Finance Bill

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Session 2006 - 07
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Finance Bill

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

(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
290

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
291

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
292

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
293

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”.

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 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
295

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 587BA—

(a)
subsection (12), and

(b)
in subsection (13), paragraph (b) and the

word “and” before it.

20

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

insurance fund”.

Section 804F.

In section 807A—

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

25

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

insurance credit”.

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

definition of “insurance company”.

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

30

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

paragraph (a).

In section 83YA—

(a)
subsection (8), and

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

35

“with-profits fund”.

Section 83YB(5).

In section 83A—

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

82A to 83AB”,

40

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

words “(see subsection (6))”, and

(c)
subsection (6).

Section 84(2) to (6).

In section 85—

45

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

and

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

the 1990 component period)”.