- a prescribed period
means a period prescribed by regulations made by the Board.
- a relevant governmental or Parliamentary person or body
means—
- accounting period
means an accounting period for the purposes of corporation tax;
- Additional fund designation
means the designation under the arrangement of further sums or assets held for the purposes of the arrangement as available for the payment of dependants' drawdown pension to the dependant.
- additional information
means information supplied by HMRC which relates to notifiable proposals or notifiable arrangements in general.
- aggregates levy credit agreement
means an agreement entered into in respect of a site by the person operating the site and the Commissioners or the Northern Ireland Department;
- aggregates levy credit certificate
means a certificate issued to the person operating a site by the Commissioners or the Northern Ireland Department as evidence of the fact that an aggregates levy credit agreement has been entered into in respect of the site;
- allowable proportion of the capital repayment
means the amount obtained by this calculation— where— “Investment Reduction For Period” means the amount shown in the lessor’s accounts in respect of the reduction in net investment in the leaseback, and “Net Investment” means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term. 7 This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004. 228E 1 Subsection (2) applies where— a the leaseback terminates, b the lessor disposes of the plant or machinery, and c the amount of the disposal value required to be brought into account because of that disposal is limited by section 62. 2 For the purpose of income tax or corporation tax, in calculating the lessor’s income or profits for the period in which the termination occurs the amount deducted in respect of any amount refunded to the lessee may not exceed the amount to which the disposal value is limited by section 62. 228F 1 Sections 228B, 228C and 228D apply, with the following modifications, where plant or machinery is the subject of a lease and finance leaseback.
- allowed decreases
means decreases from time to time allowed by regulations under sub-paragraph (1)(c);
- amounts received by way of refund
includes any amount that would be so received in respect of the lessee’s interest under the leaseback if any amounts due to the lessor under the leaseback were disregarded. 228D 1 This section applies in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax. 2 Where— a an amount receivable in respect of the lessor’s interest under the leaseback falls to be taken into account in that calculation, and b that amount is reduced by an amount due to the lessee under the leaseback, that reduction shall be disregarded when taking the amount receivable into account. 3 The amounts receivable in respect of the lessor’s interest under the leaseback that fall to be taken into account in that calculation may be disregarded to the extent that they exceed the permitted threshold (whether or not subsection (2) applies). 4 The permitted threshold is the total of— a gross earnings, and b the allowable proportion of the capital repayment. 5 In subsection (4)(a) “gross earnings” means the amount shown in the lessor’s accounts in respect of the lessor’s gross earnings under the leaseback.
- animal fat
means a triglyceride of animal origin, d “vegetable fat” means a triglyceride of vegetable origin, and e “non-synthetic methanol” means methyl alcohol of non-synthetic origin. 6 Regulations under subsection (4)(g)— a may make provision only if the Commissioners think it necessary or expedient for a purpose connected with Council Directive 92/12/EEC on the general arrangements for products subject to excise duty and on the holding, movement and monitoring of such products, b may, in particular, make provision by reference to that Directive or any other EU instrument, and c may, in particular, make provision by reference to the purpose for which a substance is intended to be used.
- annual rent
has the same meaning as in paragraph 9(2) of that Schedule.”
- Annuity purchase
means the purchase of a dependants' scheme pension or dependants' annuity by the application of sums or assets representing the whole or part of the dependant's drawdown pension fund.
- applicable rate
means—
- appropriate proportion
means an appropriate proportion having regard to— a the chargeable interests held as partnership property immediately after the relevant transaction and the chargeable interests held as partnership property at the time of the disqualifying event, and b the extent to which any chargeable interest held as partnership property at that time becomes used or held for purposes other than qualifying charitable purposes. 9 After paragraph 2 insert— 3 1 There is a transfer of an interest in a partnership for the purposes of this Schedule if there is such a transfer for the purposes of Part 3 of Schedule 15 (see paragraph 36 of that Schedule). 2 Paragraph 34 (1) of Schedule 15 (meaning of references to partnership property) applies for the purposes of this Schedule as it applies for the purposes of Part 3 of that Schedule. 29 Except as provided by— a paragraph 10 (transfer of chargeable interest to a partnership), or b paragraph 14 (transfer of partnership interest: consideration given and chargeable interest held), or c paragraph 17 (transfer of partnership interest pursuant to earlier arrangements), the acquisition of an interest in a partnership is not a chargeable
- arrangements
includes any scheme, transaction or series of transactions;
- Assignment
includes assignation and related expressions are to be read accordingly.
- associated policy
means a policy or contract which entitles an associated person to receive payments determined by reference to the value of or the income from the property.
- attendance allowance
means an allowance under— a section 64 of the Social Security Contributions and Benefits Act 1992, or b section 64 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 9 In this section “disability living allowance” means a disability living allowance under— a section 71 of the Social Security Contributions and Benefits Act 1992, or b section 71 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 10 The trusts on which settled property is held shall not be treated as falling outside subsection (3) above by reason only of the powers conferred on the trustees by— a section 32 of the Trustee Act 1925, or b section 33 of
- Audited accounts
means accounts audited by a person of a description specified in regulations made by the Board of Inland Revenue.
- authorised body
means a body (other than a Northern Ireland department) which is authorised by the Secretary of State to act as his agent for the purpose of issuing licences;
- Authorised lump sum
means a lump sum authorised to be paid by the lump sum rule.
- authorised lump sum death benefit
means a lump sum death benefit permitted by the lump sum death benefit rule in section 168 of this Act to be paid in respect of a member of a registered pension scheme.
- authorised officer
means an officer of Revenue and Customs authorised by His Majesty’s Revenue and Customs for the purposes of this Part or, as the case may be, section 100 of TMA 1970;
- authorised payment
means a payment specified in subsection (1), and • “prescribed” means prescribed in regulations under subsection (3).
- authorised reclaim fund
has the same meaning as in the Dormant Assets Acts 2008 to 2022;
- authorised unit trust
means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period.”
- avoidance arrangements
includes schemes, arrangements and understandings of any kind (whether or not legally enforceable) the main purpose, or one of the main purposes, of which is to increase the member's entitlement to a lump sum on which there is no liability to income tax.
- bare trustee
means a person acting as trustee for— (a) an individual absolutely entitled as against the trustee, (b) two or more individuals who are so entitled, (c) an individual who would be so entitled but for being a minor or otherwise lacking legal capacity, or (d) two or more individuals who would be so entitled but for all or any of them being a minor or otherwise lacking legal capacity, • “director” is read in accordance with section 452 of CTA 2010, and • references to a firm are to be read in the same way as references to a firm in Part 9 of ITTOIA 2005 (which contains special provision about partnerships).
- bioethanol
means a liquid fuel— a consisting of ethanol produced from biomass, and b capable of being used for the same purposes as light oil. 2 In subsection (1)— a “liquid” does not include any substance that is gaseous at a temperature of 15°C and under a pressure of 1013.25 millibars, and b “biomass” means vegetable and animal substances constituting the biodegradable fraction of— i products, wastes and residues from agriculture, forestry and related activities, or ii industrial and municipal waste. 3 A substance shall be treated as falling within subsection (1)(a) if it— a is denatured alcohol for the purposes of section 5 of the Finance Act 1995 (c. 4), and b would fall within subsec
- bioethanol blend
means any mixture that is produced by mixing— a bioethanol, and b hydrocarbon oil not charged with excise duty. 3 The rate at which the duty shall be charged on any bioethanol blend shall be a composite rate representing— a in respect of the proportion of the blend that is hydrocarbon oil, the rate that would be applicable to the blend if it consisted entirely of hydrocarbon oil of the description that went into producing the blend, and b in respect of the proportion of the blend that is bioethanol, the rate that would be applicable to the blend if it consisted entirely of bioethanol. 4 A reference in subsection (3) to a proportion is to a proportion by volume to the nearest 0.001%. 5 If the Commissioners are not satisfied as to the proportion of bioethanol in any bioethanol blend, the rate of duty chargeable shall be the rate that would be applicable to the blend if it consisted entirely of hydrocarbon oil of the description that went into producing the blend. 6 Where imported bioethanol blend is removed to a refinery, the duty chargeable under subsection (1) above shall, instead of being charged at the time of the importation of the blend, be charged on the del
- biomass
means vegetable and animal substances constituting the biodegradable fraction of— i products, wastes and residues from agriculture, forestry and related activities, or ii industrial and municipal waste. 3 A substance shall be treated as falling within subsection (1)(a) if it— a is denatured alcohol for the purposes of section 5 of the Finance Act 1995 (c. 4), and b would fall within subsection (1)(a) above (without reliance on this subsection) but for the presence of a component introduced— i for the purpose of rendering the substance denatured alcohol, and ii in the minimum proportion necessary for that purpose.”
- Block transfer
has the same meaning as in paragraph 22(6), but treating the references there to the member as references to the individual.
- building
includes—
- business premises
has the meaning given by paragraph 10(3) of Schedule 36 to the Finance Act 2008 (power to inspect business premises etc).
- business travel
has the same meaning as in Chapter 6 of Part 3 (see section 171(1)). 7 A person to whom an emergency vehicle is made available is on call when liable, as part of normal duties, to be called on to use the emergency vehicle to respond to emergencies. 8 A person to whom an emergency vehicle is made available is engaged in on-call commuting when the person— a is using it for ordinary commuting or for travel between two places that is for practical purposes substantially ordinary commuting, and b is required to do so in order that it is available for use by the person, as part of normal duties, for responding to emergencies.”
- capital redemption policy
means a contract made in the course of a capital redemption business, as defined in section 458(3) of ICTA;
- care
means any form of care or supervised activity that is not provided in the course of the child’s compulsory education. 2 For the purposes of those sections a person is a “child” until the last day of the week in which falls the 1st September following the child’s fifteenth birthday (or sixteenth birthday if the child is disabled). 3 For the purposes of subsection (2) a child is disabled if— a a disability living allowance is payable in respect of him, or has ceased to be payable solely because he is a patient, b he— i is registered as blind in a register compiled by a local authority under section 29 of the National Assistance Act 1948 (welfare services), ii has been certified as blind in Scotland and in consequence is registered as blind in a register maintained by or on behalf of a local authority in Scotland, or iii has been certified as blind in Northern Ireland and in consequence is registered as blind in a register maintained by or on behalf of a Health and Social Services Board, or c he ceased to be so registered as blind within the previous 28 weeks. 4 In subsection (3)(a) “patient” means a person (other than a person who is serving a sentence imposed by a court in a
- cash balance benefits
means benefits
- charge
means overseas transfer charge for which the scheme manager of a QROPS or former QROPS is liable.
- chargeable event
has the meaning given by section 439, b “the taxable amount”is the amount determined under section 440, and c “the relevant tax year”is the tax year in which the chargeable event occurs. 3 Relief may be available under section 442A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.”
- chargeable gains computation
means the computation, for the purposes of the TCGA 1992, of the total amount of chargeable gains that accrue to the user in any chargeable period that ends on or after 17 March 2004;
- chargeable period
has the meaning given by section 197.
- chargeable use
means use— a as fuel for any engine, motor or other machinery, b as an additive or extender in any substance so used, or c for the production of bioethanol blend. 3 The rate of duty under this section shall be £0.2852 a litre. 6AE 1 A duty of excise shall be charged on bioethanol blend— a imported into the United Kingdom, or b produced in the United Kingdom and delivered for home use from a refinery or other premises used for the production of hydrocarbon oil or from any bonded storage for hydrocarbon oil, not being bioethanol blend chargeable with duty under paragraph (a) above. 2 In this Act “bioethanol blend” means any mixture that is produced by mixing— a bioethanol, and b hydrocarbon oil not charged with excise duty. 3 The rate at which the duty shall be charged on any bioethanol blend shall be a composite rate representing— a in respect of the proportion of the blend that is hydrocarbon oil, the rate that would be applicable to the blend if it consisted entirely of hydrocarbon oil of the description that went into producing the blend, and b in respect of the proportion of the blend that is bioethanol, the rate that would be applicable to the blend if it consi
- charitable trust
means— a a trust of which all the beneficiaries are charities, or b a unit trust scheme in which all the unit holders are charities, and “charity” has the same meaning as in paragraph 1. 3 In this Schedule as it applies by virtue of this paragraph— a references to the purchaser in paragraphs (a) and (b) of paragraph 1(2) are to the beneficiaries or unit holders, or any of them;
- charity
has the same meaning as in paragraph 1. 3 In this Schedule as it applies by virtue of this paragraph— a references to the purchaser in paragraphs (a) and (b) of paragraph 1(2) are to the beneficiaries or unit holders, or any of them;
- chattel
means any tangible movable property (or, in Scotland, corporeal movable property) other than money;
- childcare voucher
means a voucher, stamp or similar document or token intended to enable a person to obtain the provision of care for a child (whether or not in exchange for it).”
- claim period
has the same meaning as in Part 1 of the Oil Taxation Act 1975 (c. 22);
- Class 4 contributions
means Class 4 contributions within the meaning of the Social Security Contributions and Benefits Act 1992 (c. 4) or the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7).
- collective investment scheme
has the meaning given by section 235 of FISMA 2000, and
- collective money purchase benefits
means benefits that are
- collective money purchase scheme
means (subject to subsection (2)) a collective money purchase scheme within the meaning of Part 1 or 2 of the Pension Schemes Act 2021.
- company
has the meaning given by section 1121 of the Corporation Tax Act 2010;
- construction contract
means a contract relating to construction operations (see section 74) which is not a contract of employment but where—
- construction operations
means operations of a description specified in subsection (2), not being operations of a description specified in subsection (3);
- consumer prices index
means— (a) the general index for consumer prices published by the Statistics Board, or (b) if that index is not published for a relevant month, any substituted index or index figures published by the Statistics Board, •... • “employee” and “employer” have the same meaning as in the employment income Parts of ITEPA 2003 (see sections 4 and 5 of that Act) but include (respectively) a former employee and a former employer (and “employment” is to be read accordingly), • “the Inland Revenue” means any officer of the Board of Inland Revenue, • “normal minimum pension age” means— (a) in relation to, and to a member of, a pension scheme that is not a uniformed services pensio
- contract
includes any agreement.”
- contract payment
means any payment which is made under a construction contract and is so made by the contractor (see section 57(3)) to—
- Contracts of long-term insurance
means contracts which fall within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).
- control
has the same meaning as in sections 450 and 451 of the Corporation Tax Act 2010 (reading references in those sections to a company as references to the vehicle and references to associates as including associated persons), and
- conversion arrangement
means a conversion arrangement made under the rules or practice of Lloyd's;
- conveyance
includes any instrument.”
- coronavirus
has the same meaning as in the Coronavirus Act 2020 (see section 1(1) of that Act);
- corporation tax
includes any amount which, by virtue of any of the provisions mentioned in paragraph 1 of Schedule 18 to the Finance Act 1998 (c. 36) (company tax returns, assessments and related matters) is assessable and chargeable as if it were corporation tax;
- correct accounts
means accounts drawn up in accordance with generally accepted accounting practice. 228J 1 This section applies where— a plant or machinery is the subject of— i a sale and finance leaseback, or ii a lease and finance leaseback, and b some or all of the plant or machinery becomes, while the subject of the leaseback, also the subject of a lease in relation to which the following conditions are met— i the term of the lease begins on or after 18 May 2004;
- creditor relationship
has the same meaning as in Part 5 of the Corporation Tax Act 2009;
- Current Book Value
means the net book value of the leased plant or machinery immediately before the termination, “Original Consideration” means the consideration payable to S for entering into the relevant transaction, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 228C 1 Subsection (2) applies where the leaseback terminates. 2 For the purpose of the calculation of income tax or corporation tax, the income or profits of the lessee from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3). 3 The calculation is— where— “Net Consideration” means— • (a) the consideration payable to S for entering into the relevant transaction, minus • (b) the restricted disposal value, “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 4 In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the lease
- debt
means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and • “secured debt” means debt that, immediately after the death of the deceased person, is secured on the property.”
- derivative contract
has the same meaning as in Part 7 of the Corporation Tax Act 2009;
- designated scheme
has the meaning given by paragraph 3(4);
- development corporation
has the same meaning as in— (a) the New Towns Act 1981 (c. 64), or (b) the New Towns (Scotland) Act 1968 (c. 16);
- director
has the meaning given by section 67 of that Act, • “lower-paid employment as a minister of religion” has the meaning given by section 290D of that Act, and • “material interest” has the meaning given by section 68 of that Act.
- disability living allowance
means a disability living allowance under— a section 71 of the Social Security Contributions and Benefits Act 1992, or b section 71 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 10 The trusts on which settled property is held shall not be treated as falling outside subsection (3) above by reason only of the powers conferred on the trustees by— a section 32 of the Trustee Act 1925, or b section 33 of the Trustee Act (Northern Ireland) 1958 (powers of advancement). 11 The references in subsection (3) above to the lifetime of a person shall, where the income from the settled property is held for his benefit on trusts of the kind des
- disabled person
means— a a person who by reason of mental disorder within the meaning of the Mental Health Act 1983 is incapable of administering his property or managing his affairs;
- disqualifying event
includes— i any transfer by C of a major interest in the whole or any part of the subject-matter of the transaction, or ii any grant by C at a premium of a low-rental lease of the whole or any part of that subject-matter, that is not made in furtherance of the charitable purposes of C. 3 For the purposes of sub-paragraph (2)(b)(ii)— a a lease is granted “at a premium” if there is consideration other than rent, and b a lease is a “low-rental”lease if the annual rent (if any) does not exceed £600 a year. 4 In relation to a transaction that, by virtue of this paragraph, is a disqualifying event for the purposes of paragraph 2— a the date of the event for those purposes is the effective date of the transaction;
- double tax arrangements
means arrangements having effect under section 2(1) of the Taxation (International and Other Provisions) Act 2010 (relief by agreement with other territories).
- Drawdown pension
means—
- Drawdown pension year
means— This is subject to paragraph 10B.
- Dwelling
includes land occupied and enjoyed with the dwelling as its garden or grounds. 2 A building or part of a building is a “new dwelling”if— a it has been constructed for use as a single dwelling and has not previously been occupied, or b it has been adapted for use as a single dwelling and has not been occupied since its adaptation. 3 “The permitted area”, in relation to a dwelling, means land occupied and enjoyed with the dwelling as its garden or grounds that does not exceed— a an area (inclusive of the site of the dwelling) of 0.5 of a hectare, or b such larger area as is required for the reasonable enjoyment of the dwelling as a dwelling having regard to its size and character. 4 Where sub-paragraph (3)(b) applies, the permitted area is taken to consist of that part of the land that would be the most suitable for occupation and enjoyment with the dwelling as its garden or grounds if the rest of the land were separately occupied. 8 1 A “property trader” means— a a company, b a limited liability partnership, or c a partnership whose members are all either companies or limited liability partnerships, that carries on the business of buying and selling dwellings. 2 In relati
- earnings charged on remittance
means earnings which are taxable earnings under— a section 22 of ITEPA 2003 (chargeable overseas earnings for year when employee resident and ordinarily resident, but not domiciled, in UK), or b section 26 of that Act (foreign earnings for year when employee resident, but not ordinarily resident, in UK). 9 In this section— “employer-financed retirement benefits scheme”, and >“relevant benefits”, have the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act).”
- effective date
has the same meaning as in Part 4 of the Finance Act 2003 (c. 14).
- election
means an election under paragraph 21 or 22;
- Emergency vehicle
means a vehicle which is used to respond to emergencies and which either— a has fixed to it a lamp designed to emit a flashing light for use in emergencies, or b would have such a lamp fixed to it but for the fact that (if it did) a special threat to the personal physical security of those using it would arise by reason of it being apparent that they were employed in an emergency service. 4 The following are “employed in an emergency service”— a constables and other persons employed for police purposes, b persons employed for the purposes of a fire, or fire and rescue, service, and c persons employed in the provision of ambulance or paramedic services. 5 The Treasury may by order amend subsection (4). 6 “Private use”, in relation to a person, means any use other than for the person’s business travel;
- employee
includes a former employee;
- employer-financed retirement benefits scheme
has the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see section 393A of that Act).
- employment on compulsory recall
means permanent service—
- enactment
includes an enactment comprised in an Act of the Scottish Parliament and a provision comprised in Northern Ireland legislation;
- energy product
means a substance which— a is an energy product for the purposes of Council Directive 2003/ 96/EC restructuring the Community framework for the taxation of energy products and electricity, and b is not (apart from as a result of this section) hydrocarbon oil or road fuel gas within the meaning of the 1979 Act.”
- European travel expenses
means the cost of, and any additional expenses incurred in, travelling between the United Kingdom and a relevant European location. 3 “Relevant European location” means— a a European Union institution or agency, or b the national parliament of— i another member State, ii a candidate or applicant country, or iii a member State of the European Free Trade Association. 4 The Treasury may by order amend subsection (3) by— a adding a European location, b removing a European location, or c varying the description of a European location.”
- Excepted circumstances
means—
- excise duty point
has the meaning given by section 1 of the Finance (No. 2) Act 1992 (c. 48).
- excluded transaction
has the meaning given by paragraph 10;
- existing field
means any oil field or foreign field which is not a new field;
- existing leaseback
means a leaseback the term of which began before 17 March 2004;
- expenditure unrelated to the field
has the meaning given by section 6(9);
- flexible annuity contract
means a contract for a lifetime annuity where—
- foreign field
means, subject to subsection (6) below (treatment of transmedian fields), any hydrocarbon accumulation which is not under the jurisdiction of the government of the United Kingdom;
- former QROPS
means a scheme that has at any time been a QROPS;
- General earnings from overseas Crown employment subject to UK tax
has the meaning given by section 28 of ITEPA 2003.
- gross earnings
means the amount shown in the lessor’s accounts in respect of the lessor’s gross earnings under the leaseback. 6 In subsection (4)(b) “allowable proportion of the capital repayment” means the amount obtained by this calculation— where— “Investment Reduction For Period” means the amount shown in the lessor’s accounts in respect of the reduction in net investment in the leaseback, and “Net Investment” means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term. 7 This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004. 228E 1 Subsection (2) applies where— a the leaseback terminates, b the lessor disposes of the plant or machinery, and c the amount of the disposal value required to be brought into account because of that disposal is limited by section 62. 2 For the purpose of income tax or corporation tax, in calculating the lessor’s income or profits for the period in which the termination occurs the amount deducted in respect of any amount refunded to the lessee may not exceed the amount to which the disposal value is limited by section 62.
- group of companies
means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries.”
- guaranteed minimum pension
has the meaning given by— (a) section 8(2) of the Pension Schemes Act 1993, or (b) section 4(2) of the Pension Schemes (Northern Ireland) Act 1993;
- HMRC
means the Commissioners for Her Majesty's Revenue and Customs;
- house-building company
means a company that carries on the business of constructing or adapting buildings or parts of buildings for use as dwellings.
- housing association
has the same meaning as in— (a) the Housing Associations Act 1985 (c. 69), or (b) Part 2 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/ 1725 (N.I. 15));
- housing trust
has the same meaning as in the Housing Associations Act 1985;
- ICTA
means the Income and Corporation Taxes Act 1988 (c. 1), • “SSCBA 1992” means the Social Security Contributions and Benefits Act 1992 (c. 4), • “SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), • “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), • “WRPA 1999” means the Welfare Reform and Pensions Act 1999 (c. 30), • “WRP(NI)O 1999” means the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/ 3147 (N.I. 11)), • “FISMA 2000” means the Financial Services and Markets Act 2000 (c. 8),... • “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 (c. 1),... • “ITTOIA 2005” means the Income
- improvement works
means, in relation to a property, works which—
- income
includes relevant stock lending fees, in relation to any investments, to which subsection (1) would apply by virtue of section 129B of ICTA (inclusion of relevant stock lending fees in income).
- increase
includes increase from nil.
- inheritance tax
includes interest on inheritance tax;
- insurance company
means—
- insured scheme
means a pension scheme all the income and other assets of which are invested in policies of insurance, and • “relevant insurance company” means an insurance company that issued any of the policies of insurance.
- intangible asset
has the meaning it has for accounting purposes;
- intangible property
means any property other than chattels or interests in land;
- interest in land
has the same meaning as in Chapter 4 of Part 6 of IHTA 1984;
- internal linked fund
has the meaning given by— (a) the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under FISMA 2000, or (b) rules made by the Prudential Regulation Authority under that Act and having effect for the time being in place of the Sourcebook;
- international organisation
means an organisation to which section 1 of the International Organisations Act 1968 applies by virtue of an Order in Council under subsection (1) of that section.
- investment company
has the same meaning as in Part 4 of the Taxes Act 1988 (see section 130 of that Act);
- Investment Reduction For Period
means the amount shown in the lessor’s accounts in respect of the reduction in net investment in the leaseback, and “Net Investment” means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term. 7 This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004. 228E 1 Subsection (2) applies where— a the leaseback terminates, b the lessor disposes of the plant or machinery, and c the amount of the disposal value required to be brought into account because of that disposal is limited by section 62. 2 For the purpose of income tax or corporation tax, in calculating the lessor’s income or profits for the period in which the termination occurs the amount deducted in respect of any amount refunded to the lessee may not exceed the amount to which the disposal value is limited by section 62. 228F 1 Sections 228B, 228C and 228D apply, with the following modifications, where plant or machinery is the subject of a lease and finance leaseback. 2 In determining the permitted maximum for the purposes of section 228B, depreciation shall be disreg
- issued shares
means the shares in the successor company issued to the member in consideration for the syndicate capacity disposal. 4 1 This paragraph applies if— a at the time of, or after, the syndicate capacity disposal, assets forming some or all of the member’s ancillary trust fund are— i withdrawn from the fund, and ii without unreasonable delay, disposed of by him to the successor company (the “ATF disposal”), b the aggregate of any chargeable gains accruing to the member on the ATF disposal exceeds the aggregate of any allowable losses accruing to him on that disposal, c throughout the period beginning with the time of the syndicate capacity disposal and ending with the time of the ATF disposal,— i the member controls the successor company, and ii more than 50% of the ordinary share capital of the successor company is beneficially owned by the member, d the ATF disposal is made in consideration solely of the issue to the member of shares (the “issued shares”) in the successor company, and e the member makes a claim under this paragraph to an officer of the Board. 2 But this paragraph does not apply if— a the member could have made a claim under paragraph 3 above, and b at
- land
has the same meaning as in IHTA 1984;
- lease
means— a an interest or right in or over land for a term of years (whether fixed or periodic), or b a tenancy at will or other interest or right in or over land terminable by notice at any time. 2 In the application of the provisions of this Part to a lease for a fixed term, no account shall be taken of— a any contingency as a result of which the lease may determine before the end of the fixed term, or b any right of either party to determine the lease or renew it. 3 1 This paragraph applies to— a a lease for a fixed term and thereafter until determined, or b a lease for a fixed term that may continue beyond the fixed term by operation of law. 2 For the purposes of this Part (except section 77 (notifiable transactions)), a lease to which this paragraph applies is treated— a in the first instance as if it were a lease for the original fixed term and no longer, b if the lease continues after the end of that term, as if it were a lease for a fixed term one year longer than the original fixed term, c if the lease continues after the end of the term resulting from the application of paragraph (b), as if it were a lease for a fixed term two years longer than the original fixed te
- lease and finance leaseback
has the meaning given in section 228F;
- legacy public service pension scheme arrangement
means an arrangement under a scheme listed in—
- lessee
means the lessee under the operating lease;
- lessee acquisition expenditure
means the capital expenditure incurred by the lessee in acquiring the plant or machinery as described in sub-paragraph (1)(b), • “restricted qualifying expenditure” means the qualifying expenditure under section 226, and • “section 226 restriction” means— (a) the lessee acquisition expenditure, minus (b) the restricted qualifying expenditure.
- lessor
means the lessor under the operating lease;
- linked asset
means an asset of the insurance company which is identified in its records as an asset by reference to the value of which benefits provided for under a policy or contract are to be determined.
- loan
includes any advance of money.
- loan creditor
has the same meaning as in Part 10 of the Corporation Tax Act 2010 (close companies).
- Loan repayment date
means the date by which the total amount owing (including interest) must be paid.
- Loan year
means—
- local authority
means— a in relation to England, the council of a county or district, a metropolitan district, a London Borough, the Common Council of the City of London or the Council of the Isles of Scilly;
- long-term UK resident
has the same meaning as in IHTA 1984.
- lower-paid employment as a minister of religion
has the meaning given by section 290D of that Act, and • “material interest” has the meaning given by section 68 of that Act.
- lump sum death benefit
means a lump sum payable on the death of the member, or a lump sum payable in respect of the member on the subsequent death of a dependant, nominee or successor of the member.
- make a firm approach
has the meaning given by section 307(4A);
- make a marketing contact
has the meaning given by section 307(4B);
- Master Trust scheme
means (subject to subsections (2) to (4)) a Master Trust scheme within the meaning of PSA 2017 or PSA(NI) 2021.
- material interest
has the meaning given by section 68 of that Act.
- Modifications
includes amendments.
- money
means money in sterling or another currency.”
- monitored promoter
has the meaning given by section 244(5) of FA 2014.
- motor car
means any motor vehicle of a kind normally used on public roads which has three or more wheels and either— (a) is constructed or adapted solely or mainly for the carriage of passengers, or (b) has to the rear of the driver’s seat roofed accommodation which is fitted with side windows or which is constructed or adapted for the fitting of side windows, but does not include any vehicle excluded by sub-paragraph (5) below;
- motor dealer
means a person whose business consists in whole or in part of obtaining supplies of, or acquiring from another member State or importing, new or second-hand motor cars for resale with a view to making an overall profit on the sale of them (whether or not a profit is made on each sale);
- motor manufacturer
means a person whose business consists in whole or in part of producing motor cars including producing motor cars by conversion of a vehicle (whether a motor car or not);
- natural gas
means gas with a methane content of not less than 80%, c “animal fat” means a triglyceride of animal origin, d “vegetable fat” means a triglyceride of vegetable origin, and e “non-synthetic methanol” means methyl alcohol of non-synthetic origin. 6 Regulations under subsection (4)(g)— a may make provision only if the Commissioners think it necessary or expedient for a purpose connected with Council Directive 92/12/EEC on the general arrangements for products subject to excise duty and on the holding, movement and monitoring of such products, b may, in particular, make provision by reference to that Directive or any other EU instrument, and c may, in particular, make provision by
- Net Consideration
means— • (a) the consideration payable to S for entering into the relevant transaction, minus • (b) the restricted disposal value, “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 4 In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination. 5 Section 228B has no effect on the treatment for the purposes of income tax or corporation tax of amounts received by way of refund on the termination of a leaseback of amounts payable under it. 6 In subsection (5), “amounts received by way of refund” includes any amount that would be so received in respect of the lessee’s interest under the leaseback if any amounts due to the lessor under the leaseback were disregarded. 228D 1 This section applies in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax. 2 Where— a an amount receivable in respect
- Net Investment
means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term. 7 This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004. 228E 1 Subsection (2) applies where— a the leaseback terminates, b the lessor disposes of the plant or machinery, and c the amount of the disposal value required to be brought into account because of that disposal is limited by section 62. 2 For the purpose of income tax or corporation tax, in calculating the lessor’s income or profits for the period in which the termination occurs the amount deducted in respect of any amount refunded to the lessee may not exceed the amount to which the disposal value is limited by section 62. 228F 1 Sections 228B, 228C and 228D apply, with the following modifications, where plant or machinery is the subject of a lease and finance leaseback. 2 In determining the permitted maximum for the purposes of section 228B, depreciation shall be disregarded. 3 In the calculation under section 228C(3), the amount of the consideration referred to in subsection (6)(b) of this section shall be substitut
- net pay pension scheme
means a pension scheme in the case of which some or all of the members of the pension scheme are entitled to be given relief in accordance with section 193 in respect of the payment of contributions by them under the pension scheme.
- net proceeds of disposal
means— a the proceeds of the disposal of the asset realised by the personal representatives, less b any incidental costs allowable as a deduction in accordance with section 38(1)(c) in computing the gain accruing to the personal representatives on that disposal, but on the assumption that none of the proceeds is required to meet the liabilities of the deceased person’s estate (including any liability to inheritance tax). 5 In sections 222 to 224 as applied by this section— a references to the individual shall be taken as references to the personal representatives except in relation to the occupation of the dwelling-house or part of the dwelling-house, and b the not
- new accounting period
means an accounting period beginning on or after the commencement date;
- new field
means— (a) an oil field for no part of which had— (i) consent for development been granted to a licensee by the Secretary of State before 9th April 2003;
- new place of employment
means the place where he normally performs, or is normally to perform, the duties of his employment after the relocation. 6 In this paragraph— a references to the acquisition of the dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling;
- new town commission
has the same meaning as in the New Towns Act (Northern Ireland) 1965 (c. 13 (N.I.));
- Nominated date
means—
- Nominee of the member
means an individual— who is not a dependant of the member, but see sub-paragraph (2).
- non-qualifying person
has the same meaning as in section 206.
- non-synthetic methanol
means methyl alcohol of non-synthetic origin. 6 Regulations under subsection (4)(g)— a may make provision only if the Commissioners think it necessary or expedient for a purpose connected with Council Directive 92/12/EEC on the general arrangements for products subject to excise duty and on the holding, movement and monitoring of such products, b may, in particular, make provision by reference to that Directive or any other EU instrument, and c may, in particular, make provision by reference to the purpose for which a substance is intended to be used.”
- non-UK registered scheme
means a registered pension scheme established in a country or territory outside the United Kingdom.
- Non-working day
means— and “working day” is to be read accordingly.
- normal minimum pension age
means— (a) in relation to, and to a member of, a pension scheme that is not a uniformed services pension scheme— (a) before 6 April 2010, 50, (b) on and after that date but before 6 April 2028, 55, and (c) on and after 6 April 2028, 57, and (b) in relation to, and to a member of, a uniformed services pension scheme— (a) before 6 April 2010, 50, and (b) on and after that date, 55, • “pension credit” and “pension debit” have the same meaning as in Chapter 1 of Part 4 of WRPA (see section 46(1) of that Act) or Chapter 1 of Part 5 of WRP(NI)O 1999 (see Article 43(1) of that Order), and • “pension sharing order or provision” means any order or provision mentioned in s
- notifiable arrangements
has the meaning given by section 306(1);
- notifiable proposal
has the meaning given by section 306(2);
- notifiable scheme
has the meaning given by paragraph 5(1);
- occupational pension scheme
means a pension scheme established by an employer or employers and having or capable of having effect so as to provide benefits to or in respect of any or all of the employees of— (whether or not it also has or is capable of having effect so as to provide benefits to or in respect of other persons).
- officer
means— (a) in relation to a body corporate other than one whose affairs are managed by its members— (a) a director, manager, secretary or other similar officer of the body, or a person purporting to act in such a capacity, or (b) a shadow director within the meaning of section 251 of the Companies Act 2006;
- old accounting period
means an accounting period beginning before the commencement date;
- onward transfer
means (subject to subsection (3)) a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a QROPS or a former QROPS in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under another QROPS in relation to that person as a member of that other QROPS;
- operating lease
means the lease referred to in subsection (1)(b);
- operator
means—
- ordinary commuting
has the same meaning as in section 338 (travel for necessary attendance) (see subsection (3) of that section). 7 The business travel requirement is satisfied at a time if the van is available to the employee at the time mainly for use for the purposes of the employee’s business travel (see section 171(1)). 8 The cash equivalent of the van may be reduced— a under section 156 for any periods when the van is unavailable, b under section 157 where the van is shared, and c under section 158 in respect of payments by the employee for the private use of the van. 156 1 The cash equivalent of the benefit of a van for a tax year under section 155(2)(a) or (b) is to be reduced if t
- ordinary share capital
has the meaning given by section 832 (1) of the Taxes Act 1988;
- Original Book Value
means the net book value of the leased plant or machinery at the beginning of the leaseback. 228C 1 Subsection (2) applies where the leaseback terminates. 2 For the purpose of the calculation of income tax or corporation tax, the income or profits of the lessee from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3). 3 The calculation is— where— “Net Consideration” means— • (a) the consideration payable to S for entering into the relevant transaction, minus • (b) the restricted disposal value, “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 4 In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination. 5 Section 228B has no effect on the treatment for the purposes of income tax or corporation tax of amounts received by way of refund on the termination of a le
- Original Consideration
means the consideration payable to S for entering into the relevant transaction, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 228C 1 Subsection (2) applies where the leaseback terminates. 2 For the purpose of the calculation of income tax or corporation tax, the income or profits of the lessee from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3). 3 The calculation is— where— “Net Consideration” means— • (a) the consideration payable to S for entering into the relevant transaction, minus • (b) the restricted disposal value, “Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and “Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback. 4 In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination. 5 Section 228B has no effect on the treatment for
- overseas pension scheme
means a pension scheme (other than a registered pension scheme) which—
- paragraph 34 pension commencement lump sum
means a pension commencement lump sum the permitted maximum of which is determined under paragraph 2 of Schedule 29 as modified by paragraph 34(3).
- parental responsibility
means all the rights, duties, powers, responsibilities and authority which by law a parent of a child has in relation to the child and the child’s property. 6 In this section and section 318C “local authority” means— a in relation to England, the council of a county or district, a metropolitan district, a London Borough, the Common Council of the City of London or the Council of the Isles of Scilly;
- partner
means one of a married or unmarried couple;
- Partnership transaction
means a transaction mentioned in paragraph 9 (1) of Schedule 15 to the Finance Act 2003 (as substituted by paragraph 1 of this Schedule).
- Patent income
means—
- patient
means a person (other than a person who is serving a sentence imposed by a court in a prison or youth custody institution or, in Scotland, a young offenders' institution) who is regarded as receiving free in-patient treatment within the meaning of the Social Security (Hospital In-Patients) Regulations 1975 or the Social Security (Hospital In-Patients) Regulations (Northern Ireland) 1975. 5 For the purposes of sections 318 and 318A “parental responsibility” means all the rights, duties, powers, responsibilities and authority which by law a parent of a child has in relation to the child and the child’s property. 6 In this section and section 318C “local authority” means— a in relation to England, the council of a county or district, a metropolitan district, a London Borough, the Common Council of the City of London or the Council of the Isles of Scilly;
- Payment
includes a transfer of assets and any other transfer of money’s worth.
- pension death benefit
means a pension payable on the death of the member (other than a member’s pension payable after the member’s death under pension rule 2: see section 165), or a pension payable in respect of the member on the subsequent death of a dependant, nominee or successor of the member.
- pension scheme
means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of persons—
- pension scheme input amount
has the meaning given in section 237B(2).
- Pension sharing event
means the coming into operation of a pension sharing order or provision relating to the sums and assets representing the dependant's drawdown pension fund.
- pension sharing order or provision
means any order or provision mentioned in section 28(1) of WRPA 1999 or Article 25(1) of WRP(NI)O 1999, • “pensionable age” has the meaning given by the rules in paragraph 1 of Schedule 4 to the Pensions Act 1995 or paragraph 1 of Schedule 2 to the Pensions (Northern Ireland) Order 1995, • “Scottish basic rate limit” means a rate limit set by the Scottish Parliament under section 80C(2A) of the Scotland Act 1998 for the purposes of determining the extent to which a Scottish taxpayer’s income is charged at the Scottish basic rate where a Scottish rate resolution under that Act has set more than one rate for the tax year. •... • • •
- pension under a registered pension scheme
includes— a an annuity under, or purchased with sums or assets held for the purposes of, or representing acquired rights under, a registered pension scheme, and b income withdrawal or dependants' income withdrawal under a registered pension scheme.
- pensionable age
has the meaning given by the rules in paragraph 1 of Schedule 4 to the Pensions Act 1995 or paragraph 1 of Schedule 2 to the Pensions (Northern Ireland) Order 1995, • “Scottish basic rate limit” means a rate limit set by the Scottish Parliament under section 80C(2A) of the Scotland Act 1998 for the purposes of determining the extent to which a Scottish taxpayer’s income is charged at the Scottish basic rate where a Scottish rate resolution under that Act has set more than one rate for the tax year. •... • • •
- petroleum gas
means any hydrocarbon which— i is gaseous at a temperature of 15°C and under a pressure of 1013.25 millibars, and ii is not natural gas (as defined in paragraph (b) below), b “natural gas” means gas with a methane content of not less than 80%, c “animal fat” means a triglyceride of animal origin, d “vegetable fat” means a triglyceride of vegetable origin, and e “non-synthetic methanol” means methyl alcohol of non-synthetic origin. 6 Regulations under subsection (4)(g)— a may make provision only if the Commissioners think it necessary or expedient for a purpose connected with Council Directive 92/12/EEC on the general arrangements for products subject to excise duty and on the
- Post-commencement pension in payment
means a pension to which a person became entitled on or after 6th April 2006.
- post-commencement period
means the period beginning on 10th December 2003 and ending on the date of the later disposal.”
- power of attorney
includes factory and commission. 4 Nothing in this section affects the making of a declaration in accordance with— a section 100(2) (persons through whom a company acts), or b section 106 (1) or (2) (person authorised to act on behalf of incapacitated person or minor).”
- Pre-commencement retirement annuity arrangements
means—
- prescribed
means prescribed in regulations under subsection (3).
- Prescribed benefit crystallisation information requirements
means requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information relating to an event that is the individual becoming entitled to a benefit under a pension scheme.
- previous owner
means any person from whom the disponor directly or indirectly derives his title to the whole or any part of the interest disposed of;