- a business
means anything which— a is a trade, profession or vocation, and b is conducted on a commercial basis and with a view to the realisation of profits. 2 References in this Chapter to a disposal of an interest in shares in a company include a disposal of an interest in shares treated as made by virtue of section 122. 3 For the purposes of this Chapter “personal company”, in relation to an individual, means a company— a at least 5% of the ordinary share capital of which is held by the individual, and b at least 5% of the voting rights in which are exercisable by the individual by virtue of that holding. 4 For the purposes of subsection (3) if the individual holds any shares in the co
- a relevant act or failure
means—
- a relevant film provision
means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).”
- abandonment expenditure
means expenditure which is allowable for an oil field by virtue of section 3(1)(i) or (j);
- abandonment programme
means an abandonment programme under Part 4 of the Petroleum Act 1998;
- administrative receiver
means an administrative receiver within the meaning of section 251 of the Insolvency Act 1986 (c. 45) or Article 5(1) of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), • “administrator” means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order, • “credit” and “debit” have the same meaning as in section 130, • “deed of arrangement” means a deed of arrangement registered in accordance with...
- administrator
means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order, • “credit” and “debit” have the same meaning as in section 130, • “deed of arrangement” means a deed of arrangement registered in accordance with...
- alternative finance arrangements
means the arrangements referred to in section 71A(1), 72(1) or 72A(1);
- an unauthorised person
means anyone other than—
- an unconditional obligation
means an obligation which may not be varied or extinguished by the exercise of any right conferred on the individual in question (whether or not under the contract).
- ancillary arrangements
means arrangements that are connected with the raising of money through alternative finance arrangements (including arrangements to facilitate or enable money to be raised through alternative finance arrangements).
- annual rent
means the average annual rent over the term of the lease or, if— a different amounts of rent are payable for different parts of the term, and b those amounts (or any of them) are ascertainable at the effective date of the transaction, the average annual rent over the period for which the highest ascertainable rent is payable. 8 In this paragraph “relevant land” has the meaning given in section 55(3) and (4).”
- appeal period
means the period during which—
- appropriate proportion
means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the company. 8 “Trading group” means a group of companies— a one or more of whose members carry on trading activities, and b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities. 9 For the purposes of subsection (8) above “trading activities” means activities carried on by a member of the group— a in the course of, or for the purposes of, a trade being carried on by any member of the group, b for the purposes of a trade that any member of the group is preparing to carry on, c with a view to any member of the group acquiring or starting to carry on a trade, or d with a view to any member of the group acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group, and ii is not a member of the same group of companies as the acquiring company. 10 Activities do not qualify as trading activities under subsection (9)(c) or (d) above unless the acquisition is made, or the group member in questi
- appropriately reduced
means reduced by the amount (if any) by which the amount on which tax was charged at the rate of nil per cent. on the death of the survivor was increased by reason of the operation of section 8A above by virtue of the position of the deceased person.”
- Arrangement
includes any scheme, understanding, transaction or series or transactions (whether or not enforceable). 4 “Income tax advantage” has the meaning given by section 683. 5 “Capital gains tax advantage” means— a a relief from capital gains tax or increased relief from capital gains tax, b a repayment of capital gains tax or increased repayment of capital gains tax, c the avoidance or reduction of a charge to capital gains tax or an assessment to capital gains tax, or d the avoidance of a possible assessment to capital gains tax. 809T 1 This section applies if— a foreign chargeable gains accrue to an individual on the disposal of an asset, and b the individual does not receive consideration for the disposal of an amount equal to the market value of the asset. 2 For the purposes of this Chapter treat the asset as deriving from the chargeable gains. 809U Where— a income or foreign chargeable gains are treated as arising or accruing, and b by virtue of anything done in relation to anything regarded as deriving from the income or chargeable gains, the income or chargeable gains would otherwise be regarded as remitted to the United Kingdom before the time when they are treated
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- assessable profit
means assessable profit before any reduction under section 7 of OTA 1975 (relief for allowable losses);
- asset
means an asset within the scope of the dormant assets scheme (see section 1(6) of the 2022 Act);
- assets
has the meaning given in section 21(1) of TCGA 1992, but also includes sterling;
- associated employments
means employments with the same employer or with associated employers. 4 Section 24(5) and (6) (meaning of “associated employer”) apply for the purposes of this section. 41E 1 This section applies if the proportion of the securities income that would otherwise be regarded as “foreign” is not, having regard to all the circumstances, one that is just and reasonable. 2 The amount of the securities income that is “foreign” is such amount as is just and reasonable (rather than the amount calculated in accordance with section 41C).”
- authorised person
means a person who is, or is a member of a class of persons who are, authorised by the Commissioners to exercise the powers under subsection (3), • “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs, • “enactment” includes an enactment contained in subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)), • “HMRC matter” means a matter in relation to which the Commissioners, or officers of Revenue and Customs, have a power or duty, and • “produce”, in relation to a document, includes furnish, deliver and any other equivalent expression.
- authorised reclaim fund
has the same meaning as in the Dormant Assets Acts 2008 to 2022.
- available alternative finance arrangements
means alternative finance arrangements of a kind that, under regulations, are available for raising money;
- Aviation gasoline
means light oil which— a is specially produced as fuel for aircraft, b at 37.8oC, has a Reid Vapour Pressure of not less than 38kPa and not more than 49kPa, and c is delivered for use solely as fuel for aircraft.”
- bearer instrument
has the meaning given in paragraph 3 of Schedule 15 to the Finance Act 1999.”
- bond issuer
means the person by or through whom bonds were issued, and b “relevant creditor” and “relevant debt” have the same meanings as in section 939(4A).”
- business assets
means assets that an officer of Revenue and Customs has reason to believe are owned, leased or used in connection with the carrying on of a business by any person (but see sub-paragraph (4)), • “business documents” means documents (or copies of documents)— (a) that relate to the carrying on of a business by any person, and (b) that form part of any person's statutory records, and • “business premises”, in relation to a person, means premises (or any part of premises) that an officer of Revenue and Customs has reason to believe are (or is) used in connection with the carrying on of a business by or on behalf of the person.
- business documents
means documents (or copies of documents)— (a) that relate to the carrying on of a business by any person, and (b) that form part of any person's statutory records, and • “business premises”, in relation to a person, means premises (or any part of premises) that an officer of Revenue and Customs has reason to believe are (or is) used in connection with the carrying on of a business by or on behalf of the person.
- calculation date
means the date by reference to which the potential lost revenue is to be calculated (see paragraph 7).
- Capital gains tax advantage
means— a a relief from capital gains tax or increased relief from capital gains tax, b a repayment of capital gains tax or increased repayment of capital gains tax, c the avoidance or reduction of a charge to capital gains tax or an assessment to capital gains tax, or d the avoidance of a possible assessment to capital gains tax. 809T 1 This section applies if— a foreign chargeable gains accrue to an individual on the disposal of an asset, and b the individual does not receive consideration for the disposal of an amount equal to the market value of the asset. 2 For the purposes of this Chapter treat the asset as deriving from the chargeable gains. 809U Where— a income or foreign chargeable gains are treated as arising or accruing, and b by virtue of anything done in relation to anything regarded as deriving from the income or chargeable gains, the income or chargeable gains would otherwise be regarded as remitted to the United Kingdom before the time when they are treated as arising or accruing, treat the income or chargeable gains as remitted to the United Kingdom at that time. 809V 1 Money that is brought to the United Kingdom by way of one or more d
- capital market instrument
means an instrument transferring a capital market investment issued as part of a capital market arrangement, and • “capital market investment” and “capital market arrangement” have the same meaning as in section 72B of the Insolvency Act 1986 (see paragraphs 1 to 3 of Schedule 2A to that Act).”
- Capital payment
means any payment except one which, if made to the lessor— a would fall to be included in a calculation of the lessor's income for income tax purposes, or b would fall to be included in such a calculation but for section 148A of ITTOIA 2005 (rental earnings under long funding finance lease). 3 “Lease” includes— a a licence, and b the letting of a ship or aircraft on charter or the letting of any other asset on hire, and “lessor” and “lessee” are to be read accordingly. 4 “Lease of plant or machinery” includes a lease of plant or machinery and other property but does not include— a a lease where the income attributable to the lease received by the lessor (if any) would be ch
- carbon reduction trading scheme allowances
means tradeable allowances that— (a) are provided for in a relevant trading scheme, and (b) represent the right to carry on a specified amount of activities that consist of the emission of greenhouse gas or that cause or contribute, directly or indirectly, to such emissions;
- change in trading stock
means—
- chargeable overseas earnings
has the same meaning as in section 22 of ITEPA 2003 (see section 23 of that Act). 7 “The Commissioners” means the Commissioners for Her Majesty's Revenue and Customs.”
- chargeable period
means—
- chargeable soft drinks
has the same meaning as in Part 2 of FA 2017.
- charity
has the same meaning as in Chapter 2 of Part 8 of ITA 2007 (gift aid);
- checking
includes carrying out an investigation or enquiry of any kind, • “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs, • “document” includes a part of a document (except where the context otherwise requires), • “enactment” includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)), • “HMRC” means Her Majesty's Revenue and Customs, • “premises” includes— (a) any building or structure, (b) any land, and (c) any means of transport, • “the Taxes Acts” means— (a) TMA 1970, (b) the Tax Acts, and (c) TCGA 1992 and all other enactments relating to capital gains tax,... • “taxpayer”, in relation to a taxpayer notice or a third party notice, has the meaning given in paragraph 1(1) or 2(1) (as appropriate), and. • “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- close company
has the same meaning as in the Corporation Tax Acts (see sections 414 and 415 of ICTA), d “settlement” and “settlor” have the same meaning as in Chapter 2 of Part 9, e “beneficiary”, in relation to a settlement, means any person who receives, or may receive, any benefit under or by virtue of the settlement, f “trustee” has the same meaning as in section 993 (see, in particular, section 994(3)), and g a body is “connected with” a settlement if the body falls within section 993(3)(c), (d), (e) or (f) as regards the settlement. 809N 1 This section applies for the purposes of determining whether or not income or chargeable gains of an individual are remitted to the United Kingdom by virtue of condition C in section 809L. 2 A “gift recipient” means a person, other than a relevant person, to whom the individual makes a gift of money or other property that— a is income or chargeable gains of the individual, or b derives (wholly or in part, and directly or indirectly) from income or chargeable gains of the individual. 3 The question of whether or not a person is a relevant person is to be determined by reference to the time when a gift is made. 4 But, if a person to whom a
- Coal
has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry). 3 The production of coal includes the extraction of it. 30C In paragraph 26(1)(hc) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.”
- Commissioners
means the Commissioners for Her Majesty's Revenue and Customs (except in the expression “Special Commissioners”);
- company
means any body corporate or unincorporated association, but does not include a partnership, a local authority or a local authority association.
- connected arrangements
means any arrangements entered into in connection with the making of the alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements);
- connected company
means— a a company connected with D, with a member of D's family or with an employer of D, or b a company connected with such a company.”
- contract settlement
means an agreement made in connection with any person's liability to make a payment to the Commissioners for Her Majesty's Revenue and Customs under or by virtue of any enactment.”
- corporation tax
includes any amount assessable or chargeable as if it were corporation tax.
- corporation tax credit
means— i an R&D tax credit under Schedule 20 to FA 2000, ii a land remediation tax credit or life assurance company tax credit under Schedule 22 to FA 2001, iii a tax credit under Schedule 13 to FA 2002 (vaccine research etc), iv a film tax credit under Schedule 5 to FA 2006, or v a first-year tax credit under Schedule A1 to CAA 2001,”
- Counteraction provision
means—
- current participator
means a person who is, by virtue of paragraph (a), (b) or (c) of the definition in section 12, a participator in the relevant oil field in the chargeable period in which the abandonment expenditure is incurred;
- deed of arrangement
means a deed of arrangement registered in accordance with...
- disposal associated with a relevant material disposal
has the meaning given by section 169K, • “disposal of business assets” has the meaning given by section 169I(2), • “disposal of trust business assets” has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “entrepreneurs' relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA
- disposal of business assets
has the meaning given by section 169I(2), • “disposal of trust business assets” has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “entrepreneurs' relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant bus
- disposal of trust business assets
has the meaning given by section 169J, • “employment” has the meaning given by section 4 of ITEPA 2003, • “entrepreneurs' relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation
- document
includes a part of a document (except where the context otherwise requires), • “enactment” includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)), • “HMRC” means Her Majesty's Revenue and Customs, • “premises” includes— (a) any building or structure, (b) any land, and (c) any means of transport, • “the Taxes Acts” means— (a) TMA 1970, (b) the Tax Acts, and (c) TCGA 1992 and all other enactments relating to capital gains tax,... • “taxpayer”, in relation to a taxpayer notice or a third party notice, has the meaning given in paragraph 1(1) or 2(1) (as appropriate), and. • “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- double taxation relief arrangements
means arrangements specified in an Order in Council making any such provisions as are referred to in section 788 of ICTA. 832B 1 The only case in which deductions are allowed from the income mentioned in section 832(2) is where the income is from a trade, profession or vocation carried on outside the United Kingdom. 2 In that case the same deductions are allowed as are allowed under the Income Tax Acts where the trade, profession or vocation is carried on in the United Kingdom.”
- due day
means the day on which the payment towards abandonment expenditure becomes due under the relevant agreement or the abandonment programme.”
- earlier relevant qualifying business disposals
means— a where the qualifying business disposal is made by an individual, earlier qualifying business disposals made by the individual and earlier disposals of trust business assets in respect of which the individual is the qualifying beneficiary, and b where the qualifying business disposal is a disposal of trust business assets in respect of which an individual is the qualifying beneficiary, earlier disposals of trust business assets in respect of which that individual is the qualifying beneficiary and earlier qualifying business disposals made by that individual. 8 If, on the same day, there is both a disposal of trust business assets in respect of which an individual is the qualifying beneficiary and a qualifying business disposal by the individual, this section applies as if the disposal of trust business assets were later. 9 Any gain or loss taken into account under subsection (1) is not to be taken into account under this Act as a chargeable gain or an allowable loss. 169O 1 This section applies where, on a disposal of trust business assets, there is (in addition to the qualifying beneficiary) at least one other beneficiary wh
- Effective date
has the same meaning for the purposes of sub-paragraph (8) as for the purposes of Part 4 of FA 2003 (see section 119 of that Act).
- election
means an election in writing, or in any other form authorised by direction of the Commissioners, made to the Commissioners;
- employer-financed retirement benefits scheme
has the same meaning as in Chapter 2 of Part 6 of ITEPA 2003 (see sections 393A and 393B of that Act);
- employment
has the meaning given by section 4 of ITEPA 2003, • “entrepreneurs' relief” has the meaning given by section 169H(1), • “holding company” has the same meaning as in section 165 (see section 165A), • “material disposal of business assets” has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asse
- enactment
includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)), • “HMRC” means Her Majesty's Revenue and Customs, • “premises” includes— (a) any building or structure, (b) any land, and (c) any means of transport, • “the Taxes Acts” means— (a) TMA 1970, (b) the Tax Acts, and (c) TCGA 1992 and all other enactments relating to capital gains tax,... • “taxpayer”, in relation to a taxpayer notice or a third party notice, has the meaning given in paragraph 1(1) or 2(1) (as appropriate), and. • “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- excepted vehicle
means a vehicle that is an excepted vehicle within the meaning of Schedule 1;”
- Exchequer account
means— (a) the Consolidated Fund, (b) the Debt Management Account, (c) the Exchange Equalisation Account, or (d) the National Loans Fund;
- excise duty point
has the meaning given by section 1 of F(No.2)A 1992 (and includes any excise duty point created or deemed to be created as a result of provision in regulations under section 45 of the Taxation (Cross-border Trade) Act 2018 (general regulation making power for excise duty purposes etc)), and • “goods” has the meaning given by section 1(1) of CEMA 1979. • “chargeable soft drinks” has the same meaning as in Part 2 of FA 2017.
- Existing HMRC concession
means a statement made by the Commissioners for Her Majesty's Revenue and Customs before the passing of this Act, and having effect at that time, that they will treat persons as if they were entitled to— to which they are not, or may not be, entitled in accordance with the law.
- financial claim
means a claim (whether or not legally enforceable) for the payment of an amount of money, including a claim in respect of— (a) money paid or not paid by any person, (b) interest earned or not earned by any person, or (c) loss, costs or expenses incurred by any person;
- financial institution
means—
- financial institution notice
means a notice under this paragraph.
- flawed
means flawed when considered in the light of the principles applicable in proceedings for judicial review.
- foreign chargeable gains
has the meaning given by section 12(4).”
- foreign loss
means a loss accruing from the disposal of an asset situated outside the United Kingdom. 16ZB 1 This section applies to an individual for a tax year (“the applicable tax year”) if— a the individual has made an election under section 16ZA, b foreign chargeable gains accrued to the individual in or after the relevant tax year (within the meaning of section 16ZA) but before the applicable tax year, and c by reason of the remission of any of the foreign chargeable gains to the United Kingdom, chargeable gains are treated under section 12 as accruing to the individual in the applicable tax year (“the relevant gains”). 2 Section 2(2) or (4) has effect for the applicable tax year as if the relevant gains had not accrued. 3 The amount on which the individual is charged to capital gains tax for the applicable tax year is (instead of the amount given by section 2(2) or (4)(b), as reduced under section 3) the sum of— a the adjusted taxable amount, and b the amount of the relevant gains. 4 “The adjusted taxable amount” is— a if section 3(1) (annual exempt amount) does not apply to the individual for the applicable tax year, the amount given by section 2(2) or (4)(b) as it has ef
- foreign tax
means any tax chargeable under the law of a territory outside the United Kingdom. 809K 1 Sections 809L to 809Z6 apply for the purposes of— a this Chapter, b sections 22 and 26 of ITEPA 2003 (relevant foreign earnings charged on remittance basis), c section 41A of that Act (specific employment income from securities etc charged on remittance basis), d section 832 of ITTOIA 2005 (relevant foreign income charged on remittance basis), and e section 12 of TCGA 1992 (foreign chargeable gains charged on remittance basis). 2 Those sections— a explain what is meant by income or chargeable gains being “remitted to the United Kingdom” (sections 809L to 809O), b provide for the calculation of the amount remitted (section 809P), c contain rules for attributing transfers from mixed funds to particular kinds of income and capital (sections 809Q to 809S), d contain supplementary provision for certain cases (sections 809T and 809U), and e treat income or chargeable gains as not remitted to the United Kingdom in certain cases (sections 809V to 809Z6). 809L 1 An individual's income is, or chargeable gains are, “remitted to the United Kingdom” if— a conditions A and B are met, b conditio
- former participator
means a person who— (a) is not a current participator, but (b) was, by virtue of paragraph (a), (b) or (c) of the definition in section 12, a participator in the relevant oil field in any chargeable period before the chargeable period in which the abandonment expenditure is incurred;
- gift aid donation
means a gift which is a qualifying donation for the purposes of Chapter 2 of Part 8 of ITA 2007;
- gift aid supplement
has the meaning given in paragraph 1(1);
- gift recipient
means a person, other than a relevant person, to whom the individual makes a gift of money or other property that— a is income or chargeable gains of the individual, or b derives (wholly or in part, and directly or indirectly) from income or chargeable gains of the individual. 3 The question of whether or not a person is a relevant person is to be determined by reference to the time when a gift is made. 4 But, if a person to whom a gift is made subsequently becomes a relevant person, the person ceases to be a gift recipient. 5 The individual “makes a gift of” property if the individual disposes of the property— a for no consideration, or b for consideration less than the full consideration in money or money's worth that would be given if the disposal were by way of a bargain made at arm's length;
- goods
has the meaning given by section 1(1) of CEMA 1979. • “chargeable soft drinks” has the same meaning as in Part 2 of FA 2017.
- government account
means— (a) an Exchequer account, or (b) any other account in which money is held by or on behalf of Her Majesty's Government in the United Kingdom.
- grossed up distribution
means the distribution increased by the amount of any tax chargeable in respect of the distribution directly or by deduction under the laws of the territory in which the company is resident, including special withholding tax, • “minority shareholder”, in relation to a company, has the meaning given in section 397C, • “relevant distribution”, in relation to a person, means— (a) a qualifying distribution arising in a relevant tax year, (b) a cash dividend paid over to the person under paragraph 68(4) of Schedule 2 of ITEPA 2003 (cash dividend paid over if not reinvested etc) in a relevant tax year, and (c) a dividend treated under section 407 as paid to the person in
- group of companies
means a company which has one or more 51% subsidiaries together with those subsidiaries, • “joint venture company” means a company— (a) which is a trading company or the holding company of a trading group, and (b) 75% or more of the ordinary share capital of which (in aggregate) is held by not more than 5 persons (the shareholdings of members of a group of companies being regarded for the purposes of this paragraph as held by a single company), • “ordinary share capital” has the meaning given by section 989 of ITA 2007, • “qualifying shareholding”, in relation to a company and a joint venture company, means— (a) the holding by the company of 10% or more of the ordinary s
- guarantee
includes an indemnity, and “guaranteed” is to be read accordingly.
- Herd basis election
means an election under Chapter 8 of Part 2 of ITTOIA 2005 or Chapter 8 of Part 3 of CTA 2009.
- HMRC
means Her Majesty's Revenue and Customs.
- Holding company
means a company that has one or more 51% subsidiaries. 3 “Trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities. 4 For the purposes of subsection (3) above “trading activities” means activities carried on by the company— a in the course of, or for the purposes of, a trade being carried on by it, b for the purposes of a trade that it is preparing to carry on, c with a view to its acquiring or starting to carry on a trade, or d with a view to its acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group, and ii if the acquiring company is a member of a group of companies, is not a member of that group. 5 Activities do not qualify as trading activities under subsection (4)(c) or (d) above unless the acquisition is made, or the company starts to carry on the trade, as soon as is reasonably practicable in the circumstances. 6 The reference in subsection (4)(d) above to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordina
- 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), • “OTA 1975” means the Oil Taxation Act 1975 (c. 22), • “TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), • “TMA 1970” means the Taxes Management Act 1970 (c. 9), • “TPDA 1979” means the Tobacco Products Duty Act 1979 (c. 7), • “VATA 1994” means the Value Added Tax Act 1994 (c. 23), and • “VERA 1994” means the Vehicle Excise and Registration Act 1994 (c. 22).
- Importation
means the property being brought to, or received or used in, the United Kingdom in circumstances in which section 809L(2)(a) applies. 10 Condition D is that the property attracts a relevant VAT relief (see section 809Z1). 809Z1 1 Property “attracts a relevant VAT relief” if any of conditions 1 to 4 is met. 2 Condition 1 is that article 5(1) of the Value Added Tax (Imported Goods) Relief Order 1984 applies in relation to the importation of the property by virtue of Group 9 of Schedule 2 to that Order (importation of works of art or collectors' pieces by museums etc). 3 Condition 2 is that article 5(1) would so apply if the following requirements were disregarded— a the requireme
- Income tax advantage
has the meaning given by section 683. 5 “Capital gains tax advantage” means— a a relief from capital gains tax or increased relief from capital gains tax, b a repayment of capital gains tax or increased repayment of capital gains tax, c the avoidance or reduction of a charge to capital gains tax or an assessment to capital gains tax, or d the avoidance of a possible assessment to capital gains tax. 809T 1 This section applies if— a foreign chargeable gains accrue to an individual on the disposal of an asset, and b the individual does not receive consideration for the disposal of an amount equal to the market value of the asset. 2 For the purposes of this Chapter treat the asset as deriving from the chargeable gains. 809U Where— a income or foreign chargeable gains are treated as arising or accruing, and b by virtue of anything done in relation to anything regarded as deriving from the income or chargeable gains, the income or chargeable gains would otherwise be regarded as remitted to the United Kingdom before the time when they are treated as arising or accruing, treat the income or chargeable gains as remitted to the United Kingdom at that time. 809V 1 Mone
- information notice
means a notice under paragraph 1, 2, 4A,, 5 or 5A.
- insurance year
has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);”
- investment transaction
means any transaction of a description specified for the purposes of this section in regulations made by the Commissioners for Her Majesty's Revenue and Customs. 3 Provision made in regulations under subsection (2) may, in particular, have effect in relation to the tax year current on the day on which the regulations are made.”
- investor
has the same meaning as in paragraph 1 of Schedule 5B or paragraph 1 of Schedule 5C, • “the original gain” has the same meaning as in paragraph 1 of Schedule 5B or paragraph 1 of Schedule 5C, • “the postponed gain” means so much of the original gain as is treated by paragraph 2(2)(a) of Schedule 5B or paragraph 2(2)(a) of Schedule 5C as not having accrued at the accrual time, and • “relevant shares” has the same meaning as in Schedule 5B or Schedule 5C.
- involved third party
means a person described in the first column of the Table below.
- joint venture company
means a company— (a) which is a trading company or the holding company of a trading group, and (b) 75% or more of the ordinary share capital of which (in aggregate) is held by not more than 5 persons (the shareholdings of members of a group of companies being regarded for the purposes of this paragraph as held by a single company), • “ordinary share capital” has the meaning given by section 989 of ITA 2007, • “qualifying shareholding”, in relation to a company and a joint venture company, means— (a) the holding by the company of 10% or more of the ordinary share capital of the joint venture company, or (b) (where the company is a member of a group of companies) the ho
- Kerosene
means heavy oil of which more than 50% by volume distils at a temperature of 240oC or less.”
- land transaction
has the same meaning as in Part 4 of FA 2003, except that it does not include a transfer of an interest in a property-investment partnership (within the meaning of Schedule 15 of that Act).
- Lease
includes— a a licence, and b the letting of a ship or aircraft on charter or the letting of any other asset on hire, and “lessor” and “lessee” are to be read accordingly. 4 “Lease of plant or machinery” includes a lease of plant or machinery and other property but does not include— a a lease where the income attributable to the lease received by the lessor (if any) would be chargeable to tax under Part 3 of ITTOIA 2005 (property income), or b a lease of plant or machinery where the lessor has incurred what would (but for section 34A of CAA 2001) be qualifying expenditure (within the meaning of Part 2 of that Act) on the plant or machinery. 5 “Relevant arrangement” means any agreement
- Lease of plant or machinery
includes a lease of plant or machinery and other property but does not include— a a lease where the income attributable to the lease received by the lessor (if any) would be chargeable to tax under Part 3 of ITTOIA 2005 (property income), or b a lease of plant or machinery where the lessor has incurred what would (but for section 34A of CAA 2001) be qualifying expenditure (within the meaning of Part 2 of that Act) on the plant or machinery. 5 “Relevant arrangement” means any agreement or arrangement relating to a lease of plant or machinery, including one made before the lease is entered into or after it has ended (and, accordingly, “lessor” and lessee” include
- local authority
has the meaning given in section 999 of ITA 2007, and • “local authority association” has the meaning given in section 1000 of that Act.
- material disposal of business assets
has the meaning given by section 169I, • “office” has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business asse
- mixed fund
means money or other property which, immediately before the transfer, contains or derives from— a more than one of the kinds of income and capital mentioned in subsection (4), or b income or capital for more than one tax year. 7 References in this section to the amount of the transfer include the market value of it. 8 References in this section and section 809R to anything deriving from income or capital within paragraph (i) of subsection (4) do not include— a income or gains within any of paragraphs (a) to (h) of that subsection, or b anything deriving from such income or gains. 809R 1 This section applies for the purposes of step 1 of section 809Q(3) (composition of mixed fund). 2 Treat property which derives wholly or in part (and directly or indirectly) from an individual's income or capital for a tax year as consisting of or containing that income or capital. 3 If a debt relating (wholly or in part, and directly or indirectly) to property is at any time satisfied (wholly or in part) by— a an individual's income or capital for a tax year, or b anything deriving (directly or indirectly) from such income or capital, from that time treat the property as consisting of
- modifications
includes amendments, repeals and revocations.
- Money
has the same meaning as in section 809Y of ITA 2007.
- new regulation-making power
means the regulation-making power substituted by paragraph 2, 3 or 5, and • “superseded provision” means— (a) in relation to paragraph 2, the existing section 127(12) and (13) of FA 1995, (b) in relation to paragraph 3, the existing paragraph 3(3) and (4) of Schedule 26 to FA 2003, or (c) in relation to paragraph 5, the existing section 827(2) and (3) of ITA 2007.
- nil-rate band maximum
means the amount shown in the second column in the first row of the Table in Schedule 1 to this Act (upper limit of portion of value charged at rate of nil per cent.) and in the first column in the second row of that Table (lower limit of portion charged at next rate). 8B 1 A claim under section 8A above may be made— a by the personal representatives of the survivor within the permitted period, or b (if no claim is so made) by any other person liable to the tax chargeable on the survivor's death within such later period as an officer of Revenue and Customs may in the particular case allow. 2 If no claim under section 8A above has been made in relation to a person (P) by reference to whose death that section applies in relation to the survivor, the claim under that section in relation to the survivor may include a claim under that section in relation to P if that does not affect the tax chargeable on the value transferred by the chargeable transfer of value made on P's death. 3 In subsection (1)(a) above “the permitted period” means— a the period of two years from the end of the month in which the survivor dies or (if it ends later) the period of three months
- non-taxable field
means an oil field which meets the conditions in subsection (1), (1ZA) or (1A), and • “taxable field” means an oil field which is not a non-taxable field.”
- notice of enquiry
means a notice under paragraph 12 of Schedule 10, or paragraph 7 of Schedule 11A, to FA 2003.
- notification obligation
means an obligation under— a paragraph 5, 6, 7 or 14(2) or (3) of Schedule 1, b paragraph 3 of Schedule 2, c paragraph 3 or 8(2) of Schedule 3, d paragraph 3, 4 or 7(2) or (3) of Schedule 3A, or e regulations under paragraph 2(4) of Schedule 11.”
- notional payment amount
means the amount of the payments that would represent a reasonable commercial return (within the meaning of section 48A(1) of the Finance Act 2005) on the bond over the bond term, less the amount of the payments actually made. b subsections (6)(b), (7), (7A), (7B) and (13) have effect as if references to interest were references to additional payments (“additional payments” having the same meaning as in section 48A of the Finance Act 2005), and c subsections (7B) and (13) also have effect as if— i references to a capital market investment were references to the loan capital falling within paragraph (d) of section 78(7), and ii references to a capital market arrangem
- office
has the meaning given by section 5(3) of ITEPA 2003, • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), • “qualifying business disposal” has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as
- officer
means a member.
- ordinary share capital
has the meaning given by section 989 of ITA 2007, • “qualifying shareholding”, in relation to a company and a joint venture company, means— (a) the holding by the company of 10% or more of the ordinary share capital of the joint venture company, or (b) (where the company is a member of a group of companies) the holding by the company and the other members of the group (between them) of 10% or more of that ordinary share capital, and • “trade” means (subject to section 241(3)) anything which— (a) is a trade, profession or vocation, within the meaning of the Income Tax Acts, and (b) is conducted on a commercial basis and with a view to the realisation of profits.”
- overseas dividend
has the same meaning as in that Part (see section 567 of that Act). 397C 1 In section 397A “minority shareholder”, in relation to a non-UK resident company, means a person whose shareholding in the company is less than 10% of the company's issued share capital. 2 Subsections (3) to (6) make provision about the circumstances in which shares form part of a person's shareholding in a company for the purposes of this section. 3 Shares form part of a person's shareholding in a company to the extent that the person is beneficially entitled to the shares or to a distribution arising in respect of the shares (or both). 4 Shares form part of a person's shareholding in the company
- parent undertaking
has the same meaning as in section 1162 of the Companies Act 2006. 7 This section is subject to section 51D. 51D 1 Where in a financial year two or more groups of companies are— a controlled by the same person (see section 51F), and b related to one another (see section 51G), this section applies in relation to the companies which are members of those groups. 2 The companies are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure. 3 The companies may allocate the annual investment allowance to the relevant AIA qualifying expenditure as they think fit. 4 The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the companies in chargeable periods ending in the financial year mentioned in subsection (1). 5 In this section and in sections 51F and 51G, a group of companies means— a a company which, in the financial year mentioned in subsection (1), is a parent undertaking of one or more other companies, and b those other companies, (and the members of the group are the company which is the parent undertaking and those other companies). 6 A company (“P”) is a parent undertaki
- partnership
includes an entity established under the law of a country or territory outside the United Kingdom of a similar character to a partnership;
- pension scheme
has the same meaning as in Part 4 of FA 2004;
- Pensions matter
means any matter relating to—
- Period of importation
means a period that— a begins when property is brought to, or received or used in, the United Kingdom in circumstances in which section 809L(2)(a) applies, and b ends when the property ceases to be in the United Kingdom after having been so brought, received or used. 10 “Period of no public access” means a period which is not a period of public access and “period of public access” means a period during the whole of which property meets the public access rule. 809Z5 1 The “notional remitted amount”, in relation to property, is the amount of income that would be taken to be remitted to the United Kingdom in relation to the property (if section 809X did not apply in rela
- Period of no public access
means a period which is not a period of public access and “period of public access” means a period during the whole of which property meets the public access rule. 809Z5 1 The “notional remitted amount”, in relation to property, is the amount of income that would be taken to be remitted to the United Kingdom in relation to the property (if section 809X did not apply in relation to the property). 2 If— a property forms part of a set, and b only part of the set is in the United Kingdom, the notional remitted amount is such part of the amount specified in subsection (3) as is just and reasonable having regard to the part of the set that actually is in the United Kin
- period of public access
means a period during the whole of which property meets the public access rule. 809Z5 1 The “notional remitted amount”, in relation to property, is the amount of income that would be taken to be remitted to the United Kingdom in relation to the property (if section 809X did not apply in relation to the property). 2 If— a property forms part of a set, and b only part of the set is in the United Kingdom, the notional remitted amount is such part of the amount specified in subsection (3) as is just and reasonable having regard to the part of the set that actually is in the United Kingdom. 3 That amount is the amount that would be taken to be remitted to the United King
- Post-insolvency credit
means a credit that—
- pre-2006 pension scheme
means a scheme that, at or in respect of any time before 6 April 2006, was— (a) a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA, (b) a former approved superannuation fund (as defined in paragraph 1(3) of Schedule 36 to FA 2004), (c) a relevant statutory scheme (as defined in section 611A of ICTA) or a pension scheme treated as if it were such a scheme, or (d) a personal pension scheme approved under Chapter 4 of Part 14 of ICTA;
- Pre-insolvency debit
means a debit that—
- premises
includes— (a) any building or structure, (b) any land, and (c) any means of transport, • “the Taxes Acts” means— (a) TMA 1970, (b) the Tax Acts, and (c) TCGA 1992 and all other enactments relating to capital gains tax,... • “taxpayer”, in relation to a taxpayer notice or a third party notice, has the meaning given in paragraph 1(1) or 2(1) (as appropriate), and. • “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- prescribed
means prescribed by regulations made by the Commissioners;
- prescribed purpose
means a purpose, prescribed by regulations made by the Commissioners, that relates to any duty under this Act.”
- private pleasure craft
has the same meaning as in section 14E.”
- private pleasure-flying
has the same meaning as in Article 14(1)(b) of Council Directive 2003/96/EC (taxation of energy products etc), • “regulations” means regulations under section 24(1) made for the purposes of this section, and • “relevant declaration”, in relation to a quantity of kerosene, means a declaration, made in the way and form specified by or under regulations, that the kerosene is to be used for private pleasure-flying. 13AD 1 This section applies if a person— a uses a quantity of kerosene in contravention of section 13AC(2), or b fails to comply with section 13AC(3)(b). 2 The Commissioners may assess the amount specified in section 13AC(4) as being excise duty due from the
- prohibited use
means— (a) use for heating, or (b) use as fuel for an engine (except where such use would amount to use as fuel for a road vehicle), • “regulations” means regulations under section 24(1) made for the purposes of this section, and • “relevant heavy oil” means heavy oil, other than kerosene, upon which rebate at the rate mentioned in section 11(1)(c) has been allowed. 6 Nothing in this section applies to a person who supplies relevant heavy oil for re-processing.”
- property
includes land.
- property-investment partnership
has the meaning given in paragraph 14(8).”
- qualifying business disposal
has the meaning given by section 169H(2), • “relevant business asset” has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), and • “trading company” and “trading group” have the same meaning as in section 165 (see section 165A).”
- qualifying non-UK pension scheme
has the same meaning as in the Inheritance Tax Act 1984 (see section 271A of that Act).”
- Qualifying person
means— a an individual, b a partnership of which all the members are individuals, or c a company. 4 In determining whether expenditure is AIA qualifying expenditure, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded. 5 “The relevant date” means— a for corporation tax purposes, 1 April 2008, and b for income tax purposes, 6 April 2008. 38B Expenditure within any of the following general exclusions is not AIA qualifying expenditure.
- quality
includes timing, nature and extent.
- registered pension scheme
means a pension scheme that is or has been a registered pension scheme within the meaning of Part 4 of FA 2004 or in relation to which an application for registration under that Part of that Act has been made;
- regulations
means regulations under section 157.
- relevant agreement
has the meaning given by section 104(5)(a) of the Finance Act 1991;
- relevant allowable losses
means the allowable losses that section 2(2) provides may be deducted from chargeable gains accruing to the individual in the tax year, and • “foreign chargeable gains” has the meaning given by section 12(4). 16ZD 1 This section applies if section 16ZC applies to an individual for a tax year. 2 Any allowable loss deducted under step 1 of section 16ZC(2) is to be regarded (for the purposes of section 2(2)(b)) as allowed as a deduction from chargeable gains accruing to the individual in the tax year. 3 If a deduction is made under step 1 of section 16ZC(2) from a foreign chargeable gain within section 16ZC(3)(b), the amount of the foreign chargeable gain is reduced
- relevant amount of gift aid supplement
means the payment or set-off of the amount of gift aid supplement, to the extent that it—
- Relevant arrangement
means any agreement or arrangement relating to a lease of plant or machinery, including one made before the lease is entered into or after it has ended (and, accordingly, “lessor” and lessee” include prospective and former lessors and lessees). 6 A capital payment, in relation to a lease or relevant arrangement, is “relevant” if condition A or B is met (but this is subject to subsection (9)). 7 Condition A is that the capital payment is payable (or paid), directly or indirectly, by (or on behalf of) the lessee to (or on behalf of) the lessor in connection with— a the grant, assignment, novation or termination of the lease, or b any provision of the lease or relevant ar
- relevant business asset
has the meaning given by section 169L, • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset, • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section, • “settlement business assets” has the meaning given by section 169J(2), • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), and • “trading company” and “trading group” have the same meaning as in section 165 (see section 165A).”
- relevant business assets
means assets (including goodwill) which are, or are interests in, assets to which subsection (3) applies, other than excluded assets (see subsection (4) below). 3 This subsection applies to assets which— a in the case of a material disposal of business assets, are assets used for the purposes of a business carried on by the individual or a partnership of which the individual is a member, b in the case of a disposal of trust business assets, are assets used for the purposes of a business carried on by the qualifying beneficiary or a partnership of which the qualifying beneficiary is a member, or c in the case of a disposal associated with a relevant material disposal, are assets used for the purposes of a business carried on by the partnership or company. 4 The following are excluded assets— a shares and securities, and b assets, other than shares or securities, which are held as investments. 169M 1 Entrepreneurs' relief is to be given only on the making of a claim. 2 A claim for entrepreneurs' relief in respect of a qualifying business disposal must be made— a in the case of a disposal of trust business assets, jointly by the trustees and the qualifying b
- Relevant chargeable event
means a chargeable event under— which occurs on or after 6 April 2008 in relation to any of the relevant shares held by the investor immediately before the first relevant chargeable event.
- relevant communications
means communications between the tax adviser and— (a) a person in relation to whose tax affairs he has been appointed, or (b) any other tax adviser of such a person, the purpose of which is the giving or obtaining of advice about any of those tax affairs, and • “tax adviser” means a person appointed to give advice about the tax affairs of another person (whether appointed directly by that person or by another tax adviser of that person).
- relevant consideration
means— a in relation to section 172D, the consideration for the disposal of the stock, and b in relation to section 172E, the consideration for the acquisition of the trading stock.”
- relevant date
means—
- relevant day
means— a the sixth anniversary of the end of the period for which the company may be required to deliver a company tax return, or b such earlier day as may be specified in writing by the Commissioners for Her Majesty's Revenue and Customs (and different days may be specified for different cases).”
- relevant debt
means a debt that relates (wholly or in part, and directly or indirectly) to— a property falling within subsection (2)(a), b a service falling within subsection (2)(b), c qualifying property dealt with as mentioned in subsection (4)(a), d a service falling within subsection (4)(b), e qualifying property dealt with as mentioned in subsection (5)(a), or f a service falling within subsection (5)(b). 8 For the purposes of this section, the reference to a debt that relates to property or a service includes a debt for interest on money lent, where the lending relates to the property or service. 9 The cases in which income or chargeable gains are used in respect of a debt include cases where income or chargeable gains are used to pay interest on the debt. 10 This section is subject to sections 809V to 809Z6 (property treated as not remitted to the United Kingdom). 809M 1 This section applies for the purposes of sections 809L, 809N and 809O. 2 A “relevant person” is— a the individual, b the individual's husband or wife, c the individual's civil partner, d a child or grandchild of a person falling within any of paragraphs (a) to (c), if the child or grandchild has not reache
- relevant declaration
means the declaration required to be made by regulations under section 22(1D), and b a relevant declaration is in force for a vehicle if the vehicle is neither used nor kept on a public road (except under a trade licence) and the declaration has been made, and the particulars required to be furnished by regulations under section 22(1D) have been furnished, in relation to the vehicle in accordance within the regulations within the immediately preceding period of 12 months.”
- relevant document
means a document that a person has been, or may be, required pursuant to an enactment to which this section applies—
- relevant earnings
means— a for service in or after the tax year 2008-09, earnings— i which are for a tax year in which the employee is ordinarily UK resident, ii to which section 15 applies, and iii to which that section would apply, even if the employee made a claim under section 809B of ITA 2007 (claim for remittance basis) for that year, and b for service before the tax year 2008-09, general earnings to which section 15 or 21 as originally enacted applies.”
- relevant failure
means a failure to comply with a relevant obligation.
- relevant financial institution
means the financial institution which enters into the alternative finance arrangements. 4 Section 840 of the Taxes Act 1988 applies for the purposes of determining who has control of the relevant financial institution.”
- relevant foreign tax
means—
- relevant gains
means— a if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), the gains accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of chargeable gains), and b otherwise, the gains accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed). 6 In subsection (1)(b) “relevant losses” means— a if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), any losses accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of allowable losses, on the assumption that notice has been given under section 16(2A) in respect of them), and b otherwise, any losses accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed, on that assumption). 7 In subsection (3) “earlier relevant qualifying business disposals” means— a where the qualifying business disposal is made by an individual, earlier qualifying business disposals made by the individual and earlier disposals of trust busines
- relevant heavy oil
means heavy oil, other than kerosene, upon which rebate at the rate mentioned in section 11(1)(c) has been allowed. 6 Nothing in this section applies to a person who supplies relevant heavy oil for re-processing.”
- relevant income or chargeable gains
means— a if the qualifying property falls within section 809N(7)(a), the income or gains— i of which the qualifying property consists, or ii from which the qualifying property derives;
- relevant individual
means an individual who is a relevant person by virtue of section 809M(2)(a), (b), (c) or (d) (the individual with income or gains, or a husband, wife, civil partner, child or grandchild). 809Z3 1 Property meets the repair rule for the whole of the relevant period if, during the whole of that period, the property meets the repair conditions. 2 Property meets the repair rule for a part of the relevant period if— a during the whole of that part of that period, the property meets the repair conditions, and b during the whole of the other part of that period, or the whole of each other part of that period, the property meets the repair conditions or the public access rule.
- Relevant information
means all or any of the following—
- relevant insurance business
means any kind of insurance business other than life assurance business. 4 Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i). 5 Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.”
- Relevant interest in the property
means an interest under the law of any territory that confers (or would but for any inferior interest confer) a right to exclusive possession of the property at all times or at certain times. 5 “The relevant time” is the time the company first owned a relevant interest in the property;
- relevant land
has the meaning given in section 55(3) and (4).”
- relevant losses
means— a if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), any losses accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of allowable losses, on the assumption that notice has been given under section 16(2A) in respect of them), and b otherwise, any losses accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed, on that assumption). 7 In subsection (3) “earlier relevant qualifying business disposals” means— a where the qualifying business disposal is made by an individual, earlier qualifying business disposals made by the individual and earlier disposals of trust business assets in respect of which the individual is the qualifying beneficiary, and b where the qualifying business disposal is a disposal of trust business assets in respect of which an individual is the qualifying beneficiary, earlier disposals of trust business assets in respect of which that individual is the qualifying beneficiary and earlier qualifying business disposals made by that individual. 8 If, on the same day, there is both
- relevant oil field
means the oil field to which the abandonment expenditure relates;
- relevant participators
means— a each current participator (other than the defaulter), and b each former participator who makes a default payment in respect of the defaulter's default. 2C 1 An amount attributed under paragraph 2A(2) is— a in the case of a current participator, to be an addition to the share of the abandonment expenditure referable to the current participator's interest in the oil field, or b in the case of a former participator, to be the share of the abandonment expenditure referable to the former participator's interest in the oil field. 2 In paragraphs 2A and 2B and this paragraph— • “abandonment expenditure” means expenditure which is allowable for an oil field by virtue of section 3(1)(i) or (j);
- relevant period
means the period calculated by adding two years to the post-cessation period (within the meaning of section 165 of the Capital Allowances Act). b to the extent that the claim relates to expenditure falling within subsection (11)(b), subsection (10) shall have effect with the substitution of “ five years ” for “two years”.”
- relevant person
means—
- relevant person in an MNE Group
means— where that company, the trustees or the partnership, together with one or more other enterprises, constitutes an MNE Group.
- relevant plant and machinery
means plant and machinery— (a) which has been brought into use for the purposes of the ring fence trade that has ceased, and (b) which, when last in use for the purposes of that ring fence trade, was, or formed part of, an offshore installation or submarine pipeline;
- 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 individual in question (whether or not under the contract).
- Relevant qualifying activity
means— a any qualifying activity carried on by a qualifying person other than a company which was controlled by P in the previous tax year (see section 51I) and related to A1 in that tax year (see section 51J), and b if A1 was controlled by P in the previous tax year (see section 51I), A1. 7 Where any part of the amount calculated under subsection (4) has, on a previous application of this section, been allocated to AIA qualifying expenditure incurred for the purposes of a qualifying activity controlled by P in a tax year before that mentioned in subsection (1)(a), the amount of the relevant unused allowance is reduced accordingly. 8 Where the amount of the rel
- relevant rule
means— (a) the public access rule, (b) the personal use rule, (c) the repair rule, and (d) the temporary importation rule. 809Z 1 Property meets the public access rule if conditions A to D are met. 2 Condition A is that the property is— a a work of art, b a collectors' item, or c an antique, within the meaning of Council Directive 2006/112/EC (see, in particular, Annex IX to that Directive). 3 Condition B is that— a the property is available for public access at an approved establishment, b the property is to be available for public access at an approved establishment and, in connection with its being so available, is in transit to, or in storage at, public access rule premis
- relevant securities
means— (a) securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits), (b) qualifying corporate bonds, and (c) securities which are, or have at any time been, material interests in a non-qualifying offshore fund, within the meaning of Chapter 5 of Part 17 of the Taxes Act.”
- relevant shares
has the same meaning as in Schedule 5B or Schedule 5C.
- relevant substance
means biodiesel, bioethanol, bioblend, bioethanol blend or hydrocarbon oil. 4B The cases that fall within subsection (1)(a) include cases where one kind of hydrocarbon oil is mixed with another kind of hydrocarbon oil.”
- relevant sum
means a sum to meet any liability to the Commissioners that—
- relevant tax
means any tax mentioned in the Table in paragraph 1.”
- relevant tax avoidance arrangements
means arrangements made by the individual the main purpose, or one of the main purposes, of which is the obtaining of a reduction in tax liability by means of sideways relief or capital gains relief. 4 In subsection (3) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable). 5 This section has no effect in relation to any loss that derives wholly from qualifying film expenditure (see section 74D). 6 Subsection (10) of section 74A (capital gains relief) applies for the purposes of this section. 74C 1 For the purposes of sections 74A and 74B an individual carries on a trade i
- relevant tax year
means the tax year 2008-09 or a subsequent tax year, and • “special withholding tax” has the meaning given in section 107(3) of FA 2004. 8 Section 397B makes provision about the application of this section in the case of overseas dividends arising from manufactured overseas dividends (within the meaning of Chapter 2 of Part 11 of ITA 2007). 397B 1 This section applies where, under section 581 of ITA 2007, a person is treated as receiving an overseas dividend by virtue of having received a manufactured overseas dividend which is representative of an overseas dividend. 2 For the purposes of section 397A, the person is treated as receiving a relevant distribution made by a n
- relevant taxable earnings
means general earnings for a tax year in which the employee is ordinarily UK resident that— a are taxable earnings under section 15, and b would be taxable earnings under section 15 even if the employee made a claim under section 809B of ITA 2007 (claim for remittance basis) for that year.”
- relevant trading scheme
means a trading scheme that— (a) is made under Part 3 of the Climate Change Act 2008, (b) applies to persons by reference to their consumption of electricity (whether or not by reference to other matters as well), and (c) applies only to persons who consume electricity— (i) for business or charitable purposes, or (ii) for the performance of functions of a public nature, (whether or not they also consume electricity for other purposes);
- relevant transfer
means a transfer—
- Repair rule premises
means— a premises in the United Kingdom that are to be used, or have been used, for the repair or restoration referred to in subsection (3)(b) or (c), or b other commercial premises in the United Kingdom used by the restorer for the storage of property in advance of, or following, repair or restoration of property by the restorer. 5 “Restorer” means the person who is to carry out, or has carried out, the repair or restoration referred to in subsection (3)(b) or (c). 6 Property meets the repair conditions, or the public access rule, during the whole of a period, or the whole of part of a period, if the property meets those conditions or that rule— a on the whole of, or
- repo
has the same meaning as in Part 11 of ITA 2007 (see section 569 of that Act), • “settlement” and “settlor” have the same meaning as in Chapter 5 of Part 5 of this Act, and • “stock lending arrangement” has the same meaning as in Part 11 of ITA 2007 (see section 568 of that Act).”
- residential property
has the same meaning as in Part 4 of FA 2003 (see section 116 of that Act).
- Restorer
means the person who is to carry out, or has carried out, the repair or restoration referred to in subsection (3)(b) or (c). 6 Property meets the repair conditions, or the public access rule, during the whole of a period, or the whole of part of a period, if the property meets those conditions or that rule— a on the whole of, or on part of, the first day of that period or part period, b on the whole of, or on part of, the last day of that period or part period, and c on the whole of each other day of that period or part period. 7 “The relevant period” has the same meaning as in section 809Z. 809Z4 1 Property meets the temporary importation rule if the total number of countable day
- ring fence profits
has the meaning given by section 276 of CTA 2010.
- securities
means any securities within the meaning of section 104 or any relevant securities, and • “relevant securities” means— (a) securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits), (b) qualifying corporate bonds, and (c) securities which are, or have at any time been, material interests in a non-qualifying offshore fund, within the meaning of Chapter 5 of Part 17 of the Taxes Act.”
- settlement business assets
means— a assets consisting of (or of interests in) shares in or securities of a company, or b assets (or interests in assets) used or previously used for the purposes of a business, which are part of the settled property. 3 An individual is a qualifying beneficiary if the individual has, under the settlement, an interest in possession (otherwise than for a fixed term) in— a the whole of the settled property, or b a part of it which consists of or includes the settlement business assets disposed of. 4 In relation to a disposal of settlement business assets within paragraph (a) of subsection (2) the relevant condition is that, throughout a period of 1 year ending not earlier than 3 years before the date of the disposal— a the company is the qualifying beneficiary's personal company and is either a trading company or the holding company of a trading group, and b the qualifying beneficiary is an officer or employee of the company or (if the company is a member of a group of companies) of one or more companies which are members of the trading group. 5 In relation to a disposal of settlement business assets within paragraph (b) of that subsection, the relevan
- shared ownership lease
has the same meaning as in paragraph 4A.”
- shares
has the meaning given by section 1161(2) of the Companies Act 2006. 51G 1 A company (“C1”) is related to another company (“C2”) in a financial year if one or both of— a the shared premises condition, and b the similar activities condition, are met in relation to the companies in that financial year. 2 Where C1 is related to C2 in a financial year, C1 is also related to any other company to which C2 is related in that financial year. 3 A group of companies (“G1”) is related to another group of companies (“G2”) in a financial year if in that financial year a company which is a member of G1 is related to a company which is a member of G2. 4 Where G1 is related to G2 in a financial year, G1 is also related to any other group of companies to which G2 is related in that financial year. 5 The shared premises condition is met in relation to two companies in a financial year if, at the end of the relevant chargeable period of one or both of the companies, the companies carry on qualifying activities from the same premises. 6 The similar activities condition is met in relation to two companies in a financial year if— a more than 50% of the turnover of one company for the relevant ch
- shipbuilding
has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003. 30B 1 This paragraph supplements paragraph 26(1)(hb). 2 “Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry). 3 The production of coal includes the extraction of it. 30C In paragraph 26(1)(hc) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.”
- Special rate expenditure
means— a expenditure incurred on or after the relevant date to which section 28 (thermal insulation) applies, b expenditure incurred on or after that date to which section 33A (integral features) applies, c long-life asset expenditure (within the meaning of Chapter 10) incurred on or after that date, and d long-life asset expenditure (within the meaning of that Chapter) incurred before that date but allocated to a pool in a chargeable period beginning on or after that date. 2 The relevant date is— a for corporation tax purposes, 1 April 2008, and b for income tax purposes, 6 April 2008. 104B 1 If part only of the capital expenditure on plant and machinery is specia
- special withholding tax
has the meaning given in section 107(3) of FA 2004. 8 Section 397B makes provision about the application of this section in the case of overseas dividends arising from manufactured overseas dividends (within the meaning of Chapter 2 of Part 11 of ITA 2007). 397B 1 This section applies where, under section 581 of ITA 2007, a person is treated as receiving an overseas dividend by virtue of having received a manufactured overseas dividend which is representative of an overseas dividend. 2 For the purposes of section 397A, the person is treated as receiving a relevant distribution made by a non-UK resident company that is not an offshore fund if, and only if, the manufa
- specified
means specified in the relevant trading scheme.
- starting rate limit for savings
has the meaning given by section 12,”
- statement
means a statement of any sort, whether it was described as an extra-statutory concession, a statement of practice, an interpretation, a decision or a press release or in any other way.