CONTENTS
|
PART 1 |
| OVERVIEW |
| Section | |
| 1 | Overview of Act |
| 2 | Overview of priority rules |
PART 2 |
| TRADING INCOME |
| CHAPTER 1 |
| INTRODUCTION |
| 3 | Overview of Part 2 |
| 4 | Provisions which must be given priority over Part 2 |
CHAPTER 2 |
| INCOME TAXED AS TRADE PROFITS |
| Charge to tax on trade profits |
| 5 | Charge to tax on trade profits |
| 6 | Territorial scope of charge to tax |
| 7 | Income charged |
| 8 | Person liable |
Trades and trade profits |
| 9 | Farming and market gardening |
| 10 | Commercial occupation of land other than woodlands |
| 11 | Commercial occupation of woodlands |
| 12 | Profits of mines, quarries and other concerns |
| 13 | Visiting performers |
| 14 | Visiting performers: supplementary |
| 15 | Divers and diving supervisors |
| 16 | Oil extraction and related activities |
Starting and ceasing to trade |
| 17 | Effect of becoming or ceasing to be a UK resident |
| 18 | Effect of company starting or ceasing to be within charge to income tax |
Trading income and property income |
| 19 | Tied premises |
| 20 | Caravan sites where trade carried on |
| 21 | Surplus business accommodation |
| 22 | Payments for wayleaves |
Rent-a-room and foster-care relief |
| 23 | Rent-a-room and foster-care relief |
CHAPTER 3 |
| TRADE PROFITS: BASIC RULES |
| 24 | Professions and vocations |
| 25 | Generally accepted accounting practice |
| 26 | Losses calculated on same basis as profits |
| 27 | Receipts and expenses |
| 28 | Items treated under CAA 2001 as receipts and expenses |
| 29 | Interest |
| 30 | Animals kept for trade purposes |
| 31 | Relationship between rules prohibiting and allowing deductions |
CHAPTER 4 |
| TRADE PROFITS: RULES RESTRICTING DEDUCTIONS |
| Introduction |
| 32 | Professions and vocations |
Capital expenditure |
| 33 | Capital expenditure |
Wholly and exclusively and losses rules |
| 34 | Expenses not wholly and exclusively for trade and unconnected losses |
Bad and doubtful debts |
| 35 | Bad and doubtful debts |
Unpaid remuneration |
| 36 | Unpaid remuneration |
| 37 | Unpaid remuneration: supplementary |
Employee benefit contributions |
| 38 | Restriction of deductions |
| 39 | Making of "employee benefit contributions" |
| 40 | Provision of qualifying benefits |
| 41 | Timing and amount of certain qualifying benefits |
| 42 | Provision or payment out of employee benefit contributions |
| 43 | Profits calculated before end of 9 month period |
| 44 | Interpretation of sections 38 to 44 |
Business entertainment and gifts |
| 45 | Business entertainment and gifts: general rule |
| 46 | Business entertainment: exceptions |
| 47 | Business gifts: exceptions |
Car or motor cycle hire |
| 48 | Car or motor cycle hire |
| 49 | Car or motor cycle hire: supplementary |
| 50 | Hiring cars (but not motor cycles) with low carbon dioxide emissions |
Patent royalties |
| 51 | Patent royalties |
Interest payments |
| 52 | Exclusion of double relief for interest |
Social security contributions |
| 53 | Social security contributions |
Penalties, interest and VAT surcharges |
| 54 | Penalties, interest and VAT surcharges |
Crime-related payments |
| 55 | Crime-related payments |
CHAPTER 5 |
| TRADE PROFITS: RULES ALLOWING DEDUCTIONS |
| Introduction |
| 56 | Professions and vocations |
Pre-trading expenses |
| 57 | Pre-trading expenses |
Incidental costs of obtaining finance |
| 58 | Incidental costs of obtaining finance |
| 59 | Convertible loans and loan stock etc. |
Tenants under taxed leases |
| 60 | Tenants under taxed leases: introduction |
| 61 | Tenants occupying land for purposes of trade treated as incurring expenses |
| 62 | Limit on deductions if tenant entitled to mineral extraction allowance |
| 63 | Tenants dealing with land as property employed for purposes of trade |
| 64 | Restrictions on section 61 expenses: lease premium receipts |
| 65 | Restrictions on section 61 expenses: lease of part of premises |
| 66 | Corporation tax receipts treated as taxed receipts |
| 67 | Restrictions on section 61 expenses: corporation tax receipts |
Renewals |
| 68 | Replacement and alteration of trade tools |
Payments for restrictive undertakings |
| 69 | Payments for restrictive undertakings |
Seconded employees |
| 70 | Employees seconded to charities and educational establishments |
| 71 | Educational establishments |
Contributions to agents' expenses |
| 72 | Payroll deduction schemes: contributions to agents' expenses |
Counselling and retraining expenses |
| 73 | Counselling and other outplacement services |
| 74 | Retraining courses |
| 75 | Retraining courses: recovery of tax |
Redundancy payments etc. |
| 76 | Redundancy payments and approved contractual payments |
| 77 | Payments in respect of employment wholly in employer's trade |
| 78 | Payments in respect of employment in more than one capacity |
| 79 | Additional payments |
| 80 | Payments made by the Government |
Personal security expenses |
| 81 | Personal security expenses |
Contributions to local enterprise organisations or urban regeneration companies |
| 82 | Contributions to local enterprise organisations or urban regeneration companies |
| 83 | Meaning of "local enterprise organisation" |
| 84 | Approval of local enterprise agencies |
| 85 | Supplementary provisions with respect to approvals |
| 86 | Meaning of "urban regeneration company" |
Scientific research |
| 87 | Expenses of research and development |
| 88 | Payments to research associations, universities etc. |
Expenses connected with patents, designs and trade marks |
| 89 | Expenses connected with patents |
| 90 | Expenses connected with designs or trade marks |
Export Credits Guarantee Department |
| 91 | Payments to Export Credits Guarantee Department |
Expenses connected with foreign trades |
| 92 | Expenses connected with foreign trades |
| 93 | Allocation of expenses |
| 94 | Family expenses |
CHAPTER 6 |
| TRADE PROFITS: RECEIPTS |
| Introduction |
| 95 | Professions and vocations |
Capital receipts |
| 96 | Capital receipts |
Debts released |
| 97 | Debts incurred and later released |
Amounts received following earlier cessation |
| 98 | Acquisition of trade: receipts from transferor's trade |
Reverse premiums |
| 99 | Reverse premiums |
| 100 | Excluded cases |
| 101 | Tax treatment of reverse premiums |
| 102 | Arrangements not at arm's length |
| 103 | Connected persons and property arrangements |
Assets of mutual concerns |
| 104 | Distribution of assets of mutual concerns |
Industrial development grants |
| 105 | Industrial development grants |
Proceeds of insurance etc. |
| 106 | Sums recovered under insurance policies etc. |
CHAPTER 7 |
| TRADE PROFITS: GIFTS TO CHARITIES ETC. |
| 107 | Professions and vocations |
| 108 | Gifts of trading stock to charities etc. |
| 109 | Receipt by donor or connected person of benefit attributable to certain gifts |
| 110 | Meaning of "designated educational establishment" |
CHAPTER 8 |
| TRADE PROFITS: HERD BASIS RULES |
| Introduction |
| 111 | Election for application of herd basis rules |
| 112 | Meaning of "animal", "herd", "production herd" etc. |
| 113 | Other interpretative provisions |
The herd basis rules |
| 114 | Initial cost of herd and value of herd |
| 115 | Addition of animals to herd |
| 116 | Replacement of animals in herd |
| 117 | Amount of receipt if old animal slaughtered under disease control order |
| 118 | Sale of animals from herd |
| 119 | Sale of whole or substantial part of herd |
| 120 | Acquisition of new herd begun within 5 years of sale |
| 121 | Section 120: sale for reasons outside farmer's control |
| 122 | Replacement of part sold begun within 5 years of sale |
| 123 | Section 122: sale for reasons outside farmer's control |
Elections |
| 124 | Herd basis elections |
| 125 | Five year gap in which no production herd kept |
| 126 | Slaughter under disease control order |
Preventing abuse of the herd basis rules |
| 127 | Preventing abuse of the herd basis rules |
Supplementary |
| 128 | Information if election made |
| 129 | Further assessment etc. if herd basis rules apply |
CHAPTER 9 |
| TRADE PROFITS: FILMS AND SOUND RECORDINGS |
| Introduction |
| 130 | Expenditure to which this Chapter applies |
| 131 | Meaning of "film" and related expressions |
| 132 | Meaning of "original master version" and "certified master version" |
| 133 | Meaning of "relevant period" |
Expenditure treated as revenue in nature |
| 134 | Expenditure treated as revenue in nature |
Films and sound recordings: normal rules for allocating expenditure |
| 135 | Films and sound recordings: production or acquisition expenditure |
Certified master versions: special rules for allocating expenditure |
| 136 | Application of provisions about certified master versions |
| 137 | Certified master versions: preliminary expenditure |
| 138 | Certified master versions: production or acquisition expenditure |
Certified master versions: limited-budget films |
| 139 | Certified master versions: production expenditure on limited-budget films |
| 140 | Certified master versions: acquisition expenditure on limited-budget films |
| 141 | "Total production expenditure in respect of the original master version" |
| 142 | When expenditure is incurred |
Election for sections 134 to 140 not to apply |
| 143 | Election for sections 134 to 140 not to apply |
Supplementary |
| 144 | Meaning of "genuinely intended for theatrical release" |
CHAPTER 10 |
| TRADE PROFITS: CERTAIN TELECOMMUNICATION RIGHTS |
| 145 | Professions and vocations |
| 146 | Meaning of "relevant telecommunication right" |
| 147 | Expenditure and receipts treated as revenue in nature |
| 148 | Credits or debits arising from revaluation |
CHAPTER 11 |
| TRADE PROFITS: OTHER SPECIFIC TRADES |
| Dealers in securities etc. |
| 149 | Taxation of amounts taken to reserves |
| 150 | Conversion etc. of securities held as circulating capital |
| 151 | Exchanges of gilts for gilt strips |
| 152 | Consolidation of gilt strips |
| 153 | Meaning of "gilt-edged security" and "strip" |
| 154 | Regulations for determining market value of securities or strips |
Persons authorised for purposes of FISMA 2000 |
| 155 | Levies and repayments under FISMA 2000 |
Dealers in land etc. |
| 156 | Purchase or sale of woodlands |
| 157 | Relief in respect of mineral royalties |
| 158 | Lease premiums etc: reduction of receipts |
Ministers of religion |
| 159 | Ministers of religion |
Barristers and advocates |
| 160 | Alternative basis of calculation in early years of practice |
Mineral exploration and access |
| 161 | Mineral exploration and access |
Persons liable to pool betting duty |
| 162 | Payments by persons liable to pool betting duty |
Intermediaries treated as making employment payments |
| 163 | Deduction for deemed employment payment |
| 164 | Special rules for partnerships |
Waste disposal |
| 165 | Deduction for site preparation expenditure |
| 166 | Allocation of site preparation expenditure |
| 167 | Site preparation expenditure: supplementary |
| 168 | Site restoration payments |
Cemeteries and crematoria |
| 169 | Cemeteries and crematoria: introduction |
| 170 | Deduction for capital expenditure |
| 171 | Allocation of ancillary capital expenditure |
| 172 | Exclusion of expenditure met by subsidies |
CHAPTER 12 |
| TRADE PROFITS: VALUATION OF STOCK AND WORK IN PROGRESS |
| Valuation of trading stock |
| 173 | Valuation of trading stock on cessation |
| 174 | Meaning of "trading stock" |
| 175 | Basis of valuation of trading stock |
| 176 | Sale basis of valuation: sale to unconnected person |
| 177 | Sale basis of valuation: sale to connected person |
| 178 | Sale basis of valuation: election by connected persons |
| 179 | Connected persons |
| 180 | Cost to buyer of stock valued on sale basis of valuation |
| 181 | Meaning of "sale" and related expressions |
Valuation of work in progress |
| 182 | Valuation of work in progress on cessation |
| 183 | Meaning of "work in progress" |
| 184 | Basis of valuation of work in progress |
| 185 | Election for valuation at cost |
Supplementary |
| 186 | Determination of questions by Commissioners |
CHAPTER 13 |
| DEDUCTIONS FROM PROFITS: UNREMITTABLE AMOUNTS |
| 187 | Professions and vocations |
| 188 | Application of Chapter |
| 189 | Relief for unremittable amounts |
| 190 | Restrictions on relief |
| 191 | Withdrawal of relief |
CHAPTER 14 |
| DISPOSAL AND ACQUISITION OF KNOW-HOW |
| 192 | Meaning of "know-how" etc. |
| 193 | Disposal of know-how if trade continues to be carried on |
| 194 | Disposal of know-how as part of disposal of all or part of a trade |
| 195 | Seller controlled by buyer etc. |
CHAPTER 15 |
| BASIS PERIODS |
| Introduction |
| 196 | Professions and vocations |
Accounting date |
| 197 | Meaning of "accounting date" |
The normal rules |
| 198 | General rule |
| 199 | First tax year |
| 200 | Second tax year |
| 201 | Tax year in which there is no accounting date |
| 202 | Final tax year |
Apportionment of profits |
| 203 | Apportionment etc. of profits to basis periods |
Overlap profits and losses |
| 204 | Meaning of "overlap period" and "overlap profit" |
| 205 | Deduction for overlap profit in final tax year |
| 206 | Restriction on bringing losses into account twice |
| 207 | Treatment of business start-up payments received in an overlap period |
Rules where first accounting date shortly before end of tax year |
| 208 | When the late accounting date rules apply |
| 209 | Rule if there is an accounting date |
| 210 | Rules if there is no accounting date |
Slight variations in accounting date |
| 211 | Treating middle date as accounting date |
| 212 | Consequence of treating middle date as accounting date |
| 213 | Circumstances in which middle date not treated as accounting date |
Special rules if accounting date changes |
| 214 | When a change of accounting date occurs |
| 215 | Change of accounting date in third tax year |
| 216 | Change of accounting date in later tax year |
| 217 | Conditions for basis period to end with new accounting date |
| 218 | Commercial reasons for change of accounting date |
| 219 | The year after an ineffective change of accounting date |
| 220 | Deduction for overlap profit on change of accounting date |
CHAPTER 16 |
| AVERAGING PROFITS OF FARMERS AND CREATIVE ARTISTS |
| 221 | Claim for averaging of fluctuating profits |
| 222 | Circumstances in which claim may be made |
| 223 | Adjustment of profits |
| 224 | Effect of adjustment |
| 225 | Effect of later adjustment of profits |
CHAPTER 17 |
| ADJUSTMENT INCOME |
| Introduction |
| 226 | Professions and vocations |
Adjustment on change of basis |
| 227 | Application of Chapter |
| 228 | Adjustment income and adjustment expense |
| 229 | Income charged |
| 230 | Person liable |
| 231 | Calculation of the adjustment |
Treatment of adjustment income and adjustment expense |
| 232 | Treatment of adjustment income |
| 233 | Treatment of adjustment expense |
Expenses previously brought into account |
| 234 | No adjustment for certain expenses previously brought into account |
Realising or writing off assets |
| 235 | Cases where adjustment not required until assets realised or written off |
Mark to market |
| 236 | Change from realisation basis to mark to market |
| 237 | Election for spreading if section 236 applies |
Spreading of adjustment income: barristers and advocates |
| 238 | Spreading on ending of exemption for barristers and advocates |
| 239 | Election to accelerate charge under section 238 |
Supplementary |
| 240 | Liability of personal representatives if person liable dies |
CHAPTER 18 |
| POST-CESSATION RECEIPTS |
| Introduction |
| 241 | Professions and vocations |
Charge to tax on post-cessation receipts |
| 242 | Charge to tax on post-cessation receipts |
| 243 | Extent of charge to tax |
| 244 | Income charged |
| 245 | Person liable |
Meaning of "post-cessation receipts" |
| 246 | Basic meaning of "post-cessation receipt" |
| 247 | Other rules about what counts as post-cessation receipts |
Sums treated as post-cessation receipts |
| 248 | Debts paid after cessation |
| 249 | Debts released after cessation |
| 250 | Receipts relating to post-cessation expenditure |
| 251 | Transfer of rights if transferee does not carry on trade |
Sums that are not post-cessation receipts |
| 252 | Transfer of trading stock or work in progress |
| 253 | Lump sums paid to personal representatives for copyright etc. |
Deductions |
| 254 | Allowable deductions |
| 255 | Further rules about allowable deductions |
Reliefs |
| 256 | Treatment of post-cessation receipts |
| 257 | Election to carry back |
CHAPTER 19 |
| SUPPLEMENTARY |
| 258 | Changes in trustees and personal representatives |
| 259 | Meaning of "statutory insolvency arrangement" |
PART 3 |
| PROPERTY INCOME |
| CHAPTER 1 |
| INTRODUCTION |
| 260 | Overview of Part 3 |
| 261 | Provisions which must be given priority over Part 3 |
| 262 | Priority between Chapters within Part 3 |
CHAPTER 2 |
| PROPERTY BUSINESSES |
| Introduction |
| 263 | Introduction |
Basic meaning of UK and overseas property business |
| 264 | UK property business |
| 265 | Overseas property business |
Generating income from land |
| 266 | Meaning of "generating income from land" |
| 267 | Activities not for generating income from land |
CHAPTER 3 |
| PROFITS OF PROPERTY BUSINESSES: BASIC RULES |
| Charge to tax on profits of a property business |
| 268 | Charge to tax on profits of a property business |
| 269 | Territorial scope of charge to tax |
| 270 | Income charged |
| 271 | Person liable |
Calculation of profits |
| 272 | Profits of a property business: application of trading income rules |
| 273 | Amounts not brought into account as part of a property business |
| 274 | Relationship between rules prohibiting and allowing deductions |
Apportionment of profits |
| 275 | Apportionment etc. of profits to tax year |
CHAPTER 4 |
| PROFITS OF PROPERTY BUSINESSES: LEASE PREMIUMS ETC. |
| Introduction |
| 276 | Introduction |
Amounts treated as receipts: leases |
| 277 | Lease premiums |
| 278 | Amount treated as lease premium where work required |
| 279 | Sums payable instead of rent |
| 280 | Sums payable for surrender of lease |
| 281 | Sums payable for variation or waiver of term of lease |
| 282 | Assignments for profit of lease granted at undervalue |
| 283 | Provisions supplementary to section 282 |
Other amounts treated as receipts |
| 284 | Sales with right to reconveyance |
| 285 | Sale and leaseback transactions |
| 286 | Provisions supplementary to sections 284 and 285 |
Additional calculation rule for reducing certain receipts |
| 287 | Circumstances in which additional calculation rule applies |
| 288 | The additional calculation rule |
| 289 | The additional calculation rule: special cases |
| 290 | Meaning of "unused amount" and "unreduced amount" |
Deductions in relation to certain receipts |
| 291 | Deductions for expenses under section 292 |
| 292 | Tenants under taxed leases treated as incurring expenses |
| 293 | Restrictions on section 292 expenses: the additional calculation rule |
| 294 | Restrictions on section 292 expenses: lease of part of premises |
Limit on effect of additional calculation rule and deductions |
| 295 | Limit on reductions and deductions |
Relationship with ICTA |
| 296 | Corporation tax receipts treated as taxed receipts |
| 297 | Taking account of reductions in corporation tax receipts |
| 298 | Taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTA |
Certain administrative provisions |
| 299 | Payment of tax by instalments |
| 300 | Statement of accuracy for purposes of section 282 |
| 301 | Claim for repayment of tax payable by virtue of section 284 |
| 302 | Claim for repayment of tax payable by virtue of section 285 |
Effective duration of lease |
| 303 | Rules for determining effective duration of lease |
| 304 | Applying the rules in section 303 |
| 305 | Information about effective duration of lease |
Other interpretative provisions |
| 306 | Provisions about premiums |
| 307 | Interpretation |
CHAPTER 5 |
| PROFITS OF PROPERTY BUSINESSES: OTHER RULES ABOUT RECEIPTS AND DEDUCTIONS |
| Furnished accommodation: receipts and deductions |
| 308 | Furnished lettings |
| 309 | Rent-a-room relief |
Treatment of receipts on acquisition of business |
| 310 | Acquisition of business: receipts from transferor's UK property business |
Reverse premiums as receipts |
| 311 | Reverse premiums |
Deductions for expenditure on energy-saving items |
| 312 | Deduction for expenditure on energy-saving items |
| 313 | Restrictions on relief |
| 314 | Regulations |
Deductions for expenditure on sea walls |
| 315 | Deduction for expenditure on sea walls |
| 316 | Transfer of interest in premises |
| 317 | Ending of lease of premises |
| 318 | Transfer involving company within the charge to corporation tax |
Mineral royalties |
| 319 | Relief in respect of mineral royalties |
Apportionments on sale of land |
| 320 | Nature of item apportioned on sale of estate or interest in land |
Mutual business |
| 321 | Mutual business |
CHAPTER 6 |
| COMMERCIAL LETTING OF FURNISHED HOLIDAY ACCOMMODATION |
| Introduction |
| 322 | Introduction |
Definition |
| 323 | Meaning of "commercial letting of furnished holiday accommodation" |
| 324 | Meaning of "relevant period" in sections 325 and 326 |
| 325 | Meaning of "qualifying holiday accommodation" |
| 326 | Under-used holiday accommodation: averaging elections |
Separate profit calculations |
| 327 | Capital allowances and loss relief |
| 328 | Earned income and relevant UK earnings for pension purposes |
CHAPTER 7 |
| ADJUSTMENT INCOME |
| Adjustment on change of basis |
| 329 | Application of Chapter |
| 330 | Adjustment income and adjustment expense |
| 331 | Income charged |
| 332 | Person liable |
Treatment of adjustment income and adjustment expense |
| 333 | Treatment of adjustment income |
| 334 | Treatment of adjustment expense |
CHAPTER 8 |
| RENT RECEIVABLE IN CONNECTION WITH A UK SECTION 12(4) CONCERN |
| Charge to tax on rent receivable in connection with a UK section 12(4) concern |
| 335 | Charge to tax on rent receivable in connection with a UK section 12(4) concern |
| 336 | Meaning of "rent receivable in connection with a UK section 12(4) concern" |
| 337 | Income charged |
| 338 | Person liable |
Management expenses of owner of mineral rights |
| 339 | Deduction for management expenses of owner of mineral rights |
Mineral royalties |
| 340 | Relief in respect of mineral royalties |
| 341 | Meaning of "mineral lease or agreement" and "mineral royalties" |
| 342 | Extended meaning of "mineral royalties" etc. in Northern Ireland |
| 343 | Power of Board to determine what counts as "mineral royalties" |
CHAPTER 9 |
| RENT RECEIVABLE FOR UK ELECTRIC-LINE WAYLEAVES |
| Charge to tax on rent receivable for UK electric-line wayleaves |
| 344 | Charge to tax on rent receivable for a UK electric-line wayleave |
| 345 | Meaning of "rent receivable for a UK electric-line wayleave" |
| 346 | Extent of charge to tax |
| 347 | Income charged |
| 348 | Person liable |
CHAPTER 10 |
| POST-CESSATION RECEIPTS |
| Charge to tax on post-cessation receipts |
| 349 | Charge to tax on post-cessation receipts |
| 350 | Extent of charge to tax |
| 351 | Income charged |
| 352 | Person liable |
Meaning of "post-cessation receipts" |
| 353 | Basic meaning of "post-cessation receipt" |
| 354 | Other rules about what counts as a "post-cessation receipt" |
| 355 | Transfer of rights if transferee does not carry on UK property business |
Supplementary |
| 356 | Application to Schedule A businesses |
CHAPTER 11 |
| OVERSEAS PROPERTY INCOME |
| 357 | Charge to tax on overseas property income |
| 358 | Meaning of "overseas property income" |
| 359 | Income charged |
| 360 | Person liable |
CHAPTER 12 |
| SUPPLEMENTARY |
| 361 | Changes in trustees and personal representatives |
| 362 | Effect of company starting or ceasing to be within charge to income tax |
| 363 | Overseas property businesses and overseas land: adaptation of rules |
| 364 | Meaning of "lease" and "premises" |
PART 4 |
| SAVINGS AND INVESTMENT INCOME |
| CHAPTER 1 |
| INTRODUCTION |
| 365 | Overview of Part 4 |
| 366 | Provisions which must be given priority over Part 4 |
| 367 | Priority between Chapters within Part 4 |
| 368 | Territorial scope of Part 4 charges |
CHAPTER 2 |
| INTEREST |
| Charge to tax on interest |
| 369 | Charge to tax on interest |
| 370 | Income charged |
| 371 | Person liable |
Other income taxed as interest |
| 372 | Building society dividends |
| 373 | Open-ended investment company interest distributions |
| 374 | Date when interest payments under section 373 made |
| 375 | Interpretation of sections 373 and 374 |
| 376 | Authorised unit trust interest distributions |
| 377 | Date when interest payments under section 376 made |
| 378 | Interpretation of sections 376 and 377 |
| 379 | Industrial and provident society payments |
| 380 | Funding bonds |
| 381 | Discounts |
CHAPTER 3 |
| DIVIDENDS ETC. FROM UK RESIDENT COMPANIES ETC. |
| Introduction |
| 382 | Contents of Chapter |
Charge to tax on dividends and other distributions |
| 383 | Charge to tax on dividends and other distributions |
| 384 | Income charged |
| 385 | Person liable |
Amounts treated as dividends |
| 386 | Open-ended investment company dividend distributions |
| 387 | Date when dividends paid under section 386 |
| 388 | Interpretation of sections 386 and 387 |
| 389 | Authorised unit trust dividend distributions |
| 390 | Date when dividends paid under section 389 |
| 391 | Interpretation of sections 389 and 390 |
Shares in approved share incentive plans ("SIPs") |
| 392 | SIP shares: introduction |
| 393 | Later charge where cash dividends retained in SIPs are paid over |
| 394 | Distribution when dividend shares cease to be subject to SIP |
| 395 | Reduction in tax due in cases within section 394 |
| 396 | Interpretation of sections 392 to 395 |
Tax credits and payment and deduction of tax |
| 397 | Tax credits for qualifying distributions: UK residents and eligible non-UK residents |
| 398 | Increase in amount or value of dividends where tax credit available |
| 399 | Qualifying distributions received by persons not entitled to tax credits |
| 400 | Non-qualifying distributions |
| 401 | Relief: qualifying distribution after linked non-qualifying distribution |
CHAPTER 4 |
| DIVIDENDS FROM NON-UK RESIDENT COMPANIES |
| Charge to tax on dividends from non-UK resident companies |
| 402 | Charge to tax on dividends from non-UK resident companies |
| 403 | Income charged |
| 404 | Person liable |
Shares in approved share incentive plans ("SIPs") |
| 405 | SIP shares: introduction |
| 406 | Later charge where cash dividends retained in SIPs are paid over |
| 407 | Dividend payment when dividend shares cease to be subject to SIP |
| 408 | Reduction in tax due in cases within section 407 |
CHAPTER 5 |
| STOCK DIVIDENDS FROM UK RESIDENT COMPANIES |
| 409 | Charge to tax on stock dividend income |
| 410 | When stock dividend income arises |
| 411 | Income charged |
| 412 | Cash equivalent of share capital |
| 413 | Person liable |
| 414 | Income tax treated as paid |
CHAPTER 6 |
| RELEASE OF LOAN TO PARTICIPATOR IN CLOSE COMPANY |
| 415 | Charge to tax under Chapter 6 |
| 416 | Income charged |
| 417 | Person liable |
| 418 | Relief where borrowers liable as settlors |
| 419 | Loans and advances to persons who die |
| 420 | Loans and advances to trustees of trusts that have ended |
| 421 | Income tax treated as paid |
CHAPTER 7 |
| PURCHASED LIFE ANNUITY PAYMENTS |
| 422 | Charge to tax on purchased life annuity payments |
| 423 | Meaning of "purchased life annuity" |
| 424 | Income charged |
| 425 | Person liable |
| 426 | Annuity payments received after deduction of tax |
CHAPTER 8 |
| PROFITS FROM DEEPLY DISCOUNTED SECURITIES |
| Charge to tax under Chapter 8 |
| 427 | Charge to tax on profits from deeply discounted securities |
| 428 | Income charged |
| 429 | Person liable |
Deeply discounted securities |
| 430 | Meaning of "deeply discounted security" |
| 431 | Excluded occasions of redemption |
| 432 | Securities which are not deeply discounted securities |
| 433 | Meaning of "excluded indexed security" |
| 434 | Securities issued in separate tranches: preliminary |
| 435 | Securities issued in separate tranches: basic rule |
| 436 | Deeply discounted securities issued in separate tranches: nominal value rule |
Disposals |
| 437 | Transactions which are disposals |
| 438 | Timing of transfers and acquisitions |
Calculating profits |
| 439 | Calculating the profit from disposals |
| 440 | Market value disposals |
| 441 | Market value acquisitions |
| 442 | Securities issued in accordance with qualifying earn-out right |
Special rules for strips of government securities |
| 443 | Application of this Chapter to strips of government securities |
| 444 | Meaning of "strip" in Chapter 8 |
| 445 | Strips of government securities: acquisitions and disposals |
| 446 | Strips of government securities: relief for losses |
| 447 | Restriction of profits on strips by reference to original acquisition cost |
| 448 | Restriction of losses on strips by reference to original acquisition cost |
| 449 | Strips of government securities: manipulation of acquisition, transfer or redemption payments |
| 450 | Market value of strips etc. |
| 451 | Market value of strips etc. quoted in foreign stock exchange lists |
| 452 | Power to modify this Chapter for strips |
Special rules for listed securities held since 26th March 2003 |
| 453 | Application of sections 454 to 456 |
| 454 | Listed securities held since 26th March 2003: relief for losses |
| 455 | Listed securities held since 26th March 2003: calculating the profit or loss on disposals |
| 456 | Securities issued to connected persons etc. at excessive price: subsequent transfers to connected persons |
Trustees |
| 457 | Trustees |
| 458 | Non-UK resident trustees |
Miscellaneous and supplementary |
| 459 | Transfer of assets abroad |
| 460 | Minor definitions |
CHAPTER 9 |
| GAINS FROM CONTRACTS FOR LIFE INSURANCE ETC. |
| Charge to tax under Chapter 9 |
| 461 | Charge to tax under Chapter 9 |
| 462 | When gains arise from policies and contracts |
| 463 | Income charged |
Person liable etc. |
| 464 | Person liable for tax: introduction |
| 465 | Person liable: individuals |
| 466 | Person liable: personal representatives |
| 467 | Person liable: UK resident trustees |
| 468 | Non-UK resident trustees and foreign institutions |
| 469 | Two or more persons interested in policy or contract |
| 470 | Interests in rights under a policy or contract for section 469 |
| 471 | Determination of shares etc. |
| 472 | Trusts created by two or more persons |
Policies and contracts to which Chapter 9 applies |
| 473 | Policies and contracts to which Chapter 9 applies: general |
| 474 | Special rules: qualifying policies |
| 475 | Special rules: personal portfolio bonds |
| 476 | Special rules: foreign policies |
| 477 | Special rules: certain older policies and contracts |
| 478 | Exclusion of mortgage repayment policies |
| 479 | Exclusion of pension policies |
| 480 | Exclusion of excepted group life policies |
| 481 | Excepted group life policies: conditions about benefits |
| 482 | Excepted group life policies: conditions about persons intended to benefit |
| 483 | Exclusion of credit union group life policies |
When chargeable events occur: general |
| 484 | When chargeable events occur |
| 485 | Disregard of certain events in relation to qualifying policies |
| 486 | Exclusion of maturity of capital redemption policies in certain circumstances |
| 487 | Disregard of certain assignments |
| 488 | Disregard of some events after alterations of life insurance policy terms |
| 489 | Conditions applicable to alterations of life insurance policy terms |
| 490 | Last payment under guaranteed income bonds etc. treated as total surrender |
Calculating gains: general |
| 491 | Calculating gains: general rules |
| 492 | The total benefit value of a policy or contract |
| 493 | The value of a policy or contract |
| 494 | The total allowable deductions for a policy or contract |
| 495 | Disregard of certain amounts in calculating gains under section 491 |
| 496 | Modification of section 494: qualifying endowment policies held as security for company debts |
| 497 | Disregard of trivial inducement benefits |
Part surrenders and assignments: periodic calculations and excess events |
| 498 | Requirement for periodic calculations in part surrender or assignment cases |
| 499 | Meaning of "insurance year" and "final insurance year" |
| 500 | Events treated as part surrenders |
| 501 | Part surrenders: loans |
| 502 | Exception from section 501 for loans to buy life annuities |
| 503 | Exception from section 501 for certain loans under qualifying policies |
| 504 | Part surrenders: payments under guaranteed income bonds etc. |
| 505 | Assignments etc. involving co-ownership |
| 506 | Assignments occurring when there is a co-ownership transaction |
| 507 | Method for making periodic calculations under section 498 |
| 508 | The value of rights partially surrendered or assigned |
| 509 | Chargeable events in certain cases where periodic calculations show gains |
Transaction-related calculations and part surrender or assignment events |
| 510 | Requirement for transaction-related calculations in certain part surrender and assignment cases |
| 511 | Method for making transaction-related calculations under section 510 |
| 512 | Available premium left for relevant transaction |
| 513 | Special rules for part surrenders and assignments in final insurance year |
| 514 | Chargeable events where transaction-related calculations show gains |
Personal portfolio bonds |
| 515 | Requirement for annual calculations in relation to personal portfolio bonds |
| 516 | Meaning of "personal portfolio bond" |
| 517 | Policies and contracts which are not personal portfolio bonds |
| 518 | The index categories |
| 519 | The index selection conditions |
| 520 | The property categories |
| 521 | The property selection conditions |
| 522 | Method for making annual calculations under section 515 |
| 523 | The total amount of personal portfolio bond excesses |
| 524 | The total amount of part surrender gains |
| 525 | Chargeable events where annual calculations show gains |
| 526 | Power to make regulations about personal portfolio bonds |
Reductions from gains |
| 527 | Reduction for sums taken into account otherwise than under Chapter 9 |
| 528 | Reduction in amount charged: non-UK resident policy holders |
| 529 | Exceptions to section 528 |
Income tax treated as paid and reliefs |
| 530 | Income tax treated as paid etc. |
| 531 | Exceptions to section 530 |
| 532 | Relief for policies and contracts with European Economic Area insurers |
| 533 | Meaning of "comparable EEA tax charge" |
| 534 | Regulations providing for relief in other cases where foreign tax chargeable |
| 535 | Top slicing relief |
| 536 | Top slicing relieved liability: one chargeable event |
| 537 | Top slicing relieved liability: two or more chargeable events |
| 538 | Recovery of tax from trustees |
Deficiencies |
| 539 | Relief for deficiencies |
| 540 | When deficiencies arise: events following calculation events |
| 541 | Calculation of deficiencies |
Supplementary |
| 542 | Replacement of qualifying policies |
| 543 | Issue time of qualifying policy replacing foreign policy |
| 544 | Application of Chapter to policies and contracts in which companies interested |
| 545 | Minor definitions |
| 546 | Table of provisions subject to special rules for older policies and contracts |
CHAPTER 10 |
| DISTRIBUTIONS FROM UNAUTHORISED UNIT TRUSTS |
| 547 | Charge to tax under Chapter 10 |
| 548 | Income charged |
| 549 | Person liable |
| 550 | Income tax treated as paid |
CHAPTER 11 |
| TRANSACTIONS IN DEPOSITS |
| 551 | Charge to tax on profits from disposal of deposit rights |
| 552 | Meaning of "deposit rights" |
| 553 | Income charged |
| 554 | Person liable |
CHAPTER 12 |
| DISPOSALS OF FUTURES AND OPTIONS INVOLVING GUARANTEED RETURNS |
| Charge to tax under Chapter 12 |
| 555 | Charge to tax under Chapter 12 |
| 556 | Income charged |
| 557 | Person liable |
| 558 | Meaning of "future", "option" etc. |
When disposals involve guaranteed returns |
| 559 | When disposals involve guaranteed returns |
| 560 | Production of guaranteed returns |
| 561 | The return from one or more disposals |
When disposals of futures and options occur |
| 562 | When disposals of futures and options occur: general |
| 563 | Timing of certain grants of options where related disposals occur later |
| 564 | Deemed disposal where futures run to delivery or options are exercised |
| 565 | Interpretation of section 564 |
| 566 | When transactions are related |
Losses |
| 567 | Losses |
Trustees |
| 568 | Special rule for certain income of trustees |
Transfer of assets abroad |
| 569 | Anti-avoidance: transfer of assets abroad |
CHAPTER 13 |
| SALES OF FOREIGN DIVIDEND COUPONS |
| 570 | Charge to tax under Chapter 13 |
| 571 | Meaning of "foreign holdings" etc. |
| 572 | Income charged |
| 573 | Person liable |
PART 5 |
| MISCELLANEOUS INCOME |
| CHAPTER 1 |
| INTRODUCTION |
| 574 | Overview of Part 5 |
| 575 | Provisions which must be given priority over Part 5 |
| 576 | Priority between Chapters within Part 5 |
| 577 | Territorial scope of Part 5 charges |
CHAPTER 2 |
| RECEIPTS FROM INTELLECTUAL PROPERTY |
| Introduction |
| 578 | Contents of Chapter |
Charge to tax on non-trading income from intellectual property |
| 579 | Charge to tax on royalties and other income from intellectual property |
| 580 | Income charged under section 579 |
| 581 | Person liable for tax under section 579 |
| 582 | Deductions in calculating certain income charged under section 579 |
Disposals of know-how |
| 583 | Charge to tax on income from disposals of know-how |
| 584 | Exceptions to charge under section 583 |
| 585 | Income charged under section 583 |
| 586 | Person liable for tax under section 583 |
Sales of patent rights |
| 587 | Charge to tax on income from sales of patent rights |
| 588 | Income charged under section 587 |
| 589 | Person liable for tax under section 587 |
| 590 | UK resident sellers: spreading rules |
| 591 | Non-UK resident sellers: election for spreading |
| 592 | Further provision about elections for spreading: instalments |
| 593 | Death of seller |
| 594 | Winding up of a body corporate |
| 595 | Deduction of tax from payments to non-UK residents |
| 596 | Adjustments where tax has been deducted |
| 597 | Licences connected with patents |
| 598 | Rights to acquire future patent rights |
| 599 | Sums paid for Crown use etc. treated as paid under licence |
Relief from income tax on patent income |
| 600 | Relief for expenses: patent income |
| 601 | How relief is given under section 600 |
Payments received after deduction of tax |
| 602 | Payments received after deduction of tax |
Supplementary |
| 603 | Contributions to expenditure |
| 604 | Contributions not made by public bodies nor eligible for tax relief |
| 605 | Exchanges |
| 606 | Apportionment where property sold together |
| 607 | Questions about apportionments affecting two or more persons |
| 608 | Meaning of "capital sums" etc. |
CHAPTER 3 |
| FILMS AND SOUND RECORDINGS: NON-TRADE BUSINESSES |
| 609 | Charge to tax on films and sound recordings businesses |
| 610 | Income charged |
| 611 | Person liable |
| 612 | Calculation of income |
| 613 | Application of trading income rules to non-trade businesses |
CHAPTER 4 |
| CERTAIN TELECOMMUNICATION RIGHTS: NON-TRADING INCOME |
| 614 | Charge to tax on certain telecommunication rights of a non-trader |
| 615 | Income charged |
| 616 | Person liable |
| 617 | Deductions in calculating certain income charged |
| 618 | Payments received after deduction of tax |
CHAPTER 5 |
| SETTLEMENTS: AMOUNTS TREATED AS INCOME OF SETTLOR |
| Charge to tax under Chapter 5 |
| 619 | Charge to tax under Chapter 5 |
| 620 | Meaning of "settlement" and "settlor" |
Income charged and person liable |
| 621 | Income charged |
| 622 | Person liable |
Rules for calculating income |
| 623 | Calculation of income |
Income treated as income of settlor: retained interests |
| 624 | Income where settlor retains an interest |
| 625 | Settlor's retained interest |
| 626 | Exception for outright gifts between spouses |
| 627 | Exceptions for certain types of income |
| 628 | Exception for gifts to charities |
Income treated as income of settlor: unmarried children |
| 629 | Income paid to unmarried minor children of settlor |
| 630 | Exception for gifts to charities |
| 631 | Retained and accumulated income |
| 632 | Offshore income gains |
Capital sums treated as income of settlor: trustees' payments |
| 633 | Capital sums paid to settlor by trustees of settlement |
| 634 | Meaning of "capital sum" and "sums paid to settlor" |
| 635 | Amount of available income |
| 636 | Calculation of undistributed income |
| 637 | Qualifications to section 636 |
Trustees' payments: further provisions |
| 638 | Capital sums paid by way of loan or repayment of loan |
| 639 | Loans to participators in close companies |
| 640 | Grossing-up of deemed income |
Capital sums treated as income of settlor: connected bodies |
| 641 | Capital sums paid to settlor by body connected with settlement |
| 642 | Exception for certain loans or repayments of loans |
| 643 | Interpretation of sections 641 and 642 |
Settlements by two or more settlors |
| 644 | Application to settlements by two or more settlors |
| 645 | Property or income originating from settlor |
Other supplementary provisions |
| 646 | Adjustments between settlor and trustees etc. |
| 647 | Power to obtain information |
| 648 | Income arising under a settlement |
CHAPTER 6 |
| BENEFICIARIES' INCOME FROM ESTATES IN ADMINISTRATION |
| Charge to tax on estate income |
| 649 | Charge to tax on estate income |
| 650 | Absolute, limited and discretionary interests |
| 651 | Meaning of "UK estate" and "foreign estate" |
Types of estate income |
| 652 | Estate income: absolute interests in residue |
| 653 | Meaning of "the administration period" and "the final tax year" |
| 654 | Estate income: limited interests in residue |
| 655 | Estate income: discretionary interests in residue |
Income charged and person liable |
| 656 | Income charged: UK estates |
| 657 | Income charged: foreign estates |
| 658 | Special rules for foreign income |
| 659 | Person liable |
Basic amount of estate income: general calculation rules |
| 660 | Basic amount of estate income: absolute interests |
| 661 | Basic amount of estate income: limited interests |
| 662 | Basic amount of estate income: discretionary interests |
| 663 | The applicable rate for grossing up basic amounts of estate income |
| 664 | The aggregate income of the estate |
Further provisions for calculating estate income relating to absolute interests |
| 665 | Assumed income entitlement |
| 666 | The residuary income of the estate |
| 667 | Shares of residuary income of estate |
| 668 | Reduction in share of residuary income of estate |
| 669 | Reduction in residuary income: inheritance tax on accrued income |
| 670 | Applicable rate for determining assumed income entitlement (UK estates) |
Special rules for successive interests |
| 671 | Successive absolute interests |
| 672 | Successive interests: assumed income entitlement of holder of absolute interest following limited interest |
| 673 | Successive interests: payments in respect of limited interests followed by absolute interests |
| 674 | Successive interests: holders of limited interests |
| 675 | Basic amount of estate income: successive limited interests |
| 676 | Apportionments |
Relief where foreign estates have borne UK income tax |
| 677 | Relief where UK income tax borne by foreign estate: absolute interests |
| 678 | Relief where UK income tax borne by foreign estate: limited and discretionary interests |
General |
| 679 | Income from which basic amounts are treated as paid |
| 680 | Income treated as bearing income tax |
| 681 | Transfers of assets etc. treated as payments |
| 682 | Assessments, adjustments and claims after the administration period |
CHAPTER 7 |
| ANNUAL PAYMENTS NOT OTHERWISE CHARGED |
| 683 | Charge to tax on annual payments not otherwise charged |
| 684 | Income charged |
| 685 | Person liable |
| 686 | Payments received after deduction of tax |
CHAPTER 8 |
| INCOME NOT OTHERWISE CHARGED |
| 687 | Charge to tax on income not otherwise charged |
| 688 | Income charged |
| 689 | Person liable |
PART 6 |
| EXEMPT INCOME |
| CHAPTER 1 |
| INTRODUCTION |
| 690 | Overview of Part 6 |
CHAPTER 2 |
| NATIONAL SAVINGS INCOME |
| 691 | National Savings Bank ordinary account interest |
| 692 | Income from savings certificates |
| 693 | Income from Ulster Savings Certificates |
CHAPTER 3 |
| INCOME FROM INDIVIDUAL INVESTMENT PLANS |
| 694 | Income from individual investment plans |
| 695 | Investment plans |
| 696 | Plan managers |
| 697 | Special requirements for certain foreign managers |
| 698 | Requirements for discharge of foreign institution's duties |
| 699 | Non-entitlement to exemption |
| 700 | Information |
| 701 | General and supplementary powers |
CHAPTER 4 |
| SAYE INTEREST |
| 702 | Interest under certified SAYE savings arrangements |
| 703 | Meaning of "certified SAYE savings arrangement" |
| 704 | Types of arrangements and providers |
| 705 | Certification of arrangements |
| 706 | Withdrawal and variation of certifications and connected requirements |
| 707 | Authorisation of providers |
| 708 | Withdrawal and variation of authorisations |
CHAPTER 5 |
| VENTURE CAPITAL TRUST DIVIDENDS |
| 709 | Venture capital trust dividends |
| 710 | Treatment of shares where annual acquisition limit exceeded |
| 711 | Identification of shares after disposals |
| 712 | Identification of shares after reorganisations etc. |
CHAPTER 6 |
| INCOME FROM FOTRA SECURITIES |
| 713 | Introduction: securities free of tax to residents abroad ("FOTRA securities") |
| 714 | Exemption of profits from FOTRA securities |
| 715 | Interest from FOTRA securities held on trust |
| 716 | Restriction on deductions etc. relating to FOTRA securities |
CHAPTER 7 |
| PURCHASED LIFE ANNUITY PAYMENTS |
| Partial exemption for purchased life annuity payments |
| 717 | Exemption for part of purchased life annuity payments |
| 718 | Excluded annuities |
| 719 | Extent of exemption under section 717 |
| 720 | Exempt proportion: term dependent solely on duration of life |
| 721 | Exempt sum: term dependent solely on duration of life |
| 722 | Consideration for the grant of annuities |
| 723 | Determinations |
| 724 | Regulations |
Immediate needs annuities |
| 725 | Annual payments under immediate needs annuities |
| 726 | Meaning of "care provider" |
CHAPTER 8 |
| OTHER ANNUAL PAYMENTS |
| Certain annual payments by individuals |
| 727 | Certain annual payments by individuals |
| 728 | Commercial payments |
| 729 | Payments for non-taxable consideration |
| 730 | Foreign maintenance payments |
Periodical payments of personal injury damages etc. |
| 731 | Periodical payments of personal injury damages |
| 732 | Compensation awards |
| 733 | Persons entitled to exemptions for personal injury payments etc. |
| 734 | Payments from trusts for injured persons |
Health and employment insurance payments |
| 735 | Health and employment insurance payments |
| 736 | Health and employment risks and benefits |
| 737 | Period for which payments may be made |
| 738 | Risk of significant loss |
| 739 | Conditions to be met by policies also providing other benefits |
| 740 | Conditions to be met where policies are linked |
| 741 | Aggregation of policies where employment ends for health reasons |
| 742 | Meaning of "the insured" |
| 743 | Policies for the benefit of others who contribute to premiums |
Payments to adopters |
| 744 | Payments to adopters: England and Wales |
| 745 | Payments to adopters: Scotland |
| 746 | Payments to adopters: Northern Ireland |
| 747 | Power to amend sections 744 to 746 |
Payments by persons liable to pool betting duty |
| 748 | Payments by persons liable to pool betting duty |
CHAPTER 9 |
| OTHER INCOME |
| Interest only income |
| 749 | Interest paid under repayment supplements |
| 750 | Interest from tax reserve certificates |
| 751 | Interest on damages for personal injury |
| 752 | Interest under employees' share schemes |
| 753 | Interest on repayment of student loan |
| 754 | Redemption of funding bonds |
| 755 | Interest on foreign currency securities etc. owned by non-UK residents |
| 756 | Which securities and loans are foreign currency ones for section 755 |
Interest and royalty payments |
| 757 | Interest and royalty payments: introduction |
| 758 | Exemption for certain interest and royalty payments |
| 759 | The person making the payment |
| 760 | The person beneficially entitled to the payment |
| 761 | Meaning of "25% associates" |
| 762 | Interest payments: exemption notices |
| 763 | Special relationships |
| 764 | Application of ICTA provisions about special relationships |
| 765 | Anti-avoidance |
| 766 | Interest and royalty payments: interpretation |
| 767 | Power to amend references to the Directive by order |
Income from commercial occupation of woodlands |
| 768 | Commercial occupation of woodlands |
Housing grants |
| 769 | Housing grants |
Approved share incentive plan distributions |
| 770 | Amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment |
Foreign income of consular officers and employees |
| 771 | Relevant foreign income of consular officers and employees |
| 772 | Further provisions about Orders under section 771 |
Income of non-UK residents from certain securities |
| 773 | Income from Inter-American Development Bank securities |
| 774 | Income from securities issued by designated international organisations |
Other |
| 775 | Income towards reducing the national debt |
| 776 | Scholarship income |
| 777 | VAT repayment supplements |
| 778 | Incentives to use electronic communications |
| 779 | Gains on commodity and financial futures |
| 780 | Disabled person's vehicle maintenance grant |
| 781 | Payments under New Deal 50plus |
| 782 | Payments under employment zone programme |
CHAPTER 10 |
| GENERAL |
| 783 | General disregard of exempt income for income tax purposes |
PART 7 |
| INCOME CHARGED UNDER THIS ACT: RENT-A -ROOm ANd FOSTEr-CARe RELIEf |
| CHAPTER 1 |
| RENT-A -ROOm RELIEf |
| Introduction |
| 784 | Overview of Chapter 1 |
| 785 | Person who qualifies for relief |
Basic definitions |
| 786 | Meaning of "rent-a-room receipts" |
| 787 | Meaning of "residence" |
| 788 | Meaning of "total rent-a-room amount" |
Individual's limit |
| 789 | The individual's limit |
| 790 | Exclusive receipts condition |
Relief if amount does not exceed limit |
| 791 | Full rent-a-room relief: introduction |
| 792 | Full rent-a-room relief: trading income |
| 793 | Full rent-a-room relief: property income |
| 794 | Full rent-a-room relief: income chargeable under Chapter 8 of Part 5 |
Alternative calculation of profits if amount exceeds limit |
| 795 | Alternative calculation of profits: introduction |
| 796 | Alternative calculation of profits: trading income |
| 797 | Alternative calculation of profits: property income |
| 798 | Alternative calculation of profits: income chargeable under Chapter 8 of Part 5 |
Elections |
| 799 | Election not to apply full relief |
| 800 | Election for alternative method of calculating profits |
| 801 | Time limit on adjustment of assessment |
Interpretation |
| 802 | Minor definitions |
CHAPTER 2 |
| FOSTER-CARE RELIEF |
| Introduction |
| 803 | Overview of Chapter 2 |
| 804 | Person who qualifies for relief |
Basic definitions |
| 805 | Meaning of "foster-care receipts" |
| 806 | Meaning of providing foster care |
| 807 | Calculation of "total foster-care receipts" |
Individual's limit |
| 808 | The individual's limit |
| 809 | Share of fixed amount: residence used by more than one foster carer |
| 810 | Share of fixed amount: income period not a year |
| 811 | The amount per child |
Relief if amount does not exceed limit |
| 812 | Full foster-care relief: introduction |
| 813 | Full foster-care relief: trading income |
| 814 | Full foster-care relief: income chargeable under Chapter 8 of Part 5 |
Alternative calculation of profits if amount exceeds limit |
| 815 | Alternative calculation of profits: introduction |
| 816 | Alternative calculation of profits: trading income |
| 817 | Alternative calculation of profits: income chargeable under Chapter 8 of Part 5 |
| 818 | Election for alternative method of calculating profits |
| 819 | Adjustment of assessment |
Periods of account not ending on 5th April |
| 820 | Periods of account not ending on 5th April |
| 821 | Meaning of "relevant limit" |
| 822 | Full relief |
| 823 | Alternative method of calculating profits |
Capital allowances for foster carers carrying on trade |
| 824 | Capital allowances: introduction |
| 825 | Carried forward unrelieved qualifying expenditure |
| 826 | Excluded capital expenditure |
| 827 | Excluded capital expenditure: subsequent treatment of asset |
Overlap profit |
| 828 | Overlap profit |
PART 8 |
| FOREIGN INCOME: SPECIAL RULES |
| CHAPTER 1 |
| INTRODUCTION |
| 829 | Overview of Part 8 |
| 830 | Meaning of "relevant foreign income" |
CHAPTER 2 |
| RELEVANT FOREIGN INCOME CHARGED ON REMITTANCE BASIS |
| Remittance basis |
| 831 | Claims for relevant foreign income to be charged on the remittance basis |
| 832 | Relevant foreign income charged on the remittance basis |
| 833 | Income treated as remitted: repayment of UK-linked debts |
| 834 | Arrangements treated as repayment of UK-linked debts |
Relief for delayed remittances |
| 835 | Relief for delayed remittances |
| 836 | Relief for delayed remittances: backdated pensions |
| 837 | Claims for relief on delayed remittances |
CHAPTER 3 |
| RELEVANT FOREIGN INCOME CHARGED ON ARISING BASIS: DEDUCTIONS AND RELIEFS |
| 838 | Expenses attributable to collection or payment of relevant foreign income |
| 839 | Annual payments payable out of relevant foreign income |
| 840 | Relief for backdated pensions charged on the arising basis |
CHAPTER 4 |
| UNREMITTABLE INCOME |
| 841 | Unremittable income: introduction |
| 842 | Claim for relief for unremittable income |
| 843 | Withdrawal of relief |
| 844 | Income charged on withdrawal of relief after source ceases |
| 845 | Valuing unremittable income |
PART 9 |
| PARTNERSHIPS |
| Introduction |
| 846 | Overview of Part 9 |
| 847 | General provisions |
| 848 | Assessment of partnerships |
Calculation of partners' shares |
| 849 | Calculation of firm's profits or losses |
| 850 | Allocation of firm's profits or losses between partners * |
| 851 | Calculations etc. where firm has other income or losses |
Firms with trading income |
| 852 | Carrying on by partner of notional trade |
| 853 | Basis periods for partners' notional trades |
Firms with trading and other source income |
| 854 | Carrying on by partner of notional business |
| 855 | Basis periods for partners' notional businesses |
| 856 | Overlap profits from partners' notional businesses |
Firms with a foreign element |
| 857 | Partners to whom the remittance basis may apply |
| 858 | Resident partners and double taxation agreements |
Miscellaneous |
| 859 | Special provisions about farming and property income |
| 860 | Adjustment income |
| 861 | Sale of patent rights: effect of partnership changes |
| 862 | Sale of patent rights: effect of later cessation of trade |
| 863 | Limited liability partnerships |
PART 10 |
| GENERAL PROVISIONS |
| CHAPTER 1 |
| INTRODUCTION |
| 864 | Overview of Part 10 |
CHAPTER 2 |
| GENERAL CALCULATION RULES ETC. |
| Unpaid remuneration |
| 865 | Unpaid remuneration: non-trades and non-property businesses |
Employee benefit contributions |
| 866 | Employee benefit contributions: non-trades and non-property businesses |
Business entertainment and gifts |
| 867 | Business entertainment and gifts: non-trades and non-property businesses |
Social security contributions |
| 868 | Social security contributions: non-trades etc. |
Penalties, interest and VAT surcharges |
| 869 | Penalties, interest and VAT surcharges: non-trades etc. |
Crime-related payments |
| 870 | Crime-related payments: non-trades and non-property businesses |
Apportionment of profits |
| 871 | Apportionment etc. of miscellaneous profits to tax year |
Calculation of losses |
| 872 | Losses calculated on same basis as miscellaneous income |
CHAPTER 3 |
| SUPPLEMENTARY AND GENERAL PROVISIONS |
| Orders and regulations |
| 873 | Orders and regulations made by Treasury or Board |
Interpretation |
| 874 | Activities in UK sector of continental shelf |
| 875 | Meaning of "caravan" |
| 876 | Meaning of "farming" and related expressions |
| 877 | Meaning of grossing up |
| 878 | Other definitions |
| 879 | Interpretation: Scotland |
| 880 | Interpretation: Northern Ireland |
General and final |
| 881 | Disapplication of corporation tax: section 9 of ICTA |
| 882 | Consequential amendments |
| 883 | Commencement and transitional provisions etc. |
| 884 | Repeals and revocations |
| 885 | Abbreviations and general index in Schedule 4 |
| 886 | Short title |
| | |