Finance (No. 2) Act 2005 (Version in vigour from 2021-02-25 to )

Consolidated Text

Cited authorities (70)

Cited in

Currency	No known outstanding effects
Coming into Force	25 February 2021
commencementStatus	In Force

Contenidos

Finance (No. 2) Act 2005
Part 1: Value added tax

1: Goods subject to warehousing regime: place of acquisition or supply
2: Cars: determination of consideration for fuel supplied for private use

3: Credit for, or repayment of, overstated or overpaid VAT

4: Section 3: consequential and supplementary provision

5: Reverse charge: gas and electricity valuation

6: Disclosure of value added tax avoidance schemes

Part 2: Income tax, corporation tax and capital gains tax

Social security pension lump sums

7: Charge to income tax on lump sum
8: Meaning of “applicable year of assessment” in section 7
9: Interpretation and commencement
10: Consequential amendments

Gift aid

11: Donations to charity by individuals

Employee securities

12: Employee securities: anti-avoidance

13: Corporation tax exemption for organisations
14: Income tax deduction for payments to organisations

15: Corporation tax deduction for payments to organisations

16: Open-ended investment companies
17: Authorised unit trusts and open-ended investment companies

18: Section 17(3): specific powers

19: Section 17: commencement and procedure

20: Unauthorised unit trusts: chargeable gains

21: Unit trusts: treatment of accumulation units

22: Section 349B ICTA: exemption for distributions to PEP/ISA managers

23: Offshore funds
24: Deduction cases
25: Rules relating to deductions
26: Receipts cases
27: Rule as to qualifying payment
28: Notices under sections 24 and 26
29: Amendments relating to company tax returns
30: Interpretation
31: Commencement
Residence, location of assets etc

32: Temporary non-residents
33: Trustees both resident and non-resident in a year of assessment
34: Location of assets etc

Miscellaneous

35: Exercise of options etc
36: Notional transfers within a group

Accounting practice and related matters

37: Accounting practice and related matters

Financial avoidance etc

38: Charges on income for the purposes of corporation tax
39: Avoidance involving financial arrangements

Financing of companies etc

40: Transfer pricing and loan relationships

Intangible fixed assets

41: Intangible fixed assets

Insurance companies etc

42: Insurance companies etc

International matters

43: Implementation of the amended Parent/Subsidiary Directive
44: Territories with a lower level of taxation: reduction of amount of local tax

Miscellaneous

45: Lloyd's underwriters: assessment and collection of tax
46: Energy Act 2004 and Health Protection Agency Act 2004

Part 3: Stamp taxes

Stamp duty land tax

47: E-conveyancing
48: Disclosure of information contained in land transaction returns
49: Miscellaneous amendments

Stamp duty and stamp duty reserve tax

50: Power to extend exceptions relating to recognised exchanges

Part 4: European company statute

51: Chargeable gains

52: Intangible fixed assets

53: Intangible fixed assets: permanent establishment in another member State

54: Loan relationships

55: Derivative contracts
56: Capital allowances

57: Stamp duty reserve tax

58: Bearer instruments: stamp duty and stamp duty reserve tax

59: Consequential amendments

60: Residence
61: Continuity for transitional purposes
62: Groups

63: Groups: intangible fixed assets
64: Held-over gains

65: Restrictions on set-off of pre-entry losses

Part 5: Miscellaneous matters

66: Vehicle excise duty: late renewal supplements

67: Reorganisation of water and sewerage services in Northern Ireland

68: EU Mutual Assistance Directive: notifications
69: Abolition of statutory adjudicator for National Savings and Investments

Part 6: Supplementary provisions

70: Repeals

71: Interpretation
72: Short title

SCHEDULES

SCHEDULE 1 Section 6
Disclosure of value added tax avoidance schemes

Introduction
Interpretative provisions
Duty to notify Commissioners
Amount of penalty
Penalty assessments

SCHEDULE 2 Section 12
Employee securities: anti-avoidance

Introductory
Rights under certain insurance contracts to be securities
Restricted securities
Convertible securities
Securities acquired for less than market value
Post-acquisition benefits from securities
Corporation tax relief: minor and consequential amendments

SCHEDULE 3 Section 24
Qualifying scheme

Part 1: Introductory
Part 2: Schemes involving hybrid entities
Part 3: Schemes involving hybrid effect
Part 4: Schemes involving hybrid effect and connected persons

SCHEDULE 4 Section 34
Chargeable gains: location of assets etc

Part 1: Location of assets
Part 2: Minor amendments: non-resident company with UK permanent establishment
Part 3: Commencement

SCHEDULE 5 Section 35
Chargeable gains: options

Part 1: Application of market value rule in case of exercise of option
Part 2: Miscellaneous amendments relating to share options etc
Part 3: Commencement

SCHEDULE 6 Section 37
Accounting practice and related matters

Adjustment on change of accounting basis
Meaning of “statutory insolvency arrangement”
Minor corrections
Deemed release of liability on impaired debt becoming held by connected company
Adjustment on change to international accounting standards: bad debt debits formerly disallowed
Loan relationships with embedded derivatives
Exchange gains and losses

SCHEDULE 7 Section 39
Avoidance involving...

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