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Corporation Tax Bill


Corporation Tax Bill

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Chapter 17

Insurance companies

Effect of application of the I minus E basis: non-trading amounts

901   

Effect of application of the I minus E basis: non-trading amounts

Excluded assets and computer software

902   

Excluded assets

903   

Elections to exclude capital expenditure on computer software

Miscellaneous

904   

Transfers of life assurance business: transfers of assets treated as tax-neutral

905   

Pre-FA 2002 assets: Lloyd’s syndicate capacity

Chapter 18

Priority rules

906   

Priority of this Part for corporation tax purposes

Part 9

Intellectual property: know-how and patents

Chapter 1

Introduction

907   

Overview of Part

Chapter 2

Disposals of know-how

908   

Charge to tax on profits from disposals of know-how

909   

Exceptions to charge under section 908

910   

Profits charged under section 908

Chapter 3

Sales of patent rights

Introductory

911   

Overview of Chapter

Charge to tax

912   

Charge to tax on profits from sales of patent rights

913   

Profits charged under section 912

 
 

Corporation Tax Bill

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Spreading of charge to tax

914   

UK resident companies: proceeds of sale not received in instalments

915   

UK resident companies: proceeds of sale received in instalments

916   

Non-UK resident companies: proceeds of sale not received in instalments

917   

Non-UK resident companies: proceeds of sale received in instalments

918   

Winding up of a body corporate

Miscellaneous

919   

Deduction of tax from payments to non-UK resident companies

920   

Adjustments where tax has been deducted

921   

Licences connected with patents

922   

Rights to acquire future patent rights

923   

Sums paid for Crown use etc treated as paid under licence

Chapter 4

Relief from corporation tax on patent income

924   

Relief for expenses: patent income

925   

How relief is given under section 924

Chapter 5

Supplementary

926   

Contributions to expenditure

927   

Contributions not made by public bodies nor eligible for tax relief

928   

Exchanges

929   

Apportionment where property sold together

930   

Questions about apportionments affecting two or more persons

931   

Meaning of “capital sums” etc

Part 10

Miscellaneous income

Chapter 1

Introduction

932   

Overview of Part

Chapter 2

Dividends of non-UK resident companies

933   

Charge to tax on dividends of non-UK resident companies

 
 

Corporation Tax Bill

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Chapter 3

Beneficiaries’ income from estates in administration

Introduction

934   

Charge to tax on estate income

935   

Absolute, limited and discretionary interests

936   

Meaning of “UK estate” and “foreign estate”

Types of estate income

937   

Absolute interests in residue

938   

Meaning of “the administration period”, “the final accounting period” and

“the final tax year”

939   

Limited interests in residue

940   

Discretionary interests in residue

Income charged

941   

UK estates

942   

Foreign estates

Basic amount of estate income: general calculations rules

943   

Absolute interests

944   

Limited interests

945   

Discretionary interests

946   

Applicable rate for grossing up basic amounts of estate income

947   

Aggregate income of the estate

Further provisions for calculating estate income relating to absolute interests

948   

Assumed income entitlement

949   

Residuary income of the estate

950   

Shares of residuary income of estate

951   

Reduction in share of residuary income of estate

952   

Applicable rate for determining assumed income entitlement (UK estates)

Successive interests

953   

Introduction

954   

Successive absolute interests

955   

Assumed income entitlement of holder of absolute interest following limited

interest

956   

Payments in respect of limited interests followed by absolute interests

957   

Holders of limited interests

958   

Basic amount of estate income: successive limited interests

959   

Apportionments

Relief where foreign estates have borne UK income tax

960   

Relief in respect of tax relating to absolute interests

961   

Relief in respect of tax relating to limited or discretionary interests

 
 

Corporation Tax Bill

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General

962   

Income from which basic amounts are treated as paid

963   

Income treated as bearing income tax

964   

Transfers of assets etc treated as payments

965   

Assessments, adjustments and claims after the administration period

966   

Power to obtain information from personal representatives and beneficiaries

967   

Statements relating to estate income

Supplementary

968   

Meaning of “personal representatives”

Chapter 4

Income from holding an office

969   

Charge to tax on income from holding an office

970   

Rule restricting deductions for bad debts

Chapter 5

Distributions from unauthorised unit trusts

971   

Overview of Chapter

972   

Charge to tax under this Chapter

973   

Amount of income treated as received

Chapter 6

Sale of foreign dividend coupons

974   

Charge to tax under this Chapter

975   

Meaning of “foreign holdings” etc

Chapter 7

Annual payments not otherwise charged

976   

Overview of Chapter

977   

Charge to tax on annual payments not otherwise charged

978   

Exemption for payments by persons liable to pool betting duty

Chapter 8

Income not otherwise charged

979   

Charge to tax on income not otherwise charged

980   

Exemption for commercial occupation of woodlands in UK

981   

Exemption for gains on financial futures

 
 

Corporation Tax Bill

xlvii

 

Chapter 9

Priority rules

982   

Provisions which must be given priority over this Part

Part 11

Relief for particular employee share acquisition schemes

Chapter 1

Share incentive plans

Introductory

983   

Overview of Chapter

984   

Chapter to form part of SIP code etc

Deductions and receipts: general

985   

References to a deduction being allowed to a company

986   

Treatment of receipts under Chapter

Deductions relating to setting up and running costs

987   

Deduction for costs of setting up an approved share incentive plan

988   

Deductions for running expenses of an approved share incentive plan

Deductions relating to payments used to acquire shares

989   

Deduction for contribution to plan trust

990   

Withdrawal of deduction under section 989

991   

Another deduction to be allowed if all acquired shares are awarded

992   

Award of shares to excluded employee

993   

Plan termination notice

Deductions relating to provision of certain types of shares

994   

Deduction for providing free or matching shares

995   

Deduction for additional expense in providing partnership shares

996   

Shares excluded from sections 994 and 995

997   

No deduction for expenses in providing dividend shares

Withdrawal of approval for a plan

998   

Withdrawal of deductions if approval for share incentive plan withdrawn

Chapter 2

SAYE option schemes, company share option schemes and employee share

options trusts

999   

Deduction for costs of setting up SAYE option scheme or CSOP scheme

 
 

Corporation Tax Bill

xlviii

 

1000   

Deduction for costs of setting up employee share ownership trust

Part 12

Other relief for employee share acquisitions

Chapter 1

Introduction

Introductory

1001   

Overview of Part

Interpretation

1002   

“Employment”

1003   

“Shares” etc

1004   

Groups, consortiums and commercial associations of companies

1005   

Other definitions

Chapter 2

Relief if shares acquired by employee or other person

Introductory

1006   

Overview of Chapter

Requirements to be met for relief to be available

1007   

Basic requirements for relief under Chapter 2

1008   

Conditions relating to shares acquired

1009   

Conditions relating to employee’s income tax position

Calculation of amount of relief

1010   

Calculation of relief if shares are neither restricted nor convertible

1011   

Calculation of relief if shares are restricted or convertible

1012   

Reduction in amount of relief

Giving of relief

1013   

How the relief is given

Chapter 3

Relief if employee or other person obtains option to acquire shares

Introductory

1014   

Overview of Chapter

 
 

Corporation Tax Bill

xlix

 

Requirements to be met for relief to be available

1015   

Basic requirements for relief under Chapter 3

1016   

Conditions relating to shares acquired

1017   

Condition relating to employee’s income tax position

Calculation of amount of relief

1018   

Calculation of relief if shares are neither restricted nor convertible

1019   

Calculation of relief if shares are restricted or convertible

1020   

Reduction in amount of relief

Giving of relief

1021   

How the relief is given

Takeovers and transfers of businesses

1022   

Takeover of company whose shares are subject to option

1023   

Supplementary provision for purposes of section 1022

1024   

Transfer of qualifying business by group transfers

Chapter 4

Additional relief in cases involving restricted shares

1025   

Additional relief available if shares acquired are restricted shares

1026   

Relief available on occurrence of chargeable event

1027   

Relief available on death of employee

1028   

Supplementary provision for purposes of sections 1026 and 1027

1029   

Transfer of qualifying business by group transfers

Chapter 5

Additional relief in cases involving convertible securities

1030   

Application of Chapter

1031   

Additional relief available if shares acquired are convertible shares etc

1032   

Meaning of “chargeable event”

1033   

Relief available on occurrence of chargeable event

1034   

Relief available following death of employee

1035   

Supplementary provision for purposes of sections 1033 and 1034

1036   

Transfer of qualifying business by group transfers

Chapter 6

Relationship between relief under this Part and other reliefs

1037   

Priority of Chapter 1 of Part 11

1038   

Exclusion of other deductions

 
 

 
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