House of Commons portcullis
House of Commons
Session 2006 - 07
Internet Publications
Other Bills before Parliament

Income Tax Bill


Income Tax Bill

xxxiv

 

Duty to deduct sums representing income tax

784   

Duty to deduct sums representing income tax

785   

Power to make regulations disapplying section 784

Deposit-takers and relevant investments

786   

Meaning of “deposit-taker”

787   

Power to prescribe persons as deposit-takers

788   

Meaning of “investment” and “deposit”

789   

Investments which are relevant investments

790   

Investments to be treated as being or as not being relevant investments

Investments which are not relevant investments: non-UK resident beneficiaries

791   

Declarations of non-UK residence: individuals

792   

Declarations of non-UK residence: Scottish partnerships

793   

Declarations of non-UK residence: personal representatives

794   

Declarations of non-UK residence: settlements

795   

Inspection of declarations

Other investments which are not relevant investments

796   

General client account deposits

797   

Qualifying uncertificated eligible debt security units

798   

Qualifying certificates of deposit

799   

Qualifying time deposits

800   

Lloyd’s premium trust funds

801   

Investments held outside the United Kingdom

802   

Sale and repurchase of securities

803   

Other investments

Supplementary

804   

Power to make regulations to give effect to Chapter

805   

Power to make orders amending Chapter

806   

Discretionary or accumulation settlements

Chapter 3

Deduction from certain payments of yearly interest

Duty to deduct sums representing income tax

807   

Duty to deduct from certain payments of yearly interest

Exceptions from duty to deduct

808   

Interest paid by building societies

809   

Interest paid by deposit-takers

810   

UK public revenue dividends

811   

Interest paid by banks

812   

Interest paid on advances from banks

813   

Interest paid on advances from building societies

814   

National Savings Bank interest

 
 

Income Tax Bill

xxxv

 

815   

Quoted Eurobond interest

816   

Interest on loan to buy life annuity

817   

Relevant foreign income

818   

Authorised persons dealing in financial instruments

819   

Interest paid by recognised clearing houses etc

820   

Industrial and provident society payments

821   

Statutory interest

Chapter 4

Deduction from payments in respect of building society securities

822   

Payments in respect of building society securities

Chapter 5

Deduction from payments of UK public revenue dividends

Introduction

823   

Overview of Chapter

824   

Meaning of “UK public revenue dividend”

Duty to deduct sums representing income tax

825   

Duty to deduct from certain UK public revenue dividends

Payments which are payable gross

826   

Payments of UK public revenue dividends which are payable gross

827   

Treasury directions

Deduction at source applications

828   

Deduction at source application

829   

Withdrawal of application

Regulations

830   

Power to make regulations

Chapter 6

Deduction from annual payments and patent royalties

Introduction

831   

Overview of Chapter

832   

Meaning of “qualifying annual payment”

Duty to deduct from annual payments

833   

Deduction from commercial payments made by individuals

834   

Deduction from annual payments made by other persons

 
 

Income Tax Bill

xxxvi

 

835   

Meaning of “applicable rate” in section 834

Duty to deduct from patent royalties

836   

Deduction from patent royalties

Supplementary

837   

Annual payments for dividends or non-taxable consideration

838   

Interpretation of Chapter

Chapter 7

Deduction from other payments connected with intellectual property

Certain royalties etc where usual place of abode of owner is abroad

839   

Certain royalties etc where usual place of abode of owner is abroad

840   

Meaning of “relevant intellectual property right”

841   

Royalty payments etc made through UK resident agents

842   

Royalty payments: further provision

Proceeds of a sale of patent rights

843   

Proceeds of a sale of patent rights: payments to non-UK residents

Chapter 8

Chapters 6 and 7: special provision in relation to royalties

Deduction at special rates

844   

Double taxation arrangements: deduction at treaty rate

845   

Power to make directions disapplying section 844

846   

Interpretation of sections 844 and 845

Discretion to make payments gross

847   

EU companies: discretion to make payment gross

848   

Power to make directions disapplying section 847

849   

Duty of payee to notify if payment not exempt

850   

Supplementary

Chapter 9

Manufactured payments

Manufactured dividends

851   

Manufactured dividends on UK shares: Real Estate Investment Trusts

Manufactured interest

852   

Manufactured interest on UK securities: payments by UK residents etc

 
 

Income Tax Bill

xxxvii

 

853   

Foreign payers of manufactured interest: the reverse charge

854   

Cases where interest on underlying securities paid gross

Manufactured overseas dividends

855   

Manufactured overseas dividends: payments by UK residents etc

856   

Foreign payers of manufactured overseas dividends: the reverse charge

857   

Power to reduce section 856 liability

858   

Power to provide set-off entitlement

Supplementary

859   

Interpretation of Chapter

860   

Regulation-making powers: general

Chapter 10

Deduction from non-commercial payments by companies

861   

Chargeable payments connected with exempt distributions

Chapter 11

Payments between companies etc: exception from duties to deduct

Introduction

862   

Overview of Chapter

Exception from duties to deduct for excepted payments

863   

Exception from duties to deduct sums representing income tax

864   

Power to make directions disapplying section 863

865   

Meaning of “qualifying partnership”

Excepted payments

866   

UK resident companies

867   

Non-UK resident companies

868   

PEP and ISA managers

869   

Recipients who are to be paid gross

870   

Partnerships

Incorrect belief that payment is an excepted payment

871   

Consequences of reasonable but incorrect belief

Chapter 12

Funding bonds

872   

Duty to retain bonds where issue treated as payment of interest

873   

Exception from duty to retain bonds

 
 

Income Tax Bill

xxxviii

 

Chapter 13

Unauthorised unit trusts

874   

Deemed payments to unit holders and deemed deductions of income tax

875   

Income tax to be collected from trustees

876   

Calculation of trustees’ income pool

Chapter 14

Tax avoidance: directions for duty to deduct to apply

877   

Directions for deduction from payments to non-UK residents

Chapter 15

Collection: deposit-takers, building societies and certain companies

Introduction

878   

Overview of Chapter

879   

Payments within this section

880   

Return periods

881   

Meaning of “accounting period”

Returns of income tax

882   

Payments in an accounting period

883   

Payments otherwise than in an accounting period

Collection and payment of income tax

884   

Collection and payment of income tax

Set-off

885   

Conditions for a set-off claim

886   

How a set-off claim works

887   

Proceedings begun after a set-off claim is made

888   

Proceedings begun before a set-off claim is made

Assessments and errors

889   

Assessments where section 879 payment included in return

890   

Assessments in other cases

891   

Payer’s duty to deliver amended return

892   

Application of Income Tax Acts provisions about time limits for assessments

893   

Further provisions about assessments

Supplementary

894   

Relationship between Chapter and Income Tax Acts powers

895   

Power to make regulations modifying Chapter

 
 

Income Tax Bill

xxxix

 

Chapter 16

Collection: certain payments by other persons

896   

Collection of income tax on certain payments by other persons

Chapter 17

Collection through self-assessment return

897   

Collection through self-assessment return

Chapter 18

Other regimes involving the deduction of income tax at source

Visiting performers

898   

Overview of sections 899 to 903

899   

Duty to deduct and account for sums representing income tax

900   

Calculation of sums representing income tax

901   

Treatment of sums representing income tax

902   

Regulations

903   

Supplementary

Non-resident landlords

904   

Income tax due in respect of income of non-resident landlords

905   

Regulations under section 904

Real Estate Investment Trusts

906   

Income tax due in respect of distributions

907   

Regulations under section 906

Chapter 19

General

Supplementary

908   

Statements about deduction of income tax

909   

Arrangements for payments of interest less tax or at specified net rate

910   

Payments to companies

911   

Application to public departments

912   

Designated international organisations: exceptions from duties to deduct

913   

Derivative contracts: exception from duties to deduct

914   

Foreign currency securities etc: exception from duties to deduct

915   

Income tax is calculated by reference to gross amounts

Interpretation

916   

Meaning of “deposit”

917   

Meaning of “financial instrument”

 
 

Income Tax Bill

xl

 

918   

Meaning of “gilt-edged securities”

919   

Meaning of “qualifying certificate of deposit”

920   

Meaning of “qualifying uncertificated eligible debt security unit”

921   

Meaning of “quoted Eurobond”

Part 15

Income Tax Acts definitions etc

Chapter 1

Definitions

922   

Overview of Chapter

923   

The definitions

924   

Meaning of “Act”

925   

Meaning of “bank”

926   

Meaning of “company”

927   

Meaning of “connected” persons

928   

Meaning of “connected” persons: supplementary

929   

Meaning of “control”

930   

Meaning of “farming” and related expressions

931   

Meaning of “generally accepted accounting practice” and related expressions

932   

Meaning of “grossing up”

933   

Meaning of “local authority”

934   

Meaning of “local authority association”

935   

Meaning of “offshore installation”

936   

Regulations about the meaning of “offshore installation”

937   

Meaning of “oil and gas exploration and appraisal”

938   

Meaning of “property investment LLP”

939   

Meaning of “recognised stock exchange”

940   

Meaning of “research and development”

941   

Meaning of “unit trust scheme”

Chapter 2

Other Income Tax Acts provisions

942   

Scotland

943   

Sources of income within the charge to income tax or corporation tax

944   

Application of Income Tax Acts to recognised investment exchanges

945   

References to married persons, or civil partners, living together

946   

Relationship between rules on highest part of total income

947   

Territorial sea of the United Kingdom

948   

Orders and regulations

949   

Territorial scope of charges under certain provisions to which section 950

applies

950   

Table of provisions to which this section applies

 
 

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2006
Revised 8 December 2006