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House of Commons

Session 2006 - 07 Internet Publications Other Bills before Parliament

Income Tax Bill

Income Tax Bill xv
Supplementary
324    Regulations under Chapter
325    Interpretation of Chapter
Chapter 6
Supplementary and general
Acquisitions for restructuring purposes
326    Restructuring to which section 327 applies
327    Certain requirements of Chapter 4 to be treated as met
328    Supplementary
Conversion of shares etc and company reorganisations
329    Conversion of convertible shares and securities
330    Power to facilitate company reorganisations etc involving exchange of shares
Supplementary
331    Meaning of a company being “in administration” or “in receivership”
332    Minor definitions etc
Part 7
Community investment tax relief
Chapter 1
Introduction
CITR
333    Meaning of “CITR”
334    Eligibility for CITR
335    Form and amount of CITR
Miscellaneous
336    Meaning of “making an investment”
337    Determination of “the invested amount”
338    Meaning of “the 5 year period” and “the investment date”
339    Overview of other Chapters of Part
Chapter 2
Accredited community development finance institutions
340    Application and criteria for accreditation
341    Terms and conditions of accreditation
342    Period of accreditation
343    Delegation of Secretary of State’s functions
Income Tax Bill xvi
Chapter 3
Qualifying investments
344    Qualifying investments: introduction
345    Conditions to be met in relation to loans
346    Conditions to be met in relation to securities
347    Conditions to be met in relation to shares
348    Tax relief certificates
349    No pre-arranged protection against risks
Chapter 4
General conditions
350    No control of CDFI by investor
351    Investor must have beneficial ownership
352    No acquisition of share in partnership
353    No tax avoidance purpose
Chapter 5
Claims for and attribution of CITR
Claims
354    Loans: no claim after disposal or excessive repayments or receipts of value
355    Securities or shares: no claim after disposal or excessive receipts of value
356    No claim after loss of accreditation by the CDFI
Attribution
357    Attribution: general
358    Attribution: bonus shares
Chapter 6
Withdrawal or reduction of CITR
Introduction
359    Overview of Chapter
Disposals
360    Disposal of loan during 5 year period
361    Disposal of securities or shares during 5 year period
Repayment of loans
362    Repayment of loan capital during 5 year period
Income Tax Bill xvii
Receipts of value
363    Value received by investor during 6 year period: loans
364    Value received by investor during 6 year period: securities or shares
365    Receipts of insignificant value to be added together
366    When value is received
367    The amount of value received
368    Value received if there is more than one investment
369    Effect of receipt of value on future claims for CITR
370    Receipts of value by or from connected persons
CITR not due
371    CITR subsequently found not to have been due
Manner of withdrawal or reduction
372    Manner of withdrawal or reduction of CITR
Chapter 7
Supplementary and general
Miscellaneous
373    Information to be provided by the investor
374    Disclosure
375    Nominees
376    Application for postponement of tax pending appeal
377    Identification of securities or shares on a disposal
Definitions
378    Meaning of “issue of securities or shares”
379    Meaning of “disposal”
380    Construction of references to being “held continuously”
381    Meaning of “associate”
382    Minor definitions etc
Part 8
Other reliefs
Chapter 1
Interest payments
The relief: introduction
383    Relief for interest payments
384    General restrictions on relief under Chapter
385    General provisions about loans
386    Loans partly meeting requirements
387    Exclusion of double relief etc
Income Tax Bill xviii
Loans for plant or machinery
388    Loan to buy plant or machinery for partnership use
389    Eligibility requirements for interest on loans within section 388
390    Loan to buy plant or machinery for employment use
391    Eligibility requirements for interest on loans within section 390
Loans for interests in close companies
392    Loan to buy interest in close company
393    Eligibility requirements for interest on loans within section 392
394    Meaning of “material interest” in section 393
395    Meaning of “associate” in section 394
Loans for interests in employee-controlled companies
396    Loan to buy interest in employee-controlled company
397    Eligibility requirements for interest on loans within section 396
Loans for investing in partnerships
398    Loan to invest in partnership
399    Eligibility requirements for interest on loans within section 398
400    Film partnerships
Loans for investing in co-operatives
401    Loan to invest in co-operative
402    Eligibility requirements for interest on loans within section 401
Loans for paying inheritance tax
403    Loan to pay inheritance tax
404    Eligibility requirements for interest on loans within section 403
405    Carry back and forward of relief for interest on loans within section 403
General and supplementary
406    Effect of recovery of capital in the case of some loans
407    Events counting as recovery of capital for section 406
408    Replacement loans
409    Business successions between partnerships
410    Other business successions and reorganisations
411    Ineligibility of interest where business is occupation of commercial
woodlands
412    Information
Chapter 2
Gift aid
The relief
413    Overview of Chapter
414    Relief for gifts to charity
Income Tax Bill xix
415    Meaning of “grossed up amount”
416    Meaning of “qualifying donation”
417    Meaning of “benefits associated with a gift”
Restrictions on associated benefits
418    Restrictions on associated benefits
419    Gifts and benefits linked to periods of less than 12 months
Admission rights
420    Disregard of certain admission rights
421    Admission rights: supplementary
Disqualified overseas gifts
422    Disqualified overseas gifts
Measures to ensure donor’s liability not less than tax treated as deducted
423    Restriction of certain reliefs
424    Charge to tax
425    Total amount of income tax to which individual charged for a tax year
Election to carry back relief
426    Election by donor: gift treated as made in previous tax year
Supplementary
427    Meaning of “charged amount”
428    Meaning of “gift aid declaration”
429    Giving through self-assessment return
430    “Charity” to include exempt bodies
Chapter 3
Gifts of shares, securities and real property to charities etc
Entitlement to relief
431    Relief for gifts of shares, securities and real property to charities etc
432    Meaning of “qualifying investment”
433    Meaning of “qualifying interest in land”
Amount of relief
434    The relievable amount
435    Incidental costs of making disposal
436    Consideration
Value of net benefit to charity
437    Value of net benefit to charity
Income Tax Bill xx
438    Market value of qualifying investments
439    Meaning of “disposal-related obligation”
440    Meaning and amount of “disposal-related liability”
Special provisions about qualifying interests in land
441    Certificate required from charity
442    Qualifying interests in land held jointly
443    Calculation of relievable amount where joint disposal of interest in land
444    Disqualifying events
Supplementary
445    Prohibition against double relief
446    “Charity” to include exempt bodies
Chapter 4
Annual payments and patent royalties
447    Overview of Chapter
448    Relief for individuals
449    Relief for other persons
450    Other persons: payments ineligible for relief
451    Special rule for persons affected by section 733 of ICTA
452    The gross amount of a payment
Chapter 5
Qualifying maintenance payments
453    Tax reduction for qualifying maintenance payments
454    Meaning of “qualifying maintenance payment”
455    Child support maintenance payments
456    Payments under orders for recovery of benefit etc
Chapter 6
Miscellaneous other reliefs
Payments for life insurance etc
457    Payments to trade unions
458    Payments to police organisations
459    Payments for benefit of family members
460    Residence etc of claimants
Patent royalty receipts
461    Spreading of patent royalty receipts
Income Tax Bill xxi
Part 9
Special rules about settlements and trustees
Chapter 1
Introduction
462    Overview of Part
463    Interpretation of Part
464    Scottish trusts
Chapter 2
General provision about settlements and trustees
Overview
465    Overview of Chapter and interpretation
Settled property
466    Meaning of “settled property” etc
Settlors
467    Meaning of “settlor” etc
468    Meaning of “disposable property”
469    Person ceasing to be a settlor
470    Transfers between settlements
471    Identification of settlor following transfer covered by section 470
472    Settlor where property becomes settled because of variation of will etc
473    Deceased person as settlor where variation of will etc
Trustees
474    Trustees of settlement to be treated as a single and distinct person
475    Residence of trustees
476    How to work out whether settlor meets condition C
Sub-funds
477    Sub-fund elections under Schedule 4ZA to TCGA 1992
Regulations
478    References to settled property etc in regulations
Chapter 3
Special rates for trustees’ income
479    Trustees’ accumulated or discretionary income to be charged at special rates
480    Meaning of “accumulated or discretionary income”

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