If you are thinking about setting up a business, and need it done quickly and easily with no additional requirements, then this package is the perfect choice.
This package is a cheap and efficient way to begin business, and includes the provision of a registered office address in London for the duration of one year.
This package is a not expensive and efficient way to begin business, and includes the provision of a registered office address in London and a nominee secretary for the duration of one year.
This package is one of the most cost effective and the efficient way to start a UK company, which includes a registered office address in London, a nominee secretary, and a nominee director for the duration of one year.
E-quick*
£32.00
Economy
£82.00
Premier
£207.00
Deluxe
£557.00
Usefull links
Further information
Private company limited by shares
No Annual Charges
Private company limited by shares
Annual Fee From: £50.00
Private company limited by shares
Annual Fee From: £175.00
Private company limited by shares
Annual Fee From: £525.00
Usefull links
Further information
Private Company Limited by Shares:
A private company limited by shares in England and Wales must have at least one director, one shareholder, and may have a secretary.
You need at least one person to form this type of company. If there is only one director, and that director is a natural person in your company, that director can also act as the secretary.
A company must have at least one director who is a natural person. This requirement is met if the office of director is held by a natural person as a corporation sole or otherwise by virtue of an office.
You can register a sole director' company, if you are familiar with the secretaries duties and responsibilities, because all of them belongs to a sole director.
The directors and secretary of your company can also be shareholders.
The Companies Act imposes no restriction on the minimum age of company directors. However Companies House will actively discourage the appointment of anyone under the age of 16 from taking up a company directorship on the grounds that the individuals concerned may not fully understand the legal liabilities that go with the position and for the most part will not have the experience necessary to perform the duties of a company director.
Under the Companies Act 2006, there is no restriction on any or all of the members/shareholders being from an overseas country (i.e. outside the United Kingdom in terms of residency, domicile, citizenship, place of incorporation or all or any of those concepts).
There is no requirement for the officers of your company to be UK citizens or residents, nor for them to hold valid work permits.
Owning, or being an officer of a UK company does not, however, grant you any right to live or work in the UK if you are a foreign national.
Your company must have a registered office address within England or Wales; this is the official address of your company and will be on the public record as such.
Your company must hold its official company documents at its registered office address: its register of shareholders, and its constitutional documents.
So long as you maintain a registered office address in England or Wales, you can conduct your business from any place in the world: you do not have to run your business from your registered office address.
Coddan offers company formation, ready-made company registration for UK limited companies.
We offer electronic filing enterprises & registering corporation services. In addition to
business registrations, we offer trademark registration, shareholder agreements, toll-free
numbers, telephone answering, virtual office and company searches for UK limited companies.
You are an accountant for whom company establishment is a frequent activity or an individual
ordering your first company registrations. Start a company by incorporating or forming a LTD,
PLC or LLP at Coddan. Learn about incorporation & how to incorporate your business
online: register a business name, company registration, business registration numbers, company
house web filing - business name registration check. Whether you start-up online, register
London business or form a corporation Scotland, we can help you understand the business start-up
process for filing LTD United Kingdom.
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Incorporate or form an LLC – online: company registrar
United Kingdom, limited company formations & corporation registration, electronically LLC
online, very easy and informative. In addition to private companies Great Britain, we offer
trademark registration, shareholder agreements, 0870 numbers, telephone answering, virtual office and company searches for English companies. Information to help start,
grow or manage a small business. If you are starting a business Edinburgh or starting own business Northern Ireland, read our starting business Republic of Ireland guide.
Home business and small business training and ideas site to help you start Belfast, grow, and expand a home-based business or search for the work at home job right.
An outline of the general steps for incorporation in Great Britain, explaining how to incorporate your business Dublin, from choosing where to incorporate your business.
UK ready-made company formation services and company registrations online, our offices keep a stock of ready made companies, and would be happy to supply details on request.
We offer offshore ready-made companies in different jurisdictions, readymade offshore companies also called as offshore shelf companies, shelf off-shore companies for sale:
starting applying for a business name, business name registration partnership, grants for
starting a business and starting a business from home.
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Open company same-day and offshore setting-up services using our online starting-up service for
Limited Liability Company Offshore companies. Start enjoying the tax benefits and personal
liability protection that forming a corporation or Limited Liability Company (LLC) provides.
Offshore company incorporation, offshore checking and offshore saving accounts, offshore time
deposits, offshore mutual funds, offshore money market accounts and offshore asset protection
provided by Coddan. Company formations, limited company formations, electronic incorporations,
company formation agents, paperless company registrar, electronic companies filing, United
Kingdom limited company, setting corporation Ireland, business incorporation Scotland, open
company England, London company registration, electronic companies filing, British companies
registrars, business consultants, company law, public limited company, plc, international
companies, ltd, inc, limited liability, enterprise, organization, organization, tax, taxation,
England, firm, partnership, trade, profession, contractors, business, private limited company,
limited by shares, ready-made companies, readymade company, aged company, off the shelf
company, shelf companies list.
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Specializes in company registration and secretarial services.
Provides list of shelf company, services and cost quotation, business name registration,
company house direct, starting a business - sole trader business registration.
This is actually a pretty good reason to incorporate in Delaware or Nevada. In fact, you could
be a foreigner from Lebanon, never setting foot on American soil, form a Delaware corporation
and no one would know who you are! However, many states will require the owners and/or officers
and/or directors information while operating in that state (as a foreign corp.). Besides,
how many small businesses require anonymity? Incorporate, incorporation, incorporating,
incorporation services, incorporating services, incorporate Wyoming business online,
incorporating Oregon business, New York LLC formation, Louisiana limited liability corporation,
Texas articles of incorporation, Florida company incorporation, California non profit
corporation, corporate name search offshore, BVI corporate name availability, Seychelles
corporate name registration.
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Learn about incorporation services UK and incorporate London
online: starting your own business, business ideas, starting a business on ebay or buying a
business with legal requirements for starting a business. Online England company formations,
online company London W1 formation, Glasgow formation agent, Liverpool formations agent,
Scottish companies house, forming a company Scotland, starting a business Wales, form a
limited company Oxford, United Kingdom business registration agents, online Great Britain
company registration. E-Business, small business, business structures defined: the limited
liability company business structures defined: the limited liability company IRS treatment of
the one-member LLC. An LLC with only one member / owner is automatically considered to be a
sole proprietorship unless an election is made to be treated as a corporation. Thus, the sole
member of an LLC will file (Form 1040), (U.S. Individual Income Tax Return), ideas for starting
a business, grants for starting a business, starting a business from home, starting your own
business - business ideas, starting a business on ebay, buying a business: legal requirements
for starting a business, ideas for starting a business.
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A business may be conducted by a company
as an entity in its own right and comes into existence by incorporation under companies
legislation which also regulates the running of the company and sets out the duties of its
officers. In recent years trading trusts have been commonly used as the structure for carrying
on a business with their main objective of tax minimization. A trust requires a trustee to act
on behalf of a trust and it has been preferable to have a company newly incorporated to act as
the trustee as it is believed that this limits the liability of the trust to the paid-up capital
of the Trustee Company. A trust is formed by a gift or settlement being made to the trustee on
behalf of the, as yet unformed, trust. A solicitor draws up a Trust Deed setting out the powers
and formalizing the administration of the trust. The trust has beneficiaries rather than
shareholders as in a company, who are entitled to distributions of capital and/or income and
these distributions, are controlled by the trustee.
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The distribution made to beneficiaries are
subject to income tax as part of their personal income and are liable for provisional tax on
these distributions. Citizens and residents of other countries may incorporate in the United
Kingdom through the standard incorporation procedures set forth by each state. Provides UK
company formations, trademark registration, registered office facilities and company secretary
services. Professional company formation, register your company online, we may establish new
business at one day. An online guide to starting up and expanding your business.
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This is one of our most popular packages with worldwide customers, and includes: -
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Our Deluxe package is a fast and easy option, it is ideal for the UK, EU, and international small to medium businesses who wish to appoint a nominee director and a nominee secretary in order to maintain the anonymity of the real owner, and it includes: -
Incorporation of your company from scratch using one of our registered office addresses in London, our nominee director and nominee secretary. We can appoint your own candidate(s) to the role of shareholder(s), or you can appoint a nominee sharholder provided by Coddan;
The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);
The provision of a nominee secretary for 12 months is included in the price of this package (our nominee secretary service is charged annually);
The provision of a nominee director for 12 months is also included in the price of this package (our nominee director service is charged annually);
The following two hard bound copies of corporate documents, will be send by post to you upon formation of your private limited company: -
A laminated copy of the certificate of incorporation of your company;
A hard bound copy of the memorandum and articles of association;
A hard bound copy of the minutes of the first meeting of directors;
Share certificates, and your company register;
The general power of attorney signed by a nominee director;
Pre-signed, undated resignation letter from a nominee director;
The agreement for the provision of nominee service and indemnification of nominee.
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This is our most popular package with the UK residents, and includes: -
The registration of your company from scratch using your own registered office address,
and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -
A certificate of incorporation (requires PDF file reader);
The memorandum & articles of association (requires PDF file reader);
The first meeting of the board of directors (requires PDF file reader);
Share certificates and a company register (requires PDF file reader).
*If you do not have an a valid address in the UK, which can be used as the registered office address for your company, please check our Economy package. The non-UK address cannot be acceptable as the office address for the UK company.
This is our most popular package with the UK and EU residents, and includes: -
The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The provision of a registered office address for 12 months is also included in the price of this package (our registered office address service is charged annually);
The following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -
A certificate of incorporation (requires PDF file reader);
The memorandum & articles of association (requires PDF file reader);
The first meeting of the board of directors (requires PDF file reader);
Share certificates and a company register (requires PDF file reader).
This is another one very popular package with worldwide customers, and includes: -
The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
The incorporation your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a members;
The government and initiation fees for incorporation are included in the price of this package;
The search for a company name availability, confirmation, and reservation;
An original certificate of incorporation
A hard bound copy of the memorandum & articles of association
The preparation and submission of the memorandum and articles of association;
A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The provision of a nominee director for one year is also included in the price of this package (our nominee director service is charged annually);
To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -
An original certificate of incorporation;
A hard bound copy of the memorandum and articles of association;
The minutes of the first meeting of the board of directors;
A completed register of directors and members;
An elegant printed membership certificates;
A pliers seal.
The general power of attorney signed by a nominee director (additional fee applies);
Pre-signed, undated resignation letter from a nominee director;
The agreement for the provision of a nominee service and indemnification of nominee.
This is our most popular package with international customers, and includes: -
The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
The registration your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint our own candidates to the role of a nominee director and a nominee member;
The government and initiation fees for incorporation are included in the price of this package;
The search for a company name availability, confirmation, and reservation;
The preparation and submission of the memorandum and articles of association;
A local registered office address and a local registered agent for one year are included in the price of this package (our registered agent & office address service are charged annually);
The provision of a nominee director for 12 months is included in the price of this package (our nominee director service is charged annually);
A completed register of directors and members
The provision of a nominee member for 12 months is also included in the price of this package (our nominee member service is charged annually);
To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -
An original certificate of incorporation;
A hard bound copy of the memorandum and articles of association;
The minutes of the first meeting of the board of directors;
A completed register of directors and members;
An elegant printed membership certificates;
A pliers seal.
Pre-signed, undated letters of resignation from a nominee director and a nominee member;
A general power of attorney signed by a nominee director (additional fee applies);
A declaration of trust from a nominee member;
An indemnity letter for the power of attorney;
A nominee agreement which provides for the indemnification of the nominees.
This is another one of our most popular packages for small and medium size businesses, such as those being run by a sole director from home, and for companies owned by overseas residents who still need a local registered office address, but would rather not open a local office in the UK;
This package is often chosen by such customers, who are looking to minimise a sole director' personal liability (and who are not quite familiar with the UK corporate legislation), because this package includes thye provision of a nominee secretary for 12 months. This package is also includes: -
The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, and shareholder;
The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);
The provision of a nominee secretary for 12 months is also included in the price of this package (our nominee secretary service is charged annually);
The following hard bound copy of the corporate documents, will be send by post to you, upon formation of your private limited company: -
A laminated copy of the certificate of incorporation of your company;
A hard bound copy of the memorandum and articles of association;
A hard bound copy of the minutes of the first meeting of directors;
Share certificates, and your company register.
This is another one very popular package with worldwide customers, and includes: -
The formation of a limited partnership usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
The incorporation your BVI offshore limited partnership from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a general partner;
The government and initiation fees for registration are included in the price of this package;
The search for a limited partnership name availability, confirmation, and reservation;
The preparation and submission of the partnership agreement;
A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
The provision of a nominee limited partner for one year is also included in the price of this package (our nominee limited partner service is charged annually);
To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -
An original certificate of incorporation;
A hard bound copy of the partnership agreement;
The minutes of the first meeting of the board of partners;
A completed register of partners;
An elegant printed membership certificates;
A pliers seal;
The general power of attorney signed by a nominee limited partner (additional fee applies);
Pre-signed, undated resignation letter from a nominee limited partner;
The agreement for the provision of a nominee service and indemnification of nominee.
This is our most popular package with international customers, and includes: -
This is our most popular package with international customers, and includes: -
1.—(1) The [1968 c. 3.] Capital Allowances Act 1968 and Part III of the [1971 c. 68.] Finance Act 1971 shall apply in relation to a trade, profession or vocation chargeable in accordance with section 65(3) as they apply to one chargeable to tax under Case I or II of Schedule D.
(2) No allowance shall be made under Chapter I of Part III of the Finance Act 1971 in respect of any expenditure incurred by a Member of the House of Commons in or in connection with the provision or use of residential or overnight accommodation to enable him to perform his duties as such a Member in or about the Palace of Westminster or his constituency.
3. The Taxes Management Act 1970 shall have effect subject to the amendments made by paragraphs 4 to 10 below.
4. The following subsections shall be inserted in section 8 after subsection (3)—
"(3A) A notice given to trustees under this section may require a return of the income arising to them to include particulars of the manner in which the income has been applied, including particulars as to the exercise of any discretion and of the persons in whose favour it has been exercised.
In this subsection "trustees" and "income" have the same meaning as in section 686 of the principal Act.
(3B) A notice given to a person under this section may require him to include in the return of his income particulars of premiums paid by him or his wife living with him under policies of life insurance or contracts for deferred annuities and of deductions made from the premiums payable."
5. In section 16(1)(c) and (2)(b) after "copyright" there shall be inserted "or public lending right".
6. The following section shall be inserted after section 16—
"Agency workers.
16A. — (1) Where—
(a) any services which an individual renders or is under an obligation to render under a contract are treated under section 134(1) of the principal Act as the duties of an office or employment held by him; or
(b) any remuneration receivable under or in consequence of arrangements to which subsection (6) of that section applies is treated under that subsection as emoluments of an office or employment held by an individual,
section 15 above shall apply as if that individual were employed— (i) in a case within paragraph (a) above, by the persons or each of the persons from whom he receives any remuneration under or in consequence of the contract; and (ii) in a case within paragraph (b) above, by the other party to the arrangements,and section 16 above shall not apply to any payments made to that individual under or in consequence of that contract or those arrangements.
(2) In subsection (1) above "remuneration", in relation to an individual, does not include anything in respect of which he would not have been chargeable to tax under Schedule E if it had been receivable in connection with an office or employment held by him but, subject to that, includes every form of payment and all perquisites, benefits and profits whatsoever. "
7.—(1) In subsection (1) of section 18 after the words "income tax" there shall be inserted the words "other than interest to which subsection (4) below applies".
(2) In subsection (2) and (3) of that section for the words "this section" there shall be substituted the words "subsection (1) above".
(3) The following subsection shall be inserted at the end of that section—
"(4) Where interest on any securities issued subject to the condition that interest is payable without deduction of tax is paid without deduction of tax—
(a) any person by whom such interest is paid,
(b) any person who receives, on behalf of any other person who is a registered or inscribed holder of such securities, any interest paid without deduction of tax, and
(c) any person who has acted as intermediary in the purchase of any securities on which the interest is payable without deduction of tax,
shall, on being so required by the Board, furnish to the Board— (i) the names and addresses of the persons to whom such interest has been paid, or on whose behalf such interest has been received, or on whose behalf such securities have been purchased, and (ii) the amount of the interest so paid or received, or the amount of the securities so purchased."
8.—(1) In subsection (1) of section 55 (recovery of tax not postponed) the following paragraph shall be added after paragraph (f)—
" (g) a notice under subsection (1) or subsection (3) of section 753 of the principal Act where, before the appeal is determined, the appellant is assessed to tax under section 747(4)(a) of that Act by reference to an amount of chargeable profits specified in that notice"
.
(2) The following subsection shall be inserted in that section after subsection (6)—
"(6A) Where an appeal is brought against an assessment to tax under section 747(4)(a) of the principal Act as well as against a notice under section 753(1) or (3) of that Act—
(a) an application under subsection (3) above may relate to matters arising on both appeals and, in determining the amount of tax the payment of which should be postponed, the Commissioners shall consider the matters so arising together; and
(b) if the Commissioners have determined the amount of tax the payment of which should be postponed solely in relation to one of the appeals, the bringing of the other appeal shall be taken to be a change of circumstances falling within subsection (4) above; and
(c) any reference in this section to the determination of the appeal shall be construed as a reference to the determination of the two appeals, but the determination of one before the other shall be taken to be a change of circumstances falling within subsection (4) above.
"
9. The following Table shall be substituted for the Table in section 98—
" TABLE
1.
2.
Part III of this Act, except sections 16 and 24(2).
In the principal Act—
section 38(5);
Section 51 of this Act.
section 41(2);
In the principal Act—
section 42;
section 181(1);
section 124(3);
regulations under section 202;
section 136(6);
section 217;
section 139(5) or (6);
section 226(3) and (4);
section 148(7);
section 234(7)(b), (8) and (9);
section 180(1);
section 250(6) and (7);
regulations under section 202;
section 272(7);
regulations under section 203;
section 310(4) and (5);
section 216;
regulations under section 333;
section 226(1) and (2);
regulations under section 476(1);
section 234(5), (6) and (7)(a);
section 481(5)(k);
section 250(1) to (5);
section 482(3);
section 310(1), (2) and (3);
regulations under section 482(11);
section 313(5);
section 483;
regulations under section 333;
regulations under section 555(7);
section 350(1);
section 561(8);
section 375(5);
section 588(7);
regulations under section 476(1);
regulations under section 602;
regulations under section 482(11);
section 605(1), (2), (3)(b) and (4);
section 552;
regulations under section 612(3);
regulations under section 555(7);
regulations under section 639;
regulations under section 566(1) or (2);
section 652;
section 669;
section 680;
section 577(4);
section 700(4);
section 588(6);
section 708;
regulations under section 602;
section 728;
section 605(3)(a);
section 729(11);
regulations under section 612(3);
section 730(8);
regulations under section 639;
section 737(8);
section 772(6);
section 745(1);
Schedule 3, paragraph 6;
section 755;
Schedule 13;
section 768(9);
regulations under paragraph 7 of Schedule 14;
section 772(1) and (3);
section 774(5);
Schedule 15, paragraph 14(4);
section 778;
Schedule 16;
section 815;
Schedule 22, paragraph 2.
Schedule 3, paragraph 13(1);
Regulations under section 149D of the Capital Gains Tax Act 1979.
Schedule 5, paragraph 10;
Section 67(2) of, and paragraph 4(1) of Schedule 12 to, the Finance Act 1980.
Schedule 9, paragraphs 6 and 25;
Regulations 16 and 17 of the Income Tax (Interest Relief) Regulations 1982.
Schedule 15, paragraph 14(5);
Paragraph 15(3) of Schedule 14 to the Finance Act 1984.
Schedule 19, paragraph 17;
Paragraph 10 of Schedule 16 to the Finance Act 1986.
Schedule 22, paragraph 4.
Section 32 of the Finance Act 1973.
Paragraph 2 of Schedule 15 to the Finance Act 1973.
Regulations under section 149D of the Capital Gains Tax Act 1979.
Paragraph 6(9) of Schedule 1 to the Capital Gains Tax Act 1979.
Section 67(4) of, and paragraph 4(3) of Schedule 12 to, the Finance Act 1980.
Section 84 of the Finance Act 1981.
Paragraph 15(1) of Schedule 14 to the Finance Act 1984.
Paragraph 6(1) of Schedule 22 to the Finance Act 1985.
The references in this Table to regulations under section 602 have effect only for the purpose of giving effect to any provision mentioned in paragraphs (a) and (b) of subsection (2) of that section."
10.—(1) The Taxes Management Act 1970, as amended by the Finance (No.2) Act 1987, shall have effect, after the day appointed under section 95 of the 1987 Act for the purposes of the provision in question, subject to the following amendments.
(2) In section 11(8) for "286" there shall be substituted "419".
(3) In section 30(2A) and (3A) for "87 of the Finance (No.2) Act 1987" there shall be substituted "826 of the principal Act".
(4) In section 87A—
(a) in subsection (1) for "243(4)" there shall be substituted "10"
(b) in subsection (3) for the words from "266" to "Taxes Act" there shall be substituted "346(2) or 347(1) of the principal Act, section 267(3C) or 278(5) of the Income and Corporation Taxes Act 1970"
(c) in subsection (4), in paragraph (a) for "85 of the Finance Act 1972" there shall be substituted "239 of the principal Act", and in paragraph (b) for "85" there shall be substituted "239" and
(d) in subsection (5) for the words from "subsection" to "1972" there shall be substituted "section 252(5) of the principal Act".
(5) In section 89 for "87 of the Finance (No.2) Act 1987" there shall be substituted "826 of the principal Act".
(6) In section 91(2A) for "90 of the Finance (No.2) Act 1987" there shall be substituted "10 of the principal Act".
(7) In section 94(8) for the words from "subsection (3)" to "1972" there shall be substituted "section 239(3) of the principal Act"
(8) In section 109—
(a) in subsection (3) for "286" and "(4)" there shall be substituted "419" and "(3)"
(b) in subsection (3A) for "(5)" and "286" (twice) there shall be substituted "(4)" and "419".
THE FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 c. 31 (N.I.)
11. In section 1 of the Friendly Societies Act (Northern Ireland) 1970 at the end of subsection (3) there shall be added the following—
"but nothing in this subsection shall apply with respect to—
(a) policies issued in respect of insurances made on or after 19th March 1985; or
(b) policies issued in respect of insurances made before that date which are varied on or after that date."
12. In section 38 of the Finance Act 1973 the following shall be substituted for subsection (4)—
"(4) Gains accruing to a person not resident in the United Kingdom on the disposal of exploration or exploitation rights or of exploration or exploitation assets shall, for the purposes of capital gains tax or corporation tax on chargeable gains, be treated as gains accruing on the disposal of assets used for the purposes of a trade carried on by that person in the United Kingdom through a branch or agency.
This subsection shall have effect in relation to gains accruing on disposals before 13th March 1984 with the omission of the words "exploration or exploitation assets".
13. In section 7 of the Friendly Societies Act 1974 at the end of subsection (3) there shall be added the following—
"but nothing in this subsection shall apply with respect to—
(a) policies issued in respect of insurances made on or after 19th March 1985; or
(b) policies issued in respect of insurances made before that date which are varied on or after that date."
THE SOCIAL SECURITY ACTS
14. In section 9(1) of the [1975 c. 14.] Social Security Act 1975 and the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 (Class IV contributions) the reference to profits or gains chargeable to income tax under Case I or II of Schedule D shall be taken to include a reference to profits or gains consisting of a payment of enterprise allowance (within the meaning of section 127 of this Act) chargeable to income tax under Case VI of Schedule D.
(a) for "the Taxes Act", in each place where it occurs except sections 1, 31 and 34(4)(a), the definition of "the Taxes Act" in section 155(1) and paragraph 6(8) of Schedule 1 and any provision mentioned in paragraph (b) below, there shall be substituted "the Taxes Act 1988"
(b) in sections 16, 26, 29A, 32, 35, 75, 84, 87, 98, 107 and 136(10), paragraphs 4 and 5 of Schedule 5 and paragraphs 12 and 21 of Schedule 6 for "the Taxes Act" there shall be substituted "the Taxes Act 1970"
and in addition the 1979 Act shall have effect subject to the amendments specified in relation thereto in paragraphs 16 to 28 and 32 below.
16. In section 18 (residence etc.) the following subsections shall be inserted after subsection (4)—
"(5) A period during which a member of a visiting force to whom section 323(1) of the Taxes Act 1988 applies is in the United Kingdom by reason solely of his being a member of that force shall not be treated for the purposes of capital gains tax either as a period of residence in the United Kingdom or as creating a change in his residence or domicile.
This subsection shall be construed as one with subsection (2) of section 323 and subsections (4) to (8) of that section shall apply accordingly.
(6) An Agent-General who is resident in the United Kingdom shall be entitled to the same immunity from capital gains tax as that to which the head of a mission so resident is entitled under the Diplomatic Privileges Act 1964.
(7) Any person having or exercising any employment to which section 320(2) of the Taxes Act 1988 applies (not being a person employed in any trade, business or other undertaking carried on for the purposes of profit) shall be entitled to the same immunity from capital gains tax as that to which a member of the staff of a mission is entitled under the Diplomatic Privileges Act 1964.
(8) Subsections (6) and (7) above shall be construed as one with section 320 of the Taxes Act 1988."
17. In section 31 (consideration chargeable to tax on income) the following subsection shall be inserted after subsection (3)—
"(4) The reference in subsection (1) above to computing income or profits or gains or losses shall not be taken as applying to a computation of a company's income for the purposes of subsection (2) of section 76 of the Taxes Act 1988."
18. The following section shall be inserted after section 32—
"Expenditure: amounts to be included as consideration.
32A. — (1) Section 32(1)(a) above applies as if the relevant amount as defined in the following provisions of this section in the cases there specified had formed part of the consideration given by the person making the disposal for his acquisition of the assets in question.
(2) Where an amount is chargeable to tax by virtue of section 162(5) of the Taxes Act 1988 in respect of shares or an interest in shares, then—
(a) on a disposal of the shares or interest, where that is the event giving rise to the charge; or
(b) in any case, on the first disposal of the shares or interest after the event,
the relevant amount is a sum equal to the amount so chargeable.
(3) If a gain chargeable to tax under section 135(1) or (6) of the Taxes Act 1988 is realised by the exercise of a right to acquire shares, the relevant amount is a sum equal to the amount of the gain so chargeable to tax.
(4) Where an amount is chargeable to tax under section 138 of the Taxes Act 1988 on a person acquiring any shares or interest in shares, then on the first disposal (whether by him or another person) of the shares after his acquisition, the relevant amount is an amount equal to the amount so chargeable.
(5) Where an amount was chargeable to tax under section 185(6) of the Taxes Act 1988 in respect of shares acquired in exercise of any such right as is mentioned in section 185(1) of that Act, the relevant sum in relation to those shares is an amount equal to the amount so chargeable.
(6) Subsections (2), (3), (4) and (5) above shall be construed as one with sections 162, 135, 138 and 185 of the Taxes Act 1988 respectively. "
19. In section 33 (exclusion of certain expenditure) the following subsection shall be added after subsection (2)—
"(3) No account shall be taken of any relief under Chapter II of Part IV of the Finance Act 1981 or under Schedule 5 to the Finance Act 1983, in so far as it is not withdrawn and relates to shares issued before 19th March 1986, in determining whether any sums are excluded by virtue of subsection (1) or (2) above from the sums allowable as a deduction in the computation of gains or losses for the purposes of this Act."
20. The following section shall be inserted after section 33—
"Transfer of certain securities.
33A. — (1) Where there is a transfer of securities within the meaning of section 710 of the Taxes Act 1988 (accrued income scheme)—
(a) if section 713(2)(a) or (3)(a) of that Act applies, section 31 above shall be disregarded in computing for capital gains tax purposes the gain accruing on the disposal concerned;
(b) if section 713(2)(b) or (3)(b) of that Act applies, section 33 above shall be disregarded in computing for capital gains tax purposes the gain accruing to the transferee if he disposes of the securities;
but subsections (2) and (3) below shall apply.
(2) Where the securities are transferred with accrued interest (within the meaning of section 711 of that Act)—
(a) if section 713(2)(a) of that Act applies, an amount equal to the accrued amount (determined under that section) shall be excluded from the consideration mentioned in subsection (8) below;
(b) if section 713(2)(b) of that Act applies, an amount equal to that amount shall be excluded from the sums mentioned in subsection (9) below.
(3) Where the securities are transferred without accrued interest (within the meaning of section 711 of that Act)—
(a) if section 713(3)(a) of that Act applies, an amount equal to the rebate amount (determined under that section) shall be added to the consideration mentioned in subsection (8) below;
(b) if section 713(3)(b) of that Act applies, an amount equal to that amount shall be added to the sums mentioned in subsection (9) below.
(4) Where section 716 of that Act applies—
(a) if subsection (2) or (3) of that section applies, section 31 above shall be disregarded in computing for capital gains tax purposes the gain accruing on the disposal concerned, but the relevant amount shall be excluded from the consideration mentioned in subsection (8) below; and
(b) if subsection (4) of that section applies and the securities were transferred as mentioned in subsection (1) of that section after 18th March 1986, section 33 above shall be disregarded in computing for capital gains tax purposes the gain accruing on the disposal concerned, but the relevant amount shall be excluded from the sums mentioned in subsection (9) below.
(5) In subsection (4) above "the relevant amount" means an amount equal to—
(a) if paragraphs (b) and (c) below do not apply, the amount of the unrealised interest in question;
(b) if section 719 of the Taxes Act 1988 applies— (i) in a case falling within subsection (4)(a) above, amount A (within the meaning of section 719); (ii) in a case falling within subsection (4)(b) above, amount C (within the meaning of section 719);
(c) if the unrealised interest is subject to the provisions of regulations under section 476(1) of that Act and would not on being paid (to whatever person) be a gross payment within the meaning of those regula-tions, the grossed up equivalent of the unrealised interest (calculated in accordance with section 726 of that Act).
Paragraphs (a), (b) and (c) above shall be construed as one with sections 716, 719 and 726 respectively.
(6) In relation to any securities which by virtue of subsection (7) below are treated for the purposes of this sub-paragraph as having been transferred, subsections (2) and (3) above shall have effect as if for "applies" (in each place where it occurs) there were substituted "would apply if the disposal were a transfer".
(7) Where there is a disposal of securities for capital gains tax purposes which is not a transfer for the purposes of section 710 of the Taxes Act 1988 but, if it were such a transfer, one or more of the following paragraphs would apply, namely, paragraphs (a) and (b) of section 713(2) and paragraphs (a) and (b) of section 713(3) of that Act, the securities shall be treated—
(a) for the purposes of subsection (6) above, as transferred on the day of the disposal, and
(b) for the purposes of subsections (2) and (3) above, as transferred with accrued interest if, had the disposal been a transfer for the purposes of section 710, it would have been a transfer with accrued interest and as transferred without accrued interest if, had the disposal been such a transfer, it would have been a transfer without accrued interest.
(8) The consideration is the consideration for the disposal of the securities transferred which is taken into account in the computation for capital gains tax purposes of the gain accruing on the disposal.
(9) The sums are the sums allowable to the transferee as a deduction from the consideration in the computation for capital gains tax purposes of the gain accruing to him if he disposes of the securities.
(10) Where on a conversion or exchange of securities a person is treated as entitled to a sum under subsection (2)(a) of section 713 of the Taxes Act 1988 an amount equal to the accrued amount (determined under that section) shall, for capital gains tax purposes, be treated as follows—
(a) to the extent that it does not exceed the amount of any consideration which the person receives (or is deemed to receive) or becomes entitled to receive on the conversion or exchange (other than his new holding), it shall be treated as reducing that consideration; and
(b) to the extent that it does exceed that amount, it shall be treated as consideration which the person gives on the conversion or exchange;
and where on a conversion or exchange of securities a person is treated as entitled to relief under subsection (3)(a) of that section an amount equal to the rebate amount (determined under that section) shall, for capital gains tax purposes, be treated as consideration which the person receives on the conversion or exchange.
(11) In subsection (10) above "conversion" means conversion within the meaning of section 82 below and "exchange" means an exchange which by virtue of Chapter II of Part IV of this Act does not involve a disposal. "
21. In section 101 the following subsection shall be inserted after subsection (8)—
"(8A) Section 356(3)(b) and (5) of the Taxes Act 1988 shall apply for the purposes of subsection (8) above only in relation to residence on or after 6th April 1983 in living accommodation which is job-related within the meaning of that section."
22. The following section shall be inserted after section 123—
"Harbour authorities.
123A. — (1) For the purposes of this Act any asset transferred on the transfer of the trade shall be deemed to be for a consideration such that no gain or loss accrues to the transferor on its transfer; and for the purposes of Schedule 5 to this Act the transferee shall be treated as if the acquisition by the transferor of any asset so transferred had been the transferee's acquisition thereof.
(2) This section applies only where the trade transferred is transferred from any body corporate other than a limited liability company to a harbour authority by or under a certified harbour reorganisation scheme (within the meaning of section 518 of the Taxes Act 1988) which provides also for the dissolution of the transferor. "
23. The following section shall be inserted after section 132—
"Deep discount securities.
132A. — (1) Subject to subsections (2) and (3) below, in computing for the purposes of capital gains tax, the gain accruing on the disposal by any person of any deep discount securities (within the meaning of Schedule 4 to the Taxes Act 1988)—
(a) section 31 above shall not apply but the consideration for the disposal shall be treated as reduced by the amount mentioned in paragraph 4(1)(a) of that Schedule (including any amount mentioned in paragraph 3 of that Schedule); and
(b) where that amount exceeds the consideration for the disposal, the amount of the excess shall be treated as expenditure within section 32(1)(b) above incurred by that person on the security immediately before the disposal.
(2) Subsection (3) below applies where—
(a) there is a conversion of securities to which section 82 above applies and those securities include deep discount securities; or
(b) securities including deep discount securities are exchanged (or by virtue of section 86(1) above are treated as exchanged) for other securities in circumstances in which section 85(3) above applies.
(3) Where this subsection applies—
(a) subsection (1) and section 31 above shall not apply but any sum payable to the beneficial owner of the deep discount securities by way of consideration for their disposal (in addition to his new holding) shall be treated for the purpose of capital gains tax as reduced by the amount of the accrued income on which he is chargeable to income tax by virtue of paragraph 7(3) of Schedule 4 to the Taxes Act 1988 or, in a case where paragraph 3 of that Schedule applies, on which he would be so chargeable if that paragraph did not apply; and
(b) where that amount exceeds any such sum, the excess shall be treated as expenditure within section 32(1)(b) above incurred by him on the security immediately before the time of the conversion or exchange.
(4) Where a disposal of a deep discount security is to be treated for the purposes of capital gains tax as one on which neither a gain nor a loss accrues to the person making the disposal, the consideration for which the person acquiring the security would, apart from this subsection, be treated for those purposes as having acquired the security shall be increased by the amount mentioned in paragraph 4(1)(a) of Schedule 4 to the Taxes Act 1988 (including any amount mentioned in paragraph 3 of that Schedule). "
.
24. The following section shall be inserted after section 142—
"Disposal of assets in premiums trust fund etc.
142A. — (1) Subject to subsection (4) below, for the year 1972-73 and subsequent years of assessment the chargeable gains or allowable losses accruing on the disposal of assets forming part of a premiums trust fund shall be taken to be those allocated to the corresponding underwriting year.
(2) The amount of the gains or losses so allocated at the end of any accounting period shall be such proportion of the difference mentioned in subsection (3) below as is allocated to the underwriting year under the rules or practice of Lloyd's.
(3) That difference is the difference between the valuations at the beginning and at the end of the accounting period of the assets forming part of the fund, the value at the beginning of the period of assets acquired during the period being taken as the cost of acquisition and the value at the end of the period of assets disposed of during the period being taken as the consideration for the disposal.
(4) Subsections (1) to (3) above do not apply to the computation of chargeable gains or allowable losses on the disposal of gilt-edged securities as defined in Schedule 2 to this Act or of qualifying corporate bonds as defined in section 64 of the Finance Act 1984.
(5) The Board may, by regulations made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons, provide—
(a) for the assessment and collection of tax charged in accordance with this section;
(b) for modifying the provisions of this section in relation to syndicates continuing for more than two years after the end of an underwriting year;
(c) for giving relief from capital gains tax in cases of an underwriter dying while carrying on his business, and
(d) for giving credit for foreign tax.
"
25. The following section shall be inserted after section 144—
Profit sharing and share option schemes
Approved profit sharing and share option schemes.
144A. — (1) Notwithstanding anything in a profit sharing scheme approved under Schedule 9 of the Taxes Act 1988 or in paragraph 2(2) of that Schedule or in the trust instrument relating to that scheme, for the purposes of capital gains tax a person who is a participant in relation to that scheme shall be treated as absolutely entitled to his shares as against the trustees of the scheme.
(2) For the purposes of capital gains tax—
(a) no deduction shall be made from the consideration for the disposal of any shares by reason only that an amount determined under section 186 or 187 of or Schedule 9 or 10 to the Taxes Act 1988 is chargeable to income tax under section 186(3) or (4) of that Act;
(b) any charge to income tax by virtue of section 186(3) of that Act shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 72(5)(b) above;
(c) nothing in any provision of section 186 or 187 of or Schedule 9 or 10 to that Act with respect to— (i) the order in which any of a participant's shares are to be treated as disposed of for the purposes of those provisions as they have effect in relation to profit sharing schemes, or (ii) the shares in relation to which an event is to be treated as occurring for any such purpose,shall affect the rules applicable to the computation of a gain accruing on a part disposal of a holding of shares or other securities which were acquired at different times; and
(d) a gain accruing on an appropriation of shares to which section 186(11) applies shall not be a chargeable gain.
(3) In subsection (2) above "participant" and "the trust instrument" have the meanings given by section 187 of the Taxes Act 1988.
(4) Where a right to acquire shares in a body corporate is released in consideration of the grant of a right to acquire shares in another body corporate in accordance with a provision included in a scheme pursuant to paragraph 15 of Schedule 9 to the Taxes Act 1988, the transaction shall not be treated for the purposes of this Act as involving any disposal of the first-mentioned right but for those purposes the other right shall be treated as the same asset acquired as the first-mentioned right was acquired.
This subsection does not apply in relation to a savings-related share option scheme, within the meaning of section 187 of that Act, unless the first-mentioned right was acquired as mentioned in section 185(1) of that Act.
"
26. The following sections shall be inserted after section 149—
"Building societies and life policies.
149A. — (1) If in the course of or as part of an amalgamation of two or more building societies or a transfer of engagements from one building society to another, there is a disposal of an asset by one society to another, both shall be treated for the purposes of corporation tax on chargeable gains as if the asset were acquired from the one making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.
In this subsection "building society" means a building society within the meaning of the Building Societies Act 1986.
(2) Where any investments or other assets are or have been, in accordance with a policy issued in the course of life assurance business carried on by an insurance company, transferred to the policy holder on or after 6th April 1967, the policy holder's acquisition of the assets and the disposal of them to him shall be deemed to be, for the purposes of this Act, for a consideration equal to the market value of the assets.
In this subsection "life assurance business" and "insurance company" have the same meaning as in Chapter I of Part XII of the Taxes Act 1988.
Miscellaneous exemptions.
149B. — (1) The following gains shall not be chargeable gains—
(a) gains accruing on the disposal of stock— (i) transferred to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners in pursuance of any Act of Parliament; or (ii) belonging to the Crown, in whatever name it may stand in the books of the Bank of England;
(b) any gain accruing to a person from his acquisition and disposal of assets held by him as part of a fund mentioned in section 613(4) of the Taxes Act 1988 (Parliamentary pension funds) or of which income is exempt from income tax under section 614(1) of that Act (social security supplementary schemes);
(c) any gain accruing to a person from his acquisition and disposal of assets held by him as part of a fund mentioned in section 614(4) or paragraph (b), (c), (d), (f) or (g) of section 615(2) of the Taxes Act 1988 (India etc. pension funds) or as part of a fund to which subsection (3) of that section applies (pension funds for overseas employees);
(d) any gain accruing to a person from his acquisition and disposal of assets held by him as part of any fund maintained for the purpose mentioned in subsection (5)(b) of section 620 or subsection (5) of section 621 of the Taxes Act 1988 under a scheme for the time being approved under that subsection;
(e) any gain accruing on the disposal by the trustees of any settled property held on trusts in accordance with directions which are valid and effective under section 9 of the Superannuation and Trust Funds (Validation) Act 1927 (trust funds for the reduction of the National Debt);
(f) any gain accruing to a consular officer or employee, within the meaning of section 322 of the Taxes Act 1988, of any foreign state to which that section applies on the disposal of assets which at the time of the disposal were situated outside the United Kingdom;
(g) any gain accruing to a person from his disposal of investments if, or to such extent as the Board are satisfied that, those investments were held by him or on his behalf for the purposes of a scheme which at the time of the disposal is an exempt approved scheme;
(h) any gain accruing to a person on his disposal of investments held by him for the purposes of an approved personal pension scheme;
(j) any gain accruing to a unit holder on his disposal of units in an authorised unit trust which is also an approved personal pension scheme or is one to which section 592(10) of the Taxes Act 1988 applies.
In this subsection "exempt approved scheme" and "approved personal pension scheme" have the same meanings as in Part XIV of the Taxes Act 1988.
(2) Where a claim is made in that behalf, a gain which accrues to a person on the disposal of investments shall not be a chargeable gain for the purposes of capital gains tax if, or to such extent as the Board are satisfied that, those investments were held by him or on his behalf for the purposes of a fund to which section 608 of the Taxes Act 1988 applies.
A claim under this subsection shall not be allowed unless the Board are satisfied that the terms on which benefits are payable from the fund have not been altered since 5th April 1980.
(3) A local authority, and a local authority association, within the meaning of section 519 of the Taxes Act 1988, shall be exempt from capital gains tax.
(4) Any terminal bonus, or interest or other sum, payable under a certified contractual savings scheme—
(a) in respect of money raised under section 12 of the National Loans Act 1968; or
(b) in respect of shares in a building society,
shall be disregarded for all purposes of the enactments relating to capital gains tax.
This subsection shall be construed as one with section 326 of the Taxes Act 1988.
(5) A signatory to the Operating Agreement made pursuant to the Convention on the International Maritime Satellite Organisation which came into force on 16th July 1979, other than a signatory designated for the purposes of the Agreement by the United Kingdom in accordance with the Convention, shall be exempt from capital gains tax in respect of any payment received by that signatory from the Organisation in accordance with the Agreement.
(6) The following shall, on a claim made in that behalf to the Board, be exempt from tax in respect of all chargeable gains—
(a) the Trustees of the British Museum and the Trustees of the British Museum (Natural History); and
(b) an Association within the meaning of section 508 of the Taxes Act 1988 (scientific research organisations).
(7) The Historic Buildings and Monuments Commission for England, the Trustees of the National Heritage Memorial Fund, the United Kingdom Atomic Energy Authority and the National Radiological Protection Board shall be exempt from tax in respect of chargeable gains; and for the purposes of this subsection gains accruing from investments or deposits held for the purposes of any pension scheme provided and maintained by the United Kingdom Atomic Energy Authority shall be treated as if those gains and investments and deposits belonged to the Authority.
(8) There shall be exempt from tax any chargeable gains accruing to the issue department of the Reserve Bank of India constituted under an Act of the Indian legislature called the Reserve Bank of India Act 1934, or to the issue department of the State Bank of Pakistan constituted under certain orders made under section 9 of the Indian Independence Act 1947.
(9) Any disposal and acquisition made in pursuance of an arrangement mentioned in subsection (1) or (2) of section 129 of the Taxes Act 1988 (stock lending) shall, subject to regulations under subsection (4) of that section, be disregarded for the purposes of capital gains tax.
Business expansion schemes.
149C. — (1) In this section "relief" means relief under Chapter III of Part VII of the Taxes Act 1988, Schedule 5 to the Finance Act 1983 ("the 1983 Act") or Chapter II of Part IV of the Finance Act 1981 ("the 1981 Act") and "eligible shares" has the meaning given by section 289(4) of the Taxes Act 1988.
(2) A gain or loss which accrues to an individual on the disposal of any shares issued after 18th March 1986 in respect of which relief has been given and not withdrawn shall not be a chargeable gain or allowable loss for the purposes of capital gains tax.
(3) The sums allowable as deductions from the consideration in the computation for the purposes of capital gains tax of the gain or loss accruing to an individual on the disposal of shares issued before 19th March 1986 in respect of which any relief has been given and not withdrawn shall be determined without regard to that relief, except that where those sums exceed the consideration they shall be reduced by an amount equal to—
(a) the amount of that relief; or
(b) the excess,
whichever is the less, but the foregoing provisions of this subsection shall not apply to a disposal falling within section 44(1) above.
(4) Sections 88 and 89 of the Finance Act 1982 (identification of securities disposed of) shall not apply to shares in respect of which any relief has been given and not withdrawn; and any question—
(a) as to which of any such shares issued to a person at different times a disposal relates; or
(b) whether a disposal relates to such shares or to other shares;
shall for the purposes of capital gains tax be determined as for the purposes of section 299 of the Taxes Act 1988, or section 57 of the Finance Act 1981 if the relief has only been given under that Act.
(5) Where an individual holds shares which form part of the ordinary share capital of a company and the relief has been given (and not withdrawn) in respect of some but not others, then, if there is within the meaning of section 77 above a reorganisation affecting those shares, section 78 shall apply separately to the shares in respect of which the relief has been given (and not withdrawn) and to the other shares (so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding).
(6) Where section 44 above has applied to any eligible shares disposed of by an individual to his or her spouse ("the transferee"), subsection (2) above shall apply in relation to the subsequent disposal of the shares by the transferee to a third party.
(7) Where section 85 or 86 above would, but for this subsection, apply in relation to eligible shares in respect of which an individual has been given relief, that section shall apply only if the relief is withdrawn.
(8) Sections 78 to 81 above shall not apply in relation to any shares in respect of which relief (other than relief under the 1981 Act) has been given and which form part of a company's ordinary share capital if—
(a) there is, by virtue of any such allotment for payment as is mentioned in section 77(2)(a) above, a reorganisation occurring after 18th March 1986 affecting those shares; and
(b) immediately following the reorganisation, the relief has not been withdrawn in respect of those shares or relief has been given in respect of the allotted shares and not withdrawn.
(9) Where relief is reduced by virtue of subsection (2) of section 305 of the Taxes Act 1988—
(a) the sums allowable as deductions from the consideration in the computation, for the purposes of capital gains tax, of the gain or loss accruing to an individual on the disposal, after 18th March 1986, of any of the allotted shares or debentures shall be taken to include the amount of the reduction apportioned between the allotted shares or (as the case may be) debentures in such a way as appears to the inspector, or on appeal to the Commissioners concerned, to be just and reasonable; and
(b) the sums so allowable on the disposal (in circumstances in which subsections (2) to (7) above do not apply) of any of the shares referred to in section 305(2)(a) shall be taken to be reduced by the amount mentioned in paragraph (a) above, similarly apportioned between those shares.
(10) There shall be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the relief being given or withdrawn.
Personal equity plans.
149D. — (1) The Treasury may make regulations providing that an individual who invests under a plan shall be entitled to relief from capital gains tax in respect of the investments.
(2) Subsections (2) to (5) of section 333 of the Taxes Act 1988 (personal equity plans) shall apply in relation to regulations under subsection (1) above as they apply in relation to regulations under subsection (1) of that section but with the substitution for any reference to income tax of a reference to capital gains tax.
(3) Regulations under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons. "
.
27. In section 155 (interpretation) after subsection (1) there shall be inserted—
"(1A) In this Act "retail prices index" shall have the same meaning as in the Income Tax Acts and, accordingly, any reference in this Act to the retail prices index shall be construed in accordance with section 833(2) of the Taxes Act 1988."
.
28. In section 157 (savings) after subsection (1) there shall be inserted—
"(1A) No letters patent granted or to be granted by the Crown to any person, city, borough or town corporate of any liberty, privilege, or exemption from subsidies, tolls, taxes, assessments or aids, and no statute which grants any salary, annuity or pension to any person free of any taxes, deductions or assessments, shall be construed or taken to exempt any person, city, borough or town corporate, or any inhabitant of the same, from tax chargeable in pursuance of this Act."
30. In paragraph 36(3) of Schedule 2 to the Administration of Justice Act 1985 for all the words preceding "any reference" there shall be substituted the words "(3) In sections 745(3) and 778(3) of, and paragraph 14(5) of Schedule 15 to, the Income and Corporation Taxes Act 1988".
LAW REFORM (MISCELLANEOUS PROVISIONS) (SCOTLAND) ACT 1985 c. 73
31. In Schedule 1 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 for the heading preceding paragraph 41 there shall be substituted the following—
Income and Corporation Taxes Act 1988
;and in paragraph 41 for "30(5)" there shall be substituted the words "745(3) and 778(3) of, and paragraph 14(5) of Schedule 15 to, the Income and Corporation Taxes Act 1988".
TRANSLATION OF REFERENCES TO ENACTMENTS REPEALED AND RE-ENACTED
32. In the enactments specified in Column 1 of the following Table for the words set out or referred to in Column 2 there shall be substituted the words set out in the corresponding entry in Column 3.
subsection (1) of section 468 of the Income andCorporation Taxes Act 1988, in relation to which that subsection does not, by virtue of subsection (5) of that section, apply.
In the Finance Act (Northern Ireland) 1967 c. 20 (N.I.)
Section 6(3)
52 of the Finance Act 1974
519 of the Income and Corporation Taxes Act 1988
In the Provisional Collection of Taxes Act 1968 c. 2
Section
1(1A)(a)
343 of the Income and Corporation Taxes Act 1970
476 of the Income and Corporation Taxes Act 1988
1(1A)(b)
27 of the Finance Act 1984
479 of that Act
5(1)(c)
from "243(6)" to "1972"
8(5) of the Income and Corporation Taxes Act 1988
5(2)
from "the said" to "1972"
sections 8(5) and 822 of the 1988 Act (over-deductions from preference dividends before passing of annual Act)
sections 141, 142, 143, 145 or 154 to 165 of the principal Act
15(11)(b)
Part II of the Finance Act 1976
Part V of the principal Act
19(2)
80 to 82
34 to 36
27(2)
454(3)
681(4)
29(2)
Schedule 16 to the Finance Act 1972
sections 426 to 430 of the principal Act
29(8)
39(3)
284(4)
30
47 or 48 (twice)
824 or 825 of the principal Act or section 47
31
all of subsection (3)
(3) The appeal shall be to the Special Commissioners if the assessment is made—
(a) by the Board; or
(b) under section 350, 426, 445, 740, 743(1) or 747(4)(a) of the principal Act; or
(c) under section 38 of the Finance Act 1973 or section 830 of the principal Act and is not an assessment to tax under Schedule E;
or if the appeal involves any question as to the application of Part XV or XVI of the principal Act.
35(2)(b)
187
148
42(3)(a)
27
278
42(3)(c)
section 218
subsection (5) of section 614
42(3)(c)
that section
section 615(3) of that Act
47B
Schedule 5 to the Finance Act 1983
Chapter III of Part VII of the principal Act
47B
paragraph 5A(5) of that Schedule
section 294(5) of that Act
55(1)(b)
204
203
55(1)(c)
Schedule 20 to the Finance Act 1972
Schedule 16 to the principal Act
55(1)(e)
Schedule 14 to the Finance Act 1972
Schedule 13 to the principal Act
55(1)(g)
88 of the Finance Act 1984
753 of the principal Act
55(1)(g)
82(4)(a)
747(4)(a)
58(3)(b)
from "sections" to "that Act or"
section 102, 113(5), 263(5) and (6), 343(10) or 783(9) of the principal Act, or paragraph 22 of Schedule 7 to the Income and Corporation Taxes Act 1970, or
63(3) (as substituted by Schedule 4 to the Debtors (Scotland) Act 1987 c. 18)
204
203
71(1)
Part XI
sections 6 to 12 and Parts VIII and XI
78(1)
89
43
78(4)
VII of Part II of the Finance Act 1984
V of Part XVII of the principal Act
78(5)
533
839
86(2)(b)
204
203
86(2)(d)
14 to the Finance Act 1972
13 to the principal Act
86(4)
5 (three times)
3
86(4)
4(3)
5(4)
86(4)
14 to the Finance Act 1972
13 to the principal Act
86(4)
243(4)
10(1)
86(4)
344
478
87
14 (four times)
13
87
20 (four times)
16
87
the Finance Act 1972
the principal Act
88(2)
14 or 20 to the Finance Act 1972
13 or 16 to the principal Act
88(5)(b)
4(2)
5(2)
88(5)(c)
4(3)
5(4)
91(3)(c)
204
203
93(1)
39(3)
284(4)
93(3)
204
203
94(2)
240(5) or 246(3)
7(2) or 11(3)
95(1)(a)
39(3)
284(4)
109(4)
286(5)
419(4)
109(1)-(3),(5)
section 286
sections 419 and 420
118(1)
526(5)
832(1)
118(1)
354
468
118(1)
1970
1988
Schedule
2, para.2(2), in column 1 of the Table
II of Part I
I of Part VII
65(4)
351(5)
3
2
para.2(2), in column 2 of the Table
158(1)
121(1), (2)
315(3)
441(3)
331
459
332
460
338
467
339
484
384
527
389
534
391
536
392
538
3, para.3,5
204 (three times)
203
para.5B
65 of the Finance Act 1976
159 of the principal Act
para.8
section 286
sections 419 and 420
para.8
15 of Schedule 16 to the Finance Act 1972
13 of Schedule 19 to the principal Act
last para.
from "11" to "to the principal Act"
102, 113(5), 263(5) and (6), 343(10) and 783(9) of the principal Act, to paragraph 22 of Schedule 7 to the Income and Corporation Taxes Act 1970
In the Income and Corporation Taxes Act 1970 c. 10
Section
267(3)
Chapter VI of Part XII of this Act
section 468 of the Taxes Act 1988
267(3)
that Chapter
section 842 of that Act
267(4)
137(4) of this Act
100(2) of the Taxes Act 1988
272(1)(d)
532 of this Act
838 of the Taxes Act 1988
272(2)(c)
340 of this Act
486 of the Taxes Act 1988
272(5)
V of Part XII of this Act
VI of Part XII of the Taxes Act 1988
273(2)(c)
Chapter VI of Part XII of this Act
section 842 of the Taxes Act 1988
273(2)(d)
63 of the Finance (No.2) Act 1987
404 of the Taxes Act 1988
276(1A)(b)
63 of the Finance (No.2) Act 1987
404 of the Taxes Act 1988
278(3A)(a)
262(2) of this Act
409(2) of the Taxes Act 1988
281(6)
533 of this Act
839 of the Taxes Act 1988
306
304(5) above
130 of the Taxes Act 1988
306
304(3) above (twice)
75(4) of the Taxes Act 1988
306
304 above
75 of the Taxes Act 1988
540(2)
1979
1979 and any reference in this Act to the Taxes Act 1988 is a reference to the Income and Corporation Taxes Act 1988.In the Finance Act 1970 c. 24
Section
29(6)
The words from "and the Board" to the end
and any other payment or part of a payment which is to be treated as mineral royalties by virtue of regulations made under section 122(5) of the Income and Corporation Taxes Act 1988
Schedule
6, para.7(2)
29 of this Act
122 of the Income and Corporation Taxes Act 1988
In the Friendly Societies Act (Northern Ireland) 1970 c. 31 (N.I.)
Section
1(5)
(2) and (3) respectively of section 337 of the Income and Corporation Taxes Act 1970
(1) and (2) respectively of section 466 of the Income and Corporation Taxes Act 1988
82(4)
226(13) of the Income and Corporation Taxes Act 1970
620(9) of the Income and Corporation Taxes Act 1988
(6) Part II of Schedule 3 to this Act shall have effect.
40(2)(a), 43(3)
533
839
44(5), (6)
VIII of the Taxes Act or Chapter II of Part III of the Finance Act 1976 (Schedule E) (twice)
Schedule E
44(6)
63 of the Finance (No. 2) Act 1987
404 of the Taxes Act
44(6)
533 of the Taxes Act
839 of that Act
44(7)
533
839
47(1)
the whole of paragraph (ii)
(ii) the provisions of this Chapter as applied by this subsection shall have effect subject to section 198(2) of the Taxes Act (offices and employments with duties abroad).
47(2)
from beginning to "shall each"
Section 306 of the Income and Corporation Taxes Act 1970 (capital allowances for machinery and plant used by investment or life assurance companies) shall
69(2)
1970
1988
Schedule
3, para.8(1), (5)
the Taxes Act
the Income and Corporation Taxes Act 1970
para.8(3)
the words from "sub-paragraphs" to "this Schedule)"
Taxes Act 1970 and Part VIII of the Taxes Act 1988
10(4)
518
816
14(2)
(4) to (7) of section 122
(6) to (9) of section 65
14(2)
(3) of the said section 122
(5) of that section
15(5)(d)
246(2)(b)
11(2)(b)
31(2)
the Taxes Act which under that Act
the Taxes Act 1970 or the Taxes Act 1988 which under either of those Acts
34(4)(a)
the Taxes Act which under that Actthe Taxes Act 1970 or the Taxes Act 1988 which under either of those Acts
34(4)(b)
76
30
34(4)(c)
141
91
45(4)
40
285
45(4)
41
286
60(c)
153(1), (2)
112(1), (2)
63(3)
454 (twice)
681
63(3)
(3)
(4)
74(1)
paragraph 5 of Schedule 16 to the Finance Act 1972
section 426 of the Taxes Act 1988
74(2)
sub-paragraph (6) of the said paragraph 5
section 427(4) of the Taxes Act 1988
74(2)
sub-paragraph (2)(b) of that paragraph
section 426(2)(b) of that Act
74(5)
formed part of the said paragraph 5
were included in sections 426 to 428 of the Taxes Act 1988
85(1)
526(5)
832(1)
89(1)
34 of the Finance (No.2) Act 1975
249 of the Taxes Act 1988
89(1)
the said section 34 (twice)
that section
89(1)(b)
3(1) of Schedule 8
12(1) of Schedule 19
89(1)
paragraph 1 of the said Schedule 8
section 251(2) of the Taxes Act 1988
90(1)
34 of the Finance (No.2) Act 1975
249 of the Taxes Act 1988
90(3)
paragraph 1 of Schedule 8 to the Finance (No.2) Act 1975
section 251(2) to (4) of the Taxes Act 1988
92(b)
358
468(6)
92(c)
359
842
101(8)(a)
paragraph 4A of Schedule 1 to the Finance Act 1974
section 356 of the Taxes Act 1988
119(4)
140(2)
98(2)
124(8)
11 of Schedule 16 to the Finance Act 1972
7 of Schedule 19 to the Taxes Act 1988
126(7)
11 of Schedule 16 to the Finance Act 1972
7 of Schedule 19 to the Taxes Act 1988
136(10)(b)
11 of Schedule 16 to the Finance Act 1972
7 of Schedule 19 to the Taxes Act 1988
137(9)
535
841
145
Subject to
Subject to section 505(3) of the Taxes Act 1988 and
149(7)
303(1)
417(1)
152(2)
535
841
155(1)
282 and 283
414 and 415
155(1)
302
416
155(1)
432(4)
701(4)
155(1)
the definition of "the Taxes Act"
"the Taxes Act 1970" and "the Taxes Act 1988" mean the Income and Corporation Taxes Act 1970 and Income and Corporation Taxes Act 1988 respectively;
155(1)
137(4)
100(2)
155(2)
42(1)(2)
282(1) and (2)
Schedule
1, para.6(7)
454(3)
681(4)
para.6
the whole of sub-paragraph (8)
(8) The schemes and funds referred to in subparagraph (7)(b)(ii) above are funds to which section 615(3) of the Taxes Act 1988 applies, schemes and funds approved under section 620 or 621 of that Act, sponsored superannuation schemes as defined in section 624 of that Act and exempt approved schemes and statutory schemes as defined in Chapter I of Part XIV of that Act.
3, para.5
80 (three times)
34
para.5(3)
82
36
para.5(4)
(3) or subsection (4)
(4) or (5)
para.5(5)
Part III
section 348 or 349
para.6(1)
83(2)
37(4)
para.6(2)
81
35
para.6(3)
82(2)(b)
36(2)(b)
para.7
80(2)
34(2) and (3)
para.9(2)
492
785
In the European Parliament (Pay and Pensions) Act 1979 c. 50
Section 8(1)
subsections (1A) and (1B) of section 229 of the Income and Corporation Taxes Act 1970
section 629(2) and (3) of the Income and Corporation Taxes Act 1988
(3) The trustees of the National Heritage Memorial Fund shall be treated for the purposes of section 49(2) of the Finance Act 1974 and section 99 above as a body of persons established for charitablepurposes only.
122(2)
1970
1970 and "the Taxes Act 1988" means the Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988 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).
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