Finance Act 2015
Finance Act 2015 (2015 c. 11)
- Finance Act 2015 (2015 c. 11)
- PART 1 Income tax, corporation tax and capital gains tax
- CHAPTER 1 Charge, rates etc
- Income tax
- 1 Charge and rates for 2015-16
- 2 Limits and allowances for 2015-16
- 3 Personal allowances for 2015-16
- 4 Basic rate limit from 2016
- 5 Personal allowance from 2016
- Corporation tax
- 6 Charge for financial year 2016
- CHAPTER 2 Income tax: general
- 7 Cars: the appropriate percentage for 2017-18
- 8 Cars: the appropriate percentage for subsequent tax years
- 9 Diesel cars: the appropriate percentage for 2015-16
- 10 Zero-emission vans
- 11 Exemption for amounts which would otherwise be deductible
- 12 Abolition of dispensation regime
- 13 Extension of benefits code except in relation to certain ministers of religion
- 14 Exemption for board or lodging provided to carers
- 15 Lump sums provided under armed forces early departure scheme
- 16 Bereavement support payment: exemption from income tax
- 17 PAYE: benefits in kind
- 18 Employment intermediaries: determination of penalties
- 19 Arrangements offering a choice of capital or income return
- 20 Intermediaries and Gift Aid
- 21 Disguised investment management fees
- 22 Miscellaneous loss relief
- 23 Exceptions from duty to deduct tax: qualifying private placements
- 24 Increased remittance basis charge
- CHAPTER 3 Corporation tax: general
- 25 Loan relationships: repeal of certain provisions relating to late interest etc
- 26 Intangible fixed assets: goodwill etc acquired from a related party
- 27 Amount of relief for expenditure on research and development
- 28 Expenditure on research and development: consumable items
- 29 Film tax relief
- 30 Reliefs for makers of children's television programmes
- 31 Television tax relief
- 32 Restrictions applying to certain deductions made by banking companies
- 33 Tax avoidance involving carried-forward losses
- CHAPTER 4 Other provisions
- Pensions
- 34 Pension flexibility: annuities etc
- Flood and coastal defence
- 35 Relief for contributions to flood and coastal erosion risk management projects
- Investment reliefs
- 36 Investment reliefs: excluded activities
- Capital gains tax
- 37 Disposals of UK residential property interests by non-residents etc
- 38 Relevant high value disposals: gains and losses
- 39 Private residence relief
- 40 Wasting assets
- 41 Entrepreneurs' relief: associated disposals
- 42 Entrepreneurs' relief: exclusion of goodwill in certain circumstances
- 43 Entrepreneurs' relief: trading company etc
- 44 Deferred entrepreneurs' relief on invested gains
- Capital allowances
- 45 Zero-emission goods vehicles
- 46 Plant and machinery allowances: anti-avoidance
- Oil and gas
- 47 Extension of ring fence expenditure supplement
- 48 Reduction in rate of supplementary charge
- 49 Supplementary charge: investment allowance
- 50 Supplementary charge: cluster area allowance
- 51 Amendments relating to investment allowance and cluster area allowance
- PART 2 Excise duties and other taxes
- Petroleum revenue tax
- 52 Reduction in rate of petroleum revenue tax
- Alcohol
- 53 Rates of alcoholic liquor duties
- 54 Wholesaling of controlled liquor
- Tobacco
- 55 Rates of tobacco products duty
- 56 Excise duty on tobacco: anti-forestalling restrictions
- Air passenger duty
- 57 Air passenger duty: exemption for children in standard class
- Vehicle excise duty
- 58 VED rates for light passenger vehicles and motorcycles
- 59 VED: extension of old vehicles exemption from 1 April 2016
- Gaming duty
- 60 Rates of gaming duty
- Aggregates levy
- 61 Tax credit in Northern Ireland
- Climate change levy
- 62 Climate change levy: main rates from 1 April 2016
- 63 Combined heat and power stations
- Landfill tax
- 64 Landfill tax: rates from 1 April 2016
- 65 Landfill tax: material consisting of fines
- Value added tax
- 66 VAT: refunds to certain charities
- 67 VAT: refunds to strategic highways companies
- Stamp duty land tax
- 68 SDLT: alternative property finance relief
- 69 SDLT: multiple dwellings relief
- Annual tax on enveloped dwellings
- 70 ATED: annual chargeable amount
- 71 ATED: taxable value
- 72 ATED: interests held by connected persons
- 73 ATED: returns
- Inheritance tax
- 74 Inheritance tax: exemption for decorations and other awards
- 75 Inheritance tax: exemption for emergency service personnel etc
- The bank levy
- 76 The bank levy: rates from 1 April 2015
- PART 3 Diverted profits tax
- Introduction and overview
- 77 Introduction to the tax
- 78 Overview of Part 3
- Charge to tax
- 79 Charge to tax
- Involvement of entities or transactions lacking economic substance
- 80 UK company: involvement of entities or transactions lacking economic substance
- 81 Non-UK company: involvement of entities or transactions lacking economic substance
- Calculation of taxable diverted profits: section 80 or 81 cases
- 82 Calculation of taxable diverted profits in section 80 or 81 case: introduction
- 83 Section 80 or 81 cases where no taxable diverted profits arise
- 84 Section 80 or 81: calculation of profits by reference to the actual provision
- 85 Section 80 or 81: calculation of profits by reference to the relevant alternative provision
- Avoidance of a UK taxable presence
- 86 Non-UK company avoiding a UK taxable presence
- 87 Exception for companies with limited UK-related sales or expenses
- Calculation of taxable diverted profits: section 86 cases
- 88 Calculation of taxable diverted profits in section 86 case: introduction
- 89 Section 86: calculation of profits where only tax avoidance condition is met
- 90 Section 86: mismatch condition is met: calculation of profits by reference to the actual provision
- 91 Section 86: mismatch condition is met: calculation of profits by reference to the relevant alternative provision
- Duty to notify if within scope
- 92 Duty to notify if potentially within scope of tax
- Process for imposing charge
- 93 Preliminary notice
- 94 Representations
- 95 Charging notice
- 96 Section 80 or 81 cases: estimating profits for preliminary and charging notices
- 97 Section 86 cases: estimating profits for preliminary and charging notices
- Payment and recovery of tax
- 98 Payment of tax
- 99 Diverted profits tax ignored for tax purposes
- 100 Credits for tax on the same profits
- 100A Relief from corporation tax
- Review and appeals
- 101 HMRC review of charging notice
- 101A Amendment of CT return during review period: section 80 or 81 case
- 101B Amendment of CT return during review period: section 86 case
- 101C Closure notices: rules during review period
- 102 Appeal against charging notice or supplementary charging notice
- Administration of tax
- 103 Responsibility for collection and management
- 104 Penalties etc
- 105 Information and inspection powers etc
- Interpretation
- 106 “The participation condition”
- 107 “Effective tax mismatch outcome”
- 108 Provision supplementing section 107
- 109 “Excepted loan relationship outcome”
- 110 “The insufficient economic substance condition”
- 111 “Transaction” and “series of transactions”
- 111A Adjustment required to be made to the material provision
- 112 Treatment of a person who is a member of a partnership
- 113 “Accounting period” and “corresponding accounting period”
- 114 Other defined terms in Part 3
- 114A Application of section 124 of TIOPA 2010 in relation to diverted profits tax
- Final provisions
- 115 Application of other enactments to diverted profits tax
- 116 Commencement and transitional provision
- PART 4 Other provisions
- Anti-avoidance
- 117 Disclosure of tax avoidance schemes
- 118 Accelerated payments and group relief
- 119 Promoters of tax avoidance schemes
- 120 Penalties in connection with offshore matters and offshore transfers
- 121 Penalties in connection with offshore asset moves
- Other tax-related matters
- 122 Country-by-country reporting
- 123 Status for tax purposes of certain bodies
- Government stock
- 124 Redemption of undated government stocks
- PART 5 Final provisions
- 125 Commencement orders and regulations
- 126 Interpretation
- 127 Short title
- SCHEDULES
- SCHEDULE 1 Extension of benefits code except in relation to certain ministers of religion
- PART 1 Amendments of ITEPA 2003
- PART 2 Amendments of other enactments
- SCHEDULE 2 Restrictions applying to certain deductions made by banking companies
- PART 1 Main provisions
- PART 2 Consequential amendments
- FA 1998
- CTA 2009
- CTA 2010
- TIOPA 2010
- PART 3 Commencement and anti-forestalling provision
- Commencement
- Anti-forestalling provision
- SCHEDULE 3 Tax avoidance involving carried-forward losses
- PART 1 Amendments of CTA 2010
- PART 2 Commencement
- SCHEDULE 4 Pension flexibility: annuities etc
- PART 1 Death benefits for nominees, successors and dependants
- Introductory
- Nominees' annuities and successors' annuities to be authorised payments
- Nominees' annuities and successors' annuities: definitions
- Dependants' and nominees' annuities: testing against deceased member's lifetime allowance
- Minor and consequential amendments
- Consequential repeal
- PART 2 Income tax on beneficiaries' annuities etc
- Exemption in certain cases for annuities for dependants, nominees and successors
- Exemption from tax under Part 9 of ITEPA 2003 not to give rise to tax under other provisions
- Annuity for dependant purchased before 6 April 2006 jointly with annuity for member
- Minor and consequential amendments
- SCHEDULE 5 Relief for contributions to flood and coastal erosion risk management projects
- Income tax: trade profits
- Income tax: profits of a property business
- Corporation tax: trading income and trade profits
- Corporation tax: profits of a property business
- Corporation tax: investment business
- Commencement
- SCHEDULE 6 Investment reliefs: excluded activities
- PART 1 Part 5B of ITA 2007: amendment coming into force on passing of Act
- Tax relief for social investments: power to amend excluded activities
- PART 2 Part 5 of ITA 2007: excluded activities from 6 April 2015
- Introductory
- Generation of electricity involving contracts for difference
- Subsidised energy-related activities: anaerobic digestion and hydroelectric power
- Application
- PART 3 Part 6 of ITA 2007: excluded activities from 6 April 2015
- Introductory
- Generation of electricity involving contracts for difference
- Subsidised energy-related activities: anaerobic digestion and hydroelectric power
- Application
- PART 4 Further amendments of Parts 5 to 6 of ITA 2007
- Parts 5 and 6: certain community-based activities to be excluded activities
- Part 5B: subsidised generation or export of electricity to cease to be excluded activity
- Application of Part
- SCHEDULE 7 Disposals of UK residential property interests by non-residents etc
- PART 1 Amendments of TCGA 1992
- PART 2 Other amendments
- PART 3 Commencement
- SCHEDULE 8 Relevant high value disposals: gains and losses
- Introduction
- “Relevant high value disposal”
- Threshold amount for the tax year 2015-16
- Threshold amount from 6 April 2016
- Restriction of losses
- Calculation of gains and losses
- SCHEDULE 9 Private residence relief
- SCHEDULE 10 Plant and machinery allowances: anti-avoidance
- Transfer and long funding leaseback: restrictions on lessee's allowances
- Restriction on qualifying expenditure on sale, hire purchase (etc) and assignment
- Transfer followed by hire-purchase etc: restrictions on hirer's allowances
- Restriction on qualifying expenditure on sale, hire purchase (etc) and assignment: VAT
- SCHEDULE 11 Extension of ring fence expenditure supplement
- Amendments of Chapter 5 of Part 8 of CTA 2010
- Abolition of extended ring fence expenditure supplement for onshore activities
- Commencement
- SCHEDULE 12 Supplementary charge: investment allowance
- PART 1 Amendments of Part 8 of CTA 2010
- Investment allowance
- PART 2 Commencement and transitional provision
- Interpretation
- General rules for commencement
- Unactivated field allowance to become unactivated investment allowance
- Activated field allowance to become activated investment allowance
- SCHEDULE 13 Supplementary charge: cluster area allowance
- PART 1 Amendments of Part 8 of CTA 2010
- Cluster area allowance
- Restriction of field allowances
- PART 2 Transitional provision
- Proposed determinations of cluster areas
- Option to exclude certain fields from cluster area allowance
- SCHEDULE 14 Investment allowance and cluster area allowance: further amendments
- PART 1 Amendments of CTA 2010
- PART 2 Commencement
- SCHEDULE 15 Landfill tax: material consisting of fines
- SCHEDULE 16 Recovery of unpaid diverted profits tax due from non-UK resident company
- PART 1 Imposing liability on UK representative of non-UK resident company
- PART 2 Recovery of diverted profits tax from related companies
- Cases in which this Part applies
- Meaning of “the relevant period”
- Meaning of “related company”
- Notice requiring payment of unpaid tax
- Time limit for giving notice
- Amount payable in consortium case
- Part 2: supplementary
- SCHEDULE 17 Disclosure of tax avoidance schemes
- Requirement to update DOTAS information
- Arrangements to be given reference number
- Notification of employees
- Employers' duty of disclosure
- Identifying scheme users
- Additional information
- Protection of persons making voluntary disclosures
- Publication of DOTAS information
- Increase in penalties for failure to comply with section 313 of FA 2004
- Transitional provisions
- SCHEDULE 18 Accelerated payments: group relief
- Amendments of Part 4 of FA 2014
- Consequential amendment
- Transitional provision
- SCHEDULE 19 Promoters of tax avoidance schemes
- Treating persons as meeting a threshold condition
- Failure to comply with Part 7 of FA 2004
- Disciplinary action in relation to professionals etc
- Power to amend Schedule 34
- Commencement
- SCHEDULE 20 Penalties in connection with offshore matters and offshore transfers
- Penalties for errors
- Penalties for failure to notify
- Penalties for failure to make returns etc
- General anti-abuse rule: aggregate penalties
- Follower notices: aggregate penalties
- SCHEDULE 21 Penalties in connection with offshore asset moves
- Penalty linked to offshore asset moves
- Original penalties triggering penalties under this Schedule
- “Deliberate failure”
- “Relevant offshore asset move”
- “Relevant time”
- Amount of the penalty
- Assessment
- Appeal
- Commencement and transitionals
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