Part 1 Excise Duties

Tobacco products duty

• 1 Rates of tobacco products duty
• 2 Tobacco products duty: evasion

Alcoholic liquor duties

• 3 Rate of duty on beer
• 4 Rates of duty on wine and made-wine
• 5 Repeal of provisions of ALDA 1979 of no practical utility etc

Hydrocarbon oil duties

• 6 Rates until 1st September 2006
• 7 Rates from 1st September 2006
• 8 Road vehicles

Betting and gaming duties

• 9 General betting duty: gaming machines
• 10 Rates of gaming duty

Amusement machine licence duty

• 11 Definition of “gaming machine”
• 12 Classes of machine and rates of duty

Vehicle excise duty

• 13 Rates
• 14 Reduced pollution certificates
• 15 Late renewal supplement

Part 2 Value Added Tax

Gaming machines

• 16 Gaming machines

Land

• 17 Buildings and land

Imported works of art etc

• 18 Value of imported works of art etc: auctioneer's commission

Avoidance and fraud

• 19 Missing trader intra-community fraud
• 20 Power to inspect goods
• 21 Directions to keep records where belief VAT might not be paid
• 22 Treatment of credit vouchers

Part 3 Income Tax, Corporation Tax and Capital Gains Tax

Income tax

• 23 Charge and rates for 2006–07

Corporation tax

• 24 Charge and main rate for financial year 2007
• 25 Small companies' rate and fraction for financial year 2006
• 26 Abolition of corporation tax starting rate and non-corporate distribution rate

Group relief

• 27 Group relief where surrendering company not resident in UK

Research and development

• 28 Relief for research and development: subjects of clinical trials
• 29 Claims for relief for research and development

Capital allowances

• 30 Temporary increase in amount of first-year allowances for small enterprises

Introductory

• 31 Meaning of “film” and related expressions
• 32 Meaning of “film production company”
• 33 Meaning of “film-making activities” etc
• 34 Meaning of “production expenditure” and related expressions
• 35 Meaning of “UK expenditure”
• 36 Meaning of “qualifying co-production” and “co-producer”

Taxation of activities of film production company

• 37 Taxation of activities of film production company

Film tax relief

• 38 Films qualifying for film tax relief
• 39 Conditions of relief: intended theatrical release
• 40 Conditions of relief: British film
• 41 Conditions of relief: UK expenditure
• 42 Film tax relief: further provisions

Film losses

• 43 Films: restriction on use of losses while film in production
• 44 Films: use of losses in later periods
• 45 Films: terminal losses

Films: withdrawal of existing reliefs

• 46 Films: withdrawal of existing reliefs (corporation tax)
• 47 Films: withdrawal of existing reliefs (income tax)

Corporation tax treatment of sound recordings

• 48 Sound recordings: revenue nature of expenditure
• 49 Sound recordings: allocation of expenditure
• 50 Sound recordings: interpretation

Supplementary provisions

• 51 Corporation tax: films and sound recordings as intangible fixed assets
• 52 Films: application of provisions to certain films already in production
• 53 Films and sound recordings: commencement and power to alter dates
• 54 Transactions with substantial donors
• 55 Non-charitable expenditure
• 56 Trade profits
• 57 Gift aid relief for companies wholly owned by one or more charities
• 58 Extension of restrictions on gift aid payments by close companies

Cars

• 59 Cars with a CO2 emissions figure

Mobile telephones and computers

• 60 Mobile telephones
• 61 Computer equipment

Eye care

• 62 Exemption for employees' eye tests and special glasses

Vouchers and tokens

• 63 Power to exempt use of vouchers or tokens to obtain exempt benefits

Holocaust victims

• 64 Payments to or in respect of victims of National-Socialist persecution
• 65 London Organising Committee
• 66 Section 65: supplementary
• 67 International Olympic Committee
• 68 Competitors and staff

Capital losses

• 69 Restriction on a company's allowable losses
• 70 Restrictions on companies buying losses or gains
• 71 Other avoidance involving losses accruing to companies
• 72 Repeal of s 106 of TCGA 1992

Insurance policies and annuities

• 73 Policies of insurance and non-deferred annuities

Capital gains tax

• 74 Exception to “bed and breakfasting” rules etc

Film partnerships

• 75 Interest relief: film partnership

Financial instruments

• 76 Avoidance involving financial arrangements

Intangible fixed assets

• 77 Treating assets as “existing assets” etc

International matters

• 78 Controlled foreign companies and treaty non-resident companies
• 79 Transfer of assets abroad

Pre-owned assets

• 80 Restriction of exemption from charge to income tax

Leasing of plant or machinery

• 81 Leases of plant or machinery

Sale of lessors

• 82 Sale etc of lessor companies etc
• 83 Restrictions on use of losses etc: leasing partnerships
• 84 Disposal of plant or machinery subject to lease where income retained
• 85 Restrictions on effect of elections under section 266 of CAA 2001

Insurance companies and policyholders

• 86 Insurance companies
• 87 Qualifying policies: altering method for calculating benefits

Settlements

• 88 Settlements, etc: chargeable gains
• 89 Settlements, etc: income
• 90 Special trusts tax rates not to apply to social landlords' service charge income

Investment reliefs

• 91 Venture capital schemes

Employment-related securities

• 92 Avoidance using options etc
• 93 Corporation tax relief for shares acquired under EMI option

PAYE

• 94 PAYE: retrospective notional payments

Alternative finance arrangements

• 95 Profit share agency
• 96 Diminishing shared ownership
• 97 Beneficial loans to employees
• 98 Regulations

Nuclear decommissioning

• 99 Amendment of section 29 of the Energy Act 2004
• 100 Amendment of section 30 of the Energy Act 2004

Accounting practice

• 101 Securitisation companies
• 102 Accountancy change: spreading of adjustment

Part 4 Real Estate Investment Trusts

Introduction

• 103 Real Estate Investment Trusts
• 104 Property rental business
• 105 Other key concepts
• 106 Conditions for company
• 107 Conditions for tax-exempt business
• 108 Conditions for balance of business

Entering Real Estate Investment Trust Regime

• 109 Notice
• 110 Duration
• 111 Effects of entry
• 112 Entry charge

Assets etc

• 113 Ring-fencing of tax-exempt business
• 114 Maximum shareholding
• 115 Profit: financing-cost ratio
• 116 Minor or inadvertent breach
• 117 Cancellation of tax advantage
• 118 Funds awaiting re-investment

Profits

• 119 Corporation tax
• 120 Calculation of profits
• 121 Distributions: liability to tax
• 122 Distributions: deduction of tax
• 123 Attribution of distributions

Capital gains

• 124 Corporation tax
• 125 Movement of assets out of ring-fence
• 126 Movement of assets into ring-fence
• 127 Interpretation

Leaving Real Estate Investment Trust Regime

• 128 Termination by notice: company
• 129 Termination by notice: Commissioners
• 130 Automatic termination for breach of requirement
• 131 Effects of cessation
• 132 Early exit by notice
• 133 Early exit

Groups

• 134 Group Real Estate Investment Trusts
• 135 Transfer within group
• 136 Availability of group reliefs

Miscellaneous

• 137 Insurance companies
• 138 Joint ventures
• 139 Manufactured dividends
• 140 Penalties for failure to give notice, etc
• 141 Effect of deemed disposal and re-acquisition
• 142 Interpretation
• 143 Housing investment trusts: repeal

General

• 144 Regulations
• 145 Commencement

Part 5 Oil

New basis for determining market value

• 146 New basis for determining the market value of oil
• 147 Section 146: commencement and transitional provisions

Attribution of blended crude oil

• 148 Crude oil: power to make regulations

Nomination scheme

• 149 Nomination scheme
• 150 Amendment of Schedule 10 to FA 1987
• 151 Nomination excesses and corporation tax

Ring fence trades

• 152 Increase in rate of supplementary charge
• 153 Election to defer capital allowances
• 154 Ring fence expenditure supplement

Part 6 Inheritance Tax

Future rates and bands

• 155 Rates and rate bands for 2008–09 and 2009–10

Trusts

• 156 Rules for trusts etc
• 157 Purchase of interests in foreign trusts

Part 7 Pensions

• 158 Taxable property held by investment-regulated pension schemes
• 159 Recycling of lump sums
• 160 Inheritance tax
• 161 Miscellaneous

Part 8 Stamp Taxes

Stamp duty and stamp duty land tax: thresholds

• 162 Raising of thresholds

Stamp duty land tax

• 163 Partnerships
• 164 Leases
• 165 Reallocation of trust property as between beneficiaries
• 166 Unit trust schemes
• 167 Demutualisation of insurance companies
• 168 Alternative finance

Stamp duty

• 169 Reliefs for certain company acquisitions

Part 9 Miscellaneous Provisions

Landfill tax

• 170 Rate of landfill tax

Climate change levy

• 171 Climate change levy: rates
• 172 Abolition of half-rate supplies etc

International tax arrangements

• 173 International tax enforcement arrangements
• 174 Arrangements under section 173: information powers
• 175 Arrangements under section 173: recovery of debts
• 176 Double taxation agreements: procedure

Disclosure of information

• 177 Disclosure of information

Part 10 Supplementary Provisions

• 178 Repeals
• 179 Interpretation
• 180 Short title

SCHEDULE 1 Group Relief where Surrendering Company Not Resident in UK

• Part 1 Amendments of Chapter 4 of Part 10 of ICTA
• Part 2 Amendments of other Enactments
• Part 3 Commencement
• SCHEDULE 2 Relief for Research and Development: Subjects of Clinical Trials
• SCHEDULE 3 Claims for Relief for Research and Development
• SCHEDULE 4 Taxation of Activities of Film Production Company

SCHEDULE 5 Film Tax Relief: Further Provisions

• Part 1 Entitlement to Film Tax Relief
• Part 2 Certification of British Films for Purposes of Film Tax Relief
• Part 3 Consequential Amendments
• Part 4 Provisional Entitlement to Relief
• SCHEDULE 6 Avoidance Involving Financial Arrangements
• SCHEDULE 7 Transfer of Assets Abroad

SCHEDULE 8 Long Funding Leases of Plant or Machinery

• Part 1 Capital Allowances
• Part 2 Corporation Tax
• Part 3 Income Tax
• Part 4 Commencement and Transitional Provisions
• SCHEDULE 9 Leases of Plant or Machinery: Miscellaneous Amendments

SCHEDULE 10 Sale etc of Lessor Companies etc

• Part 1 Introduction
• Part 2 Leasing Business Carried on by a Company Alone
• Part 3 Leasing Business Carried on by a Company in Partnership
• Part 4 Miscellaneous
• SCHEDULE 11 Insurance Companies

SCHEDULE 12 Settlements: Amendment of TCGA 1992 etc

• Part 1 Settlors, Trustees and Settlements
• Part 2 Sub-fund Settlements
• Part 3 Consequential and Minor Amendments

SCHEDULE 13 Settlements: Amendments to ICTA and ITTOIA 2005 etc

• Part 1 Principal Amendments
• Part 2 Minor and Consequential Amendments

SCHEDULE 14 Investment Reliefs: Venture Capital Schemes

• Part 1 Limits on Gross Assets of Issuers of Shares or Securities
• Part 2 Rate of Relief for Investments in Venture Capital Trusts
• Part 3 Enterprise Investment Scheme: Maximum Subscriptions and Carry-Back of Relief
• Part 4 Lengthening of Periods Applicable to Venture Capital Trusts
• Part 5 Venture Capital Trusts: Meaning of “Investments”

SCHEDULE 15 Accountancy Change: Spreading of Adjustment

• Part 1 Income Tax
• Part 2 Corporation Tax

SCHEDULE 16 Real Estate Investment Trusts: Excluded Business and Income

• Part 1 Classes of Business
• Part 2 Classes of Income or Profit
• Part 3 Power to Amend
• SCHEDULE 17 Group Real Estate Investment Trusts: Modifications

SCHEDULE 18 Oil Taxation: Market Value of Oil

• Part 1 Amendments of the Oil Taxation Act 1975
• Part 2 Amendments of other Enactments
• SCHEDULE 19 Schedule to be Inserted as Schedule 19C to ICTA

SCHEDULE 20 Inheritance Tax: Rules for Trusts etc

• Part 1 “Trusts for Bereaved Minors”, “Age 18-to-25 Trusts” and “Accumulation and Maintenance” Trusts
• Part 2 Interests in Possession: when Settled Property is Part of Beneficiary's Estate
• Part 3 Related Amendments in IHTA 1984
• Part 4 Related Amendments in TCGA 1992
• Part 5 Property Subject to a Reservation
• Part 6 Conditional Exemption: Relief from Charges
• SCHEDULE 21 Taxable Property Held by Investment-regulated Pension Schemes
• SCHEDULE 22 Pension Schemes: Inheritance Tax
• SCHEDULE 23 Pension Schemes etc: Miscellaneous
• SCHEDULE 24 Stamp Duty Land Tax: Amendments of Schedule 15 to FA 2003
• SCHEDULE 25 Stamp Duty Land Tax: Amendments of Schedule 17A to FA 2003

SCHEDULE 26 Repeals

• Part 1 Excise Duties
• Part 2 Value Added Tax
• Part 3 Income Tax, Corporation Tax and Capital Gains Tax
• Part 4 Real Estate Investment Trusts
• Part 5 Oil
• Part 6 Inheritance Tax
• Part 7 Stamp Taxes
• Part 8 Miscellaneous Provisions