Statutory Instruments
2005 No. 409
TAXES
The Finance Act 1993, Section 86(2), (Single Payment Scheme) Order 2005
Made
28th February 2005
Laid before House of Commons
1st March 2005
Coming into force
22nd March 2005
The Treasury, in exercise of the powers conferred upon them by section 86(2) of the Finance Act 1993( 1 ), make the following Order:
Citation, commencement, effect and interpretation
1. —(1) This Order may be cited as the Finance Act 1993, Section 86(2), (Single Payment Scheme) Order 2005 and shall come into force on 22nd March 2005.
(2) This Order shall have effect—
(a) in a case where the old assets (but not the new assets) are payment entitlements under the single payment scheme, where the disposal of the old assets (or of the interest in them) takes place on or after the day on which this Order comes into force;
(b) in a case where the new assets (but not the old assets) are payment entitlements under the single payment scheme, where the acquisition of the new assets (or of the interest in them) takes place on or after the day on which this Order comes into force; and
(c) in a case where both the old assets and the new assets are payment entitlements under the single payment scheme, where both the disposal of the old assets (or of the interest in them) and the acquisition of the new assets (or of the interest in them) takes place on or after the day on which this Order comes into force.
(3) In this Order—
“the old assets” and “the new assets” have the same meanings as in section 152(1) of the Taxation of Chargeable Gains Act 1992 ( 2 ),
“the single payment scheme” means income support for farmers in pursuance of Title III of Council Regulation (EC) No. 1782/2003 ( 3 ), and
“payment entitlements”, in relation to the single payment scheme, means rights to receive payments in pursuance of that scheme.
New class of assets for the purposes of roll-over relief etc
2. —(1) Section 155 of the Taxation of Chargeable Gains Act 1992( 4 ) (relevant classes of assets for the purposes of roll-over relief) is amended as follows.
(2) After Class 7 insert—
“ CLASS 7A
Payment entitlements under the single payment scheme (that is, the scheme of income support for farmers in pursuance of Title III of Council Regulation (EC) No. 1782/2003 ). ” .
Nick Ainger
Joan Ryan
Two of the Lords Commissioners of Her Majesty’s Treasury
28th February 2005
1993 c. 34 . Section 86(2) was amended by section 43(3) of the Finance Act 2002 (c. 23) .
O.J. No. L 270, 21.10.2003, p.1, as last amended by Council Regulation (EC) No. 864/2004 (O.J. No. L 161, 30.4.2004, p.48 as corrected by a corrigendum at O.J. No. L 206, 9.6.2004, p.20).
Section 155 was amended by section 86(1) of the Finance Act 1993, by article 3 of S.I. 1999/564 and by section 84(1) of the Finance Act 1999 (c. 16) .