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Royal arms

Finance Act 2005

2005 CHAPTER 7

CONTENTS

Go to Preamble

  1. Part 1

    Excise duties

    1. Tobacco products duty

      1. 1. Rates of tobacco products duty

    2. Alcoholic liquor duties

      1. 2. Rate of duty on beer

      2. 3. Rates of duty on wine and made-wine

    3. Hydrocarbon oil etc duties

      1. 4. Consolidation of current rates of hydrocarbon oil duties etc.

      2. 5. Rates of hydrocarbon oil duties etc. from 1st September 2005

    4. Gaming duty

      1. 6. Rates of gaming duty

    5. Vehicle excise duty

      1. 7. Rates

  2. Part 2

    Income tax, corporation tax and capital gains tax

    1. Chapter 1

      Income tax and corporation tax charge and rate bands

      1. Income tax

        1. 8. Charge and rates for 2005-06

        2. 9. Personal allowances for those aged 65 or more

      2. Corporation tax

        1. 10. Charge and main rate for financial year 2006

        2. 11. Small companies' rate and fraction for financial year 2005

        3. 12. Corporation tax starting rate and fraction for financial year 2005

        4. 13. Non-corporate distribution rate for financial year 2005

      3. Trusts

        1. 14. Special trust rates not to apply to first slice of trust income

    2. Chapter 2

      Personal taxation

      1. Taxable benefits

        1. 15. Childcare vouchers: exempt amount

        2. 16. Extension of exemptions for childcare, workplace parking, cycles etc

        3. 17. Transfer of previously loaned computer or cycle etc

        4. 18. Extension of outplacement services etc exemption: part-time employees

      2. Armed forces

        1. 19. Armed forces pensions and compensation schemes

    3. Chapter 3

      Employment-related securities

      1. 20. Research institution spin-out companies

      2. 21. Research institution spin-out companies: pre-2nd December 2004 cases

      3. 22. Capital gains

    4. Chapter 4

      Trusts with vulnerable beneficiary

      1. Introductory

        1. 23. Introduction

        2. 24. Entitlement to make claim for special tax treatment

      2. Income tax

        1. 25. Qualifying trusts income: special income tax treatment

        2. 26. Amount of relief

        3. 27. Trustees' liability: TQTI

        4. 28. Vulnerable person’s liability: VQTI

        5. 29. Part years

      3. Capital gains tax

        1. 30. Qualifying trusts gains: special capital gains tax treatment

        2. 31. UK resident vulnerable persons: section 77 treatment

        3. 32. Non-UK resident vulnerable persons: amount of relief

        4. 33. Vulnerable person’s liability: VQTG

      4. Qualifying trusts

        1. 34. Disabled persons

        2. 35. Relevant minors

        3. 36. Parts of assets

      5. Vulnerable persons

        1. 37. Vulnerable person election

        2. 38. Meaning of “disabled person”

        3. 39. Meaning of “relevant minor”

      6. Miscellaneous and supplementary

        1. 40. Power to make enquiries

        2. 41. Interpretation etc.

        3. 42. Application in relation to Scotland

        4. 43. Penalties under TMA 1970

        5. 44. Consequential amendments

        6. 45. Commencement

    5. Chapter 5

      Alternative finance arrangements

      1. Introductory

        1. 46. Alternative finance arrangements

      2. Arrangements giving rise to alternative finance return

        1. 47. Alternative finance arrangements: alternative finance return

        2. 48. Arrangements within section 47: foreign currency and non-residents

      3. Arrangements giving rise to profit share return

        1. 49. Alternative finance arrangements: profit share return

      4. Treatment of alternative finance arrangements

        1. 50. Treatment of alternative finance arrangements: companies

        2. 51. Treatment of alternative finance arrangements: persons other than companies

        3. 52. Provision not at arm’s length

        4. 53. Treatment of section 47 arrangements: sale and purchase of asset

        5. 54. Section 49 arrangements: profit share return not to be treated as distribution

      5. Supplementary

        1. 55. Further provisions

        2. 56. Application of Chapter

        3. 57. Interpretation of Chapter

    6. Chapter 6

      Film relief

      1. Tax relief for limited-budget films

        1. 58. Relief for production and acquisition expenditure on limited-budget films

      2. Restrictions on relief

        1. 59. Restrictions on relief for production and acquisition expenditure

      3. Deferred income agreements

        1. 60. Deferred income agreements which exist when relief claimed

        2. 61. Meaning of “deferred income agreement in respect of a film”

        3. 62. Deferred income agreements entered into after relief claimed

        4. 63. Sections 60 to 62: supplementary

        5. 64. Transitional provision for years of assessment before the year 2005-06

        6. 65. Corresponding provision in ITTOIA 2005

      4. Companies benefited by film relief: exit charges

        1. 66. When a chargeable event occurs

        2. 67. Consequences of a chargeable event: exit event X or Y

        3. 68. Exit event Z: a relevant disposal at an undervalue

        4. 69. Consequences of a chargeable event: exit event Z

        5. 70. Valuation of the “rights to guaranteed income” and “disposed rights”

        6. 71. Meaning of “company” and related terms

    7. Chapter 7

      Avoidance involving partnership

      1. Partners: restrictions on relief

        1. 72. Removal of restrictions on interest relief

        2. 73. Meaning of “contribution to the trade”

      2. Partners: recovery of excess relief

        1. 74. Recovery of excess relief given under section 380 or 381 of ICTA

        2. 75. Computing the chargeable amount

        3. 76. Meaning of “relevant loss”

        4. 77. Transitional provision for years of assessment before the year 2005-06

        5. 78. Consequential amendments

      3. Partners benefited by film relief

        1. 79. Meaning of “capital contribution to the trade”

    8. Chapter 8

      Accounting practice and related matters

      1. 80. Accounting practice and related matters

      2. 81. Computation of profits: change of accounting basis

      3. 82. Change of accounting practice: deferment of transitional adjustments

      4. 83. Application of accounting standards to securitisation companies

      5. 84. Taxation of securitisation companies

    9. Chapter 9

      International matters

      1. Double taxation relief: general

        1. 85. Dividends by reference to which a deduction is allowed: no underlying tax

      2. Double taxation relief: restrictions

        1. 86. Limits on credit: income tax and corporation tax: trading profits

        2. 87. Schemes and arrangements designed to increase relief

        3. 88. Self-assessment amendments

      3. Controlled foreign companies

        1. 89. ADP dividends and double taxation relief

        2. 90. Foreign taxation of group as single entity: exclusion of ADP CFCs

      4. Annual payments and double taxation relief

        1. 91. Tax avoidance involving annual payments and double taxation relief

    10. Chapter 10

      Miscellaneous

      1. Capital allowances

        1. 92. Capital allowances: renovation of business premises in disadvantaged areas

      2. Tonnage tax

        1. 93. Tonnage tax

  3. Part 3

    Stamp taxes

    1. Stamp duty land tax

      1. 94. Alternative property finance

    2. Stamp duty land tax and stamp duty

      1. 95. Raising of thresholds

      2. 96. Removal of disadvantaged areas relief for non-residential property

    3. Stamp duty and stamp duty reserve tax

      1. 97. Demutualisation of insurance companies

  4. Part 4

    Other taxes

    1. Inheritance tax

      1. 98. Rates and rate bands for the next three years

    2. Landfill tax

      1. 99. Rate of landfill tax

    3. Lorry road-user charge

      1. 100. Lorry road-user charge

  5. Part 5

    Pensions etc

    1. 101. Pension schemes etc.

    2. 102. Pension Protection Fund etc.

  6. Part 6

    Miscellaneous

    1. 103. Civil partnerships etc

  7. Part 7

    Supplementary provisions

    1. 104. Repeals

    2. 105. Interpretation

    3. 106. Short title

    1. Schedule 1

      Non-UK resident vulnerable persons: interpretation

    2. Schedule 2

      Alternative finance arrangements: further provisions

    3. Schedule 3

      Films: restrictions on relief for production and acquisition expenditure

      1. Part 1

        Restrictions on circumstances in which relief may be obtained

      2. Part 2

        Restrictions on amount of relief which may be obtained

      3. Part 3

        Minor and consequential amendments

      4. Part 4

        Interpretation

    4. Schedule 4

      Accounting practice and related matters

      1. Part 1

        Bad debts and related matters

      2. Part 2

        Other provisions connected with accounting practice

    5. Schedule 5

      Section 804ZA: prescribed schemes and arrangements

    6. Schedule 6

      Capital allowances: renovation of business premises in disadvantaged areas

      1. Part 1

        New Part 3A of the Capital Allowances Act 2001

      2. Part 2

        Consequential amendments

    7. Schedule 7

      Tonnage tax

      1. Part 1

        Amendments of Schedule 22 to FA 2000

      2. Part 2

        Commencement and transitional provision

    8. Schedule 8

      Stamp duty land tax: alternative property finance

    9. Schedule 9

      Stamp duty land tax and stamp duty: removal of disadvantaged areas relief for non-residential property

    10. Schedule 10

      Pension schemes etc.

    11. Schedule 11

      Repeals

      1. Part 1

        Excise duties

      2. Part 2

        Income tax, corporation tax and capital gains tax

      3. Part 3

        Stamp taxes

      4. Part 4

        Pensions etc

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

[7th April 2005]

Most Gracious Sovereign

We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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