Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 614A — Overview of Part
Overview of Part 614A 1 This Part makes provision for the purposes of income tax about the taxation of leasing arrangements. 2 Chapter 2 makes provision in relation to certain arrangements involving…
Section 614AA — Normal rent
Normal rent 614AA 1 For the purposes of this Part, the “normal rent” in respect of a lease for a period of account of the lessor (“L”) is the amount specified in subsection (2). 2 That amount is the…
Section 614BA — Purposes of this Chapter
Purposes of this Chapter 614BA 1 This section sets out the main purposes of this Chapter where there are any arrangements to which this Chapter applies. 2 The first main purpose is to charge any…
Section 614CA — Purpose of this Chapter
Purpose of this Chapter 614CA 1 The main purpose of this Chapter where there are arrangements to which this Chapter applies is to charge a person entitled to the lessor's interest under the lease of…
Section 614DA — Time apportionment where periods of account do not coincide
Time apportionment where periods of account do not coincide 614DA 1 Subsection (2) applies if a period of account of the lessor (“L”) does not coincide with a period of account of a person connected…
Section 614ZA — Overview of Part
Overview of Part 614ZA This Part deals with the application of the Income Tax Acts to manufactured payment relationships and payments representative of dividends or interest.
Section 614AB — Accountancy rental earnings
Accountancy rental earnings 614AB 1 For the purposes of this Part, the “accountancy rental earnings” in respect of a lease for a period of account of the lessor (“L”) is the greatest of the amounts…
Section 614B — Arrangements to which this Chapter applies
Arrangements to which this Chapter applies 614B 1 This Chapter applies to arrangements involving the lease of an asset that meet conditions A and B. 2 Condition A is that in accordance with generally…
Section 614BB — Application of this Chapter
Application of this Chapter 614BB 1 This Chapter applies if— a a lease of an asset is or has been granted, and b the conditions in section 614BC are or have been met in relation to the lease at some…
Section 614CB — Leases to which this Chapter applies
Leases to which this Chapter applies 614CB 1 This Chapter applies if— a a lease of an asset is or has been granted on or after 26 November 1996, b the lease forms part of a post-25 November 1996…
Section 614DB — Periods of account and related periods of account and tax years
Periods of account and related periods of account and tax years 614DB 1 In this Part “ period of account ” means a period for which accounts are made up. 2 Except for the purposes of sections 614BB…
Section 614ZB — Key definitions
Key definitions 614ZB 1 For the purposes of the Income Tax Acts a person has a manufactured payment relationship if conditions A to C are met. 2 Condition A is that under any arrangements— a an…
Section 614AC — Rental earnings
Rental earnings 614AC 1 In this Part “the rental earnings” for any period in respect of a lease of an asset in the case of any person or any consolidated group accounts is the amount specified in…
Section 614BC — The conditions referred to in section 614BB(1)
The conditions referred to in section 614BB(1) 614BC 1 This section sets out the conditions required by section 614BB(1) to be met for this Chapter to apply (conditions A to E). 2 Condition A is that…
Section 614C — Introduction to Chapter
Introduction to Chapter 614C 1 This Chapter applies to arrangements involving the lease of an asset that— a fall to be treated, in accordance with generally accepted accounting practice, as a finance…
Section 614CC — Current lessor taxed by reference to accountancy rental earnings
Current lessor taxed by reference to accountancy rental earnings 614CC 1 This section applies if, in the case of any period of account of the current lessor (“L”)— a this Chapter applies in relation…
Section 614DC — Connected persons
Connected persons 614DC 1 For the purposes of this Part in its application as a result of any leasing arrangements, if a person (“A”) is connected with another (“B”) at some time during the relevant…
Section 614ZC — Treatment of payer of manufactured payment
Treatment of payer of manufactured payment 614ZC 1 This section applies where a person has a manufactured payment relationship under which a manufactured payment is paid by or on behalf of the…
Section 614BD — Provisions supplementing section 614BC
Provisions supplementing section 614BC 614BD 1 In section 614BC— “ the relevant tax year ”, in relation to a major lump sum, means— the tax year which is related to the period of account of the…
Section 614CD — Application of provisions of Chapter 2 for purposes of this Chapter
Application of provisions of Chapter 2 for purposes of this Chapter 614CD Sections 614BG to 614BQ apply for the purposes of this Chapter as they apply for the purposes of Chapter 2, but taking the…
Section 614D — Pre-26 November 1996 schemes and post-25 November 1996 schemes
Pre-26 November 1996 schemes and post-25 November 1996 schemes 614D 1 For the purposes of this Part, a lease of an asset— a forms part of a pre-26 November 1996 scheme if (and only if) the conditions…
Section 614DD — Assets which represent the leased asset
Assets which represent the leased asset 614DD 1 For the purposes of this Part, the assets described in subsection (2) are treated as representing the leased asset. 2 Those assets are— a any asset…
Section 614ZD — Treatment of recipient of manufactured payment
Treatment of recipient of manufactured payment 614ZD 1 Subsection (2) applies if a person has a manufactured payment relationship under which a manufactured payment is payable to the person. 2 For…
Section 614BE — The arrangements and circumstances referred to in section 614BC(8)
The arrangements and circumstances referred to in section 614BC(8) 614BE 1 The arrangements referred to in section 614BC(8)(a) are arrangements under which— a the lessee or a person connected with…
Section 614DE — Parent undertakings and consolidated group accounts
Parent undertakings and consolidated group accounts 614DE 1 This Part has effect in relation to a body corporate that— a is a parent undertaking, but b for accounting purposes is not required to…
Section 614BF — Current lessor taxed by reference to accountancy rental earnings
Current lessor taxed by reference to accountancy rental earnings 614BF 1 This section applies if, in the case of any period of account of the current lessor (“L”)— a this Chapter applies in relation…
Section 614DF — Assessments and adjustments
Assessments and adjustments 614DF All such assessments and adjustments must be made as are necessary to give effect to this Part.
Section 614BG — Reduction of taxable rent by cumulative rental excesses: introduction
Reduction of taxable rent by cumulative rental excesses: introduction 614BG 1 This section and sections 614BH to 614BK provide for reductions of the taxable rent of a current lessor (“L”) under a…
Section 614DG — Interpretation
Interpretation 614DG In this Part, unless the context otherwise requires— “ accountancy rental earnings ” has the meaning given by section 614AB(1), “accountancy rental excess” is to be read— for the…
Section 614BH — Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
Meaning of “accountancy rental excess” and “cumulative accountancy rental excess” 614BH 1 For the purposes of this Chapter, there is an “ accountancy rental excess ” in relation to the lease for a…
Section 614BI — Reduction of taxable rent by the cumulative accountancy rental excess
Reduction of taxable rent by the cumulative accountancy rental excess 614BI 1 This section applies if a period of account of the current lessor (“L”) is one for which— a the normal rent in relation…
Section 614BJ — Meaning of “normal rental excess” and “cumulative normal rental excess”
Meaning of “normal rental excess” and “cumulative normal rental excess” 614BJ 1 For the purposes of this Chapter, there is a “ normal rental excess ” in relation to a lease for any period of account…
Section 614BK — Reduction of taxable rent by the cumulative normal rental excess
Reduction of taxable rent by the cumulative normal rental excess 614BK 1 This section applies if a period of account of the current lessor (“L”) is one for which— a the taxable rent in relation to…
Section 614BL — Relief for bad debts: reduction of cumulative accountancy rental excess
Relief for bad debts: reduction of cumulative accountancy rental excess 614BL 1 This section applies if in relation to the lease for any period of account of the current lessor— a there is a…
Section 614BM — Recovery of bad debts following reduction under section 614BL
Recovery of bad debts following reduction under section 614BL 614BM 1 This section applies if in relation to the lease— a the cumulative accountancy rental excess for any period of account of the…
Section 614BN — Relief for bad debts: reduction of cumulative normal rental excess
Relief for bad debts: reduction of cumulative normal rental excess 614BN 1 This section applies if in relation to the lease for any period of account of the current lessor— a there is a cumulative…
Section 614BO — Recovery of bad debts following reduction under section 614BN
Recovery of bad debts following reduction under section 614BN 614BO 1 This section applies if in relation to the lease— a the cumulative normal rental excess for any period of account of the current…
Section 614BP — Effect of disposals of leases: general
Effect of disposals of leases: general 614BP 1 This section applies if the current lessor (“L”) or a person connected with L disposes of— a the lessor's interest under the lease, b the leased asset,…
Section 614BQ — Assignments on which neither a gain nor a loss accrues
Assignments on which neither a gain nor a loss accrues 614BQ 1 This section applies if— a the current lessor (“L”) assigns the lessor's interest under the lease, and b the assignment is a disposal on…
Section 614BR — Effect of capital allowances: introduction
Effect of capital allowances: introduction 614BR 1 This section and sections 614BS to 614BW apply if an occasion occurs on which a major lump sum falls to be paid in relation to the lease of the…
Section 614BS — Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001 614BS 1 This section applies if capital expenditure incurred by the current lessor (“L”) in respect of the leased asset is…
Section 614BT — Cases where expenditure taken into account under other provisions of CAA 2001
Cases where expenditure taken into account under other provisions of CAA 2001 614BT 1 This section applies if any allowance is or has been given in respect of capital expenditure incurred by the…
Section 614BU — Capital allowances deductions: waste disposal and cemeteries
Capital allowances deductions: waste disposal and cemeteries 614BU 1 This section applies if any deduction is or has been allowed to the current lessor (“L”) in respect of capital expenditure…
Section 614BV — Capital allowances deductions: films and sound recordings
Capital allowances deductions: films and sound recordings 614BV 1 This section applies if— a any relevant deduction has been allowed to the current lessor (“L”) in respect of expenditure incurred in…
Section 614BW — Contributors to capital expenditure
Contributors to capital expenditure 614BW 1 This section applies if— a section 614BS or 614BT applies in relation to a leased asset, b allowances are or have been made to a person (“ the contributor…
Section 614BX — Pre-26 November 1996 schemes where this Chapter does not at first apply
Pre-26 November 1996 schemes where this Chapter does not at first apply 614BX 1 This section applies if— a the lease of an asset forms part of a pre-26 November 1996 scheme, but b the conditions in…
Section 614BY — Post-25 November 1996 schemes to which Chapter 3 applied first
Post-25 November 1996 schemes to which Chapter 3 applied first 614BY 1 This section applies if— a the conditions in section 614BC become met in the case of the lease of the asset, and b immediately…
Section 615 — Overview of Part
Overview of Part 615 1 This Part makes provision about— a accrued income profits and losses, and b exemptions which apply where there is interest on securities. 2 In this Part “ accrued income…
Section 616 — Charge to tax on accrued income profits
Charge to tax on accrued income profits 616 Income tax is charged on accrued income profits.
Section 617 — Income charged
Income charged 617 1 Tax is charged under this Chapter on the full amount of the accrued income profits treated as made in the tax year. 2 Accrued income profits within section 628(5) (profits…