Part 2Other provisions

Pensions

5Power to repeal high income excess relief charge

1

The Treasury may by order made by statutory instrument repeal section 23 of, and Schedule 2 to, FA 2010 (high income excess relief charge).

2

No order may be made under subsection (1) after 31 December 2010.

3

Section 1014 of ITA 2007 (orders and regulations under Income Tax Acts) does not apply to the power under subsection (1).

6Treatment of persons at age 75

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income tax

7Expenses paid to MPs etc

Schedule 4 contains provision about expenses and allowances paid to members of the House of Commons and other representatives.

Corporation tax

8Amounts not fully recognised for accounting purposes

Schedule 5 contains amendments of sections 311, 312 and 599A of CTA 2009 (loan relationships and derivative contracts: treatment of amounts not fully recognised for accounting purposes).

F29Insurance companies: business transfers involving excess assets

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Final provisions

10Interpretation

1

In this Act—

  • “CTA 2009” means the Corporation Tax Act 2009;

  • “CTA 2010” means the Corporation Tax Act 2010;

  • “ICTA” means the Income and Corporation Taxes Act 1988;

  • “ITA 2007” means the Income Tax Act 2007;

  • “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;

  • “TCGA 1992” means the Taxation of Chargeable Gains Act 1992;

  • “VATA 1994” means the Value Added Tax Act 1994.

2

In this Act “FA”, followed by a year, means the Finance Act of that year.

11Short title

This Act may be cited as the Finance (No.2) Act 2010.