Change 1 Article Choose an article Title and introductory text 1 Spirits: rate of duty. 2 Wine and made-wine: rates. 3 Cider: rate of duty. 4 Rates of duty and rebate. 5 Misuse of rebated kerosene. 6 Mixing of rebated oil. 7 Marked oil used as fuel for road vehicles. 8 Relief for marine voyages. 9 Rates of duty. 10 General betting duty. 11 Pool betting duty. 12 Licences for machines as well as premises. 13 Pleasure flights. 14 Increase in general rate. 15 Electrically propelled vehicles. 16 Steam powered vehicles etc. 17 Vehicles capable of conveying loads. 18 Old vehicles. 19 Old vehicles: further provisions. 20 Exemptions for vehicle testing: general. 22 Other provisions relating to Northern Ireland. 23 Licensing and registration. 24 Repeal of certain drawbacks and allowances. 25 EC Second VAT Simplification Directive. 26 Fiscal and other warehousing. 27 Value of imported goods. 28 Adaptation of aircraft and hovercraft. 29 Work on materials. 30 Refunds in connection with construction and conversion. 31 Groups: anti-avoidance. 32 Supplies of gold etc. 33 Small gifts. 34 Method of making payments on account. 35 Default surcharges. 36 Repeated misdeclaration penalty. 37 Penalties for failure to notify. 38 VAT invoices and accounting. 39 Landfill tax. 40 Charge to tax. 40A Disposals of material 41 Liability to pay tax. 42 Amount of tax. 43 Material removed from water. 43A Contaminated land. 43B Contaminated land: certificates. 43C Site restoration. 44 Mining and quarrying. 44A Quarries. 45 Pet cemeteries. 46 Power to vary. 47 Registration. 48 Information required to keep register up to date. 49 Accounting for tax and time for payment. 50 Power to assess: registered persons. 50A Power to assess: unregistered persons 51 Credit: general. 52 Bad debts. 53 Bodies concerned with the environment. 54 Appeals 54A Offer of review 54B Right to require review 54C Review by HMRC 54D Extensions of time 54E Review out of time 54F Nature of review etc 54G Bringing of appeals 55 Appeals: further provisions 56 Appeals: other provisions. 57 Review and appeal: commencement. 58 Partnership, bankruptcy, transfer of business, etc. 59 Groups of companies. 60 Information, powers, penalties, secondary liability, etc. 61 Taxable disposals: special provisions. 62 Taxable disposals: regulations. 63 Qualifying material: special provisions. 63A Qualifying fines: special provisions 65 Disposal by way of landfill. 65A Prescribed landfill site activities to be treated as disposals 66 Landfill sites. 68 Weight of material disposed of. 69 Taxable activities. 70 Interpretation: other provisions. 71 Orders and regulations. 72 Charge and rates of income tax for 1996-97. 73 Application of lower rate to income from savings. 77 Charge and rate of corporation tax for 1996. 78 Small companies. 79 Abolition of Schedule C charge etc. 80 Taxation of loan relationships. 81 Meaning of “loan relationship” etc. 82 Method of bringing amounts into account. 83 Non-trading deficit on loan relationships. 84 Debits and credits brought into account. 84A Exchange gains and losses from loan relationships 85A Computation in accordance with generally accepted accounting practice 85B Amounts recognised in determining company’s profit or loss 85C Amounts not fully recognised for accounting purposes 87 Accounting method where parties have a connection. 87A Meaning of “control” in section 87 88 Exemption from section 87 in certain cases. 88A Accounting method where rate of interest is reset 89 Inconsistent application of accounting methods. 90 Changes of accounting method. 90A Change of accounting basis applicable to assets or liabilities 91 Payments subject to deduction of tax. 91A Shares subject to outstanding third party obligations 91B Non-qualifying shares 91C Condition 1 for section 91B(6)(b) 91D Condition 2 for section 91B(6)(b) 91E Condition 3 for section 91B(6)(b) 91F Power to add, vary or remove Conditions for section 91B(6)(b) 91G Shares beginning or ceasing to be subject to section 91A or 91B 91H Payments in return for capital contribution 91I Change of partnership shares 92 Convertible securities etc: creditor relationships 92A Convertible securities etc: debtor relationships 93 Relationships linked to the value of chargeable assets. 93A Relationships linked to the value of chargeable assets: guaranteed returns 93B Loan relationships ceasing to be within section 93 93C Creditor relationships and benefit derived by connected persons 94 Indexed gilt-edged securities. 94A Loan relationships with embedded derivatives 94B Loan relationships treated differently by connected debtor and creditor 95 Gilt strips. 96 Special rules for certain other gilts. 97 Manufactured interest. 98 Collective investment schemes. 99 Insurance companies. 100 Money debts etc not arising from the lending of money 101 Financial instruments. 102 Discounted securities: income tax provisions. 103 Interpretation of Chapter. 104 Minor and consequential amendments. 105 Commencement and transitional provisions. 111 Amount or value of consideration for option. 112 Release and replacement. 116 The release date. 117 The appropriate percentage. 118 The appropriate allowance. 119 Removal of requirement for at least one year’s service. 120 Grant and exercise of share options. 121 Returns and self assessment. 122 Notional tax deductions and payments. 123 Liability of partners. 124 Retention of original records. 125 Determination of tax where no return delivered. 126 PAYE regulations. 127 Repayment postponed pending completion of enquiries. 128 Claims for reliefs involving two or more years. 129 Claims for medical insurance and vocational training relief. 130 Procedure for giving notices. 131 Interest on overdue tax. 132 Overdue tax and excessive payments by the Board. 133 Claims and enquiries. 134 Discretions exercisable by the Board etc. 135 Time limits for claims etc. 136 Appeals. 137 Schedules 13 and 16 to the Taxes Act 1988. 138 Accounting periods. 139 Surrenders of advance corporation tax. 140 Transfer of company’s assets to investment trust. 141 Roll-over relief. 142 Premiums for leases. 143 Annual payments under certain insurance policies. 144 Vocational training. 145 Personal reliefs for non-resident EEA nationals. 146 Exemptions for charities. 147 Withdrawal of relief for Class 4 contributions. 148 Mis-sold personal pensions etc. 149 Annual payments in residuary cases. 150 Income tax exemption for periodical payments of damages and compensation for personal injury. 151 Benefits under pilot schemes. 152 Jobfinder’s grant. 153 Foreign income dividends. 154 FOTRA securities. 155 Directions for payment without deduction of tax. 156 Paying and collecting agents etc. 157 Stock lending fees. 158 Transfers on death under the accrued income scheme. 159 Manufactured payments, repos, etc. 160 Investments in housing. 161 Venture capital trusts: control of companies etc. 162 Qualifying life insurance policies: certification. 163 Life assurance business losses. 164 Limits on relief for expenses. 165 Annual payments under insurance policies: deductions. 166 Equalisation reserves. 167 Industrial assurance business. 168 Capital redemption business. 169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 Time for amending and enquiring into returns. 171 Life or endowment business. 172 Return of contributions on or after death of member. 173 Loans to participators etc. 174 Attribution of gains to participators in non-resident companies. 175 Transactions in certain securities. 176 Retirement relief: age limits. 177 Reinvestment relief on disposal of qualifying corporate bond. 178 Sub-contractors in the construction industry. 179 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Overseas petroleum. 182 Controlled foreign companies. 183 Rate bands. 184 Business property relief. 185 Agricultural property relief. 186 Transfers of securities to members of electronic transfer systems etc. 187 Territorial scope of the tax. 188 Removal of the two month period. 189 Transfers to members of electronic transfer systems etc. 190 Transfers between associated bodies. 191 Stock lending and collateral security arrangements. 192 Repayment or cancellation of tax. 193 Depositary receipts. 194 Rates of charge expressed as percentages. 195 Regulations concerning administration: sub-delegation to the Board. 196 Election by operator for alternative system of charge. 197 Setting of rates of interest. 198 Banks. 199 Quotation or listing of securities. 200 Domicile for tax purposes of overseas electors. 201 Enactment of Inland Revenue concessions. 202 Gilt stripping. 203 Modification of the Agriculture Act 1993. 204 Interpretation. 205 Repeals. 206 Short title. SCHEDULE 1 Mixing of rebated oil SCHEDULE 2 Vehicle licensing and registration SCHEDULE 3 Value added tax: Fiscal and other warehousing SCHEDULE 4 Value added tax: anti-avoidance provisions SCHEDULE 5 Landfill Tax SCHEDULE 6 Taxation of savings at the lower rate SCHEDULE 7 Transfer of charge under Schedule C to Schedule D SCHEDULE 12 SCHEDULE 14 Loan relationships: minor and consequential amendments SCHEDULE 15 Loan relationships: savings and transitional provisions SCHEDULE 17 Claims for relief involving two or more years SCHEDULE 18 Overdue tax and excessive payments by the Board SCHEDULE 19 Self-assessment: claims and enquiries SCHEDULE 20 Self-assessment: discretions exercisable by the Board etc. SCHEDULE 21 Self-assessment: time limits SCHEDULE 22 Self-assessment: appeals SCHEDULE 24 Self-assessment: accounting periods etc. SCHEDULE 25 Self-assessment: surrenders of advance corporation tax SCHEDULE 27 Foreign income dividends SCHEDULE 28 FOTRA securities: consequential amendments SCHEDULE 29 Paying and Collecting Agents etc. SCHEDULE 32 Equalisation reserves SCHEDULE 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SCHEDULE 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SCHEDULE 36 Controlled foreign companies SCHEDULE 37 Banks SCHEDULE 38 Quotation or listing of securities SCHEDULE 39 Enactment of Certain Inland Revenue Extra-Statutory Concessions SCHEDULE 40 Gilt stripping: taxation provisions SCHEDULE 41 Repeals
What to do with it
As published
116 The release date.
(1) In section 187(2) of the Taxes Act 1988 (interpretation of sections 185 and 186 of, and Schedules 9 and 10 to, that Act) in the definition of “release date” (the fifth anniversary of the date on which shares were appropriated to a participant in a profit sharing scheme) for “fifth” there shall be substituted “ third ”.
(2) The amendment made by subsection (1) above shall have effect in relation to shares of a participant in a profit sharing scheme if the third anniversary of the appropriation of the shares to the participant occurs on or after the day on which this Act is passed.
(3) If the third anniversary of the appropriation of any shares to a participant in a profit sharing scheme has occurred, but the fifth anniversary of their appropriation to him has not occurred, before the passing of this Act, then, in the application of sections 186 and 187 of, and Schedules 9 and 10 to, the Taxes Act 1988 in relation to those shares, the release date shall be the day on which this Act is passed.
Your wording
Your change, as a redline
116 The release date.
(1) In section 187(2) of the Taxes Act 1988 (interpretation of sections 185 and 186 of, and Schedules 9 and 10 to, that Act) in the definition of “release date” (the fifth anniversary of the date on which shares were appropriated to a participant in a profit sharing scheme) for “fifth” there shall be substituted “ third ”.
(2) The amendment made by subsection (1) above shall have effect in relation to shares of a participant in a profit sharing scheme if the third anniversary of the appropriation of the shares to the participant occurs on or after the day on which this Act is passed.
(3) If the third anniversary of the appropriation of any shares to a participant in a profit sharing scheme has occurred, but the fifth anniversary of their appropriation to him has not occurred, before the passing of this Act, then, in the application of sections 186 and 187 of, and Schedules 9 and 10 to, the Taxes Act 1988 in relation to those shares, the release date shall be the day on which this Act is passed.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.