Income Tax Bill

House of Commons

Session 2006 - 07
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Other Bills before Parliament

Income Tax Bill

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
677

Reference
Extent of repeal or revocation

Income Tax (Trading and Other
In section 628—

Income) Act 2005 (c. 5)—cont.
(a)
in subsection (2)(b), the words after

“person”, and

(b)
in subsection (6), the definition of

5

“resident” and the “and” immediately

after it.

Section 685A(4)(c) and the “and” immediately

before it.

In section 686(1) the words after “recipient”.

10

Section 724(3).

Sections 876 and 877.

In section 878(1)—

(a)
the definition of “charity”, and

(b)
the words after the definition of

15

“income”.

In section 879—

(a)
in subsection (1) the definitions of

“assignment” and “surrender” and the

“and” immediately before the definition

20

of “surrender”, and

(b)
subsection (2).

In Schedule 1, paragraphs 2 to 4, 25, 89(5) and

(6), 98 to 102, 114, 115, 125, 144, 146(2), (3) and

(5), 147 to 151, 153, 154, 156, 157, 159, 160, 163

25

to 168, 169(3), 170(a) and (b), 171(3), 181, 186,

187, 190(3), 197, 198(2)(a), (b), (d) and (f) to (i),

242, 243(3), 249, 272(3), 277, 278, 281 to 283,

288, 293, 304 to 307, 311, 312(2), (4) and (5),

313(2), 328, 329, 333, 334(3)(a) and (b), 337(b),

30

(d) and (f), 338 to 340, 373(2)(d) and (e), 411,

415, 480, 481, 622, 635, 636 and 640 to 643.

In Schedule 2, paragraph 50(3).

In Part 2 of Schedule 4—

(a)
the entry for “chargeable period”,

35

(b)
the entry for “child”,

(c)
in the entry for “control”, in the first

column, the words “(in relation to a

body corporate)”,

(d)
the entry for “interest”,

40

(e)
the entry for “investment trust”,

(f)
the entry for “lower rate”, and

(g)
the entry for “the rate applicable to

trusts”.

Finance Act 2005 (c. 7)
Sections 8 and 9.

45

Section 14.

In section 41(1), in the definition of “tax year”,

paragraph (a) and the “and” immediately

after it.

Section 44(1).

50

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 2 — Repeals having effect in relation to shares issued after 5 April 2007
678

Reference
Extent of repeal or revocation

Finance Act 2005 (c. 7)—cont.
In section 47A(3)—

(a)
in paragraph (b), the words “within the

meaning of section 840 of ICTA”, and

(b)
in paragraph (c), the words “, in each

5

case within the meaning of section 840 of

ICTA”.

Chapter 7 of Part 2.

In Schedule 2, paragraphs 3, 5 and 6.

Finance (No. 2) Act 2005 (c. 22)
Section 11.

10

Section 38(3).

In Schedule 7, paragraph 6.

Pensions (Northern Ireland)
In Schedule 3, in the entry relating to the

Order 2005 (S.I. 2005/255
Commissioners of Inland Revenue or their

(N.I. 1))
officers, in the second column, the “or”

15

immediately after paragraph (f).

In Schedule 7, in the entry relating to the

Commissioners of Inland Revenue or their

officers, in the second column, the “or”

immediately after paragraph (e).

20

Finance Act 2006 (c. 25)
Section 75.

Section 90.

In section 91(1), the words “venture capital

trusts, and”.

In section 107(7)(a), the words “(within the

25

meaning given by section 839 of ICTA)”.

Section 122.

In section 139—

(a)
in subsection (2), in the new paragraph 2

of Schedule 23A to the Income and

30

Corporation Taxes Act 1988, sub-

paragraph (2B)(d) and sub-paragraphs

(2C) to (2E), and

(b)
subsections (3) and (4).

In Schedule 7, paragraphs 1 to 6.

35

In Schedule 13, paragraphs 1 to 4, 11, 14 to 17,

19, 22, 30(1)(b) and 37.

In Schedule 14, paragraphs 2, 4, 7 and 8.

In Schedule 17—

(a)
paragraph 19,

40

(b)
paragraph 30(b) and the “and”

immediately before it, and

(c)
paragraph 32(8)(c).

Part 2
Repeals having effect in relation to shares issued after 5 April 2007
45

Reference
Extent of repeal or revocation

Income and Corporation Taxes
In Part 7, Chapter 3 except section 305A.

Act 1988 (c. 1)

Finance Act 1988 (c. 39)
Section 53.

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 2 — Repeals having effect in relation to shares issued after 5 April 2007
679

Reference
Extent of repeal or revocation

Finance Act 1989 (c. 26)
Section 149(4)(b).

Section 170(3).

Finance Act 1993 (c. 34)
Section 111.

Finance Act 1994 (c. 9)
Section 137(1) and (2).

5

In Schedule 15, paragraphs 1 to 19 and 21 to 27.

Finance Act 1995 (c. 4)
Section 66.

Finance Act 1996 (c. 8)
In Schedule 20, paragraphs 22 and 23.

In Schedule 21, paragraph 7.

Finance Act 1997 (c. 16)
Section 74.

10

Schedule 8.

Finance Act 1998 (c. 36)
Section 70(1), (2) and (4).

Section 71.

Section 74(2)(a).

In Schedule 7, in paragraph 1, the words

15

“291A(3)(f)(ii) (twice)”.

In Schedule 12, paragraphs 1, 2 and 5(1).

In Schedule 13, Part 1.

Finance Act 1999 (c. 16)
Section 71.

Finance Act 2000 (c. 17)
In Schedule 16, paragraph 2.

20

Schedule 17, except paragraphs 7, 8 and

15(3)(b).

Finance Act 2001 (c. 9)
In Schedule 15—

(a)
Part 1,

(b)
paragraph 39,

25

(c)
in paragraph 40(2), the words “2 to 8, 10

to 14, 24,” and “Chapter III of Part VII of

the Taxes Act 1988 and”, and

(d)
in paragraph 40(3), the words “15 to 21,”

and “section 300 of the Taxes Act 1988

30

or”.

Finance Act 2002 (c. 23)
In section 103(4)(a), the words “297(5B)”.

In paragraph 4 of Schedule 9—

(a)
sub-paragraph (2)(a) and the “and”

immediately after it, and

35

(b)
sub-paragraph (3).

In Schedule 17, paragraph 2.

Income Tax (Earnings and
In Schedule 6, paragraphs 37 and 38.

Pensions) Act 2003 (c. 1)

Finance Act 2004 (c. 12)
In Schedule 18, Part 1.

40

In Schedule 27, paragraph 4, except sub-

paragraph (6)(b).

Income Tax (Trading and Other
In Schedule 1, paragraphs 126 and 127.

Income) Act 2005 (c. 5)

Finance Act 2006 (c. 25)
In section 91(1), the words “the enterprise

45

investment scheme”.

In Schedule 14, paragraphs 1, 5 and 6.

Income Tax Bill
Schedule 4 — Index of defined expressions
680

Schedule 4
Section 965

Index of defined expressions

accounting period (except in Chapter 1 of Part
section 12 of ICTA (as

13)
applied by section

834(1) of ICTA)

5

accounting period (in relation to a deposit-taker
section 881(1)

who is not a company) (in Chapter 15 of Part 14)

accreditation period (in Part 7)
section 342(1)

accumulated or discretionary income (in
section 480

Chapter 3 of Part 9)

10

Act
section 952

adjusted net income (in Chapters 2 and 3 of Part
section 58

3)

arrangements (in Part 5)
section 257(1)

arrangements (in Chapter 2 of Part 9)
section 465(8)

15

assets (in Chapter 2 of Part 12)
section 650

assignment (in the application of this Act to
section 942(1)

Scotland)

associate (in Part 5)
section 253

associate (in Part 6)
section 253 (as applied

20

by section 332)

associate (in Part 7)
section 381

associated operation (in Chapter 2 of Part 12)
section 652

attributable income (in Part 10)
section 540(3)

attributable gains (in Part 10)
section 540(3)

25

attributable income and gains (in Part 10)
section 540(3)

authorised unit trust
section 923

available income and gains (in Part 10)
section 562(4)

bank
section 925

basic rate
section 6(2) (as applied

30

by section 923)

basic rate limit
section 20(2) (as

applied by section 923)

Income Tax Bill
Schedule 4 — Index of defined expressions
681

beneficial entitlement (in Chapter 1 of Part 13)
section 755

the beneficiary (in Chapter 8 of Part 9)
section 499(1)(b)

the beneficiary’s income (in Chapter 8 of Part 9)
section 499(2)

beneficiary under a discretionary or
section 806(3)

accumulation settlement (in Chapter 2 of Part 14)

5

benefits associated with a gift (in Chapter 2 of
section 417

Part 8)

body (in Part 7)
section 382(1)

body of persons
section 923

bonus shares (in Chapter 6 of Part 4)
section 151(1)

10

bonus shares (in Part 5)
section 257(1)

bonus shares (in Part 7)
section 382(1)

building society
section 923

buying back securities, in the context of a repo
section 570

(in Part 11)

15

C (tax-exempt) (in Chapter 2 of Part 11)
section 591(1)

C (tax-exempt) (in Chapter 4 of Part 11)
section 606(2)

C (tax-exempt) (in Chapter 9 of Part 14)
section 591(1) (as

applied by section

859(1))

20

capital (in Chapter 3 of Part 12)
section 705(1)

capital allowance
section 923

capital amount (in Chapter 4 of Part 12)
section 710(7)

capital gains relief (in Chapter 3 of Part 4)
section 103(2)

capital gains relief (in Chapter 5 of Part 12)
section 723(4)

25

the CDFI (in Part 7)
sections 334(2) and 370

certificate of deposit
section 953

chargeable gain
section 923

chargeable period
section 923

charged amount (in Chapter 2 of Part 8)
section 427

30

charitable trade (in Part 10)
section 525

charitable trust (in Part 10)
section 519

charity
section 923

Income Tax Bill
Schedule 4 — Index of defined expressions
682

charity (in Chapter 2 of Part 8)
section 430

charity (in Chapter 3 of Part 8)
section 446

CITR (in Part 7)
section 333

civil partner (in Chapter 6 of Part 4)
section 151(1)

claim
section 954

5

close company
section 923

company (except in Part 6, Chapters 1, 3 and 4 of
section 926

Part 12 and sections 927 and 928)

company (in Part 6)
section 332

company (in Chapter 1 of Part 12)
section 646

10

company (in Chapter 3 of Part 12)
section 705(3)

company (in Chapter 4 of Part 12)
section 722

company in administration (in Part 5)
section 252(2)

company in administration (in Part 6)
section 331(2)

company in receivership (in Part 5)
section 252(3)

15

company in receivership (in Part 6)
section 331(3)

compliance certificate (in Part 5)
section 204(1)

compliance statement (in Part 5)
section 205(1)

connected (in relation to two persons being
section 927 as applied

connected with one another)
by section 955(1) (but

20

see exceptions and

alternative provision

in sections 166 to 171,

257(2) and 313(5) and

(6))

25

control
section 929 as applied

by section 955(2) (but

see exceptions and

alternative provision

in sections 69(7),

30

139(2), 257(3), 313(4)

and (6), 394(5), 395(6),

624(4) and 928(1))

co-operative (in Chapter 1 of Part 8)
section 401(3)

corresponding bonus shares (in Chapter 6 of Part
section 151(1)

35

4)

counteraction notice (in Chapter 1 of Part 12)
section 631(3)

Income Tax Bill
Schedule 4 — Index of defined expressions
683

the current tax year (in Chapter 8 of Part 9)
section 499

debenture (except in sections 559, 560 and 624)
section 956

deemed deduction (in Chapter 13 of Part 14)
section 874(6)

deemed payment (in Chapter 13 of Part 14)
section 874(6)

deposit (in Chapter 2 of Part 14)
section 788(2)

5

deposit (in Chapter 19 of Part 14)
section 916

deposit-taker (in Chapter 2 of Part 14)
section 786

director (in Part 5)
section 257(1)

director (in Part 6)
section 332

discretionary or accumulation settlement (in
section 806(1)

10

Chapter 2 of Part 14)

disposal (in Part 7)
section 379

disposal of shares (in Part 5)
section 254

disposal-related liability (in Chapter 3 of Part 8)
section 440

disposal-related obligation (in Chapter 3 of Part
section 439

15

8)

disposing of land (in Chapter 3 of Part 12)
section 686

disregarded annual payments (in Chapter 1 of
section 759

Part 13)

disregarded company income (in Chapter 1 of
section 749

20

Part 13)

disregarded income (in Chapter 1 of Part 13)
section 746(1)

disregarded pension income (in Chapter 1 of
section 746(3)

Part 13)

disregarded savings and investment income (in
section 758

25

Chapter 1 of Part 13)

disregarded social security income (in Chapter 1
section 746(5)

of Part 13)

disregarded transaction income (in Chapter 1 of
section 747

Part 13)

30

distribution (except in Chapter 4 of Part 11)
section 923

distribution (in Chapter 4 of Part 11)
section 606(3)

dividend (in Chapter 2 of Part 14)
section 783(6)(b)

dividends (in Chapter 1 of Part 12)
section 646