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Royal arms

Finance (No. 2) Act 2005

2005 CHAPTER 22

CONTENTS

Go to Preamble

  1. Part 1

    Value added tax

    1. 1. Goods subject to warehousing regime: place of acquisition or supply

    2. 2. Cars: determination of consideration for fuel supplied for private use

    3. 3. Credit for, or repayment of, overstated or overpaid VAT

    4. 4. Section 3: consequential and supplementary provision

    5. 5. Reverse charge: gas and electricity valuation

    6. 6. Disclosure of value added tax avoidance schemes

  2. Part 2

    Income tax, corporation tax and capital gains tax

    1. Chapter 1

      Personal taxation

      1. Social security pension lump sums

        1. 7. Charge to income tax on lump sum

        2. 8. Meaning of “applicable year of assessment” in section 7

        3. 9. Interpretation and commencement

        4. 10. Consequential amendments

      2. Gift aid

        1. 11. Donations to charity by individuals

      3. Employee securities

        1. 12. Employee securities: anti-avoidance

    2. Chapter 2

      Scientific research organisations

      1. 13. Corporation tax exemption for organisations

      2. 14. Income tax deduction for payments to organisations

      3. 15. Corporation tax deduction for payments to organisations

    3. Chapter 3

      Authorised investment funds etc

      1. 16. Open-ended investment companies

      2. 17. Authorised unit trusts and open-ended investment companies

      3. 18. Section 17(3): specific powers

      4. 19. Section 17: commencement and procedure

      5. 20. Unauthorised unit trusts: chargeable gains

      6. 21. Unit trusts: treatment of accumulation units

      7. 22. Section 349B ICTA: exemption for distributions to PEP/ISA managers

      8. 23. Offshore funds

    4. Chapter 4

      Avoidance involving tax arbitrage

      1. 24. Deduction cases

      2. 25. Rules relating to deductions

      3. 26. Receipts cases

      4. 27. Rule as to qualifying payment

      5. 28. Notices under sections 24 and 26

      6. 29. Amendments relating to company tax returns

      7. 30. Interpretation

      8. 31. Commencement

    5. Chapter 5

      Chargeable gains

      1. Residence, location of assets etc

        1. 32. Temporary non-residents

        2. 33. Trustees both resident and non-resident in a year of assessment

        3. 34. Location of assets etc

      2. Miscellaneous

        1. 35. Exercise of options etc

        2. 36. Notional transfers within a group

    6. Chapter 6

      Miscellaneous

      1. Accounting practice and related matters

        1. 37. Accounting practice and related matters

      2. Financial avoidance etc

        1. 38. Charges on income for the purposes of corporation tax

        2. 39. Avoidance involving financial arrangements

      3. Financing of companies etc

        1. 40. Transfer pricing and loan relationships

      4. Intangible fixed assets

        1. 41. Intangible fixed assets

      5. Insurance companies etc

        1. 42. Insurance companies etc

      6. International matters

        1. 43. Implementation of the amended Parent/Subsidiary Directive

        2. 44. Territories with a lower level of taxation: reduction of amount of local tax

      7. Miscellaneous

        1. 45. Lloyd’s underwriters: assessment and collection of tax

        2. 46. Energy Act 2004 and Health Protection Agency Act 2004

  3. Part 3

    Stamp taxes

    1. Stamp duty land tax

      1. 47. E-conveyancing

      2. 48. Disclosure of information contained in land transaction returns

      3. 49. Miscellaneous amendments

    2. Stamp duty and stamp duty reserve tax

      1. 50. Power to extend exceptions relating to recognised exchanges

  4. Part 4

    European company statute

    1. 51. Chargeable gains

    2. 52. Intangible fixed assets

    3. 53. Intangible fixed assets: permanent establishment in another member State

    4. 54. Loan relationships

    5. 55. Derivative contracts

    6. 56. Capital allowances

    7. 57. Stamp duty reserve tax

    8. 58. Bearer instruments: stamp duty and stamp duty reserve tax

    9. 59. Consequential amendments

    10. 60. Residence

    11. 61. Continuity for transitional purposes

    12. 62. Groups

    13. 63. Groups: intangible fixed assets

    14. 64. Held-over gains

    15. 65. Restrictions on set-off of pre-entry losses

  5. Part 5

    Miscellaneous matters

    1. 66. Vehicle excise duty: late renewal supplements

    2. 67. Reorganisation of water and sewerage services in Northern Ireland

    3. 68. EU Mutual Assistance Directive: notifications

    4. 69. Abolition of statutory adjudicator for National Savings and Investments

  6. Part 6

    Supplementary provisions

    1. 70. Repeals

    2. 71. Interpretation

    3. 72. Short title

    1. Schedule 1

      Disclosure of value added tax avoidance schemes

    2. Schedule 2

      Employee securities: anti-avoidance

    3. Schedule 3

      Qualifying scheme

      1. Part 1

        Introductory

      2. Part 2

        Schemes involving hybrid entities

      3. Part 3

        Schemes involving hybrid effect

      4. Part 4

        Schemes involving hybrid effect and connected persons

    4. Schedule 4

      Chargeable gains: location of assets etc

      1. Part 1

        Location of assets

      2. Part 2

        Minor amendments: non-resident company with UK permanent establishment

      3. Part 3

        Commencement

    5. Schedule 5

      Chargeable gains: options

      1. Part 1

        Application of market value rule in case of exercise of option

      2. Part 2

        Miscellaneous amendments relating to share options etc

      3. Part 3

        Commencement

    6. Schedule 6

      Accounting practice and related matters

    7. Schedule 7

      Avoidance involving financial arrangements

    8. Schedule 8

      Financing of companies etc: transfer pricing and loan relationships

    9. Schedule 9

      Insurance companies etc

    10. Schedule 10

      Stamp duty land tax: miscellaneous amendments

      1. Part 1

        Amendments coming into force in accordance with paragraph 16

      2. Part 2

        Amendments coming into force in accordance with paragraph 22

    11. Schedule 11

      Repeals

      1. Part 1

        Value added tax

      2. Part 2

        Income tax, corporation tax and capital gains tax

      3. Part 3

        Stamp taxes

      4. Part 4

        European company statute

      5. Part 5

        Miscellaneous matters

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.

[20th July 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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