SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
1
The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows.
2
Omit sections 1 to 2 (the charge to income tax, application of lower rate to income from savings and distributions, rates of tax applicable to distribution income etc, and fractions of a pound and yearly assessments).
3
Omit section 3 (certain income charged at basic rate).
4
Omit section 4 (construction of references in Income Tax Acts to deduction of tax).
5
Omit section 7(1) (deduction of income tax from payments to companies).
F466
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7
Omit section 42A (non-resident landlords and their representatives).
8
Omit sections 50, 51 and 51AA (United Kingdom securities: Treasury directions for payment without deduction of tax etc).
F299
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F4910
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11
Omit section 109A (relief for post-cessation expenditure).
F7812
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13
Omit section 117 (restriction on relief for limited partners: individuals).
F2714
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F2715
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F2716
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F2717
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18
Omit sections 118ZE to 118ZK (restriction on reliefs for non-active general partners and non-active members of LLPs).
19
Omit sections 118ZL and 118ZM (restriction on reliefs for partnerships exploiting films).
20
Omit sections 118ZN and 118ZO (partners: meaning of “contribution to the trade”).
F2021
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F3122
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23
Omit section 214(1)(b) (chargeable payments connected with exempt distributions: deduction of tax at source).
24
1
Amend section 231AA (no tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement) as follows.
2
In subsection (1) omit “above or section 397(1) of ITTOIA 2005”.
3
Omit subsection (1A).
25
1
Amend section 231AB (no tax credit for original owner under repurchase agreement in respect of certain manufactured dividends) as follows.
2
In subsection (1) omit “above or section 397(1) of ITTOIA 2005”.
3
Omit subsection (1A).
F7526
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F3927
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F3928
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F3929
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F3930
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F3931
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F3932
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F3933
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F3934
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F3935
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36
1
Amend section 266 (life assurance premiums) as follows.
2
In subsection (3)(c) omit the words from “, except” to “subsection (6) below”.
3
In subsection (4) for “subsections (6) to (8)” substitute “
subsections (7) and (8)
”
.
4
Omit subsections (6) and (6A).
F595
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F596
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7
In subsection (13) omit “this section and”.
F6637
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38
Omit section 276 (effect on relief of charges on income).
39
Omit section 277 (partners).
40
1
Amend section 278 (non-residents) as follows.
2
Omit subsection (1).
3
In subsection (2)—
a
for the words from the beginning to “individual” substitute “
Subject to subsection (2ZA) below, relief under this Chapter shall be given only to an individual
”
,
b
before paragraph (a) insert—
za
is not resident in the United Kingdom,
zb
does not meet the condition in section 56(3) of ITA 2007, and
c
omit paragraphs (b) to (e) and the “or” immediately before paragraph (b).
4
After subsection (2) insert—
2ZA
Relief under section 266 above (except relief given by virtue of subsection (7) of that section) may also be given to an individual who—
a
is resident in the United Kingdom, or
b
meets the condition in section 56(3) of ITA 2007.
41
Omit section 282 (construction of references to spouses or civil partners living together).
42
Omit sections 282A and 282B (jointly held property).
43
Omit section 305A (relief for loss on disposal of shares).
44
In section 312(2A) (interpretation of Chapter 3), as it applies in relation to shares issued before 6 April 2007, for paragraph (a) substitute—
a
references to a company being “in administration” are to—
i
it being in administration within the meaning of Schedule B1 to the Insolvency Act 1986 (c. 45) or Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
ii
there being in force in relation to it, under the law of a country or territory outside the United Kingdom, any appointment corresponding to an appointment of an administrator under either of those Schedules;
45
Omit section 320 (Commonwealth Agents-General and official agents etc).
46
Omit section 323 (visiting forces).
47
Omit section 332A (venture capital trusts: relief).
48
Omit section 334 (Commonwealth and Irish citizens temporarily abroad).
49
Omit section 335 (residence of persons working abroad).
50
Omit section 336 (temporary residents in the United Kingdom).
F4851
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F3852
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53
Omit section 347B (qualifying maintenance payments).
54
Omit section 348 (payments out of profits or gains brought into charge to income tax: deduction of tax).
55
Omit section 349 (payments not out of profits or gains brought into charge to income tax, and annual interest).
56
Omit section 349ZA (extension of section 349: proceeds of sale of UK patent rights).
57
Omit sections 349A to 349D (exceptions to section 349 for payments between companies).
58
Omit section 349E (deductions under section 349(1): payment of royalties overseas).
59
Omit section 350 (charge to tax where payments made under section 349).
60
Omit section 350A (UK public revenue dividends: deduction of tax).
61
Omit section 352 (certificates of deduction of tax).
62
1
Amend section 353 (relief for payments of interest: general) as follows.
2
In subsection (1)—
a
omit “sections 359 to 368 of this Act and”, and
b
for “sections 359 to 365” substitute “
section 365
”
.
3
For subsection (1A) substitute—
1A
Where a person is entitled for a year of assessment to relief under this section in respect of an amount of interest which is eligible for relief by virtue of section 365, the relief is given as a tax reduction for that tax year.
1AA
The amount of the tax reduction is 23% of the amount of the interest.
1AB
The tax reduction is given effect at Step 6 of the calculation in section 23 of ITA 2007.
4
Omit subsection (1B).
5
In subsection (1E)—
a
omit “under this section”,
b
for “subsection (1B) above” substitute “
section 383 of ITA 2007 (relief for interest payments)
”
,
c
for “those subsections” substitute “
those provisions
”
, and
d
for the words from “and subsection (1A) or (1B)” to the end substitute “
and subsection (1A) above or section 383 of ITA 2007 shall apply accordingly to the case in which that subsection or section applies
”
.
6
Omit subsections (1F) to (1H).
63
Omit section 359 (loan to buy machinery or plant).
64
Omit section 360 (loan to buy interest in close company).
65
Omit section 360A (meaning of “material interest” in section 360).
66
Omit section 361 (loan to buy interest in co-operative or employee-controlled company).
67
Omit section 362 (loan to buy into partnership).
68
Omit section 363 (provisions supplementary to sections 360 to 362).
69
Omit section 364 (loan to pay inheritance tax).
70
In section 366(1)(c) (information) omit the words from “(or” to “income)”.
71
In section 367 (provisions supplementary to sections 354 to 366) omit subsections (2) to (4).
72
Omit section 368 (exclusion of double relief etc).
73
Omit Chapter 1 of Part 10 (loss relief: income tax).
F5174
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75
1
Amend section 398 (transactions in deposits with and without certificates or in debts) as follows.
2
For “a person” substitute “
a company
”
.
3
Omit “above or Chapter 11 of Part 4 of ITTOIA 2005 (transactions in deposits)”.
4
In paragraph (a)—
a
after “chargeable to” insert “
corporation
”
, and
b
omit “above or that Chapter”.
5
In paragraph (b) for the words from “he is chargeable” to “that Act” substitute “
the company is chargeable to corporation tax under Schedule D
”
.
6
For the words from “the amount of his loss may be set off in pursuance” to the end substitute “
the amount of its loss may be set off under section 396.
”
F3376
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F6477
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F2578
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79
In section 459 (exemption for unregistered friendly societies) omit “income tax and”.
80
In section 460(1) (exemption for registered friendly societies: life or endowment business) omit “income tax and”.
81
1
Section 461 (exemption for registered friendly societies: other business) is amended as follows.
2
In subsection (1) omit “income tax and”.
3
In subsection (4)(b) omit “income tax or”.
82
1
Amend section 461B (exemption for qualifying incorporated friendly societies: other business) as follows.
2
In subsection (1) omit “income tax and”.
3
In subsection (5) omit “income tax or”.
F4583
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84
1
Amend section 467(1) (exemption for trade unions and employers' associations) as follows.
F152
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3
In paragraph (a) omit “to exemption from income tax and corporation tax”.
4
In paragraph (b) omit “to exemption from tax”.
F2485
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F2486
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F2487
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88
1
Amend section 477A (building societies: regulations for deduction of tax) as follows.
2
Omit subsections (1) to (2A).
3
In subsection (3)—
a
omit the words from “For any” to “above apply,”, and
b
in paragraph (b) omit the words “paid or credited in the year of assessment”.
4
Omit subsection (7).
F715
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6
In subsection (10) omit the definitions of “qualifying certificate of deposit”, “qualifying deposit right” and “security”.
F717
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89
Omit sections 480A to 482 (deduction of tax by deposit-takers).
90
1
Amend section 486 (industrial and provident societies and co-operative associations) as follows.
2
Omit subsections (2), (3) and (6).
3
In subsection (7) for “subsection (6)” substitute “
section 887(2) of ITA 2007
”
.
F5291
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92
1
Amend section 492 (treatment of oil extraction activities etc for tax purposes) as follows.
2
Omit subsection (2).
F93
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93
Omit section 504A (letting of furnished holiday accommodation treated as trade for certain income tax purposes).
F6094
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F6095
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F6096
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F6097
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F6098
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F6099
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F60100
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101
1
Amend section 510A (tax treatment of European Economic Interest Groupings) as follows.
F302
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3
In subsection (3) omit paragraph (b) and the “and” immediately before it.
F104
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102
Omit section 515 (exemption for signatories to Operating Agreement for INMARSAT).
103
Omit section 516 (Government securities held by non-resident central banks).
F21104
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F21105
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F21106
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F40107
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108
1
Amend section 527 (spreading of royalties over several years) as follows.
2
For subsection (1) substitute—
1
Where—
a
a royalty or other sum is paid to a company in respect of the user of a patent,
b
the user extended over a period of six complete years or more, and
c
the payment is one from which a sum representing income tax must be deducted under section 903 of ITA 2007,
the company may on the making of a claim require that the corporation tax payable by it by reason of the receipt of that sum shall be reduced so as not to exceed the total amount of corporation tax which would have been payable by it if that royalty or sum had been paid in six equal instalments at yearly intervals, the last of which was paid on the date on which the payment was in fact made.
3
Omit subsection (4).
F44109
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110
Omit sections 536 (taxation of royalties where owner abroad), 537 (public lending right) and 537B (taxation of design royalties where owner abroad).
F37111
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F67112
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113
Omit section 555 (entertainers and sportsmen: payment of tax).
F11114
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115
In section 558 (supplementary provisions) omit subsections (1) to (4).
116
In section 571 (schemes for rationalising industry: cancellation of certificates) after subsection (1) insert—
1A
An amount charged to income tax under subsection (1) above is treated for income tax purposes as an amount of income.
F19117
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118
Omit section 574 (share loss relief for individuals).
F54119
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F54120
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F54121
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F54122
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F54123
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F54124
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F54125
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F54126
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F54127
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F54128
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F54129
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F54130
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F54131
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F54132
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133
Omit section 581A (interest on foreign currency securities etc).
F23134
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135
Omit section 582A (designated international organisations: miscellaneous exemptions).
136
Omit section 587A (new issues of securities: extra return).
F34137
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F34138
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F34139
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140
In section 615(3)
(exemption from tax in respect of certain pensions) for “section 349(1)” substitute “
Chapter 6 of Part 15 of ITA 2007 (deduction from annual payments and patent royalties)
”
.
F74141
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142
In section 658(4)(b) (supplementary) omit “(notwithstanding anything in section 348)”.
143
In section 659E(1)
(treatment of income from property investment LLPs) at the end insert “
(see section 1004 of ITA 2007)
”
.
144
Omit section 660C(3) (nature of charge on settlor).
145
Omit sections 685A to 687 (liability of trustees).
F6146
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147
Omit section 689A (disregard of trustees' expenses where beneficiary non-UK resident).
F63148
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149
Omit sections 690 to 694.
150
Omit section 698A.
F68151
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F77152
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F43153
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F43154
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F43155
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F43156
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F43157
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F43158
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F43159
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F58160
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F65161
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162
Omit sections 710 to 727A (accrued income scheme).
F56163
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F61164
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F61165
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F61166
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F14167
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F14168
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F14169
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F14170
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171
1
Amend section 736B (deemed manufactured payments in the case of stock lending arrangements) as follows.
2
In subsection (2)—
a
after “that Schedule” insert “
, and section 97 of the Finance Act 1996 (loan relationships: manufactured interest),
”
, and
F35b
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3
In subsection (2A)—
a
in paragraph (a) omit “income tax or”, and
b
in paragraph (b) omit “total income or, as the case may be,”.
F42172
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F62173
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F76174
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F18175
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176
1
Amend section 737E (power to modify sections 727A, 730A, 730BB and 737A to 737C) as follows.
2
In subsections (1) and (2) omit “727A,”.
3
In subsections (4) and (6)(b) omit “or 263D”.
4
In the sidenote omit “727A,”.
177
Omit sections 739 to 746 (transfer of assets abroad).
178
In section 747(4) (imputation of chargeable profits and creditable tax of controlled foreign companies) omit paragraph (b) and the “and” immediately before it.
F26179
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F26180
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F26181
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182
Omit section 775 (sale by individual of income derived from his personal activities).
F7183
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F73184
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F73185
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F73186
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F4F2187
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F4F2188
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4F2189
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4F2190
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1191
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F57192
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F57193
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F57194
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F57195
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F57196
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
197
1
Amend section 804 (relief against income tax in respect of income arising in years of commencement) as follows.
F222
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Omit subsection (6).
198
1
Amend section 807 (sale of securities with or without accrued interest) as follows.
F702
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F723
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
In the full-out words of subsection (1)—
F69a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
omit “or corporation tax”.
F85
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F86
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F87
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Omit subsection (6).
F50199
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
200
In section 811(2) (deduction for foreign tax where no credit allowable)—
F17a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
omit paragraph (b) and the “and” immediately after it.
201
In section 812(5) (withdrawal of right to tax credit of certain non-resident companies connected with unitary states) for paragraph (c) substitute—
c
whether a person is connected with another is determined in accordance with section 839;
202
In section 816 (disclosure of information)—
F32a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
omit subsection (3A).
203
Omit section 818 (arrangements for payments of interest less tax or of fixed net amount).
204
Omit section 819 (old references to standard rate tax).
205
In section 821(3) (under-deductions from payments made before passing of annual Act)—
a
for paragraph (a) substitute—
a
any payment to which section 906 of ITA 2007 applies (certain royalties etc where usual place of abode of owner is abroad), and
b
omit paragraph (aa) and the “and” immediately after it.
206
Omit section 823 (adjustments of reliefs where given at different times).
207
Omit section 827A (territorial scope of charges under certain provisions to which section 836B applies).
208
1
Amend section 828 (orders and regulations made by the Treasury or the Board) as follows.
F132
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F133
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F134
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
In subsection (4)—
a
omit “1(6),”
b
omit “257C, 582A(1),”, and
c
omit “or section 82(4)(d) of the Capital Allowances Act”.
F366
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
209
Omit section 829 (application of Income Tax Acts to public departments and avoidance of exempting provisions).
210
In section 830(1) (territorial sea) omit “income tax and”.
211
In section 831(3) (interpretation of ICTA) after the definition of “ITTOIA 2005” insert—
“ITA 2007” means the Income Tax Act 2007;
F28212
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
213
Omit section 833 (interpretation of the Income Tax Acts).
F12214
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215
Omit section 835 (“total income” in the Income Tax Acts).
216
Omit section 836 (returns of total income).
217
Omit section 836B (table of provisions to which that section applies).
218
Omit section 837 (“annual value” of land).
F16219
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16220
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16221
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16222
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16223
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16224
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16225
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16226
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16227
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16228
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
229
Omit section 842AA (venture capital trusts).
F53230
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3231
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
232
1
Amend Schedule 14 (provisions ancillary to section 266) as follows.
F412
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
In paragraph 6(1) for “subsections (6) and (7)” substitute “
subsection (7)
”
.
4
In paragraph 8 after sub-paragraph (3) insert—
3A
In sub-paragraph (3) “industrial assurance business” means any industrial assurance business within the meaning given by—
a
section 1(2) of the Industrial Assurance Act 1923, or
b
Article 3(1) of the Industrial Assurance (Northern Ireland) Order 1979,
which was carried on before 1 December 2001.
233
In Part 1 of Schedule 15 (qualifying policies for the purposes of section 267) after paragraph 20 insert—
Meaning of “industrial assurance business”
20A
In this Part of this Schedule “industrial assurance business” means any industrial assurance business within the meaning given by—
a
section 1(2) of the Industrial Assurance Act 1923, or
b
Article 3(1) of the Industrial Assurance (Northern Ireland) Order 1979,
which was carried on before 1 December 2001.
234
Omit Part 1 of Schedule 15B (venture capital trusts: relief from income tax).
235
Omit Schedule 16 (collection of income tax on company payments).
236
In paragraph 2(b) of Schedule 19B (petroleum extraction activities: exploration expenditure supplement) after “section 837B” insert “
of this Act and section 1003 of ITA 2007
”
.
F47237
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5238
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F55239
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
240
Omit Schedule 28B (venture capital trusts: meaning of “qualifying holding”).