|
| |
|
(5) | After subsection (3) insert— |
| |
“(3A) | A car has a low CO2 emissions figure for a year if its CO2 emissions |
| |
figure does not exceed the limit for that year in the following Table— |
| |
| | | | | | 2008-09 and subsequent tax years |
| | | 5 |
|
(6) | In the Table in subsection (4) (the lower threshold)— |
| |
(a) | in the entry relating to 2005-06 and subsequent tax years, for “and |
| |
subsequent tax years” substitute “, 2006-07 or 2007-08”, and |
| |
(b) | after that entry insert— |
| |
| “2008-09 and subsequent tax |
| | | 10 | | | | | |
|
(7) | After subsection (5) (rounding down of emissions figures to nearest multiple |
| |
| |
“(5A) | Subsection (5) does not apply for the purpose of determining whether |
| |
a car has a low CO2 emissions figure for a year.”. |
| 15 |
(8) | In section 170 of ITEPA 2003 (orders etc relating to the Chapter) before |
| |
subsection (3) (order varying lower threshold) insert— |
| |
“(2A) | The Treasury may by order provide for a limit different from that |
| |
specified in the Table in section 139(3A) (car with a low CO2 emissions |
| |
figure) to apply for tax years beginning on or after 6th April 2009 or |
| 20 |
such later date as may be specified in the order.”. |
| |
(9) | If a qualifying low emissions car is a car which, within the meaning of |
| |
regulations under section 170(4) of ITEPA 2003,— |
| |
(a) | is capable of being propelled by petrol and road fuel gas, |
| |
(b) | is capable of being propelled by electricity and petrol, or |
| 25 |
(c) | is propelled solely by road fuel gas, |
| |
| no reduction in the appropriate percentage is to be made by virtue of any such |
| |
regulations made before 22nd March 2006. |
| |
(10) | Subsections (2) to (5) and (7) to (9) have effect for the tax year 2008-09 and |
| |
| 30 |
Mobile telephones and computers |
| |
| |
(1) | In section 266(2) of ITEPA 2003 (exemption of non-cash vouchers for exempt |
| |
benefits), insert at the end “or |
| |
(d) | section 319 (mobile telephones).” |
| 35 |
(2) | In section 267(2) of that Act (exemption of credit-tokens used for exempt |
| |
|
| |
|
| |
|
benefits), after paragraph (f) insert— |
| |
“(g) | section 319 (mobile telephones).” |
| |
(3) | For section 319 of that Act (employment income: exemption for mobile |
| |
| |
| 5 |
(1) | No liability to income tax arises by virtue of section 62 (general |
| |
definition of earnings) or Chapter 10 of Part 3 (taxable benefits: residual |
| |
liability to charge) in respect of the provision of one mobile telephone |
| |
for an employee without any transfer of property in it. |
| |
(2) | In this section “mobile telephone” means telephone apparatus which— |
| 10 |
(a) | is not physically connected to a land-line, and |
| |
(b) | is not used only as a wireless extension to a telephone which is |
| |
physically connected to a land-line, |
| |
| or any thing which may be used in such apparatus for the purpose of |
| |
gaining access to, or using, a public electronic communications service. |
| 15 |
(3) | In this section the reference to the provision of a mobile telephone |
| |
includes a reference to the provision, together with the mobile |
| |
telephone provided, of access to, or the use of, a public electronic |
| |
communications service by means of one mobile telephone number. |
| |
(4) | For the purposes of subsection (2) “telephone apparatus” means |
| 20 |
wireless telegraphy apparatus designed or adapted for the primary |
| |
purpose of transmitting and receiving spoken messages and used in |
| |
connection with a public electronic communications service.” |
| |
(4) | This section has effect for the year 2006-07 and subsequent years of assessment. |
| |
(5) | But the amendment made by subsection (3) does not cause any liability to |
| 25 |
income tax to arise in respect of the provision of a mobile telephone for an |
| |
employee, or a member of an employee’s family or household, if the mobile |
| |
telephone was first provided to him before 6th April 2006. |
| |
| |
(1) | Omit section 320 of ITEPA 2003 (employment income: limited exemption for |
| 30 |
| |
(2) | This section has effect for the year 2006-07 and subsequent years of assessment. |
| |
(3) | But it does not cause any liability to income tax to arise in respect of the |
| |
provision of computer equipment by making it available to an employee, or a |
| |
member of an employee’s family or household, if the computer equipment was |
| 35 |
first made available to him before 6th April 2006. |
| |
| |
62 | Exemption for employees’ eye tests and special glasses |
| |
(1) | Part 4 of ITEPA 2003 (employment income: exemptions) is amended as follows. |
| |
(2) | In Chapter 11 (miscellaneous exemptions), before section 321 (and the cross- |
| 40 |
|
| |
|
| |
|
heading “Awards and gifts”) insert— |
| |
“Eye tests and special corrective appliances |
| |
320A | Eye tests and special corrective appliances |
| |
(1) | No liability to income tax arises in respect of the provision for an |
| |
| 5 |
(a) | an eye and eyesight test, or |
| |
(b) | special corrective appliances that an eye and eyesight test |
| |
| |
| if conditions A and B are met. |
| |
(2) | Condition A is that the provision of the test or appliances is required by |
| 10 |
regulations made under the Health and Safety at Work etc. Act 1974. |
| |
(3) | Condition B is that tests and appliances of the kind mentioned in |
| |
subsection (1) are made available generally to those employees of the |
| |
employer in question for whom they are required to be provided by the |
| |
| 15 |
(3) | In section 266 (exemption of non-cash vouchers for exempt benefits), at the end |
| |
of subsection (3) insert “, or |
| |
(f) | section 320A (eye tests and special corrective appliances).” |
| |
(4) | In section 267 (exemption of credit-tokens used for exempt benefits), at the end |
| |
of subsection (2) insert “, and |
| 20 |
(h) | section 320A (eye tests and special corrective appliances).” |
| |
(5) | This section has effect for the year 2006-07 and subsequent years of assessment. |
| |
| |
63 | Power to exempt use of vouchers or tokens to obtain exempt benefits |
| |
In Chapter 4 of Part 3 of ITEPA 2003 (taxable benefits: vouchers and credit- |
| 25 |
tokens), after section 96 insert— |
| |
“96A | Power to exempt use of non-cash vouchers or credit-tokens to obtain |
| |
| |
(1) | The Treasury may by regulations provide for exemption from any |
| |
liability that would otherwise arise by virtue of this Chapter in respect |
| 30 |
| |
(a) | non-cash vouchers which are or can be used to obtain specified |
| |
exempt benefits, or which evidence an employee’s entitlement |
| |
to specified exempt benefits; |
| |
(b) | credit-tokens which are used to obtain specified exempt |
| 35 |
| |
| |
“exempt benefit” means a benefit the direct provision of which is |
| |
exempted from liability to income tax by a provision of Part 4 |
| |
(employment income: exemptions), and |
| 40 |
“specified” means specified in the regulations. |
| |
|
| |
|
| |
|
(3) | Regulations under this section may operate by amending section 266 |
| |
(exemption of non-cash vouchers for exempt benefits) or section 267 |
| |
(exemption of credit-tokens used for exempt benefits).” |
| |
| |
64 | Payments to or in respect of victims of National-Socialist persecution |
| 5 |
(1) | In section 369 of ITTOIA 2005 (charge to tax on interest), in subsection (3) (non- |
| |
exhaustive list of exemptions), in paragraph (e) (exemptions under sections 749 |
| |
| |
(a) | for “756” substitute “756A”, and |
| |
(b) | for “and interest on certain foreign currency securities)” substitute “, |
| 10 |
certain foreign currency securities and interest on certain deposits of |
| |
victims of National-Socialist persecution)”. |
| |
(2) | After section 756 of ITTOIA 2005 (which securities and loans are foreign |
| |
currency ones for section 755) insert— |
| |
“756A | Interest on certain deposits of victims of National-Socialist |
| 15 |
| |
(1) | No liability to income tax arises in respect of interest which is paid— |
| |
(a) | to or in respect of a victim of National-Socialist persecution, |
| |
(b) | under a qualifying compensation scheme, and |
| |
(c) | for a qualifying purpose in respect of a qualifying deposit of the |
| 20 |
| |
(2) | A scheme is a qualifying compensation scheme if— |
| |
(a) | it is constituted (whether under the law of any part of the |
| |
United Kingdom or elsewhere) by an instrument in writing, and |
| |
(b) | the purpose of the scheme, or one of its purposes, is to make |
| 25 |
payments of interest to or in respect of victims of National- |
| |
Socialist persecution for qualifying purposes in respect of |
| |
| |
(3) | Interest is paid for a qualifying purpose in respect of a deposit if— |
| |
(a) | it is paid for meeting a liability in respect of interest on the |
| 30 |
| |
(b) | it is paid for compensating for the effects of inflation on the |
| |
| |
(4) | In relation to a victim of National-Socialist persecution, a deposit is a |
| |
qualifying deposit if it was made— |
| 35 |
(a) | by, or on behalf of, the victim, and |
| |
(b) | on or before 5th June 1945. |
| |
(5) | In this section “deposit” has the meaning given by section 481(3) of |
| |
| |
(3) | In section 783 of ITTOIA 2005 (general disregard of exempt income for income |
| 40 |
| |
(a) | for subsection (2) (exception to general disregard) substitute— |
| |
“(2) | There are exceptions to this in the following cases. |
| |
|
| |
|
| |
|
(2A) | Interest on deposits in ordinary accounts with the National |
| |
Savings Bank which is exempt under this Part from every |
| |
charge to income tax is not to be ignored for the purpose of |
| |
| |
(2B) | Interest paid to or in respect of victims of National-Socialist |
| 5 |
persecution which is so exempt is not to be ignored for the |
| |
purposes of sections 17 and 18 of TMA 1970 (information |
| |
provisions relating to interest).”, and |
| |
(b) | in subsection (3) (subsection (2) without prejudice to other exceptions) |
| |
for “This express exception to subsection (1) is” substitute “These |
| 10 |
express exceptions to subsection (1) are”. |
| |
(4) | After section 268 of TCGA 1992 (decorations for valour or gallant conduct) |
| |
| |
“268A | Victims of National-Socialist persecution |
| |
(1) | A gain accruing on a disposal is not a chargeable gain if it accrues on— |
| 15 |
(a) | a disposal of the right to receive the whole or any part of a |
| |
qualifying payment in respect of National-Socialist persecution, |
| |
| |
(b) | a disposal of an interest in any such right. |
| |
(2) | A payment is a qualifying payment in respect of National-Socialist |
| 20 |
persecution if it is payable as mentioned in paragraphs (a) to (c) of |
| |
section 756A(1) of ITTOIA 2005 (income tax exemption for payments to |
| |
or in respect of victims of National-Socialist persecution). |
| |
(3) | In this section “interest”, in relation to any right, means an interest as a |
| |
| 25 |
| |
(a) | whether the right is owned jointly or in common, or |
| |
(b) | whether or not the interests of the co-owners are equal.”. |
| |
(5) | If at any time before claims could have been made under any qualifying |
| |
| 30 |
(a) | a person beneficially entitled to a qualifying deposit has died, and |
| |
(b) | no information in respect of that deposit was contained in any account |
| |
relating to that deceased person under any provision of IHTA 1984, |
| |
| that deposit is to be ignored for all purposes of IHTA 1984. |
| |
(6) | For this purpose “qualifying compensation scheme” and “qualifying deposit” |
| 35 |
have the same meaning as in section 756A of ITTOIA 2005. |
| |
(7) | Subsection (2) has effect (and is deemed always to have had effect)— |
| |
(a) | for the year 1996-97, and |
| |
(b) | subsequent years of assessment. |
| |
(8) | Subsection (4) has effect (and is deemed always to have had effect) in relation |
| 40 |
to disposals made on or after 6th April 1996; but no loss accruing on a disposal |
| |
made before 6th April 2006 is, as a result of that subsection, to cease to be an |
| |
| |
(9) | In relation to any time before 6th April 2005 (the commencement of ITTOIA |
| |
| 45 |
|
| |
|
| |
|
(a) | the section inserted by subsection (2) is to be treated as if it were |
| |
inserted into ICTA (and as if, in subsection (5) of that section, “of ICTA” |
| |
| |
(b) | any reference to that section in any enactment is to be read accordingly. |
| |
(10) | In relation to the year 2005-06 or any earlier year of assessment, all such |
| 5 |
adjustments are to be made as are required to give effect to the exemptions |
| |
conferred as a result of this section. |
| |
(11) | But the adjustments are to be made only if the person entitled to the exemption |
| |
makes a claim for the exemption on or before 31st January 2012. |
| |
(12) | The adjustments may be made by discharge or repayment of tax, the making |
| 10 |
of an assessment or otherwise. |
| |
| |
The London Olympic Games and Paralympic Games |
| |
65 | London Organising Committee |
| |
(1) | In this section “LOCOG” means the private company limited by guarantee |
| 15 |
incorporated on 22nd October 2004 with the Company Number 05267819 and |
| |
with the name The London Organising Committee of the Olympic Games |
| |
| |
(2) | LOCOG shall be exempt from corporation tax. |
| |
(3) | Section 349(1) of ICTA (annual payments: deductions of tax) shall not apply to |
| 20 |
| |
(4) | A claim may be made for any repayment of income tax required as a result of |
| |
an exemption conferred by this section. |
| |
(5) | The Treasury may by regulations provide for subsections (2) to (4) to apply to |
| |
a wholly-owned subsidiary of LOCOG (within the meaning of section 736 of |
| 25 |
the Companies Act 1985 (c. 6)) as they apply to LOCOG. |
| |
(6) | Subsection (7) applies if it appears to the Treasury— |
| |
(a) | that LOCOG has been or may have been, or is or may be, directly or |
| |
indirectly connected with another person, or |
| |
(b) | has been or may have been, or is or may be, acting in association or co- |
| 30 |
operation with another person (whether by virtue of part-ownership, |
| |
partnership, membership of a group or consortium or in any other |
| |
| |
(7) | The Treasury may make regulations— |
| |
(a) | restricting the application of a provision of this section to a specified |
| 35 |
| |
(b) | removing or restricting an exemption or relief under an enactment |
| |
relating to corporation tax, income tax or capital gains tax; |
| |
(c) | preventing a loss or expense of a specified kind from being used or |
| |
treated in a specified way for purposes of corporation tax, income tax |
| 40 |
| |
(d) | wholly or to a specified extent preventing an allowance from being |
| |
claimed for purposes of corporation tax, income tax or capital gains tax; |
| |
|
| |
|
| |
|
(e) | providing for a transfer of property to be disregarded, or treated in a |
| |
specified way, for purposes of corporation tax, income tax or capital |
| |
| |
(f) | providing for specified action taken by LOCOG or the other person to |
| |
have, or not to have, a specified effect for purposes of corporation tax, |
| 5 |
income tax or capital gains tax; |
| |
(g) | providing for an enactment relating to the treatment of groups of |
| |
companies for purposes of corporation tax, income tax or capital gains |
| |
tax to be wholly or partly disapplied or to be applied with |
| |
| 10 |
(h) | making any other provision which appears to the Treasury to be |
| |
expedient for the purpose of preventing this section from being used or |
| |
relied upon otherwise than in connection with the functions of LOCOG |
| |
under the Host City Contract; |
| |
| and provision made under any of paragraphs (b) to (h) may relate to LOCOG |
| 15 |
or to the other person mentioned in subsection (6). |
| |
(8) | If it appears to the Treasury that LOCOG has undertaken, is undertaking or |
| |
may undertake activities other than in pursuance of the Host City Contract, the |
| |
Treasury may make regulations restricting the application of a provision of this |
| |
section to a specified extent. |
| 20 |
(9) | Regulations under subsection (5) may include provision of a kind similar to |
| |
that which may be made under subsection (7) or (8). |
| |
66 | Section 65: supplementary |
| |
(1) | Regulations under section 65(5) to (8)— |
| |
(a) | may make provision which applies generally or only in specified cases |
| 25 |
| |
(b) | may make different provision for different cases or circumstances, |
| |
(c) | may have retrospective effect, and |
| |
(d) | may include incidental, consequential or transitional provision. |
| |
(2) | Regulations under section 65 shall be made by statutory instrument. |
| 30 |
(3) | Regulations under section 65(5)— |
| |
(a) | shall be subject to annulment in pursuance of a resolution of the House |
| |
| |
(b) | if they include provision by virtue of section 65(9), may not be made |
| |
unless a draft has been laid before and approved by resolution of the |
| 35 |
| |
(4) | Regulations under section 65(7) or (8) may not be made unless a draft has been |
| |
laid before and approved by resolution of the House of Commons. |
| |
(5) | In section 65 “the Host City Contract” has the meaning given by section 1 of the |
| |
London Olympic Games and Paralympic Games Act 2006. |
| 40 |
(6) | Section 65 shall be treated as having come into force on 22nd October 2004. |
| |
(7) | The Treasury may by order made by statutory instrument repeal section 65 and |
| |
| |
|
| |
|