UKPGA-2005-7 Finance Act 2005 UK

in paragraph (a) (ultra low sulphur petrol), for “£0.4902” substitute “ £0.4710 ”,

in paragraph (aa) (sulphur-free petrol), for “£0.4852” substitute “ £0.4710 ”,

in paragraph (b) (light oil other than ultra low sulphur petrol and sulphur-free petrol), for “£0.5790” substitute “ £0.5620 ”,

in paragraph (c) (ultra low sulphur diesel), for “£0.4902” substitute “ £0.4710 ”,

in paragraph (ca) (sulphur-free diesel), for “£0.4852” substitute “ £0.4710 ”, and

in paragraph (d) (heavy oil other than ultra low sulphur diesel and sulphur-free diesel), for “£0.5487” substitute “ £0.5327 ”.

in paragraph (a) (natural road fuel gas), for “£0.1110” substitute “ £0.0900 ”, and

in paragraph (b) (other road fuel gas), for “£0.1303” substitute “ £0.0900 ”.

in paragraph (a) (fuel oil), for “£0.0624” substitute “ £0.0482 ”,

in paragraph (b) (gas oil which is not ultra low sulphur diesel), for “£0.0664” substitute “ £0.0522 ”, and

in paragraph (ba) (ultra low sulphur diesel), for “£0.0664” substitute “ £0.0522 ”.

the Excise Duties (Surcharges or Rebates) (Hydrocarbon Oils etc.) Order 2004 (S.I. 2004/2063),

the Excise Duties (Road Fuel Gas) (Reliefs) Regulations 2004 (S.I. 2004/2069),

the Excise Duties (Surcharges or Rebates) (Hydrocarbon Oils etc.) (Amendment) Order 2004 (S.I. 2004/3160), and

the Excise Duties (Surcharges or Rebates) (Bioethanol) Order 2004 (S.I. 2004/3162).

in paragraph (a) (ultra low sulphur petrol), for “£0.4710” substitute “ £0.4832 ”,

in paragraph (aa) (sulphur-free petrol), for “£0.4710” substitute “ £0.4832 ”,

in paragraph (b) (light oil other than ultra low sulphur petrol and sulphur-free petrol), for “£0.5620” substitute “ £0.5766 ”,

in paragraph (c) (ultra low sulphur diesel), for “£0.4710” substitute “ £0.4832 ”,

in paragraph (ca) (sulphur-free diesel), for “£0.4710” substitute “ £0.4832 ”, and

in paragraph (d) (heavy oil other than ultra low sulphur diesel and sulphur-free diesel), for “£0.5327” substitute “ £0.5465 ”.

in paragraph (a) (natural road fuel gas), for “£0.0900” substitute “ £0.1080 ”, and

in paragraph (b) (other road fuel gas), for “£0.0900” substitute “ £0.1270 ”.

in paragraph (a) (fuel oil), for “£0.0482” substitute “ £0.0604 ”,

in paragraph (b) (gas oil which is not ultra low sulphur diesel), for “£0.0522” substitute “ £0.0644 ”, and

in paragraph (ba) (ultra low sulphur diesel), for “£0.0522” substitute “ £0.0644 ”.

subsection (3)(treatment of fractions of five pence in determining rate of duty on six month licence which is set at 55% of annual rate), and

in subsection (7)(power to amend or repeal by order), “or (3)”.

in sub-paragraph (2) (rate where plated gross weight of trailer exceeds 4,000 kilograms but does not exceed 12,000 kilograms), for “an amount equal to the amount of the general rate specified in paragraph 1(2)” substitute “ £165 ”,

in sub-paragraph (3) (rate where plated gross weight of trailer exceeds 12,000 kilograms), for “an amount equal to 140 per cent of the amount of the general rate specified in paragraph 1(2)” substitute “ £230 ”, and

omit sub-paragraphs (3A) and (3B)(rounding of rate set under sub-paragraph (3) as percentage of general rate specified in paragraph 1(2)).

the corporation tax starting rate shall be 0%, and

the fraction mentioned in section 13AA of ICTA (marginal relief for small companies) shall be 19/400ths.

at the end of paragraph (b) insert “ and ”;

in paragraph (c) (course to last no more than one year) for “one year” substitute “ two years ”;

omit paragraph (d) (employee to attend the course on a full-time or substantially full-time basis) and the word “and” before it.

for “the Department of Work and Pensions” substitute “ the Ministry of Defence ”;

for “any Order in Council, Royal Warrant, order or scheme” substitute “ instrument specified in subsection (2), ”.

subsections (1), (4) and (8) of section 421B,

the heading of and the heading above that section, and

subsections (5) and (6) of section 421D.

the date of acquisition of the shares (or interest in shares), or

the date on which the agreement was made,

Chapter 4A of Part 7 of ITEPA 2003 (as inserted by section 20) would apply but for subsection (5) of that section (commencement), and

an election is made under this subsection by the employee and the employer no later than 15th October 2005.

the day on which there is a disposal for consideration of the shares, or any interest in them, by an associated person otherwise than to another associated person, and

the day specified in any election made by an employee under this subsection.

the amount of any consideration given for the acquisition of the shares (or interest in shares),

any amount that constituted earnings from the employee's employment under Chapter 1 of Part 3 of ITEPA 2003 (earnings) in respect of the acquisition of the shares (or interest in shares),

any amount that counted as employment income in relation to the shares (or interest in shares) under Chapter 2 or 4 of Part 7 of that Act as originally enacted otherwise than by virtue of section 457 of that Act (as originally enacted) (charge on receipt of chargeable benefit),

if the shares (or interest in shares) were (or was) acquired on a conversion of other shares (or of another interest in shares), any amount that counted as employment income of the employee under Chapter 3 of that Part (including that Chapter as originally enacted) (convertible securities) by reason of the conversion,

if the acquisition of the shares (or interest in shares) was pursuant to a securities option, any amount that counted as employment income of the employee under section 476 of that Act (or section 476 or 477 as originally enacted) (acquisition of securities pursuant to securities option) by reason of the acquisition, and

in the case of a chargeable event under subsection (4)(a), the amount of any expenses incurred by the holder of the shares (or interest in shares) in connection with the disposal.

this section,

any provision of Part 4 of TCGA 1992, and

any provision of Part 7 of ITEPA 2003,

after “employment income” insert “ in respect of the employment-related securities ”,

for the word “or” at the end of paragraph (c) substitute—,

after paragraph (d) insert, and

omit the words following the paragraphs.

income arising to the trustees of a settlement from property held on qualifying trusts for the benefit of a vulnerable person, and

chargeable gains accruing to the trustees of a settlement from the disposal of such property.

a disabled person (see section 38), or

a relevant minor (see section 39).

in the tax year they hold property on qualifying trusts for the benefit of a vulnerable person, and

a vulnerable person election has effect for all or part of the tax year in relation to those trusts and that person.

in the tax year income arises (or is treated as arising) to the trustees of a settlement from property held on qualifying trusts for the benefit of a vulnerable person (“qualifying trusts income”), and

a claim for special tax treatment under this Chapter for the tax year is made by the trustees.

income arising (or treated as arising) to the trustees in the tax year (“total income”) includes income (“other income”) which is not qualifying trusts income, and

the trustees have allowable expenses,

he or she is UK resident for the tax year, and

that year is not, as respects him or her, a split year within the meaning of Part 3 of Schedule 45 to FA 2013,...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

whether or not a vulnerable person is non-UK resident is to be determined in accordance with section 41(2), and

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the trustees make a payment to a vulnerable person,

the payment is made out of qualifying trusts income,

the vulnerable person is a relevant child (within the meaning given by section 629 of ITTOIA 2005) of a settlor in relation to the settlement, and

the trustees have made a successful claim for special income tax treatment under section 25.

that references to the qualifying trusts income arising (or treated as arising) to the trustees in the tax year are to be treated as references to the qualifying trusts income arising (or treated as arising) to them in the elected part of the tax year, and

that the references in section 27(2) to income arising (or treated as arising) to the trustees in the tax year and expenses of the trustees in the tax year are to be treated as (respectively) references to income arising (or treated as arising) to the trustees in the elected part of the tax year and expenses of the trustees in that part of the tax year.

in the tax year chargeable gains accrue to the trustees of a settlement from the disposal of settled property which is held on qualifying trusts for the benefit of a vulnerable person (“the qualifying trusts gains”),

the trustees would (apart from this Chapter) be chargeable to capital gains tax in respect of those gains,

the trustees are resident in the United Kingdom during any part of the tax year, and

a claim for special tax treatment under this Chapter for the tax year is made by the trustees.

section 31 (vulnerable person UK resident for the tax year), or

section 32 (vulnerable person non-UK resident for the tax year).

during the lifetime of the disabled person, or

until the termination of the trusts (if that occurs before his death).

that if any of the property is applied for the benefit of a beneficiary, it is applied for the benefit of the disabled person, and

either—

the trustees' having powers that enable them to apply in any tax year otherwise than for the benefit of the disabled person amounts (whether consisting of income or capital, or both) not exceeding the annual limit,

the trustees' having the powers conferred by section 32 of the Trustee Act 1925 (powers of advancement),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by proviso (a) of subsection (1) of that section,

the trustees' having the powers conferred by section 33 of the Trustee Act (Northern Ireland) 1958 (corresponding provision for Northern Ireland),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by subsection (1)(a) of that section, or

the trustees' having powers to the like effect as the powers mentioned in any of paragraphs (b) to (e).

£3,000, and

3% of the amount that is the maximum value of the settled property during the tax year in question.

specify circumstances in which subsection (3)(a) is, or is not, to apply in relation to a trust, and

amend the definition of “the annual limit” in subsection (3B).

make different provision for different cases, and

contain transitional and saving provision.

statutory trusts for the relevant minor under sections 46 and 47(1) of the Administration of Estates Act 1925 (c. 23) (succession on intestacy and statutory trusts in favour of relatives of intestate), or

trusts to which subsection (2) below applies.

established under the will of a deceased parent of the relevant minor, or

established under the Criminal Injuries Compensation Scheme, or

established under the Victims of Overseas Terrorism Compensation Scheme,

that the relevant minor will, on attaining the age of 18, become absolutely entitled to the property, any income arising from it and any income that has arisen from property held on the trusts for his benefit and been accumulated before that time,

that, until that time, for so long as the relevant minor is living, if any of the property is applied for the benefit of a beneficiary, it is applied for the benefit of the relevant minor, and

that, until that time, for so long as the relevant minor is living, either—

the trustees' having powers that enable them to apply in any tax year otherwise than for the benefit of the relevant minor amounts (whether consisting of income or capital, or both) not exceeding the annual limit,

the trustees' having the powers conferred by section 32 of the Trustee Act 1925 (powers of advancement),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by proviso (a) of subsection (1) of that section,

the trustees' having the powers conferred by section 33 of the Trustee Act (Northern Ireland) 1958 (corresponding provision for Northern Ireland),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by subsection (1)(a) of that section, or

the trustees' having powers to the like effect as the powers mentioned in any of paragraphs (b) to (e).

£3,000, and

3% of the amount that is the maximum value of the settled property during the tax year in question.

specify circumstances in which subsection (4)(a) is, or is not, to apply in relation to a trust, and

amend the definition of “the annual limit” in subsection (4B).

make different provision for different cases, and

contain transitional and saving provision.

the schemes established by arrangements made under the Criminal Injuries Compensation Act 1995 (c. 53),

arrangements made by the Secretary of State for compensation for criminal injuries in operation before the commencement of those schemes, or

the scheme established under the Criminal Injuries (Northern Ireland) Order 2002 (S.I. 2002/796 (N.I. 1)).

that part of the asset, and

any income arising from it (or treated as arising from it),

the person in relation to whom the election is made is a vulnerable person, and

the trusts in relation to which the election is made are qualifying trusts.

specifying the date from which it is to have effect (“the effective date”),

made by notice to the Inland Revenue no later than 12 months after 31st January next following the tax year in which the effective date falls, or within such further time, if any, as the Board of Inland Revenue may by notice have allowed, and

containing the items specified in subsection (3).

such information as the Board of Inland Revenue may require, including in particular information relating to the trusts, the trustees, the vulnerable person and his entitlement under the trusts and any other person connected with the trusts,

a statement that the trusts in relation to which the election is made are qualifying trusts,

a declaration that all the information contained in the election is correct to the best of the knowledge and belief of the trustees and vulnerable person,

a declaration by the vulnerable person that he authorises the trustees to make any claim under this Chapter for any tax year as they consider appropriate, and

such other declarations as the Board of Inland Revenue may reasonably require.

the person in relation to whom the election is made ceases to be a vulnerable person,

the trusts in relation to which the election is made cease to be qualifying trusts, and

the trusts are terminated.

they must inform the Inland Revenue that the vulnerable person election has ceased to have effect, and

they must do so by giving notice containing particulars of the event within the period of 90 days beginning on the date on which they first become aware that the event has occurred.

a vulnerable person election has effect in relation to qualifying trusts,

the property held on those trusts is treated for the purposes of TCGA 1992 and of the Tax Acts as comprised in a sub-fund settlement, and

the vulnerable person election was not made by the trustees of the sub-fund settlement,

relieves the trustees of the settlement which is the principal settlement in relation to the sub-fund settlement of their obligation under subsection (6), or

prevents a notice from being given to those trustees under section 40(1) or (3).

“principal settlement” has the meaning given by paragraph 1 of Schedule 4ZA to TCGA 1992,

“sub-fund election” has the meaning given by paragraph 2 of that Schedule,

“sub-fund settlement” has the meaning given by paragraph 1 of that Schedule, and

the time when a sub-fund election is treated as having taken effect shall be the time when it is treated as having taken effect under paragraph 2 of that Schedule.

he has not yet attained the age of 18, and

at least one of his parents has died.

whether the requirements mentioned in subsection (1)(a) and (b) of section 37 were met at the time the election was made, and

whether an event mentioned in subsection (5) of that section has occurred since the effective date.

that either or both of the requirements mentioned in subsection (1)(a) and (b) of section 37 were not met at the time the election was made, or

that an event mentioned in subsection (5) of that section has occurred since the effective date of the election,

in subsection (1), for “those trusts are qualifying trusts if they” substitute “ the property is held in qualifying trust if the trust purposes ”, and

in subsection (4), for “on trusts” substitute “ in a trust ”.

in subsection (1), for “those trusts are qualifying trusts if they are” substitute “ the property is held in qualifying trust if the trust is ”,

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

in subsection (2), before “which” insert “ the purposes of ”.

in subsection (1), for paragraph (b) substitute—,

in subsection (3)(b), for “the trusts in relation to which the election is made are qualifying trusts” substitute “ property held in the trust in relation to which the election is made is held in qualifying trust ”, and

in subsection (5), for paragraph (b) substitute—.

a company enters into a transaction on or after 14th December 2004, otherwise than in the ordinary course of its business,

as a result of the transaction it incurs a loss in respect of a loan relationship or derivative contract in respect of which, apart from this section, a debit would fall to be brought into account for tax purposes in a period of account beginning before 1st January 2005,

the sole or main purpose of the company in entering into the transaction at the time it did was to enable it to bring a debit into account for tax purposes in such a period, and

if the company had continued to hold the asset or liability representing the loan relationship or derivative contract, as it was held immediately before the transaction referred to in paragraph (a), in its first period of account beginning on or after 1st January 2005, a debit would have arisen in respect of the loan relationship or derivative contract in that period that was a prescribed debit for the purposes of regulation 3 of the Loan Relationship and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271) (debits not to be brought into account until the company's first period beginning on or after 1st January 2006).

beginning on or after 1st January 2005, and

(subject to subsection (7A)(a)) ending before 1st January 2008,

a note-issuing company,

an asset-holding company,

an intermediate borrowing company,

a warehouse company, or

a commercial paper funded company,

it is party as debtor to a capital market investment,

the securities that represent the capital market investment are issued wholly or mainly to independent persons,

the capital market investment is part of a capital market arrangement, . . .

the total value of the capital market investments made under that capital market arrangement is at least £50 million , and

if it has any business apart from the activity mentioned in paragraph (a) (and any incidental activities) it consists in one or both of the following—

whose business (apart from any incidental activities) consists in acquiring, holding and managing assets forming the whole or part of the security for a capital market arrangement entered into by a note-issuing company, and

whose liabilities representing debtor relationships are owed wholly or mainly to a note-issuing company or intermediate borrowing company.

whose only business is to enter into and be a party to creditor relationships with an asset-holding company (or another intermediate borrowing company), and

whose liabilities representing debtor relationships are owed wholly, or substantially wholly, to a note-issuing company (or another intermediate borrowing company).

of transferring them to a company (whether or not yet in existence) that at the time of the transfer is, or as a result of the transfer will become, an asset-holding or note-issuing company, or

of itself becoming an asset-holding or note-issuing company.

a company that was an asset-holding company but whose obligations under debtor relationships to a note-issuing company or intermediate borrowing company—one or more companies carrying on a business of banking, or

a company that was an intermediate borrowing company but whose obligations under debtor relationships to a note-issuing company—one or more companies carrying on a business of banking.

make provision for subsection (1) to apply in relation to periods of account ending on or after 1st January 2008 but before a date specified by the regulations, and

make provision modifying any provision of, or made under, the Corporation Tax Acts in relation to the first period of account of securitisation companies in the case of which subsection (1) does not apply (whether by virtue of that subsection itself or regulations under paragraph (a)).

specify a date only in relation to specified descriptions of company,

specify different dates in relation to different descriptions of company, and

include provision for a company to elect that the regulations are to apply to it or provision for a company to elect that they are not to apply to it.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

subsections (4) to (9) shall cease to have effect.

for the purposes of corporation tax, in relation to a credit for foreign tax which relates to—

for the purposes of income tax, in relation to a credit for foreign tax which relates to—

the 2005-06 Table, which shall apply to any chargeable transfer made on or after 6th April 2005 (but before 6th April 2006),

the 2006-07 Table, which shall apply to any chargeable transfer made on or after 6th April 2006 (but before 6th April 2007), and

the 2007-08 Table, which shall apply to any chargeable transfer made on or after 6th April 2007.

for the month of September 2003 and that for the month of September 2004,

for the month of September 2004 and that for the month of September 2005, or

for the month of September 2005 and that for the month of September 2006.

the Pension Protection Fund,

the Fraud Compensation Fund, and

the Board of the Pension Protection Fund,

income tax,

capital gains tax,

corporation tax,

inheritance tax,

value added tax, and

stamp duty land tax.

charges to corporation tax in respect of any income arising from any assets of the Board (or in either Fund) and other receipts of the Board (or either Fund) and any chargeable gains arising from the disposal of any assets of the Board (or in either Fund),

charges to income tax and corporation tax in respect of the levies referred to in sections 117, 174, 175, 189 and 209 of the Pensions Act 2004, and

any charge to capital gains tax, or corporation tax on chargeable gains, in respect of the receipt of fraud compensation payments (within the meaning of Part 2 of that Act: see section 182(1) of that Act).

for times before 6th April 2006, provisions having effect in relation to exempt approved schemes (within the meaning of Chapter 1 of Part 14 of ICTA: see section 592(1) of that Act), and

for times on or after that date, provisions having effect in relation to registered pension schemes (within the meaning of section 150(2) of the Finance Act 2004).

provision amending any enactment or instrument, and

consequential, supplementary and transitional provisions.

on the occurrence of an event specified in column 2 of the Table, or

in the case of persons specified in column 2 of the Table.

amending any enactment, or

applying any provision of any enactment with or without modifications.

to make different provision for different cases;

to make incidental, supplemental, consequential or transitional provision or savings.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the vulnerable person's taxable amount for the tax year (as defined by section 32(3A)) calculated by reference only to actual gains and actual losses, and

the vulnerable person's taxable amount for the tax year (as defined by section 32(3A)) calculated by reference only to assumed gains and assumed losses.

no deduction is to be made under section 1(3)(b) of TCGA 1992, ...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

“actual gains” and “actual losses” have the meanings given in paragraph 5, and

“assumed gains” and “assumed losses” have the meanings given in paragraph 6.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

any allowable losses accruing to the vulnerable person in the tax year, and

so far as they have not been allowed as a deduction from chargeable gains accruing to him in any previous tax year, any allowable losses accruing to him in any previous tax year (not earlier than that beginning on 6th April 1965).

that the vulnerable person is resident ... in the United Kingdom throughout the tax year, and

that he has given a notice under subsection (2A) of section 16 of TCGA 1992 (computation of losses) in respect of each loss accruing to him in the tax year which by virtue of section 1E(2) of that Act would not be an allowable loss (but for the assumption in paragraph (a)).

“Disabled person” means—

a person who by reason of mental disorder within the meaning of the Mental Health Act 1983 is incapable of administering his or her property or managing his or her affairs,

a person in receipt of attendance allowance,

a person in receipt of disability assistance for older people,

a person in receipt of a disability living allowance by virtue of entitlement to—

a person in receipt of disability assistance for children and young people by virtue of entitlement to—

a person in receipt of Scottish adult disability living allowance by virtue of entitlement to—

a person in receipt of personal independence payment...,

a person in receipt of disability assistance for working age people by virtue of entitlement to—

a person in receipt of an increased disablement pension,

a person in receipt of constant attendance allowance, or

a person in receipt of armed forces independence payment.

A person is to be treated as a disabled person under paragraph 1(b) if he or she satisfies HMRC that he or she would be entitled to receive attendance allowance but for—

the conditions as to residence and presence prescribed under section 64(1) of SSCBA 1992 or section 64(1) of SSCB(NI)A 1992,

provision made by regulations under section 67(1) or (2) of SSCBA 1992 or section 67(1) or (2) of SSCB(NI)A 1992 (non-satisfaction of conditions for attendance allowance where person is undergoing treatment for renal failure in hospital or is provided with certain accommodation), or

section 113(1) of SSCBA 1992 or section 113(1) of SSCB(NI)A 1992 or provision made by regulations under section 113(2) of SSCBA 1992 or section 113(2) of SSCB(NI)A 1992 (general provisions as to disqualification and suspension).

A person is to be treated as a disabled person under paragraph 1(ba) if they satisfy HMRC that they would be entitled to receive disability assistance for older people but for provision made by regulations under section 31 of the SS(S)A 2018 for—

the cessation of entitlement to disability assistance for older people during periods when that person does not meet the conditions as to residence and presence prescribed by regulations made under that section, or

the non-satisfaction of eligibility criteria for disability assistance for older people prescribed by regulations made under that section where a person is undergoing treatment for renal failure in hospital, or

the reduction of the value of a payment of disability assistance for older people prescribed by regulations made under that section to £0 when a person is—

A person is to be treated as a disabled person under paragraph 1(c) if he or she satisfies HMRC that he or she would be entitled to receive a disability living allowance by virtue of entitlement to the care component at the highest or middle rate, or to the mobility component at the higher rate, but for—

the conditions as to residence and presence prescribed under section 71(6) of SSCBA 1992 or section 71(6) of SSCB(NI)A 1992,

provision made by regulations under section 72(8) of SSCBA 1992 or section 72(8) of SSCB(NI)A 1992 (no payment of disability allowance for persons for whom certain accommodation is provided), or

section 113(1) of SSCBA 1992 or section 113(1) of SSCB(NI)A 1992 or provision made by regulations under section 113(2) of SSCBA 1992 or section 113(2) of SSCB(NI)A 1992 (general provisions as to disqualification and suspension).

A person (“A”) is to be treated as a disabled person under paragraph 1(ca) if A satisfies HMRC that A would be entitled to receive disability assistance for children and young people by virtue of entitlement to the care component at the highest or middle rate, or to the mobility component at the higher rate, but for provision made by regulations under section 31 of the SS(S)A 2018 for—

the cessation of entitlement to disability assistance during periods when a person does not meet the conditions as to residence and presence prescribed by regulations made under that section, or

the reduction of the value of a payment of disability assistance to £0 when a person is—

A person is to be treated as a disabled person under paragraph 1(cb) if they satisfy HMRC that they would be entitled to receive Scottish adult disability living allowance by virtue of entitlement to the care component at the highest or middle rate, or the mobility component at the higher rate, but for provision made by regulations under section 31 of the SS(S)A 2018 for—

the cessation of entitlement to Scottish adult disability living allowance during periods when that person does not meet the conditions as to residence and presence prescribed by regulations made under that section,

the non-satisfaction of eligibility criteria for Scottish adult disability living allowance prescribed by regulations made under that section where a person is undergoing treatment for renal failure in hospital, or

the reduction of the value of a payment of Scottish adult disability living allowance prescribed by regulations made under that section to £0 when a person is—

A person is to be treated as a disabled person under paragraph 1(d) if he or she satisfies HMRC that he or she would be entitled to receive personal independence payment... but for—

the conditions as to residence and presence prescribed under section 77(3) of WRA 2012 or the corresponding provision having effect in Northern Ireland,

provision made by regulations under section 85 of WRA 2012 (exclusion of certain care home residents) or the corresponding provision having effect in Northern Ireland,

provision made by regulations under section 86 of WRA 2012 (exclusion of certain hospital in-patients) or the corresponding provision having effect in Northern Ireland, or

section 87 of WRA 2012 (exclusion of prisoners and detainees) or the corresponding provision having effect in Northern Ireland.

A person (“A”) is to be treated as a disabled person under paragraph 1(da) if A satisfies HMRC that A would be entitled to receive disability assistance for working age people but for provision made by regulations under section 31 of the SS(S)A 2018 for—

the cessation of entitlement to disability assistance during periods when a person does not meet the conditions as to residence and presence prescribed by regulations made under that section, or

the reduction of the value of a payment of disability assistance to £0 when a person is—

A person is to be treated as a disabled person under paragraph 1(e) if he or she satisfies HMRC that he or she would be entitled to receive an increased disablement pension but for—

conditions as to residence and presence that have effect in relation to increased disablement pension by virtue of regulations under section 104(3) of SSCBA 1992 or section 104(3) of SSCB(NI)A 1992 (application of attendance allowance provisions),

provision made under section 67(1) or (2) of SSCBA 1992 or section 67(1) or (2) of SSCB(NI)A 1992 (non-satisfaction of conditions for attendance allowance where person is undergoing treatment for renal failure in hospital or is provided with certain accommodation) that has effect in relation to increased disablement pension by virtue of such regulations, or

section 113(1) of SSCBA 1992 or section 113(1) of SSCB(NI)A 1992 or provision made by regulations under section 113(2) of SSCBA 1992 or section 113(2) of SSCB(NI)A 1992 (general provisions as to disqualification and suspension).

A person is to be treated as a disabled person under paragraph 1(f) if he or she satisfies HMRC that he or she would be entitled to receive constant attendance allowance but for—

article 61 (residence outside United Kingdom) or article 64 (maintenance in hospital or institution) of the Personal Injuries (Civilians) Scheme 1983 (S.I. 1983/686), or

article 53 (maintenance in hospital or institution) of the Naval, Military and Air Forces etc.(Disablement and Death) Service Pensions Order 2006 (S.I. 2006/606).

A person is to be treated as a disabled person under paragraph 1(g) if he or she satisfies HMRC that he or she would be entitled to receive armed forces independence payment but for article 42 of the Armed Forces and Reserve Forces (Compensation Scheme) Order 2011 (S.I. 2011/517) (cessation of payment on admission to Royal Hospital, Chelsea).

In this Schedule—“armed forces independence payment” means armed forces independence payment under a scheme established under section 1 of the Armed Forces (Pensions and Compensation) Act 2004,“attendance allowance” means an allowance under section 64 of SSCBA 1992 or section 64 of SSCB(NI)A 1992,“constant attendance allowance” means an allowance under—article 14 of the Personal Injuries (Civilians) Scheme 1983 (S.I. 1983/686), or article 8 of the Naval, Military and Air Forces etc.(Disablement and Death) Service Pensions Order 2006 (S.I. 2006/606),“disability assistance” means disability assistance given in accordance with regulations made under section 31 of the SS(S)A 2018,“disability assistance for children and young people” means a category of disability assistance specifically for children and young people,“disability assistance for older people” means a category of disability assistance specifically for older people,“disability assistance for working age people” means a category of disability assistance specifically for working age people,“disability living allowance” means a disability living allowance under section 71 of SSCBA 1992 or section 71 of SSCB(NI)A 1992,“HMRC” means Her Majesty's Revenue and Customs,“increased disablement pension” means an increase of disablement pension under—section 104 of SSCBA 1992, or section 104 of SSCB(NI)A 1992,“personal independence payment” means personal independence payment under—WRA 2012, or the corresponding provision having effect in Northern Ireland,“Scottish adult disability living allowance” means a category of disability assistance specifically for adults which takes the form of a living allowance,“SSCBA 1992” means the Social Security Contributions and Benefits Act 1992,“SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992,“SS(S)A 2018” means the Social Security (Scotland) Act 2018,“WRA 2012” means the Welfare Reform Act 2012.

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In section 74 of ICTA (general rules as to deductions not allowable), omit subsection (1)(j) and subsection (2) (bad debts and related matters).

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Omit paragraph 6B of Schedule 9 to FA 1996 (impairment losses: companies becoming connected).

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In section 43A of ICTA (rent factoring: meaning of “finance agreement”), in subsection (3) (reference to consolidated group accounts), omit paragraphs (a) and (b) and the word “and” preceding paragraph (a).

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Section 836A of ICTA (meaning of generally accepted accounting practice) shall cease to have effect.

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In Schedule 12 to FA 1997 (leasing arrangements: finance leases and loans), in paragraph 30(1) (interpretation) omit the definitions of “consolidated group accounts”, “group of companies” and “member” in relation to a group of companies.

In section 219 of CAA 2001 (finance leases), in subsection (3) (reference to group accounts) for paragraph (b) substitute—.

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In Schedule 5 to ITEPA 2003 (enterprise management incentives), in paragraph 59 (index of defined expressions), in the entry relating to the expression “generally accepted accounting practice”, for “section 836A of ICTA” substitute “ section 50(1) of the Finance Act 2004 ”.

In section 50 of FA 2004 (generally accepted accounting practice), for subsections (2) and (3) substitute—.

In sections 50(6), 51(6), 52(3) and 54(2) of FA 2004 (periods of account in relation to which the sections have effect), omit paragraph (b) and the word “and” preceding it. This amendment shall be deemed always to have had effect.

In Part 4 of Schedule 10 to FA 2004 (amendments relating to foreign currency accounting), after paragraph 78 insert—.

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After Part 3 of CAA 2001 insert—

In section 1(2) of CAA 2001 (capital allowances provided for by Act), after paragraph (b) insert—.

In section 2(3) of CAA 2001 (provisions about giving effect to allowances and charges), after the entry in the list for sections 352 to 355 of that Act insert— “ sections 360Z and 360Z1 (business premises renovation allowances) ”.

In section 3 of CAA 2001 (claims for capital allowances) after subsection (2) insert—

In section 537(1) of CAA 2001 (general conditions for making contribution allowances under Parts 2 to 4 and 5), and in the section heading and the cross-heading preceding that section, for “Parts 2 to 4 and 5” substitute “ Parts 2, 3, 4 and 5 ”.

In section 546 of CAA 2001 (interpretation of VAT provisions), before the “and” at the end of paragraph (b) insert—.

In section 567(1) of CAA 2001 (Parts of Act for purposes of which provisions about sales not at market value apply), after “3,” insert “ 3A, ”.

In section 570(1) of CAA 2001 (elections under section 569 of that Act: supplementary), after “Part” insert “ 3A, ”.

In section 570A(1) of CAA 2001 (avoidance affecting proceeds of balancing event), after “3,” insert “ , 3A ”.

In section 573(1) of CAA 2001 (transfers treated as sales), after “3,” insert “ 3A, ”.

Schedule 22 to FA 2000 shall be amended as follows.

After paragraph 15 (and before Part 3) insert—.

in paragraph (a), after “carriage” insert “ by sea ”;

in paragraph (b), after “carriage” insert “ by sea ”;

in paragraph (c), after “assistance” insert “ carried out at sea ”;

in paragraph (d), after “transport” insert “ by sea ”.

after “subject to” insert—;

at the end insert—.

After paragraph 20 insert—.

After paragraph 22 insert—.

After paragraph 22C insert—.

After paragraph 22E insert—.

After paragraph 43 insert—.

Omit paragraph 105.

paragraph 4, and

so far as relating to tugs, paragraph 6,

In relation to the financial year 2005, Schedule 22 to FA 2000 shall have effect with the omission of paragraph 22C(1).

Where a company (whether or not a member of a group) has operated a qualifying dredger or a tug at any time before 1st July 2005, the company is to be treated, for the purposes of paragraph 22D of Schedule 22 to FA 2000, as not having operated the qualifying dredger or tug before that date.

Part 4 of FA 2003 is amended in accordance with this Schedule.

After section 71 insert—

in paragraph (b)—

in paragraph (c), omit “or its successor in title”.

After section 72 insert—

In section 122 (index of defined expressions), in the entry for “notifiable (in relation to a land transaction)” at the end insert “ (see too sections 71A(7) and 72A(7)) ”.

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Part 4 of FA 2004 (pension schemes etc.) is amended in accordance with paragraphs 2 to 58.

In section 153(8) (deferred annuity contract to be registered pension scheme), after “contract” insert “ made with an insurance company ”.

In section 153 (registration of pension schemes), after subsection (8) insert—

After section 266 insert—

In section 161(5) (payment made to person who is connected with member, or was connected with member at his death, to be treated as made in respect of member), after “scheme to” insert “ or in respect of ”.

In section 165(3) (when a person becomes entitled to a pension), insert at the end (not as part of paragraph (b)) “ and, for this purpose, the abatement of a scheme pension under a public service pension scheme is not to be taken to affect the right to receive it. ”

In section 279(1) (definitions), before the definition of “the Board of Inland Revenue” insert—.

In the table in section 280(2) (index of defined expressions), insert at the appropriate place—.

for “in respect of any” substitute “ at any time during any ”, and

for “in respect of the previous 12 month period” substitute “ at the relevant time ”.

In Schedule 28 (authorised pensions), after paragraph 2 insert—

In the table in section 280(2) (index of defined expressions), insert at the appropriate place—.

in paragraph (a), for “or recent additional fund designation” substitute “ , recent additional fund designation or recent pension sharing event ”, and

in paragraph (b), for “or additional fund designation” substitute “ , additional fund designation or pension sharing event ”.

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in paragraph (a), for “or recent additional fund designation” substitute “ , recent additional fund designation or recent pension sharing event ”, and

in paragraph (b), for “or additional fund designation” substitute “ , additional fund designation or pension sharing event ”.

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In paragraph 3(8) of Schedule 29 (pension commencement lump sum: deduction from applicable amount in case of scheme pension), for “surrender” substitute “ application ”.

In paragraph 15 of Schedule 28 (meaning of “dependant”), after sub-paragraph (1) insert—

for “In the case of a pension scheme with 50 or more members, a” substitute “ A ”, and

omit sub-paragraph (2)(b) and the word “and” before it.

In Schedule 28 (authorised pensions), after paragraph 16 insert—

In the table in section 216(1) (benefit crystallisation events and amounts crystallised), in benefit crystallisation event 4 (becoming entitled to lifetime annuity), in column 2 (amount crystallised), insert at the end “ and any related dependants' annuity ”.

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In the table in section 280(2) (index of defined expressions), insert at the appropriate place—.

In section 169 (recognised transfers), after subsection (1) insert—

After section 172 insert—

After section 196 insert—

After section 246 insert—

In section 215 (amount of lifetime allowance charge), omit—

in subsection (9), paragraph (b) (tax covered by scheme funded payment if rights not reduced so as fully to reflect amount of payment of tax) and the word “and” before it, and

subsection (10) (whether rights reduced so as fully to reflect amount of payment of tax).

In the table in section 216(1) (benefit crystallisation events and amounts crystallised), in the entry relating to benefit crystallisation event 6 (entitlement to relevant lump sum), in the second column (amount crystallised), after “sum” insert “ paid to the individual ”.

for “will or may be” substitute “ is ”, and

omit “which will be payable”.

for “the amount” substitute “ so much ”, and

after “pension)” insert “ as would be paid to the individual ”.

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In paragraph 4(c) of Schedule 33 (meaning of “relevant migrant member”: requirement that person be entitled to contributions tax relief in foreign country before taking up residence in United Kingdom)—

at the beginning insert “ either ”, and

after “resident” insert “ or meets such other condition as may be prescribed by regulations made by the Board of Inland Revenue ”.

In section 251(4)(a) (persons to whom scheme administrators can be required to provide information), after “are prescribed” insert “ or to the scheme administrators of other registered pension schemes ”.

After section 255 insert—

Before section 275 insert—

In paragraph 3(2) of Schedule 36 (power to modify rules of existing schemes: modifications to have effect until earlier of time when rules amended and end of tax year 2008-09), for the words after “the pension scheme” substitute

omit “the lower of”, and

for “and” at the end of paragraph (a) substitute “ or (if lower) ”.

in paragraph (a), at the beginning insert “ in the case of any arrangement, that ” and for “2006, that” substitute “ 2006 ”,

after that paragraph insert—, and

in paragraph (b), at the beginning insert “ in the case of any other arrangement, that ” and for “scheme, that” substitute “ scheme ”.

omit “the lower of”, and

for “and” at the end of paragraph (a) substitute “ or (if lower) ”.

in paragraph (a), at the beginning insert “ in the case of any arrangement, that ” and for “2006, that” substitute “ 2006 ”,

after that paragraph insert—, and

in paragraph (b), at the beginning insert “ in the case of any other arrangement, that ” and for “scheme, that” substitute “ scheme ”.

in paragraph (a), for “and 14” substitute “ , 14 and 17A(1) and (2) ”, and

in paragraph (b), for “and 15” substitute “ , 15 and 17A(3) ”.

for the words from the beginning to “minimum” substitute “ Minimum ”, and

insert at the end “ are not relevant contributions for the purposes of paragraph 13(a) ”.

in paragraph (a), for “pensions” substitute “ benefits ”, and

in paragraph (b), for “a pension” substitute “ any benefit ”.

In Schedule 36 (transitional provisions), after paragraph 23 insert—

In the substituted sub-paragraph (7) set out in paragraph 34(2) of Schedule 36 (entitlement to lump sums exceeding 25% of uncrystallised rights), in the definition of “ALSA”, for “additional lump sum amount” substitute “ greater of the additional lump sum amount and nil ”.

In section 636B(3) of ITEPA 2003 (trivial commutation and winding-up lump sums: taxable pension income to be 75% of lump sum where member has not become entitled to any benefits under pension scheme), for the words after “member” substitute

In section 683(3) of ITEPA 2003 (PAYE pension income), after the entry relating to section 579B of that Act insert— “ section 612, so far as relating to annuities to which section 610 applies (annuities under non-registered occupational pension schemes), ”.

In Schedule 36 to FA 2004 (transitional provisions), omit—

paragraph 43 (continuation of Chapter 9 of Part 9 of ITEPA 2003 for certain annuity contracts with continued exclusion from PAYE), and

paragraph 46 (application of PAYE to certain existing annuity contracts taxable under section 612 of ITEPA 2003).

In sections 348(1A) and 349(1A) of ICTA (deduction of tax), omit—

paragraph (b), and

in paragraph (c), “, 610”.

Section 613(1) and (2) of ICTA (tax relief for contributions to House of Commons Members' Fund) shall be treated as not having been repealed by ITEPA 2003.

In section 4, subsection (3) and, in subsection (7), the words “or (3)”.

In Schedule 1, paragraph 10(3A) and (3B).

In section 310(4), “full-time”.

In section 311—in subsection (3), paragraph (d) and the word “and” before it; in subsection (4)(c), “full-time”.

Section 40A(5).

In section 42—in subsection (2), the word and immediately before paragraph (b), and in subsection (3), the word and immediately before paragraph (b).

In section 43(1), the definitions of master disc, master negative and master tape.

In section 138 (as substituted by this Act), in subsection (5), in Calculation 2, paragraph (c) and the word and immediately before it.

In section 138A(5), Calculation 2.

In section 139—in subsection (1), the word and immediately before paragraph (e), and in subsection (5)(d) the words , or section 42 of that Act (but not as applied by section 48(1) and (2) of F(No.2)A 1997),.

In section 140—in subsection (1), paragraph (b) and the word and immediately before paragraph (f), subsection (2), and in subsection (6)(d), the words , or section 42 of that Act (but not as applied by section 48(1) to (3) of F(No.2)A 1997),.

In section 117—in subsection (1), the words 353, and, in paragraph (a), the words , or of interest paid by him in connection with the carrying on of a trade,, in subsection (2), in the definition of the aggregate amount, the words 353, and, in paragraph (a), the words , or of interest paid by him in connection with carrying it on,, and in that subsection, in the definition of the appropriate time, the words or the interest paid.

In section 118ZB(2), the words , or interest paid by him in connection with the carrying on of a trade,.

In section 118ZE(1), the words 353, and , or interest paid by him in connection with the carrying on of a trade,.

In section 118ZF(1), the words 353, and , or of interest paid by him in connection with carrying it on,.

In section 118ZG(2)(b)(ii), the words 353, and , or of interest paid by him in connection with carrying it on,.

In section 118ZJ—in subsection (3), the words 353, and , and interest paid by him in connection with carrying it on,, in subsection (4), the words the sum of, paragraph (b) and the word and immediately before that paragraph, and in subsection (5), paragraph (b) and the word and immediately before it.

Section 74(1)(j) and (2).

Section 94(2).

Section 103(4A).

In Schedule 9—paragraph 6B; paragraph 6C(2); paragraph 8; paragraph 9.

In Schedule 25, paragraph 26.

In Schedule 29, paragraph 115(2).

In Schedule 10—paragraph 24; paragraph 25(4); paragraph 26; paragraph 27.

Section 747(4A) and (4B).

Section 747A.

Section 748(4) and (5).

Section 750(5) to (8).

In Schedule 24, paragraph 11A.

In Schedule 25—paragraphs 2 to 5; paragraph 6(4).

In section 43A(3), paragraphs (a) and (b) and the word and preceding paragraph (a).

Section 836A.

Section 103(2).

In Schedule 25, paragraph 12(2).

In Schedule 29—paragraph 6(2); in paragraph 15(4), in the definitions of Previous Debits and Previous Credits the words from under to accounting policy); paragraph 20(1)(a), (b) and (c); in paragraph 27(1), in the definitions of Debits and Credits the words from under to accounting policy); in paragraph 134(1), the words following paragraph (b).

In sections 50(6), 51(6), 52(3) and 54(2), paragraph (b) and the word and preceding it.

In Schedule 10—paragraph 12; paragraph 72; paragraph 73(3); paragraphs 74 to 76.

In Schedule 6—paragraph 4; in the second sentence of paragraph 6(1), the words “land that is non-residential property or”; paragraphs 6(2) and 6(3); paragraph 8; in the second sentence of paragraph 10(1), the words “land that is non-residential property or”; paragraphs 10(2) and 10(3).

In sections 348(1A) and 349(1A)—paragraph (b), and in paragraph (c), “, 610”.

In section 215—in subsection (9), paragraph (b) and the word “and” before it, and subsection (10).

In Schedule 28—in paragraph 2, sub-paragraph (1) and, in sub-paragraph (4), the word “or” at the end of paragraph (b), paragraph 3(3) to (6), paragraph 6(2), in paragraph 16, sub-paragraph (1), in sub-paragraph (2), paragraph (b) and the word “and” before it, and sub-paragraphs (3) to (6), and paragraph 20(2).

In Schedule 32, in paragraph 9(2), the words “which will be payable”.

In Schedule 36—in paragraph 9(2), the words “the lower of”, in paragraph 19(5), the words “and the pension scheme”, in paragraph 26(2), the words “the lower of”, and paragraphs 43 and 46.