|
| |
|
(b) | end on or after that date. |
| |
158 (1) | This paragraph applies to a payment— |
| |
(a) | which is made in an accounting period beginning before 6 April 2007 |
| |
and ending on or after that date, and |
| |
(b) | which was made before 6 April 2007, but which would have been a |
| 5 |
payment within section 879 if it had been made on or after that date. |
| |
(2) | A payment to which this paragraph applies is to be treated as a payment |
| |
within section 879 if it is made in a return period which— |
| |
(a) | falls within the accounting period, |
| |
(b) | begins before 6 April 2007, and |
| 10 |
(c) | ends on or after that date. |
| |
(3) | In addition, a payment to which this paragraph applies which was made in |
| |
an earlier return period which falls within the accounting period is to be |
| |
treated as a payment within section 879. |
| |
Deduction from certain payments of yearly interest: interest paid by banks |
| 15 |
159 (1) | In the case of payments of interest to which this paragraph applies, section |
| |
811 (exceptions from duty to deduct: interest paid by banks) has effect with |
| |
the modification in sub-paragraph (2). |
| |
(2) | The modification is the substitution for subsections (1) and (2) of that section |
| |
of “The duty to deduct a sum representing income tax under section 807 |
| 20 |
does not apply to a payment of interest by a bank carrying on a genuine |
| |
banking business in the United Kingdom.” |
| |
(3) | This paragraph applies to interest payable on an advance made before 29 |
| |
| |
Deduction from certain payments of yearly interest: interest paid on advances from banks |
| 25 |
160 (1) | In the case of payments of interest to which this paragraph applies, section |
| |
812 (exceptions from duty to deduct: interest paid on advances from banks) |
| |
has effect with the modification in sub-paragraph (2). |
| |
(2) | The modification is the substitution for subsections (1) to (4) of that section |
| |
of “The duty to deduct a sum representing income tax under section 807 |
| 30 |
does not apply to a payment of interest in the United Kingdom on an |
| |
advance from a bank carrying on a genuine banking business in the United |
| |
| |
(3) | This paragraph applies to interest payable before 29 April 1996. |
| |
(4) | In the case of an institution which— |
| 35 |
(a) | immediately before 29 April 1996 was not treated for the purposes of |
| |
section 349(3)(a) of ICTA as a bank carrying on a genuine banking |
| |
business in the United Kingdom, and |
| |
(b) | on that day fell within the definition of “bank” given by section 840A |
| |
| 40 |
| this paragraph applies to interest payable on an advance made before that |
| |
| |
(5) | In the case of an institution which— |
| |
|
| |
|
| |
|
(a) | immediately before 29 April 1996 was treated for the purposes of |
| |
section 349(3)(a) of ICTA as a bank carrying on a genuine banking |
| |
business in the United Kingdom, and |
| |
(b) | on that day did not fall within the definition of “bank” given by |
| |
| 5 |
| this paragraph applies to the interest mentioned in sub-paragraph (6). |
| |
(6) | That interest is any interest payable on an advance made before 29 April |
| |
1996, if at the time when the interest is paid the person beneficially entitled |
| |
to the interest is within the charge to corporation tax as respects the interest. |
| |
Deduction from certain UK public revenue dividends |
| 10 |
161 (1) | This paragraph applies if— |
| |
(a) | any person holds any gilt-edged securities in relation to which a |
| |
direction was given under section 50(1) of ICTA at any time before 6 |
| |
| |
(b) | that person at any time before that date made an application under |
| 15 |
section 50(2) of that Act with respect to those securities. |
| |
(2) | The person is treated as having made a deduction at source application |
| |
under section 828 in respect of the securities which (unless withdrawn) is |
| |
treated as having effect from that date. |
| |
162 (1) | This paragraph applies in relation to any gilt-edged securities issued before |
| 20 |
| |
(a) | are securities the interest on which, if paid immediately before that |
| |
date, would have fallen to be paid after deduction of income tax, and |
| |
(b) | are registered within the meaning of section 828 but are not securities |
| |
in relation to which any direction under section 50 of ICTA was |
| 25 |
| |
(2) | Chapter 5 of Part 14 has effect as if the appropriate person had made a |
| |
deduction at source application under section 828 in respect of the securities |
| |
so as to enable that application to have effect from (and including) that date. |
| |
(3) | In sub-paragraph (2) “the appropriate person” means— |
| 30 |
(a) | in the case of securities transferred before 6 April 1998 but after the |
| |
time when the balance was struck for a dividend on them falling due |
| |
on or after that date, the person who held the securities at the time |
| |
when the balance was struck, |
| |
(b) | in any other case, the person holding the securities in question |
| 35 |
immediately before 6 April 1998. |
| |
Unauthorised unit trusts: calculation of trustees’ income pool |
| |
163 (1) | This paragraph applies for the purposes of section 876. |
| |
(2) | The amount of any trustees’ income pool as at the start of the tax year 2007- |
| |
08 is an amount equal to what would have been the trustees’ uncredited |
| 40 |
surplus for the tax year 2007-08 apart from this Act had section 469(5A) to |
| |
(5D) of ICTA applied in relation to the trustees for the tax year 2007-08. |
| |
164 (1) | This paragraph applies for the purposes of section 876 in its application to |
| |
| |
(a) | the current tax year is a tax year subsequent to the tax year 2007-08, |
| 45 |
|
| |
|
| |
|
(b) | subsection (3) of section 876 does not apply, and |
| |
(c) | the last tax year prior to the current tax year for which the trustees |
| |
were UK resident is a tax year prior to the tax year 2007-08. |
| |
(2) | The amount of the trustees’ income pool as at the start of the current tax year |
| |
is an amount equal to what would have been the trustees’ uncredited |
| 5 |
surplus for the tax year 2007-08 apart from this Act had section 469(5A) to |
| |
(5D) of ICTA applied in relation to the trustees for the tax year 2007-08. |
| |
| |
165 (1) | Sub-paragraph (2) applies to any references in the Taxation of Income from |
| |
Land (Non-residents) Regulations 1995 (S.I. 1995/2902) to payments to be |
| 10 |
made to the Board in respect of tax that is or may become chargeable as the |
| |
income from a business of a non-resident (as defined in those regulations). |
| |
(2) | On and after 6 April 2007 those references are to be read as references to |
| |
income tax to be paid to the Commissioners for Her Majesty’s Revenue and |
| |
Customs in respect of non-resident landlord income (as defined in section |
| 15 |
| |
| |
166 | Expressions used in this Part of this Schedule and in Part 14 have the same |
| |
meaning as they have in Part 14. |
| |
| 20 |
| |
Old references to surtax and standard rate tax |
| |
167 | The repeal by this Act of section 819 of ICTA has no effect in relation to any |
| |
instrument (of whatever nature), will or codicil made before the date on |
| |
which this Act comes into force. |
| 25 |
| |
168 | Section 820 of ICTA (application of Income Tax Acts from year to year) |
| |
applies to this Act as if this Act were in force on the day before 6 April 2007. |
| |
| |
| |
| 30 |
| |
Repeals and revocations: general |
| |
| | Extent of repeal or revocation |
| | | | | | | | | Taxes Management Act 1970 |
| In section 12AB(1)(a), sub-paragraph (iv) and |
| | 35 | | | the “and” immediately before it. |
| | |
|
|
| |
|
| |
|
| | Extent of repeal or revocation |
| | | | Income and Corporation Taxes |
| | | | | | (a) | in subsection (2), the words “that section |
| | | | | | | | | | | | 5 | | | In section 118ZD(1), the words “117 or”. |
| | | | | | | | | | | | | | | (a) | in subsection (1), the words “shall be |
| | | | | made without deduction of income tax |
| | 10 | | | | | | | | (b) | in subsection (2)(b), the words “income |
| | | | | | | | | | (c) | in subsection (3), paragraph (d) and the |
| | | | | “or” immediately before it. |
| | 15 | | | | | | | | | | | | | (a) | in subsection (1), the words “above or |
| | | | | section 397(1) of ITTOIA 2005”, and |
| | | | | | | 20 | | | | | | | | (a) | in subsection (1), the words “above or |
| | | | | section 397(1) of ITTOIA 2005”, and |
| | | | | | | | | | | | 25 | | | | | | | | | | | | | | | | | | (a) | in subsection (1), the words “from his |
| | | | | | | 30 | | | | | | | | | | | | | (a) | in subsection (3), the words from “, |
| | | | | except” to “subsection (6) below”, |
| | | | | (b) | subsections (6) and (6A), |
| | 35 | | | (c) | in subsection (8), the words “(subject to |
| | | | | | | | | | (d) | in subsection (13), the words “this |
| | | | | | | | | | | | 40 | | | | | | | | | | | | | | | | | | (b) | in subsection (2), paragraphs (b) to (e) |
| | | | | and the “or” immediately before |
| | 45 | | | | | | | | | | | | | | | | | | | | | | | | | 50 | | | | | | | | | | |
|
|
| |
|
| |
|
| | Extent of repeal or revocation |
| | | | Income and Corporation Taxes |
| | | | | | | | | | | (b) | in subsection (6) the words “or (2A)”. |
| | | | | | | 5 | | | | | | | | (a) | in subsection (1) the words “sections 359 |
| | | | | | | | | | | | | | | (c) | in subsection (1E) the words “under this |
| | 10 | | | | | | | | (d) | subsections (1F) to (1H). |
| | | | | | | | | | In section 366(1)(c), the words from “(or” to |
| | | | | | | 15 | | | | | | | | | | | | | | | | | | | | | | | | | 20 | | | (b) | in subsection (5), the definition of |
| | | | | “chargeable period” and in the definition |
| | | | | of “prior period of loss” the words |
| | | | | “years of assessment or”, |
| | | | | (c) | in subsection (7), the words “the |
| | 25 | | | calculation of the profits of a trade in |
| | | | | Part 2 of ITTOIA 2005 or to” and “, in |
| | | | | relation to a chargeable period of a |
| | | | | | | | | | (d) | in subsection (10), the words “from |
| | 30 | | | income tax or from corporation tax”. |
| | | | | | | | | | (a) | the words “above or Chapter 11 of Part 4 |
| | | | | of ITTOIA 2005 (transactions in |
| | | | | | | 35 | | | (b) | in paragraph (a), the words “above or |
| | | | | | | | | | In section 399(2)(a), the words “and that person |
| | | | | or one or more of the other partners was a |
| | | | | | | 40 | | | | | | | | (a) | in subsection (1), the words “and the |
| | | | | | | | | | (b) | in subsection (2), the words “section 380 |
| | | | | | | 45 | | | (c) | subsection (2)(b) and the “and” |
| | | | | | | | | | In section 459, the words “income tax and”. |
| | | | | In section 460(1), the words “income tax and”. |
| | | | | In section 461, in subsection (1) the words |
| | 50 | | | “income tax and” and in subsection (4)(b) the |
| | | | | | | |
|
|
| |
|