specified in the notice.
- (5) The date specified in a notice under subsection (3) or (4) above shall not be earlier than the end of the period of 30 days beginning with the date on which the notice is served.
- (6) Any body which is aggrieved by the failure of the Board to register it under this section, or by the variation or cancellation of its registration, may appeal, by notice given to the Board before the end of the period of 30 days beginning with the date on which the body is notified of the Board’s decision. . . .
### Losses from UK property business or overseas property business
##### 379A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 379B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 590: supplementary provisions.
##### 384A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Losses from UK property business or overseas property business
##### 392A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 392B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 393A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 393B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Section 591C: supplementary.
##### 403ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403ZE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 403G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 411ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 411A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exemption from tax in respect of qualifying premiums.
#### Approval of schemes.
#### Effect of appointment or arrangements under section 659B.
#### Modification of s. 444BA for mutual or overseas business and for non-resident companies.
#### Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
##### 431ZA
- (1) An insurance company may, in its company tax return for the first accounting period of the company beginning on or after 1 January 2008 in which any of the assets of the company's long-term insurance fund would (apart from this section) be foreign business assets, elect that none of the assets of the company's long-term insurance fund are to be regarded for the purposes of this Act as being foreign business assets.
- (2) The election has effect for that accounting period and all subsequent accounting periods of the company.
- (3) An election under subsection (1) is irrevocable.
##### 431A
- (1) The Treasury may by order amend any of the life assurance provisions of the Corporation Tax Acts where it is expedient to do so in consequence of the exercise of any power under the Financial Services and Markets Act 2000, in so far as that Act relates to insurance companies.
- (2) Where any exercise of a power under that Act has effect for a period ending on or before, or beginning before and ending after, the day on which an order containing an amendment in consequence of that exercise is made under subsection (1) above, the power conferred by that subsection includes power to provide for the amendment to have effect in relation to that period.
- (2A) The Treasury may by order make provision as to the application of the Corporation Tax Acts in relation to insurance special purpose vehicles.
- (2B) An order under subsection (2A) above may in particular contain provision—
- (a) making amendments of any provision of the Corporation Tax Acts, or
- (b) making provision for the life assurance provisions of the Corporation Tax Acts to have effect in relation to any specified description of insurance special purpose vehicles subject to specified modifications or exceptions.
- (2C) An order under subsection (2A) above—
- (a) may make provision having effect in relation to accounting periods current when it is made, and
- (b) if it is made in consequence of, or otherwise in connection with, provision made by any enactment or instrument, may make provision having effect in relation to the same times as that enactment or instrument.
- (3) The Treasury may by order amend any of the following provisions—
- (a) sections 432ZA, 432A, 432B to 432G and 755A . . . ;
- (b) sections 83A, 85, 88 and 89 of the Finance Act 1989;
- (c) section 210A of the Taxation of Chargeable Gains Act 1992.
- (4) An order under subsection (3) above may only be made so as to have effect in relation to periods of account—
- (a) beginning on or after 1st January 2005, and
- (b) ending before 1st October 2006.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) Any power conferred by this section to make an order includes power to make—
- (a) different provision for different cases or different purposes, and
- (b) incidental, supplemental, consequential or transitional provision and savings.
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 431AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432A
- (1) Subject to section 432B, this section has effect for determining for the purposes of any provision of the Corporation Tax Acts in relation to any period for which an insurance company carries on business what parts of—
- (a) income or losses arising from the assets of the company’s long-term insurance fund, or
- (b) gains or losses accruing on the disposal of such assets in accordance with the provisions of the 1992 Act,
are referable to any category of business.
- (1ZA) In subsection (1)(a) above “*income*” means—
- (a) income chargeable under Chapter 3 of Part 4 of CTA 2009 (profits of a property business) in respect of any separate UK property businesses treated as carried on by the company under section 432AA,
- (b) income chargeable under Chapter 3 of Part 4 of CTA 2009 in respect of distributions treated by section 548(5) of CTA 2010 as profits of a UK property business carried on by the company,
- (c) income chargeable under Chapter 3 of Part 4 of CTA 2009 in respect of any overseas property business treated as carried on by the company under section 432AA,
- (d) income chargeable under Chapter 2 of Part 10 of CTA 2009 (dividends of non-UK resident companies) or Chapter 6 of that Part (sale of foreign dividend coupons),
- (da) income chargeable under Chapter 7 of Part 10 of CTA 2009 (annual payments not otherwise charged) or Chapter 8 of that Part (income not otherwise charged) which arises from a source outside the United Kingdom,
- (e) distributions received by the company from companies resident in the United Kingdom,
- (f) credits in respect of any creditor relationships (within the meaning of Part 5 of CTA 2009) of the company,
- (g) credits in respect of any derivative contracts (within the meaning of Part 7 of CTA 2009) of the company,
- (h) any income of the company chargeable under Chapter 5 of Part 10 of CTA 2009 (distributions from unauthorised unit trusts) or Chapter 7 of that Part (annual payments not otherwise charged),
- (i) any credits brought into account by the company under Chapter 2 of Part 8 of CTA 2009 (intangible fixed assets), and
- (j) any income of the company chargeable under any provision to which section 1173 of CTA 2010 (miscellaneous charges) applies, other than profits of the company chargeable under section 436A (gross roll-up business).
- (1ZB) In subsection (1)(a) above “*losses*” means—
- (a) losses in respect of any separate UK property businesses treated as carried on by the company under section 432AA,
- (b) losses in respect of any overseas property businesses treated as carried on by the company under that section,
- (c) debits in respect of any creditor relationships (within the meaning of Part 5 of CTA 2009) of the company,
- (d) debits in respect of any derivative contracts (within the meaning of Part 7 of CTA 2009) of the company,
- (e) any debits brought into account by the company under Chapter 3 of Part 8 of CTA 2009 (intangible fixed assets), and
- (f) any losses of the company computed in the same way as profits chargeable under any provision to which section 1173 of CTA 2010 applies, other than any losses of gross roll-up business.
- (1ZC) For determining as mentioned in subsection (1) above what parts of income or gains arising from the assets of the company's long-term insurance fund are referable to PHI business (to the extent that it would not be the case by virtue of subsections (1ZA) and (1ZB))—
- (a) “income” also includes profits shown in the technical account, and
- (b) “losses” also includes losses so shown.
- (1A) If the company carries on only one category of business in the period—
- (a) all of the income and losses referred to in paragraph (a) of subsection (1) above, and
- (b) all of the gains and losses referred to in paragraph (b) of that subsection,
are referable to that category of business; but if the company carries on more than one category of business in the period, the following provisions shall apply.
- (2) The categories of business referred to in subsections (1) and (1A) above are—
- (a) basic life assurance and general annuity business,
- (b) gross roll-up business, and
- (c) PHI business.
- (3) Income or losses arising from, and gains or losses accruing on the disposal of, assets linked to any category of business is referable to that category of business.
- (3A) Amounts falling within—
- (a) section 442A,
- (b) section 85(2C) of the Finance Act 1989, or
- (c) section 85A of that Act,
are directly referable to basic life assurance and general annuity business.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 590A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 590B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 590C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Income arising under settlement where settlor retains an interest.
##### 596A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 596B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 596C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 599A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 605A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 606A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 617A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing release of obligation.
#### Settlements made after 6th April 1965.
##### 631A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 632A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 632B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 634A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 636A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 637A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 638ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 638A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements made after 6th April 1965.
##### 640A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 641A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schedule 4 directions.
#### Interpretation.
##### 646A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Annuities: charge to tax
##### 648A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 648B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 650A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 651A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 653A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 658A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659A
- (1) For the purposes of sections . . . 613(4), 614(3) and (4) . . . —
- (a) “*investments*” (or “*investment*”) includes futures contracts and options contracts, and
- (b) income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
##### 659B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659E
- (1) The exemptions specified below do not apply to income derived from investments, deposits or other property held as a member of a property investment LLP (see section 1004 of ITA 2007).
- (2) The exemptions are those provided by—
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- section 613(4) (Parliamentary pension funds),
- section 614(3) (certain colonial, &c. pension funds),
- section 614(4) (the Overseas Service Pension Fund),
- section 614(5) (other pension funds for overseas employees),
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) The income to which subsection (1) above applies includes relevant stock lending fees, in relation to any investments, to which any of the provisions listed in subsection (2) above would apply by virtue of section 129B.
- (4) Section 659A (treatment of futures and options) applies for the purposes of subsection (1) above.
### Chapter IA — Liability of settlor
### Main provisions
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660C
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4A) Income or losses arising from, and gains or losses accruing on the disposal of, foreign business assets is referable to gross roll-up business.
- (5) There is referable to any category of business . . . the relevant fraction of any income and losses referred to in paragraph (a) of subsection (1) above, and any gains and losses referred to in paragraph (b) of that subsection, not directly referable to any category of business.
- (6) For the purposes of subsection (5) above “*the relevant fraction*”, in relation to basic life assurance and general annuity business, is—
$$AA+B+C$where—A is the aggregate of—(a) the mean of the opening and closing liabilities of the basic life assurance and general annuity business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business,(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and(c) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts;B is the aggregate of—(a) the mean of the opening and closing liabilities of the gross roll-up business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business, and(b) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts; andC is the aggregate of—(a) the mean of the opening and closing liabilities of the PHI business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business, and(b) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts.$
- (6A) For the purposes of subsection (5) above “*the relevant fraction*”, in relation to gross roll-up business, is—
$$BA+B+C$where A, B and C have the same meaning as in subsection (6) above.$
- (6B) For the purposes of subsection (5) above “*the relevant fraction*”, in relation to PHI business, is—
$$CA+B+C$where A, B and C have the same meaning as in subsection (6) above.$
- (6C) But if the denominator found in accordance with subsection (6), (6A) or (6B) above is nil, the relevant fraction for the purposes of subsection (5) above in relation to the category of business in question is such fraction as is just and reasonable.
- (7) For the purposes of subsections (5), (6) , (6A) and (6B) above—
- (a) income and losses referred to in paragraph (a) of subsection (1) above, and gains and losses referred to in paragraph (b) of that subsection, are directly referable to a category of business if referable to that category by virtue of subsection (3) or (4A) above, . . . and
- (b) assets are directly referable to a category of business if income and losses arising from the assets, and gains and losses accruing on the disposal of the assets, are so referable by virtue of subsection (3) or (4A) above,. . .
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) In subsection (6) above—
- (a) “*appropriate part*”, in relation to the free assets amount, means—
- (i) where none (or none but an insignificant proportion) of the liabilities of the long-term business are with-profits liabilities, the part of that amount which bears to the whole the proportion A/B where—
A is the amount of the liabilities of the category of business in question (but taking that amount to be nil if it would otherwise be below nil);
B is the whole amount of the liabilities of the long-term business; and
- (ii) in any other case the part of the free assets amount which bears to the whole the proportion C/D where—
C is the amount of the with-profits liabilities of the category of business in question;
D is the whole amount of the with-profits liabilities of the long-term business; . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This is subject to subsection (8ZA) below.
- (8ZA) If for the purposes of subsection (8)(a) above either B or D is nil then, in paragraph (c) of the definition of A and paragraph (b) of the definitions of B and C in subsection (6) above, “*appropriate part*”, in relation to the free assets amount, means the part of that amount which bears to the whole such proportion as is just and reasonable.
- (8A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432B
- (1) This section and sections 432C to 432G have effect where it is necessary in accordance with section 83 of the Finance Act 1989 to determine what parts of any items brought into account, within the meaning of that section, are referable to life assurance business or gross roll-up business.
- (2) Where for that purpose reference falls to be made to more than one account recognised for the purposes of that section, the provisions of sections 432C to 432G apply separately in relation to each account.
- (3) Section 432C applies where the business with which an account is concerned (“*the relevant business*”) relates exclusively to policies or contracts under which the policy holders or annuitants are not eligible to participate in surplus; and sections 432E and 432F apply where the relevant business relates wholly or partly to other policies or contracts (and section 432G applies in either case).
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432C
- (1) This section specifies the extent to which the net amount is referable to life assurance business or to gross roll-up business.
- (2) In this section “*the net amount*” means the aggregate of the amounts brought into account—
- (a) as investment income,
- (b) as an increase in the value of assets, or
- (c) as other income,
less the aggregate of the amounts brought into account as a decrease in the value of assets.
- (3) To the extent that the net amount is attributable to—
- (a) assets linked to life assurance business, or
- (b) foreign business assets,
it is referable to life assurance business.
- (4) There is also referable to life assurance business the appropriate fraction of so much of the net amount as is not attributable to linked assets or foreign business assets.
- (5) For the purposes of subsection (4) above “the appropriate fraction” is—
$$AA+B$where—A is the mean of the opening and closing liabilities of the relevant business so far as referable to life assurance business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the aggregate of the mean of the opening and closing net values of assets linked to the relevant business so far as so referable and foreign business assets; andB is the mean of the opening and closing liabilities of the relevant business so far as referable to PHI business, reduced (but not below nil) by the mean of the opening and closing net values of any assets linked to PHI business.$
- (6) But if the denominator found in accordance with subsection (5) above is nil, the appropriate fraction for the purposes of subsection (4) above is such fraction as is just and reasonable.
- (7) To the extent that the net amount is attributable to—
- (a) assets linked to gross roll-up business, or
- (b) foreign business assets,
it is referable to gross roll-up business.
- (8) There is also referable to gross roll-up business the relevant fraction of so much of the net amount as is not attributable to linked assets or foreign business assets.
- (9) For the purposes of subsection (8) above “the relevant fraction” is—
$$CC+D$where—C is the mean of the opening and closing liabilities of the relevant business so far as referable to gross roll-up business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the aggregate of the mean of the opening and closing net values of any assets linked to gross roll-up business and foreign business assets; andD is the sum of—the mean of the opening and closing liabilities of the relevant business so far as referable to basic life assurance and general annuity business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets linked to that category of business, andthe mean of the opening and closing liabilities of the relevant business so far as referable to PHI business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets linked to that category of business.$
- (10) But if the denominator found in accordance with subsection (9) above is nil, the relevant fraction for the purposes of subsection (8) above is such fraction as is just and reasonable.
- (11) For the purposes of this section, so much of the net amount—
- (a) as is brought into account as other income in an internal linked fund of the company, and
- (b) as is not attributable to assets of that fund,
is to be treated as linked to a category of business to the same extent as income attributable to an asset of the fund would, by virtue of section 432ZA, be referable to that category of business.
##### 432D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432E
- (1) The part of the net amount which is referable to life assurance business or to gross roll-up business is—
- (a) the amount determined in accordance with subsections (2) and (2A) below, or
- (b) if greater, the amount determined in accordance with subsection (3) below.
- (1A) In this section “*the net amount*” means the aggregate of the amounts brought into account—
- (a) as investment income,
- (b) as an increase in the value of assets, or
- (c) as other income,
less the aggregate of the amounts brought into account as a decrease in the value of assets.
- (2) For the purposes of subsection (1) above there shall be determined the amount which is such as to secure—
- (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (b) . . . that
$$CS-CAS=(S-AS)×CASAS$where—S is the surplus of the relevant business;AS is so much of that surplus as is allocated to persons entitled to the benefits provided for by the policies or contracts to which the relevant business relates;CAS is so much of the surplus so allocated as is attributable to policies or contracts of life assurance business or of gross roll-up business; andCS is so much of the surplus of the relevant business as would remain if the relevant business were confined to life assurance business or to gross roll-up business.$
- (2A) In a case where an amount or amounts are taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of subsection (2B) of that section or by virtue of section . . . 444AB, . . . 444AEA,444AECA, 444AF(2) or 444AK(2) of this Act, the amount determined under subsection (2) above is increased by—
$$CASAS×RP$where—CAS and AS have the same meanings as in subsection (2) above; andRP is the amount or the aggregate of the amounts taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of any of the following provisions—subsection (2B) of that section;section 444AB . . . of this Act;section 444AEA or 444AECA of this Act;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .subsection (2) of section 444AF of this Act (and see subsections (5) and (6) of that section);subsection (2) of section 444AK of this Act (but only for the purposes mentioned in subsection (3) of that section).$
- (3) For the purposes of subsection (1) above there shall also be determined the aggregate of—
- (a) the applicable percentage of what is left of the mean of the opening and closing liabilities of the relevant business so far as referable to the category of business concerned (but taking that mean to be nil if it would otherwise be below nil) after deducting from it the mean of the opening and closing values of any assets of the relevant business linked to that category of business . . . , and
- (b) the part of the net amount . . . that is attributable to assets linked to that category of business . . . .
- (4) Subject to subsection (4A) below, for the purposes of subsection (3) above “*the applicable percentage*”, in any case, is—
$$AB×100$where—A is so much of the net amount as is brought into account in respect of the relevant business less such part of it as is attributable to linked assets . . . ; andB is the mean of the opening and closing liabilities of the relevant business reduced by the mean of the opening and closing values of any assets of the relevant business which are linked assets . . . .$
- (4A) If the mean of the opening and closing liabilities of the relevant business reduced by the opening and closing values of any assets of the relevant business which are linked assets . . . is nil then, for the purposes of subsection (3) above, “*the applicable percentage*” is such percentage as is just and reasonable.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of other business
#### Transfers of other business
##### 434A
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) Where for any accounting period the loss arising to an insurance company from its life assurance business falls to be computed in accordance with the life assurance trade profits provisions—
- (a) the loss resulting from the computation shall be reduced (but not below nil) by . . . —
- (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (ii) any relevant non-trading deficit for that period on the company’s debtor relationships; and
- (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (b) if the whole or any part of that loss as so reduced is set off—
- (i) under section 37 of CTA 2010, or
- (ii) under Chapter 4 of Part 5 of CTA 2010,
any loss for that period under section 436A shall be reduced (but not below nil) by the total of the amounts set off as mentioned in sub-paragraphs (i) and (ii) above.
- (2A) The reference in subsection (2)(a)(ii) above to a relevant non-trading deficit for any period on a company’s debtor relationships is a reference to the non-trading deficit on the company’s loan relationships . . . for the company’s basic life assurance and general annuity business if credits and debits given in respect of the company’s creditor relationships (within the meaning of Part 5 of CTA 2009) were disregarded.
- (3) In the case of a company carrying on life assurance business, no relief shall be allowable —
- (a) under Chapter 2, 4 or 6 of Part 4 of CTA 2010 (loss relief) or under Part 5 (group relief) of that Act,
- (aa) (where the company's life assurance business is not mutual business) in respect of any qualifying charitable donation, or
- (b) in respect of any amount representing a non-trading deficit on the company’s loan relationships that has been computed otherwise than by reference to debits and credits referable to that business,
against the policy holders’ share of the relevant profits for any accounting period.
- For the purposes of this subsection “*the policy holders’ share of the relevant profits*” has the same meaning as in section 89 of the Finance Act 1989.
- (4) For the purposes of section 105 of CTA 2010, where the surrendering company is an insurance company which is charged to tax under the I minus E basis in respect of its life assurance business for the surrender period, the company's gross profits of that period do not include its relevant profits (within the meaning of section 88 of the Finance Act 1989) for that period; and expressions used in this subsection and section 105 of CTA 2010 have the same meaning here as there.
#### Settlements made before 7th April 1965 but after 9th April 1946.
##### 438A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Imputation of chargeable profits and creditable tax of controlled foreign companies
##### 440A
- (1) Subsection (2) below applies where the assets of an insurance company include securities of a class all of which would apart from this section be regarded for the purposes of corporation tax on chargeable gains as one holding.
- (2) Where this subsection applies—
- (a) so many of the securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of—
- (i) basic life assurance and general annuity business, or
- (ii) gross roll-up business,
shall be treated for the purposes of corporation tax as a separate holding linked solely to that business,
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) so many of the securities as are included in the company’s long-term insurance fund but do not fall within paragraph (a) shall be treated for those purposes as a separate holding which is an asset of that fund (but not of the description mentioned in that paragraph), and
- (e) any remaining securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs.
- (3) Subsection (2) above also applies where the assets of an insurance company include securities of a class and apart from this section some of them would be regarded as a 1982 holding, and the rest as a section 104 holding, for the purposes of corporation tax on chargeable gains.
- (4) In a case within subsection (3) above—
- (a) the reference in any paragraph of subsection (2) above to a separate holding shall be construed, where necessary, as a reference to a separate 1982 holding and a separate section 104 holding, and
- (b) the questions whether such a construction is necessary in the case of any paragraph and, if it is, how many securities falling within the paragraph constitute each of the two holdings shall be determined in accordance with paragraph 12 of Schedule 6 to the Finance Act 1990 and the identification rules applying on any subsequent acquisitions and disposals.
- (5) Section 105 of the 1992 Act shall have effect where subsection (2) above applies as if securities regarded as included in different holdings by virtue of that subsection were securities of different kinds.
- (6) In this section—
- “*1982 holding*” has the same meaning as in section 109 of the 1992 Act;
- “*section 104 holding*” has the same meaning as in section 104(3) of that Act; and
- “*securities*” means shares, or securities of a company, and any other assets where they are of a nature to be dealt in without identifying the particular assets disposed or acquired.
- (7) In a case where the profits of a company’s life assurance business are charged to tax under section 35 of CTA 2009 (charge on trade profits) this section has effect with the modification specified in section 440B(4).
##### 441A
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444A
- (1) . . . This section applies where an insurance business transfer scheme has effect to transfer long-term business from one person (“the transferor”) to another (“the transferee”).
- (2) Any expenses payable which (making the assumptions in subsection (3B) below) would have fallen to be brought into account by the transferor in determining the deduction for expenses payable to be allowed under section 76 in computing profits for an accounting period following the period which ends with the day on which the transfer takes place shall, instead, be brought into account under and in accordance with that section by the transferee as expenses payable by him (and giving effect in the case of acquisition expenses, to section 86(6) to (9) of the Finance Act 1989).
- (3) Any loss which (making the assumptions in subsection (3B) below)—
- (a) would have been available under section 436A(4) to be set off against profits of the transferor for the accounting period following that which ends with the day on which transfer takes place, . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shall, instead, be treated as a loss of the transferee (and available to be set off against profits of gross roll-up business)if the conditions mentioned in subsection (3YA) are satisfied in relation to the business transferred.
- (3YA) The conditions are—
- (a) the ownership condition set out in section 941 of CTA 2010, and
- (b) the tax condition set out in section 943 of that Act.
- (3ZA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3A) Any subsection (2) excess (within the meaning of section 432F(2)) which (making the assumptions in subsection (3B) below) would have been available under section 432F(3) or (4) to reduce a subsection (3) figure (within the meaning of section 432F(1)) of the transferor in an accounting period following that which ends with the day on which transfer takes place—
- (a) shall, instead, be treated as a subsection (2) excess of the transferee, and
- (b) shall be taken into account in the first accounting period of the transferee ending after the date of the transfer (to reduce the subsection (3) figure or, as the case may be, to produce or increase a subsection (2) excess for that period),
in relation to the revenue account of the transferee dealing with or including the business transferred.
- (3B) The assumptions referred to in subsections (2), (3) and (3A) above are—
- (a) that the transferor had continued to carry on the business transferred after the transfer, and
- (b) where there is no accounting period of the transferor ending with the transfer date, that there was such an accounting period.
- (4) Where acquisition expenses are treated as expenses payable by the transferee by virtue of subsection (2) above, the amount deductible for the first accounting period of the transferee ending after the transfer takes place shall be calculated as if that accounting period began with the day after the transfer.
- (5) Where the transfer is of part only of the transferor’s long-term business, subsection (2), (3) or (3A) above shall apply only to such part of any amount to which it would otherwise apply as is appropriate.
- (6) Any question arising as to the operation of subsection (5) above shall be determined in the same manner as an appeal, and both the transferor and transferee shall be entitled to be a party to any proceedings.
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Classes of life assurance business
##### 431B
- (1) In this Chapter “*pension business*” means so much of a company’s life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme or is the reinsurance of such business.
- (2) Where a pension scheme ceases to be a registered pension scheme by virtue of the withdrawal of registration of the pension scheme under section 157 of the Finance Act 2004, any of the company’s life assurance business that was pension business when the pension scheme was a registered pension scheme is to be treated as ceasing to be pension business at the beginning of the period of account of the company in which the pension scheme so ceases to be a registered pension scheme.
- (3) Where—
- (a) immediately before 6th April 2006 an annuity contract falls within any of the descriptions of contracts specified in subsection (2) of this section as it had effect immediately before that date, but
- (b) on or after that date the contract does not fall to be regarded for the purposes of this section as having been entered into for the purposes of a registered pension scheme,
the contract is to be treated for the purposes of this section as having been entered into for such purposes.
##### 431BA
- (1) In this Chapter “*child trust fund business*” means so much of a company's life assurance business as is referable to child trust fund policies (but not including the reinsurance of such business).
- (2) In this section “*child trust fund policy*” means a policy of life insurance which is an investment under a child trust fund (within the meaning of the Child Trust Funds Act 2004).
##### 431BB
- (1) In this Chapter “*individual savings account business*” means so much of a company's life assurance business as is referable to individual savings account policies (but not including the reinsurance of such business).
- (2) In this section “*individual savings account policy*” means a policy of life insurance which is an investment of a kind specified in regulations made by virtue of section 695(1) of ITTOIA 2005.
##### 431C
- (1) In this Chapter “*life reinsurance business*” means reinsurance of life assurance business other than pension business or business of any description excluded from this section by regulations made by the Board.
- (2) Regulations under subsection (1) above may describe the excluded business by reference to any circumstances appearing to the Board to be relevant.
##### 431D
- (1) In this Chapter “*overseas life assurance business*” means so much of a company's relevant life assurance business as is with a policy holder or annuitant not residing in the United Kingdom (but not including the reinsurance of such business).
- (1A) In subsection (1) above “*relevant life assurance business*” means life assurance business other than—
- (a) pension business
- (b) individual savings account business,
- (c) child trust fund business, and
- (d) business of any description prescribed by regulations made by the Commissioners for Her Majesty's Revenue and Customs.
- (2) Regulations under subsection (1A) above may describe the excluded business by reference to any circumstances appearing to the Commissioners to be relevant.
- (3) The Commissioners for Her Majesty's Revenue and Customs may by regulations—
- (a) make provision as to the circumstances in which a trustee who is a policy holder or annuitant residing in the United Kingdom is to be treated for the purposes of this section as not so residing; and
- (b) provide that nothing in Chapter II of Part XIII or Chapter 9 of Part 4 of ITTOIA 2005 shall apply to a policy or contract which constitutes overseas life assurance business by virtue of any such provision as is mentioned in paragraph (a) above.
- (4) Regulations under subsection (1A) or (3) above may contain such supplementary, incidental, consequential or transitional provision as appears to the Commissioners to be appropriate (including provision amending any enactment or any instrument made under an enactment).
##### 431E
- (1) The Board may by regulations make provision for giving effect to section 431D.
- (2) Such regulations may, in particular—
- (a) provide that, in such circumstances as may be prescribed, any prescribed issue as to whether business is or is not overseas life assurance business (or overseas life assurance business of a particular kind) shall be determined by reference to such matters (including the giving of certificates or undertakings, the giving or possession of information or the making of declarations) as may be prescribed,
- (b) require companies to obtain certificates, undertakings, information or declarations from policy holders or annuitants, or from trustees or other companies, for the purposes of the regulations,
- (c) make provision for dealing with cases where any issue such as is mentioned in paragraph (a) above is (for any reason) wrongly determined, including provision allowing for the imposition of charges to tax (with or without limits on time) on the insurance company concerned or on the policy holders or annuitants concerned,
- (d) require companies to supply information and make available books, documents and other records for inspection on behalf of the Board, and
- (e) make provision (including provision imposing penalties) for contravention of, or non-compliance with, the regulations.
- (3) The regulations may—
- (a) make different provision for different cases, and
- (b) contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.
##### 431EA
In this Chapter “*gross roll-up business*” means business of any of the following kinds—
- (a) pension business;
- (b) child trust fund business;
- (c) individual savings account business;
- (d) life reinsurance business; and
- (e) overseas life assurance business.
##### 431F
In this Chapter “*basic life assurance and general annuity business*” means life assurance business other than gross roll-up business.
### Basis of taxation etc
##### 431G
- (1) This section applies in relation to an insurance company which carries on life assurance business (whether or not it also carries on insurance business of any other kind).
- (2) Subject as follows, the profits of the life assurance business for any accounting period shall be charged to tax under the I minus E basis.
- (3) Where in the case of an insurance company for an accounting period either—
- (a) all of its life assurance business is reinsurance business and none of that business is of a type excluded from this subsection by regulations made by the Board, or
- (b) all, or substantially all, of its life assurance business is gross roll-up business,
the profits of that business for the accounting period shall be charged to tax under section 35 of CTA 2009 (charge on trade profits) and not otherwise.
- (4) Where—
- (a) the profits of the life assurance business of an insurance company for any accounting period are charged to tax under the I minus E basis, and
- (b) had those profits been charged to tax under section 35 of CTA 2009, a loss would have arisen to the company from that business for the period,
the loss (after being reduced in accordance with section 434A(2)(a)) may be relieved under section 37 of CTA 2010 or under Chapter 4 of Part 5 of that Act.
- (5) The application, in relation to the life assurance business of an insurance company, of any of the life assurance trade profits provisions is not to be taken—
- (a) to prevent the application of the I minus E basis in relation to that business of the company for any accounting period, or
- (b) to affect the operation of the I minus E basis in relation to the that business of the company for any accounting period except as specifically provided by the Corporation Tax Acts.
##### 431H
- (1) This section applies in relation to an insurance company which carries on life assurance business and insurance business of any other kind.
- (2) For the purposes of the Corporation Tax Acts—
- (a) the life assurance business, and
- (b) the other insurance business,
are to be treated as separate businesses.
- (3) The profits of the other insurance business shall be charged to tax under section 35 of CTA 2009 (charge on trade profits) as the profits of a separate trade.
- (4) But subsection (3) above does not apply where that business is mutual business.
- (5) As to the profits of the life assurance business, see section 431G.
##### 432YA
- (1) This section applies in the case of—
- (a) a company which is a non-profit company, or
- (b) the non-profit fund of a company which is not a non-profit company,
if an amount (“*the relevant amount*”) is shown in paragraph 4(12) of Appendix 9.4 to the periodical return for the company for a period of account which ends on or after 31st December 2006 but before 1st January 2009 (a “relevant period of account”).
- (2) In computing profits of PHI business in accordance with the provisions applicable for the purposes of section 35 of CTA 2009 (charge on trade profits)—
- (a) X shall be added to the closing long term business provision of the company for the relevant period of account; and
- (b) XA shall be brought into account as a trading receipt of the company for each subsequent period of account until the total sum of the amounts so bought into account is equal to X (and if that total sum would otherwise exceed X, the excess shall be ignored).
- (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2B) X is—
- (a) where the relevant period of account ends before 1st April 2007, the whole of the relevant amount;
- (b) where the relevant period of account ends on or after 1st April 2007 but before 1st January 2008, two-thirds of the relevant amount;
- (c) where the relevant period of account ends on or after 1st January 2008, one-third of the relevant amount.
- (2C) XA is the amount found by applying the following formula—
$$Y12×Z$Here—Y is the number of months of the period of account in question (part of a month being counted as a month); andZ is—(a) where X is the whole of the relevant amount, one-third of X;(b) where X is two thirds of the relevant amount, one-half of X;(c) where X is one third of the relevant amount, the whole of X.$
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In this section—
- “*long term business provision*” has the same meaning as in Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) This section is subject to sections 82E and 82F of the Finance Act 1989 (treatment of transferors and transferees under insurance business transfer schemes) and those sections shall apply in relation to this section as if—
- (a) any reference in them to a provision of section 82D of that Act (treatment of profits: life assurance – adjustment consequent on change in Insurance Prudential Sourcebook) were a reference to the corresponding provision of this section,
- (b) the reference in section 82E(4) to life assurance business were a reference to PHI business, and
- (c) the reference in section 82E(7) to the life assurance trade profits provisions were a reference to the provisions applicable for the purposes of section 35 of CTA 2009.
##### 432ZA
- (1) In this Chapter “*linked assets*” means assets of an insurance company which are identified in its records as assets by reference to the value of which benefits provided for under a policy or contract are to be determined and in a case where only part of an asset is so identified, references to a linked asset are references to that part.
- (2) Linked assets shall be taken—
- (a) to be linked to long-term business of a particular category if the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of business of that category; and
- (b) to be linked solely to long-term business of a particular category if all (or all but an insignificant proportion) of the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of business of that category.
- (3) Where an asset is linked to more than one category of long-term business, a part of the asset shall be taken to be linked to each category; and references in this Chapter to assets linked (but not solely linked) to any category of business shall be construed accordingly.
- (4) Where subsection (3) above applies, the part of the asset linked to any category of business shall be a proportion determined as follows—
- (a) where in the records of the company values are shown for the asset in funds referable to particular categories of business, the proportion shall be determined by reference to those values;
- (b) in any other case the proportion shall be equal to the proportion A/B where—
A is the total of the linked liabilities of the company which are liabilities of the internal linked fund in which the asset is held and are referable to that category of business;
B is the total of the linked liabilities of the company which are liabilities of that fund.
- (5) For the purposes of sections 432A to 432E—
- (a) income arising in any period from assets linked but not solely linked to a category of business,
- (b) gains arising in any period from the disposal of such assets, and
- (c) increases and decreases in the value of such assets,
shall be treated as arising to that category of business in the proportion which is the mean of the proportions determined under subsection (4) above at the beginning and end of the period.
- (6) In this section—
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- “*linked liabilities*” means liabilities in respect of benefits to be determined by reference to the value of linked assets.
- (7) In the case of a policy or contract the effecting of which constitutes a class of life assurance business the fact that it also constitutes PHI business shall be disregarded for the purposes of this section unless the benefits to be provided which constitute PHI business are to be determined by reference to the value of assets.
##### 432AA
- (1) An insurance company is treated (despite sections 205 and 206 of CTA 2009) as carrying on separate UK property businesses or overseas property businesses, in accordance with the following rules.
- (2) The exploitation of land held as an asset of the company’s long-term insurance fund is treated as a separate business from the exploitation of land not so held.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) The exploitation of land held as an asset linked to any of the following categories of business is regarded as a separate business—
- (a) basic life assurance and general annuity business;
- (b) gross roll-up business; and
- (c) PHI business.
- (5) Accordingly, the exploitation of land held as an asset of the company’s long-term insurance fund otherwise than as mentioned in subsection . . . (4) is treated as a separate business from any other.
- (6) In this section “*land*” means any estate, interest or rights in or over land.
##### 432AB
- (1) This section applies to any loss arising in a UK property business or overseas property business.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) So far as a loss is referable to basic life assurance and general annuity business, it shall be treated for the purposes of section 76 as expenses payable which fall to be brought into account at Step 3 in subsection (7) of that section.
- (4) Where a company is treated under section 432AA as carrying on—
- (a) more than one UK property business, or
- (b) more than one overseas property business,
then, in relation to either kind of business, the reference in subsection (3) above to a loss referable to basic life assurance and general annuity business shall be construed as a reference to any aggregate net loss after setting the losses from those businesses which are so referable against any profits from those businesses that are so referable.
- (5) The provisions of Chapter 4 of Part 4 of CTA 2010 (loss relief: property losses) do not apply to a loss referable to life assurance business or any category of life assurance business.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 432CA
- (1) This section applies where—
- (a) an insurance company is not a non-profit company in relation to a period of account (“the current period of account”),
- (b) in the case of any business with which an account of the company for the current period of account is concerned (“the relevant business”), an amount is a relevant brought into account amount for that period of account (see subsection (2)),
- (c) section 432C applies for determining the extent to which the relevant brought into account amount is referable to life assurance business or to gross roll-up business, and
- (d) the line 51 reduction condition is met (see subsection (3)).
- (2) An amount is a relevant brought into account amount for a period of account if—
- (a) it is brought into account as mentioned in subsection (2)(b) of section 83 of the Finance Act 1989 (increases in value of non-linked assets) for that period,
- (b) it is deemed to be brought into account for that period by subsection (2B) of that section in consequence of the transfer of non-linked assets, or
- (c) it is taken into account under subsection (2) of that section for that period by virtue of section 444AB as being the relevant amount in relation to non-linked assets.
- (3) The line 51 reduction condition is met if—
- (a) the amount shown in column 1 of line 51 of Form 14 of the company's periodical return in respect of the relevant business for the current period of account, is less than
- (b) the amount so shown for the period of account immediately before it;
and the amount of the difference is “the relevant reduction”.
- (4) Section 432C applies in relation to so much of the relevant brought into account amount as does not exceed the relevant reduction (“the affected amount”) as if it were brought into account as an increase in the value of assets in the case of the relevant business for the applicable appropriate period of account of the company.
- (5) A period of account is an “appropriate period of account” if it ended before the current period of account and—
- (a) the amount shown in column 1 of line 51 of Form 14 of the company's periodical return in respect of the relevant business for it, was more than
- (b) the amount so shown for the period of account immediately before it;
and the amount of the difference is “the relevant increase.”
- (6) The “applicable” appropriate period of account is the one which ended most recently (“the most recent appropriate period of account”).
- (7) But if the relevant increase in the case of the most recent appropriate period of account is less than the affected amount, the most recent appropriate period of account is the applicable appropriate period of account in relation to only so much of the affected amount as does not exceed that relevant increase.
- (8) In that case, the appropriate period of account which ended most recently before the most recent appropriate period of account is the applicable appropriate period of account in relation to so much of the remainder as does not exceed the relevant increase in the case of that appropriate period of account (and, where necessary, so on until the applicable appropriate period of account is established in relation to all of the affected amount or there are no more appropriate periods of account).
- (9) If the current period of account is not the first in relation to which this section has applied in the case of the business concerned, the amount of the relevant increase in the case of any appropriate period of account (“*the period in question*”) is to be treated as reduced by the relevant aggregate.
- (10) The “relevant aggregate” is the aggregate of so much of the affected amount for any period or periods of account earlier than the current period of account as was an amount to which section 432C applied as if it were brought into account as mentioned in subsection (4) for the period in question.
- (11) 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.
##### 432CB
- (1) This section applies where, under an insurance business transfer scheme, there is a transfer of long-term business—
- (a) from a non-profit fund of an insurance company (“*the transferor*”) which is not a non-profit company in relation to the relevant period of account,
- (b) to another insurance company (“*the transferee*”) to constitute or form part of a non-profit fund of the transferee (“*the transferee's non-profit fund*”),
(“*the transfer*”) and conditions A and B are met.
- (2) Condition A is that the fair value of the assets transferred by the transfer exceeds by an amount (“the chargeable excess”) the amount of the relevant liabilities transferred by the transfer.
For this purpose “relevant” liabilities are liabilities of a type shown (or treated as shown) in any of lines 14, 17, 21 to 23 and 31 to 38 of Form 14 of a periodical return of an insurance company.
- (3) Condition B is that the main purpose, or one of the main purposes, of the transferor or the transferee (or both) in entering into any part of the transfer scheme arrangements is to secure a reduction in tax as a result of section 432C having effect in the case of the transferee, rather than the transferor, in relation to the business transferred by the transfer.
- (4) The chargeable excess is to be brought into account by the transferor as mentioned in section 83(2)(b) of the Finance Act 1989 for the relevant period of account.
- (5) Where there is no amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the first period of account of the transferee ending on or after the transfer date (“the first post-transfer period of account”), the chargeable excess is to be brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for the first post-transfer period of account.
- (6) Where—
- (a) there is an amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the first post-transfer period of account, and
- (b) the amount so shown in column 1 of line 51 of Form 14 of the periodical return of the transferee for that period of account, or for any other period of account of the transferee ending after the transfer date, (an “affected period of account”) is less than the total chargeable excess amount,
the relevant amount is to be brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for the affected period of account.
- (7) For this purpose “the relevant amount” is the amount by which—
- (a) the amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the affected period of account, is less than
- (b) the total chargeable excess amount less any amount brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for any earlier period of account by virtue of the operation of this section in relation to the transferee's non-profit fund.
- (8) In subsections (6) and (7) “*the total chargeable excess amount*” means the aggregate of—
- (a) the chargeable excess, and
- (b) any amount which is the chargeable excess in relation to any other transfer of business to the transferee's non-profit fund.
- (9) In this section “*the relevant period of account*” means—
- (a) the period of account of the transferor ending immediately before the transfer date, or
- (b) if no period of account of the transferor so ends, the period of account of the transferor covering the transfer date.
- (10) In this section “*the transfer scheme arrangements*” means the insurance business transfer scheme and any relevant associated operations; and for this purpose “*relevant associated operations*” means—
- (a) any other insurance business transfer scheme,
- (b) any contract of reinsurance, or
- (c) any reconstruction or amalgamation involving the transferor, a dependant of the transferor which is an insurance undertaking or the transferee,
which is effected in connection with the insurance business transfer scheme.
- (11) In subsection (10)—
- “dependant”, and
- “insurance undertaking”,
have the same meaning as in the Insurance Prudential Sourcebook.
- (12) In this section “*the transfer date*” means the date on which the insurance business transfer scheme takes effect.
- (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.
#### Cases where section 747(3) does not apply.
##### 432F
- (1) The provisions of this section provide for the reduction of the amount determined in accordance with section 432E(3) (“the subsection (3) figure”) for an accounting period in which that amount exceeds, or would otherwise exceed, the amount determined in accordance with section 432E(2) (“the subsection (2) figure”).
- (2) . . . There shall be determined for each accounting period the amount (if any) by which the subsection (2) figure . . . exceeds the subsection (3) figure (“the subsection (2) excess”).
- (3) Where there is a subsection (2) excess, the amount shall be carried forward and if in any subsequent accounting period the subsection (3) figure exceeds, or would otherwise exceed, the subsection (2) figure, it shall be reduced by the amount or cumulative amount of subsection (2) excesses so far as not previously used under this subsection.
- (4) Where in an accounting period that amount is greater than is required to bring the subsection (3) figure down to the subsection (2) figure, the balance shall be carried forward and aggregated with any subsequent subsection (2) excess for use in subsequent accounting periods.
##### 432G
- (1) There is referable to the life assurance business of the transferee the appropriate fraction of the amount brought into account as a business transfer-in and of any amount taken into account as profits under section 444ABD(1).
- (2) For the purposes of subsection (1) above “the appropriate fraction” is—
$$LABLTL$where—LABL is the amount of the liabilities transferred that are referable to the life assurance business (but is nil if it would otherwise be below nil); andTL is the whole of the liabilities transferred.$
- (3) But if the amount of the liabilities transferred is nil, the appropriate fraction for the purposes of subsection (1) above is such fraction as is just and reasonable.
- (4) There is referable to the gross roll-up business of the transferee the relevant fraction of the amount brought into account as a business transfer-in and of any amount taken into account as profits under section 444ABD(1).
- (5) For the purposes of subsection (4) above “the relevant fraction” is—
$$GRBLTL$where—GRBL is the amount of the liabilities transferred that are referable to the gross roll-up business (but is nil if it would otherwise be below nil); andTL has the same meaning as in subsection (2) above.$
- (6) But if the amount of the liabilities transferred is nil, the relevant fraction for the purposes of subsection (4) above is such fraction as is just and reasonable.
### Miscellaneous provisions relating to life assurance business
##### 434AZA
- (1) Where this section applies in the case of a company carrying on life assurance business, relief allowable under section 37 of CTA 2010, or under Part 5 of that Act, in respect of losses incurred by the company in the life assurance business in an accounting period is reduced in accordance with section 434AZB.
- (2) This section applies in the case of a company where—
- (a) there has been a relevant addition to one or more non-profit funds in a period of account ending no later than the accounting period (“the relevant period of account”) (see subsection (3)),
- (b) the company is not a non-profit company in relation to the relevant period of account and has not elected under subsection (9) of section 83YA of the Finance Act 1989 to be treated for the purposes of that section as if it were, and
- (c) condition A or B is met,
and, if the relevant period of account is not the period of account ending with the accounting period (“the current period of account”), condition C is also met.
- (3) For the purposes of subsection (2), there is a relevant addition to a non-profit fund in the relevant period of account if an amount is shown as a transfer from non-technical account in line 32 of the Form 58 of the non-profit fund in the periodical return for that period of account.
- (4) Condition A is that there is a relevant book value election in relation to assets of a non-profit fund of the company.
- (5) For the purposes of subsection (4), there is a relevant book value election in relation to assets of a non-profit fund if an amount is shown in relation to the non-profit fund as the excess of the value of net admissible assets in line 51 of the Form 14 of the non-profit fund in the periodical return for the current period of account.
- (6) Condition B is that the company is party to arrangements the main purpose, or one of the main purposes, of which is to reduce the relevant admissible value of assets of a non-profit fund of the company, other than any structural assets.
- (7) For the purposes of subsection (6) (and section 434AZB), the “*relevant admissible value*” means the value reflected in line 89 of Form 13 of the periodical return for the current period of account.
- (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.
#### Reduction in chargeable profits for certain financing income
##### 434AZB
- (1) The amount of the relief allowable as mentioned in section 434AZA(1) is reduced by whichever of the following is the least—
- (a) the amount of the loss,
- (b) the amount specified in subsection (2), and
- (c) the amount specified in subsection (4).
- (2) The amount mentioned in subsection (1)(b) is—
- (a) where only condition A in section 434AZA is met, the relevant amount relating to the non-profit fund in relation to which it is met or (where it is met in relation to more than one non-profit fund) the sum of the relevant amounts relating to them,
- (b) where only condition B is met, the amount of the relevant reduction relating to the non-profit fund in relation to which it is met or (where it is met in relation to more than one non-profit fund) the sum of the relevant reductions relating to them, and
- (c) where both condition A and condition B are met, the aggregate of the amounts in paragraphs (a) and (b).
- (3) In subsection (2)—
- (a) “*relevant amount*”, in relation to a non-profit fund, means the amount shown in relation to the non-profit fund as the excess of the value of net admissible assets in line 51 of the Form 14 of the non-profit fund in the periodical return for the current period of account (as reduced by any amount which has had effect to reduce relief for losses for a previous accounting period), and
- (b) “*relevant reduction*”, in relation to a non-profit fund, means the reduction of the relevant admissible value of assets of the non-profit fund (other than structural assets) which is attributable to the arrangements (as so reduced).
- (4) The amount mentioned in subsection (1)(c) is—
- (a) if the relevant period of account is the current period of account, the amount referred to in section 434AZA(3) in the case of the non-profit fund, or of each of the non-profit funds, to which there has been a relevant addition in the relevant period of account, and
- (b) otherwise, so much of the amount shown in line 31 of the Form 58 of the non-profit fund or non-profit funds in the periodical return for the current period of account as is attributable to the amount so referred to.
##### 434AZC
- (1) For the purposes of sections 434AZA and 434AZB, a non-profit fund required to support a with-profits fund is to be treated as not being a non-profit fund.
- (2) Sections 434AZA and 434AZB apply to a non-profit part of a with-profits fund as if references to something shown in the Form 14 or Form 58 of the non-profit fund in a periodical return were to what would be so shown if there were a Form 14 or Form 58 of the non-profit part of the with-profits fund in the periodical return.
- (3) In sections 434AZA and 434AZB—
- “*arrangements*” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
- “*structural assets*” has the same meaning as in section 83XA of the Finance Act 1989 (see subsection (3) of that section and any regulations made under it).
##### 434B
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 434E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 436A
- (1) The charge to corporation tax on income applies to profits arising to an insurance company from gross roll-up business.
- (2) For that purpose—
- (a) the gross roll-up business is to be treated separately, and
- (b) the profits from it are to be computed in accordance with the life assurance trade profits provisions.
- (3) In making that computation, sections 82 and 82B to 83AB 83ZA of the Finance Act 1989 apply with the necessary modifications.
- (4) If in any accounting period an insurance company incurs a loss, to be computed on the same basis as the profits, arising from its gross roll-up business—
- (a) the loss must be set off against the amount of any profits chargeable under this section for any subsequent accounting period, and
- (b) accordingly, the amount of the company's profits so charged in any such accounting period is to be treated as reduced by the amount of the loss or so much of that amount as cannot be relieved under this section against profits of an earlier accounting period.
- (5) Section 91 of CTA 2010 does not apply to a loss incurred by an insurance company on its gross roll-up business.
- (6) No loss to which section 91 of CTA 2010 applies may be set off . . . against the amount of any profits chargeable under this section.
- (7) This section does not apply in relation to an insurance company for an accounting period if the profits of its long-term business for the accounting period are charged to tax under section 35 of CTA 2009 (charge on trade profits).
##### 436B
- (1) Gains referable to gross roll-up business are not chargeable gains.
- (2) For the purposes of this section “*gains referable to gross roll-up business*” means gains which—
- (a) accrue to an insurance company on the disposal by it of assets of its long-term insurance fund, and
- (b) are referable (in accordance with section 432A) to gross roll-up business.
##### 437A
- (1) For the purposes of section 437 an annuity is a steep-reduction annuity if—
- (a) the amount of any payment in respect of the annuity (but not the term of the annuity) depends on any contingency other than the duration of a human life or lives;
- (b) the annuitant is entitled in respect of the annuity to payments of different amounts at different times; and
- (c) those payments include a payment (“*a reduced payment*”) of an amount which is substantially smaller than the amount of at least one of the earlier payments in respect of that annuity to which the annuitant is entitled.
- (2) Where there are different intervals between payments to which an annuitant is entitled in respect of any annuity, the question whether or not the conditions in subsection (1)(b) and (c) above are satisfied in the case of that annuity shall be determined by assuming—
- (a) that the annuitant’s entitlement, after the first payment, to payments in respect of that annuity is an entitlement to payments at yearly intervals on the anniversary of the first payment; and
- (b) that the amount to which the annuitant is assumed to be entitled on each such anniversary is equal to the annuitant’s assumed entitlement for the year ending with that anniversary.
- (3) For the purposes of subsection (2) above an annuitant’s assumed entitlement for any year shall be determined as follows—
- (a) the annuitant’s entitlement to each payment in respect of the annuity shall be taken to accrue at a constant rate during the interval between the previous payment and that payment; and
- (b) his assumed entitlement for any year shall be taken to be equal to the aggregate of the amounts which, in accordance with paragraph (a) above, are treated as accruing in that year.
- (4) In the case of an annuity to which subsection (2) above applies, the reference in section 437(1CB)(a) to the making of a reduced payment shall be construed as if it were a reference to the making of a payment in respect of that annuity which (applying subsection (3)(a) above) is taken to accrue at a rate that is substantially less than the rate at which at least one of the earlier payments in respect of that annuity is taken to accrue.
- (5) Where—
- (a) any question arises for the purposes of this section whether the amount of any payment in respect of any annuity—
- (i) is substantially smaller than the amount of, or
- (ii) accrues at a rate substantially less than,
an earlier payment in respect of that annuity, and
- (b) the annuitant or, as the case may be, every annuitant is an individual who is beneficially entitled to all the rights conferred on him as such an annuitant,
that question shall be determined without regard to so much of the difference between the amounts or rates as is referable to a reduction falling to be made as a result of the occurrence of a death.
- (6) Where the amount of any one or more of the payments to which an annuitant is entitled in respect of an annuity depends on any contingency, his entitlement to payments in respect of that annuity shall be determined for the purposes of section 437(1CA) to (1CC) and this section according to whatever (applying any relevant actuarial principles) is the most likely outcome in relation to that contingency.
- (7) Where any agreement or arrangement has effect for varying the rights of an annuitant in relation to a payment in respect of any annuity, that payment shall be taken, for the purposes of section 437(1CA) to (1CC) and this section, to be a payment of the amount to which the annuitant is entitled in accordance with that agreement or arrangement.
- (8) References in this section to a contingency include references to a contingency that consists wholly or partly in the exercise by any person of any option.
##### 438B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 438C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 439A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 439B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 440B
- (1) The following provisions apply where the profits of a company’s life assurance business are charged to tax under section 35 of CTA 2009 (charge on trade profits)in accordance with section 431G(3).
- (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) Subsection (1) of section 440 applies as if the only categories set out in subsection (4) of that section were—
- (a) assets of the long-term insurance fund, and
- (b) other assets.
- (4) Section 440A applies as if for paragraphs (a), (d) and (e) of subsection (2) there were substituted—
- (“) so many of the securities as are included in the company's long-term insurance fund shall be treated for the purposes of corporation tax as a separate holding which is an asset of that fund, and
- (b) any remaining securities shall be treated for those purposes as a separate holding which is not of the description mentioned in the preceding paragraph.”.
- (4A) Section 440(2) does not apply if either the transferor or the company by which the asset is acquired is a company whose profits are charged to tax under section 35 of CTA 2009 (or if they both are).
- (4B) Section 211 of the 1992 Act does not apply in relation to assets which are referable to the life assurance business of the transferor if the transferor is a company whose profits are charged to tax under section 35 of CTA 2009.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 440C
- (1) Subsection (2) makes provision for a case where—
- (a) subsection (4) of section 431G applies in relation to the profits of the life assurance business of an insurance company for any accounting period, but
- (b) the profits of that business for a succeeding accounting period fall to be charged to tax under section 35 of CTA 2009 (charge on trade profits) by virtue of subsection (3) of that section.
- (2) The loss referred to in section 431G(4)(b) (less any loss for the same accounting period set off under section 436A for any intervening accounting period and any amount deducted for any such period in respect of the loss by virtue of section 85A(3)(b) of the Finance Act 1989) may be relieved under section 45 of CTA 2010 against profits of that succeeding accounting period (without being reduced in accordance with section 434A(2)(a)).
- (3) In determining whether any loss has been set off under section 436A for any intervening accounting period, or whether any amount has been deducted for any such period in respect of the loss by virtue of section 85A(3)(b) of the Finance Act 1989, losses of earlier accounting periods are to be assumed to be set off before those of later accounting periods.
- (4) Subsection (5) makes provision for a case where—
- (a) a loss arises to an insurance company for an accounting period for which the profits of its life assurance business fall to be charged to tax under section 35 of CTA 2009 by virtue of section 431G(3)(b),
- (b) the profits of that business for a subsequent accounting period are charged to tax under the I minus E basis, and
- (c) had those profits (instead) been charged to tax under section 35 of CTA 2009, any of that loss would have been available to be set off against them under section 45 of CTA 2010.
- (5) The loss is to be treated for the purposes of the operation of section 436A in relation to the subsequent accounting period as if it were a loss arising from its gross roll-up business in the accounting period in which it arose.
- (6) Subsections (7) and (8) make provision for a case where—
- (a) the profits of the life assurance business of an insurance company for an accounting period are charged to tax under the I minus E basis,
- (b) the profits of that business for its next accounting period fall to be charged to tax under section 35 of CTA 2009 by virtue of section 431G(3), and
- (c) that prevents the giving of relief in accordance with section 86(8) of the Finance Act 1989 (acquisition expenses relieved in fractions under section 76).
- (7) Any relief which would have been so given in—
- (a) the next accounting period, or
- (b) any subsequent accounting period for which the profits of the company's life assurance business continue to be charged to tax under section 35 of CTA 2009,
may be given by set-off against any gains treated as accruing under section 213(1) of the 1992 Act at the end of the accounting period.
- (8) But if the profits of the company's life assurance business for a subsequent accounting period are charged to tax under the I minus E basis, any relief not previously given under subsection (7) is to be treated for the purposes of the operation of section 76 in relation to the first subsequent accounting period for which profits are so charged as if it were an amount which is to be relieved under that section by virtue of section 86(8) and (9) of the Finance Act 1989.
#### Special rule for computing chargeable profits.
##### 440D
Schedule 19ABA (which makes modifications of this Act in relation to BLAGAB group reinsurers) shall have effect.
##### 441B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 442A
- (1) Where an insurance company reinsures any risk in respect of a policy or contract attributable to its basic life assurance and general annuity business, the investment return on the policy or contract shall be treated as accruing to the company while the risk remains reinsured by the company under the reinsurance arrangement and shall be charged to tax under the charge to corporation tax on income.
- (2) The Board may make provision by regulations as to the amount of investment return to be treated as accruing in each accounting period during which the reinsurance arrangement is in force.
- (3) The regulations may, in particular, provide that the investment return to be treated as accruing to the company in respect of a policy or contract in any accounting period shall be calculated by reference to—
- (a) the aggregate of the sums paid by the company to the reinsurer during that accounting period and any earlier accounting periods by way of premium or otherwise;
- (b) the aggregate of the sums paid by the reinsurer to the company during that accounting period and any earlier accounting periods by way of commission or otherwise;
- (c) the aggregate amount of the net investment return treated as accruing to the company in any earlier accounting periods, that is to say, net of tax at such rate as may be prescribed; and
- (d) such percentage rate of return as may be prescribed.
- (3A) Where a transfer of the reinsurance arrangement from one insurance company (“*the transferor*”) to another (“*the transferee*”) is effected by novation or an insurance business transfer scheme, for the purpose of calculating the investment return to be treated as accruing to the transferee in respect of the policy or contract after the transfer, the references to the company in subsection (3)(a), (b) and (c) above include (as well as the transferee)—
- (a) the transferor, and
- (b) any insurance company from which the reinsurance arrangement was transferred on an earlier transfer effected by novation or an insurance business transfer scheme.
- (4) The regulations shall provide that the amount of investment return to be treated as accruing . . . in respect of a policy or contract in the final accounting period during which the policy or contract is in force is the amount, ascertained in accordance with regulations, by which the profit over the whole period during which the policy or contract, and the reinsurance arrangement, were in force exceeds the aggregate of the amounts treated as accruing in earlier accounting periods.
- (5) Regulations under this section—
- (a) may exclude from the operation of this section such descriptions of insurance company, such descriptions of policies or contracts and such descriptions of reinsurance arrangements as may be prescribed;
- (b) may make such supplementary provision as to the ascertainment of the investment return to be treated as accruing to the company as appears to the Board to be appropriate, including provision requiring payments made during an accounting period to be treated as made on such date or dates as may be prescribed; and
- (c) may make different provision for different cases or descriptions of case.
- (6) In this section “*prescribed*” means prescribed by regulations under this section.
##### 444AZA
- (1) This section applies where—
- (a) an insurance business transfer scheme has effect to transfer life assurance business from one person (“*the transferor*”) to another (“*the transferee*”),
- (b) assuming the transferor had continued to carry on the business transferred after the transfer, the amount of any profits would have been charged to tax in respect of that business under the I minus E basis,
- (c) the profits in respect of the business transferred for the first period of account of the transferee ending after the date on which the transfer takes effect are charged to tax under section 35 of CTA 2009 (charge on trade profits) by virtue of section 431G(3), and
- (d) the conditions in paragraphs (a) and (b) of section 343(1) are satisfied in relation to the business transferred (construing references to an event as to a transfer).
- (2) Any loss which (assuming the transferor had continued to carry on the business transferred after the transfer) would have been available to be set off against profits chargeable under section 436A (a “qualifying loss of the transferor”) shall instead be treated as a loss of the transferee . . . available to be set off against GRBP in relation to a period of account.
- (3) For the purposes of subsection (2) above “*GRBP*”, in relation to a period of account, is—
$P×GRBTLTL$
where—
- *P* is the amount of such profits of the transferee's life assurance business for the period of account as relate to the business transferred (that amount being determined in accordance with section 343(9) and (10), where applicable),
- *GRBTL* is the mean of the opening and closing liabilities of the transferred gross roll-up business for the period of account, and
- *TL* is the mean of the opening and closing liabilities of the transferred life assurance business for the period of account.
- (4) Where the transfer is of part only of the transferor's long-term business, subsection (2) above shall apply only to such part of any qualifying loss of the transferor to which it would otherwise apply as is appropriate.
- (5) Any question arising as to the operation of subsection (4) above shall be determined in the same manner as an appeal, and both the transferor and transferee shall be entitled to be a party to any proceedings.
#### Reduction in chargeable profits: failure to qualify for exemptions
##### 444AZB
- (1) This section applies where—
- (a) an insurance business transfer scheme has effect to transfer life assurance business from one person (“*the transferor*”) to another (“*the transferee*”),
- (b) assuming the transferor had continued to carry on the business transferred after the transfer, the amount of any profits would have been charged to tax under section 35 of CTA 2009 (charge on trade profits) by virtue of section 431G(3),
- (c) the profits in respect of the business transferred for the first period of account of the transferee ending after the date on which the transfer takes effect are charged to tax under the I minus E basis, and
- (d) the conditions in paragraphs (a) and (b) of section 343(1) are satisfied in relation to the business transferred (construing references to an event as to a transfer).
- (2) The relevant fraction of any loss which (assuming the transferor had continued to carry on the business transferred after the transfer) would have been available to be set off against profits of that business (a “qualifying loss of the transferor”) shall instead be treated as a loss of the transferee . . . available to be set off against the amount of such profits chargeable under section 436A for a period of account as relate to the business transferred (that amount being determined in accordance with section 343(9) and (10), where applicable).
- (3) For the purposes of subsection (2) above “*the relevant fraction*”, in relation to a period of account, is—
$GRBTLTL$
where—
- *GRBTL* is the mean of the opening and closing liabilities of the transferred gross roll-up business for the period of account, and
- *TL* is the mean of the opening and closing liabilities of the transferred life assurance business for the period of account.
- (4) Where the transfer is of part only of the transferor's long-term business, subsection (2) above shall apply only to such part of the amount of any qualifying loss of the transferor to which it would otherwise apply as is appropriate.
- (5) Any question arising as to the operation of subsection (4) above shall be determined in the same manner as an appeal, and both the transferor and transferee shall be entitled to be a party to any proceedings.
##### 444AA
- (1) This section applies where the whole of the long-term business of a person (“*the transferor*”) is transferred from that person–
- (a) by one insurance business transfer scheme, or
- (b) by two or more insurance business transfer schemes which take effect on the same date.
- (2) Where (apart from this subsection) there would not be a periodical return of the transferor covering a period ending immediately before the transfer date, there is to be deemed for the purposes of corporation tax to be a periodical return of the transferor covering the period—
- (a) beginning immediately after the last period ending before the transfer date which is covered by a periodical return of the transferor, and
- (b) ending immediately before the transfer date.
- (3) The periodical return deemed to exist by subsection (2) above is to be deemed to contain—
- (a) such entries as would be included in an actual periodical return of the transferor covering the period mentioned in subsection (2) above, and
- (b) such entries as would be included in an actual periodical return of the transferor covering the period—
- (i) beginning immediately after the end of the period mentioned in subsection (2) above, and
- (ii) ending immediately before the transfer had effect,
and the period mentioned in subsection (2) above is to be deemed to be a period of account (but not an accounting period) of the transferor.
- (4) There is to be deemed for the purposes of corporation tax to be a periodical return of the transferor—
- (a) covering the transfer date, and
- (b) containing the appropriate entries.
- (5) In subsection (4) above “*appropriate entries*” means such entries as would be included in an actual periodical return covering the transfer date—
- (a) in line 32 of Form 40, and
- (b) in line 11 of Form 14, in both columns (treating references in that form to “current year” as references to the time immediately after the transfer date and to “previous year” as references to the time immediately before the transfer date).
- (6) A transfer date covered by a periodical return deemed to exist by subsection (4) above is to be deemed to be a period of account of the transferor only for the purpose of taking into account profits under section 444ABD.
- (7) Where—
- (a) a periodical return deemed to exist by subsection (4) above is preceded by an actual periodical return of the transferor covering the period immediately before the transfer date, and
- (b) profits are to be taken into account under section 444ABD in the period of account deemed to exist by subsection (6) above,
those profits are to be deemed for the purposes of corporation tax to be profits arising on the last day of the period of account covered by the actual periodical return.
- (8) Any actual periodical return of the transferor covering a period which includes the transfer date is to be ignored for the purposes of corporation tax.
- (9) In this section and sections 444AB to 444AECC “*the transfer date*”, in relation to an insurance business transfer scheme, means the date on which it takes effect.
##### 444AB
- (1) This section applies where—
- (a) an insurance business transfer scheme has effect to transfer long-term business of a person (“*the transferor*”) to another person (“*the transferee*”), and
- (b) condition A , AA or B is met.
- (2) Condition A is met if any of the assets of the transferor's long-term insurance fund which are transferred . . . by the insurance business transfer scheme—
- (a) if the transferee is an insurance company or an insurance special purpose vehicle, are not, immediately after their transfer, assets of the transferee's long-term insurance fund, or
- (b) if the transferee is not an insurance company, an insurance special purpose vehicle or a friendly society, would not, immediately after their transfer, be assets of the transferee's long-term insurance fund if the transferee were an insurance company with permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance,
(“non long-term fund transferred assets”).
- (2A) Condition AA is met if—
- (a) the transferee is not an insurance company, an insurance special purpose vehicle or a friendly society, and
- (b) any of the assets of the transferor's long-term insurance fund which are transferred from the transferor to the transferee by the insurance business transfer scheme would, immediately after their transfer, be assets of a non-profit fund of the transferee if the transferee were an insurance company with permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance (“non-profit fund transferred assets”).
- (3) Condition B is met if, immediately after the transfer date, the transferor—
- (a) does not carry on long-term business, but
- (b) holds any assets which, immediately before the transfer date, were assets of its long-term insurance fund (“retained assets”).
- (4) If there are non long-term fund transferred assets, non-profit fund transferred assets or retained assets the relevant amount in relation to them (see subsection (5) below) is to be taken into account under section 83(2) of the Finance Act 1989 as an increase in value of the assets of the long-term insurance fund of the transferor for the relevant period of account (see subsection (6) below).
- (5) Section 444ABA makes provision for the calculation of the relevant amount in relation to non long-term fund transferred assets, section 444ABAA makes provision for its calculation in relation to non-profit fund transferred assets and section 444ABB makes provision for its calculation in relation to retained assets.
- (5A) In this section references to assets held by the transferor after the transfer do not include—
- (a) assets held on trust for the transferee, or
- (b) assets held to meet liabilities which have been wholly reinsured and which are intended to be transferred under an insurance business transfer scheme to the reinsurer.
- (6) In this section and sections 444ABA to 444AC “*the relevant period of account*” means the period of account of the transferor ending, or treated by section 444AA(2) as ending, immediately before the transfer date.
- (7) See section 444AA for the meaning of “the transfer date” in this section.
- (8) For the purpose of subsection (2)(a) and (b), in relation to an insurance special purpose vehicle which is not an insurance company, “*long-term insurance fund*” has the meaning it has in paragraph 4(5) of Schedule 19ABA.
##### 444ABA
- (1) For the purposes of section 444AB the relevant amount in relation to assets that are non long-term fund transferred assets is—
$$FVA-BTO$where—FVA is the fair value of the assets on the transfer date, andBTO is the lesser of ABTO and AL13, where—ABTO is any amount brought into account in respect of the assets as a business transfer-out and shown (or treated as shown) in line 32 of Form 40 in the periodical return of the transferor for the period of account of the transferor including the transfer date, andAL13 is any positive amount shown (or treated as shown) in line 13 of Form 14 in the periodical return for the last period of account of the transferor ending before the transfer date.$
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) See section 444AA for the meaning of “the transfer date”. . . in this section.
##### 444ABAA
- (1) For the purposes of section 444AB the relevant amount in relation to assets that are non-profit fund transferred assets is—
$$FVA-(ABTO+TL)$where—FVA is the fair value of the assets on the transfer date,ABTO is any amount brought into account in respect of the assets as a business transfer-out and shown (or treated as shown) in line 32 of Form 40 in the periodical return of the transferor for the period of account of the transferor including the transfer date, andTL is the amount of any non-profit fund transferred liabilities which are shown (or treated as shown) in any of lines 17, 21 to 23 and 31 to 38, but not in line 61, in Form 14 in the periodical return for the period of account of the transferor ending (or treated as ending by section 444AA) immediately before the transfer date or, if there is no period of account of the transferor so ending (or treated as so ending), the amount of any liabilities which would be so shown if one did.$
- (2) In subsection (1) “*non-profit fund transferred liabilities*” means such of the liabilities of the transferor's long-term insurance fund as are transferred from the transferor to the transferee by the insurance business transfer scheme and were, immediately before their transfer, liabilities of a non-profit fund of the transferor.
- (3) See section 444AA for the meaning of “the transfer date” in this section.
#### Loan relationships etc.
##### 444ABB
- (1) For the purposes of section 444AB the relevant amount in relation to assets that are retained assets is—
$FVA-ABDP-RL13-RRL$
where—
- FVA is the fair value of the assets on the transfer date,
- ABDP is the amount of the profits to be taken into account as profits under section 444ABD,
- RL13 is the amount by which AL13 exceeds VE, and
- RRL is the value of any relevant retained liabilities immediately after the transfer date.
But the relevant amount is nil if it would otherwise be below nil.
- (1A) For the purposes of subsection (1) above—
- (a) AL13 is any positive amount shown (or treated as shown) in line 13 of Form 14 in the periodical return for the last period of account of the transferor ending before the transfer date;
- (b) VE is the amount (if any) by which VL32 exceeds VTL where—
- (i) VL32 is the value of the assets shown (or treated as shown) in line 32 of Form 40 in the periodical return of the transferor covering (or treated as covering) the transfer date, and
- (ii) VTL means the amount of the mathematical reserves (as determined in accordance with section 1.2 of the Insurance Prudential Sourcebook) transferred by the insurance business transfer scheme; and
- (c) relevant retained liabilities are any liabilities of the company's long-term business which are owed by the company immediately after the transfer date and are shown (or treated as shown) in any of lines 17, 21 to 23 and 31 to 38 in Form 14 in a periodical return for the period of account ending (or treated as ending by section 444AA) immediately before the transfer date.
- (2) See section 444AA for the meaning of “the transfer date” in this section.
##### 444ABBA
- (1) This section applies where an insurance business transfer scheme has effect to transfer long-term business from one person (“*the transferor*”) to another (“*the transferee*”).
- (2) If the transferor and the transferee jointly elect, the transferee (and not the transferor) is chargeable to any amount of additional corporation tax to which the transferor would otherwise be chargeable by virtue of section 444AB(4) in relation to relevant non-transferred assets.
- (3) An election under subsection (2) above—
- (a) is to be irrevocable, and
- (b) is to be made by notice to an officer of Revenue and Customs no later than the end of the period of 90 days beginning with the day following the transfer date,
and a copy of the notice containing the election must accompany the tax return of the transferee for the first accounting period ending after the transfer. Paragraphs 54 to 60 of Schedule 18 to the Finance Act 1998 (claims and elections for corporation tax purposes) do not apply to such an election.
- (4) Where an election under subsection (2) above has been made, the transferor must inform the transferee of—
- (a) the amount of any additional corporation tax to which the transferor considers the election to apply, and
- (b) the day on which that tax is due and payable,
no later than the end of the period of 8 months beginning with the day following the transfer date.
- (5) Tax chargeable on the transferee by virtue of an election under subsection (2) above—
- (a) is due in accordance with section 59D of the Management Act on the day on which it would have been due if no election had been made, and
- (b) for the purposes of that section, is to be treated as tax payable by the transferor (and not as tax payable by the transferee).
- (6) See section 444AA for the meaning of “the transfer date” in this section.
##### 444ABC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ABD
- (1) Any profits representing the amount by which—
- (a) the amount of the mathematical reserves (as determined in accordance with section 1.2 of the Insurance Prudential Sourcebook) transferred by an insurance business transfer scheme, exceeds
- (b) the value of the assets transferred by the insurance business transfer scheme shown (or treated as shown) in line 32 of Form 40 of the periodical return of the transferor for the period of account of the transferor including the transfer date,
are to be taken into account as profits of that period of account in accordance with subsections (1A) and (1C) below.
- (1A) Where the profits of the life assurance business of the transferor for a period of account are charged to tax under section 35 of CTA 2009 (charge on trade profits) by virtue of section 431G(3), the appropriate fraction of the amount of the profits to which subsection (1) above applies is to be taken into account as profits of that period of account chargeable to tax under section 35 of that Act (and not otherwise).
- (1B) For the purposes of subsection (1A) above “the appropriate fraction” is the appropriate fraction for the purposes of section 432G(1).
- (1C) Where the profits of the life assurance business of the transferor for a period of account are charged to tax under the I minus E basis, the relevant fraction of the amount of the profits to which subsection (1) above applies is to be taken into account as profits of that period of account chargeable to tax under section 436A (and not otherwise).
- (1D) For the purposes of subsection (1C) above “the relevant fraction” is the relevant fraction for the purposes of section 432G(4).
- (1E) Where the value mentioned in paragraph (b) of subsection (1) above exceeds the amount mentioned in paragraph (a) of that subsection, the amount of the excess is not to be taken into account as a loss of the transferor.
- (2) See section 444AA for the meaning of “the transfer date” in this section.
##### 444AC
- (1) This section applies where an insurance business transfer scheme has effect to transfer . . . long-term business of a person (“*the transferor*”) to another person (“*the transferee*”) and the condition in subsection (2) below is met.
- (2) The condition is that the transferor did not carry on life assurance business that is mutual business during the relevant period of account.
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) The amount which (apart from this section) would be regarded as other income of the transferee for the purposes of section 83(2)(e) of the Finance Act 1989 for the period of account of the transferee which includes the transfer date is to be reduced by an amount equal to the lesser of the transferred surplus and any positive amount shown (or treated as shown) in line 13 of Form 14 in the periodical return for the last period of account of the transferor ending before the transfer date.
- (5) In subsection (4) above “*the transferred surplus*”is VE – RBTO where—
- (a) VE has the same meaning as in section 444ABB, and
- (b) RBTO means so much of BTO as relates to relevant non-transferred assets transferred to the transferee where—
- (i) BTO has the same meaning as in section 444ABA, and
- (ii) “*relevant non-transferred assets*” has the same meaning as in section 444AB.
- (5A) Where the transfer is to more than one transferee, the amount of any reduction to be made in accordance with subsection (4) above is to be apportioned to each transferee on a just and reasonable basis.
- (6) See section 444AA for the meaning of “the transfer date”, and section 444AB for the meaning of “the relevant period of account”, in this section.
##### 444ACZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444ACA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444AE
- (1) Where an insurance business transfer scheme has effect to transfer the relevant financing arrangements entered into in relation to a non-profit fund of an insurance company (“*the transferor*”) to another person (“*the transferee*”), after the transfer—
- (a) they are to be treated for the purposes of sections 83YC and 83YD of the Finance Act 1989 as having been entered into by the transferee, but
- (b) the references in those sections to earlier periods of account of the transferee include earlier periods of account of the transferor.
- (2) But if the insurance business transfer scheme has effect—
- (a) to transfer some but not all of the relevant financing arrangements entered into in relation to the non-profit fund of the transferor, or
- (b) to transfer all of those relevant financing arrangements but not all to one person,
any calculation required by virtue of section 83YC or 83YD in relation to a period of account of the transferor, or of the transferee or any of the transferees, ending after the transfer is to be made on a just and reasonable basis.
- (3) Subsection (4) below applies where—
- (a) relevant financing arrangements have been entered into in relation to a non-profit fund of an insurance company (“the old company”), and
- (b) as a result of any transaction other than an insurance business transfer scheme, another insurance company (“the new company”) becomes the debtor in respect of the money debt, or the cedant, under the financial reinsurance arrangements.
- (4) Where this subsection applies, after the transaction—
- (a) the relevant financing arrangements are to be treated for the purposes of sections 83YC and 83YD as having been entered into by the new company, but
- (b) the references in those sections to earlier periods of account of the new company include earlier periods of account of the old company, and
- (c) the transaction is not to be regarded as causing the condition in section 83YD(3) to be met in relation to the old company.
- (5) But if the transaction has effect—
- (a) to transfer some but not all of the relevant financing arrangements entered into in relation to the non-profit fund of the old company, or
- (b) to transfer all of those relevant financing arrangements but not all to one person,
any calculation required by virtue of section 83YC or 83YD in relation to a period of account of the old company, or of the new company or any of the new companies, ending after the transaction is to be made on a just and reasonable basis.
- (6) Expressions used in this section and section 83YC or 83YD have the same meanings here as there.
##### 444AEA
- (1) This section applies where—
- (a) as a result of the whole . . . of transfer scheme arrangements involving the transfer of long-term business from one person (“*the transferor*”) to another (“*the transferee*”) a life assurance trade profits advantage is obtained by the transferor or the transferee (or by both), and
- (b) the sole or main purpose, or one of the main purposes, of the whole . . . of the transfer scheme arrangements is the obtaining of that . . . advantage.
- (2) In subsection (1) above “*transfer scheme arrangements*” means an insurance business transfer scheme (“*the relevant transfer scheme*”) together with any relevant associated operations.
- (3) If a life assurance trade profits advantage is obtained by the transferor (see subsection (1) of section 444AEB), the amount of the . . . advantage (see subsection (2) of that section) is to be taken into account as an increase in value of the assets of the long-term insurance fund of the transferor—
- (a) to the extent that the advantage is obtained by the transferor in the period of account covering the transfer date or any earlier period of account—
- (i) for the period of account of the transferor ending (or treated as ending) immediately before the transfer date, or
- (ii) where there is no such period, for the period of account of the transferor including the transfer date, and
- (b) to the extent that the advantage is obtained by the transferor in any later period of account of the transferor in which any relevant associated operations are effected, for that later period of account.
- (4) If a life assurance trade profits advantage is obtained by the transferee (see subsection (1) of section 444AEC), the amount of the . . . advantage (see subsection (2) of that section) is to be taken into account as an increase in value of the assets of the long-term insurance fund of the transferee for the period of account of the transferee in which the advantage is obtained by the transferee.
- (5) In this section and sections 444AEB to 444AECC“*relevant associated operations*”, in relation to the relevant transfer scheme, means—
- (a) any other insurance business transfer scheme,
- (b) any contract of reinsurance,
- (c) any reconstruction or amalgamation involving the transferor, a dependant of the transferor which is an insurance undertaking or the transferee, or
- (d) any surplus-increasing transfer of assets,
which is effected in connection with the relevant transfer scheme.
- (6) In subsection (5) above—
- “*dependant*” and “*insurance undertaking*” have the same meaning as in the Insurance Prudential Sourcebook, and
- “*surplus-increasing transfer of assets*” means a transfer of assets of the transferor's long-term insurance fund to the transferee which is not brought into account for any period of account of the transferee but increases the amount of total surplus shown in line 39 of Form 58 in any periodical return of the transferee.
- (7) See section 444AA for the meaning of “the transfer date” in this section.
##### 444AEB
- (1) A life assurance trade profits advantage is obtained by the transferor if—
- (a) section 35 profits of its life assurance business for a period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements, or
- (b) section 35 losses of its life assurance business for such a period of account are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements.
- (2) If a life assurance trade profits advantage is obtained by the transferor, the amount of the advantage is the aggregate of—
- (a) the amounts (if any) by which section 35 profits for each period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements, and
- (b) the amounts (if any) by which section 35 losses for each such period of account are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements.
- (3) This section applies to a period of account if it is—
- (a) the period of account of the transferor covering the transfer date,
- (b) any earlier period of account of the transferor, or
- (c) where any relevant associated operations are effected in any later period of account, that period of account.
- (4) In this section and sections 444AEC, 444AECB and 444AECC—
- “*section 35 profits*” and “*section 35 losses*” means profits and losses computed in accordance with the life assurance trade profits provisions, and
- “the relevant time” is the time at which any application under section 444AED is made, or, if no such application is made, the transfer date.
- (5) See section 444AA for the meaning of “the transfer date”, and section 444AEA for the meaning of “relevant associated operations”, in this section.
##### 444AEC
- (1) A life assurance trade profits advantage is obtained by the transferee if—
- (a) section 35 profits of its life assurance business for a period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements, or
- (b) section 35 losses of its life assurance business for such a period of account are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements.
- (2) If a life assurance trade profits advantage is obtained by the transferee, the amount of the advantage is—
- (a) the amount by which section 35 profits for each period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements, or
- (b) the amount by which section 35 losses for each such period of account are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements.
- (3) This section applies to a period of account if it is—
- (a) the first period of account of the transferee ending after the transfer date or after the effecting of the first of any relevant associated operations (if that occurs before the transfer date),
- (b) the second period of account of the transferee ending after the transfer date or after the effecting of the last of any relevant associated operations (if that occurs after the transfer date), or
- (c) any intervening period of account.
- (4) See section 444AA for the meaning of “the transfer date”, section 444AEA for the meaning of “relevant associated operations” and section 444AEB for the meaning of “ section 35 profits” and “ section 35 losses” and “the relevant time”, in this section.
##### 444AECA
- (1) This section applies where—
- (a) as a result of any part of transfer scheme arrangements involving the transfer of long-term business from one person (“*the transferor*”) to another (“*the transferee*”) a life assurance trade profits advantage is obtained by the transferor or the transferee (or by both), and
- (b) the sole or main purpose, or one of the main purposes, of that part of the transfer scheme arrangements is the obtaining of that . . . advantage.
- (2) In subsection (1) above “*transfer scheme arrangements*” has the same meaning as in section 444AEA.
- (3) If a life assurance trade profits advantage is obtained by the transferor (see subsection (1) of section 444AECB), the amount of the . . . advantage (see subsection (3) of that section) is to be taken into account as an increase in value of the assets of the long-term insurance fund of the transferor—
- (a) to the extent that the advantage is obtained by the transferor in the period of account covering the transfer date or any earlier period of account—
- (i) for the period of account of the transferor ending (or treated as ending) immediately before the transfer date, or
- (ii) where there is no such period, for the period of account of the transferor including the transfer date, and
- (b) to the extent that the advantage is obtained by the transferor in any later period of account of the transferor in which any relevant associated operations are effected, for that later period of account.
- (4) If a life assurance trade profits advantage is obtained by the transferee (see subsection (1) of section 444AECC), the amount of the . . . advantage (see subsection (2) of that section) is to be taken into account as an increase in value of the assets of the long-term insurance fund of the transferee for the period of account of the transferee in which the advantage is obtained by the transferee.
- (5) See section 444AA for the meaning of “the transfer date”, and section 444AEA for the meaning of “relevant associated operations”, in this section.
##### 444AECB
- (1) A life assurance trade profits advantage is obtained by the transferor if—
- (a) section 35 profits of its life assurance business for a period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for any part of the transfer scheme arrangements, or
- (b) section 35 losses of its life assurance business for such a period of account are, or at the relevant time are expected to be, greater than they would be but for any part of the transfer scheme arrangements.
- (2) But if any of the relevant associated operations would, by itself, cause the section 35 profits to be greater or the section 35 losses to be less than they would be but for that operation, the amount by which those profits would be greater or those losses would be less shall be taken into account in determining whether a life assurance trade profits advantage is obtained by the transferor.
- (3) If a life assurance trade profits advantage is obtained by the transferor, the amount of the advantage is the aggregate of—
- (a) the amounts (if any) by which section 35 profits for each period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the relevant part of the arrangements, and
- (b) the amounts (if any) by which section 35 losses for each such period of account are, or at the relevant time are expected to be, greater than they would be but for the relevant part of the arrangements.
- (4) This section applies to a period of account if it is—
- (a) the period of account of the transferor covering the transfer date,
- (b) any earlier period of account of the transferor, or
- (c) where any relevant associated operations are effected in any later period of account, that period of account.
- (5) In this section and section 444AECC “*the relevant part of the arrangements*” means, in relation to a life assurance trade profits advantage, the part of the transfer scheme arrangements as a result of which the advantage is obtained.
- (6) See section 444AA for the meaning of “the transfer date”, section 444AEA for the meaning of “relevant associated operations” and section 444AEB for the meaning of “ section 35 profits” and “ section 35 losses” and “the relevant time”, in this section.
##### 444AECC
- (1) A life assurance trade profits advantage is obtained by the transferee if—
- (a) section 35 profits of its life assurance business for a period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for any part of the transfer scheme arrangements, or
- (b) section 35 losses of its life assurance business for such a period of account are, or at the relevant time are expected to be, greater than they would be but for the any part of the transfer scheme arrangements.
- (2) But if any of the relevant associated operations would, by itself, cause the section 35 profits to be greater, or the section 35 losses to be less, than they would be but for that operation, the amount by which those profits would be greater or those losses would be less shall be taken into account in determining whether a life assurance trade profits advantage is obtained by the transferor.
- (3) If a life assurance trade profits advantage is obtained by the transferee, the amount of the advantage is—
- (a) the amount by which section 35 profits for each period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the relevant part of the arrangements, or
- (b) the amount by which section 35 losses for each such period of account are, or at the relevant time are expected to be, greater than they would be but for the relevant part of the arrangements.
- (4) This section applies to a period of account if it is—
- (a) the first period of account of the transferee ending after the transfer date or after the effecting of the first of any relevant associated operations (if that occurs before the transfer date),
- (b) the second period of account of the transferee ending after the transfer date or after the effecting of the last of any relevant associated operations (if that occurs after the transfer date), or
- (c) any intervening period of account.
- (5) See section 444AA for the meaning of “the transfer date”, section 444AEA for the meaning of “relevant associated operations”, section 444AEB for the meaning of “ section 35 profits” and “ section 35 losses” and “the relevant time” and section 444AECB for the meaning of “the relevant part of the arrangements”, in this section.
##### 444AED
- (1) Sections 444AEA and 444AECA do not apply in relation to the transferor or the transferee if, on an application under this section, the Commissioners for Her Majesty's Revenue and Customs (“the HMRC Commissioners”) have given a notice under subsection (2) below.
- (2) A notice under this subsection is a notice stating that the HMRC Commissioners are satisfied—
- (a) that the obtaining of a life assurance trade profits advantage by the applicant is not the sole or main purpose of the whole or any part of the transfer scheme arrangements, or
- (b) that the transferor and the transferee are members of the same group of companies and that there is no advantage to the group arising from any life assurance trade profits advantage obtained by the transferor or by the transferee.
- (3) For the purposes of this section there is no advantage to a group arising from any life assurance trade profits advantage obtained by the transferor or by the transferee if—
- (a) as a result of transfer scheme arrangements, there is an increase in the liability to corporation tax of one or more companies which are members of the group of companies, and
- (b) the amount (or aggregate amount) of that increase is not less than the reduction in the liability to corporation tax of the transferor or the transferee (or both) arising from the obtaining of the life assurance trade profits advantage.
- (4) An application under this section must be in writing and contain particulars of the transfer scheme arrangements.
- (5) The HMRC Commissioners may by notice require the applicant to provide further particulars in order to enable them to determine the application.
- (6) A requirement may be imposed under subsection (5) above within 30 days of the receipt of the application or of any further particulars required under that subsection.
- (7) If a notice under subsection (5) above is not complied with within 30 days or such longer period as the HMRC Commissioners may allow, they need not proceed further on the application.
- (8) The HMRC Commissioners must give notice of their decision on an application under this section to the applicant within 30 days of receiving the application or, if they give a notice under subsection (5) above, within 30 days of that notice being complied with.
- (9) If the HMRC Commissioners—
- (a) give notice to the applicant under subsection (8) above that they are not satisfied as mentioned in subsection (2) above, or
- (b) do not comply with subsection (8) above,
the applicant may require them to transmit the application to the tribunal.
- (10) A requirement under subsection (9) above must be imposed within 30 days of the giving of the notice or the failure to comply and must be accompanied by any notice given under subsection (5) above and further particulars provided pursuant to any such notice.
- (11) Any notice given by the tribunal has effect for the purposes of subsection (1) above as if it were given by the HMRC Commissioners.
- (12) If any particulars provided under this section do not fully and accurately disclose all facts and considerations material for the decision of the HMRC Commissioners or the tribunal, any resulting notice that they are satisfied as mentioned in subsection (2) above is void.
- (13) For the purposes of this section two companies are members of the same group of companies if they are for the purposes of Part 5 of CTA 2010.
### Surpluses of mutual and former mutual businesses
##### 444AF
- (1) This section applies in relation to a period of account of an insurance company (“*the relevant period*”) if—
- (a) at any time in the relevant period the company carries on life assurance business that is not mutual business,
- (b) the company has an amount of undistributed demutualisation surplus for the relevant period (see subsection (7)), and
- (c) there is a reduction in the amount of the company's unappropriated surplus over the relevant period (see section 444AI).
- (2) Where this section applies in relation to the relevant period, there shall be deemed for the purposes of section 83(2) of the Finance Act 1989 to be brought into account for the relevant period as an increase in the value of the assets of the company's long-term insurance fund whichever of the following amounts is the smallest—
- (a) the amount of the reduction mentioned in subsection (1)(c) above;
- (b) the amount of the company's undistributed demutualisation surplus for the relevant period;
- (c) the amount of the company's relevant receipts reduction for the relevant period (see section 444AJ).
- (3) If the company prepares for the relevant period one or more such separate revenue accounts as are mentioned in section 83A(2)(b) of the Finance Act 1989—
- (a) subsection (2) above shall apply separately in relation to each separate revenue account which is recognised for the purposes of section 83 of that Act; and
- (b) for that purpose, any amount that falls to be determined in order to determine—
- (i) whether that subsection applies in relation to any such separate revenue account, and
- (ii) if so, the amount to be brought into account under that subsection in relation to that account,
shall be determined using only amounts or items which relate to the separate revenue account concerned.
- (4) In applying subsection (2) above in relation to a revenue account or separate revenue account which—
- (a) is recognised for the purposes of section 83 of that Act, and
- (b) is one in relation to which section 432C applies,
that subsection shall have effect as if for “smallest” there were substituted smaller and as if paragraph (c) were omitted.
- (5) This section shall have effect—
- (a) for the purposes of computing in accordance with the life assurance trade profits provisions the profits of the company's life assurance business, and
- (b) for the purposes of so computing profits of the company chargeable . . . under section 436A (gross roll-up business).
- (6) But for the purposes mentioned in subsection (5)(b) above, this section and section 444AG have effect subject to the modification in section 444AH; and the Corporation Tax Acts have effect accordingly (so that there may, in particular, be a difference between—
- (a) the amount deemed to be brought into account by virtue of subsection (2) above for a period of account for those purposes, and
- (b) the amount so deemed to be brought into account for that period of account for the purposes mentioned in subsection (5)(a) above).
- (7) For the purposes of this section, the undistributed demutualisation surplus of an insurance company for the relevant period is—
- (a) an amount equal to (UDSP – AD + DTSI – DTSO); or
- (b) if that amount is a negative amount, nil.
For this purpose—
- UDSP is the undistributed demutualisation surplus of the company for the period of account immediately preceding the relevant period,
- AD is any amount deemed under this section to be brought into account for the period of account immediately preceding the relevant period as an increase in the value of the assets of the company's long-term insurance fund,
- DTSI is the total amount of any demutualisation transfer surpluses accruing to the company during the relevant period (see section 444AG),
- DTSO is the total amount of any demutualisation transfer surpluses accruing to any other company (or companies) during the relevant period on a transfer (or transfers) of life assurance business by the company to that other company (or companies).
##### 444AG
- (1) For the purposes of section 444AF and this section, a demutualisation transfer surplus accrues to an insurance company where—
- (a) life assurance business is transferred to the company by a person (“*the transferor*”),
- (b) after the transfer, the company carries on the transferred business otherwise than as mutual business, and
- (c) the condition in subsection (2) below is satisfied in relation to the transfer.
- (2) The condition is that—
- (a) immediately before the transfer, the transferor carried on the transferred business as mutual business, or
- (b) where paragraph (a) above does not apply, some or all of the transferred business was carried on by an insurance company as mutual business at a time on or after 1st January 1990 and before the transfer (“former mutual business”).
- (3) The demutualisation transfer surplus accrues to the company on the date of the transfer.
- (4) The amount of the demutualisation transfer surplus is given by subsection (5) or (6) below.
- (5) Where subsection (2)(a) above applies, the amount of the demutualisation transfer surplus is—
- (a) where the whole of the transferor's life assurance business was transferred to the company under the transfer, the aggregate of—
- (i) the unappropriated surplus of the transferor at the end of the period of account of the transferor ending immediately before the transfer, and
- (ii) the amount of any added surplus accruing to the company in connection with the transfer (see subsection (10));
- (b) otherwise, a just and reasonable portion of that aggregate amount, having regard to how much of the transferor's life assurance business was transferred to the company under the transfer.
- (6) Where subsection (2)(b) above applies, the amount of the demutualisation transfer surplus is—
- (a) where the whole of the transferor's life assurance business was transferred to the company under the transfer and all of the transferred business is former mutual business, the former mutual surplus of the transferor on the transfer date (see subsection (7));
- (b) otherwise, so much of that former mutual surplus as it is just and reasonable to attribute to the company, having regard in particular to—
- (i) how much of the transferor's life assurance business was transferred to the company under the transfer, and
- (ii) how much of the transferred business is former mutual business.
- (7) For the purposes of subsection (6) above, the former mutual surplus of the transferor on the transfer date is—
- (a) the amount given by subsection (8) below, or
- (b) if less, the amount given by subsection (9) below.
- (8) The amount given by this subsection is the total amount of any demutualisation transfer surpluses accruing to the transferor—
- (a) on or after 1st January 1990, and
- (b) on or before the date of the transfer.
- (9) The amount given by this subsection is the lowest amount of unappropriated surplus of the transferor at the end of any period of account ending—
- (a) on or after the date of the last occasion on which a demutualisation transfer surplus accrued to it as mentioned in subsection (8) above, and
- (b) on or before the date of the transfer.
- (10) For the purposes of this section, added surplus accrues to the company in connection with the transfer if—
- (a) an amount of assets is received by the company in connection with the transfer, no later than six months after the date of the transfer,
- (b) the amount is not brought into account by the company,
- (c) the amount is added to the unappropriated surplus of the company, and
- (d) the amount does not derive from any unappropriated surplus of the transferor;
and the amount of the added surplus is the amount referred to in paragraphs (a) to (d) above.
##### 444AH
- (1) The modification in this section has effect for the purposes mentioned in section 444AF(5)(b) only.
- (2) In relation to any demutualisation transfer surplus accruing to a company in a post-2002 period of account—
- (a) the references in section 444AG(5) to the unappropriated surplus of the transferor at the end of the period of account of the transferor ending immediately before the transfer shall be taken to be references to—
- (i) the amount of that unappropriated surplus, or
- (ii) if less, the unappropriated surplus of the transferor at the end of the period of account immediately preceding the first post-2002 period of account of the transferor; and
- (b) the references in sections 444AF and 444AG to the amount of any demutualisation transfer surplus are to have effect accordingly.
- (3) In this section “*post-2002 period of account*”, in relation to an insurance company, means a period of account of the company beginning on or after 1st January 2003 and ending on or after 9th April 2003.
##### 444AI
- (1) For the purposes of section 444AF—
- (a) there is a reduction in the amount of the company's unappropriated surplus over the relevant period if CUS is less than (OUS + TSI – TSO);
- (b) the amount of that reduction is the amount by which CUS is less than (OUS + TSI – TSO).
- (2) In this section—
- CUS is the amount of the company's unappropriated surplus at the end of the relevant period,
- OUS is the amount of the company's unappropriated surplus at the end of the period of account immediately preceding the relevant period,
- TSI is the total amount of any transfer surpluses accruing to the company during the relevant period (see subsections (3) to (7)),
- TSO is the total amount of any transfer surpluses accruing to any other company (or companies) during the relevant period on a transfer (or transfers) of life assurance business by the company to that other company (or companies).
- (3) For the purposes of this section, a transfer surplus accrues to an insurance company where life assurance business is transferred to the company by a person (“*the transferor*”).
- (4) The transfer surplus accrues to the company on the date of the transfer.
- (5) The amount of the transfer surplus is equal to so much of the unappropriated surplus of the transferor at the end of the period of account of the transferor ending immediately before the transfer as is transferred to the company under the transfer.
- (6) But if, immediately before the transfer, the transferor carried on the transferred business as mutual business, the amount of the transfer surplus is the aggregate of—
- (a) the amount given by subsection (5) above, and
- (b) the amount of any added surplus accruing to the company in connection with the transfer.
- (7) Subsection (10) of section 444AG applies for the purposes of subsection (6) above as it applies for the purposes of that section.
##### 444AJ
- (1) For the purposes of sections 444AF and 444AK, the amount of the company's relevant receipts reduction for the relevant period is to be calculated by—
- (a) determining, in the case of each with-profits fund of the company, the amount given by subsection (2) or (6) below for the relevant period, and
- (b) aggregating each of those amounts.
- (2) The amount, in the case of a fund other than a policy holder participation fund, is—
- (a) where the gross transfer to non-technical account for the fund for the relevant period (see subsections (3) and (4)) is greater than the post-policy holder surplus for the fund for the relevant period (see subsection (5)), the amount of the difference;
- (b) otherwise, nil.
- (3) In this section “*the gross transfer to non-technical account*” means the amount shown in line 13 of Form 58 for the fund.
- (4) But if—
- (a) there is a transfer from a with-profits fund of the company to another fund of the company (“the initial transfer”) which is shown in (or included in an amount shown in) line 14 of Form 58 for the with-profits fund,
- (b) there is a transfer from a fund of the company (whether or not the other fund mentioned in paragraph (a) above) to the non-technical account which is shown in (or included in an amount shown in) line 13 of Form 58 for that fund, and
- (c) the transfer to the non-technical account can reasonably be regarded as connected with the initial transfer,
the amount of the gross transfer to non-technical account for the relevant period given by subsection (3) above in the case of the with-profits fund is to be increased by the amount transferred to the non-technical account.
- (5) In this section “*post-policy holder surplus*” means an amount equal to—
$$SA-TAP$where—SA is—(a) the amount shown in line 34 of Form 58 for the fund (surplus arising since last valuation), or(b) if that amount is a negative amount, nil;TAP is the amount shown in line 46 of Form 58 for the fund (total allocated to policy holders).$
- (6) The amount, in the case of a policy holder participation fund, is—
- (a) where TAP is greater than SA, the amount of the difference;
- (b) otherwise, nil;
and for this purpose “*SA*” and “*TAP*” have the same meaning as in subsection (5) above.
- (7) References in this section to Form 58 are references to that Form in the periodical return of the company for the relevant period.
- (8) In this section “*policy holder participation fund*” means a fund in the case of which an amount equal to the amount shown in line 34 of Form 58 for the fund is allocated to policy holders for the relevant period.
##### 444AK
- (1) This section applies if at any time in a period of account of an insurance company (“*the relevant period*”)—
- (a) the company carries on life assurance business as mutual business, and
- (b) the company carries on gross roll-up business.
- (2) If there is a reduction in the amount of the company's unappropriated surplus over the relevant period, there shall be deemed for the purposes of section 83(2) of the Finance Act 1989 to be brought into account for the relevant period as an increase in the value of the assets of the company's long-term insurance fund—
- (a) the amount of that reduction, or
- (b) if less, the amount of the company's relevant receipts reduction for the relevant period (see section 444AJ).
- (3) But subsection (2) above shall have effect only for the purposes of computing in accordance with the life assurance trade profits provisions the profits for the relevant period of the company's gross roll-up business.
- (4) If the company prepares for the relevant period one or more such separate revenue accounts as are mentioned in section 83A(2)(b) of the Finance Act 1989—
- (a) subsection (2) above shall apply separately in relation to each separate revenue account which is recognised for the purposes of section 83 of that Act; and
- (b) for that purpose, any amount that falls to be determined in order to determine—
- (i) whether that subsection applies in relation to any such separate revenue account, and
- (ii) if so, the amount to be brought into account under that subsection in relation to that account,
shall be determined using only amounts or items which relate to the separate revenue account concerned.
- (5) In applying subsection (2) above in relation to a revenue account or separate revenue account which—
- (a) is recognised for the purposes of section 83 of that Act, and
- (b) is one in relation to which section 432C applies,
that subsection shall have effect as if paragraph (b) and the word “or” before it were omitted.
- (6) For the purposes of this section, there is a reduction in the amount of the company's unappropriated surplus over the relevant period if—
- (a) CUS is less than OUS, and
- (b) CUS is less than UUS.
- (7) The amount of that reduction is—
- (a) the amount by which CUS is less than OUS, or
- (b) if OUS is greater than UUS, the amount by which CUS is less than UUS.
- (8) In this section—
- CUS is the amount of the company's unappropriated surplus at the end of the relevant period,
- OUS is the amount of the company's unappropriated surplus at the end of the period of account immediately preceding the relevant period,
- UUS is the amount of the company's unappropriated surplus at the end of the period of account immediately preceding the first period of account of the company to begin on or after 1st January 2003 and to end on or after 9th April 2003.
##### 444AL
- (1) This section applies for the purposes of sections 444AF to 444AK.
- (2) References to mutual business, in relation to any time, include business which at that time is treated for the purposes of section 432E as mutual business.
- (3) “*Unappropriated surplus*”, in relation to a period of account of an insurance company, means an unappropriated surplus on valuation as shown in the periodical return of the company for the period of account.
- (4) References to the unappropriated surplus of the transferor at the end of the period of account of the transferor ending immediately before the transfer are, where a period of account of the transferor does not end at that time, references to the unappropriated surplus on valuation that would have been shown in a periodical return of the transferor for that period had such a return been drawn up.
### Provisions applying in relation to overseas life insurance companies
##### 444B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction in chargeable profits following an exempt period
##### 444C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 444E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Equalisation reserves
##### 444BA
- (1) Subject to the following provisions of this section and to sections 444BB to 444BD, the rules in subsection (2) below shall apply in making any computation, for the purposes of section 35 of CTA 2009 (charge on trade profits), of the profits or losses for any accounting period of an insurance company whose business has at any time been or included business in respect of which it was required, by virtue of equalisation reserve rules, to maintain an equalisation reserve.
- (2) Those rules are—
- (a) that amounts which, in accordance with equalisation reserve rules, are transferred into the equalisation reserve in respect of the company’s business for the accounting period in question are to be deductible;
- (b) that amounts which, in accordance with any such regulations, are transferred out of the reserve in respect of the company’s business for that period are to be treated as receipts of that business; and
- (c) that it must be assumed that all such transfers as are required by equalisation reserve rules to be made into or out of the reserve in respect of the company’s business for any period are made as required.
- (3) Where an insurance company having any business in respect of which it is required, by virtue of equalisation reserve rules, to maintain an equalisation reserve ceases to trade—
- (a) any balance which exists in the reserve at that time for the purposes of the Tax Acts shall be deemed to have been transferred out of the reserve immediately before the company ceases to trade; and
- (b) that transfer out shall be deemed to be a transfer in respect of the company’s business for the accounting period in which the company so ceases and to have been required by equalisation reserve rules.
- (4) Where—
- (a) an amount is transferred into an equalisation reserve in respect of the business of an insurance company for any accounting period,
- (b) the rule in subsection (2)(a) above would apply to the transfer of that amount but for this subsection,
- (c) that company by notice in writing to an officer of the Board makes an election in relation to that amount for the purposes of this subsection, and
- (d) the notice of the election is given not more than two years after the end of that period,
the rule mentioned in subsection (2)(a) above shall not apply to that transfer of that amount and, instead, the amount transferred (the “unrelieved transfer”) shall be carried forward for the purposes of subsection (5) below to the next accounting period and (subject to subsection (6) below) from accounting period to accounting period.
- (5) Where—
- (a) in accordance with equalisation reserve rules, a transfer is made out of an equalisation reserve in respect of an insurance company’s business for any accounting period,
- (b) the rule in subsection (2)(b) above would apply to the transfer but for this subsection, and
- (c) the accounting period is one to which any amount representing one or more unrelieved transfers has been carried forward under subsection (4) above,
that rule mentioned in subsection (2)(b) above shall not apply to that transfer except to the extent (if any) that the amount of the transfer exceeds the aggregate of the amounts representing unrelieved transfers carried forward to that period.
- (6) Where in the case of any company—
- (a) any amount representing one or more unrelieved transfers is carried forward to an accounting period in accordance with subsection (4) above, and
- (b) by virtue of subsection (5) above the rule in subsection (2)(b) above does not apply to an amount representing the whole or any part of any transfer out of an equalisation reserve in respect of the company’s business for that period,
the amount mentioned in paragraph (a) above shall not be carried forward under subsection (4) above to the next accounting period except to the extent (if any) that it exceeds the amount mentioned in paragraph (b) above.
- (7) To the extent that any actual or assumed transfer in accordance with equalisation reserve rules of any amount into an equalisation reserve is attributable to arrangements entered into wholly or mainly for tax purposes—
- (a) the rule in subsection (2)(a) above shall not apply to that transfer; and
- (b) the making of that transfer shall be disregarded in determining, for the purposes of the Tax Acts, whether and to what extent there is subsequently any requirement to make a transfer into or out of the reserve in accordance with equalisation reserve rules;
and this subsection applies irrespective of whether the insurance company in question is a party to the arrangements.
- (8) For the purposes of this section the transfer of an amount into an equalisation reserve is attributable to arrangements entered into wholly or mainly for tax purposes to the extent that the arrangements to which it is attributable are arrangements—
- (a) the sole or main purpose of which is, or
- (b) the sole or main benefit accruing from which might (but for subsection (7) above) be expected to be,
the reduction by virtue of this section of any liability to tax.
- (9) Where—
- (a) any transfer made into or out of an equalisation reserve maintained by an insurance company is made in accordance with equalisation reserve rules in respect of business carried on by that company over a period (“the equalisation period”), and
- (b) parts of the equalisation period are in different accounting periods,
the amount transferred shall be apportioned for the purposes of this section between the different accounting periods in the proportions that correspond to the number of days in the equalisation period that are included in each of those accounting periods.
- (10) The Treasury may by regulations provide in relation to any accounting periods ending on or after 1st April 1996 for specified transitional provisions contained in equalisation reserve rules to be disregarded for the purposes of the Tax Acts in determining how much is required, on any occasion, to be transferred into or out of any equalisation reserve in accordance with the rules.
- (11) In this section, and in sections 444BB to 444BD, “equalisation reserves rules” means the rules in chapter 1.4 of the Insurance Prudential Sourcebook.
##### 444BB
- (1) The Treasury may by regulations make provision modifying section 444BA so as, in cases mentioned in subsection (2) below—
- (a) to require—
- (i) sums by reference to which the amount of any transfer into or out of an equalisation reserve falls to be computed, or
- (ii) the amount of any such transfer,
to be apportioned between different parts of the business carried on for any period by an insurance company; and
- (b) to provide for the purposes of corporation tax for the amounts taken to be transferred into or out of an equalisation reserve to be computed disregarding any such sum or, as the case may be, any such part of a transfer as is attributed, in accordance with the regulations, to a part of the business described for the purpose in the regulations.
- (2) Those cases are cases where an insurance company which, in accordance with equalisation reserve rules, is required to make transfers into or out of an equalisation reserve in respect of any business carried on by that company for any period is carrying on, for the whole or any part of that period—
- (a) any business the income and gains of which fall to be disregarded in making a computation of the company’s profits in accordance with the rules applicable for the purposes of section 35 of CTA 2009 (charge on trade profits), or
- (b) any business by reference to which double taxation relief is afforded in respect of any income or gains.
- (3) Section 444BA shall have effect (subject to any regulations under subsection (1) above) in the case of an equalisation reserve maintained by an insurance company which—
- (a) is not resident in the United Kingdom, and
- (b) carries on business in the United Kingdom through a permanent establishment,
only if such conditions as may be prescribed by regulations made by the Treasury are satisfied in relation to that company and in relation to transfers into or out of that reserve.
- (4) Regulations under this section prescribing conditions subject to which section 444BA is to apply in the case of any equalisation reserve maintained by an insurance company may—
- (a) contain conditions imposing requirements on the company to furnish the Board with information with respect to any matters to which the regulations relate, or to produce to the Board documents or records relating to any such matters; and
- (b) provide that, where any prescribed condition is not, or ceases to be, satisfied in relation to the company or in relation to transfers into or out of that reserve, there is to be deemed for the purposes of the Tax Acts to have been a transfer out of that reserve of an amount determined under the regulations.
- (5) Regulations under this section may—
- (a) provide for apportionments under the regulations to be made in such manner, and by reference to such factors, as may be specified or described in the regulations;
- (b) make different provision for different cases;
- (c) contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit;
- (d) make provision having retrospective effect in relation to accounting periods beginning not more than one year before the time when the regulations are made;
and the powers conferred by this section in relation to transfers into or out of any reserve shall be exercisable in relation to both actual and assumed transfers.
- (6) In this section “*double taxation relief*” means—
- (a) relief under double taxation arrangements which takes the form of a credit allowed against corporation tax, or
- (b) relief under section 18(1)(b) and (2) of TIOPA 2010 which takes that form;
and “*double taxation arrangements*” here means arrangements which have effect under section 2(1) of that Act (double taxation relief by agreement with territories outside the United Kingdom).
##### 444BC
- (1) The Treasury may by regulations make provision modifying the operation of section 444BA in relation to cases where an insurance company has, for the purpose of preparing the documents it is required to prepare for the purposes of section 9.3 of the Prudential Sourcebook (Insurers), applied for any period an accounting method described in paragraphs 57 to 59 in Section E of Part 2 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (accounting on a non-annual basis).
- (2) Subsection (5) of section 444BB applies for the purposes of this section as it applies for the purposes of that section.
##### 444BD
- (1) The Treasury may by regulations provide for section 444BA to have effect, in such cases and subject to such modifications as may be specified in the regulations, in relation to any equivalent reserves as it has effect in relation to equalisation reserves maintained by virtue of equalisation reserve rules.
- (2) For the purposes of this section a reserve is an equivalent reserve if—
- (a) it is maintained, otherwise than by virtue of equalisation reserve rules, either—
- (i) by an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of insurance in the United Kingdom, or
- (ii) by a firm which has permission under paragraph 4 of Schedule 4 to that Act (as a result of qualifying for authorisation under paragraph 2 of that Schedule) to effect or carry out contracts of insurance in the United Kingdom, or
- (iii) in respect of any business which consists of the effecting or carrying out of contracts of insurance and which is carried on outside the United Kingdom by a company resident in the United Kingdom;
- (b) the purpose for which, or the manner in which, it is maintained is such as to make it equivalent to an equalisation reserve maintained by virtue of equalisation reserve rules.
- (3) For the purposes of this section a reserve is also an equivalent reserve if it is maintained in respect of any credit insurance business in accordance with requirements imposed either—
- (a) by or under any enactment, or
- (b) under so much of the law of any territory as secures compliance with the requirements of Article 1 of the credit insurance directive (equalisation reserves for credit insurance).
- (4) Without prejudice to the generality of subsection (1) above, the modifications made by virtue of that subsection may—
- (a) provide for section 444BA to apply in the case of an equivalent reserve only where such conditions as may be specified in the regulations are satisfied in relation to the company maintaining the reserve or in relation to transfers made into or out of it; and
- (b) contain any other provision corresponding to any provision which, in the case of a reserve maintained by virtue of equalisation reserve rules, may be made under sections 444BA to 444BC.
- (5) Subsections (4) and (5) of section 444BB shall apply for the purposes of this section as they apply for the purposes of that section.
- (6) Without prejudice to the generality of section 444BB(5), the transitional provision which by virtue of subsection (5) above may be contained in regulations under this section shall include—
- (a) provision for treating the amount of any transfers made into or out of an equivalent reserve in respect of business carried on for any specified period as increased by the amount by which they would have been increased if no transfers into the reserve had been made in respect of business carried on for an earlier period; and
- (b) provision for excluding from the rule in section 444BA(2)(b) so much of any amount transferred out of an equivalent reserve as represents, in pursuance of an apportionment made under the regulations, the transfer out of that reserve of amounts in respect of which there has been no entitlement to relief by virtue of section 444BA(2)(a).
- (7) In this section—
- “credit insurance business” means business which consists of the effecting or carrying out of contracts of insurance against risks of loss to the persons insured arising from—the insolvency of debtors of theirs, orfrom the failure (otherwise than through insolvency) of debtors of theirs to pay their debts when due;
- “*the credit insurance directive*” means Council Directive [87/343/EEC](https://www.legislation.gov.uk/european/directive/1987/0343) of 22nd June 1987 amending, as regards credit insurance and suretyship insurance, First Directive 73/239 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance; . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 458A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 461A
- (1) For the purposes of sections 461B and 461C, a “*qualifying society*” is an incorporated friendly society which—
- (a) immediately before its incorporation, was a registered friendly society to which section 461(2) did not apply,
- (b) was formed otherwise than by the incorporation of a registered friendly society or the amalgamation of two or more friendly societies and satisfies subsection (2) below, or
- (c) was formed by the amalgamation of two or more friendly societies and satisfies subsection (3) below,
and in respect of which no direction under section 461C(5) is in force.
- (2) A society satisfies this subsection if its business is limited to the provision, in accordance with the rules of the society, of benefits for or in respect of employees of a particular employer or such other group of persons as is for the time being approved for the purposes of this section by the Board.
- (3) If at the time of the amalgamation referred to in subsection (1)(c) above—
- (a) section 461(2) applied to none of the registered friendly societies being amalgamated (if any), and
- (b) all of the incorporated friendly societies being amalgamated (if any) were qualifying societies,
the society formed by the amalgamation satisfies this subsection.
- (4) For the purposes of this section and section 461C, any group of persons which was approved for the purposes of this section (as mentioned in subsection (2) above) by the Friendly Societies Commission immediately before 1st December 2001 shall be treated as having been approved for the purposes of this section by the Board on that date.
##### 461B
- (1) Subject to the following provisions of this section, a qualifying society shall, on making a claim, be entitled to exemption from . . . corporation tax (whether on income or chargeable gains) on its profits other than those arising from life or endowment business.
- (2) Subsection (1) above shall not apply to any profits arising or accruing to the society from, or by reason of its interest in, a body corporate which is a subsidiary (within the meaning of the Friendly Societies Act 1992) of the society or of which the society has joint control (within the meaning of that Act).
- (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) If an incorporated friendly society which is not a qualifying society makes a payment to a member in respect of his interest in the society and the payment is made otherwise than in the course of life or endowment business and exceeds the aggregate of any sums paid by him to the society by way of contributions or deposits, after deducting from that aggregate the amount of—
- (a) any previous payment so made to him by the society, and
- (b) any earlier repayment of such sums paid by him,
the excess shall be treated for the purposes of corporation tax and income tax as a qualifying distribution.
- (4) In relation to an incorporated friendly society which, immediately before its incorporation, was a registered friendly society to which section 461(2) applied—
- (a) the references in subsection (3) above to sums paid to the society shall include sums paid to the registered friendly society,
- (b) the reference in subsection (3)(a) above to any payment made by the society shall include any payment made by the registered friendly society after 26 March 1974 or such later date as was specified in any direction under section 461 (7) relating to it, and
- (c) the reference in subsection (3)(b) above to any repayment shall include any repayment made by the registered friendly society.
- (5) Where a qualifying society at any time ceases by virtue of section 91 of the Friendly Societies Act 1992 (conversion into company) to be registered under that Act, the company into which the society is converted shall be exempt from . . . corporation tax on its profits arising from any part of its business, other than life or endowment business, which relates to contracts made before that time.
- (6) But if during an accounting period of the company there is an increase in the scale of benefits which it undertakes to provide in the course of carrying on any such part of its business, the company shall not be exempt from corporation tax by virtue of subsection (5) above for that or any subsequent accounting period.
- (6A) Where—
- (a) at any time an insurance company acquires by way of transfer of engagements from a qualifying society any business other than life or endowment business, and
- (b) immediately before that time the society was exempt from corporation tax on profits arising from that business,
the insurance company shall be exempt from corporation tax on its profits arising from any part of that business which relates to contracts made before that time.
- (6B) But if during an accounting period of the insurance company there is an increase in the scale of benefits which it undertakes to provide in the course of carrying on any such part of that business, the company shall not be exempt from corporation tax by virtue of subsection (6A) above for that or any subsequent accounting period.
- (7) Any part of a company’s business to which an exemption under subsection (5) or (6A) above relates shall be treated for the purposes of the Corporation Tax Acts as a separate business from any other business carried on by the company.
- (8) The Treasury may by regulations provide that, where any part of the business of a company is exempt from corporation tax by virtue of subsection (5) or (6A) above, the Corporation Tax Acts have effect subject to such modifications (or exceptions) as the Treasury consider appropriate.
- (9) Regulations under subsection (8) above—
- (a) may make different provision for different cases,
- (b) may include any incidental, supplementary, consequential or transitional provisions which the Treasury consider appropriate, and
- (c) may include retrospective provision.
##### 461C
- (1) Subject to subsection (2) below, subsections (3) and (4) below apply where a qualifying society—
- (a) begins to carry on business other than life or endowment business, or
- (b) in the opinion of the Board, begins to carry on business other than life or endowment business on an enlarged scale or of a new character.
- (2) Subsections (3) and (4) below do not apply if—
- (a) the society’s business is limited to the provision, in accordance with the rules of the society, of benefits for or in respect of employees of a particular employer or such other group of persons as is for the time being approved for the purposes of section 461 or 461A by the Board, or
- (b) the society’s rules limit the aggregate amount which may be paid by a member by way of contributions and deposits to not more than £1 per month or such greater amount as is authorised for the purposes of section 461.
- (3) If it appears to the Board, having regard to the restrictions imposed by section 461 on registered friendly societies registered after 31st May 1973, that for the protection of the revenue it is expedient to do so, the Board may give a direction to the society under subsection (4) below.
- (4) A direction under this subsection is that (and has the effect that) the society to which it is given shall cease to be a qualifying society as from the date of the direction.
- (5) A society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction . . . on the ground that—
- (a) it has not begun to carry on business as mentioned in subsection (1) above;
- (b) subsections (3) and (4) above do not apply to it by reason of subsection (2) above; or
- (c) the direction is not necessary for the protection of the revenue.
##### 461D
- (1) Where—
- (a) at any time a friendly society (“*the transferee*”) acquires by way of transfer of engagements or amalgamation from another friendly society (“*the transferor*”) any business, other than life or endowment business, consisting of business which relates to contracts made before that time, and
- (b) immediately before that time the transferor was exempt from corporation tax on profits arising from that business,
the transferee is so exempt after that time.
- (2) But if during an accounting period of the transferee there is an increase in the scale of benefits which it undertakes to provide in the course of carrying on that business, the transferee shall not be exempt from corporation tax by virtue of subsection (1) above for that or any subsequent accounting period.
- (3) Where—
- (a) at any time a friendly society (“*the transferee*”) acquires by way of transfer of engagements or amalgamation from another friendly society (“*the transferor*”) any business, other than life or endowment business, consisting of business which relates to contracts made before that time, and
- (b) immediately before that time the transferor was not exempt from corporation tax on profits arising from that business,
the transferee is not so exempt after that time.
- (4) The Treasury may by regulations provide that, where any business of a friendly society is exempt from corporation tax by virtue of subsection (1) above, or not so exempt by virtue of subsection (3) above, the Corporation Tax Acts have effect subject to such modifications (or exceptions) as the Treasury consider appropriate.
- (5) Regulations under subsection (4) above—
- (a) may make different provision for different cases,
- (b) may include any incidental, supplementary, consequential or transitional provisions which the Treasury consider appropriate, and
- (c) may include retrospective provision.
##### 462A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of umbrella funds
##### 465A
- (1) This section applies where any assets of a branch of a registered friendly society have been identified in a scheme under section 6(5) of the Friendly Societies Act 1992 (property, rights etc. excluded from transfer to the society on its incorporation).
- (2) In relation to any time after the incorporation of the society, the assets shall be treated for the purposes of the Tax Acts as assets of the society (and, accordingly, any tax liability arising in respect of them shall be a liability of the society rather than of the branch).
- (3) Where, by virtue of this section, tax in respect of any of the assets becomes chargeable on and is paid by the society, the society may recover from the trustees in whom those assets are vested the amount of the tax paid.
##### 468AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplementary provisions
##### 660E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 674A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Introduction
#### How averaging claim is given effect
##### 682A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### . . .
### . . .
##### 685A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
##### 685F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
##### 686E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 687A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter ID — Trust management expenses
##### 689A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 689B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 698A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 699A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 705A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 705B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of chargeable profits and creditable tax
#### General definition of offshore fund
#### Deductions: asset transferred within group.
##### 468C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deductions: asset transferred within group.
##### 468EE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Distributions of authorised unit trusts: general
##### 468H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Dividend and foreign income distributions
##### 468J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Interest distributions
##### 468L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charitable and non-charitable expenditure
##### 468M
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468N
- (1) Subsection (2) below applies where—
- (a) an interest distribution is made for a distribution period to a unit holder; and
- (b) the gross income entered in the distribution accounts for the purposes of computing the total amount available for distribution to unit holders does not derive from eligible income entirely.
- (2) Where this subsection applies, the obligation to deduct under section 349(2) shall not apply to the relevant amount of the interest distribution to the unit holder if the residence condition is on the distribution date fulfilled with respect to him.
- (3) Section 468O makes provision with respect to the circumstances in which the residence condition is fulfilled with respect to a unit holder.
- (4) This is how to calculate the relevant amount of the interest distribution—
$$R=AxBC$Where—R = the relevant amount;A = the amount of the interest distribution before deduction of tax to the unit holder in question;B = such amount of the gross income as derives from eligible income;C = the amount of the gross income.$
- (5) In subsection (4) above the references to the gross income are references to the gross income entered as mentioned in subsection (1)(b) above.
##### 468O
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468P
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468PA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468PB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Distributions to corporate unit holder
##### 468Q
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 468R
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 469A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 472A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 477A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 477B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 480A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 480B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of chargeable profits and creditable tax
##### 480C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### General definition of offshore fund
##### 482A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### PETROLEUM EXTRACTION ACTIVITIES
##### 494AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 494A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 496A
Schedule 19B to this Act (exploration expenditure supplement) shall have effect.
##### 496B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company with investment business: deductions generally
##### 501A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 501B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter 5A — Special rules for long funding leases of plant or machinery: corporation tax
### Introductory
##### 502A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding finance leases
##### 502B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding operating leases
##### 502E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessors under long funding finance or operating leases: avoidance etc
#### Tariff receipts and tax-exempt tariffing receipts
##### 502GA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GC
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502GD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Insurance company as lessor
##### 502H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessees under long funding finance leases
#### Introductory.
##### 502I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 502J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Lessees under long funding operating leases
##### 502K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Interpretation of Chapter
##### 502L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 504A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
#### Arrangements made under old law.
##### 506A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 506B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 506C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of United Kingdom taxes by amount of credit due.
##### 508A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 508B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 510A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 519A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of United Kingdom taxes by amount of credit due.
#### Recovery of tax credits incorrectly paid.
#### Recovery of tax credits incorrectly paid.
#### Relief by agreement with other territories.
#### Recovery of tax credits incorrectly paid.
### Designs
##### 537A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 537B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The qualifying subsidiaries requirement
##### 539ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 539A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relief for individuals.
##### 546A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 546D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 547A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 548A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Arrangements to avoid section 812.
##### 548B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 551A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 552ZA
- (1) This section supplements section 552 and shall be construed as one with it.
- (2) Where the obligations under any policy or contract of the body that issued, entered into or effected it (“*the original insurer*”) are at any time the obligations of another body (“*the transferee*”) to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, section 552 shall have effect in relation to that time, except where the chargeable event—
- (a) happened before the transfer, and
- (b) in the case of a death or an assignment, is an event of which the notification mentioned in subsection (6) or (7) of that section was given before the transfer,
as if the policy or contract had been issued, entered into or effected by the transferee.
- (3) Where, in consequence of . . . section 514(1) of ITTOIA 2005, paragraph (a) or (b) of section 552(1) requires certificates to be delivered in respect of two or more surrenders, happening in the same year, of part of or a share in the rights conferred by the policy or contract, a single certificate may be delivered under the paragraph in question in respect of all those surrenders (and may treat them as if they together constituted a single surrender) unless between the happening of the first and the happening of the last of them there has been—
- (a) an assignment of part of or a share in the rights conferred by the policy or contract; or
- (b) an assignment, otherwise than for money or money’s worth, of the whole of the rights conferred by the policy or contract.
- (4) Where the appropriate policy holder is two or more persons—
- (a) section 552(1)(a) requires a certificate to be delivered to each of them; but
- (b) nothing in section 552 or this section requires a body to deliver a certificate under subsection (1)(a) of that section to any person whose address has not been provided to the body (or to another body, at a time when the obligations under the policy or contract were obligations of that other body).
- (5) A certificate under section 552(1)(b) or (3)—
- (a) shall be in a form prescribed for the purpose by the Board; and
- (b) shall be delivered by any means prescribed for the purpose by the Board;
and different forms, or different means of delivery, may be prescribed for different cases or different purposes.
- (6) The Board may by regulations make such provision as they think fit for securing that they are able—
- (a) to ascertain whether there has been or is likely to be any contravention of the requirements of section 552 or this section; and
- (b) to verify any certificate under that section.
- (7) Regulations under subsection (6) above may include, in particular, provisions requiring persons to whom premiums under any policy are or have at any time been payable—
- (a) to supply information to the Board; and
- (b) to make available books, documents and other records for inspection on behalf of the Board.
- (8) Regulations under subsection (6) above may—
- (a) make different provision for different cases; and
- (b) contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.
##### 552ZB
- (1) The Commissioners for Her Majesty's Revenue and Customs may make regulations—
- (a) requiring relevant persons—
- (i) to provide prescribed information to persons who apply for the issue of qualifying policies or who are, or may be, required to make statements under paragraph B3(2) of Schedule 15;
- (ii) to provide to an officer of Revenue and Customs prescribed information about qualifying policies which have been issued by them or in relation to which they are or have been a relevant transferee;
- (b) making such provision (not falling within paragraph (a)) as the Commissioners think fit for securing that an officer of Revenue and Customs is able—
- (i) to ascertain whether there has been or is likely to be any contravention of the requirements of the regulations or of paragraph B3(2) of Schedule 15;
- (ii) to verify any information provided to an officer of Revenue and Customs as required by the regulations.
- (2) The provision that may be made by virtue of subsection (1)(b) includes, in particular, provision requiring relevant persons to make available books, documents and other records for inspection by or on behalf of an officer of Revenue and Customs.
- (3) The regulations may—
- (a) make different provision for different cases or circumstances, and
- (b) contain incidental, supplementary, consequential, transitional, transitory or saving provision.
- (4) In this section—
- “*prescribed*” means prescribed by the regulations,
- “*qualifying policy*” includes a policy which would be a qualifying policy apart from—paragraph A1(2), B1(2), B2(2) or B3(3) of Schedule 15, orparagraph 17(2)(za) of that Schedule (including as applied by paragraph 18), and
- “*relevant person*” means a person—who issues, or has issued, qualifying policies, orwho is, or has been, a relevant transferee in relation to qualifying policies.
- (5) For the purposes of this section a person (“X”) is at any time a “*relevant transferee*” in relation to a qualifying policy if the obligations under the policy of its issuer are at that time the obligations of X as a result of there having been a transfer to X of the whole or any part of a business previously carried on by the issuer.
##### 552A
- (1) This section has effect for the purpose of securing that, where it applies to an overseas insurer, another person is the overseas insurer’s tax representative.
- (2) In this section “*overseas insurer*” means a person who is not resident in the United Kingdom who carries on a business which consists of or includes the effecting and carrying out of—
- (a) policies of life insurance;
- (b) contracts for life annuities; or
- (c) capital redemption policies.
- (3) This section applies to an overseas insurer—
- (a) if the condition in subsection (4) below is satisfied on the designated day; or
- (b) where that condition is not satisfied on that day, if it has subsequently become satisfied.
- (4) The condition mentioned in subsection (3) above is that—
- (a) there are in force relevant insurances the obligations under which are obligations of the overseas insurer in question or of an overseas insurer connected with him; and
- (b) the total amount or value of the gross premiums paid under those relevant insurances is £1 million or more.
- (5) In this section “*relevant insurance*” means any policy of life insurance, contract for a life annuity or capital redemption policy . . . in the case of which—
- (a) the holder is resident in the United Kingdom;
- (b) the obligations of the insurer are obligations of a person not resident in the United Kingdom; and
- (c) those obligations are not attributable to a branch or agency of that person’s in the United Kingdom.
- (6) Before the expiration of the period of three months following the day on which this section first applies to an overseas insurer, the overseas insurer must nominate to the Board a person to be his tax representative.
- (7) A person shall not be a tax representative unless—
- (a) if he is an individual, he is resident in the United Kingdom and has a fixed place of residence there, or
- (b) if he is not an individual, he has a business establishment in the United Kingdom,
and, in either case, he satisfies such other requirements (if any) as are prescribed in regulations made for the purpose by the Board.
- (8) A person shall not be an overseas insurer’s tax representative unless—
- (a) his nomination by the overseas insurer has been approved by the Board; or
- (b) he has been appointed by the Board.
- (9) The Board may by regulations make provision supplementing this section; and the provision that may be made by any such regulations includes provision with respect to—
- (a) the making of a nomination by an overseas insurer of a person to be his tax representative;
- (b) the information which is to be provided in connection with such a nomination;
- (c) the form in which such a nomination is to be made;
- (d) the powers and duties of the Board in relation to such a nomination;
- (e) the procedure for approving, or refusing to approve, such a nomination, and any time limits applicable to doing so;
- (f) the termination, by the overseas insurer or the Board, of a person’s appointment as a tax representative;
- (g) the appointment by the Board of a person as the tax representative of an overseas insurer (including the circumstances in which such an appointment may be made);
- (h) the nomination by the overseas insurer, or the appointment by the Board, of a person to be the tax representative of an overseas insurer in place of a person ceasing to be his tax representative;
- (j) circumstances in which an overseas insurer to whom this section applies may, with the Board’s agreement, be released (subject to any conditions imposed by the Board) from the requirement that there must be a tax representative;
- (k) appeals to the tribunal against decisions of the Board under this section or regulations under it.
- (10) The provision that may be made by regulations under subsection (9) above also includes provision for or in connection with the making of other arrangements between the Board and an overseas insurer for the purpose of securing the discharge by or on behalf of the overseas insurer of the relevant duties, within the meaning of section 552B.
- (11) Section 1122 of CTA 2010 (connected persons) applies for the purposes of this section.
- (12) In this section—
- “*capital redemption policy*” means a capital redemption policy in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*contract for a life annuity*” means a contract for a life annuity in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*the designated day*” means such day as the Board may specify for the purpose in regulations;
- “*policy of life insurance*” means a policy of life insurance in relation to which . . . Chapter 9 of Part 4 of ITTOIA 2005 has effect;
- “*tax representative*” means a tax representative under this section.
##### 552B
- (1) It shall be the duty of an overseas insurer’s tax representative to secure (where appropriate by acting on the overseas insurer’s behalf) that the relevant duties are discharged by or on behalf of the overseas insurer.
- (2) For the purposes of this section “*the relevant duties*” are—
- (a) the duties imposed by section 552,
- (b) the duties imposed by section 552ZA(2), (4) or (5), and
- (c) any duties imposed by regulations made under subsection (6) of section 552ZA by virtue of subsection (7) of that section,
so far as relating to relevant insurances under which the overseas insurer in question has any obligations.
- (3) An overseas insurer’s tax representative shall be personally liable—
- (a) in respect of any failure to secure the discharge of the relevant duties, and
- (b) in respect of anything done for purposes connected with acting on the overseas insurer’s behalf,
as if the relevant duties were imposed jointly and severally on the tax representative and the overseas insurer.
- (4) In the application of this section in relation to any particular tax representative, it is immaterial whether any particular relevant duty arose before or after his appointment.
- (5) This section has effect in relation to relevant duties relating to chargeable events happening on or after the day by which section 552A(6) requires the nomination of the overseas insurer’s first tax representative to be made.
- (5A) In subsection (5) “*chargeable event*” has the same meaning as in section 552 (see subsection (10) of that section).
- (6) Expressions used in this section and in section 552A have the same meaning in this section as they have in that section.
##### 553A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 553B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 553C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 559A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Cessation of approval: general provisions.
### Chapter 5A — Share loss relief
### Relief for losses on unquoted shares in trading companies
##### 576A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Qualifying trading companies: the requirements
##### 576B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Repayment supplements: companies.
##### 576C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Termination of relief under this Chapter, and transitional provisions.
##### 576E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576H
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Qualifying trading companies: supplementary provisions
##### 576J
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 576K
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplemental
##### 576L
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Definition of insurance company.
##### 577A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 578A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 578B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 580C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on tax overpaid.
##### 581A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 582A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interest on payments in respect of corporation tax and meaning of “the material date".
##### 587A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587BA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 587C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of the Corporation Tax Acts etc.
##### 589A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 589B
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement.
##### 590A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 590B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 590C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 591D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Income arising under settlement where settlor retains an interest.
##### 596A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 596B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 596C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 599A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 605A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 606A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 611A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 617A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing release of obligation.
#### Settlements made after 6th April 1965.
##### 631A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 632A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 632B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 634A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 636A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 637A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 638ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 638A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Settlements made after 6th April 1965.
##### 640A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 641A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schedule 4 directions.
#### Interpretation.
##### 646A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 646D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Annuities: charge to tax
##### 648A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 648B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 650A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 651A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 653A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 658A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659A
- (1) For the purposes of sections . . . 613(4), 614(3) and (4) . . . —
- (a) “*investments*” (or “*investment*”) includes futures contracts and options contracts, and
- (b) income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
##### 659B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 659E
- (1) The exemptions specified below do not apply to income derived from investments, deposits or other property held as a member of a property investment LLP (see section 1004 of ITA 2007).
- (2) The exemptions are those provided by—
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- section 613(4) (Parliamentary pension funds),
- section 614(3) (certain colonial, &c. pension funds),
- section 614(4) (the Overseas Service Pension Fund),
- section 614(5) (other pension funds for overseas employees),
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) The income to which subsection (1) above applies includes relevant stock lending fees, in relation to any investments, to which any of the provisions listed in subsection (2) above would apply by virtue of section 129B.
- (4) Section 659A (treatment of futures and options) applies for the purposes of subsection (1) above.
### Chapter IA — Liability of settlor
### Main provisions
##### 722A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company carrying on property business.
##### 726A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 727A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provision not at arm’s length.
##### 730A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
##### 736A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
##### 736B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 736C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 736D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774A to 774D: minor definitions etc
##### 737A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of rights to receive annual payments
##### 747A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 748ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 748A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 749A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 749B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 750A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 751A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Leased assets subject to hire-purchase agreements.
##### 751AA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660C
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Supplementary provisions
##### 660E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 660G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 674A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Introduction
#### How averaging claim is given effect
##### 682A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### . . .
### . . .
##### 685A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
##### 685F
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 685G
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 686D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
##### 686E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 687A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Chapter ID — Trust management expenses
##### 689A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 689B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 698A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 699A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 705A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 705B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Apportionment of chargeable profits and creditable tax
#### General definition of offshore fund
#### Deductions: asset transferred within group.
##### 722A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company carrying on property business.
##### 726A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 727A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provision not at arm’s length.
##### 730A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730BB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 730C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
##### 736A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
##### 736B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 736C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 736D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774A to 774D: minor definitions etc
##### 737A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 737E
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 741D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfers of rights to receive annual payments
##### 747A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 748ZA
- (1) Nothing in section 748(1)(da) prevents an apportionment falling to be made as regards an accounting period (“*the relevant accounting period*”) of a controlled foreign company (“X”) if condition A, B or C is met.
- (2) Condition A is that at any time before the end of the relevant accounting period a scheme is entered into and—
- (a) in the absence of this subsection, in consequence of the scheme, section 748(1)(da) would apply to prevent an apportionment falling to be made as regards the relevant accounting period of X, and
- (b) the main purpose, or one of the main purposes, of any party to the scheme in entering into the scheme is to secure that section 748(1)(da) prevents an apportionment falling to be made as regards that period, or that period and one or more other accounting periods of X.
- (3) Condition B is that at any time before the end of the relevant accounting period a scheme is entered into and—
- (a) in consequence of the scheme profits are shifted to X from another company (“Y”),
- (b) the main purpose or one of the main purposes of any party to the scheme in entering into the scheme is to ensure that section 748(1)(da) prevents an apportionment falling to be made as regards the chargeable profits of one or more controlled foreign companies for one or more accounting periods, and
- (c) the relevant accounting period of X falls wholly or partly within that accounting period or those accounting periods.
- (4) For the purposes of subsection (3), profits are shifted to X from Y if it is reasonable to suppose that in the absence of the scheme, and any similar scheme, the whole or a part of the income which is reflected in X's profits would have been reflected in Y's profits.
- (5) Condition C is that, in determining X's chargeable profits for the relevant accounting period—
- (a) section 418(5) of CTA 2009 (loan relationships involving connected debtor and creditor where debits exceed credits) has effect so as to treat X, for the purposes of Part 5 of that Act, as bringing into account for that period credits in respect of a loan relationship, or
- (b) Part 21B of CTA 2010 (group mismatch schemes) has effect so as to exclude an amount from being brought into account as a debit or credit for the purposes of Part 5 of CTA 2009 (loan relationships) or Part 7 of that Act (derivative contracts).
- (6) For the purposes of this section—
- “*apportionment*” means an apportionment under section 747(3);
- “*scheme*” means any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable, involving one or more transactions.
##### 748A
- (1) Nothing in section 748 prevents an apportionment under section 747(3) falling to be made as regards an accounting period of a controlled foreign company if the company—
- (a) is a company incorporated in a territory to which this section applies as respects that accounting period; or
- (b) is at any time in that accounting period liable to tax in such a territory by reason of domicile, residence or place of management; or
- (c) at any time in that accounting period carries on business through a permanent establishment in such a territory.
- (2) The condition in subsection (1)(c) above is not satisfied as regards an accounting period of a controlled foreign company if the business carried on by the company in that period through permanent establishments in territories to which this section applies, taken as a whole, is only a minimal part of the whole of the business carried on by the company in that period.
- (3) The territories to which this section applies as respects an accounting period of a controlled foreign company are those specified as such in regulations made by the Treasury.
- (4) Regulations under subsection (3) above—
- (a) may make different provision for different cases or with respect to different territories; and
- (b) may contain such incidental, supplemental, consequential or transitional provision as the Treasury may think fit.
- (5) A statutory instrument containing regulations under subsection (3) above shall not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.
##### 749A
- (1) An election under paragraph (d) or a designation under paragraph (e) of section 749(3) shall have effect in relation to—
- (a) the accounting period in relation to which it is made (“the original accounting period"), and
- (b) each successive accounting period of the controlled foreign company in question which precedes the next one in which the eligible territories are different,
and shall so have effect notwithstanding any change in the persons who have interests in the company or any change in the interests which those persons have in the company.
- (2) For the purposes of subsection (1)(b) above, an accounting period of the controlled foreign company is one in which the eligible territories are different if in the case of that accounting period—
- (a) at least one of the two or more territories which fell within subsection (1) of section 749 in the original accounting period does not fall within that subsection; or
- (b) some other territory also falls within that subsection.
- (3) Any election under section 749(3)(d)—
- (a) must be made by notice given to an officer of the Board;
- (b) must be made no later than twelve months after the end of the controlled foreign company’s accounting period in relation to which it is made;
- (c) must state, as respects each of the persons making it, the percentage of the chargeable profits and creditable tax (if any) of the controlled foreign company for that accounting period which it is likely would be apportioned to him on an apportionment under section 747(3) if one were made;
- (d) must be signed by the persons making it; and
- (e) is irrevocable.
- (4) Nothing in—
- (a) paragraph 10 of Schedule 18 to the Finance Act 1998 (claims or elections in company tax returns), or
- (b) Schedule 1A to the Management Act (claims or elections not included in returns),
shall apply, whether by virtue of section 754 or otherwise, to an election under section 749(3)(d).
- (5) A designation under section 749(3)(e) is irrevocable.
- (6) Where the Board make a designation under section 749(3)(e), notice of the making of the designation shall be given to every company resident in the United Kingdom which appears to the Board to have had an assessable interest in the controlled foreign company at any time during the accounting period of the controlled foreign company in relation to which the designation is made.
- (7) A notice under subsection (6) above shall specify—
- (a) the date on which the designation was made;
- (b) the controlled foreign company to which the designation relates;
- (c) the accounting period of the controlled foreign company in relation to which the designation is made; and
- (d) the territory designated.
- (8) Subsection (9) of section 749 has effect for the purposes of subsection (6) above as it has effect for the purposes of subsection (8) of that section.
- (9) For the purposes of this section the effect of any application under section 751A , 751AA, 751AB or 751AC shall be disregarded.
##### 749B
- (1) For the purposes of this Chapter, the following persons have an interest in a company—
- (a) any person who possesses, or is entitled to acquire, share capital or voting rights in the company;
- (b) any person who possesses, or is entitled to acquire, a right to receive or participate in distributions of the company;
- (c) any person who is entitled to secure that income or assets (whether present or future) of the company will be applied directly or indirectly for his benefit; and
- (d) any other person who, either alone or together with other persons, has control of the company.
- (2) Rights which a person has as a loan creditor of a company do not constitute an interest in the company for the purposes of this Chapter.
- (3) For the purposes of subsection (1)(b) above, the definition of “distribution" in Part 23 of CTA 2010 shall be construed without any limitation to companies resident in the United Kingdom.
- (4) References in subsection (1) above to being entitled to do anything apply where a person—
- (a) is presently entitled to do it at a future date, or
- (b) will at a future date be entitled to do it;
but a person whose entitlement to secure that any income or assets of the company will be applied as mentioned in paragraph (c) of that subsection is contingent upon a default of the company or any other person under any agreement shall not be treated as falling within that paragraph unless the default has occurred.
- (5) Where a company has an interest in another company and a third person has, or two or more persons together have, an interest in the first company (as in a case where one company has a shareholding in a controlled foreign company and the first company is controlled by a third company or by two or more persons together) subsections (6) and (7) below apply.
- (6) Where this subsection applies, the person who has, or each of the persons who together have, the interest in the first company shall be regarded for the purposes of this Chapter as thereby having an interest in the second company.
- (7) In any case where this subsection applies, in construing references in this Chapter to one person having the same interest as another, the person or, as the case may be, each of the persons who together have, the interest in the first company shall be treated as having, to the extent of that person’s interest in that company, the same interest as the first company has in the second company.
- (8) Where two or more persons jointly have an interest in a company otherwise than in a fiduciary or representative capacity, they shall be treated for the purposes of this Chapter as having the interest in equal shares.
##### 750A
- (1) Where—
- (a) in any accounting period a company is to be regarded by virtue of any of subsections (1) to (4) of section 749 as resident in a particular territory outside the United Kingdom, and
- (b) within the meaning of section 750(1), the local tax in respect of the profits arising to the company in that accounting period is equal to or greater than three-quarters of the corresponding United Kingdom tax on those profits, but
- (c) that local tax is determined under designer rate tax provisions,
the company shall be taken for the purposes of this Chapter to be subject to a lower level of taxation in that territory in that accounting period.
- (2) In subsection (1) above “*designer rate tax provisions*” means provisions—
- (a) which appear to the Board to be designed to enable companies to exercise significant control over the amount of tax which they pay; and
- (b) which are specified in regulations made by the Board.
- (3) Regulations under subsection (2) above—
- (a) may make different provision for different cases or with respect to different territories; and
- (b) may contain such supplementary, incidental, consequential or transitional provision as the Board may think fit.
- (4) The first regulations under subsection (2) above may make provision having effect in relation to accounting periods beginning not more than fifteen months before the date on which the regulations are made.
##### 751A
- (1) This section applies if—
- (a) an apportionment under section 747(3) falls to be made as regards an accounting period (“*the relevant accounting period*”) of a controlled foreign company,
- (b) throughout that period the controlled foreign company has a business establishment in an EEA territory,
- (c) throughout that period there are individuals who work for the controlled foreign company in that territory, and
- (d) a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.
- (2) The UK resident company may make an application to the Commissioners for Her Majesty's Revenue and Customs for the chargeable profits of the controlled foreign company for the relevant accounting period to be reduced by an amount (“*the specified amount*”) specified in the application (including to nil).
- (3) If the Commissioners grant the application—
- (a) those chargeable profits are treated as reduced by the specified amount, and
- (b) the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in those chargeable profits,
for the purpose of applying section 747(3) to (5) for determining the sum (if any) chargeable on the UK resident company under section 747(4)(a) (but for no other purpose).
- (4) The Commissioners may grant the application only if—
- (a) they are satisfied that the specified amount does not exceed the amount (if any) equal to so much of those chargeable profits as can reasonably be regarded as representing the net economic value which—
- (i) arises to the appropriate body of persons (taken as a whole), and
- (ii) is created directly by qualifying work, and
- (b) they have not previously granted an application made by the UK resident company in respect of the relevant accounting period under section 751AB or 751AC.
- (5) For the purposes of subsection (4) “*net economic value*” does not include any value which derives directly or indirectly from the reduction or elimination of any liability of any person to any tax or duty imposed under the law of any territory.
- (6) For the purposes of subsection (4) “*the appropriate body of persons*” means—
- (a) if the controlled foreign company is not a member of a group of companies, the controlled foreign company and the persons who have an interest in it at any time in the relevant accounting period, and
- (b) if the controlled foreign company is a member of a group of companies, all the persons falling within paragraph (a) and any other person who is a member of that group of companies,
and for the purposes of this subsection “*group of companies*” means a company and any other companies of which it has control.
- (7) For the purposes of subsection (4) “*qualifying work*” means work which—
- (a) is done in any EEA territory in which the controlled foreign company has a business establishment throughout the relevant accounting period, and
- (b) is done in that territory by individuals working for the controlled foreign company there.
- (8) Any reference in this section to a business establishment of a controlled foreign company in an EEA territory is to be construed in accordance with paragraph 7 of Schedule 25 (but as if the reference in that paragraph to the territory in which the company is resident were to the EEA territory).
- (9) For the purposes of this section individuals are not to be regarded as working for a company in any territory unless—
- (a) they are employed by the company in the territory, or
- (b) they are otherwise directed by the company to perform duties on its behalf in the territory.
#### Leased assets subject to hire-purchase agreements.
##### 751AA
- (1) This section applies if—
- (a) an apportionment under section 747(3) falls to be made as regards an accounting period (“*the relevant accounting period*”) of a controlled foreign company,
- (b) the chargeable profits of the controlled foreign company for the relevant accounting period would, apart from this section, include an amount of income in respect of a payment made by another company (“the payer”),
- (c) the amount that the payer brings into account for the purposes of corporation tax in respect of the payment is reduced (in part or in full) by virtue of Part 3 of Schedule 15 to FA 2009 (tax treatment of financing costs and income), and
- (d) a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in the relevant accounting period.
- (2) The UK resident company may make an application to the Commissioners for Her Majesty's Revenue and Customs for the chargeable profits of the controlled foreign company for the relevant accounting period (“the chargeable profits”) to be reduced by an amount (“*the specified amount*”) specified in the application (including to nil).
- (3) If the Commissioners grant the application—
- (a) the chargeable profits are treated as reduced by the specified amount, and
- (b) the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,
for the purpose of applying section 747(3) to (5) for determining the sum (if any) chargeable on the UK resident company under section 747(4)(a) (but for no other purpose).
- (4) The Commissioners may grant the application only if they are satisfied that the specified amount does not exceed the relevant amount.
- (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.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 751AB
- (1) This section applies if—
- (a) an apportionment under section 747(3) would fall to be made as regards an accounting period (“*the relevant accounting period*”) of a controlled foreign company,
- (b) but for a relevant failure, section 748(1)(ba) or (bb) would have prevented such an apportionment, and
- (c) a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.
- (2) “*Relevant failure*” means—
- (a) in the case of section 748(1)(ba), one or both of the following—
- (i) a failure to satisfy the requirement of paragraph 12E of Schedule 25 (requirement as to company's UK connection) in circumstances where the requirement would be satisfied if the reference in sub-paragraph (3)(a) of that paragraph to 10% were a reference to 50%, and
- (ii) a failure to satisfy the requirement of paragraph 12F of that Schedule (finance income and relevant IP income) in circumstances where the relevant IP income of the controlled foreign company for the accounting period does not exceed 5% of the company's gross income for that period, and
- (b) in the case of section 748(1)(bb), a failure to satisfy the requirement of paragraph 12M of that Schedule (finance income).
- (3) The UK resident company may make an application to the Commissioners for Her Majesty's Revenue and Customs for the chargeable profits of the controlled foreign company for the relevant accounting period (“the chargeable profits”) to be reduced to an amount specified in the application (“*the specified amount*”).
The specified amount may be nil.
- (4) If the Commissioners grant the application—
- (a) the chargeable profits are treated as reduced to the specified amount, and
- (b) the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,
for the purpose of applying section 747(3) to (5) for determining the sum (if any) chargeable on the UK resident company under section 747(4)(a) (but for no other purpose).
- (5) The Commissioners may grant the application only if—
- (a) they are satisfied that the specified amount is not less than the relevant amount, and
- (b) they have not previously granted an application made by the UK resident company in respect of the relevant accounting period under section 751A or 751AC.
- (6) “*The relevant amount*” means—
- (a) if the relevant failure is within subsection (2)(a), the sum of—
- (i) the excess finance and IP income (if any) for the relevant accounting period, and
- (ii) in a case where there is a failure specified in subsection (2)(a)(i), so much (if any) of the net chargeable profits for that period as are not excluded by subsection (8), and
- (b) if the relevant failure is within subsection (2)(b)—
- (i) the amount (if any) by which the controlled foreign company's finance income for the relevant accounting period exceeds 5% of its gross income for that period, or
- (ii) if that amount is a negligible amount, nil.
- (7) “The excess finance and IP income” for the relevant accounting period means—
- (a) the amount (if any) by which the total of the controlled foreign company's finance income and relevant IP income for that period exceeds 5% of its gross income for that period, or
- (b) if that amount is a negligible amount, nil.
- (8) Net chargeable profits are excluded by this subsection if, and to the extent that, they can reasonably be regarded—
- (a) as representing the net economic value which—
- (i) arises to the appropriate body of persons (taken as a whole), and
- (ii) is created directly by qualifying work, or
- (b) as not being wholly or partly attributable, directly or indirectly, to transactions with persons within the charge to United Kingdom tax.
- (9) In subsection (8)(a) “*qualifying work*” means work which—
- (a) is done in the territory in which the controlled foreign company is resident, and
- (b) is done in that territory by individuals working for the controlled foreign company there.
- (10) A transaction with a company which is within the charge to United Kingdom tax only because it carries on a trade in the United Kingdom through a permanent establishment there is within subsection (8)(b) only if the transaction is attributable to activities carried on through that establishment.
- (11) For the purposes of subsections (8) and (9)—
- (a) section 751A(5), (6) and (9) applies as it applies for the purposes of the equivalent provisions of section 751A, and
- (b) paragraph 5(2) to (5) of Schedule 25 (residence of controlled foreign company) applies as it applies in relation to Part 2 of that Schedule.
- (12) In this section—
- “*finance income*” has the meaning given by paragraph 12F(3) of Schedule 25 (with references to C read as references to the controlled foreign company);
- “*relevant IP income*” has the meaning given by paragraph 12F(4) of that Schedule;
- “*net chargeable profits*” means chargeable profits excluding so much of those profits as is directly attributable to the finance income or relevant IP income of the controlled foreign company;
- “*UK-connected gross income*” has the same meaning as in paragraph 12E of Schedule 25;
- “*United Kingdom tax*” means corporation tax or income tax;
and paragraph 12G of that Schedule (gross income) applies for the purposes of this section as it applies for the purposes of Part 2A of that Schedule (with references to C read as references to the controlled foreign company).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company vehicles
##### 751AC
- (1) This section applies if—
- (a) an exempt period in relation to a controlled foreign company ends in accordance with paragraph 15F(2) of Schedule 25 (time exempt period ends if there is an early termination event), other than by reason of an early termination event within paragraph 15F(3)(b),
- (b) an accounting period (“*the relevant accounting period*”) of the company ends after that exempt period but before the time the exempt period would have ended had paragraph 15F(2) of that Schedule not applied,
- (c) an apportionment under section 747(3) would fall to be made as regards the relevant accounting period, and
- (d) a company resident in the United Kingdom (“the UK resident company”) has a relevant interest in the controlled foreign company in that period.
- (2) The UK resident company may make an application to the Commissioners for Her Majesty's Revenue and Customs for the chargeable profits of the controlled foreign company for that accounting period (“the chargeable profits”) to be reduced to an amount (“*the specified amount*”) specified in the application (which may be nil).
- (3) If the Commissioners grant the application—
- (a) the chargeable profits are treated as reduced to the specified amount, and
- (b) the controlled foreign company's creditable tax (if any) for that period is treated as reduced by so much of that tax as, on a just and reasonable basis, relates to the reduction in the chargeable profits,
for the purpose of applying section 747(3) to (5) for determining the sum (if any) chargeable on the UK resident company under section 747(4)(a) (but for no other purpose).
- (4) The Commissioners may grant the application only if—
- (a) they are satisfied that the specified amount is not less than the relevant amount, and
- (b) they have not previously granted an application made by the UK resident company in respect of the relevant accounting period under section 751A or 751AB.
- (5) “*The relevant amount*” means the amount (if any) equal to so much of the chargeable profits as it is just and reasonable to regard as referable to—
- (a) the relevant transaction which triggered the end of the exempt period, or
- (b) any later relevant transaction occurring before the time the exempt period would have ended had paragraph 15F(2) of Schedule 25 not applied.
- (6) “*Relevant transaction*” has the meaning given by paragraph 15E of Schedule 25 (and it does not matter if the transaction occurs pursuant to an agreement entered into by the controlled foreign company before the relevant time (within the meaning of paragraph 15G of that Schedule)).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The approved amount: passenger payments
##### 751B
- (1) An application by a company under section 751A , 751AA, 751AB or 751AC—
- (a) must be made in such form as the HMRC Commissioners may determine,
- (b) must be accompanied by such documents (or copies of documents) in the company's possession or power as those Commissioners may reasonably require for the purpose of determining whether to grant the application, and
- (c) must contain such information as those Commissioners may reasonably require for that purpose.
- (2) An application by a company under section 751A , 751AA, 751AB or 751AC—
- (a) may be made at any time before the end of the application period, and
- (b) may be amended or withdrawn at any time before the application is determined by those Commissioners.
- (3) If an application by a company under section 751A , 751AA, 751AB or 751AC is granted after the company has delivered its relevant company tax return, it has 30 days beginning with the day on which the application is granted in which to amend that return to give effect to section 751A , 751AA, 751AB or 751AC.
- (4) The time limits otherwise applicable to an amendment of a company tax return do not prevent an amendment being made under subsection (3).
- (5) If the HMRC Commissioners refuse an application by a company under section 751A , 751AA, 751AB or 751AC, the company may appeal . . . against the refusal.
- (6) Notice of an appeal must be given in writing to the HMRC Commissioners within 30 days after the application is refused.
- (7) On an appeal—
- (a) if the tribunal is satisfied that the relevant amount is a different amount from the amount specified in the application, it must direct the HMRC Commissioners to grant the application as if the amount specified in it were that different amount,
- (b) if the tribunal is satisfied that the relevant amount is the amount specified in the application, it must direct the HMRC Commissioners to grant the application, and
- (c) in any other case, the tribunal must confirm the refusal.
- (8) For the purposes of subsection (7) “*the relevant amount*”—
- (a) in the case of an appeal in respect of the refusal of an application under section 751A, means the amount (if any) equal to so much of the chargeable profits mentioned in subsection (4) of section 751A as can reasonably be regarded as representing the value mentioned in that subsection , . . .
- (b) in the case of an appeal in respect of the refusal of an application under section 751AA, has the meaning given by subsection (5) of that section,
- (c) in the case of an appeal in respect of the refusal of an application under section 751AB, has the meaning given by subsection (6) of that section, and
- (d) in the case of an appeal in respect of the refusal of an application under section 751AC, has the meaning given by subsection (5) of that section.
- (9) Part 5 of the Management Act (appeals), apart from section 50, applies in relation to an appeal under this section as it applies in relation to an appeal against an assessment to tax.
- (10) In this section—
- “*the application period*” means—the period within which an amendment to the relevant company tax return may be made by virtue of paragraph 15(4) of Schedule 18 to the Finance Act 1998 (disregarding any extension of that period provided by subsections (3) and (4) of this section or any other enactment), orif the relevant company tax return is amended under paragraph 34(2)(b) or (2A) of that Schedule as a consequence of the application of this Chapter—the period of 30 days beginning when the amendment was notified to the company, orif an appeal is brought against such an amendment, the period of 30 days beginning when that appeal is finally determined;
- “*relevant company tax return*”, in relation to a company, means the return for the accounting period for which—any sum is chargeable on the company under section 747(4)(a), orany sum would be so chargeable but for section 751A, 751AA, 751AB or 751AC,in respect of the chargeable profits of the company for the accounting period mentioned in section 751A, 751AA, 751AB or 751AC.
- (11) In this section “*the HMRC Commissioners*” means the Commissioners for Her Majesty's Revenue and Customs.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employment
##### 752A
- (1) This section has effect for the purpose of determining for the purposes of this Chapter who has a relevant interest in a controlled foreign company at any time; and references in this Chapter to relevant interests shall be construed accordingly.
- (2) A UK resident company which has a direct or indirect interest in a controlled foreign company has a relevant interest in the company by virtue of that interest unless subsection (3) below otherwise provides.
- (3) A UK resident company which has an indirect interest in a controlled foreign company does not have a relevant interest in the company by virtue of that interest if it has the interest by virtue of having a direct or indirect interest in another UK resident company.
- (4) A related person who has a direct or indirect interest in a controlled foreign company has a relevant interest in the company by virtue of that interest unless subsection (5) or (6) below otherwise provides.
- (5) A related person who has an indirect interest in a controlled foreign company does not have a relevant interest in the company by virtue of that interest if he has the interest by virtue of having a direct or indirect interest in—
- (a) a UK resident company; or
- (b) another related person.
- (6) A related person who has a direct or indirect interest in a controlled foreign company does not have a relevant interest in the company by virtue of that interest to the extent that a UK resident company—
- (a) has the whole or any part of the same interest indirectly, by virtue of having a direct or indirect interest in the related person, and
- (b) by virtue of that indirect interest in the controlled foreign company, has a relevant interest in the company by virtue of subsection (2) above.
- (7) A person who—
- (a) has a direct interest in a controlled foreign company, but
- (b) does not by virtue of subsections (2) to (6) above have a relevant interest in the company by virtue of that interest,
has a relevant interest in the company by virtue of that interest unless subsection (8) below otherwise provides.
- (8) A person does not by virtue of subsection (7) above have a relevant interest in a controlled foreign company by virtue of having a direct interest in the company to the extent that another person—
- (a) has the whole or any part of the same interest indirectly, and
- (b) by virtue of that indirect interest, has a relevant interest in the company by virtue of subsections (2) to (6) above.
- (9) No person has a relevant interest in a controlled foreign company otherwise than as provided by subsections (2) to (8) above.
- (10) In this section—
- “*related person*” means a person who—is not a UK resident company, butis connected or associated with a UK resident company which has by virtue of subsection (2) above a relevant interest in the controlled foreign company in question;
- “*UK resident company*” means a company resident in the United Kingdom.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 752B
- (1) For the purposes of section 752(3) above, where a person has a relevant interest in a controlled foreign company by virtue of indirectly holding issued ordinary shares of the company, the percentage of the issued ordinary shares of the company which the relevant interest represents is equal to—
$$P×S$where—P is the product of the appropriate fractions of that person and each of the share-linked companies through which he indirectly holds the shares in question, other than the lowest share-linked company; andS is the percentage of issued ordinary shares of the controlled foreign company which is held directly by the lowest share-linked company.$
- (2) In subsection (1) above and this subsection—
- “the appropriate fraction", in the case of a person who directly holds ordinary shares of a share-linked company, means that fraction of the issued ordinary shares of that company which his holding represents;
- “*the lowest share-linked company*”, in relation to a person who indirectly holds ordinary shares of a controlled foreign company, means the share-linked company which directly holds the shares in question;
- “*share-linked company*” means a company which is share-linked to the controlled foreign company in question.
- (3) Where a person has different indirect holdings of shares of the controlled foreign company (as in a case where different shares are held through different companies which are share-linked to the controlled foreign company)—
- (a) subsection (1) above shall apply separately in relation to the different holdings with any necessary modifications; and
- (b) for the purposes of section 752(3) above the percentage of the issued ordinary shares of the company which the relevant interest represents is the aggregate of the percentages resulting from those separate applications.
- (4) Where, for the purposes of subsection (3) of section 752, the percentage of the issued ordinary shares of the controlled foreign company which a person directly or indirectly holds varies during the relevant accounting period, he shall be treated for the purposes of that subsection as holding throughout that period that percentage of the issued ordinary shares of the company which is equal to the sum of the relevant percentages for each holding period in the relevant accounting period.
- (5) For the purposes of subsection (4) above—
- “holding period", in the case of any person, means a part of the relevant accounting period during which the percentage of the issued ordinary shares of the controlled foreign company which the person holds (whether directly or indirectly) remains the same;
- “the relevant percentage", in the case of a holding period, means the percentage equal to—$P×HA$where—P is the percentage of the issued ordinary shares of the controlled foreign company which the person in question directly or indirectly holds in the holding period, as calculated in accordance with subsections (1) to (3) above so far as applicable;H is the number of days in the holding period; andA is the number of days in the relevant accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 752C
- (1) In this section “*the relevant provisions*” means sections 752 to 752B and this section.
- (2) For the purposes of the relevant provisions—
- (a) a person has a direct interest in a company if (and only if) he has an interest in the company otherwise than by virtue of having an interest in another company;
- (b) a person has an indirect interest in a company if (and only if) he has an interest in the company by virtue of having an interest in another company;
- (c) a person indirectly holds shares of a controlled foreign company if (and only if) he directly holds ordinary shares of a company which is share-linked to the controlled foreign company.
- (3) For the purposes of the relevant provisions, a company is “share-linked" to a controlled foreign company if it has an interest in the controlled foreign company only by virtue of directly holding ordinary shares—
- (a) of the controlled foreign company, or
- (b) of the controlled foreign company or of one or more companies which are share-linked to the controlled foreign company by virtue of paragraph (a) above, or
- (c) of the controlled foreign company or of one or more companies which are share-linked to the controlled foreign company by virtue of paragraph (a) or (b) above,
and so on.
- (4) For the purposes of the relevant provisions, a company (“company A") has an intermediate interest in a controlled foreign company if (and only if)—
- (a) it has a direct or indirect interest in the controlled foreign company; and
- (b) one or more other persons have relevant interests in the controlled foreign company by virtue of having a direct or indirect interest in company A.
- (5) Any interest or shares held by a nominee or bare trustee shall be treated for the purposes of the relevant provisions as held by the person or persons for whom the nominee or bare trustee holds the interest or shares.
- (6) Where—
- (a) an interest in a controlled foreign company is held in a fiduciary or representative capacity, and
- (b) subsection (5) above does not apply, but
- (c) there are one or more identifiable beneficiaries,
the interest shall be treated for the purposes of the relevant provisions as held by that beneficiary or, as the case may be, as apportioned on a just and reasonable basis among those beneficiaries.
- (7) In the relevant provisions—
- “*bare trustee*” means a person acting as trustee—for a person absolutely entitled as against the trustee; orfor any person who would be so entitled but for being a minor or otherwise under a disability; orfor two or more persons who are or would, but for all or any of them being a minor or otherwise under a disability, be jointly so entitled;
- “ordinary shares", in the case of any company, means shares of a single class, however described, which is the only class of shares issued by the company;
- “*the relevant accounting period*” means the accounting period mentioned in section 752(1);
- “*share*” includes a reference to a fraction of a share.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 754A
@@ -21288,333 +17082,23 @@
##### 754B
- (1) This section has effect where a determination requiring the Board’s sanction is made for any of the following purposes, that is to say—
- (a) the giving of a closure notice; or
- (b) the making of a discovery assessment.
- (2) If the closure notice or, as the case may be, notice of the discovery assessment is given to any person without—
- (a) the determination, so far as it is taken into account in the closure notice or the discovery assessment, having been approved by the Board, or
- (b) notification of the Board’s approval having been served on that person at or before the time of the giving of the notice,
the closure notice or, as the case may be, the discovery assessment shall be deemed to have been given or made (and in the case of an assessment notified) in the terms (if any) in which it would have been given or made had that determination not been taken into account.
- (3) A notification under subsection (2)(b) above—
- (a) must be in writing;
- (b) must state that the Board have given their approval on the basis that—
- (i) an amount of chargeable profits, and
- (ii) an amount of creditable tax (which may be nil),
for the accounting period of the controlled foreign company in question fall to be apportioned under section 747(3) to the person in question;
- (c) must state the amounts mentioned in sub-paragraphs (i) and (ii) of paragraph (b) above; and
- (d) subject to paragraphs (a) to (c) above, may be in such form as the Board may determine.
- (4) For the purposes of this section, the Board’s approval of a determination requiring their sanction—
- (a) must be given specifically in relation to the case in question and must apply to the amount determined; but
- (b) subject to that, may be given by the Board (either before or after the making of the determination) in any such form or manner as they may determine.
- (5) In this section references to a determination requiring the Board’s sanction are references (subject to subsection (6) below) to any determination of the amount of chargeable profits or creditable tax for an accounting period of a controlled foreign company which falls to be apportioned to a particular person under section 747(3).
- (6) For the purposes of this section, a determination shall be taken, in relation to a closure notice or a discovery assessment, not to be a determination requiring the Board’s sanction if—
- (a) an agreement about the relevant amounts has been made between an officer of the Board and the person in whose case it is made;
- (b) that agreement is in force at the time of the giving of the closure notice or, as the case may be, notice of the assessment; and
- (c) the matters to which the agreement relates include the amount determined.
- (7) In paragraph (a) of subsection (6) above, “*the relevant amounts*” means—
- (a) the amount of chargeable profits, and
- (b) the amount of creditable tax (which may be nil),
for the accounting period of the controlled foreign company in question which fall to be apportioned under section 747(3) to the person mentioned in that paragraph.
- (8) For the purposes of subsection (6) above an agreement made between an officer of the Board and any person (“the taxpayer") in relation to any matter shall be taken to be in force at any time if, and only if—
- (a) the agreement is one which has been made or confirmed in writing;
- (b) that time is after the end of the period of thirty days beginning—
- (i) in the case of an agreement made in writing, with the day of the making of the agreement, and
- (ii) in any other case, with the day of the agreement’s confirmation in writing; and
- (c) the taxpayer has not, before the end of that period of thirty days, served a notice on an officer of the Board stating that he is repudiating or resiling from the agreement.
- (9) The references in subsection (8) above to the confirmation in writing of an agreement are references to the service on the taxpayer by an officer of the Board of a notice—
- (a) stating that the agreement has been made; and
- (b) setting out the terms of the agreement.
- (10) The matters that may be questioned on so much of any appeal by virtue of any provision of the Management Act or Schedule 18 to the Finance Act 1998 (company tax returns, assessments and related matters) as relates to a determination the making of which has been approved by the Board for the purposes of this section shall not include the Board’s approval, except to the extent that the grounds for questioning the approval are the same as the grounds for questioning the determination itself.
- (11) In this section—
- “*closure notice*” means a notice under paragraph 32 of Schedule 18 to the Finance Act 1998 (completion of enquiry and statement of conclusions);
- “*discovery assessment*” means a discovery assessment or discovery determination under paragraph 41 of that Schedule (including an assessment by virtue of paragraph 52 of that Schedule).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 755A
- (1) This section applies in any case where—
- (a) an amount (“the apportioned profit") of a controlled foreign company’s chargeable profits for an accounting period falls to be apportioned under section 747(3) to a company resident in the United Kingdom (“the UK company");
- (b) the UK company carries on life assurance business in that one of its accounting periods (“the relevant accounting period") in which ends the accounting period of the controlled foreign company; and
- (c) the property or rights which represent the UK company’s relevant interest in the controlled foreign company constitute to any extent assets of the UK company’s long-term insurance fund.
- (2) Subsections (3) and (4) below apply if, in the case of the relevant accounting period, the UK company is charged to tax under the I minus E basis in respect of life assurance business.
- (3) Where this subsection applies, the “*appropriate rate*” for the purposes of section 747(4)(a) and paragraph 1 of Schedule 26 in relation to the policy holders’ part of any BLAGAB apportioned profit shall be—
- (a) if a single rate of tax under section 88(1) of the Finance Act 1989 (lower corporation tax rate on certain insurance company profits) is applicable in relation to the relevant accounting period, that rate; or
- (b) if more than one such rate of tax is applicable in relation to the relevant accounting period, the average of those rates over the whole of that period.
- (4) Where this subsection applies, the “*appropriate rate*” for the purposes of section 747(4)(a) and paragraph 1 of Schedule 26 shall be nil in relation to so much of the apportioned profit as is referable to gross roll-up business carried on by the UK company.
- (4A) In any case where—
- (a) paragraph 4 of Schedule 26 to this Act applies to a dividend received by the UK company, and
- (b) but for this subsection, subsection (5) of section 97 of TIOPA 2010 would apply to that dividend,
the amount of credit for foreign tax in respect of that dividend shall be treated, for the purposes of that section, as wholly attributable to basic life assurance and general annuity business.
- (5) If, in the case of the relevant accounting period, the UK company is charged to tax under section 35 of CTA 2009 (charge on trade profits) in respect of its profits from life assurance business, the “*appropriate rate*” for the purposes of—
- (a) section 747(4)(a), and
- (b) paragraph 1 of Schedule 26,
shall be nil in relation to so much of the apportioned profit as is referable to the UK company’s relevant interest so far as represented by assets of its long-term insurance fund.
- (6) If, in the case of the relevant accounting period,—
- (a) the UK company is charged to tax under the I minus E basis in respect of life assurance business,
- (b) any creditable tax of the controlled foreign company falls to be apportioned to the UK company, and
- (c) the apportioned profit is to any extent referable to gross roll-up business,
so much of the creditable tax so apportioned as is attributable to the apportioned profit so far as so referable shall be left out of account for the purposes of this Chapter, other than section 747(3) and this section, and shall be treated as extinguished.
- (7) If, in the case of the relevant accounting period,—
- (a) the UK company is charged to tax under section 35 of CTA 2009 in respect of its profits from life assurance business, and
- (b) any creditable tax of the controlled foreign company falls to be apportioned to the UK company,
so much of the creditable tax so apportioned as is attributable to so much of the apportioned profit as is referable to the UK company’s relevant interest so far as represented by assets of the UK company’s long-term insurance fund shall be left out of account for the purposes of this Chapter, other than section 747(3) and this section, and shall be treated as extinguished.
- (8) Any set off under paragraph 1 . . . of Schedule 26 against the UK company’s liability to tax under section 747(4)(a) in respect of the apportioned profit shall be made against only so much of that liability as is attributable to the eligible part of the apportioned profit.
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) For the purposes of this section, the “eligible part" of the apportioned profit is any BLAGAB apportioned profit, other than the policy holders’ part.
- (11) For the purposes of this section the policy holders' part of any BLAGAB apportioned profit is—
- (a) where subsection (11A) below applies, the whole of that profit, and
- (b) in any other case, the relevant fraction (within the meaning of subsection (11B) below) of that profit.
- (11A) This subsection applies if—
- (a) the UK company’s life assurance business is mutual business,
- (b) the policy holders' share of the UK company’s relevant profits for the relevant accounting period is equal to all those profits, or
- (c) the policy holders' share of the UK company’s relevant profits for the relevant accounting period is more than its BLAGAB profits for that period.
- (11B) The relevant fraction for the purposes of subsection (11)(b) above is the fraction arrived at by dividing—
- (a) the policy holders' share of the UK company’s relevant profits for the relevant accounting period, by
- (b) the UK company’s BLAGAB profits for that period.
- (11BA) But where the BLAGAB profits for the relevant accounting period are nil, the relevant fraction—
- (a) if there are section 35 profits of the accounting period in respect of its life assurance business, is nil, and
- (b) otherwise, is such fraction as is just and reasonable;
and for this purpose there are section 35 profits if there are profits computed in accordance with the life assurance trade profits provisions after making adjustments in respect of losses in accordance with section 85A(4) of the Finance Act 1989.
- (11C) In subsections (11A) and (11B) above—
- (a) references to the policy holders' share of the UK company’s share of the relevant profits are to be construed in accordance with sections 88(3) and 89 of the Finance Act 1989, . . .
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) In this section—
- “*BLAGAB apportioned profit*” means so much of the apportioned profit as is referable to basic life assurance and general annuity business carried on by the UK company;
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (13) For the purposes of this section, the part of the apportioned profit which is referable to—
- (a) basic life assurance and general annuity business, or
- (ba) gross roll-up business,
carried on by the UK company is the part which would have been so referable under section 432A had the apportioned profit been a dividend paid to the UK company at the end of the accounting period mentioned in subsection (1)(a) above in respect of the property or rights which represent the UK company’s relevant interest in the controlled foreign company.
- (14) For the purposes of this section, any attribution of creditable tax to a particular part of the apportioned profit shall be made in the proportion which that part of the apportioned profit bears to the whole of the apportioned profit.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 755B
- (1) This section applies where—
- (a) a controlled foreign company carries on general insurance business in an accounting period;
- (b) an amount of the company’s chargeable profits, and an amount of its creditable tax (if any), for that accounting period falls to be apportioned under section 747(3) to a company resident in the United Kingdom (“the UK company");
- (c) the UK company delivers a company tax return for that one of its accounting periods in which the controlled foreign company’s accounting period ends; and
- (d) in making or amending the return, the UK company has regard to accounts of the controlled foreign company drawn up using a method falling within subsection (2) below.
- (2) The methods which fall within this subsection are—
- (a) the method described in paragraph 58 in Section E of Part 2 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (which provides for a technical provision to be made in the accounts which is later replaced by a provision for estimated claims outstanding); and
- (b) any method which would have fallen within paragraph (a) above, had final replacement of the technical provision, as described in sub-paragraph (4) of paragraph 58 of that Schedule, taken place, and been required to take place, no later than the end of the year referred to in that sub-paragraph as the third year following the underwriting year.
- (3) Where this section applies—
- (a) the UK company may make any amendments of its company tax return arising from the replacement of the technical provision in the controlled foreign company’s accounts at any time within twelve months from the date on which the provision was replaced; and
- (b) notice of intention to enquire into the return under paragraph 24 of Schedule 18 to the Finance Act 1998 may be given at any time up to two years from that date (or at any later time in accordance with the general rule in sub-paragraph (3) of that paragraph).
- (4) If, in a case where this section applies, the accounts of the controlled foreign company are drawn up using a method falling within paragraph (b) of subsection (2) above—
- (a) the controlled foreign company, and
- (b) any person with an interest in the controlled foreign company,
shall be treated for the purposes of this section as if final replacement of the technical provision, as described in sub-paragraph (4) of paragraph 58 of Schedule 3 to those Regulations, had taken place at, and been required to take place no later than, the end of the year referred to in that sub-paragraph as the third year following the underwriting year.
- (5) Regulations under section 755C may make provision with respect to the determination of the amount of the provision by which the technical provision is to be treated as replaced in cases falling within subsection (4) above.
- (6) In this section “general insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part I of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 755C
- (1) The Treasury may by regulations provide for the provisions of this Chapter to have effect with prescribed modifications in any case where a non-resident company—
- (a) carries on general insurance business; and
- (b) draws up accounts relating to that business using a method falling within subsection (2) of section 755B.
- (2) Regulations under subsection (1) above may—
- (a) make different provision for different cases;
- (b) make provision having effect in relation to accounting periods of non-resident companies ending not more than one year before the date on which the regulations are made; and
- (c) contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit.
- (3) In this section—
- “*general insurance business*” has the same meaning as in section 755B;
- “*non-resident company*” means a company resident outside the United Kingdom;
- “*prescribed*” means prescribed in regulations under this section.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 755D
- (1) For the purposes of this Chapter “control", in relation to a company, means the power of a person to secure—
- (a) by means of the holding of shares or the possession of voting power in or in relation to the company or any other company, or
- (b) by virtue of any powers conferred by the articles of association or other document regulating the company or any other company,
that the affairs of the company are conducted in accordance with his wishes.
- (1A) For the purposes of this Chapter a person also controls a company if the person possesses, or is entitled to acquire, such rights as would—
- (a) if the whole of the income of the company were distributed, entitle the person to receive the greater part of the amount so distributed,
- (b) if the whole of the company's share capital were disposed of, entitle the person to receive the greater part of the proceeds of the disposal, or
- (c) in the event of the winding-up of the company or in any other circumstances, entitle the person to receive the greater part of the assets of the company which would then be available for distribution.
- (2) Where two or more persons, taken together, have the power mentioned in subsection (1) above or satisfy subsection (1A) above, they shall be taken for the purposes of this Chapter to control the company.
- (3) The 40 per cent test in this subsection is satisfied in the case of one of two persons who, taken together, control a company if that one of them has interests, rights and powers representing at least 40 per cent of the holdings, rights and powers in respect of which the pair of them fall to be taken as controlling the company.
- (4) The 40 per cent test in this subsection is satisfied in the case of one of two persons who, taken together, control a company if that one of them has interests, rights and powers representing—
- (a) at least 40 per cent, but
- (b) not more than 55 per cent,
of the holdings, rights and powers in respect of which the pair of them fall to be taken as controlling the company.
- (5) For the purposes of this Chapter any question—
- (a) whether a company is controlled by a person, or by two or more persons taken together, or
- (b) whether, in the case of any company, the applicable 40 per cent test is satisfied in the case of each of two persons who, taken together, control the company,
shall be determined after attributing to each of the persons all the rights and powers mentioned in subsection (6) below that are not already attributed to that person for the purposes of subsections (1) to (4) above.
- (6) The rights and powers referred to in subsection (5) above are—
- (a) rights and powers which the person is entitled to acquire at a future date or which he will, at a future date, become entitled to acquire;
- (b) rights and powers of other persons, to the extent that they are rights or powers falling within subsection (7) below;
- (c) if the person is resident in the United Kingdom, rights and powers of any person who is resident in the United Kingdom and connected with the person; and
- (d) if the person is resident in the United Kingdom, rights and powers which for the purposes of subsection (5) above would be attributed to a person who is resident in the United Kingdom and connected with the person (a “*UK connected person*”) if the UK connected person were himself the person.
- (7) Rights and powers fall within this subsection to the extent that they—
- (a) are required, or may be required, to be exercised in any one or more of the following ways, that is to say—
- (i) on behalf of the person;
- (ii) under the direction of the person; or
- (iii) for the benefit of the person; and
- (b) are not confined, in a case where a loan has been made by one person to another, to rights and powers conferred in relation to property of the borrower by the terms of any security relating to the loan.
- (8) In subsections (6)(b) to (d) and (7) above, the references to a person’s rights and powers include references to any rights or powers which he either—
- (a) is entitled to acquire at a future date, or
- (b) will, at a future date, become entitled to acquire.
- (9) In paragraph (d) of subsection (6) above, the reference to rights and powers which would be attributed to a UK connected person if he were the person includes a reference to rights and powers which, by applying that paragraph wherever one person resident in the United Kingdom is connected with another person, would be so attributed to him through a number of persons each of whom is resident in the United Kingdom and connected with at least one of the others.
- (10) In determining for the purposes of this section whether one person is connected with another in relation to a company, section 1122(4) of CTA 2010 shall be disregarded.
- (11) References in this section—
- (a) to rights and powers of a person, or
- (b) to rights and powers which a person is or will become entitled to acquire,
include references to rights or powers which are exercisable by that person, or (when acquired by that person) will be exercisable, only jointly with one or more other persons.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Meaning of offshore fund
@@ -33947,14 +29431,36 @@
[^c23389011]: [S. 75B](https://www.legislation.gov.uk/ukpga/1988/1/section/75B) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 29](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/29), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23405301]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 2](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/2) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23356451]: [S. 75A](https://www.legislation.gov.uk/ukpga/1988/1/section/75A) inserted (with effect in accordance with ss. 42, 43 of the amending Act) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 39](https://www.legislation.gov.uk/ukpga/2004/12/section/39)
[^c23356471]: [S. 75B](https://www.legislation.gov.uk/ukpga/1988/1/section/75B) inserted (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 45(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/45/1) (with [s. 45(2)(3)](https://www.legislation.gov.uk/ukpga/2004/12/section/45/2/3))
[^c23405321]: [S. 76ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 3](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/3) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405341]: [S. 76ZB](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZB) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 4](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/4) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405361]: [Ss. 76ZC-76ZE](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZC) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/5) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405381]: [Ss. 76ZC-76ZE](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZC) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/5) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405391]: [Ss. 76ZC-76ZE](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZC) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/5) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23393711]: [S. 76ZD](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZD) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 34](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/34) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393731]: [S. 76ZE](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZE) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 35](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/35) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23405401]: [Ss. 76ZF-76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/6) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405421]: [Ss. 76ZF-76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/6) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405431]: [Ss. 76ZF-76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/6) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405441]: [Ss. 76ZF-76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/6) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23405451]: [Ss. 76ZF-76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/6) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23393751]: [S. 76ZG](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZG) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 37](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/37) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393771]: [S. 76ZH](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZH) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 38](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/38) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
@@ -33963,8 +29469,14 @@
[^c23393811]: [S. 76ZJ](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZJ) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 40](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/40) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23405461]: [S. 76ZK](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZK) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 7](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/7) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23393831]: [S. 76ZM](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZM) inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 43](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/43) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23418111]: [S. 76ZN](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN) and cross-heading inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 44](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/44) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23405511]: [S. 76ZN](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 9](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/9) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23404971]: [S. 76ZO](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZO) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 61](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/61)
[^c23415091]: [Ss. 76A](https://www.legislation.gov.uk/ukpga/1988/1/section/76A), [76B](https://www.legislation.gov.uk/ukpga/1988/1/section/76B) inserted (1.12.2001) by [Financial Services and Markets Act 2000 (c. 8)](https://www.legislation.gov.uk/ukpga/2000/8), [ss. 411(2)](https://www.legislation.gov.uk/ukpga/2000/8/section/411/2), [431(2)](https://www.legislation.gov.uk/ukpga/2000/8/section/431/2); [S.I. 2001/3538](https://www.legislation.gov.uk/uksi/2001/3538), [art. 2(1)](https://www.legislation.gov.uk/uksi/2001/3538/article/2/1)
@@ -34097,6 +29609,8 @@
[^c23405011]: Words in [s. 95ZA(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/95ZA/2/a) omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 14 para. 5(3)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/14/paragraph/5/3)
[^c23405651]: Words in [s. 95ZA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/95ZA/3) substituted (with effect in accordance with [s. 148(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/148/1) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 10](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/10) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23385091]: [S. 95ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/95ZA) inserted (with effect in accordance with [Sch. 17 para. 16(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/16/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 16(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/16/1)
[^c23358691]: [S. 95A](https://www.legislation.gov.uk/ukpga/1988/1/section/95A) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 75](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/75), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
@@ -35177,6 +30691,16 @@
[^c23412041]: [S. 266A(3)-(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/266A/3) substituted for s. 266A(3)-(6) (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 10(3)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/10/3) (with [Sch. 36](https://www.legislation.gov.uk/ukpga/2004/12/schedule/36))
[^c23418291]: [Ss. 268-272](https://www.legislation.gov.uk/ukpga/1988/1/section/268) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(1)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/1)
[^c23418311]: [Ss. 268-272](https://www.legislation.gov.uk/ukpga/1988/1/section/268) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(1)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/1)
[^c23418321]: [Ss. 268-272](https://www.legislation.gov.uk/ukpga/1988/1/section/268) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(1)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/1)
[^c23418331]: [Ss. 268-272](https://www.legislation.gov.uk/ukpga/1988/1/section/268) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(1)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/1)
[^c23418341]: [Ss. 268-272](https://www.legislation.gov.uk/ukpga/1988/1/section/268) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(1)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/1)
[^c23417361]: [S. 273](https://www.legislation.gov.uk/ukpga/1988/1/section/273) omitted (with effect in accordance with Sch. 1 para. 7 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 2(h)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/2/h)
[^c23417781]: Word in [s. 274](https://www.legislation.gov.uk/ukpga/1988/1/section/274) heading substituted (with effect in accordance with [Sch. 1 para. 7](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/7) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 4(6)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/4/6)
@@ -36083,36 +31607,90 @@
[^c23553541]: [Pt. 11 Ch. 3](https://www.legislation.gov.uk/ukpga/1988/1/part/11/chapter/3) (ss. 423-430) repealed (with effect in accordance with s. 103(1) of the repealing Act) by [Finance Act 1989 (c. 4)](https://www.legislation.gov.uk/ukpga/1989/4), [Sch. 17 Pt. 5](https://www.legislation.gov.uk/ukpga/1989/4/schedule/17/part/5), Note 4 (with s. 103(2))
[^c23594231]: [S. 431](https://www.legislation.gov.uk/ukpga/1988/1/section/431) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 11](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/11) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17)) (subject to an amendment (1.4.2013) by [Financial Services Act 2012 (c. 21)](https://www.legislation.gov.uk/ukpga/2012/21), [s. 58(5)](https://www.legislation.gov.uk/ukpga/2012/21/section/58/5); [S.I. 2013/423](https://www.legislation.gov.uk/uksi/2013/423), [art. 3](https://www.legislation.gov.uk/uksi/2013/423/article/3), [Sch.](https://www.legislation.gov.uk/uksi/2013/423/schedule))
[^c23594251]: [S. 431ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/431ZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 12](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/12) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c21601071]: [S. 431A](https://www.legislation.gov.uk/ukpga/1988/1/section/431A) inserted (1.1.1990) by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 paras. 2](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/2), [11(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/11/2) (with [Sch. 6 para. 12](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/12))
[^c23595811]: [S. 431A](https://www.legislation.gov.uk/ukpga/1988/1/section/431A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 13](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/13) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22857401]: [S. 431AA](https://www.legislation.gov.uk/ukpga/1988/1/section/431AA) repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c23572391]: [S. 431ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/431ZA) inserted (with effect in accordance with [Sch. 17 para. 10(6)(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/6/7) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/2)
[^c22769731]: [S. 431AA](https://www.legislation.gov.uk/ukpga/1988/1/section/431AA) inserted (with application in accordance with [s. 143(5)](https://www.legislation.gov.uk/ukpga/1994/9/section/143/5) of the amending Act) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [s. 143(4)](https://www.legislation.gov.uk/ukpga/1994/9/section/143/4)
[^c23599511]: [S. 431B](https://www.legislation.gov.uk/ukpga/1988/1/section/431B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/14) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599531]: [S. 431BA](https://www.legislation.gov.uk/ukpga/1988/1/section/431BA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 15](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/15) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599551]: [S. 431BB](https://www.legislation.gov.uk/ukpga/1988/1/section/431BB) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 16](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/16) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599571]: [S. 431C](https://www.legislation.gov.uk/ukpga/1988/1/section/431C) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/17) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599591]: [Ss. 431D](https://www.legislation.gov.uk/ukpga/1988/1/section/431D), [431E](https://www.legislation.gov.uk/ukpga/1988/1/section/431E) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 18](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/18) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599611]: [Ss. 431D](https://www.legislation.gov.uk/ukpga/1988/1/section/431D), [431E](https://www.legislation.gov.uk/ukpga/1988/1/section/431E) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 18](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/18) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599631]: [S. 431EA](https://www.legislation.gov.uk/ukpga/1988/1/section/431EA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 19](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/19) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23599651]: [S. 431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431F) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 20](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/20) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22771491]: [Ss. 431B-431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431B) and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 2](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/2)
[^c22771471]: [Ss. 431B-431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431B) and cross-heading inserted (with effect in accordance with Sch. 8 paras. 55, 57 of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 2](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/2)
[^c23595831]: [Ss. 431BA](https://www.legislation.gov.uk/ukpga/1988/1/section/431BA), [431BB](https://www.legislation.gov.uk/ukpga/1988/1/section/431BB) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 8](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/8) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23595851]: [S. 431EA](https://www.legislation.gov.uk/ukpga/1988/1/section/431EA) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/10) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23633051]: [S. 431G](https://www.legislation.gov.uk/ukpga/1988/1/section/431G) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 21](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/21) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633071]: [S. 431H](https://www.legislation.gov.uk/ukpga/1988/1/section/431H) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 22](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/22) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23612801]: Words in [s. 432YA](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA) heading substituted (27.12.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) (No. 2) Order 2008 (S.I. 2008/3096)](https://www.legislation.gov.uk/uksi/2008/3096), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/3096/article/1/1), [2(4)](https://www.legislation.gov.uk/uksi/2008/3096/article/2/4)
[^c23633091]: [S. 431YA](https://www.legislation.gov.uk/ukpga/1988/1/section/431YA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 23](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/23) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633111]: [S. 431ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/431ZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 24](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/24) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22892971]: [Ss. 432A-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/4)
[^c23633131]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 25](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/25) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23613671]: [S. 432AA](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 131(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/131/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23633151]: [S. 432AA](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 26](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/26) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23613821]: Words in [s. 432AB](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 132(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/132/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23633171]: [S. 432AB](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 27](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/27) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22771701]: [Ss. 432A-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/4)
[^c23633191]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633331]: [Ss. 432A-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/4)
[^c23633211]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633231]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633251]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22771801]: [Ss. 432A-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/4)
[^c23632011]: [S. 432D](https://www.legislation.gov.uk/ukpga/1988/1/section/432D) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 18](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/18), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c22771831]: [Ss. 432A-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/4)
[^c23633271]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633291]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23633311]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 28](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/28) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22771871]: [S. 433](https://www.legislation.gov.uk/ukpga/1988/1/section/433) repealed (14.3.1989) by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 84(5)](https://www.legislation.gov.uk/ukpga/1989/26/section/84/5), [Sch. 8 para. 2](https://www.legislation.gov.uk/ukpga/1989/26/schedule/8/paragraph/2), [Sch. 17 Pt. IV](https://www.legislation.gov.uk/ukpga/1989/26/schedule/17/part/IV), Note 3 (with s. 84(6))
[^c22771501]: Cross-heading before s. 432 inserted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 51(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/51/2) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
@@ -36137,8 +31715,18 @@
[^c23600531]: [S. 432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432G) inserted (1.1.2005 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) Order 2004 (S.I. 2004/3266)](https://www.legislation.gov.uk/uksi/2004/3266), [art. 4](https://www.legislation.gov.uk/uksi/2004/3266/article/4)
[^c23701631]: [S. 434](https://www.legislation.gov.uk/ukpga/1988/1/section/434) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 29](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/29) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22772131]: [S. 434A](https://www.legislation.gov.uk/ukpga/1988/1/section/434A) inserted by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 84(4)-(6)](https://www.legislation.gov.uk/ukpga/1989/26/section/84/4), [Sch. 8 para. 4](https://www.legislation.gov.uk/ukpga/1989/26/schedule/8/paragraph/4)
[^c23701651]: [S. 434A](https://www.legislation.gov.uk/ukpga/1988/1/section/434A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 30](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/30) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701671]: [Ss. 434AZA-434AZC](https://www.legislation.gov.uk/ukpga/1988/1/section/434AZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 31](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/31) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701691]: [Ss. 434AZA-434AZC](https://www.legislation.gov.uk/ukpga/1988/1/section/434AZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 31](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/31) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701711]: [Ss. 434AZA-434AZC](https://www.legislation.gov.uk/ukpga/1988/1/section/434AZA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 31](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/31) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22789741]: [S. 434B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434B/1) repealed (with effect in accordance with s. 165(4)(5) of the repealing Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 165(3)](https://www.legislation.gov.uk/ukpga/1996/8/section/165/3), [Sch. 41 Pt 5(25)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/25), Note (with Sch. 14 para. 24)
[^c22793981]: [S. 434B(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/434B/2) repealed (with effect in accordance with s. 67(7), Sch. 18 Pt. 6(6) Note of the repealing Act) by [Finance Act 1997 (c. 16)](https://www.legislation.gov.uk/ukpga/1997/16), [s. 67(4)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/4), [Sch. 18 Pt. 6(6)](https://www.legislation.gov.uk/ukpga/1997/16/schedule/18/part/6/6)
@@ -36155,6 +31743,16 @@
[^c23701351]: [S. 436](https://www.legislation.gov.uk/ukpga/1988/1/section/436) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 24](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/24), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23701731]: [S. 436A](https://www.legislation.gov.uk/ukpga/1988/1/section/436A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 32](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/32) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701751]: [S. 436B](https://www.legislation.gov.uk/ukpga/1988/1/section/436B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 33](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/33) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701771]: [Ss. 437](https://www.legislation.gov.uk/ukpga/1988/1/section/437), [437A](https://www.legislation.gov.uk/ukpga/1988/1/section/437A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 34](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/34) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701791]: [Ss. 437](https://www.legislation.gov.uk/ukpga/1988/1/section/437), [437A](https://www.legislation.gov.uk/ukpga/1988/1/section/437A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 34](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/34) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701811]: [S. 438](https://www.legislation.gov.uk/ukpga/1988/1/section/438) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 35](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/35) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22772551]: [S. 438A](https://www.legislation.gov.uk/ukpga/1988/1/section/438A) inserted (2.10.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 49(1)](https://www.legislation.gov.uk/ukpga/1991/31/section/49/1); [S.I. 1992/1746](https://www.legislation.gov.uk/uksi/1992/1746), [art.2](https://www.legislation.gov.uk/uksi/1992/1746/article/2)
[^c22809031]: [S. 438A](https://www.legislation.gov.uk/ukpga/1988/1/section/438A) repealed (with effect in accordance with s. 87(2)(5) of the repealing Act) by [Finance Act 2001 (c. 9)](https://www.legislation.gov.uk/ukpga/2001/9), [s. 87(1)](https://www.legislation.gov.uk/ukpga/2001/9/section/87/1), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12)
@@ -36169,10 +31767,20 @@
[^c23701431]: [S. 439B](https://www.legislation.gov.uk/ukpga/1988/1/section/439B) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 30](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/30), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23701831]: [S. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 36](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/36) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22772761]: [Ss. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440), [440A](https://www.legislation.gov.uk/ukpga/1988/1/section/440A) substituted for s. 440 (1.1.1990) by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 paras. 8](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/8), [11(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/11/2) (with [Sch. 6 para. 12](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/12))
[^c23701851]: [S. 440A](https://www.legislation.gov.uk/ukpga/1988/1/section/440A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 37](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/37) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23653741]: Words in [s. 440B](https://www.legislation.gov.uk/ukpga/1988/1/section/440B) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 138(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/138/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701871]: [S. 440B](https://www.legislation.gov.uk/ukpga/1988/1/section/440B) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 38](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/38) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701891]: [S. 440C](https://www.legislation.gov.uk/ukpga/1988/1/section/440C) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 39](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/39) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701911]: [S. 440D](https://www.legislation.gov.uk/ukpga/1988/1/section/440D) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 40](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/40) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701451]: [S. 441](https://www.legislation.gov.uk/ukpga/1988/1/section/441) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 34](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/34), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c22772951]: [Ss. 441](https://www.legislation.gov.uk/ukpga/1988/1/section/441), [441A](https://www.legislation.gov.uk/ukpga/1988/1/section/441A) substituted for s. 441 by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch.7 paras. 3](https://www.legislation.gov.uk/ukpga/1990/29/schedule/7/paragraph/3), [10](https://www.legislation.gov.uk/ukpga/1990/29/schedule/7/paragraph/10)
@@ -36185,38 +31793,80 @@
[^c23701571]: [S. 441B](https://www.legislation.gov.uk/ukpga/1988/1/section/441B) repealed (13.8.2007 with effect in accordance with reg. 1(2) of the repealing S.I.) by [The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2007 (S.I. 2007/2086)](https://www.legislation.gov.uk/uksi/2007/2086), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2086/regulation/1/1), [6(2)(a)](https://www.legislation.gov.uk/uksi/2007/2086/regulation/6/2/a)
[^c23701931]: [S. 442](https://www.legislation.gov.uk/ukpga/1988/1/section/442) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 41](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/41) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701951]: [S. 442A](https://www.legislation.gov.uk/ukpga/1988/1/section/442A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 42](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/42) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701511]: [S. 443](https://www.legislation.gov.uk/ukpga/1988/1/section/443) repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 16(3)(d)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/16/3/d), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23701531]: [S. 444](https://www.legislation.gov.uk/ukpga/1988/1/section/444) repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 16(3)(e)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/16/3/e), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c22773211]: [S. 444A](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) inserted (with effect in accordance with [Sch. 9 para. 7](https://www.legislation.gov.uk/ukpga/1990/29/schedule/9/paragraph/7) of the amending Act) by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 9 para. 4](https://www.legislation.gov.uk/ukpga/1990/29/schedule/9/paragraph/4)
[^c23701971]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710721]: Words in [s. 444AZA](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 142(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/142/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701991]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710841]: Word in [s. 444AZB](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 143(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/143/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23702011]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702031]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23683411]: [S. 444AB](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB) heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [11(6)](https://www.legislation.gov.uk/uksi/2008/381/article/11/6)
[^c23702051]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17)) (subject to amendments to s. 444AB by [Financial Services Act 2012 (c. 21)](https://www.legislation.gov.uk/ukpga/2012/21), [s. 122(3)](https://www.legislation.gov.uk/ukpga/2012/21/section/122/3), [Sch. 18 para. 58(6)](https://www.legislation.gov.uk/ukpga/2012/21/schedule/18/paragraph/58/6); [S.I. 2013/423](https://www.legislation.gov.uk/uksi/2013/423), [art. 3](https://www.legislation.gov.uk/uksi/2013/423/article/3), [Sch.](https://www.legislation.gov.uk/uksi/2013/423/schedule))
[^c23690651]: [S. 444ABA](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABA) heading substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(9)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/9)
[^c23702071]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702091]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702111]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702131]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701591]: [S. 444ABC](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABC) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [15](https://www.legislation.gov.uk/uksi/2008/381/article/15)
[^c23702151]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23694711]: [S. 444AC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC) heading substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(8)](https://www.legislation.gov.uk/uksi/2008/381/article/17/8)
[^c23702171]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701611]: [S. 444ACZA](https://www.legislation.gov.uk/ukpga/1988/1/section/444ACZA) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [18](https://www.legislation.gov.uk/uksi/2008/381/article/18)
[^c23701491]: [S. 444ACA](https://www.legislation.gov.uk/ukpga/1988/1/section/444ACA) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 2(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/2/2), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23701551]: [S. 444AD](https://www.legislation.gov.uk/ukpga/1988/1/section/444AD) repealed (with effect in accordance with Sch. 9 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 7(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/7/1), [Sch. 27 Pt. 2(9)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/9), Note; [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23702191]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702211]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23695881]: Words in [s. 444AEB](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23702231]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23700061]: Words in [s. 444AEC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23702251]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702271]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23700981]: Words in [s. 444AECB](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(7)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/7) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23702291]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23701211]: Words in [s. 444AECC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC) title substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(6)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/6) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23702311]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23702331]: [Ss. 444A-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444A) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 43](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/43) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c22771511]: Cross-heading before s. 434 inserted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 51(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/51/4) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c23635511]: [Ss. 434AZA-434AZC](https://www.legislation.gov.uk/ukpga/1988/1/section/434AZA) inserted (with effect in accordance with [Sch. 23 para. 3(2)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/23/paragraph/3/2) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 23 para. 3(1)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/23/paragraph/3/1)
@@ -36271,18 +31921,42 @@
[^c23694771]: [S. 444ACA](https://www.legislation.gov.uk/ukpga/1988/1/section/444ACA) inserted (with effect in accordance with [Sch. 9 para. 8(2)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/8/2) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 8(1)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/8/1)
[^c23633541]: [Ss. 444AEA-444AED](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA) inserted (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 8(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/8/1); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23635371]: [Ss. 444AECA-444AECC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [art. 22](https://www.legislation.gov.uk/uksi/2008/381/article/22)
[^c23710581]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710601]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710521]: Words in [s. 444AH](https://www.legislation.gov.uk/ukpga/1988/1/section/444AH) heading substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 153](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/153) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710611]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710621]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710631]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710481]: [S. 444AK](https://www.legislation.gov.uk/ukpga/1988/1/section/444AK) heading substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by virtue of [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 38(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/38/5) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710641]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23710651]: [Ss. 444AF-444AL](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 44](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/44) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c21603191]: [S. 444B](https://www.legislation.gov.uk/ukpga/1988/1/section/444B) and cross heading inserted (27.7.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 97(1)](https://www.legislation.gov.uk/ukpga/1993/34/section/97/1)
[^c23710901]: [S. 444B](https://www.legislation.gov.uk/ukpga/1988/1/section/444B) repealed (31.12.2006 with effect in accordance with reg. 1 of the repealing S.I.) by [The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271)](https://www.legislation.gov.uk/uksi/2006/3271), [reg. 43(1)](https://www.legislation.gov.uk/uksi/2006/3271/regulation/43/1), [Sch. Pt. 1](https://www.legislation.gov.uk/uksi/2006/3271/schedule/part/1)
[^c21603181]: [S. 444B](https://www.legislation.gov.uk/ukpga/1988/1/section/444B) and cross heading inserted (27.7.1993) by [1993 c.34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 97(1)](https://www.legislation.gov.uk/ukpga/1993/34/section/97/1)
[^c23711091]: [Ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [s. 26(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/26/1); [S.I. 2015/1999](https://www.legislation.gov.uk/uksi/2015/1999), [art. 2](https://www.legislation.gov.uk/uksi/2015/1999/article/2)
[^c23711111]: [Ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [s. 26(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/26/1); [S.I. 2015/1999](https://www.legislation.gov.uk/uksi/2015/1999), [art. 2](https://www.legislation.gov.uk/uksi/2015/1999/article/2)
[^c23711131]: [Ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [s. 26(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/26/1); [S.I. 2015/1999](https://www.legislation.gov.uk/uksi/2015/1999), [art. 2](https://www.legislation.gov.uk/uksi/2015/1999/article/2)
[^c23711151]: [Ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) repealed (with effect in accordance with s. 26(3)-(9) of the repealing Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [s. 26(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/26/1); [S.I. 2015/1999](https://www.legislation.gov.uk/uksi/2015/1999), [art. 2](https://www.legislation.gov.uk/uksi/2015/1999/article/2)
[^c22798771]: [Ss. 444C-444E](https://www.legislation.gov.uk/ukpga/1988/1/section/444C) repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Notes 1, 2
[^c22798781]: [Ss. 444C-444E](https://www.legislation.gov.uk/ukpga/1988/1/section/444C) repealed (with effect in accordance with Sch. 8 paras. 55, 57(1) of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Notes 1, 2
@@ -36331,20 +32005,46 @@
[^c22798801]: [Ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) and preceding cross-heading inserted (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 166](https://www.legislation.gov.uk/ukpga/1996/8/section/166), [Sch. 32 para. 1](https://www.legislation.gov.uk/ukpga/1996/8/schedule/32/paragraph/1)
[^c23711301]: [S. 459](https://www.legislation.gov.uk/ukpga/1988/1/section/459) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 2](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/2)
[^c23718421]: [S. 460](https://www.legislation.gov.uk/ukpga/1988/1/section/460) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 3](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/3)
[^c23718441]: [S. 461](https://www.legislation.gov.uk/ukpga/1988/1/section/461) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 4](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/4)
[^c21605821]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.7](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/7); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23718461]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/5)
[^c21605831]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.7](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/7); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23718481]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/5)
[^c21605841]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.7](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/7); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23718501]: [Ss. 461A-461C](https://www.legislation.gov.uk/ukpga/1988/1/section/461A) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 5](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/5)
[^c23718521]: [S. 461D](https://www.legislation.gov.uk/ukpga/1988/1/section/461D) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 6](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/6)
[^c23718541]: [S. 462](https://www.legislation.gov.uk/ukpga/1988/1/section/462) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 7](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/7)
[^c21605921]: [S. 462A](https://www.legislation.gov.uk/ukpga/1988/1/section/462A) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 2](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/2)
[^c23718401]: [S. 462A](https://www.legislation.gov.uk/ukpga/1988/1/section/462A) omitted (21.7.2008) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 5(1)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/5/1/b)
[^c23717981]: Words in [s. 463](https://www.legislation.gov.uk/ukpga/1988/1/section/463) heading substituted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 4](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/4)
[^c23718561]: [S. 463](https://www.legislation.gov.uk/ukpga/1988/1/section/463) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 8](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/8)
[^c23718581]: [S. 464](https://www.legislation.gov.uk/ukpga/1988/1/section/464) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 9](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/9)
[^c23718601]: [S. 465](https://www.legislation.gov.uk/ukpga/1988/1/section/465) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 10](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/10)
[^c21606481]: [S. 465A](https://www.legislation.gov.uk/ukpga/1988/1/section/465A) inserted (19.12.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.13](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/13), [22](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/22); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23718621]: [S. 465A](https://www.legislation.gov.uk/ukpga/1988/1/section/465A) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 11](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/11)
[^c23718661]: [S. 466](https://www.legislation.gov.uk/ukpga/1988/1/section/466) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 12](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/12)
[^c23717841]: [S. 461D](https://www.legislation.gov.uk/ukpga/1988/1/section/461D) inserted (with effect in accordance with [Sch. 18 para. 3(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/3/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 3(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/3/1)
[^c23718781]: [S. 467](https://www.legislation.gov.uk/ukpga/1988/1/section/467) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 52](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/52), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
@@ -36631,6 +32331,8 @@
[^c23733001]: [Ss. 508A](https://www.legislation.gov.uk/ukpga/1988/1/section/508A), [508B](https://www.legislation.gov.uk/ukpga/1988/1/section/508B) repealed (with effect in accordance with s. 145(2) of the repealing Act) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [s. 143(a)](https://www.legislation.gov.uk/ukpga/2006/25/section/143/a), [Sch. 26 Pt. 4](https://www.legislation.gov.uk/ukpga/2006/25/schedule/26/part/4)
[^c23733021]: Words in [s. 508A(5)(9)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/508A/5/9/b) substituted (with effect in accordance with [s. 4(8)](https://www.legislation.gov.uk/ukpga/2012/14/section/4/8) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [s. 4(7)](https://www.legislation.gov.uk/ukpga/2012/14/section/4/7)
[^c23733131]: [S. 509](https://www.legislation.gov.uk/ukpga/1988/1/section/509) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 176](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/176), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23733311]: [S. 510](https://www.legislation.gov.uk/ukpga/1988/1/section/510) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 79](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/79), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
@@ -36857,6 +32559,8 @@
[^c23747401]: [S. 552(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/552/13) inserted (with effect in accordance with [s. 29(4)](https://www.legislation.gov.uk/ukpga/2007/11/section/29/4) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [s. 29(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/29/2)
[^c23747981]: [S. 552(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/552/13) substituted (with effect in accordance with [s. 11(4)-(6)](https://www.legislation.gov.uk/ukpga/2011/11/section/11/4) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [s. 11(3)](https://www.legislation.gov.uk/ukpga/2011/11/section/11/3)
[^c23748341]: Words in [s. 552ZA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/552ZA/3) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 14 para. 5](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/5)
[^c23748321]: Words in [s. 552ZA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/552ZA/3) inserted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 223](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/223) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
@@ -37857,24 +33561,78 @@
[^c23782601]: [S. 741D](https://www.legislation.gov.uk/ukpga/1988/1/section/741D) inserted (5.12.2005) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 7 para. 5](https://www.legislation.gov.uk/ukpga/2006/25/schedule/7/paragraph/5)
[^c23787661]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787951]: [S. 747A](https://www.legislation.gov.uk/ukpga/1988/1/section/747A) repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by [Finance Act 2005 (c. 7)](https://www.legislation.gov.uk/ukpga/2005/7), [Sch. 4 para. 24(1)](https://www.legislation.gov.uk/ukpga/2005/7/schedule/4/paragraph/24/1), [Sch. 11 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/2005/7/schedule/11/part/2/6), Note
[^c23228321]: [S. 748](https://www.legislation.gov.uk/ukpga/1988/1/section/748) sidenote substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(9)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/9); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787691]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787701]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787711]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23229041]: [Ss. 749-749B](https://www.legislation.gov.uk/ukpga/1988/1/section/749) substituted for s. 749 (with effect in accordance with [Sch.17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 4](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/4); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787721]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787741]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787751]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787761]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787771]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787781]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787791]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787801]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787811]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787821]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23784331]: Words in [s. 751B](https://www.legislation.gov.uk/ukpga/1988/1/section/751B) heading substituted (with effect in accordance with [Sch. 16 para. 25](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/25) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 24(2)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/24/2)
[^c23784681]: Words in [s. 751B](https://www.legislation.gov.uk/ukpga/1988/1/section/751B) heading substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(6)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/6)
[^c23787831]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23228571]: [Ss. 752-752C](https://www.legislation.gov.uk/ukpga/1988/1/section/752) substituted for s. 752 (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 7](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/7); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787841]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787851]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787861]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787871]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23228611]: [S. 753](https://www.legislation.gov.uk/ukpga/1988/1/section/753) repealed (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 8](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/8), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787881]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787971]: [S. 754A](https://www.legislation.gov.uk/ukpga/1988/1/section/754A) omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 2(2)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/2/2) (with [Sch. 16 paras. 7](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/7), [8](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/8))
[^c23787891]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23229001]: [S. 755](https://www.legislation.gov.uk/ukpga/1988/1/section/755) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 12](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/12), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787901]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787911]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787921]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787931]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787941]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c23787991]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) (ss. 747-756) omitted (with effect in accordance with Sch. 20 paras. 49, 50 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 20 para. 14](https://www.legislation.gov.uk/ukpga/2012/14/schedule/20/paragraph/14)
[^c22903691]: [S. 747A](https://www.legislation.gov.uk/ukpga/1988/1/section/747A) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 25 para. 2](https://www.legislation.gov.uk/ukpga/1995/4/schedule/25/paragraph/2)
[^c23783101]: [S. 748ZA](https://www.legislation.gov.uk/ukpga/1988/1/section/748ZA) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 5](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/5)
@@ -37885,6 +33643,8 @@
[^c23310811]: [S. 750A](https://www.legislation.gov.uk/ukpga/1988/1/section/750A) inserted (with effect in accordance with [Sch. 31 para. 9(2)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/31/paragraph/9/2) of the amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [Sch. 31 para. 3](https://www.legislation.gov.uk/ukpga/2000/17/schedule/31/paragraph/3)
[^c23783041]: [Ss. 751A](https://www.legislation.gov.uk/ukpga/1988/1/section/751A), [751B](https://www.legislation.gov.uk/ukpga/1988/1/section/751B) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 5](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/5)
[^c23783061]: [S. 751AA](https://www.legislation.gov.uk/ukpga/1988/1/section/751AA) inserted (with effect in accordance with [Sch. 16 para. 25](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/25) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 23](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/23)
[^c23783081]: [S. 751AB](https://www.legislation.gov.uk/ukpga/1988/1/section/751AB) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 2](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/2)
@@ -38385,6 +34145,8 @@
[^c23813291]: [S. 824(2D)](https://www.legislation.gov.uk/ukpga/1988/1/section/824/2D) inserted (1.4.2011 with effect in accordance with art. 9(1) of the amending S.I.) by The Enactment of Extra-[Statutory Concessions Order 2011 (S.I. 2011/1037)](https://www.legislation.gov.uk/uksi/2011/1037), [arts. 1](https://www.legislation.gov.uk/uksi/2011/1037/article/1), [7(2)](https://www.legislation.gov.uk/uksi/2011/1037/article/7/2)
[^c23813351]: [S. 824(2D)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/824/2D/a) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 39 para. 31(2)(a)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/39/paragraph/31/2/a)
[^c22800731]: [S. 824(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/824/3) substituted (with effect in accordance with s. 199(2)(3), [Sch. 19 para. 41(4)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/19/paragraph/41/4) of the amending Act) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 19 para. 41(2)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/19/paragraph/41/2); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23813081]: [S. 824(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/824/3) modified (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 108](https://www.legislation.gov.uk/ukpga/2004/12/section/108)
@@ -39139,6 +34901,8 @@
[^c21636631]: Words in [Sch. 15 para. 3(1)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/1) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 19(2)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/19/2); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23394101]: Words in [Sch. 15 para. 3(1)(4)(c)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/1/4/c) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(2)(a)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/2/a)
[^c21636641]: [Sch. 15 para. 3(1)(c)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/1/c) and word preceding it repealed by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [ss. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 9 para. 4(1)(2)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/4/1/2), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 7
[^c22783601]: [Sch. 15 para. 3(2)(c)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/2/c) repealed (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 3](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/3), [Sch. 29 Pt. 8(6)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/6)
@@ -39147,6 +34911,10 @@
[^c21636711]: [Sch. 15 para. 3(4A)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/4A) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 19(5)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/19/5); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23394131]: Words in [Sch. 15 para. 3(8)(b)(i)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/8/b/i) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(2)(b)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/2/b)
[^c23394151]: Words in [Sch. 15 para. 3(8)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/8/b/ii) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(2)(c)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/2/c)
[^c21636541]: Words in [Sch. 15 para. 3(8)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/8/b/ii) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [s. 49(5)](https://www.legislation.gov.uk/ukpga/1990/29/section/49/5)
[^c23394081]: [Sch. 15 para. 3(8)(b)(iii)(c)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/3/8/b/iii/c) and word preceding para. (b)(iii) repealed (retrospectively with effect in accordance with s. 172(6) of the repealing Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [s. 172(3)](https://www.legislation.gov.uk/ukpga/2003/14/section/172/3), [Sch. 43 Pt. 3(13)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/13), Note 3
@@ -39155,12 +34923,22 @@
[^c22783611]: Words in [Sch. 15 para. 4(3)(b)(i)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/4/3/b/i) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 47(2)](https://www.legislation.gov.uk/uksi/2001/3629/article/47/2)
[^c23820371]: Words in [Sch. 15 para. 4(3)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/4/3/b/ii) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(3)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/3)
[^c23820451]: [Sch. 15 para. 5](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/5) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(4)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/4)
[^c21636821]: Source—1970 Sch.1, 3; 1985 s.41(4)
[^c21636831]: Words in [Sch. 15 para. 6(1)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/6/1) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 19(7)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/19/7); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23820471]: Words in [Sch. 15 para. 6(1)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/6/1) omitted (with effect in accordance with s. 178 of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(5)(a)(i)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/5/a/i)
[^c23820391]: Words in [Sch. 15 para. 6(1)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/6/1) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(5)(a)(ii)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/5/a/ii)
[^c21636851]: Source—FSA 1974 s.64(2B); 1985 s.41(1); 1987 s.30(6)
[^c23820411]: Words in [Sch. 15 para. 6(2)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/6/2) substituted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(5)(b)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/5/b)
[^c23820431]: [Sch. 15 para. 6A](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/6A) inserted (with effect in accordance with [s. 178](https://www.legislation.gov.uk/ukpga/2012/14/section/178) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 18 para. 13(6)](https://www.legislation.gov.uk/ukpga/2012/14/schedule/18/paragraph/13/6)
[^c21636861]: Source—1970 Sch.1 4; 1976 Sch.4 12
@@ -39249,6 +35027,8 @@
[^c22783781]: Words in [Sch. 15 para. 24(3)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/24/3) repealed (with effect in accordance with s. 55(1)-(5) of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [s. 55(5)(b)(9)](https://www.legislation.gov.uk/ukpga/1995/4/section/55/5/b/9), [Sch. 29 Pt. 8(7)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/7), Note (as s. 55 of that repealing Act is amended (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 162(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/162/1)); [S.I. 2013/759](https://www.legislation.gov.uk/uksi/2013/759), [art. 2](https://www.legislation.gov.uk/uksi/2013/759/article/2)
[^c23821191]: Words in [Sch. 15 para. 24(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/24/3/a) substituted (with effect in accordance with [s. 148(1)](https://www.legislation.gov.uk/ukpga/2012/14/section/148/1) of the amending Act) by [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 45](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/45) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c23821121]: Words in [Sch. 15 para. 24(3)(b)(c)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/24/3/b/c) substituted (with effect in accordance with [s. 155(2)](https://www.legislation.gov.uk/ukpga/2003/14/section/155/2) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 27 para. 1(4)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/27/paragraph/1/4)
[^c22783811]: [Sch. 15 para. 24(4)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/24/4) repealed (with effect in accordance with s. 55(1)-(5) of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [s. 55(5)(b)(9)](https://www.legislation.gov.uk/ukpga/1995/4/section/55/5/b/9), [Sch. 29 Pt. 8(7)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/7), Note (as s. 55 of that repealing Act is amended (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 162(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/162/1)); [S.I. 2013/759](https://www.legislation.gov.uk/uksi/2013/759), [art. 2](https://www.legislation.gov.uk/uksi/2013/759/article/2)
@@ -39299,6 +35079,8 @@
[^c22799851]: [Sch. 19AB](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19AB) repealed (with effect in accordance with s. 87(2)-(5) of the repealing Act) by [Finance Act 2001 (c. 9)](https://www.legislation.gov.uk/ukpga/2001/9), [s. 87(1)](https://www.legislation.gov.uk/ukpga/2001/9/section/87/1), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12), Note (the provisions of Sch. 19AB not applying in relation to tax credits in respect of distributions made on or after 6th April 2004)
[^c23822901]: [Sch. 19ABA](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19ABA) omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of [Finance Act 2012 (c. 14)](https://www.legislation.gov.uk/ukpga/2012/14), [Sch. 16 para. 46](https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/46) (with [Sch. 17](https://www.legislation.gov.uk/ukpga/2012/14/schedule/17))
[^c21638371]: [Sch. 19AC](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19AC) inserted (27.7.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 97](https://www.legislation.gov.uk/ukpga/1993/34/section/97), [Sch. 9 para.1](https://www.legislation.gov.uk/ukpga/1993/34/schedule/9/paragraph/1)
[^c23822971]: [Sch. 19AC](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19AC) repealed (31.12.2006 with effect in accordance with reg. 1 of the repealing S.I.) by [The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271)](https://www.legislation.gov.uk/uksi/2006/3271), [reg. 43(1)](https://www.legislation.gov.uk/uksi/2006/3271/regulation/43/1), [Sch. Pt. 1](https://www.legislation.gov.uk/uksi/2006/3271/schedule/part/1)
@@ -39937,6 +35719,8 @@
[^c23378461]: [Sch. 18A](https://www.legislation.gov.uk/ukpga/1988/1/schedule/18A) inserted (with effect in accordance with [Sch. 1 para. 9](https://www.legislation.gov.uk/ukpga/2006/25/schedule/1/paragraph/9) of the amending Act) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 1 para. 7](https://www.legislation.gov.uk/ukpga/2006/25/schedule/1/paragraph/7)
[^c23838601]: [Sch. 19ABA](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19ABA) inserted (27.12.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430)](https://www.legislation.gov.uk/uksi/2007/3430), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/3430/article/1/1), [3(3)](https://www.legislation.gov.uk/uksi/2007/3430/article/3/3)
[^c23377151]: [Sch. 19B](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19B) inserted (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 286(3)](https://www.legislation.gov.uk/ukpga/2004/12/section/286/3), [Sch. 38](https://www.legislation.gov.uk/ukpga/2004/12/schedule/38)
[^c23378811]: [Sch. 19C](https://www.legislation.gov.uk/ukpga/1988/1/schedule/19C) inserted (19.7.2006) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [s. 154(11)](https://www.legislation.gov.uk/ukpga/2006/25/section/154/11), [Sch. 19](https://www.legislation.gov.uk/ukpga/2006/25/schedule/19)
@@ -39951,114 +35735,6 @@
[^c22746361]: [Sch. 28B](https://www.legislation.gov.uk/ukpga/1988/1/schedule/28B) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [s. 70(2)](https://www.legislation.gov.uk/ukpga/1995/4/section/70/2), [Sch. 14](https://www.legislation.gov.uk/ukpga/1995/4/schedule/14)
[^c23356491]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) substituted (with effect in accordance with ss. 42, 44 of the amending Act) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 40](https://www.legislation.gov.uk/ukpga/2004/12/section/40)
[^c23369731]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [5](https://www.legislation.gov.uk/uksi/2005/2014/regulation/5) (as amended: (14.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1), [5](https://www.legislation.gov.uk/uksi/2007/2134/regulation/5); (12.8.2008 with effect in accordance with reg. 1(2) of the amending S.I.) by [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/1), [3](https://www.legislation.gov.uk/uksi/2008/1937/regulation/3))
[^c23376461]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) modified (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [ss. 196(4)](https://www.legislation.gov.uk/ukpga/2004/12/section/196/4), [199(2)(c)(5)](https://www.legislation.gov.uk/ukpga/2004/12/section/199/2/c/5), [246(3)(b)](https://www.legislation.gov.uk/ukpga/2004/12/section/246/3/b), [284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1) (with [Sch. 36](https://www.legislation.gov.uk/ukpga/2004/12/schedule/36))
[^c23376531]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) modified (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [ss. 200(c)](https://www.legislation.gov.uk/ukpga/2004/12/section/200/c), [246(2)(c)](https://www.legislation.gov.uk/ukpga/2004/12/section/246/2/c), [284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1) (with [Sch. 36](https://www.legislation.gov.uk/ukpga/2004/12/schedule/36))
[^c23369711]: Word in [s. 76(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/8) repealed (with effect in accordance with Sch. 11 Pt. 2(10) Note 1 of the repealing Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 11 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/11/part/2/10)
[^c23369571]: Words in [s. 76(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/8) inserted (with effect in accordance with [Sch. 9 para. 1(3)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/1/3) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 1(2)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/1/2)
[^c23376701]: Words in [s. 76(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/8) substituted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [3](https://www.legislation.gov.uk/uksi/2006/3270/article/3)
[^c23384621]: Words in [s. 76(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/1/b) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/2) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23377811]: Words in [s. 76(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/1) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 3(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/3/2), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23377991]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7): entries in Step 3 repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 16(3)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/16/3/a), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23384731]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 5 substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 3(3)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/3/3/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23384761]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 5 substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 3(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/3/3/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23384641]: Word in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 8 substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(3)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/3/a) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23377871]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Steps 9, 10 repealed (with effect in accordance with s. 39(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/3/b), [Sch. 27 Pt. 2(8)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/8), Note (with Sch. 8 Pt. 2)
[^c23377911]: [S. 76(10)(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/10/11) repealed (with effect in accordance with s. 39(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/4), [Sch. 27 Pt. 2(8)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/8), Note (with Sch. 8 Pt. 2)
[^c23384661]: Words in [s. 76(12)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/12/a) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(5)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/5/a) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23384681]: Words in [s. 76(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/12) inserted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(5)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/5/b) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23384701]: [S. 76(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/13) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 2(6)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/2/6) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23377831]: [S. 76(14)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/14) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 3(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/3/4), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23377851]: [S. 76(15)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/15): definition of "capital redemption business" repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 3(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/3/5), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23377941]: Words in [s. 76(15)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/15) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 14(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/14/2/b), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23385011]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) modified by [Capital Allowances Act 2001 (c. 2)](https://www.legislation.gov.uk/ukpga/2001/2), [Sch. A1 para. 22(2)](https://www.legislation.gov.uk/ukpga/2001/2/schedule/A1/paragraph/22/2) (as inserted (with effect in accordance with Sch. 25 para. 9 of the 2008 amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 25 para. 5](https://www.legislation.gov.uk/ukpga/2008/9/schedule/25/paragraph/5))
[^c23386701]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) modified by [The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964)](https://www.legislation.gov.uk/uksi/2006/964), [reg. 69Z24A(4)(c)](https://www.legislation.gov.uk/uksi/2006/964/regulation/69Z24A/4/c) (as inserted (1.1.2009 with effect in accordance with reg. 1(2)(3) of the amending S.I.) by [The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159)](https://www.legislation.gov.uk/uksi/2008/3159), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2008/3159/regulation/1/1), [27](https://www.legislation.gov.uk/uksi/2008/3159/regulation/27))
[^c23385031]: Word in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 2 omitted (with effect in accordance with Sch. 17 para. 5(4)-(7) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 5(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/5/2)
[^c23385051]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 2 para. (d) and preceding word inserted (with effect in accordance with [Sch. 17 para. 5(4)-(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/5/4) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 5(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/5/2)
[^c23385071]: [S. 76(9A)-(9E)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/9A) inserted (with effect in accordance with [Sch. 17 para. 5(4)-(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/5/4) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 5(3)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/5/3)
[^c23393561]: [S. 76](https://www.legislation.gov.uk/ukpga/1988/1/section/76) modified (1.4.2009 with effect in accordance with s. 1329(1) of the modifying Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [s. 1168(2)](https://www.legislation.gov.uk/ukpga/2009/4/section/1168/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393401]: Words in [s. 76(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393421]: Words in [s. 76(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393441]: Words in [s. 76(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393461]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 2 para. (a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(5)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/5/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393481]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 2 para. (c) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(5)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/5/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393501]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7): entries in Step 3 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(6)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/6/a), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23393541]: [S. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7): entries in Step 3 inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 30(6)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/30/6/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23404831]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 3 substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 7 para. 24(a)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/7/paragraph/24/a)
[^c23404851]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 3 substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 7 para. 24(b)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/7/paragraph/24/b)
[^c23404861]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 3 inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 7 para. 24(c)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/7/paragraph/24/c)
[^c23405061]: Words in [s. 76(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/7) Step 5 substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 9(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/9/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23405081]: Words in [s. 76(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/9) Rule B substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 9(3)(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/9/3/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23405101]: Words in [s. 76(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/9) Rule C substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 9(3)(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/9/3/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23405121]: [S. 76(15)](https://www.legislation.gov.uk/ukpga/1988/1/section/76/15): definition of "profits" inserted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 9(4)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/9/4) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23394171]: [S. 76ZE](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZE) applied (with modifications) (1.4.2009 with effect in accordance with s. 1329(1) of the affecting Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 2 para. 139(3)(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/paragraph/139/3/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23394251]: [S. 76ZE(5)(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZE/5/6) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 ([S.I. 2009/2035](https://www.legislation.gov.uk/uksi/2009/2035)), art. 1, Sch. para. 12
[^c23405141]: Words in [s. 76ZK(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZK/8) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 10](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/10) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23418121]: [S. 76ZN](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN) and cross-heading inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 44](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/44) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23394321]: Words in [s. 76ZN(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/1/a) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(2)(a)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/2/a)
[^c23394341]: [S. 76ZN(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/1/b) substituted for s. 76ZN(1)(b)(c) (with effect in accordance with [Sch. 11 paras. 65-67](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/65) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(2)(b)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/2/b)
[^c23394361]: [S. 76ZN(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/1A) inserted (with effect in accordance with [Sch. 11 paras. 65-67](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/65) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(3)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/3)
[^c23394381]: Words in [s. 76ZN(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/2) substituted (with effect in accordance with [Sch. 11 paras. 65-67](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/65) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(4)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/4)
[^c23394401]: Words in [s. 76ZN(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/5) substituted (with effect in accordance with [Sch. 11 paras. 65-67](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/65) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(5)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/5)
[^c23394441]: Words in [s. 76ZN(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/6) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(6)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/6)
[^c23394481]: [S. 76ZN(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/7) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(7)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/7)
[^c23394501]: Words in [s. 76ZN(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/8) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(8)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/8)
[^c23394531]: [S. 76ZN(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/76ZN/9) inserted (with effect in accordance with [Sch. 11 paras. 65-67](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/65) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 11 para. 60(9)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/11/paragraph/60/9)
[^c21580051]: [1965 c. 12](https://www.legislation.gov.uk/ukpga/1965/12).
[^c22732981]: Words in [s. 231B(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/231B/4/b) repealed (with effect in accordance with Sch. 4 para. 26(2), Sch. 8 Pt. 2(10) Note of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 4 para 26(1)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/26/1), [Sch. 8 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/10)
@@ -40089,302 +35765,6 @@
[^c21584591]: [S. 257B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/257B/3) applied (with modifications) for the year of assessment 1990-91 by [S.I. 1993/415](https://www.legislation.gov.uk/uksi/1993/415), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1993/415/regulation/1/1), [9](https://www.legislation.gov.uk/uksi/1993/415/regulation/9), [Sch.2](https://www.legislation.gov.uk/uksi/1993/415/schedule/2)
[^c21585891]: Source-1975 s.7; 1976 Sch.4 19(1); 1984 s.72(5)
[^c23412061]: Words in [s. 268(7)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/268/7/b) substituted (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 11](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/11) (with [Sch. 36](https://www.legislation.gov.uk/ukpga/2004/12/schedule/36))
[^c21585901]: Source-1975 s.8; 1976 Sch.4 19(2); 1984 s.72(5)
[^c21585911]: Source-1975 s.9(1)-(4); 1976 Sch.4 19(3)
[^c23418251]: Words in [s. 270(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/270/4) substituted (1.4.2010, subject to art. 10(2) of the commencing S.I.) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 118](https://www.legislation.gov.uk/ukpga/2008/9/section/118), [Sch. 39 para. 21](https://www.legislation.gov.uk/ukpga/2008/9/schedule/39/paragraph/21); [S.I. 2009/403](https://www.legislation.gov.uk/uksi/2009/403), [art. 2(2)](https://www.legislation.gov.uk/uksi/2009/403/article/2/2)
[^c21585921]: Source-1975 Sch.2 16(1), (3); 1976 s.35
[^c22749891]: Words in [s. 271(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/271/1) repealed (retrospectively) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 17 para. 2(1)(a)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/17/paragraph/2/1/a), [Sch. 26 Pt. 5(22)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/5/22)
[^c22749901]: Words in [s. 271(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/271/1/b) repealed (retrospectively) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 17 para. 2(1)(b)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/17/paragraph/2/1/b), [Sch. 26 Pt. 5(22)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/5/22)
[^c22749911]: Words in [s. 271(1)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/271/1/c) repealed (retrospectively) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 17 para. 2(1)(c)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/17/paragraph/2/1/c), [Sch. 26 Pt. 5(22)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/5/22)
[^c22749921]: [S. 271(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/271/2/b) and preceding word repealed (retrospectively) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 17 para. 2(2)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/17/paragraph/2/2), [Sch. 26 Pt. 5(22)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/5/22)
[^c23408131]: Words in [s. 271(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/271/1/a) substituted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 123](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/123) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
[^c21585931]: Source-1975 Sch.1
[^c23417841]: [S. 272(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/272/7) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 ([S.I. 2009/2035](https://www.legislation.gov.uk/uksi/2009/2035)), art. 1, Sch. para. 17
[^c22770741]: Source—1970 s.323(1); 1973 s.40(7); 1982 s.58(7)
[^c22770761]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (31.7.1992 with effect as mentioned in reg. 1 of the modifying S.I.) by [S.I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1), [5](https://www.legislation.gov.uk/uksi/1992/1655/regulation/5) (as amended (31.12.1993) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111)](https://www.legislation.gov.uk/uksi/1993/3111), [regs. 1](https://www.legislation.gov.uk/uksi/1993/3111/regulation/1), [5](https://www.legislation.gov.uk/uksi/1993/3111/regulation/5), [6](https://www.legislation.gov.uk/uksi/1993/3111/regulation/6); and as further amended (19.3.1997) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1997 (S.I. 1997/471)](https://www.legislation.gov.uk/uksi/1997/471), [regs. 1](https://www.legislation.gov.uk/uksi/1997/471/regulation/1), [6](https://www.legislation.gov.uk/uksi/1997/471/regulation/6))
[^c22770771]: Source—1970 s.323(2); 1970(F) Sch.5 Pt.III 11(4)
[^c22770791]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/2)
[^c22770811]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "foreign income dividends" inserted (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para. 4](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/4)
[^c22770831]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/2)
[^c22770851]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/2)
[^c22770861]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/2)
[^c22770871]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in the definition of "overseas life insurance company" substituted (27.7.1993 as mentioned in [s. 103(3)(4)](https://www.legislation.gov.uk/ukpga/1993/34/section/103/3/4) of the amending Act) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 103(1)(3)(4)](https://www.legislation.gov.uk/ukpga/1993/34/section/103/1/3/4)
[^c22770881]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "UK distribution income" inserted (27.7.1993 with effect in relation to accounting periods beginning after 31.12.1992) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 99(2)(3)](https://www.legislation.gov.uk/ukpga/1993/34/section/99/2/3)
[^c22770901]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/2)
[^c22770911]: [S. 431(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2A) inserted by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 para. 1(3)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/1/3)
[^c22855041]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "general annuity business" and "pension business" repealed (with effect in accordance with Sch. 8 para. 57, Sch. 29 Pt. 8(5) Notes 2, 3 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5)
[^c22855071]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "basic life assurance business" repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22855081]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "basic life assurance and general annuity business" repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22855011]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "basic life assurance and general annuity business" inserted (with effect in accordance with [Sch. 8 para. 57](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 1](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/1)
[^c22854971]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "insurance company" substituted (with effect in accordance with [s. 52(5)](https://www.legislation.gov.uk/ukpga/1995/4/section/52/5) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [s. 52(1)](https://www.legislation.gov.uk/ukpga/1995/4/section/52/1)
[^c22854991]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "life reinsurance business" inserted (with effect in accordance with [Sch. 8 para. 57](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 1](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/1)
[^c22855031]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "linked assets" substituted (with effect in accordance with [Sch. 8 para. 57](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 11(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/11/1)
[^c22855091]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "offshore income gain" repealed (with effect in accordance with Sch. 8 para. 55 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 1
[^c22855101]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "overseas life asurance business" repealed (with effect in accordance with Sch. 8 para. 55 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 1
[^c22855001]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "overseas life assurance business" inserted (with effect in accordance with [Sch. 8 para. 55](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 1](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/1)
[^c22855111]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): word following the definition of "overseas life assurance company" repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22854981]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "pension business" inserted (with effect in accordance with [Sch. 8 para. 57](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 1](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/1)
[^c22855131]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "policy holders' fraction" and "shareholders' fraction" inserted by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [Sch.8 para.1](https://www.legislation.gov.uk/ukpga/1989/26/schedule/8/paragraph/1) and repealed (retrospectively) by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch.19 Part IV](https://www.legislation.gov.uk/ukpga/1990/29/schedule/19), Note 6
[^c22855021]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "reinsurance business" inserted (with effect in accordance with [Sch. 8 para. 57](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 1](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/1)
[^c22855121]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "UK distribution income" repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22855141]: [S. 431(2A)-(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2A) repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22855431]: [S. 431](https://www.legislation.gov.uk/ukpga/1988/1/section/431) modified (20.3.1997 with effect as mentioned in reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [6](https://www.legislation.gov.uk/uksi/1997/473/regulation/6) (as amended by: [S.I. 2001/3629](https://www.legislation.gov.uk/uksi/2001/3629), [regs. 1](https://www.legislation.gov.uk/uksi/2001/3629/regulation/1), [156](https://www.legislation.gov.uk/uksi/2001/3629/regulation/156), [165(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/regulation/165/2/b); [S.I. 2003/23](https://www.legislation.gov.uk/uksi/2003/23), [regs. 1](https://www.legislation.gov.uk/uksi/2003/23/regulation/1), [4](https://www.legislation.gov.uk/uksi/2003/23/regulation/4); [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [regs. 1](https://www.legislation.gov.uk/uksi/2004/822/regulation/1), [6](https://www.legislation.gov.uk/uksi/2004/822/regulation/6); [S.I. 2005/2005](https://www.legislation.gov.uk/uksi/2005/2005), [regs. 1](https://www.legislation.gov.uk/uksi/2005/2005/regulation/1), [5](https://www.legislation.gov.uk/uksi/2005/2005/regulation/5))
[^c22855441]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (20.3.1997 with effect as mentioned in reg. 7(1) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [7](https://www.legislation.gov.uk/uksi/1997/473/regulation/7)
[^c22855401]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "industrial assurance business" repealed (with effect in accordance with Sch. 41 Pt. 5(26) Note of the repealing Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 41 Pt. 5(26)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/26)
[^c22855421]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "long term business fund" repealed (with effect in accordance with Sch. 41 Pt. 5(26) Note of the repealing Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 41 Pt. 5(26)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/26)
[^c22855411]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "ordinary long term business" and "ordinary life assurance business" repealed (with effect in accordance with Sch. 41 Pt. 5(26) Note of the repealing Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 41 Pt. 5(26)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/26)
[^c22855451]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "foreign income dividends" repealed (with effect in accordance with Sch. 6 para. 5(2) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 6 para. 5(1)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/6/paragraph/5/1), [Sch. 8 Pt. 2(11)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/11), Note
[^c22855471]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [7](https://www.legislation.gov.uk/uksi/1998/1871/regulation/7)
[^c22855481]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (23.3.1999 with effect in accordance with reg. 1 of the modifying S.I.) by [The Insurance Companies (Capital Redemption Business) (Modification of the Corporation Tax Acts) Regulations 1999 (S.I. 1999/498)](https://www.legislation.gov.uk/uksi/1999/498), [regs. 3](https://www.legislation.gov.uk/uksi/1999/498/regulation/3), [5](https://www.legislation.gov.uk/uksi/1999/498/regulation/5)
[^c22855491]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "investment reserve" repealed (with effect in accordance with s. 109(10) of the repealing Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 109(9)(a)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/9/a), [Sch. 40 Pt. 2(16)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/40/part/2/16), Note 1
[^c22855501]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "contract of insurance" inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(2)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/2)
[^c22855521]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions of "insurance business transfer scheme" and "insurance company" substituted for definition of "insurance company" (1.12.2001 in accordance with arts. 1(2)(a), 26(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(3)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/3)
[^c22855541]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "long-term business" substituted for definition of "long term business" (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(5)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/5)
[^c22855581]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "long term business fund" substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/b)
[^c22855591]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): word in definition of "long term business fund" substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(2)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/2/a)
[^c22855551]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "long-term liabilities" inserted (1.12.2001 in accordance with arts. 1(2)(a), 26(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(6)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/6)
[^c22855561]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "periodical return" substituted (1.12.2001 in accordance with arts. 1(2)(a), 26(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(7)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/7)
[^c22855571]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "the Prudential Sourcebook (Insurers)" inserted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 26(8)](https://www.legislation.gov.uk/uksi/2001/3629/article/26/8)
[^c23572411]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "brought into account" inserted (with effect in accordance with [Sch. 33 para. 20(3)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/20/3) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 20(2)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/20/2)
[^c23572451]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "investment reserve" inserted (with effect in accordance with [Sch. 33 para. 28](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/28) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 25](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/25)
[^c23572471]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "period of account" inserted (10.7.2003) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 29](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/29)
[^c23572431]: [S. 431(2ZA)-(2ZE)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZA) inserted (with effect in accordance with [Sch. 33 para. 22(2)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/22/2) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 22(1)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/22/1)
[^c23572551]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [5](https://www.legislation.gov.uk/uksi/2004/2680/regulation/5); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23573041]: [S. 431](https://www.legislation.gov.uk/ukpga/1988/1/section/431) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [6](https://www.legislation.gov.uk/uksi/2005/2014/regulation/6) (as amended by: [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [6](https://www.legislation.gov.uk/uksi/2007/2134/regulation/6); [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(2)(3)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/2/3), [4](https://www.legislation.gov.uk/uksi/2008/1937/regulation/4))
[^c23572961]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "the Integrated Prudential Sourcebook" inserted (with effect in accordance with [Sch. 9 para. 2(6)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/6) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 2(2)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/2)
[^c23572981]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "liabilities" substituted (with effect in accordance with [Sch. 9 para. 2(6)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/6) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 2(3)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/3)
[^c23573021]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "long-term liabilities" repealed (with effect in accordance with Sch. 9 para. 2(6) of the repealing Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 2(4)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/4), [Sch. 11 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/11/part/2/10), Note 1
[^c23573001]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "value" substituted (with effect in accordance with [Sch. 9 para. 2(6)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/6) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 2(5)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/2/5)
[^c23573061]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "free assets amount" inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(2)(a)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/2/a)
[^c23573101]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "investment reserve" omitted (6.1.2006 with effect in accordance with art. 1 of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(2)(b)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/2/b)
[^c23573081]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "shareholders' excess assets" inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(2)(c)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/2/c)
[^c23573121]: Word at the end of s. 431(2ZB)(b) omitted (6.1.2006 with effect in accordance with art. 1 of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(3)(a)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/3/a)
[^c23573201]: Words in [s. 431(2ZB)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZB/c) substituted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(3)(b)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/3/b)
[^c23573161]: [S. 431(2ZB)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZB/d) and preceding word inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(3)(c)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/3/c)
[^c23573221]: Words in [s. 431(2ZB)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZB) substituted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(3)(d)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/3/d)
[^c23573141]: Word at the end of s. 431(2ZC)(b) omitted (6.1.2006 with effect in accordance with art. 1 of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(4)(a)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/4/a)
[^c23573241]: Words in [s. 431(2ZC)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZC/c) substituted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(4)(b)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/4/b)
[^c23573181]: [S. 431(2ZC)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZC/d) and preceding word inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(4)(c)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/4/c)
[^c23573261]: Words in [s. 431(2ZC)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZC) substituted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 3(4)(d)](https://www.legislation.gov.uk/uksi/2005/3465/article/3/4/d)
[^c23573311]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "General Prudential Sourcebook" inserted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(a)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/a)
[^c23573351]: [2000 c. 8](https://www.legislation.gov.uk/ukpga/2000/8)
[^c23573361]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "insurance company" inserted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(b)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/b)
[^c23573331]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definitions of "the Insurance Prudential Sourcebook" and "insurance special purpose vehicle" inserted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(c)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/c)
[^c23573381]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "the Integrated Prudential Sourcebook" omitted (31.12.2006 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(d)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/d)
[^c23573401]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in para. (a) of definition of "liabilities" substituted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(e)(i)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/e/i)
[^c23573421]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in para. (b) of definition of "liabilities" substituted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(e)(ii)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/e/ii)
[^c23573441]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "value" substituted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [4(2)(f)](https://www.legislation.gov.uk/uksi/2006/3270/article/4/2/f)
[^c23593801]: [S. 431(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/1) substituted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 11(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/11/2)
[^c23573581]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "annuity business" repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(3)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/3/a), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23573461]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "child trust fund business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593781]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "fair value" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 10(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/10/1)
[^c23573481]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "foreign currency assets" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23573501]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "gross roll-up business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593621]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "the I minus E basis" inserted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 3](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/3) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23573521]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "immediate needs annuities business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23573541]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "individual savings account business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593641]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "insurance business transfer scheme" substituted (with effect in accordance with [Sch. 9 para. 17(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/1) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 1(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/1/1)
[^c23593741]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "internal linked fund" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 9(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/9/1)
[^c23573621]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "life assurance business" substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/4) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593821]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "the life assurance provisions of the Corporation Tax Acts" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 11(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/11/3)
[^c23593761]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "net value" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 9(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/9/1)
[^c23593681]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "non-profit company" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 8(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/8/1)
[^c23593701]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "non-profit fund" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 8(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/8/1)
[^c23573601]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "overseas life assurance fund" repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/3/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23573561]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "PHI business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23573641]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "reinsurance" substituted for definition of "reinsurance business" (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/5) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593721]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "with-profits fund" inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 8(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/8/1)
[^c23574401]: [S. 431(2ZF)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZF) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 6(6)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/6/6) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23593661]: [S. 431(2ZG)(2ZH)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZG/2ZH) inserted (with effect in accordance with [Sch. 9 para. 17(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/1) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 1(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/1/3)
[^c23593841]: [S. 431(2YA)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2YA) inserted (27.12.2007 with effect in accordance with art. 1(3) of the amending S.I.) by [The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430)](https://www.legislation.gov.uk/uksi/2007/3430), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/3430/article/1/1), [2(1)](https://www.legislation.gov.uk/uksi/2007/3430/article/2/1)
[^c23593861]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in para. (a) of definition of "insurance business transfer scheme" substituted (19.2.2008 with effect in accordance with art. 1(3) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [4](https://www.legislation.gov.uk/uksi/2008/381/article/4)
[^c23594101]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2) modified (28.10.2008 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008 (S.I. 2008/2646)](https://www.legislation.gov.uk/uksi/2008/2646), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2008/2646/regulation/1/1), [3](https://www.legislation.gov.uk/uksi/2008/2646/regulation/3)
[^c23593911]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "deposit back arrangements" inserted (with effect in accordance with [Sch. 17 para. 9(3)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/9/3) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 9(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/9/2)
[^c23593951]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "foreign business assets" substituted for definition of "foreign currency assets" (with effect in accordance with [Sch. 17 para. 10(6)(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/6/7) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/1)
[^c23593891]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "free assets amount" inserted (with effect in accordance with [Sch. 17 para. 8(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/8/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 8(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/8/1)
[^c23593931]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "liabilities" omitted (with effect in accordance with Sch. 17 para. 9(3) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 9(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/9/2)
[^c23594051]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "periodical return" inserted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 34](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/34)
[^c23593971]: [S. 431(2YB)-(2YD)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2YB) inserted (with effect in accordance with [Sch. 17 para. 18(6)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/18/6) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 18(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/18/1)
[^c23594071]: Word at the end of s. 431(2ZB)(b) inserted (with effect in accordance with [Sch. 17 para. 19(5)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/5) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/2)
[^c23594021]: [S. 431(2ZB)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZB/d) and preceding word omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/2)
[^c23593991]: Word at the end of s. 431(2ZC)(b) inserted (with effect in accordance with [Sch. 17 para. 19(5)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/5) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/2)
[^c23594041]: [S. 431(2ZC)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2ZC/d) and preceding word omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/2)
[^c23594111]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in para. (b) of definition of "free assets amount" substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594131]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "the I minus E basis" substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594151]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): definition of "life assurance trade profits provisions" inserted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(2)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/2/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594171]: [S. 431(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2): words in definition of "net value" substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(2)(d)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/2/d) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594191]: Words in [s. 431(2YC)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2YC/a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/3), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594211]: Words in [s. 431(2YD)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2YD/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 126(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/126/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23594271]: [S. 431A](https://www.legislation.gov.uk/ukpga/1988/1/section/431A) substituted (20.7.2005) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 3](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/3)
[^c23595711]: [S. 431A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/431A/5) repealed (19.7.2006) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 11 para. 1(2)(a)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/11/paragraph/1/2/a), [Sch. 26 Pt. 3(14)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/26/part/3/14)
[^c23595731]: Words in [s. 431A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/431A/1) substituted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 12(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/12/2)
[^c23595771]: Words in [s. 431A(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/431A/3/a) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 7](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/7), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23595751]: [S. 431A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/431A/7) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 12(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/12/3), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23595791]: [S. 431(2A)-(2C)](https://www.legislation.gov.uk/ukpga/1988/1/section/431/2A) inserted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 20](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/20)
[^c23596011]: [S. 431B](https://www.legislation.gov.uk/ukpga/1988/1/section/431B) substituted (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 20](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/20) (as amended by [Finance Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 9 para. 18(2)-(4)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/9/paragraph/18/2)(7)) ( with Sch. 36)
[^c22783381]: [S. 431C](https://www.legislation.gov.uk/ukpga/1988/1/section/431C) modified (with effect in accordance with reg. 1 of the affecting S.I.) by [The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)](https://www.legislation.gov.uk/uksi/1995/1730), [reg. 11](https://www.legislation.gov.uk/uksi/1995/1730/regulation/11) (as amended by: [S.I. 1996/1621](https://www.legislation.gov.uk/uksi/1996/1621), [regs. 1](https://www.legislation.gov.uk/uksi/1996/1621/regulation/1), [5](https://www.legislation.gov.uk/uksi/1996/1621/regulation/5); [S.I. 2003/2573](https://www.legislation.gov.uk/uksi/2003/2573), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2003/2573/regulation/1/1/2), [10](https://www.legislation.gov.uk/uksi/2003/2573/regulation/10); [S.I. 2007/2087](https://www.legislation.gov.uk/uksi/2007/2087), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2087/regulation/1/1/2), [6](https://www.legislation.gov.uk/uksi/2007/2087/regulation/6))
[^c22804931]: [S. 431C(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/431C/1) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [8](https://www.legislation.gov.uk/uksi/1998/1871/regulation/8)
[^c23596121]: [S. 431C(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/431C/1) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [6](https://www.legislation.gov.uk/uksi/2004/2680/regulation/6); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c22806141]: [S. 431D(2)-(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/2) substituted for s. 431D(2)-(8) (28.7.2000) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 108(2)](https://www.legislation.gov.uk/ukpga/2000/17/section/108/2) (with [s. 108(3)](https://www.legislation.gov.uk/ukpga/2000/17/section/108/3))
[^c23596131]: Words in [s. 431D(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/3/b) inserted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 176](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/176) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
[^c23596191]: [S. 431D(1)(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/1/1A) substituted for s. 431D(1) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 9(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/9/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23596211]: Words in [s. 431D(2)(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/2/4) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 9(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/9/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23596241]: Words in [s. 431D(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/4) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 9(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/9/4) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23599431]: Words in [s. 431D(2)(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/2/4) substituted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 26(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/26/2)
[^c23599461]: Words in [s. 431D(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/431D/3) substituted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 26(3)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/26/3)
[^c22804971]: [S. 431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431F) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [9](https://www.legislation.gov.uk/uksi/1998/1871/regulation/9)
[^c23599481]: [S. 431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431F) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [7](https://www.legislation.gov.uk/uksi/2004/2680/regulation/7); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23599491]: Words in [s. 431F](https://www.legislation.gov.uk/ukpga/1988/1/section/431F) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 11](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/11) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c22786001]: [S. 432](https://www.legislation.gov.uk/ukpga/1988/1/section/432): word in sidenote substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 51(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/51/3) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22771521]: Source—1970 s.307
@@ -40397,1674 +35777,12 @@
[^c22789521]: [S. 432(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432/2) repealed (with effect in accordance with s. 167(10), Sch. 41 Pt. 5(26) Note of the repealing Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 167(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/167/1), [Sch. 41 Pt. 5(26)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/26)
[^c22807851]: Words in [s. 432ZA(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/4/b) substituted (with effect in accordance with [s. 109(10)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/10) of the amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 109(1)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/1)
[^c22807871]: [S. 432ZA(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/6) substituted (with effect in accordance with [s. 109(10)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/10) of the amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 109(2)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/2)
[^c22811311]: Words in [s. 432ZA(2)(a)(b)(3)(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/2/a/b/3/7) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/2/b)
[^c23607281]: Words in [s. 432ZA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/1) inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 4(2)](https://www.legislation.gov.uk/uksi/2005/3465/article/4/2)
[^c23611131]: Words in [s. 432ZA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/5) substituted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 15(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/15/1)
[^c23611111]: [S. 432ZA(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/6): definition of "internal linked fund" repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 9(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/9/2/a), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23611081]: Words in [s. 432ZA(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/432ZA/7) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 12](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/12) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c22771551]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) modified (3.5.1994) by Finance Act 1994, (c. 9), s. 169, Sch. 18 para 1(4)
[^c22771561]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) modified by [S.I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 6-8](https://www.legislation.gov.uk/uksi/1992/1655/regulation/6) (as amended (31.12.1993) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111)](https://www.legislation.gov.uk/uksi/1993/3111), [regs. 1](https://www.legislation.gov.uk/uksi/1993/3111/regulation/1), [5](https://www.legislation.gov.uk/uksi/1993/3111/regulation/5), [7](https://www.legislation.gov.uk/uksi/1993/3111/regulation/7); and as further amended (10.8.1995) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1995 (S.I. 1995/1916)](https://www.legislation.gov.uk/uksi/1995/1916), [regs. 1](https://www.legislation.gov.uk/uksi/1995/1916/regulation/1), [5](https://www.legislation.gov.uk/uksi/1995/1916/regulation/5))
[^c22857421]: [S. 432A(1)-(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 13(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/13/2)
[^c22857431]: Words in [s. 432A(5)(6)(b)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/5/6/b/i) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 13(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/13/3) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22857451]: [S. 432A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 13(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/13/4) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22771691]: [S. 432A(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/10) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [ss. 91(2)(a)](https://www.legislation.gov.uk/ukpga/1993/34/section/91/2/a), [213](https://www.legislation.gov.uk/ukpga/1993/34/section/213), [Sch. 23 Pt.III](https://www.legislation.gov.uk/ukpga/1993/34/schedule/23/part/III) (8), Note
[^c22789591]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) applied (with effect in accordance with s. 105(1) of the affecting Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 11 para. 3](https://www.legislation.gov.uk/ukpga/1996/8/schedule/11/paragraph/3) (with [Sch. 15](https://www.legislation.gov.uk/ukpga/1996/8/schedule/15))
[^c22793961]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) applied (19.3.1997) by [Finance Act 1997 (c. 16)](https://www.legislation.gov.uk/ukpga/1997/16), [Sch. 12 para 19](https://www.legislation.gov.uk/ukpga/1997/16/schedule/12/paragraph/19)
[^c22794411]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [9](https://www.legislation.gov.uk/uksi/1997/473/regulation/9), [13](https://www.legislation.gov.uk/uksi/1997/473/regulation/13) (as amended by: [S.I. 2000/2710](https://www.legislation.gov.uk/uksi/2000/2710), [regs. 1](https://www.legislation.gov.uk/uksi/2000/2710/regulation/1), [4](https://www.legislation.gov.uk/uksi/2000/2710/regulation/4); [S.I. 2001/3629](https://www.legislation.gov.uk/uksi/2001/3629), [arts. 1](https://www.legislation.gov.uk/uksi/2001/3629/article/1), [157](https://www.legislation.gov.uk/uksi/2001/3629/article/157), [165](https://www.legislation.gov.uk/uksi/2001/3629/article/165); [S.I. 2001/3975](https://www.legislation.gov.uk/uksi/2001/3975), [regs. 1](https://www.legislation.gov.uk/uksi/2001/3975/regulation/1), [4](https://www.legislation.gov.uk/uksi/2001/3975/regulation/4); [S.I. 2003/23](https://www.legislation.gov.uk/uksi/2003/23), [regs. 1](https://www.legislation.gov.uk/uksi/2003/23/regulation/1), [5](https://www.legislation.gov.uk/uksi/2003/23/regulation/5), [6](https://www.legislation.gov.uk/uksi/2003/23/regulation/6); [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [regs. 1](https://www.legislation.gov.uk/uksi/2004/822/regulation/1), [8](https://www.legislation.gov.uk/uksi/2004/822/regulation/8), [9](https://www.legislation.gov.uk/uksi/2004/822/regulation/9); [S.I. 2005/2005](https://www.legislation.gov.uk/uksi/2005/2005), [regs. 1](https://www.legislation.gov.uk/uksi/2005/2005/regulation/1), [6](https://www.legislation.gov.uk/uksi/2005/2005/regulation/6))
[^c22794451]: [S. 432A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/2) modified (with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [10-12](https://www.legislation.gov.uk/uksi/1997/473/regulation/10)
[^c22804991]: [S. 432A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/2) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [10](https://www.legislation.gov.uk/uksi/1998/1871/regulation/10)
[^c22806261]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) modified by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 11 para. 3A(5)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/11/paragraph/3A/5) (as inserted (with effect in accordance with s. 109(10) of the 2000 amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 109(8)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/8))
[^c22811141]: Words in [s. 432A(1)(a)(9B)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1/a/9B) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(c)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/c)
[^c22806231]: [S. 432A(9A)(9B)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/9A/9B) inserted (with effect in accordance with [s. 109(10)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/10) of the amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [s. 109(6)](https://www.legislation.gov.uk/ukpga/2000/17/section/109/6)
[^c22813061]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) applied (with effect in accordance with Sch. 29 Pt. 14 of the affecting Act) by [Finance Act 2002 (c. 23)](https://www.legislation.gov.uk/ukpga/2002/23), [Sch. 29 para. 138(2)(3)](https://www.legislation.gov.uk/ukpga/2002/23/schedule/29/paragraph/138/2/3)
[^c23603821]: [S. 432A(9B)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/9B) repealed (with effect in accordance with Sch. 43 Pt. 3(12), Note 1 of the repealing Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 43 Pt. 3(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/12)
[^c23603841]: Words in [s. 432A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1) substituted (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 7 para. 8(2)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/7/paragraph/8/2)
[^c23603861]: [S. 432A(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1A) inserted (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 7 para. 8(3)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/7/paragraph/8/3)
[^c23603901]: [S. 432A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/2) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [8](https://www.legislation.gov.uk/uksi/2004/2680/regulation/8); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23603881]: Words in [s. 432A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/2) substituted (22.7.2004) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 7 para. 8(4)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/7/paragraph/8/4)
[^c23603931]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [9](https://www.legislation.gov.uk/uksi/2005/2014/regulation/9) (as amended by: [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [9](https://www.legislation.gov.uk/uksi/2007/2134/regulation/9); [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/1/2), [6](https://www.legislation.gov.uk/uksi/2008/1937/regulation/6))
[^c23605881]: Words in [s. 432A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7) substituted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 5(4)(a)](https://www.legislation.gov.uk/uksi/2005/3465/article/5/4/a)
[^c23605901]: Word at the end of s. 432A(7)(a) omitted (6.1.2006 with effect in accordance with art. 1 of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 5(4)(b)](https://www.legislation.gov.uk/uksi/2005/3465/article/5/4/b)
[^c23605921]: [S. 432A(7)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7/c) and preceding word inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 5(4)(c)](https://www.legislation.gov.uk/uksi/2005/3465/article/5/4/c)
[^c23605951]: [S. 432A(8)-(8B)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8) substituted for s. 432A(8) (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 5(5)](https://www.legislation.gov.uk/uksi/2005/3465/article/5/5)
[^c23606131]: Words in [s. 432A(8)(a)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8/a/i) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [4(5)(a)](https://www.legislation.gov.uk/uksi/2007/1031/article/4/5/a)
[^c23606151]: Words in [s. 432A(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [4(5)(b)](https://www.legislation.gov.uk/uksi/2007/1031/article/4/5/b)
[^c23606171]: [S. 432A(8ZA)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8ZA) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [4(6)](https://www.legislation.gov.uk/uksi/2007/1031/article/4/6)
[^c23606531]: [S. 432A](https://www.legislation.gov.uk/ukpga/1988/1/section/432A) excluded by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 83XA(14)](https://www.legislation.gov.uk/ukpga/1989/26/section/83XA/14) (as inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 2(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/2/1))
[^c23606211]: [S. 432A(2)(a)-(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/2/a) substituted for s. 432A(2)(a)-(f) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606231]: Word in [s. 432A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/4) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606431]: [S. 432A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/4) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/5), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23606251]: [S. 432A(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/4A) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(6)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/6) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606271]: Word in [s. 432A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/5) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(7)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/7/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606451]: Words in [s. 432A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/5) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(7)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/7/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23606291]: [S. 432A(6)-(6C)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/6) substituted for s. 432A(6)-(6AA) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(8)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/8) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606311]: Words in [s. 432A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(9)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/9/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606331]: Words in [s. 432A(7)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7/a) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(9)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/9/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606351]: Words in [s. 432A(7)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7/b) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(9)(c)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/9/c) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606371]: Words in [s. 432A(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/10) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606391]: Words in [s. 432A(8ZA)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8ZA) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(11)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/11) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23606491]: [S. 432A(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/9) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 13(12)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/13/12), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23606511]: [S. 432A(9A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/9A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 9(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/9/2/b), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23606591]: Words in [s. 432A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1) substituted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(2)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/2/a)
[^c23606611]: Words in [s. 432A(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1/a) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(2)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/2/b)
[^c23606631]: Words in [s. 432A(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1/b) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(2)(c)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/2/c)
[^c23606651]: [S. 432A(1ZA)-(1ZC)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(3)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/3)
[^c23606671]: Words in [s. 432A(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1A) substituted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(4)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/4)
[^c23606691]: Words in [s. 432A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/3) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(5)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/5)
[^c23606711]: [S. 432A(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/3A) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(6)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/6)
[^c23606731]: Words in [s. 432A(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/4A) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/7)
[^c23606851]: Word in [s. 432A(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/4A) substituted (with effect in accordance with [Sch. 17 para. 10(6)(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/6/7) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(3)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/3/a)
[^c23606751]: Words in [s. 432A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/5) substituted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(8)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/8)
[^c23606871]: Words in [s. 432A(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/6) omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(3)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/3/a)
[^c23606791]: Word at the end of s. 432A(7)(a) inserted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(9)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/9/a)
[^c23606811]: Words in [s. 432A(7)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7/b) substituted (with effect in accordance with [Sch. 17 para. 17(12)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/12) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(9)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/9/b)
[^c23606831]: [S. 432A(7)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/7/c) and preceding word omitted (with effect in accordance with Sch. 17 para. 17(12) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(9)(c)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/9/c)
[^c23606891]: [S. 432A(8)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8/b) and preceding word omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(3)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/3/b)
[^c23606911]: [S. 432A(8A)(8B)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/8A/8B) omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(3)(c)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/3/c)
[^c23606941]: Words in [s. 432A(1ZA)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23606961]: [S. 432A(1ZA)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23606981]: Words in [s. 432A(1ZA)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/c) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607001]: [S. 432A(1ZA)(d)(da)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/d/da) substituted for s. 432A(1ZA)(d) (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(d)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/d) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607021]: Words in [s. 432A(1ZA)(f)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/f) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(e)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/e) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607041]: Words in [s. 432A(1ZA)(g)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/g) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(f)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/f) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607061]: Words in [s. 432A(1ZA)(h)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/h) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(g)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/g) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607081]: Words in [s. 432A(1ZA)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/i) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(h)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/h) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607101]: Words in [s. 432A(1ZA)(j)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/j) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(2)(i)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/2/i) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607121]: Words in [s. 432A(1ZB)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607141]: Words in [s. 432A(1ZB)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/c) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607161]: Words in [s. 432A(1ZB)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/d) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(3)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/3/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607181]: Words in [s. 432A(1ZB)(e)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/e) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(3)(d)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/3/d) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607201]: Words in [s. 432A(1ZB)(f)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/f) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 130(3)(e)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/130/3/e) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23607221]: Words in [s. 432A(1ZA)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/b) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 43(2)(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/43/2/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23607241]: Words in [s. 432A(1ZA)(j)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZA/j) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 43(2)(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/43/2/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23607261]: Words in [s. 432A(1ZB)(f)](https://www.legislation.gov.uk/ukpga/1988/1/section/432A/1ZB/f) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 43(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/43/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c22771711]: [S. 432B](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) modified by [S.I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [reg. 9](https://www.legislation.gov.uk/uksi/1992/1655/regulation/9) (as amended (31.12.1993) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111)](https://www.legislation.gov.uk/uksi/1993/3111), [regs. 1](https://www.legislation.gov.uk/uksi/1993/3111/regulation/1), [8](https://www.legislation.gov.uk/uksi/1993/3111/regulation/8))
[^c22771721]: [Ss. 432B-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by [S. I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1), [10](https://www.legislation.gov.uk/uksi/1992/1655/regulation/10)
[^c22771731]: [S. 432B](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) modified (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by [S.I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1), [9(1)](https://www.legislation.gov.uk/uksi/1992/1655/regulation/9/1)
[^c22786291]: Words in [s. 432B(1)(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/1/2) substituted (with effect in accordance with [Sch. 8 para. 53(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/53/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 17(1)(a)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/17/1/a) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22786071]: Words in [s. 432B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/1) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 16(2)(a)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/16/2/a) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22786091]: [S. 432B(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/2) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 16(2)(b)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/16/2/b) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22786361]: Words in [s. 432B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/3) substituted (with effect in accordance with [Sch. 8 para. 53(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/53/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 17(1)(b)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/17/1/b) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c23613921]: [S. 432B(4)-(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/4) inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465)](https://www.legislation.gov.uk/uksi/2005/3465), [art. 6(2)](https://www.legislation.gov.uk/uksi/2005/3465/article/6/2)
[^c23613941]: [S. 432B(8)-(8G)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/8) substituted for s. 432B(8) (9.6.2006 with effect in accordance with art. 1(2)(3) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2006 (S.I. 2006/1358)](https://www.legislation.gov.uk/uksi/2006/1358), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/1358/article/1/1), [3(2)](https://www.legislation.gov.uk/uksi/2006/1358/article/3/2)
[^c23614341]: [S. 432B(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/12) inserted (9.6.2006 with effect in accordance with art. 1(2)(3) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2006 (S.I. 2006/1358)](https://www.legislation.gov.uk/uksi/2006/1358), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/1358/article/1/1), [3(5)](https://www.legislation.gov.uk/uksi/2006/1358/article/3/5)
[^c23614821]: [S. 432B](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [reg. 9A](https://www.legislation.gov.uk/uksi/2005/2014/regulation/9A) (as inserted (14.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134)](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1), [10](https://www.legislation.gov.uk/uksi/2007/2134/regulation/10) (and that modifying reg. 10 is omitted (12.8.2008 with effect in accordance with reg. 1(2) of the revoking S.I.) by virtue of [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/1), [7](https://www.legislation.gov.uk/uksi/2008/1937/regulation/7)))
[^c23614421]: Words in [s. 432B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/1) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 16(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/16/2/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23614441]: Words in [s. 432B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/1) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 16(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/16/2/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23614461]: Words in [s. 432B(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/2) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 16(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/16/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23614481]: Words in [s. 432B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 16(4)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/16/4/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23614501]: Words in [s. 432B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/3) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 16(4)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/16/4/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615051]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 102(3)](https://www.legislation.gov.uk/ukpga/2010/8/section/102/3) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23614881]: [S. 432B(4)-(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/432B/4) omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 19(4)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/19/4)
[^c23615141]: [S. 432C](https://www.legislation.gov.uk/ukpga/1988/1/section/432C) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 17](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/17) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615231]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 102(3)](https://www.legislation.gov.uk/ukpga/2010/8/section/102/3) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23615161]: Words in [s. 432C(3)-(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432C/3)(7)-(9) substituted (with effect in accordance with [Sch. 17 para. 10(6)(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/6/7) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(3)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/3/b)
[^c23615241]: Words in [s. 432C(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/432C/9) substituted (with effect in accordance with [s. 56(2)](https://www.legislation.gov.uk/ukpga/2011/11/section/56/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [s. 56(1)](https://www.legislation.gov.uk/ukpga/2011/11/section/56/1)
[^c22771841]: [Ss. 432B-432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by [S.I. 1992/1655](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1),10
[^c22786701]: Words in [s. 432E(3)(a)(b)(6)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/a/b/6/a) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 12(1)(a)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/12/1/a) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22771851]: *For orders see* Part III Vol.5 (*under* “*Life assurance apportionment of participating funds: applicable percentage*”).
[^c22866001]: [S. 432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432E) modified (20.3.1997 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [14](https://www.legislation.gov.uk/uksi/1997/473/regulation/14) (as amended by [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [regs. 1](https://www.legislation.gov.uk/uksi/2004/822/regulation/1), [10](https://www.legislation.gov.uk/uksi/2004/822/regulation/10))
[^c23615431]: [S. 432E(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2/a) repealed (with effect in accordance with Sch. 33 para. 10(5) of the repealing Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 10(3)(a)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/10/3/a), [Sch. 43 Pt. 3(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/12), Note 2
[^c23615451]: Words in [s. 432E(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2/b) repealed (with effect in accordance with Sch. 33 para. 10(5) of the repealing Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 10(3)(b)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/10/3/b), [Sch. 43 Pt. 3(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/12), Note 2
[^c23615551]: [S. 432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432E) modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [12](https://www.legislation.gov.uk/uksi/2005/2014/regulation/12) (as amended by [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [12](https://www.legislation.gov.uk/uksi/2007/2134/regulation/12))
[^c23615491]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) substituted (with effect in accordance with [Sch. 9 para. 5(4)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/4) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 5(2)(a)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/2/a)
[^c23615511]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inerted (with effect in accordance with [Sch. 9 para. 5(4)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/4) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 5(2)(b)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/2/b)
[^c23615531]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) substituted (with effect in accordance with [Sch. 9 para. 5(4)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/4) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [Sch. 9 para. 5(3)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/9/paragraph/5/3)
[^c23615561]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 11 para. 2(4)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/11/paragraph/2/4) of the amending Act) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 11 para. 2(2)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/11/paragraph/2/2)
[^c23615581]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 11 para. 2(4)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/11/paragraph/2/4) of the amending Act) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 11 para. 2(3)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/11/paragraph/2/3)
[^c23615601]: Words in [s. 432E(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/a) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [7(2)](https://www.legislation.gov.uk/uksi/2007/1031/article/7/2)
[^c23615621]: Words in [s. 432E(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4) substituted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [7(3)](https://www.legislation.gov.uk/uksi/2007/1031/article/7/3)
[^c23615641]: [S. 432E(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4A) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [7(4)](https://www.legislation.gov.uk/uksi/2007/1031/article/7/4)
[^c23615661]: [S. 432E(1)(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/1/1A) substituted for s. 432E(1) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615701]: Words in [s. 432E(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/3/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615881]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 2(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/2/3), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23615791]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 4(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/4/2/a); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23615911]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 8(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/8/2); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23615811]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 4(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/4/2/b); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23615931]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 8(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/8/2); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23615711]: Words in [s. 432E(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/a) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(4)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/4/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615831]: Words in [s. 432E(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/b) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(4)(b)(i)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/4/b/i), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23615731]: Words in [s. 432E(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/b) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(4)(b)(ii)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/4/b/ii) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615751]: Words in [s. 432E(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/5) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615771]: Words in [s. 432E(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4A) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(6)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/6) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23615851]: [S. 432E(5)(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/5/6) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 19(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/19/7), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23616061]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [6(a)](https://www.legislation.gov.uk/uksi/2008/381/article/6/a)
[^c23616021]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [6(b)](https://www.legislation.gov.uk/uksi/2008/381/article/6/b)
[^c23616081]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [6(c)](https://www.legislation.gov.uk/uksi/2008/381/article/6/c)
[^c23616041]: Words in [s. 432E(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/2A) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [6(d)](https://www.legislation.gov.uk/uksi/2008/381/article/6/d)
[^c23616141]: Words in [s. 432E(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/b) omitted (with effect in accordance with Sch. 17 para. 10(6)(7) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(4)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/4/a)
[^c23616161]: Words in [s. 432E(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4) omitted (with effect in accordance with Sch. 17 para. 10(6)(7) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(4)(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/4/b)
[^c23616241]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 102(3)](https://www.legislation.gov.uk/ukpga/2010/8/section/102/3) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23616251]: [S. 432E](https://www.legislation.gov.uk/ukpga/1988/1/section/432E) modified by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [s. 18Q(2)](https://www.legislation.gov.uk/ukpga/2009/4/section/18Q/2) (as inserted (19.7.2011) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 13 paras. 4](https://www.legislation.gov.uk/ukpga/2011/11/schedule/13/paragraph/4), [31](https://www.legislation.gov.uk/ukpga/2011/11/schedule/13/paragraph/31))
[^c23616181]: Words in [s. 432E(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/3/a) omitted (with effect in accordance with Sch. 23 para. 7 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 23 para. 5(2)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/23/paragraph/5/2)
[^c23616201]: Words in [s. 432E(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4) omitted (with effect in accordance with Sch. 23 para. 7 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 23 para. 5(3)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/23/paragraph/5/3)
[^c23616221]: Words in [s. 432E(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432E/4A) omitted (with effect in accordance with Sch. 23 para. 7 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 23 para. 5(4)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/23/paragraph/5/4)
[^c22794531]: [S. 432F(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432F/1) modified (20.3.1997 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [15](https://www.legislation.gov.uk/uksi/1997/473/regulation/15); and that modifying reg. 15 is omitted (8.4.2004 with effect in accordance with reg. 1 of the revoking S.I.) by virtue of [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [reg. 11](https://www.legislation.gov.uk/uksi/2004/822/regulation/11)
[^c23633031]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 102(3)](https://www.legislation.gov.uk/ukpga/2010/8/section/102/3) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23631891]: Words in [s. 432F(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432F/2) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 20(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/20/a), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23631911]: Words in [s. 432F(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432F/2) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 20(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/20/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c22805921]: [S. 432AA](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [reg. 13A](https://www.legislation.gov.uk/uksi/1997/473/regulation/13A) (as inserted (13.10.1999) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1999 (S.I. 1999/2636)](https://www.legislation.gov.uk/uksi/1999/2636), [regs. 1](https://www.legislation.gov.uk/uksi/1999/2636/regulation/1), [3](https://www.legislation.gov.uk/uksi/1999/2636/regulation/3))
[^c22805011]: [S. 432AA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/4) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [11](https://www.legislation.gov.uk/uksi/1998/1871/regulation/11)
[^c23613561]: [S. 432AA](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA) modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [10](https://www.legislation.gov.uk/uksi/2005/2014/regulation/10) (as amended by: [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [11](https://www.legislation.gov.uk/uksi/2007/2134/regulation/11); [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/1/2), [8](https://www.legislation.gov.uk/uksi/2008/1937/regulation/8))
[^c22811251]: Words in [s. 432AA(2)(3)(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/2/3/5) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(d)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/d)
[^c23613551]: [S. 432AA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/4) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [9](https://www.legislation.gov.uk/uksi/2004/2680/regulation/9); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23613591]: [S. 432AA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/3) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 14(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/14/2), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23613571]: [S. 432AA(4)(a)-(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/4/a) substituted for s. 432AA(4)(a)-(d) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 14(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/14/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23613631]: Words in [s. 432AA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/5) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 14(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/14/4), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23613651]: Words in [s. 432AA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AA/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 131(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/131/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22805941]: [S. 432AB](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [reg. 13B](https://www.legislation.gov.uk/uksi/1997/473/regulation/13B) (as inserted (13.10.1999) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1999 (S.I. 1999/2636)](https://www.legislation.gov.uk/uksi/1999/2636), [regs. 1](https://www.legislation.gov.uk/uksi/1999/2636/regulation/1), [3](https://www.legislation.gov.uk/uksi/1999/2636/regulation/3))
[^c23613711]: [S. 432AB](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB) modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [11](https://www.legislation.gov.uk/uksi/2005/2014/regulation/11)
[^c23613691]: [S. 432AB(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/3) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 ([S.I. 2004/2310](https://www.legislation.gov.uk/uksi/2004/2310)), Sch. para. 17(2)
[^c23613721]: [S. 432AB(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/6) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 15](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/15), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23613761]: [S. 432AB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/2) omitted (with effect in accordance with Sch. 17 para. 17(12) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 17(11)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/17/11/a)
[^c23613781]: Words in [s. 432AB(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 132(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/132/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23613801]: Words in [s. 432AB(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/4/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 132(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/132/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23613871]: Words in [s. 432AB(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432AB/5) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 44](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/44) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23631991]: [S. 432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432G) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 21](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/21) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23633041]: [Ss. 432B-432G](https://www.legislation.gov.uk/ukpga/1988/1/section/432B) applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 102(3)](https://www.legislation.gov.uk/ukpga/2010/8/section/102/3) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23611171]: Words in [s. 432YA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/1) substituted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(2)(a)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/2/a)
[^c23611191]: Word in [s. 432YA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/1) substituted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(2)(b)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/2/b)
[^c23611211]: Words in [s. 432YA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/1) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(2)(c)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/2/c)
[^c23611231]: [S. 432YA(2)-(2C)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/2) substituted for s. 432YA(2) (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(3)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/3)
[^c23611271]: [S. 432YA(3)(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/3/4) omitted (17.4.2007 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(4)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/4)
[^c23611251]: [S. 432YA(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/6) added (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031)](https://www.legislation.gov.uk/uksi/2007/1031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2007/1031/article/1/1), [3(5)](https://www.legislation.gov.uk/uksi/2007/1031/article/3/5)
[^c23611331]: [S. 432YA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/5): definitions of "non-profit company" and "non-profit fund" repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 8(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/8/2/a), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23611411]: [S. 432YA(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/2A) omitted (19.2.2008 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [5](https://www.legislation.gov.uk/uksi/2008/381/article/5)
[^c23611711]: [S. 432YA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/5): words in definition of "long term business provision" substituted (6.4.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954)](https://www.legislation.gov.uk/uksi/2008/954), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/954/article/1/1), [8](https://www.legislation.gov.uk/uksi/2008/954/article/8) (with [art. 4](https://www.legislation.gov.uk/uksi/2008/954/article/4))
[^c23612571]: Words in [s. 432YA(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/2) substituted (27.12.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) (No. 2) Order 2008 (S.I. 2008/3096)](https://www.legislation.gov.uk/uksi/2008/3096), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/3096/article/1/1), [2(2)](https://www.legislation.gov.uk/uksi/2008/3096/article/2/2)
[^c23612691]: [S. 432YA(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/6) substituted (27.12.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Amendment) (No. 2) Order 2008 (S.I. 2008/3096)](https://www.legislation.gov.uk/uksi/2008/3096), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/3096/article/1/1), [2(3)](https://www.legislation.gov.uk/uksi/2008/3096/article/2/3)
[^c23613171]: Words in [s. 432YA(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 129(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/129/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23613191]: [S. 432YA(6)(b)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/432YA/6/b/c) substituted for s. 432YA(6)(b) and preceding word (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 129(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/129/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23601861]: [S. 431G](https://www.legislation.gov.uk/ukpga/1988/1/section/431G) modified by [The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)](https://www.legislation.gov.uk/uksi/1995/1730), [reg. 12](https://www.legislation.gov.uk/uksi/1995/1730/regulation/12) (as amended (13.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2007 (S.I. 2007/2087)](https://www.legislation.gov.uk/uksi/2007/2087), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2087/regulation/1/1), [8](https://www.legislation.gov.uk/uksi/2007/2087/regulation/8))
[^c23602001]: Words in [s. 431G(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/431G/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 127(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/127/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23602021]: Words in [s. 431G(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/431G/4/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 127(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/127/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23602041]: Words in [s. 431G(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/431G/5) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 127(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/127/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23602061]: Words in [s. 431G(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/431G/4) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 42](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/42) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23602081]: [S. 431H](https://www.legislation.gov.uk/ukpga/1988/1/section/431H) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [reg. 7A](https://www.legislation.gov.uk/uksi/2005/2014/regulation/7A) (as inserted (14.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134)](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1), [7](https://www.legislation.gov.uk/uksi/2007/2134/regulation/7); and as amended by [S.I. 2008/1937](https://www.legislation.gov.uk/uksi/2008/1937), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2008/1937/regulation/1/1/2), [5](https://www.legislation.gov.uk/uksi/2008/1937/regulation/5))
[^c23602091]: Words in [s. 431H(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/431H/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 128](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/128) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22771881]: [S. 434](https://www.legislation.gov.uk/ukpga/1988/1/section/434) amended (27.7.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 78(6)(11)](https://www.legislation.gov.uk/ukpga/1993/34/section/78/6/11)
[^c22787961]: [S. 434(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/1) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 19(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/19/2) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22788001]: [S. 434(2)(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/2/7) repealed (with effect in accordance with Sch. 29 Pt. 8(5) Note 2 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5)
[^c22771941]: [S. 434(3)(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3/3A) substituted for s. 434(3) by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 84(4)-(6)](https://www.legislation.gov.uk/ukpga/1989/26/section/84/4), [Sch. 8 para. 3(1)](https://www.legislation.gov.uk/ukpga/1989/26/schedule/8/paragraph/3/1)
[^c22772001]: [S. 434(3B)-(3D)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3B) inserted (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para. 5(4)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/5/4)
[^c22772011]: Source—1970 s.310(6)
[^c22772021]: *Repealed by* 1989 ss.84*and* 187*and* Sch.8 para.3(2)*and* Sch.17 Part IV*with respect to accounting periods beginning on or after* 1*January* 1990.
[^c22772031]: *Repealed by* 1989 ss.84*and* 187*and* Sch.8 para.3(2)*and* Sch.17 Part IV*with respect to accounting periods beginning on or after* 1*January* 1990.
[^c22772061]: 1990 s.45(7).
[^c22772071]: Word at the end of s. 434(6A)(a) repealed (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para. 5(5)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/5/5), [Sch. 26 pt. 5(16)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/5/16)
[^c22772081]: [S. 434(6A)(aa)-(ac)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/6A/aa) inserted (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para 5(5)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/5/5)
[^c22795751]: [S. 434(1)-(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/1) substituted for s. 434(1) (with effect in accordance with [Sch. 3 para. 3(5)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/3/5) of the amending Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 3(2)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/3/2)
[^c22795841]: [S. 434(3B)-(3D)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3B) repealed (with effect in accordance with Sch. 6 para. 3(4) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 6 para. 6(2)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/6/paragraph/6/2), [Sch. 8 Pt. 2(11)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/11), Note
[^c22795881]: [S. 434(6A)(aa)-(ac)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/6A/aa) repealed (with effect in accordance with Sch. 6 para. 6(4) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 6 para. 6(3)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/6/paragraph/6/3), [Sch. 8 Pt. 2(11)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/11), Note
[^c22801461]: [S. 434(3)(6)(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3/6/8) repealed (with effect in accordance with Sch. 3 para. 25(5)(6) of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 3 para. 25(2)-(4)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3/paragraph/25/2), [Sch. 27 Pt. 3(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/2), Note
[^c23635561]: Words in [s. 434(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3A) substituted (with effect in accordance with [Sch. 33 para. 12(5)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/12/5) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 12(2)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/12/2)
[^c23635621]: [S. 434(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/1) substituted for s. 434(1)(1B) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 22(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/22/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23635641]: [S. 434(6A)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/6A/b) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 22(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/22/3), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23635661]: Words in [s. 434(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 133](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/133) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23635721]: [S. 434(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3A) excluded by [The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175)](https://www.legislation.gov.uk/uksi/1998/3175), [reg. 3(5)](https://www.legislation.gov.uk/uksi/1998/3175/regulation/3/5) (as substituted (11.8.2011 with effect in accordance with art. 1(2) of the amending S.I.) by [The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785)](https://www.legislation.gov.uk/uksi/2011/1785), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2011/1785/regulation/1/1), [4(8)](https://www.legislation.gov.uk/uksi/2011/1785/regulation/4/8))
[^c23635681]: Words in [s. 434(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3A) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 45(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/45/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23635701]: Words in [s. 434(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434/3A) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 45(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/45/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c22788031]: [S. 434A](https://www.legislation.gov.uk/ukpga/1988/1/section/434A) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para 20(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/20/1) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22874051]: [S. 434A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2) substituted (with effect in accordance with Sch. 31 paras. 2(1), 10(1) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 31 para. 2(1)(a)(2)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/31/paragraph/2/1/a/2)
[^c22874131]: [S. 434A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2) modified (with effect in accordance with s. 105(1) of the modifying Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 14 para. 23(1)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/14/paragraph/23/1) (with [Sch. 15](https://www.legislation.gov.uk/ukpga/1996/8/schedule/15))
[^c22874121]: [S. 434A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2) modified by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 31 para. 2(3)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/31/paragraph/2/3)
[^c22870371]: [S. 434A(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2A) inserted (with effect in accordance with [s. 105(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/105/1) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 14 para. 23(2)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/14/paragraph/23/2) (with [Sch. 15](https://www.legislation.gov.uk/ukpga/1996/8/schedule/15))
[^c22874071]: Words in [s. 434A(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2A) substituted (with effect in accordance with Sch. 31 paras. 2(1), 10(1) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 31 para. 2(1)(b)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/31/paragraph/2/1/b)
[^c22871451]: Words in [s. 434A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/3) substituted (with effect in accordance with [s. 105(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/105/1) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 14 para. 23(3)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/14/paragraph/23/3) (with [Sch. 15](https://www.legislation.gov.uk/ukpga/1996/8/schedule/15))
[^c22796071]: [S. 434A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/1) repealed (with effect in accordance with Sch. 3 para. 4(2) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 4(1)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/4/1), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6), Note
[^c22874141]: [S. 434A(2)(a)(iii)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/a/iii) inserted (with effect in accordance with [Sch. 27 para. 12(1)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/27/paragraph/12/1) of the amending Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [Sch. 27 para. 8(a)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/27/paragraph/8/a)
[^c23635731]: Words in [s. 434A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/3) substituted (with effect in accordance with [Sch. 33 para. 6(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/6/12) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 6(7)(b)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/6/7/b)
[^c23635771]: [S. 434A(2)(a)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/a/i) repealed (with effect in accordance with s. 38(6) of the repealing Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [s. 38(4)](https://www.legislation.gov.uk/ukpga/2005/22/section/38/4), [Sch. 11 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2005/22/schedule/11/part/2/7), Note
[^c23635791]: Words in [s. 434A(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/a) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 23(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/23/2/a), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23635811]: [S. 434A(2)(a)(iii)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/a/iii) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 23(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/23/2/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23635831]: Words in [s. 434A(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/b) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 23(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/23/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23635891]: [S. 434A(3)(aa)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/3/aa) inserted (with effect in accordance with [Sch. 17 para. 22(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/22/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 22(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/22/1)
[^c23635871]: [S. 434A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/4) inserted (with effect in accordance with [Sch. 17 para. 21(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/21/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 21(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/21/1)
[^c23635911]: Words in [s. 434A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 134(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/134/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23635951]: Words in [s. 434A(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2A) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 134(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/134/3/a), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23635931]: Words in [s. 434A(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2A) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 134(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/134/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23635971]: [S. 434A(2)(b)(i)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/2/b/i/ii) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 46(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/46/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23635991]: [S. 434A(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/3/a) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 46(3)(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/46/3/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23636011]: Words in [s. 434A(3)(aa)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/3/aa) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 46(3)(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/46/3/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23636031]: Words in [s. 434A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/434A/4) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 46(4)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/46/4) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c22783461]: [S. 437](https://www.legislation.gov.uk/ukpga/1988/1/section/437) modified (10.8.1995) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655)](https://www.legislation.gov.uk/uksi/1992/1655), [reg. 10A](https://www.legislation.gov.uk/uksi/1992/1655/regulation/10A) (as inserted by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1995 (S.I. 1995/1916)](https://www.legislation.gov.uk/uksi/1995/1916), [regs. 1](https://www.legislation.gov.uk/uksi/1995/1916/regulation/1), [6](https://www.legislation.gov.uk/uksi/1995/1916/regulation/6))
[^c22772351]: [S. 437(2)-(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/2) repealed (for accounting periods beginning on or after 1.1.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [ss. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 7 paras. 4(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/4/4), [18](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/18), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 3
[^c22772361]: [S. 437(2)-(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/2) repealed (for accounting periods beginning on or after 1.1.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [ss. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 7 paras. 4(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/4/4), [18](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/18), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 3
[^c22772371]: [S. 437(2)-(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/2) repealed (for accounting periods beginning on or after 1.1.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [ss. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 7 paras. 4(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/4/4), [18](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/18), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 3
[^c22772381]: [S. 437(2)-(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/2) repealed (for accounting periods beginning on or after 1.1.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [ss. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 7 paras. 4(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/4/4), [18](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/18), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 3
[^c22788141]: [S. 437(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/6) repealed (with effect in accordance with Sch. 8 para. 57 of the repealing Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 29 Pt. 8(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/8/5), Note 2
[^c22794651]: [S. 437](https://www.legislation.gov.uk/ukpga/1988/1/section/437) modified (with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [21](https://www.legislation.gov.uk/uksi/1997/473/regulation/21) ( as amended (31.12.1997) with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment No. 2) Regulations 1997 (S.I. 1997/2877)](https://www.legislation.gov.uk/uksi/1997/2877), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/2877/regulation/1/1), [4](https://www.legislation.gov.uk/uksi/1997/2877/regulation/4))
[^c22874681]: [S. 437(1A)-(1F)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1A) substituted for s. 437(1) (for accounting periods beginning on or after 1.1.1992) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [Sch. 7 paras. 5](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/5), [18](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/18)
[^c22794021]: [S. 437(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1A) substituted for s. 437(1A)(1B) (with effect in accordance with [s. 67(7)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/7) of the amending Act) by [Finance Act 1997 (c. 16)](https://www.legislation.gov.uk/ukpga/1997/16), [s. 67(1)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/1)
[^c22794041]: Words in [s. 437(1C)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C) inserted (with effect in accordance with [s. 67(8)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/8) of the amending Act) by [Finance Act 1997 (c. 16)](https://www.legislation.gov.uk/ukpga/1997/16), [s. 67(2)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/2)
[^c22794061]: [S. 437(1CA)-(1CD)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1CA) inserted (with effect in accordance with [s. 67(8)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/8) of the amending Act) by [Finance Act 1997 (c. 16)](https://www.legislation.gov.uk/ukpga/1997/16), [s. 67(2)](https://www.legislation.gov.uk/ukpga/1997/16/section/67/2)
[^c23648521]: Words in [s. 437(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1A) substituted (with effect in accordance with [Sch. 33 para. 6(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/6/12) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 6(9)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/6/9)
[^c23648541]: Words in [s. 437(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1A) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 ([S.I. 2004/2310](https://www.legislation.gov.uk/uksi/2004/2310)), Sch. para. 18
[^c23648621]: [S. 437](https://www.legislation.gov.uk/ukpga/1988/1/section/437) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [14](https://www.legislation.gov.uk/uksi/2005/2014/regulation/14)
[^c23648561]: Words in [s. 437(1C)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C/b/ii) inserted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 178(2)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/178/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
[^c23648601]: Word at the end of s. 437(1C)(b) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 178(3)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/178/3), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
[^c23648581]: [S. 437(1C)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C/d) and preceding word inserted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 178(4)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/178/4) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
[^c23650411]: Words in [s. 437(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1A) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 6](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/6) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23652911]: Words in [s. 437(1C)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C/b/ii) omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 14 para. 2(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/2/2)
[^c23652931]: [S. 437(1C)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C/c) omitted (with effect in accordance with Sch. 14 para. 18(1) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 14 para. 2(3)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/2/3)
[^c23652891]: Words in [s. 437(1C)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/437/1C/d) substituted (with effect in accordance with [Sch. 14 para. 18(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/18/1) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 14 para. 2(4)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/2/4)
[^c22772391]: [S. 438](https://www.legislation.gov.uk/ukpga/1988/1/section/438) modified (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 18 para. 1(5)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/18/paragraph/1/5)
[^c22772401]: [S. 438](https://www.legislation.gov.uk/ukpga/1988/1/section/438) amended (27.7.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 78(6)(11)](https://www.legislation.gov.uk/ukpga/1993/34/section/78/6/11)
[^c22772411]: Source—1970 s.314(1); 1970(F) Sch.5 Part III 11(3), (6)(c)
[^c22772441]: [S. 438(3AA)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/3AA) inserted (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para. 6(2)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/6/2)
[^c22772501]: 1990 s.45(9).
[^c22772511]: [S. 438(6B)-(6E)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/6B) inserted (3.5.1994) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [Sch. 16 para. 6(4)](https://www.legislation.gov.uk/ukpga/1994/9/schedule/16/paragraph/6/4)
[^c22788391]: [S. 438(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/9) inserted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 28(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/28/2) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22805151]: [S. 438](https://www.legislation.gov.uk/ukpga/1988/1/section/438) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [14](https://www.legislation.gov.uk/uksi/1998/1871/regulation/14) (and as substituted (22.8.2000) by [The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 (S.I. 2000/2075)](https://www.legislation.gov.uk/uksi/2000/2075), [regs. 1](https://www.legislation.gov.uk/uksi/2000/2075/regulation/1), [4](https://www.legislation.gov.uk/uksi/2000/2075/regulation/4))
[^c22800601]: [S. 438(3)(3AA)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/3/3AA) repealed (with effect in accordance with Sch. 3 para. 6(7) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 6(2)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/6/2), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6), Note
[^c22800631]: [S. 438(5)-(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/5) repealed (with effect in accordance with Sch. 3 para. 6(7)-(9) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 6(4)(5)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/6/4/5), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6), Note (with Sch. 3 para. 13(17))
[^c22800771]: [S. 438(5)-(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/5) repealed (with effect in accordance with Sch. 3 para. 6(7)(8), Sch. 8 Pt. 2(6) Note of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 6(4)(5)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/6/4/5), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6)
[^c22800781]: [S. 438(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/9) repealed (with effect in accordance with Sch. 3 para. 6(8) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 6(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/6/6), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6), Note
[^c23653041]: [S. 438(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/1) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [12](https://www.legislation.gov.uk/uksi/2004/2680/regulation/12); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23652971]: [S. 438(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/8) repealed (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 42 Pt. 3](https://www.legislation.gov.uk/ukpga/2004/12/schedule/42/part/3), Note
[^c23652991]: Words in [s. 438(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/1) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 26(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/26/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653011]: [S. 438(2)(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/438/2/4) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 26(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/26/3), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c22772631]: [Ss. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440), [440A](https://www.legislation.gov.uk/ukpga/1988/1/section/440A) substituted for s. 440 (1.1.1990) by [Finance Act 1990 (c. 29)](https://www.legislation.gov.uk/ukpga/1990/29), [Sch. 6 paras. 8](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/8), [11(2)](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/11/2) (with [Sch. 6 para. 12](https://www.legislation.gov.uk/ukpga/1990/29/schedule/6/paragraph/12))
[^c22789381]: [S. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655)](https://www.legislation.gov.uk/uksi/1992/1655), [reg 10C](https://www.legislation.gov.uk/uksi/1992/1655/regulation/10C) (as inserted (10.8.1995) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1995 (S.I. 1995/1916)](https://www.legislation.gov.uk/uksi/1995/1916), [regs. 1](https://www.legislation.gov.uk/uksi/1995/1916/regulation/1), [6](https://www.legislation.gov.uk/uksi/1995/1916/regulation/6))
[^c22772641]: [S. 440(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/1) excluded (25.7.1991) by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 48](https://www.legislation.gov.uk/ukpga/1991/31/section/48), [Sch. 7 para. 6(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/7/paragraph/6/4)
[^c22772661]: [S. 440(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2) modified (with effect in accordance with reg. 1 of the modifying S.I.) by [The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171)](https://www.legislation.gov.uk/uksi/1995/171), [regs. 4](https://www.legislation.gov.uk/uksi/1995/171/regulation/4), [5](https://www.legislation.gov.uk/uksi/1995/171/regulation/5) (as amended (19.3.1997) by [The Friendly Societies (Taxation of Transfers of Business) (Amendment) Regulations 1997 (S.I. 1997/472)](https://www.legislation.gov.uk/uksi/1997/472), [regs. 1](https://www.legislation.gov.uk/uksi/1997/472/regulation/1), [3](https://www.legislation.gov.uk/uksi/1997/472/regulation/3))
[^c22772681]: Words in [s. 440(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/3) substituted (6.3.1992 with effect as mentioned in [s. 289(1)(2)](https://www.legislation.gov.uk/ukpga/1992/12/section/289/1/2) of the amending Act) by [Taxation of Chargeable Gains Act 1992 (c. 12)](https://www.legislation.gov.uk/ukpga/1992/12), [ss. 289](https://www.legislation.gov.uk/ukpga/1992/12/section/289), [290(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/290/1), [Sch. 10 para. 14(22)(a)](https://www.legislation.gov.uk/ukpga/1992/12/schedule/10/paragraph/14/22/a) (with [ss. 60](https://www.legislation.gov.uk/ukpga/1992/12/section/60), [101(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/101/1), [171](https://www.legislation.gov.uk/ukpga/1992/12/section/171), [201(3)](https://www.legislation.gov.uk/ukpga/1992/12/section/201/3))
[^c22788831]: Words in [s. 440(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/3) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 5(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/5/2) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22788861]: [S. 440(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4) substituted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1988/1/schedule/8/paragraph/57/1) of the amending Act) by Finance Act 1995, Sch. 8 para. 5(3), s. 55(2)
[^c22788881]: [S. 440(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/6) inserted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 28(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/28/3) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22794671]: [S. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [22](https://www.legislation.gov.uk/uksi/1997/473/regulation/22) (as amended by: [S.I. 2001/3629](https://www.legislation.gov.uk/uksi/2001/3629), [arts. 1(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/1/2/b), [158(1)](https://www.legislation.gov.uk/uksi/2001/3629/article/158/1), [165(2)(d)](https://www.legislation.gov.uk/uksi/2001/3629/article/165/2/d); [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [regs. 1](https://www.legislation.gov.uk/uksi/2004/822/regulation/1), [18](https://www.legislation.gov.uk/uksi/2004/822/regulation/18))
[^c22794691]: [S. 440(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [23](https://www.legislation.gov.uk/uksi/1997/473/regulation/23) (as amended by [S.I. 2001/3629](https://www.legislation.gov.uk/uksi/2001/3629), [arts. 1(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/1/2/b), [158(2)](https://www.legislation.gov.uk/uksi/2001/3629/article/158/2)); and that modifying reg. 23 is omitted (8.4.2004 with effect in accordance with reg. 1 of the revoking S.I.) by virtue of [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [reg. 19](https://www.legislation.gov.uk/uksi/2004/822/regulation/19)
[^c22794871]: [S. 440(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2) modified (with effect in accordance with reg. 4A(3) of the modifying S.I.) by [The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171)](https://www.legislation.gov.uk/uksi/1995/171), [reg. 4A(1)(2)(a)](https://www.legislation.gov.uk/uksi/1995/171/regulation/4A/1/2/a) (as inserted (19.3.1997) by [The Friendly Societies (Taxation of Transfers of Business) (Amendment) Regulations 1997 (S.I. 1997/472)](https://www.legislation.gov.uk/uksi/1997/472), [regs. 1](https://www.legislation.gov.uk/uksi/1997/472/regulation/1), [4](https://www.legislation.gov.uk/uksi/1997/472/regulation/4))
[^c22790111]: [S. 440(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2A) inserted (with effect in accordance with [s. 105(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/105/1) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 14 para. 25](https://www.legislation.gov.uk/ukpga/1996/8/schedule/14/paragraph/25) (with [Sch. 15](https://www.legislation.gov.uk/ukpga/1996/8/schedule/15))
[^c22794711]: [S. 440(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4) modified (20.3.1997 with effect in accordance with reg. 1(2) of the amending Regulations) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [24](https://www.legislation.gov.uk/uksi/1997/473/regulation/24), [25](https://www.legislation.gov.uk/uksi/1997/473/regulation/25); and that modifying reg. 25 is omitted (8.4.2004 with effect in accordance with regs. 1, 20(2) of the revoking S.I.) by virtue of [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [reg. 20(1)](https://www.legislation.gov.uk/uksi/2004/822/regulation/20/1)
[^c22805171]: [S. 440(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [15](https://www.legislation.gov.uk/uksi/1998/1871/regulation/15)
[^c22812611]: [S. 440(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2/a) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 28(2) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 28(1)](https://www.legislation.gov.uk/uksi/2001/3629/article/28/1)
[^c22811381]: Words in [s. 440(4)(e)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4/e) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(g)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/g)
[^c22813141]: [S. 440(2B)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2B) inserted (with effect in accordance with [s. 83(3)](https://www.legislation.gov.uk/ukpga/2002/23/section/83/3) of the amending Act) by [Finance Act 2002 (c. 23)](https://www.legislation.gov.uk/ukpga/2002/23), [Sch. 27 para. 5](https://www.legislation.gov.uk/ukpga/2002/23/schedule/27/paragraph/5) (with [Sch. 28](https://www.legislation.gov.uk/ukpga/2002/23/schedule/28))
[^c23653211]: [S. 440](https://www.legislation.gov.uk/ukpga/1988/1/section/440) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [16](https://www.legislation.gov.uk/uksi/2005/2014/regulation/16) (as amended by [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [16](https://www.legislation.gov.uk/uksi/2007/2134/regulation/16))
[^c23653291]: Words in [s. 440(1)(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/1/2) substituted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 10(2)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/10/2/a)
[^c23653331]: [S. 440(2A)(2B)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/2A/2B) repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 16(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/16/3/b), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23653231]: Words in [s. 440(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 31(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/31/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653251]: [S. 440(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4/a) substituted for s. 440(4)(a)-(c) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 31(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/31/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653271]: Word in [s. 440(4)(e)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4/e) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 31(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/31/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653361]: [S. 440(4)(f)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4/f) modified by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 83XA(12)](https://www.legislation.gov.uk/ukpga/1989/26/section/83XA/12) (as inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 2(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/2/1))
[^c23653311]: [S. 440(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/5) repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 10(2)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/10/2/b), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23653371]: Word in [s. 440(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/4/a) substituted (with effect in accordance with [Sch. 17 para. 10(6)(7)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/6/7) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 10(3)(d)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/10/3/d)
[^c23653391]: Words in [s. 440(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/440/6) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 136](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/136) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22794751]: [S. 440A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [26](https://www.legislation.gov.uk/uksi/1997/473/regulation/26), [27](https://www.legislation.gov.uk/uksi/1997/473/regulation/27); and that modifying reg. 27 is omitted (8.4.2004 with effect in accordance with reg. 1 of the revoking S.I.) by virtue of [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [reg. 21](https://www.legislation.gov.uk/uksi/2004/822/regulation/21)
[^c22788901]: [S. 440A(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/a) substituted for s. 440A(2)(a)(b) (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 6](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/6) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22772811]: *See* 1990 s.41*and* Sch.6 para.12(2)—subs.(d)*omitted for period* 1*January* 1990*to* 19*March* 1990*inclusive.*
[^c22772821]: *See* 1990 s.41*and* Sch.6 para.12(1), (3), (4), (6), (7)*and* (10)—*application and commencement provisions for* “1982 holdings” *and* “new holdings”.
[^c22772851]: *See* 1990 s.41*and* Sch.6 para.12(1), (3), (4), (6), (7)*and* (10)—*application and commencement provisions for* “1982 holdings” *and* “new holdings”.
[^c22772861]: Words in [s. 440A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/5) substituted (6.3.1992 with effect as mentioned in [s. 289(1)(2)](https://www.legislation.gov.uk/ukpga/1992/12/section/289/1/2) of the amending Act) by [Taxation of Chargeable Gains Act 1992 (c. 12)](https://www.legislation.gov.uk/ukpga/1992/12), [ss. 289](https://www.legislation.gov.uk/ukpga/1992/12/section/289), [290(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/290/1), [Sch. 10 para. 14(23)(a)](https://www.legislation.gov.uk/ukpga/1992/12/schedule/10/paragraph/14/23/a) (with [ss. 60](https://www.legislation.gov.uk/ukpga/1992/12/section/60), [101(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/101/1), [171](https://www.legislation.gov.uk/ukpga/1992/12/section/171), [201(3)](https://www.legislation.gov.uk/ukpga/1992/12/section/201/3))
[^c22772871]: [S. 440A(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/6) substituted (6.3.1992 with effect as mentioned in [s. 289(1)(2)](https://www.legislation.gov.uk/ukpga/1992/12/section/289/1/2) of the amending Act) by [Taxation of Chargeable Gains Act 1992 (c. 12)](https://www.legislation.gov.uk/ukpga/1992/12), [ss. 289](https://www.legislation.gov.uk/ukpga/1992/12/section/289), [290(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/290/1), [Sch. 10 para. 14(23)(b)](https://www.legislation.gov.uk/ukpga/1992/12/schedule/10/paragraph/14/23/b) (with [ss. 60](https://www.legislation.gov.uk/ukpga/1992/12/section/60), [101(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/101/1), [171](https://www.legislation.gov.uk/ukpga/1992/12/section/171), [201(3)](https://www.legislation.gov.uk/ukpga/1992/12/section/201/3))
[^c22788931]: [S. 440A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/7) inserted (with effect in accordance with [Sch. 8 para. 57(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/57/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 28(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/28/4) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22874781]: [S. 440A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2) modified (31.7.1992 with effect in accordance with reg. 1 of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655)](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1), [14](https://www.legislation.gov.uk/uksi/1992/1655/regulation/14), [15](https://www.legislation.gov.uk/uksi/1992/1655/regulation/15) (as amended (31.12.1993 with effect in accordance with reg. 1(2)(3) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111)](https://www.legislation.gov.uk/uksi/1993/3111), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1993/3111/regulation/1/1), [5](https://www.legislation.gov.uk/uksi/1993/3111/regulation/5))
[^c22874791]: [S. 440A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2) modified (31.7.1992 with effect in accordance with reg. 1 of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655)](https://www.legislation.gov.uk/uksi/1992/1655), [regs. 1](https://www.legislation.gov.uk/uksi/1992/1655/regulation/1), [16](https://www.legislation.gov.uk/uksi/1992/1655/regulation/16) (as substituted (31.12.1993 with effect in accordance with reg. 1(2)(3) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111)](https://www.legislation.gov.uk/uksi/1993/3111), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1993/3111/regulation/1/1), [10](https://www.legislation.gov.uk/uksi/1993/3111/regulation/10))
[^c22802301]: Words in [s. 440A(3)(4)(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/3/4/6) substituted (with effect in accordance with [s. 123(6)](https://www.legislation.gov.uk/ukpga/1998/36/section/123/6) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [s. 123(5)(a)](https://www.legislation.gov.uk/ukpga/1998/36/section/123/5/a)
[^c23653411]: [S. 440A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [17](https://www.legislation.gov.uk/uksi/2005/2014/regulation/17) (as amended by [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [17](https://www.legislation.gov.uk/uksi/2007/2134/regulation/17))
[^c22811391]: Words in [s. 440A(2)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/d) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(h)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/h)
[^c23653431]: [S. 440A(2)(a)(i)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/a/i/ii) substituted for s. 440A(2)(a)(i)-(iii) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 32(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/32/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653491]: [S. 440A(2)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/c) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 32(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/32/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23653451]: Words in [s. 440A(2)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/d) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 32(c)(i)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/32/c/i) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653471]: Words in [s. 440A(2)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/d) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 32(c)(ii)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/32/c/ii) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653511]: [S. 440A(2)(e)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/2/e) modified by [Finance Act 1989 (c. 26)](https://www.legislation.gov.uk/ukpga/1989/26), [s. 83XA(13)](https://www.legislation.gov.uk/ukpga/1989/26/section/83XA/13) (as inserted (with effect in accordance with [Sch. 10 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 2(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/2/1))
[^c23653521]: Words in [s. 440A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/440A/7) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 137](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/137) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22790131]: [S. 440B(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/1A) inserted (with effect in accordance with [Sch. 27 para. 5(2)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/27/paragraph/5/2) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 27 para. 5(1)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/27/paragraph/5/1)
[^c22799901]: [S. 440B(1A)(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/1A/2) repealed (with effect in accordance with Sch. 3 para. 8(4)(5) of the repealing Act) by [Finance (No. 2) Act 1997 (c. 58)](https://www.legislation.gov.uk/ukpga/1997/58), [Sch. 3 para. 8(2)(3)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/8/2/3), [Sch. 8 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/2/6), Note
[^c22811401]: Words in [s. 440B(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/3/a) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(i)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/i)
[^c23653581]: Words in [s. 440B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/1) inserted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 8(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/8/2) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23653601]: Words in [s. 440B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/3) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 8(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/8/3) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23653541]: Words in [s. 440B(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 33(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/33/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653561]: Words in [s. 440B(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 33(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/33/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23653621]: [S. 440B(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4A/4B) inserted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 8(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/8/4) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23653641]: [S. 440B(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/5) repealed (with effect in accordance with s. 39(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 8(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/8/5), [Sch. 27 Pt. 2(8)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/8), Note (with Sch. 8 Pt. 2)
[^c23653661]: Words in [s. 440B(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4B) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [7](https://www.legislation.gov.uk/uksi/2008/381/article/7)
[^c23653681]: Words in [s. 440B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 138(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/138/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653701]: Words in [s. 440B(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4A) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 138(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/138/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653721]: Words in [s. 440B(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/440B/4B) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 138(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/138/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22773031]: Source—1977 s.45(1)—(4); 1979(C) Sch.7
[^c22773051]: [S. 442(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/3) excluded by [Income and Corporation Taxes Act 1970 (c. 10)](https://www.legislation.gov.uk/ukpga/1970/10), [s. 269C(8)](https://www.legislation.gov.uk/ukpga/1970/10/section/269C/8) (as inserted (*retrospectively*) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s.48](https://www.legislation.gov.uk/ukpga/1992/48/section/48))
[^c22773071]: Words in [s. 442(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/3) substituted (6.3.1992 with effect as mentioned in [s. 289(1)(2)](https://www.legislation.gov.uk/ukpga/1992/12/section/289/1/2) of the amending Act) by [Taxation of Chargeable Gains Act 1992 (c. 12)](https://www.legislation.gov.uk/ukpga/1992/12), [ss. 289](https://www.legislation.gov.uk/ukpga/1992/12/section/289), [290(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/290/1), [Sch. 10 para. 14(24)](https://www.legislation.gov.uk/ukpga/1992/12/schedule/10/paragraph/14/24) (with [ss. 60](https://www.legislation.gov.uk/ukpga/1992/12/section/60), [101(1)](https://www.legislation.gov.uk/ukpga/1992/12/section/101/1), [171](https://www.legislation.gov.uk/ukpga/1992/12/section/171), [201(3)](https://www.legislation.gov.uk/ukpga/1992/12/section/201/3))
[^c22790191]: Words in [s. 442(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/3) repealed (with effect in accordance with [s. 164(5)](https://www.legislation.gov.uk/ukpga/1996/8/section/164/5) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 41 Pt. 5(24)](https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/part/5/24), Note
[^c23653981]: Words in [s. 442(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/1) substituted (with effect in accordance with [s. 153(4)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/4) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [s. 153(1)(a)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/1/a)
[^c23653991]: [S. 442(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/4) repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 16(3)(c)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/16/3/c), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23654011]: Words in [s. 442(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/442/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 140](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/140) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22789421]: [S. 442A](https://www.legislation.gov.uk/ukpga/1988/1/section/442A) restricted (28.7.1995 with effect in accordance with reg. 1 of the affecting S.I.) by [The Insurance Companies (Taxation of Reinsurance Business) Regulations 1995 (S.I. 1995/1730)](https://www.legislation.gov.uk/uksi/1995/1730), [regs. 9](https://www.legislation.gov.uk/uksi/1995/1730/regulation/9), [10](https://www.legislation.gov.uk/uksi/1995/1730/regulation/10)
[^c22794811]: [S. 442A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/1) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [29](https://www.legislation.gov.uk/uksi/1997/473/regulation/29)
[^c23654091]: [S. 442A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/1) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [19](https://www.legislation.gov.uk/uksi/2005/2014/regulation/19)
[^c23654031]: Words in [s. 442A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/1) substituted (with effect in accordance with [Sch. 33 para. 23(5)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/23/5) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 23(2)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/23/2)
[^c23654051]: [S. 442A(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/3A) inserted (with effect in accordance with [Sch. 33 para. 23(5)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/23/5) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 23(3)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/23/3)
[^c23654071]: Words in [s. 442A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/4) repealed (with effect in accordance with Sch. 33 para. 23(5) of the repealing Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 23(4)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/23/4), [Sch. 43 Pt. 3(12)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/12), Note 4
[^c23654101]: Words in [s. 442A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/442A/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 141](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/141) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22794831]: [S. 444A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/1) modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [regs. 1(1)](https://www.legislation.gov.uk/uksi/1997/473/regulation/1/1), [30](https://www.legislation.gov.uk/uksi/1997/473/regulation/30) (as amended (1.12.2001) by [S.I. 2001/3629](https://www.legislation.gov.uk/uksi/2001/3629), [arts. 1(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/1/2/b), [159](https://www.legislation.gov.uk/uksi/2001/3629/article/159)); and that modifying reg. 30 is omitted (8.4.2004 with effect in accordance with reg. 1 of the revoking S.I.) by virtue of [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [reg. 23](https://www.legislation.gov.uk/uksi/2004/822/regulation/23)
[^c22786591]: [S. 444A(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3A) inserted (with effect in accordance with [Sch. 8 para. 53(1)(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/53/1/3) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 17(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/17/4) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22786611]: Words in [s. 444A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/5) substituted (with effect in accordance with [Sch. 8 para. 53(1)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/53/1) of the amending Act) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 8 para. 17(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/17/5) (with [Sch. 8 para. 55(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/8/paragraph/55/2))
[^c22811621]: [S. 444A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/1) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 29(2) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 29(1)](https://www.legislation.gov.uk/uksi/2001/3629/article/29/1)
[^c22811421]: Words in [s. 444A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/5) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2000/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(2)(h)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/2/h)
[^c23654131]: Words in [s. 444A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3) inserted (with effect in accordance with [Sch. 33 para. 24(4)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/24/4) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 24(2)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/24/2)
[^c23654151]: [S. 444A(3ZA)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3ZA) inserted (with effect in accordance with [Sch. 33 para. 24(4)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/24/4) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 24(3)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/24/3)
[^c23654191]: [S. 444A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/2) substituted (28.9.2004 with effect in accordance with art. 1 of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 ([S.I. 2004/2310](https://www.legislation.gov.uk/uksi/2004/2310)), Sch. para. 19(2)
[^c23654211]: Words in [s. 444A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/4) substituted (28.9.2004 with effect in accordance with art. 1 of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 ([S.I. 2004/2310](https://www.legislation.gov.uk/uksi/2004/2310)), Sch. para. 19(3)
[^c23654321]: Words in [s. 444A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/1) repealed (with effect in accordance with Sch. 9 para. 17(1) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 2(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/2/2), [Sch. 27 Pt. 2(9)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/9), Note
[^c23654251]: Words in [s. 444A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 35(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/35/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23654291]: [S. 444A(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3/b) and preceding word repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 35(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/35/b), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23654271]: Words in [s. 444A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 35(c)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/35/c) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23654341]: [S. 444A(7)(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/7/8) repealed (with effect in accordance with Sch. 9 para. 17(1) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 2(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/2/3), [Sch. 27 Pt. 2(9)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/9), Note
[^c23654371]: Words in [s. 444A(2)(3)(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/2/3/3A) substituted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [8(2)](https://www.legislation.gov.uk/uksi/2008/381/article/8/2)
[^c23654431]: [S. 444A(3ZA)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3ZA) omitted (19.2.2008 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [8(4)](https://www.legislation.gov.uk/uksi/2008/381/article/8/4)
[^c23654411]: [S. 444A(3B)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3B) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [8(3)](https://www.legislation.gov.uk/uksi/2008/381/article/8/3)
[^c23654451]: Words in [s. 444A(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/6) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 140(2)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/140/2)
[^c23654471]: Words in [s. 444A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 50(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/50/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23654491]: [S. 444A(3YA)](https://www.legislation.gov.uk/ukpga/1988/1/section/444A/3YA) inserted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 50(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/50/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23662101]: [S. 444AA](https://www.legislation.gov.uk/ukpga/1988/1/section/444AA) substituted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [10](https://www.legislation.gov.uk/uksi/2008/381/article/10)
[^c23683291]: [Ss. 444AB-444ABC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB) substituted for ss. 444AB, 444ABA (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 4(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/4/1); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23683311]: [S. 444AB(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/1) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [11(2)](https://www.legislation.gov.uk/uksi/2008/381/article/11/2)
[^c23683431]: Words in [s. 444AB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/2) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [11(3)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/11/3/a)
[^c23683371]: [S. 444AB(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/5A) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [11(4)](https://www.legislation.gov.uk/uksi/2008/381/article/11/4)
[^c23683391]: [S. 444AB(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/6) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [11(5)](https://www.legislation.gov.uk/uksi/2008/381/article/11/5)
[^c23683451]: Words in [s. 444AB(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/6) substituted (with effect in accordance with [Sch. 17 para. 31(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/31/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 31(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/31/1)
[^c23683511]: [S. 444AB(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/8) inserted (12.8.2008 with effect in accordance with art. 1(2)(3) of the amending S.I.) by [The Insurance Companies (Taxation of Insurance Special Purpose Vehicles) Order 2008 (S.I. 2008/1923)](https://www.legislation.gov.uk/uksi/2008/1923), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/1923/article/1/1), [2(3)](https://www.legislation.gov.uk/uksi/2008/1923/article/2/3)
[^c23683531]: Words in [s. 444AB(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/1/b) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(3)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/3)
[^c23683551]: Words in [s. 444AB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/2) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(4)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/4)
[^c23683571]: [S. 444AB(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/2A) inserted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(5)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/5)
[^c23683591]: Words in [s. 444AB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/4) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(6)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/6)
[^c23683611]: Words in [s. 444AB(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/5) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(7)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/7)
[^c23683631]: Words in [s. 444AB(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB/8) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(8)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/8)
[^c23694581]: [Ss. 444AC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC), [444ACZA](https://www.legislation.gov.uk/ukpga/1988/1/section/444ACZA) substituted for s. 444AC (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 6(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/6/1); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23694731]: Words in [s. 444AC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/1) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(2)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/17/2/a)
[^c23694601]: Words in [s. 444AC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/1) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(2)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/17/2/b)
[^c23694621]: Words in [s. 444AC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/2) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(3)](https://www.legislation.gov.uk/uksi/2008/381/article/17/3)
[^c23694751]: [S. 444AC(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/3) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(4)](https://www.legislation.gov.uk/uksi/2008/381/article/17/4)
[^c23694641]: Words in [s. 444AC(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/4) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(5)](https://www.legislation.gov.uk/uksi/2008/381/article/17/5)
[^c23694671]: Words in [s. 444AC(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/5) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(6)](https://www.legislation.gov.uk/uksi/2008/381/article/17/6)
[^c23694691]: [S. 444AC(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AC/5A) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [17(7)](https://www.legislation.gov.uk/uksi/2008/381/article/17/7)
[^c23694891]: [S. 444AE](https://www.legislation.gov.uk/ukpga/1988/1/section/444AE) substituted (with effect in accordance with [Sch. 17 para. 4(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/4/1) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 2](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/2)
[^c23690391]: [Ss. 444AB-444ABC](https://www.legislation.gov.uk/ukpga/1988/1/section/444AB) substituted for ss. 444AB, 444ABA (with effect in accordance with [Sch. 9 para. 17(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 4(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/4/1); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23690441]: Words in [s. 444ABA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABA/1) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [12(2)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/12/2/b)
[^c23690461]: [S. 444ABA(2)-(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABA/2) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [12(3)](https://www.legislation.gov.uk/uksi/2008/381/article/12/3)
[^c23690521]: Words in [s. 444ABA(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABA/7) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [12(4)](https://www.legislation.gov.uk/uksi/2008/381/article/12/4)
[^c23690631]: Words in [s. 444ABA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABA/1) substituted (with effect in accordance with [s. 15(11)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/11) of the amending Act) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 15(9)](https://www.legislation.gov.uk/ukpga/2010/33/section/15/9)
[^c23642001]: [S. 436A](https://www.legislation.gov.uk/ukpga/1988/1/section/436A) modified by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [reg. 13A](https://www.legislation.gov.uk/uksi/2005/2014/regulation/13A) (as inserted (14.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134)](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1), [14](https://www.legislation.gov.uk/uksi/2007/2134/regulation/14))
[^c23642011]: [S. 436A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/3): "83ZA" substituted for "83AB" (with effect in accordance with [Sch. 9 para. 17(2)(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/17/2/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 12](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/12); [S.I. 2008/379](https://www.legislation.gov.uk/uksi/2008/379), [art. 2](https://www.legislation.gov.uk/uksi/2008/379/article/2)
[^c23642051]: Words in [s. 436A(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/6) omitted (with effect in accordance with Sch. 17 para. 40(2) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 40(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/40/1)
[^c23642071]: [S. 436A(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 135(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/135/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23642091]: Words in [s. 436A(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/2/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 135(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/135/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23642111]: Words in [s. 436A(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/7) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 135(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/135/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23642131]: Words in [s. 436A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/5) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 48(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/48/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23642151]: Words in [s. 436A(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/436A/6) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 48(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/48/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23653761]: Words in [s. 440C(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/1/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 139(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/139/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653781]: Words in [s. 440C(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/4/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 139(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/139/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653801]: Words in [s. 440C(4)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/4/c) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 139(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/139/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653821]: Words in [s. 440C(6)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/6/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 139(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/139/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653841]: Words in [s. 440C(7)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/7/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 139(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/139/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23653861]: Words in [s. 440C(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/2) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 49(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/49/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23653881]: Words in [s. 440C(4)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/440C/4/c) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 49(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/49/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23690671]: Words in [s. 444ABB(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABB/1) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [13(2)](https://www.legislation.gov.uk/uksi/2008/381/article/13/2)
[^c23690691]: [S. 444ABB(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABB/1A) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [13(3)](https://www.legislation.gov.uk/uksi/2008/381/article/13/3)
[^c23690711]: Words in [s. 444ABB(1A)(b)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABB/1A/b/ii) substituted (with effect in accordance with [Sch. 17 para. 32(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/32/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 32(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/32/1)
[^c23690731]: Word in [s. 444ABD(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1/a) substituted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [16(2)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/16/2/a)
[^c23690751]: Words in [s. 444ABD(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1/b) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [16(2)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/16/2/b)
[^c23690771]: Words in [s. 444ABD(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [16(2)(c)](https://www.legislation.gov.uk/uksi/2008/381/article/16/2/c)
[^c23690791]: [S. 444ABD(1A)-(1E)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1A) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [16(3)](https://www.legislation.gov.uk/uksi/2008/381/article/16/3)
[^c23690811]: Words in [s. 444ABD(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1) substituted (with effect in accordance with [Sch. 17 para. 33(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/33/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 33(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/33/1)
[^c23690831]: Words in [s. 444ABD(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1A) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 144(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/144/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23690851]: Words in [s. 444ABD(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/444ABD/1A) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 144(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/144/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23694971]: Words in [s. 444AEA(1)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/1/a/b) omitted (19.2.2008 with effect in accordance with art. 1(4) of the repealing S.I.) by virtue of [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [19(2)](https://www.legislation.gov.uk/uksi/2008/381/article/19/2)
[^c23694911]: Words in [s. 444AEA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/3) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [19(3)](https://www.legislation.gov.uk/uksi/2008/381/article/19/3)
[^c23694931]: Words in [s. 444AEA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/4) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [19(4)](https://www.legislation.gov.uk/uksi/2008/381/article/19/4)
[^c23694951]: Words in [s. 444AEA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/5) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [19(5)](https://www.legislation.gov.uk/uksi/2008/381/article/19/5)
[^c23695001]: Words in [s. 444AEA(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/1/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695061]: Words in [s. 444AEA(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/1/b) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/2/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695021]: Words in [s. 444AEA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695081]: Words in [s. 444AEA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/3) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/3/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695041]: Words in [s. 444AEA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695101]: Words in [s. 444AEA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEA/4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 145(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/145/4/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695121]: Words in [s. 444AEB(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/1/a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [20(2)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/20/2/a)
[^c23695141]: Words in [s. 444AEB(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/1/b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [20(2)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/20/2/b)
[^c23695161]: Words in [s. 444AEB(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/2/a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [20(3)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/20/3/a)
[^c23695181]: Words in [s. 444AEB(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/2/b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [20(3)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/20/3/b)
[^c23695201]: [S. 444AEB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/4) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [20(4)](https://www.legislation.gov.uk/uksi/2008/381/article/20/4)
[^c23695221]: Words in [s. 444AEB(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695241]: Words in [s. 444AEB(1)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/1/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695271]: Words in [s. 444AEB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695291]: Words in [s. 444AEB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695311]: Words in [s. 444AEB(2)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/2/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(3)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/3/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695351]: Words in [s. 444AEB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695521]: Words in [s. 444AEB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/4/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23695771]: Words in [s. 444AEB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEB/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 146(4)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/146/4/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23696721]: Words in [s. 444AEC(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/1/a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [21(2)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/21/2/a)
[^c23697051]: Words in [s. 444AEC(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/1/b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [21(2)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/21/2/b)
[^c23697871]: Words in [s. 444AEC(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/2/a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [21(3)(a)](https://www.legislation.gov.uk/uksi/2008/381/article/21/3/a)
[^c23698081]: Words in [s. 444AEC(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/2/b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [21(3)(b)](https://www.legislation.gov.uk/uksi/2008/381/article/21/3/b)
[^c23698581]: Words in [s. 444AEC(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/4) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [21(4)](https://www.legislation.gov.uk/uksi/2008/381/article/21/4)
[^c23699821]: Words in [s. 444AEC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23699841]: Words in [s. 444AEC(1)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/1/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23699871]: Words in [s. 444AEC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23699891]: Words in [s. 444AEC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23699911]: Words in [s. 444AEC(2)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/2/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(3)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/3/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23699951]: Words in [s. 444AEC(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AEC/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 147(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/147/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701231]: Words in [s. 444AED(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AED/1) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by [The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381)](https://www.legislation.gov.uk/uksi/2008/381), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2008/381/article/1/1), [23](https://www.legislation.gov.uk/uksi/2008/381/article/23)
[^c23701251]: Words in [s. 444AED(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AED/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 151(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/151/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701281]: Words in [s. 444AED(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AED/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 151(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/151/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701311]: Words in [s. 444AED(9)(11)(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AED/9/11/12) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 143](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/143)
[^c23701331]: Words in [s. 444AED(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AED/13) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 51](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/51) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23710661]: Words in [s. 444AZA(1)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA/1/c) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 142(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/142/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710681]: Words in [s. 444AZA(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 142(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/142/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710741]: Words in [s. 444AZA(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA/2) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 142(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/142/3/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710701]: Words in [s. 444AZA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 142(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/142/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710761]: Words in [s. 444AZA(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZA/5) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 141(2)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/141/2)
[^c23710781]: Words in [s. 444AZB(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB/1/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 143(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/143/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710801]: Words in [s. 444AZB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 143(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/143/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710861]: Words in [s. 444AZB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB/2) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 143(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/143/3/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710821]: Words in [s. 444AZB(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 143(4)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/143/4) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710881]: Words in [s. 444AZB(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AZB/5) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 142(2)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/142/2)
[^c23635411]: [1970 c. 9](https://www.legislation.gov.uk/ukpga/1970/9)
[^c23700611]: Words in [s. 444AECA(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/1/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700671]: Words in [s. 444AECA(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/1/b) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/2/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700631]: Words in [s. 444AECA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700691]: Words in [s. 444AECA(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/3) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/3/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700651]: Words in [s. 444AECA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/4) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700711]: Words in [s. 444AECA(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECA/4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 148(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/148/4/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700731]: Words in [s. 444AECB(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700751]: Words in [s. 444AECB(1)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/1/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700781]: Words in [s. 444AECB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700801]: Words in [s. 444AECB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700821]: Words in [s. 444AECB(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(3)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/3/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700841]: Words in [s. 444AECB(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700861]: Words in [s. 444AECB(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/4/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700881]: Words in [s. 444AECB(3)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/3/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(4)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/4/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700911]: Words in [s. 444AECB(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/5) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(5)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/5/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700931]: Words in [s. 444AECB(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/5) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(5)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/5/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23700951]: Words in [s. 444AECB(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECB/6) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 149(6)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/149/6) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701001]: Words in [s. 444AECC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(2)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/2/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701021]: Words in [s. 444AECC(1)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/1/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(2)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/2/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701051]: Words in [s. 444AECC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(3)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/3/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701071]: Words in [s. 444AECC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(3)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/3/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701091]: Words in [s. 444AECC(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/2) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(3)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/3/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701111]: Words in [s. 444AECC(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701131]: Words in [s. 444AECC(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/4/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701151]: Words in [s. 444AECC(3)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/3/a/b) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(4)(c)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/4/c) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23701181]: Words in [s. 444AECC(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AECC/5) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 150(5)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/150/5) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23636061]: Words in [s. 434AZA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/434AZA/1) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 47](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/47) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c22875571]: [S. 444BA](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) modified (23.12.1996 with effect in accordance with reg. 1 of the modifying S.I.) by [The Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991)](https://www.legislation.gov.uk/uksi/1996/2991), [regs. 4-12](https://www.legislation.gov.uk/uksi/1996/2991/regulation/4)
[^c22811681]: Words in [ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(1)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/1)
[^c22811641]: Words in [s. 444BA(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA/10) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(3)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/3)
[^c22811661]: [S. 444BA(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA/11) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(4)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/4)
[^c23710941]: Words in [s. 444BA(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA/11) substituted (29.10.2008 with effect in accordance with art. 1 of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2008 (S.I. 2008/2673)](https://www.legislation.gov.uk/uksi/2008/2673), [art. 2](https://www.legislation.gov.uk/uksi/2008/2673/article/2)
[^c23710981]: [S. 444BA](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA): power to apply (with modifications) conferred (21.7.2009) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [s. 47](https://www.legislation.gov.uk/ukpga/2009/10/section/47)
[^c23710991]: [S. 444BA](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) applied (with modifications) (1.9.2009 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Lloyd?s [Underwriters (Equalisation Reserves) (Tax) Regulations 2009 (S.I. 2009/2039)](https://www.legislation.gov.uk/uksi/2009/2039), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2009/2039/regulation/1/1), [2-5](https://www.legislation.gov.uk/uksi/2009/2039/regulation/2)
[^c23710961]: Words in [s. 444BA(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA/1) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 155](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/155) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c22811781]: Words in [ss. 444BA-444BD](https://www.legislation.gov.uk/ukpga/1988/1/section/444BA) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(1)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/1)
[^c23711001]: Words in [s. 444BB(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BB/3/b) substituted (with effect in accordance with [s. 153(4)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/4) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [s. 153(1)(a)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/1/a)
[^c23711011]: Words in [s. 444BB(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BB/2/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 156](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/156) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23711031]: Words in [s. 444BB(6)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BB/6/b) substituted (1.4.2010 with effect in accordance with [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [Sch. 8 para. 9(a)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/9/a) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23711051]: Words in [s. 444BB(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BB/6) substituted (1.4.2010 with effect in accordance with [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [Sch. 8 para. 9(b)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/9/b) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c22811831]: Words in [s. 444BC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BC/1) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(5)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/5)
[^c23711071]: Words in [s. 444BC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BC/1) substituted (1.10.2009) by [The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890)](https://www.legislation.gov.uk/uksi/2009/1890), [arts. 1](https://www.legislation.gov.uk/uksi/2009/1890/article/1), [5(1)](https://www.legislation.gov.uk/uksi/2009/1890/article/5/1)
[^c23711081]: [S.I. 2008/410](https://www.legislation.gov.uk/uksi/2008/410)
[^c22811791]: Words in [s. 444BC(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BC/1) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(5)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/5)
[^c22811851]: [S. 444BD(2)(a)(i)-(iii)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BD/2/a/i) substituted for s. 444BD(2)(a)(i)(ii) (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(7)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/7)
[^c22811871]: Words in [s. 444BD(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BD/7) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(8)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/8/a)
[^c22811891]: [S. 444BD(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/444BD/7): definition of "EC company" and preceding word repealed (1.12.2001 with effect in accordance with arts. 1(2)(a), 30(9) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 30(8)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/30/8/b)
[^c23710381]: Words in [s. 444AF(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF/4/b) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 37(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/37/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710401]: Words in [s. 444AF(5)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF/5/b) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 37(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/37/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710501]: Words in [s. 444AF(5)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF/5/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 152(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/152/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710561]: Words in [s. 444AF(5)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AF/5/b) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 152(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/152/b), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/3/part/1) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23710421]: [S. 444AK(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AK/1/b) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/38/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710441]: Words in [s. 444AK(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AK/3) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 38(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/38/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710461]: Words in [s. 444AK(5)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AK/5/b) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 38(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/38/4) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23710541]: Words in [s. 444AK(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/444AK/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 154](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/154) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c21604431]: Source—1970 s.331
[^c21604441]: Words in [s. 459](https://www.legislation.gov.uk/ukpga/1988/1/section/459) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.4](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/4); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23711241]: Words in [s. 459](https://www.legislation.gov.uk/ukpga/1988/1/section/459) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 79](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/79), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23712981]: Words in [s. 460(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/3/b) inserted (retrospectively) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [s. 172(5)(6)](https://www.legislation.gov.uk/ukpga/2003/14/section/172/5/6)
[^c23715871]: Words in [s. 460(10A)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/10A) inserted (retrospectively for specified purposes, and otherwise with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 paras. 1(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/1/2), [6(1)(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/1/3)
[^c23715891]: Words in [s. 460(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/11) substituted (retrospectively) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 paras. 1(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/1/3), [6(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/1)
[^c21604881]: Source—1970 s.332(1). 1974 s.27(1)(a)
[^c21604891]: Words in [s. 460(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/1) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 5(2)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/5/2); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21604901]: Source—1970 s.333(1)
[^c21604911]: Words in [s. 460(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/a) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 5(3)(a)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/5/3/a); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21604921]: [S. 460(2)(aa)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/aa) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 5(3)(b)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/5/3/b); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21604931]: Source—1970 s.332(2)(aa); 1987 (No.2) Sch.2 2(1)
[^c21604941]: Source—1970 s.332(2)(a); 1984 s.73(2); 1987 s.30(2)
[^c21604951]: [S. 460(2)(ai)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/ai) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(3)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/3)
[^c21604961]: Words in [s. 460(2)(c)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/c/i) substituted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/4)
[^c21604971]: 1990 s.49(1)(a) Previously £100
[^c21604981]: 1990 s.49(1)(b).
[^c21604991]: Words in [s. 460(2)(c)(ia)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/c/ia) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(5)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/5)
[^c21605001]: [S. 460(2)(ca)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/ca) and word "and" substituted for word "and" by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(6)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/6)
[^c21605011]: Source—1970 s.332(2)(b)
[^c21605021]: Source—1970 s.332(3); 1987 s.30(3)
[^c21605041]: Words in [s. 460(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/3) substituted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(7)(a)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/7/a)
[^c21605051]: Words in [s. 460(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/3) substituted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(7)(b)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/7/b)
[^c21605061]: [S. 460(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/4A/4B) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 1(8)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/1/8)
[^c21605071]: Source—1970 s.332(4); 1975 (No.2) s.52(1); 1980 s.57(1)
[^c21605081]: Words in [s. 460(5)-(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/5) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 5(4)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/5/4); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21605091]: Source—1970 s.332(5); 1975 (No.2) s.52(1); 1984 s.73(3)
[^c21605111]: Source—1970 s.332(6)—(9); 1975 (No.2) s.52(1)
[^c21605181]: 1990 s. 48 and Sch. 9 para. 6 in relation to transfers of business on or after 1 January 1990
[^c21605201]: Source—1970 s.332(10); 1976 s.48(1)
[^c21605211]: Words in [s. 460(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/11) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 5(5)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/5/5); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c22805211]: [S. 460(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2) modified (6.4.1999) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [reg. 31](https://www.legislation.gov.uk/uksi/1997/473/regulation/31) (as inserted by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [25(5)](https://www.legislation.gov.uk/uksi/1998/1871/regulation/25/5))
[^c22765081]: [S. 460(2)(c)(zai)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/c/zai) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 1(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/1/2)
[^c22765101]: Words in [s. 460(2)(c)(ai)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/c/ai) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 1(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/1/3)
[^c22765121]: Words in [s. 460(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/3) substituted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 1(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/1/4)
[^c22765151]: Words in [s. 460(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/4A) substituted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 1(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/1/5)
[^c22765171]: Words in [s. 460(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/4B) substituted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 1(6)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/1/6)
[^c22808971]: [S. 460(2)(cb)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/cb) inserted (6.4.2001) by [Finance Act 2001 (c. 9)](https://www.legislation.gov.uk/ukpga/2001/9), [s. 76](https://www.legislation.gov.uk/ukpga/2001/9/section/76), [Sch. 25 para. 8(1)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/25/paragraph/8/1)
[^c23712991]: [S. 460(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [20](https://www.legislation.gov.uk/uksi/2005/2014/regulation/20); and that modifying reg. 20 is omitted (14.8.2007 with effect in accordance with reg. 1(2) of the revoking S.I.) by virtue of [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1), [18(b)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/18/b)
[^c22812121]: Words in [s. 460(10A)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/10A) substituted (1.12.2001 with effect in accordance with arts. 1(2)(a), 32(5) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 32(2)](https://www.legislation.gov.uk/uksi/2001/3629/article/32/2)
[^c22812141]: [S. 460(10B)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/10B) inserted (1.12.2001 with effect in accordance with arts. 1(2)(a), 32(5) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 32(3)](https://www.legislation.gov.uk/uksi/2001/3629/article/32/3)
[^c22812191]: Words in [s. 460(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/11) omitted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by virtue of [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 32(4)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/32/4/a)
[^c22812201]: Words in [s. 460(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/11) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 32(4)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/32/4/b)
[^c23715851]: Words in [s. 460(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 80](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/80), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23715971]: Words in [s. 460(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 40(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/40/a) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23715991]: Word at the end of s. 460(2)(ca) inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 40(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/40/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23716011]: [S. 460(2)(cb)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/2/cb) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 40(c)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/40/c), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23715951]: [S. 460(10B)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/10B) repealed (with effect in accordance with Sch. 9 para. 17(1) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 9 para. 1(2)(d)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/9/paragraph/1/2/d), [Sch. 27 Pt. 2(9)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/9), Note
[^c23715911]: [S. 460(12)-(14)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/12) substituted for s. 460(12) (with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 1(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/1/4)
[^c23715931]: [S. 460(15)(16)](https://www.legislation.gov.uk/ukpga/1988/1/section/460/15/16) inserted (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 1(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/1/5)
[^c21605651]: Source—1970 s.332(1); 1974 s.27(1)(a)
[^c21605661]: Source—1974 s.27(2)
[^c21605671]: Source—1974 s.27(1)(b)
[^c21605681]: Source—1970 s.332(11), (12)(b); 1976 s.48(1)
[^c21605701]: Words in [s. 461(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/4/a) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 6](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/6); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21605711]: Source—1974 s.27(3)—(7); 1985 s.41(10); 1987 Sch.15 6
[^c22808991]: [S. 461(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/3A) inserted (6.4.2001) by [Finance Act 2001 (c. 9)](https://www.legislation.gov.uk/ukpga/2001/9), [s. 76](https://www.legislation.gov.uk/ukpga/2001/9/section/76), [Sch 25 para. 8(2)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/25/paragraph/8/2)
[^c22812241]: Words in [s. 461(2)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/2/a/b) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(2)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/2/a)
[^c22812281]: Word in [s. 461(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/2) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/2/b)
[^c22812321]: Words in [s. 461(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/4/a) omitted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by virtue of [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(3)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/3/a)
[^c22886541]: Words in [s. 461(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/4/a) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(3)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/3/b)
[^c22812351]: Words in [s. 461(6)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/6/a/b) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2110/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(4)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/4/a)
[^c22812381]: Words in [s. 461(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/6) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(4)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/4/b)
[^c22812401]: [S. 461(7)-(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/7) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(5)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/5)
[^c22812421]: [S. 461(11)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/11) added (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 33(6)](https://www.legislation.gov.uk/uksi/2001/3629/article/33/6)
[^c23717541]: Words in [s. 461(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 81(2)](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/81/2), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23717561]: Words in [s. 461(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/4/b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 81(3)](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/81/3), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23717601]: [S. 461(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/3A) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 41](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/41), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23717621]: [S. 461(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/4A/4B) inserted (with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 4(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/4/2)
[^c23717641]: Words in [s. 461(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/5) inserted (with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 4(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/4/3)
[^c23717661]: [S. 461(12)(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/12/13) inserted (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 4(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/4/4)
[^c23717681]: Words in [s. 461(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/461/8) omitted (1.4.2009) by virtue of [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 144](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/144)
[^c21605881]: Source—1970 s.336; 1985 Sch.10 Part II
[^c21605891]: Words in [s. 462(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/462/2/a) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9) par. 8(2) [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23717861]: [S. 462(1)(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/462/1/1A) substituted for s. 462(1) (retrospective to 1.1.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [s. 45(2)(6)](https://www.legislation.gov.uk/ukpga/2007/11/section/45/2/6)
[^c23717881]: Words in [s. 462(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/462/2) substituted (retrospective to 1.1.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [s. 45(3)(6)](https://www.legislation.gov.uk/ukpga/2007/11/section/45/3/6)
[^c23717921]: Words in [s. 462(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/462/1) substituted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 5(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/5/2)
[^c23717931]: [S. 462(3)(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/462/3/4) omitted (21.7.2008) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 5(1)(a)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/5/1/a)
[^c21605981]: *See* 1990 s.50(1)—s.463*was renumbered as* s.463(1).
[^c21605991]: *For regulations see* Part III Vol.5 (*under* “*Friendly Societies*”).
[^c21606001]: Source—1970 s.335(1)
[^c21606011]: Words in [s. 463(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/463/1) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.10](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/10); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606021]: 1990 s.50(2).
[^c22790281]: Words in [s. 463(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/463/1) inserted (with effect in accordance with [s. 171(6)](https://www.legislation.gov.uk/ukpga/1996/8/section/171/6) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 171(5)](https://www.legislation.gov.uk/ukpga/1996/8/section/171/5)
[^c22811431]: Words in [s. 463(1)(2)(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/463/1/2/3) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(2)(i)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/2/i)
[^c23717961]: Words in [s. 463(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/463/1) substituted (21.7.2008) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 4](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/4)
[^c21606281]: [S. 464](https://www.legislation.gov.uk/ukpga/1988/1/section/464): power to amend conferred (7.2.1994) by [1993 c. 48](https://www.legislation.gov.uk/ukpga/1993/48), [ss. 162](https://www.legislation.gov.uk/ukpga/1993/48/section/162), [193(2)(3)](https://www.legislation.gov.uk/ukpga/1993/48/section/193/2/3) (with [ss. 6(8)](https://www.legislation.gov.uk/ukpga/1993/48/section/6/8), [164](https://www.legislation.gov.uk/ukpga/1993/48/section/164)); [S. I. 1994/86](https://www.legislation.gov.uk/uksi/1994/86), [art. 2](https://www.legislation.gov.uk/uksi/1994/86/article/2)
[^c21606331]: [S. 464(3)(za)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/3/za) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 3(2)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/3/2)
[^c21606341]: Words in [s. 464(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/3/a) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 3(3)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/3/3)
[^c21606361]: [S. 464(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/4A/4B) inserted by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 50](https://www.legislation.gov.uk/ukpga/1991/31/section/50), [Sch. 9 para. 3(4)](https://www.legislation.gov.uk/ukpga/1991/31/schedule/9/paragraph/3/4)
[^c21606381]: [1969 c. 19](https://www.legislation.gov.uk/ukpga/1969/19).
[^c21606391]: Words in [s. 464(5)(d)(ii)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/5/d/ii) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 11(3)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/11/3); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606401]: Words in [s. 464(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/7) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 11(4)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/11/4); [S. I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c22765201]: [S. 464(3)(zza)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/3/zza) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 2(2)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/2/2)
[^c22765221]: Words in [s. 464(3)(za)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/3/za) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 2(3)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/2/3)
[^c22765241]: Words in [s. 464(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/4A) substituted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 2(4)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/2/4)
[^c22765261]: Words in [s. 464(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/4B) substituted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 10 para. 2(5)](https://www.legislation.gov.uk/ukpga/1995/4/schedule/10/paragraph/2/5)
[^c23718001]: [S. 464(5)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/5/b) substituted (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 21](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/21) (with [Sch. 36](https://www.legislation.gov.uk/ukpga/2004/12/schedule/36))
[^c23718021]: [S. 464(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/1): first sentence substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/2)
[^c23718041]: Words in [s. 464(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/3) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/3)
[^c21606351]: 1990 s.49(3), (4) Previously "Kingdom) contracts under which the total premiums payable in any period of 12 months exceed £100 unless all those contracts were entered into before 1st September 1987" and "limit" respectively
[^c23718061]: Words in [s. 464(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/4A) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/4)
[^c23718081]: Words in [s. 464(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/6) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(5)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/5)
[^c23718101]: Words in [s. 464(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/7) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(6)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/6/a)
[^c23718121]: Words in [s. 464(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/7) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(6)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/6/b)
[^c23718151]: Words in [s. 464(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/464/7) substituted (with effect in accordance with [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 2(6)(c)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/2/6/c)
[^c21606451]: Source—1985 Sch.10 Part III
[^c21606461]: Words in [s. 465(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/465/3) repealed by [Finance Act 1991 (c. 31, SIF 63:1)](https://www.legislation.gov.uk/ukpga/1991/31), [s. 123](https://www.legislation.gov.uk/ukpga/1991/31/section/123), [Sch. 19 Pt. V](https://www.legislation.gov.uk/ukpga/1991/31/schedule/19/part/V), Note 7
[^c21606471]: [S. 465(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/465/6) added (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para.12](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/12) ; [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art.2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c23718171]: Words in [s. 465(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/465/5) omitted (1.4.2009) by virtue of [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 146](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/146)
[^c23718191]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): word in definition of "tax exempt life or endowment business" substituted (retrospectively) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 paras. 3](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/3), [6(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/1)
[^c21606641]: Definitions in s. 466(2) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14(4)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14/4); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606651]: Definition in s. 466(2) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14(5)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14/5); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606661]: Definitions in s. 466(2) inserted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14(6)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14/6); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606671]: Definition of “registrar” in s. 466(2) repealed (1.1.1994) by [Friendly Societies Act 1992 (c. 40)](https://www.legislation.gov.uk/ukpga/1992/40), [s. 120(2)](https://www.legislation.gov.uk/ukpga/1992/40/section/120/2), [Sch. 22 Pt. I](https://www.legislation.gov.uk/ukpga/1992/40/schedule/22/part/I); [S.I. 1993/2213](https://www.legislation.gov.uk/uksi/1993/2213), [Sch.6](https://www.legislation.gov.uk/uksi/1993/2213/schedule/6) APPENDIX
[^c21606681]: Words in [s. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14(7)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14/7); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c21606691]: Source—1970 s.337(4); 1985 s.41(7)(e)
[^c21606701]: Words in [s. 466(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/3) substituted (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14)(8; [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2))
[^c21606711]: [S. 466(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/5) added (19.2.1993) by [Finance (No. 2) Act 1992 (c. 48)](https://www.legislation.gov.uk/ukpga/1992/48), [s. 56](https://www.legislation.gov.uk/ukpga/1992/48/section/56), [Sch. 9 para. 14(9)](https://www.legislation.gov.uk/ukpga/1992/48/schedule/9/paragraph/14/9); [S.I. 1993/236](https://www.legislation.gov.uk/uksi/1993/236), [art. 2](https://www.legislation.gov.uk/uksi/1993/236/article/2)
[^c22790301]: [S. 466(1)-(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/1) substituted for s. 466(1) (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 171(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/171/1)
[^c22805251]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [17](https://www.legislation.gov.uk/uksi/1998/1871/regulation/17)
[^c22790321]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): definition of "insurance company" inserted (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 171(2)(a)](https://www.legislation.gov.uk/ukpga/1996/8/section/171/2/a)
[^c22790341]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): definition of "long term business" inserted (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 171(2)(b)](https://www.legislation.gov.uk/ukpga/1996/8/section/171/2/b)
[^c23718211]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [15](https://www.legislation.gov.uk/uksi/2004/2680/regulation/15); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c22811461]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): word in definition of "long term business" substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2000/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(2)(j)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/2/j)
[^c23718241]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): definition of "pension business" repealed (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 22(2)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/22/2), [Sch. 42 Pt. 3](https://www.legislation.gov.uk/ukpga/2004/12/schedule/42/part/3), Note (with Sch. 36)
[^c23718221]: [S. 466(2A)(2B)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2A/2B) inserted (6.4.2006) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [s. 284(1)](https://www.legislation.gov.uk/ukpga/2004/12/section/284/1), [Sch. 35 para. 22(3)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/35/paragraph/22/3) (as amended by [Finance Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 9 para. 18(5)-(7)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/9/paragraph/18/5)) (with Sch. 36)
[^c23718261]: [S. 466(2ZA)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2ZA) inserted (6.4.2007 with effect in accordance with [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1) of the amending Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 83](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/83) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23718281]: [S. 466(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/1) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 43(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/43/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23718301]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): definition of "gross roll-up business" inserted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 43(3)(b)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/43/3/b) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23718321]: [S. 466(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2): definition of "life assurance business" repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 43(3)(a)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/43/3/a), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23718341]: [S. 466(2ZA)(2A)(2B)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/2ZA/2A/2B) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 43(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/43/4), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23718381]: [S. 466(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/466/1/b) substituted (with effect in accordance with [Sch. 18 para. 2(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/2/2) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 18 para. 2(1)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/18/paragraph/2/1)
[^c22812441]: Word in [s. 461A(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/461A/2) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 34(2)](https://www.legislation.gov.uk/uksi/2001/3629/article/34/2)
[^c22812461]: [S. 461A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/461A/4) added (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 34(3)](https://www.legislation.gov.uk/uksi/2001/3629/article/34/3)
[^c22809011]: [S. 461B(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/2A) inserted (6.4.2001) by Finance Act 2001 (s. 9), s. 76, Sch. 25 para. 8(3)
[^c22812481]: Word in [s. 461B(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/4/b) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 35](https://www.legislation.gov.uk/uksi/2001/3629/article/35)
[^c23717701]: Words in [s. 461B(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 82(2)](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/82/2), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23717721]: Words in [s. 461B(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/5) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 82(3)](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/82/3), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23717741]: [S. 461B(2A)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/2A) repealed (with effect in accordance with s. 38(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 42](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/42), [Sch. 27 Pt. 2(7)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/7), Note (with Sch. 7 Pt. 2)
[^c23717761]: [S. 461B(6)-(6B)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/6) substituted for s. 461B(6) (with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 5(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/5/2)
[^c23717781]: Words in [s. 461B(7)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/7) inserted (with effect in accordance with [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/6/3) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 5(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/5/3)
[^c23717801]: [S. 461B(8)(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/461B/8/9) inserted (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 12 para. 5(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/12/paragraph/5/4)
[^c22811521]: Words in [s. 461C(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/1) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(2)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/2/a)
[^c22811541]: Word in [s. 461C(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/1) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(2)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/2/b)
[^c22811561]: Words in [s. 461C(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/2) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(3)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/3/a)
[^c22811581]: Word in [s. 461C(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/2/a) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(3)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/3/b)
[^c22811471]: Words in [s. 461C(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/3) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(4)(a)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/4/a)
[^c22811501]: Words in [s. 461C(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/3) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [arts. 36(4)(b)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/4/b)
[^c22811601]: [S. 461C(4)(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/4/5) substituted for s. 461C(4)-(7) (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 36(5)](https://www.legislation.gov.uk/uksi/2001/3629/article/36/5)
[^c23717821]: Words in [s. 461C(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/461C/5) omitted (1.4.2009) by virtue of [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 145](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/145)
[^c23747961]: Words in [s. 552(13)](https://www.legislation.gov.uk/ukpga/1988/1/section/552/13) omitted (with effect in accordance with Sch. 14 para. 18 of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 14 para. 4(10)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/14/paragraph/4/10)
[^c21616431]: [1939 c. 49](https://www.legislation.gov.uk/ukpga/1939/49).
[^c23484131]: [S. 613(1)(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/613/1/2) (which were repealed by [Income Tax (Earnings and Pensions) Act 2003 (c. 1)](https://www.legislation.gov.uk/ukpga/2003/1), [Sch. 6 para. 83](https://www.legislation.gov.uk/ukpga/2003/1/schedule/6/paragraph/83), [Sch. 8 Pt. 1](https://www.legislation.gov.uk/ukpga/2003/1/schedule/8/part/1)) restored (retrospectively) by [Finance Act 2005 (c. 7)](https://www.legislation.gov.uk/ukpga/2005/7), [Sch. 10 para. 63](https://www.legislation.gov.uk/ukpga/2005/7/schedule/10/paragraph/63)
[^c21620031]: 1989 s.109(1).
[^c21626141]: [Pt. XVII Ch. IV](https://www.legislation.gov.uk/ukpga/1988/1/part/XVII/chapter/IV) (ss. 747-756) modified (27.7.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 119(3)](https://www.legislation.gov.uk/ukpga/1993/34/section/119/3)
[^c21626151]: Source—1984 s.82
[^c22903671]: [S. 747(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/4A/4B) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 25 para. 3](https://www.legislation.gov.uk/ukpga/1995/4/schedule/25/paragraph/3)
[^c23226861]: Words in [s. 747(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/1) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(2)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/2/a), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228081]: Words in [s. 747(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/1) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(2)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/2/b), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23227981]: Words in [s. 747(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/3) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(3)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/3); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23288481]: [S. 747A(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/747A/4/a) restricted (27.7.1999) by [Commonwealth Development Corporation Act 1999 (c. 20)](https://www.legislation.gov.uk/ukpga/1999/20), [Sch. 3 paras. 1](https://www.legislation.gov.uk/ukpga/1999/20/schedule/3/paragraph/1), [2(2)](https://www.legislation.gov.uk/ukpga/1999/20/schedule/3/paragraph/2/2); [S.I. 2003/1282](https://www.legislation.gov.uk/uksi/2003/1282), [art. 2](https://www.legislation.gov.uk/uksi/2003/1282/article/2)
[^c23228001]: Words in [s. 747(4)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/4/a) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(4)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/4/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228021]: Words in [s. 747(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/4) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(4)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/4/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228041]: Words in [s. 747(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/5) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(5)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/5/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228061]: Words in [s. 747(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/5) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 1(5)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/1/5/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23300801]: [S. 747](https://www.legislation.gov.uk/ukpga/1988/1/section/747) restricted (28.7.2000) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [Sch. 22 para. 54(1)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/22/paragraph/54/1)
[^c23298411]: [S. 747(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/1A) inserted (21.3.2000) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [Sch. 31 paras. 3](https://www.legislation.gov.uk/ukpga/2000/17/schedule/31/paragraph/3), [9(1)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/31/paragraph/9/1)
[^c23312831]: [S. 747](https://www.legislation.gov.uk/ukpga/1988/1/section/747) modified (with effect in accordance with Sch. 29 Pt. 14 of the modifying Act) by [Finance Act 2002 (c. 23)](https://www.legislation.gov.uk/ukpga/2002/23), [Sch. 29 para. 116](https://www.legislation.gov.uk/ukpga/2002/23/schedule/29/paragraph/116)
[^c23312811]: [S. 747(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/1B) inserted (1.4.2002) by [Finance Act 2002 (c. 23)](https://www.legislation.gov.uk/ukpga/2002/23), [s. 90(1)(2)(a)](https://www.legislation.gov.uk/ukpga/2002/23/section/90/1/2/a) (with [s. 90(2)(b)](https://www.legislation.gov.uk/ukpga/2002/23/section/90/2/b))
[^c23783141]: [S. 747(4A)(4B)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/4A/4B) repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by [Finance Act 2005 (c. 7)](https://www.legislation.gov.uk/ukpga/2005/7), [Sch. 11 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/2005/7/schedule/11/part/2/6), Note
[^c23783171]: [S. 747(4)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/4/b) and preceding word repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [Sch. 1 para. 178](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/178), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23783201]: [S. 747(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/6) applied (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 725(3)](https://www.legislation.gov.uk/ukpga/2007/3/section/725/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23783211]: [S. 747(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/3A) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 1(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/1/2)
[^c23783231]: [S. 747(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/5A) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 1(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/1/3)
[^c23783251]: [S. 747(6)(aa)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/6/aa) inserted (with effect in accordance with [s. 64(6)(9)-(11)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/6/9) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 64(2)(a)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/2/a)
[^c23783271]: [S. 747(7)-(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/7) inserted (with effect in accordance with [s. 64(6)(9)-(11)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/6/9) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 64(2)(b)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/2/b)
[^c23783291]: Words in [s. 747(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/1B) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 217](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/217) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23783331]: Words in [s. 747(3A)(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/747/3A/5A) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 10(a)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/10/a)
[^c21626161]: Source—1984 s.83
[^c22903731]: [S. 748(4)(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/4/5) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 25 para. 4](https://www.legislation.gov.uk/ukpga/1995/4/schedule/25/paragraph/4)
[^c23071561]: Words in [s. 748(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/3/a) substituted (with effect in accordance with [s. 182](https://www.legislation.gov.uk/ukpga/1996/8/section/182) of the amending Act) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [Sch. 36 para. 2](https://www.legislation.gov.uk/ukpga/1996/8/schedule/36/paragraph/2)
[^c23228181]: Words in [s. 748(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1) substituted (with effect in accordance with [Sch. 17 para 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/2); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228201]: Words in [s. 748(1)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/d) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(3)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/3); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228221]: [S. 748(1)(e)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/e) and preceding word inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(4)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/4); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228241]: [S. 748(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1A) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(5)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/5); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228261]: [S. 748(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/2) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/27); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228301]: Words in [s. 748(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/3) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 3(8)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/3/8); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23312891]: [S. 748(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/6) inserted (with effect in accordance with [s. 89(3)](https://www.legislation.gov.uk/ukpga/2002/23/section/89/3) of the amending Act) by [Finance Act 2002 (c. 23)](https://www.legislation.gov.uk/ukpga/2002/23), [s. 89(1)](https://www.legislation.gov.uk/ukpga/2002/23/section/89/1)
[^c23783361]: [S. 748(4)(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/4/5) repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by [Finance Act 2005 (c. 7)](https://www.legislation.gov.uk/ukpga/2005/7), [Sch. 11 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/2005/7/schedule/11/part/2/6), Note
[^c23783391]: [S. 748(1)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/a) and word omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 1(2)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/1/2)
[^c23783411]: [S. 748(1)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/c) and word repealed (with effect in accordance with Sch. 15 para. 10 of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 8(1)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/8/1), [Sch. 27 Pt. 2(15)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/15), Note
[^c23783431]: Words in [s. 748(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/b) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 1(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/1/2)
[^c23783451]: [S. 748(1)(ba)(bb)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/ba/bb) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 1(3)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/1/3)
[^c23783471]: [S. 748(1)(da)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/da) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 4(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/4/2)
[^c23783531]: [S. 748(1)(f)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/1/f) and preceding word inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 6(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/6/2)
[^c23783551]: Word in [s. 748(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/3) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 6(3)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/6/3)
[^c23783491]: [S. 748(3A)-(3D)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/3A) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 4(3)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/4/3)
[^c23783511]: Words in [s. 748(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/748/6) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by virtue of [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 4(4)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/4/4)
[^c23783611]: [S. 749(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/749/10) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/2)
[^c23783651]: Words in [s. 749(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/749/10) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 10(b)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/10/b)
[^c21626201]: Source—1984 s.85
[^c21626211]: Words in [s. 750(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/1) substituted (27.7.1993 with application in relation to accounting periods beginning on or after 16.3.1993) by [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34), [s. 119(1)(2)](https://www.legislation.gov.uk/ukpga/1993/34/section/119/1/2)
[^c22903781]: [S. 750(5)-(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/5) inserted (1.5.1995) by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [Sch. 25 para. 5](https://www.legislation.gov.uk/ukpga/1995/4/schedule/25/paragraph/5)
[^c23228341]: Words in [s. 750(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/1) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 5(2)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/5/2/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228361]: Words in [s. 750(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/1) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 5(2)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/5/2/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228381]: [S. 750(3)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/a) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 5(3)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/5/3); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23307091]: Words in [s. 750(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/b) repealed (with effect in accordance with Sch. 30 of the repealing Act) by [Finance Act 2000 (c. 17)](https://www.legislation.gov.uk/ukpga/2000/17), [Sch. 40 Pt. 2(13)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/40/part/2/13), Note
[^c23783811]: [S. 750(5)-(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/5) repealed (with effect in accordance with Sch. 4 para. 24(2) of the repealing Act) by [Finance Act 2005 (c. 7)](https://www.legislation.gov.uk/ukpga/2005/7), [Sch. 11 Pt. 2(6)](https://www.legislation.gov.uk/ukpga/2005/7/schedule/11/part/2/6), Note
[^c23783861]: Words in [s. 750(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/1) inserted (with effect in accordance with [s. 44(4)-(6)](https://www.legislation.gov.uk/ukpga/2005/22/section/44/4) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [s. 44(2)](https://www.legislation.gov.uk/ukpga/2005/22/section/44/2)
[^c23783881]: [S. 750(1A)(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/1A/1B) inserted (with effect in accordance with [s. 44(4)-(6)](https://www.legislation.gov.uk/ukpga/2005/22/section/44/4) of the amending Act) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [s. 44(3)](https://www.legislation.gov.uk/ukpga/2005/22/section/44/3)
[^c23783901]: [S. 750(3)(ab)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/ab) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 4](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/4)
[^c23783941]: Words in [s. 750(3)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/b) substituted (1.4.2010 with effect in accordance with [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [Sch. 8 para. 10](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/10) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23783961]: Words in [s. 750(3)(c)(i)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/c/i) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 98](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/98) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23783981]: Words in [s. 750(3)(ab)](https://www.legislation.gov.uk/ukpga/1988/1/section/750/3/ab) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 10(d)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/10/d)
[^c21626221]: Source—1984 s.86
[^c21626231]: 1990 s.89*and* Sch.14 para.9 (*correction of errors*)—*deemed always to have had effect. Previously* “the persons”.
[^c21626241]: 1990 s.67(2), (4)*on and after* 20*March* 1990.
[^c22902641]: [S. 751(2)(bb)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/2/bb) repealed (retrospective to 30.11.1993) by [Finance Act 1994 (c. 9)](https://www.legislation.gov.uk/ukpga/1994/9), [s. 251(1)(4)](https://www.legislation.gov.uk/ukpga/1994/9/section/251/1/4), [Sch. 26 Pt. 8](https://www.legislation.gov.uk/ukpga/1994/9/schedule/26/part/8), Note
[^c23784011]: [S. 751(1)-(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/1) applied (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 725(3)](https://www.legislation.gov.uk/ukpga/2007/3/section/725/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c23228401]: Words in [s. 751(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/1/b) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(2)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/2/a), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228421]: Words in [s. 751(1)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/1/b) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(2)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/2/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228441]: Words in [s. 751(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/4) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by virtue of [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(3)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/3/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228461]: Words in [s. 751(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/4) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by virtue of [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(3)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/3/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228481]: Words in [s. 751(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/5) substituted (with effect in accordance with Sch. 17 para. 37 of amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(4)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/4/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228501]: Words in [s. 751(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/5) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(4)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/4/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228531]: [S. 751(5A)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/5A) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(5)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/5); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228551]: Words in [s. 751(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/6) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 6(6)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/6/6); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23784071]: Words in [s. 751(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/3) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 218](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/218) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23784151]: Words in [s. 751(6)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/6/a) substituted (1.4.2010 with effect in accordance with [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [Sch. 8 para. 11](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/11) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23784191]: Words in [s. 751(6)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/751/6/b) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 99](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/99) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c21626271]: *See* 1970(M) s.55(1)(g)*and* (6A).
[^c21626281]: Source—1984 s.89(1)-(4), (7)-(11)
[^c23228631]: Words in [s. 754(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/1) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(2)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/2/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228841]: Words in [s. 754(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/1) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(2)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/2/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228861]: [S. 754(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/1A) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(3)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/3); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228651]: [S. 754(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/2) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(4)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/4); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228881]: [S. 754(2A)-(2E)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/2A) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(5)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/5); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228671]: [S. 754(3)-(3B)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3) substituted for s. 754(3) (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(6)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/6); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228981]: [S. 754(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/4) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(7)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/7), [Sch. 27 Pt. 3(27)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/3/27), Note; [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228691]: Words in [s. 754(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/6) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(8)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/8/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228771]: Words in [s. 754(6)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/6/a) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(8)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/8/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228901]: Words in [s. 754(6)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/6/b) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(8)(c)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/8/c); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228921]: Words in [s. 754(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/6) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(8)(d)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/8/d); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228941]: Words in [s. 754(7)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/7/a) inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(9)(a)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/9/a); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228791]: Words in [s. 754(7)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/7/a) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(9)(b)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/9/b); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228961]: Words in [s. 754(7)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/7/b) added (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(9)(c)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/9/c); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23228821]: Word in [s. 754(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/8) substituted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 9(10)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/9/10); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23785471]: Words in [s. 754(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(2)(a)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/2/a)
[^c23785491]: Words in [s. 754(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(2)(b)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/2/b)
[^c23785571]: [S. 754(3A)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3A) omitted (1.4.2009) by virtue of [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(3)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/3)
[^c23785511]: Words in [s. 754(3B)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3B/a) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(4)(a)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/4/a)
[^c23785531]: Word in [s. 754(3B)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3B/b) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(4)(b)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/4/b)
[^c23785551]: Words in [s. 754(3B)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/3B/c) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 155(4)(c)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/155/4/c)
[^c23785591]: [S. 754(2B)(2C)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/2B/2C) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 ([S.I. 2009/2035](https://www.legislation.gov.uk/uksi/2009/2035)), art. 1, Sch. para. 21
[^c23785651]: Word in [s. 754(2E)](https://www.legislation.gov.uk/ukpga/1988/1/section/754/2E) substituted (1.4.2010) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 119(12)(b)](https://www.legislation.gov.uk/ukpga/2008/9/section/119/12/b); [S.I. 2009/405](https://www.legislation.gov.uk/uksi/2009/405), [art. 2](https://www.legislation.gov.uk/uksi/2009/405/article/2)
[^c21626301]: Source—1984 s.91
[^c23229231]: [S. 756(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/756/1): definition of "company tax return" inserted (with effect in accordance with [Sch. 17 para. 37](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/37) of the amending Act) by [Finance Act 1998 (c. 36)](https://www.legislation.gov.uk/ukpga/1998/36), [Sch. 17 para. 16](https://www.legislation.gov.uk/ukpga/1998/36/schedule/17/paragraph/16); [S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173), [art. 2](https://www.legislation.gov.uk/uksi/1998/3173/article/2)
[^c23787401]: [S. 756(1A)(1B)](https://www.legislation.gov.uk/ukpga/1988/1/section/756/1A/1B) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 6](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/6)
[^c23787451]: Words in [s. 756(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/756/2/a) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 101(2)(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/101/2/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23787491]: [S. 756(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/756/2/b) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 101(2)(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/101/2/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23787511]: [S. 756(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/756/3) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 101(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/101/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23316391]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) modified (10.6.1999) by The Non-resident [Companies (General Insurance Business) Regulations 1999 (S.I. 1999/1408)](https://www.legislation.gov.uk/uksi/1999/1408), [regs. 3-6](https://www.legislation.gov.uk/uksi/1999/1408/regulation/3)
[^c23783671]: [S. 749A(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/749A/9) inserted (with effect in accordance with [Sch. 15 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/10) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 15 para. 3](https://www.legislation.gov.uk/ukpga/2007/11/schedule/15/paragraph/3)
[^c23783711]: Words in [s. 749A(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/749A/9) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 10(c)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/10/c)
[^c23783751]: [S. 749B](https://www.legislation.gov.uk/ukpga/1988/1/section/749B) applied by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [s. 18H(5)](https://www.legislation.gov.uk/ukpga/2009/4/section/18H/5) (as inserted (19.7.2011) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 13 paras. 4](https://www.legislation.gov.uk/ukpga/2011/11/schedule/13/paragraph/4), [31](https://www.legislation.gov.uk/ukpga/2011/11/schedule/13/paragraph/31))
[^c23783731]: Words in [s. 749B(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/749B/3) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 97](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/97) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23229181]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).
[^c23314601]: [S. 755A](https://www.legislation.gov.uk/ukpga/1988/1/section/755A) modified (6.4.1999) by [The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871)](https://www.legislation.gov.uk/uksi/1998/1871), [regs. 1](https://www.legislation.gov.uk/uksi/1998/1871/regulation/1), [5](https://www.legislation.gov.uk/uksi/1998/1871/regulation/5), [18](https://www.legislation.gov.uk/uksi/1998/1871/regulation/18)
[^c23288531]: [S. 755A](https://www.legislation.gov.uk/ukpga/1988/1/section/755A) modified by the [Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473)](https://www.legislation.gov.uk/uksi/1997/473), [reg. 30B](https://www.legislation.gov.uk/uksi/1997/473/regulation/30B) (as inserted (13.10.1999) by [The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1999 (S.I. 1999/2636)](https://www.legislation.gov.uk/uksi/1999/2636), [regs. 1](https://www.legislation.gov.uk/uksi/1999/2636/regulation/1), [4](https://www.legislation.gov.uk/uksi/1999/2636/regulation/4); and as that reg. 30B is amended by [S.I. 2004/822](https://www.legislation.gov.uk/uksi/2004/822), [regs. 1](https://www.legislation.gov.uk/uksi/2004/822/regulation/1), [24](https://www.legislation.gov.uk/uksi/2004/822/regulation/24))
[^c23312581]: Words in [s. 755A(1)(c)(5)(7)(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/1/c/5/7/12) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 52(1)(j)](https://www.legislation.gov.uk/uksi/2001/3629/article/52/1/j)
[^c23785881]: [S. 755A](https://www.legislation.gov.uk/ukpga/1988/1/section/755A) modified (6.4.2005) by [The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680)](https://www.legislation.gov.uk/uksi/2004/2680), [regs. 1](https://www.legislation.gov.uk/uksi/2004/2680/regulation/1), [4](https://www.legislation.gov.uk/uksi/2004/2680/regulation/4), [16](https://www.legislation.gov.uk/uksi/2004/2680/regulation/16); [S.I. 2004/3369](https://www.legislation.gov.uk/uksi/2004/3369), [art. 2(1)](https://www.legislation.gov.uk/uksi/2004/3369/article/2/1)
[^c23785891]: [S. 755A](https://www.legislation.gov.uk/ukpga/1988/1/section/755A) modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by [The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014)](https://www.legislation.gov.uk/uksi/2005/2014), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2005/2014/regulation/1/1), [22](https://www.legislation.gov.uk/uksi/2005/2014/regulation/22) (as amended by [S.I. 2007/2134](https://www.legislation.gov.uk/uksi/2007/2134), [regs. 1(1)(2)](https://www.legislation.gov.uk/uksi/2007/2134/regulation/1/1/2), [21](https://www.legislation.gov.uk/uksi/2007/2134/regulation/21))
[^c23785811]: Words in [s. 755A(3)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/3) substituted (with effect in accordance with [Sch. 33 para. 13(11)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/13/11) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 13(8)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/13/8)
[^c23785851]: [S. 755A(11)-(11C)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/11) substituted for s. 755A(11) (with effect in accordance with [Sch. 33 para. 13(11)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/13/11) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 33 para. 13(9)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/33/paragraph/13/9)
[^c23785931]: [S. 755A(4A)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/4A) inserted (31.12.2006 with effect in accordance with art. 1(2) of the amending S.I.) by [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [8(a)](https://www.legislation.gov.uk/uksi/2006/3270/article/8/a)
[^c23785951]: Words in [s. 755A(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/8) omitted (31.12.2006 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [8(b)](https://www.legislation.gov.uk/uksi/2006/3270/article/8/b)
[^c23785971]: [S. 755A(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/9) omitted (31.12.2006 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of [The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270)](https://www.legislation.gov.uk/uksi/2006/3270), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2006/3270/article/1/1), [8(c)](https://www.legislation.gov.uk/uksi/2006/3270/article/8/c)
[^c23786071]: Words in [s. 755A(2)(6)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/2/6/a) substituted (with effect in accordance with [s. 39(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/39/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 8 para. 10](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/paragraph/10) (with [Sch. 8 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/8/part/2))
[^c23785991]: Words in [s. 755A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/4) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 47(2)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/47/2) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23786031]: Words in [s. 755A(6)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/6/c) substituted (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 47(3)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/47/3) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23786921]: [S. 755A(12)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/12): definition of "long-term insurance fund" repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 10 para. 14(2)(d)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/14/2/d), [Sch. 27 Pt. 2(10)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/10), Note
[^c23786051]: [S. 755A(13)(a)(ba)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/13/a/ba) substituted for s. 755A(13)(a)-(d) (with effect in accordance with [s. 38(2)](https://www.legislation.gov.uk/ukpga/2007/11/section/38/2) of the amending Act) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 7 para. 47(4)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/paragraph/47/4) (with [Sch. 7 Pt. 2](https://www.legislation.gov.uk/ukpga/2007/11/schedule/7/part/2))
[^c23787041]: [S. 755A(11BA)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/11BA) inserted (with effect in accordance with [Sch. 17 para. 15](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/15) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 14](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/14)
[^c23787061]: [S. 755A(11C)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/11C/b) and preceding word omitted (with effect in accordance with Sch. 17 para. 18(6) of the repealing Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 17 para. 18(2)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/17/paragraph/18/2)
[^c23787091]: Words in [s. 755A(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/5) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 219(2)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/219/2) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23787111]: Words in [s. 755A(7)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/7/a) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 219(3)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/219/3) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23787131]: Words in [s. 755A(11BA)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/11BA) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 219(4)(a)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/219/4/a) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23787161]: Words in [s. 755A(11BA)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/11BA) substituted (1.4.2009 with effect in accordance with [s. 1329(1)](https://www.legislation.gov.uk/ukpga/2009/4/section/1329/1) of the amending Act) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [Sch. 1 para. 219(4)(b)](https://www.legislation.gov.uk/ukpga/2009/4/schedule/1/paragraph/219/4/b) (with [Sch. 2 Pts. 1](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/1), [2](https://www.legislation.gov.uk/ukpga/2009/4/schedule/2/part/2))
[^c23787201]: Words in [s. 755A(4A)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/755A/4A/b) substituted (1.4.2010 with effect in accordance with [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [Sch. 8 para. 12](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/12) (with [Sch. 9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9))
[^c23312621]: [S. 755B(6)](https://www.legislation.gov.uk/ukpga/1988/1/section/755B/6) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by [The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629)](https://www.legislation.gov.uk/uksi/2001/3629), [art. 44](https://www.legislation.gov.uk/uksi/2001/3629/article/44)
[^c23787221]: Words in [s. 755B(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/755B/2/a) substituted (1.10.2009) by [The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890)](https://www.legislation.gov.uk/uksi/2009/1890), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2009/1890/article/1/1), [5(2)(a)](https://www.legislation.gov.uk/uksi/2009/1890/article/5/2/a)
[^c23787241]: Word in [s. 755B(2)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/755B/2/b) substituted (1.10.2009) by [The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890)](https://www.legislation.gov.uk/uksi/2009/1890), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2009/1890/article/1/1), [5(3)](https://www.legislation.gov.uk/uksi/2009/1890/article/5/3)
[^c23787261]: Words in [s. 755B(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/755B/4) substituted (1.10.2009) by [The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890)](https://www.legislation.gov.uk/uksi/2009/1890), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2009/1890/article/1/1), [5(4)](https://www.legislation.gov.uk/uksi/2009/1890/article/5/4)
[^c23787321]: [S. 755D](https://www.legislation.gov.uk/ukpga/1988/1/section/755D) applied (with modifications) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [s. 931E(4)(5)](https://www.legislation.gov.uk/ukpga/2009/4/section/931E/4/5) (as inserted (with effect in accordance with [Sch. 14 para. 31](https://www.legislation.gov.uk/ukpga/2009/10/schedule/14/paragraph/31) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 14 para. 1](https://www.legislation.gov.uk/ukpga/2009/10/schedule/14/paragraph/1))
[^c23787331]: [S. 755D](https://www.legislation.gov.uk/ukpga/1988/1/section/755D) applied (with modifications) by [Corporation Tax Act 2009 (c. 4)](https://www.legislation.gov.uk/ukpga/2009/4), [s. 486E(10)](https://www.legislation.gov.uk/ukpga/2009/4/section/486E/10) (as inserted (with effect in accordance with Sch. 24 paras. 11, 13-16 of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 24 para. 3](https://www.legislation.gov.uk/ukpga/2009/10/schedule/24/paragraph/3))
[^c23787281]: [S. 755D(1A)](https://www.legislation.gov.uk/ukpga/1988/1/section/755D/1A) inserted (with effect in accordance with [s. 64(7)(9)-(11)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/7/9) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 64(3)(a)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/3/a)
[^c23787301]: Words in [s. 755D(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/755D/2) inserted (with effect in accordance with [s. 64(7)(9)-(11)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/7/9) of the amending Act) by [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 64(3)(b)](https://www.legislation.gov.uk/ukpga/2008/9/section/64/3/b)
[^c23787361]: Words in [s. 755D(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/755D/10) substituted (1.4.2010 with effect in accordance with [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [Sch. 1 para. 100](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/100) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^c23783031]: [Pt. 17 Ch. 4](https://www.legislation.gov.uk/ukpga/1988/1/part/17/chapter/4) modified (20.7.2005) by [Finance (No. 2) Act 2005 (c. 22)](https://www.legislation.gov.uk/ukpga/2005/22), [s. 45(5)(6)](https://www.legislation.gov.uk/ukpga/2005/22/section/45/5/6)
[^c23783571]: Words in [s. 748A(1)(c)(2)](https://www.legislation.gov.uk/ukpga/1988/1/section/748A/1/c/2) substituted (with effect in accordance with [s. 153(4)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/4) of the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [s. 153(1)(a)](https://www.legislation.gov.uk/ukpga/2003/14/section/153/1/a)
[^c23784211]: [S. 751A(4)](https://www.legislation.gov.uk/ukpga/1988/1/section/751A/4) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 11](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/11)
[^c23784311]: Words in [s. 751B(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/5) omitted (1.4.2009) by virtue of [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 154(2)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/154/2)
[^c23784241]: Words in [s. 751B(7)(a)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/7/a/b) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 154(3)(a)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/154/3/a)
[^c23784271]: Word in [s. 751B(7)(c)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/7/c) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 154(3)(b)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/154/3/b)
[^c23784291]: Word in [s. 751B(9)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/9) substituted (1.4.2009) by [The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)](https://www.legislation.gov.uk/uksi/2009/56), [art. 1(2)](https://www.legislation.gov.uk/uksi/2009/56/article/1/2), [Sch. 1 para. 154(4)](https://www.legislation.gov.uk/uksi/2009/56/schedule/1/paragraph/154/4)
[^c23784471]: Words in [s. 751B(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/8) inserted (with effect in accordance with [Sch. 16 para. 25](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/25) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 24(4)(a)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/24/4/a)
[^c23784491]: [S. 751B(8)(b)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/8/b) and preceding word inserted (with effect in accordance with [Sch. 16 para. 25](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/25) of the amending Act) by [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 24(4)(b)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/24/4/b)
[^c23784531]: Words in [s. 751B(1)(2)(3)(5)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/1/2/3/5) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/2)
[^c23784611]: [S. 751B(2)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/2/a) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(3)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/3)
[^c23784631]: Word in [s. 751B(8)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/8) omitted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by virtue of [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(4)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/4)
[^c23784651]: [S. 751B(8)(c)(d)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/8/c/d) inserted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(4)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/4)
[^c23784661]: [S. 751B(10)](https://www.legislation.gov.uk/ukpga/1988/1/section/751B/10) substituted (with effect in accordance with [Sch. 12 para. 14(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/2) of the amending Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 para. 12(5)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/12/5)
[^c23783591]: [S. 748ZA(5)(a)](https://www.legislation.gov.uk/ukpga/1988/1/section/748ZA/5/a) omitted (with effect in accordance with Sch. 5 paras. 6(3), 7(3)(4) of the repealing Act) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 5 para. 7(2)(a)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/5/paragraph/7/2/a)
[^c21627451]: Source—1970 s.486
[^c23793501]: Words in [s. 774(1)](https://www.legislation.gov.uk/ukpga/1988/1/section/774/1) inserted (6.4.2005 with effect in accordance with [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1) of the amending Act) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [Sch. 1 para. 310(a)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/310/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))
@@ -42703,8 +36421,6 @@
[^c21892361]: [Sch. 13 para. 7A](https://www.legislation.gov.uk/ukpga/1988/1/schedule/13/paragraph/7A) applied (with modifications) (1.7.1997 with effect in accordance with reg. 6(2) of the amending instrument the appointed day being 1.7.1997 ([S.I. 1998/3173](https://www.legislation.gov.uk/uksi/1998/3173) art. 2)) by [The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993)](https://www.legislation.gov.uk/uksi/1997/993), [reg. 6](https://www.legislation.gov.uk/uksi/1997/993/regulation/6)
[^c21636791]: Source—1970 s.337(1)(b); 1985 s.41(7)(a)
[^c22783731]: [Sch. 15 para. 21](https://www.legislation.gov.uk/ukpga/1988/1/schedule/15/paragraph/21) restricted by [Finance Act 1995 (c. 4)](https://www.legislation.gov.uk/ukpga/1995/4), [s. 55(1)(9)](https://www.legislation.gov.uk/ukpga/1995/4/section/55/1/9) (with [s. 55(2)(3)](https://www.legislation.gov.uk/ukpga/1995/4/section/55/2/3)) (as amended (29.4.1996) by [Finance Act 1996 (c. 8)](https://www.legislation.gov.uk/ukpga/1996/8), [s. 162(1)](https://www.legislation.gov.uk/ukpga/1996/8/section/162/1))
[^c21637061]: Source—1975 Sch.2 1; 1987 Sch.15 7
@@ -44687,27 +38403,27 @@
#### Securities.
#### Modifications for change of tax basis
#### Introductory.
#### Transfers of business: deemed periodical returns
#### Modification of s. 444BA for mutual or overseas business and for non-resident companies.
#### Further interpretation of sections 135 to 139.
#### Life assurance trade profits advantage: transferee
#### Taxation in respect of other business: incorporated friendly societies etc.
#### Gifts of shares, securities and real property to charities etc
#### Conditions for approval of retirement benefit schemes.
#### Cessation of approval: tax on certain schemes.
#### Termination of relief under this Chapter, and transitional provisions.
#### Election as to tax exempt business.
#### Funds of funds: distributions.
#### Distribution accounts.
#### Reserves of marketing boards and certain other statutory bodies.
#### Treatment of oil extraction activities etc. for tax purposes.
#### Income arising under settlement where settlor retains an interest.
#### Revocable settlements allowing release of obligation.
#### Stock lending.
#### Change in ownership of company with investment business: deductions generally
#### Contemplative religious communities: gains exempt from corporation tax
@@ -44715,501 +38431,501 @@
#### Regulations in relation to qualifying policies
#### Interpretation of credit code.
#### Recovery of tax credits incorrectly paid.
#### Interpretation.
#### Modifications in relation to BLAGAB group reinsurers
#### Repayment supplements: companies.
#### Long-term business: application of the Corporation Tax Acts.
#### Revocable settlements allowing reversion of property.
#### Interpretation of the Corporation Tax Acts etc.
#### Relevant deposits: computation of tax on interest.
#### Sections 751A to 751AC: supplementary
#### Relevant interests.
#### Determinations requiring the sanction of the Board.
#### Returns where it is not established whether acceptable distribution policy applies.
#### Transfers of other business
#### Assessment, recovery and postponement of supplementary charge
#### Introduction
#### Certified unit trusts: distributions.
#### Power to inspect documents.
#### Relief for individuals.
#### Qualifying interests in land held jointly
#### Conditions for approval of retirement benefit schemes.
#### Interpretation.
#### Territorial sea . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing release of obligation.
#### Charge on profits.
#### The property managing subsidiaries requirement
#### Payments to unmarried minor children of settlor.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Introduction
#### Returns where it is not established whether acceptable distribution policy applies.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company with investment business: deductions generally
#### Change in ownership of company carrying on property business.
#### Provision not at arm’s length.
#### Sections 774B and 774D: power to provide further exceptions
#### Sale by individual of income derived from his personal activities.
#### Assets leased to traders and others.
#### Assets leased to traders and others.
#### The approved amount: mileage allowance payments
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employment
#### Section 785B: expectation that relevant capital payment will not be paid
#### Restriction of relief for payments of interest.
#### Limits on credit: minimisation of the foreign tax.
#### Reduction of United Kingdom taxes by amount of credit due.
#### Recovery of tax credits incorrectly paid.
#### Recovery of tax credits incorrectly paid.
#### Arrangements to avoid section 812.
#### Disposals and acquisitions of company loan relationships with or without interest.
#### Insurance companies: allocation of expenses etc in computations under Case I of Schedule D.
#### Interest on tax overpaid.
#### Interest on payments in respect of corporation tax and meaning of “the material date".
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The approved amount: mileage allowance payments
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The approved amount: passenger payments
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provision not at arm’s length.
#### Power to inspect documents.
#### Conditions for approval of retirement benefit schemes.
#### VAT penalties etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
#### Leased assets subject to hire-purchase agreements.
#### Limits on credit: income tax.
#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
#### Introduction to section 807C
#### Interest on tax overpaid.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in company ownership: postponed corporation tax.
#### Taxation in respect of other business.
#### Loans to participators etc.
#### Dividends paid to investment trusts.
#### Settlements made after 6th April 1965.
#### General definition of offshore fund
#### Application of this Chapter etc. to policies and contracts in which persons other than companies are interested
#### Returns.
#### Cessation of approval: general provisions.
#### Gifts of shares, securities and real property to charities etc
#### Termination of relief under this Chapter, and transitional provisions.
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### Deemed manufactured payments in the case of stock lending arrangements.
## [SCHEDULE 19A
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation.
#### Modifications in relation to BLAGAB group reinsurers
#### Payments to unmarried minor children of settlor.
#### Long-term business: application of the Corporation Tax Acts.
#### Revocable settlements allowing reversion of property.
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
#### Overseas life assurance business: life policies.
#### Business entertaining expenses.
#### Taxation in respect of other business.
#### Interest on payments in respect of corporation tax and meaning of “the material date".
#### Adjustment of profits on averaging claim
#### Employment
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Imputation of chargeable profits and creditable tax of controlled foreign companies
#### Special rule for computing chargeable profits.
#### Tax credits under Part 1 of Tax Credits Act 2002
#### Rent factoring of leases of plant or machinery
#### Provision not at arm’s length.
#### Tariff receipts and tax-exempt tariffing receipts
#### The Arbitration Convention.
#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### Interpretation of the Corporation Tax Acts etc.
#### Territorial sea . . . .
#### Interpretation of Income Tax Acts.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
#### Qualifying trade, profession or vocation
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying vehicles
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deemed interest: cash collateral under stock lending arrangements
#### Relevant deposits: computation of tax on interest.
#### Sections 751A to 751AC: supplementary
#### Relevant interests.
#### Determinations requiring the sanction of the Board.
#### Returns where it is not established whether acceptable distribution policy applies.
#### Transfers of other business
#### Assessment, recovery and postponement of supplementary charge
#### Cases where ss. 502B to 502G do not apply: plant or machinery held as trading stock
#### Certified unit trusts: distributions.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company carrying on property business.
#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
#### Dividends paid out of transferred profits.
#### Introduction to section 807E
#### Interpretation of Income Tax Acts.
#### Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### About this Schedule
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of price differential on sale and repurchase of securities.
#### Sales etc. at an undervalue or overvalue.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Insurance companies carrying on more than one category of business: restriction of credit.
#### Section 432B apportionment: supplementary provisions.
#### Reduced loss relief for additions to non-profit funds
#### Definition of insurance company.
#### Definition of insurance company.
#### Commencement.
#### Settlements made after 6th April 1965.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The approved amount: passenger payments
#### Change in ownership of company with investment business: deductions generally
#### Interpretation of credit code.
#### Insurance companies carrying on more than one category of business: restriction of credit.
#### Disposals and acquisitions of company loan relationships with or without interest.
#### Introduction to section 807E
#### Venture capital trusts.
#### Commencement.
#### Local authorities.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Supplement in respect of a pre-commencement accounting period
#### Introduction
#### Assets leased to traders and others.
#### Qualifying vehicles
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### About this Schedule
#### About this Schedule
#### Conditions for tax exempt business.
#### Close companies.
#### Repayment supplements: companies.
#### Sales etc. at an undervalue or overvalue.
#### Schemes and arrangements designed to increase relief
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### Interpretation of the Corporation Tax Acts etc.
#### Interpretation of Income Tax Acts.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing release of obligation.
#### Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dividends paid out of transferred profits.
#### Supplement in respect of a post-commencement period
#### The pool of qualifying E&A losses and the pool of non-qualifying losses
#### Disposals and acquisitions of company loan relationships with or without interest.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Accounting periods
#### The mixed pool of qualifying E&A expenditure and supplement previously allowed
#### Amount of post-commencement supplement for a post-commencement period
#### The non-qualifying pool
#### Supplement in respect of a pre-commencement accounting period
#### Onshore pooling.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying companies
#### Supplement in respect of a pre-commencement accounting period
#### Relief for rent etc. not paid.
#### Costs of establishing share option or profit sharing schemes: relief.
#### Approved share incentive plans
#### Definitions.
#### Relief for contributions in respect of share option gains.
#### Relief for necessary expenses.
#### Application of lower rate to company distributions.
#### Meaning of “distribution”.
#### Election by company paying dividend.
#### Dividends etc. paid by one member of a group to another.
#### Qualifying policies.
#### Second loans.
#### Maximum benefits payable to members.
#### Exemptions from section 148.
#### Introduction to section 807C
#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
#### Interpretation of Income Tax Acts.
#### Venture capital trusts.
#### Interpretation of Income Tax Acts.
#### Qualifying companies
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restriction on deduction of interest or dividends from trading income.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of the Tax Acts.
#### Interpretation of Income Tax Acts.
#### Savings, transitional provisions, consequential amendments and repeals.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stock lending.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to inspect documents.
#### Relief for individuals.
#### Qualifying interests in land held jointly
#### Conditions for approval of retirement benefit schemes.
#### Interpretation.
#### Territorial sea . . . .
#### Arrangements to avoid section 812.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Income Tax Acts.
#### Revocable settlements allowing release of obligation.
#### Charge on profits.
#### The property managing subsidiaries requirement
#### Payments to unmarried minor children of settlor.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Introduction
#### Returns where it is not established whether acceptable distribution policy applies.
#### Meaning of “UK property business” and “overseas property business”
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company with investment business: deductions generally
#### Change in ownership of company carrying on property business.
#### Provision not at arm’s length.
#### Sections 774B and 774D: power to provide further exceptions
#### Sale by individual of income derived from his personal activities.
#### Assets leased to traders and others.
#### Assets leased to traders and others.
#### The approved amount: mileage allowance payments
#### Qualifying counselling services etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Employment
#### Section 785B: expectation that relevant capital payment will not be paid
#### Restriction of relief for payments of interest.
#### Limits on credit: minimisation of the foreign tax.
#### Reduction of United Kingdom taxes by amount of credit due.
#### Recovery of tax credits incorrectly paid.
#### Recovery of tax credits incorrectly paid.
#### Arrangements to avoid section 812.
#### Disposals and acquisitions of company loan relationships with or without interest.
#### Insurance companies: allocation of expenses etc in computations under Case I of Schedule D.
#### Interest on tax overpaid.
#### Interest on payments in respect of corporation tax and meaning of “the material date".
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “UK property business” and “overseas property business”
#### Savings, transitional provisions, consequential amendments and repeals.
#### The approved amount: mileage allowance payments
#### Interpretation of the Corporation Tax Acts etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The approved amount: passenger payments
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Provision not at arm’s length.
#### Power to inspect documents.
#### Conditions for approval of retirement benefit schemes.
#### VAT penalties etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sections 774B and 774D: exceptions
#### Leased assets subject to hire-purchase agreements.
#### Limits on credit: income tax.
#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
#### Introduction to section 807C
#### Interest on tax overpaid.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in company ownership: postponed corporation tax.
#### Taxation in respect of other business.
#### Loans to participators etc.
#### Dividends paid to investment trusts.
#### Savings banks: exemption from tax.
#### Determination of reduced rate for building societies and composite rate for banks etc.
#### Application of this Chapter etc. to policies and contracts in which persons other than companies are interested
#### Returns.
#### Cessation of approval: general provisions.
#### Termination of relief under this Chapter, and transitional provisions.
#### Exception for sale and repurchase of securities.
#### Deemed manufactured payments in the case of stock lending arrangements.
## [SCHEDULE 19A
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Surrender of relief between members of groups and consortia.
#### Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
#### Overseas life assurance business: life policies.
#### Business entertaining expenses.
#### Taxation in respect of other business.
#### The prescribed circumstances.
#### Charitable and non-charitable expenditure
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Imputation of chargeable profits and creditable tax of controlled foreign companies
#### Special rule for computing chargeable profits.
#### Tax credits under Part 1 of Tax Credits Act 2002
#### Rent factoring of leases of plant or machinery
#### Provision not at arm’s length.
#### Tariff receipts and tax-exempt tariffing receipts
#### The Arbitration Convention.
#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### Interpretation of the Corporation Tax Acts etc.
#### Territorial sea . . . .
#### Interpretation of Income Tax Acts.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
#### Qualifying trade, profession or vocation
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying vehicles
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Deemed interest: cash collateral under stock lending arrangements
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Change in ownership of company carrying on property business.
#### Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
#### Dividends paid out of transferred profits.
#### Introduction to section 807E
#### Interpretation of Income Tax Acts.
#### Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of price differential on sale and repurchase of securities.
#### Sales etc. at an undervalue or overvalue.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Insurance companies carrying on more than one category of business: restriction of credit.
#### Section 432B apportionment: supplementary provisions.
#### Reduced loss relief for additions to non-profit funds
#### Election as to tax exempt business.
#### Definition of insurance company.
#### Exemption for trade unions and employers’ associations.
#### Settlements made after 6th April 1965.
#### Introductory.
#### Commencement.
#### Change in ownership of company with investment business: deductions generally
#### Interpretation of credit code.
#### Insurance companies carrying on more than one category of business: restriction of credit.
#### Disposals and acquisitions of company loan relationships with or without interest.
#### Introduction to section 807E
#### Venture capital trusts.
#### Commencement.
#### Local authorities.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Introduction
#### Assets leased to traders and others.
#### Qualifying vehicles
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### About this Schedule
#### About this Schedule
#### Conditions for tax exempt business.
#### Close companies.
#### Repayment supplements: companies.
#### Sales etc. at an undervalue or overvalue.
#### Schemes and arrangements designed to increase relief
#### Interest on payments in respect of corporation tax and meaning of “the material date".
#### Application of Income Tax Acts to public departments and avoidance of exempting provisions.
#### Interpretation of the Corporation Tax Acts etc.
#### Interpretation of Income Tax Acts.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Revocable settlements allowing release of obligation.
#### Introduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Dividends paid out of transferred profits.
#### Supplement in respect of a post-commencement period
#### The pool of qualifying E&A losses and the pool of non-qualifying losses
#### Disposals and acquisitions of company loan relationships with or without interest.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Accounting periods
#### The mixed pool of qualifying E&A expenditure and supplement previously allowed
#### Amount of post-commencement supplement for a post-commencement period
#### The non-qualifying pool
#### Supplement in respect of a pre-commencement accounting period
#### Onshore pooling.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying companies
#### Supplement in respect of a pre-commencement accounting period
#### Relief for rent etc. not paid.
#### Disposal or exercise of rights in pursuance of deposits.
#### Payments for restrictive undertakings
#### Payments to trustees of approved profit sharing schemes.
#### Interpretation.
#### Relief for necessary expenses.
#### Interpretation.
#### Application of lower rate to company distributions.
#### Discounted bills of exchange.
#### Election by company paying dividend.
#### Costs of establishing share option or profit sharing schemes: relief.
#### Second loans.
#### Maximum benefits payable to members.
#### Exemptions from section 148.
#### Introduction to section 807C
#### Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
#### Interpretation of Income Tax Acts.
#### Venture capital trusts.
#### Interpretation of Income Tax Acts.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Restriction on deduction of interest or dividends from trading income.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of the Tax Acts.
#### Interpretation of Income Tax Acts.
#### Savings, transitional provisions, consequential amendments and repeals.
#### Qualifying courses of training etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stock lending.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to inspect documents.
#### Arrangements to avoid section 812.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Income Tax Acts.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “UK property business” and “overseas property business”
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying counselling services etc.
#### Interest on tax overpaid.
#### Interpretation of the Corporation Tax Acts etc.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of profits on averaging claim
@@ -45475,9 +39191,9 @@
#### Territorial sea and designated areas.
#### Costs of establishing share option or profit sharing schemes: relief.
#### Approved share incentive plans
#### Creative artists: relief for fluctuating profits
#### Interpretation.
#### Life assurance premiums paid by employer
@@ -45643,12 +39359,12 @@
#### Early conversion or surrender of life policies.
#### Life assurance premiums paid by employer
#### Form of relief.
#### Substitution of security: supplemental.
#### Relief where borrower deceased.
#### Substitution of security: supplemental.
#### Losses from overseas property business.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -45699,13 +39415,13 @@
#### The approved amount: mileage allowance payments
#### Charitable donations: contributions to agent’s expenses.
#### Eligibility for relief.
#### Loan to buy machinery or plant.
#### Eligibility for relief.
#### Early conversion or surrender of life policies.
#### Relevant loan interest.
#### Close companies.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -45751,7 +39467,7 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Indexation of amounts in sections 256B, 257, 257A and 257AB.
#### Losses of ring fence trade: set off against profits of an earlier accounting period
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -45787,9 +39503,9 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Substitution of security: supplemental.
#### Write-off of government investment.
#### Second loans.
#### Loans to participators etc.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -45861,7 +39577,7 @@
#### About this Schedule
#### Relevant loan interest.
#### Interest which never has been relevant loan interest etc.
#### Home improvement loans.
@@ -46061,7 +39777,7 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Certain quoted companies not to be close companies.
#### Apportionment of certain income, deductions and interest.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -46181,7 +39897,7 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### “Gross rate” and “gross amount” of distributions to include ACT.
#### Losses from UK property business.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -46275,12 +39991,12 @@
#### The pool of qualifying E&A losses and the pool of non-qualifying losses
#### Losses from overseas property business.
#### Exclusions from section 423.
#### UK property business losses
#### Interpretative provisions relating to insurance companies.
#### Income or gains arising from property investment LLP
#### Supplement in respect of a pre-commencement accounting period
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -46311,15 +40027,15 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Terminal losses.
#### Close companies.
#### Dealings in commodity futures etc: withdrawal of loss relief.
#### Company carrying on life assurance business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company carrying on life assurance business and other insurance business
#### Equalisation reserves for general business.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
@@ -46517,11 +40233,11 @@
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company carrying on life assurance business
#### Section 432B apportionment: participating funds.
#### Loan to buy machinery or plant.
#### Dividends paid to investment trusts.
#### Relevant deposits: computation of tax on interest.
#### Treatment of oil extraction activities etc. for tax purposes.
#### UK property business or overseas property business
@@ -46575,13 +40291,13 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Amendment of Chapter etc
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretative provisions relating to insurance companies.
#### Modifications where tax charged under section 35 of CTA 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of Chapter II.
##### 508A
@@ -46605,7 +40321,7 @@
- (4) As respects each chargeable period of the parent body, and each person who is a qualifying member of a constituent community at any time in that period, the parent body shall be treated for the purposes of corporation tax as if an amount of its profits for the chargeable period equal to the relevant amount (see subsections (5) to (7)) were income of the qualifying member.
- (5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a chargeable period, is the amount of the annual personal allowance for persons under 65 (see section 35 of ITA 2007) for—
- (5) For the purposes of subsections (2) and (4), the relevant amount, in relation to a chargeable period, is the amount of the annual personal allowance for persons born after 5 April 1948 (see section 35 of ITA 2007) for—
- (a) the tax year which begins in the chargeable period, or
@@ -46639,7 +40355,7 @@
- (a) has transferred or covenanted income to the community (in the case of an independent community) or the parent body (in the case of a constituent community), and
- (b) has income for a tax year which does not exceed 20% of the annual personal allowance for persons under 65 (see section 35 of ITA 2007) for that tax year,
- (b) has income for a tax year which does not exceed 20% of the annual personal allowance for persons born after 5 April 1948 (see section 35 of ITA 2007) for that tax year,
the member is, for the purposes of this section, to be taken to have transferred or covenanted all his or her income for that tax year to the community or parent body.
@@ -46724,3 +40440,7 @@
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Other special provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2012-04-01
Income and Corporation Taxes Act 1988
2012-03-14
Income and Corporation Taxes Act 1988
2011-08-11
Income and Corporation Taxes Act 1988
2011-07-19
Income and Corporation Taxes Act 1988
2011-06-16
Income and Corporation Taxes Act 1988
2011-02-25
Income and Corporation Taxes Act 1988
2010-12-16
Income and Corporation Taxes Act 1988
2010-10-01
Income and Corporation Taxes Act 1988
2010-07-27
Income and Corporation Taxes Act 1988
2010-04-08
Income and Corporation Taxes Act 1988
2010-04-01
Income and Corporation Taxes Act 1988
2009-12-01
Income and Corporation Taxes Act 1988
2009-11-11
Income and Corporation Taxes Act 1988
2009-10-01
Income and Corporation Taxes Act 1988
2009-09-01
Income and Corporation Taxes Act 1988
2009-08-13
Income and Corporation Taxes Act 1988
2009-07-21
Income and Corporation Taxes Act 1988
2009-06-01
Income and Corporation Taxes Act 1988
2009-04-23
Income and Corporation Taxes Act 1988
2009-04-22
Income and Corporation Taxes Act 1988
2009-04-06
Income and Corporation Taxes Act 1988
2009-04-01
Income and Corporation Taxes Act 1988
2009-02-21
Income and Corporation Taxes Act 1988
2009-02-03
Income and Corporation Taxes Act 1988
2009-01-01
Income and Corporation Taxes Act 1988
2008-12-27
Income and Corporation Taxes Act 1988
2008-12-01
Income and Corporation Taxes Act 1988
2008-10-29
Income and Corporation Taxes Act 1988
2008-10-28
Income and Corporation Taxes Act 1988
2008-09-08
Income and Corporation Taxes Act 1988
2008-08-12
Income and Corporation Taxes Act 1988
2008-07-22
Income and Corporation Taxes Act 1988
2008-07-21
Income and Corporation Taxes Act 1988
2008-07-08
Income and Corporation Taxes Act 1988
2008-07-01
Income and Corporation Taxes Act 1988
2008-04-06
Income and Corporation Taxes Act 1988
2008-04-01
Income and Corporation Taxes Act 1988
2008-02-19
Income and Corporation Taxes Act 1988
2008-01-03
Income and Corporation Taxes Act 1988
2008-01-01
Income and Corporation Taxes Act 1988
2007-12-28
Income and Corporation Taxes Act 1988
2007-12-27
Income and Corporation Taxes Act 1988
2007-12-06
Income and Corporation Taxes Act 1988
2007-11-29
Income and Corporation Taxes Act 1988
2007-10-01
Income and Corporation Taxes Act 1988
2007-09-01
Income and Corporation Taxes Act 1988
2007-08-14
Income and Corporation Taxes Act 1988
2007-08-13
Income and Corporation Taxes Act 1988
2007-07-19
Income and Corporation Taxes Act 1988
2007-07-17
Income and Corporation Taxes Act 1988
2007-04-17
Income and Corporation Taxes Act 1988
2007-04-06
Income and Corporation Taxes Act 1988
2007-04-01
Income and Corporation Taxes Act 1988
2007-03-29
Income and Corporation Taxes Act 1988
2007-03-21
Income and Corporation Taxes Act 1988
2007-03-01
Income and Corporation Taxes Act 1988
2007-01-08
Income and Corporation Taxes Act 1988
2007-01-01
Income and Corporation Taxes Act 1988
2006-12-31
Income and Corporation Taxes Act 1988
2006-12-26
Income and Corporation Taxes Act 1988
2006-12-12
Income and Corporation Taxes Act 1988
2006-12-06
Income and Corporation Taxes Act 1988
2006-08-11
Income and Corporation Taxes Act 1988
2006-07-19
Income and Corporation Taxes Act 1988
2006-06-09
Income and Corporation Taxes Act 1988
2006-04-06
Income and Corporation Taxes Act 1988
2006-04-01
Income and Corporation Taxes Act 1988
2006-03-22
Income and Corporation Taxes Act 1988
2006-01-06
Income and Corporation Taxes Act 1988
2005-12-27
Income and Corporation Taxes Act 1988
2005-12-05
Income and Corporation Taxes Act 1988
2005-11-01
Income and Corporation Taxes Act 1988
2005-10-05
Income and Corporation Taxes Act 1988
2005-09-27
Income and Corporation Taxes Act 1988
2005-08-12
Income and Corporation Taxes Act 1988
2005-08-11
Income and Corporation Taxes Act 1988
2005-08-03
Income and Corporation Taxes Act 1988
2005-07-24
Income and Corporation Taxes Act 1988
2005-07-20
Income and Corporation Taxes Act 1988
2005-06-08
Income and Corporation Taxes Act 1988
2005-04-07
Income and Corporation Taxes Act 1988
2005-04-06
Income and Corporation Taxes Act 1988
original version
Text at this date