Introductory Text
Part I Excise Duties
Alcoholic liquor duties
1. Rate of duty on beer.
2. Adjustment of rates of duty on sparkling liquors.
3. Rates of duty on wine and made-wine.
4. Rates of duty on cider.
5. Drawback of excise duty on beer.
Hydrocarbon oil duties
6. Charge on production without delivery.
7. Rates of duties and rebates.
8. Ultra low sulphur diesel.
9. Mixtures of heavy oils.
Tobacco products duty
10. Rates of tobacco products duty.
Gaming duty
11. Rates of gaming duty.
Amusement machine licence duty
12. Rates of amusement machine licence duty.
13. Further exception for thirty-five-penny machines.
14. Video machines.
Air passenger duty
15. Fiscal representatives.
Vehicle excise duty
16. Rates of duty where pollution reduced.
17. Restriction of exemption for old vehicles.
18. Regulations relating to nil licences.
19. Failure to pay amount required in respect of void licence.
Assessments
20. Assessments for excise duty purposes.
Part II Value Added Tax
21. Deemed supplies.
22. Changes of place of supply: transitional.
23. Bad debt relief.
24. Long leases in Scotland.
Part III Income Tax, Corporation Tax and Capital Gains Tax
Chapter I Income Tax and Corporation Tax
Income tax charge, rates and reliefs
25. Charge and rates for 1998-99.
26. Relief for a woman with a child and an incapacitated husband.
27. Married couple’s allowance etc. in and after 1999-00.
Corporation tax charge and rates
28. Charge and rates for financial year 1998.
29. Charge and rates for financial year 1999.
Corporation tax: periodic payments etc
30. Corporation tax: due and payable date.
31. Abolition of advance corporation tax.
32. Unrelieved surplus advance corporation tax.
33. Relief for interest payable under the Tax Acts.
34. Charge to tax on interest payable under the Tax Acts.
35. Further provision about interest payable under the Tax Acts.
36. Arrangements with respect to payment of corporation tax.
Gilt-edged securities
37. Abolition of periodic accounting.
Rents and other receipts from land
38. Taxation of rents and other receipts from land.
39. Land managed as one estate and maintenance funds for historic buildings.
40. Treatment of premiums as rent.
41. Tied premises: receipts and expenses treated as those of trade.
Computation of profits of trade, profession or vocation
42. Computation of profits of trade, profession or vocation.
43. Barristers and advocates in early years of practice.
44. Change of accounting basis.
45. Meaning of “period of account".
46. Minor and consequential provisions about computations.
Gifts to charities
47. Gifts in kind for relief in poor countries.
48. Gifts of money for relief in poor countries.
Employee share incentives
49. Employee share options.
50. Conditional acquisition of shares.
51. Convertible shares provided to directors and employees.
52. Information powers.
53. Provision supplemental to sections 50 to 52.
54. Amendments consequential on sections 50 to 53.
Construction industry workers
55. Construction workers supplied by agencies.
56. Transitional provisions in connection with section 55.
57. Sub-contractors in the construction industry.
Payments and other benefits in connection with termination of employment etc.
58. Payments and other benefits in connection with termination of employment, etc.
Benefits in kind
59. Car fuel.
60. Reductions for road fuel gas cars.
61. Travelling expenses.
Profit-related pay
62. Provision preventing manipulation of profit periods.
Foreign earnings deduction
63. Withdrawal except in relation to seafarers.
PAYE: non-cash benefits etc.
64. Transitory provision relating to tradeable assets.
65. Payment in the form of a readily convertible asset.
66. Enhancing the value of an asset.
67. Gains from share options etc.
68. Vouchers and credit-tokens.
69. Intermediaries, non-UK employers, agencies etc.
The enterprise investment scheme and venture capital trusts
70. Qualifying trades for EIS and VCTs.
71. Pre-arranged exits from EIS.
72. Qualifying holdings for VCTs after 2nd July 1997.
73. Other changes to requirements for VCTs.
74. Other changes to EIS etc.
Individual savings accounts etc.
75. Use of PEPs powers to provide for accounts.
76. Tax credits for accounts and for PEPs.
77. The insurance element etc.
78. Phasing out of TESSAs.
Relief for interest and losses etc.
79. Relief for loan to acquire interest in a close company.
80. Relief for losses on unlisted shares in trading companies.
81. Group relief: special rules for consortium cases.
82. Carry forward of non-trading deficit on loan relationships.
Capital allowances
83. First-year allowances for investment in Northern Ireland.
84. First-year allowances for small businesses etc.
85. First-year allowances: consequential amendments etc.
Insurance, insurance companies and friendly societies
86. Life policies etc.
87. Non-resident insurance companies: tax representatives.
88. Overseas life assurance business.
89. Personal portfolio bonds.
90. Distributions to friendly societies.
91. Provisional repayments in connection with pension business.
Pensions
92. Approved retirement benefit schemes etc.
93. Benefits received under non-approved retirement benefits scheme.
94. Approval of personal pension schemes.
95. Personal pensions: charge on withdrawal of approval.
96. Information relating to personal pension schemes etc.
97. Notices to be given to scheme administrator.
98. Assessments on scheme administrators.
Futures and options
99. Extension of provisions relating to guaranteed returns.
Securities
100. Accrued income scheme.
101. Dealers in securities etc.
102. Manufactured dividends.
Double taxation relief
103. Restriction of relief on certain interest and dividends.
104. Adjustments of interest and dividends for spared tax etc.
105. Meaning of “financial expenditure".
106. Underlying tax reflecting interest or dividends.
107. Notification of foreign tax adjustment.
Transfer pricing, FOREX and financial instruments
108. New regime for transfer pricing etc.
109. Abolition of requirements for direction.
110. Determinations requiring the sanction of the Board.
111. Notice to potential claimants.
Controlled foreign companies
112. Exempt activities.
113. Miscellaneous amendments.
Changes in company ownership
114. Postponed corporation tax.
115. Information powers where ownership changes.
116. Provisions supplemental to sections 114 and 115.
Corporation tax self-assessment
117. Company tax returns, assessments and related matters.
Telephone claims etc.
118. Claims for income tax purposes.
119. Evidential provisions in PAYE regulations.
Chapter II Taxation of Chargeable Gains
Rate for trustees
120. Rate of CGT for trustees etc.
Taper relief and indexation allowance
121. Taper relief for CGT.
122. Freezing of indexation allowance for CGT.
Pooling and identification of shares etc.
123. Abolition of pooling for CGT.
124. New identification rules for CGT.
125. Indexation and share pooling etc.
Stock dividends
126. Capital gains on stock dividends.
Non-residents etc.
127. Charge to CGT on temporary non-residents.
128. Disposal of interests in a settlement.
129. Attribution of gains to settlor in section 10A cases.
130. Charge on beneficiaries of settlements with non-resident settlors.
131. Charge on settlors of settlements for grandchildren.
132. Charge on settlors of pre-19th March 1991 settlements.
Groups of companies etc.
133. Transfer within group to investment trust.
134. Transfer of company’s assets to venture capital trust.
135. Transfer within group to venture capital trust.
136. Incorporated friendly societies.
137. Pre-entry gains.
138. Pre-entry losses.
139. De-grouping charges.
Abolition of reliefs
140. Phasing out of retirement relief.
141. Abolition of certain other CGT reliefs.
Part IV Inheritance Tax etc.
142. Property of historic interest etc.
143. Removal of exemption for gifts for public benefit.
144. Maintenance funds for historic buildings, etc.
145. Accounting for property accepted in satisfaction of tax.
Part V Other Taxes
Insurance premium tax
146. Travel insurance: higher rate tax.
147. Taxable intermediaries.
Landfill tax
148. Provisional collection of landfill tax.
Stamp duty
149. Stamp duty on conveyance or transfer on sale.
150. Relief from double stamp duties etc.
Stamp duty reserve tax
151. Depositary receipts and clearance services: exchanges of shares.
Petroleum revenue tax etc.
152. Gas valuation.
Gas levy
153. Reduction and abolition of gas levy.
Dumping duties
154. Repeal of Customs Duties (Dumping and Subsidies) Act 1969.
Part VI Miscellaneous and Supplemental
Fiscal stability
155. Code for fiscal stability.
156. Annual Budget documents.
157. Supplementary powers of the Comptroller and Auditor General.
Government borrowing
158. Treasury’s position regarding their own securities.
159. Treasury bills.
160. National loans.
161. Non-FOTRA securities.
162. Accounting statements relating to National Savings.
The European single currency
163. Adoption of single currency by other member States.
Supplemental
164. Interpretation.
165. Repeals.
166. Short title.
SCHEDULES
SCHEDULE 1
Rates of duty where pollution reduced
Meaning of “the 1994 Act"
1.In this Schedule “the 1994 Act” means the Vehicle Excise...
Certificates as to reduced pollution
2.The following section shall be inserted after section 61A of...
Buses
3.(1) In sub-paragraph (1) of paragraph 3 of Schedule 1...
Special vehicles
4.In paragraph 4(7) of that Schedule (annual rates of vehicle...
Recovery vehicles
5.In paragraph 5(6) of that Schedule (annual rates of vehicle...
Vehicles used for exceptional loads
6.(1) In paragraph 6 of that Schedule (annual rates of...
Haulage vehicles
7.(1) In paragraph 7 of that Schedule (annual rates of...
Rigid goods vehicles
8.(1) In sub-paragraph (1) of paragraph 9 of that Schedule...
9.After that paragraph there shall be inserted the following paragraphs—...
10.In paragraph 10 of that Schedule (the trailer supplement), in...
Tractive units
11.(1) In sub-paragraph (1) of paragraph 11 of that Schedule...
12.After that paragraph there shall be inserted the following paragraphs—...
Other amendments
13.In section 15 of the 1994 Act (vehicles becoming chargeable...
14.In section 16 of the 1994 Act (exceptions from charge...
15.In section 45 of the 1994 Act (offences relating to...
16.(1) Paragraph 22 of Schedule 2 to that Act (exemption...
Commencement
17.(1) Subject to sub-paragraph (2) below, the preceding provisions of...
SCHEDULE 2
Assessments for excise duty purposes
Alcoholic Liquor Duties Act 1979 (c.4)
1.In section 8 of the Alcoholic Liquor Duties Act 1979...
2.In section 10 of the Alcoholic Liquor Duties Act 1979...
3.(1) Section 11 of the Alcoholic Liquor Duties Act 1979...
Hydrocarbon Oil Duties Act 1979 (c.5)
4.(1) Section 13AB of the Hydrocarbon Oil Duties Act 1979...
Tobacco Products Duty Act 1979 (c.7)
5.In section 8 of the Tobacco Products Duty Act 1979...
Finance (No. 2) Act 1992 (c.48)
6.(1) Section 2 of the Finance (No. 2) Act 1992...
Finance Act 1994 (c.9)
7.In section 12 of the Finance Act 1994 (assessment to...
8.(1) In section 12A of the Finance Act 1994 (other...
9.(1) In section 12B of the Finance Act 1994, subsection...
10.In section 14 of the Finance Act 1994 (requirement for...
11.In section 16 of the Finance Act 1994 (appeals to...
Commencement
12.This Schedule shall come into force on such day as...
SCHEDULE 3
Advance corporation tax
Section 1 of the Provisional Collection of Taxes Act 1968
1.(1) Section 1 of the Provisional Collection of Taxes Act...
Section 10 of the Taxes Management Act 1970
2.(1) Section 10 of the Taxes Management Act 1970 (notice...
Section 87 of the Taxes Management Act 1970
3.(1) Section 87 of the Taxes Management Act 1970 (interest...
Section 87A of the Taxes Management Act 1970
4.(1) Section 87A of the Taxes Management Act 1970 (interest...
Section 94 of the Taxes Management Act 1970
5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 109 of the Taxes Management Act 1970
6.(1) Section 109 of the Taxes Management Act 1970 (corporation...
Section 13 of the Taxes Act 1988
7.(1) Section 13 of the Taxes Act 1988 (small companies’...
Section 14 of the Taxes Act 1988
8.(1) Section 14 of the Taxes Act 1988 (ACT and...
Section 75 of the Taxes Act 1988
9.(1) Section 75 of the Taxes Act 1988 (expenses of...
Section 116 of the Taxes Act 1988
10.(1) Section 116 of the Taxes Act 1988 (arrangements for...
Section 238 of the Taxes Act 1988
11.(1) Section 238 of the Taxes Act 1988 (interpretation of...
Section 239 of the Taxes Act 1988
12.(1) Section 239 of the Taxes Act 1988 (set-off of...
Section 240 of the Taxes Act 1988
13.(1) Section 240 of the Taxes Act 1988 (set-off of...
Section 241 of the Taxes Act 1988
14.(1) Section 241 of the Taxes Act 1988 (calculation of...
Section 245 of the Taxes Act 1988
15.(1) Section 245 of the Taxes Act 1988 (calculation etc...
Section 245A of the Taxes Act 1988
16.(1) Section 245A of the Taxes Act 1988 (restriction on...
Section 245B of the Taxes Act 1988
17.(1) Section 245B of the Taxes Act 1988 (restriction on...
Section 246 of the Taxes Act 1988
18.(1) Section 246 of the Taxes Act 1988 (charge of...
Section 247 of the Taxes Act 1988
19.(1) Section 247 of the Taxes Act 1988 (dividends etc...
Section 248 of the Taxes Act 1988
20.(1) Section 248 of the Taxes Act 1988 (provisions supplemental...
Section 252 of the Taxes Act 1988
21.(1) Section 252 of the Taxes Act 1988 (rectification of...
Section 253 of the Taxes Act 1988
22.(1) Section 253 of the Taxes Act 1988 (power to...
Section 255 of the Taxes Act 1988
23.(1) Section 255 of the Taxes Act 1988 (“gross rate"...
Section 419 of the Taxes Act 1988
24.(1) Section 419 of the Taxes Act 1988 (loans to...
Section 434 of the Taxes Act 1988
25.(1) Section 434 of the Taxes Act 1988 (franked investment...
Section 434C of the Taxes Act 1988
26.(1) Section 434C of the Taxes Act 1988 (interest on...
Section 468Q of the Taxes Act 1988
27.(1) Section 468Q of the Taxes Act 1988 (dividend distribution...
Section 490 of the Taxes Act 1988
28.(1) Section 490 of the Taxes Act 1988 (companies carrying...
Section 497 of the Taxes Act 1988
29.(1) Section 497 of the Taxes Act 1988 (restriction on...
Section 498 of the Taxes Act 1988
30.(1) Section 498 of the Taxes Act 1988 (limited right...
Section 499 of the Taxes Act 1988
31.(1) Section 499 of the Taxes Act 1988 (surrender of...
Section 703 of the Taxes Act 1988
32.(1) Section 703 of the Taxes Act 1988 (cancellation of...
Section 704 of the Taxes Act 1988
33.(1) Section 704 of the Taxes Act 1988 (the prescribed...
Section 705 of the Taxes Act 1988
34.(1) Section 705 of the Taxes Act 1988 (appeals against...
Section 797 of the Taxes Act 1988
35.(1) Section 797 of the Taxes Act 1988 (limits on...
Section 802 of the Taxes Act 1988
36.(1) Section 802 of the Taxes Act 1988 (UK insurance...
Section 813 of the Taxes Act 1988
37.(1) Section 813 of the Taxes Act 1988 (recovery of...
Section 826 of the Taxes Act 1988
38.(1) Section 826 of the Taxes Act 1988 (interest on...
Section 832 of the Taxes Act 1988
39.(1) Section 832 of the Taxes Act 1988 (interpretation of...
Section 835 of the Taxes Act 1988
40.(1) Section 835 of the Taxes Act 1988 (“total income"...
Schedule 13 to the Taxes Act 1988
41.(1) Schedule 13 to the Taxes Act 1988 (collection of...
Schedule 13A to the Taxes Act 1988
42.(1) Schedule 13A to the Taxes Act 1988 (surrenders of...
Schedule 24 to the Taxes Act 1988
43.(1) Schedule 24 to the Taxes Act 1988 (assumptions in...
Schedule 26 to the Taxes Act 1988
44.(1) Schedule 26 to the Taxes Act 1988 (controlled foreign...
Paragraph 8 of Schedule 4 to the Finance (No. 2) Act 1997
45.Paragraph 8 of Schedule 4 to the Finance (No. 2)...
Paragraph 9 of Schedule 4 to the Finance (No. 2) Act 1997
46.Paragraph 9 of Schedule 4 to the Finance (No. 2)...
Paragraph 18 of Schedule 4 to the Finance (No. 2) Act 1997
47.Paragraph 18 of Schedule 4 to the Finance (No. 2)...
Paragraph 23 of Schedule 4 to the Finance (No. 2) Act 1997
48.Paragraph 23 of Schedule 4 to the Finance (No. 2)...
SCHEDULE 4
Interest payable under the Tax Acts by or to companies
Interest on overpaid or early paid corporation tax
1.(1) In section 826(2) of the Taxes Act 1988 (which...
The “material date" for interest on a repayment of income tax
2.(1) In section 826 of the Taxes Act 1988 (interest...
Recovery of interest overpaid under section 826(1)(a)
3.(1) In section 826 of the Taxes Act 1988 (interest...
Interest on underpaid tax where reliefs are carried back
4.(1) Section 87A of the Taxes Management Act 1970 (interest...
Interest on overpaid tax where reliefs are carried back
5.(1) Section 826 of the Taxes Act 1988 (interest on...
Company liquidations
6.(1) Section 342 of the Taxes Act 1988 (tax on...
Loan relationships
7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 5
Rent and other receipts from land
Part I Main charging provisions
1.In section 15(1) of the Taxes Act 1988 (the Schedule...
2.In section 15 of the Taxes Act 1988 (the Schedule...
3.For the heading to Part II of the Taxes Act...
4.For section 21 of the Taxes Act 1988 (persons chargeable...
5.After section 21B of the Taxes Act 1988 (inserted by...
6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.In section 27 of the Taxes Act 1988 (maintenance funds...
9.Section 28 of the Taxes Act 1988 (deductions from receipts...
10.Section 29 of the Taxes Act 1988 (sporting rights) shall...
11.In section 30(1) of the Taxes Act 1988 (expenditure on...
12.Section 31 of the Taxes Act 1988 (provisions supplementary to...
13.Section 33 of the Taxes Act 1988 (agricultural land: allowance...
14.Sections 33A and 33B of the Taxes Act 1988 (connected...
15.(1) Section 34 of the Taxes Act 1988 (treatment of...
16.(1) Section 35 of the Taxes Act 1988 (charge on...
17.(1) Section 36 of the Taxes Act 1988 (charge on...
18.(1) Section 37 of the Taxes Act 1988 (deductions from...
19.For the heading before section 40 of the Taxes Act...
20.(1) Section 40 of the Taxes Act 1988 (tax treatment...
21.Section 41 of the Taxes Act 1988 (relief for rent...
22.In section 42A of the Taxes Act 1988 (non-residents and...
23.In section 65 of the Taxes Act 1988 (Case IV...
24.For section 65A of the Taxes Act 1988 (Case V...
25.After section 70 of the Taxes Act 1988 (corporation tax:...
Part II Treatment of losses
26.In Chapter I of Part X of the Taxes Act...
27.After that section insert— Losses from overseas property business. The provisions of section 379A apply in relation to an...
28.In Chapter II of Part X of the Taxes Act...
29.For section 403 of the Taxes Act 1988 (losses, etc....
30.In Chapter V of Part XII of the Taxes Act...
31.In Chapter VI of Part XVII of the Taxes Act...
32.In section 769 of the Taxes Act 1988 (rules for...
Part III Minor and consequential amendments
Taxes Management Act 1970 (c. 9)
33.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income and Corporation Taxes Act 1988 (c.1)
34.In section 87(1) of the Taxes Act 1988 (treatment of...
35.In section 118 of the Taxes Act 1988 (limited partnerships:...
36.In section 400 of the Taxes Act 1988 (loss relief:...
37.(1) Section 404 of the Taxes Act 1988 (limitation of...
38.In section 413(6) of the Taxes Act 1988 (interpretation: meaning...
39.In Chapter I of Part XII of the Taxes Act...
40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41.In section 441B of the Taxes Act 1988 (treatment of...
42.For section 503 of the Taxes Act 1988 (letting of...
43.In section 579 of the Taxes Act 1988, omit subsection...
44.In section 787(3) of the Taxes Act 1988 (restriction of...
45.In section 832(1) of the Taxes Act 1988 (interpretation), at...
46.In Schedule 26 to the Taxes Act 1988 (allowance of...
Capital Allowances Act 1990 (c.1)
47.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxation of Chargeable Gains Act 1992 (c.12)
62.In section 241(3) of the Taxation of Chargeable Gains Act...
63.(1) Schedule 8 to the Taxation of Chargeable Gains Act...
Finance Act 1996 (c. 8)
64.(1) Schedule 8 to the Finance Act 1996 (loan relationships:...
Part IV Transitional provisions for corporation tax
Introduction
65.(1) This Part of this Schedule makes provision with respect...
Receipts and expenses not to be counted twice
66.(1) To the extent that receipts or expenses have been...
Receipts and expenses not to be left out of account
67.To the extent that receipts or expenses would under the...
Expenses not to be carried back to before commencement
68.Expenses which were incurred before commencement but were not taken...
Effect of transfer of underlying rights
69.If any estate, interest or rights in or over land...
Bad debt relief
70.(1) Where relief under section 41 of the Taxes Act...
Meaning of “taken into account"
71.For the purposes of paragraphs 66 to 70 an amount...
Unrelieved Case VI losses
72.(1) A loss to which this paragraph applies which a...
Source ceasing in transitional accounting period
73.(1) The provisions of Parts I to III of this...
Superseded provisions relating to finance leasing
74.(1) In Schedule 12 to the Finance Act 1997 (leasing...
Computation of amounts available for surrender as group relief
75.In computing under section 403 of the Taxes Act 1988...
Meaning of “transitional accounting period"
76.For the purposes of paragraphs 73 and 75 a “transitional...
SCHEDULE 6
Adjustment on change of accounting basis
Introduction
1.The provisions of this Schedule apply in the circumstances specified...
Adjustment on change of accounting basis
2.(1) The amount required by way of adjustment must be...
Calculation of adjustment
3.(1) The amount of the adjustment is calculated as follows....
Spreading of adjustment charge in certain cases
4.(1) This paragraph provides for the spreading of the adjustment...
Election to accelerate payment of adjustment charge
5.(1) A person who under paragraph 4 is chargeable to...
Application of provisions to partnerships
6.(1) In the case of a trade, profession or vocation...
Liability of personal representatives in case of death of person chargeable
7.In the case of the death of a person who,...
Interpretation
8.In this Schedule— “adjustment charge” means a charge under paragraph...
SCHEDULE 7
Removal of unnecessary references to gains
The following are the provisions of the Taxes Acts in...
1.In the Taxes Act 1988: sections 53(1) and (3), 55(1),...
2.In the Finance Act 1988: section 73(2), Schedule 12, paragraph...
3.In the Finance Act 1989: sections 67(2)(a), 76(1) and (4)(a)...
4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.In the Finance Act 1990: section 126(2).
6.In the Finance Act 1991: section 121.
7.In the Taxation of Chargeable Gains Act 1992: sections 39(1)...
8.In the Finance (No. 2) Act 1992: section 42(8) and...
9.In the Finance Act 1994: Schedule 24, paragraph 12(2).
10.In the Finance Act 1995: section 126(6) and (7).
11.In the Finance Act 1996: sections 80(2) (in the second...
12.In the Finance Act 1997: Schedule 12, paragraph 8(4)(a).
SCHEDULE 8
Sub-contractors in the construction industry
Introductory
1.Chapter IV of Part XIII of the Taxes Act 1988...
Application of deductions to public departments etc
2.(1) In section 559, after subsection (5) (excess of deduction...
Conditions for exemption of partnerships
3.(1) In subsection (2A) of section 564 (certificates for partnerships),...
Conditions of exemption for companies
4.(1) For subsections (2A) and (2B) of section 565 (certificates...
Commencement of paragraphs 3 and 4
5.Paragraphs 3 and 4 above have effect in relation to...
Powers to make regulations
6.In section 566 (powers to make regulations under Chapter IV),...
Transitional provision for commencement of 1995 Act amendments
7.An order under subsection (3) of section 139 of the...
SCHEDULE 9
Payments and other benefits in connection with termination of employment etc
Part I Schedule 11 to the Taxes Act 1988
The Schedule substituted for Schedule 11 to the Taxes Act...
Part II Consequential amendments
Income and Corporation Taxes Act 1988 (c.1)
1.(1) Section 189 of the Taxes Act 1988 (exemption from...
2.In section 190 of the Taxes Act 1988 (payments to...
3.In section 202B(8) of the Taxes Act 1988 (receipts basis...
4.In section 833(3)(a) of the Taxes Act 1988 (calculation of...
Finance Act 1995 (c.4)
5.In section 92 of the Finance Act 1995 (post-employment deductions),...
SCHEDULE 10
Ordinary commuting and private travel
The Schedule inserted as Schedule 12A to the Taxes Act...
SCHEDULE 11
Transitional provisions for profit-related pay
Application of Schedule
1.—(1) This Schedule applies for the purposes of Chapter III...
Rule for determining section 171(4) limit
2.(1) The section 171(4) limit applicable to any profit-related pay...
Meaning of related scheme
3.(1) In the case of any employee a scheme is,...
Meaning of “relevant anniversary"
4.For the purposes of this Schedule the relevant anniversary is—...
General interpretation
5.(1) Expressions used in this Schedule and in Chapter III...
SCHEDULE 12
EIS and VCTs: meaning of qualifying trade
New exclusions for the enterprise investment scheme
1.(1) In subsection (2) of section 297 of the Taxes...
Definition of excluded activities for the enterprise investment scheme
2.(1) In subsection (5) of section 298 of the Taxes...
New exclusions for VCTs
3.(1) In sub-paragraph (2) of paragraph 4 of Schedule 28B...
Definition of excluded activities for VCTs
4.(1) In sub-paragraph (1) of paragraph 5 of that Schedule...
Commencement
5.(1) Paragraphs 1 and 2 above have effect in relation...
SCHEDULE 13
Changes to EIS etc
Part I EIS income tax relief
Eligibility for relief
1.(1) In subsection (1) of section 289 of the Taxes...
Form of relief
2.In subsection (4) of section 289A of the Taxes Act...
Attribution of relief to shares
3.(1) In subsection (3)(b) of section 289B of the Taxes...
Maximum subscriptions etc.
4.In subsection (2) of section 290 of the Taxes Act...
5.Section 290A of the Taxes Act 1988 shall cease to...
Individuals qualifying for relief
6.(1) In subsection (1) of section 291 of the Taxes...
Connected persons: directors
7.(1) In subsection (1)(a) of section 291A of the Taxes...
Connected persons: persons interested in capital etc.
8.(1) After subsection (5) of section 291B of the Taxes...
Qualifying companies and qualifying trades
9.(1) In subsection (3B)(b) of section 293 of the Taxes...
10.In subsection (1) of section 297 of the Taxes Act...
11.In subsection (1) of section 298 of the Taxes Act...
Disposal of shares
12.(1) In subsection (1) of section 299 of the Taxes...
Value received from company
13.(1) For subsection (1) of section 300 of the Taxes...
14.(1) After subsection (4) of section 301 of the Taxes...
Value received by persons other than claimants
15.(1) For subsections (1) to (2) of section 303 of...
Husband and wife
16.(1) After subsection (3) of section 304 of the Taxes...
Acquisition of share capital by new company
17.(1) After section 304 of the Taxes Act 1988 there...
Relief for loss on disposal of shares
18.(1) In subsection (2) of section 305A of the Taxes...
Claims
19.(1) In subsection (1) of section 306 of the Taxes...
Withdrawal of relief
20.(1) In subsection (1A) of section 307 of the Taxes...
Application to subsidiaries
21.In subsection (2) of section 308 of the Taxes Act...
Information
22.(1) In subsection (1) of section 310 of the Taxes...
Interpretation of Chapter III
23.(1) In subsection (1) of section 312 of the Taxes...
Part II EIS relief against chargeable gains
24.(1) In subsections (1) and (2) of section 150A of...
25.(1) In subsection (1) of section 150B of that Act...
Part III EIS deferral of chargeable gains
Preliminary
26.Schedule 5B to the Taxation of Chargeable Gains Act 1992...
Application of Schedule
27.(1) In sub-paragraph (1)(b) of paragraph 1, after the words...
Failure of conditions of application
28.After that paragraph there shall be inserted the following paragraph—...
Postponement of original gain
29.In sub-paragraph (3) of paragraph 2, for paragraph (a) there...
Chargeable events
30.(1) In sub-paragraph (1) of paragraph 3—
Gains accruing on chargeable event
31.(1) For sub-paragraphs (2) to (4) of paragraph 4 there...
Persons to whom gain accrues
32.In sub-paragraph (1) of paragraph 5, for paragraphs (c) and...
Claims
33.For paragraph 6 there shall be substituted the following paragraph—...
Reorganisations and reconstructions
34.After paragraph 6 there shall be inserted the following paragraphs—...
Anti-avoidance provisions
35.After paragraph 9 there shall be inserted the following paragraphs—...
Supplementary provisions
36.After paragraph 15 there shall be inserted the following paragraphs—...
Part IV BES income tax relief and relief against chargeable gains
37.Any reference in this Part to a provision of Chapter...
38.(1) In subsection (8) of section 293 of the Taxes...
39.(1) At the beginning of subsection (1) of section 299...
40.(1) After subsection (6) of section 304 of the Taxes...
41.(1) After that section there shall be inserted the following...
42.(1) In subsection (4)(a) of section 150 of the Taxation...
SCHEDULE 14
Life policies, life annuities and capital redemption policies
Section 547
1.(1) Section 547 of the Taxes Act 1988 (method of...
Multiple interests
2.After section 547 of the Taxes Act 1988 there shall...
Right of company to recover tax from trustees
3.After section 551 of the Taxes Act 1988 (right of...
Foreign institution policies: no reduction under section 553
4.(1) Section 553 of the Taxes Act 1988 (non-resident policies...
Consequential amendments
5.In section 7(9) of the Taxes Management Act 1970 (meaning...
6.In section 151 of the Finance Act 1989 (assessment of...
Commencement
7.(1) Paragraph (d) of section 547(1) of the Taxes Act...
SCHEDULE 15
Approved retirement benefits schemes
Amendment of section 591C of the Taxes Act 1988
1.(1) Section 591C of the Taxes Act 1988 (charge to...
Amendment of section 591D
2.(1) In section 591D(3) of the Taxes Act 1988 (persons...
Application for scheme approval
3.(1) In subsection (1) of section 604 of the Taxes...
Information powers
4.In section 605(1B) of the Taxes Act 1988 (matters about...
Employers responsible for discharging administrator’s duties
5.(1) Section 606 of the Taxes Act 1988 (persons responsible...
Recourse to scheme members in respect of section 591C charge
6.(1) After section 606 of the Taxes Act 1988 there...
Modification of certain existing approved schemes
7.(1) This paragraph applies in relation to any retirement benefits...
SCHEDULE 16
Transfer pricing etc: new regime
The Schedule inserted after Schedule 28A to the Taxes Act...
SCHEDULE 17
Controlled foreign companies
Section 747
1.(1) Section 747 of the Taxes Act 1988 (imputation of...
Section 747A
2.(1) Section 747A of the Taxes Act 1988 (special rule...
Section 748
3.(1) Section 748 of the Taxes Act 1988 (limitations on...
Section 749
4.For section 749 of the Taxes Act 1988 (residence and...
Section 750
5.(1) Section 750 of the Taxes Act 1988 (territories with...
Section 751
6.(1) Section 751 of the Taxes Act 1988 (accounting periods...
Section 752
7.For section 752 of the Taxes Act 1988 (apportionment of...
Section 753
8.Section 753 of the Taxes Act 1988 (notices and appeals)...
Section 754
9.(1) Section 754 of the Taxes Act 1988 (assessment, recovery...
Returns where it is not established whether acceptable distribution policy applies
10.After section 754 of the Taxes Act 1988 there shall...
Determinations requiring the sanction of the Board
11.After section 754A of the Taxes Act 1988 there shall...
Section 755
12.Section 755 of the Taxes Act 1988 (information relating to...
Treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business
13.After section 755 of the Taxes Act 1988 there shall...
Amendment of return where general insurance business of foreign company accounted for on non-annual basis
14.After section 755A of the Taxes Act 1988 there shall...
Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.
15.After section 755B of the Taxes Act 1988 there shall...
Section 756
16.(1) Section 756 of the Taxes Act 1988 (interpretation and...
Paragraph 1 of Schedule 24
17.(1) In Schedule 24 to the Taxes Act 1988 (assumptions...
Paragraph 2 of Schedule 24
18.In paragraph 2(1) of Schedule 24 to the Taxes Act...
Paragraph 4 of Schedule 24
19.(1) Paragraph 4 of Schedule 24 to the Taxes Act...
Paragraph 9 of Schedule 24
20.(1) Paragraph 9 of Schedule 24 to the Taxes Act...
Paragraph 10 of Schedule 24
21.In paragraph 10 of Schedule 24 to the Taxes Act...
Paragraph 11 of Schedule 24
22.Paragraph 11 of Schedule 24 to the Taxes Act 1988...
Paragraph 11A of Schedule 24
23.In paragraph 11A of Schedule 24 to the Taxes Act...
Transfer pricing
24.After paragraph 19 of Schedule 24 to the Taxes Act...
Schedule 25
25.For the heading to Schedule 25 to the Taxes Act...
Paragraph 1 of Schedule 25
26.In paragraph 1 of Schedule 25 to the Taxes Act...
Paragraph 2A of Schedule 25
27.(1) Paragraph 2A of Schedule 25 to the Taxes Act...
Paragraph 3 of Schedule 25
28.In paragraph 3(4A) of Schedule 25 to the Taxes Act...
Paragraph 5 of Schedule 25
29.In paragraph 5(2)(a) of Schedule 25 to the Taxes Act...
Paragraph 6 of Schedule 25
30.(1) Paragraph 6 of Schedule 25 to the Taxes Act...
Paragraph 8 of Schedule 25
31.(1) Paragraph 8 of Schedule 25 to the Taxes Act...
Paragraph 12 of Schedule 25
32.(1) Paragraph 12 of Schedule 25 to the Taxes Act...
Superior holding companies: supplementary provisions
33.After paragraph 12 of Schedule 25 to the Taxes Act...
Paragraph 1 of Schedule 26
34.(1) In Schedule 26 to the Taxes Act 1988 (reliefs...
Paragraph 3 of Schedule 26
35.(1) Paragraph 3 of Schedule 26 to the Taxes Act...
Paragraph 4 of Schedule 26
36.(1) Paragraph 4 of Schedule 26 to the Taxes Act...
Commencement and transitional provision
37.(1) The preceding provisions of this Schedule have effect as...
SCHEDULE 18
Company tax returns, assessments and related matters
Part I Introduction
Meaning of “tax"
1.In this Schedule “tax” means corporation tax including, except as...
Duty to give notice of chargeability
2.(1) A company which— (a) is chargeable to tax for...
Part II Company tax return
Company tax return
3.(1) The Inland Revenue may by notice require a company...
Meaning of delivery of return
4.References in this Schedule to the delivery of a company...
Period for which return required
5.(1) A notice requiring a company tax return must specify...
Notice relating to period beginning before appointed day
6.(1) A notice requiring a company tax return may be...
Return to include self-assessment
7.(1) Every company tax return for an accounting period must...
Calculation of tax payable
8.(1) The amount of tax payable for an accounting period...
Claims that cannot be made without a return
9.(1) No claim to which this paragraph applies may be...
Other claims and elections to be included in return
10.(1) In Part VII of this Schedule (general provisions as...
Accounts required in case of Companies Act company
11.(1) In the case of a company which—
Information about business carried on in partnership
12.(1) A company tax return of a company which carries...
Information about chargeable gains
13.(1) A notice requiring a company tax return may require...
Filing date
14.(1) The filing date for a company tax return is...
Amendment of return by company
15.(1) A company may amend its company tax return by...
Correction of return by Revenue
16.(1) The Inland Revenue may amend a company tax return...
Failure to deliver return: flat-rate penalty
17.(1) A company which is required to deliver a company...
Failure to deliver return: tax-related penalty
18.(1) A company which is required to deliver a company...
Excuse for late delivery of return
19.A company is not liable to a penalty under paragraph...
Penalty for incorrect or uncorrected return
20.(1) A company which— (a) fraudulently or negligently delivers a...
Part III Duty to keep and preserve records
Duty to keep and preserve records
21.(1) A company which may be required to deliver a...
Preservation of information instead of original records
22.(1) The duty under paragraph 21 to preserve records may...
Penalty for failure to keep and preserve records
23.(1) A company which fails to comply with paragraph 21...
Part IV Enquiry into company tax return
Notice of enquiry
24.(1) The Inland Revenue may enquire into a company tax...
Scope of enquiry
25.(1) An enquiry into a company tax return extends to...
Enquiry into return for wrong period
26.(1) In the case of a company tax return which...
Notice to produce documents, etc. for purposes of enquiry
27.(1) If the Inland Revenue give a notice of enquiry...
Appeal against notice to produce documents, etc
28.(1) An appeal may be brought against a requirement imposed...
Penalty for failure to produce documents, etc
29.(1) A company which fails to comply with a notice...
Amendment of self-assessment during enquiry to prevent loss of tax
30.(1) If after notice of enquiry has been given and...
Amendment of return by company during enquiry
31.(1) This paragraph applies if a company amends its company...
31A.Referral of questions to Special Commissioners during enquiry
31B.Withdrawal of notice of referral
31C.Effect of referral on enquiry
31D.Effect of determination
Completion of enquiry
32.(1) An enquiry is completed when the Inland Revenue by...
Direction to complete enquiry
33.(1) The company may apply to the Commissioners for a...
Amendment of return after enquiry
34.(1) The company has 30 days beginning with the day...
Further return for outstanding period
35.(1) Where, following an enquiry into a company tax return—...
Part V Revenue determinations and assessments
Determination of tax payable if no return delivered in response to notice
36.(1) If no return is delivered in response to a...
Determination of tax payable if notice complied with in part
37.(1) If a notice requiring a company tax return is...
Extent of power to make determination
38.(1) The power to make a determination under paragraph 36...
Determination to have effect as self-assessment
39.(1) A determination under paragraph 36 or 37 has effect...
Determination superseded by actual self-assessment
40.(1) If after a determination has been made under paragraph...
Assessment where loss of tax discovered or determination of amount discovered to be incorrect
41.(1) If the Inland Revenue discover as regards an accounting...
Restrictions on power to make discovery assessment or determination
42.(1) The power to make— (a) a discovery assessment for...
Fraudulent or negligent conduct
43.A discovery assessment for an accounting period for which the...
Situation not disclosed by return or related documents etc.
44.(1) A discovery assessment for an accounting period for which...
Return made in accordance with prevailing practice
45.No discovery assessment for an accounting period for which the...
General time limits for assessments
46.(1) Subject to any provision of the Taxes Acts allowing...
Assessment procedure
47.(1) Notice of an assessment to tax on a company...
Appeal against assessment
48.(1) An appeal may be brought against any assessment to...
Application of provisions to discovery determinations
49.The provisions of paragraphs 46 to 48 (assessments: general provisions...
Part VI Excessive assessments or repayments, etc
Relief in case of double assessment
50.(1) A company which believes it has been assessed to...
Relief in case of mistake in return
51.(1) A company which believes it has paid tax under...
Recovery of excessive repayments etc
52.(1) The provisions of paragraphs 41 to 48 relating to...
Time limit for recovery of excessive repayments, etc.
53.(1) An assessment made by virtue of paragraph 52 is...
Part VII General provisions as to claims and elections
Claims must be quantified
54.A claim under any provision of the Corporation Tax Acts...
General time limit for making claims
55.Subject to any provision prescribing a longer or shorter period,...
Supplementary claim or election
56.A company which has made a claim or election under...
Claims or elections affecting a single accounting period
57.(1) This paragraph applies to a claim or election for...
Claims or elections involving more than one accounting period
58.(1) This paragraph applies to a claim or election for...
Other claims and elections
59.(1) Schedule 1A to the Taxes Management Act 1970 applies...
Provisions supplementary to paragraphs 57 to 59
60.(1) Paragraphs 57 to 59 have effect subject to any...
Consequential claims, etc. arising out of certain Revenue amendments or assessments
61.(1) Paragraphs 62 to 64 have effect to allow certain...
Consequential claims etc that may be made
62.(1) A claim, election, application or notice to which this...
Consequential claims etc. affecting tax liability of another person
63.(1) If the effect of the exercise by any person...
Consequential claims etc. not to give rise to reduction in liability
64.(1) If in any case— (a) one or more claims,...
Consequential claims in case of fraud or negligence
65.(1) This paragraph applies where an assessment is made on...
Part VIII Claims for group relief
Introduction
66.This Part of this Schedule applies to claims for relief...
Claim to be included in company tax return
67.(1) A claim for group relief must be made by...
Content of claims
68.(1) A claim for group relief must specify—
Claims for more or less than the amount available for surrender
69.(1) A claim for group relief may be made for...
Consent to surrender
70.(1) A claim for group relief requires the consent of...
Notice of consent
71.(1) Notice of consent by the surrendering company must contain...
Notice of consent requiring amendment of return
72.(1) Where notice of consent by the surrendering company is...
Withdrawal or amendment of claim
73.(1) A claim for group relief may be withdrawn by...
Time limit for claims
74.(1) A claim for group relief may be made or...
Reduction in amount available for surrender
75.(1) This paragraph applies if, after the surrendering company has...
Assessment on other claimant companies
75A.(1) This paragraph applies where, after the surrendering company has...
Assessment to recover excessive group relief
76.(1) If the Inland Revenue discover that any group relief...
Joint amended returns
77.(1) The Treasury may by regulations make provision for arrangements...
Part IX Claims for capital allowances
Introduction
78.This Part of this Schedule applies to claims for allowances...
Claim to be included in company tax return
79.(1) A claim for capital allowances must be included in...
Content of claims
80.A claim for capital allowances must specify the amount claimed,...
Amendment or withdrawal of claim
81.A claim for capital allowances may be amended or withdrawn...
Time limit for claims
82.(1) A claim for capital allowances may be made, amended...
Consequential amendment of return for another accounting period
83.(1) This paragraph applies if the effect of a claim...
Part IXA Claims for R&D tax credit
Introduction
83A.This Part of this Schedule applies to claims for R&D...
Claim to be included in company tax return
83B.(1) A claim for an R&D tax credit must be...
Content of claim
83C.A claim for an R&D tax credit must specify the...
Amendment or withdrawal of claim
83D.A claim for an R&D tax credit may be amended...
Time limit for claims
83E.(1) A claim for an R&D tax credit may be...
Penalty
83F.(1) The company is liable to a penalty where it—...
Part 9B CLAIMS RELATING TO REMEDIATION OF CONTAMINATED LAND
83G.Introduction
83H.Claim to be included in company tax return
83I.Content of claim
83J.Amendment or withdrawal of claim
83K.Time limit for claims
83L.Penalty
PART 9C CLAIMS FOR TAX CREDIT UNDER SCHEDULE 13 TO...
PART 9C CLAIMS FOR TAX CREDIT UNDER SCHEDULE 13 TO...
83M.Introduction
83N.Claim to be included in company tax return
83O.Content of claim
83P.Amendment or withdrawal of claim
83Q.Time limit for claims
83R.Penalty
Part X Special provisions
Choice between different Cases of Schedule D
84.(1) This paragraph applies in the following cases.
Non-annual accounting of general insurance business
85.(1) This paragraph applies where a company carrying on insurance...
Insurance companies with non-annual actuarial investigations
86.(1) This paragraph applies where a company tax return is...
Friendly societies with non-annual actuarial investigations
87.(1) This paragraph applies where a company tax return is...
Part XI Supplementary provisions
Conclusiveness of amounts stated in return
88.(1) This paragraph applies to an amount stated in a...
Penalty for fraud or negligence
89.(1) A company which fraudulently or negligently—
Multiple tax-related penalties in respect of same accounting period
90.(1) This paragraph applies where a company incurs more than...
European Economic Interest Groupings
91.An act or omission such as is mentioned in section...
Notices of appeal
92.(1) This paragraph applies in relation to any appeal under...
General jurisdiction of Special or General Commissioners
93.(1) This paragraph applies in relation to an appeal against—...
Election to take appeal to Special Commissioners
94.(1) The appellant may elect (in accordance with section 46(1)...
Meaning of “the Inland Revenue"
95.(1) References in this Schedule to “the Inland Revenue” are...
The self-assessment appointed day
96.In this Schedule “the self-assessment appointed day” means the day...
Construction of references to assessment
97.Any reference in the Tax Acts (however expressed) to a...
Index of defined expressions
98.In this Schedule the expressions listed below are defined or...
SCHEDULE 19
Company tax returns, etc.: minor and consequential amendments
Taxes Management Act 1970 (c.9)
1.The following provisions of the Taxes Management Act 1970 shall...
2.In section 12(2) of the Taxes Management Act 1970 (information...
3.In section 12AA(7) of the Taxes Management Act 1970 (partnership...
4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.In section 12B(1) of the Taxes Management Act 1970 (records...
7.In section 19A(1) of the Taxes Management Act 1970 (power...
8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.Sections 28AA and 28AB of the Taxes Management Act 1970...
10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.Sections 28D, 28E and 28F of the Taxes Management Act...
12.(1) Section 29 of the Taxes Management Act 1970 (assessment...
13.(1) Section 30 of the Taxes Management Act 1970 (recovery...
14.(1) Section 30B of the Taxes Management Act 1970 (amendment...
15.(1) Section 33 of the Taxes Management Act 1970 (error...
16.(1) Section 33A of the Taxes Management Act 1970 (error...
17.In section 34(1) of the Taxes Management Act 1970 (ordinary...
18.In section 36(1) of the Taxes Management Act 1970 (fraudulent...
19.Sections 41A, 41B and 41C of the Taxes Management Act...
20.(1) Section 42 of the Taxes Management Act 1970 (procedure...
21.In section 43 of the Taxes Management Act 1970, for...
22.(1) Section 43A of the Taxes Management Act 1970 (further...
23.In section 46(2) of the Taxes Management Act 1970 (determinations...
24.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27.(1) Section 50 of the Taxes Management Act 1970 (procedure)...
28.In section 55(1) of the Taxes Management Act 1970 (recovery...
29.(1) In Part VA of the Taxes Management Act 1970...
30.(1) Section 65 of the Taxes Management Act 1970 (recovery...
31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32.In section 70(2)(a) of the Taxes Management Act 1970 (certificate...
33.Section 94 of the Taxes Management Act 1970 (penalty for...
34.Section 96 of the Taxes Management Act 1970 (incorrect return...
35.In section 97 of the Taxes Management Act 1970 (incorrect...
36.In section 97AA(1) of the Taxes Management Act 1970 (penalty...
37.In section 97A of the Taxes Management Act 1970 (two...
38.In section 100(6)(a) of the Taxes Management Act 1970 (determination...
39.For section 101 of the Taxes Management Act 1970 (evidence...
40.In section 103A of the Taxes Management Act 1970 (interest...
41.In section 113(1B) of the Taxes Management Act 1970 (Revenue...
42.(1) Schedule 1A to the Taxes Management Act 1970 (claims,...
43.(1) Schedule 3A to the Taxes Management Act 1970 (electronic...
Income and Corporation Taxes Act 1988 (c.1)
44.(1) Section 246Q of the Taxes Act 1988 (repayment or...
45.(1) Section 246U of the Taxes Act 1988 (repayments treated...
46.For section 412 of the Taxes Act 1988 (group relief:...
47.(1) Section 419 of the Taxes Act 1988 (tax on...
48.(1) Section 488 of the Taxes Act 1988 (co-operative housing...
49.In section 489 of the Taxes Act 1988 (self-build societies),...
50.(1) Schedule 13A to the Taxes Act 1988 (surrenders of...
51.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 20
Application of taper relief
The Schedule inserted before Schedule 1 to the Taxation of...
SCHEDULE 21
Amendments in connection with taper relief
Introductory
1.The Taxation of Chargeable Gains Act 1992 shall be amended...
Gains of trustees attributed to settlor
2.In section 2 (persons and gains chargeable to capital gains...
Annual exempt amount
3.For subsection (5) of section 3 (definition of taxable amount)...
Gains attributed to members of non-resident companies
4.In section 13 (gains attributed to members of non-resident companies),...
Carry back of losses on death
5.In section 62 (general provisions about death), the following subsections...
Gains attributed to settlors and beneficiaries
6.(1) In section 77 (attribution of gains to settlor with...
Gains on assets deriving from reorganisation of body carrying on a mutual business etc.
7.In Chapter IV of Part VI (special cases), before section...
Commercial letting of furnished holiday dwellings
8.In section 241(3) (provisions for the purposes of which letting...
Delayed remittances in respect of foreign assets
9.In section 279(2)(a) (deductions in respect of unremitted gains), after...
SCHEDULE 22
Transitional provision and consequential amendments for section 131
Introductory
1.The Taxation of Chargeable Gains Act 1992 shall be amended...
Transitional for settlements created before 17th March 1998
2.(1) In the words at the end of sub-paragraph (1)...
Consequential amendments of paragraphs 4 and 5 of Schedule 5 to the 1992 Act
3.(1) In paragraphs 4(1)(a) and 5(1)(a) of Schedule 5 (disapplication...
Consequential amendment of paragraph 9 of Schedule 5 to the 1992 Act
4.(1) In sub-paragraph (7) of paragraph 9 of Schedule 5...
Consequential amendment of Schedule 5A
5.(1) In paragraph 2(1) of Schedule 5A (returns in relation...
SCHEDULE 23
Transitional provision in connection with section 132
Pre-6th April 1999 gains and losses of settlements that become qualifying
1.(1) This paragraph applies to a settlement in the case...
Pre-6th April 1999 gains and losses where there is a transfer to another settlement
2.(1) This paragraph applies, subject to sub-paragraph (5) below, to...
Pre-6th April 1999 gains and losses where there is a transfer to a foreign institution
3.(1) This paragraph applies, subject to sub-paragraphs (4) and (6)...
Rule to prevent a double charge
4.(1) This paragraph applies, in the case of a person...
5.(1) Where in the case of any settlement there is...
Interpretation of Schedule
6.(1) In this Schedule— “the 1992 Act” means the Taxation...
SCHEDULE 24
Restrictions on setting losses against pre-entry gains
The Schedule inserted after Schedule 7A to the Taxation of...
SCHEDULE 25
Property of historic interest etc
Meaning of “the 1984 Act"
1.In this Schedule “the 1984 Act” means the Inheritance Tax...
Claims for designation
2.(1) In section 30 of the 1984 Act (conditionally exempt...
3.(1) In section 78 of the 1984 Act (conditionally exempt...
Property capable of designation
4.(1) In section 31 of the 1984 Act, in subsection...
Access to designated property
5.(1) In section 31 of the 1984 Act (designation of...
Publication of information about designated property
6.(1) In section 31 of the 1984 Act (designation of...
Undertakings on death, disposal of property, etc.
7.(1) In section 32 of the 1984 Act (chargeable events...
Variation of undertakings
8.(1) After section 35 of the 1984 Act there shall...
9.(1) In section 258 of the Taxation of Chargeable Gains...
10.(1) Section 35A of the 1984 Act applies in relation...
SCHEDULE 26
National loans
Amendment of National Loans Act 1968 (c.13)
1.(1) The National Loans Act 1968 shall be amended as...
Amendment of Finance Act 1993 (c.34)
2.Section 211 of the Finance Act 1993 (National Debt Commissioners:...
Commencement
3.(1) The amendments made by this Schedule shall have effect...
SCHEDULE 27
Repeals
Part I Excise duties
(1) Drawback of duty on beer
These repeals have effect in accordance with section 5(2) of...
(2) Hydrocarbon oil duty
This repeal has effect in accordance with section 6(3) of...
(3) Vehicle excise duty: rates where pollution reduced
These repeals have effect in accordance with paragraph 17(1) of...
(4) Vehicle excise and registration: nil licences
(5) Assessments for excise duty purposes
These repeals have effect in accordance with an order made...
Part II Value added tax
This repeal has effect in accordance with section 23(7) of...
Part III Income tax, corporation tax and capital gains tax
(1) Relief for qualifying maintenance payments
This repeal has effect for the year 1999-00 and subsequent...
(2) Advance corporation tax
These repeals have effect in accordance with Schedule 3 to...
(3) Interest on gilt-edged securities
These repeals have effect in accordance with section 37(3) of...
(4) Rents and other receipts from land
These repeals have effect in accordance with section 38(2) and...
(5) Land managed as one estate etc.
These repeals have effect in accordance with section 39 of...
(6) Computation of profits of trade, profession or vocation
These repeals apply to a change of accounting basis taking...
(7) Construction workers supplied by agencies
These repeals have effect in accordance with section 55(3) of...
(8) Sub-contractors in the construction industry
(9) Payments and other benefits in connection with termination of employment etc.
These repeals apply where section 58 of this Act applies....
(10) Travelling expenses
These repeals have effect for the year 1998-99 and subsequent...
(11) Foreign earnings deduction
These repeals have effect in relation to emoluments in relation...
(12) PAYE: application to non-cash benefits
1. The repeal of section 203H(2) of the Taxes Act...
2. The repeal of section 203K(1) to (3) of that...
(13) The enterprise investment scheme and venture capital trusts
1. The repeals in section 842AA of, and Schedule 15B...
2. The repeal in the Finance Act 1994 has effect...
(14) Other changes to EIS etc.
1. The repeals in sections 293(6) and 310(2) of the...
2. The repeal of section 299(7) of the Taxes Act...
3. The repeals in sections 150(8A) and 150A(8A) of the...
4. The other repeals have effect in relation to shares...
(15) Individual savings accounts
(16) Relief for losses on unlisted shares in trading companies
The above repeal has effect in relation to shares issued...
(17) Carry forward of non-trading deficit on loan relationships
These repeals have effect in accordance with section 82(3) of...
(18) Capital allowances
1. The repeal of section 76(3) of the Capital Allowances...
2. The repeal of section 42(6) and (7) of the...
(19) Life policies, life annuities and capital redemption policies
These repeals have effect in accordance with Schedule 14 to...
(20) Retirement benefit schemes
(21) Personal pension schemes
Subsection (4) of section 96 of this Act applies in...
(22) Accrued income
(23) Dealers in securities etc
1. The repeal of section 471 of the Taxes Act...
2. The repeal of section 472 of the Taxes Act...
(24) Distributions and manufactured dividends: miscellaneous amendments
These repeals have effect in accordance with section 102 of...
(25) Transfer pricing etc
These repeals have effect in accordance with section 108(5) of...
(26) Directions by the Board
These repeals have effect in accordance with section 109(4) of...
(27) Controlled foreign companies
These repeals have effect in accordance with paragraph 37 of...
(28) Company tax returns etc.
These repeals have effect in relation to accounting periods ending...
(29) Chargeable gains: applicable rate
These repeals have effect in accordance with section 120(2) of...
(30) Chargeable gains: offshore settlements
1. The repeals in sections 87 and 88 of the...
2. The repeal of paragraph 9(2) of Schedule 5 to...
3. The repeal of paragraph 9(8) of that Schedule has...
(31) Retirement relief
The above repeals have effect in relation to disposals in...
(32) Abolition of certain CGT reliefs
1. The repeal of Chapter IA of Part V of...
2. The other repeals have effect in relation to loans...
Part IV Inheritance tax
1. The repeal of section 26 of the Inheritance Tax...
2. The other repeals have effect in relation to any...
Part V Other taxes
(1) Insurance premium tax
This repeal has effect in accordance with section 147 of...
(2) Stamp duty
(3) Abolition of gas levy
1. Subject to note 2 below, these repeals do not...
2. The repeal of section 209(3) of the Finance Act...
(4) Dumping and subsidies
Part VI Miscellaneous
(1) Treasury bills
This repeal has effect in accordance with section 159 of...
(2) Securities
This repeal has effect in accordance with an order made...
