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Income Tax Act 2007

▸ Part 1 – Overview (ss 1-2)

Section 1 – Overview of Income Tax Acts [ITA 2007 s 1]
Section 2 – Overview of Act [ITA 2007 s 2]

▸ Part 2 – Basic provisions (ss 3-32)

Chapter 1 – Charges to income tax (ss 3-5)
Chapter 2 – Rates at which income tax is charged (ss 6-21)
Chapter 3 – Calculation of income tax liability (ss 22-32)

▸ Part 3 – Personal reliefs (ss 33-58)

Chapter 1 – Introduction (ss 33)
- Section 33 – Overview of Part [ITA 2007 s 33]
Chapter 2 – Personal allowance and blind person’s allowance (ss 34-41)
Chapter 3 – Tax reductions for married couples and civil partners: persons born before 6 April 1935 (ss 42-55)
Chapter 3A – Transferable Tax Allowance for married couples and civil partners (ss 55A-55E)
Chapter 4 – General (ss 56-58)

▸ Part 4 – Loss relief (ss 59-155)

Chapter 1 – Introduction (ss 59)
- Section 59 – Overview of Part [ITA 2007 s 59]
Chapter 2 – Trade losses (ss 60-101)
Chapter 3 – Restrictions on trade loss relief for certain partners (ss 102-116A)
Chapter 4 – Losses from property businesses (ss 117-127ZA)
Chapter 5 – Losses in an employment or office (ss 128-130)
Chapter 6 – Losses on disposal of shares (ss 131-151)
Chapter 7 – Losses from miscellaneous transactions (ss 152-155)

▸ Part 5 – Enterprise investment scheme (ss 156-257)

Chapter 1 – Introduction (ss 156-161)
- EIS relief (ss 156-158)
- Miscellaneous (ss 159-161)
Chapter 2 – The investor (ss 162-169)
Chapter 3 – General requirements (ss 172-179)
Chapter 4 – The issuing company (ss 180-200)
Chapter 5 – Attribution of and claims for EIS relief (ss 201-207)
Chapter 6 – Withdrawal or reduction of EIS relief (ss 208-234)
Chapter 7 – Withdrawal or reduction of EIS relief: procedure (ss 235-244)
Chapter 8 – Supplementary and general (ss 245-257)

▸ Part 5A – Seed enterprise investment scheme (ss 257A-257HJ)

Chapter 1 – Introduction (ss 257A-257AE)
- SEIS relief (ss 257A-257AB)
- Miscellaneous (ss 257AC-257AE)
Chapter 2 – The investor (ss 257B-257BF)
Chapter 3 – General requirements (ss 257C-257CF)
- Introduction (s 257C)
- The requirements (ss 257CA-257CF)
Chapter 4 – The issuing company (ss 257D-257DN)
- Introduction (s 257D)
- The requirements (ss 257DA-257DN)
Chapter 5 – Attribution and claims for SEIS relief (ss 257E-257EG)
Chapter 6 – Withdrawal or reduction of SEIS relief (ss 257F-257FR)
Chapter 7 – Withdrawal or reduction of SEIS relief: procedure (ss 257G-257GI)
Chapter 8 – Supplementary and General (ss 257H-257HJ)

▸ Part 5B – Tax relief for social investments (ss 257J-257TE)

Chapter 1 – Introduction (ss 257J-257JH)
Chapter 2 – Eligibility for relief: basic rule and key definitions (ss 257K-257KA)
- Eligibility (s 257K)
- Key definitions (ss 257KA-257KC)
Chapter 3 – Eligibility: conditions relating to the investor and the investment (ss 257L-257LH)
Chapter 4 – Eligibility: conditions relating to the social enterprise (ss 257M-257MV)
Chapter 5 – Attribution of relief (ss 257N)
- Section 257N – Attribution of SI relief to investments [ITA 2007 s 257N]
Chapter 6 – Claims for relief (ss 257P-257PE)
Chapter 7 – Withdrawal or reduction of SI relief (ss 257Q-257RC)
Chapter 8 – Withdrawal or reduction of SI relief: procedure (ss 257S-257SI)
Chapter 9 – Miscellaneous and supplementary provisions (ss 257T-257TE)

▸ Part 6 – Venture capital trusts (ss 258-332)

Chapter 1 – Introduction (ss 258-260)
Chapter 2 – VCT relief (ss 261-273)
Chapter 3 – VCT approvals (ss 274-285)
Chapter 4 – Qualifying holdings (ss 286-313)
Chapter 5 – Powers: winding up and mergers of VCTs (ss 314-425)
Chapter 6 – Supplementary and general (ss 326-332)

▸ Part 7 – Community investment tax relief (ss 333-382)

Chapter 1 – Introduction (ss 333-339)
- CITR (ss 333-335A)
- Miscellaneous (ss 336-339)
Chapter 2 – Accredited community development finance institutions (ss 340-343)
Chapter 3 – Qualifying investments (ss 344-349)
Chapter 4 – General conditions (ss 350-353)
Chapter 5 – Claims for and attribution of CITR (ss 354-358)
- Claims (ss 354-356)
- Attribution (ss 357-358)
Chapter 6 – Withdrawal or reduction of CITR (ss 359-372)
Chapter 7 – Supplementary and general (ss 372A-382)

▸ Part 8 – Other reliefs (ss 383-461)

Chapter 1 – Interest payments (ss 383-412)
Chapter 1A – Irrecoverable peer-to-peer loans (ss 412A-412J)
Chapter 2 – Gift aid (ss 413-430)
Chapter 3 – Gifts of shares, securities and real property to charities etc. (ss 431-446)
Chapter 4 – Annual payments ... (ss 447-452)
Chapter 5 – Qualifying maintenance payments (ss 453-456)
Chapter 6 – Miscellaneous other reliefs (ss 457-461)
- Payments for life insurance etc. (ss 457-460)
- Patent royalty receipts (s 461)

▸ Part 9 – Special rules about settlements and trustees (ss 462-517)

Chapter 1 – Introduction (ss 462-464)
Chapter 2 – General provision about settlements and trustees (ss 465-478)
Chapter 3 – Special rates for trustees' income (ss 480-483)
Chapter 4 – Trustees' expenses and special rates for trustees (ss 484-487)
Chapter 5 – Share incentive plans (ss 488-490)
Chapter 6 – Trustees' first slice of trust rate income (ss 491-492)
- Section 491 – Special rates not to apply to first slice of trustees’ trust rate income [ITA 2007 s 491]
- Section 492 – Cases where settlor has made more than one settlement [ITA 2007 s 492]
Chapter 7 – Discretionary payments (ss 493-498)
Chapter 8 – Trustees' expenses and beneficiary’s income (ss 499-503)
Chapter 9 – Unauthorised unit trusts (ss 504-506)
Chapter 10 – Heritage maintenance settlements (ss 507-517)

▸ Part 9A – Transactions in UK land (ss 517A-517U)

Introduction (s 517A)
- Section 517A – Overview of Part [ITA 2007 s 517A]
Amounts treated as profits of a trade (ss 517B-517F)
Person to whom profits attributed (s 517G)
- Section 517G – The chargeable person [ITA 2007 s 517G]
Anti-fragmentation (s 517H)
- Section 517H – Fragmented activities [ITA 2007 s 517H]
Calculation of profit or gain on disposal (ss 517I-517J)
- Section 517I – Calculation of surplus on a disposal of land [ITA 2007 s 517I]
- Section 517J – Apportionments [ITA 2007 s 517J]
Arrangements for avoiding tax (s 517K)
- Section 517K – Arrangements for avoiding tax [ITA 2007 s 517K]
Exemptions (ss 517L-517M)
- Section 517L – Gain attributable to period before intention to develop formed [ITA 2007 s 517L]
- Section 517M – Private residences [ITA 2007 s 517M]
Other supplementary provisions (ss 517N-517O)
- Section 517N – Tracing value [ITA 2007 s 517N]
- Section 517O – Relevance of transactions, arrangements, etc [ITA 2007 s 517O]
Interpretation (ss 517P-517U)

▸ Part 10 – Special rules about charitable trusts etc. (ss 518-564)

Introduction (ss 518-519)
- Section 518 – Overview of Part [ITA 2007 s 518]
- Section 519 – Meaning of “charitable trust” [ITA 2007 s 519]
Gifts and other payments (ss 520-523A)
Other exemptions (ss 524-537)
Claims (ss 538-538A)
- Section 538 – Requirement to make claim [ITA 2007 s 538]
- Section 538A – Claims in relation to gift aid relief etc. [ITA 2007 s 538A]
Restrictions on exemptions (ss 539-542)
Non-charitable expenditure (ss 543-548)
Substantial donor transactions (ss 549-557)
Approved charitable investments and loans (ss 558-561)
Carry back of excess non-charitable expenditure (ss 562-564)

▸ Part 10A – Alternative finance arrangements (ss 564A-564Y)

Introduction (ss 564A-564B)
- Section 564A – Introduction [ITA 2007 s 564A]
- Section 564B – Meaning of “financial institution” [ITA 2007 s 564B]
Arrangements that are alternative finance arrangements (ss 564C-564H)
Meaning of “alternative finance return” (ss 564I-564L)
Treatment of alternative finance return as interest etc. (ss 564M-564Q)
Special rules for investment bond arrangements (ss 564R-564U)
Other rules (ss 564V-564Y)

▸ Part 11 – Manufactured payments and repos (ss 565-614)

Chapter 1 – Introduction (ss 565-571)
Chapter 2 – Manufactured payments (ss 572-591)
Chapter 3 – Tax credits: stock lending arrangements and repos (ss 592-595)
Chapter 4 – Deemed manufactured payments (ss 596-606)
Chapter 5 – Price differences under repos (ss 607-611)
Chapter 6 – Powers to modify repo provisions (ss 612-614)

▸ Part 11ZA – Manufactured payments (ss 614ZA-614ZD)

Section 614ZA – Overview of Part [ITA 2007 s 614ZA]
Section 614ZB – Key definitions [ITA 2007 s 614ZB]
Section 614ZC – Treatment of payer of manufactured payment [ITA 2007 s 614ZC]
Section 614ZD – Treatment of recipient of manufactured payment [ITA 2007 s 614ZD]

▸ Part 11A – Leasing arrangements: finance leases and loans (ss 614A-614DG)

Chapter 1 – Introduction (ss 614A-614AC)
- Introduction (s 614A)
- Meaning of expressions about rent (ss 614AA-614AC)
Chapter 2 – Finance leases with return in capital form (ss 614B-614BY)
Chapter 3 – Other finance leases (ss 614C-614CD)
Chapter 4 – Supplementary provisions (ss 614D-614DG)

▸ Part 12 – Accrued income profits (ss 615-681)

Chapter 1 – Introduction (ss 615)
- Section 615 – Overview of Part [ITA 2007 s 615]
Chapter 2 – Accrued income profits and losses (ss 616-677)
Chapter 3 – Exemptions relating to interest on securities (ss 678-681)

▸ Part 12A – Sale and lease-back etc. (ss 681A-681DP)

Chapter 1 – Payments connected with transferred land (ss 681A-681AN)
Chapter 2 – New lease of land after assignment or surrender (ss 681B-681BL)
Chapter 3 – Leased trading assets (ss 681C-681CG)
Chapter 4 – Leased assets: capital sums (ss 681D-681DP)

▸ Part 13 – Tax avoidance (ss 682-809ZR)

Chapter 1 – Transactions in securities (ss 682-713)
Chapter 2 – Transfer of assets abroad (ss 714-751)
Chapter 3 – Transactions in land (ss 752-772)
Chapter 4 – Sales of occupation income (ss 773-789)
Chapter 5 – Avoidance involving trading losses (ss 790-809)
Chapter 5A – Transfers of income streams (ss 809AZA-809AZG)
Chapter 5AA – Disposals of income streams through partnerships (ss 809AAZA-809AAZB)
- Section 809AAZA – Application of Chapter [ITA 2007 s 809AAZA]
- Section 809AAZB – Relevant amount to be treated as income [ITA 2007 s 809AAZB]
Chapter 5B – Finance arrangements (ss 809BZA-809BZS)
Chapter 5C – Loan or credit transactions (ss 809CZA-809CZC)
Chapter 5D – Disposals of assets through partnerships (ss 809DZA-809DZB)
- Section 809DZA – Application of Chapter [ITA 2007 s 809DZA]
- Section 809DZB – Relevant amount to be treated as income [ITA 2007 s 809DZB]
Chapter 5E – Disguised investment management fees (ss 809EZA-809EZH)
Chapter 5F – Income-based carried interest (ss 809FZA-809FZZ)
Chapter 6 – Avoidance involving leases of plant and machinery (ss 809ZA-809ZF)
Chapter 7 – Avoidance involving obtaining tax relief for interest (ss 809ZG)
- Section 809ZG – Tax relief schemes and arrangements [ITA 2007 s 809ZG]
Chapter 8 – Tainted charity donations (ss 809ZH-809ZR)

▸ Part 14 – Income tax liability: miscellaneous rules (ss 809A-846)

Chapter A1 – Remittance basis (ss 809A-809Z10)
Chapter 1 – Limits on liability to income tax of non-UK residents (ss 810-828)
Chapter 1A – Exemption for persons not domiciled in United Kingdom (ss 828A-828D)
Chapter 2 – Residence (ss 829-835A)
Chapter 2A – Domicile (ss 835B-835BA)
- Section 835B – Domicile for income tax purposes of overseas electors [ITA 2007 s 835B]
- Section 835BA – Deemed domicile [ITA 2007 s 835BA]
Chapter 2B – UK representative of non-UK resident (ss 835C-835S)
Chapter 2C – Income tax obligations and liabilities imposed on UK representatives (835T-835Y)
Chapter 3 – Jointly held property (ss 836-837)
- Section 836 – Jointly held property [ITA 2007 s 836]
- Section 837 – Jointly held property: declarations of unequal beneficial interests [ITA 2007 s 837]
Chapter 3A – Banks etc in compulsory liquidation (ss 837A-837H)
Chapter 4 – Other miscellaneous rules (ss 838-846)

▸ Part 15 – Deduction of income tax at source (ss 847-987)

Chapter 1 – Introduction (ss 847-849)
Chapter 2 – Meaning of “relevant investment” for purposes of section 876 (ss 850-873)
Chapter 3 – Deduction from certain payments of yearly interest (ss 874-888E)
- Duty to deduct sums representing income tax (s 874)
- Exceptions from duty to deduct (ss 875-888E)
Chapter 4 – Deduction from payments in respect of building society securities (ss 889)
- Section 889 – Payments in respect of building society securities [ITA 2007 s 889]
Chapter 5 – Deduction from payments of UK public revenue dividends (ss 890-897)
Chapter 6 – Deduction from annual payments and patent royalties (ss 898-905)
Chapter 7 – Deduction from other payments connected with intellectual property (ss 906-910)
- Certain royalties etc where usual place of abode of owner is abroad (ss 906-909)
- Proceeds of a sale of patent rights (ss 910)
Chapter 8 – Chapters 6 and 7: special provision in relation to royalties (ss 911-917A)
Chapter 9 – Manufactured payments (ss 918-927)
Chapter 10 – Deduction from non-commercial payments by companies (ss 928)
- Section 928 – Chargeable payments connected with exempt distributions [ITA 2007 s 928]
Chapter 11 – Payments between companies etc: exception from duties to deduct (ss 929-938)
Chapter 12 – Funding bonds (ss 939-940A)
Chapter 13 – Unauthorised unit trusts (ss 941-943D)
Chapter 14 – Tax avoidance: directions for duty to deduct to apply (ss 944)
- Section 944 – Directions for deduction from payments to non-UK residents [ITA 2007 s 944]
Chapter 15 – Collection: deposit-takers, building societies and certain companies (ss 945-962)
Chapter 16 – Collection: certain payments by other persons (ss 963-963A)
- Section 963 – Collection of income tax on certain payments by other persons [ITA 2007 s 963]
- Section 963A – Power to make regulations modifying section 963 [ITA 2007 s 963A]
Chapter 17 – Collection through self-assessment return (ss 964)
- Section 964 – Collection through self-assessment return [ITA 2007 s 964]
Chapter 18 – Other regimes involving the deduction of income tax at source (ss 965-974)
Chapter 19 – General (ss 975-987)
- Supplementary (ss 975-982)
- Interpretation (ss 983-987)

▸ Part 16 – Income Tax Acts definitions etc. (ss 988-1016)

Chapter 1 – Definitions (ss 988-1007A)
Chapter 2 – Other Income Tax Acts provisions (ss 1008-1016)

▸ Part 17 – Definitions for purposes of Act and final provisions (ss 1017-1035)

Definitions for the purposes of Act (ss 1017-1026)
Final provisions (ss 1027-1035)

Schedule 1 Minor and consequential amendments (part 1-3)
Schedule 2 Transitionals and savings (Part 1-16)
Schedule 3 Repeals and revocations (Part 1-2)
- Part 1 – Repeals and revocations: general [ITA 2007 Sch 3 part 1]
- Part 2 – Repeals having effect in relation to shares issued after 5 April 2007 [ITA 2007 Sch 3 part 2]
Schedule 4 Index of defined expressions [ITA 2007 Sch 4]

Part 15 – Deduction of income tax at source / Chapter 15 – Collection: deposit-takers, building societies and certain companies / Introduction

Introduction (s 945)

Contents

Section 945 – Overview of Chapter [ITA 2007 s 945] Section commentary
Section 946 – Payments within this section [ITA 2007 s 946] Section commentary
Section 947 – Return periods [ITA 2007 s 947] Section commentary
Section 948 – Meaning of “accounting period” [ITA 2007 s 948] Section commentary

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