Income and Corporation Taxes Act 1988 (c. 1)

(The document as of February, 2008)

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" (bb) payments in respect of family income supplement under the Family Income Supplements Act 1970 or the Family Income Supplements Act (Northern Ireland) 1970; " .

Children's settlements: irrevocable dispositions made before 22nd April 1936

10 (1) Sub-paragraph (2) below applies to any disposition which--

(a) was made, directly or indirectly, by any person ("the settlor") after 5th April 1914 and before 22nd April 1936, and

(b) immediately before 22nd April 1936, was an irrevocable settlement within the meaning of Chapter II of Part XV.

(2) Subject to the provisions of this paragraph, any income which, by virtue or in consequence of any disposition to which this sub-paragraph applies, is payable to or applicable for the benefit of a child of the settlor for some period less than the life of the child, shall, if and so long as the child is an infant and unmarried, be deemed for all purposes of the Income Tax Acts to be the income of the settlor, if living and not to be the income of any other person.

(3) Sub-paragraph (2) above shall not apply as regards any income--

(a) which is derived from capital which, at the end of the period during which that income is payable to or applicable for the benefit of the child, is required by the disposition to be held on trust absolutely for, or to be transferred to, the child; or

(b) which is payable to or applicable for the benefit of a child during the whole period of the life of the settlor.

(4) Income shall not be deemed, for the purposes of this paragraph, to be payable to or applicable for the benefit of a child for some period less than its life by reason only that the disposition contains a provision for the payment to some other person of the income in the event of the bankruptcy of the child, or of an assignment thereof, or a charge thereon, being executed by the child.

(5) In this paragraph, unless the context otherwise requires--

"child" includes a step-child or an illegitimate child, and
"disposition" includes any trust, covenant, agreement or arrangement.

(6) Sections 661 and 662 shall apply as if this paragraph were contained in Chapter I of Part XV, and this paragraph, notwithstanding that it is referred to in Chapter II of that Part, shall not be construed as one with that Chapter.

Pre-1959 settlements

11 (1) Where, in the case of any settlement made before 16th April 1958, any sums payable by the settlor or by the wife or husband of the settlor would, by virtue only of section 671(3), fall to be treated as the income of the settlor and not as the income of any other person, the sums shall not be so treated if--

(a) no power by reason of which they would fall to be so treated has been exercised after 15th April 1958, or is or can become exercisable after 5th April 1959, or such later date as the Board may in any particular case allow, and

(b) neither the settlor nor the wife or husband of the settlor has received or is entitled to any consideration or benefit in connection with the fulfilment of the condition set out in paragraph (a) above,

or if the settlement was entered into in connection with any judicial separation or any agreement between spouses to live separate and apart, or with the dissolution or annulment of a marriage.

(2) Where, in the case of any settlement made before 16th April 1958, any income arising under the settlement would, by virtue only of section 672(3), fall to be treated as the income of the settlor and not as the income of any other person, the income shall not be so treated if--

(a) no power by reason of which it would fall to be so treated has been exercised after 15th April 1958 or is or can become exercisable after 5th April 1959, or such later date as the Board may in any particular case allow; and

12 Where, in the case of any settlement made before 9th July 1958, any income arising under the settlement would, by virtue only of section 674, fall to be treated as the income of the settlor and not as the income of any other person, it shall not be so treated if--

(a) no power by reason of which it would fall to be so treated has been exercised after 8th July 1958, or is or can become exercisable after 5th April 1959, or such later date as the Board may in any particular case allow; and

General powers of amendment in Acts relating to overseas countries

13 Where under any Act passed before this Act and relating to a country or territory outside the United Kingdom there is a power to affect Acts passed or in force before a particular time, or instruments made or having effect under such Acts, and the power would but for the passing of this Act have included power to change the law which is reproduced in, or is made or has effect under, this Act, then that power shall include power to make such provision as will secure the like change in the law reproduced in, or made or having effect under, this Act notwithstanding that it is not an Act passed or in force before that time.

Double taxation agreements

14 The repeal by this Act of section 16 of the [1979 c. 47.] Finance (No.2) Act 1979 shall not prejudice the effect of any Order in Council which gives effect to arrangements contained in the Convention mentioned in that section and is made under section 497 of the 1970 Act.

Securities

15 The repeal by this Act of Schedule 22 to the [1985 c. 54.] Finance Act 1985 shall not affect the continued operation of paragraph 6 of that Schedule in relation to the holding of securities by any person at any time during the year (within the meaning of that Schedule).

Building societies

16 Any enactment relating to building societies contained in this Act which re-enacts an enactment which was an existing enactment for the purposes of section 121 of the [1986 c. 53.] Building Societies Act 1986 shall continue to be an existing enactment for those purposes.

Pension business

17 Any reference to pension business in any enactment (other than an enactment repealed by this Act) which immediately before the commencement of this Act was such a reference by virtue of paragraph 11(3) of Part III of Schedule 5 to the [1970 c. 24.] Finance Act 1970 shall not be affected by the repeal by this Act of that paragraph and accordingly the business in question shall continue to be known as pension business.

Stock relief

18 Schedule 9 to the [1981 c. 35.] Finance Act 1981 shall continue to have effect in relation to any relief to which paragraph 9 or 17(1) of that Schedule applied immediately before the commencement of this Act notwithstanding the repeal by this Act of that Schedule.

Schedule E emoluments

19 The repeal by this Act of section 21 of the [1974 c. 30.] Finance Act 1974 shall not affect the taxation of emoluments which if that section had been in force before 1973-74 would have fallen within Case I or Case II of Schedule E, and, accordingly, any such emoluments shall not be chargeable under Case III of Schedule E.

Unitary states

20 The repeal by this Act of section 54 of and Schedule 13 to the Finance Act 1985 shall not prevent the Treasury making an order under subsection (7) of section 54 exercising the powers conferred on the Treasury by that subsection in relation to distributions made in chargeable periods ending before 6th April 1988 and, accordingly, subsections (7) and (8) of section 54 shall continue to have effect in later chargeable periods for that purpose.

Continuity and construction of references to old and new law

21 (1) The continuity of the operation of the Tax Acts and of the law relating to chargeable gains shall not be affected by the substitution of this Act for the enactments repealed by this Act and earlier enactments repealed by and corresponding to any of those enactments ("the repealed enactments").

(2) Any reference, whether express or implied, in any enactment, instrument or document (including this Act and any Act amended by this Act) to, or to things done or falling to be done under or for the purposes of, any provision of this Act shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in the repealed enactments has or had effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.

(3) Any reference, whether express or implied, in any enactment, instrument or document (including the repealed enactments and enactments, instruments and documents passed or made after the passing of this Act) to, or to things done or falling to be done under or for the purposes of, any of the repealed enactments shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in this Act has effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.

(4) Any reference to Case VIII of Schedule D, whether a specific reference or one imported by more general words, in any enactment, instrument or document shall, in relation to the chargeable periods to which section 843(1) applies, be construed as a reference to Schedule A, and for the purposes of sub-paragraph (2) above, Schedule A in this Act shall be treated as corresponding to Case VIII of Schedule D in the repealed enactments, and any provision of this Act or of any Act passed after 12th March 1970 and before this Act referring to Schedule A shall be construed accordingly.

Section 844.

SCHEDULE 31 REPEALS

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Stat

Chapter	Short title	Extent of repal
1965 c. 25.	Finance Act 1965	Section 84.
		Schedule 20.
1969 c. 32.	Finance Act 1969	In section 52(1) the words from "or through" to the end.
1970 c. 9.	Taxes Management Act 1970	In section 88(5)(e) the words from "or" to the end.
		In section 118(1)(a) the words from "as" to "Act".
		In Schedule 2, in paragraph 2(2), the words "section 311".
1970 c. 10.	Income and Corporation Taxes Act 1970	Sections 1 to 237.
		Section 238(1) to (3).
		Sections 239 to 266.
		Section 277.
		Sections 282 to 305.
		Sections 307 to 341A.
		Sections 343 to 535.
		Schedules 1 to 13.
		In Schedule 14, paragraphs 1 to 10 and 12 to 27.
		In Schedule 15, in Part II of the Table in paragraph 11 the entry relating to the Finance Act 1969.
		Schedule 16.
1970 c. 24.	Finance Act 1970.	Sections 11 to 14.
		Section 16.
		Sections 19 to 26.
		Section 29(1), (2), (3)(a), (4) and (8).
		In Schedule 3, paragraphs 2 to 7.
		In Schedule 4, paragraphs 6, 8, 9(6) and 11.
		Schedule 5.
1970 c. 54.	Income and Corporation Taxes (No.2) Act 1970	The whole Act.
1971 c. 68.	Finance Act 1971	Sections 13 to 20.
		Section 21(1) to (5).
		Sections 22 to 28.
		Sections 32 to 36.
		Section 39.
		Section 50(8).
		Section 54.
		Schedule 2.
		Schedule 3, except paragraph 8.
		Schedule 4.
		In Schedule 6, Parts I and III.
		Schedule 7.
		In Schedule 8, paragraph 16(3) to (9).
		In Schedule 9, paragraph 4.
1972 c. 41.	Finance Act 1972	Sections 62 to 66.
		Section 67(2)(c).
		Sections 70 to 77.
		Sections 79 to 95.
		Sections 97 to 110.
		Section 111(2).
		Section 124.
		Schedules 9 to 23.
		In Schedule 24, paragraphs 15 to 33.
1973 c. 51.	Finance Act 1973	Sections 10 to 31.
		In section 32, subsection (5) and in subsection (6) the words from "sections" to "1972".
		Sections 33 to 36.
		In section 38, in subsection (1) the words "income tax" and "and corporation tax" and subsection (6).

		Schedules 1 and 2.
		In Schedule 12, paragraphs 7 to 12.
1974 c. 39.	Consumer Credit Act 1974	In Schedule 4, paragraph 29.
1974 c. 44	Housing Act 1974	Section 120.
1974 c. 46.	Friendly Societies Act 1974	Section 64.
		In Schedule 9, paragraph 23.
1974 c. 49.	Insurance Companies Act 1974	In Schedule 1, the entry relating to the Income and Corporation Taxes Act 1970.
1975 c. 7.	Finance Act 1975	Sections 5 to 12.
		Sections 16 and 17.
		Schedules 1 and 2.
		In Schedule 12, paragraphs 16 and 19.
1975 c. 18.	Social Security (Consequential Provisions) Act 1975	In Schedule 2, paragraphs 38 and 39.
1975 c. 22.	Oil Taxation Act 1975	Sections 13 to 20.
		Schedule 9.
1975 c. 45.	Finance (No. 2) Act 1975	Sections 25 to 43.
		Section 44(1) to (3) and (6).
		Section 46(6).
		In section 47, in subsection (1) the words "income tax or" and subsections (3), (5) to (7), (9) and (10).
		Section 48.
		Sections 50 to 53.
		Sections 68 to 71.
		Schedule 8.
		Schedules 12 and 13.
1976 c. 40.	Finance Act 1976	Sections 24 to 38.
		Sections 44 to 50.
		Sections 60 to 71.
		Section 72(1) to (12).
		Schedules 4, 7 and 8.
		In Schedule 9, paragraphs 3, 4, 8, 9 and 12 to 16.
1976 c. 71.	Supplementary Benefits Act 1976	In Schedule 7, paragraph 16.
1977 c. 36.	Finance Act 1977	Sections 17 to 39.
		Sections 45 to 48.
		Schedules 7 and 8.
1977 c. 49.	National Health Service Act 1977	In Schedule 15, paragraph 57.
1977 c. 53.	Finance (Income Tax Reliefs) Act 1977	The whole Act.
1978 c. 23.	Judicature (Northern Ireland) Act 1978	In Schedule 5, the entry relating to the Income and Corporation Taxes Act 1970.
1978 c. 29.	National Health Service (Scotland) Act 1978	In Schedule 16, paragraph 37.
1978 c. 42.	Finance Act 1978	Sections 13 to 28.
		Section 29(1), (2) and (4).
		Sections 30 to 36.
		Sections 41 to 43.
		Sections 53 to 61.
		Schedules 2 to 5.
		Schedule 9.
1978 c. 44.	Employment Protection (Consolidation) Act 1978	In Schedule 16, paragraphs 9 and 14.
1979 c. 14.	Capital Gains Tax Act 1979	Section 155(5).
		In Schedule 7, paragraph 5; in paragraph 8, in Part I of the Table, the entries relating to sections 265, 352 and 526 of the 1970 Act, the Finance Act 1972, section 29 of the Finance Act 1970, section 67 of the Finance Act 1976 and section 45 of the Finance Act 1977, and paragraph 3 in Part II of the Table; and in paragraph 9 the entries relating to sections 186, 246, 265, 266, 305, 352, 359, 360, 474, 488 and 489 of the 1970 Act, the Finance Act 1972, the Finance Act 1973, sections 26 and 30 of the F
		Section 63.
		Section 70(1), (2), (4), (5) and (6).
		Section 88(7).
		Section 109(11).
		Section 118(1) and (2).
		Section 119.
		Section 121.
		Schedules 8 to 11.
		In Schedule 18, paragraphs 1 to 8, 13, 14 and 17 to 22 and, in paragraph 23, in sub-paragraph (1) the definitions of "control" and "distributing company", in the definition of "group" the words "except in paragraph 7(2)(c)" and from "and" to the end, and all the subsequent definitions except that of "shares", and sub-paragraphs (2) and (4).
1981 c. 35.	Finance Act 1981	Sections 19 to 37.
		Section 38(1) and (2).
		Sections 39 to 72.
		Section 120.
		Section 138.
		Schedules 9 to 12.
1981 c. 61.	British Nationality Act 1981	In Schedule 7, the entry relating to the Income and Corporation Taxes Act 1970.
1981 c. 64.	New Towns Act 1981	In Schedule 12, paragraph 16.
1982 c. 39.	Finance Act 1982	Sections 20 to 26.
		Sections 28 to 67.
		Section 78.
		Section 80(4).
		Section 136.
		Section 137(4) and (5).
		Section 138.
		In section 157(5) the words from "or" to "of that Act".
		Schedules 7 to 10.
		In Schedule 21, paragraph 3(1).
1982 c. 50.	Insurance Companies Act 1982	In Schedule 5, paragraphs 10, 17, 24, 25 and 28(b).
1982 c. 52.	Industrial Development Act 1982	In Schedule 2, paragraphs 16 and 18.
1982 c. 53.	Administration of Justice Act 1982	Sections 46(2)(e) and 74.
1983 c. 21.	Pilotage Act 1983	In Schedule 3, paragraph 10.
1983 c. 28.	Finance Act 1983	Sections 10 to 28.
		Section 46(1), (2) and (3)(a) and (b).
		Schedules 4 and 5.
1983 c. 49.	Finance (No. 2) Act 1983	Sections 1 to 5.
		Schedule 1.
1983 c. 56.	Oil Taxation Act 1983	Section 11.
1984 c. 12.	Telecommunications Act 1984	In Schedule 4, paragraph 62.
1984 c. 28.	County Courts Act 1984	In Schedule 2, paragraph 37.
1984 c. 43.	Finance Act 1984	Sections 17 to 43.
		In section 44, in subsection (1) the words from "256" to "relief) and" and subsection (3).
		Sections 45 to 49.
		Section 50(10)(a) and (c).
		Sections 51 to 55.
		In section 56, subsections (1) and (2) and in subsection (4) the words from the beginning to "assessment and".
		Section 72.
		In section 73, subsections (1) to (3), (5) and (6).
		Sections 74 to 77.
		In section 79, in subsection (5) the words from "and in relation" to the end.
		Sections 82 to 100.
		Section 126(3	Section 60.
		Sections 64 and 65.
		In section 72, in subsection (1), paragraph (b) and "and" immediately preceding it, and subsection (7).
		Sections 73 to 77.
		Schedules 9 to 13.
		In Schedule 14, paragraph 16.
		Schedule 18.
		Schedules 22 and 23.
		In Schedule 25, paragraphs 7, 8 and 9.
1985 c. 58.	Trustee Savings Bank Act 1985	In Schedule 2, paragraphs 6(3) and (5) to (7) and 7(1), and in paragraph 9 the definition of "exempt investment".
1985 c. 71.	Housing (Consequential Provisions) Act 1985	In Schedule 2, paragraphs 18(2) and (3), 28, 31 and 54(2).
1985 c. 73.	Law Reform (Miscellaneous Provisions) (Scotland) Act 1985	In Schedule 1, paragraph 38.
1986 c. 39.	Patents, Designs and Marks Act 1986	In Schedule 2, paragraph 1(2)(c).
1986 c. 41.	Finance Act 1986	Sections 16 to 23.
		Section 24(1) to (3).
		Sections 25 to 32.
		Sections 34 to 54.
		Section 56(7)(a) and (b).
		Sections 61 to 63.
		Schedules 7 and 8.
		In Schedule 9, paragraphs 1 to 21 and 23.
		Schedules 10, 11 and 12.
		In Schedules 13, paragraphs 2(5)(a) and (b) and 26 and 27.
		In Schedule 16, paragraph 10(7).
		Schedule 17.
		In Schedule 18, paragraphs 1 to 6, in paragraph 9(1), paragraph (a) and in paragraph (c) the words "section 477 or" and paragraph 9(2).
1986 c. 45.	Insolvency Act 1986	In Schedule 14 the entries relating to the Income and Corporation Taxes Act 1970, the Finance Act 1972, the Finance Act 1981 and the Finance Act 1983.
1986 c. 50.	Social Security Act 1986	In Schedule 10, paragraphs 71 and 101.
1986 c. 53.	Building Societies Act 1986	In Schedule 18, paragraphs 7 and 15.
1987 c. 16.	Finance Act 1987	Sections 20 to 39.
		Section 40(1) and (2).
		Sections 41 to 46.
		Section 70(1).
		Section 71.
		Schedules 3 to 6.
		In Schedule 11, paragraphs 6 and 7.
		Schedule 15, except paragraph 12.
1987 c. 22.	Banking Act 1987	In Schedule 6, paragraphs 13, 16 and 24.
1987 c. 45.	Parliamentary and other Pensions Act 1987	In Schedule 3, paragraphs 2 and 5.
1987 c. 51.	Finance (No. 2) Act 1987	Sections 1 to 63.
		Section 64(2).
		Sections 65 to 68.
		Sections 70 and 71.
		In section 73(1) the words "income tax, corporation tax or".
		Sections 74 to 77.
		Section 87.
		In section 88, subsections (5) and (6) and the words following paragraph (c) in subsection (7).
		Section 90.
		Sections 92 and 93.
		Schedules 1 to 5.
		In Schedule 6, paragraphs 1, 3, 6 and 8.
	Other