Income and Corporation Taxes Act 1988

Contents

10,665 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part I · The charge to tax
   1. Advance corporation tax
   2. Corporation tax
   3. Income tax
   4. Small companies’ rate
   5. The six Schedules
2. Part II · Provisions relating to the schedule a charge
   1. General
   2. Connected persons
   3. Deductions and other allowances
   4. Premiums, leases at undervalue etc
   5. Rent factoring
   6. Supplementary provisions
3. Part III · Government securities
   1. General
   2. Government securities: exemptions from tax
   3. Government securities: interest payable without deduction of tax
4. Part IV · Provisions relating to the schedule D charge
   1. Chapter I Supplementary charging provisions
   2. Chapter II Income tax: basis of assessment etc.
   3. Chapter III Corporation tax: basis of assessment etc
   4. Chapter IV Provisions supplementary to chapters II and III
   5. Chapter V Computational provisions
   6. Chapter VI Discontinuance . . .
   7. Chapter VII Partnerships and successions
   8. Chapter VIIA Paying and collecting agents
   9. Chapter VIII Miscellaneous and supplemental
5. Part V · Provisions relating to the schedule e charge
   1. Chapter I Supplementary charging provisions of general application
   2. Chapter II Employees earning £8,500 or more and directors
   3. Chapter III Profit-related pay
   4. Chapter IV Other exemptions and reliefs
   5. Chapter V Assessment, collection, recovery and appeals
6. Part VI · Company distributions, tax credits etc
   1. Chapter I Taxation of company distributions
   2. Chapter II Matters which are distributions for the purposes of the corporation tax acts
   3. Chapter III Matters which are not distributions for the purposes of the corporation tax acts
   4. Chapter IV Tax credits
   5. Chapter V Advance corporation tax and franked investment income
   6. Chapter VA Foreign Income Dividends
   7. Chapter VI Miscellaneous and supplemental
7. Part VII · General provisions relating to taxation of income of individuals
   1. Chapter I Personal reliefs
   2. Chapter II Taxation of income of spouses and civil partners
   3. Chapter III Enterprise investment scheme
   4. Chapter IV Special provisions
   5. Chapter V Residence of individuals
8. Part VIII · Taxation of income and chargeable gains of companies
   1. Chargeable gains
   2. Taxation of income
9. Part IX · Annual payments and interest
   1. Annual payments
   2. Mortgage interest relief at source
   3. Relief for payments of interest (excluding MIRAS)
10. Part X · Loss relief and group relief
    1. Chapter I Loss relief: income tax
    2. Chapter II Loss relief: corporation tax
    3. Chapter III Loss relief: miscellaneous provisions
    4. Chapter IV Group relief
11. Part XI · Close companies
    1. Chapter I Interpretative provisions
    2. Chapter II Charges to tax in connection with loans
    3. Chapter III Apportionment of undistributed income etc.
12. Part XII · Special classes of companies and businesses
    1. Chapter I Insurance companies, underwriters and capital redemption business
    2. Chapter II Friendly societies, trade unions and employers’ associations
    3. Chapter III Unit trust schemes, dealers in securities etc.
    4. Chapter IV Building societies, banks, savings banks, industrial and provident societies and others
    5. Chapter V
    6. Chapter 5A Special rules for long funding leases of plant or machinery: corporation tax
    7. Chapter VI Miscellaneous businesses and bodies
13. Part XIII · Miscellaneous special provisions
    1. Chapter I Intellectual property
    2. Chapter II Life policies, life annuities and capital redemption policies
    3. Chapter III Entertainers and sportsmen
    4. Chapter IV Sub-contractors in the construction industry
    5. Chapter V Schemes for rationalizing industry
    6. Chapter 5A Share loss relief
    7. Chapter VI Other provisions
14. Part XIV · Pension schemes, social security benefits, life annuities etc.
    1. Chapter I Retirement benefit schemes
    2. Chapter II Other pension funds and social security benefits and contributions
    3. Chapter III Retirement annuities
    4. Chapter IV Personal pension schemes
    5. Chapter V Purchased life annuities
    6. Chapter VI Miscellaneous
15. Part XV · Settlements
    1. Chapter I Dispositions for short periods
    2. Chapter IA Liability of settlor
    3. Chapter 1B Provisions as to capital sums paid to settlor
    4. Chapter 1C Liability of trustees
    5. Chapter ID Trust management expenses
    6. Chapter II Settlements on children
    7. Chapter V Maintenance funds for historic buildings
16. Part XVI · Estates of deceased persons in course of administration
    1. 695 Limited interests in residue.
    2. 696 Absolute interests in residue.
    3. 697 Supplementary provisions as to absolute interests in residue.
    4. 698 Special provisions as to certain interests in residue.
    5. 698A Taxation of income of beneficiaries at lower rate or at rates applicable to distribution income.
    6. 699 Relief from higher rate tax for inheritance tax on accrued income.
    7. 699A Untaxed sums comprised in the income of the estate.
    8. 700 Adjustments and information.
    9. 701 Interpretation.
    10. 702 Application to Scotland.
17. Part XVII · Tax avoidance
    1. Chapter I Cancellation of corporation tax advantages from certain transactions in securities
    2. Chapter II Transfers of securities
    3. Chapter III Transfer of assets abroad
    4. Chapter IV Controlled foreign companies
    5. Chapter V Offshore funds
    6. Chapter VI Miscellaneous
18. Part XVIII · Double taxation relief
    1. Chapter I The principal reliefs
    2. Chapter II Rules governing relief by way of credit
    3. Chapter III Miscellaneous provisions
19. Part XIX · Supplemental
    1. Interpretation
    2. Miscellaneous
    3. Commencement, savings, repeals etc.
20. Schedule 1
    1. Expenditure before 1964-65: deductions from rents
    2. Expenditure before 1964-65: deductions from other receipts
    3. Expenditure on sea walls before 1964-65
21. Schedule 2
22. Schedule 3
    1. Part I Public revenue dividends etc. payable to the bank of england or the bank of ireland or entrusted for payment to the bank of england, the bank of ireland or the national debt commissioners
    2. Part II Public revenue dividends payable by public offices and departments
    3. Part III Other public revenue dividends, foreign dividends and proceeds of coupons
    4. Part IV Interest payable out of the public revenue of the republic of ireland etc.
23. Schedule 4
    1. Interpretation
    2. Charge to tax after acquisition of certain securities
    3. Charge to tax on disposal of securities
    4. Deduction of income element from total profits of company and allowance as charge on income
    5. Disposals
    6. Securities issued and owned by associated companies or group companies
    7. Close companies
    8. Early redemption
    9. Issue price
    10. Identification of securities disposed of
    11. Information
    12. Charities
    13. Retirement benefit schemes
    14. Stock lending
    15. Trustees
    16. Underwriters
    17. Gilts: special rules
    18. Non-gilts: special rules
    19. Convertible securities: special rules
24. Schedule 4A · Creative artists: relief for fluctuating profits
    1. (1) Introduction
    2. (2) Qualifying trade, profession or vocation
    3. (3) Circumstances in which claim may be made
    4. (4) Years in respect of which claim may be made
    5. (5) Time limit for claim
    6. (6) Adjustment of profits on averaging claim
    7. (7) How averaging claim is given effect
    8. (8) Extension of time for making other claims
    9. (9) Giving effect to late claim for other relief
    10. (10) Effect of later adjustment of profits
    11. (11) Interpretation of references to profits
    12. (12) Interpretation of references to amount chargeable to tax
    13. (13) Meaning of “claim” and “associated claim”
    14. (14) Meaning of “tax year”
25. Schedule 4AA
    1. Introductory
    2. Deduction for providing free or matching shares
    3. Deduction for additional expenses in providing partnership shares
    4. Cases in which no deduction is allowed
    5. No deduction for expenses in providing dividend shares
    6. Treatment of forfeited shares
    7. Deduction for costs of setting up the plan
    8. Deductions for contributions to running expenses of plan
    9. Deduction for contribution to plan trust
    10. Withdrawal of deduction under paragraph 9
    11. Withdrawal of deductions on withdrawal of approval
    12. Termination of plan: shares acquired as mentioned in paragraph 9 but not yet awarded
    13. Application of provisions to expenses of management of companies with investment business etc
26. Schedule 5
    1. Farming: the general rule
    2. Farming: election for the herd basis
    3. Farming: provisions applicable to special cases
    4. Exclusion of working animals, and interpretation of preceding provisions
    5. Application of preceding provisions to trades other than farming, creatures other than animals, and animals and creatures kept singly
    6. Supplemental and saving
27. Schedule 5A · Stock lending: interest on cash collateral
    1. Introductory
    2. Treatment of interest earned on cash collateral
    3. Application of paragraph 2 in case of chain of arrangements
    4. Interpretation
28. Schedule 5AA
    1. Charge to tax etc.
    2. Transactions to which Schedule applies
    3. Production of guaranteed return
    4. Disposals of futures or options
    5. Futures running to delivery and options exercised
    6. The return from one or more disposals
    7. Related transactions
    8. Special rule for trusts
    9. Transfer of assets abroad
    10. Apportionment in the case of insurance companies
29. Schedule 6
    1. Part I Tables of Flat Rate Cash Equivalents
    2. Part II Supplementary provisions
    3. Cash equivalent
    4. The appropriate percentage
    5. Car with CO2 emissions figure
    6. The lower threshold
    7. Bi-fuel cars
    8. Automatic cars made available to disabled drivers
    9. “EC certificate of conformity", “EC type-approval certificate" and “UK approval certificate"
    10. Car with no CO2 emissions figure
    11. Diesel car supplement
    12. Discounts
    13. Car registered before 1st January 1998
    14. Electrically propelled vehicle
    15. Reduction for periods when car unavailable
    16. Reduction for payments for use of car
    17. Replacement cars
    18. Meaning of “unavailable”
    19. General
30. Schedule 6A
    1. Part I Basic Case
    2. Part II Shared vans
    3. Part III General
31. Schedule 7
    1. Part I Meaning of “obtained by reason of employment”
    2. Part II Calculation of cash equivalent of loan benefit
    3. Part III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    4. Part IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    5. Part V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32. Schedule 7A · Beneficial loans: loans on ordinary commercial terms
    1. Introduction
    2. Requirements relating to original loan
    3. Requirements relating to loan varied before 6th April 2000
    4. Requirements relating to loan varied on or after 6th April 2000
    5. Disregard of certain penalties, fees, etc.
    6. Meaning of 'member of the public’
33. Schedule 8
    1. Form
    2. Employer and employment unit
    3. Employees
    4. Profit periods
    5. Distributable pool
    6. Payment from distributable pool etc.
    7. Ascertainment of profits
    8. Parts of undertakings
34. Schedule 9 · Approved share option schemes and profit sharing schemes
    1. Part I General
    2. Part II Requirements generally applicable
    3. Part III Requirements applicable to savings-related share option schemes
    4. Part IV Requirements applicable to other share option schemes
    5. Part V Requirements applicable to profit sharing schemes
    6. Part VI Material interest test
35. Schedule 10 · Further provisions relating to profit sharing schemes
    1. Limitations on contractual obligations of participants
    2. The period of retention
    3. The appropriate percentage
    4. Capital receipts
    5. Company reconstructions
    6. Excess or unauthorised shares
    7. P.A.Y.E. deduction of tax
36. Schedule 11
    1. Introductory
    2. Payments and other benefits to which section 148 applies
    3. Payments and other benefits excluded from charge under section 148
    4. Application of £30,000 threshold
    5. Exclusion or reduction of charge in case of foreign service
    6. Valuation of benefits
    7. Notional interest treated as paid if amount charged in respect of beneficial loan
    8. Giving effect to the charge to tax
    9. Reporting requirements
    10. Interpretation
37. Schedule 11A
    1. Part I Tax relief
    2. Part II Qualifying expenses and qualifying benefits
    3. Part III Eligible removal expenses
    4. Part IV Eligible removal benefits
    5. Part V The qualifying limit
    6. Part VI General
38. Schedule 12
    1. (1) This Schedule shall have effect for the purpose of supplementing...
    2. Amount of emoluments
    3. Emoluments eligible for relief
    4. Qualifying periods
    5. Supplementary
39. Schedule 12A · Ordinary commuting and private travel
    1. Introduction
    2. Ordinary commuting and private travel
    3. Permanent and temporary workplaces
    4. The 24 month rule and fixed term appointments
    5. Depots and bases
    6. Area-based employees
40. Schedule 12AA · Mileage allowances: interpretation
    1. (1) Introduction
    2. (2) Business travel
    3. (3) Qualifying vehicles
    4. (4) The approved amount: mileage allowance payments
    5. (5) The approved amount: passenger payments
    6. (6) Company vehicles
    7. (7) Employment
    8. (8) Tax year
41. Schedule 13
    1. Duty to make returns
    2. Contents of return
    3. Payment of tax
    4. International headquarters companies
    5. Receipt of franked investment income after payment of advance corporation tax
    6. Receipt of foreign income dividends after payment of advance corporation tax
    7. Claims for set-off in respect of franked investment income received by a company
    8. Claims for set-off in respect of foreign income dividends received by a company
    9. Qualifying distributions which are not payments and payments of uncertain nature
    10. Amended return where company becomes aware of an error
    11. Items included in error
    12. Qualifying distribution made otherwise than in an accounting period
    13. Manufactured foreign income dividends
    14. Assessments and due date of tax
42. Schedule 13A · Surrenders of advance corporation tax
    1. General
    2. Multiple claims
    3. Content of claims etc.
    4. Time limit for claims
    5. Claim to be included in return where possible
    6. Contents of notices of withdrawal, etc.
    7. Simultaneous claims and withdrawals of claims
    8. Time limit for withdrawing claims
    9. No amendment of claims
    10. Further self-assessments by the surrendering company
    11. Further self-assessments by subsidiary
    12. Standard provisions about enquiries into self-assessments
    13. Repayments
43. Schedule 13B · Children’s Tax Credit
    1. Child living with more than one adult: married and unmarried couples
    2. Child living with more than one adult: other cases
    3. Combined cases
    4. Change of circumstances
44. Schedule 14 · Provisions ancillary to section 266
    1. Part I Modification of section 266 in certain cases
    2. Part II Supplementary provisions as to relief under section 266
45. Schedule 15 · Qualifying policies
    1. Part A1 Premium limit for qualifying policies
    2. Part I Qualifying conditions
    3. Part II Certification of qualifying policies
    4. Part III Policies issued by non-resident companies
46. Schedule 15A · Contractual savings schemes
    1. Introduction
    2. Share option linked schemes
    3. Relevant European institutions
    4. Treasury specifications
    5. Treasury authorisation
47. Schedule 15B · Venture Capital Trusts: Relief from Income Tax
    1. Part I Relief on investment
    2. Part II Relief on distributions
48. Schedule 16
    1. Interpretation
    2. Duty to make returns
    3. Contents of returns
    4. Payment of tax
    5. Set-off of income tax borne on company income against tax payable
    6. Amended return where company becomes aware of an error
    7. Items included in error
    8. Relevant payment made otherwise than in accounting period
    9. Assessments and due date of tax
    10. Saving
49. Schedule 17
    1. Part I DIVISION OF ACCOUNTING PERIODS COVERING 1st APRIL 1987
    2. Part II Early payments of interest etc. and charges on income
    3. Part III General
50. Schedule 17A
    1. Introductory
    2. Time limits
    3. Method of making claim
    4. Nature of claim
    5. Consent to surrender
    6. Adjustments
51. Schedule 18
    1. (1) (1) For the purposes of sections 403C and 413(7) and...
    2. (1A) (1) This paragraph applies to a right to dividends carried...
    3. (2) (1) Subject to the following provisions of this Schedule, for...
    4. (3) (1) Subject to the following provisions of this Schedule, for...
    5. (4) (1) This paragraph applies if any of the equity holders—...
    6. (5) (1) This paragraph applies if, at any time in the...
    7. (5A) (1) In a case where paragraphs 4 and 5 above...
    8. (5B) (1) This paragraph applies if, at any time in the...
    9. (5C) (1) In a case where paragraphs 4 and 5B above...
    10. (5D) (1) In a case where paragraphs 5 and 5B above...
    11. (5E) (1) In a case where paragraphs 4 and 5 and...
    12. (5F) (1) This paragraph has effect, in the cases specified in...
    13. (6) For the purposes of sections 403C and 413(7) and paragraphs...
    14. (7) (1) In this Schedule “the relevant accounting period” means (subject...
52. Schedule 18A
    1. Part 1 Meaning of conditions for the purposes of section 403F
    2. Part 2 Application of UK rules to non-resident company
    3. Part 3 Definitions for the purposes of this Schedule
53. Schedule 19
    1. Part I Determination of relevant income and distributions
    2. Part II Procedure
54. Schedule 19A · Underwriters: assessment and collection of tax
    1. Preliminary
    2. Returns by managing agent
    3. Repayment claims by managing agent
    4. Returns by members’ agent
    5. Payments on account of tax
    6. Assessments on members’ agent
    7. Determinations by inspector
    8. Appeals
    9. Modification of determinations pending appeal
    10. Apportionments of syndicate profit or loss
    11. Individual members: effect of determinations
    12. Assessment of individual members: time limits
    13. Supplemental: penalties
    14. Supplemental: interest
55. Schedule 19AA
    1. (1) (1) This Schedule shall have effect for determining for the...
    2. (2) (1) Assets of a company at the end of a...
    3. (3) (1) Where the value of the assets mentioned in paragraph...
    4. (4) (1) The amount referred to in paragraph 3 above shall...
    5. (5) (1) Any designation of assets required for the purposes of...
56. Schedule 19AB
    1. Entitlement to certain payments on account
    2. Changes in the provisional fraction
    3. Repayment, with interest, of excessive provisional repayments
    4. Reduced entitlement during transitional period
    5. Transitional application of pay and file provisions
    6. Interpretation
57. Schedule 19ABA
    1. Part 1 Introductory
    2. Part 2 Modifications of this act
    3. Part 3 Modification of the finance act 1989
    4. Part 4 Modification of Part 2 of TIOPA 2010 (double taxation relief)
58. Schedule 19AC
    1. (1) In its application to an overseas life insurance company this...
    2. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    3. (3) (1) In subsection (2) of section 11, the following paragraphs...
    4. (4) (1) The following sections shall be treated as inserted after...
    5. (4A) (1) In section 12(7A), the reference to an insurance business...
    6. (5) After subsection (3) of section 76 there shall be treated...
    7. (5A) (1) Where an overseas life insurance company receives a qualifying...
    8. (5B) (1) An overseas life insurance company may, on making a...
    9. (5C) (1) This paragraph applies to income from the investments of...
    10. (5ZA) After subsection (11) there shall be treated as inserted the...
    11. (6) (1) In subsection (2) of section 431, the following definition...
    12. (6A) In section 431D(1), the words “carried on through a branch...
    13. (7) (1) Section 432A has effect as if the references in...
    14. (8) (1) In subsection (1) of section 432B, the words “or...
    15. (9) (1) In section 434, the following subsections shall be treated...
    16. (9A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    17. (9B) The following section shall be treated as inserted after section...
    18. (9C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    19. (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    20. (10A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    21. (10AA) In section 440(2)(a), the reference to an insurance business transfer...
    22. (10B) (1) Where the company mentioned in section 440(1) is an...
    23. (10C) (1) In section 440B the following subsection shall be treated...
    24. (11) (1) In section 440A(2), in paragraph (a) the words “UK...
    25. (11A) (1) In section 441A, the following subsection shall be treated...
    26. (11B) In section 442A the following subsection shall be treated as...
    27. (11C) In sections 444A(1) and 460(10A), the references to an insurance...
    28. (12) (1) In paragraph A of section 704, in sub-paragraph (e)...
    29. (13) (1) In subsection (2) of section 794, the following shall...
    30. (14) (1) In subsection (1) of section 811, the words “subsections...
    31. (14A) (1) In Schedule 19AA, paragraph 5(5)(c) (and the reference to...
    32. (15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59. Schedule 19B · Petroleum extraction activities: exploration expenditure supplement
    1. Part 1 Introductory
    2. Part 2 Application and interpretation
    3. Part 3 Pre-commencement supplement
    4. Part 4 Post-commencement supplement
60. Schedule 19C
    1. Part 1 Introductory
    2. Part 2 Application and interpretation
    3. Part 3 Pre-commencement supplement
    4. Part 4 Post-commencement supplement
61. Schedule 20
    1. Part I Qualifying investments
    2. Part II Qualifying loans
    3. Part III Attribution of excess non-qualifying expenditure to earlier chargeable periods
62. Schedule 21 · Tax relief in connection with schemes for rationalizing industry and other redundancy schemes
    1. Part I Preliminary
    2. Part II Relief in respect of certain payments
    3. Part III Exclusion of relief in respect of contributions paid after relief has been given under part II
63. Schedule 22
    1. (1) (1) The Board may make regulations providing for this Schedule...
    2. (2) (1) The administrator of a scheme in relation to which...
    3. (3) (1) Subject to paragraph 4(4) below, where a valuation produced...
    4. (4) (1) Where a valuation has been produced under paragraph 2...
    5. (5) (1) Where particulars have been furnished under paragraph 4 above,...
    6. (6) (1) Where proposals are submitted to the Board under paragraph...
    7. (7) (1) Where this paragraph applies the Board may specify a...
    8. (7A) (1) This paragraph applies if a calculation falls to be...
    9. (8) (1) The Board may make regulations providing that an appeal...
64. Schedule 23
    1. Preliminary
    2. Accelerated accrual
    3. Final remuneration
    4. Lump sums
    5. Additional voluntary contributions
    6. Supplementary
65. Schedule 23A
    1. Interpretation
    2. Manufactured dividends on UK equities: general
    3. Deductibility of manufactured payment in the case of the manufacturer
    4. Manufactured dividends representative of foreign income dividends
    5. Manufactured interest on UK securities: general
    6. Manufactured interest on gilt-edged securities etc.
    7. Manufactured overseas dividends
    8. Dividends and interest passing through the market
    9. Unapproved manufactured payments
    10. Irregular manufactured payments
    11. Manufactured payments under arrangements having an unallowable purpose
    12. Dividend manufacturing regulations: general
66. Schedule 23ZA
    1. Interpretation
    2. Eligible schemes
    3. Approval of eligible schemes as approved personal pension schemes
    4. Excessive funding of certain individual members
    5. Directions as to contributions between valuation and date of change etc.
    6. Scheme rules to allow changes for purpose of conversion
67. Schedule 24 · Assumptions for calculating chargeable profits, creditable tax and corresponding united kingdom tax of foreign companies
    1. General
    2. Group relief etc.
    3. Company reconstructions
    4. Losses in pre-direction accounting periods
    5. Capital allowances and expenditure on car hire
    6. Unremittable overseas income
    7. Exchange gains and losses
    8. Transfer pricing
68. Schedule 25 · Cases where section 747(3) does not apply
    1. Part 2A Trading Companies with Limited UK Connection
    2. Part 2B Companies Exploiting Intellectual Property with Limited UK Connection
    3. Part 3A Exempt Periods
    4. Part I Acceptable distribution policy
    5. Part II Exempt activities
    6. Part III The public quotation condition
    7. Part IV Reductions in united kingdom tax and diversion of profits
69. Schedule 26 · Reliefs against liability for tax in respect of chargeable profits
    1. Trading losses and group relief etc.
    2. Advance corporation tax
    3. Gains on disposal of shares in controlled foreign companies
    4. Dividends from the controlled foreign company
70. Schedule 27
    1. Part I The distribution test
    2. Part II Modifications of conditions for certification in certain cases
    3. Part III Certification procedure
    4. Part IV Supplementary
71. Schedule 28
    1. Part 3 Supplementary
    2. Part I Disposals of interests in non-qualifying funds
    3. Part II Disposals involving an equalisation element
72. Schedule 28A · Change in ownership of company with investment business: deductions
    1. Part I Significant increase in company capital
    2. Part II Amounts in issue for purposes of section 768B
    3. Part III Apportionment for purposes of section 768B
    4. Part IV Excess overdue interest
    5. Part IV Disallowed debits and non-trading deficits
    6. Part V Amounts in issue for purposes of section 768C
    7. Part VI Apportionment for purposes of section 768C
73. Schedule 28AA · Provision not at arm’s length
    1. Basic rule on transfer pricing etc.
    2. Provision in relation to securities: determination of arm’s length provision
    3. Guarantees etc
    4. Principles for construing rules in accordance with OECD principles
    5. Meaning of “transaction" and “series of transactions"
    6. Participation in the management, control or capital of a person
    7. Persons acting together in relation to financing arrangements
    8. Financing arrangements: anticipatory provision
    9. Advantage in relation to United Kingdom taxation
    10. Exemption for dormant companies
    11. Exemption for small or medium-sized enterprises
    12. Additional provisions for medium-sized enterprises
    13. Meaning of “small enterprise” and “medium-sized enterprise”
    14. Meaning of “qualifying territory” and “non-qualifying territory”
    15. Elimination of double counting
    16. Application of paragraph 6 in relation to transfers of trading stock etc
    17. Compensating adjustment where advantaged person is a controlled foreign company
    18. Claims under paragraph 6 where paragraph 1A applies
    19. Compensating adjustment for guarantor company etc where paragraph 1B applies
    20. Certain interest not to be regarded as chargeable
    21. Adjustment of disadvantaged person’s double taxation relief
    22. Balancing payments between affected persons: no charge to, or relief from, tax
    23. Securities: election to discharge tax liability instead of making balancing payments
    24. Balancing payments by guarantor to issuer: no charge to, or relief from, tax
    25. Guarantees: election to discharge tax liability instead of making balancing payments
    26. Foreign exchange gains and losses and financial instruments
    27. Special rules for sales etc. of oil
    28. Transactions and deemed transactions involving oil
    29. Special provision for companies carrying on ring fence trades
    30. Appeals
    31. Saving for the provisions relating to capital allowances and capital gains
    32. General interpretation etc.
74. Schedule 28AB · Section 804ZA: prescribed schemes and arrangements
    1. Introductory
    2. Attribution of foreign tax
    3. Effect of paying foreign tax
    4. Effect of claim, election or other arrangement
    5. Effect attributable to scheme or arrangement
    6. Tax deductible payments
75. Schedule 28B · Venture Capital Trusts: Meaning of “qualifying holdings”
    1. Introductory
    2. Requirement that company must be unquoted company
    3. Requirements as to company’s business
    4. Meaning of “qualifying trade”
    5. Provisions supplemental to paragraph 4
    6. Meaning of “relevant qualifying subsidiary”
    7. Requirements as to the money raised by the investment in question
    8. Requirement imposing a maximum on qualifying investments in the relevant company
    9. Requirement as to the assets of the relevant company
    10. Requirements as to the subsidiaries etc. of the relevant company
    11. Meaning of “qualifying subsidiary”
    12. Requirement as to property managing subsidiaries
    13. Requirement that securities should not relate to a guaranteed loan
    14. Requirement that a proportion of the holding in each company must be eligible shares
    15. Acquisitions for restructuring purposes
    16. Conversion of convertible shares and securities
    17. Winding up of the relevant company
    18. Company in administration or receivership
    19. Company reorganisations etc. involving exchange of shares
    20. Power to amend Schedule
    21. General interpretation
76. Schedule 29 · Consequential amendments
    1. The capital allowances acts
    2. TAXES MANAGEMENT ACT 1970 c.9
    3. THE FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 c.31 (N.I.)
    4. THE FINANCE ACT 1973 c.51
    5. FRIENDLY SOCIETIES ACT 1974 c.46
    6. The social security acts
    7. CAPITAL GAINS TAX ACT 1979 c.14
    8. ADMINISTRATION OF JUSTICE ACT 1985 c.61
    9. LAW REFORM (MISCELLANEOUS PROVISIONS) (SCOTLAND) ACT 1985 c.73
    10. Translation of references to enactments repealed and re-enacted
77. Schedule 30 · Transitional provisions and savings
    1. Corporation tax payment dates
    2. Duration of leases
    3. Repeal of section 136 of the Income Tax Act 1952: allowance of annual value of land as a business expense
    4. Loss relief etc.
    5. Capital allowances
    6. Social security benefits
    7. Children's settlements: irrevocable dispositions made before 22nd April 1936
    8. Pre-1959 settlements
    9. General powers of amendment in Acts relating to overseas countries
    10. Double taxation agreements
    11. Securities
    12. Building societies
    13. Pension business
    14. Stock relief
    15. Schedule E emoluments
    16. Unitary states
    17. Continuity and construction of references to old and new law
78. Schedule 31 · Repeals
79. Schedule A1 · Determination of profits attributable to permanent establishment: supplementary provisions
    1. Part 1 Introduction
    2. Part 2 General provisions
    3. Part 3 Provisions applicable to non-resident banks
80. Schedule A2 · Corporation tax: the non-corporate distribution rate: supplementary provisions
    1. Part 1 General provisions
    2. Part 2 Allocation of excess NCDs to other companies
    3. Part 3 Other supplementary provisions