Income Tax Bill

House of Commons

Session 2006 - 07
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Other Bills before Parliament

Income Tax Bill

Income Tax Bill
Schedule 2 — Transitionals and savings
Part 16 — Other provisions
692

Unauthorised unit trusts: calculation of trustees’ income pool
167   (1)
This paragraph applies for the purposes of section 943.
      (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
surplus for the tax year 2007-08 apart from this Act had section 469(5A) to
5
(5D) of ICTA applied in relation to the trustees for the tax year 2007-08.
168   (1)
This paragraph applies for the purposes of section 943 in its application to
any trustees if—
(a)
the current tax year is a tax year subsequent to the tax year 2007-08,
(b)
subsection (3) of section 943 does not apply, and
10
(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
surplus for the tax year 2007-08 apart from this Act had section 469(5A) to
15
(5D) of ICTA applied in relation to the trustees for the tax year 2007-08.
Non-resident landlords
169   (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
made to the Board in respect of tax that is or may become chargeable as the
20
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
971(2)).
25
Interpretation
170
Expressions used in this Part of this Schedule and in Part 15 have the same
meaning as they have in Part 15.
Part 16
Other provisions
30
Old references to surtax and standard rate tax
171
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.
Section 820 of ICTA
35
172
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.

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
693

Schedule 3
Section 1031

Repeals and revocations
Part 1
Repeals and revocations: general

Reference
Extent of repeal or revocation

5

Taxes Management Act 1970
In section 12AB(1)(a), sub-paragraph (iv) and

(c. 9)
the “and” immediately before it.

In section 42(7)—

(a)
in paragraph (a), the word “723(3),”, and

(b)
the word “and” at the end of paragraph

10

(d).

In section 46C(1)(b) and (3), the words “of the

principal Act”.

Section 55(1)(c).

Section 98(4C).

15

In the first column of the Table in section 98—

(a)
the entry relating to regulations under

section 42A of ICTA,

(b)
the entry relating to regulations under

section 476(1) of ICTA,

20

(c)
the entry relating to regulations under

section 477A(1) of ICTA,

(d)
the entry relating to section 482(3) of

ICTA

(e)
the entry relating to regulations under

25

section 482(11) of ICTA,

(f)
the entry relating to section 483 of ICTA,

(g)
the entry relating to regulations under

section 555(7) of ICTA,

(h)
the entry relating to section 745(1) of

30

ICTA,

(i)
the entry relating to paragraph 5(2) of

Schedule 15B to ICTA,

(j)
the entry relating to regulations under

paragraph 11B(5) of Schedule 28B to

35

ICTA,

(k)
the entry relating to section 86(12) of FA

1995, and

(l)
the entry relating to regulations under

Schedule 33 to FA 2002.

40

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
694

Reference
Extent of repeal or revocation

Taxes Management Act 1970
In the second column of the Table in section

(c. 9)—cont.
98—

(a)
the entry relating to regulations under

section 42A of ICTA,

5

(b)
the entry relating to section 350(1) of

ICTA,

(c)
the entry relating to regulations under

section 476(1) of ICTA,

(d)
the entry relating to regulations under

10

section 477A(1) of ICTA,

(e)
the entry relating to section 482(2) of

ICTA,

(f)
the entry relating to regulations under

section 482(11) of ICTA,

15

(g)
the entry relating to regulations under

section 555(7) of ICTA,

(h)
the entry relating to paragraph 5(1) of

Schedule 15B to ICTA,

(i)
the entry relating to Schedule 16 to

20

ICTA,

(j)
the entry relating to regulations under

Schedule 33 to FA 2002, and

(k)
the entry relating to regulations under

section 122 of FA 2006.

25

Finance Act 1971 (c. 68)
Section 21.

Schedule 3.

Income Tax (Prescribed
The whole Order.

Deposit-takers) (No.1) Order

(S.I. 1984/1801)

30

Income Tax (Composite Rate)
The whole Order.

(Prescribed Deposit-takers)

Order (S.I. 1985/1696)

Income and Corporation Taxes
Sections 1 to 4.

Act 1988 (c. 1)
Section 7(1).

35

In section 9(6), the words from the beginning to

“this Act; and”.

Section 42A.

Sections 50, 51 and 51AA.

In section 105(2), the words “or by virtue of

40

section 90(4) of the Finance Act 1995”.

Section 109A.

Section 117.

In section 118(2)—

(a)
in the definition of “relevant accounting

45

period”, the words “(within the meaning

of section 117(2))”, and

(b)
in the definition of “the relevant sum”,

the words “(within the meaning of

section 117(3))”.

50

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
695

Reference
Extent of repeal or revocation

Income and Corporation Taxes
In section 118ZC—

Act 1988 (c. 1)—cont.
(a)
in subsection (2), the words “that section

and”, and

(b)
subsection (5).

5

In section 118ZD(1), the words “117 or”.

Sections 118ZE to 118ZO.

In section 125—

(a)
in subsection (1), the words “shall be

made without deduction of income tax

10

and”,

(b)
in subsection (2)(b), the words “income

tax or”,

(c)
in subsection (3), paragraph (d) and the

“or” immediately before it.

15

Section 214(1)(b).

In section 231AA—

(a)
in subsection (1), the words “above or

section 397(1) of ITTOIA 2005”, and

(b)
subsection (1A).

20

In section 231AB—

(a)
in subsection (1), the words “above or

section 397(1) of ITTOIA 2005”, and

(b)
subsection (1A).

Section 256(3).

25

Section 257BA(6).

Section 257BB(3A).

In section 265—

(a)
in subsection (1), the words “from his

total income”, and

30

(b)
subsection (3).

In section 266—

(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

section 278(3))”, and

(d)
in subsection (13), the words “this

section and”.

Section 276.

40

Section 277.

In section 278—

(a)
subsection (1), and

(b)
in subsection (2), paragraphs (b) to (e)

and the “or” immediately before

45

paragraph (b).

Sections 282 to 282B.

Section 305A.

Section 320.

Section 323.

50

Section 332A.

Sections 334 to 336.

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
696

Reference
Extent of repeal or revocation

Income and Corporation Taxes
In section 347A—

Act 1988 (c. 1)—cont.
(a)
subsection (2A), and

(b)
in subsection (6) the words “or (2A)”.

Sections 347B to 352.

5

In section 353—

(a)
in subsection (1) the words “sections 359

to 368 of this Act and”,

(b)
subsection (1B),

(c)
in subsection (1E) the words “under this

10

section”, and

(d)
subsections (1F) to (1H).

Sections 359 to 364.

In section 366(1)(c), the words from “(or” to

“income)”.

15

Section 367(2) to (4).

Section 368.

Chapter 1 of Part 10.

In section 397—

(a)
subsection (1),

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

company,”, and

(d)
in subsection (10), the words “from

30

income tax or from corporation tax”.

In section 398—

(a)
the words “above or Chapter 11 of Part 4

of ITTOIA 2005 (transactions in

deposits)”, and

35

(b)
in paragraph (a), the words “above or

that Chapter”.

In section 399(2)(a), the words “and that person

or one or more of the other partners was a

company”.

40

In section 458—

(a)
in subsection (1), the words “and the

Income Tax Acts”,

(b)
in subsection (2), the words “section 380

or”, and

45

(c)
subsection (2)(b) and the “and”

immediately before it.

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

words “income tax or”.

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
697

Reference
Extent of repeal or revocation

Income and Corporation Taxes
In section 461B, in subsection (1) the words

Act 1988 (c. 1)—cont.
“income tax and” and in subsection (5) the

words “income tax or”.

In section 467(1), in paragraph (a), the words “to

5

exemption from income tax and corporation

tax”, and in paragraph (b), the words “to

exemption from tax”.

In section 468(6), the definition of “unit trust

scheme” and the “and” immediately before it.

10

In section 469—

(a)
in subsection (2) the words from “and, in

the case of income” to the end, and

(b)
subsections (2A) to (4), (5A) to (5D) and

(7) to (10).

15

In section 477A—

(a)
subsections (1) to (2A),

(b)
in subsection (3), the words from “For

any” to “above apply,”,

(c)
in subsection (3)(b), the words “paid or

20

credited in the year of assessment”,

(d)
subsection (7), and

(e)
in subsection (10), the definitions of

“qualifying certificate of deposit”,

“qualifying deposit right” and

25

“security”.

Sections 480A to 482.

Section 486(2), (3) and (6).

Section 492(2).

Section 504A.

30

In section 505—

(a)
in subsection (1)(a), the words “, or

under Parts 2 and 3 of ITTOIA 2005,”,

(b)
in subsection (1)(c)(ii), the words from

“or under Chapter 2, 7, 8 or 10” to the

35

end of the sub-paragraph,

(c)
subsection (1)(c)(iiaa) and (iii),

(d)
in subsection (1)(d), the words “or

Chapter 2 of Part 4 of ITTOIA 2005

(interest)”,

40

(e)
in subsection (1)(e), the words “or Part 2

of ITTOIA 2005 (trading income)”,

(f)
in subsection (1)(f), the words “or Part 2

or 5 of ITTOIA 2005 (trading and

miscellaneous income”, and

45

(g)
in subsection (2), the words from

“chargeable to income tax” to “and shall

be”.

In section 506C(1)—

(a)
paragraph (d), and

50

(b)
the “or” at the end of paragraph (h).

In section 510A(3), paragraph (b) and the “and”

immediately before it.

Income Tax Bill
Schedule 3 — Repeals and revocations
Part 1 — Repeals and revocations: general
698

Reference
Extent of repeal or revocation

Income and Corporation Taxes
Section 515.

Act 1988 (c. 1)—cont.
Section 516.

In section 524(3)—

(a)
the word “and” at the end of paragraph

5

(a), and

(b)
paragraphs (b) and (c).

Section 527(4).

Sections 536, 537 and 537B.

Section 555.

10

In section 556(5), the words from the beginning

to “, and”.

Section 558(1) to (4).

In section 573(4), the words from “and where”

to “chargeable gains”.

15

Section 574.

In section 575, in the sidenote the words “or

574”, in subsection (2), the words “or 574”, in

each place where they occur, and in subection

(3), the words “or 574”.

20

In section 576, in subsection (1), the words “or

574”, subsections (1A) and (1B) and

subsections (2) to (5).

Section 581A.

In section 582(1)(b), the words from “or section”

25

to “income tax purposes)”.

Section 582A.

Section 587A.

In section 587B—

(a)
subsection (2)(a)(i),

30

(b)
in subsection (2)(a)(ii), the words “in the

case of a disposal by a company,”,

(c)
in subsection (2)(b), the words from “of

this Act” to the end,

(d)
in subsection (2), the words from “but

35

paragraph (a)(i)” to the end, and

(e)
subsection (3).

In section 587C—

(a)
subsections (2) and (3),

(b)
subsection (10)(a) and the “and”

40

immediately after it, and

(c)
in subsection (10)(b), the words “in the

case of a company,”.

In section 658(4)(b) the words

“(notwithstanding anything in section 348)”.

45

Section 660C(3).

Sections 685A to 687.

Section 689A.

Section 689B(4).

Sections 690 to 694.

50

Section 698A.

In section 703, in subsection (3) the words “in

the case of corporation tax” and subsections

(3A) and (11).