- a CIS return
means a return for the purposes of regulations under section 70(1)(a) of FA 2004 in connection with deductions on account of tax under the Construction Industry Scheme. • “an apprenticeship levy return” means a return under regulations under section 105 of FA 2016;
- a PAYE return
means a return for the purposes of PAYE regulations;
- a relevant film provision
means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).”
- an apprenticeship levy return
means a return under regulations under section 105 of FA 2016;
- an interested person
means—
- an unconditional obligation
means an obligation which may not be varied or extinguished by the exercise of any right conferred on the firm or LLP in question (whether or not under the contract).
- arrangement
includes any agreement or understanding (whether or not legally enforceable), • “creditor quasi-repo” has the meaning given by section 544 of CTA 2009, • “creditor repo” has the meaning given by section 543 of CTA 2009, • “debtor quasi-repo” has the meaning given by section 549 of CTA 2009, • “debtor repo” has the meaning given by section 548 of CTA 2009, • “discharge”, in relation to a liability, means the discharge of the liability in whole or in part (and “discharged” is to be read accordingly), • “the loan relationship rules” means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- assessment
includes determination, and
- Assets
has the same meaning as in paragraph 4A.
- associate
has the meaning given by section 61I, • “director” has the meaning given by section 67, • “managed service company” has the meaning given by section 61B, and • “MSC provider” means an MSC provider who is involved with the MSC (within the meaning of section 61B). 6 Section 61C(4) (extended meaning of “associate”) applies for the purposes of subsection (2)(d). 7 The Treasury may by order amend this section (but not this subsection or subsection (8)). 8 The Treasury must not make an order under subsection (7) unless a draft of it has been laid before and approved by a resolution of the House of Commons.”
- authorised investment fund assets
means assets of the company's long-term insurance fund consisting of rights under an authorised unit trust or shares in an open-ended investment company, • “the manager of the authorised investment fund” means— (a) in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, and (b) in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and • “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of th
- authorised officer
means an officer acting with the authority (which may be general or specific) of the Commissioners for Her Majesty's Revenue and Customs;
- avoidance arrangements
means, subject to sub-paragraph (3), arrangements which fall within sub-paragraph (2).
- avoidance-related rule
has the same meaning as in Part 4 of Schedule 18 to FA 2016 (see paragraph 25 of that Schedule);
- business
means any trade, profession or vocation, • “the client” has the meaning given by section 61D(4), • “employer's national insurance contributions” means secondary Class 1 or Class 1A national insurance contributions, • “managed service company” has the meaning given by section 61B, • “national insurance contributions” means contributions under Part 1 of SSCBA 1992 or Part 1 of SSCB(NI)A 1992, • “PAYE provisions” means the provisions of Part 11 or PAYE regulations, • “the relevant services” has the meaning given by section 61D(4), and • “the worker” has the meaning given by section 61D(4). 2 Nothing in section 995 of ITA 2007 (meaning of control) applies for the purposes of this Chap
- charge
includes an admission charge, but does not include— a any payment of the whole or any part of an annual subscription to a club, b any payment of an entrance subscription for membership of a club, or c any stakes hazarded. 4 In sub-paragraph (3)— • “club” means a club which is so constituted and conducted, in respect of membership and otherwise, as not to be of a temporary character, and • “membership of a club” does not include temporary membership of a club.”
- closing year
has the same meaning as in Chapter 3 of Part 2 of FA 1993 or Chapter 5 of Part 4 of FA 1994.
- club
means a club which is so constituted and conducted, in respect of membership and otherwise, as not to be of a temporary character, and • “membership of a club” does not include temporary membership of a club.”
- club gaming permit
has the same meaning as in that Act (see section 271);”
- collective investment scheme
means any arrangements which are a collective investment scheme for the purposes of Part 17 of the Financial Services and Markets Act 2000 (see section 235 of that Act and orders made under subsection (5) of that section) or would be if the words “, within a period appearing to him to be reasonable,” were omitted from section 236(3)(a) of that Act. 4 But the reference to offshore funds in section 760(3)(a) does not include any arrangements which are not a collective investment scheme for the purposes of that Part of that Act.”
- company
means any body corporate or unincorporated association, but does not include a partnership, a local authority or a local authority association.
- corporation tax credit
means—
- creditor quasi-repo
has the meaning given by section 544 of CTA 2009, • “creditor repo” has the meaning given by section 543 of CTA 2009, • “debtor quasi-repo” has the meaning given by section 549 of CTA 2009, • “debtor repo” has the meaning given by section 548 of CTA 2009, • “discharge”, in relation to a liability, means the discharge of the liability in whole or in part (and “discharged” is to be read accordingly), • “the loan relationship rules” means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in
- creditor repo
has the meaning given by section 543 of CTA 2009, • “debtor quasi-repo” has the meaning given by section 549 of CTA 2009, • “debtor repo” has the meaning given by section 548 of CTA 2009, • “discharge”, in relation to a liability, means the discharge of the liability in whole or in part (and “discharged” is to be read accordingly), • “the loan relationship rules” means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the
- debtor quasi-repo
has the meaning given by section 549 of CTA 2009, • “debtor repo” has the meaning given by section 548 of CTA 2009, • “discharge”, in relation to a liability, means the discharge of the liability in whole or in part (and “discharged” is to be read accordingly), • “the loan relationship rules” means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- debtor repo
has the meaning given by section 548 of CTA 2009, • “discharge”, in relation to a liability, means the discharge of the liability in whole or in part (and “discharged” is to be read accordingly), • “the loan relationship rules” means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- designated
means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision. 8 An order under subsection (7) may— a designate a market by name or by reference to any class or description of market, and b vary or revoke a previous order under that subsection.”
- designated office of Revenue and Customs
has the meaning given by an order under section 114 of the Police and Criminal Evidence Act 1984 (c. 60) (power to extend provisions to HMRC) or, in Northern Ireland, by an order under Article 85 of the Police and Criminal Evidence (Northern Ireland) Order 1989 (S.I. 1989/1341 (N.I. 12)) (power to extend Order to HMRC).
- direct tax
means—
- director
has the meaning given by section 67, • “managed service company” has the meaning given by section 61B, and • “MSC provider” means an MSC provider who is involved with the MSC (within the meaning of section 61B). 6 Section 61C(4) (extended meaning of “associate”) applies for the purposes of subsection (2)(d). 7 The Treasury may by order amend this section (but not this subsection or subsection (8)). 8 The Treasury must not make an order under subsection (7) unless a draft of it has been laid before and approved by a resolution of the House of Commons.”
- documents or other things subject to legal privilege
means— (a) communications between a professional legal adviser and the adviser's client;
- domestic premises
means premises used wholly or mainly as a separate private dwelling, • “microgeneration system” has the same meaning as in section 4 of the Climate Change and Sustainable Energy Act 2006, and • “renewables obligation certificate” means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.”
- dwelling
includes— a a building which is being constructed or adapted for use as a dwelling, b land which is to be used for the purpose of the construction of a dwelling, and c land which is, or is to become, the garden or grounds of a dwelling. 8 For the purposes of the application of stamp duty land tax in relation to a shared ownership trust, the person (or persons) identified as the purchaser in accordance with paragraph 7, and not the social landlord or any other beneficiary, is (or are) to be treated as the purchaser of the trust property. 9 1 This paragraph applies where— a a shared ownership trust is declared, and b the purchaser elects for tax to be charged in accordance with this
- energy efficiency
includes— a consumption of energy, b conservation of energy, and c generation of energy. 5 The relief may take the form of— a exemption from charge, or b a reduction in the amount of tax chargeable. 6 Regulations under this section shall not have effect in relation to acquisitions on or after 1st October 2012. 7 The Treasury may by order— a substitute a later date for the date in subsection (6);
- Filing date
means the date when the document containing the inaccuracy is given to HMRC.
- financial institution
has the meaning given by section 46 of the Finance Act 2005 (alternative finance arrangements). ”
- first acquisition of a dwelling
means the acquisition of a building which— a has been constructed for use as a single dwelling, and b has not previously been occupied. 3 For the purpose of subsection (2) land occupied or enjoyed with a dwelling as a garden or grounds is part of the dwelling. 4 The regulations shall define “zero-carbon home” by reference to specified aspects of the energy efficiency of a building;
- flawed
means flawed when considered in the light of the principles applicable in proceedings for judicial review.
- foreign person
means a person who— a in the case of an individual, is not usually resident in the United Kingdom, b in the case of a body corporate, does not have an established place of business in the United Kingdom, and c in any other case, does not include an individual who is usually resident in the United Kingdom. 7 The regulations may include provision for the registration of groups of persons;
- gambling tax
means— a amusement machine licence duty, b bingo duty, c gaming duty, d general betting duty, e lottery duty, and f pool betting duty. 4 The Treasury may by order— a confer an exemption from remote gaming duty, or b remove or vary (whether or not by textual amendment) an exemption under this section. 5 In calculating P's remote gaming profits for an accounting period, no account shall be taken of amounts or prizes if, or in so far as, they relate to the provision of facilities to which an exemption applies under or by virtue of this section. 26I 1 P is liable for any remote gaming duty charged on P's remote gaming profits for an accounting period. 2 If P is a body corporate, P and P's directors are jointly and severally liable for any remote gaming duty charged on P's remote gaming profits for an accounting period. 3 The Commissioners may make regulations about payment of remote gaming duty;
- general betting operating licence
has the same meaning as in Part 5 of the Gambling Act 2005 (see section 65(2)(c));”
- general business
means business which consists of the effecting or carrying out of contracts that fall within Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).
- general insurer
means—
- given
includes made).
- grant
includes surrender.”
- greenhouse gases
means carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.
- group litigation order
means an order of a court providing for the case management of actions which give rise to common or related issues of fact or law, and • “judgment” includes order (and “given” includes made).
- group of companies
means a company and any other companies of which it has control. 7 For the purposes of subsection (4) “qualifying work” means work which— a is done in any EEA territory in which the controlled foreign company has a business establishment throughout the relevant accounting period, and b is done in that territory by individuals working for the controlled foreign company there. 8 Any reference in this section to a business establishment of a controlled foreign company in an EEA territory is to be construed in accordance with paragraph 7 of Schedule 25 (but as if the reference in that paragraph to the territory in which the company is resident were to the EEA territory). 9 F
- HMRC
means Her Majesty's Revenue and Customs.
- ICTA
means the Income and Corporation Taxes Act 1988 (c. 1), • “IHTA 1984” means the Inheritance Tax Act 1984 (c. 51), • “ITA 2007” means the Income Tax Act 2007 (c. 3), • “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 (c. 1), • “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005 (c. 5), • “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), • “TMA 1970” means the Taxes Management Act 1970 (c. 9), • “VATA 1994” means the Value Added Tax Act 1994 (c. 23), and • “VERA 1994” means the Vehicle Excise and Registration Act 1994 (c. 22).
- judgment
includes order (and “given” includes made).
- large employer
means a person paying PAYE income to 250 or more recipients (and regulations under this section may make provision as to the date or period by reference to which this is to be determined and the circumstances in which a person is to be treated as paying PAYE income to a recipient);”
- last active underwriting year
has the same meaning as in section 227A above (see subsections (2) to (4) of that section).”
- limited partner
means an individual who carries on a trade— a as a limited partner in a limited partnership registered under the Limited Partnerships Act 1907, b as a partner in a firm who in substance acts as a limited partner in relation to the trade (see subsection (2)), or c while the condition mentioned in subsection (3) is met in relation to the individual. 2 An individual in substance acts as a limited partner in relation to a trade if the individual— a is not entitled to take part in the management of the trade, and b is entitled to have any liabilities (or those beyond a certain limit) for debts or obligations incurred for the purposes of the trade met or reimbursed by some other
- managed service company
has the meaning given by section 61B, and • “MSC provider” means an MSC provider who is involved with the MSC (within the meaning of section 61B). 6 Section 61C(4) (extended meaning of “associate”) applies for the purposes of subsection (2)(d). 7 The Treasury may by order amend this section (but not this subsection or subsection (8)). 8 The Treasury must not make an order under subsection (7) unless a draft of it has been laid before and approved by a resolution of the House of Commons.”
- market value
has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- microgeneration system
has the same meaning as in section 4 of the Climate Change and Sustainable Energy Act 2006.”
- national insurance contributions
means contributions under Part 1 of SSCBA 1992 or Part 1 of SSCB(NI)A 1992, • “PAYE provisions” means the provisions of Part 11 or PAYE regulations, • “the relevant services” has the meaning given by section 61D(4), and • “the worker” has the meaning given by section 61D(4). 2 Nothing in section 995 of ITA 2007 (meaning of control) applies for the purposes of this Chapter.”
- New qualifying holdings
means shares or securities which (on transfer to the company) are comprised in the company's qualifying holdings. 8 If (and to the extent that) the holding was acquired with money the use of which is at any time ignored by virtue of section 280(2), subsections (2) to (6) do not apply in relation to that time. 9 Nothing in this section applies in relation to disposals between companies that are merging (within the meaning of section 323).”
- Non-profit making bingo
means bingo— a in respect of the playing of which no charge in money or money's worth is made, and b in respect of which no levy is charged on any of the stakes or on the winnings of any of the players (irrespective of the means by which the levy is charged), and it does not matter whether the charge or levy is compulsory, customary or voluntary. 3 In sub-paragraph (2)(a) “charge” includes an admission charge, but does not include— a any payment of the whole or any part of an annual subscription to a club, b any payment of an entrance subscription for membership of a club, or c any stakes hazarded. 4 In sub-paragraph (3)— • “club” means a club which is so constitute
- office of Revenue and Customs
means premises wholly or partly occupied by Her Majesty's Revenue and Customs, and • “designated office of Revenue and Customs” has the meaning given by an order under section 114 of the Police and Criminal Evidence Act 1984 (c. 60) (power to extend provisions to HMRC) or, in Northern Ireland, by an order under Article 85 of the Police and Criminal Evidence (Northern Ireland) Order 1989 (S.I. 1989/1341 (N.I. 12)) (power to extend Order to HMRC).
- officer
means—
- open-ended investment company
means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.”
- overseas securities
means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- overstatement
means an inaccuracy that does not satisfy that condition.
- payment or benefit
means anything that, if received by an employee for performing the duties of an employment, would be general earnings from the employment. 3 The amount of a payment or benefit is taken to be— a in the case of a payment or cash benefit, the amount received, and b in the case of a non-cash benefit, the cash equivalent of the benefit. 4 The cash equivalent of a non-cash benefit is taken to be— a the amount that would be general earnings if the benefit were general earnings from an employment, or b in the case of living accommodation, whichever is the greater of that amount and the cash equivalent determined in accordance with section 398(2). 5 A payment or benefit is treated as received— a in the case of a payment or cash benefit, when payment is made of or on account of the payment or benefit;
- post-commencement period of account
means any period of account ending on or after 6th December 2006, and • “post-commencement rental” means— (a) any amount receivable on or after 6th December 2006 in respect of any period beginning on or after that date, or (b) the appropriate fraction of any amount receivable on or after that date in respect of any period beginning before, and ending on or after, that date, but does not include any amount received before that date.
- post-commencement rental
means— (a) any amount receivable on or after 6th December 2006 in respect of any period beginning on or after that date, or (b) the appropriate fraction of any amount receivable on or after that date in respect of any period beginning before, and ending on or after, that date, but does not include any amount received before that date.
- premises
includes any place and, in particular— a any vehicle, vessel, aircraft or hovercraft;
- Protected money
means—
- qualifying country outside the United Kingdom
means any country outside the United Kingdom in which there is a recognised stock exchange. 5 References in the Income Tax Acts to securities which are included in the official UK list are to securities which are included in the official list (within the meaning of Part 6 of FISMA 2000) in accordance with the provisions of that Part. 6 In this section— • “recognised investment exchange” has the same meaning as in FISMA 2000 (see section 285), and • “securities” includes shares and stock.”
- qualifying work
means work which— a is done in any EEA territory in which the controlled foreign company has a business establishment throughout the relevant accounting period, and b is done in that territory by individuals working for the controlled foreign company there. 8 Any reference in this section to a business establishment of a controlled foreign company in an EEA territory is to be construed in accordance with paragraph 7 of Schedule 25 (but as if the reference in that paragraph to the territory in which the company is resident were to the EEA territory). 9 For the purposes of this section individuals are not to be regarded as working for a company in any territory unless— a they
- quality
includes timing, nature and extent.
- recognised investment exchange
has the same meaning as in FISMA 2000 (see section 285), and • “securities” includes shares and stock.”
- recognised stock exchange
means— a any market of a recognised investment exchange which is for the time being designated as a recognised stock exchange for the purposes of this section by an order made by the Commissioners for Her Majesty's Revenue and Customs, and b any market outside the United Kingdom which is for the time being so designated. 2 An order under subsection (1) may— a designate a market by name or by reference to any class or description of market (including, in the case of a market outside the United Kingdom, one framed by reference to any authority or approval given in a country outside the United Kingdom), b contain incidental, supplemental, consequential and transition
- reinsurance to close premium
means a premium or other consideration under a contract in pursuance of which, in accordance with the rules or practice of Lloyd's, one underwriting member agrees with another to meet liabilities arising from the latter's underwriting business in an underwriting year so that the accounts of the business for that year may be closed. 5 The group-relief continuity condition is satisfied if the corporate member (as the surrendering company) and the other company (as the claimant company) meet the conditions in section 402(2) or (3) of the Taxes Act 1988 throughout the period— a beginning with the last day of the last active underwriting year of the corporate member
- relative
means brother, sister, ancestor or lineal descendant.”
- relevant business transfer
means a transfer of an undertaking or a business (or part of an undertaking or a business) from one person to another— a which involves the transfer of at least 20 employees, and b in the case of which, if the transferor and the transferee are bodies corporate, they would not be treated as members of the same group for the purposes of Chapter 4 of Part 10 of ICTA. 8B For the purposes of sub-paragraph (8)(d) sums or assets held for the purposes of, or representing accrued rights under, the old arrangement are transferred as part of a retirement-benefit activities compliance exercise if— a there is a prospective entitlement to pension death benefits within section
- relevant partner
has the meaning given by paragraph 2(5) of Schedule 31 to FA 2014;
- relevant period
means— a the period beginning with the beginning of the tax year in which the chargeable event occurs and ending with the chargeable event, or b any of the 3 preceding tax years. 8 The Treasury may by order— a substitute another sum for the sum for the time being specified in subsection (3);
- relevant person
means— a any of the policyholders (including any of the persons who hold the contract), b a person who beneficially owns the rights under the policy or contract, c if those rights are held on trust, any of the trustees, or d a person connected with a person within any of paragraphs (a) to (c).”
- relevant pre-announcement capital expenditure
means— and for this purpose “an unconditional obligation” means an obligation which may not be varied or extinguished by the exercise of any right conferred on the firm or LLP in question (whether or not under the contract).
- relevant provision
means— a a provision of the Tax Acts, b an enactment relating to national insurance, or c a provision of subordinate legislation made under any such provision or enactment. 61D 1 This section applies if— a the services of an individual (“the worker”) are provided (directly or indirectly) by a managed service company (“the MSC”), b the worker, or an associate of the worker, receives (from any person) a payment or benefit which can reasonably be taken to be in respect of the services, and c the payment or benefit is not earnings (within Chapter 1 of Part 3) received by the worker directly from the MSC. 2 The MSC is treated as making to the worker, and the worker is treated as receiving, a payment which is to be treated as earnings from an employment (“the deemed employment payment”). 3 The deemed employment payment is treated as made at the time the payment or benefit mentioned in subsection (1)(b) is received. 4 In this Chapter— • “the worker” has the meaning given by subsection (1), • “the relevant services” means the services mentioned in that subsection, and • “the client” means the person to whom the relevant services are provided. 5 Section 61F supplements
- relevant qualifying exchange
means a multilateral trading facility, a recognised foreign options exchange or a recognised foreign exchange. 2B Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if— a the person is an options intermediary who is approved for the purposes of this section by the Commissioners;
- relevant tax
means any tax mentioned in the Table in paragraph 1.
- Relevant tax period
means a tax period—
- remote gaming
means gaming in which persons participate by the use of— a the internet, b telephone, c television, d radio, or e any other kind of electronic or other technology for facilitating communication. 2 For the purposes of remote gaming duty the expressions listed below shall be construed (for the whole of the United Kingdom) in accordance with the Gambling Act 2005. 3 In relation to remote gaming duty “P” means a person who provides facilities for remote gaming. 4 The Treasury may by order amend the definition of “remote gaming” in subsection (1) (and an order may include incidental, consequential or transitional provision). 26B A duty of excise to be known as remote gaming duty shall be charged on the provision of facilities for remote gaming if— a the facilities are provided in reliance on a remote operating licence, or b at least one piece of remote gambling equipment used in the provision of the facilities is situated in the United Kingdom (whether or not the facilities are provided for use wholly or partly in the United Kingdom). 26C 1 Remote gaming duty is chargeable at the rate of 15% of P's remote gaming profits for an accounting period. 2 P's remote gaming profi
- renewables obligation certificate
means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.”
- repo
means— (a) a debtor repo or debtor quasi-repo, or (b) a creditor repo or creditor quasi-repo (including anything treated, as a result of section 547 of CTA 2009, as a creditor repo for the purposes of section 546 of that Act).
- ring fence profits
has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).
- SCE
means an SCE formed in accordance with Council Regulation (EC) 1435/2003 on the Statute for a European Cooperative Society, and • “SE” means an SE formed in accordance with Council Regulation (EC) 2157/2001 on the Statute for a European Company.
- SE
means an SE formed in accordance with Council Regulation (EC) 2157/2001 on the Statute for a European Company.
- securities
(except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- service charges
has the meaning given by section 18 of the Landlord and Tenant Act 1985 (but as if that section also applied in relation to dwellings in Scotland and Northern Ireland).”
- shared ownership trust
means a trust of land, within the meaning of section 1 of the Trusts of Land and Appointment of Trustees Act 1996, which satisfies the following conditions. 2 Condition 1 is that the trust property is— a a dwelling, and b in England or Wales. 3 Condition 2 is that one of the beneficiaries (“the social landlord”) is a qualifying body (within the meaning of paragraph 5(2)). 4 Condition 3 is that the terms of the trust— a provide for one or more of the individual beneficiaries (“the purchaser”) to have exclusive use of the trust property as the only or main residence of the purchaser, b require the purchaser to make an initial payment to the social landlord (“the initia
- supervised access
means access under the supervision of an officer approved by the officer in overall charge of the investigation. 23H 1 This section applies where— a a document is removed under a production order;
- tax
includes national insurance contributions.
- tax advantage
includes— (a) relief or increased relief from tax, (b) repayment or increased repayment of tax, (c) avoidance or reduction of a charge to tax or an assessment to tax, (d) avoidance of a possible assessment to tax, (e) deferral of a payment of tax or advancement of a repayment of tax, (f) avoidance of an obligation to deduct or account for tax, and (g) in relation to VAT, anything which is a tax advantage for the purposes of Schedule 18 to FA 2016 under paragraph 5 of that Schedule.
- tax period
means a tax year, accounting period or other period in respect of which tax is charged,
- taxable person
means the person whose policy or contract the policy or contract is, immediately before the chargeable event. 6 For the purposes of subsection (4)(a) a person's policies and contracts “exceed the relevant threshold” as respects a relevant period if the total amount of premiums under them paid in that relevant period exceeds the sum specified in subsection (3). 7 In this section “relevant period” means— a the period beginning with the beginning of the tax year in which the chargeable event occurs and ending with the chargeable event, or b any of the 3 preceding tax years. 8 The Treasury may by order— a substitute another sum for the sum for the time being specified in subsection (3);
- the acquisition of the original master version of a film
has the same meaning as in Chapter 9 of Part 2 of ITTOIA 2005 (see sections 130 and 132 of that Act), • “film” is to be read in accordance with paragraph 1 of Schedule 1 to the Films Act 1985, and • “a relevant film provision” means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).”
- The appropriate amount
means such amount as is determined in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs to be the appropriate amount to be taken into account in that calculation.
- the appropriate body of persons
means— a if the controlled foreign company is not a member of a group of companies, the controlled foreign company and the persons who have an interest in it at any time in the relevant accounting period, and b if the controlled foreign company is a member of a group of companies, all the persons falling within paragraph (a) and any other person who is a member of that group of companies, and for the purposes of this subsection “group of companies” means a company and any other companies of which it has control. 7 For the purposes of subsection (4) “qualifying work” means work which— a is done in any EEA territory in which the controlled foreign company has
- the appropriate date
means—
- the client
means the person to whom the relevant services are provided. 5 Section 61F supplements this section. 61E 1 The amount of the deemed employment payment is the amount resulting from the following steps— Step 1 Find (applying section 61F) the amount of the payment or benefit mentioned in section 61D(1)(b).
- the Commissioners
means the Commissioners for Her Majesty's Revenue and Customs, and
- the denied advantage
has the same meaning as in Chapter 2 of Part 4 of FA 2014 (see section 208(3) of and paragraph 4(3) of Schedule 31 to that Act).
- the Directive
means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time,”
- the HMRC Commissioners
means the Commissioners for Her Majesty's Revenue and Customs.”
- the loan relationship rules
means the provisions of Part 5 of CTA 2009, • “market value” has the same meaning as in TCGA 1992, • “overseas dividend”, in relation to overseas securities, means any interest, dividend or other annual payment payable in respect of the securities, • “overseas securities” means shares, stock or other securities issued by— (a) a government or public or local authority of a territory outside the United Kingdom, or (b) any other body of persons not resident in the United Kingdom, • “securities” (except in the definition of “overseas securities”) means shares, stock or other securities issued by— (a) the government of the United Kingdom, (b) any public or local authority in the United Kingdom, or (c) any company or other body resident in the United Kingdom, or overseas securities, and • “tax advantage” has the meaning given by section 840ZA of ICTA.
- the manager of the authorised investment fund
means— (a) in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, and (b) in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and • “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.”
- the managers of an approved fund
has the same meaning as in section 251 of ITA 2007, and
- the Mergers Directive
means Council Directive 2009/133/EC, • “SCE” means an SCE formed in accordance with Council Regulation (EC) 1435/2003 on the Statute for a European Cooperative Society, and • “SE” means an SE formed in accordance with Council Regulation (EC) 2157/2001 on the Statute for a European Company.
- the prescribed period
means a period beginning with the date of the order under section 314A and prescribed by the Commissioners by regulations. 2D The making of an order under section 314A of that Act does not of itself mean that, for the purposes of section 118(2) of this Act, a person either did or did not have a reasonable excuse for non-compliance before the order was made. 2E Where an order is made under section 314A of that Act then for the purposes of section 118(2) of this Act— a the person identified in the order as the promoter of the proposal or arrangements cannot, in respect of any time after the end of the period mentioned in subsection (2B), rely on doubt as to notifiabilit
- the prescribed sum
means a sum prescribed by the Treasury by regulations, and b “the prescribed period” means a period beginning with the date of the order under section 314A and prescribed by the Commissioners by regulations. 2D The making of an order under section 314A of that Act does not of itself mean that, for the purposes of section 118(2) of this Act, a person either did or did not have a reasonable excuse for non-compliance before the order was made. 2E Where an order is made under section 314A of that Act then for the purposes of section 118(2) of this Act— a the person identified in the order as the promoter of the proposal or arrangements cannot, in respect of any time after th
- the relevant amount
means the amount (if any) equal to so much of the chargeable profits mentioned in subsection (4) of section 751A as can reasonably be regarded as representing the value mentioned in that subsection. 9 Part 5 of the Management Act (appeals against assessments to tax), apart from section 50, applies in relation to an appeal under this section as it applies in relation to an appeal against an assessment to tax. 10 In this section “relevant company tax return”, in relation to a company, means the return for the accounting period for which— a any sum is chargeable on the company under section 747(4)(a), or b any sum would be so chargeable but for section 751A, in respect of
- the relevant date
means—
- the relevant period
means the basis period for the tax year (unless the basis period is shorter than 6 months). 4 If the basis period for the tax year is shorter than 6 months, “the relevant period” means— a the period of 6 months beginning with the date on which the individual first started to carry on the trade (if the basis period begins with that date), or b the period of 6 months ending with the date on which the individual permanently ceased to carry on the trade (if the basis period ends with that date). 5 If— a any relief is given on the assumption that the individual devoted or will devote a significant amount of time to the trade in the relevant period for a tax year, but b the i
- the relevant repurchase
means—
- the relevant services
means the services mentioned in that subsection, and • “the client” means the person to whom the relevant services are provided. 5 Section 61F supplements this section. 61E 1 The amount of the deemed employment payment is the amount resulting from the following steps— Step 1 Find (applying section 61F) the amount of the payment or benefit mentioned in section 61D(1)(b).
- the relevant time
means the time when the document mentioned in sub-paragraph (1) is given to HMRC;
- the Taxes Acts
has the meaning given by section 118(1) of TMA 1970.
- the tribunal
has the same meaning as in paragraph 17 (see paragraph 17(5A)).
- the worker
has the meaning given by subsection (1), • “the relevant services” means the services mentioned in that subsection, and • “the client” means the person to whom the relevant services are provided. 5 Section 61F supplements this section. 61E 1 The amount of the deemed employment payment is the amount resulting from the following steps— Step 1 Find (applying section 61F) the amount of the payment or benefit mentioned in section 61D(1)(b).
- transaction
includes, in particular— a a non-land transaction, b an agreement, offer or undertaking not to take specified action, c any kind of arrangement whether or not it could otherwise be described as a transaction, and d a transaction which takes place after the acquisition by P of the chargeable interest. 3 The scheme transactions may include, for example— a the acquisition by P of a lease deriving from a freehold owned or formerly owned by V;
- tribunal
means the First-tier Tribunal or Upper Tribunal (as appropriate by virtue of paragraph 16(1)).
- UK
means the United Kingdom, including the territorial sea of the United Kingdom.
- understatement
means an inaccuracy that satisfies Condition 1 of paragraph 1, and
- undertaking to make good any tax loss
means an undertaking (in any terms) to make good (in whole or in part, and by any means) any cost to the individual or an associate of the individual resulting from a relevant provision, or a particular kind of relevant provision, applying in relation to payments made to the individual or associate. 6 In subsection (5) “relevant provision” means— a a provision of the Tax Acts, b an enactment relating to national insurance, or c a provision of subordinate legislation made under any such provision or enactment. 61D 1 This section applies if— a the services of an individual (“the worker”) are provided (directly or indirectly) by a managed service company (“the MSC”), b the worker, or an associate of the worker, receives (from any person) a payment or benefit which can reasonably be taken to be in respect of the services, and c the payment or benefit is not earnings (within Chapter 1 of Part 3) received by the worker directly from the MSC. 2 The MSC is treated as making to the worker, and the worker is treated as receiving, a payment which is to be treated as earnings from an employment (“the deemed employment payment”). 3 The deemed employment p
- underwriting year
means the calendar year.
- working day
means any day other than— a a Saturday;