Income Tax Act 2007 (c. 3)

(The document as of February, 2008)

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Income Tax Act 2007

2007 CHAPTER 3

Content

Part 1

Overview
1. 1. Overview of Income Tax Acts
2. 2. Overview of Act
Part 2

Basic provisions
1. Chapter 1
  
  Charges to income tax
  1. 3. Overview of charges to income tax
  2. 4. Income tax an annual tax
  3. 5. Income tax and companies
2. Chapter 2
  
  Rates at which income tax is charged
  1. The rates
    1. 6. The starting rate, basic rate and higher rate
    2. 7. The savings rate
    3. 8. The dividend ordinary rate and dividend upper rate
    4. 9. The trust rate and dividend trust rate
  2. Income charged at particular rates
    1. 10. Income charged at the starting, basic and higher rates: individuals
    2. 11. Income charged at the basic rate: other persons
    3. 12. Income charged at the savings rate
    4. 13. Income charged at the dividend ordinary and dividend upper rates: individuals
    5. 14. Income charged at the dividend ordinary rate: other persons
    6. 15. Income charged at the trust rate and the dividend trust rate
    7. 16. Savings and dividend income to be treated as highest part of total income
    8. 17. Repayment: tax paid at basic rate instead of starting or savings rate
    9. 18. Meaning of "savings income"
    10. 19. Meaning of "dividend income"
  3. Starting rate limit and basic rate limit
    1. 20. The starting rate limit and the basic rate limit
    2. 21. Indexation of the starting rate limit and the basic rate limit
3. Chapter 3
  
  Calculation of income tax liability
  1. 22. Overview of Chapter
  2. 23. The calculation of income tax liability
  3. 24. Reliefs deductible at Step 2
  4. 25. Reliefs and allowances deductible at Steps 2 and 3: supplementary
  5. 26. Tax reductions
  6. 27. Order of deducting tax reductions: individuals
  7. 28. Order of deducting tax reductions: other persons
  8. 29. Tax reductions: supplementary
  9. 30. Additional tax
  10. 31. Total income: supplementary
  11. 32. Liability not dealt with in the calculation
Part 3

Personal reliefs
1. Chapter 1
  
  Introduction
  1. 33. Overview of Part
2. Chapter 2
  
  Personal allowance and blind person's allowance
  1. Introduction
    1. 34. Allowances under Chapter
  2. Personal allowances
    1. 35. Personal allowance for those aged under 65
    2. 36. Personal allowance for those aged 65 to 74
    3. 37. Personal allowance for those aged 75 and over
  3. Blind person's allowance
    1. 38. Blind person's allowance
    2. 39. Transfer of part of blind person's allowance to a spouse or civil partner
    3. 40. Election for transfer of allowance under section 39
  4. Supplementary
    1. 41. Allowances in year of death
3. Chapter 3
  
  Tax reductions for married couples and civil partners
  1. Introduction
    1. 42. Tax reductions under Chapter
    2. 43. Meaning of "the minimum amount"
    3. 44. Election for new rules to apply
  2. Married couple's allowance
    1. 45. Marriages before 5 December 2005
    2. 46. Marriages and civil partnerships on or after 5 December 2005
  3. Elections to transfer relief
    1. 47. Election by individual to transfer relief under section 45 or 46
    2. 48. Joint election to transfer relief under section 45 or 46
    3. 49. Election for partial transfer back of relief
    4. 50. Procedure for making and withdrawing elections under sections 47 to 49
  4. Transfer of unused relief
    1. 51. Transfer of unused relief
    2. 52. Transfer back of unused relief
    3. 53. Transfer of unused relief: general
  5. Supplementary
    1. 54. Tax reductions in the year of marriage or entry into civil partnership
    2. 55. Sections 45 to 53: supplementary
4. Chapter 4
  
  General
  1. 56. Residence etc of claimants
  2. 57. Indexation of allowances
  3. 58. Meaning of "adjusted net income"
Part 4

Loss relief
1. Chapter 1
  
  Introduction
  1. 59. Overview of Part
2. Chapter 2
  
  Trade losses
  1. Introduction
    1. 60. Overview of Chapter
    2. 61. Non-partners: losses of a tax year
    3. 62. Partners: losses of a tax year etc
    4. 63. Prohibition against double counting
  2. Trade loss relief against general income
    1. 64. Deduction of losses from general income
    2. 65. How relief works
  3. Restriction on relief for uncommercial trades
    1. 66. Restriction on relief unless trade is commercial
  4. Restriction on relief for "hobby" farming or market gardening
    1. 67. Restriction on relief in case of farming or market gardening
    2. 68. Reasonable expectation of profit
    3. 69. Whether trade is the same trade
    4. 70. Determining losses in previous tax years
  5. Use of trading loss as CGT loss
    1. 71. Treating trade losses as CGT losses
  6. Early trade losses relief
    1. 72. Relief for individuals for losses in first 4 years of trade
    2. 73. How relief works
    3. 74. Restrictions on relief unless trade is commercial etc
  7. Restrictions on sideways relief for certain capital allowances
    1. 75. Trade leasing allowances given to individuals
    2. 76. First-year allowances: introduction
    3. 77. First-year allowances: partnerships with companies
    4. 78. First-year allowances: arrangements to reduce tax liabilities
    5. 79. Capital allowances restrictions: supplementary
  8. Restriction on sideways relief for specific trades
    1. 80. Ring fence income
    2. 81. Dealings in commodity futures
    3. 82. Exploitation of films
  9. Carry-forward trade loss relief
    1. 83. Carry forward against subsequent trade profits
    2. 84. How relief works
    3. 85. Use of trade-related interest and dividends if trade profits insufficient
    4. 86. Trade transferred to a company
    5. 87. Ring fence trades
    6. 88. Carry forward of certain interest as loss
  10. Terminal trade loss relief
    1. 89. Carry back of losses on title="Meaning of "qualifying event" etc">98. Meaning of "qualifying event" etc
    2. 99. Reduction of relief for unpaid trade expenses
    3. 100. Prohibition against double counting
    4. 101. Treating excess post-cessation trade relief as CGT loss
3. Chapter 3
  
  Restrictions on trade loss relief for certain partners
  1. Introduction
    1. 102. Overview of Chapter
    2. 103. Meaning of "sideways relief", "capital gains relief" and "firm"
  2. Limited partners
    1. 104. Restriction on reliefs for limited partners
    2. 105. Meaning of "contribution to the firm"
    3. 106. Meaning of "limited partner"
  3. Members of LLPs
    1. 107. Restriction on reliefs for members of LLPs
    2. 108. Meaning of "contribution to the LLP"
    3. 109. Unrelieved losses brought forward
  4. Non-active members of LLPs or other partnerships (apart from limited partnerships)
    1. 110. Restriction on reliefs for non-active partners in early tax years
    2. 111. Meaning of "contribution to the firm"
    3. 112. Meaning of "non-active partner" and "early tax year" etc
    4. 113. Unrelieved losses brought forward
  5. Regulations
    1. 114. Exclusion of amounts in calculating contribution to the firm or LLP
  6. Restrictions for film trades carried on in partnership
    1. 115. Restrictions on reliefs for firms exploiting films
    2. 116. Exclusion from restrictions under section 115: certain film expenditure
4. Chapter 4
  
  Losses from property businesses
  1. Introduction
    1. 117. Overview of Chapter
  2. Carry-forward property loss relief
    1. 118. Carry forward against subsequent property business profits
    2. 119. How relief works
  3. Property loss relief against general income
    1. 120. Deduction of property losses from general income
    2. 121. How relief works
    3. 122. Meaning of "the applicable amount of the loss"
    4. 123. Meaning of "the loss has a capital allowances connection" and "the business has a relevant agricultural connection"
    5. 124. Supplementary
  4. Post-cessation property relief
    1. 125. Post-cessation property relief
    2. 126. Treating excess post-cessation property relief as CGT loss
  5. Furnished holiday accommodation
    1. 127. UK furnished holiday lettings business treated as trade
5. Chapter 5
  
  Losses in an employment or office
  1. 128. Employment loss relief against general income
  2. 129. How relief works
  3. 130. Treating loss in employment or office as CGT loss
6. Chapter 6
  
  Losses on disposal of shares
  1. Share loss relief against general income
    1. 131. Share loss relief
    2. 132. Entitlement to claim
    3. 133. How relief works
  2. Shares to which EIS relief is not attributable
    1. 134. Qualifying trading companies
    2. 135. Subscriptions for shares
    3. 136. Disposals of new shares
  3. Qualifying trading companies: the requirements
    1. 137. The trading requirement
    2. 138. Ceasing to meet trading requirement because of administration or receivership
    3. 139. The control and independence requirement
    4. 140. The qualifying subsidiaries requirement
    5. 141. The property managing subsidiaries requirement
    6. 142. The gross assets requirement
    7. 143. The unquoted status requirement
    8. 144. Power to amend requirements by Treasury order
  4. Qualifying trading companies: supplementary
    1. 145. Relief after an exchange of shares for shares in another company
    2. 146. Substitution of new shares for old shares
  5. Limits on share loss relief and mixed holdings
    1. 147. Limits on share loss relief
    2. 148. Disposal of shares forming part of mixed holding
    3. 149. Section 148: supplementary
  6. Miscellaneous and supplementary
    1. 150. Deemed time of issue for certain shares
    2. 151. Interpretation of Chapter
7. Chapter 7
  
  Losses from miscellaneous transactions
  1. Loss relief against miscellaneous income
    1. 152. Losses from miscellaneous transactions
    2. 153. How relief works
  2. Deposit rights
    1. 154. Transactions in deposit rights
  3. Supplementary
    1. 155. Time limit for claiming relief
Part 5

Enterprise investment scheme
1. Chapter 1
  
  Introduction
  1. EIS relief
    1. 156. Meaning of "EIS relief" and commencement
    2. 157. Eligibility for EIS relief
    3. 158. Form and amount of EIS relief
  2. Miscellaneous
    1. 159. Periods A, B and C
    2. 160. Overview of other Chapters of Part
    3. 161. Other tax reliefs relating to EIS
2. Chapter 2
  
  The investor
  1. Introduction
    1. 162. Overview of Chapter
  2. The requirements
    1. 163. The no connection with the issuing company requirement
    2. 164. The no linked loans requirement
    3. 165. The no tax avoidance requirement
  3. Meaning of connection with issuing company
    1. 166. Connection with issuing company
    2. 167. Employees, directors and partners
    3. 168. Directors excluded from connection
    4. 169. Directors qualifying for relief despite connection
    5. 170. Persons interested in capital etc of company
    6. 171. Persons subscribing for shares under certain arrangements
3. Chapter 3
  
  General requirements
  1. Introduction
    1. 172. Overview of Chapter
  2. The requirements
    1. 173. The shares requirement
    2. 174. The purpose of the issue requirement
    3. 175. The use of the money raised requirement
    4. 176. The minimum period requirement
    5. 177. The no pre-arranged exits requirement
    6. 178. The no tax avoidance requirement
  3. Meaning of "qualifying business activity"
    1. 179. Meaning of "qualifying business activity"
4. Chapter 4
  
  The issuing company
  1. Introduction
    1. 180. Overview of Chapter
  2. The requirements
    1. 181. The trading requirement
    2. 182. Ceasing to meet trading requirement because of administration or receivership
    3. 183. The issuing company to carry on the qualifying business activity requirement
    4. 184. The unquoted status requirement
    5. 185. The control and independence requirement
    6. 186. The gross assets requirement
    7. 187. The qualifying subsidiaries requirement
    8. 188. The property managing subsidiaries requirement
  3. Definitions
    1. 189. Meaning of "qualifying trade"
    2. 190. Meaning of "qualifying 90% subsidiary"
    3. 191. Meaning of "qualifying subsidiary"
  4. Excluded activities
    1. 192. Meaning of "excluded activities"
    2. 193. Excluded activities: wholesale and retail distribution
    3. 194. Excluded activities: leasing of ships
    4. 195. Excluded activities: receipt of royalties and licence fees
    5. 196. Excluded activities: property development
    6. 197. Excluded activities: hotels and comparable establishments
    7. 198. Excluded activities: nursing homes and residential care homes
    8. 199. Excluded activities: provision of services or facilities for another business
  5. Supplementary
    1. 200. Power to amend by Treasury order
5. Chapter 5
  
  Attribution of and claims for EIS relief
  1. Attribution
    1. 201. Attribution of EIS relief to shares
  2. Claims: general
    1. 202. Time for making claims for EIS relief
    2. 203. Entitlement to claim
  3. Claims: supporting documents
    1. 204. Compliance certificates
    2. 205. Compliance statements
    3. 206. Appeal against refusal to authorise compliance certificate
    4. 207. Penalties for fraudulent certificate or statement etc
6. Chapter 6
  
  Withdrawal or reduction of EIS relief
  1. Introduction
    1. 208. Overview of Chapter
  2. Disposals
    1. 209. Disposal of shares
    2. 210. Cases where maximum EIS relief not obtained
    3. 211. Call options
    4. 212. Put options
  3. Value received by investor
    1. 213. Value received by the investor
    2. 214. Value received: receipts of insignificant value
    3. 215. Meaning of "receipts of insignificant value"
    4. 216. When value is received
    5. 217. The amount of value received
    6. 218. Value received where there is more than one issue of shares
    7. 219. Value received where part of share issue treated as made in previous tax year
    8. 220. Cases where maximum EIS relief not obtained
    9. 221. Receipts of value by and from connected persons etc
    10. 222. Receipt of replacement value
    11. 223. Section 222: supplementary
  4. Repayments etc of share capital to other persons
    1. 224. Repayments etc of share capital to other persons
    2. 225. Insignificant repayments ignored for purposes of section 224
    3. 226. Amount of repayments etc where there is more than one issue of shares
    4. 227. Single issue affecting more than one individual
    5. 228. Single issue treated as made partly in previous tax year
    6. 229. Maximum relief not obtained for share issue
    7. 230. Repayment of authorised minimum within 12 months
    8. 231. Restriction on withdrawal of relief under section 224
  5. Miscellaneous
    1. 232. Acquisition of a trade or trading assets
    2. 233. Acquisition of share capital
    3. 234. Relief subsequently found not to have been due
7. Chapter 7
  
  Withdrawal or reduction of EIS relief: procedure
  1. Assessments and appeals
    1. 235. Assessments for the withdrawal or reduction of EIS relief
    2. 236. Appeals against section 234(3)(b) notices
    3. 237. Time limits for assessments
    4. 238. Cases where assessment not to be made
  2. Interest
    1. 239. Date from which interest is chargeable
  3. Information
    1. 240. Information to be provided by the investor
    2. 241. Information to be provided by the issuing company etc
    3. 242. Power to require information where section 240 or 241 applies or could have applied
    4. 243. Power to require information in other cases
    5. 244. Obligations of secrecy
8. Chapter 8
  
  Supplementary and general
  1. Disposals of shares
    1. 245. Transfers between spouses or civil partners
    2. 246. Identification of shares on a disposal
  2. Acquisition of issuing company
    1. 247. Continuity of EIS relief where issuing company is acquired by new company
    2. 248. Carry over of obligations etc where EIS relief attributed to new shares
    3. 249. Substitution of new shares for old shares
  3. Nominees etc
    1. 250. Nominees and bare trustees
    2. 251. Approved investment fund as nominee
  4. Interpretation
    1. 252. Meaning of a company being "in administration" or "in receivership"
    2. 253. Meaning of "associate"
    3. 254. Meaning of "disposal of shares"
    4. 255. Meaning of "issue of shares"
    5. 256. Meaning of "the termination date"
    6. 257. Minor definitions etc
Part 6

Venture capital trusts
1. Chapter 1
  
  Introduction
  1. 258. Overview of Part
  2. 259. Venture capital trusts and VCT approvals
  3. 260. Other tax reliefs relating to VCTs
2. Chapter 2
  
  VCT relief
  1. Entitlement to relief
    1. 261. Eligibility for relief
    2. 262. Entitlement to claim relief
    3. 263. Form and amount of relief
    4. 264. No entitlement to relief if there is a linked loan
    5. 265. No entitlement to relief which would have been lost if it had already been obtained
  2. Loss of relief
    1. 266. Loss of relief if shares disposed of within 5 years
    2. 267. Transfers of shares between spouses or civil partners
    3. 268. Loss of relief if VCT approval withdrawn
    4. 269. Loss of relief which is subsequently found not to have been due
    5. 270. Assessment on withdrawal or reduction of relief
  3. Supplementary
    1. 271. Provision of information
    2. 272. Regulations as to procedure etc
    3. 273. Interpretation of Chapter
3. Chapter 3
  
  VCT approvals
  1. Giving of approval
    1. 274. Requirements for the giving of approval
    2. 275. Alternative requirements for the giving of approval
    3. 276. Conditions relating to income
    4. 277. The 15% holding limit condition
    5. 278. Conditions relating to value of investments: general
    6. 279. Conditions relating to value of investments: qualifying holdings
    7. 280. Conditions relating to qualifying holdings and eligible shares
  2. Withdrawal of approval
    1. 281. Withdrawal of VCT approval of a company
    2. 282. Withdrawal of VCT approval in cases for which provision made under section 280(3)
  3. Supplementary
    1. 283. Time as from which VCT approval has effect
    2. 284. Power to make regulations as to procedure
    3. 285. Interpretation of Chapter
4. Chapter 4
  
  Qualifying holdings
  1. Introduction
    1. 286. Qualifying holdings: introduction
  2. The requirements
    1. 287. The maximum qualifying investment requirement
    2. 288. The no guaranteed loan requirement
    3. 289. The proportion of eligible shares requirement
    4. 290. The trading requirement
    5. 291. The carrying on of a qualifying activity requirement
    6. 292. Ceasing to meet requirements because of administration or receivership
    7. 293. The use of the money raised requirement
    8. 294. The relevant company to carry on the relevant qualifying activity requirement
    9. 295. The unquoted status requirement
    10. 296. The control and independence requirement
    11. 297. The gross assets requirement
    12. 298. The qualifying subsidiaries requirement
    13. 299. The property managing subsidiaries requirement
  3. Definitions
    1. 300. Meaning of "qualifying trade"
    2. 301. Meaning of "qualifying 90% subsidiary"
    3. 302. Meaning of "qualifying subsidiary"
  4. Excluded activities
    1. 303. Meaning of "excluded activities"
    2. 304. Excluded activities: wholesale and retail distribution
    3. 305. Excluded activities: leasing of ships
    4. 306. Excluded activities: receipt of royalties and licence fees
    5. 307. Excluded activities: property development
    6. 308. Excluded activities: hotels and comparable establishments
    7. 309. Excluded activities: nursing homes and residential care homes
    8. 310. Excluded activities: provision of services or facilities for another business
  5. Supplementary
    1. 311. Power to amend Chapter
    2. 312. Winding up of the relevant company
    3. 313. Interpretation of Chapter
5. Chapter 5
  
  Powers: winding up and mergers of VCTs
  1. Winding up
    1. 314. Power to treat VCT-in-liquidation as VCT
    2. 315. Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
    3. 316. Power to make provision about distributions by VCT-in-liquidation
    4. 317. Power to facilitate disposal to VCT by VCT-in-liquidation
    5. 318. Power in respect of periods before and after winding up
    6. 319. Sections 314 to 318: supplementary
    7. 320. Meaning of "VCT-in-liquidation"
  2. Mergers
    1. 321. Power to facilitate mergers of VCTs
    2. 322. Provision that may be made by regulations under section 321
    3. 323. Meaning of "merger" and "successor company"
  3. Supplementary
    1. 324. Regulations under Chapter
    2. 325. Interpretation of Chapter
6. Chapter 6
  
  Supplementary and general
  1. Acquisitions for restructuring purposes
    1. 326. Restructuring to which section 327 applies
    2. 327. Certain requirements of Chapter 4 to be treated as met
    3. 328. Supplementary
  2. Conversion of shares etc and company reorganisations
    1. 329. Conversion of convertible shares and securities
    2. 330. Power to facilitate company reorganisations etc involving exchange of shares
  3. Supplementary
    1. 331. Meaning of a company being "in administration" or "in receivership"
    2. 332. Minor definitions etc
Part 7

Community investment tax relief
1. Chapter 1
  
  Introduction
  1. CITR
    1. 333. Meaning of "CITR"
    2. 334. Eligibility for CITR
    3. 335. Form and amount of CITR
  2. Miscellaneous
    1. 336. Meaning of "making an investment"
    2. 337. Determination of "the invested amount"
    3. 338. Meaning of "the 5 year period" and "the investment date"
    4. 339. Overview of other Chapters of Part
2. Chapter 2
  
  Accredited community development finance institutions
  1. 340. Application and criteria for accreditation
  2. 341. Terms and conditions of accreditation
  3. 342. Period of accreditation
  4. 343. Delegation of Secretary of State's functions
3. Chapter 3
  
  Qualifying investments
  1. 344. Qualifying investments: introduction
  2. 345. Conditions to be met in relation to loans
  3. 346. Conditions to be met in relation to securities
  4. 347. Conditions to be met in relation to shares
  5. 348. Tax relief certificates
  6. 349. No pre-arranged protection against risks
4. Chapter 4
  
  General conditions
  1. 350. No control of CDFI by investor
  2. 351. Investor must have beneficial ownership
  3. 352. No acquisition of share in partnership
  4. 353. No tax avoidance purpose
5. Chapter 5
  
  Claims for and attribution of CITR
  1. Claims
    1. 354. Loans: no claim after disposal or excessive repayments or receipts of value
    2. 355. Securities or shares: no claim after disposal or excessive receipts of value
    3. 356. No claim after loss of accreditation by the CDFI
  2. Attribution
    1. 357. Attribution: general
    2. 358. Attribution: bonus shares
6. Chapter 6
  
  Withdrawal or reduction of CITR
  1. Introduction
    1. 359. Overview of Chapter
  2. Disposals
    1. 360. Disposal of loan during 5 year period
    2. 361. Disposal of securities or shares during 5 year period
  3. Repayment of loans
    1. 362. Repayment of loan capital during 5 year period
  4. Receipts of value
    1. 363. Value received by investor during 6 year period: loans
    2. 364. Value received by investor during 6 year period: securities or shares
    3. 365. Receipts of insignificant value to be added together
    4. 366. When value is received
    5. 367. The amount of value received
    6. 368. Value received if there is more than one investment
    7. 369. Effect of receipt of value on future claims for CITR
    8. 370. Receipts of value by or from connected persons
  5. CITR not due
    1. 371. CITR subsequently found not to have been due
  6. Manner of withdrawal or reduction
    1. 372. Manner of withdrawal or reduction of CITR
7. Chapter 7
  
  Supplementary and general
  1. Miscellaneous
    1. 373. Information to be provided by the investor
    2. 374. Disclosure
    3. 375. Nominees
    4. 376. Application for postponement of tax pending appeal
    5. 377. Identification of securities or shares on a disposal
  2. Definitions
    1. 378. Meaning of "issue of securities or shares"
    2. 379. Meaning of "disposal"
    3. 380. Construction of references to being "held continuously"
    4. 381. Meaning of "associate"
    5. 382. Minor definitions etc
Part 8

Other reliefs
1. Chapter 1
  
  Interest payments
  1. The relief: introduction
    1. 383. Relief for interest payments
    2. 384. General restrictions on relief under Chapter
    3. 385. General provisions about loans
    4. 386. Loans partly meeting requirements
    5. 387. Exclusion of double relief etc
  2. Loans for plant or machinery
    1. 388. Loan to buy plant or machinery for partnership use
    2. 389. Eligibility requirements for interest on loans within section 388
    3. 390. Loan to buy plant or machinery for employment use
    4. 391. Eligibility requirements for interest on loans within section 390
  3. Loans for interests in close companies
    1. 392. Loan to buy interest in close company
    2. 393. Eligibility requirements for interest on loans within section 392
    3. 394. Meaning of "material interest" in section 393
    4. 395. Meaning of "associate" in section 394
  4. Loans for interests in employee-controlled companies
    1. 396. Loan to buy interest in employee-controlled company
    2. 397. Eligibility requirements for interest on loans within section 396
  5. Loans for investing in partnerships
    1. 398. Loan to invest in partnership
    2. 399. Eligibility requirements for interest on loans within section 398
    3. 400. Film partnerships
  6. Loans for investing in co-operatives
    1. 401. Loan to invest in co-operative
    2. 402. Eligibility requirements for interest on loans within section 401
  7. Loans for paying inheritance tax
    1. 403. Loan to pay inheritance tax
    2. 404. Eligibility requirements for interest on loans within section 403
    3. 405. Carry back and forward of relief for interest on loans within section 403
  8. General and supplementary
    1. 406. Effect of recovery of capital in the case of some loans
    2. 407. Events counting as recovery of capital for section 406
    3. 408. Replacement loans
    4. 409. Business successions between partnerships
    5. Chapter 2
      
      Gift aid
      1. The relief
        413. Overview of Chapter
        414. Relief for gifts to charity
        415. Meaning of "grossed up amount"
        416. Meaning of "qualifying donation"
        417. Meaning of "benefits associated with a gift"
      2. Restrictions on associated benefits
        418. Restrictions on associated benefits
        419. Gifts and benefits linked to periods of less than 12 months
      3. Admission rights
        420. Disregard of certain admission rights
        421. Admission rights: supplementary
      4. Disqualified overseas gifts
        422. Disqualified overseas gifts
      5. Measures to ensure donor's liability not less than tax treated as deducted
        423. Restriction of certain reliefs
        424. Charge to tax
        425. Total amount of income tax to which individual charged for a tax year
      6. Election to carry back relief
        426. Election by donor: gift treated as made in previous tax year
      7. Supplementary
        427. Meaning of "charged amount"
        428. Meaning of "gift aid declaration"
        429. Giving through self-assessment return
        430. "Charity" to include exempt bodies
    6. Chapter 3
      
      Gifts of shares, securities and real property to charities etc
      1. Entitlement to relief
        431. Relief for gifts of shares, securities and real property to charities etc
        432. Meaning of "qualifying investment"
        433. Meaning of "qualifying interest in land"
      2. Amount of relief
        434. The relievable amount
        435. Incidental costs of making disposal
        436. Consideration
      3. Value of net benefit to charity
        437. Value of net benefit to charity
        438. Market value of qualifying investments
        439. Meaning of "disposal-related obligation"
        440. Meaning and amount of "disposal-related liability"
      4. Special provisions about qualifying interests in land
        441. Certificate required from charity
        442. Qualifying interests in land held jointly
        443. Calculation of relievable amount where joint disposal of interest in land
        444. Disqualifying events
      5. Supplementary
        445. Prohibition against double relief
        446. "Charity" to include exempt bodies
    7. Chapter 4
      
      Annual payments and patent royalties
      1. 447. Overview of Chapter
      2. 448. Relief for individuals
      3. 449. Relief for other persons
      4. 450. Other persons: payments ineligible for relief
      5. 451. Special rule for persons affected by section 733 of ICTA
      6. 452. The gross amount of a payment
    8. Chapter 5
      
      Qualifying maintenance payments
      1. 453. Tax reduction for qualifying maintenance payments
      2. 454. Meaning of "qualifying maintenance payment"
      3. 455. Child support maintenance payments
      4. 456. Payments under orders for recovery of benefit etc
    9. Chapter 6
      
      Miscellaneous other reliefs
      1. Payments for life insurance etc
        457. Payments to trade unions
        458. Payments to police organisations
        459. Payments for benefit of family members
        460. Residence etc of claimants
      2. Patent royalty receipts
        461. Spreading of patent royalty receipts
  9. Part 9
    
    Special rules about settlements and trustees
    1. Chapter 1
      
      Introduction
      1. 462. Overview of Part
      2. 463. Interpretation of Part
      3. 464. Scottish trusts
    2. Chapter 2
      
      General provision about settlements and trustees
      1. Overview
        465. Overview of Chapter and interpretation
      2. Settled property
        466. Meaning of "settled property" etc
      3. Settlors
        467. Meaning of "settlor" etc
        468. Meaning of "disposable property"
        469. Person ceasing to be a settlor
        470. Transfers between settlements
        471. Identification of settlor following transfer covered by section 470
        472. Settlor where property becomes settled because of variation of will etc
        473. Deceased person as settlor where variation of will etc
      4. Trustees
        474. Trustees of settlement to be treated as a single and distinct person
        475. Residence of trustees
        476. How to work out whether settlor meets condition C
      5. Sub-funds
        477. Sub-fund elections under Schedule 4ZA to TCGA 1992
      6. Regulations
        478. References to settled property etc in regulations
    3. Chapter 3
      
      Special rates for trustees' income
      1. 479. Trustees' accumulated or discretionary income to be charged at special rates
      2. 480. Meaning of "accumulated or discretionary income"
      3. 481. Other amounts to be charged at special rates for trustees
      4. 482. Types of amount to be charged at special rates for trustees
      5. 483. Sums paid by personal representatives to trustees
    4. Chapter 4
      
      Trustees' expenses and special rates for trustees
      1. 484. Trustees' expenses to be set against trustees' trust rate income
      2. 485. Carry forward of unused expenses
      3. 486. How allowable expenses are to be set against trust rate income
      4. 487. Non-UK resident trustees
    5. Chapter 5
      
      Share incentive plans
      1. 488. Application of section 479 to trustees of approved share incentive plans
      2. 489. "The applicable period" in relation to shares
      3. 490. Interpretation of Chapter
    6. Chapter 6
      
      Trustees' first slice of trust rate income
      1. 491. Special rates not to apply to first slice of trustees' trust rate income
      2. 492. Cases where settlor has made more than one settlement
    7. Chapter 7
      
      Discretionary payments
      1. 493. Discretionary payments by trustees
      2. 494. Grossing up of discretionary payment and payment of income tax
      3. 495. Statement about deduction of income tax
      4. 496. Income tax charged on trustees
      5. 497. Calculation of trustees' tax pool
      6. 498. Types of income tax for the purposes of section 497
    8. Chapter 8
      
      Trustees' expenses and beneficiary's income
      1. 499. Application of Chapter
      2. 500. Restrictions on use of trustees' expenses to reduce the beneficiary's income
      3. 501. Non-UK resident beneficiaries
      4. 502. Meaning of "untaxed income" in section 501
      5. 503. How beneficiary's income is reduced
    9. Chapter 9
      
      Unauthorised unit trusts
      1. 504. Treatment of income of unauthorised unit trust
      2. 505. Relief for trustees of unauthorised unit trust
      3. 506. Special rules for trustees affected by section 733 of ICTA
    10. Chapter 10
      
      Heritage maintenance settlements
      1. Introduction
        507. Overview of Chapter
      2. Trustees' election in respect of income etc
        508. Election by trustees
        509. Change of circumstances during a tax year
      3. Absence of election and income treated as income of settlor: special rules
        510. Sums applied for property maintenance purposes
        511. Prevention of double taxation: reimbursement of settlor
      4. Application of property for non-heritage purposes: charge to tax
        512. Charge to tax on some settlements
        513. Income charged
        514. Persons liable
        515. Rate of tax
        516. Transfer of property between settlements
        517. Exemption for income treated as income of settlor
  10. Part 10
    
    Special rules about charitable trusts etc
    1. Introduction
      1. 518. Overview of Part
      2. 519. Meaning of "charitable trust"
    2. Gifts and other payments
      1. 520. Gifts entitling donor to gift aid relief: income tax treated as paid
      2. 521. Gifts entitling donor to gift aid relief: income tax liability and exemption
      3. 522. Gifts of money from companies: income tax liability and exemption
      4. 523. Payments from other charities: income tax liability and exemption
    3. Other exemptions
      1. 524. Exemption for profits etc of charitable trades
      2. 525. Meaning of "charitable trade"
      3. 526. Exemption for profits etc of small-scale trades
      4. 527. Exemption from charges under provisions to which section 1016 applies
      5. 528. Condition as to trading and miscellaneous incoming resources
      6. 529. Exemption for profits from fund-raising events
      7. 530. Exemption for profits from lotteries
      8. 531. Exemption for property income etc
      9. 532. Exemption for savings and investment income
      10. 533. Exemption for public revenue dividends
      11. 534. Exemption for transactions in deposits
      12. 535. Exemption for offshore income gains
      13. 536. Exemption for certain miscellaneous income
      14. 537. Exemption for income from estates in administration
    4. Claims
      1. 538. Requirement to make claim
    5. Restrictions on exemptions
      1. 539. Restrictions on exemptions
      2. 540. The non-exempt amount
      3. 541. Attributing income to the non-exempt amount
      4. 542. How income is attributed to the non-exempt amount
    6. Non-charitable expenditure
      1. 543. Meaning of "non-charitable expenditure"
      2. 544. Section 543: supplementary
      3. 545. Section 543(1)(f): meaning of expenditure
      4. 546. Section 543(1)(f): tax year in which certain expenditure treated as incurred
      5. 555. Donors: exceptions
      6. 556. Connected charities
      7. 557. Substantial donor transactions: supplementary
    7. Approved charitable investments and loans
      1. 558. Approved charitable investments
      2. 559. Securities which are approved charitable investments
      3. 560. Conditions to be met for some securities
      4. 561. Approved charitable loans
    8. Carry back of excess non-charitable expenditure
      1. 562. Excess expenditure treated as non-charitable expenditure of earlier years
      2. 563. Rules for attributing excess expenditure to earlier years
      3. 564. Adjustments in consequence of section 562
  11. Part 11
    
    Manufactured payments and repos
    1. Chapter 1
      
      Introduction
      1. 565. Overview of Part
      2. 566. Meaning of "UK shares" and "UK securities"
      3. 567. Meaning of "overseas securities" and "overseas dividend"
      4. 568. Meaning of "stock lending arrangement"
      5. 569. Meaning of "repo"
      6. 570. Meaning of "buying back" securities etc
      7. 571. Meaning of "related" agreements
    2. Chapter 2
      
      Manufactured payments
      1. Introduction
        572. Overview of Chapter
      2. Manufactured dividends on UK shares
        573. Manufactured dividends on UK shares
        574. Allowable deductions: matching
        575. Allowable deductions: restriction on double-counting
        576. Manufactured dividends on UK shares: Real Estate Investment Trusts
        577. Statements about manufactured dividends
      3. Manufactured interest on UK securities
        578. Manufactured interest on UK securities
        579. Allowable deductions: matching
        580. Allowable deductions: restriction on double counting
      4. Manufactured overseas dividends
        581. Manufactured overseas dividends
        582. Powers about manufactured overseas dividends
      5. Special cases
        583. Manufactured payments exceeding underlying payments
        584. Manufactured payments less than underlying payments
        585. Power to deal with other special cases
      6. General regulation-making powers
        586. Powers about administrative provisions
        587. Power for manufactured payments to be eligible for relief
        588. Regulation-making powers: general
      7. Interpretation
        589. Meaning of "gross amount": interest and manufactured overseas dividends
        590. Meaning of "relevant withholding tax"
        591. Interpretation of other terms used in Chapter
    3. Chapter 3
      
      Tax credits: stock lending arrangements and repos
      1. Stock lending arrangements
        592. No tax credits for borrower under stock lending arrangement
      2. Repos
        593. No tax credits for interim holder under repo
        594. No tax credits for original owner under repo
      3. Interpretation
        595. Meaning of "manufactured dividend"
    4. Chapter 4
      
      Deemed manufactured payments
      1. Stock lending arrangements
        596. Deemed manufactured payments: stock lending arrangements
        597. Deemed interest: cash collateral under stock lending arrangements
        598. Cash collateral under stock lending arrangements: supplementary
        599. Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral
        600. Meaning of "quasi-stock lending arrangements" and "quasi-cash collateral"
      2. Repos
        601. Repo cases in which deeming rules apply
        602. Deemed manufactured payments: repos
        603. Deemed deductions of tax
        604. Deemed increase in repurchase price: price differences under repos
        605. Deemed increase in repurchase price: other income tax purposes
      3. Interpretation
        606. Interpretation of Chapter
    5. Chapter 5
      
      Price differences under repos
      1. Main tax treatment
        607. Treatment of price differences under repos
        608. Exceptions to section 607
      2. Additional tax treatment
        609. Additional income tax consequences of price differences
      3. Interpretation
        610. Repurchase price in deemed manufactured payment case
      4. Power to modify
        611. Power to modify Chapter in non-arm's length case
    6. Chapter 6
      
      Powers to modify repo provisions
      1. 612. Non-standard repo cases
      2. 613. Redemption arrangements
      3. 614. Sections 612 and 613: supplementary
  12. Part 12
    
    Accrued income profits
    1. Chapter 1
      
      Introduction
      1. 615. Overview of Part
    2. Chapter 2
      
      Accrued income profits and losses
      1. Charge to tax
        616. Charge to tax on accrued income profits
        617. Income charged
        618. Person liable
      2. Securities to which Chapter applies
        619. Meaning of "securities" and when securities are of the same kind
      3. Transfers to which Chapter applies
        620. Transactions which are transfers: general
        621. Transferors and transferees
        622. Application of Chapter to different kinds of transfer
        623. Transfers with accrued interest
        624. Transfers without accrued interest
        625. Transfers with unrealised interest
        626. Transfers of variable rate securities
        627. Meaning of "variable rate securities"
      4. Calculating accrued income profits and losses
        628. Making accrued income profits and losses: general rule
        629. Calculating accrued income profits and losses where section 628 applies
        630. Making accrued income profits: settlement day outside interest period
        631. Amount of accrued income profits where section 630 applies
      5. The payments treated as made on transfers
        632. Payment on transfer with accrued interest
        633. Payment on transfer without accrued interest
        634. Payment on transfer with unrealised interest
        635. Payment on transfer of variable rate securities
      6. Exception where there is a transfer to a legatee
        636. Exception where there is a transfer to a legatee
      7. Relief for losses
        637. Accrued income losses treated as payments in next interest period
      8. Excluded transferors and transferees
        638. Excluded persons: disregard of certain payments and transfers
        639. Small holdings: individuals
        640. Small holdings: personal representatives
        641. Small holdings: trustees of a disabled person's trusts
        642. Traders
        643. Non-residents
        644. Individuals t and repurchase arrangements">654. Sale and repurchase arrangements
        655. Transfers under sale and repurchase arrangements
        656. Power to modify: non-standard sale and repurchase arrangements
        657. Power to modify: redemption arrangements
        658. Powers to modify: supplementary
      9. Special rules about some calculations
        659. Transfers with or without accrued interest: interest in default
        660. Transfers with unrealised interest: interest in default
        661. Successive transfers with unrealised interest in default
        662. New securities issued with extra return: special rules about payments
        663. Transfers without accrued interest to makers of manufactured payments
        664. Foreign currency securities: sterling equivalent of payments on transfers
        665. Foreign currency securities: unrealised interest payable in foreign currency
      10. Nominees and trustees
        666. Certain transfers by or to nominees or trustees treated as made by or to others
        667. Trustees' accrued income profits treated as settlement income
      11. Relief where transfer proceeds unremittable
        668. Relief for unremittable transfer proceeds: general
        669. Relief for unremittable transfer proceeds: section 630 profits
        670. Withdrawal of relief
      12. Interpretation
        671. Meaning of "interest"
        672. Meaning of "interest payment day"
        673. Meaning of "interest period"
        674. Meaning of "the settlement day"
        675. The holding of securities
        676. Nominal value of securities: general
        677. Nominal value: foreign currency securities
    3. Chapter 3
      
      Exemptions relating to interest on securities
      1. 678. Exemptions relating to interest on securities: preliminary
      2. 679. Interest on securities involving accrued income losses: general
      3. 680. Interest on securities involving accrued income losses: foreign trustees
      4. 681. Unrealised interest received by transferee after transfer
  13. Part 13
    
    Tax avoidance
    1. Chapter 1
      
      Transactions in securities
      1. Introduction
        682. Overview of Chapter
        683. Meaning of "income tax advantage"
      2. Person liable to counteraction of income tax advantages
        684. Person liable to counteraction of income tax advantage
        685. Exception where no tax avoidance object shown
      3. Circumstances in which income tax advantages obtained or obtainable
        686. Abnormal dividends used for exemptions or reliefs (circumstance A)
        687. Deductions from profits obtained following distribution or dealings (circumstance B)
        688. Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
        689. Receipt of consideration in connection with relevant company distribution (circumstance D)
        690. Receipt of assets of relevant company (circumstance E)
        691. Meaning of "relevant company" in sections 689 and 690
        692. Abnormal dividends: general
        693. Abnormal dividends: the excessive return condition
        694. Abnormal dividends: the excessive accrual condition
      4. Procedure for counteraction of income tax advantages
        695. Preliminary notification that section 684 may apply
        696. Opposed notifications: statutory declarations
        697. Opposed notifications: determinations by tribunal
        698. Counteraction notices
        699. Limit on amount assessed in section 689 and 690 cases
        700. Timing of assessments in section 690 cases
      5. Clearance procedure and information powers
        701. Application for clearance of transactions
        702. Effect of clearance notification under section 701
        703. Power to obtain information
      6. The tribunal
        704. The tribunal
      7. Appeals
        705. Appeals against counteraction notices
        706. Rehearing by tribunal of appeal against counteraction notice
        707. Statement of case by tribunal for opinion of High Court
    2. Chapter 2
      
      Transfer of assets abroad
      1. Introduction
        714. Overview of Chapter
        715. Meaning of "relevant transaction"
        716. Meaning of "relevant transfer" and "transfer"
        717. Meaning of "assets" etc
        718. Meaning of "person abroad" etc
        719. Meaning of "associated operation"
      2. Charge where power to enjoy income
        720. Charge to tax on income treated as arising under section 721
        721. Individuals with power to enjoy income as a result of relevant transactions
        722. When an individual has power to enjoy income of person abroad
        723. The enjoyment conditions
        724. Special rules where benefit provided out of income of person abroad
        725. Reduction in amount charged where controlled foreign company involved
        726. Non-domiciled individuals
      3. Charge where capital sums received
        727. Charge to tax on income treated as arising under section 728
        728. Individuals receiving capital sums as a result of relevant transactions
        729. The capital receipt conditions
        730. Non-domiciled individuals
      4. Charge where benefit received
        731. Charge to tax on income treated as arising under section 732
        732. Non-transferors receiving a benefit as a result of relevant transactions
        733. Income charged under section 731
        734. Reduction in amount charged: previous capital gains tax charge
        735. Non-domiciled individuals
      5. Exemptions: no tax avoidance purpose or genuine commercial transaction
        736. Exemptions: introduction
        737. Exemption: all relevant transactions post-4 December 2005 transactions
        738. Meaning of "commercial transaction"
        739. Exemption: all relevant transactions pre-5 December 2005 transactions
        740. Exemption: relevant transactions include both pre-5 Dec
        747. Amounts corresponding to accrued income profits and related interest
      6. Supplementary
        748. Power to obtain information
        749. Restrictions on particulars to be provided by solicitors
        750. Restrictions on particulars to be provided by banks
        751. Special Commissioners' jurisdiction on appeals
    3. Chapter 3
      
      Transactions in land
      1. Introduction
        752. Overview of Chapter
        753. Meaning of disposing of land
        754. Priority of other income tax provisions
      2. Charge on gains from transactions in land
        755. Charge to tax on gains from transactions in land
        756. Income treated as arising when gains obtained from some land disposals
        757. Person obtaining gain
        758. Income charged
        759. Person liable
        760. Method of calculating gain
      3. Further provisions relevant to the charge
        761. Transactions, arrangements, sales and realisations relevant for Chapter
        762. Tracing value
        763. Meaning of "another person"
        764. Valuations and apportionments
      4. Exemptions
        765. Exemption: gain attributable to period before intention to develop formed
        766. Exemption: disposals of shares in companies holding land as trading stock
        767. Exemption: private residences
      5. Recovery of tax
        768. Recovery of tax where consideration receivable by person not assessed
        769. Recovery of tax: certificates of tax paid etc
      6. Clearances and power to obtain information
        770. Clearance procedure
        771. Power to obtain information
      7. Interpretation
        772. Interpretation of Chapter
    4. Chapter 4
      
      Sales of occupation income
      1. Introduction
        773. Overview of Chapter
        774. Meaning of "occupation"
        775. Priority of other tax provisions
      2. Charge on sale of occupation income
        776. Charge to tax on sale of occupation income
        777. Conditions for sections 778 and 779 to apply
        778. Income arising where capital amount other than derivative property or right obtained
        779. Income arising where derivative property or right obtained
      3. Further provisions relevant to the charge
        780. Transactions, arrangements, sales and realisations relevant for Chapter
        781. Tracing value
        782. Meaning of "other person"
        783. Valuations and apportionments
      4. Exemption for sales of going concerns
        784. Exemption for sales of going concerns
        785. Restriction on exemption: sales of future earnings
      5. Recovery of tax
        786. Recovery of tax where consideration receivable by person not assessed
        787. Recovery of tax: certificates of tax paid etc
      6. Power to obtain information
        788. Power to obtain information
      7. Interpretation
        789. Minor definitions
    5. Chapter 5
      
      Avoidance involving trading losses
      1. Introduction
        790. Overview of Chapter
      2. Individuals in partnership: recovery of excess relief
        791. Charge to tax on income treated as received under section 792
        792. Partners claiming excess sideways or capital gains relief
        793. Calculating the amount of income treated as received
        794. Meaning of "the total amount of trade losses claimed" etc
        795. Meaning of "post-1 December 2004 loss"
      3. Individuals claiming relief for film-related trading losses
        796. Charge to tax on income treated as received under section 797
        797. Individuals claiming sideways or capital gains relief for film-related losses
        798. Meaning of "non-taxable consideration" etc
        799. Meaning of "disposal of a right of the individual to profits" etc
        800. Meaning of "film-related losses" etc
        801. Meaning of "capital contribution"
        802. Exclusion of amounts in calculating capital contribution by a partner
        803. Prohibition against double counting
      4. Individuals in partnership claiming relief for licence-related trading losses
        804. Charge to tax on income treated as received under section 805
        805. Partners claiming relief for licence-related trading losses
        806. Calculation of amount of income treated as received by the individual
        807. Supplementary provision relating to calculation in section 806
        808. Meaning of "disposal of the licence" etc
        809. Other definitions
  14. Part 14
    
    Income tax liability: miscellaneous rules
    1. Chapter 1
      
      Limits on liability to income tax of non-UK residents
      1. Introduction
        810. Overview of Chapter
      2. Limit for non-UK resident individuals, trustees etc
        811. Limit on liability to income tax of non-UK residents
        812. Case where limit not to apply
        813. Meaning of "disregarded income"
        814. Meaning of "disregarded transaction income"
      3. Limit for non-UK resident companies
        815. Limit on liability to income tax of non-UK resident companies
        816. Meaning of "disregarded company income"
      4. The independent broker conditions
        817. The independent broker conditions
      5. The independent investment manager conditions
        818. The independent investment manager conditions
        819. Investment managers: the 20% rule
        820. Meaning of "qualifying period"
        821. Meaning of "relevant disregarded income"
        822. Meaning of "beneficial entitlement"
        823. Treatment of transactions where requirements of 20% rule not met
        824. Application of 20% rule to collective investment schemes
      6. Supplementary
        825. Meaning of "disregarded savings and investment income"
        826. Meaning of "disregarded annual payments"
        827. Meaning of "investment manager" and "investment transaction"
        828. Transactions through brokers and investment managers
    2. Chapter 2
      
      Residence
      1. 829. Residence of individuals temporarily abroad
      2. 830. Residence of individuals working abroad
      3. 831. Foreign income of individuals in the United Kingdom for temporary purpose
      4. 832. Employment income of individuals in the United Kingdom for temporary purpose
      5. 833. Visiting forces and staff of designated allied headquarters
      6. 834. Residence of personal representatives
      7. 835. Residence rules for trustees and companies
    3. Chapter 3
      
      Jointly held property
      1. 836. Jointly held property
      2. 837. Jointly held property: declarations of unequal beneficial interests
    4. Chapter 4
      
      Other miscellaneous rules
      1. 838. Local authorities and local authority associations
      2. 839. Issue departments of the Reserve Bank of India and the State Bank of Pakistan
      3. 840. Government securities held by non-UK resident central banks
      4. 841. Official agents of Commonwealth countries etc
      5. 842. European Economic Interest Groupings
      6. 843. Restriction of deductions for annual payments
      7. 844. Letters patent etc: exempting provisions
      8. 845. Extra return to be treated as interest etc
      9. 846. Interpretation of section 845
  15. Part 15
    
    Deduction of income tax at source
    1. Chapter 1
      
      Introduction
      1. 847. Overview of Part
      2. 848. Income tax deducted at source treated as income tax paid by recipient
      3. 849. Interaction with other Income Tax Acts provisions
    2. Chapter 2
      
      Deduction by deposit-takers and building societies
      1. Introduction
        850. Overview of Chapter
      2. Duty to deduct sums representing income tax
        851. Duty to deduct sums representing income tax
        852. Power to make regulations disapplying section 851
      3. Deposit-takers and relevant investments
        853. Meaning of "deposit-taker"
        854. Power to prescribe persons as deposit-takers
        855. Meaning of "investment" and "deposit"
        856. Investments which are relevant investments
        857. Investments to be treated as being or as not being relevant investments
      4. Investments which are not relevant investments: non-UK resident beneficiaries
        858. Declarations of non-UK res

Income Tax Act 2007 (c. 3)

Income Tax Act 2007

2007 CHAPTER 3

CONTENTS

Content