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House of Commons

Session 2006 - 07 Internet Publications Other Bills before Parliament

Income Tax Bill

Income Tax Bill vi
108    Meaning of “contribution to the LLP”
109    Unrelieved losses brought forward
Non-active members of LLPs or other partnerships (apart from limited partnerships)
110    Restriction on reliefs for non-active partners in early tax years
111    Meaning of “contribution to the firm”
112    Meaning of “non-active partner” and “early tax year” etc
113    Unrelieved losses brought forward
Regulations
114    Exclusion of amounts in calculating contribution to the firm or LLP
Restrictions for film trades carried on in partnership
115    Restrictions on reliefs for firms exploiting films
116    Exclusion from restrictions under section 115: certain film expenditure
Chapter 4
Losses from property businesses
Introduction
117    Overview of Chapter
Carry-forward property loss relief
118    Carry forward against subsequent property business profits
119    How relief works
Property loss relief against general income
120    Deduction of property losses from general income
121    How relief works
122    Meaning of “the applicable amount of the loss”
123    Meaning of “the loss has a capital allowances connection” and “the business
has a relevant agricultural connection”
124    Supplementary
Post-cessation property relief
125    Post-cessation property relief
126    Treating excess post-cessation property relief as CGT loss
Furnished holiday accommodation
127    UK furnished holiday lettings business treated as trade
Income Tax Bill vii
Chapter 5
Losses in an employment or office
128    Employment loss relief against general income
129    How relief works
130    Treating loss in employment or office as CGT loss
Chapter 6
Losses on disposal of shares
Share loss relief against general income
131    Share loss relief
132    Entitlement to claim
133    How relief works
Shares to which EIS relief is not attributable
134    Qualifying trading companies
135    Subscriptions for shares
136    Disposals of new shares
Qualifying trading companies: the requirements
137    The trading requirement
138    Ceasing to meet trading requirement because of administration or
receivership
139    The control and independence requirement
140    The qualifying subsidiaries requirement
141    The property managing subsidiaries requirement
142    The gross assets requirement
143    The unquoted status requirement
144    Power to amend requirements by Treasury order
Qualifying trading companies: supplementary
145    Relief after an exchange of shares for shares in another company
146    Substitution of new shares for old shares
Limits on share loss relief and mixed holdings
147    Limits on share loss relief
148    Disposal of shares forming part of mixed holding
149    Section 148: supplementary
Miscellaneous and supplementary
150    Deemed time of issue for certain shares
151    Interpretation of Chapter
Income Tax Bill viii
Chapter 7
Losses from miscellaneous transactions
Loss relief against miscellaneous income
152    Losses from miscellaneous transactions
153    How relief works
Deposit rights
154    Transactions in deposit rights
Supplementary
155    Time limit for claiming relief
Part 5
Enterprise investment scheme
Chapter 1
Introduction
EIS relief
156    Meaning of “EIS relief” and commencement
157    Eligibility for EIS relief
158    Form and amount of EIS relief
Miscellaneous
159    Periods A, B and C
160    Overview of other Chapters of Part
161    Other tax reliefs relating to EIS
Chapter 2
The investor
Introduction
162    Overview of Chapter
The requirements
163    The no connection with the issuing company requirement
164    The no linked loans requirement
165    The no tax avoidance requirement
Meaning of connection with issuing company
166    Connection with issuing company
Income Tax Bill ix
167    Employees, directors and partners
168    Directors excluded from connection
169    Directors qualifying for relief despite connection
170    Persons interested in capital etc of company
171    Persons subscribing for shares under certain arrangements
Chapter 3
General requirements
Introduction
172    Overview of Chapter
The requirements
173    The shares requirement
174    The purpose of the issue requirement
175    The use of the money raised requirement
176    The minimum period requirement
177    The no pre-arranged exits requirement
178    The no tax avoidance requirement
Meaning of "qualifying business activity"
179    Meaning of “qualifying business activity”
Chapter 4
The issuing company
Introduction
180    Overview of Chapter
The requirements
181    The trading requirement
182    Ceasing to meet trading requirement because of administration or
receivership
183    The issuing company to carry on the qualifying business activity requirement
184    The unquoted status requirement
185    The control and independence requirement
186    The gross assets requirement
187    The qualifying subsidiaries requirement
188    The property managing subsidiaries requirement
Definitions
189    Meaning of “qualifying trade”
190    Meaning of “qualifying 90% subsidiary”
191    Meaning of “qualifying subsidiary”
Income Tax Bill x
Excluded activities
192    Meaning of “excluded activities”
193    Excluded activities: wholesale and retail distribution
194    Excluded activities: leasing of ships
195    Excluded activities: receipt of royalties and licence fees
196    Excluded activities: property development
197    Excluded activities: hotels and comparable establishments
198    Excluded activities: nursing homes and residential care homes
199    Excluded activities: provision of services or facilities for another business
Supplementary
200    Power to amend by Treasury order
Chapter 5
Attribution of and claims for EIS relief
Attribution
201    Attribution of EIS relief to shares
Claims: general
202    Time for making claims for EIS relief
203    Entitlement to claim
Claims: supporting documents
204    Compliance certificates
205    Compliance statements
206    Appeal against refusal to authorise compliance certificate
207    Penalties for fraudulent certificate or statement etc
Chapter 6
Withdrawal or reduction of EIS relief
Introduction
208    Overview of Chapter
Disposals
209    Disposal of shares
210    Cases where maximum EIS relief not obtained
211    Call options
212    Put options
Value received by investor
213    Value received by the investor
214    Value received: receipts of insignificant value
215    Meaning of “receipts of insignificant value”
Income Tax Bill xi
216    When value is received
217    The amount of value received
218    Value received where there is more than one issue of shares
219    Value received where part of share issue treated as made in previous tax year
220    Cases where maximum EIS relief not obtained
221    Receipts of value by and from connected persons etc
222    Receipt of replacement value
223    Section 222: supplementary
Repayments etc of share capital to other persons
224    Repayments etc of share capital to other persons
225    Insignificant repayments ignored for purposes of section 224
226    Amount of repayments etc where there is more than one issue of shares
227    Single issue affecting more than one individual
228    Single issue treated as made partly in previous tax year
229    Maximum relief not obtained for share issue
230    Repayment of authorised minimum within 12 months
231    Restriction on withdrawal of relief under section 224
Miscellaneous
232    Acquisition of a trade or trading assets
233    Acquisition of share capital
234    Relief subsequently found not to have been due
Chapter 7
Withdrawal or reduction of EIS relief: procedure
Assessments and appeals
235    Assessments for the withdrawal or reduction of EIS relief
236    Appeals against section 234(3)(b) notices
237    Time limits for assessments
238    Cases where assessment not to be made
Interest
239    Date from which interest is chargeable
Information
240    Information to be provided by the investor
241    Information to be provided by the issuing company etc
242    Power to require information where section 240 or 241 applies or could have
applied
243    Power to require information in other cases
244    Obligations of secrecy
Income Tax Bill xii
Chapter 8
Supplementary and general
Disposals of shares
245    Transfers between spouses or civil partners
246    Identification of shares on a disposal
Acquisition of issuing company
247    Continuity of EIS relief where issuing company is acquired by new company
248    Carry over of obligations etc where EIS relief attributed to new shares
249    Substitution of new shares for old shares
Nominees etc
250    Nominees and bare trustees
251    Approved investment fund as nominee
Interpretation
252    Meaning of a company being “in administration” or “in receivership”
253    Meaning of “associate”
254    Meaning of “disposal of shares”
255    Meaning of “issue of shares”
256    Meaning of “the termination date”
257    Minor definitions etc
Part 6
Venture capital trusts
Chapter 1
Introduction
258    Overview of Part
259    Venture capital trusts and VCT approvals
260    Other tax reliefs relating to VCTs
Chapter 2
VCT relief
Entitlement to relief
261    Eligibility for relief
262    Entitlement to claim relief
263    Form and amount of relief
264    No entitlement to relief if there is a linked loan
265    No entitlement to relief which would have been lost if it had already been
obtained

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