Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 346 — Conditions to be met in relation to securities
Conditions to be met in relation to securities 346 1 Condition A of this section is that the securities must be— a subscribed for wholly in cash, and b fully paid for on the investment date. 2…
Section 347 — Conditions to be met in relation to shares
Conditions to be met in relation to shares 347 1 Condition A of this section is that the shares must be— a subscribed for wholly in cash, and b fully paid up on the investment date. 2 Condition B is…
Section 348 — Tax relief certificates
Tax relief certificates 348 1 A “ tax relief certificate ” means a certificate issued by the CDFI in respect of the investment which is in the form specified by the Commissioners for Her Majesty's…
Section 349 — No pre-arranged protection against risks
No pre-arranged protection against risks 349 1 Any arrangements— a under which the investment is made, or b made, before the investor makes the investment, in relation to or in connection with the…
Section 350 — No control of CDFI by investor
No control of CDFI by investor 350 1 The investor must not control the CDFI at any time during the 5 year period. 2 In this section references to the investor include any person connected with the…
Section 351 — Investor must have beneficial ownership
Investor must have beneficial ownership 351 1 The investor must be the sole beneficial owner of the investment when it is made. 2 If the investment consists of a loan, the person beneficially…
Section 352 — No acquisition of share in partnership
No acquisition of share in partnership 352 1 If the CDFI is a partnership, the investment must not consist of or include any amount of capital contributed by the investor on becoming a member of the…
Section 353 — No tax avoidance purpose
No tax avoidance purpose 353 The investment must not be made as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
Section 354 — Loans: no claim after disposal or excessive repayments or receipts of value
Loans: no claim after disposal or excessive repayments or receipts of value 354 1 If the investment consists of a loan, no claim may be made in respect of a tax year if— a the investor disposes of…
Section 355 — Securities or shares: no claim after disposal or excessive receipts of value
Securities or shares: no claim after disposal or excessive receipts of value 355 1 If the investment consists of securities or shares, a claim made in respect of a tax year must relate only to those…
Section 356 — No claim after loss of accreditation by the CDFI
No claim after loss of accreditation by the CDFI 356 1 If the CDFI ceases to be accredited under Chapter 2 with effect from a time ... within the 5 year period, no claim for CITR relating to the…
Section 357 — Attribution: general
Attribution: general 357 1 In this Part references to the CITR attributable to any loan, securities or shares in respect of a tax year are read as references to the reduction which— a is made in the…
Section 358 — Attribution: bonus shares
Attribution: bonus shares 358 1 This section applies if— a corresponding bonus shares are issued to the investor in respect of any shares (“the original shares”) included in the investment, and b the…
Section 359 — Overview of Chapter
Overview of Chapter 359 1 This Chapter provides for CITR to be withdrawn or reduced under— a section 360 (disposal of loan during 5 year period), b section 361 (disposal of securities or shares…
Section 360 — Disposal of loan during 5 year period
Disposal of loan during 5 year period 360 1 If the investment consists of a loan and within the 5 year period— a the investor disposes of the whole of the investment, otherwise than by way of a…
Section 361 — Disposal of securities or shares during 5 year period
Disposal of securities or shares during 5 year period 361 1 This section applies if the investment consists of securities or shares and— a the investor disposes of the whole or any part of the…
Section 362 — Repayment of loan capital during 5 year period
Repayment of loan capital during 5 year period 362 1 If the investment consists of a loan and— a the average capital balance of the loan for the third, fourth or final year of the 5 year period is…
Section 363 — Value received by investor during 6 year period: loans
Value received by investor during 6 year period: loans 363 1 This section applies if the investment consists of a loan and the investor receives any value (other than an amount of insignificant…
Section 364 — Value received by investor during 6 year period: securities or shares
Value received by investor during 6 year period: securities or shares 364 1 This section applies if the investment consists of securities or shares and— a the investor receives any value (other than…
Section 365 — Receipts of insignificant value to be added together
Receipts of insignificant value to be added together 365 1 This section applies if— a value is received (“the relevant receipt”) by the investor from the CDFI at any time during the 6 year period…
Section 366 — When value is received
When value is received 366 1 For the purposes of this Chapter the investor receives value from the CDFI at any time when the CDFI— a repays, redeems or repurchases any securities or shares included…
Section 367 — The amount of value received
The amount of value received 367 In a case falling within a provision listed in column 1 of the following table, the amount of value received for the purposes of this Chapter is given by the…
Section 368 — Value received if there is more than one investment
Value received if there is more than one investment 368 1 This section applies if— a the investor makes two or more investments in the CDFI, b the investor is eligible for and claims CITR in respect…
Section 369 — Effect of receipt of value on future claims for CITR
Effect of receipt of value on future claims for CITR 369 1 This section applies if the investment consists of securities or shares and— a the investor receives any value (other than an amount of…
Section 370 — Receipts of value by or from connected persons
Receipts of value by or from connected persons 370 In sections 363 to 369, if the context permits, references to the investor or the CDFI include references to any person who at any time in the 6…
Section 371 — CITR subsequently found not to have been due
CITR subsequently found not to have been due 371 If any CITR has been obtained which is subsequently found not to have been due, the CITR must be withdrawn.
Section 372 — Manner of withdrawal or reduction of CITR
Manner of withdrawal or reduction of CITR 372 1 This section applies if any CITR has been obtained which falls to be withdrawn or reduced under this Chapter. 2 The CITR must be withdrawn or reduced…
Section 372A — Meaning of “loan” and “interest”
Meaning of “loan” and “interest” 372A 1 In this Part and regulations made under Chapter 2 of this Part— a references to a “loan” include references to alternative finance arrangements, and b…
Section 372B — Purchase and resale arrangements
Purchase and resale arrangements 372B 1 This section applies if, under arrangements to which section 564C applies, a person (“the first purchaser”) purchases an asset that is sold to another person…
Section 372C — Deposit arrangements
Deposit arrangements 372C 1 This section applies if, under arrangements to which section 564E applies, a person (“the depositor”) deposits money with a financial institution. 2 This Part and…
Section 372D — Profit share agency arrangements
Profit share agency arrangements 372D 1 This section applies if, under arrangements to which section 564F applies, a person (“ the principal ”) appoints a financial institution as agent. 2 This Part…
Section 373 — Information to be provided by the investor
Information to be provided by the investor 373 1 If— a the investor has obtained CITR in respect of the investment, and b an event occurs because of which CITR attributable to the investment in…
Section 374 — Disclosure
Disclosure 374 1 No obligation as to secrecy or other restriction on the disclosure of information imposed by statute or otherwise prevents the disclosure of information— a by the Secretary of State…
Section 375 — Nominees
Nominees 375 1 For the purposes of this Part— a loans made by or to, or disposed of by, a nominee for a person are treated as made by or to, or disposed of by, that person, and b securities or shares…
Section 376 — Application for postponement of tax pending appeal
Application for postponement of tax pending appeal 376 No application may be made under section 55(3) or (4) of TMA 1970 (application for postponement of payment of tax pending appeal) on the ground…
Section 377 — Identification of securities or shares on a disposal
Identification of securities or shares on a disposal 377 1 This section applies for the purpose of identifying the securities or shares disposed of in any case where— a the investor disposes of part…
Section 378 — Meaning of “issue of securities or shares”
Meaning of “issue of securities or shares” 378 1 In this Part— a references (however expressed) to an issue of securities of any body are to such securities of that body as carry the same rights and…
Section 379 — Meaning of “disposal”
Meaning of “disposal” 379 1 Subject to subsection (2), in this Part “disposal” is read in accordance with TCGA 1992, and related expressions are read accordingly. 2 An investor is treated as…
Section 380 — Construction of references to being “held continuously”
Construction of references to being “held continuously” 380 1 This section applies if for the purposes of this Part it becomes necessary to determine whether the investor has held the investment (or…
Section 381 — Meaning of “associate”
Meaning of “associate” 381 1 In this Part “ associate ”, in relation to a person, means— a any relative or partner of that person, b the trustee or trustees of any settlement in relation to which…
Section 382 — Minor definitions etc
Minor definitions etc 382 1 In this Part— “ body ” includes an unincorporated association, and “ bonus shares ” means shares which are issued otherwise than for payment (whether in cash or…
Section 383 — Relief for interest payments
Relief for interest payments 383 1 A person who pays interest in a tax year is entitled to relief for the tax year for the interest if— a the loan on which the interest is payable is a loan to which…
Section 384 — General restrictions on relief under Chapter
General restrictions on relief under Chapter 384 1 Relief is not to be given under this Chapter for interest on a debt incurred— a by overdrawing an account, or b by debiting the account of any…
Section 384A — Restriction on relief where arrangements minimise risk to borrower
Restriction on relief where arrangements minimise risk to borrower 384A 1 Relief is not to be given under this Chapter for interest paid by a person on a loan if— a the loan is made to the person (“…
Section 384B — Restriction on relief where cash basis applies
Restriction on relief where cash basis applies 384B 1 Relief is not to be given under this Chapter for a tax year for interest paid by a person on a relevant loan if the partnership to which the loan…
Section 385 — General provisions about loans
General provisions about loans 385 1 References in this Chapter to a loan being used or used in any way— a are references to the money lent being applied or, as the case may be, applied in that way,…
Section 386 — Loans partly meeting requirements
Loans partly meeting requirements 386 1 If, at the time a loan (“the mixed loan”) is used, only part of the mixed loan is a loan to which any of the provisions specified in section 383(2) apply, for…
Section 387 — Exclusion of double relief etc
Exclusion of double relief etc 387 1 Interest for which relief is given under this Chapter is not allowable as a deduction for any other income tax purposes. 2 No relief is given under this Chapter…
Section 388 — Loan to buy plant or machinery for partnership use
Loan to buy plant or machinery for partnership use 388 1 This section applies to a loan that is used for capital expenditure on the provision of plant or machinery to which subsection (2) applies. 2…
Section 389 — Eligibility requirements for interest on loans within section 388
Eligibility requirements for interest on loans within section 388 389 1 Interest on a loan within section 388(1) is eligible for relief if conditions A and B are met. 2 Condition A is that the…