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
689
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
695
Investment plans
696
Plan managers
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
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
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
xxxi
726
Meaning of “care provider”
Other annual payments
Certain annual payments by individuals
727
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
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
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
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
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
xxxiii
Chapter 10
783
General disregard of exempt income for income tax purposes
Part 7
Income charged under this Act: rent-a-room and foster-care relief
Rent-a-room relief
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
xxxiv
Foster-care relief
803
Overview of Chapter 2
804
805
Meaning of “foster-care receipts”
806
Meaning of providing foster care
807
Calculation of “total foster-care receipts”
808
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
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
815
816
817
818
819
Adjustment of assessment
Periods of account not ending on 5th April
820
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
xxxv
Part 8
Foreign income: special rules
829
Overview of Part 8
830
Meaning of “relevant foreign income”
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
836
Relief for delayed remittances: backdated pensions
837
Claims for relief on delayed remittances
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
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
846
Overview of Part 9
847
General provisions