LegalizeReform history
Finance Act 2006
30 versions
· 2006-07-19
2020-12-31
Finance Act 2006
2019-02-12
Finance Act 2006
2015-04-01
Finance Act 2006
2015-02-12
Finance Act 2006
2013-07-17
Finance Act 2006
2012-07-17
Finance Act 2006
2012-07-01
Finance Act 2006
2011-07-19
Finance Act 2006
2010-04-08
Finance Act 2006
2010-04-01
Finance Act 2006
2009-12-01
Finance Act 2006
2009-08-13
Finance Act 2006
2009-07-21
Finance Act 2006
2009-07-06
Finance Act 2006
2009-04-22
Finance Act 2006
2009-04-01
Finance Act 2006
2008-08-01
Finance Act 2006
2008-07-21
Finance Act 2006
2007-12-31
Finance Act 2006
2007-11-01
Finance Act 2006
2007-10-01
Finance Act 2006
Changes on 2007-10-01
@@ -4523,12 +4523,7 @@
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) After section 737C(3) of ICTA (amount of deemed manufactured dividend) insert—
> (3A) But if and to the extent that the dividend mentioned in section 737A(2)(a) or (2A)(a) is a dividend paid by a company to which Part 4 of the Finance Act 2006 applies in respect of profits of its tax-exempt business—
> (a) the amount of the deemed manufactured dividend shall be taken to be an amount equal to the gross amount of the dividend mentioned in section 737A(2)(a) or (2A)(a);
> (b) any deduction which, by virtue of paragraph 2 of Schedule 23A (as amended by section 139 of the Finance Act 2006), is required to be made out of the gross amount of the manufactured dividend shall be deemed to have been made;
> (c) the repurchase price of the securities shall be treated, for the purposes of section 730A, as increased by the gross amount of the deemed manufactured dividend.
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) In section 737D(2) of ICTA (manufactured payments: relief) after “any” insert “ manufactured dividend, ”.
@@ -16466,7 +16461,7 @@
## Part 8 — Miscellaneous provisions
#### Tobacco products duty: evasion
#### Rates of tobacco products duty
#### Rate of duty on beer
@@ -16478,33 +16473,33 @@
#### Rates from 1st September 2006
#### General betting duty: gaming machines
#### Definition of “gaming machine”
#### Road vehicles
#### Rates of gaming duty
#### Classes of machine and rates of duty
#### Rates
#### Late renewal supplement
#### Reduced pollution certificates
#### Gaming machines
#### Value of imported works of art etc: auctioneer's commission
#### Buildings and land
#### Missing trader intra-community fraud
#### Directions to keep records where belief VAT might not be paid
#### Power to inspect goods
#### Treatment of credit vouchers
#### Charge and main rate for financial year 2007
#### Relief for research and development: subjects of clinical trials
#### Meaning of “film production company”
#### Gift aid relief for companies wholly owned by one or more charities
#### Charge and rates for 2006-07
#### Group relief where surrendering company not resident in UK
#### Meaning of “film” and related expressions
#### Trade profits
#### Extension of restrictions on gift aid payments by close companies
@@ -16512,11 +16507,11 @@
#### Mobile telephones
#### Exemption for employees' eye tests and special glasses
#### Payments to or in respect of victims of National-Socialist persecution
#### Section 65: supplementary
#### Computer equipment
#### Power to exempt use of vouchers or tokens to obtain exempt benefits
#### London Organising Committee
#### Restrictions on companies buying losses or gains
@@ -16552,50 +16547,50 @@
#### Securitisation companies
#### Distributions: deduction of tax
#### Manufactured dividends
#### Ring-fencing of tax-exempt business
#### Effect of deemed disposal and re-acquisition
#### Distributions: liability to tax
#### New basis for determining the market value of oil
#### Movement of assets into ring-fence
##### 126A
- (1) This section applies if—
- (a) C (tax-exempt) disposes of an asset to a 75% subsidiary (“S”) of C (residual),
- (b) C (residual) disposes of its interest in S to another company (“P”),
- (c) on the date when it acquires the interest in S, P gives a notice under section 109 (as modified by paragraph 8 of Schedule 17) which specifies an accounting period which begins within the period of six months beginning with the date of the disposal of the asset, and
- (d) this Part begins to apply to the group of which S is a member from the beginning of the specified accounting period.
- (2) P may give a notice under section 109 (as modified by paragraph 8 of Schedule 17) in accordance with subsection (1)(c) even if it does not expect to satisfy Conditions 3 to 6 of section 106 throughout the accounting period specified in the notice.
- (3) Where this section applies—
- (a) sections 111 and 112 shall not apply to the group of which S is a member in relation to the asset disposed of by C (tax-exempt) or in relation to business conducted by the exploitation of that asset, and
- (b) section 125 shall not apply to the disposal of the asset by C (tax-exempt).
- (4) But if, at the end of the period of six months mentioned in subsection (1)(c), Conditions 3 to 6 of section 106 are not satisfied in relation to P, subsection (3) shall be treated as not having had effect.
#### Availability of group reliefs
#### Joint ventures
#### Ring-fencing of tax-exempt business
#### Penalties for failure to give notice, etc
#### Distributions: liability to tax
#### New basis for determining the market value of oil
#### Movement of assets into ring-fence
##### 126A
- (1) This section applies if—
- (a) C (tax-exempt) disposes of an asset to a 75% subsidiary (“S”) of C (residual),
- (b) C (residual) disposes of its interest in S to another company (“P”),
- (c) on the date when it acquires the interest in S, P gives a notice under section 109 (as modified by paragraph 8 of Schedule 17) which specifies an accounting period which begins within the period of six months beginning with the date of the disposal of the asset, and
- (d) this Part begins to apply to the group of which S is a member from the beginning of the specified accounting period.
- (2) P may give a notice under section 109 (as modified by paragraph 8 of Schedule 17) in accordance with subsection (1)(c) even if it does not expect to satisfy Conditions 3 to 6 of section 106 throughout the accounting period specified in the notice.
- (3) Where this section applies—
- (a) sections 111 and 112 shall not apply to the group of which S is a member in relation to the asset disposed of by C (tax-exempt) or in relation to business conducted by the exploitation of that asset, and
- (b) section 125 shall not apply to the disposal of the asset by C (tax-exempt).
- (4) But if, at the end of the period of six months mentioned in subsection (1)(c), Conditions 3 to 6 of section 106 are not satisfied in relation to P, subsection (3) shall be treated as not having had effect.
#### Availability of group reliefs
#### Joint ventures
#### Penalties for failure to give notice, etc
#### New basis for determining the market value of oil
#### Section 146: commencement and transitional provisions
#### Nomination scheme
@@ -17524,6 +17519,8 @@
[^c19553631]: S. 139(3)(4) repealed (6.4.2007 with effect as mentioned in [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), [ss. 1027](https://www.legislation.gov.uk/ukpga/2007/3/section/1027), [1031](https://www.legislation.gov.uk/ukpga/2007/3/section/1031), [Sch. 1 para. 621(4)](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/621/4), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with transitional provisions and savings in [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^c19553661]: S. 139(5) repealed (with effect in accordance with [s. 47](https://www.legislation.gov.uk/ukpga/2007/11/section/47) of the amending Act and art. 3 of the affecting S.I.) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [ss. 47](https://www.legislation.gov.uk/ukpga/2007/11/section/47), [114](https://www.legislation.gov.uk/ukpga/2007/11/section/114), [Sch. 14 para. 20](https://www.legislation.gov.uk/ukpga/2007/11/schedule/14/paragraph/20), {Sch. 27 Pt. 2(14) Note}; [S.I. 2007/2483](https://www.legislation.gov.uk/uksi/2007/2483), [art. 3](https://www.legislation.gov.uk/uksi/2007/2483/article/3)
[^c16542501]: [S. 172](https://www.legislation.gov.uk/ukpga/2006/25/section/172) wholly in force; [s. 172(1)-(7)](https://www.legislation.gov.uk/ukpga/2006/25/section/172/1)(16)(17) in force at Royal Assent see [s. 172(16)](https://www.legislation.gov.uk/ukpga/2006/25/section/172/16); [s. 172(8)-(15)](https://www.legislation.gov.uk/ukpga/2006/25/section/172/8) in force at 1.11.2007 by [S.I. 2007/2901](https://www.legislation.gov.uk/uksi/2007/2901), [art. 2](https://www.legislation.gov.uk/uksi/2007/2901/article/2)
[^c19566691]: [S. 172(8)-(15)](https://www.legislation.gov.uk/ukpga/2006/25/section/172/8) power fully exercised: 1.11.2007 appointed by {[S.I. 2007/2901](https://www.legislation.gov.uk/uksi/2007/2901)}, art. 2
@@ -17690,65 +17687,65 @@
#### Policies of insurance and non-deferred annuities
#### Exception to “bed and breakfasting” rules etc
#### Controlled foreign companies and treaty non-resident companies
#### Leases of plant or machinery
#### Interest relief: film partnership
#### Transfer of assets abroad
#### Sale etc of lessor companies etc
#### Disposal of plant or machinery subject to lease where income retained
#### Restrictions on effect of elections under section 266 of CAA 2001
#### Qualifying policies: altering method for calculating benefits
#### Settlements, etc: income
#### PAYE: retrospective notional payments
#### Diminishing shared ownership
#### Regulations
#### Amendment of section 30 of the Energy Act 2004
#### Accountancy change: spreading of adjustment
#### Property rental business
#### Conditions for balance of business
#### Maximum shareholding
#### Cancellation of tax advantage
#### Movement of assets out of ring-fence
#### Demergers
#### Insurance companies
#### Settlements, etc: chargeable gains
#### Corporation tax relief for shares acquired under EMI option
#### Diminishing shared ownership
#### Beneficial loans to employees
#### Amendment of section 30 of the Energy Act 2004
#### Accountancy change: spreading of adjustment
#### Real Estate Investment Trusts
#### Conditions for tax-exempt business
#### Ring-fencing of tax-exempt business
#### Minor or inadvertent breach
#### Movement of assets out of ring-fence
#### Movement of assets into ring-fence
#### Availability of group reliefs
#### Section 146: commencement and transitional provisions
#### Crude oil: power to make regulations
#### Nomination scheme
#### Amendment of Schedule 10 to FA 1987
#### Nomination excesses and corporation tax
#### Election to defer capital allowances
#### Increase in rate of supplementary charge
#### Ring fence expenditure supplement
#### Rates and rate bands for 2008-09 and 2009-10
#### Rules for trusts etc
#### Taxable property held by investment-regulated pension schemes
#### Purchase of interests in foreign trusts
#### Recycling of lump sums
#### Raising of thresholds
#### Partnerships
#### Reallocation of trust property as between beneficiaries
#### Leases
#### Unit trust schemes
#### Demutualisation of insurance companies
@@ -17762,6 +17759,6 @@
#### Abolition of half-rate supplies etc
#### International tax enforcement arrangements
#### Repeals
#### Arrangements under section 173: information powers
#### Interpretation
2007-07-19
Finance Act 2006
2007-06-01
Finance Act 2006
2007-04-06
Finance Act 2006
2007-03-29
Finance Act 2006
2007-01-01
Finance Act 2006
2006-12-29
Finance Act 2006
2006-10-01
Finance Act 2006
2006-09-01
Finance Act 2006
2006-07-19
Finance Act 2006
original version
Text at this date