273 Payments securing annuities.
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Propose a changeLaw
Income and Corporation Taxes Act 1988
United Kingdom · statute
Ask the law about thisMore laws of United KingdomFor machines: Markdown
In force since 2026-04-01, as the publisher states.
Copy read on 2026-11-08. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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Contents: 1,619 provisions
- Title and introductory text
- 1 The charge to income tax.
- 1A Application of lower rate to income from savings and distributions.
- 1B Rates of tax applicable to distribution income etc.
- 2 Fractions of a pound, and yearly assessments.
- 3 Certain income charged at basic rate.
- 4 Construction of references in Income Tax Acts to deduction of tax.
- 5 Date for payment.
- 6 The charge to corporation tax and exclusion of income tax and capital gains tax.
- 7 Treatment of certain payments and repayment of income tax.
- 8 General scheme of corporation tax.
- 8A Resolutions to reduce corporation tax.
- 9 Computation of income: application of income tax principles.
- 10 Time for payment of tax.
- 11 Companies not resident in United Kingdom.
- 11AA Determination of profits attributable to permanent establishment
- 12 Basis of, and periods for, assessment.
- 13 Small companies’ relief.
- 13ZA Interpretation of section 13(7)
- 13AA Corporation tax starting rate.
- 13AB The non-corporate distribution rate
- 13A Close investment-holding companies.
- 14 Advance corporation tax and qualifying distributions.
- 15 Schedule A.
- 16 Schedule B.
- 17 Schedule C.
- 18 Schedule D.
- 19 Schedule E.
- 20 Schedule F.
- 21 Persons chargeable and basis of assessment.
- 21A Computation of amount chargeable.
- 21B Application of other rules applicable to Case I of Schedule D.
- 21C The Schedule A charge and mutual business.
- 22 Assessments.
- 23 Collection from lessees and agents.
- 24 Construction of Part II.
- 25 Deductions from rent: general rules.
- 26 Deductions from rent: land managed as one estate.
- 27 Deductions from rent: maintenance funds for historic buildings.
- 28 Deductions from receipts other than rent.
- 29 Sporting rights.
- 30 Expenditure on making sea walls.
- 31 Provisions supplementary to sections 25 to 30.
- 31ZA Deduction for expenditure on energy-saving items
- 31ZB Restrictions on relief
- 31ZC Regulations
- 31A Deductions for expenditure by landlords on energy-saving items
- 31B Provisions supplementary to section 31A
- 32 Capital allowances for machinery and plant used in estate management.
- 33 Agricultural land: allowance for excess expenditure on maintenance.
- 33A Rents or receipts payable by a connected person.
- 33B Rents or receipts relating to land in respect of which a connected person makes payments to a third party.
- 34 Treatment of premiums, etc. as rent.
- 35 Charge on assignment of lease granted at an undervalue.
- 36 Charge on sale of land with right to reconveyance.
- 37 Premiums paid etc: deductions from premiums and rent received.
- 37A Section 37(4) and reductions in receipts under ITTOIA 2005
- 38 Rules for ascertaining duration of leases.
- 39 Saving for pre-1963 leases, and special relief for individuals.
- 40 Tax treatment of receipts and outgoings on sale of land.
- 41 Relief for rent etc. not paid.
- 42 Appeals against determinations under . . . Chapter 4 of Part 3 of ITTOIA 2005.
- 42A Non-residents and their representatives.
- 43 Non-residents.
- 43A Finance agreement: interpretation.
- 43B Transfer of rent.
- 43C Transfer of rent: exceptions, &c.
- 43D Interposed lease.
- 43E Interposed lease: exceptions, &c.
- 43F Insurance business.
- 43G Interpretation.
- 44 Income tax: mode of charge.
- 45 Interpretation of Part III.
- 46 Savings certificates and tax reserve certificates.
- 47 United Kingdom government securities held by non-residents.
- 48 Securities of foreign states.
- 49 Stock and dividends in name of Treasury etc.
- 50 United Kingdom securities: Treasury directions for payment without deduction of tax.
- 51 Treasury directions as respects Northern Ireland securities.
- 51AA Commencement of direction under section 50 or 51.
- 51A Gilt-edged securities held under authorised arrangements.
- 51B Periodic accounting for tax on interest on gilt-edged securities.
- 52 Taxation of interest on converted government securities and interest which becomes subject to deduction.
- 53 Farming and other commercial occupation of land (except woodlands).
- 54 Woodlands managed on a commercial basis.
- 55 Mines, quarries and other concerns.
- 56 Transactions in deposits with and without certificates or in debts.
- 56A Disposal or exercise of rights in pursuance of deposits.
- 57 Deep discount securities.
- 58 Foreign pensions.
- 59 Persons chargeable.
- 60 Assessment on current year basis.
- 61 Basis of assessment at commencement.
- 62 Change of basis period.
- 62A Conditions for such a change.
- 63 Basis of assessment on discontinuance.
- 63A Overlap profits and overlap losses.
- 64 Case III assessments.
- 65 Cases IV and V assessments: general.
- 65A Case V income from land outside UK: income tax.
- 66 Special rules for fresh income.
- 67 Special rules where source of income disposed of or yield ceases.
- 68 Special rules where property etc. situated in Republic of Ireland.
- 68A Share incentive plans: application of section 68B
- 68B Share incentive plans: cash dividends and dividend shares
- 68C Share incentive plans: interpretation
- 69 Case VI assessments.
- 70 Basis of assessment etc.
- 70A Case V income from land outside UK: corporation tax.
- 71 Computation of income tax where no profits in year of assessment.
- 72 Apportionments etc. for purposes of Cases I, II and VI.
- 73 Single assessments for purposes of Cases III, IV and V.
- 74 General rules as to deductions not allowable.
- 75 Expenses of management: companies with investment business
- 75A Accounting period to which expenses of management are referable
- 75B Amounts reversing expenses of management deducted: charge to tax
- 76 Expenses of insurance companies
- 76ZA Payments for restrictive undertakings
- 76ZB Employees seconded to charities and educational establishments
- 76ZC Counselling and other outplacement services
- 76ZD Retraining courses
- 76ZE Retraining courses: recovery of tax
- 76ZF Redundancy payments and approved contractual payments
- 76ZG Payments in respect of employment wholly in employer's business
- 76ZH Payments in respect of employment in more than one capacity
- 76ZI Additional payments
- 76ZJ Payments by the Government
- 76ZK Contributions to local enterprise organisations or urban regeneration companies
- 76ZL Unpaid remuneration
- 76ZM Unpaid remuneration: supplementary
- 76ZN Car or motor cycle hire
- 76ZO Hiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013
- 76A Levies and repayments under the Financial Services and Markets Act 2000.
- 76B Levies and repayments under the Financial Services and Markets Act 2000: investment companies.
- 77 Incidental costs of obtaining loan finance.
- 78 Discounted bills of exchange.
- 79 Contributions to local enterprise agencies.
- 79A Contributions to training and enterprise councils and local enterprise companies.
- 79B Contributions to urban regeneration companies
- 80 Expenses connected with foreign trades etc.
- 81 Travel between trades etc.
- 82 Interest paid to non-residents.
- 82A Expenditure on research and development.
- 82B Payments to research associations, universities etc.
- 83 Patent fees etc. and expenses.
- 83A Gifts in kind to charities etc.
- 84 Gifts to educational establishments.
- 84A Costs of establishing share option or profit sharing schemes: relief.
- 85 Payments to trustees of approved profit sharing schemes.
- 85A Costs of establishing employee share ownership trusts: relief.
- 85B Approved share incentive plans
- 86 Employees seconded to charities and educational establishments.
- 86A Charitable donations: contributions to agent’s expenses.
- 87 Taxable premiums etc.
- 87A Section 87(2) and (3) and reductions in receipts under ITTOIA 2005
- 88 Payments to Export Credit Guarantee Department.
- 88A Debts of overseas governments etc.
- 88B Section 88A debts: restriction on deductions under section 74(j).
- 88C Section 88A debts: restriction on other deductions.
- 88D Restriction of deductions in respect of certain debts
- 89 Debts proving to be irrecoverable after discontinuance etc
- 90 Additional payments to redundant employees.
- 91 Cemeteries.
- 91A Waste disposal: restoration payments.
- 91B Waste disposal: preparation expenditure.
- 91BA Waste disposal: entitlement of successor to allowances.
- 91C Mineral exploration and access.
- 92 Regional development grants.
- 93 Other grants under Industrial Development Act 1982 etc.
- 94 Debts deducted and subsequently released.
- 95 Taxation of dealers in respect of distributions etc.
- 95ZA Taxation of UK distributions received by insurance companies
- 95A Creative artists: relief for fluctuating profits
- 96 Farming and market gardening: relief for fluctuating profits.
- 97 Treatment of farm animals etc.
- 98 Tied premises: receipts and expenses treated as those of trade.
- 99 Dealers in land.
- 100 Valuation of trading stock at discontinuance of trade.
- 101 Valuation of work in progress at discontinuance of profession or vocation.
- 102 Provisions supplementary to sections 100 and 101.
- 103 Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis.
- 104 Conventional basis: general charge on receipts after discontinuance . . . .
- 105 Allowable deductions.
- 106 Application of charges where rights to payments transferred.
- 107 Treatment of receipts as earned income.
- 108 Election for carry-back.
- 109 Charge under section 104: relief for individuals born before 6th April 1917.
- 109A Relief for post-cessation expenditure.
- 110 Interpretation etc.
- 110A Change of residence.
- 111 Treatment of partnerships.
- 112 Partnerships controlled abroad.
- 113 Effect, for income tax, of change in ownership of trade, profession or vocation.
- 114 Special rules for computing profits and losses.
- 115 Provisions supplementary to section 114.
- 116 Arrangements for transferring relief.
- 117 Restriction on relief: individuals.
- 118 Restriction on relief: companies.
- 118ZA Treatment of limited liability partnerships.
- 118ZB Restriction on relief: companies
- 118ZC Member’s contribution to trade.
- 118ZD Carry forward of unrelieved losses.
- 118ZE Restriction on relief for non-active partners
- 118ZF Meaning of “the aggregate amount”
- 118ZG “The individual’s contribution to the trade”
- 118ZH “A significant amount of time”
- 118ZI Carry forward of unrelieved losses of non-active partners
- 18ZJ Commencement: the first restricted year
- 118ZK Transitional provision for years after the first restricted year
- 118ZL Partnerships exploiting films
- 118ZM Partnerships exploiting films: supplementary
- 118ZN Partners: meaning of “contribution to the trade”
- 118ZO Meaning of “relevant loss” in section 118ZN
- 118A Definitions.
- 118B Paying agents.
- 118C Collecting agents.
- 118D Chargeable payments and chargeable receipts.
- 118E Deduction of tax from chargeable payments and chargeable receipts.
- 118F Accounting for tax on chargeable payments and chargeable receipts.
- 118G Relevant securities of eligible persons.
- 118H Relevant securities of eligible persons: administration.
- 118I Deduction of tax at reduced rate.
- 118J Prevention of double accounting.
- 118K Regulations.
- 119 Rent etc. payable in connection with mines, quarries and similar concerns.
- 120 Rent etc. payable in respect of electric line wayleaves.
- 121 Management expenses of owner of mineral rights.
- 122 Relief in respect of mineral royalties.
- 123 Foreign dividends.
- 124 Interest on quoted Eurobonds.
- 125 Annual payments for dividends or non-taxable consideration
- 126 Treasury securities issued at a discount.
- 126A Charge to tax on appropriation of securities and bonds.
- 127 Enterprise allowance.
- 127A Futures and options: transactions with guaranteed returns.
- 128 Commodity and financial futures etc.: losses and gains.
- 129 Stock lending.
- 129A Stock lending: interest on cash collateral.
- 129B Stock lending fees.
- 130 Meaning of “investment company” in Part 4
- 131 Chargeable emoluments.
- 132 Place of performance, and meaning of emoluments received in the U.K.
- 133 Voluntary pensions.
- 134 Workers supplied by agencies.
- 135 Gains by directors and employees from share options.
- 136 Provisions supplementary to section 135.
- 137 Payment of tax under section 135 by instalments.
- 138 Share acquisitions by directors and employees.
- 139 Provisions supplementary to section 138.
- 140 Further interpretation of sections 135 to 139.
- 140A Conditional acquisition of shares.
- 140B Consideration for shares conditionally acquired.
- 140C Cases where interest to be treated as only conditional.
- 140D Convertible shares.
- 140E Consideration for convertible shares.
- 140F Supplemental provision with respect to convertible shares.
- 140G Information for the purposes of sections 140A to 140F.
- 140H Construction of sections 140A to 140G.
- 141 Non-cash vouchers.
- 142 Credit-tokens.
- 143 Cash vouchers taxable under P.A.Y.E.
- 144 Supplementary provisions.
- 144A Payments etc. received free of tax.
- 145 Living accommodation provided for employee.
- 146 Additional charge in respect of certain living accommodation.
- 146A Priority of rules applying to living accommodation.
- 147 Occupation of Chevening House.
- 148 Payments and other benefits in connection with termination of employment, etc.
- 149 Sick pay.
- 150 Job release scheme allowances, maternity pay and statutory sick pay.
- 151 Income support etc.
- 151A Jobseeker’s allowance.
- 152 Notification of taxable amount of certain benefits.
- 153 Payments in respect of expenses.
- 154 General charging provision.
- 155 Exceptions from the general charge.
- 155ZA Accommodation, supplies or services used in performing duties of employment.
- 155ZB Power to provide for exemption of minor benefits.
- 155AA Mobile telephones.
- 155A Care for children.
- 156 Cash equivalent of benefits charged under section 154.
- 156A Limited exemption for computer equipment.
- 157 Cars available for private use.
- 157A Cars available for private use: cash alternative, etc.
- 158 Car fuel.
- 159 Pooled cars.
- 159AA Vans available for private use.
- 159AB Pooled vans.
- 159AC Heavier commercial vehicles available for private use.
- 159A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 160 Beneficial loan arrangements.
- 161 Exceptions from section 160.
- 161A Treatment of qualifying loans.
- 161B Beneficial loans: loans on ordinary commercial terms.
- 162 Employee shareholdings.
- 163 Expenses connected with living accommodation.
- 164 Director’s tax paid by employer.
- 165 Scholarships.
- 166 Notice of nil liability under this Chapter.
- 167 Employment to which this Chapter applies.
- 168 Other interpretative provisions.
- 168A Price of a car as regards a year.
- 168AA Equipment to enable disabled person to use car.
- 168AB Equipment etc. to enable car to run on road fuel gas.
- 168B Price of a car: accessories not included in list price.
- 168C Price of a car: accessories available after car first made available.
- 168D Price of a car: capital contributions.
- 168E Price of a car: replacement accessories.
- 168F Price of a car: classic cars.
- 168G Price of a car: cap for expensive car.
- 169 Interpretation.
- 170 Taxation of profit-related pay.
- 171 Relief from tax.
- 172 Exceptions from tax.
- 173 Persons who may apply for registration.
- 174 Excluded employments.
- 175 Applications for registration.
- 176 Registration.
- 177 Change of scheme employer.
- 177A Death of scheme employer.
- 177B Alteration of scheme’s terms.
- 178 Cancellation of registration.
- 179 Recovery of tax from scheme employer.
- 180 Annual returns etc.
- 181 Other information.
- 182 Appeals.
- 183 Partnerships.
- 184 Independent accountants.
- 185 Approved share option schemes.
- 186 Approved profit sharing schemes.
- 187 Interpretation of sections 185 and 186 and Schedules 9 and 10.
- 187A Relief for contributions in respect of share option gains.
- 188 Exemptions from section 148.
- 189 Lump sum benefits on retirement.
- 190 Payments to MPs and others.
- 191 Job release scheme allowances not to be treated as income.
- 191A Removal expenses and benefits.
- 191B Removal benefits: beneficial loan arrangements.
- 192 Relief from tax for foreign emoluments.
- 192A Foreign earnings deduction for seafarers.
- 193 Foreign earnings and travel expenses.
- 194 Other foreign travel expenses.
- 195 Travel expenses of employees not domiciled in the United Kingdom.
- 196 Foreign pensions.
- 197 Leave travel facilities for the armed forces.
- 197A Car parking facilities
- 197AA Works bus services.
- 197AB Support for public transport road services.
- 197AC Provision of cycle or cyclist’s safety equipment.
- 197AD Mileage allowance payments
- 197AE Passenger payments
- 197AF Mileage allowance relief
- 197AG Giving effect to mileage allowance relief
- 197AH Interpretation of sections 197AD to 197AG
- 197B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 197C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 197D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 197E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 197F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 197G Sporting and recreational facilities.
- 198 Relief for necessary expenses.
- 198A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 199 Expenses necessarily incurred and defrayed from official emoluments.
- 200 Expenses of Members of Parliament.
- 200ZA Expenses of members of Scottish Parliament, National Assembly for Wales or Northern Ireland Assembly.
- 200AA Incidental benefits for holders of certain offices etc.
- 200A Incidental overnight expenses.
- 200B Work-related training provided by employers.
- 200C Expenditure excluded from section 200B.
- 200D Other work-related training.
- 200E Education and training funded by employers.
- 200F Section 200E: exclusion of expenditure not directly related to training.
- 200G Section 200E: exclusion of expenditure if contributions not generally available to staff.
- 200H Section 200E: exclusion of expenditure otherwise relieved.
- 200J Education or training funded by third parties.
- 201 Fees and subscriptions to professional bodies, learned societies etc.
- 201AA Employee liabilities and indemnity insurance.
- 201A Expense of entertainers.
- 202 Donations to charity: payroll deduction scheme.
- 202A Assessment on receipts basis.
- 202B Receipts basis: meaning of receipt.
- 203 Pay as you earn.
- 203A P.A.Y.E.: meaning of payment.
- 203B PAYE: payment by intermediary.
- 203C PAYE: employee of non-UK employer.
- 203D PAYE: employee non-resident, etc.
- 203E PAYE: mobile UK workforce.
- 203F PAYE: tradeable assets.
- 203FA PAYE: enhancing the value of an asset.
- 203FB PAYE: gains from share options etc.
- 203G PAYE: non-cash vouchers.
- 203H PAYE: credit-tokens.
- 203I PAYE: cash vouchers.
- 203J S.203B to s.203I: accounting for tax.
- 203K Trading arrangements.
- 203L S.203B to s.203K: interpretation, etc.
- 204 P.A.Y.E repayments.
- 205 Assessments unnecessary in certain circumstances.
- 206 Additional provision for certain assessments.
- 206A PAYE settlement agreements.
- 207 Disputes as to domicile or ordinary residence.
- 207A Application of lower rate to company distributions.
- 208 U.K. company distributions not generally chargeable to corporation tax.
- 209 Meaning of “distribution”.
- 209A Section 209(3AA): link to shares of company or associated company
- 209B Section 209(3AA): hedging arrangements
- 210 Bonus issue following repayment of share capital.
- 211 Matters to be treated or not to be treated as repayments of share capital.
- 212 Interest etc. paid in respect of certain securities.
- 213 Exempt distributions.
- 213A Exempt distributions: division of business
- 214 Chargeable payments connected with exempt distributions.
- 215 Advance clearance by Board of distributions and payments.
- 216 Returns.
- 217 Information.
- 218 Interpretation of sections 213 to 217.
- 219 Purchase by unquoted trading company of own shares.
- 220 Conditions as to residence and period of ownership.
- 221 Reduction of vendor’s interest as shareholder.
- 222 Conditions applicable where purchasing company is member of group.
- 223 Other conditions.
- 224 Relaxation of conditions in certain cases.
- 225 Advance clearance of payments by Board.
- 226 Returns and information.
- 227 Associated persons.
- 228 Connected persons.
- 229 Other interpretative provisions.
- 230 Stock dividends: distributions.
- 230A Dividend or bonus granted by industrial and provident society
- 231 Tax credits for certain recipients of qualifying distributions.
- 231A Restrictions on the use of tax credits by pension funds.
- 231AA No tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement.
- 231AB No tax credit for original owner under repurchase agreement in respect of certain manufactured dividends.
- 231B Consequences of certain arrangements to pass on the value of a tax credit.
- 232 Tax credits for non-U.K. residents.
- 233 Taxation of certain recipients of distributions and in respect of non-qualifying distributions.
- 234 Information relating to distributions.
- 234A Information relating to distributions: further provisions.
- 235 Distributions of exempt funds etc.
- 236 Provisions supplementary to section 235.
- 237 Disallowance of reliefs in respect of bonus issues.
- 238 Interpretation of terms and collection of ACT.
- 239 Set-off of ACT against liability to corporation tax.
- 240 Set-off of company’s surplus ACT against subsidiary’s liability to corporation tax.
- 241 Calculation of ACT where company receives franked investment income.
- 242 Set-off of losses etc. against surplus of franked investment income.
- 243 Set-off of loss brought forward, or terminal loss.
- 244 Further provisions relating to claims under section 242 or 243.
- 245 Calculation etc. of ACT on change of ownership of company.
- 245A Restriction on application of section 240 in certain circumstances.
- 245B Restriction on set-off where asset transferred after change in ownership of company.
- 246 Charge of ACT at previous rate until new rate fixed, and changes of rate.
- 246A Election by company paying dividend.
- 246B Procedure for making election.
- 246C No tax credit for recipient.
- 246D Individuals etc.
- 246E Foreign income dividend not franked payment.
- 246F Calculation of ACT where company receives foreign income dividend.
- 246G Information relating to foreign income dividends.
- 246H Power of inspector to require information.
- 246I Foreign source profit and distributable foreign profit.
- 246J Matching of dividend with distributable foreign profit.
- 246K Matching: subsidiaries.
- 246L Requirement as to subsidiaries.
- 246M Matching: further provisions.
- 246N ACT to be repaid or set off against corporation tax liability.
- 246P Notional foreign source advance corporation tax.
- 246Q Repayment or set-off: supplementary.
- 246R Supplementary claims.
- 246S International headquarters companies.
- 246T Liability to pay ACT displaced.
- 246U Settlement of liability by IHC as to ACT.
- 246V Settlement of liability by non-IHC as to ACT.
- 246W Payments and repayments where further matching takes place.
- 246X Adjustments where profits or foreign tax altered.
- 246Y Application of this Chapter.
- 247 Dividends etc. paid by one member of a group to another.
- 248 Provisions supplementary to section 247.
- 249 Stock dividends treated as income.
- 250 Returns.
- 251 Interpretation of sections 249 and 250.
- 251A Application of sections 251B and 251C
- 251B Treatment of cash dividend retained and then later paid out
- 251C Charge on dividend shares ceasing to be subject to plan
- 251D Interpretation of sections 251A to 251C
- 252 Rectification of excessive set-off etc. of ACT or tax credit.
- 253 Power to modify or replace section 234(5) to (9) and Schedule 13.
- 254 Interpretation of Part VI.
- 255 “Gross rate” and “gross amount” of distributions to include ACT.
- 256 General.
- 256A Meaning of “adjusted net income”
- 256B Meaning of “the minimum amount”
- 257 Personal allowance.
- 257AA Children’s tax credit.
- 257A Married couple’s allowance(pre-5th December 2005 marriages).
- 257AB Married couple's allowance (post-5th December 2005 marriages and civil partnerships etc.)
- 257BA Elections as to transfer of relief under section 257A or 257AB.
- 257BB Transfer of relief under section 257A where relief exceeds income or 257AB.
- 257B Transfer of relief under section 257A.
- 257C Indexation of amounts in sections 256B, 257, 257A and 257AB.
- 257D Transitional relief: husband with excess allowances.
- 257E Transitional relief: the elderly.
- 257F Transitional relief: separated couples.
- 258 Widower’s or widow’s housekeeper.
- 259 Additional relief in respect of children.
- 260 Apportionment of relief under section 259.
- 261 Claims under section 259 for year of marriage.
- 261A Additional relief in respect of children for year of separation.
- 262 Widow’s bereavement allowance.
- 263 Dependent relatives.
- 264 Claimant depending on services of a son or daughter.
- 265 Blind person’s allowance.
- 266 Life assurance premiums.
- 266A Life assurance premiums paid by employer
- 267 Qualifying policies.
- 268 Early conversion or surrender of life policies.
- 269 Surrender etc. of policies after four years.
- 270 Provisions supplementary to sections 268 and 269.
- 271 Deemed surrender in cases of certain loans.
- 272 Collection of sums payable under sections 268 and 269.
- 273 Payments securing annuities.
- 274 Limits on relief under section 266.
- 275 Meaning of “relative”.
- 276 Effect on relief of charges on income.
- 277 Partners.
- 278 Non-residents.
- 279 Aggregation of wife’s income with husband’s.
- 280 Transfer of reliefs.
- 281 Tax repayments to wives.
- 282 Construction of references to spouses or civil partners living together.
- 282A Jointly held property.
- 282B Jointly held property: declarations.
- 283 Option for separate assessment.
- 284 Effect of separate assessment on personal reliefs.
- 285 Collection from wife of tax assessed on husband but attributable to her income.
- 286 Right of husband to disclaim liability for tax on deceased wife’s income.
- 287 Separate taxation of wife’s earnings.
- 288 Elections under section 287.
- 289 Eligibility for relief.
- 289A Form of relief.
- 289B Attribution of relief to shares.
- 290 Minimum and maximum subscriptions.
- 290A Restriction of relief where amounts raised exceed permitted maximum.
- 291 Individuals qualifying for relief.
- 291A Connected persons: directors.
- 291B Connected persons: persons interested in capital etc. of company.
- 292 Parallel trades.
- 293 Qualifying companies.
- 294 Companies with interests in land.
- 295 Valuation of interests in land for purposes of section 294(1)(b).
- 296 Section 294 disapplied where amounts raised total £50,000 or less.
- 297 Qualifying trades.
- 298 Provisions supplementary to sections 293 and 297.
- 299 Disposal of shares.
- 299A Loan linked investments.
- 299B Pre-arranged exits.
- 300 Value received from company.
- 300A Receipt of replacement value
- 301 Provisions supplementary to section 300.
- 301A Receipts of insignificant value: supplementary provision
- 302 Replacement capital.
- 303 Value received by persons other than claimants.
- 303AA Insignificant repayments disregarded for purposes of s.303(1)
- 303A Restriction on withdrawal of relief under section 303.
- 304 Spouses and civil partners.
- 304A Acquisition of share capital by new company.
- 305 Reorganisation of share capital.
- 305A Relief for loss on disposal of shares.
- 306 Claims.
- 307 Withdrawal of relief.
- 308 Application to subsidiaries.
- 309 Further provisions as to subsidiaries.
- 310 Information.
- 311 Nominees, bare trustees and approved investment funds.
- 312 Interpretation of Chapter III.
- 313 Taxation of consideration for certain restrictive undertakings.
- 314 Divers and diving supervisors.
- 315 Wounds and disability pensions.
- 316 Allowances, bounties and gratuities.
- 317 Victoria Cross and other awards.
- 318 Other pensions in respect of death due to war service etc.
- 319 Crown servants: foreign service allowance.
- 320 Commonwealth Agents-General and official agents etc.
- 321 Consuls and other official agents.
- 322 Consular officers and employees.
- 323 Visiting forces.
- 324 Designated international organisations.
- 325 Interest on deposits with National Savings Bank.
- 326 Interest etc. under contractual savings schemes.
- 326A Tax-exempt special savings accounts.
- 326B Loss of exemption for special savings accounts.
- 326BB Follow-up TESSAs.
- 326C Tax-exempt special savings accounts: supplementary.
- 326D Tax-exempt special savings accounts: tax representatives.
- 327 Disabled person’s vehicle maintenance grant.
- 327A Payments to adopters
- 328 Funds in court.
- 329 Interest on damages for personal injuries.
- 329AA Personal injury damages in the form of periodical payments.
- 329AB Compensation for personal injury under statutory or other schemes.
- 329A Annuities purchased for certain persons.
- 329B Annuities assigned in favour of certain persons.
- 329C Annuities: criminal injuries.
- 330 Compensation for National-Socialist persecution.
- 331 Scholarship income.
- 331A Student loans: certain interest to be disregarded.
- 332 Expenditure and houses of ministers of religion.
- 332A Venture capital trusts: relief.
- 333 Investment plan regulations
- 333A Personal equity plans: tax representatives.
- 333B Involvement of insurance companies with plans and accounts.
- 334 Commonwealth citizens and others temporarily abroad.
- 335 Residence of persons working abroad.
- 336 Temporary residents in the United Kingdom.
- 337 Company beginning or ceasing to carry on trade
- 337A Computation of company’s profits or income: exclusion of general deductions
- 338 Charges on income deducted from total profits
- 338A Meaning of “charges on income"
- 338B Charges on income: annuities or other annual payments
- 339 Charges on income: donations to charity.
- 339A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 340 Charges on income: interest payable to non-residents.
- 341 Payments of interest etc. between related companies.
- 342 Tax on company in liquidation.
- 342A Tax on companies in administration
- 343 Company reconstructions without a change of ownership.
- 343ZA Transfers of trade to obtain balancing allowances
- 343A Company reconstructions involving business of leasing plant or machinery
- 344 Company reconstructions: supplemental.
- 345 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 347 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 347A General rule.
- 347B Qualifying maintenance payments.
- 348 Payments out of profits or gains brought into charge to income tax: deduction of tax.
- 349 Payments not out of profits or gains brought into charge to income tax, and annual interest.
- 349ZA Extension of section 349: proceeds of sale of UK patent rights
- 349A Exceptions to section 349 for payments between companies etc
- 349B The conditions mentioned in section 349A(1)
- 349C Directions disapplying section 349A(1)
- 349D Section 349A(1): consequences of reasonable but incorrect belief
- 349E Deductions under section 349(1): payment of royalties overseas
- 350 Charge to tax where payments made under section 349.
- 350A UK public revenue dividends: deduction of tax.
- 351 Small maintenance payments.
- 352 Certificates of deduction of tax.
- 353 General provision.
- 354 Loans to buy land etc.
- 355 Matters excluded from section 354.
- 356 Job-related accommodation.
- 356A Limit on relief for home loans: residence basis.
- 356B Residence basis: married couples.
- 356C Payments to which sections 356A and 356B apply.
- 356D Provisions supplementary to sections 356A to 356C.
- 357 Limit on amount of loan eligible for relief by virtue of section 354.
- 357A Substitution of security.
- 357B Treatment of loans following security substitution.
- 357C Substitution of security: supplemental.
- 358 Relief where borrower deceased.
- 359 Loan to buy machinery or plant.
- 360 Loan to buy interest in close company.
- 360A Meaning of “material interest” in section 360.
- 361 Loan to buy interest in co-operative or employee-controlled company.
- 362 Loan to buy into partnership.
- 363 Provisions supplementary to sections 360 to 362.
- 364 Loan to pay inheritance tax.
- 365 Loan to buy life annuity.
- 366 Information.
- 367 Provisions supplementary to sections 354 to 366.
- 367A Alternative finance arrangements
- 368 Exclusion of double relief etc.
- 369 Mortgage interest payable under deduction of tax.
- 370 Relevant loan interest.
- 371 Second loans.
- 372 Home improvement loans.
- 373 Loans in excess of the qualifying maximum, and joint borrowers.
- 374 Conditions for application of section 369.
- 374A Interest which never has been relevant loan interest etc.
- 375 Interest ceasing to be relevant loan interest, etc.
- 375A Option to deduct interest for the purposes of Schedule A.
- 376 Qualifying borrowers and qualifying lenders.
- 376A The register of qualifying lenders.
- 377 Variation of terms of repayment of certain loans.
- 378 Supplementary regulations.
- 379
- 379A Losses from UK property business.
- 379B Losses from overseas property business.
- 380 Set-off against general income.
- 381 Further relief for individuals for losses in early years of trade.
- 382 Provisions supplementary to sections 380 and 381.
- 383 Extension of right of set-off to capital allowances.
- 384 Restrictions on right of set-off.
- 384A Restriction of set-off of allowances against general income
- 385 Carry-forward against subsequent profits.
- 386 Carry-forward where business transferred to a company.
- 387 Carry-forward as losses of amounts taxed under section 350.
- 388 Carry-back of terminal losses.
- 389 Supplementary provisions relating to carry-back of terminal losses.
- 390 Treatment of interest as a loss for purposes of carry-forward and carry-back.
- 391 Losses from trade etc. carried on abroad
- 392 Losses from miscellaneous transactions
- 392A UK property business losses
- 392B Losses from overseas property business.
- 393 Losses other than terminal losses.
- 393A Losses: set off against profits of the same, or an earlier, accounting period.
- 393B Losses of ring fence trade: set off against profits of an earlier accounting period
- 394 Terminal losses.
- 395 Leasing contracts and company reconstructions.
- 396 Losses from miscellaneous transactions
- 397 Restriction of relief in case of farming and market gardening.
- 398 Transactions in deposits with and without certificates or in debts.
- 399 Dealings in commodity futures etc: withdrawal of loss relief.
- 400 Write-off of government investment.
- 401 Relief for pre-trading expenditure.
- 402 Surrender of relief between members of groups and consortia.
- 403 Losses etc. which may be surrendered by way of group relief.
- 403ZA Amounts eligible for group relief: trading losses.
- 403ZB Amounts eligible for group relief: excess capital allowances.
- 403ZC Amounts eligible for group relief: non-trading deficit on loan relationships.
- 403ZD Other amounts available by way of group relief.
- 403ZE Computation of gross profits.
- 403A Limits on group relief.
- 403B Apportionments under section 403A.
- 403C Amount of relief in consortium cases.
- 403D Relief for or in respect of UK losses of non-resident companies
- 403E Relief for overseas losses of UK resident companies.
- 403F Relief in respect of overseas losses of non-resident companies
- 403G Unallowable overseas losses of non-resident companies
- 404 Limitation of group relief in relation to certain dual resident companies.
- 405 Claims relating to losses etc. of members of both group and consortium.
- 406 Claims relating to losses etc. of consortium company or group member.
- 407 Relationship between group relief and other relief.
- 408 Corresponding accounting periods.
- 409 Companies joining or leaving group or consortium.
- 410 Arrangements for transfer of company to another group or consortium.
- 411 Exclusion of double allowances.
- 411ZA No relief where deduction of relevant return under alternative finance arrangements disallowed
- 411A Group relief by way of substitution for loss relief.
- 412 Claims and adjustments.
- 413 Interpretation of Chapter IV.
- 414 Close companies.
- 415 Certain quoted companies not to be close companies.
- 416 Meaning of “associated company” and “control”.
- 417 Meaning of “participator”, “associate”, “director” and “loan creditor”.
- 418 “Distribution” to include certain expenses of close companies.
- 419 Loans to participators etc.
- 420 Exceptions from section 419.
- 421 Taxation of borrower when loan under section 419 released etc
- 422 Extension of section 419 to loans by companies controlled by close companies.
- 423 Apportionment of certain income, deductions and interest.
- 424 Exclusions from section 423.
- 425 Manner of apportionment.
- 426 Charge to income tax where apportionment is to an individual.
- 427 Reduction of charge under section 426 in certain cases.
- 428 Increase of apportioned sum etc. by reference to ACT.
- 429 Payment and collection of income tax.
- 430 Consequences of apportionment: ACT.
- 431 Interpretative provisions relating to insurance companies.
- 431ZA Election that assets not be foreign business assets
- 431A Amendment of Chapter etc
- 431AA Relevant benefits for purposes of section 431(4)(d) and (e).
- 431B Meaning of “pension business”.
- 431BA Meaning of “child trust fund business”
- 431BB Meaning of “individual savings account business”
- 431C Meaning of “life reinsurance business”.
- 431D Meaning of “overseas life assurance business”.
- 431E Overseas life assurance business: regulations.
- 431EA Meaning of “gross roll-up business”
- 431F Meaning of “basic life assurance and general annuity business”.
- 431G Company carrying on life assurance business
- 431H Company carrying on life assurance business and other insurance business
- 432 Separation of different categories of business.
- 432YA PHI business other than life assurance business — adjustment consequent on change in Insurance Prudential Sourcebook
- 432ZA Linked assets.
- 432A Apportionment of income and gains.
- 432AA UK property business or overseas property business
- 432AB Losses from UK property business or overseas property business.
- 432B Apportionment of receipts brought into account.
- 432C Section 432B apportionment: non-participating funds
- 432CA Apportionment of asset value increase where line 51 amount decreases
- 432CB Transfers of business involving excess assets
- 432D Section 432B apportionment: value of non-participating funds.
- 432E Section 432B apportionment: participating funds.
- 432F Section 432B apportionment: supplementary provisions.
- 432G Section 432B apportionment: business transfers-in
- 433 Profits reserved for policy holders and annuitants.
- 434 Franked investment income etc.
- 434A Computation of losses and limitation on relief.
- 434AZA Reduced loss relief for additions to non-profit funds
- 434AZB Additions to non-profit funds: amount of loss reduction
- 434AZC Sections 434AZA and 434AZB: supplementary
- 434B Treatment of interest and annuities.
- 434C Interest on repayment of advance corporation tax.
- 434D Capital allowances: management assets.
- 434E Capital allowances: investment assets.
- 435 Taxation of gains reserved for policy holders and annuitants.
- 436 Pension business: separate charge on profits.
- 436A Gross roll-up business: separate charge on profits
- 436B Gains referable to gross roll-up business not to be chargeable gains
- 437 General annuity business.
- 437A Meaning of “steep-reduction annuity” etc.
- 438 Pension business: exemption from tax.
- 438A Pension business: payments on account of tax credits and deducted tax.
- 438B Income or gains arising from property investment LLP
- 438C Determination of policy holders’ share for purposes of s.438B
- 439 Restricted government securities.
- 439A Taxation of pure reinsurance business.
- 439B Life reinsurance business: separate charge on profits.
- 440 Transfers of assets etc.
- 440A Securities.
- 440B Modifications where tax charged under section 35 of CTA 2009.
- 440C Modifications for change of tax basis
- 440D Modifications in relation to BLAGAB group reinsurers
- 441 Overseas life assurance business.
- 441A Section 441: distributions.
- 441B Treatment of UK land.
- 442 Overseas business of U.K. companies.
- 442A Taxation of investment return where risk reinsured.
- 443 Life policies carrying rights not in money.
- 444 Life policies issued before 5th August 1965.
- 444A Transfers of business.
- 444AZA Transfers of life assurance business: gross roll-up business losses of the transferor
- 444AZB Transfers of life assurance business: trade losses of the transferor
- 444AA Transfers of business: deemed periodical returns
- 444AB Transfer schemes: transferor
- 444ABA Non long-term fund transferred assets
- 444ABAA Non-profit fund transferred assets
- 444ABB Retained assets
- 444ABBA Transfers of business: election for transferee to pay tax of transferor
- 444ABC Transfer scheme transferring part of business: transferor
- 444ABD Transferor's period of account including transfer
- 444AC Transfer schemes: reduction of income of transferee
- 444ACZA Transfer schemes transferring part of business: reduction in income of transferee
- 444ACA Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc
- 444AD Transfers of business: modification of s.83(2B) FA 1989
- 444AE Transfers of business: FAFTS
- 444AEA Transfer schemes: anti-avoidance rule
- 444AEB Life assurance trade profits advantage: transferor
- 444AEC Life assurance trade profits advantage: transferee
- 444AECA Parts of transfer scheme arrangements: anti-avoidance rule
- 444AECB Parts of transfer scheme arrangements: life assurance trade profits advantage transferor
- 444AECC Parts of transfer scheme arrangements: life assurance trade profits advantage transferee
- 444AED Clearance: no avoidance or group advantage
- 444AF Demutualisation surplus: life assurance business
- 444AG Section 444AF: “demutualisation transfer surplus”
- 444AH Modification of section 444AG etc for gross roll-up businesses
- 444AI Section 444AF: “reduction in company's unappropriated surplus”
- 444AJ Sections 444AF and 444AK: “relevant receipts reduction”
- 444AK Mutual surplus: gross roll-up business
- 444AL Interpretation of sections 444AF to 444AK
- 444B Modification of Act in relation to overseas life insurance companies.
- 444BA Equalisation reserves for general business.
- 444BB Modification of s. 444BA for mutual or overseas business and for non-resident companies.
- 444BC Modification of s. 444BA for non-annual accounting etc.
- 444BD Application of s. 444BA rules to other equalisation reserves.
- 444C Modification of section 440.
- 444D Qualifying distributions, tax credits, etc.
- 444E Income from investments attributable to BLAGAB, etc.
- 445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 446 Annuity business.
- 447
- 448 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 449 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 452 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 454 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 456 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 458 Capital redemption business.
- 458A Capital redemption business: power to apply life assurance provisions.
- 459 Exemption from tax.
- 460 Exemption from tax in respect of life or endowment business.
- 461 Taxation in respect of other business.
- 461A Taxation in respect of other business: incorporated friendly societies qualifying for exemption.
- 461B Taxation in respect of other business: incorporated friendly societies etc.
- 461C Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society.
- 461D Transfers of other business
- 462 Conditions for tax exempt business.
- 462A Election as to tax exempt business.
- 463 Long-term business: application of the Corporation Tax Acts.
- 464 Maximum benefits payable to members.
- 465 Old societies.
- 465A Assets of branch of registered friendly society to be treated as assets of society after incorporation.
- 466 Interpretation of Chapter II.
- 467 Exemption for trade unions and employers’ associations.
- 468 Authorised unit trusts.
- 468AA Authorised unit trusts: futures and options.
- 468A Certified unit trusts.
- 468A Open-ended investment companies
- 468B Certified unit trusts: corporation tax.
- 468C Certified unit trusts: distributions.
- 468D Funds of funds: distributions.
- 468E Authorised unit trusts: corporation tax.
- 468EE Corporation tax: cases where lower rate applies.
- 468F Authorised unit trusts: distributions.
- 468G Dividends paid to investment trusts.
- 468H Interpretation.
- 468I Distribution accounts.
- 468J Dividend distributions.
- 468K Foreign income distributions.
- 468L Interest distributions.
- 468M Cases where no obligation to deduct tax
- 468N Deduction of tax (mixed funds).
- 468O Residence condition and reputable intermediary condition.
- 468P Residence declarations.
- 468PA Section 468O(1A): consequences of reasonable but incorrect belief
- 468PB Regulations supplementing sections 468M to 468PA
- 468Q Dividend distribution to corporate unit holder.
- 468R Foreign income distribution to corporate unit holder.
- 469 Other unit trusts.
- 469A Court common investment funds.
- 470 Transitional provisions relating to unit trusts.
- 471 Exchange of securities in connection with conversion operations, nationalisation etc.
- 472 Distribution of securities issued in connection with nationalisation etc.
- 472A Trading profits etc. from securities: taxation of amounts taken to reserves
- 473 Conversion etc. of securities held as circulating capital.
- 474 Treatment of tax-free income.
- 475 Tax-free Treasury securities: exclusion of interest on borrowed money.
- 476 Building societies: regulations for payment of tax.
- 477 Investments becoming or ceasing to be relevant building society investments.
- 477A Building societies: loan relationships.
- 477B Building societies: incidental costs of issuing qualifying shares.
- 478 Building societies: time for payment of tax.
- 479 Interest paid on deposits with banks etc.
- 480 Deposits becoming or ceasing to be composite rate deposits.
- 480A Relevant deposits: deduction of tax from interest payments.
- 480B Relevant deposits: exception from section 480A.
- 480C Relevant deposits: computation of tax on interest.
- 481 “Deposit-taker”, “deposit” and “relevant deposit”.
- 482 Supplementary provisions.
- 482A Audit powers in relation to non-residents.
- 483 Determination of reduced rate for building societies and composite rate for banks etc.
- 484 Savings banks: exemption from tax.
- 485 Savings banks: supplemental.
- 486 Industrial and provident societies and co-operative associations.
- 487 Credit unions.
- 488 Co-operative housing associations.
- 489 Self-build societies.
- 490 Companies carrying on a mutual business or not carrying on a business.
- 491 Distribution of assets of body corporate carrying on mutual business.
- 492 Treatment of oil extraction activities etc. for tax purposes.
- 493 Valuation of oil disposed of or appropriated in certain circumstances.
- 494 Loan relationships etc.
- 494AA Sale and lease-back.
- 494A Computation of amount available for surrender by way of group relief.
- 495 Regional development grants.
- 496 Tariff receipts and tax-exempt tariffing receipts
- 496A Exploration expenditure supplement
- 496B Ring fence expenditure supplement
- 497 Restriction on setting ACT against income from oil extraction activities etc.
- 498 Limited right to carry back surrendered ACT.
- 499 Surrender of ACT where oil extraction company etc. owned by a consortium.
- 500 Deduction of PRT in computing income for corporation tax purposes.
- 501 Interest on repayment of PRT.
- 501A Supplementary charge in respect of ring fence trades
- 501B Assessment, recovery and postponement of supplementary charge
- 502 Interpretation of Chapter V.
- 502A Scope of Chapter 5A
- 502B Lessor under long funding finance lease: rental earnings
- 502C Lessor under long funding finance lease: exceptional items
- 502D Lessor under long funding finance lease making termination payment
- 502E Lessor under long funding operating lease: periodic deduction
- 502F Long funding operating lease: lessor's additional expenditure
- 502G Lessor under long funding operating lease: termination of lease
- 502GA Cases where ss. 502B to 502G do not apply: plant or machinery held as trading stock
- 502GB Cases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding lease
- 502GC Cases where ss. 502B to 502G do not apply: other avoidance
- 502GD Cases where ss 502B to 502G do not apply: films
- 502H Insurance company as lessor
- 502I Lessee under long funding finance lease: limit on deductions
- 502J Lessee under long funding finance lease: termination
- 502K Lessee under long funding operating lease
- 502L Interpretation of this Chapter
- 503 Letting of furnished holiday accommodation treated as a trade for certain corporation tax purposes.
- 504 Supplementary provisions.
- 504A Letting of furnished holiday accommodation treated as trade for certain income tax purposes
- 505 Charitable companies: general.
- 506 Charitable and non-charitable expenditure
- 506A Transactions with substantial donors
- 506B Section 506A: exceptions
- 506C Sections 506A and 506B: supplemental
- 507 The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum.
- 508 Scientific research organisations.
- 508A Investment trusts investing in housing.
- 508B Interpretation of section 508A.
- 508A Contemplative religious communities: profits exempt from corporation tax
- 508B Contemplative religious communities: gains exempt from corporation tax
- 509 Reserves of marketing boards and certain other statutory bodies.
- 510 Agricultural societies.
- 510A European economic interest groupings.
- 511 The Electricity Council and Boards, the Northern Ireland Electricity Service and the Gas Council.
- 512 Atomic Energy Authority and National Radiological Protection Board.
- 513 British Airways Board and National Freight Corporation.
- 514 Funds for reducing the National Debt.
- 515 Signatories to Operating Agreement for INMARSAT.
- 516 Government securities held by non-resident central banks.
- 517 Issue departments of the Reserve Bank of India and the State Bank of Pakistan.
- 518 Harbour reorganisation schemes.
- 519 Local authorities.
- 519A Health service bodies.
- 520 Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.
- 521 Provisions supplementary to section 520.
- 522 Allowances for expenditure on purchase of patent rights: pre-1st April 1986 expenditure.
- 523 Lapses of patent rights, sales etc.
- 524 Taxation of receipts from sale of patent rights.
- 525 Capital sums: . . . winding up or partnership change.
- 526 Relief for expenses.
- 527 Spreading of royalties over several years.
- 528 Manner of making allowances and charges.
- 529 Patent income to be earned income in certain cases.
- 530 Disposal of know-how.
- 531 Provisions supplementary to section 530.
- 532 Application of Capital Allowances Act
- 533 Interpretation of sections 520 to 532.
- 534 Relief for copyright payments etc.
- 535 Relief where copyright sold after ten years or more.
- 536 Taxation of royalties where owner abroad.
- 537 Public lending right.
- 537A Relief for payments in respect of designs.
- 537B Taxation of design royalties where owner abroad.
- 538 Relief for painters, sculptors and other artists.
- 539 Introductory.
- 539ZA Application of this Chapter etc. to policies and contracts in which persons other than companies are interested
- 539A The conditions for being an excepted group life policy
- 540 Life policies: chargeable events.
- 541 Life policies: computation of gain.
- 542 Life annuity contracts: chargeable events.
- 543 Life annuity contracts: computation of gain.
- 544 Second and subsequent assignment of life policies and contracts.
- 545 Capital redemption policies.
- 546 Calculation of certain amounts for purposes of sections 540, 542 and 545.
- 546A Treatment of certain assignments etc involving co-ownership
- 546B Special provision in respect of certain section 546 excesses
- 546C Charging the section 546 excess to tax where section 546B applies
- 546D Modifications of s.546C for final year ending with terminal chargeable event
- 547 Method of charging gain to tax.
- 547A Method of charging gain to tax: multiple interests.
- 548 Deemed surrender of certain loans.
- 548A Effect of rebated or reinvested commission in certain cases
- 548B Section 548A: further definitions
- 549 Certain deficiencies allowable as deductions.
- 550 Relief where gain charged at a higher rate.
- 551 Right of individual to recover tax from trustees.
- 551A Right of company to recover tax from trustees.
- 552 Information: duty of insurers.
- 552ZA Information: supplementary provisions
- 552ZB Regulations in relation to qualifying policies
- 552A Tax representatives.
- 552B Duties of overseas insurers’ tax representatives.
- 553 Non-resident policies and off-shore capital redemption policies.
- 553A Overseas life assurance business: life policies.
- 553B Overseas life assurance business: capital redemption policies.
- 553C Personal portfolio bonds.
- 554 Borrowings on life policies to be treated as income in certain cases.
- 555 Payment of tax.
- 556 Activity treated as trade etc. and attribution of income.
- 557 Charge on profits.
- 558 Supplementary provisions.
- 559 Deductions on account of tax etc. from payments to certain sub-contractors.
- 559A Treatment of sums deducted under s.559
- 560 Persons who are sub-contractors or contractors for purposes of Chapter IV.
- 561 Exceptions from section 559.
- 562 Conditions to be satisfied by individuals.
- 563 Conditions to be satisfied by partners who are individuals.
- 564 Conditions to be satisfied by firms.
- 565 Conditions to be satisfied by companies.
- 566 General powers to make regulations under Chapter IV.
- 567 Meaning of “construction operations”.
- 568 Deductions from profits of contributions paid under certified schemes.
- 569 Repayment of contributions.
- 570 Payments under certified schemes which are not repayments of contributions.
- 571 Cancellation of certificates.
- 572 Application to statutory redundancy schemes.
- 573 Relief for companies.
- 575 Exclusion of relief under section 573 . . . in certain cases.
- 576 Provisions supplementary to sections 573 and 575.
- 576A Qualifying trading companies
- 576B The trading requirement
- 576C Ceasing to meet the trading requirement because of administration or receivership
- 576D The control and independence requirement
- 576E The qualifying subsidiaries requirement
- 576F The property managing subsidiaries requirement
- 576G The gross assets requirement
- 576H The unquoted status requirement
- 576I Power to amend requirements by Treasury order
- 576J Relief after an exchange of shares for shares in another company
- 576K Substitution of new shares for old shares
- 576L Interpretation of Chapter
- 574 Relief for individuals.
- 577 Business entertaining expenses.
- 577A Expenditure involving crime.
- 578 Housing grants.
- 578A Expenditure on car hire
- 578B Expenditure on car hire: supplementary
- 579 Statutory redundancy payments.
- 580 Provisions supplementary to section 579.
- 580A Relief from tax on annual payments under certain insurance policies.
- 580B Meaning of “self-contained” for the purposes of s.580A.
- 580C Relief from tax on annual payments under immediate needs annuities
- 581 Borrowing in foreign currency by local authorities and statutory corporations.
- 581A Interest on foreign currency securities etc.
- 582 Funding bonds issued in respect of interest on certain debts.
- 582A Designated international organisations: miscellaneous exemptions.
- 583 Inter-American Development Bank.
- 584 Relief for unremittable overseas income
- 585 Relief from tax on delayed remittances.
- 586 Disallowance of deductions for war risk premiums.
- 587 Disallowance of certain payments in respect of war injuries to employees.
- 587A New issues of securities: extra return.
- 587B Gifts of shares, securities and real property to charities etc
- 587BA Qualifying interests in land held jointly
- 587C Supplementary provision for gifts of real property
- 588 Training courses for employees.
- 589 Qualifying courses of training etc.
- 589A Counselling services for employees.
- 589B Qualifying counselling services etc.
- 590 Conditions for approval of retirement benefit schemes.
- 590A Section 590: supplementary provisions.
- 590B Section 590: further supplementary provisions.
- 590C Earnings cap.
- 591 Discretionary approval.
- 591A Effect on approved schemes of regulations under section 591.
- 591B Cessation of approval: general provisions.
- 591C Cessation of approval: tax on certain schemes.
- 591D Section 591C: supplementary.
- 592 Exempt approved schemes.
- 593 Relief by way of deductions from contributions.
- 594 Exempt statutory schemes.
- 595 Charge to tax in respect of certain sums paid by employer etc.
- 596 Exceptions from section 595.
- 596A Charge to tax: benefits under non-approved schemes.
- 596B Section 596A: supplementary provisions.
- 596C Notional interest treated as paid if amount charged in respect of beneficial loan.
- 597 Charge to tax: pensions.
- 598 Charge to tax: repayment of employee’s contributions.
- 599 Charge to tax: commutation of entire pension in special circumstances.
- 599A Charge to tax: payments out of surplus funds.
- 600 Charge to tax: unauthorised payments to or for employees.
- 601 Charge to tax: payments to employers.
- 602 Regulations relating to pension fund surpluses.
- 603 Reduction of surpluses.
- 604 Application for approval of a scheme.
- 605 Information.
- 605A False statements etc.
- 606 Default of administrator etc.
- 606A Recourse to scheme members.
- 607 Pilots’ benefit fund.
- 608 Superannuation funds approved before 6th April 1980.
- 609 Schemes approved before 23rd July 1987.
- 610 Amendments of schemes.
- 611 Definition of “retirement benefits scheme”.
- 611A Definition of relevant statutory scheme.
- 611AA Definition of the administrator.
- 611A Definition of relevant statutory scheme.
- 612 Other interpretative provisions, and regulations for purposes of this Chapter.
- 613 Parliamentary pension funds.
- 614 Exemptions and reliefs in respect of income from investments etc. of certain pension schemes.
- 615 Exemption from tax in respect of certain pensions.
- 616 Other overseas pensions.
- 617 Social security benefits and contributions.
- 617A Tax credits under Part 1 of Tax Credits Act 2002
- 618 Termination of relief under this Chapter, and transitional provisions.
- 619 Exemption from tax in respect of qualifying premiums.
- 620 Qualifying premiums.
- 621 Other approved contracts.
- 622 Substituted retirement annuity contracts.
- 623 Relevant earnings.
- 624 Sponsored superannuation schemes and controlling directors.
- 625 Carry-forward of unused relief under section 619.
- 626 Modification of section 619 in relation to persons over 50.
- 627 Lloyd’s underwriters.
- 628 Partnership retirement annuities.
- 629 Annuity premiums of Ministers and other officers.
- 630 Interpretation.
- 631 Approval of schemes.
- 631A Conversion of certain approved retirement benefits schemes.
- 632 Establishment of schemes.
- 632A Eligibility to make contributions.
- 632B Eligibility to make contributions: concurrent membership.
- 633 Scope of benefits.
- 634 Annuity to member.
- 634A Income withdrawals by member.
- 635 Lump sum to member.
- 636 Annuity after death of member.
- 636A Income withdrawals after death of member.
- 637 Death benefit.
- 637A Return of contributions on or after death of member.
- 638 Other restrictions on approval.
- 638ZA Personal pension arrangements with more than one pension date etc.
- 638A Power to prescribe restrictions on approval.
- 639 Member’s contributions.
- 640 Maximum amount of deductions.
- 640A Earnings cap.
- 641 Carry-back of contributions.
- 641A Election for contributions to be treated as paid in previous year.
- 642 Carry-forward of relief.
- 643 Employer’s contributions and personal pension income etc.
- 644 Meaning of “relevant earnings”.
- 645 Earnings from pensionable employment.
- 646 Meaning of “net relevant earnings”.
- 646A Earnings from associated employments.
- 646B Presumption of same level of relevant earnings etc for 5 years.
- 646C Provisions supplementary to section 646B.
- 646D Higher level contributions after cessation of actual relevant earnings: modification of section 646B.
- 647 Unauthorised payments.
- 648 Contributions under unapproved arrangements.
- 648A Annuities: charge under Schedule E.
- 648B Return of contributions after pension date.
- 649 Minimum contributions under Social Security Act 1986.
- 650 Withdrawal of approval.
- 650A Charge on withdrawal of approval from arrangements.
- 651 Appeals.
- 651A Information powers.
- 652 Information about payments.
- 653 Information: penalties.
- 653A Notices to be given to scheme administrator.
- 654 Remuneration of Ministers and other officers.
- 655 Transitional provisions.
- 656 Purchased life annuities other than retirement annuities.
- 657 Purchased life annuities to which section 656 applies.
- 658 Supplementary.
- 658A Charges and assessments on administrators.
- 659 Financial futures and traded options.
- 659A Futures and options.
- 659B Definition of insurance company.
- 659C Effect of appointment or arrangements under section 659B.
- 659D Interpretation of provisions about pension sharing.
- 659E Treatment of income from property investment LLPs
- 660A Income arising under settlement where settlor retains an interest.
- 660B Payments to unmarried minor children of settlor.
- 660C Nature of charge on settlor.
- 660D Adjustments between settlor and trustees, &c.
- 660E Application to settlements by two or more settlors.
- 660F Power to obtain information.
- 660G Meaning of “settlement” and related expressions.
- 677 Sums paid to settlor otherwise than as income.
- 678 Capital sums paid by body connected with settlement.
- 679 Application of Chapter III to settlements by two or more settlors.
- 680 Power to obtain information for purposes of Chapter III.
- 681 Interpretation of Chapter III.
- 682 Ascertainment of undistributed income.
- 682A Supplementary provisions.
- 683 Settlements made after 6th April 1965.
- 684 Settlements made before 7th April 1965 but after 9th April 1946.
- 685 Provisions supplementary to sections 683 and 684.
- 685A Meaning of “settled property”
- 685B Meaning of “settlor”
- 685C Transfer between settlements: identification of settlor
- 685D Variation of will or intestacy, etc: identification of settlor
- 685E Trustees of settlements
- 685F Application of section 739 and 740
- 685G Sub-funds
- 686 Accumulation and discretionary trusts: special rates of tax.
- 686A Receipts to be treated as income to which section 686 applies
- 686B Share incentive plans: distributions in respect of unappropriated shares
- 686C Interpretation of section 686B
- 686D Special trust rates not to apply to first slice of trust income
- 686E Application of section 686D where settlor has made more than one settlement
- 687 Payments under discretionary trusts.
- 687A Discretionary payments by trustees to companies.
- 688 Schemes for employees and directors to acquire shares.
- 689 Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries.
- 689A Disregard of expenses where beneficiary non-resident.
- 689B Order in which expenses to be set against income.
- 690 Schedule 4 directions.
- 691 Certain income not to be income of settlor etc.
- 692 Reimbursement of settlor.
- 693 Severance of settled property for certain purposes.
- 694 Trustees chargeable to income tax in certain cases at higher rate reduced by rate applicable to trusts
- 695 Limited interests in residue.
- 696 Absolute interests in residue.
- 697 Supplementary provisions as to absolute interests in residue.
- 698 Special provisions as to certain interests in residue.
- 698A Taxation of income of beneficiaries at lower rate or at rates applicable to distribution income.
- 699 Relief from higher rate tax for inheritance tax on accrued income.
- 699A Untaxed sums comprised in the income of the estate.
- 700 Adjustments and information.
- 701 Interpretation.
- 702 Application to Scotland.
- 703 Cancellation of corporation tax advantage.
- 704 The prescribed circumstances.
- 705 Appeals against Board’s notices under section 703.
- 705A Statement of case by tribunal for opinion of High Court.
- 705B Proceedings in Northern Ireland.
- 706 The tribunal.
- 707 Procedure for clearance in advance.
- 708 Power to obtain information.
- 709 Meaning of “corporation tax advantage” and other expressions.
- 710 Meaning of “securities”, “transfer” etc. for purposes of sections 711 to 728.
- 711 Meaning of “interest”, “transfers with or without accrued interest” etc.
- 712 Meaning of “settlement day” for purposes of sections 711 to 728.
- 713 Deemed sums and reliefs.
- 714 Treatment of deemed sums and reliefs.
- 715 Exceptions from sections 713 and 714
- 716 Transfer of unrealised interest.
- 717 Variable interest rate.
- 718 Interest in default.
- 719 Unrealised interest in default
- 720 Nominees, trustees etc.
- 721 Death.
- 722 Trading stock.
- 722A Gilt strips: deemed transfer.
- 723 Foreign securities: delayed remittances
- 724 Insurance companies.
- 725 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 726 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 726A New issues of securities.
- 727 Stock lending.
- 727A Exception for sale and repurchase of securities.
- 728 Information.
- 729 Sale and repurchase of securities.
- 730 Transfers of rights to receive distributions in respect of shares
- 730A Treatment of price differential on sale and repurchase of securities.
- 730B Interpretation of section 730A.
- 730BB Exchange gains and losses on sale and repurchase of securities
- 730C Exchanges of gilts: traders etc.
- 731 Application and interpretation of sections 732 to 734.
- 732 Dealers in securities.
- 733 Persons entitled to exemptions.
- 734 Persons other than dealers in securities.
- 735 Meaning of “appropriate amount in respect of” interest.
- 736 Company dealing in securities: distribution materially reducing value of holding.
- 736A Manufactured dividends and interest.
- 736B Deemed manufactured payments in the case of stock lending arrangements.
- 736C Deemed interest: cash collateral under stock lending arrangements
- 736D Quasi-stock lending arrangements and quasi-cash collateral
- 737 Manufactured dividends: treatment of tax deducted.
- 737A Sale and repurchase of securities: deemed manufactured payments.
- 737B Interpretation of section 737A.
- 737C Deemed manufactured payments: further provisions.
- 737D Power to provide for manufactured payments to be eligible for relief.
- 737E Power to modify sections . . . 730A, 730BB and 737A to 737C
- 738 Power to amend sections 732, 735 and 737.
- 739 Prevention of avoidance of income tax.
- 740 Liability of non-transferors.
- 741 Exemption from sections 739 and 740 (transactions before 5th December 2005)
- 741A Exemption from sections 739 and 740 (transactions on or after 5th December 2005)
- 741B Application of sections 741 and 741A
- 741C Cases where there are both old transactions and new transactions
- 741D Section 739: just and reasonable apportionment in certain cases
- 742 Interpretation of this Chapter
- 743 Supplemental provisions.
- 744 No duplication of charge.
- 745 Power to obtain information.
- 746 Persons resident in the Republic of Ireland.
- 747 Imputation of chargeable profits and creditable tax of controlled foreign companies
- 747A Special rule for computing chargeable profits.
- 748 Cases where section 747(3) does not apply.
- 748ZA Exclusion of small profits exemptions
- 748A Territorial exclusions from exemption under section 748
- 749 Residence.
- 749A Elections and designations under section 749: supplementary provisions.
- 749B Interests in companies.
- 750 Territories with a lower level of taxation.
- 750A Deemed lower level of taxation: designer rate tax provisions.
- 751 Accounting periods and creditable tax
- 751A Reduction in chargeable profits for certain activities of EEA business establishments
- 751AA Reduction in chargeable profits for certain financing income
- 751AB Reduction in chargeable profits: failure to qualify for exemptions
- 751AC Reduction in chargeable profits following an exempt period
- 751B Sections 751A to 751AC: supplementary
- 752 Apportionment of chargeable profits and creditable tax
- 752A Relevant interests.
- 752B Section 752(3): the percentage of shares which a relevant interest represents.
- 752C Interpretation of apportionment provisions.
- 753 Notices and appeals.
- 754 Assessment, recovery and postponement of tax.
- 754A Returns where it is not established whether acceptable distribution policy applies.
- 754B Determinations requiring the sanction of the Board.
- 755 Information relating to controlled foreign companies
- 755A Treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business.
- 755B Amendment of return where general insurance business of foreign company accounted for on non-annual basis.
- 755C Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.
- 755D “Control" and the two “40 per cent" tests.
- 756 Interpretation and construction of Chapter IV.
- 756A General definition of offshore fund
- 756B Treatment of umbrella funds
- 756C Treatment of funds comprising more than one class of interest
- 757 Disposal of material interests in non-qualifying offshore funds
- 758 Offshore funds operating equalisation arrangements
- 759 Material interests in offshore funds
- 760 Non-qualifying offshore funds
- 761 Charge to income tax or corporation tax of offshore income gain.
- 762 Offshore income gains accruing to persons resident or domiciled abroad.
- 762ZA Offshore income gains: application of transfer of assets abroad provisions
- 762ZB Income treated as arising under section 761(1): remittance basis
- 762A Exchange of interests of different classes
- 763 Deduction of offshore income gain in determining capital gain.
- 764 Offshore income gains of trustees.
- 765 Migration etc. of companies.
- 765A Movements of capital between residents of member States.
- 766 Offences under section 765.
- 767 Interpretation and commencement of sections 765 and 766.
- 767A Change in company ownership: corporation tax.
- 767AA Change in company ownership: postponed corporation tax.
- 767B Change of company ownership: supplementary.
- 767C Change in company ownership: information.
- 768 Change in ownership of company: disallowance of trading losses.
- 768A Change in ownership: disallowance of carry back of trading losses.
- 768B Change in ownership of company with investment business: deductions generally
- 768C Deductions: asset transferred within group.
- 768D Change in ownership of company carrying on property business.
- 768E Change in ownership of company with unused non-trading loss on intangible fixed assets
- 769 Rules for ascertaining change in ownership of company.
- 770A Provision not at arm’s length.
- 774 Transactions between dealing company and associated company.
- 774A Meaning of “structured finance arrangement” for purposes of s.774B
- 774B Disregard of intended effects of arrangement involving disposals of assets
- 774C Meaning of “structured finance arrangement” for purposes of s.774D
- 774D Disregard of intended effects of arrangement involving change in relation to a partnership
- 774E Sections 774B and 774D: exceptions
- 774F Sections 774B and 774D: power to provide further exceptions
- 774G Sections 774A to 774D: minor definitions etc
- 775 Sale by individual of income derived from his personal activities.
- 775A Transfers of rights to receive annual payments
- 776 Transactions in land: taxation of capital gains.
- 777 Provisions supplementary to section 776.
- 778 Power to obtain information.
- 779 Sale and leaseback: limitation on tax reliefs.
- 780 Sale and leaseback: taxation of consideration received.
- 781 Assets leased to traders and others.
- 782 Leased assets: special cases.
- 783 Leased assets: supplemental.
- 784 Leased assets subject to hire-purchase agreements.
- 785 Meaning of “asset”, “capital sum” and “lease” for purposes of sections 781 to 784.
- 785ZA Restrictions on use of losses: leasing partnerships
- 785ZB Section 785ZA: definitions
- 785A Rent factoring of leases of plant or machinery
- 785B Plant and machinery leases: capital receipts to be treated as income
- 785C Section 785B: interpretation
- 785D Section 785B: lease of plant and machinery and other property
- 785E Section 785B: expectation that relevant capital payment will not be paid
- 786 Transactions associated with loans or credit.
- 787 Restriction of relief for payments of interest.
- 788 Relief by agreement with other territories.
- 789 Arrangements made under old law.
- 790 Unilateral relief.
- 791 Power to make regulations for carrying out section 788.
- 792 Interpretation of credit code.
- 793 Reduction of United Kingdom taxes by amount of credit due.
- 793A No double relief etc.
- 794 Requirement as to residence.
- 795 Computation of income subject to foreign tax.
- 795A Limits on credit: minimisation of the foreign tax.
- 796 Limits on credit: income tax.
- 797 Limits on credit: corporation tax.
- 797A Foreign tax on items giving rise to a non-trading credit : loan relationships.
- 797B Foreign tax on items giving rise to a non-trading credit: intangible fixed assets
- 798 Section 796: trade income
- 798A Section 797: trade income
- 798B Section 798A: special cases
- 798C Disallowed credit: use as deduction
- 799 Computation of underlying tax.
- 800 Dividends paid between related companies but not covered by arrangements.
- 801 Dividends paid between related companies: relief for U.K. and third country taxes.
- 801A Restriction of relief for underlying tax.
- 801B Dividends paid out of transferred profits.
- 801C Separate streaming of dividend so far as representing an ADP dividend of a CFC.
- 802 U.K. insurance companies trading overseas.
- 803 Underlying tax reflecting interest on loans.
- 803A Foreign taxation of group as a single entity.
- 804 Relief against income tax in respect of income arising in years of commencement.
- 804ZA Schemes and arrangements designed to increase relief
- 804ZB Effect of notice under section 804ZA
- 804ZC Notices under section 804ZA: further provision
- 804A Life assurance companies with overseas branches etc: restriction of credit.
- 804B Insurance companies carrying on more than one category of business: restriction of credit.
- 804C Insurance companies: allocation of expenses etc in computations under section 35 of CTA 2009.
- 804D Interpretation of section 804C in relation to life assurance business etc.
- 804E Interpretation of section 804C in relation to other insurance business.
- 804F Interpretation of sections 804A to 804E.
- 804G Reduction in credit: payment by reference to foreign tax
- 805 Elections against credit.
- 806 Time limit for claims etc.
- 806A Eligible unrelieved foreign tax on dividends: introductory.
- 806B The amounts that are eligible unrelieved foreign tax.
- 806C Onshore pooling.
- 806D Utilisation of eligible unrelieved foreign tax.
- 806E Rules for carry back of relievable tax under section 806D.
- 806F Credit to be given for underlying tax before other foreign tax etc.
- 806G Claims for the purposes of section 806D(4) or (5).
- 806H Surrender of relievable tax by one company in a group to another.
- 806J Interpretation of foreign dividend provisions of this Chapter.
- 806K Application of foreign dividend provisions to branches or agencies in the UK of persons resident elsewhere.
- 806L Carry forward or carry back of unrelieved foreign tax.
- 806M Provisions supplemental to section 806L.
- 807 Sale of securities with or without accrued interest.
- 807A Disposals and acquisitions of company loan relationships with or without interest.
- 807B Introduction to section 807C
- 807C Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
- 807D Introduction to section 807E
- 807E Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
- 807F Introduction to section 807G
- 807G Tax treated as chargeable in respect of relevant transactions
- 808 Restriction on deduction of interest or dividends from trading income.
- 808A Interest: special relationship.
- 808B Royalties: special relationship.
- 809 Relief in respect of discretionary trusts.
- 810 Postponement of capital allowances to secure double taxation relief.
- 811 Deduction for foreign tax where no credit allowable.
- 812 Withdrawal of right to tax credit of certain non-resident companies connected with unitary states.
- 813 Recovery of tax credits incorrectly paid.
- 814 Arrangements to avoid section 812.
- 815 Power to inspect documents.
- 815A Transfer of a non-UK trade.
- 815AZA UK residents and foreign enterprises
- 815AA Mutual agreement procedure and presentation of cases under arrangements.
- 815B The Arbitration Convention.
- 815C Exchange of information with other territories.
- 816 Disclosure of information.
- 817 Deductions not to be allowed in computing profits or gains.
- 818 Arrangements for payments of interest less tax or of fixed net amount.
- 819 Old references to standard rate tax.
- 820 Application of Income Tax Acts from year to year.
- 821 Under-deductions from payments made before passing of annual Act.
- 822 Over-deductions from interest on loan capital etc. made before passing of annual Act.
- 823 Adjustments of reliefs where given at different times.
- 824 Repayment supplements: individuals and others.
- 825 Repayment supplements: companies.
- 826 Interest on tax overpaid.
- 826A Interest on payments in respect of corporation tax and meaning of “the material date".
- 827 VAT penalties etc.
- 827A Territorial scope of charges under certain provisions to which section 836B applies
- 828 Orders and regulations made by the Treasury or the Board.
- 829 Application of Income Tax Acts to public departments and avoidance of exempting provisions.
- 830 Territorial sea . . . .
- 831 Interpretation of this Act.
- 832 Interpretation of the Corporation Tax Acts etc.
- 833 Interpretation of Income Tax Acts.
- 834 Interpretation of the Corporation Tax Acts.
- 834A Miscellaneous charges (list for the purposes of certain provisions that formerly referred to Case VI of Schedule D)
- 834B Meaning of “UK property business” and “overseas property business”
- 834C Total profits
- 835 “Total income” in the Income Tax Acts.
- 836 Returns of total income.
- 836A Generally accepted accounting practice
- 836B Table of provisions to which this section applies
- 837 “Annual value” of land.
- 837A Meaning of “research and development”.
- 837B Meaning of “oil and gas exploration and appraisal”.
- 837C Meaning of “offshore installation”
- 838 Subsidiaries.
- 839 Connected persons.
- 840 Meaning of “control” in certain contexts.
- 840ZA Meaning of “tax advantage”
- 840A Banks.
- 841 Meaning of “recognised stock exchange” etc
- 841A Recognised clearing systems.
- 842 Investment trusts.
- 842AA Venture capital trusts.
- 842A Local authorities.
- 842B Meaning of . . . “property investment LLP”
- 843 Commencement.
- 844 Savings, transitional provisions, consequential amendments and repeals.
- 845 Short title.
- SCHEDULE A1 Determination of profits attributable to permanent establishment: supplementary provisions
- SCHEDULE A2 Corporation tax: the non-corporate distribution rate: supplementary provisions
- SCHEDULE 1
- SCHEDULE 2
- SCHEDULE 3
- SCHEDULE 4
- SCHEDULE 4AA
- SCHEDULE 4A CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS
- SCHEDULE 5
- SCHEDULE 5AA
- SCHEDULE 5A Stock lending: interest on cash collateral
- SCHEDULE 6
- Schedule 6A
- SCHEDULE 7
- SCHEDULE 7A Beneficial loans: loans on ordinary commercial terms
- SCHEDULE 8
- SCHEDULE 9 APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
- SCHEDULE 10 FURTHER PROVISIONS RELATING TO PROFIT SHARING SCHEMES
- Schedule 11
- SCHEDULE 11A
- SCHEDULE 12
- SCHEDULE 12AA MILEAGE ALLOWANCES: INTERPRETATION
- Schedule 12A Ordinary commuting and private travel
- SCHEDULE 13
- SCHEDULE 13A Surrenders of advance corporation tax
- Schedule 13B Children’s Tax Credit
- SCHEDULE 14 PROVISIONS ANCILLARY TO SECTION 266
- SCHEDULE 15 QUALIFYING POLICIES
- SCHEDULE 15A CONTRACTUAL SAVINGS SCHEMES
- SCHEDULE 15B Venture Capital Trusts: Relief from Income Tax
- SCHEDULE 16
- SCHEDULE 17
- Schedule 17A
- SCHEDULE 18
- SCHEDULE 18A
- SCHEDULE 19
- SCHEDULE 19AA
- Schedule 19AB
- SCHEDULE 19ABA
- SCHEDULE 19AC
- SCHEDULE 19A UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX
- SCHEDULE 19B Petroleum extraction activities: exploration expenditure supplement
- SCHEDULE 19C
- SCHEDULE 20
- SCHEDULE 21 TAX RELIEF IN CONNECTION WITH SCHEMES FOR RATIONALIZING INDUSTRY AND OTHER REDUNDANCY SCHEMES
- SCHEDULE 22
- SCHEDULE 23
- SCHEDULE 23ZA
- Schedule 23A
- SCHEDULE 24 ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
- SCHEDULE 25 Cases where section 747(3) does not apply
- SCHEDULE 26 RELIEFS AGAINST LIABILITY FOR TAX IN RESPECT OF CHARGEABLE PROFITS
- SCHEDULE 27
- SCHEDULE 28
- Schedule 28A Change in ownership of company with investment business: deductions
- SCHEDULE 28AA Provision not at arm’s length
- SCHEDULE 28AB Section 804ZA: prescribed schemes and arrangements
- SCHEDULE 28B Venture Capital Trusts: Meaning of “qualifying holdings”
- SCHEDULE 29 CONSEQUENTIAL AMENDMENTS
- SCHEDULE 30 TRANSITIONAL PROVISIONS AND SAVINGS
- SCHEDULE 31 REPEALS
Proposed changes to this act
No one has proposed a change to this act yet.
1,619 provisions
274 Limits on relief under section 266.
(1) The aggregate of the premiums . . . in respect of which relief is given to any person under section 266 shall not exceed £1,500 in any year of assessment or one-sixth of that person’s total income, whichever is the greater. (2) The aggregate of the relief given under section 266 in respect of premiums . . . payable for securing any benefits other than capital sums on death shall not exceed the amount of the income tax calculated at 12.5% on £100. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) War insurance premiums shall not be taken into account in calculating the limits of one-sixth of total income or of £100 mentioned in this section. In this subsection “war insurance premiums” means any additional premium . . . paid in order to extend an existing life insurance policy to risks arising from war or war service abroad, and any part of any premium . . . paid in respect of a life insurance policy covering those risks, or either of them, which is attributable to those risks, or either of them.
Propose a change275 Meaning of “relative”.
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Propose a change276 Effect on relief of charges on income.
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Propose a change277 Partners.
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Propose a change278 Non-residents.
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Propose a change279 Aggregation of wife’s income with husband’s.
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Propose a change280 Transfer of reliefs.
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Propose a change281 Tax repayments to wives.
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Propose a change282 Construction of references to spouses or civil partners living together.
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Propose a change282A Jointly held property.
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Propose a change282B Jointly held property: declarations.
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Propose a change283 Option for separate assessment.
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Propose a change284 Effect of separate assessment on personal reliefs.
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Propose a change285 Collection from wife of tax assessed on husband but attributable to her income.
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Propose a change286 Right of husband to disclaim liability for tax on deceased wife’s income.
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Propose a change287 Separate taxation of wife’s earnings.
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Propose a change288 Elections under section 287.
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Propose a change289 Eligibility for relief.
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Propose a change289A Form of relief.
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Propose a change289B Attribution of relief to shares.
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Propose a change290 Minimum and maximum subscriptions.
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Propose a change290A Restriction of relief where amounts raised exceed permitted maximum.
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Propose a change291 Individuals qualifying for relief.
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Propose a change291A Connected persons: directors.
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Propose a change291B Connected persons: persons interested in capital etc. of company.
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Propose a change292 Parallel trades.
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Propose a change293 Qualifying companies.
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Propose a change294 Companies with interests in land.
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Propose a change295 Valuation of interests in land for purposes of section 294(1)(b).
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Propose a change296 Section 294 disapplied where amounts raised total £50,000 or less.
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Propose a change297 Qualifying trades.
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Propose a change298 Provisions supplementary to sections 293 and 297.
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Propose a change299 Disposal of shares.
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Propose a change299A Loan linked investments.
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Propose a change299B Pre-arranged exits.
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Propose a change300 Value received from company.
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Propose a change300A Receipt of replacement value
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Propose a change301 Provisions supplementary to section 300.
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Propose a change301A Receipts of insignificant value: supplementary provision
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Propose a change