Office of Public Sector Information
69U.—(1) An application for clearance that an open-ended investment company meets the genuine diversity of ownership condition may be made in writing to HM Revenue and Customs—
(a) by the manager of an open-ended investment company, or
(b) if it is proposed to incorporate an open-ended investment company, by the applicant.
(2) An application for clearance must be accompanied by the company’s instrument of incorporation and its prospectus in the form in which it is proposed that those documents will apply at the beginning of the first accounting period in which this Part will apply to the open-ended investment company.
(3) The officer of Revenue and Customs dealing with the application for clearance may require the manager of the company to provide further particulars if the officer thinks that full particulars of the company (or of the proposed company) have not been provided.
(4) HM Revenue and Customs must notify the person making the application within 28 days of the receipt of the particulars (or, if paragraph (3) applies, of all further particulars required) that they—
(a) give clearance that the company meets the genuine diversity of ownership condition;
(b) give that clearance subject to conditions; or
(c) refuse to give that clearance.
(5) The company may not rely on a clearance given under this regulation if—
(a) at the beginning of the first accounting period in which this Part applies to the company, a relevant statement in the company’s instrument of incorporation or its prospectus is not in accordance with a relevant statement in the documents considered by HM Revenue and Customs before giving clearance,
(b) the company acts in contravention of a relevant statement in its instrument of incorporation or prospectus in issue for the time being, or
(c) the company amends a relevant statement in its instrument of incorporation or prospectus in issue for the time being.
(6) But paragraph (5)(c) does not apply if the company has obtained a clearance given under this regulation which applies to the amendment.
69V.—(1) Property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as ceasing at entry.
(2) Assets which immediately before entry are involved in property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as being sold by F (pre-entry) immediately before entry and reacquired by F (tax-exempt) immediately after entry.
(3) For the purposes of corporation tax, on entry one accounting period of the open-ended investment company shall end and another shall begin.
(4) On entry a new distribution period of the open-ended investment company shall begin.
(5) The sale and reacquisition deemed under paragraph (2) shall not have effect for the purposes of tax in respect of chargeable gains.
(6) For the purposes of CAA 2001, the sale and reacquisition deemed under paragraph (2)—
(a) shall not give rise to allowances or charges, and
(b) shall not make it possible to make an election under section 198 or 199 of that Act (apportionment).
(7) For the purposes of CAA 2001, anything done by or to F (pre-entry) before entry in relation to an asset which is deemed under paragraph (2) to be sold and reacquired shall be treated after entry as having been done by or to F (tax-exempt).
69W. Once this Part has begun to apply to an open-ended investment company it shall continue to apply unless and until it ceases to apply in accordance with Chapter 7 of this Part.
69X.—(1) For the purposes of corporation tax, the business of F (tax-exempt) shall be treated as a separate business (distinct from—
(a) any business carried on by F (pre-entry),
(b) any business carried on by F (residual), and
(c) any business carried on by F (post-cessation)).
(2) For the purposes of corporation tax, F (tax-exempt) shall be treated as a separate company (distinct from—
(a) F (pre-entry),
(b) F (residual), and
(c) F (post-cessation)).
(3) In particular—
(a) a loss incurred by F (tax-exempt) may not be set off against the net income of F (residual),
(b) a loss incurred in respect of F (residual) may not be set off against the net income of F (tax exempt),
(c) a loss incurred in respect of F (pre-entry) may not be set off against the net income of F (tax-exempt) (but this regulation does not prevent a loss of that kind from being set off against profits of F (residual)),
(d) a loss incurred by F (tax-exempt) may not be set off against profits arising to F (post-cessation) (in respect of business of any kind), and
(e) receipts accruing after entry but relating to business of F (pre-entry) shall not be treated as receipts of F (tax-exempt).
(4) In paragraph (3) a reference to a loss includes a reference to a deficit, expense, charge or allowance.
(5) Section 392B of ICTA(7) (ring-fencing of losses from overseas property business) shall not apply to business of F (tax-exempt).
(6) Paragraphs 5B and 5C of Schedule 28AA to ICTA(8) (transfer pricing: exemption for small and medium enterprises) shall not apply to an open-ended investment company to which this Part applies (whether to F (tax-exempt) or to F (residual)).
69Y.—(1) The net income of F (tax-exempt) (see regulation 69Z1) shall not be charged to corporation tax.
(2) The net income of F (residual) (see regulation 69Z3) shall be charged to corporation tax at the rate applicable for open-ended investment companies (see section 468A(1) of ICTA(9)).
69Z.—(1) In this Part the “net income” of an open-ended investment company for an accounting period means, in the case of an open-ended investment company that prepares accounts in accordance with UK generally accepted accounting practice, the amount falling to be dealt with under the heading “Net income/(expense) before taxation” in the company’s statement of total return for the accounting period.
(2) In paragraph (1) “the company’s statement of total return for the accounting period” is to be construed in accordance with regulation 12.
69Z1.—(1) This regulation applies to determine the net income of F (tax-exempt) for the purposes of this Part.
(2) Section 21A of ICTA(10) (calculation of profits of Schedule A business) shall apply to income arising from the business of F (tax-exempt).
(3) Paragraph 2(3) of section 15(1) of ICTA(11) (Schedule A: disregard of credits and debits from loan relationships and derivative contracts) shall not apply in respect of—
(a) a loan relationship if or in so far as it relates to tax-exempt business,
(b) a hedging derivative contract if or in so far as it relates to tax-exempt business, or
(c) embedded derivatives if or in so far as the host contract is entered into for the purposes of tax-exempt business.
(4) For the purposes of paragraph (3)—
(a) a derivative contract is hedging in relation to a company if or in so far as it is acquired as a hedge of risk in relation to an asset by the exploitation of which tax-exempt business is conducted,
(b) a derivative contract is hedging in relation to a company if or in so far as it is acquired as a hedge of risk in relation to a liability incurred in connection with tax-exempt business,
(c) a designation of a contract as wholly or partly hedging for the purposes of a company’s accounts shall be conclusive, and
(d) “embedded derivatives” and “host contract” shall be construed—
(i) in accordance with section 94A of FA 1996(12) in relation to loan contracts with embedded derivatives,
(ii) in accordance with paragraph 2A of Schedule 26 to FA 2002(13) in relation to non-financial contracts with embedded derivatives,
(iii) in accordance with paragraph 2B of Schedule 26 to FA 2002(14) in relation to hybrid derivatives.
(5) In paragraph (4)(a) the reference to an asset includes a reference to—
(a) the value of an asset, and
(b) profits attributable to it.
(6) Net income shall be computed without regard to items giving rise to credits or debits which would be within Schedule 26 to FA 2002(15) (derivative contracts) but for paragraph 4(2)(b) of that Schedule (exclusion of share-based and unit-trust-based contracts).
(7) Income and expenditure relating partly to tax-exempt business and partly to non-tax-exempt business shall be apportioned reasonably.
(8) Section 3(1) of CAA 2001(16) (claims for capital allowances) shall not apply; and any allowance which the company could claim under that section shall be made automatically and reflected in the calculation of net income.
69Z2.—(1) For the purposes of this Part the income arising to F (residual) consists of—
(a) distributions qualifying for exemption under section 208 of ICTA, and
(b) income arising from the business of F (residual).
(2) Section 21A of ICTA (calculation of profits of Schedule A business) shall apply to income arising from the business of F (residual) if and to the extent that income arising from the business of F (residual) is chargeable to corporation tax under Schedule A.
69Z3. Use this regulation to determine the net income of F (residual) for the purposes of this Part.
First rule
Determine the amount of the income arising to F (residual).
Second rule
Deduct any amounts whose deduction is required or allowed under the Corporation Tax Acts (including any distributions qualifying for exemption under section 208 of ICTA).
In this Part the amount so found is called the “pre-distribution amount”.
Third rule
Deduct the amount attributed to PAIF distributions (interest) under regulation 69Z14(b).
The result is the net income of F (residual).
69Z4.—(1) This regulation applies if an open-ended investment company to which this Part applies is in breach of the genuine diversity of ownership condition.
(2) Within 28 days of becoming aware of the breach, the company must provide the following information to the Commissioners—
(a) the date on which the condition first ceased to be met;
(b) the date on which the company became aware of the breach;
(c) details of the condition that was breached;
(d) the nature of the breach;
(e) the steps the company proposes to take to rectify the breach; and
(f) the date by which the company proposes to rectify the breach.
(3) The date referred to in paragraph (2)(f) must be the earliest date by which the objective of complying with the genuine diversity of ownership condition may reasonably be achieved.
(4) The Commissioners may give a termination notice to the company if—
(a) the steps that the company proposes to take will not rectify the breach, or
(b) the date by which the company proposes to rectify the breach is not the earliest date by which the objective of remedying the genuine diversity ownership condition may reasonably be achieved.
(5) If there are three different breaches of the genuine diversity of ownership condition in three different accounting periods in a period of ten years beginning with the first day of the accounting period in which the company becomes aware of the first of those breaches, the Commissioners may give a termination notice to the company.
69Z5.—(1) This regulation applies if an open-ended investment company to which this Part applies is in breach of the corporate ownership condition.
(2) If there is a breach which is caused by the action of a shareholder in the company and the company has not taken reasonable steps to prevent the breach (so that, accordingly, there is a charge to corporation tax under regulation 69Z12) (a “specified breach”), this Part shall continue to apply to the company despite the breach (but see paragraph (3) and regulation 69Z8).
(3) If there are three specified breaches in a period of ten years beginning with the first day of the accounting period in which the first specified breach occurs, the Commissioners may give a termination notice to the company.
69Z6.—(1) This regulation applies if an open-ended investment company to which this Part applies is in breach of the loan creditor condition.
(2) If the company is inadvertently in breach of the loan creditor condition but rectifies the breach within a period of 28 days beginning with the day on which the company first becomes aware of the breach, this Part shall continue to apply to the company despite the breach (but see paragraphs (5) and (6) and regulation 69Z8).
(3) If the company is inadvertently in breach of the loan creditor condition but does not rectify the breach within a period of 28 days beginning with the day on which the company first becomes aware of the breach, the Commissioners may give a termination notice to the company.
(4) If the company is intentionally or negligently in breach of the loan creditor condition, the Commissioners may give a termination notice to the company.
(5) If the company is in breach of the same condition specified in paragraphs (2) to (5) of regulation 69M in two different accounting periods in a period of ten years beginning with the first day of the accounting period in which the company becomes aware of the first of those breaches, the Commissioners may give a termination notice to the company.
(6) If the company is in breach of the conditions specified in paragraphs (2) to (5) of regulation 69M in three different accounting periods in a period of ten years beginning with the first day of the accounting period in which the company becomes aware of the first of those breaches, the Commissioners may give a termination notice to the company.
69Z7.—(1) Paragraph (2) applies if a newly qualified company—
(a) is in breach of condition A set out in regulation 69N(2)(a) in its first accounting period, or
(b) is in breach of condition B set out in regulation 69N(3)(a) at the end of its first accounting period.
(2) This Part shall cease to apply to the company at the end of its first accounting period and regulation 69Z41 shall apply.
(3) Paragraphs (4) to (7) apply if an open-ended-investment company to which this Part applies—
(a) is in breach of condition A set out in regulation 69N(2)(b) in an accounting period, or
(b) is in breach of condition B set out in regulation 69N(3)(b) at the end of an accounting period.
(4) If the conditions specified in paragraph (6) are met, this Part shall continue to apply to the company despite the breach (but see paragraph (7) and regulation 69Z8).
(5) If the conditions specified in paragraph (6) are not met, the Commissioners may give a termination notice to the company.
(6) The conditions are that—
(a) property investment business is at least 50% of the company’s net income in the accounting period,
(b) the value of the assets involved in property investment business is at least 50% of the total value of assets held by the company at the end of the accounting period.
(7) If this regulation applies to a company in three different accounting periods in a period of ten years beginning with the first day of the accounting period in which the company becomes aware of the first of those breaches, the Commissioners may give a termination notice to the company.
69Z8.—(1) This regulation applies in relation to an open-ended investment company to which this Part applies if—
(a) there has been a breach of at least two of the conditions in regulations 69E to 69N,
(b) at least one of the conditions breached is contained in a different regulation from that containing another of those breached, and
(c) there have been five breaches in a period of ten years beginning with the first day of the accounting period in which the first breach occurs.
(2) The Commissioners may give a termination notice to the company.
69Z9.—(1) This regulation applies if conditions A and B are met.
(2) Condition A is that an open-ended investment company to which this Part applies is a qualified investor scheme.
(3) Condition B is that the result of the following calculation is less than 1.25 in respect of an accounting period—
(4) In paragraph (3)—
“Income” means the amount of the net income of F (tax-exempt) arising in the accounting period (before the offset of capital allowances, of losses from a previous accounting period, and of amounts taken into account under regulation 69Z1(3)), and
“Financing Costs” means the amount of the financing costs incurred in that period in respect of the business of F (tax-exempt).
(5) An amount shall be charged to corporation tax.
(6) That amount is determined as follows—
Step One
Determine the financing costs which, given the actual income, would produce the result of 1.25 in the calculation specified in paragraph (3) (the “theoretical financing costs”).
Step Two
Determine the amount by which the actual financing costs exceed the theoretical financing costs (“the excess financing cost”).
Step Three
Divide the main rate at which corporation tax is charged for the accounting period by the rate at which corporation tax is charged on an open-ended investment company for the accounting period (see section 468A(1) of ICTA(17)) to determine the multiplier.
Step Four
Multiply the excess financing cost by the multiplier.
The result is the amount charged to tax.
(7) For the purposes of paragraphs (3) and (4) “financing costs” are the costs of debt finance; and in calculating the costs of debt finance in respect of an accounting period the matters to be taken into account include—
(a) costs giving rise to debits in respect of debtor relationships of the company under Chapter 2 of Part 4 of FA 1996 (loan relationships), other than debits in respect of exchange losses from such relationships (within the meaning of section 103(1A) and (1B) of that Act(18)),
(b) any exchange gain or loss from a debtor relationship within the meaning of that Chapter in relation to debt finance,
(c) any credit or debit falling to be brought into account under Schedule 26 to FA 2002 (derivative contracts) in relation to debt finance,
(d) the financing cost implicit in a payment under a finance lease, and
(e) any other costs arising from what would be considered, in accordance with generally accepted accounting practice, to be a financing transaction.
(8) No loss, deficit, expense or allowance may be set off against the amount charged to tax by paragraph (5).
69Z10.—(1) This regulation applies if a company to which this Part applies has tried to obtain a tax advantage for itself or another person.
(2) The Commissioners may give a notice to the company specifying the tax advantage.
(3) If the Commissioners give a notice to the company under paragraph (2) a tax advantage obtained by the company shall be counteracted, in accordance with the notice, by an adjustment by way of—
(a) an assessment;
(b) the cancellation of a right of repayment;
(c) a requirement to return a repayment already made; or
(d) the computation or recomputation of profits or gains, or liability to tax, on a basis specified by the Commissioners in the notice.
(4) The Commissioners may (in addition to the adjustment under paragraph (3)) assess the company to such additional amount of income tax under Case VI of Schedule D as they think is equivalent to the value of the tax advantage.
(5) For the purposes of this regulation “tax advantage” has the meaning given by section 709 of ICTA(19).
(6) But a company does not obtain a tax advantage by reason only of this Part applying to it, unless it does anything (whether before or during the application of this Part) which is wholly or principally designed to create or inflate or apply a loss, deduction or expense (whether or not suffered or incurred by the company).
69Z11.—(1) If a notice is given to a company under regulation 69Z10, the company may appeal to the Special Commissioners.
(2) The notice of appeal must be given to HM Revenue and Customs within a period of 28 days beginning with the day on which the notice under regulation 69Z10 is given.
(3) On an appeal the Special Commissioners may—
(a) affirm, vary or cancel the notice, and
(b) affirm, vary or quash an assessment made under regulation 69Z10(4).
69Z12.—(1) This regulation applies if an open-ended investment company to which this Part applies—
(a) makes a distribution to, or in respect of, a holder of excessive rights (see regulation 69Z13), and
(b) the company has not taken reasonable steps to prevent the possibility of such a distribution being made.
(2) The company is treated as having received an amount of income calculated in accordance with paragraph (3).
(3) The amount of the income is determined by the formula—
I x P
(4) In paragraph (3)—
I is the net income of F (tax-exempt) distributable in accordance with regulation 69Z14(a);
P is the percentage of the rights to the net asset value of the company held by, or on behalf of, the holder of excessive rights.
(5) The amount determined in accordance with paragraph (3) shall be charged to corporation tax as if it were income of F (residual) chargeable under Case VI of Schedule D arising in the accounting period in which the distribution mentioned in paragraph (1) was made by the company.
(6) No loss, deficit, expense or allowance may be set off against the amount charged to tax by paragraph (5).
69Z13.—(1) In this Part a “holder of excessive rights” means a body corporate which—
(a) is a participant in an open-ended investment company to which this Part applies, and
(b) is beneficially entitled to shares representing rights to 10% or more of the net asset value of the company.
(2) Paragraphs (4) and (5) of regulation 69L apply for the purposes of paragraph (1) as they apply for the purposes of regulation 69K.
(3) In this Part an “excessive holding” means the holding of a holder of excessive rights.
69Z14. The total amount shown in the distribution accounts of an open-ended investment company to which this Part applies as available for distribution to participants shall be attributed—
(a) first, to property income distributions up to the amount of the net income of F (tax-exempt) (determined in accordance with regulation 69Z1),
(b) secondly, to PAIF distributions (interest) up to the pre-distribution amount (determined in accordance with regulation 69Z3), and
(c) finally, to PAIF distributions (dividends).
69Z15.—(1) This regulation applies if—
(a) an open-ended investment company to which this Part applies makes a distribution, and
(b) the amount distributed includes sums attributed to property income distributions.
(2) The Tax Acts shall have effect as if the sums were payments made on the distribution date by the company to the participants in proportion to their rights.
(3) Regulation 69Z18 (property income distributions: liability to tax of participants) explains how a property income distribution received by a participant is treated.
(4) In these Regulations a “property income distribution” means a sum attributed to property income distributions which is distributed (including a payment made to a participant who is not chargeable to income tax or corporation tax).
69Z16.—(1) This regulation applies if—
(a) an open-ended investment company to which this Part applies makes a distribution, and
(b) the amount distributed includes sums attributed to PAIF distributions (interest).
(2) The Tax Acts shall have effect as if the sums were payments of yearly interest made on the distribution date by the company to the participants in proportion to their rights.
(3) In this Part a “PAIF distribution (interest)” means a sum attributed to PAIF distributions (interest) which is distributed (including a payment made to a participant who is not chargeable to income tax).
69Z17.—(1) This regulation applies if—
(a) an open-ended investment company to which this Part applies makes a distribution, and
(b) the amount distributed includes sums attributed to PAIF distributions (dividends).
(2) The Tax Acts shall have effect as if the sums were dividends on shares paid on the distribution date by the company to the participants in proportion to their rights.
(3) In this Part a “PAIF distribution (dividends)” means a sum attributed to PAIF distributions (dividends) which is distributed (including a dividend treated as paid to a participant who is not chargeable to corporation tax).
69Z18.—(1) A property income distribution received by a participant in an open-ended investment company to which this Part applies shall be treated—
(a) in the case of a participant within the charge to corporation tax, as profits of a Schedule A business, and
(b) in the case of a participant within the charge to income tax, as the profits of a UK property business (within the meaning of section 264 of ITTOIA 2005).
(2) A distribution received by a participant who is not resident in the United Kingdom—
(a) if the participant is a company within the charge to corporation tax, shall be chargeable to tax as profits of a Schedule A business,
(b) if the participant is a person other than a company within the charge to corporation tax, shall be chargeable to tax as profits of a UK property business (within the meaning of section 264 of ITTOIA 2005), and
(c) in either case shall not be chargeable to tax by virtue of sections 971 and 972 of ITA 2007 (non-resident landlords).
(3) Paragraph (1) shall not apply in relation to a participant if and in so far as the participant—
(a) is a dealer in respect of distributions (within the meaning of section 95 of ICTA(20)),
(b) is a dealer in securities who is charged to tax under Part 2 of ITTOIA 2005 (trading income) in respect of distributions made by companies,
(c) is an individual member of Lloyd’s (within the meaning given by section 184(1) of FA 1993(21)) and the distribution is made in respect of assets forming part of—
(i) a premium trust fund of his (within the meaning given by section 174 of FA 1993(22)), or
(ii) an ancillary trust fund of his (within the meaning given by section 176 of FA 1993(23)), or
(d) is a corporate member of Lloyd’s (within the meaning given by section 230(1) of FA 1994) and the distribution is made in respect of assets forming part of—
(i) a premium trust fund of his (within the meaning given by section 222 of FA 1994(24)), or
(ii) an ancillary trust fund of his (within the meaning given by section 223 of FA 1994).
(4) Section 114(1)(a) of ICTA(25) (partnerships with companies as members) does not disapply paragraph (1).
(5) Sections 231 of ICTA(26) and 397 of ITTOIA 2005(27) (tax credits in respect of qualifying distributions) shall not apply to property income distributions.
(6) Property income distributions received by one participant acting in one capacity shall be treated, for the purposes of paragraph (1), as the profits of a single business which is separate from—
(a) any other Schedule A business carried on by the participant,
(b) any other UK property business (within the meaning of section 264 of ITTOIA 2005) carried on by the participant,
(c) any overseas property business (within the meaning of section 70A(4) of ICTA(28)) carried on by the participant, and
(d) any overseas property business (within the meaning of section 265 of ITTOIA 2005) carried on by the participant.
(7) In the case of a participant which is a partnership, paragraph (6) applies to receipts by a partner of a share of any distribution as it applies to receipts by a participant.
69Z19.—(1) A PAIF distribution (interest) received by a participant in an open-ended investment company to which this Part applies shall be treated as if it were a payment of yearly interest.
(2) Sections 231 of ICTA and 397 of ITTOIA 2005 (tax credits in respect of qualifying distributions) shall not apply to PAIF distributions (interest).
69Z20.—(1) A PAIF distribution (dividends) received by a participant in an open-ended investment company to which this Part applies shall be treated as if it were a dividend on shares.
(2) If a PAIF distribution (dividends) is made for a distribution period to a participant chargeable to corporation tax, regulations 48 to 52A(29) shall not apply to the distribution.
69Z21.—(1) This regulation applies if an open-ended investment company—
(a) is a company to which this Part applies in respect of an accounting period,
(b) makes a distribution in respect of that accounting period, and
(c) the distribution is made after cessation.
(2) Regulations 69Z18 to 69Z20 apply in relation to the distribution.
69Z22.—(1) On making a property income distribution, an open-ended investment company to which this Part applies must deduct a sum representing income tax at the basic rate in force for the tax year in which the distribution date falls.
(2) A property income distribution shall be treated as having been received by the participant after deduction of income tax at the basic rate for the year of assessment in which the distribution date falls, from a corresponding gross amount.
(3) The sum is accordingly taken into account under sections 59B(30) and 59D(31) of TMA 1970 (see also paragraph 8 of Schedule 18 to the Finance Act 1998(32)) in determining the income tax or corporation tax payable by, or repayable to, the participant.
(4) This regulation is subject to regulation 69Z24 (distribution payments to be made without deduction of tax).
69Z23.—(1) On making a PAIF distribution (interest), an open-ended investment company to which this Part applies must deduct a sum representing income tax at the savings rate in force for the tax year in which the PAIF distribution (interest) is made.
(2) Accordingly, the sum is one to which section 874 of ITA 2007 applies.
(3) In paragraph (1) the “savings rate” means the rate of income tax specified in section 7 of ITA 2007.
(4) This regulation is subject to regulation 69Z24 (distribution payments to be made without deduction of tax).
69Z24.—(1) On making a distribution, an open-ended investment company to which this Part applies must not deduct any sum representing income tax if the company reasonably believes that conditions A and B are met.
(2) Condition A is that if the distribution were made by a UK-REIT out of the profits of C (tax-exempt), the distribution would be required to be made without any deduction representing income tax.
(3) Condition B is that if the distribution were a distribution of yearly interest, the distribution would be required to be made without any deduction representing income tax.
(4) If at the time it makes a distribution the company reasonably believes that conditions A and B are met, but in fact those conditions are not both met, these Regulations shall apply to the distribution as if it were never one which could be made without deduction of tax.
(5) In paragraph (2) “profits of C (tax-exempt)” shall be construed in accordance with Part 4 of FA 2006.
Section 392B was inserted by paragraph 28 of Schedule 5 to the Finance Act 1998 (c. 36). Back [7]
Schedule 28AA was inserted by Schedule 16 to the Finance Act 1998; and paragraphs 5B and 5C were inserted by section 31(4) of the Finance Act 2004 (c. 12). Back [8]
Section 468A was inserted by section 16 of the Finance (No. 2) Act 2005 (c. 22) and section 468A(1) was amended by section 26(5) of the Finance Act 2006 (c. 25) and paragraph 86 of Schedule 1 to the Income Tax Act 2007 (c. 3). Back [9]
Section 21A was inserted by paragraph 4 of Schedule 5 to the Finance Act 1998 (c. 36), and amended by paragraph 1 of Schedule 23 to the Finance Act 2001 (c. 9), paragraph 7 of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 (c. 1), paragraph 3 of Schedule 35 and Part 3 of Schedule 42 to the Finance Act 2004 (c. 12) and paragraph 12 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5). Back [10]
In section 15(1) the charge to tax under Schedule A was substituted by paragraph 1 of Schedule 5 to the Finance Act 1998 (c. 36); and paragraph 2(3) of that charge was amended by paragraph 2 of Schedule 27 and Part 3(10) of Schedule 40 to the Finance Act 2002 (c. 23). Back [11]
1996 c. 8; section 94A was inserted by paragraph 13 of Schedule 10 to the Finance Act 2004 (c. 12) and amended by paragraph 28 of Schedule 4 to the Finance Act 2005 (c. 7). Back [12]
2002 c. 23; paragraph 2A of Schedule 26 was inserted by S.I. 2006/3269. Back [13]
Paragraph 2B of Schedule 26 was inserted by S.I. 2006/3269. Back [14]
2002 c. 23; in paragraph 4, sub-paragraph (2) was substituted by S.I. 2005/646 and paragraph (b) was amended by S.I. 2005/2082 and 3440 and 2006/3269. Back [15]
Section 468A was inserted by section 16 of the Finance (No. 2) Act 2005 (c. 22) and section 468A(1) was amended by section 26(5) of the Finance Act 2006 (c. 25) and paragraph 86 of Schedule 1 to the Income Tax Act 2007 (c. 3). Back [17]
Subsections (1A) and (1B) of section 103 of the Finance Act 1996 were inserted by paragraph 7(3) of Schedule 23 to the Finance Act 2002 (c. 23). Back [18]
Section 709 was amended by section 73 of the Finance Act 1997 (c. 16), paragraph 19 of Schedule 4 and Part II(9) of Schedule 8 to the Finance (No. 2) Act 1997 (c. 58) and paragraph 161 of Schedule 1 to the Income Tax Act 2007 (c. 3). Back [19]
Section 95 was amended by paragraph 8(1) of Schedule 7 to the Finance Act 1997 (c. 16), section 24(1) to (9) of the Finance (No. 2) Act 1997 (c. 58), Part 3(6) of Schedule 43 to the Finance Act 2003 (c. 14), section 137(2) of the Finance Act 2004 (c. 12) and paragraph 74 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5). Back [20]
Section 184(1) was relevantly amended by paragraph 8 of Schedule 21 to the Finance Act 1994 (c. 9). Back [21]
Section 174 was amended by paragraph 3 of Schedule 21 to the Finance Act 1994, Part V(18) of Schedule 41 to the Finance Act 1996 (c. 8), paragraph 6(a) of Schedule 10 to the Finance Act 1997 (c. 16) and S.I. 2001/3629. Back [22]
Section 176 was amended by Part V(3) of Schedule 41 to the Finance Act 1996 (c. 8) and paragraph 357 to Schedule 1 to the Income Tax Act 2007 (c. 3). Back [23]
Section 222 was amended by Part V(18) of Schedule 41 to the Finance Act 1996 and paragraph 6(b) of Schedule 10 to the Finance Act 1997. Back [24]
Section 114(1) was amended by section 215(2)(a) of the Finance Act 1994 and section 125(4) of the Finance Act 1995 (c. 4). Back [25]
Section 231 was amended by section 106(1) of and Part IV of Schedule 17 to the Finance Act 1989 (c. 26), paragraph 2 of Schedule 7 to the Finance Act 1990 (c. 29), sections 19(1), 22(6) and 30(1) to (7) of and Part II(9) of Schedule 8 to the Finance (No. 2) Act 1997 (c. 58), Part 2(1)) of Schedule 33 to the Finance Act 2001 (c. 9) and paragraph 113 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5). Back [26]
Section 397 was amended by paragraph 515 of Schedule 1 to the Income Tax Act 2007 (c. 3). Back [27]
Section 70A was inserted by paragraph 25 of Schedule 5 to the Finance Act 1998 (c. 36). Back [28]
Regulation 52A was inserted by S.I. 2006/3239 and amended by S.I. 2007/683. Back [29]
Section 59B was inserted by section 193 of the Finance Act 1994 (c. 9) and amended by section 115(6) of the Finance Act 1995 (c. 4), sections 122(2), 125(4), 126(2) and 127 of the Finance Act 1996 (c. 8), paragraph 14 of Schedule 29 to the Finance Act 2001 (c. 9), paragraph 131 of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 (c. 1), section 145(7)(b) of the Finance Act 2003 (c. 14) and paragraph 377 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5). Back [30]
Section 59D was substituted by paragraph 29 of Schedule 19 to the Finance Act 1998 (c. 36) and amended by section 40(3) of the Finance Act 2002 (c. 23). Back [31]
1998 c. 36; paragraph 8 of Schedule 18 was amended by paragraph 5 of Schedule 16 to the Finance Act 2000 (c. 17), section 92(4) of and paragraph 5 of Schedule 17 to the Finance Act 2002 and section 26(7) of the Finance Act 2006 (c. 25). Back [32]
The Authorised Investment Funds (Tax) (Amendment) Regulations 2008