- AIF
has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773);
- appropriate collection authority
means—
- arrangements
includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), but does not include a change in the RP developer’s accounting date for the purposes of section 10 of CTA 2009 (end of accounting period).
- asset
means an asset within the scope of the dormant assets scheme (see section 1(6) of the 2022 Act);
- Authorised HMRC officer
means an officer of Revenue and Customs who is, or is a member of a class of officers who are, authorised by the Commissioners for Her Majesty’s Revenue and Customs for the purposes of this paragraph.
- authorised officer
means an officer of Revenue and Customs who is, or is a member of a class of officers who are, authorised by the Commissioners for the purposes of this section.
- authorised reclaim fund
has the same meaning as in the Dormant Assets Acts 2008 to 2022;
- chargeable amount
means the amount of RPD profits in excess of what would have been A’s, or A’s wholly owned subsidiaries’, allowance, but
- chargeable securities
includes securities that are not chargeable securities for the purposes of Part 4 of FA 1986 by virtue of an exemption under regulations made under this section (see section 99(5) and (5ZA) of that Act).
- claimant company
has the meaning given by section 135(2) of CTA 2010;
- collective investment scheme
has the meaning given by section 235 of FISMA 2000;
- commencement day
means 27 October 2021;
- company
has the meaning given by section 1121(1) of CTA 2010;
- company tax return
has the meaning it has in Schedule 18 to FA 1998;
- control
has the same meaning as in section 1124 of CTA 2010 (“control”);
- coronavirus
means severe acute respiratory syndrome coronavirus 2;
- corporation tax
includes any amount chargeable under section 330(1), 455 or 464A of CTA 2010 as if it were corporation tax but does not include— (a) an amount chargeable under section 269DA of CTA 2010 (surcharge on banking companies);
- corresponding ordinary holding
means a holding or interest which provides the holder with economic rights corresponding to those provided by a holding of ordinary shares.
- court
means— (a) the court having jurisdiction for the purposes of the Insolvency Act 1986, or (b) in Northern Ireland, the High Court;
- creditor relationship
has the meaning it has in Part 5 of CTA 2009 (see section 302 of that Act).
- data protection legislation
has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).
- deeply discounted security
has the meaning it has in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act);
- derivative contract
means— (a) a derivative contract within the meaning of Part 7 of CTA 2009 (see section 576 of that Act), or (b) a contract which is not a derivative contract within the meaning of that Part only as a result of section 589(2)(b) of that Act (general exclusion of contracts whose underlying subject matter consists of shares);
- discovery assessment
means an assessment under section 29(1)(a) of TMA 1970, and • “HMRC” means Her Majesty’s Revenue and Customs, and • “notified” means notified in writing.
- disposal
includes anything which would be a disposal for the purposes of TCGA 1992.
- disqualifying period
means the period commencing with the day on which the first disqualifying step was taken and ending with the last day of the period in which the principal taxpayer must make a return under paragraph 8(1).
- disqualifying steps
means steps described in sub-paragraph (3)(b), and steps may fall within that description whether or not—
- economic crime (anti-money laundering) levy
has the meaning given in section 53;
- educational body
includes a body mentioned in section 71.”
- employment-related securities
has the meaning given by section 421B of ITEPA 2003;
- enactment
includes subordinate legislation (as defined in section 21 of the Interpretation Act 1978);
- energy supply business
means the business of making supplies required to be authorised under— (a) a licence granted under section 7A(1) of the Gas Act 1986 (gas supply licences), or (b) a licence granted under section 6(1)(d) of the Electricity Act 1989 (electricity supply licences);
- equity holder
has the meaning it has in Part 5 of CTA 2010 (see section 158 of that Act), but see also paragraph 59 of this Schedule;
- equity securities
has the meaning given by section 560 of the Companies Act 2006;
- excluded body
means a company that is not liable to RPDT otherwise than as a result of being a non-profit housing company.
- exempt unauthorised unit trust
has the same meaning as in the Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819). 528ZB 1 For the purposes of section 528(3)(b) (listing requirement where at least 70% of shares are owned by institutional investors), where shares are owned by a person acting on behalf of a limited partnership which is a collective investment scheme as mentioned in section 528(4A)(c), the person is to be treated as an institutional investor only if the collective investment scheme meets the genuine diversity of ownership condition. 2 A collective investment scheme meets the genuine diversity of ownership condition at any time if, at that time, it meets— a the co
- facilitated proposal or arrangements
has the meaning given by paragraph 1(2)(b);
- flawed
means flawed when considered in the light of the principles applicable in proceedings for judicial review.
- foreign asset
has the meaning it has in Schedule 1 to TCGA 1992 (see paragraph 5 of that Schedule);
- free zone procedure
has the meaning given by the Customs (Special Procedures and Outward Processing) (EU Exit) Regulations 2018 (S.I. 2018/1249) (see regulation 2(3)(b) of those Regulations);”
- fund
means a collective investment scheme or an AIF;
- generally accepted accounting practice
has the meaning given by section 1127(1) and (3) of CTA 2010;
- group
means two or more companies which together meet the following condition.
- HMRC
means “Her Majesty’s Revenue and Customs”.
- indirect tax
has the same meaning as in Schedule 17 to F(No.2)A 2017 (disclosure of tax avoidance schemes: VAT and other indirect taxes);
- investment management profit-sharing arrangements
means arrangements under which a person has a variable entitlement to a proportion of the profits of investments in connection with the provision of investment management services in relation to those investments.
- land
includes— (a) buildings and structures;
- loan capital
has the meaning given by section 78(7) of FA 1986, and reference to the issue of loan capital includes the issuing of any rights in connection with the raising of capital.
- margin scheme motor vehicle
means a mechanically propelled vehicle that is— (a) a used motor car, or (b) second-hand goods;
- margin scheme option
means the option under article 8(1) of the 1992 Order (relief for used motor cars) or article 12(1) of the 1995 Order (relief for second-hand goods etc);
- market value
has the meaning it has in TCGA 1992 (see sections 272 and 273 of that Act);
- modified
means amended, added to or omitted from.”
- modifying
includes disapplying or supplementing;
- Money Laundering Regulations
means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (as amended from time to time);
- motor car
has the meaning given in the 1992 Order;
- multi-vehicle arrangements
means arrangements comprising two or more funds under which an investor in one of those funds would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular fund.
- non-profit housing company
has the meaning given by section 34;
- non-UK resident partnership
means a partnership which is not resident in the United Kingdom;
- non-UK resident person
means a person who is not resident in the United Kingdom;
- normal minimum pension age
means— (a) in relation to, and to a member of, a pension scheme that is not a uniformed services pension scheme— (a) before 6 April 2010, 50, (b) on and after that date but before 6 April 2028, 55, and (c) on and after 6 April 2028, 57, and (b) in relation to, and to a member of, a uniformed services pension scheme— (a) before 6 April 2010, 50, and (b) on and after that date, 55,”
- Northern Ireland exclusion
means article 8(3)(e) of the 1992 Order (used motor car removed to Northern Ireland) or article 12(3)(aa) of the 1995 Order (second-hand goods etc removed to Northern Ireland);
- notified
means notified in writing.
- ordinary administration
means the insolvency procedure provided for by— (a) Schedule B1 to the Insolvency Act 1986, or (b) Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).
- original decision
means a recommendation made by the TRA to the Secretary of State under—
- overseas land
means land outside the United Kingdom;
- Partnership
means a partnership (wherever formed) or a limited liability partnership incorporated in the United Kingdom that is carrying on a trade, business or profession with a view to profit.
- partnership return
has the same meaning as in TMA 1970;
- pension scheme input amount
has the meaning given in section 237B(2).”
- permitted period
means the period ending with— a 30th April 2022, or b such later date as regulations made by the Treasury may specify. 2ZF Where regulations made by the Treasury provide for this paragraph to apply in the case of vehicles arriving in the United Kingdom on or after a date specified in the regulations that is after 30th April 2022, the “permitted period” means the period— a beginning with that specified date, and b ending with such later date as the regulations may specify. 2ZG The later date specified in regulations under paragraph (2ZE)(b) or (2ZF)(b) must be no later than 31st December 2022. 2ZH Regulations under paragraph (2ZE) or (2ZF) are to be made by statutory instru
- prescribed accounting period
has the meaning given by section 25(1) of VATA 1994.
- public service pension scheme
has the same meaning as in Part 4 of FA 2004 (see section 150 of that Act);
- QAHC
has the same meaning as in Schedule 2 to FA 2022;”
- qualified distribution
has the meaning given by paragraph 45(5).
- Qualifying alternative finance arrangements
means arrangements—
- qualifying emissions certificate
has the same meaning as in CAA 2001 (see section 268C(1) of that Act);”
- Qualifying employment-related securities
means employment-related securities acquired by a person, other than a fund manager in relation to the QAHC, where the right or opportunity to acquire the securities or interest is available by reason of an employment of that person or any other person by—
- qualifying fund
means a fund that meets the diversity of ownership condition.
- qualifying purposes
means the purposes described in sub-paragraph (3)(a), and
- Qualifying shares
means any shares apart from shares whose disposal would, in accordance with Part 2 of Schedule 1A to TCGA 1992 (whether asset derives at least 75% of its value from UK land), be regarded as a disposal of an asset deriving at least 75% of its value from UK land.
- registered
means registered under— (a) VERA 1994, or (b) the Licensing and Registration of Vehicles Act 1985 of the Isle of Man;
- regulated business
means a business carried on by a person by virtue of being a relevant person within the meaning of regulation 8(1) of the Money Laundering Regulations;
- relevant body
means a body, including a partnership, that— (a) carries on a business as a promoter within the meaning of Part 5 of FA 2014 (promoters of tax avoidance schemes) as if, in sections 234 and 235 of that Part, references to— (a) “tax” included value added tax and other indirect taxes, and (b) “tax advantage” included a tax advantage as defined for value added tax in paragraph 6, and for other indirect taxes in paragraph 7, of Schedule 17 to F(No.2)A 2017;
- relevant condition
means any of the conditions in paragraph 2(1), other than the condition in paragraph 2(1)(g) (requirement for entry notification to be in force).
- relevant credit
means a relevant reversal credit, a relevant remeasurement credit or a relevant variable lease payment (see sections 269ZY and 269ZYZA).”
- relevant date
means—
- relevant day
means–
- relevant distribution
has the meaning given by paragraph 44(3);
- relevant dormant asset
means— (a) a dormant account the balance of which is to be, or has been, transferred— (a) to an authorised reclaim fund, with the result that section 1 of the Dormant Bank and Building Society Accounts Act 2008 applies in relation to the account, or (b) to an authorised reclaim fund and one or more charities, with the result that section 2 of the Dormant Bank and Building Society Accounts Act 2008 applies in relation to the account, or (b) a dormant asset (within the meaning of section 1(6) of the Dormant Assets Act 2022) the balance of which is to be, or has been, transferred to an authorised reclaim fund with the result that section 2, 8, 12 or 14 of that Act appli
- Relevant dramatic piece
means a dramatic piece (other than a play, opera or musical) that tells a story or a number of related or unrelated stories.”
- relevant enquiry
means— a an enquiry into the company tax return for the accounting period mentioned in subsection (1)(a);
- relevant existing law
means— (a) Chapter 2 of Part 1 of the Finance Act 1994 (customs and excise: appeals and penalties);
- Relevant group payment arrangements
means arrangements under section 59F(1) of TMA 1970 (arrangements for paying corporation tax on behalf of group members) that relate to the accounting period.
- relevant joint venture company
has the meaning given by section 40;
- relevant period
means—
- relevant person
means a person an officer of Revenue and Customs has reason to suspect is or may be liable to a penalty under paragraph 1(2) (including if the person would or may be so liable if found liable to pay one or more penalties within paragraph 1(3) or (4)).
- relevant registered pension scheme
means a pension scheme that is not a uniformed services pension scheme (as defined in section 279(4)).”
- relevant right-of-use impairment loss
has the meaning given in section 269ZY(2A).”
- relevant securities
means—
- relevant security
means a security that—
- relevant tax enactment
means— (a) an enactment contained in or made under Part 4 of FA 2004 (pension schemes etc), (b) an enactment contained in or made under Schedule 15 to FA 2020 (tax relief for scheme payments etc), or (c) an enactment contained in the Income Tax Acts, or relating to capital gains tax, that is not within paragraph (a) or (b);
- relevant time
means a time falling— a on or after 2 May in the year following that in which the tax year in question ends, and b before the end of the period of 6 years beginning with the end of the tax year in question. 5 Where this subsection applies, the individual must give the notice before whichever is the earlier of the following— a the end of the period of 3 months beginning with the day on which the scheme administrator gives the individual the information described in subsection (3)(a), and b the end of the period of 6 years beginning with the end of the tax year in question. 6 In this section, “pension scheme input amount” has the meaning given in section 237B(2).”
- relevant tribunal direction
means a direction given— a under paragraph 33 of Schedule 18 to FA 1998, b in relation to a closure notice that may not be given by virtue of subsection (2), and c during the review period mentioned in subsection (1)(b).”
- relevant UK balance sheet total
means the aggregate UK balance sheet totals of C and each other such company.
- relevant UK turnover
means the aggregate UK turnover of the company (“C”) and each other company that was—
- remediable service
means remediable service within the meaning of Chapter 1, 2 or 3 of Part 1 of PSPJOA 2022;
- repayment claim
means a claim made by virtue of— (a) section 1(2)(b) or 2(2)(b) of the Dormant Bank and Building Society Accounts Act 2008, or (b) section 2(2)(b), 8(2)(b), 12(2)(b) or 14(2)(b) of the Dormant Assets Act 2022.”
- residential property
has the meaning given by section 37;
- revenue
has the meaning given in section 57(7);
- RPDT
has the meaning given by section 32;
- scheme regulations
means scheme regulations within the meaning of PSPA 2013 or PSPA(NI) 2014.
- second-hand goods
has the meaning given in the 1995 Order;
- securities
means— (a) ordinary shares within the meaning of section 160 of CTA 2010 (meaning of ordinary shares for the purposes of section 158(1)(a) of that Act), and (b) loans, other than normal commercial loans;
- securitisation company
means a company whose profits are brought into account, for corporation tax purposes, in accordance with regulation 14 of the Taxation of Securitisation Companies Regulations 2006 (S.I. 2006/3296);
- shares
includes—
- special administration
means an insolvency procedure— (a) that is similar or corresponds to ordinary administration, and (b) under which the administrator has one or more special objectives instead of or in addition to the objectives of ordinary administration;
- special administration regime
means provision made by an enactment that provides for special administration;
- specified
means specified by or under tracing and security regulations;
- student accommodation
means use by persons who will occupy the building wholly or mainly for undertaking a course of education (including school pupils) where it is reasonable to expect that the building will be occupied by such persons on at least 165 days a year.
- subsidiary
has the meaning given by international accounting standards (but see section 494 of TIOPA 2010 for the definition of “wholly-owned subsidiary”).
- substantive consideration
means any amount of the consideration for the transfer other than any amount provided before the transfer which would not be refundable if the transfer did not take place as a result of the transferee not meeting its obligations under the arrangements to make the transfer.
- supervisory authority
means an authority that is a supervisory authority under the Money Laundering Regulations (see regulation 7 of those Regulations);
- surrender period
means an accounting period to which the surrendering company has carried forward losses;
- surrenderable amounts
means an adjusted trading loss so far as eligible for surrender under this Part of this Schedule.
- surrendering company
has the meaning given by section 99(7) of CTA 2010.
- tax
(except where the context otherwise requires) means public interest business protection tax;
- television programme
has the same meaning as in Part 15A (see section 1216AA). 3 Whether the condition in subsection (1) is met is determined for each accounting period of the company during which film-making activities are carried on in relation to the film, in accordance with the following rules. 4 If the condition in subsection (1) is met at the end of an accounting period, it is treated as having been met throughout that period (subject to subsection (5)(b)). 5 If the condition in subsection (1) is not met at the end of an accounting period— a it is treated as having been not met throughout that period, and b it cannot be met in any subsequent accounting period.
- the 1992 Order
means the Value Added Tax (Cars) Order 1992 (S.I. 1992/3122);
- the 1995 Order
means the Value Added Tax (Special Provisions) Order 1995 (S.I. 1995/1268);
- the 2008 Act
means the Dormant Bank and Building Society Accounts Act 2008;
- the 2022 Act
means the Dormant Assets Act 2022;
- the charge to corporation tax on income
has the same meaning as in CTA 2009 (see section 2(3) of that Act);
- the data protection legislation
has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- the discount
has the meaning given by section 406(3) of CTA 2009.
- the discrimination rectification provisions
means—
- the Dumping and Subsidisation Regulations
means the Trade Remedies (Dumping and Subsidisation) (EU Exit) Regulations 2019 (S.I. 2019/450);
- the Instalment Payment Regulations
means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175).
- the investigatory powers legislation
means Parts 1 to 7 and Chapter 1 of Part 9 of the Investigatory Powers Act 2016.
- the levy
means the economic crime (anti-money laundering) levy (see section 53(1));
- the original penalties
has the meaning given by paragraph 1(1);
- the Reconsideration and Appeals Regulations
means the Trade Remedies (Reconsideration and Appeals) (EU Exit) Regulations 2019 (S.I. 2019/910).
- The relevant number of years
means— a in relation to a tonnage tax election made before 1 April 2022, ten years;
- the relevant period
means— a where the individual first started to carry on the trade less than six months before the end of the tax year, the period of six months beginning with the date on which the individual first started to carry on the trade;
- the Safeguards Regulations
means the Trade Remedies (Increase in Imports Causing Serious Injury to UK Producers) (EU Exit) Regulations 2019 (S.I. 2019/449);
- the Taxes Acts
has the meaning given by section 118(1) of TMA 1970;
- the tribunal
means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
- theatrical release
means exhibition to the paying public at the commercial cinema, b a film is not regarded as intended for theatrical release unless it is intended that a significant proportion of the earnings from the film should be obtained by such exhibition, and c “television programme” has the same meaning as in Part 15A (see section 1216AA). 3 Whether the condition in subsection (1) is met is determined for each accounting period of the company during which film-making activities are carried on in relation to the film, in accordance with the following rules. 4 If the condition in subsection (1) is met at the end of an accounting period, it is treated as having been met throughout that period (subject to subsection (5)(b)). 5 If the condition in subsection (1) is not met at the end of an accounting period— a it is treated as having been not met throughout that period, and b it cannot be met in any subsequent accounting period.
- traceability system for tobacco products
has the meaning given in subsection (2)(a);
- tracing and security regulations
means regulations under subsection (1);
- transaction
includes arrangements, agreements and understandings (whether or not they are, or are intended to be, legally enforceable).
- transfer
includes issue or appropriation under arrangements involving the issue of depositary receipts or the provision of clearance services for the purchase and sale of relevant securities.
- tribunal
means the First-tier Tribunal or Upper Tribunal (as appropriate in light of paragraph 4(3)).
- turnover
means the amounts derived from the provision of goods and services after deduction of trade discounts, value added tax and any other taxes (other than the levy) based on the amounts so derived;
- ultimate parent
has the meaning given by section 48;
- uniformed services pension scheme
means a pension scheme that— a is established by or under an enactment or Royal Warrant for the benefit of persons described in subsection (5) (whether or not other persons may be members of such a scheme), or b is established solely for the receipt of additional voluntary contributions from members of a scheme falling within paragraph (a), subject to any regulations made under subsection (6). 5 Those persons are persons who are or were— a members of the naval, military or air forces of the Crown (including members of any reserve force);
- unit pack
means the smallest individual packaging in which a tobacco product is, or is intended to be, presented for sale to a consumer (but not including any transparent wrapper). 8JB 1 This section applies to tracing and security regulations that make provision for sanctions under section 8JA(3)(g). 2 The regulations may provide for the following kinds of sanction— a the imposition of monetary penalties of such amounts, not exceeding £10,000, as are determined in accordance with the regulations;
- VAT
means value added tax charged in accordance with VATA 1994;
- wholly owned subsidiary
has the same meaning as in section 1159 of the Companies Act 2006 (meaning of “subsidiary” etc).
- zero-rated free zone supply of goods
means a supply of goods within Item 1(a) of Group 22 to Schedule 8 (free zone procedure goods);
- zero-rated free zone supply of services
means a supply of services within Item 1(b) of that Group (free zone services).”