Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 546 — Section 543(1)(f): tax year in which certain expenditure treated as incurred
Section 543(1)(f): tax year in which certain expenditure treated as incurred 546 1 This section applies for the purposes of section 543(1)(f). 2 Subsection (3) applies to expenditure which is…
Section 547 — Section 543(1)(f): payment to body outside the UK
Section 543(1)(f): payment to body outside the UK 547 A payment made, or to be made, to a body situated outside the United Kingdom is non-charitable expenditure under section 543(1)(f) if— a it is…
Section 548 — Section 543(1)(i) and (j): investments and loans
Section 543(1)(i) and (j): investments and loans 548 1 Subsection (2) applies if in a tax year a charitable trust— a realises the whole or part of an investment which was made in the tax year and is…
Section 549 — Transactions with substantial donors
Transactions with substantial donors 549 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 550 — Meaning of “relievable gift”
Meaning of “relievable gift” 550 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 551 — Non-charitable expenditure in substantial donor transactions
Non-charitable expenditure in substantial donor transactions 551 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 552 — Adjustment if section 551(1) and (2) applied to single transaction
Adjustment if section 551(1) and (2) applied to single transaction 552 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 553 — Section 551: certain payments and benefits to be ignored
Section 551: certain payments and benefits to be ignored 553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 554 — Transactions: exceptions
Transactions: exceptions 554 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 555 — Donors: exceptions
Donors: exceptions 555 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 556 — Connected charities
Connected charities 556 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 557 — Substantial donor transactions: supplementary
Substantial donor transactions: supplementary 557 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 558 — Approved charitable investments
Approved charitable investments 558 1 For the purposes of section 543 “ approved charitable investment ” means an investment— a that is of a type listed in subsection (2) and is made for an allowable…
Section 559 — Securities which are approved charitable investments
Securities which are approved charitable investments 559 1 The investments to which this section applies are investments in securities— a issued or guaranteed by Her Majesty’s Government in the…
Section 560 — Conditions to be met for some securities
Conditions to be met for some securities 560 1 Section 559 does not apply to an investment by virtue of subsection (1)(b), (c) or (d) of that section unless— a condition A is met in relation to the…
Section 561 — Approved charitable loans
Approved charitable loans 561 1 A loan is an approved charitable loan for the purposes of section 543 (meaning of “non-charitable expenditure”) if it meets conditions A and B. 2 Condition A is that…
Section 562 — Excess expenditure treated as non-charitable expenditure of earlier years
Excess expenditure treated as non-charitable expenditure of earlier years 562 1 This section applies if a charitable trust's non-charitable expenditure for a tax year exceeds its available income and…
Section 563 — Rules for attributing excess expenditure to earlier years
Rules for attributing excess expenditure to earlier years 563 1 The rules in this section apply for attributing a charitable trust's excess expenditure for a tax year to earlier tax years under…
Section 564 — Adjustments in consequence of section 562
Adjustments in consequence of section 562 564 Such adjustments must be made (whether by way of the making of assessments or otherwise) as may be required in consequence of section 562.
Section 564A — Introduction
Introduction 564A 1 This Part— a contains provisions about the treatment as interest for certain income tax purposes of alternative finance return under alternative finance arrangements ... (see…
Section 564DA — Diminishing shared ownership arrangements: refinancing
Diminishing shared ownership arrangements: refinancing 564DA 1 This section applies to arrangements if under them— a a person (“ the customer ”) has a beneficial interest in an asset, b the customer…
Section 564WA — Diminishing shared ownership arrangements: further provision in respect of refinancing
Diminishing shared ownership arrangements: further provision in respect of refinancing 564WA 1 This section applies in respect of diminishing shared ownership arrangements to which 564DA applies. 2…
Section 564B — Meaning of “financial institution”
Meaning of “financial institution” 564B 1 In this Part “ financial institution ” means— a a bank, as defined by section 991, b a building society, c a wholly-owned subsidiary— i of a bank within…
Section 564C — Purchase and resale arrangements
Purchase and resale arrangements 564C 1 This section applies to arrangements if— a they are entered into between two persons (“ the first purchaser ” and “ the second purchaser ”), and— i at least…
Section 564D — Diminishing shared ownership arrangements : initial acquisition
Diminishing shared ownership arrangements : initial acquisition 564D 1 This section applies to arrangements if under them— a a person (“ the financier ”) acquires a beneficial interest in an asset,…
Section 564E — Deposit arrangements
Deposit arrangements 564E 1 This section applies to arrangements if under them— a a person (“the depositor”) deposits money with a financial institution, b the money, together with money deposited…
Section 564F — Profit share agency arrangements
Profit share agency arrangements 564F 1 This section applies to arrangements if under them— a a person (“ the principal ”) appoints an agent, b one or both of the principal and agent is a financial…
Section 564G — Investment bond arrangements
Investment bond arrangements 564G 1 This section applies to arrangements if— a they provide for one person (“the bond-holder”) to pay a sum of money (“the capital”) to another (“the bond-issuer”), b…
Section 564H — Provision not at arm's length: exclusion of arrangements from sections 564C to 564G
Provision not at arm's length: exclusion of arrangements from sections 564C to 564G 564H 1 Arrangements to which this section applies are not— a purchase and resale arrangements, b diminishing shared…
Section 564I — Purchase and resale arrangements
Purchase and resale arrangements 564I 1 In the case of purchase and resale arrangements, so much of the second purchase price as is specified under the following provisions of this section is…
Section 564J — Purchase and resale arrangements where return in foreign currency
Purchase and resale arrangements where return in foreign currency 564J 1 If, in the case of purchase and resale arrangements, alternative finance return is paid in a currency other than sterling— a…
Section 564K — Diminishing shared ownership arrangements
Diminishing shared ownership arrangements 564K 1 In the case of diminishing shared ownership arrangements, payments by the customer under the arrangements are alternative finance return for the…
Section 564L — Other arrangements
Other arrangements 564L 1 In the case of deposit arrangements, amounts paid or credited as mentioned in section 564E(1)(c) by a financial institution under the arrangements (payments to depositor out…
Section 564M — Treatment of alternative finance return as interest for ITTOIA 2005
Treatment of alternative finance return as interest for ITTOIA 2005 564M 1 Alternative finance return is treated as interest for the purposes of ITTOIA 2005. 2 References to interest in section 380…
Section 564N — Alternative finance return under arrangements for trade or property business purposes
Alternative finance return under arrangements for trade or property business purposes 564N 1 This section applies so far as a person is a party to alternative finance arrangements for the purposes…
Section 564O — Relief for some alternative finance return under Chapter 1 of Part 8 etc
Relief for some alternative finance return under Chapter 1 of Part 8 etc 564O 1 Chapter 1 of Part 8 of this Act (interest payments) has effect as if— a purchase and resale arrangements involved the…
Section 564P — Tax relief schemes and arrangements
Tax relief schemes and arrangements 564P Section 809ZG (tax relief schemes and arrangements) applies to alternative finance return as it applies to interest.
Section 564Q — Deduction of income tax at source under Part 15
Deduction of income tax at source under Part 15 564Q 1 Chapter 2 of Part 15 and section 876 (deduction of income tax at source: exception for deposit-takers ), and Chapter 19 of that Part so far as…
Section 564R — Treatment of discount
Treatment of discount 564R 1 This section applies if any part of the additional payments in respect of investment bond arrangements is excluded from being alternative finance return by section…
Section 564S — Treatment of bond-holder and bond-issuer
Treatment of bond-holder and bond-issuer 564S 1 This section applies for the purposes of the Income Tax Acts and irrespective of the position for other purposes. 2 The bond-holder under investment…
Section 564T — Treatment as securities
Treatment as securities 564T 1 Investment bond arrangements are securities for the purposes of the Income Tax Acts (including Chapters 1 to 5 of Part 7 of ITEPA 2003). 2 For those purposes— a a…
Section 564U — Arrangements not unit trust scheme or offshore fund
Arrangements not unit trust scheme or offshore fund 564U Investment bond arrangements are not— a a unit trust scheme for the purposes of section 1007 of this Act, or b an offshore fund for the…
Section 564V — Exclusion of alternative finance return from consideration for sale of assets
Exclusion of alternative finance return from consideration for sale of assets 564V 1 If under purchase and resale arrangements an asset is sold by one party to the arrangements to the other party,…
Section 564W — Diminishing shared ownership arrangements not partnerships
Diminishing shared ownership arrangements not partnerships 564W Diminishing shared ownership arrangements are not treated as a partnership for the purposes of the Income Tax Acts.
Section 564X — Treatment of principal under profit share agency arrangements
Treatment of principal under profit share agency arrangements 564X 1 The principal under profit share agency arrangements is not treated for the purposes of the Income Tax Acts as entitled to profits…
Section 564Y — Provision not at arm's length: relevant return
Provision not at arm's length: relevant return 564Y 1 This section applies if arrangements to which section 564H (provision not at arm's length: exclusion of arrangements from sections 564C to 564G)…
Section 565 — Overview of Part
Overview of Part 565 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 566 — Meaning of “UK shares” and “UK securities”
Meaning of “UK shares” and “UK securities” 566 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 567 — Meaning of “overseas shares”, “overseas securities” and “overseas dividend”
Meaning of “overseas shares”, “overseas securities” and “overseas dividend” 567 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 568 — Meaning of “stock lending arrangement”
Meaning of “stock lending arrangement” 568 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .