Income Tax Bill

House of Commons

Session 2006 - 07
Internet Publications
Other Bills before Parliament

Income Tax Bill

Income Tax Bill
Part 15 — Income Tax Acts definitions etc
Chapter 2 — Other Income Tax Acts provisions
469

950
Table of provisions to which this section applies
(1)
In the Income Tax Acts references to any provision to which this section applies
are references to any provision listed in the following table so far as it relates
to income tax (but subject to any applicable limitation in subsections (3) and
(4)).
5
(2)
This is the table—
PART 1

Provisions of ITTOIA 2005
Description

Chapter 18 of Part 2
Post-cessation receipts: trades,

professions and vocations

10

Chapter 8 of Part 3
Rent receivable in connection

with a UK section 12(4)

concern

Chapter 9 of Part 3
Rent receivable for UK

electric-line wayleaves

15

Chapter 10 of Part 3
Post-cessation receipts: UK

property businesses

Chapter 2 of Part 4
Interest

Chapter 9 of Part 4
Gains from contracts for life

insurance etc

20

Chapter 11 of Part 4
Transactions in deposits

Chapter 12 of Part 4
Disposals of futures and

options involving guaranteed

returns

Section 579
Royalties and other income

25

from intellectual property

Section 583
Income from disposals of

know-how

Section 587
Income from sales of patent

rights

30

Chapter 3 of Part 5
Films and sound recordings:

non-trade businesses

Chapter 4 of Part 5
Certain telecommunication

rights: non-trading income

Chapter 5 of Part 5
Settlements: amounts treated

35

as income of settlor

Section 682(4)
Adjustments after the

administration period

Chapter 8 of Part 5
Income not otherwise charged

Income Tax Bill
Part 15 — Income Tax Acts definitions etc
Chapter 2 — Other Income Tax Acts provisions
470

Provisions of ITTOIA 2005
Description

Section 844(4)
Withdrawal of relief for

unremittable foreign income

after source ceases

PART 2
5

Provisions of this Act
Description

Section 653, 660 or 664
Transfer of assets abroad

Chapter 3 of Part 12
Transactions in land

Section 709
Sales of occupation income

Section 729
Individuals benefited by film

10

relief

Section 737
Losses derived from

exploiting licence: individuals

in partnership

PART 3
15

Other provisions
Description

Section 214(1)(ab) of ICTA
Chargeable payments

connected with exempt

distributions

Section 571(1) of ICTA
Cancellation of certificates:

20

schemes for rationalising

industry

Section 714(2) of ICTA
Transfer of securities within

accrued income scheme with

or without accrued interest

25

Section 716(3) of ICTA
Transfer of securities with

unrealised interest where

settlement day follows last

interest period

Section 723(4) of ICTA
Proceeds of transfer of foreign

30

securities within the accrued

income scheme ceasing to be

unremittable

Section 730(4) of ICTA
Transfers of income arising

from securities

35

Section 761(1)(b)(i) of ICTA
Offshore income gains

Income Tax Bill
Part 15 — Income Tax Acts definitions etc
Chapter 2 — Other Income Tax Acts provisions
471

Other provisions
Description

Section 774(1) of ICTA
Transactions between dealing

company and associated

company

Section 780(3A)(a) of ICTA
Sale and lease-back (taxation of

5

consideration received)

Section 781(1) of ICTA
Assets leased to traders and

others

Section 786(5)(a) of ICTA
Transactions associated with

loans or credit

10

Section 68(2) of FA 1989
Employee share ownership

trust (chargeable event)

Section 71(4) of FA 1989
Employee share ownership

trust (borrowing)

Section 258(4) of CAA 2001
Special leasing

15

Section 479(4) of CAA 2001
Persons having qualifying

non-trade expenditure

Section 394(2) of ITEPA 2003
Charge on administrator of

non-approved pension scheme

Section 476(5) of ITEPA 2003
Charge on occurrence of

20

chargeable event

(3)
For the purposes of this section—
(a)
any reference to any provision of ITTOIA 2005 does not include that
provision so far as relating to relevant foreign income,
(b)
the reference to Chapter 2 of Part 4 of ITTOIA 2005 is a reference to that
25
Chapter only so far as relating to an issue of funding bonds where—
(i)
the issue is treated under section 380 of that Act as a payment of
interest, and
(ii)
the person by or through whom they are issued is required to
retain bonds under section 872(2) of this Act but it is
30
impracticable for the person to do so,
(c)
the reference to Chapter 9 of Part 4 of ITTOIA 2005 is a reference to that
Chapter only so far as relating to gains—
(i)
which are from a policy or contract specified in section 531(3) of
that Act, and
35
(ii)
which do not fall within section 532 or 534 of that Act,
(d)
the reference to section 579 of ITTOIA 2005 does not include that
section so far as relating to any annual payment,
(e)
the reference to Chapter 4 of Part 5 of ITTOIA 2005 does not include
that Chapter so far as relating to any annual payment, and
40
(f)
the reference to Chapter 5 of Part 5 of ITTOIA 2005 does not include
that Chapter so far as relating to income which falls within section
619(3) of that Act.

Income Tax Bill
Part 16 — Definitions for purposes of Act and final provisions
472

(4)
For the purposes of this section the reference to section 653 or 660 of this Act
does not include those sections so far as relating to income falling within
subsection (3) of section 678.
Part 16
Definitions for purposes of Act and final provisions
5
Definitions for the purposes of Act
951
Abbreviated references to Acts
In this Act—
“CAA 2001” means the Capital Allowances Act 2001 (c. 2),
“FA”, followed by a year, means the Finance Act of that year,
10
“F(No.2)A”, followed by a year, means the Finance (No.2) Act of that year,
“FISMA 2000” means the Financial Services and Markets Act 2000 (c. 8),
“ICTA” means the Income and Corporation Taxes Act 1988 (c. 1),
“IHTA 1984” means the Inheritance Tax Act 1984 (c. 51),
“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003
15
(c. 1),
“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act
2005 (c. 5),
“TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12),
and
20
“TMA 1970” means the Taxes Management Act 1970 (c. 9).
952
“Act” to include Scottish and Northern Ireland legislation in some cases
(1)
In the following provisions of this Act, “Act” includes an Act of the Scottish
Parliament—

section 66 (restriction on relief unless trade is commercial),
25

section 532 (exemption for savings and investment income),

section 536 (exemption for miscellaneous income),

section 558 (approved charitable investments),

section 961 (power to make consequential provision), and

section 962 (power to undo changes).
30
(2)
In the following provisions of this Act, “Act” includes Northern Ireland
legislation—

section 66 (restriction on relief unless trade is commercial),

section 114 (exclusion of amounts in calculating contribution to the
firm),
35

section 532 (exemption for savings and investment income),

section 536 (exemption for miscellaneous income),

section 558 (approved charitable investments),

section 735 (exclusion of amounts in calculating partner’s capital
contribution),
40

section 961 (power to make consequential provision), and

section 962 (power to undo changes).