Finance Bill

House of Commons

Session 2006 - 07
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Finance Bill

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
284

(2) Climate change levy: reduced-rate supplies etc

Short title and chapter
Extent of repeal

Finance Act 2000 (c. 17)
In Schedule 6—

(a)
in paragraph 11, in sub-paragraph (1),

the words “has, before the supply is

5

made, notified the supplier” and “that

he” (in both places), and, in sub-

paragraph (3), the words “has, before the

supply is made, notified the supplier

that” and “he”,

10

(b)
paragraph 45(2) to (4), and

(c)
in paragraph 101, sub-paragraph (1),

and, in sub-paragraph (3), the words

“notification or”.


The repeal of paragraph 45(2) to (4) of Schedule 6 to FA 2000 has effect in
15
accordance with Schedule 2 to this Act.
Part 2
Income tax, corporation tax and capital gains tax
(1) Restrictions on trade loss relief for partners

Short title and chapter
Extent of repeal

20

Income Tax Act 2007 (c. 3)
In section 104(5), the words “(see section 112)”.

Section 106.

In section 107(2), the words “(see section 112)”.

In section 110(1)(a), the words “(see section

112)”.

25

Section 112(1) to (5).

In section 115(1)(d), the words “(see section

112)”.

Section 116.


These repeals have effect in accordance with Schedule 4 to this Act.
30
(2) Extension of restrictions on allowable capital losses

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 8(2A) to (2C).

Act 1992 (c. 12)

Finance Act 2006 (c. 25)
Section 69.

35

These repeals have effect in accordance with section 27 of this Act.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
285

(3) Avoidance involving financial arrangements

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 347A.

Act 1988 (c. 1)
Section 660C(4).

Finance Act 1988 (c. 39)
Section 36(1).

5

Capital Allowances Act 2001
In section 228F—

(c. 2)
(a)
subsection (4), and

(b)
in subsection (8), paragraph (b) (together

with the word “and” before it).

Income Tax (Trading and Other
In Schedule 1, paragraph 272(4).

10

Income) Act 2005 (c. 5)

Income Tax Act 2007 (c. 3)
In Schedule 1, paragraph 52.


These repeals have effect in accordance with Schedule 5 to this Act.
(4) Restrictions on companies buying losses or gains: tax avoidance schemes

Short title and chapter
Extent of repeal

15

Taxation of Chargeable Gains
In section 184A(2), the words “unless the gains

Act 1992 (c. 12)
accrue to the company on a disposal of a pre-

change asset”.

In section 184B(2), the words “unless the loss

accrues to the company on a disposal of a pre-

20

change asset”.

Finance Act 2006 (c. 25)
In section 70(9)—

(a)
in paragraph (a), the words “or 184B”,

(b)
paragraph (d) (together with the word

“and” following it), and

25

(c)
in paragraph (e), the words “, or a

qualifying gain for the purposes of

section 184B of that Act,”.


These repeals have effect in accordance with section 31 of this Act.
(5) Employee benefit contributions
30

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14)
In Schedule 24, in paragraph 9(1), the definition

of “the third party”.

Finance Act 2004 (c. 12)
Section 245(2).

Income Tax (Trading and Other
In Schedule 1, paragraph 624(2).

35

Income) Act 2005 (c. 5)


These repeals have effect in accordance with section 33 of this Act.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
286

(6) Schemes etc designed to increase double taxation relief

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 804ZA(8)(c), the words “resident in a

Act 1988 (c. 1)
territory outside the United Kingdom”.


This repeal has effect in accordance with section 34 of this Act.
5
(7) Insurance companies: gross-roll up business etc

Short title and chapter
Extent of repeal

Taxes Management Act 1970
In section 98, in the Table, the entries relating to

(c. 9)
section 333B of the Income and Corporation

Taxes Act 1988.

10

Income and Corporation Taxes
In section 76—

Act 1988 (c. 1)
(a)
in subsection (1), the second sentence,

(b)
subsection (14), and

(c)
in subsection (15), the definition of

“capital redemption business”.

15

Section 333B.

Section 403E(3).

In section 431(2), the definitions of “annuity

business” and “overseas life assurance fund”.

In section 431A(3)(a), the words “and Schedule

20

19AA”.

In section 432A—

(a)
subsection (4),

(b)
in subsection (5), the words “(apart from

overseas life assurance business)”,

25

(c)
in subsection (7)(c)(i), the word “438B,”

and

(d)
subsection (9).

In section 432AA—

(a)
subsection (3), and

30

(b)
in subsection (5), the words “(3) or”.

Section 432AB(6).

In section 432B—

(a)
in subsection (4), paragraph (b) and the

word “and” before it,

35

(b)
in subsection (5), the words “the relevant

fraction of”,

(c)
in subsection (7), the words “the relevant

fraction of” (in both places),

(d)
in subsections (8A) and (8C), the words

40

“the relevant fraction of”, and

(e)
in subsection (9), the definitions of “the

relevant fraction” and “the section 83 net

amount”.

Section 432D.

45

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
287

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 432E—

Act 1988 (c. 1)—cont.
(a)
in subsection (3)(b), the words

“mentioned in subsection (1) above”,

and

5

(b)
subsections (5) and (6).

In section 432F(2)—

(a)
the words “For each category of business

in relation to which section 432E falls to

be applied”, and

10

(b)
the words “, after making any reduction

required by section 432E(5),”.

Section 434(6A)(b).

In section 434A(2)(a), the words “the aggregate

of” and sub-paragraph (iii).

15

Section 436.

Section 438(2) and (4).

Section 438B.

Section 438C.

Section 439.

20

Section 439B.

Section 440A(2)(c).

Section 441.

In section 444A(3), paragraph (b) and the word

“or” before it.

25

Sections 458 and 458A.

Section 460(2)(cb).

Section 461(3A).

Section 461B(2A).

In section 466—

30

(a)
in subsection (2), the definition of “life

assurance business”, and

(b)
subsections (2ZA), (2A) and (2B).

In section 804B—

(a)
in subsection (2), the words “or section

35

438B”,

(b)
in subsection (4), the words “or 438B”,

and

(c)
in subsection (6), the words “or 432D”

(in both places).

40

Schedule 19AA.

Finance Act 1989 (c. 26)
In Schedule 8, paragraph 6.

Finance Act 1990 (c. 29)
In Schedule 6—

(a)
in paragraph 1(2)(b), the entry relating to

“overseas life assurance fund”, and

45

(b)
paragraph 7.

In Schedule 7, paragraphs 3, 6 and 10(2).

Finance Act 1991 (c. 31)
In Schedule 7, paragraph 4(1)(b).

In Schedule 15, paragraph 16.

Taxation of Chargeable Gains
In section 204(10)(b), the word “other”.

50

Act 1992 (c. 12)
In section 210B(6), paragraph (b) and the word

“or” before it.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
288

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 213(1A), the words following “general

Act 1992 (c. 12)—cont.
annuity business”.

Finance Act 1995 (c. 4)
In Schedule 8—

(a)
in paragraph 1, the entry relating to

5

“reinsurance business”,

(b)
paragraph 3,

(c)
paragraph 5(2),

(d)
paragraph 8,

(e)
paragraph 9(2),

10

(f)
in paragraph 12(1)(a), the words “section

432C(1), section 432D(1) (in both places)

and” and “and (6)(a)”,

(g)
paragraph 13(5),

(h)
paragraph 14,

15

(i)
paragraph 15,

(j)
paragraph 16(3),

(k)
paragraph 17(2),

(l)
paragraph 27(1) and (2),

(m)
paragraph 51(5), and

20

(n)
in paragraph 55(1), the word “3,”.

In Schedule 9, paragraph 1(3).

Finance Act 1996 (c. 8)
Section 167(2).

Section 168(1) and (3).

In Schedule 11—

25

(a)
in paragraph 3A(5), paragraph (c) and

the word “and” before it, and

(b)
in paragraph 4, in sub-paragraph (1),

paragraph (b) and the word “or” before

it, and sub-paragraph (16).

30

In Schedule 31, paragraph 7(2).

Finance (No. 2) Act 1997 (c. 58)
In Schedule 3, paragraphs 3 and 6(3).

Finance Act 1998 (c. 36)
Section 77.

Finance Act 2000 (c. 17)
Section 108(1).

Section 109(3), (4), (7) and (9)(b).

35

In Schedule 27, paragraph 8.

Capital Allowances Act 2001
Section 255(2).

(c. 2)

Finance Act 2001 (c. 9)
In Schedule 22, in paragraph 14(10), “or (6)”.

In Schedule 25, paragraphs 5, 6 and 8.

40

Finance Act 2003 (c. 14)
In section 153(1)(a), the words “in Schedule

19AA, paragraph 5(5)(c);”.

In Schedule 33, paragraphs 1(3)(a) and (4)(a),

6(7)(a), 9, 10(2) and 13(6)(b).

Child Trust Funds Act 2004
Section 14.

45

(c. 6)

Finance Act 2004 (c. 12)
Section 147(1), (2) and (4).

In Schedule 7, paragraph 9(1).

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
289

Short title and chapter
Extent of repeal

Finance Act 2004 (c. 12)—cont.
In Schedule 35, paragraph 22(3).

Income Tax (Trading and Other
In Schedule 1, paragraphs 143 and 175.

Income) Act 2005 (c. 5)

Finance (No. 2) Act 2005 (c. 22)
In Schedule 9—

5

(a)
paragraph 18(5) and (6), and

(b)
paragraph 19(1) to (3).

Income Tax Act 2007 (c. 3)
In Schedule 1, paragraphs 78 and 83.


These repeals have effect in accordance with section 37 of this Act.
(8) Insurance companies: basis of taxation etc
10

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 76—

Act 1988 (c. 1)
(a)
in subsection (7), Steps 9 and 10, and

(b)
subsections (10) and (11).

Section 439A.

15

Section 440B(5).

Finance Act 1989 (c. 26)
Section 88(2).

Taxation of Chargeable Gains
Section 212(7A).

Act 1992 (c. 12)

Finance (No.2) Act 1992 (c. 48)
Section 65.

20

Finance Act 1993 (c. 34)
In Schedule 14, paragraph 9.

Finance Act 1995 (c. 4)
In Schedule 8—

(a)
paragraph 12(3),

(b)
paragraph 16(6),

(c)
paragraph 20(2),

25

(d)
paragraph 26,

(e)
paragraph 28(5), and

(f)
paragraph 51(3).

Finance Act 1996 (c. 8)
In Schedule 11, paragraph 4(12) to (14).

Finance (No.2) Act 1997 (c. 58)
In Schedule 3, paragraph 15.

30

Finance Act 2002 (c. 23)
In Schedule 29, paragraph 36(6).

Finance Act 2003 (c. 14)
In Schedule 33, paragraph 7.


These repeals have effect in accordance with section 38 of this Act.
(9) Insurance companies: transfers etc

Short title and chapter
Extent of repeal

35

Income and Corporation Taxes
In section 12(7B), the definition of “insurance

Act 1988 (c. 1)
business transfer scheme”.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
290

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 444A—

Act 1988 (c. 1)—cont.
(a)
in subsection (1), the words “Subject to

subsection (7) below,” and

(b)
subsections (7) and (8).

5

Section 444AB(11) (as originally enacted).

In section 444AC(11) (as originally enacted), the

definition of “insurance business transfer

scheme”.

Section 444AD.

10

Section 460(10B).

Taxation of Chargeable Gains
In Schedule 10, paragraph 14(25).

Act 1992 (c. 12)

Finance Act 1989 (c. 26)
Section 82C.

In section 83—

15

(a)
subsection (2A)(b),

(b)
in subsection (2B), the words “, or as a

business transfer-out,” and the second

sentence,

(c)
subsections (3) to (7), and

20

(d)
in subsection (8), the definitions of

“add”, “demutualisation” and “total

reinsurance”.

Section 83AA.

Section 83AB.

25

Finance Act 1996 (c. 8)
In Schedule 9, in paragraph 12(9), the definition

of “insurance business transfer scheme”.

In Schedule 31—

(a)
paragraph 5,

(b)
paragraph 9, and

30

(c)
in paragraph 10(2), the words “Subject to

paragraph 9 above,”.

Finance Act 2000 (c. 17)
In Schedule 29, paragraph 30.

Capital Allowances Act 2001
Section 560(5)(b).

(c. 2)

35

Finance Act 2002 (c. 23)
In section 66—

(a)
in subsection (5), the definition of

“transfer scheme”, and

(b)
subsections (6) and (7).

In Schedule 9, paragraph 5(11).

40

In Schedule 22, in paragraph 10—

(a)
in sub-paragraph (4), the definition of

“transfer scheme”, and

(b)
sub-paragraphs (5) and (6).

In Schedule 26, paragraph 28(5).

45

In Schedule 29, in paragraph 89(3), the

definition of “insurance business transfer

scheme”.