Adjust text :
Font size: normal Font size: larger Font size: largest
This page in other language: EnglishEnglish
Coddan Home Page Welcome to Coddan Contact Us How to Contact Us Companies Registration FAQ Company Incorporation FAQ Company Formation News Company Formation News
 
Track your order status online and via e-mail
U.K. LIMITED COMPANIES U.K. LLP U.K. GUARANTEE COMPANIES OFFSHORE COMPANIES
COMPANIES IN THE USA COMPANIES LAW U.K. TAXATION DIRECTORS & SECRETARIES GUIDE
Online company order Ready made companies Prices and fees Legal Terms Glossary Common Information

Company Name Check

Business Service Levels

Apply for a Consultation Click the link to request initial consultation

Print this Page




















RELATED SERVICES












RELATED SERVICES
BANKING SERVICES



BANKING SERVICES
We Accept
 
 
online order forms

Member of the Federation of Small Businesses
 This is our most popular package with UK residents, and includes:
 The submission of forms detailing your company's executive officers
 The registration of your £1,000 authorised share capital (a minimum of one share must be issued)
 Company formation is usually achieved within 6-8 workday hours (Companies House permitting)
 Payment of UK legal and initiation fees
 The appointment of your own candidates as directors and secretary (a minimum of two people are required)
 
 The following documents will be e-mailed to you (Note: these documents are to be printed and signed):
 Electronic Certificate of Incorporation (PDF)
 Electronic Memorandum & Articles of Association (MS Word)
 Minutes of the First Meeting of Directors (MS Word)
 Share Certificates and company Register
E-Quick Package
£ 32.00No Annual Fees!
Click here to see all packages
(click here for other packages)
Organization Structures Business, Incorporate Your Business Online, Incorporation Services at Affordable Prices, Learn About Incorporating and How to IncorporateSetting up a Business in United Kingdom, Incorporatin Business, Forming an LLC, Incorporate online in Delaware, Nevada, London, Florida, New YorkCompany UK Formation, Online UK Company Formation Agents, Plus a Wide Range of Ready-Made Companies Available and Vintage CompaniesWhat are the Advantages of Incorporation? You Can Now Form Your UK Limited Company Online Using Our Company Registration AgentHow Do I Get Started With the Registration Process? Company Formation & Registration of Offshore Companies Incorporation ServiceUK Limited Company Formation and Offshore Companies Incorporation Service, We Provide Online New Company Formations and Offshore Readymade CorporationSetting up a Business in United Kingdom, Cheap IBC Incorporation Offshore Anonymous Banking Internet Offshore Bank AccountUK Company Formation, Online Company Registration Agent Offering Same-Day Company Formation, Business BankingServices Include Companies Formation and Administration, Trademark, Intellectual Property, Company Search ServicesAn On-Line Resource to Setting-Up a Private Limited Company Without Hiring a Solicitor or Formation AgenStarting a Business Information, Advice and Information for Starting a New Business in the UK Including UK Business Start-UpHelp in Starting Up a Business Up-to-Date Advice and Strategies, Start Your Own Business and Gain Your Independence!Incorporate a Business in Any State, London, Glasgow, Form an LLC, Conduct a Trademark Search OnlineSmall Business Resources for Starting a Small Business, Small Business Marketing
Royal ArmsFinance Act 2005

2005 Chapter 7


 

© Crown Copyright 2005

Acts of Parliament printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Acts of Parliament does not extend to the Queen's Printer imprints which should be removed from any copies of the Act which are issued or made available to the public. This includes reproduction of the Act on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Act is published by the Queen's Printer of Acts of Parliament and has been prepared to reflect the text as it received Royal Assent. A print version is also available and is published by The Stationery Office Limited as the Finance Act 2005, ISBN 0 10 540805 0.

 

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.


  
Finance Act 2005

2005 Chapter 7

 
 
 
CONTENTS

PART 1
EXCISE DUTIES
Tobacco products duty
Section 
1Rates of tobacco products duty

Alcoholic liquor duties
2Rate of duty on beer
3Rates of duty on wine and made-wine

Hydrocarbon oil etc duties
4Consolidation of current rates of hydrocarbon oil duties etc.
5Rates of hydrocarbon oil duties etc. from 1st September 2005

Gaming duty
6Rates of gaming duty

Vehicle excise duty
7Rates

PART 2
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
CHAPTER 1
INCOME TAX AND CORPORATION TAX CHARGE AND RATE BANDS
Income tax
8Charge and rates for 2005-06
9Personal allowances for those aged 65 or more

Corporation tax
10Charge and main rate for financial year 2006
11Small companies' rate and fraction for financial year 2005
12Corporation tax starting rate and fraction for financial year 2005
13Non-corporate distribution rate for financial year 2005

Trusts
14Special trust rates not to apply to first slice of trust income

CHAPTER 2
PERSONAL TAXATION
Taxable benefits
15Childcare vouchers: exempt amount
16Extension of exemptions for childcare, workplace parking, cycles etc
17Transfer of previously loaned computer or cycle etc
18Extension of outplacement services etc exemption: part-time employees

Armed forces
19Armed forces pensions and compensation schemes

CHAPTER 3
EMPLOYMENT-RELATED SECURITIES
20Research institution spin-out companies
21Research institution spin-out companies: pre-2nd December 2004 cases
22Capital gains

CHAPTER 4
TRUSTS WITH VULNERABLE BENEFICIARY
Introductory
23Introduction
24Entitlement to make claim for special tax treatment

Income tax
25Qualifying trusts income: special income tax treatment
26Amount of relief
27Trustees' liability: TQTI
28Vulnerable person's liability: VQTI
29Part years

Capital gains tax
30Qualifying trusts gains: special capital gains tax treatment
31UK resident vulnerable persons: section 77 treatment
32Non-UK resident vulnerable persons: amount of relief
33Vulnerable person's liability: VQTG

Qualifying trusts
34Disabled persons
35Relevant minors
36Parts of assets

Vulnerable persons
37Vulnerable person election
38Meaning of "disabled person"
39Meaning of "relevant minor"

Miscellaneous and supplementary
40Power to make enquiries
41Interpretation etc.
42Application in relation to Scotland
43Penalties under TMA 1970
44Consequential amendments
45Commencement

CHAPTER 5
ALTERNATIVE FINANCE ARRANGEMENTS
Introductory
46Alternative finance arrangements

Arrangements giving rise to alternative finance return
47Alternative finance arrangements: alternative finance return
48Arrangements within section 47: foreign currency and non-residents

Arrangements giving rise to profit share return
49Alternative finance arrangements: profit share return

Treatment of alternative finance arrangements
50Treatment of alternative finance arrangements: companies
51Treatment of alternative finance arrangements: persons other than companies
52Provision not at arm's length
53Treatment of section 47 arrangements: sale and purchase of asset
54Section 49 arrangements: profit share return not to be treated as distribution

Supplementary
55Further provisions
56Application of Chapter
57Interpretation of Chapter

CHAPTER 6
FILM RELIEF
Tax relief for limited-budget films
58Relief for production and acquisition expenditure on limited-budget films

Restrictions on relief
59Restrictions on relief for production and acquisition expenditure

Deferred income agreements
60Deferred income agreements which exist when relief claimed
61Meaning of "deferred income agreement in respect of a film"
62Deferred income agreements entered into after relief claimed
63Sections 60 to 62: supplementary
64Transitional provision for years of assessment before the year 2005-06
65Corresponding provision in ITTOIA 2005

Companies benefited by film relief: exit charges
66When a chargeable event occurs
67Consequences of a chargeable event: exit event X or Y
68Exit event Z: a relevant disposal at an undervalue
69Consequences of a chargeable event: exit event Z
70Valuation of the "rights to guaranteed income" and "disposed rights"
71Meaning of "company" and related terms

CHAPTER 7
AVOIDANCE INVOLVING PARTNERSHIP
Partners: restrictions on relief
72Removal of restrictions on interest relief
73Meaning of "contribution to the trade"

Partners: recovery of excess relief
74Recovery of excess relief given under section 380 or 381 of ICTA
75Computing the chargeable amount
76Meaning of "relevant loss"
77Transitional provision for years of assessment before the year 2005-06
78Consequential amendments

Partners benefited by film relief
79Meaning of "capital contribution to the trade"

CHAPTER 8
ACCOUNTING PRACTICE AND RELATED MATTERS
80Accounting practice and related matters
81Computation of profits: change of accounting basis
82Change of accounting practice: deferment of transitional adjustments
83Application of accounting standards to securitisation companies
84Taxation of securitisation companies

CHAPTER 9
INTERNATIONAL MATTERS
Double taxation relief: general
85Dividends by reference to which a deduction is allowed: no underlying tax

Double taxation relief: restrictions
86Limits on credit: income tax and corporation tax: trading profits
87Schemes and arrangements designed to increase relief
88Self-assessment amendments

Controlled foreign companies
89ADP dividends and double taxation relief
90Foreign taxation of group as single entity: exclusion of ADP CFCs

Annual payments and double taxation relief
91Tax avoidance involving annual payments and double taxation relief

CHAPTER 10
MISCELLANEOUS
Capital allowances
92Capital allowances: renovation of business premises in disadvantaged areas

Tonnage tax
93Tonnage tax

PART 3
STAMP TAXES
Stamp duty land tax
94Alternative property finance

Stamp duty land tax and stamp duty
95Raising of thresholds
96Removal of disadvantaged areas relief for non-residential property

Stamp duty and stamp duty reserve tax
97Demutualisation of insurance companies

PART 4
OTHER TAXES
Inheritance tax
98Rates and rate bands for the next three years

Landfill tax
99Rate of landfill tax

Lorry road-user charge
100Lorry road-user charge

PART 5
PENSIONS ETC
101Pension schemes etc.
102Pension Protection Fund etc.

PART 6
MISCELLANEOUS
103Civil partnerships etc

PART 7
SUPPLEMENTARY PROVISIONS
104Repeals
105Interpretation
106Short title
 

 
    Schedule 1-Non-UK resident vulnerable persons: interpretation
    Schedule 2-Alternative finance arrangements: further provisions
    Schedule 3-Films: restrictions on relief for production and acquisition expenditure
    Part 1-Restrictions on circumstances in which relief may be obtained
    Part 2-Restrictions on amount of relief which may be obtained
    Part 3-Minor and consequential amendments
    Part 4-Interpretation
    Schedule 4-Accounting practice and related matters
    Part 1-Bad debts and related matters
    Part 2-Other provisions connected with accounting practice
    Schedule 5-Section 804ZA: prescribed schemes and arrangements
    Schedule 6-Capital allowances: renovation of business premises in disadvantaged areas
    Part 1-New Part 3A of the Capital Allowances Act 2001
    Part 2-Consequential amendments
    Schedule 7-Tonnage tax
    Part 1-Amendments of Schedule 22 to FA 2000
    Part 2-Commencement and transitional provision
    Schedule 8-Stamp duty land tax: alternative property finance
    Schedule 9-Stamp duty land tax and stamp duty: removal of disadvantaged areas relief for non-residential property
    Schedule 10-Pension schemes etc.
    Schedule 11-Repeals
    Part 1-Excise duties
    Part 2-Income tax, corporation tax and capital gains tax
    Part 3-Stamp taxes
    Part 4-Pensions etc
 


 continue
 
 
 
 Other UK Acts | Home | Scotland Legislation | Wales Legislation | Company Formation Online | Company Formations in Republic of Ireland | Company Registration in Northern Ireland | Incorporate in California, Nevada, Florida and New York | Incorporate Offshore

© Crown copyright 2005
Prepared 11 April 2005

Finance Act 2005 is reproduced under the terms of Crown Copyright Policy Guidance issued by HMSO.
Publishing Rights: Coddan CPM Core Licence (HMSO) number is C02W0007897 issued on 25 November 2005 by HMSO Licensing Division (Core Licence.pdf Licence to reproduce public sector information).

Search Coddan Search Coddan Terms and Agreement Coddan sitemap
Should I Register a Limited Company? Guide to Starting a Business English & Welsh Companies Formation Irish Company Formation
Northern Irish Company Formations Offshore Company Formation UK Guarantee Company Incorporation Bearer Shares Companies Formations
Incorporate a Holding Company Incorporate in Delaware Incorporate in New York Incorporate in Florida
Tips for Starting Up a Small Business Setting Up a New Business Guide Small Business Banking for Startups UK Trademark Registration
Business for Sale Buy an Existing Business Off the Shelf Company Advice on VAT Registration
VAT Registration for a New Business Eligibility to Work in the UK Buy a Business Buy a Limited Company
Starting Limited Company Apostille Seal Setting-Up a Limited Liability PartnershipOpening a Bank Account
Back to top
Copyright © 1993-2008. All rights reserved. The logo and the Coddan company brand are registered trademarks of Coddan CPM Ltd. Coddan CPM Ltd is a private limited company registered in England, whose registered number is 05370296, and whose registered office address is 5 Percy street, London W1T 1DG, VAT registered number is 864 142 527. Coddan CPM Ltd is committed to respecting the data which we hold on you. Your details are processed and kept securely in accordance with the Data Protection Act 1998, DTA registration number is PZ9265799