Finance Bill

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Session 2005 - 06
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Finance Bill

Finance Bill
Schedule 11 — Repeals
Part 1 — Value added tax
153

      (2)
Paragraphs 19 and 20 do not have effect—
(a)
in relation to any transaction which is effected in pursuance of a
contract entered into and substantially performed on or before 16th
March 2005, or
(b)
(subject to sub-paragraph (3)) in relation to any other transaction
5
which is effected in pursuance of a contract entered into on or before
that date.
      (3)
The exclusion by sub-paragraph (2)(b) of transactions effected in pursuance
of contracts entered into on or before 16th March 2005 does not apply—
(a)
if there is any variation of the contract or assignment of rights under
10
the contract after that date,
(b)
if the transaction is effected in consequence of the exercise after that
date of any option, right of pre-emption or similar right, or
(c)
if after that date there is an assignment, subsale or other transaction
(relating to the whole or part of the subject-matter of the contract) as
15
a result of which a person other than the purchaser under the
contract becomes entitled to call for a conveyance to him.
      (4)
Paragraph 21 has effect in relation to any instrument executed on or after the
day on which this Act is passed.
      (5)
In this paragraph “assignment”, “effective date” and “substantially
20
performed” have the same meaning as in Part 4 of FA 2003.
Schedule 11
Section 70

Repeals
Part 1
Value added tax
25
Disclosure of avoidance schemes

Short title and chapter
Extent of repeal

Value Added Tax Act 1994 (c.
In Schedule 11A—

23)
(a)
in paragraph 6(1), the word “or” at the

end of paragraph (a), and

30

(b)
in paragraph 11(3), the word “and” at

the end of paragraph (a).


These repeals come into force in accordance with an order under section 6(2)
of this Act.

Finance Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
154

Part 2
Income tax, corporation tax and capital gains tax
(1) Employee securities: anti-avoidance

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 420(5)(d).

5

Pensions) Act 2003 (c. 1)
In section 424(1), paragraph (c) and the word

“or” before it.

Finance Act 2004 (c. 12)
Section 86(4).


These repeals have effect in accordance with Schedule 2 to this Act.
(2) Scientific research organisations
10

Short title and chapter
Extent of repeal

Income Tax (Trading and Other
Section 88(4)(a).

Income) Act 2005 (c. 5)
In Schedule 1, paragraph 55(b).

1
The repeal of section 88(4)(a) of ITTOIA 2005 has effect in accordance with
section 14 of this Act.
15
2
The repeal of paragraph 55(b) of Schedule 1 to that Act has effect in
accordance with section 15 of this Act.
(3) Unit trusts and open-ended investment companies

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 349B(4)(b).

20

Act 1988 (c. 1)

Income and Corporation Taxes
Sections 468H to 468Q.

Act 1988 (c. 1)—cont.

Finance Act 1996 (c. 8)
Paragraphs 2A and 2B of Schedule 10.

Finance Act 2002 (c. 23)
Paragraphs 32 and 33 of Schedule 26.

25

Income Tax (Trading and Other
Section 373(4) and (6).

Income) Act 2005 (c. 5)
Section 376(4) and (6).

Paragraph 151(2) of Schedule 1.

Paragraph 350(2) and (3) of Schedule 1.

1
The repeal of paragraph 350(2) and (3) of Schedule 1 to ITTOIA 2005 comes
30
into force on the day on which this Act is passed.
2
The other repeals have effect in accordance with section 19(1) of this Act.
(4) Chargeable gains: temporary non-residents

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 10A(10).

35

Act 1992 (c. 12)

Finance Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
155


This repeal has effect in accordance with section 32(7) of this Act.
(5) Chargeable gains: options

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
Section 111(2) and (5).


These repeals have effect in accordance with paragraph 6(2) of Schedule 5 to
5
this Act.
(6) Accounting practice

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
Section 84A.

Section 85B(6).

10

In Schedule 9—

(a)
in paragraph 11A(4)(c), the words “, or

would apart from section 84A(2) to (10)

of this Act,”;

(b)
paragraph 19(12).

15

Finance Act 2002 (c. 23)
In Schedule 23, paragraphs 3 and 26(5).

In Schedule 26—

(a)
paragraph 16;

(b)
in paragraph 23(9), the words from

“which by virtue” to the end.

20

Finance Act 2004 (c. 12)
In Schedule 10, paragraphs 2 and 48.

Finance Act 2005 (c. 7)
In Schedule 4, paragraphs 6, 10, 28(3) and (4)

and 29.

1
The repeal of paragraph 6 of Schedule 4 to FA 2005 has effect in accordance
with paragraph 4(6) of Schedule 6 to this Act.
25
2
The repeal of paragraph 10 of Schedule 4 to FA 2005 has effect in accordance
with paragraph 5(2) of Schedule 6 to this Act.
3
The repeals in FA 1996, FA 2002 and FA 2004 have effect in accordance with
paragraph 9(2) and (3) of Schedule 6 to this Act.

Finance Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
156

(7) Charges on income for corporation tax

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 125(1), the words “and shall not be a

Act 1988 (c. 1)
charge on income for the purposes of

corporation tax”.

5

Section 338A(2)(a) and (4).

Section 338B.

In section 402(6)(b), the words “or a charge on

income”.

Section 434A(2)(a)(i).

10

In section 487(3), the words “or be treated for

those purposes as a charge on income”.

In section 494—

(a)
in subsection (1), the words “Section 338

of this Act and”;

15

(b)
subsection (3).

In section 494A—

(a)
in subsection (2), paragraph (b) and the

word “or” before it;

(b)
in subsection (3), paragraph (b) and the

20

word “and” before it.

In Schedule 28AA—

(a)
in paragraph 7A(2)(b), the words “or

charges on income”;

(b)
in paragraph 7C(2)(b), the words “or

25

charges on income”.

Finance Act 1989 (c. 26)
In section 102(7)(b), the words “or a charge on

income”.

Taxation of Chargeable Gains
In section 171A(5)(b), the words “or a charge on

Act 1992 (c. 12)
income”.

30

In section 179A(11)(b), the words “or a charge

on income”.

Finance Act 2002 (c. 23)
In Schedule 29, in paragraph 71(4)(b), the words

“or a charge on income”.


These repeals have effect in accordance with section 38 of this Act.
35
(8) Avoidance involving financial arrangements

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 18, paragraph (c) of the Case III of

Act 1988 (c. 1)
Schedule D substituted by subsection (3A).

Section 43C(1).

40

Section 43E(1)(a) and (b).

In section 730—

(a)
subsection (1)(c);

(b)
subsection (2A);

(c)
in subsection (8), the words from “and

45

for the purpose” onwards.

Finance Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
157

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
In section 97—

(a)
in subsection (2), paragraph (b) and the

word “but” before it, and

(b)
subsections (3) and (3A).

5

Section 100(4) to (6), (8) and (13).

In Schedule 9—

(a)
in paragraph 1A(1), paragraph (b) and

the word “or” before it;

(b)
paragraph 11(5);

10

(c)
in paragraph 15(4A), paragraph (b) and

the word “and” before it.

Finance Act 2000 (c. 17)
In Schedule 29, paragraph 44(3).

Finance Act 2002 (c. 23)
In Schedule 25, paragraphs 13(4) and 51.

Income Tax (Trading and Other
In section 430(6), the word “and” before the

15

Income) Act 2005 (c. 5)
entry relating to section 443(1).

In Schedule 1, paragraph 300(5).


These repeals have effect in accordance with Schedule 7 to this Act.
(9) Loan relationships

Short title and chapter
Extent of repeal

20

Finance Act 1996 (c. 8)
In Schedule 9—

(a)
in paragraph 2(1B), the words “, but not

a CIS-based close company,”, the word

“or” preceding paragraph (c) and the

words after paragraph (c);

25

(b)
in paragraph 18(1), paragraph (aa), and

paragraph (c) and the word “and”

preceding it;

(c)
in paragraph 18(4), the word “and”

preceding the definition of

30

“participator”.

Finance Act 2002 (c. 23)
In Schedule 25, paragraph 34(4).

Finance Act 2004 (c. 12)
In Schedule 8, paragraphs 2(2) and 6(2) and (3).


These repeals have effect in accordance with paragraph 4 of Schedule 8 to
this Act.
35
(10) Insurance companies etc

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 76(8), in the second sentence, the

Act 1988 (c. 1)
word “or” at the end of paragraph (a).

In section 431(2), the definition of “long-term

40

liabilities”.

Finance Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
158

Short title and chapter
Extent of repeal

Finance Act 1989 (c. 26)
Section 82C(4), (5), (8) and (9).

In section 83A(2), the words from “Paragraph

(b) above” to the end of the subsection.

In section 88(3A), the word “and” at the end of

5

paragraph (a).

Finance Act 1990 (c. 29)
In Schedule 6—

(a)
in paragraph 1(2)(b), the definitions of

“liabilities” and “value”;

(b)
paragraph 2.

10

1
The repeals in ICTA have effect in relation to periods of account ending on
or after 31st December 2004.
2
The repeals in section 82C of FA 1989 have effect in accordance with
paragraph 11(4) of Schedule 9 to this Act.
3
The repeal in section 83A of FA 1989 has effect in accordance with paragraph
15
13(6) of Schedule 9 to this Act.
4
The repeal in section 88 of FA 1989 has effect in accordance with paragraph
16(3) of Schedule 9 to this Act.
5
The repeals in paragraph 1(2)(b) of Schedule 6 to FA 1990 have effect in
accordance with paragraph 2(6) of Schedule 9 to this Act.
20
6
The repeal of paragraph 2 of Schedule 6 to FA 1990 comes into force on the
day on which this Act is passed.
(11) Lloyd’s names

Short title and chapter
Extent of repeal

Finance Act 1993 (c. 34)
Section 173.

25

In section 182(1)(a), “(so far as not provided for

by Schedule 19 to this Act)”.

Schedule 19.

Finance Act 1994 (c. 9)
Section 221.

In section 229(1)(a), “(so far as not provided for

30

by Schedule 19 to the 1993 Act as applied by

section 221 above)”.

In Schedule 21, paragraphs 9 and 10.

Finance Act 2001 (c. 9)
In Schedule 29, paragraph 36.


These repeals have effect in accordance with section 45(8) and (9) of this Act.
35
(12) Energy Act 2004 and Health Protection Agency Act 2004

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 349B(3)(g) and (h).

Act 1988 (c. 1)
Section 512.

Finance Bill
Schedule 11 — Repeals
Part 4 — European company statute
159

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 271(7)—

Act 1992 (c. 12)
(a)
the words “, the United Kingdom

Atomic Energy Authority”;

(b)
the words “and the National

5

Radiological Protection Board”;

(c)
the words from “; and for the purposes”

to the end of the subsection.

Income Tax (Trading and Other
In Schedule 1, paragraph 199.

Income) Act 2005 (c. 5)

10


These repeals have effect in accordance with section 46 of this Act.
Part 3
Stamp taxes
(1) Stamp duty land tax: miscellaneous

Short title and chapter
Extent of repeal

15

Finance Act 2003 (c. 14)
In Schedule 15, paragraph 33(4).


This repeal has effect in relation to any instrument executed on or after the
day on which this Act is passed.
(2) Stamp duty and stamp duty reserve tax: extension of exceptions

Short title and chapter
Extent of repeal

20

Finance Act 2002 (c. 23)
Section 117.


This repeal has effect in accordance with section 50 of this Act.
Part 4
European company statute

Short title and chapter
Extent of repeal

25

Taxation of Chargeable Gains
In section 140A(7) the definition of “securities”.

Act 1992 (c. 12)
In section 140C(9) the definition of “securities”.


These repeals have effect in accordance with section 59(7) of this Act.