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
291

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14)
In Schedule 33—

(a)
paragraph 2(3), (4) and (6),

(b)
paragraph 5(b),

(c)
paragraphs 18 and 19, and

5

(d)
paragraph 20(4).

Finance Act 2004 (c. 12)
In Schedule 7—

(a)
paragraphs 2 to 4, and

(b)
in paragraph 5(2) and (3).

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

10

(a)
paragraphs 6 and 7,

(b)
paragraph 11,

(c)
paragraph 12(4) and (6), and

(d)
paragraph 20(3) to (5).

Finance Act 2006 (c. 25)
In Schedule 11—

15

(a)
paragraph 3,

(b)
paragraph 4, and

(c)
paragraph 6(2).


These repeals have effect in accordance with Schedule 9 to this Act.
(10) Insurance companies: miscellaneous
20

Short title and chapter
Extent of repeal

Taxes Management Act 1970
In section 98, in the Table, in both columns, the

(c. 9)
words “or 441A(3)”.

Income and Corporation Taxes
In section 12(7B), the words from the beginning

Act 1988 (c. 1)
to the end of the definition of “contracts of

25

long-term insurance”.

In section 76—

(a)
in subsection (7), in Step 3, the entries

relating to section 587B(8)(b)(i) of ICTA

and paragraph 23(2) of Schedule 13 to

30

FA 2002, and

(b)
in subsection (15), the words “and other

expressions have the same meaning as in

Chapter 1 of Part 12”.

Section 431A(7).

35

In section 432YA(5), the definitions of “non-

profit company” and “non-profit fund”.

In section 432ZA(6), the definition of “internal

linked fund”.

Section 432A(9A).

40

In section 432E(2A), the words “444ACA(2),”

and paragraph (b).

Section 440(2A), (2B) and (5).

Section 442(4).

Sections 443 and 444.

45

Section 444AB(6) (as originally enacted).

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
292

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 444AC(11) (as originally enacted), the

Act 1988 (c. 1)—cont.
words from the beginning to the end of the

definition of “fair value”.

Section 444ACA.

5

Section 444AD(5).

In section 502H—

(a)
in subsection (2), paragraph (b) and the

word “and” before it”, and

(b)
subsections (8) to (10).

10

In section 587B—

(a)
subsection (8), and

(b)
in subsection (9), the words ““life

assurance business” and related

expressions have the same meaning as in

15

Chapter 1 of Part 12;”.

In section 755A(12), the definition of “long-term

insurance fund”.

Section 804F.

In section 807A—

20

(a)
subsections (4) and (5)(b), and

(b)
in subsection (6)(a), the words “or an

insurance credit”.

In Schedule 28AA, in paragraph 14(1), the

definition of “insurance company”.

25

Finance Act 1989 (c. 26)
Section 82D(5).

In section 83(8), in the definition of “fair value”,

paragraph (a).

In section 83YA—

(a)
subsection (8), and

30

(b)
in subsection (11), the definition of

“with-profits fund”.

Section 83YB(5).

In section 83A—

(a)
in subsection (1), the words “In sections

35

82A to 83AB”,

(b)
in subsections (2)(b) and (3D)(b), the

words “(see subsection (6))”, and

(c)
subsection (6).

Section 84(2) to (6).

40

In section 85—

(a)
in subsection (2A), the second sentence,

and

(b)
in subsection (3), the words “(including

the 1990 component period)”.

45

In section 86—

(a)
subsections (3) and (3A), and

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

the 1990 component period)”.

Section 87.

50

In section 89(6), the words from the beginning

to “; and”.

Section 90A.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
293

Short title and chapter
Extent of repeal

Finance Act 1991 (c. 31)
In Schedule 7—

(a)
paragraph 13(2),

(b)
in paragraph 16(7), the words from “and,

subject to that,” to the end, and

5

(c)
paragraph 17(5).

Taxation of Chargeable Gains
In section 210B(8), the definition of “internal

Act 1992 (c. 12)
linked fund”.

Section 212(2A).

Section 214.

10

Section 214A.

Section 214BA.

In Schedule 7AC, paragraph 17(5).

In Schedule 10, paragraph 14(22)(b).

Finance Act 1993 (c. 34)
Section 91(5) and (6).

15

Finance Act 1995 (c. 4)
In Schedule 8, paragraph 9(3).

In Schedule 9—

(a)
in paragraph 1(2)(d), the words “214(11)

and 214A(7)”, and

(b)
paragraph 5.

20

Finance Act 1996 (c. 8)
In section 87A(2), the words “, within the

meaning of Chapter 1 of Part 12 of the Taxes

Act 1988,” and the words “(see section 431(2)

of that Act)”.

Section 88(7).

25

In section 103(3), the word “or” at the end of

paragraph (a).

In Schedule 9—

(a)
in paragraph 12(9), the definitions of

“contracts of long-term insurance” and

30

“overseas life insurance company”, and

(b)
in paragraph 20(3)(b), the words “,

within the meaning of Chapter 1 of Part

12 of the Taxes Act 1988,” and the words

“(see section 431(2) of that Act)”.

35

In Schedule 11—

(a)
paragraph 1,

(b)
paragraph 2(2) to (5),

(c)
paragraph 3A(6),

(d)
paragraph 4(6), and

40

(e)
paragraphs 5 and 6.

In Schedule 14, paragraphs 25 and 63.

In Schedule 15, paragraph 1(3).

In Schedule 31, paragraph 6.

Finance Act 1997 (c. 16)
In Schedule 12—

45

(a)
paragraph 18, and

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

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
294

Short title and chapter
Extent of repeal

Finance Act 1998 (c. 36)
In Schedule 18—

(a)
in paragraph 13(3), the words after

“1988”, and

(b)
paragraph 86.

5

Finance Act 1999 (c. 16)
In Schedule 6, paragraph 4.

Finance Act 2000 (c. 17)
In Schedule 30, paragraph 19.

Capital Allowances Act 2001
Section 257(3).

(c. 2)
Section 544(5).

Section 560(5)(a) and (c).

10

Finance Act 2001 (c. 9)
Section 87(3) and (4).

In Schedule 22, in paragraph 31(1), the

definitions of “insurance company” and “life

assurance business”.

Finance Act 2002 (c. 23)
In section 66(5), the words from the beginning

15

to the end of the definition of “long-term

insurance fund”.

In Schedule 12, in paragraph 19(1), the

definition of “life assurance business”.

In Schedule 13—

20

(a)
paragraphs 22 and 23,

(b)
paragraph 25(3), and

(c)
in paragraph 27, the definition of “life

assurance business”.

In Schedule 22, in paragraph 10(4), the words

25

before the definition of “transfer scheme”.

In Schedule 26—

(a)
in paragraph 12, in sub-paragraph (1),

the references to the expressions

“Integrated Prudential Sourcebook” and

30

“long-term insurance fund” and sub-

paragraphs (15) and (16), and

(b)
in paragraph 54(1), the definitions of

“insurance company”, “life assurance

business”, “long-term insurance

35

business” and “contract of long-term

insurance”.

In Schedule 27, paragraph 5.

In Schedule 29—

(a)
paragraph 36(4) and (5),

40

(b)
in paragraph 89(3), the definition of

“contracts of long-term insurance”, and

(c)
paragraph 138(1).

Finance Act 2003 (c. 14)
In Schedule 33, paragraphs 1(2), 3, 26 and 30 to

32.

45

Finance Act 2004 (c. 12)
In Schedule 10, paragraphs 43 and 70.

Finance (No.2) Act 2005 (c. 22)
In Schedule 9, paragraphs 4, 8, and 13(5).

Finance Act 2006 (c. 25)
Section 134(4)(c).

In Schedule 11, paragraph 8.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
295

Short title and chapter
Extent of repeal

Income Tax Act 2007 (c. 3)
In Schedule 1, paragraph 137(7).


These repeals have effect in accordance with Schedule 10 to this Act.
(11) Technical provisions made by general insurers

Short title and chapter
Extent of repeal

5

Income and Corporation Taxes
Section 804E(3)(d).

Act 1988 (c. 1)

Finance Act 2000 (c. 17)
Section 107.

Finance Act 2003 (c. 14)
Section 153(1)(c).


These repeals have effect in accordance with Schedule 11 to this Act.
10
(12) Friendly societies

Short title and chapter
Extent of repeal

Finance (No.2) Act 1992 (c. 48)
In Schedule 9, paragraphs 8(3) and 11(2).


These repeals have effect in accordance with Schedule 12 to this Act.
(13) Purchased life annuities
15

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 437(1C)(c)(i) and (d)(i).

Act 1988 (c. 1)
Section 656(5) and (6).

Section 658(1) and (4) to (6).

In section 828(4), the word “658(3)”.

20

Income Tax (Trading and Other
Section 717(3).

Income) Act 2005 (c. 5)
Section 723.

Section 724(2).

Section 873(3)(b).

In Schedule 1, paragraphs 268(3) and 270.

25

In Schedule 2, paragraphs 143 and 145.

Commissioners for Revenue
In Schedule 4, paragraph 133(5).

and Customs Act 2005 (c. 11)


These repeals have effect in accordance with section 45 of this Act.
(14) Sale and repurchase of securities
30

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 231AA(4), the words “or 737A(5)”.

Act 1988 (c. 1)
Sections 730A to 730BB.

In section 731(2A), the words “section 737A(5)

below or”.

35

Sections 737A to 737C.

Section 737E.

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
296

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 263A(2).

Act 1992 (c. 12)

Finance Act 1994 (c. 9)
Section 122.

Finance Act 1995 (c. 4)
Section 80(1) and (3).

5

Finance Act 1996 (c. 8)
Section 100(2A).

In Schedule 14, paragraph 37.

Finance Act 1997 (c. 16)
Section 91(5).

Finance Act 2002 (c. 23)
In Schedule 25, paragraphs 32 and 52.

Finance Act 2003 (c. 14)
In Schedule 38, paragraphs 2, 3, 5, 7 to 14, 16 to

10

20 and 21(3).

Finance Act 2004 (c. 12)
In Schedule 10, paragraphs 44 and 78.

Finance (No.2) Act 2005 (c. 22)
In Schedule 7, paragraph 19.

Finance Act 2006 (c. 25)
Section 139(5).

In Schedule 6, paragraphs 5 and 20.

15

Income Tax Act 2007 (c. 3)
In Schedule 1, paragraphs 164 to 166, 173, 174

and 334.


These repeals have effect in accordance with section 46 of this Act.
(15) Controlled foreign companies

Short title and chapter
Extent of repeal

20

Income and Corporation Taxes
In section 748(1), paragraph (c) (together with

Act 1988 (c. 1)
the word “or” at the end of it).

In Schedule 25, Part 3.

Finance Act 1996 (c. 8)
In Schedule 38, in paragraph 6—

(a)
in sub-paragraph (2), paragraph (m)

25

(together with the word “and” before it),

and

(b)
in sub-paragraph (5), the words “and

(m)”.


These repeals have effect in accordance with Schedule 15 to this Act.
30
(16) Venture capital schemes

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 297(5A), paragraphs (b) and (c) and

Act 1988 (c. 1)
the words after paragraph (c).

In section 312(1), in the definition of “qualifying

35

90% subsidiary”, the words “to (13)”.

Finance Act 2000 (c. 17)
In Schedule 15—

(a)
in paragraph 15, the word “and” at the

end of paragraph (f), and

(b)
paragraph 23(10) and (11).

40

Finance Bill
Schedule 27 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
297

Short title and chapter
Extent of repeal

Finance Act 2004 (c. 12)
In Schedule 18, paragraph 1(8).

In Schedule 20, paragraph 7(d).

Income Tax Act 2007 (c. 3)
In section 195(6), the definition of “holding

company”.

5

In section 274(3), the word “and” at the end of

paragraph (c).

In section 284(d), the words “for Her Majesty’s

Revenue and Customs”.

In section 306(6), the definition of “holding

10

company”.

In section 327(1), the word “and” immediately

before “section 297”.


These repeals have effect in accordance with Schedule 16 to this Act.
(17) Real Estate Investment Trusts
15

Short title and chapter
Extent of repeal

Finance Act 2006
Section 107(5), (7) and (7A).

In section 115(2), the words “+ Financing Costs”.

In Schedule 17—

(a)
paragraph 6(2) and (3), and

20

(b)
in paragraph 14, the words “+

FinancingCosts (all)” and paragraph (b)

of the substituted subsection (2).

Income Tax Act 2007 (c. 3)
In Schedule 1, paragraph 617.


These repeals have effect in accordance with section 51 of this Act.
25
(18) Offshore funds

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In Schedule 27, in paragraph 6(1)(c), the words

Act 1988 (c. 1)
“without regard to the provisions of this

paragraph,”.

30

This repeal has effect in accordance with section 56 of this Act.
(19) Benefits code: whether employment is “lower-paid employment”

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 219(5) and (6).

Pensions) Act 2003 (c. 1)

35

This repeal has effect in accordance with section 61 of this Act.