Finance Bill

House of Commons portcullis

House of Commons

Session 2005 - 06
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Other Bills before Parliament

Finance Bill

Finance Bill

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section

19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Finance Bill are compatible with the Convention

rights.

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Contents

Part 1

Value added tax

1

Goods subject to warehousing regime: place of acquisition or supply

2

Cars: determination of consideration for fuel supplied for private use

3

Credit for, or repayment of, overstated or overpaid VAT

4

Section 3 : consequential and supplementary provision

5

Reverse charge: gas and electricity valuation

6

Disclosure of value added tax avoidance schemes

Part 2

Income tax, corporation tax and capital gains tax

Chapter 1

Personal taxation

Social security pension lump sums

7

Charge to income tax on lump sum

8

Meaning of “applicable year of assessment” in section 7

9

Interpretation and commencement

10

Consequential amendments

Gift aid

11

Donations to charity by individuals

Employee securities

12

Employee securities: anti-avoidance

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Chapter 2

Scientific research organisations

13

Corporation tax exemption for organisations

14

Income tax deduction for payments to organisations

15

Corporation tax deduction for payments to organisations

Chapter 3

Authorised investment funds etc

16

Open-ended investment companies

17

Authorised unit trusts and open-ended investment companies

18

Section 17 (3): specific powers

19

Section 17 : commencement and procedure

20

Unauthorised unit trusts: chargeable gains

21

Unit trusts: treatment of accumulation units

22

Section 349B ICTA: exemption for distributions to PEP/ISA managers

23

Offshore funds

Chapter 4

Avoidance involving tax arbitrage

24

Deduction cases

25

Rules relating to deductions

26

Receipts cases

27

Rule as to qualifying payment

28

Notices under sections 24 and 26

29

Amendments relating to company tax returns

30

Interpretation

31

Commencement

Chapter 5

Chargeable gains

Residence, location of assets etc

32

Temporary non-residents

33

Trustees both resident and non-resident in a year of assessment

34

Location of assets etc

Miscellaneous

35

Exercise of options etc

36

Notional transfers within a group

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Chapter 6

Miscellaneous

Accounting practice and related matters

37

Accounting practice and related matters

Financial avoidance etc

38

Charges on income for the purposes of corporation tax

39

Avoidance involving financial arrangements

Financing of companies etc

40

Transfer pricing and loan relationships

Intangible fixed assets

41

Intangible fixed assets

Insurance companies etc

42

Insurance companies etc

International matters

43

Implementation of the amended Parent/Subsidiary Directive

44

Territories with a lower level of taxation: reduction of amount of local tax

Miscellaneous

45

Lloyd’s underwriters: assessment and collection of tax

46

Energy Act 2004 and Health Protection Agency Act 2004

Part 3

Stamp taxes

Stamp duty land tax

47

E-conveyancing

48

Disclosure of information contained in land transaction returns

49

Miscellaneous amendments

Stamp duty and stamp duty reserve tax

50

Power to extend exceptions relating to recognised exchanges

Part 4

European company statute

51

Chargeable gains

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52

Intangible fixed assets

53

Intangible fixed assets: permanent establishment in another member State

54

Loan relationships

55

Derivative contracts

56

Capital allowances

57

Stamp duty reserve tax

58

Bearer instruments: stamp duty and stamp duty reserve tax

59

Consequential amendments

60

Residence

61

Continuity for transitional purposes

62

Groups

63

Groups: intangible fixed assets

64

Held-over gains

65

Restrictions on set-off of pre-entry losses

Part 5

Miscellaneous matters

66

Vehicle excise duty: late renewal supplements

67

Reorganisation of water and sewerage services in Northern Ireland

68

EU Mutual Assistance Directive: notifications

69

Abolition of statutory adjudicator for National Savings and Investments

Part 6

Supplementary provisions

70

Repeals

71

Interpretation

72

Short title

Schedule 1   —

Disclosure of value added tax avoidance schemes

Schedule 2   —

Employee securities: anti-avoidance

Schedule 3   —

Qualifying scheme

Part 1   —

Introductory

Part 2   —

Schemes involving hybrid entities

Part 3   —

Schemes involving hybrid effect

Part 4   —

Schemes involving hybrid effect and connected persons

Schedule 4   —

Chargeable gains: location of assets etc

Part 1   —

Location of assets

Part 2   —

Minor amendments: non-resident company with UK permanent establishment

Part 3   —

Commencement

Schedule 5   —

Chargeable gains: options

Part 1   —

Application of market value rule in case of exercise of option

Part 2   —

Miscellaneous amendments relating to share options etc

Part 3   —

Commencement

Schedule 6   —

Accounting practice and related matters

Schedule 7   —

Avoidance involving financial arrangements

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Schedule 8   —

Financing of companies etc: transfer pricing and loan relationships

Schedule 9   —

Insurance companies etc

Schedule 10   —

Stamp duty land tax: miscellaneous amendments

Part 1   —

Amendments coming into force in accordance with paragraph 16

Part 2   —

Amendments coming into force in accordance with paragraph 22

Schedule 11   —

Repeals

Part 1   —

Value added tax

Part 2   —

Income tax, corporation tax and capital gains tax

Part 3   —

Stamp taxes

Part 4   —

European company statute

Part 5   —

Miscellaneous matters

© Parliamentary copyright 2005
Revised 24 May 2005