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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 (Volume I) xxix
Relief where foreign estates have borne UK income tax
677    Relief where UK income tax borne by foreign estate: absolute interests
678    Relief where UK income tax borne by foreign estate: limited and discretionary
interests
General
679    Income from which basic amounts are treated as paid
680    Income treated as bearing income tax
681    Transfers of assets etc. treated as payments
682    Assessments, adjustments and claims after the administration period
Chapter 7
Annual payments not otherwise charged
683    Charge to tax on annual payments not otherwise charged
684    Income charged
685    Person liable
686    Payments received after deduction of tax
Chapter 8
Income not otherwise charged
687    Charge to tax on income not otherwise charged
688    Income charged
689    Person liable
Part 6
Exempt income
Chapter 1
Introduction
690    Overview of Part 6
Chapter 2
National savings income
691    National Savings Bank ordinary account interest
692    Income from savings certificates
693    Income from Ulster Savings Certificates
Chapter 3
Income from individual investment plans
694    Income from individual investment plans
695    Investment plans
696    Plan managers
Income Tax (Trading and Other Income) Bill (Volume I) xxx
697    Special requirements for certain foreign managers
698    Requirements for discharge of foreign institution’s duties
699    Non-entitlement to exemption
700    Information
701    General and supplementary powers
Chapter 4
SAYE interest
702    Interest under certified SAYE savings arrangements
703    Meaning of “certified SAYE savings arrangement”
704    Types of arrangements and providers
705    Certification of arrangements
706    Withdrawal and variation of certifications and connected requirements
707    Authorisation of providers
708    Withdrawal and variation of authorisations
Chapter 5
Venture capital trust dividends
709    Venture capital trust dividends
710    Treatment of shares where annual acquisition limit exceeded
711    Identification of shares after disposals
712    Identification of shares after reorganisations etc.
Chapter 6
Income from FOTRA securities
713    Introduction: securities free of tax to residents abroad (“FOTRA securities”)
714    Exemption of profits from FOTRA securities
715    Interest from FOTRA securities held on trust
716    Restriction on deductions etc. relating to FOTRA securities
Chapter 7
Purchased life annuity payments
Partial exemption for purchased life annuity payments
717    Exemption for part of purchased life annuity payments
718    Excluded annuities
719    Extent of exemption under section 717
720    Exempt proportion: term dependent solely on duration of life
721    Exempt sum: term dependent solely on duration of life
722    Consideration for the grant of annuities
723    Determinations
724    Regulations
Immediate needs annuities
725    Annual payments under immediate needs annuities
Income Tax (Trading and Other Income) Bill (Volume I) xxxi
726    Meaning of “care provider”
Chapter 8
Other annual payments
Certain annual payments by individuals
727    Certain annual payments by individuals
728    Commercial payments
729    Payments for non-taxable consideration
730    Foreign maintenance payments
Periodical payments of personal injury damages etc.
731    Periodical payments of personal injury damages
732    Compensation awards
733    Persons entitled to exemptions for personal injury payments etc.
734    Payments from trusts for injured persons
Health and employment insurance payments
735    Health and employment insurance payments
736    Health and employment risks and benefits
737    Period for which payments may be made
738    Risk of significant loss
739    Conditions to be met by policies also providing other benefits
740    Conditions to be met where policies are linked
741    Aggregation of policies where employment ends for health reasons
742    Meaning of “the insured”
743    Policies for the benefit of others who contribute to premiums
Payments to adopters
744    Payments to adopters: England and Wales
745    Payments to adopters: Scotland
746    Payments to adopters: Northern Ireland
747    Power to amend sections 744 to 746
Payments by persons liable to pool betting duty
748    Payments by persons liable to pool betting duty
Chapter 9
Other income
Interest only income
749    Interest paid under repayment supplements
750    Interest from tax reserve certificates
751    Interest on damages for personal injury
752    Interest under employees’ share schemes
753    Interest on repayment of student loan
Income Tax (Trading and Other Income) Bill (Volume I) xxxii
754    Redemption of funding bonds
755    Interest on foreign currency securities etc. owned by non-UK residents
756    Which securities and loans are foreign currency ones for section 755
Interest and royalty payments
757    Interest and royalty payments: introduction
758    Exemption for certain interest and royalty payments
759    The person making the payment
760    The person beneficially entitled to the payment
761    Meaning of “25% associates”
762    Interest payments: exemption notices
763    Special relationships
764    Application of ICTA provisions about special relationships
765    Anti-avoidance
766    Interest and royalty payments: interpretation
767    Power to amend references to the Directive by Order
Income from commercial occupation of woodlands
768    Commercial occupation of woodlands
Housing grants
769    Housing grants
Approved share incentive plan distributions
770    Amounts applied by SIP trustees acquiring dividend shares or retained for
reinvestment
Foreign income of consular officers and employees
771    Relevant foreign income of consular officers and employees
772    Further provisions about Orders under section 771
Income of non-UK residents from certain securities
773    Income from Inter-American Development Bank securities
774    Income from securities issued by designated international organisations
Other
775    Income towards reducing the national debt
776    Scholarship income
777    VAT repayment supplements
778    Incentives to use electronic communications
779    Gains on commodity and financial futures
780    Disabled person’s vehicle maintenance grant
781    Payments under New Deal 50plus
782    Payments under employment zone programme
Income Tax (Trading and Other Income) Bill (Volume I) xxxiii
Chapter 10
General
783    General disregard of exempt income for income tax purposes
Part 7
Income charged under this Act: rent-a-room and foster-care relief
Chapter 1
Rent-a-room relief
Introduction
784    Overview of Chapter 1
785    Person who qualifies for relief
Basic definitions
786    Meaning of “rent-a-room receipts”
787    Meaning of “residence”
788    Meaning of “total rent-a-room amount”
Individual’s limit
789    The individual’s limit
790    Exclusive receipts condition
Relief if amount does not exceed limit
791    Full rent-a-room relief: introduction
792    Full rent-a-room relief: trading income
793    Full rent-a-room relief: property income
794    Full rent-a-room relief: income chargeable under Chapter 8 of Part 5
Alternative calculation of profits if amount exceeds limit
795    Alternative calculation of profits: introduction
796    Alternative calculation of profits: trading income
797    Alternative calculation of profits: property income
798    Alternative calculation of profits: income chargeable under Chapter 8 of Part
5
Elections
799    Election not to apply full relief
800    Election for alternative method of calculating profits
801    Time limit on adjustment of assessment
Interpretation
802    Minor definitions
Income Tax (Trading and Other Income) Bill (Volume I) xxxiv
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 (Volume I) xxxv
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

© Parliamentary copyright 2005	Revised 4 February 2005