The Bill is divided into three volumes. Volume I contains the Clauses to the Bill.
Volume II contains Schedules 1 to 19 to the Bill. Volume III contains Schedules 20
to 38 to the Bill.
Part 1
Income tax, corporation tax and capital gains tax
Chapter 1
Income tax and corporation tax charges and rate bands
Income tax
Corporation tax
Chapter 2
Income tax: general
Child benefit
Anti-avoidance
Reliefs
Other provisions
Chapter 3
Corporation tax: general
Support for business
Anti-avoidance
Insurance
Miscellaneous
Chapter 4
Capital gains
Chapter 5
Miscellaneous
Enterprise incentives
Capital allowances
Foreign income and gains
Pensions
Charitable giving etc
Other provisions
Part 2
Insurance companies carrying on long-term business
Chapter 1
Introductory
Outline of provisions of Part
Meaning of “life assurance business”
Meaning of “basic life assurance and general annuity business”
Meaning of “long-term business” and “PHI business”
Meaning of contract of “insurance” or “long-term insurance” and “insurance company”
Chapter 2
Charge to tax on I - E basis etc
Separate businesses etc
BLAGAB taxed on I - E basis
Non-BLAGAB long-term business
PHI only business
Chapter 3
The I - E basis
Introduction
Definitions of expressions comprising “I”
Definitions of expressions comprising “E”
Special rules applying to I - E basis
Deemed I - E receipts
Minimum profits charge
Non-BLAGAB allowable losses
Overseas life insurance companies
Chapter 4
Apportionment rules for I - E charge
Introduction
Allocation of income, losses and expenses
Allocation of chargeable gains and allowable losses on disposals of assets
Chapter 5
I - E profit: policyholders’ rate of tax
Tax rate on policyholders’ share of I - E profit
Policyholder tax and calculation of BLAGAB trade profit or loss
Chapter 6
Trade calculation rules applying to long-term business
Chapter 7
Trading apportionment rules
Chapter 8
Assets held for purposes of long-term business
Transfers of assets from different categories
Share pooling rules
Long-term business fixed capital
Chapter 9
Relief for BLAGAB trade losses etc
Chapter 10
Transfers of long-term business
Transfers of BLAGAB
Transfers of non-BLAGAB long-term business
Transfers of long-term business: anti-avoidance
Interpretation
Chapter 11
Definitions
Chapter 12
Supplementary
Powers conferred on Treasury or HMRC Commissioners
Minor and consequential amendments and transitional provision
Commencement etc
Part 3
Friendly societies carrying on long-term business
Outline of provisions of Part
Long-term business rules to apply to friendly societies
Exempt BLAGAB or eligible PHI business
Exempt BLAGAB or eligible PHI business: benefits payable by friendly societies etc
Exempt BLAGAB or eligible PHI business: directions to old societies
Exemption for other business
Miscellaneous
Interpretation
Regulations
Consequential amendments and transitional provision
Commencement etc
Part 4
Controlled foreign companies and foreign permanent establishments
Part 5
Oil
Part 6
Excise duties
Tobacco products duty
Alcoholic liquor duties
Hydrocarbon oil etc duties
Air passenger duty
Gambling duties
Vehicle excise duty
Part 7
Value added tax
Part 8
Other taxes
Landfill tax
Climate change levy
Inheritance tax
Bank levy
Stamp duty land tax, stamp duty reserve tax and stamp duty
Part 9
Miscellaneous matters
International matters
Financial sector regulation
Incapacitated persons and minors
Administration
High value residential property or dwellings
Miscellaneous reliefs etc
Part 10
Final provisions
Expenditure on plant and machinery for use in designated
assisted areas
Controlled foreign companies and foreign permanent
establishments