- antecedent transfer
means a transfer (other than the transfer mentioned in subsection (1)(b) above) by the lessee or a successor of his of the whole or part of his interest in the lessee’s oil field, pursuant to which the relevant asset was used as mentioned in subsection (1)(c) above.
- authorised contractual scheme
has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;
- Bearer instrument
has the same meaning as in Schedule 15 to the Finance Act 1999.
- bearer instrument by usage
means an instrument —
- business day
means any day other than—
- co-ownership contractual scheme
means— (a) an authorised contractual scheme, or (b) a Reserved Investor Fund (Contractual Scheme);
- co-ownership contractual umbrella scheme
means a co-ownership contractual scheme— (a) which provides arrangements for separate pooling of the contributions of participants and of the profits or income out of which payments are to be made to them, and (b) under which the participants are entitled to exchange rights in one pool for rights in another;
- common investment fund
means any common investment fund established under section 42 of the Administration of Justice Act 1982.
- company
includes any body of persons, corporate or unincorporate;
- concession
includes any practice, interpretation or other statement in the nature of a concession. 284B 1 Chargeable gains that are treated as accruing to any person under section 284A(3) shall not be eligible for taper relief. 2 The total amount of chargeable gains that are treated as accruing to any person under subsection (3) of section 284A in respect of any such benefit as is referred to in that subsection shall not exceed the amount of that benefit. 3 Where, after any assessment to tax has been made on the basis that any chargeable gain is treated as having accrued to any person under section 284A(3)— a the person assessed, within any of the periods allowed by subsection (4) below, gives an indication for the purposes of section 284A(8), or b a final determination of the original taxpayer’s liability to tax for the first chargeable period is made on the basis that the original taxpayer did not, or was not entitled to, rely on the concession in question, all such adjustments shall be made (whether by way of assessment, amendment of an assessment, repayment of tax or otherwise) as are necessary to secure that no person is subjected to any greater liability by virtue of sectio
- corresponding bonus shares
means bonus shares which— a are issued in respect of the relevant shares;
- creditor relationship
has the same meaning as in Part 5 of the Corporation Tax Act 2009 (see section 302(5));
- customs duty
includes any agricultural levy of the European Union.
- deposit certificate
means an instrument acknowledging the deposit of stock and entitling the bearer to rights (whether expressed as units or otherwise) in or in relation to the stock deposited or equivalent stock.
- depositary
has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;
- electronic communications
includes any communications by means of an electronic communications service;
- foreign mutual fund
means a fund administered under arrangements governed by the law of a territory outside the United Kingdom under which subscribers to the fund are entitled to participate in, or receive payments by reference to, profits or income arising to the fund from the acquisition, holding, management or disposal of investments.
- goods
has the same meaning” there shall be substituted “excise warehouse”, “goods”, “shipment”, “stores” and “warehousing” have the same meanings ”.
- insurance company
means an insurance company within the meaning given by section 65 of the Finance Act 2012.
- legislation
means any enactment, EU legislation or subordinate legislation;
- member
means an individual who is an underwriting member of Lloyd’s;
- non-relievable payment
means a payment falling within subsection (3) above;
- non-UK company
means a company that is not a UK company.
- operating expenditure
means expenditure (for example, in respect of the provision of staff or crew or the maintenance or operation of the relevant asset) of such a nature that the lessee or, as the case may be, his successor would or might have incurred it, otherwise than under any arrangements to finance his ownership, if he had been the owner of the asset;
- part of an umbrella scheme
means such of the arrangements as relate to a separate pool.
- payment
includes a repayment;
- personal property
includes leaseholds” there shall be substituted “personal property” does not include leaseholds ”.
- pre-commencement licence
means a licence taken out on or before 9th March 1999 and in force after that date.
- qualifying asset
has the same meaning as in the Oil Taxation Act 1983;
- received
means received either by the claimant or by a person to whom has been assigned a right to receive the whole or any part of the consideration written off.”
- records
includes records in electronic form;
- relevant securities
means chargeable securities which are either— a shares the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company, or b loan capital within the meaning of section 78 above, and which, in either case, do not carry any rights (of conversion or otherwise) by the exercise of which chargeable securities other than relevant securities may be obtained.”
- relievable payment
means a payment which— (a) is eligible for relief under section 353 of the Taxes Act 1988, or (b) is a payment to which section 369(1) of that Act applies.
- Reserved Investor Fund (Contractual Scheme)
has the meaning given by section 20 of the Finance (No.2) Act 2024;
- share
means the right of a subscriber, or of another in his right, to participate in or receive payments by reference to profits or income so arising.
- stock
includes securities;
- subordinate legislation
has the same meaning as in the Interpretation Act 1978;
- syndicate
has the same meaning as in Chapter III of Part II of the Finance Act 1993;
- tariff receipts
has the same meaning as in that Act.
- tax authorities
means— (a) the Commissioners of Inland Revenue or the Commissioners of Customs and Excise, (b) any officer of either body of Commissioners;
- the applicable percentage
means the percentage which is the basic rate for the year of assessment in which the payment has become or becomes due.”
- the chargeable field
has the same meaning as in the Oil Taxation Act 1983;
- the Commissioners
means the Commissioners of Customs and Excise;
- the Community Customs Code
means Council Regulation (EEC) No. 2913/92 establishing the Community Customs Code;
- the deferred gain
means— a the amount of the original gain against which expenditure has been set under this Schedule, less b the amount of any gain treated as accruing under this paragraph previously as a result of a disposal of any of the relevant shares.”
- the enactments relating to stamp duty
means the Stamp Act 1891 and any enactment amending or which is to be construed as one with that Act;
- the enactments relating to stamp duty reserve tax
means Part IV of the Finance Act 1986 and any enactment amending or which is to be construed as one with that Part.
- the new law
means sections 43 to 43C, 83 and 84 of, and Schedule 9A to, that Act as they have effect by virtue of paragraphs 1 to 5 of this Schedule.
- the Oil Taxation Acts
means—
- the old law
means sections 43, 83 and 84 of, and Schedule 9A to, the Value Added Tax Act 1994 as they have effect without the amendments in paragraphs 1 to 5 of this Schedule, and • “the new law” means sections 43 to 43C, 83 and 84 of, and Schedule 9A to, that Act as they have effect by virtue of paragraphs 1 to 5 of this Schedule.
- the outstanding amount
means— a if at the time of the claim no part of the consideration written off in the claimant’s accounts as a bad debt has been received, an amount equal to the amount of the consideration so written off;
- the principal Act
means the Oil Taxation Act 1975;
- the relevant period
means the period of six months beginning immediately after the end of the period given by section 216(6) or (7) or section 217 above (whichever is applicable). 5 If the taxpayer proves that his liability to tax does not exceed a particular amount, the penalty under subsection (2)(a) above, together with any penalty under subsection (3) above, shall not exceed that amount. 6 A person shall not be liable to a penalty under subsection (2)(b) above if he delivers the account required by section 216 or 217 before proceedings in which the failure could be declared are commenced. 7 A person who has a reasonable excuse for failing to deliver an account shall not be liable by reason of that failure to a penalty under this section, unless he fails to deliver the account without unreasonable delay after the excuse has ceased. 245A 1 A person who fails to make a return under section 218 above shall be liable— a to a penalty not exceeding £300;
- the relevant time
means the earlier of— a the time which, as a result of the extension mentioned in that sub-paragraph, is the latest time for the delivery of the return there mentioned;
- the remaining part
means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan.”
- the stamp duty exemption for non-sterling instruments
means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.”
- theTaxes Act 1988
means the Income and Corporation Taxes Act 1988.
- transfer
includes negotiation, and “transferable”, “transferred” and “transferring” shall be construed accordingly.
- transfer on sale
includes every instrument, and every decree or order of a court or commissioners, by which any property, or any estate or interest in property, is, on being sold, transferred to or vested in the purchaser or another person on behalf of or at the direction of the purchaser.
- tribunal
means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- trust instrument
means the trust deed or other instrument (whether under seal or not) creating or recording the trusts on which the property in question is held;
- trust property
means the property subject to the trusts of the trust instrument;
- umbrella scheme
means a unit trust scheme— and a “part of an umbrella scheme” means such of the arrangements as relate to a separate pool.
- unit
means a right or interest (whether described as a unit, as a sub-unit or otherwise) of a beneficiary under the trust instrument;
- unit holder
means a person entitled to a share of the trust property;
- Unit trust scheme
has the meaning given by section 237(1) of the Financial Services and Markets Act 2000, subject to paragraphs 15 to 18.
- units
has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.
- work of art
means, subject to subsections (6A) and (6B) below— a any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand;
- working day
means any day other than a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.