Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 681AH — Payments made for later periods
Payments made for later periods 681AH 1 This section applies for the purposes of sections 681AE to 681AG. 2 For the purposes of this section the relevant year, in relation to a payment, is the year…
Section 681BH — Position where lease may be varied
Position where lease may be varied 681BH 1 This section applies if under the new lease L, or a person linked to L, has power to vary, in a manner beneficial to L or a person linked to L, obligations…
Section 681DH — Sum obtained in respect of lessee's interest
Sum obtained in respect of lessee's interest 681DH 1 This section applies to a reference in this Chapter to a sum obtained in respect of the lessee's interest in a lease of an asset. 2 The reference…
Section 681AI — Exclusion of service charges etc
Exclusion of service charges etc 681AI 1 This section applies for the purposes of sections 681AD and 681AE. 2 A payment must be excluded so far as it is in respect of any of the following— a…
Section 681BI — Lease treated as ending: rentcharge
Lease treated as ending: rentcharge 681BI 1 Subsection (2) applies if a rentcharge payable by L, or a person linked to L, is secured on all or part of the property subject to the new lease. 2 For the…
Section 681DI — Disposal of interest to associate
Disposal of interest to associate 681DI 1 This section applies for the purposes of this Chapter if a person disposes of an interest in an asset to a person who is the first person's associate (and…
Section 681AJ — Commercial rent: comparison with rent under a lease
Commercial rent: comparison with rent under a lease 681AJ 1 Subsection (3) applies— a for the purpose of making a comparison under rule 4 of section 681AD(3) if section 681AD has effect because of…
Section 681BJ — Lease varied to provide for increased rent
Lease varied to provide for increased rent 681BJ 1 This section applies if each of conditions A to D is met. 2 Condition A is that— a a person (“ the lessee ”) is a lessee of land under a lease which…
Section 681DJ — Apportionment of payments made and of sums obtained
Apportionment of payments made and of sums obtained 681DJ 1 This section applies for the purposes of this Chapter. 2 Subsection (3) applies if— a a payment is made, b it is one for which a deduction…
Section 681AK — Commercial rent: comparison with payments other than rent
Commercial rent: comparison with payments other than rent 681AK 1 Subsection (2) applies— a for the purpose of making a comparison under rule 4 of section 681AD(3) if section 681AD has effect because…
Section 681BK — Relevant income tax relief
Relevant income tax relief 681BK For the purposes of this Chapter each of the following is a deduction by way of relevant income tax relief— a a deduction in calculating profits or losses of a trade,…
Section 681DK — Manner of apportionment
Manner of apportionment 681DK 1 Subsections (2) and (3) apply if— a a payment or sum is to be apportioned under section 681DJ or under section 880 of CTA 2010, b at the time of the apportionment it…
Section 681AL — Lease and rent
Lease and rent 681AL 1 This section applies for the purposes of this Chapter. 2 A reference to a lease includes a reference to any of the following— a an underlease, sublease, tenancy or licence, and…
Section 681BL — Linked persons
Linked persons 681BL 1 In this Chapter references to a person linked to L are to a person who is— a a partner of L, b an associate of L, or c an associate of a partner of L. 2 “Associate” must be…
Section 681DL — Associates
Associates 681DL 1 This section applies for the purposes of this Chapter. 2 Persons are associates if they are associated with each other. 3 The following are associated with each other— a an…
Section 681AM — Associated persons
Associated persons 681AM 1 This section applies for the purposes of this Chapter. 2 The following persons are associated with one another— a the transferor in an affected transaction and the…
Section 681BM — Lease, lessee, lessor and rent
Lease, lessee, lessor and rent 681BM 1 This section applies for the purposes of this Chapter. 2 “ Lease ” includes— a an agreement for a lease, and b any tenancy. 3 “ Lease ” does not include a…
Section 681DM — Capital sum
Capital sum 681DM For the purposes of this Chapter a capital sum is any sum of money, or any money's worth, except so far as it or any part of it— a is to be treated for income tax purposes as a…
Section 681AN — Land outside the UK
Land outside the UK 681AN In the case of land outside the United Kingdom, expressions in this Chapter relating to interests in land and their disposition must be taken to relate to corresponding…
Section 681DN — Lease
Lease 681DN 1 This section applies for the purposes of this Chapter. 2 A lease is (in relation to an asset) an agreement or arrangement under which payments are made for the use of or otherwise in…
Section 681DO — Relevant asset
Relevant asset 681DO For the purposes of this Chapter a relevant asset is any description of property or rights other than land or an interest in land.
Section 681DP — Relevant tax relief
Relevant tax relief 681DP For the purposes of this Chapter each of the following is a deduction by way of relevant tax relief— a a deduction in calculating profits or losses of a trade for…
Section 682 — Overview of Chapter
Overview of Chapter 682 This Chapter makes provision for counteracting income tax advantages from transactions in securities.
Section 683 — Provisions of Chapter
Provisions of Chapter 683 1 Sections 684 to 687 specify when a person is liable to counteraction of income tax advantages from transactions in securities. 2 Sections 695 to 700 make provision about…
Section 684 — Person liable to counteraction of income tax advantage
Person liable to counteraction of income tax advantage 684 1 This section applies to a person (“the party”) where— a the person is a party to a transaction in securities or two or more transactions…
Section 685 — Receipt of consideration in connection with distribution by or assets of close company
Receipt of consideration in connection with distribution by or assets of close company 685 1 The circumstances covered by this section are circumstances where condition A or condition B is met. 2…
Section 686 — Excluded circumstances: fundamental change of ownership
Excluded circumstances: fundamental change of ownership 686 1 Circumstances are excluded by this section if— a immediately before the transaction in securities (or the first of the transactions in…
Section 687 — Income tax advantage
Income tax advantage 687 1 For the purposes of this Chapter a person obtains an income tax advantage if— a the amount of any income tax which would be payable by the person in respect of the relevant…
Section 688 — Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C) 688 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 689 — Receipt of consideration in connection with relevant company distribution (circumstance D)
Receipt of consideration in connection with relevant company distribution (circumstance D) 689 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 690 — Receipt of assets of relevant company (circumstance E)
Receipt of assets of relevant company (circumstance E) 690 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 691 — Meaning of “relevant company” in sections 689 and 690
Meaning of “relevant company” in sections 689 and 690 691 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 692 — Abnormal dividends: general
Abnormal dividends: general 692 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 693 — Abnormal dividends: the excessive return condition
Abnormal dividends: the excessive return condition 693 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 694 — Abnormal dividends: the excessive accrual condition
Abnormal dividends: the excessive accrual condition 694 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 695 — Notice of enquiry
Notice of enquiry 695 1 An officer of Revenue and Customs may enquire into a transaction or transactions if— a the officer has reason to believe that section 684 (person liable to counteraction of…
Section 696 — Opposed notifications: statutory declarations
Opposed notifications: statutory declarations 696 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 697 — Opposed notifications: determinations by tribunal
Opposed notifications: determinations by tribunal 697 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 698 — Counteraction notices
Counteraction notices 698 1 If on an enquiry under section 695 an officer of Revenue and Customs determines that section 684 applies to the taxpayer, the income tax advantage in question is to be…
Section 698A — No-counteraction notices
No-counteraction notices 698A 1 If on an enquiry under section 695 an officer of Revenue and Customs is of the opinion that no counteraction is required, the officer must serve notice on the person…
Section 699 — Limit on amount assessed in section 689 and 690 cases
Limit on amount assessed in section 689 and 690 cases 699 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 700 — Timing of assessments ...
Timing of assessments ... 700 1 This section applies if section 684 (person liable to counteraction of income tax advantage) applies to a person because the person is in a position to obtain or has…
Section 701 — Application for clearance of transactions
Application for clearance of transactions 701 1 A person may provide the Commissioners for Her Majesty's Revenue and Customs with particulars of a transaction or transactions effected or to be…
Section 702 — Effect of clearance notification under section 701
Effect of clearance notification under section 701 702 1 This section applies if the Commissioners for Her Majesty's Revenue and Customs notify a person under section 701 that they are satisfied that…
Section 703 — Power to obtain information
Power to obtain information 703 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 704 — The tribunal
The tribunal 704 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 705 — Appeals against counteraction notices
Appeals against counteraction notices 705 1 A person on whom a counteraction notice has been served may appeal ... on the grounds that— a section 684 (person liable to counteraction of income tax…
Section 706 — Rehearing by tribunal of appeal against counteraction notice
Rehearing by tribunal of appeal against counteraction notice 706 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 707 — Statement of case by tribunal for opinion of High Court or Court of Session
Statement of case by tribunal for opinion of High Court or Court of Session 707 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 708 — Cases before High Court or Court of Session
Cases before High Court or Court of Session 708 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .