Finance (No.2) Bill

House of Commons

Session 2005 - 06
Internet Publications
Other Bills before Parliament

Finance (No.2) Bill

Finance (No.2) Bill
Schedule 26 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
466

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)
Sections 99 to 101.

Income Tax (Trading and Other
In the heading to Chapter 9 of Part 2, the words

Income) Act 2005 (c. 5)
“FILMS AND”.

In section 130—

5

(a)
in subsections (1)(a), (2), (3) and (4), the

words “film or” wherever occurring;

(b)
in subsection (1), paragraph (b) and the

word “and” preceding it;

(c)
subsection (6).

10

Section131.

In section 132—

(a)
in subsection (1), paragraph (a) and the

word “and” following it;

(b)
subsections (2) and (3).

15

Section 134(4).

In section 135—

(a)
in subsection (1)(a), the words “films or”;

(b)
subsection (1)(d);

(c)
subsection (6)(b) to (d);

20

(d)
subsection (7).

Sections 136 to 144.

Finance Act 2005 (c. 7)
Sections 58 to 71.

Schedule 3.

1
These repeals come into force in accordance with the provisions of sections
25
46 and 47 of this Act.
2
In consequence of the repeals in ITTOIA 2005—
(a)
the heading before section 135 of that Act becomes “Rules for
allocating expenditure”; and
(b)
the heading to that section becomes “Allocation of production or
30
acquisition expenditure to relevant periods”.
(5) non-charitable expenditure

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 506(2), the words “and subsection (1)

Act 1988 (c. 1)
above”.

35

Section 506(6).

Part III of Schedule 20.

(6) Gift aid relief for companies wholly owned by one or more charities

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 339(1)(a), the words “except section

40

Act 1988 (c. 1)
209(4)”.


This repeal has effect in accordance with section 57 of this Act.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
467

(7) Mobile telephones

Short title and chapter
Extent of repeal

Income Tax (Earnings and
In section 266(2)(b), the word “or”.

Pensions) Act 2003 (c. 1)
In section 267(2)(e), the word “and” at the end.

Communications Act 2003
In Schedule 17, paragraph 175(2).

5

(c. 21)


These repeals have effect in accordance with section 60(4) and (5) of this Act.
(8) computer equipment

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 320.

10

Pensions) Act 2003 (c. 1)

Communications Act 2003
In Schedule 17, paragraph 175(3).

(c. 21)

Finance Act 2004 (c. 12)
Section 79.


These repeals have effect in accordance with section 61(2) and (3) of this Act.
15
(9) Exemption for employees’ eye tests and special glasses

Short title and chapter
Extent of repeal

Income Tax (Earnings and
In section 266(3), the word “or” at the end of

Pensions) Act 2003 (c. 1)
paragraph (d).


This repeal has effect for the year 2006-07 and subsequent years of
20
assessment.
(10) Capital losses

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 104(2)(b), the word “, 106”.

Act 1992 (c. 12)
In section 105(2)(c), the word “106,”.

25

Section 106.

In section 108(8), the words “shall have effect

subject to section 106 but”.

Section 177B and the italic cross-heading before

it.

30

Schedule 7AA.

Finance Act 1998 (c. 36)
Section 137(1), (2) and (5).

Schedule 24.

Finance Act 2000 (c. 17)
In Schedule 29, paragraphs 8 and 18.

Finance Act 2003 (c. 14)
In Schedule 27, in paragraph 2(3), the words

35

“106(10),”.

1
The repeals of—

Finance (No.2) Bill
Schedule 26 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
468

(a)
section 177B of, and Schedule 7AA to, TCGA 1992,
(b)
section 137(1), (2) and (5) of, and Schedule 24, to FA 1998, and
(c)
paragraph 8 of Schedule 29 to FA 2000,

have effect in accordance with section 70(6) to (11) of this Act.
2
The other repeals have effect in accordance with section 72 of this Act.
5
(11) policies of insurance and non-deferred annuities

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 237, paragraph (b) (including the

Act 1992 (c. 12)
word “or” at the end of that paragraph).


This repeal has effect in accordance with section 73 of this Act.
10
(12) exception to “bed and breakfasting” rules etc

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 10A(9A).

Act 1992 (c. 12)
Section 83A(5).


These repeals have effect in accordance with section 74(6) of this Act.
15
(13) Avoidance involving financial arrangements

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 730(3).

Act 1988 (c. 1)

Finance Act 1996 (c. 8)
In section 81(2), the word “or” immediately

20

before paragraph (b).

In section 103(1), in the definition of “fair value”,

in paragraphs (a) and (b), the words “in

respect of amounts which at that time are not

yet due and payable”.

25

Finance Act 2002 (c. 23)
In Schedule 26, in paragraph 54(1), in the

definition of “fair value”, in paragraphs (a)

and (b), the words “in respect of amounts

which at that time are not yet due and

payable”.

30

Finance (No.2) Act 2005 (c. 22)
In Schedule 7, paragraphs 2(6), 17(3) and 23(2).


These repeals have effect in accordance with Schedule 6 to this Act.
(14) Leasing of plant or machinery

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)
Section 62.

35

Finance Act 2003 (c. 14)
In Schedule 30, paragraph 4(2).

Finance (No.2) Bill
Schedule 26 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
469


These repeals have effect in relation to expenditure incurred on or after 1st
April 2006.
(15) insurance companies

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 431A(5).

5

Act 1988 (c.1)
In section 432B(4)(b), the words “and ending

before 1st October 2006”.

Finance Act 1989 (c. 26)
In section 83ZA—

(a)
in subsection (7), the words “the

aggregate of”, paragraph (b) and the

10

word “and” before that paragraph,

(b)
subsections (10) and (12), and

(c)
in subsection (15), the word “, (12)”.


The repeals in section 83ZA of FA 1989 have effect in accordance with
Schedule 11 to this Act.
15
(16) Settlements

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 220(2).

Act 1988 (c. 1)
In section 360A(2)(b)—

(a)
the words “trustee or”, and

20

(b)
the words from “(“settlement”” to the

end.

In section 360A(2)(c), the words “trustee or”.

In section 360A(8), the words “trustee or”.

In section 417(3)(b)—

25

(a)
the words “trustee or”, and

(b)
the words from “(“settlement”” to the

end.

In section 417(3)(c)(i), the words “trustee or”.

In section 686(2)(b), the word “either”.

30

Section 720(8)(a).

Section 764.

At the end of section 839(3)(b), the word “and”.

Finance Act 1989 (c. 26)
At the end of section 68(2)(bb), the word “and”.

Section 68(2)(c).

35

At the end of section 71(4)(bb), the word “and”.

Section 71(4)(c).

Section 110.

Finance Act 1990 (c. 29)
At the end of section 25(9)(b)(iii), the word “or”.

Taxation of Chargeable Gains
In section 63(1), the words “an heir of entail in

40

Act 1992 (c. 12)
possession of any property in Scotland

subject to an entail, whether sui juris or not,

or of”.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
470

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 63(2)—

Act 1992 (c. 12)—cont.
    (a)    the words “For the purposes of this Act,”

(b)   the words “heir or” before “liferenter”,

and

5

    (c) the words “the heir of entail next entitled

to the entailed property under the entail or, as

the case may be,”.

In section 77(6), the word “or” at the end of

paragraph (a).

10

In section 83A(3), the word “or” at the end of

paragraph (a).

Section 83A(3)(b).

In section 97(7), the words “the preceding

provisions of”.

15

In section 98(2), the word “and” at the end of

paragraph (a).

Section 98(2)(b).

In section 169(3)(a), the words from “, although”

to the end of the paragraph.

20

In section 217(3), the word “and” at the end of

paragraph (a).

Section 217(3)(b).

In section 283(4), the words “as such (within the

meaning of section 701(4) of that Act)”.

25

In section 286(3), the word “and” at the end of

paragraph (b).

In section 286(3), the words following

paragraph (c).

Paragraph 17(6) of Schedule A1.

30

In paragraph 2(7) of Schedule 1, the words from

“settlor” to “intestate and”.

In paragraph 2(7)(a) of Schedule 1, the words

“treated under section 69(1) as”.

In paragraph 7(5) of Schedule 4A, the word “or”

35

at the end of paragraph (a).

Income Tax (Trading and Other
Section 457(4).

Income) Act 2005 (c. 5)
Section 568(5).

Finance Act 2005 (c. 7)
Section 42(5)(b).


These repeals shall come into force in accordance with the provisions of
40
Schedules 12 and 13 to this Act.
(17) venture capital schemes

Short title and chapter
Extent of repeal

Finance Act 1998 (c. 36)
Section 73(5).

In section 73(6), the words from “; and

45

subsection (5)” to the end.

In Schedule 13, paragraph 2.

Finance Act 2000 (c. 17)
In Schedule 18, paragraph 1(4).

Finance Act 2004 (c. 12)
In Schedule 18, paragraph 4.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 4 — Real Estate Investment Trusts
471

1
The repeals in section 73 of FA 1998 have effect in accordance with
paragraph 2(2) to (4) of Schedule 14 to this Act.
2
The repeal of paragraph 2 of Schedule 13 to FA 1998 has effect in accordance
with paragraph 5(2) of Schedule 14 to this Act.
3
The repeal of paragraph 1(4) of Schedule 18 to FA 2000 has effect in
5
accordance with paragraph 7(5) of Schedule 14 to this Act.
4
The repeal of paragraph 4 of Schedule 18 to FA 2004 has effect in accordance
with paragraph 6(2) of Schedule 14 to this Act.
(18) Alternative finance arrangements

Short title and chapter
Extent of repeal

10

Finance Act 2005 (c. 7)
Section 47(5).

(19) Nuclear decommissioning

Short title and chapter
Extent of repeal

Energy Act 2004 (c. 20)
In section 30(1)(c), the words “on the coming

into force of the direction mentioned in

15

paragraph (a),”.


This repeal has effect in relation to accounting periods of the Nuclear
Decommissioning Authority ending on or after 22nd March 2006.
(20) Securitisation companies

Short title and chapter
Extent of repeal

20

Finance Act 2005 (c. 7)
In section 83(3), the word “and” at the end of

paragraph (c).

In section 84—

(a)
subsection (3)(d)(ii) and the word “and”

following it;

25

(b)
subsection (5)(a).


These repeals have effect in accordance with section 101(6) and (7) of this
Act.
Part 4
Real Estate Investment Trusts
30

Short title and chapter
Repeal

Income and Corporation Taxes
Sections 842(1AA), 508A and 508B.

Act 1988 (c. 1).

Finance Act 1996 (c. 8).
Schedule 30.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 5 — Oil
472

Part 5
Oil
(1) New basis for determining the market value of oil

Short title and chapter
Extent of repeal

Oil Taxation Act 1975 (c. 22)
In section 5A(5C), paragraph (a) and the word

5

“and” at the end of paragraph (b).

In Schedule 3, paragraph 2(3) and, in paragraph

2A,—

(a)
in sub-paragraph (1), the words “, or in

accordance with those sub-paragraphs

10

as modified by sub-paragraph (3) of that

paragraph,”;

(b)
in sub-paragraph (3), the words “(with

sub-paragraphs (2)(f) of paragraph 2

applying accordingly)”.

15

Finance Act 1983 (c. 28)
Section 38.

Finance Act 1987 (c. 16)
Section 62(2)(c).

In Schedule 11—

(a)
paragraph 1(3) to (7);

(b)
paragraphs 3 to 5.

20

Finance (No. 2) Act 1987 (c. 51)
In section 101—

(a)
in subsection (5) the words “, subject to

subsection (6) below”; and

(b)
subsection (6).

In Schedule 8, paragraph 5.

25

Finance (No. 2) Act 1992 (c. 48)
In Schedule 15, paragraph 4(1).

Finance Act 1994 (c. 9)
Section 235(1)(d) and (2).

1
The repeal in Schedule 8 to F(No.2)A 1987 has effect for chargeable periods
beginning on or after 1st July 2006.
2
The other repeals have effect in accordance with section 147 of this Act.
30
(2) Nomination scheme

Short title and chapter
Extent of repeal

Finance Act 1987 (c. 16)
In section 61(1) the words “, supplies and

appropriations”.

Section 61(6) and (7).

35

In paragraph 1(1) of Schedule 10 the words “,

“proposed supply” and “proposed

appropriation””.

Paragraph 1(2) of Schedule 10.

Paragraph 2(1)(b) and (c) of Schedule 10.

40

The words following paragraph 2(1)(d) of

Schedule 10.

Paragraph 3 of Schedule 10.

Paragraph 4(2), (2A) and (4) of Schedule 10.