Income and Corporation Taxes Act 1988

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Income and Corporation Taxes Act 1988 (c. 1)

1988 c. 1

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Income and Corporation Taxes Act 1988 (c. 1)

1988 Chapter c. 1

ARRANGEMENT OF PARTS

PART I—
The Charge to Tax.

PART II—
Provisions Relating to the Schedule A Charge and the Associated Schedule D Charges.

PART III—
Provisions Relating to the Schedule C Charge and General Provisions about Government Securities.

PART IV—
Provisions Relating to the Schedule D Charge.
Chapter I—
Supplementary Charging Provisions.

Chapter II—
Income Tax: Basis of Assessment etc.

Chapter III—
Corporation Tax: Basis of Assessment etc.

Chapter IV—
Provisions Supplementary to Chapters II and III.

Chapter V—
Computational Provisions.

Chapter VI—
Discontinuance, and Change of Basis of Computation.

Chapter VII—
Partnerships and Successions.

Chapter VIII—
Miscellaneous and Supplemental.

PART V—
Provisions Relating to the Schedule E Charge.
Chapter I—
Supplementary Charging Provisions of General Application.

Chapter II—
Supplementary Charging Provisions Applicable to Directors and Higher-Paid Employees and Office Holders.

Chapter III—
Profit-Related Pay.

Chapter IV—
Other Exemptions and Reliefs.

Chapter V—
Assessment, Collection, Recovery and Appeals.

PART VI—
Company Distributions, Tax Credits etc.
Chapter I—
Taxation of Company Distributions.

Chapter II—
Matters which are Distributions for the Purposes of the Corporation Tax Acts.

Chapter III—
Matters which are not Distributions for the Purposes of the Corporation Tax Acts.

Chapter IV—
Tax Credits.

Chapter V—
Advance Corporation Tax and Franked Investment Income.

Chapter VI—
Miscellaneous and Supplemental.

PART VII—
General Provisions Relating to Taxation of Income of Individuals.
Chapter I—
Personal Reliefs.

Chapter II—
Taxation of Income of Spouses.

Chapter III—
Relief for Investment in Corporate Trades: The Business Expansion Scheme.

Chapter IV—
Special Provisions.

Chapter V—
Residence of Individuals.

PART VIII—
Taxation of Income and Chargeable Gains of Companies.

PART IX—
Annual Payments and Interest.

PART X—
Loss Relief and Group Relief.
Chapter I—
Loss Relief: Income Tax.

Chapter II—
Loss Relief: Corporation Tax.

Chapter III—
Loss Relief: Miscellaneous Provisions.

Chapter IV—
Group Relief.

PART XI—
Close Companies.
Chapter I—
Interpretative Provisions.

Chapter II—
Charges to Tax in Connection with Loans.

Chapter III—
Apportionment of Undistributed Income etc.

PART XII—
Special Classes of Companies and Businesses.
Chapter I—
Insurance Companies, Underwriters and Capital Redemption Business.

Chapter II—
Friendly Societies, Trade Unions and Employers' Associations.

Chapter III—
Unit Trust Schemes, Dealers in Securities etc.

Chapter IV—
Building Societies, Banks, Savings Banks, Industrial and Provident Societies and Others.

Chapter V—
Petroleum Extraction Activities.

Chapter VI—
Miscellaneous Businesses and Bodies.

PART XIII—
Miscellaneous Special Provisions.
Chapter I—
Intellectual Property.

Chapter II—
Life Policies, Life Annuities and Capital Redemption Policies.

Chapter III—
Entertainers and Sportsmen.

Chapter IV—
Sub-Contractors in the Construction Industry.

Chapter V—
Schemes for Rationalizing Industry.

Chapter VI—
Other Provisions.

PART XIV—
Pension Schemes, Social Security Benefits, Life Annuities etc.
Chapter I—
Retirement Benefit Schemes.

Chapter II—
Other Pension Funds and Social Security Benefits and Contributions.

Chapter III—
Retirement Annuities.

Chapter IV—
Personal Pension Schemes.

Chapter V—
Purchased Life Annuities.

Chapter VI—
Miscellaneous.

PART XV—
Settlements.
Chapter I—
Dispositions for Short Periods.

Chapter II—
Settlements on Children.

Chapter III—
Revocable Settlements etc.

Chapter IV—
Liability to Higher Rate and Additional Rate Tax.

Chapter V—
Maintenance Funds for Historic Buildings.

PART XVI—
Estates of Deceased Persons in Course of Administration.

PART XVII—
Tax Avoidance.
Chapter I—
Cancellation of Tax Advantages From Certain Transactions in Securities.

Chapter II—
Transfers of Securities.

Chapter III—
Transfer of Assets Abroad.

Chapter IV—
Controlled Foreign Companies.

Chapter V—
Offshore Funds.

Chapter VI—
Miscellaneous.

PART XVIII—
Double Taxation Relief.
Chapter I—
The Principal Reliefs.

Chapter II—
Rules Governing Relief by Way of Credit.

Chapter III—
Miscellaneous Provisions.

Part XIX—
Supplemental.


ARRANGEMENT OF SECTIONS

Part I
The Charge to Tax
Income tax
1	The charge to income tax.
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.

Corporation tax
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.
9	Computation of income: application of income tax principles.
10	Time for payment of tax.
11	Companies not resident in United Kingdom.
12	Basis of, and periods for, assessment.

Small companies' rate
13	Small companies' relief.

Advance corporation tax
14	Advance corporation tax and qualifying distributions.

The six Schedules
15	Schedule A.
16	Schedule B.
17	Schedule C.
18	Schedule D.
19	Schedule E.
20	Schedule F.

Part II
Provisions Relating to the Schedule A Charge and the Associated Schedule D Charges
General
21	Persons chargeable.
22	Assessments.
23	Collection from lessees and agents.
24	Construction of Part II.

Deductions and other allowances
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.
32	Capital allowances for machinery and plant used in estate management.
33	Agricultural land: allowance for excess expenditure on maintenance.

Premiums, leases at undervalue etc
34	Treatment of premiums etc. as rent or Schedule D profits.
35	Schedule D charge on assignment of lease granted at an undervalue.
36	Schedule D charge on sale of land with right to reconveyance.
37	Premiums paid etc: deductions from premiums and rent received.
38	Rules for ascertaining duration of leases.
39	Saving for pre-1963 leases, and special relief for individuals.

Supplemental: Schedules A and D
40	Tax treatment of receipts and outgoings on sale of land.
41	Relief for rent etc. not paid.
42	Appeals against determinations under sections 34 to 36.
43	Non-residents.

Part III
Provisions Relating to the Schedule C Charge and General Provisions about Government Securities
General
44	Income tax: mode of charge.
45	Interpretation of Part III.

Government securities: exemptions from tax
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.

Government securities: interest payable without deduction of tax
50	United Kingdom securities: Treasury directions for payment without deduction of tax.
51	Treasury directions as respects Northern Ireland securities.
52	Taxation of interest on converted government securities and interest which becomes subject to deduction.

Part IV
Provisions Relating to the Schedule D Charge
Chapter I
Supplementary Charging Provisions
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.
57	Deep discount securities.
58	Foreign pensions.
59	Persons chargeable.

Chapter II
Income Tax: Basis of Assessment etc.
Cases I and II
60	Assessment on preceding year basis.
61	Special basis at commencement of trade, profession or vocation.
62	Special basis for early years following commencement.
63	Special basis on discontinuance.

Cases III, IV and V
64	Case III assessments: general.
65	Cases IV and V assessments: general.
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.

Case VI
69	Assessment on current year basis unless otherwise directed.

Chapter III
Corporation Tax: Basis of Assessment etc.
70	Basis of assessment etc.

Chapter IV
Provisions Supplementary to Chapters II and III
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.

Chapter V
Computational Provisions
Deductions
74	General rules as to deductions not allowable.
75	Expenses of management: investment companies.
76	Expenses of management: insurance companies.
77	Incidental costs of obtaining loan finance.
78	Discounted bills of exchange.
79	Contributions to local enterprise agencies.
80	Expenses connected with foreign trades etc.
81	Travel between trades etc.
82	Interest paid to non-residents.
83	Patent fees etc. and expenses.
84	Payments for technical education.
85	Payments to trustees of approved profit sharing schemes.
86	Employees seconded to charities and educational establishments.
87	Taxable premiums etc.
88	Payments to Export Credit Guarantee Department.
89	Debts proving irrecoverable after event treated as discontinuance.
90	Additional payments to redundant employees.
91	Cemeteries.

Treatment of regional development and other grants and debts released etc.
92	Regional development grants.
93	Other grants under Industrial Development Act 1982 etc.
94	Debts deducted and subsequently released.
95	Taxation of dealer's receipts on purchase by company of own shares.

Special provisions
96	Farming and market gardening: relief for fluctuating profits.
97	Treatment of farm animals etc.
98	Tied premises.
99	Dealers in land.

Chapter VI
Discontinuance, and Change of Basis of Computation
Valuation of trading stock etc.
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.

Case VI charges on receipts
103	Receipts after discontinuance: earnings basis charge and related charge affecting conventional basis.
104	Conventional basis: general charge on receipts after discontinuance or change of basis.
105	Allowable deductions.
106	Application of charges where rights to payments transferred.

Reliefs
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.

Supplemental
110	Interpretation etc.

Chapter VII
Partnerships and Successions
General
111	Partnership assessments to income tax.
112	Partnerships controlled abroad.
113	Effect, for income tax, of change in ownership of trade, profession or vocation.

Partnerships involving companies
114.	Special rules for computing profits and losses.
115	Provisions supplementary to section 114.
116	Arrangements for transferring relief.

Limited partners
117.	Restriction on relief: individuals.
118	Restriction on relief: companies.

Chapter VIII
Miscellaneous and Supplemental
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 non-taxable consideration.
126	Treasury securities issued at a discount.
127	Enterprise allowance.
128	Commodity and financial futures etc.: losses and gains.
129	Stock lending.
130	Meaning of "investment company" for the purposes of Part IV.

Part V
Provisions Relating to The Schedule E Charge
Chapter I
Supplementary Charging Provisions of General Application
Miscellaneous provisions
131	Chargeable emoluments.
132	Place of performance, and meaning of emoluments received in the U.K.
133	Voluntary pensions.
134	Workers supplied by agencies.

Shareholdings, loans etc.
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.

Vouchers etc.
141	Non-cash vouchers.
142	Credit-tokens.
143	Cash vouchers taxable under P.A.Y.E.
144	Supplementary provisions.

Living accommodation
145	Living accommodation provided for employee.
146	Additional charge in respect of certain living accommodation.
147	Occupation of Chevening House.

Payments on retirement, sick pay etc.
148	Payments on retirement or removal from office or employment.
149	Sick pay.
150	Job release scheme allowances, maternity pay and statutory sick pay.
151	Income support etc.
152	Notification of amount taxable under section 151.

Chapter II
Supplementary Charging Provisions Applicable to Directors and Higher-Paid Employees and Office Holders
Expenses
153	Payments in respect of expenses.

Benefits in kind
154.	General charging provision.
155	Exceptions from the general charge.
156	Cash equivalents of benefits charged under section 154.
157	Cars available for private use.
158	Car fuel.
159	Pooled cars.
160	Beneficial loan arrangements.
161	Exceptions from section 160.
162	Employee shareholdings.
163	Expenses connected with living accommodation.
164	Director's tax paid by employer.
165	Scholarships.

General supplementary provisions
166.	Notice of nil liability under this Chapter.
167	Meaning of "director's or higher-paid employment".
168	Other interpretative provisions.

Chapter III
Profit-Related Pay
Preliminary
169.	Interpretation.
170	Taxation of profit-related pay.

The relief
171.	Relief from tax.
172	Exceptions from tax.

Registration
173.	Persons who may apply for registration.
174	Excluded employments.
175	Applications for registration.
176	Registration.
177	Change of scheme employer.
178	Cancellation of registration.

Administration
179.	Recovery of tax from scheme employer.
180	Annual returns etc.
181	Other information.
182	Appeals.

Supplementary
183.	Partnerships.
184	Independent accountants.

Chapter IV
Other Exemptions and Reliefs
Share option and profit sharing schemes
185.	Approved share option schemes.
186	Approved profit sharing schemes.
187	Interpretation of sections 185 and 186 and Schedules 9 and 10.

Retirement benefits etc.
188.	Exemptions from section 148.
189	Lump sum benefits on retirement.
190	Payments to Members of Parliament, Representatives to the European Parliament and others.
191	Job release scheme allowances not to be treated as income.

Foreign emoluments and earnings, pensions and certain travel facilities
192	Relief from tax for foreign emoluments.
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.

Other expenses, subscriptions etc.
198	Relief for necessary expenses.
199	Expenses necessarily incurred and defrayed from official emoluments.
200	Expenses of Members of Parliament.
201	Fees and subscriptions to professional bodies, learned societies etc.
202	Donations to charity: payroll deduction scheme.

Chapter V
Assessment, Collection, Recovery and Appeals
203	Pay as you earn.
204	P.A.Y.E repayments.
205	Assessments unnecessary in certain circumstances.
206	Additional provision for certain assessments.
207	Disputes as to domicile or ordinary residence.

Part VI
Company Distributions, Tax Credits etc
Chapter I
Taxation of Company Distributions
208	U.K. company distributions not generally chargeable to corporation tax.

Chapter II
Matters which are Distributions for the Purposes of the Corporation Tax Acts
209	Meaning of "distribution".
210	Bonus issue following repayment of share capital.
211	Matters to be treated or not to be treated as repayments of share capital.
199	Expenses necessarily incurred and defrayed from official emoluments.
200	Expenses of Members of Parliament.
201	Fees and subscriptions to professional bodies, learned societies etc.
202	Donations to charity: payroll deduction scheme.

Chapter V
Assessment, Collection, Recovery and Appeals
203	Pay as you earn.
204	P.A.Y.E. repayments.
205	Assessments unnecessary in certain circumstances.
206	Additional provision for certain assessments.
207	Disputes as to domicile or ordinary residence.

Part VI
Company Distributions, Tax Credits etc.
Chapter I
Taxation of Company Distributions
208	U.K. company distributions not generally chargeable to corporation tax.

Chapter II
Matters which are Distributions for the Purposes of the Corporation Tax Acts
209	Meaning of "distribution".
210	Bonus issue following repayment of share capital.
211	Matters to be treated or not to be treated as repayments of share capital.

Chapter III
Matters which are not Distributions for the Purposes of the Corporation Tax Acts
Payments of interest
212	Interest etc. paid in respect of certain securities.

Demergers
213	Exempt distributions.
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.

Purchase of own shares
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.

Stock dividends
230	Stock dividends: distributions.

Chapter IV
Tax Credits
231	Tax credits for certain recipients of qualifying distributions.
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.
235	Distributions of exempt funds etc.
236	Provisions supplementary to section 235.
237	Disallowance of reliefs in respect of bonus issues.

Chapter V
Advance Corporation Tax and Franked Investment Income
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.
246	Charge of ACT at previous rate until new rate fixed, and changes of rate.

Chapter VI
Miscellaneous and Supplemental
Group income
247	Dividends etc. paid by one member of a group to another.
248	Provisions supplementary to section 247.

Stock dividends
249	Stock dividends treated as income.
250	Returns.
251	Interpretation of sections 249 and 250.

Supplemental
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.

Part VII
General Provisions Relating to Taxation of Income of Individuals
Chapter I
Personal Reliefs
The reliefs
256	General.
257	Personal relief.
258	Widower's or widow's housekeeper.
259	Additional relief in respect of children.
260	Apportionment of relief under section 259.
261	Claims under sections 258 and 259 for year of marriage.
262	Widows' bereavement allowance.
263	Dependent relatives.
264	Claimant depending on services of a son or daughter.
265	Relief for blind persons.
266	Life assurance premiums.
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 widows' and children's annuities.
274	Limits on relief under sections 266 and 273.

Supplemental
275	Meaning of "relative".
276	Effect on relief of charges on income.
277	Partners.
278	Non-residents.

Chapter II
Taxation of Income of Spouses
General rules
279	Aggregation of wife's income with husband's.
280	Transfer of reliefs.
281	Tax repayments to wives.
282	Construction of references to married women living with their husbands.

Separate assessments
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.

Separate taxation
287	Separate taxation of wife's earnings.
288	Elections under section 287.

Chapter III
Relief for Investment in Corporate Trades: The Business Expansion Scheme
289	The relief.
290	Minimum and maximum subscriptions.
291	Individuals qualifying for relief.
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.
300	Value received from company.
301	Provisions supplementary to section 300.
302	Replacement capital.
303	Value received by persons other than claimants.
304	Husband and wife.
305	Reorganisation of share capital.
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.

Chapter IV
Special Provisions
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.
327	Disabled persons' vehicle maintenance grant.
328	Funds in court.
329	Interest on damages for personal injuries.
330	Compensation for National-Socialist persecution.
331	Scholarship income.
332	Expenditure and houses of ministers of religion.
333	Personal equity plans.

Chapter V
Residence of Individuals
334	Commonwealth citizens and others temporarily abroad.
335	Residence of persons working abroad.
336	Temporary residents in the United Kingdom.

Part VIII
Taxation of Income and Chargeable Gains of Companies
Taxation of income
337	Companies beginning or ceasing to carry on a trade.
338	Allowance of charges on income and capital.
339	Charges on income: donations to charity.
340	Charges on income: interest payable to non-residents.
341	Payments of interest etc. between related companies.
342	Tax on company in liquidation.
343	Company reconstructions without a change of ownership.
344	Company reconstructions: supplemental.

Chargeable gains
345	Computation of chargeable gains.
346	Capital distribution of chargeable gains: recovery of tax from shareholder.
347	Tax on one member of group recoverable from another member.

Part IX
Annual Payments and Interest
Annual 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.
350	Charge to tax where payments made under section 349.
351	Small maintenance payments.
352	Certificates of deduction of tax.

Relief for payments of interest (excluding MIRAS)
353	General provision.
354	Loans to buy land etc.
355	Matters excluded from section 354.
356	Job-related accommodation.
357	Limit on amount of loan eligible for relief by virtue of section 354.
358	Relief where borrower deceased.
359	Loan to buy machinery or plant.
360	Loan to buy interest in close company.
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.
368	Exclusion of double relief etc.

Mortgage interest relief at source
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.
375	Interest ceasing to be relevant loan interest etc.
376	Qualifying borrowers and qualifying lenders.
377	Variation of terms of repayment of certain loans.
378	Supplementary regulations.
379	Interpretation of sections 369 to 378.

Part X
Loss Relief and Group Relief
Chapter I
Loss Relief: Income Tax
Trade etc. losses
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.
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.

Case VI losses
392	Case VI losses.

Chapter II
Loss Relief: Corporation Tax
Trade etc. losses
393	Losses other than terminal losses.
394	Terminal losses.
395	Leasing contracts and company reconstructions.

Case VI losses
396	Case VI losses.

Chapter III
Loss Relief: Miscellaneous Provisions
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.

Chapter IV
Group Relief
402	Surrender of relief between members of groups and consortia.
403	Losses etc. which may be surrendered by way of group relief.
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.
412	Claims and adjustments.
413	Interpretation of Chapter IV.

Part XI
Close Companies
Chapter I
Interpretative Provisions
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".

Additional matters to be treated as distributions
418	"Distribution" to include certain expenses of close companies.

Chapter II
Charges to Tax in Connection with Loans
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.

Chapter III
Apportionment of Undistributed Income etc.
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.

Part XII
Special Classes of Companies and Businesses
Chapter I
Insurance Companies, Underwriters and Capital Redemption Business
Insurance companies: general
431	Interpretative provisions relating to insurance companies.
432	Separation of different classes of business.
433	Profits reserved for policy holders and annuitants.
434	Franked investment income etc.
435	Taxation of gains reserved for policy holders and annuitants.
436	Annuity business and pension business: separate charge on profits.
437	General annuity business.
438	Pension business: exemption from tax.
439	Restricted government securities.
440	Identification or exchange of long term assets.
441	Foreign life assurance funds.
442	Overseas business of U.K. companies.
443	Life policies carrying rights not in money.
444	Life policies issued before 5th August 1965.

Provisions applying only to overseas life insurance companies
445	Charge to tax on investment income.
446	Annuity business.
447	Set-off of income tax and tax credits against corporation tax.
448	Qualifying distributions and tax credits.
449	Double taxation agreements.

Underwriters
450	Assessment, set-off of losses and reinsurance.
451	Regulations.
452	Special reserve funds.
453	Payments into premiums trust fund on account of losses.
454	Income tax consequences on payments into and out of special reserve fund.
455	Income tax consequences on death of underwriter.
456	Unearned income, variation of arrangements and cancellation of approval etc.
457	Interpretation of sections 450 to 456.

Capital redemption business
458	Capital redemption business.

Chapter II
Friendly Societies, Trade Unions and Employers' Associations
Unregistered friendly societies
459	Exemption from tax.

Registered friendly societies
460	Exemption from tax in respect of life or endowment business.
461	Taxation in respect of other business.
462	Conditions for tax exempt business.
463	Life or endowment business: application of the Corporation Tax Acts.
464	Maximum benefits payable to members.
465	Old societies.
466	Interpretation of Chapter II.

Trade unions and employers' associations
467	Exemption for trade unions and employers' associations.

Chapter III
Unit Trust Schemes, Dealers in Securities etc.
Unit trust schemes
468	Authorised unit trusts.
469	Other unit trusts.
470	Transitional provisions relating to unit trusts.

Dealers in securities, banks and insurance businesses
471	Exchange of securities in connection with conversion operations, nationalisation etc.
472	Distribution of securities issued in connection with nationalisation etc.
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.

Chapter IV
Building Societies, Banks, Savings Banks, Industrial and Provident Societies and Others
476	Building societies: regulations for payment of tax.
477	Investments becoming or ceasing to be relevant building society investments.
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.
481	"Deposit-taker", "deposit" and "relevant deposit".
482	Supplementary provisions.
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.

Chapter V
Petroleum Extraction Activities
492	Treatment of oil extraction activities etc. for tax purposes.
493	Valuation of oil disposed of or appropriated in certain circumstances.
494	Charges on income.
495	Regional development grants.
496	Tariff receipts.
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.
502	Interpretation of Chapter V.

Chapter VI
Miscellaneous Businesses and Bodies
503	Letting of furnished holiday accommodation treated as a trade.
504	Supplementary provisions.
505	Charities: general.
506	Qualifying expenditure and non-qualifying expenditure.
507	The National Heritage Memorial Fund, the Historic Buildings and Monuments Commission for England and the British Museum.
508	Scientific research organisations.
509	Reserves of marketing boards and certain other statutory bodies.
510	Agricultural societies.
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	Govenment 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.

Part XIII
Miscellaneous Special Provisions
Chapter I
Intellectual Property
Patents and know-how
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: death, 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 the 1968 Act.
533	Interpretation of sections 520 to 532.

Copyright and public lending right
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.

Artists' receipts
538	Relief for painters, sculptors and other artists.

Chapter II
Life Policies, Life Annuities and Capital Redemption Policies
539	Introductory.
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.
547	Method of charging gain to tax.
548	Deemed surrender of certain loans.
549	Certain deficiencies allowable as deductions.
550	Relief where gain charged at a higher rate.
551	Right of individual to recover tax from trustees.
552	Information: duty of insurers.
553	Non-resident policies and off-shore capital redemption policies.
554	Borrowings on life policies to be treated as income in certain cases.

Chapter III
Entertainers and Sportsmen
555	Payment of tax.
556	Activity treated as trade etc. and attribution of income.
557	Charge on profits or gains.
558	Supplementary provisions.

Chapter IV
Sub-Contractors in the Construction Industry
559	Deductions on account of tax etc. from payments to certain sub-contractors.
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".

Chapter V
Schemes for Rationalizing Industry
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.

Chapter VI
Other Provisions
Relief for losses on unquoted shares in trading companies
573	Relief for companies.
574	Relief for individuals.
575	Exclusion of relief under section 573 or 574 in certain cases.
576	Provisions supplementary to sections 573 to 575.

Miscellaneous
577	Business entertaining expenses.
578	Housing grants.
579	Statutory redundancy payments.
580	Provisions supplementary to section 579.
581	Borrowing in foreign currency by local authorities and statutory corporations.
582	Funding bonds issued in respect of interest on certain debts.
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.
588	Training courses for employees.
589	Qualifying courses of training etc.

Part XIV
Pension Schemes, Social Security Benefits, Life Annuities etc.
Chapter I
Retirement Benefit Schemes
Approval of schemes
590	Conditions for approval of retirement benefit schemes.
591	Discretionary approval.

Tax reliefs
592	Exempt approved schemes.
593	Relief by way of deductions from contributions.
594	Exempt statutory schemes.

Charge to tax in certain cases
595	Charge to tax in respect of certain sums paid by employer etc.
596	Exceptions from section 595.
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.
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.

Supplementary provisions
604	Application for approval of a scheme.
605	Information.
606	Responsibilities of administrator of scheme, and employer.
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".
612	Other interpretative provisions, and regulations for purposes of this Chapter.

Chapter II
Other Pension Funds and Social Security Benefits and Contributions
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.

Chapter III
Retirement Annuities
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.

Chapter IV
Personal Pension Schemes
Preliminary
630	Interpretation.
631	Approval of schemes.

Restrictions on approval
632	Establishment of schemes.
633	Scope of benefits.
634	Annuity to member.
635	Lump sum to member.
636	Annuity after death of member.
637	Lump sum on death of member.
638	Other restrictions on approval.

Tax reliefs
639	Member's contributions.
640	Maximum amount of deductions.
641	Carry-back of contributions.
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".

Charge to tax
647	Unauthorised payments.
648	Contributions under unapproved arrangements.

Miscellaneous
649	Minimum contributions under Social Security Act 1986.
650	Withdrawal of approval.
651	Appeals.
652	Information about payments.
653	Information: penalties.
654	Remuneration of Ministers and other officers.
655	Transitional provisions.

Chapter V
Purchased Life Annuities
656	Purchased life annuities other than retirement annuities.
657	Purchased life annuities to which section 656 applies.
658	Supplementary.

Chapter VI
Miscellaneous
659	Financial futures and traded options.

Part XV
Settlements
Chapter I
Dispositions for Short Periods
660	Dispositions for period which cannot exceed six years.
661	Adjustments between disponor and trustees.
662	Application of Chapter I to dispositions by two or more disponors.

Chapter II
Settlements on Children
663	The general rule.
664	Accumulation settlements.
665	Meaning of "irrevocable".
666	Interest paid by trustees.
667	Adjustments between disponor and trustees.
668	Application of Chapter II to settlements by two or more settlors.
669	Power to obtain information under Chapter II.
670	Interpretation of Chapter II.

Chapter III
Revocable Settlements etc.
671	Revocable settlements allowing release of obligation.
672	Revocable settlements allowing reversion of property.
673	Settlements where settlor retains an interest.
674	Settlements: discretionary power for benefit of settlor etc.
675	Provisions supplementary to sections 671 to 674.
676	Disallowance of deduction from total income of certain sums paid by settlor.
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.

Chapter IV
Liability to Higher Rate and Additional Rate Tax
Liability of settlors
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.

Liability of trustees
686	Liability to additional rate tax of certain income of discretionary trusts.
687	Payments under discretionary trusts.
688	Schemes for employees and directors to acquire shares.
689	Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries.

Chapter V
Maintenance Funds for Historic Buildings
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 at 30 per cent. in certain cases.

Part XVI
Estates of Deceased Persons in Course of Administration
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.
699	Relief from higher rate tax for inheritance tax on accrued income.
700	Adjustments and information.
701	Interpretation.
702	Application to Scotland.

Part XVII
Tax Avoidance
Chapter I
Cancellation of Tax Advantages from Certain Transactions in Securities
703	Cancellation of tax advantage.
704	The prescribed circumstances.
705	Appeals against Board's notices under section 703.
706	The tribunal.
707	Procedure for clearance in advance.
708	Power to obtain information.
709	Meaning of "tax advantage" and other expressions.

Chapter II
Transfers of Securities
Transfers with or without accrued interest: introductory
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.

Transfers with or without accrued interest: charge to tax and reliefs
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.

Transfers with or without accrued interest: supplemental
720	Nominees, trustees etc.
721	Death.
722	Trading stock.
723	Foreign securities: delayed remittances.
724	Insurance companies.
725	Lloyd's underwriters.
726	Building societies.
727	Stock lending.
728	Information.

Other transfers of securities
729	Sale and repurchase of securities.
730	Transfers of income arising from securities.

Purchase and sale of securities
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.

Miscellaneous provisions relating to securities
736	Company dealing in securities: distribution materially reducing value of holding.
737	Manufactured dividends: treatment of tax deducted.

Supplemental
738	Power to amend sections 732, 735 and 737.

Chapter III
Transfer of Assets Abroad
739	Prevention of avoidance of income tax.
740	Liability of non-transferors.
741	Exemption from sections 739 and 740.
742	Interpretation of sections 739 to 741.
743	Supplemental provisions.
744	No duplication of charge.
745	Power to obtain information.
746	Persons resident in the Republic of Ireland.

Chapter IV
Controlled Foreign Companies
747	Imputation of chargeable profits and creditable tax of controlled foreign companies.
748	Limitations on direction-making power.
749	Residence and interest.
750	Territories with a lower level of taxation.
751	Accounting periods and creditable tax.
752	Apportionment of chargeable profits and creditable tax.
753	Notices and appeals.
754	Assessment, recovery and postponement of tax.
755	Information relating to controlled foreign companies.
756	Interpretation and construction of Chapter IV.

Chapter V
Offshore Funds
Material interests in non-qualifying offshore funds
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.

Charge to tax of offshore income gains
761	Charge to income tax or corporation tax of offshore income gain.
762	Offshore income gains accruing to persons resident or domiciled abroad.
763	Deduction of offshore income gain in determining capital gain.
764	Offshore income gains of trustees.

Chapter VI
Miscellaneous
Migration etc. of company
765	Migration etc. of companies.
766	Offences under section 765.
767	Interpretation and commencement of sections 765 and 766.

Change in ownership of company
768	Change in ownership of company: disallowance of trading losses.
769	Rules for ascertaining change in ownership of company.

Transactions between associated persons
770	Sales etc. at an undervalue or overvalue.
771	Transactions by petroleum companies.
772	Information for purposes of section 770, and appeals.
773	Interpretation of sections 770 and 771.
774	Transactions between dealing company and associated company.

Other provisions
775	Sale by individual of income derived from his personal activities.
776	Transactions in land: taxation of capital gains.
777	Provisions supplementary to sections 775 and 776.
778	Power to obtain information.
779	Sale and lease-back: limitation on tax reliefs.
780	Sale and lease-back: 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.
786	Transactions associated with loans or credit.
787	Restriction of relief for payments of interest.

Part XVIII
Double Taxation Relief
Chapter I
The Principal Reliefs
788	Relief by agreement with other countries.
789	Arrangements made under old law.
790	Unilateral relief.
791	Power to make regulations for carrying out section 788.

Chapter II
Rules Governing Relief by Way of Credit
General
792	Interpretation of credit code.
793	Reduction of United Kingdom taxes by amount of credit due.
794	Requirement as to residence.
795	Computation of income subject to foreign tax.
796	Limits on credit: income tax.
797	Limits on credit: corporation tax.
798	Interest on certain overseas loans.

Tax underlying dividends
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.
802	U.K. insurance companies trading overseas.
803	Underlying tax reflecting interest on loans.

Miscellaneous rules
804	Relief against income tax in respect of income arising in years of commencement.
805	Elections against credit.
806	Time limit for claims etc.

Chapter III
Miscellaneous Provisions
807	Sale of securities with or without accrued interest.
808	Restriction on deduction of interest or dividends from trading income.
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.
816	Disclosure of information.

Part XIX
Supplemental
Miscellaneous
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.
827	VAT penalties etc.
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 and designated areas.

Interpretation
831	Interpretation of this Act.
832	Interpretation of the Tax Acts.
833	Interpretation of Income Tax Acts.
834	Interpretation of the Corporation Tax Acts.
835	"Total income" in the Income Tax Acts.
836	Returns of total income.
837	"Annual value" of land.
838	Subsidiaries.
839	Connected persons.
840	Meaning of "control" in certain contexts.
841	Recognised stock exchange and recognised investment exchanges.
842	Investment trusts.

Commencement, savings, repeals etc.
843	Commencement.
844	Savings, transitional provisions, consequential amendments and repeals.
845	Short title.

Schedules:

Schedule 1—

Restrictions on Schedule A deductions.

Schedule 2—

Premiums etc. taxable under Schedules A and D: special relief for individuals.

Schedule 3—

Machinery for assessment, charge and payment of income tax under Schedule C and, in certain cases, Schedule D.

Part I—

Public revenue dividends etc. payable to the Bank of England or the Bank of Ireland or entrusted for payment to the Bank of England, the Bank of Ireland or the National Debt Commissioners.

Part II—

Public revenue dividends payable by public offices and departments.

Part III—

Other public revenue dividends, foreign dividends and proceeds of coupons.

Part IV—

Interest payable out of the public revenue of the Republic of Ireland etc.

Schedule 4—

Deep discount securities.

Schedule 5—

Treatment of farm animals etc. for purposes of Case I of Schedule D.

Schedule 6—

Taxation of directors and others in respect of cars.

Part I—

Tables of flat rate cash equivalents.

Part II—

Supplementary provisions.

Schedule 7—

Taxation of benefit from loans obtained by reason of employment.

Part I—

Meaning of "obtained by reason of employment".

Part II—

Calculation of cash equivalent of loan benefit.

Part III—

Exceptions where interest eligible for relief.

Schedule 8—

Schedule 9—

Approved share option schemes and profit sharing schemes.

Part I—

General.

Part II—

Requirements generally applicable.

Part III—

Requirements applicable to savings-related share option schemes.

Part IV—

Requirements applicable to other share option schemes.

Part V—

Requirements applicable to profit sharing schemes.

Part VI—

Material interest test.

Schedule 10—

Further provisions relating to profit sharing schemes.

Schedule 11—

Relief as respects tax on payments on retirement or removal from office or employment.

Part I—

General provisions.

Part II—

Payments in pursuance of pre-10th March 1981 obligations.

Schedule 12—

Foreign earnings.

Schedule 13—

Collection of advance corporation tax.

Schedule 14—

Provisions ancillary to section 266.

Part I—

Modification of section 266 in certain cases.

Part II—

Supplementary provisions as to relief under section 266.

Schedule 15—

Qualifying policies.

Part I—

Qualifying conditions.

Part II—

Certification of qualifying policies.

Part III—

Policies issued by non-resident companies.

Schedule 16—

Collection of income tax on company payments which are not distributions.

Schedule 17—

Dual resident investing companies.

Part I—

Division of accounting periods covering 1st April 1987.

Part II—

Early payments of interest etc. and charges on income.

Part III—

General.

Schedule 18—

Group relief: equity holders and profits or assets available for distribution.

Schedule 19—

Apportionment of income of close companies.

Part I—

Determination of relevant income and distributions.

Part II—

Procedure.

Schedule 20—

Charities: qualifying investments and loans.

Part I—

Qualifying investments.

Part II—

Qualifying loans.

Part III—

Attribution of excess non-qualifying expenditure to earlier chargeable periods.

Schedule 21—

Tax relief in connection with schemes for rationalizing industry and other redundancy schemes.

Part I—

Preliminary.

Part II—

Relief in respect of certain payments.

Part III—

Exclusion of relief in respect of contributions paid after relief has been given under Part II.

Schedule 22—

Reduction of pension fund surpluses.

Schedule 23—

Occupational pension schemes: schemes approved before 23rd July 1987.

Schedule 24—

Assumptions for calculating chargeable profits, creditable tax and corresponding United Kingdom tax of foreign companies.

Schedule 25—

Cases excluded from direction-making powers.

Part I—

Acceptable distribution policy.

Part II—

Exempt activities.

Part III—

The public quotation condition.

Part IV—

Reductions in United Kingdom tax and diversion of profits.

Schedule 26—

Reliefs against liability for tax in respect of chargeable profits..

Schedule 27—

Distributing funds.

Part I—

The distribution test.

Part II—

Modifications of conditions for certification in certain cases.

Part III—

Certification procedure.

Part IV—

Supplementary.

Schedule 28—

Computation of offshore income gains.

Part I—

Disposals of interests in non-qualifying funds.

Part II—

Disposals involving an equalisation element.

Schedule 29—

Consequential amendments.

Schedule 30—

Transitional provisions and savings.

Schedule 31—

Repeals.

Prepared 20th September 2000

U.K. LIMITED COMPANIES		U.K. LLP		U.K. GUARANTEE COMPANIES		OFFSHORE COMPANIES
COMPANIES IN THE USA		COMPANIES LAW		U.K. TAXATION		DIRECTORS & SECRETARIES GUIDE


Copyright © 1993-2009. All rights reserved. The logo and the Coddan company brand are registered trademarks of Coddan CPM Ltd. Coddan CPM Ltd is a private limited company registered in England, whose registered number is 05370296, and whose registered office address is 5 Percy street, London W1T 1DG, VAT registered number is 864 142 527. Coddan CPM Ltd is committed to respecting the data which we hold on you. Your details are processed and kept securely in accordance with the Data Protection Act 1998, DTA registration number is PZ9265799. The content of this site is protected under applicable copyright and trademark laws. Personal use of material is permitted for research and/or information purposes only. Limited company formation and small business start-up advice - we are offering companies registrations in England, Wales, Scotland, Northern Ireland, Republic of Ireland, USA and offshore jurisdictions. Our simple and cost-effective business starting-up service has various packages available to suit all needs. Expert advice and cost efficient business registration services to assist companies with their statutory obligations, including business administration, bookkeeping, accounting and annual accounting and annual return preparation. We can also help you to introduce and arrange a business bank account in the United Kingdom, Republic of Ireland, Cyprus, Gibraltar and in many other offshore countries. All content within this site, including, but not limited to text, software, graphics, logos, icons and images are the property of the Coddan CPM Ltd. Except as provided herein, no portion of the materials on these pages may be reprinted or republished in any form without the express written permission of Coddan CPM Ltd. Permission is granted to print copies of informational articles for your own use and review, provided that source attributions and copyright notices are maintained. All of the information contained on this web site is not meant to be advice, nor should it be followed. The information on this site pertains to UK law only and is offered as a public service. It is not intended to give legal advice about a specific legal problem, nor does it create an attorney-client relationship. Due to the importance of the individual facts of every case, the generalizations we make may not necessarily be applicable to any particular case. Changes in the law could at any time make parts of this web site obsolete. Coddan does not represent nor warrant the accuracy of any of the information contained herein, nor should it be relied upon. Due to the introduction of the Anti Money Laundering Regulations 2007 it is now a legal requirement that all trusts and company service providers are MLR registered. Coddan CPM Limited has been granted an MLR Registration Number 12298927. This means that we have passed the fit and proper test and successfully applied for and received confirmation from HM Customs and Excise. Please be aware that any formation agent operating without being MLR registered is not complying with the Law. We would strongly advise you to ask for an MLR number prior to processing a formation through any agent. In the event of Companies House rejecting an application or submission you will have three days to re-submit the application with appropriate corrections at no extra charge. We reserve the right to cancel the contract between us if one or more of the goods or services that you ordered were listed at an incorrect price due to a typographical error or an error in the pricing information received by us from our supplier. If we do cancel your order for this reason, we will notify you by email and will credit your account with any sum deducted by us from your credit card as soon as possible but in any event within 30 days of your order. We will not be obliged to offer any additional compensation for disappointment suffered. Products are delivered using Royal Mail recorded delivery post, or e-mail (as appropriate), unless otherwise stated. Where you request an alternative method of delivery, you must meet those costs. Services are provided using reasonable skill and care. Products and services will be provided in accordance with the timescales set out in the Consumer Protection (Distance Selling) Regulations 2000 unless otherwise agreed with you. Website Last Updated: 7/2/2009