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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

 
 

 
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Revised 4 February 2005