Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 307C — Excluded activities: producing steel
Excluded activities: producing steel 307C In section 303(1)(ic) “ steel ” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the…
Section 308 — Excluded activities: hotels and comparable establishments
Excluded activities: hotels and comparable establishments 308 1 This section supplements section 303(1)(j). 2 The reference to a comparable establishment is to a guest house, hostel or other…
Section 309 — Excluded activities: nursing homes and residential care homes
Excluded activities: nursing homes and residential care homes 309 1 This section supplements section 303(1)(k). 2 “ Nursing home ” means any establishment which exists wholly or mainly for the…
Section 309A — Excluded activities: ... export of electricity
Excluded activities: ... export of electricity 309A 1 This section supplements section 303(1)(ka). 2 Electricity is exported if it is exported onto a distribution system or transmission system…
Section 309B — Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel 309B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 310 — Excluded activities: provision of services or facilities for another business
Excluded activities: provision of services or facilities for another business 310 1 Providing services or facilities for a business carried on by another person (other than a company of which the…
Section 311 — Power to amend Chapter
Power to amend Chapter 311 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 312 — Winding up of the relevant company
Winding up of the relevant company 312 None of the requirements of this Chapter is to be regarded, at a time when the relevant company is being wound up, as being, on that account, a requirement that…
Section 312A — Power to require information relating to disqualifying arrangements
Power to require information relating to disqualifying arrangements 312A 1 Subsection (2) applies if an officer of Revenue and Customs has reason to believe that the relevant company has issued the…
Section 313 — Interpretation of Chapter
Interpretation of Chapter 313 1 In this Chapter — “ the investing company ” has the meaning given by section 286(1), “ the relevant company ” has the meaning given by section 286(1), and “ the…
Section 314 — Power to treat VCT-in-liquidation as VCT
Power to treat VCT-in-liquidation as VCT 314 1 Regulations may make provision for tax enactments specified by the regulations to have effect as if— a a VCT-in-liquidation that is not a VCT were, or…
Section 315 — Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation
Power to treat conditions for VCT approval as met with respect to VCT-in-liquidation 315 1 Regulations may make provision for conditions mentioned in section 274(2) (conditions for approval as a VCT)…
Section 316 — Power to make provision about distributions by VCT-in-liquidation
Power to make provision about distributions by VCT-in-liquidation 316 1 Regulations may make provision for tax enactments specified by the regulations— a to apply in relation to distributions from a…
Section 317 — Power to facilitate disposal to VCT by VCT-in-liquidation
Power to facilitate disposal to VCT by VCT-in-liquidation 317 1 Regulations may make provision authorised by subsection (2) for cases where shares in or securities of a company are acquired by a VCT…
Section 318 — Power in respect of periods before and after winding up
Power in respect of periods before and after winding up 318 1 Any power under sections 314 to 317 to make provision in relation to a VCT-in-liquidation includes power to make corresponding or similar…
Section 319 — Sections 314 to 318: supplementary
Sections 314 to 318: supplementary 319 1 Provision made by regulations under sections 314 to 318 applies in cases, and subject to conditions, specified by regulations. 2 Such provision may (but need…
Section 320 — Meaning of “VCT-in-liquidation”
Meaning of “VCT-in-liquidation” 320 1 In this Chapter “ VCT-in-liquidation ” means a company— a that is being wound up (whether or not under the law of a part of the United Kingdom and whether under…
Section 321 — Power to facilitate mergers of VCTs
Power to facilitate mergers of VCTs 321 1 Regulations may make provision authorised by section 322 for cases where— a there is a merger of two or more companies each of which is a VCT immediately…
Section 322 — Provision that may be made by regulations under section 321
Provision that may be made by regulations under section 321 322 1 The provision that may be made under section 321(1) for a case where there is a merger of two or more companies (“the merging…
Section 323 — Meaning of “merger” and “successor company”
Meaning of “merger” and “successor company” 323 1 For the purposes of this Chapter there is a merger of two or more companies (“the merging companies”) if— a shares in one of the merging companies…
Section 324 — Regulations under Chapter
Regulations under Chapter 324 1 Regulations under this Chapter may— a contain such administrative provisions (including provision for advance clearance and provision for the withdrawal of clearances)…
Section 325 — Interpretation of Chapter
Interpretation of Chapter 325 In this Chapter— “ regulations ” means regulations made by the Treasury, and “ tax enactments ” means provisions of or made under— the Tax Acts, TCGA 1992 or any other…
Section 326 — Restructuring to which sections 326A, 327 and 327A apply
Restructuring to which sections 326A, 327 and 327A apply 326 1 Sections 326A, 327 and 327A apply if— a arrangements are made for a company (“the new company”) to acquire all the shares (“old shares”)…
Section 326A — Certain requirements of Chapter 3 to be treated as met
Certain requirements of Chapter 3 to be treated as met 326A 1 If this section applies, subsections (2) to (6) have effect to determine the extent to which, and the time for which, the following…
Section 327 — Certain requirements of Chapter 4 to be treated as met
Certain requirements of Chapter 4 to be treated as met 327 1 If this section applies, subsections (2) to (8) have effect to determine the extent to which, and the times for which, the requirements of…
Section 327A — Follow-on funding
Follow-on funding 327A 1 Subsections (2) and (3) apply where— a this section applies (see section 326(1)), b the acquisition by the new company of all the old shares, which is provided for by the…
Section 328 — Supplementary
Supplementary 328 1 Subject to subsection (2), references in sections 326 and 327 and this section, except in the expression “subscriber shares”, to shares in a company include references to any…
Section 329 — Conversion of convertible shares and securities
Conversion of convertible shares and securities 329 1 This section applies if— a shares have been issued to a company (“the investing company”) by the exercise by it of any right of conversion…
Section 330 — Power to facilitate company reorganisations etc involving exchange of shares
Power to facilitate company reorganisations etc involving exchange of shares 330 1 The Treasury may by regulations make provision for cases where— a a holding of shares or securities that meets the…
Section 330A — Nominees
Nominees 330A Shares subscribed for, issued to, held by or disposed of for an individual by a nominee are treated for the purposes of this Part as subscribed for, issued to, held by or disposed of by…
Section 330B — Powers to amend Chapters 3 and 4 by Treasury regulations
Powers to amend Chapters 3 and 4 by Treasury regulations 330B 1 The Treasury may by regulations add to, repeal or otherwise amend any provision of Chapter 3 or 4. 2 Regulations under this section…
Section 331 — Meaning of a company being “in administration” or “in receivership”
Meaning of a company being “in administration” or “in receivership” 331 1 References in this Part to a company being “in administration” or “in receivership” are to be read as follows. 2 A company is…
Section 331A — Meaning of “knowledge-intensive company”
Meaning of “knowledge-intensive company” 331A 1 For the purposes of this Part, the relevant company is a “knowledge-intensive company” at the applicable time if the company meets— a one or both of…
Section 331B — Knowledge-intensive company reaching turnover of £200,000
Knowledge-intensive company reaching turnover of £200,000 331B 1 This section has effect for the purposes of sections 280C(3)(a)(ii) and 294A(2)(a)(ii) (alternative initial investing period in case…
Section 331C — Meaning of “specified Northern Ireland company”
Meaning of “specified Northern Ireland company” 331C For the purposes of this Part, a “ specified Northern Ireland company ” means a company that— a has its registered office in Northern Ireland, and…
Section 332 — Minor definitions etc
Minor definitions etc 332 In this Part— “ associate ” has the meaning given by section 253, “ company ” includes any body corporate or unincorporated association but does not include a partnership,…
Section 333 — Meaning of “CITR”
Meaning of “CITR” 333 This Part provides for community investment tax relief (“CITR”), that is, entitlement to tax reductions in respect of amounts invested by individuals in community development…
Section 334 — Eligibility for CITR
Eligibility for CITR 334 1 An individual (“the investor”) who makes an investment (“the investment”) in a body is eligible for CITR in respect of the investment if— a that body is accredited as a…
Section 335 — Form and amount of CITR
Form and amount of CITR 335 1 If the investor is eligible for CITR in respect of the investment, the investor may make a claim in respect of the investment for any one or more of the relevant tax…
Section 335A — Carry forward of CITR
Carry forward of CITR 335A 1 This section applies if— a the investor is entitled to a tax reduction for a relevant tax year under section 335 in respect of the investment, but b the amount of the tax…
Section 336 — Meaning of “making an investment”
Meaning of “making an investment” 336 1 For the purposes of this Part, an individual makes an investment in a body at any time when— a the individual makes a loan (whether secured or unsecured) to…
Section 337 — Determination of “the invested amount”
Determination of “the invested amount” 337 1 This section applies for the purpose of determining “the invested amount” in respect of any loan, securities or shares included in the investment. This is…
Section 338 — Meaning of “the 5 year period” and “the investment date”
Meaning of “the 5 year period” and “the investment date” 338 In this Part— “ the 5 year period ” means the period of 5 years beginning with the investment date, and “ the investment date ” means the…
Section 339 — Overview of other Chapters of Part
Overview of other Chapters of Part 339 In this Part— a Chapter 5 provides for the making of claims for CITR and the attribution of CITR to investments, b Chapter 6 provides for CITR to be withdrawn…
Section 340 — Application and criteria for accreditation
Application and criteria for accreditation 340 1 Applications for accreditation as a community development finance institution must be made to the Secretary of State in the form and manner specified…
Section 341 — Terms and conditions of accreditation
Terms and conditions of accreditation 341 1 An accreditation under this Chapter must— a be made on— i any terms required by regulations, and ii any other terms the Secretary of State considers…
Section 342 — Period of accreditation
Period of accreditation 342 1 An accreditation has effect for a period (an “accreditation period”) of 3 years beginning on the day specified in the accreditation. 2 Subject to subsection (4), the…
Section 343 — Delegation of Secretary of State's functions
Delegation of Secretary of State's functions 343 The Secretary of State may delegate any functions conferred on the Secretary of State by or under this Chapter.
Section 344 — Qualifying investments: introduction
Qualifying investments: introduction 344 For the purposes of this Part the investment is a “qualifying investment” in the CDFI if— a the investment consists of— i a loan in relation to which the…
Section 345 — Conditions to be met in relation to loans
Conditions to be met in relation to loans 345 1 Condition A of this section is that either— a the CDFI receives from the investor, on the investment date, the full amount of the loan, or b if the…