House of Commons portcullis
House of Commons
Session 2004 - 05
Internet Publications
Other Bills before Parliament

Income Tax (Trading and Other Income) Bill


Income Tax (Trading and Other Income) Bill

xxxvi

 

Chapter 2

Foster-care relief

Introduction

803   

Overview of Chapter 2

804   

Person who qualifies for relief

Basic definitions

805   

Meaning of “foster-care receipts”

806   

Meaning of providing foster care

807   

Calculation of “total foster-care receipts”

Individual’s limit

808   

The individual’s limit

809   

Share of fixed amount: residence used by more than one foster carer

810   

Share of fixed amount: income period not a year

811   

The amount per child

Relief if amount does not exceed limit

812   

Full foster-care relief: introduction

813   

Full foster-care relief: trading income

814   

Full foster-care relief: income chargeable under Chapter 8 of Part 5

Alternative calculation of profits if amount exceeds limit

815   

Alternative calculation of profits: introduction

816   

Alternative calculation of profits: trading income

817   

Alternative calculation of profits: income chargeable under Chapter 8 of Part

5

818   

Election for alternative method of calculating profits

819   

Adjustment of assessment

Periods of account not ending on 5th April

820   

Periods of account not ending on 5th April

821   

Meaning of “relevant limit”

822   

Full relief

823   

Alternative method of calculating profits

Capital allowances for foster carers carrying on trade

824   

Capital allowances: introduction

825   

Carried forward unrelieved qualifying expenditure

826   

Excluded capital expenditure

827   

Excluded capital expenditure: subsequent treatment of asset

Overlap profit

828   

Overlap profit

 
 

Income Tax (Trading and Other Income) Bill

xxxvii

 

Part 8

Foreign income: special rules

Chapter 1

Introduction

829   

Overview of Part 8

830   

Meaning of “relevant foreign income”

Chapter 2

Relevant foreign income charged on remittance basis

Remittance basis

831   

Claims for relevant foreign income to be charged on the remittance basis

832   

Relevant foreign income charged on the remittance basis

833   

Income treated as remitted: repayment of UK-linked debts

834   

Arrangements treated as repayment of UK-linked debts

Relief for delayed remittances

835   

Relief for delayed remittances

836   

Relief for delayed remittances: backdated pensions

837   

Claims for relief on delayed remittances

Chapter 3

Relevant foreign income charged on arising basis: deductions and reliefs

838   

Expenses attributable to collection or payment of relevant foreign income

839   

Annual payments payable out of relevant foreign income

840   

Relief for backdated pensions charged on the arising basis

Chapter 4

Unremittable income

841   

Unremittable income: introduction

842   

Claim for relief for unremittable income

843   

Withdrawal of relief

844   

Income charged on withdrawal of relief after source ceases

845   

Valuing unremittable income

Part 9

Partnerships

Introduction

846   

Overview of Part 9

847   

General provisions

 
 

Income Tax (Trading and Other Income) Bill

xxxviii

 

848   

Assessment of partnerships

Calculation of partners’ shares

849   

Calculation of firm’s profits or losses

850   

Allocation of firm’s profits or losses between partners

851   

Calculations etc. where firm has other income or losses

Firms with trading income

852   

Carrying on by partner of notional trade

853   

Basis periods for partners’ notional trades

Firms with trading and other source income

854   

Carrying on by partner of notional business

855   

Basis periods for partners’ notional businesses

856   

Overlap profits from partners’ notional businesses

Firms with a foreign element

857   

Partners to whom the remittance basis may apply

858   

Resident partners and double taxation agreements

Miscellaneous

859   

Special provisions about farming and property income

860   

Adjustment income

861   

Sale of patent rights: effect of partnership changes

862   

Sale of patent rights: effect of later cessation of trade

863   

Limited liability partnerships

Part 10

General provisions

Chapter 1

Introduction

864   

Overview of Part 10

Chapter 2

General calculation rules etc.

Unpaid remuneration

865   

Unpaid remuneration: non-trades and non-property businesses

Employee benefit contributions

866   

Employee benefit contributions: non-trades and non-property businesses

 
 

Income Tax (Trading and Other Income) Bill

xxxix

 

Business entertainment and gifts

867   

Business entertainment and gifts: non-trades and non-property businesses

Social security contributions

868   

Social security contributions: non-trades etc.

Penalties, interest and VAT surcharges

869   

Penalties, interest and VAT surcharges: non-trades etc.

Crime-related payments

870   

Crime-related payments: non-trades and non-property businesses

Apportionment of profits

871   

Apportionment etc. of miscellaneous profits to tax year

Calculation of losses

872   

Losses calculated on same basis as miscellaneous income

Chapter 3

Supplementary and general provisions

Orders and regulations

873   

Orders and regulations made by Treasury or Board

Interpretation

874   

Activities in UK sector of continental shelf

875   

Meaning of “caravan”

876   

Meaning of “farming” and related expressions

877   

Meaning of grossing up

878   

Other definitions

879   

Interpretation: Scotland

880   

Interpretation: Northern Ireland

General and final

881   

Disapplication of corporation tax: section 9 of ICTA

882   

Consequential amendments

883   

Commencement and transitional provisions etc.

884   

Repeals and revocations

885   

Abbreviations and general index in Schedule 4

886   

Short title

 
 

Income Tax (Trading and Other Income) Bill

xl

 

Schedule 1   —   

Consequential amendments

Part 1   —   

Income and Corporation Taxes Act 1988

Part 2   —   

Other enactments

Schedule 2   —   

Transitionals and savings etc.

Part 1   —   

General provisions

Part 2   —   

Changes in the law

Part 3   —   

Trading income

Part 4   —   

Property income

Part 5   —   

Savings and investment income: general

Part 6   —   

Savings and investment income: insurance contracts and

policies made before certain dates

Part 7   —   

Savings and investment income: gains from contracts for life

insurance etc. (personal portfolio bonds)

Part 8   —   

Miscellaneous income

Part 9   —   

Exempt income

Part 10   —   

Foster-care relief

Part 11   —   

Foreign income: special rules

Part 12   —   

Other provisions

Schedule 3   —   

Repeals and revocations

Schedule 4   —   

Abbreviations and defined expressions

Part 1   —   

Abbreviations of Acts

Part 2   —   

Index of expressions defined in this Act etc.

 
 

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2004
Revised 1 December 2004