Income and Corporation Taxes Act 1988

section 10(1) of this Act shall have effect as if for the reference to nine months there were substituted a reference to a period equal to the previous payment interval less the period of reduction.

• (5) In relation to any accounting period of an old company falling within sub-paragraph (4) above, “the previous payment interval”means the interval after the end of the immediately preceding accounting period within which corporation tax for that preceding period is required to be paid by virtue of section 243(4) of the 1970 Act or section 10(1) of this Act, as modified by this paragraph.

• (6) If the accounting period referred to in sub-paragraph (3) above or any accounting period falling within sub-paragraph (4) above is less than 12 months, the sub-paragraph in question shall have effect in relation to that accounting period as if for the reference in that sub-paragraph to the period of reduction there were substituted a reference to the number of whole days comprised in a period which bears to the period of reduction the same proportion as that accounting period bears to 12 months.

• (7) With respect to any accounting period of an old company which falls within sub-paragraph (3) or (4) above, section 86(4) of the Management Act (interest on overdue tax) shall have effect as if, in paragraph 5(a) of the Table (the reckonable date in relation to corporation tax), the reference to the nine months mentioned in section 243(4) of the 1970 Act or section 10(1) of this Act were a reference to the period which, under sub-paragraphs (3) to (6) above, is substituted for those nine months.

• (8) In section 88(5)(e) of the Management Act (the date when corporation tax ought to have been paid) for the words from “where section 244(1)” to “the interval” there shall be substituted “ in the case of an accounting period in respect of which section 10(1) of the principal Act applies as modified by sub-paragraph 1(3) or (4) of Schedule 30 to that Act, at the end of the period which, under that sub-paragraph, is substituted for the period of nine months ”.

• (9) With respect to any accounting period of an old company which falls within sub-paragraph (3) or (4) above, section 825 shall have effect as if, in subsection (8) in paragraph (a) of the definition of “the material date”, the reference to the nine months mentioned in section 10(1) were a reference to the period which, under sub-paragraphs (1) to (8) above is substituted for those nine months.

Duration of leases

2

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

3

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

4

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

Repeal of section 136 of the Income Tax Act 1952: allowance of annual value of land as a business expense

5

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

Loss relief etc.

6

• (1) The substitution of this Act for the corresponding enactments repealed by this Act shall not alter the effect of any provision enacted before this Act (whether or not there is a corresponding provision in this Act) so far as it determines whether and to what extent —

• (a) losses or expenditure incurred in, or other amounts referable to, a chargeable period earlier than those to which this Act applies may be taken into account for any tax purposes in a chargeable period to which this Act applies; or

• (b) losses or expenditure incurred in, or other amounts referable to, a chargeable period to which this Act applies may be taken into account for any tax purposes in a chargeable period earlier than those to which this Act applies.

• (2) Without prejudice to sub-paragraph (1) above, the repeals made by this Act shall not affect the following enactments (which are not re-enacted) —

• (a) section 27(4) of the Finance Act 1952 (restrictions on removal of six year time limit on carry forward of trading losses);

• (b) section 29(3) of the Finance Act 1953 (Isles of Scilly);

• (c) section 17 of, and Schedule 3 to, the Finance Act 1954 (company reconstructions before corporation tax) so far as in force by virtue of the saving in Part IV of Schedule 22 to the Finance Act 1965, and section 80(8) of the Finance Act 1965 (which amends Schedule 3 to the Finance Act 1954);

• (d) section 82(4) of the Finance Act 1965 (losses allowable against chargeable gains);

• (e) section 85 of the Finance Act 1965 (carry forward of surplus of franked investment income: dividends paid out of pre-1966-67 profits) and the enactments amending that section;

• (f) paragraph 25 of Schedule 15 to the Finance Act 1965 (continuity of elections for purposes of corporation tax);

• (g) paragraph 7 of Schedule 16 to the Finance Act 1965 (overseas trade corporations);

in so far as those enactments may be relevant to tax for any chargeable period to which this Act applies.

7

• (1) This paragraph shall apply with respect to claims for group relief in respect of any amount which is attributable —

• (a) to writing-down allowances, within the meaning of Chapter II of Part I of the 1968 Act, or, as the case may require, Chapter I of Part III of the Finance Act 1971, in respect of expenditure incurred by the surrendering company on the provision of machinery or plant; or

• (b) to initial allowances under section 56 of the 1968 Act (expenditure in connection with mines etc.) in respect of expenditure incurred by the surrendering company and falling within section 52(1) of that Act of 1971 (works in a development area or in Northern Ireland); or

• (c) to allowances under section 91 of the 1968 Act in respect of expenditure incurred by the surrendering company on scientific research;

where the expenditure is incurred under a contract entered into by the surrendering company before 6th March 1973.

• (2) Notwithstanding anything in section 410(1) to (6) or 413(7) to (10) or in Schedule 18 but subject to sub-paragraph (5) below, group relief may be claimed in respect of any such amount as is referred to in sub-paragraph (1) above if —

• (a) immediately before 6th March 1973 —

• (i) the surrendering company and the company claiming relief were members of a group of companies, and

• (ii) throughout the period beginning on that date and ending at the end of the accounting period in respect of which the claim is made, there is no reduction in the rights of the parent company with respect to the matters specified in section 413(7)(a) and (b); or

• (b) immediately before 6th March 1973 the company claiming relief was a member of a consortium and, throughout the period beginning on that date and ending at the end of the accounting period in respect of which the claim is made, there is

• (i) no variation in the percentage of the ordinary share capital of the company owned by the consortium which is beneficially owned by that member, and

• (ii) no reduction in the rights of that member (in respect of the company owned by the consortium) with respect to the matters specified in section 413(7)(a) and (b);

and in either case no such arrangements as are specified in section 410(1) or (2) have come into existence after 5th March 1973 with respect to any of the companies concerned and no variation is made in any such arrangements which are in existence on that date with respect to any of those companies.

• (3) For the purposes of sub-paragraph (2)(a) above, “the parent company” means the company of which another member of the group referred to in that sub-paragraph was, immediately before 6th March 1973, a 75 per cent subsidiary, and the rights of the parent company referred to in that paragraph are —

• (a) if the parent company is either the surrendering company or the company claiming relief, its rights in the other company; and

• (b) in any other case, its rights in both the surrendering company and the company claiming relief.

• (4) For the purposes of this paragraph an amount which the claimant company claims by way of group relief shall be treated as attributable to an allowance falling within any of paragraphs (a) to (c) of sub-paragraph (1) above to the extent that that amount would not have been available for surrender by the surrendering company if no such allowance had been available to the surrendering company in respect of the expenditure concerned.

• (5) Sub-paragraph (2) above shall not apply if, during the period referred to in that sub-paragraph —

• (a) there is a major change in the nature or conduct of a trade or business carried on by the relevant company; or

• (b) the relevant company sets up and commences a trade or business , or begins to carry on a trade, which it did not carry on immediately before 6th March 1973.

• (6) In sub-paragraph (5) above —“a major change in the nature or conduct of a trade or business” has the same meaning as in section 245(1); and “the relevant company” means, if the machinery or plant to which the allowance relates was brought into use on or before 6th March 1978, the company claiming group relief and in any other case either that company or the company which if sub-paragraph (5) did not apply would be the surrendering company.

• (7) This paragraph shall be construed as if it were contained in Chapter IV of Part X.

Capital allowances

8

Without prejudice to paragraphs 6 and 7 above, where a person is, immediately before the commencement of this Act, entitled to a capital allowance by virtue of any enactment repealed by this Act, he shall not cease to be so entitled by reason only of that repeal, notwithstanding that the enactment in question is not re-enacted by this Act; and accordingly the provisions of this Act shall apply, with any necessary modifications, so far as may be necessary to give effect to any such entitlement.

Social security benefits

9

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

Children's settlements: irrevocable dispositions made before 22nd April 1936

10

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

Pre-1959 settlements

11

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

12

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

General powers of amendment in Acts relating to overseas countries

13

Where under any Act passed before this Act and relating to a country or territory outside the United Kingdom there is a power to affect Acts passed or in force before a particular time, or instruments made or having effect under such Acts, and the power would but for the passing of this Act have included power to change the law which is reproduced in, or is made or has effect under, this Act, then that power shall include power to make such provision as will secure the like change in the law reproduced in, or made or having effect under, this Act notwithstanding that it is not an Act passed or in force before that time.

Double taxation agreements

14

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

Securities

15

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

Building societies

16

Any enactment relating to building societies contained in this Act which re-enacts an enactment which was an existing enactment for the purposes of section 121 of the Building Societies Act 1986 shall continue to be an existing enactment for those purposes.

Pension business

17

Any reference to pension business in any enactment (other than an enactment repealed by this Act) which immediately before the commencement of this Act was such a reference by virtue of paragraph 11(3) of Part III of Schedule 5 to the Finance Act 1970 shall not be affected by the repeal by this Act of that paragraph and accordingly the business in question shall continue to be known as pension business.

Stock relief

18

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

Schedule E emoluments

19

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

Unitary states

20

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

Continuity and construction of references to old and new law

21

• (1) The continuity of the operation of the Tax Acts and of the law relating to chargeable gains shall not be affected by the substitution of this Act for the enactments repealed by this Act and earlier enactments repealed by and corresponding to any of those enactments (“the repealed enactments”).

• (2) Any reference, whether express or implied, in any enactment, instrument or document (including this Act and any Act amended by this Act) to, or to things done or falling to be done under or for the purposes of, any provision of this Act shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in the repealed enactments has or had effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.

• (3) Any reference, whether express or implied, in any enactment, instrument or document (including the repealed enactments and enactments, instruments and documents passed or made after the passing of this Act) to, or to things done or falling to be done under or for the purposes of, any of the repealed enactments shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in this Act has effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.

• (4) Any reference to Case VIII of Schedule D, whether a specific reference or one imported by more general words, in any enactment, instrument or document shall, in relation to the chargeable periods to which section 843(1) applies, be construed as a reference to Schedule A, and for the purposes of sub-paragraph (2) above, Schedule A in this Act shall be treated as corresponding to Case VIII of Schedule D in the repealed enactments, and any provision of this Act or of any Act passed after 12th March 1970 and before this Act referring to Schedule A shall be construed accordingly.

SCHEDULE 31

Application of lower rate to income from savings and distributions.

1A

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

1B

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

Tax treatment of receipts and outgoings on sale of land.

8A

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

11AA

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

13ZA

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

13AA

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

13AB

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

13A

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

Relief for rent etc. not paid.

21A

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

21B

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

21C

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

31ZA

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

Disposal or exercise of rights in pursuance of deposits.

31ZB

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

31ZC

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

31A

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

31B

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

Costs of establishing employee share ownership trusts: relief.

Connected persons

33A

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

33B

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

37A

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

Payments to trustees of approved profit sharing schemes.

42A

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

Rent factoring

43A

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

43B

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

43C

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

43D

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

43E

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

43F

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

43G

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

51AA

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

51A

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

51B

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

Approved share incentive plans

56A

• (1) This section applies where there is an arrangement under which—

• (a) there is a right to receive an amount (with or without interest)

in pursuance of a deposit of money,

• (b) when the right comes into existence there is no certificate of deposit in respect of the right, and

• (c) the person for the time being entitled to the right is entitled to call for the issue of a certificate of deposit in respect of the right.

• (2) In such a case—

• (a) the right shall be treated as not falling within section 56(1)(b), and

• (b) if there is a disposal or exercise of the right before such time (if any) as a certificate of deposit is issued in respect of it, section 56(2) shall apply to it by virtue of this paragraph.

• (3) In the application of section 56 by virtue of this section—

• (a) subsection (2) shall have effect as if the words from “(whether” to “person)” read “(whether by the person originally entitled to the right or by some other person)”, and

• (b) subsection (3) shall have effect as if the words “stated in a certificate of deposit” read “under an arrangement”.

• (4) In this section “certificate of deposit” has the meaning given by section 56(5).

62A

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

63A

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

65A

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

68A

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

68B

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

68C

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

70A

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

75A

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

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

75B

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

Definitions.

76A

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

76B

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

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

79A

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

79B

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

82A

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

82B

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

83A

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

84A

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

85A

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

85B

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

86A

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

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

87A

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

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

88A

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

88B

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

88C

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

88D

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

91A

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

91B

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

91BA

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

91C

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

Payments for restrictive undertakings

76ZA

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

Seconded employees

76ZB

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

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

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

76ZM

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

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

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

Exempt distributions.

Limited liability partnerships

118ZA

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

118ZB

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

118ZC

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

118ZD

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

Non-active general partners and non-active members of limited liability partnerships

118ZE

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

118ZF

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

Provisions supplementary to section 247.

118ZG

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

118ZH

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

118ZI

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

18ZJ

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

118ZK

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

Partnerships exploiting films

118ZL

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

118ZM

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

Partners: meaning of “contribution to the trade”

Life assurance premiums paid by employer

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

Losses from overseas property business.

Funds of funds: distributions.

140A

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

140B

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

140C

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

140D

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

140E

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

140F

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

140G

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

140H

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

Dividends paid to investment trusts.

144A

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

146A

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

151A

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

155ZA

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

155ZB

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

155AA

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

155A

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

Interest paid on deposits with banks etc.

156A

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

157A

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

159AA

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

159AB

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

159AC

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

159A

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

161A

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

161B

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

168A

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

168AA

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

168AB

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

168B

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

168C

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

168D

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

168E

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

168F

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

168G

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

Savings banks: exemption from tax.

Valuation of oil disposed of or appropriated in certain circumstances.

177A

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

177B

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

Contributions in respect of share option gains

Savings banks: exemption from tax.

187A

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

Removal expenses and benefits

191A

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

191B

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

192A

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

Reserves of marketing boards and certain other statutory bodies.

197A

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

197AA

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

197AB

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

197AC

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

Mileage allowances

197AD

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

197AE

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

Provisions supplementary to section 520.

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

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

Sections 434AZA and 434AZB: supplementary

234A

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

245A

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

245B

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

Chapter VA — Foreign Income Dividends

Election by company paying dividend

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

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

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

Overseas life assurance business: life policies.

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 remittance basis applies and employee outside section 26), or

• (b) section 26 of that Act (foreign earnings for year when remittance basis applies and employee meets section 26A requirement).

• (8A) Section 835BA of ITA 2007 (deemed domicile) applies for the purposes of subsection (6)(b).

• (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).

Qualifying interests in land held jointly

282A

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

282B

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

Overseas life assurance business: life policies.

289A

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

289B

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

290A

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

Section 590: supplementary provisions.

291A

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

291B

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

299A

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

299B

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

300A

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

301A

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

303AA

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

Section 591C: supplementary.

303A

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

Exemption from tax in respect of qualifying premiums.

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

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329AB

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329A

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329B

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329C

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331A

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332A

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333A

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333B

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338B

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337A

• (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

338A

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339A

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342A

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Revocable settlements allowing reversion of property.

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

343ZA

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343A

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The prescribed circumstances.

Deemed interest: cash collateral under stock lending arrangements

Treatment of umbrella funds

347A

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347B

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Deductions: asset transferred within group.

349ZA

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349A

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Election that assets not be foreign business assets

349B

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349C

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349D

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349E

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350A

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356A

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356B

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356C

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356D

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Section 432B apportionment: supplementary provisions.

357A

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357B

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357C

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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.

Arrangements made under old law.

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 4A 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

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379B

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

Arrangements made under old law.

384A

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

Losses from UK property business or overseas property business

392A

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392B

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393A

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393B

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Section 591C: supplementary.

403ZA

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403ZB

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403ZC

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403ZD

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403ZE

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403A

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403B

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403C

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403D

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403E

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403F

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403G

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411ZA

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411A

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

Repayment supplements: companies.

Repayment supplements: companies.

Arrangements to avoid section 812.

Interest on tax overpaid.

Savings, transitional provisions, consequential amendments and repeals.

431ZA

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431A

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431AA

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432A

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432B

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432C

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432D

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432E

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

Transfers of other business

Interest on tax overpaid.

434A

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

Interest on tax overpaid.

438A

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

Imputation of chargeable profits and creditable tax of controlled foreign companies

440A

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

441A

• (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

444A

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

Classes of life assurance business

431B

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431BA

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431BB

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431C

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431D

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431E

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431EA

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431F

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Basis of taxation etc

431G

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431H

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432YA

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432ZA

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432AA

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432AB

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432CA

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432CB

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

432F

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432G

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

Miscellaneous provisions relating to life assurance business

434AZA

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

Reduction in chargeable profits for certain financing income

434AZB

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

434AZC

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

434B

• (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

434C

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434D

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434E

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436A

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436B

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437A

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438B

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438C

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439A

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439B

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440B

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

440C

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

Special rule for computing chargeable profits.

440D

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

441B

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442A

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444AZA

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

Reduction in chargeable profits: failure to qualify for exemptions

444AZB

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

444AA

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

444AB

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444ABA

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444ABAA

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

444ABB

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444ABBA

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444ABC

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444ABD

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444AC

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444ACZA

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444ACA

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444AD

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444AE

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444AEA

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444AEB

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444AEC

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444AECA

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444AECB

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

444AECC

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444AED

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

Surpluses of mutual and former mutual businesses

444AF

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444AG

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444AH

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444AI

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444AJ

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444AK

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444AL

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

Provisions applying in relation to overseas life insurance companies

444B

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

444C

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444D

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444E

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

Equalisation reserves

444BA

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

444BB

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444BC

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444BD

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458A

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461A

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

461B

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

461C

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

461D

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462A

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

How averaging claim is given effect

465A

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

468AA

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

468A

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

468B

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

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

468C

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

468D

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

468E

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

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

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

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468P

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468PA

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468PB

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Distributions to corporate unit holder

468Q

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468R

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469A

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472A

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477A

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477B

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480A

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480B

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Apportionment of chargeable profits and creditable tax

480C

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482A

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PETROLEUM EXTRACTION ACTIVITIES

494AA

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494A

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496A

Schedule 19B to this Act (exploration expenditure supplement) shall have effect.

496B

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How averaging claim is given effect

501A

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501B

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Chapter 5A — Special rules for long funding leases of plant or machinery: corporation tax

Introductory

502A

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Lessors under long funding finance leases

502B

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502C

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502D

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Lessors under long funding operating leases

502E

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502F

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502G

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Lessors under long funding finance or operating leases: avoidance etc

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502GA

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502GB

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502GC

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502GD

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Insurance company as lessor

502H

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Lessees under long funding finance leases

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502I

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502J

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Lessees under long funding operating leases

502K

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Interpretation of Chapter

502L

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504A

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

Arrangements made under old law.

506A

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506B

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506C

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Reduction of United Kingdom taxes by amount of credit due.

508A

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508B

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510A

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519A

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

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

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537B

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The qualifying subsidiaries requirement

539ZA

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539A

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Relief for individuals.

546A

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546B

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546C