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

Reform history

Income and Corporation Taxes Act 1988

100 versions · 1988-02-09

2022-07-14

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2009-12-01

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2009-11-11

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2009-09-01

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2009-04-23

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2008-12-27

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2008-10-29

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2005-12-27

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Changes on 2005-12-27

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

### Income tax

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

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

##### 1

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

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

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

#### Provisions supplementary to section 520.

##### 9

@@ -206,13 +206,13 @@

- (6) The provisions of the Income Tax Acts applied by this section do not include sections 1 to 5, . . . Part VII or sections 348 to 350 of this Act; and nothing in this section shall be taken to mean that income arising in any period is to be computed by reference to any other period (except in so far as this results from apportioning to different parts of a period income of the whole period).

#### Parliamentary pension funds.

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

##### 10

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

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

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

##### 11

@@ -29231,7 +29231,7 @@

## SCHEDULE 31

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

#### The charge to income tax.

##### 1A

@@ -29721,7 +29721,7 @@

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

#### Schedule E.

#### Schedule F.

##### 42A

@@ -30107,7 +30107,7 @@

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

#### Restrictions on relief

#### Regulations

##### 75B

@@ -30223,7 +30223,7 @@

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

#### Rules for ascertaining duration of leases.

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

##### 79A

@@ -30487,7 +30487,7 @@

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

#### Income tax: mode of charge.

#### Interpretation of Part III.

##### 88A

@@ -31137,7 +31137,7 @@

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

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

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

### Limited liability partnerships

@@ -31665,7 +31665,7 @@

#### Payments to Export Credit Guarantee Department.

#### Paying agents.

#### Definitions.

##### 140A

@@ -35099,7 +35099,7 @@

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

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

#### Exemptions from section 148.

##### 440A

@@ -35625,7 +35625,7 @@

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

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

#### Relief for necessary expenses.

##### 432F

@@ -35677,7 +35677,7 @@

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

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

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

##### 434AZB

@@ -37317,7 +37317,7 @@

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

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

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

##### 465A

@@ -37353,7 +37353,7 @@

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

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

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

##### 468EE

@@ -37537,7 +37537,7 @@

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

#### Election by company paying dividend.

#### Procedure for making election.

##### 468M

@@ -37879,13 +37879,13 @@

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

#### Returns.

#### Interpretation of sections 249 and 250.

##### 480C

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

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

#### Interpretation of Part VI.

##### 482A

@@ -38251,7 +38251,7 @@

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

#### Meaning of “the minimum amount”

#### Meaning of “adjusted net income”

##### 502GA

@@ -38941,9 +38941,9 @@

#### Life assurance premiums.

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

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

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

#### Transitional relief: the elderly.

#### Transfer of reliefs.

@@ -39979,7 +39979,7 @@

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

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

#### Individuals qualifying for relief.

##### 576E

@@ -40235,7 +40235,7 @@

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

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

#### Disposal of shares.

##### 581A

@@ -40259,7 +40259,7 @@

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

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

#### Divers and diving supervisors.

##### 587A

@@ -40537,7 +40537,7 @@

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

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

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

##### 589A

@@ -42579,7 +42579,7 @@

notwithstanding that it was not he who sold them.

#### Second loans.

#### Home improvement loans.

##### 730A

@@ -43601,7 +43601,7 @@

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

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

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

##### 751AA

@@ -43629,7 +43629,7 @@

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

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

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

##### 751AB

@@ -43813,7 +43813,7 @@

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

#### Losses from overseas property business.

#### Losses other than terminal losses.

##### 752A

@@ -44383,7 +44383,7 @@

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

#### Terminal losses.

#### Leasing contracts and company reconstructions.

##### 762ZA

@@ -44899,7 +44899,7 @@

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

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

#### Write-off of government investment.

### Factoring of income receipts etc

@@ -45431,7 +45431,7 @@

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

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

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

##### 785E

@@ -45447,7 +45447,7 @@

- (4) No other deduction is allowed in respect of the matters mentioned in subsection (1).

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

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

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

@@ -46807,7 +46807,7 @@

- (b) the same person was or same persons were, within the meaning of Schedule 28AA, directly or indirectly participating in the management, control or capital of person A and person B at that time.

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

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

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

@@ -46947,7 +46947,7 @@

- (6) This section does not apply for the purposes of corporation tax.

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

#### Transfers of business: deemed periodical return

##### 834A

@@ -47108,7 +47108,7 @@

- (5) For the purposes of this section the reference to section 583 of ITEPA 2003 is a reference to that section only where the paying scheme (see subsection (3) of that section) is a pilots' benefit fund (see section 587 of that Act).

#### Retained assets

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

##### 837A

@@ -50226,7 +50226,7 @@

“*Business travel*” means travelling the expenses of which, if incurred and defrayed by the employee in question out of the emoluments of his employment, would (in the absence of sections 197AD to 197AF) be deductible under section 198(1) (general relief for necessary expenses).

#### Regulations in relation to qualifying policies

#### Tax representatives.

##### 3

@@ -50277,7 +50277,7 @@

One employment is associated with another if—

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

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

##### 5

@@ -54102,7 +54102,7 @@

## Part 1 — Introductory

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

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

##### 1

@@ -54400,7 +54400,7 @@

- (5) The amount is the amount of the ring fence loss in the deemed accounting period beginning on 1st January 2006 determined under paragraph 18 of Schedule 19C for the purposes of Part 4 of that Schedule.

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

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

##### 19

@@ -77830,541 +77830,541 @@

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

#### Conditional acquisition of shares.

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

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

#### Chargeable payments connected with exempt distributions.

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

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

#### Children’s tax credit.

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

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

#### Life assurance premiums paid by employer

#### Eligibility for relief.

#### Transfer of reliefs.

#### Form of relief.

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

#### Spouses and civil partners.

#### Application to subsidiaries.

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

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

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

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

#### Qualifying maintenance payments.

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

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

#### Loan to buy machinery or plant.

#### Loan to buy life annuity.

#### Relevant loan interest.

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

#### Losses from overseas property business.

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

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

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

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

#### Limits on group relief.

#### Close companies.

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

#### Loans to participators etc.

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

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

#### Modifications in relation to BLAGAB group reinsurers

#### 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.

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

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

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

#### Exceptions from section 559.

#### Conditions to be satisfied by firms.

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

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

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

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

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

#### Form of relief.

#### Attribution of relief to shares.

#### Interpretation of Chapter III.

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

#### Losses from UK property business.

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

#### Interpretative provisions relating to insurance companies.

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

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

#### Transfers of other business

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

#### Exploration expenditure supplement

#### Conditions to be satisfied by companies.

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

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

#### Transactions associated with loans or credit.

#### Supplementary provisions.

#### Provisions supplementary to section 138.

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

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

#### Meaning of “distribution”.

#### Election by company paying dividend.

#### Returns.

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

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

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

#### Exempt distributions: division of business

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

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

#### Children’s tax credit.

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

#### Life assurance premiums.

#### Eligibility for relief.

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

#### Eligibility for relief.

#### Companies with interests in land.

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

#### Withdrawal of relief.

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

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

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

#### Relief for necessary expenses.

## [SCHEDULE 19A

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

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

#### Exceptions from the general charge.

#### Provisions supplementary to section 138.

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

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

#### Meaning of “distribution”.

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

#### Tax on companies in administration

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

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

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

#### Transfers of trade to obtain balancing allowances

#### Company reconstructions: supplemental.

#### Qualifying maintenance payments.

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

#### Relief where borrower deceased.

#### Loan to pay inheritance tax.

#### Relevant loan interest.

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

#### Losses from overseas property business.

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

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

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

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

#### Computation of gross profits.

#### Close companies.

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

#### Loans to participators etc.

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

#### Modifications in relation to BLAGAB group reinsurers

#### Equalisation reserves for general business.

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

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

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

#### Carry-forward against subsequent profits.

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

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

#### Securities.

#### Overseas life assurance business.

#### Taxation in respect of other business.

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

#### Election as to tax exempt business.

#### Conditions for tax exempt business.

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

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

#### Sale and lease-back.

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

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

#### Meaning of “construction operations”.

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

#### Repayment supplements: companies.

#### Leased assets: special cases.

#### Transactions associated with loans or credit.

#### VAT penalties etc.

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

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

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

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

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

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

#### Securities.

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

#### Certified unit trusts: distributions.

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

#### Charities: general.

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

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

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

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

#### Interest on tax overpaid.

#### Relief by agreement with other territories.

#### Exemptions from section 148.

#### Giving effect to mileage allowance relief

#### Limited exemption for computer equipment.

#### Taxation of profit-related pay.

#### Interpretation.

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

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

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

#### Set-off against general income.

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

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

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

#### Modifications for change of tax basis

#### Old societies.

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

#### Provisions supplementary to section 520.

#### Charities: general.

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

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

#### The trading requirement

#### The qualifying subsidiaries requirement

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

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

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

#### Limited exemption for computer equipment.

#### Provisions supplementary to section 138.

#### Minimum and maximum subscriptions.

#### Exclusions from section 423.

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

#### Certified unit trusts: corporation tax.

#### Funds of funds: distributions.

#### Distribution accounts.

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

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

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

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

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

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

#### Interpretation.

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

#### Power to prescribe restrictions on approval.

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

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

#### Qualifying companies

#### Repayment supplements: companies.

#### The Arbitration Convention.

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

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

#### Carry-back of contributions.

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

#### Recovery of tax credits incorrectly paid.

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

#### Power to inspect documents.

#### Schedule C.

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

#### Restrictions on relief

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

#### Rules for ascertaining duration of leases.

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

#### Securities of foreign states.

#### Deep discount securities.

#### Discounted bills of exchange.

#### Expenses of insurance companies

#### Discounted bills of exchange.

#### Debts of overseas governments etc.

#### Expenses connected with living accommodation.

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

#### Transfers of business involving excess assets

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

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

#### Other unit trusts.

#### Savings banks: exemption from tax.

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

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

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

#### Interpretation.

#### Power to prescribe restrictions on approval.

#### Interest on tax overpaid.

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

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

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

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

#### Relief for expenses.

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

#### Introductory.

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

#### Exceptions from section 559.

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

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

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

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

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

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

#### Form of relief.

#### Attribution of relief to shares.

#### Interpretation of Chapter III.

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

#### Losses from UK property business.

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

#### Interpretative provisions relating to insurance companies.

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

#### Taxation of pure reinsurance business.

#### Transfers of other business

#### Statutory redundancy payments.

#### Earnings from pensionable employment.

#### The prescribed circumstances.

#### Earnings from associated employments.

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

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

#### Interest on tax overpaid.

#### Repayment supplements: companies.

#### Interpretation of the Tax Acts.

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

#### Funds of funds: distributions.

#### Dividends paid to investment trusts.

#### Transactions with substantial donors

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

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

#### Life policies: computation of gain.

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

#### Certain deficiencies allowable as deductions.

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

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

#### Conditions to be satisfied by companies.

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

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

#### Transactions associated with loans or credit.

#### Supplementary provisions.

#### Provisions supplementary to section 138.

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

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

#### Meaning of “distribution”.

#### Election by company paying dividend.

#### Returns.

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

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

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

#### Relief for necessary expenses.

## [SCHEDULE 19A

#### Provision not at arm’s length.

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

#### Exceptions from the general charge.

#### Provisions supplementary to section 138.

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

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

#### Meaning of “distribution”.

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

#### Tax on companies in administration

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

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

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

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

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

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

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

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

#### Securities.

#### Modifications in relation to BLAGAB group reinsurers

#### Taxation in respect of other business.

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

#### Election as to tax exempt business.

#### Transfers of other business

#### Business entertaining expenses.

#### Statutory redundancy payments.

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

#### Application of section 739 and 740

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

#### Application of section 739 and 740

#### Sale and repurchase of securities.

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

#### Interpretation of the Tax Acts.

#### Interpretation of Income Tax Acts.

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

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

#### Authorised unit trusts.

#### Life policies: computation of gain.

#### Regulations in relation to qualifying policies

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

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

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

#### Meaning of “construction operations”.

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

#### Repayment supplements: companies.

#### Assets leased to traders and others.

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

#### VAT penalties etc.

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

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

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

#### Exceptions from section 419.

#### Interpretative provisions relating to insurance companies.

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

#### Securities.

#### Election as to tax exempt business.

#### Certified unit trusts: distributions.

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

#### Charities: general.

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

#### Manner of making allowances and charges.

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

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

#### Interest on tax overpaid.

#### Relief by agreement with other territories.

#### Exemptions from section 148.

#### Giving effect to mileage allowance relief

#### Limited exemption for computer equipment.

#### Taxation of profit-related pay.

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

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

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

#### Losses from overseas property business.

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

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

#### Apportionment of income and gains.

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

#### Old societies.

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

#### Provisions supplementary to section 520.

#### Charities: general.

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

#### Meaning of “construction operations”.

#### The trading requirement

#### The qualifying subsidiaries requirement

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

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

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

#### Limited exemption for computer equipment.

#### Provisions supplementary to section 138.

#### Attribution of relief to shares.

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

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

#### Certified unit trusts: corporation tax.

#### Certified unit trusts: distributions.

#### Interpretation.

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

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

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

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

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

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

#### Interpretation.

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

#### Power to prescribe restrictions on approval.

#### Sponsored superannuation schemes and controlling directors.

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

#### Qualifying companies

#### Repayment supplements: companies.

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

#### Old references to standard rate tax.

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

#### Carry-back of contributions.

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

#### Recovery of tax credits incorrectly paid.

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

#### Arrangements to avoid section 812.

#### Schedule C.

#### Certain income charged at basic rate.

#### Restrictions on relief

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

#### Rules for ascertaining duration of leases.

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

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

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

#### Discounted bills of exchange.

#### Expenses of insurance companies

#### Discounted bills of exchange.

#### Payments to Export Credit Guarantee Department.

#### Expenses connected with living accommodation.

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

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

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

#### Cases where no obligation to deduct tax

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

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

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

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

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

#### Interpretation.

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

#### Interest on tax overpaid.

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

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

#### Old societies.

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

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

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

#### Introductory.

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

#### Exceptions from section 559.

#### Statutory redundancy payments.

#### Earnings from pensionable employment.

#### The prescribed circumstances.

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

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

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

#### Interest on tax overpaid.

#### Repayment supplements: companies.

#### Interpretation of the Tax Acts.

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

#### Funds of funds: distributions.

#### Dividends paid to investment trusts.

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

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

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

#### Life policies: chargeable events.

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

#### Section 548A: further definitions

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

#### Relief for individuals.

#### Expenditure on car hire: supplementary

#### The property managing subsidiaries requirement

#### Qualifying interests in land held jointly

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

#### Application of section 739 and 740

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

#### Application of section 739 and 740

#### Sale and repurchase of securities.

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

#### Interpretation of the Tax Acts.

#### Interpretation of Income Tax Acts.

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

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

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

#### Life policies: computation of gain.

#### Regulations in relation to qualifying policies

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

#### The property managing subsidiaries requirement

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

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

#### Revocable settlements allowing release of obligation.

#### Revocable settlements allowing reversion of property.

#### Interpretation of section 730A.

#### Territorial sea and designated areas.

#### Interpretation of this Act.

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

@@ -78570,11 +78570,11 @@

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

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

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

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

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

#### VAT penalties etc.

#### Schedule E.

@@ -78582,7 +78582,7 @@

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

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

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

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

@@ -78714,7 +78714,7 @@

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

#### Court common investment funds.

#### Transitional provisions relating to unit trusts.

#### Tax representatives.

@@ -78722,802 +78722,802 @@

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

#### Earnings cap.

#### Carry-back of contributions.

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

#### Variable interest rate.

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

#### Exceptions from sections 713 and 714

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

#### The approved amount: passenger payments

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

#### How averaging claim is given effect

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

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

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

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

#### Restriction on relief: individuals.

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

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

### CHAPTER 1C — LIABILITY OF TRUSTEES

#### Section 590: supplementary provisions.

#### Cessation of approval: general provisions.

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

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

#### Schedule 4 directions.

#### Persons entitled to exemptions.

#### Prevention of avoidance of income tax.

#### Manufactured dividends and interest.

#### Deemed manufactured payments: further provisions.

#### About this Schedule

#### Qualifying companies

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

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

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

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

#### No duplication of charge.

#### About this Schedule

#### Qualifying companies

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

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

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

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

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

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

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

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

#### Counselling services for employees.

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

#### Cancellation of tax advantage.

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

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

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

#### Payments under discretionary trusts.

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

#### Exceptions from sections 713 and 714

#### Power to obtain information.

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

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

#### Apportionment of chargeable profits and creditable tax

#### The approved amount: mileage allowance payments

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

#### Qualifying companies

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

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

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

#### Introductory.

#### The control and independence requirement

#### Substituted retirement annuity contracts.

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

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

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

#### Cancellation of tax advantage.

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

#### Application of sections 741 and 741A

#### Supplemental provisions.

#### Tax year

### Manufactured interest on UK securities: general

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

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

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Information: supplementary provisions

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

#### Interpretation.

#### The prescribed circumstances.

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

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

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

#### Cancellation of tax advantage.

#### Exceptions from sections 713 and 714

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

#### Section 751A: supplementary

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

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

#### Effect of notice under section 804ZA

#### Section 751A: supplementary

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

#### Introduction

#### The approved amount: mileage allowance payments

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

#### Qualifying companies

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

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

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

#### Revocable settlements allowing release of obligation.

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

#### Variable interest rate.

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

#### Treatment of deemed sums and reliefs.

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

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

#### Relevant interests.

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

#### Company vehicles

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

#### “A significant amount of time”

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

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

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

#### The trading requirement

#### The property managing subsidiaries requirement

#### Sub-funds

#### Payments under discretionary trusts.

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

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

#### Interpretation of section 737A.

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

### Introductory

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

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

### Application of £30,000 threshold

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

### Valuation of benefits

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

### Giving effect to the charge to tax

### Reporting requirements

### Interpretation

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

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

#### Qualifying companies

#### About this Schedule

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

#### Unrealised interest in default

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

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

#### About this Schedule

#### Qualifying companies

#### Qualifying counselling services etc.

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

#### Trading stock.

#### Information.

#### Company vehicles

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

#### The non-qualifying pool

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

#### Nominees, trustees etc.

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

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

#### Qualifying vehicles

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

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

#### Interpretation of section 730A.

#### Introduction

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

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

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

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

#### Application to Scotland.

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

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

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

#### Supplemental provisions.

### The appropriate percentage

### Car with CO2 emissions figure

### The lower threshold

### Bi-fuel cars

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

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

#### The non-qualifying pool

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

#### Qualifying companies

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

#### Nominees, trustees etc.

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

#### Revocable settlements allowing release of obligation.

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

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

#### About this Schedule

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

#### About this Schedule

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

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

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

#### Qualifying companies

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

#### Arrangements made under old law.

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

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

#### About this Schedule

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

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

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

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

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

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

#### Dividends paid out of transferred profits.

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

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

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

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

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

#### Special rule for computing chargeable profits.

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

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

#### Repayment supplements: companies.

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

#### About this Schedule

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

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

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

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

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

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

#### About this Schedule

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

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

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

#### Liability of non-transferors.

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

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

#### Utilisation of eligible unrelieved foreign tax.

#### Interest: special relationship.

#### Section 796: trade income

#### Utilisation of eligible unrelieved foreign tax.

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

#### The non-qualifying pool

#### About this Schedule

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

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

#### Effect of notice under section 804ZA

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

#### Accounting periods

#### The non-qualifying pool

#### About this Schedule

#### Accounting periods

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

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

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

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

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

#### Schemes and arrangements designed to increase relief

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

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

#### About this Schedule

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

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

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

#### Section 796: trade income

#### Arrangements made under old law.

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

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

#### VAT penalties etc.

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

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

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

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

#### About this Schedule

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

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

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

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

#### Interpretation of this Act.

#### Qualifying vehicles

#### Introduction

#### Qualifying companies

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

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

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

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

#### Qualifying companies

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

#### Interpretation of Income Tax Acts.

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

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

#### Allowable deductions.

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

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

#### Territorial sea and designated areas.

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

#### Qualifying trade, profession or vocation

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

#### The approved amount: passenger payments

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

#### Accounting periods

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

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

#### Restriction on relief: individuals.

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

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

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

#### Definitions.

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

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

#### Interest on tax overpaid.

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

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

#### About this Schedule

#### Accounting periods

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

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

##### 468A

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

##### 468A

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

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

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

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

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

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

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

#### Interest: special relationship.

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

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

#### How averaging claim is given effect

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

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

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

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

#### Restriction on relief: individuals.

#### Qualifying trade, profession or vocation

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

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

#### The non-qualifying pool

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

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

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

### CHAPTER 1C — LIABILITY OF TRUSTEES

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

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

#### Interpretation of the Corporation Tax Acts.

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

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

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

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

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

#### Schedule 4 directions.

#### Dealers in securities.

#### Prevention of avoidance of income tax.

#### Manufactured dividends and interest.

#### Interpretation of section 737A.

#### How averaging claim is given effect

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

#### About this Schedule

#### Qualifying companies

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

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

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

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

#### No duplication of charge.

#### About this Schedule

#### Qualifying companies

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

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

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

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

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

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

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

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

#### Counselling services for employees.

#### Qualifying courses of training etc.

#### Approval of schemes.

#### Cancellation of tax advantage.

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

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

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

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

#### Schedule 4 directions.

#### Exceptions from sections 713 and 714

#### No duplication of charge.

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

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

#### Apportionment of chargeable profits and creditable tax

#### Qualifying vehicles

#### Accounting periods

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

#### The non-qualifying pool

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

#### Qualifying companies

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

#### Treatment of receipts as earned income.

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

#### Introductory.

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

#### Other approved contracts.

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

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

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

#### Cancellation of tax advantage.

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

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

#### Supplemental provisions.

#### Tax year

#### Employment

### Manufactured interest on UK securities: general

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

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

#### Taxable premiums etc.

#### Meaning of “the aggregate amount”

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

#### Information: supplementary provisions

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

#### Interpretation.

#### The prescribed circumstances.

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

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

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

#### Cancellation of tax advantage.

#### Exceptions from sections 713 and 714

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

#### Section 751A: supplementary

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

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

#### Effect of notice under section 804ZA

#### Section 751A: supplementary

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

#### Introduction

#### The approved amount: mileage allowance payments

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

#### Qualifying companies

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

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

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

#### Revocable settlements allowing release of obligation.

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

#### Transfer of unrealised interest.

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

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

#### Apportionment of chargeable profits and creditable tax

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

#### Company vehicles

#### The approved amount: passenger payments

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

#### “A significant amount of time”

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

#### “A significant amount of time”

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

#### Qualifying trading companies

#### The qualifying subsidiaries requirement

#### Application of section 739 and 740

#### Payments under discretionary trusts.

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

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

#### Interpretation of section 737A.

#### Sale and repurchase of securities.

### Introductory

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

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

### Application of £30,000 threshold

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

### Valuation of benefits

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

### Giving effect to the charge to tax

### Reporting requirements

### Interpretation

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

#### Introduction

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

#### Qualifying companies

#### About this Schedule

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

#### Interest in default.

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

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

#### About this Schedule

#### Qualifying companies

#### Qualifying counselling services etc.

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

#### Death.

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

#### Company vehicles

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

#### The non-qualifying pool

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

#### Nominees, trustees etc.

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

#### Interpretation of section 730A.

#### Qualifying vehicles

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

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

#### Interpretation of section 730A.

#### Introduction

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

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

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

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

#### Interpretation.

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

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

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

#### Supplemental provisions.

### The appropriate percentage

### Car with CO2 emissions figure

### The lower threshold

### Bi-fuel cars

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

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

#### The non-qualifying pool

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

#### Qualifying companies

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

#### Nominees, trustees etc.

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

#### Revocable settlements allowing release of obligation.

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

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

#### About this Schedule

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

#### About this Schedule

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

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

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

#### Qualifying companies

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

#### Arrangements made under old law.

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

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

#### About this Schedule

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

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

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

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

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

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

#### Dividends paid out of transferred profits.

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

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

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

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

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

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

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

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

#### Repayment supplements: companies.

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

#### About this Schedule

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

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

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

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

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

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

#### About this Schedule

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

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

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

#### Prevention of avoidance of income tax.

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

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

#### Utilisation of eligible unrelieved foreign tax.

#### Interest: special relationship.

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

#### Onshore pooling.

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

#### The non-qualifying pool

#### About this Schedule

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

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

#### Schemes and arrangements designed to increase relief

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

#### Accounting periods

#### The non-qualifying pool

#### About this Schedule

#### Accounting periods

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

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

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

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

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

#### Schemes and arrangements designed to increase relief

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

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

#### About this Schedule

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

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

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

#### Section 796: trade income

#### Relief by agreement with other territories.

#### Interpretation of credit code.

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

#### VAT penalties etc.

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

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

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

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

#### About this Schedule

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

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

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

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

#### Interpretation of this Act.

#### Qualifying vehicles

#### Introduction

#### Qualifying companies

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

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

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

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

#### Qualifying companies

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

#### Interpretation of Income Tax Acts.

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

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

#### Allowable deductions.

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

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

#### Territorial sea and designated areas.

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

#### Qualifying trade, profession or vocation

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

#### The approved amount: passenger payments

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

#### Accounting periods

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

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

#### Restriction on relief: companies.

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

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

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

#### Definitions.

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

#### Dividends paid out of transferred profits.

#### Interest on tax overpaid.

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

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

#### About this Schedule

#### Accounting periods

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

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

##### 468A

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

##### 468A

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

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

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

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

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

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

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

#### How averaging claim is given effect

#### Introduction

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

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

#### The non-qualifying pool

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

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

#### Interpretation of the Corporation Tax Acts.

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

#### “Annual value” of land.

#### Local authorities.

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

#### Adjustment of profits on averaging claim

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

#### About this Schedule

#### Qualifying companies

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

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

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

2005-12-05

Income and Corporation Taxes Act 1988

View changes Text at this date

2005-11-01

Income and Corporation Taxes Act 1988

View changes Text at this date

2005-10-05

Income and Corporation Taxes Act 1988

View changes Text at this date

2005-09-27

Income and Corporation Taxes Act 1988

View changes Text at this date

2005-08-12

Income and Corporation Taxes Act 1988

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2005-08-11

Income and Corporation Taxes Act 1988

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2005-08-03

Income and Corporation Taxes Act 1988

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2005-07-24

Income and Corporation Taxes Act 1988

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2005-07-20

Income and Corporation Taxes Act 1988

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2005-06-08

Income and Corporation Taxes Act 1988

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2005-04-07

Income and Corporation Taxes Act 1988

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2005-04-06

Income and Corporation Taxes Act 1988

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