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House of Commons

Session 2006 - 07 Internet Publications Other Bills before Parliament

Income Tax Bill

Income Tax Bill xxii
481    Other amounts to be charged at special rates for trustees
482    Types of amount to be charged at special rates for trustees
483    Sums paid by personal representatives to trustees
Chapter 4
Trustees’ expenses and special rates for trustees
484    Trustees’ expenses to be set against trustees’ trust rate income
485    Carry forward of unused expenses
486    How allowable expenses are to be set against trust rate income
487    Non-UK resident trustees
Chapter 5
Share incentive plans
488    Application of section 479 to trustees of approved share incentive plans
489    “The applicable period” in relation to shares
490    Interpretation of Chapter
Chapter 6
Trustees’ first slice of trust rate income
491    Special rates not to apply to first slice of trustees’ trust rate income
492    Cases where settlor has made more than one settlement
Chapter 7
Discretionary payments
493    Discretionary payments by trustees
494    Grossing up of discretionary payment and payment of income tax
495    Statement about deduction of income tax
496    Income tax charged on trustees
497    Calculation of trustees’ tax pool
498    Types of income tax for the purposes of section 497
Chapter 8
Trustees’ expenses and beneficiary’s income
499    Application of Chapter
500    Restrictions on use of trustees’ expenses to reduce the beneficiary’s income
501    Non-UK resident beneficiaries
502    Meaning of “untaxed income” in section 501
503    How beneficiary’s income is reduced
Chapter 9
Unauthorised unit trusts
504    Treatment of income of unauthorised unit trust
Income Tax Bill xxiii
505    Relief for trustees of unauthorised unit trust
506    Special rules for trustees affected by section 733 of ICTA
Chapter 10
Heritage maintenance settlements
Introduction
507    Overview of Chapter
Trustees’ election in respect of income etc
508    Election by trustees
509    Change of circumstances during a tax year
Absence of election and income treated as income of settlor: special rules
510    Sums applied for property maintenance purposes
511    Prevention of double taxation: reimbursement of settlor
Application of property for non-heritage purposes: charge to tax
512    Charge to tax on some settlements
513    Income charged
514    Persons liable
515    Rate of tax
516    Transfer of property between settlements
517    Exemption for income treated as income of settlor
Part 10
Special rules about charitable trusts etc
Introduction
518    Overview of Part
519    Meaning of “charitable trust”
Gifts and other payments
520    Gifts entitling donor to gift aid relief: income tax treated as paid
521    Gifts entitling donor to gift aid relief: income tax liability and exemption
522    Gifts of money from companies: income tax liability and exemption
523    Payments from other charities: income tax liability and exemption
Other exemptions
524    Exemption for profits etc of charitable trades
525    Meaning of “charitable trade”
526    Exemption for profits etc of small-scale trades
527    Exemption from charges under provisions to which section 1016 applies
528    Condition as to trading and miscellaneous incoming resources
529    Exemption for profits from fund-raising events
Income Tax Bill xxiv
530    Exemption for profits from lotteries
531    Exemption for property income etc
532    Exemption for savings and investment income
533    Exemption for public revenue dividends
534    Exemption for transactions in deposits
535    Exemption for offshore income gains
536    Exemption for certain miscellaneous income
537    Exemption for income from estates in administration
Claims
538    Requirement to make claim
Restrictions on exemptions
539    Restrictions on exemptions
540    The non-exempt amount
541    Attributing income to the non-exempt amount
542    How income is attributed to the non-exempt amount
Non-charitable expenditure
543    Meaning of “non-charitable expenditure”
544    Section 543: supplementary
545    Section 543(1)(f): meaning of expenditure
546    Section 543(1)(f): tax year in which certain expenditure treated as incurred
547    Section 543(1)(f): payment to body outside the UK
548    Section 543(1)(i) and (j): investments and loans
Substantial donor transactions
549    Transactions with substantial donors
550    Meaning of “relievable gift”
551    Non-charitable expenditure in substantial donor transactions
552    Adjustment if section 551(1) and (2) applied to single transaction
553    Section 551: certain payments and benefits to be ignored
554    Transactions: exceptions
555    Donors: exceptions
556    Connected charities
557    Substantial donor transactions: supplementary
Approved charitable investments and loans
558    Approved charitable investments
559    Securities which are approved charitable investments
560    Conditions to be met for some securities
561    Approved charitable loans
Carry back of excess non-charitable expenditure
562    Excess expenditure treated as non-charitable expenditure of earlier years
563    Rules for attributing excess expenditure to earlier years
564    Adjustments in consequence of section 562
Income Tax Bill xxv
Part 11
Manufactured payments and repos
Chapter 1
Introduction
565    Overview of Part
566    Meaning of “UK shares” and “UK securities”
567    Meaning of “overseas securities” and “overseas dividend”
568    Meaning of “stock lending arrangement”
569    Meaning of “repo”
570    Meaning of “buying back” securities etc
571    Meaning of “related” agreements
Chapter 2
Manufactured payments
Introduction
572    Overview of Chapter
Manufactured dividends on UK shares
573    Manufactured dividends on UK shares
574    Allowable deductions: matching
575    Allowable deductions: restriction on double-counting
576    Manufactured dividends on UK shares: Real Estate Investment Trusts
577    Statements about manufactured dividends
Manufactured interest on UK securities
578    Manufactured interest on UK securities
579    Allowable deductions: matching
580    Allowable deductions: restriction on double counting
Manufactured overseas dividends
581    Manufactured overseas dividends
582    Powers about manufactured overseas dividends
Special cases
583    Manufactured payments exceeding underlying payments
584    Manufactured payments less than underlying payments
585    Power to deal with other special cases
General regulation-making powers
586    Powers about administrative provisions
587    Power for manufactured payments to be eligible for relief
588    Regulation-making powers: general
Income Tax Bill xxvi
Interpretation
589    Meaning of “gross amount”: interest and manufactured overseas dividends
590    Meaning of “relevant withholding tax”
591    Interpretation of other terms used in Chapter
Chapter 3
Tax credits: stock lending arrangements and repos
Stock lending arrangements
592    No tax credits for borrower under stock lending arrangement
Repos
593    No tax credits for interim holder under repo
594    No tax credits for original owner under repo
Interpretation
595    Meaning of “manufactured dividend”
Chapter 4
Deemed manufactured payments
Stock lending arrangements
596    Deemed manufactured payments: stock lending arrangements
597    Deemed interest: cash collateral under stock lending arrangements
598    Cash collateral under stock lending arrangements: supplementary
599    Sections 597 and 598: quasi-stock lending arrangements and quasi-cash
collateral
600    Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral”
Repos
601    Repo cases in which deeming rules apply
602    Deemed manufactured payments: repos
603    Deemed deductions of tax
604    Deemed increase in repurchase price: price differences under repos
605    Deemed increase in repurchase price: other income tax purposes
Interpretation
606    Interpretation of Chapter
Chapter 5
Price differences under repos
Main tax treatment
607    Treatment of price differences under repos
Income Tax Bill xxvii
608    Exceptions to section 607
Additional tax treatment
609    Additional income tax consequences of price differences
Interpretation
610    Repurchase price in deemed manufactured payment case
Power to modify
611    Power to modify Chapter in non-arm’s length case
Chapter 6
Powers to modify repo provisions
612    Non-standard repo cases
613    Redemption arrangements
614    Sections 612 and 613: supplementary
Part 12
Accrued income profits
Chapter 1
Introduction
615    Overview of Part
Chapter 2
Accrued income profits and losses
Charge to tax
616    Charge to tax on accrued income profits
617    Income charged
618    Person liable
Securities to which Chapter applies
619    Meaning of “securities” and when securities are of the same kind
Transfers to which Chapter applies
620    Transactions which are transfers: general
621    Transferors and transferees
622    Application of Chapter to different kinds of transfer
623    Transfers with accrued interest
624    Transfers without accrued interest
625    Transfers with unrealised interest
Income Tax Bill xxviii
626    Transfers of variable rate securities
627    Meaning of “variable rate securities”
Calculating accrued income profits and losses
628    Making accrued income profits and losses: general rule
629    Calculating accrued income profits and losses where section 628 applies
630    Making accrued income profits: settlement day outside interest period
631    Amount of accrued income profits where section 630 applies
The payments treated as made on transfers
632    Payment on transfer with accrued interest
633    Payment on transfer without accrued interest
634    Payment on transfer with unrealised interest
635    Payment on transfer of variable rate securities
Exception where there is a transfer to a legatee
636    Exception where there is a transfer to a legatee
Relief for losses
637    Accrued income losses treated as payments in next interest period
Excluded transferors and transferees
638    Excluded persons: disregard of certain payments and transfers
639    Small holdings: individuals
640    Small holdings: personal representatives
641    Small holdings: trustees of a disabled person’s trusts
642    Traders
643    Non-residents
644    Individuals to whom the remittance basis applies
645    Charitable trusts etc
646    Pension scheme trustees
647    Makers of manufactured payments
Further transactions treated as transfers
648    Strips of gilt-edged securities
649    New securities issued with extra return
650    Trading stock appropriations etc
651    Owner becoming entitled to securities as trustee
652    Securities ceasing to be held on charitable trusts
Excluded transfers
653    Stock lending
654    Sale and repurchase arrangements
655    Transfers under sale and repurchase arrangements
656    Power to modify: non-standard sale and repurchase arrangements
657    Power to modify: redemption arrangements
658    Powers to modify: supplementary

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