Part 3 – Rates at which income tax is charged (paras 11-13) | Income Tax Act 2007

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Income Tax Act 2007

▸ Part 1 – Overview

Section 1 – Overview of Income Tax Acts
Section 2 – Overview of Act

▸ Part 2 – Basic provisions

Chapter 1 – Charges to income tax
Chapter 2 – Rates at which income tax is charged
Chapter 3 – Calculation of income tax liability

▸ Part 3 – Personal reliefs

Chapter 1 – Introduction
- Section 33 – Overview of Part
Chapter 2 – Personal allowance and blind person’s allowance
Chapter 3 – Tax reductions for married couples and civil partners: persons born before 6 April 1935
Chapter 3A – Transferable Tax Allowance for married couples and civil partners
Chapter 4 – General

▸ Part 4 – Loss relief

Chapter 1 – Introduction
- Section 59 – Overview of Part
Chapter 2 – Trade losses
Chapter 3 – Restrictions on trade loss relief for certain partners
Chapter 4 – Losses from property businesses
Chapter 5 – Losses in an employment or office
Chapter 6 – Losses on disposal of shares
Chapter 7 – Losses from miscellaneous transactions

▸ Part 5 – Enterprise investment scheme

Chapter 1 – Introduction
- EIS relief
- Miscellaneous
Chapter 2 – The investor
Chapter 3 – General requirements
Chapter 4 – The issuing company
Chapter 5 – Attribution of and claims for EIS relief
Chapter 6 – Withdrawal or reduction of EIS relief
Chapter 7 – Withdrawal or reduction of EIS relief: procedure
Chapter 8 – Supplementary and general

▸ Part 5A – Seed enterprise investment scheme

Chapter 1 – Introduction
- SEIS relief
- Miscellaneous
Chapter 2 – The investor
Chapter 3 – General requirements
- Introduction
- The requirements
Chapter 4 – The issuing company
- Introduction
- The requirements
Chapter 5 – Attribution and claims for SEIS relief
Chapter 6 – Withdrawal or reduction of SEIS relief
Chapter 7 – Withdrawal or reduction of SEIS relief: procedure
Chapter 8 – Supplementary and General

▸ Part 5B – Tax relief for social investments

Chapter 1 – Introduction
Chapter 2 – Eligibility for relief: basic rule and key definitions
- Eligibility
- Key definitions
Chapter 3 – Eligibility: conditions relating to the investor and the investment
Chapter 4 – Eligibility: conditions relating to the social enterprise
Chapter 5 – Attribution of relief
- Section 257N – Attribution of SI relief to investments
Chapter 6 – Claims for relief
Chapter 7 – Withdrawal or reduction of SI relief
Chapter 8 – Withdrawal or reduction of SI relief: procedure
Chapter 9 – Miscellaneous and supplementary provisions

▸ Part 6 – Venture capital trusts

Chapter 1 – Introduction
Chapter 2 – VCT relief
Chapter 3 – VCT approvals
Chapter 4 – Qualifying holdings
Chapter 5 – Powers: winding up and mergers of VCTs
Chapter 6 – Supplementary and general

▸ Part 7 – Community investment tax relief

Chapter 1 – Introduction
- CITR
- Miscellaneous
Chapter 2 – Accredited community development finance institutions
Chapter 3 – Qualifying investments
Chapter 4 – General conditions
Chapter 5 – Claims for and attribution of CITR
- Claims
- Attribution
Chapter 6 – Withdrawal or reduction of CITR
Chapter 7 – Supplementary and general

▸ Part 8 – Other reliefs

Chapter 1 – Interest payments
Chapter 1A – Irrecoverable peer-to-peer loans
Chapter 2 – Gift aid
Chapter 3 – Gifts of shares, securities and real property to charities etc.
Chapter 4 – Annual payments ...
Chapter 5 – Qualifying maintenance payments
Chapter 6 – Miscellaneous other reliefs
- Payments for life insurance etc.
- Patent royalty receipts

▸ Part 9 – Special rules about settlements and trustees

Chapter 1 – Introduction
Chapter 2 – General provision about settlements and trustees
Chapter 3 – Special rates for trustees' income
Chapter 4 – Trustees' expenses and special rates for trustees
Chapter 5 – Share incentive plans
Chapter 6 – Trustees' first slice of trust rate income
- Section 491 – Special rates not to apply to first slice of trustees’ trust rate income
- Section 492 – Cases where settlor has made more than one settlement
Chapter 7 – Discretionary payments
Chapter 8 – Trustees' expenses and beneficiary’s income
Chapter 9 – Unauthorised unit trusts
Chapter 10 – Heritage maintenance settlements

▸ Part 9A – Transactions in UK land

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

▸ Part 10 – Special rules about charitable trusts etc.

Introduction
- Section 519 – Meaning of “charitable trust”
- Section 518 – Overview of Part
Gifts and other payments
Other exemptions
Claims
- Section 538 – Requirement to make claim
- Section 538A – Claims in relation to gift aid relief etc.
Restrictions on exemptions
Non-charitable expenditure
Substantial donor transactions
Approved charitable investments and loans
Carry back of excess non-charitable expenditure

▸ Part 10A – Alternative finance arrangements

Introduction
- Section 564A – Introduction
- Section 564B – Meaning of “financial institution”
Arrangements that are alternative finance arrangements
Meaning of “alternative finance return”
Treatment of alternative finance return as interest etc.
Special rules for investment bond arrangements
Other rules

▸ Part 11 – Manufactured payments and repos

Chapter 1 – Introduction
Chapter 2 – Manufactured payments
Chapter 3 – Tax credits: stock lending arrangements and repos
Chapter 4 – Deemed manufactured payments
Chapter 5 – Price differences under repos
Chapter 6 – Powers to modify repo provisions

▸ Part 11ZA – Manufactured payments

Section 614ZA – Overview of Part
Section 614ZB – Key definitions
Section 614ZC – Treatment of payer of manufactured payment
Section 614ZD – Treatment of recipient of manufactured payment

▸ Part 11A – Leasing arrangements: finance leases and loans

Chapter 1 – Introduction
- Introduction
- Meaning of expressions about rent
Chapter 2 – Finance leases with return in capital form
Chapter 3 – Other finance leases
Chapter 4 – Supplementary provisions

▸ Part 12 – Accrued income profits

Chapter 1 – Introduction
- Section 615 – Overview of Part
Chapter 2 – Accrued income profits and losses
Chapter 3 – Exemptions relating to interest on securities

▸ Part 12A – Sale and lease-back etc.

Chapter 1 – Payments connected with transferred land
Chapter 2 – New lease of land after assignment or surrender
Chapter 3 – Leased trading assets
Chapter 4 – Leased assets: capital sums

▸ Part 13 – Tax avoidance

Chapter 1 – Transactions in securities
Chapter 2 – Transfer of assets abroad
Chapter 3 – Transactions in land
Chapter 4 – Sales of occupation income