- a 1998 Act excluded policy or contract
means— but excluding a policy or contract within sub-paragraph (4).
- a 2003 Act excluded policy or contract
means— but excluding a policy or contract within sub-paragraph (3).
- a 2004 Act excluded policy or contract
means— but excluding a policy or contract within sub-paragraph (3).
- a car that has low CO2 emissions
has the same meaning as in section 104AA of CAA 2001 (special rate expenditure: main rate car);
- a disease control order
means an order made under the law relating to the diseases of animals by—
- a qualifying hire car...
means a car... which—
- a relevant planning obligation
means—
- a right to acquire future patent rights
means a right to acquire in the future patent rights relating to an invention in respect of which the patent has not yet been granted.
- abandonment guarantee
has the same meaning as it has for the purposes of section 3 of OTA 1975 (see section 104 of FA 1991), and • “the guarantor” and “the relevant participator” have the same meaning as in section 104 of that Act.
- abandonment programme
means an abandonment programme approved under Part 4 of the Petroleum Act 1998 (including such a programme as revised), • “decommissioning expenditure” has the meaning given by section 330C of CTA 2010, • “reimbursement payment” means any payment made to the contributing person by the defaulter in reimbursing the contributing person in respect of, or otherwise making good to the contributing person, the whole or any part of the relevant contribution, • “the relevant abandonment programme” means the abandonment programme in respect of which the decommissioning expenditure mentioned in subsection (1)(a) was incurred, and • “relevant agreement” has the meaning given by section 104(5)(a) of FA 1991.
- accident benefit scheme
means an employee benefit scheme under which benefits may be provided only by reason of a person's disablement, or death, caused by an accident occurring during the person's service as an employee of the employer, • “employee benefit contribution” is to be read in accordance with section 39(1), • “employee benefit scheme” has the meaning given by section 39(2) to (4), • “the employer” is to be read in accordance with section 38(1), • “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), but ignoring section 393B(2)(a) and (c) of that Act • “qualifying benefits” is to be read in accordance with section 40, • “qualifying expenses” includes any expenses of the third party (other than the provision of benefits to employees of the employer)— (a) which are incurred in operating the employee benefit scheme, and (b) which, if incurred by the employer, would be deductible in calculating for income tax purposes the employer's profits for any period, and • “scheme manager” means a person who administers an employee benefit scheme (acting in that capacity).
- accumulated or discretionary income
has the meaning given by section 480 of ITA 2007.
- accumulation share
means a share in respect of which income is credited periodically to the capital part of the company's scheme property.
- Act
includes an Act of the Scottish Parliament.
- administration period
has the meaning given by section 653.
- AIF
has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 and includes— (a) arrangements which permit an external investor to participate in investments acquired by the AIF without participating in the AIF itself, and (b) arrangements under which sums arise to an individual performing investment management services in respect of the AIF without those sums arising from the AIF itself;
- allowable payment
means a premium, other than a retained replacement policy premium, and • “retained replacement policy premium” has the meaning given in section 495(2).
- alternative finance arrangements
has the same meaning as in Part 6 of CTA 2009 (see section 501(2) of that Act), disregarding section 508 of that Act;
- amount realised on the sale
means the value of the consideration given for the transfer, • “buyer” means the person to whom the transfer is made, and • “seller” means the person who makes the transfer.
- Ancillary capital expenditure
means capital expenditure incurred for the purposes of the trade by the person carrying on the trade (“the trader”), or a predecessor, on—
- animal
means any animal or other living creature;
- any prohibitive rule
means any provision of the Income Tax Acts which— in calculating the profits of a trade.
- any relevant permissive rule in this Part
means any provision of this Part (apart from sections 291 to 294) which allows a deduction in calculating the profits of a property business.
- any relevant trade or business
means any trade or property business carried on by the person carrying on the trade mentioned in subsection (1).
- applicable rate
means—
- approved pension arrangement
means— a an approved scheme or exempt approved scheme, b a relevant statutory scheme, c a retirement benefits scheme set up by a government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees, d a contract or scheme which is approved under Chapter 3 of Part 14 of ICTA (retirement annuities), e a personal pension scheme which is approved under Chapter 4 of that Part, f an annuity purchased for the purpose of giving effect to rights under a scheme falling within any of paragraphs (a) to (c) and (e), or g any pension arrangements of any description prescribed by regulations made under section 11(2)(h) of the Welfare Reform an
- approved personal pension scheme
has the same meaning as in Chapter 4 of Part 14 of ICTA (see section 630(1) of that Act), • “distribution” includes investment on behalf of an owner of shares in respect of the owner's accumulation shares, • “distribution accounts” means the accounts showing how the total amount available for distribution to owners of shares is calculated, • “distribution period” means the period by reference to which that amount is ascertained, • “the OEIC Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), • “open-ended investment company” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (11) of ICTA, as inserted by regulation 10 of the OEIC Regulations), • “owner of shares” has the same meaning as in that Chapter (see section 468(10) and (15) of that Act, as so inserted), and • “umbrella company” has the meaning given by section 615 of CTA 2010.
- approved scheme
has the meaning given by section 612(1) of ICTA, and • “personal pension scheme” and “approved”, in relation to such a scheme, have the meaning given by section 630(1) of ICTA.”
- arrangement
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- asset
includes equipment and a structure (such as a wall), but does not include a car, ship or aircraft or a dwelling or grounds appurtenant to a dwelling, and • “service” does not include a dwelling or grounds appurtenant to a dwelling.
- assignment
includes assignation, and “assign” is to be construed accordingly;
- associate
has the meaning given by section 448 of CTA 2010, and • “associated company”— (a) in relation to another company, has the meaning given by section 449 of that Act, and (b) in relation to any other person, means a company of which that person has control within the meaning of sections 450 and 451 of that Act.
- authorised contractual scheme
means a contractual scheme (within the meaning given by section 235A(1) of FISMA 2000) which is authorised for the purposes of FISMA 2000 by an authorisation order in force under section 261D(1) of that Act, • “cash”— (a) includes any sum which is deposited— (i) in a building society account (including a share account) or similar account, or (ii) in a bank account or similar account, but (b) does not include cash which is acquired wholly or partly for the purpose of realising a gain from its disposal, • “collective investment scheme” has the meaning given by section 235 of FISMA 2000, and “interest”, in relation to such a scheme, means the beneficial entitlement of a participant in such a scheme, • “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 FISMA 2000 and having effect for the time being in place of the Sourcebook, • “investment trust” has the meaning given by section 1158 of CTA 2010, • “open-ended investment company” has the meaning given by section 236 of FISMA 2000,
- available value
means the maximum value of shares which could be acquired on that day without exceeding the limit.
- bank arrangement
means an arrangement which provides for contributions to be paid to a person within section 991(2)(b) of ITA 2007 (banks), and
- basic life assurance and general annuity business
has the same meaning as in Part 2 of FA 2012 (see sections 57 and 67(5)), and • “exempt BLAGAB or eligible PHI business” has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).
- beneficiaries of the trust
includes any person known to the trustees as a person—
- body of persons
includes a firm.
- bonus share capital
means—
- building
includes any fixed structure;
- building society arrangement
means an arrangement which provides for contributions to be paid by way of investment in shares in a building society, and
- Business link organisation
means a person authorised by or on behalf of the Secretary of State to use a trade mark designated by the Secretary of State for the purposes of this subsection.
- buyer
means the person to whom the transfer is made, and • “seller” means the person who makes the transfer.
- calculation event
means an excess event, a part surrender or assignment event or a personal portfolio bond event, • “excess event” means a chargeable event within section 509(1), • “part surrender or assignment event” means a chargeable event within section 514(1), and • “personal portfolio bond event” means a chargeable event within section 525(2).
- Capital expenditure
means expenditure of a capital nature incurred, or treated as incurred, on or in connection with—
- capital redemption policies
has the same meaning as in Chapter 9 of this Part (see section 473(2)).
- capital redemption policy
means a contract made in the course of a capital redemption business, within the meaning given by section 56(3) of FA 2012, and • “life annuity” means— (a) an annuity that— (i) is a purchased life annuity for the purposes of Chapter 7 of this Part (see section 423), and (ii) is not specified in section 718 (annuities excluded from the exemption for part of purchased life annuity payments under section 717), or (b)...
- Capital refund
means an amount that is (in substance) a refund of capital expenditure relating to an asset.
- capital sum
means—
- car
has the same meaning as in Part 2 of CAA 2001 (see section 268A of that Act);
- car...
means a mechanically propelled road vehicle other than...—
- caravan
means— but does not include railway rolling stock which is on rails forming part of a railway system or any tent.
- caravan site
means— (a) land on which a caravan is stationed for the purposes of human habitation, and (b) land which is used in conjunction with land on which a caravan is so stationed, and • “letting” includes a licence to occupy.
- care
means personal care, including assistance and support;
- care business expenditure
means qualifying expenditure incurred on the provision of plant or machinery wholly or partly for the care business,
- care business pool
means a pool of care business expenditure (even if the balance for the time being is nil), and
- care provider
means a person who—
- certificate of deposit
means a document— (a) relating to the deposit of money in any currency, (b) recognising an obligation to pay a stated principal amount to bearer or to order, with or without interest, and (c) by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable, • “eligible debt security” has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001 (S.I. 2001/3755), • “security” (except in relation to an eligible debt security) includes any loan stock or similar security, whether secured or unsecured and whether issued by— (a) the Government of the United Kingdom or another government, (b) any local or other public authority in the United Kingdom or elsewhere, or (c) any company, • “uncertificated”, in relation to a unit, has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001, • “uncertificated eligible debt security units” means uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the eligible debt security, to the issue of a certificate
- certified SAYE savings arrangement
means a linked savings arrangement which is certified under section 705.
- change of accounting policy
includes, in particular—
- charge on or agreement to charge
includes a right in security over or an agreement to create a right in security over;
- chargeable event
has the same meaning as in section 552 (see subsection (10) of that section).”
- chargeable period
has the same meaning as in Part 1 of OTA 1975 (see section 1(3) of that Act), • “designated area” means an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964, • “oil” means any substance won or capable of being won under the authority of a licence granted under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964 (c. 28 (N.I.)), other than methane gas won in the course of operations for making and keeping mines safe, • “oil field” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act), • “OTA 1975” means the Oil Taxation Act 1975, and • “participator” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act).
- chargeable relevant step
means a relevant step within the meaning of Part 7A of ITEPA 2003 by reason of which Chapter 2 of that Part applies (and references to A and B are to be read accordingly), and
- charitable income
means income within section 628(1) or 630(1), • “non-charitable income” means income which is not charitable income, and • “qualifying income” and “UK settlement” have the same meaning as in section 628.
- charitable loan arrangement
means any arrangement so far as it consists of a loan of money made by an individual to a charity either— (a) for no consideration, or (b) for a consideration which consists only of interest, and • “charity” includes (a) the Trustees of the National Heritage Memorial Fund, and (b) the Historic Buildings and Monuments Commission for England...
- charity
includes (a) the Trustees of the National Heritage Memorial Fund, and (b) the Historic Buildings and Monuments Commission for England...
- child
includes a stepchild,
- child arrangements
has the meaning given by section 8 of that Act.
- civil partnership
includes a civil partnership that has been dissolved or annulled.
- close company
includes a company which would be a close company if it were a UK resident company;
- co-investment repayment or return
means a repayment in whole or in part of, or a return on, a co-investment.
- co-operative association
means a body with a written constitution from which the Secretary of State considers that it is in substance a co-operative association.
- collective investment scheme
has the meaning given by section 235 of FISMA 2000 and includes— (a) arrangements which permit an external investor to participate in investments acquired by the collective investment scheme without participating in the scheme itself, and (b) arrangements under which sums arise to an individual performing investment management services in respect of the collective investment scheme without those sums arising from the scheme itself;
- commercial arrangements
means arrangements the terms of which are such as would reasonably have been expected if the parties to the arrangements had been dealing at arm's length.
- commodity or financial futures
means commodity futures or financial futures that are for the time being dealt in on a recognised futures exchange, • “financial option” has the meaning given by section 144(8)(c) of TCGA 1992, and • “traded option” has the meaning given by section 144(8)(b) of that Act.
- company
means a company, as defined in section 1(1) of the Companies Act 2006 (c. 46)..., • “foreign currency”, in relation to loans and securities, has the meaning given by section 756, and • “statutory corporation” means— (a) a corporation incorporated by an Act (other than a company), or (b) any other corporation on which functions connected with carrying on an undertaking are conferred by an Act or by an order made under or confirmed by an Act.
- compliance notice
means a notice under section 35 of the Pensions Act;
- compulsory supervision order
has the meaning given by section 83 of the Children’s Hearings (Scotland) Act 2011;
- consideration
means consideration in money or money’s worth but does not include the performance of any investment management services directly or indirectly in respect of an investment scheme.
- consolidated group
means a group within the meaning given by international accounting standards;
- consular officer or employee
includes any person employed for the purposes of the official business of a consular officer at— (a) any consulate, (b) any consular establishment, or (c) any other premises used for those purposes, and • “reciprocal arrangement” means a consular convention or other arrangement with a foreign state, making similar provision to that made by this section and sections 302, 646A and 681A of ITEPA 2003 in the case of Her Majesty's consular officers or employees in that state.
- consumer prices index
means the all items consumer prices index published by the Statistics Board.
- contract for differences
has the same meaning as in Part 7 of CTA 2009 (see section 582 of that Act);
- contract of insurance
has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).
- contractual payment
means a payment which, under an agreement, an employer is liable to make to an employee on the termination of the employee's contract of employment, and • a contractual payment is “approved” if, in respect of that agreement, an order is in force under— (a) section 157 of the Employment Rights Act 1996, or (b) Article 192 of the Employment Rights (Northern Ireland) Order 1996.
- control
has the meaning given by sections 450 and 451 of CTA 2010.
- controlling equity stake fund
means an investment scheme—
- controlling interest
has the meaning given in sub-paragraph (3);
- corporate strip
means any asset—
- corresponding provision
means—
- costs rules
means—
- counselling expenses
means expenses incurred—
- creative works
means— created by the taxpayer personally or, if the qualifying trade, profession or vocation is carried on in partnership, by one or more of the partners personally.
- credit fund
has the meaning given in paragraph 29;
- credit union
means a society registered as a credit union under—
- credit union group life policy
means a group life policy with the sole object of providing, on the death or disability of any of the individuals insured under it, a sum substantially the same as any amount then outstanding under a loan made to that individual by a credit union.
- damages in respect of personal injury
includes damages in respect of a person's death from personal injury.
- de minimis aggregate income
means aggregate income of an estate which is treated as bearing income tax at 0% because of section 680(1A).
- death benefit in respect of an individual
means any sums or other benefits payable or arising under the policy on the individual's death or anything representing any such sums or benefits, and • “group membership right”, in relation to an individual insured by a group life policy, means any right (including the right of any person to be considered by trustees in their exercise of a discretion) that is referable to that individual being one of the individuals whose lives are insured by the policy.
- debt investment
has the meaning given in paragraph 19 (but see also paragraph 29(6)(a) which expands the definition for the purposes of that paragraph);
- decommissioning expenditure
has the meaning given by section 330C of CTA 2010, • “reimbursement payment” means any payment made to the contributing person by the defaulter in reimbursing the contributing person in respect of, or otherwise making good to the contributing person, the whole or any part of the relevant contribution, • “the relevant abandonment programme” means the abandonment programme in respect of which the decommissioning expenditure mentioned in subsection (1)(a) was incurred, and • “relevant agreement” has the meaning given by section 104(5)(a) of FA 1991.
- deductible costs
means—
- deeply discounted securities
means securities to which Chapter 8 of this Part applies (profits from deeply discounted securities).
- deeply discounted security
has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act).”
- deposit
has the same meaning as in Chapter 19 of Part 15 of ITA 2007 (see section 983 of that Act)
- deposit rights
means—
- derivative contract
has the same meaning as in Part 7 of CTA 2009 (but see sub-paragraph (6));
- designated
has the same meaning as for accounting purposes;
- designated area
means an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964, • “oil” means any substance won or capable of being won under the authority of a licence granted under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964 (c. 28 (N.I.)), other than methane gas won in the course of operations for making and keeping mines safe, • “oil field” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act), • “OTA 1975” means the Oil Taxation Act 1975, and • “participator” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act).
- designated educational establishment
means an educational establishment designated, or within a category designated, in regulations made—
- Disease control order
has the same meaning as in section 126.
- disposal
has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005.”
- Disposal proceeds
means—
- disposal value
means— (a) in subsection (14)(c)— (i) a disposal value for the purposes of Part 2 of CAA 2001 (see, in particular, section 61 of that Act), or (ii) proceeds from a balancing event for the purposes of Part 3A of that Act (see section 360O of that Act), and (b) in subsection (21), a disposal value for the purposes of Part 2 of that Act;
- disqualifying benefit
means a benefit consisting of money or other property, but it does not include—
- disregarded income
means any income arising under the settlement since it was made which has been—
- distribution
includes investment on behalf of an owner of shares in respect of the owner's accumulation shares, • “distribution accounts” means the accounts showing how the total amount available for distribution to owners of shares is calculated, • “distribution period” means the period by reference to which that amount is ascertained, • “the OEIC Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), • “open-ended investment company” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (11) of ICTA, as inserted by regulation 10 of the OEIC Regulations), • “owner of shares” has the same meaning as in that Chapter (see section 468(10) and (15) of that Act, as so inserted), and • “umbrella company” has the meaning given by section 615 of CTA 2010.
- distribution accounts
means the accounts showing how the total amount available for distribution to owners of shares is calculated, • “distribution period” means the period by reference to which that amount is ascertained, • “the OEIC Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), • “open-ended investment company” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (11) of ICTA, as inserted by regulation 10 of the OEIC Regulations), • “owner of shares” has the same meaning as in that Chapter (see section 468(10) and (15) of that Act, as so inserted), and • “umbrella company” has the meaning given by section 615 of CTA 2010.
- distribution period
means the period by reference to which that amount is ascertained, • “the OEIC Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), • “open-ended investment company” has the same meaning as in Chapter 3 of Part 12 of ICTA (unit trust schemes etc.) (see section 468(10) and (11) of ICTA, as inserted by regulation 10 of the OEIC Regulations), • “owner of shares” has the same meaning as in that Chapter (see section 468(10) and (15) of that Act, as so inserted), and • “umbrella company” has the meaning given by section 615 of CTA 2010.
- dividend
includes any distribution (whether or not described as a dividend).
- domestic item
means an item for domestic use (such as furniture, furnishings, household appliances and kitchenware), and does not include anything that is a fixture. • “Fixture”— (a) means any plant or machinery that is so installed or otherwise fixed in or to a dwelling-house as to become, in law, part of that dwelling-house, and (b) includes any boiler or water-filled radiator installed in a dwelling-house as part of a space or water heating system. • “Plant or machinery” here has the same meaning as in Part 2 of CAA 2001.
- domestic premises
means premises used wholly or mainly as a separate private dwelling, and • “microgeneration system” has the same meaning as in section 263AZA of the Taxation of Chargeable Gains Act 1992.
- double taxation arrangements
means arrangements which have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).
- double taxation relief arrangements
means arrangements that have effect under section 2(1) of TIOPA 2010.
- dwelling-house
includes any land occupied or enjoyed with it as its garden or grounds.
- educational establishment
means— (a) in England and Wales, any of the bodies mentioned in section 71(1), (b) in Scotland, any of the bodies mentioned in section 71(2), (c) in Northern Ireland, any of the bodies mentioned in section 71(3), and (d) any other educational body which is for the time being approved for the purposes of this section by the Secretary of State or, in Northern Ireland, the Department of Education, and • “the period of the secondment” means the period for which the employee's services are made available to the charity or educational establishment.
- effective 51% subsidiary
has the meaning given by section 170(7) of TCGA 1992;
- electrically propelled
has the meaning given in section 268B of that Act.
- eligible debt security
has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001 (S.I. 2001/3755), • “security” (except in relation to an eligible debt security) includes any loan stock or similar security, whether secured or unsecured and whether issued by— (a) the Government of the United Kingdom or another government, (b) any local or other public authority in the United Kingdom or elsewhere, or (c) any company, • “uncertificated”, in relation to a unit, has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001, • “uncertificated eligible debt security units” means uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the eligible debt security, to the issue of a certificate of deposit, • “uncertificated right” means a right in respect of which no certificate of deposit has been issued, although the person for the time being entitled to it is entitled to call for the issue of such a certificate, and • “unit” has the meaning given in regulation 3(1) of the Uncertificated Securities Regulations 2001.
- employee
includes an office-holder and “employment” therefore includes an office, and • “remuneration” means an amount which is or is treated as earnings for the purposes of ITEPA 2003.
- employee benefit scheme
means a trust, scheme or other arrangement for the benefit of persons who are, or include, present or former employees of the employer or persons linked with present or former employees of the employer.
- 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), but ignoring section 393B(2)(a) and (c) of that Act • “qualifying benefits” is to be read in accordance with section 40, • “qualifying expenses” includes any expenses of the third party (other than the provision of benefits to employees of the employer)— (a) which are incurred in operating the employee benefit scheme, and (b) which, if incurred by the employer, would be deductible in calculating for income tax purposes the employer's profits for any period, and • “scheme manager” means a person who administers an employee benefit scheme (acting in that capacity).
- employment
has the meaning given by section 4 of ITEPA 2003;
- employment income tax charge
means a charge to tax under ITEPA 2003 (whether on the recipient or on someone else), and • “NIC charge” means a liability to pay national insurance contributions under section 6 (Class 1 contributions), section 10 (Class 1A contributions) or section 10A (Class 1B contributions) of the Contributions and Benefits Act.
- employment policy
means a policy entered into wholly or partly for the benefit of the employees of an employer against a health risk.
- employment zone programme
means an employment zone programme established for an area or areas designated under section 60 of the Welfare Reform and Pensions Act 1999 (c. 30).
- enactment
includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.
- Energy-saving item
means—
- English risk management authority
has the meaning given by section 6(14) of the Flood and Water Management Act 2010.
- entertainment
includes hospitality of any kind, and
- estate
means the estate of a deceased person (whether a UK estate or a foreign estate).
- estate income
means the income treated under this Chapter as arising from an absolute, limited or discretionary interest in the whole or part of the residue of an estate, and • “estate” means the estate of a deceased person (whether a UK estate or a foreign estate).
- excepted group life policy
means a group life policy with respect to which the conditions specified in the following sections are met—
- excess deductions from the previous tax year
means so much of the allowable deductions for the previous tax year as exceeded the aggregate income of the estate for that year.
- excess event
means a chargeable event within section 509(1), • “part surrender or assignment event” means a chargeable event within section 514(1), and • “personal portfolio bond event” means a chargeable event within section 525(2).
- excluded indexed security
means a security under the terms of which the amount payable on redemption is determined by applying to the amount for which the security was issued the percentage change (if any) over the security's redemption period in—
- exclusive licence
means a licence to exercise the rights to the exclusion of the grantor and all other persons for the period remaining until the rights come to an end.
- exempt BLAGAB or eligible PHI business
has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).
- exploration or exploitation activities
means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or the UK sector of the continental shelf, • “exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or interests in or to the benefit of such assets, and • “the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964 (c. 29).
- exploration or exploitation rights
means rights to assets to be produced by exploration or exploitation activities or interests in or to the benefit of such assets, and • “the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964 (c. 29).
- family expenses
means expenses of a journey made by the trader's spouse or civil partner or child if the journey—
- farming trade
means a trade of farming;
- Film
has the same meaning as in Part 15 of CTA 2009 (see section 1181 of that Act).
- final insurance year
means an insurance year that is ended as a result of subsection (3).
- financial asset
means any right under or in connection with—
- financial instrument
has the same meaning as in FRS 105;
- financial option
has the meaning given by section 144(8)(c) of TCGA 1992, and • “traded option” has the meaning given by section 144(8)(b) of that Act.
- first use amortised market value
means the value that the plant or machinery would have— (a) at the time when it is first brought into use for the purposes of the qualifying activity, but (b) on the assumption that the market value of the plant or machinery at the commencement of the term of the lease had been written off on a straight line basis over the remaining useful economic life of the plant or machinery;
- First use amortised value
means the value that the plant or machinery would have at the time when it is first brought into use for the purposes of the qualifying activity on the assumptions in subsection (6).
- First use market value
means the market value of the plant or machinery at the time when it is first brought into use for the purposes of the qualifying activity.
- foreign capital redemption policy
means— (a) a capital redemption policy issued by a non-UK resident company, and (b) a capital redemption policy which forms part of the overseas life assurance business of an insurance company..., and • “overseas life assurance business” has the meaning given by section 61 of FA 2012.
- foreign institution
means—
- foreign pension income
means— (a) income to which section 573 or 629 applies, and (b) income arising from a source outside the United Kingdom to which section 609, 610, 611 or 633 applies;
- foreign policy of life insurance
means— (a) a policy of life insurance issued by a non-UK resident company, and (b) a policy of life insurance which forms part of the overseas life assurance business of an insurance company or friendly society..., • “foreign capital redemption policy” means— (a) a capital redemption policy issued by a non-UK resident company, and (b) a capital redemption policy which forms part of the overseas life assurance business of an insurance company..., and • “overseas life assurance business” has the meaning given by section 61 of FA 2012.
- foreign stock exchange
means a recognised stock exchange in a territory outside the United Kingdom on which strips are traded, • “foreign stock exchange list” means any publication which performs in the case of a foreign stock exchange a function equivalent, or broadly similar, to that performed by The Stock Exchange Daily Official List in relation to strips, and • “issuing government” means the government which issued the security mentioned in subsection (1)(a).
- foreign stock exchange list
means any publication which performs in the case of a foreign stock exchange a function equivalent, or broadly similar, to that performed by The Stock Exchange Daily Official List in relation to strips, and • “issuing government” means the government which issued the security mentioned in subsection (1)(a).
- foreign trade
means a trade carried on wholly outside the United Kingdom.
- friendly society
has the meaning given in the Friendly Societies Act 1992 (c. 40) and includes a society which under section 96(2) of that Act is to be treated as a registered friendly society, • “insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance, • “market value” has the meaning given by sections 272 and 273 of TCGA 1992, • “non-charitable trust” means a trust other than a charitable trust, and • “policy” means a policy of life insurance or a capital redemption policy.
- fund of funds
has the meaning given in paragraph 30;
- funding bonds
includes any bonds, stocks, shares, securities or certificates of indebtedness (but does not include any instrument providing for payment in the form of goods or services or a voucher).
- future
has the same meaning as in Part 7 of CTA 2009 (see section 581 of that Act);
- generating income from land
means exploiting an estate, interest or right in or over land as a source of rents or other receipts.
- genuine commercial arrangements
means arrangements involving A (alone or jointly with others performing investment management services) and external investors in the investment scheme.
- gilt-edged security
means a security which—
- Goods vehicle
means a mechanically propelled road vehicle which—
- group life policy
means a policy of life insurance whose terms provide—
- guaranteed income bond contract
means a policy of life insurance that is a contract of insurance which— (a) is within paragraph 1 or 3 of Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, and (b) is neither an annuity contract nor a contract effected in the course of a company's pension business, • “late payment interest”, in relation to a contract, means interest on an amount payable under the contract which is paid for a period beginning on or after the date of the occurrence as a result of which the amount is payable, and • “pension business” has the meaning given by section 58 of FA 2012 (or the corresponding enactment in force when the contract was effected).
- hedged item
means— (a) where the hedging instrument is a derivative contract, an investment made for the purposes of the scheme or a liability representing a loan relationship;
- hedging instrument
means a derivative contract or a liability representing a loan relationship, and • “hedged item” means— (a) where the hedging instrument is a derivative contract, an investment made for the purposes of the scheme or a liability representing a loan relationship;
- herd
includes a flock and any other collection of animals (however named), and
- hire-purchase agreement
has the meaning given by section 998A of ITA 2007.
- holder
has the meaning given by section 516(5), and • “policy holder” includes a holder of a life annuity contract.
- home
means an individual's only or main residence;
- houseboat
means a boat or similar structure designed or adapted for use as a place of human habitation, and • “income” includes amounts treated as income (whether expressly or by implication), •................................ • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31st January following the tax year, • “personal representatives”, in relation to a person who has died, means— (a) in the United Kingdom, persons responsible for administering the estate of the deceased, and (b) in a territory outside the United Kingdom, those persons having functions under its law equivalent to those of administering the estate of the deceased, • “tax year”, in relation to income tax, means a year for which any Act provides for income tax to be charged, • “the tax year 2005-06” means the tax year beginning on 6th April 2005 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way), and • “UK resident” means resident in the United Kingdom (and refe
- immediate needs annuity
means a contract for a purchased life annuity—
- Incidental costs of obtaining finance
means expenses—
- income
includes amounts treated as income (whether expressly or by implication), •................................ • “non-UK resident” means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there), • “normal self-assessment filing date”, in relation to a tax year, means the 31st January following the tax year, • “personal representatives”, in relation to a person who has died, means— (a) in the United Kingdom, persons responsible for administering the estate of the deceased, and (b) in a territory outside the United Kingdom, those persons having functions under its law equivalent to those of administering the estate of the deceased, • “tax year”, in relation to income tax, means a year for which any Act provides for income tax to be charged, • “the tax year 2005-06” means the tax year beginning on 6th April 2005 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way), and • “UK resident” means resident in the United Kingdom (and references to a UK resident or a UK resident person are to a person who is resident there).
- income from patents
means—
- income of an individual from investments under a plan
includes—
- income under the trust
includes any property held on the terms of the trust and falling to be treated as capital so far as it is or represents amounts received by the trustees as income.
- individual
includes a Scottish partnership if at least one partner is an individual.
- initial holding
means the holding held by the person at the beginning of the tax year.
- initial treatment
has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act).
- institutional arrangement
means—
- insurance company
means an undertaking carrying on the business of effecting or carrying out contracts of insurance, and • “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).
- Intangible asset
means anything that is capable of being an intangible asset within the meaning of FRS 105 and, in particular, includes—
- intellectual property
means— (a) any patent, trade mark, registered design, copyright or design right, plant breeders' rights or rights under section 7 of the Plant Varieties Act 1997, (b) any right under the law of a country or territory outside the United Kingdom corresponding or similar to a right within paragraph (a), (c) any information or technique not protected by a right within paragraph (a) or (b) but having industrial, commercial or other economic value, or (d) any licence or other right in respect of anything within paragraph (a), (b) or (c);
- interest
includes any bonus.