Search Legislation

Finance Act 2006

Changes over time for: Cross Heading: Miscellaneous

 Help about opening options

Version Superseded: 01/04/2009

Status:

Point in time view as at 21/07/2008.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Miscellaneous. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

MiscellaneousU.K.

137Insurance companiesU.K.

In section 212(1) of TCGA 1992 (annual deemed disposal of holdings of certain assets) after paragraph (b) insert— , or

(c)shares in a company to which Part 4 of the Finance Act 2006 applies (Real Estate Investment Trusts),.

138Joint venturesU.K.

(1)The Treasury may by regulations provide for this Part to apply in relation to property rental business (“the joint venture”) carried on—

(a)jointly by a company to which this Part applies and another person, or

(b)by a person in which a company to which this Part applies has an interest.

(2)The regulations may, in particular, modify or disapply a provision of this Part in its application—

(a)by virtue of this section, or

(b)in relation to a company to which this Part applies where the company also carries on business in relation to which this Part applies by virtue of this section.

(3)The regulations may, in particular, make application of this Part conditional on—

(a)a company to which this Part applies having a minimum percentage interest of a specified kind in the joint venture;

(b)an election by a company to which this Part applies.

[F1(4)Regulations may make provision having retrospective effect in respect of the calendar year in which they are made.]

Textual Amendments

F1S. 138(4) inserted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 14

139Manufactured dividendsU.K.

(1)This section applies to a manufactured dividend [F2for the purposes of the Corporation Tax Acts] if and to the extent that it is representative of a dividend paid by a company to which this Part applies in respect of profits of C (tax-exempt).

[F3(1A)Paragraph 2 of Schedule 23A to ICTA has effect with the modifications set out in subsections (2) and (2A).]

(2)[F4For sub-paragraph (2) there is substituted—]

(2)Sub-paragraphs [F5(2A) and (2B)] apply if and to the extent that a manufactured dividend is representative of a dividend in respect of profits of the tax-exempt business of a company to which Part 4 of the Finance Act 2006 applies.

(2A)The [F6Corporation] Tax Acts shall have effect in relation to the recipient, and persons claiming title through or under him, as if the manufactured dividend were a dividend to which section 121 of that Act applied.

(2B)In relation to the dividend manufacturer—

(a)if the dividend manufacturer is a company and the manufactured dividend is paid in the course of a trade carried on in the United Kingdom, it shall be treated as an expense of the trade;

(b)if the manufactured dividend is paid in connection with investment business, it shall be treated for the purposes of section 75 of this Act as expenses of management;

(c)in the case of a company carrying on life assurance business, in so far as the manufactured dividend is referable to basic life assurance and general annuity business (or is or would be, if received by the company, be treated as referable to business of that kind by virtue of section 432A) it shall be treated for the purposes of section 76 as if it were an expense payable falling to be brought into account at Step 3 of section 76(7);

(d)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2C)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2D)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2E)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F9(2A)Sub-paragraphs (6) to (8) are omitted.]

(3)F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)In this section “dividend manufacturer” and “manufactured dividend” have the meaning given by Schedule 23A to ICTA.

Textual Amendments

F2Words in s. 139(1) inserted (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1027, Sch. 1 para. 621(2) (with transitional provisions and savings in Sch. 2)

F3S. 139(1A) inserted (retrospective to 6.4.2007 and with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2009 (S.I. 2009/2859), arts. 1(1), 3(2)

F4Words in s. 139(2) substituted (retrospective to 6.4.2007 and with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2009 (S.I. 2009/2859), arts. 1(1), 3(3)

F5Words in s. 139(2) substituted (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1027, Sch. 1 para. 621(3)(a) (with transitional provisions and savings in Sch. 2)

F6Word in s. 139(2) inserted (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1027, Sch. 1 para. 621(3)(b) (with transitional provisions and savings in Sch. 2)

F7Words in s. 139(2) repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, Sch. 1 para. 621(3)(c), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F8Words in s. 139(2) repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, Sch. 1 para. 621(3)(d), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F9S. 139(2A) inserted (retrospective to 6.4.2007 and with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2009 (S.I. 2009/2859), arts. 1(1), 3(4)

F10S. 139(3)(4) repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, Sch. 1 para. 621(4), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F11S. 139(5) repealed (with effect in accordance with s. 47 of the amending Act and art. 3 of the affecting S.I.) by Finance Act 2007 (c. 11), ss. 47, 114, Sch. 14 para. 20, {Sch. 27 Pt. 2(14) Note}; S.I. 2007/2483, art. 3

F12S. 139(6) omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 35(2)(b)

140Penalties for failure to give notice, etcU.K.

At the end of the second column of the Table in section 98(5) of TMA 1970 (penalties) add—

Section 106 of FA 2006 as modified by Schedule 17 to that Act.

Section 116 of FA 2006.

Regulations under section 116 of FA 2006.

Regulations under section 122 of FA 2006.

Section 130 of FA 2006.

141Effect of deemed disposal and re-acquisitionU.K.

A deemed disposal and re-acquisition of an asset under this Part shall have effect for the purposes of any subsequent disposal of the asset (whether actual or deemed).

142InterpretationU.K.

In this Part—

(a)a reference to an asset includes a reference to—

(i)part of an asset, and

(ii)an interest in, or right in relation to, an asset,

(b)a reference to assets used in business of a company includes a reference to assets—

(i)which were acquired for the purpose of that business and which are not being used in another business,

(ii)which are available for use in that business, or

(iii)which are in any other way held in respect of, or associated or connected with, that business,

(c)company” has the meaning given by section 170(9) of TCGA 1992,

(d)international accounting standards” has the meaning given by section 50(2) of FA 2004,

(e)market value” has the same meaning as in TCGA 1992 (see sections 272 and 273 and Schedule 11), and

(f)profits” means income (except where the context otherwise requires).

143Housing investment trusts: repealU.K.

Section 160 of, and Schedule 30 to, FA 1996 (housing investment trusts) shall cease to have effect (and accordingly—

(a)sections 508A and 508B of ICTA shall cease to have effect,

(b)the amendments of section 842(1)(a) and (e) of ICTA effected by paragraph 2(2) of Schedule 30 shall cease to have effect, and

(c)section 842(1AA) of ICTA shall cease to have effect).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources