Finance (No. 2) Act 2017
Finance (No. 2) Act 2017 (2017 c. 32)
- Finance (No. 2) Act 2017 (2017 c. 32)
- PART 1 Direct taxes
- Income tax: employment and pensions
- 1 Taxable benefits: time limit for making good
- 2 Taxable benefits: ultra-low emission vehicles
- 3 Pensions advice
- 4 Legal expenses etc
- 5 Termination payments etc: amounts chargeable on employment income
- 6 PAYE settlement agreements
- 7 Money purchase annual allowance
- Income tax: investments
- 8 Dividend nil rate for tax year 2018-19 etc
- 9 Life insurance policies: recalculating gains on part surrenders etc
- 10 Personal portfolio bonds
- 11 EIS and SEIS: the no pre-arranged exits requirement
- 12 VCTs: follow-on funding
- 13 VCTs: exchange of non-qualifying shares and securities
- 14 Social investment tax relief
- 15 Business investment relief
- Income tax: trading and property businesses
- 16 Calculation of profits of trades and property businesses
- 17 Trading and property allowances
- Corporation tax
- 18 Carried-forward losses
- 19 Losses: counteraction of avoidance arrangements
- 20 Corporate interest restriction
- 21 Museum and gallery exhibitions
- 22 Grassroots sport
- 23 Profits from the exploitation of patents: cost-sharing arrangements
- 24 Hybrid and other mismatches
- 25 Trading profits taxable at the Northern Ireland rate
- Chargeable gains
- 26 Elections in relation to assets appropriated to trading stock
- 27 Substantial shareholding exemption
- 28 Substantial shareholding exemption: institutional investors
- Domicile, overseas property etc
- 29 Deemed domicile: income tax and capital gains tax
- 30 Deemed domicile: inheritance tax
- 31 Settlements and transfer of assets abroad: value of benefits
- 32 Exemption from attribution of carried interest gains
- 33 Inheritance tax on overseas property representing UK residential property
- Disguised remuneration
- 34 Employment income provided through third parties
- 35 Trading income provided through third parties
- 36 Disguised remuneration schemes: restriction of income tax relief
- 37 Disguised remuneration schemes: restriction of corporation tax relief
- Capital allowances
- 38 First-year allowance for expenditure on electric vehicle charging points
- Transactions in UK land
- 39 Disposals concerned with land in United Kingdom
- Co-ownership authorised contractual schemes
- 40 Co-ownership authorised contractual schemes: capital allowances
- 41 Co-ownership authorised contractual schemes: information requirements
- 42 Co-ownership authorised contractual schemes: offshore funds
- PART 2 Indirect taxes
- 43 Air passenger duty: rates of duty from 1 April 2018
- 44 Petroleum revenue tax: elections for oil fields to become non-taxable
- 45 Gaming duty: rates
- 46 Remote gaming duty: freeplay
- 47 Tobacco products manufacturing machinery: licensing scheme
- PART 3 Fulfilment businesses
- 48 Carrying on an imported goods fulfilment business
- 49 Requirement for approval
- 50 Register of approved persons
- 51 Regulations relating to approval, registration etc.
- 52 Disclosure of information by HMRC
- 53 Offence
- 54 Forfeiture
- 55 Penalties
- 56 Appeals
- 57 Regulations
- 58 Interpretation
- 59 Commencement
- PART 4 Administration, avoidance and enforcement
- Reporting and record-keeping
- 60 Digital reporting and record-keeping for income tax etc
- 61 Digital reporting and record-keeping for income tax etc: further amendments
- 62 Digital reporting and record-keeping for VAT
- Enquiries
- 63 Partial closure notices
- Avoidance etc
- 64 Errors in taxpayers' documents
- 65 Penalties for enablers of defeated tax avoidance
- 66 Disclosure of tax avoidance schemes: VAT and other indirect taxes
- 67 Requirement to correct certain offshore tax non-compliance
- 68 Penalty for transactions connected with VAT fraud etc
- Information
- 69 Data-gathering from money service businesses
- PART 5 Final
- 70 Northern Ireland welfare payments: updating statutory reference
- 71 Interpretation
- 72 Short title
- SCHEDULES
- SCHEDULE 1 Social investment tax relief
- PART 1 Amendments of Part 5B of ITA 2007
- Introductory
- Date by which investment must be made to qualify for SI relief
- The existing investments requirement
- The no disqualifying arrangements requirement
- Limits on amounts that may be invested
- Number of employees limit
- Financial health requirement
- Purposes for which money raised can be used
- Excluded activities
- PART 2 Consequential amendments
- PART 3 Commencement
- SCHEDULE 2 Trades and property businesses: calculation of profits
- PART 1 Trades etc: amendments of ITTOIA 2005
- PART 2 Property businesses: amendments of ITTOIA 2005
- PART 3 Trades etc: amendments of other Acts
- TMA 1970
- TCGA 1992
- CAA 2001
- ITA 2007
- PART 4 Commencement and transitional provision
- SCHEDULE 3 Trading and property allowances
- PART 1 Main provisions
- PART 2 Consequential amendments
- ITTOIA 2005
- TIOPA 2010
- PART 3 Commencement
- SCHEDULE 4 Relief for carried-forward losses
- PART 1 Amendment of general rules about carrying forward losses
- Non-trading deficits from loan relationships
- Non-trading losses on intangible fixed assets
- Expenses of management of investment business etc
- Trading losses
- UK property business losses
- PART 2 Restriction on deductions in respect of carried-forward losses
- PART 3 Group relief for carried-forward losses
- PART 4 Insurance companies: carrying forward BLAGAB trade losses
- PART 5 Carrying forward trade losses in certain creative industries
- Losses of film trade
- Losses of television programme trade
- Losses of video game trade
- Losses of theatrical trade
- Losses of orchestral trade
- PART 6 Oil activities
- PART 7 Oil contractors
- PART 8 Transferred trades
- PART 9 Tax avoidance
- Restriction on refreshing losses
- Change in company ownership
- Deduction buying
- PART 10 Northern Ireland trading losses etc
- PART 11 Minor and consequential amendments
- ICTA
- FA 1998
- CAA 2001
- Energy Act 2004
- CTA 2009
- CTA 2010
- TIOPA 2010
- F (No. 3) A 2010
- FA 2012
- PART 12 Commencement etc
- Parts 1 to 9 and 11
- Part 10
- Transitional provision
- SCHEDULE 5 Corporate interest restriction
- PART 1 New Part 10 of TIOPA 2010
- PART 2 New Schedule 7A to TIOPA 2010
- PART 3 Consequential amendments
- TMA 1970
- FA 1998
- CTA 2009
- CTA 2010
- TIOPA 2010: consequential renumbering
- TIOPA 2010: repeal of Part 7
- TIOPA 2010: other amendments
- PART 4 Commencement and transitional provision
- Commencement: new Part 10 of TIOPA
- Commencement: repeal of Part 7 of TIOPA 2010
- Time limits for elections relating to financial statements of a worldwide group
- Time limit relating to appointment of reporting company or filing interest restriction return
- Change of accounting policy
- Adjustments under Schedule 7 to F(No.2)A 2015
- Power to make elections under Disregard Regulations for pre-1 April 2020 derivative contracts
- Qualifying infrastructure companies
- Counteracting effect of avoidance arrangements
- Commencement of orders or regulations containing consequential provision
- Interpretation
- SCHEDULE 6 Relief for production of museum and gallery exhibitions
- PART 1 Amendment of CTA 2009
- PART 2 Consequential amendments
- ICTA
- FA 1998
- CAA 2001
- FA 2007
- CTA 2009
- FA 2009
- CTA 2010
- FA 2016
- PART 3 Commencement
- SCHEDULE 7 Trading profits taxable at the Northern Ireland rate
- PART 1 Amendments relating to SMEs
- Amendments of CTA 2010
- Amendments relating to capital allowances
- PART 2 Minor amendments
- PART 3 Commencement etc
- SCHEDULE 8 Deemed domicile: income tax and capital gains tax
- PART 1 Application of deemed domicile rule
- ICTA
- TCGA 1992
- ITEPA 2003
- ITA 2007
- PART 2 Protection of overseas trusts
- TCGA 1992
- FA 2004
- ITTOIA 2005
- ITA 2007
- Commencement of amendments in FA 2004, ITTOIA 2005 and ITA 2007
- FA 2008
- PART 3 Capital gains tax rebasing
- PART 4 Cleansing of mixed funds
- SCHEDULE 9 Settlements and transfer of assets abroad: value of benefits
- Capital gains tax: settlements: value of benefit conferred by certain capital payments
- Income tax: transfer of assets abroad: value of certain benefits
- Commencement
- SCHEDULE 10 Inheritance tax on overseas property representing UK residential property
- Non-excluded overseas property
- Consequential and supplementary amendments
- Commencement
- Transitional provision
- SCHEDULE 11 Employment income provided through third parties: loans etc outstanding on 5 April 2019
- PART 1 Application of Part 7A of ITEPA 2003
- Relevant step
- Meaning of “loan” and “quasi loan”
- Meaning of “outstanding”: loans
- Meaning of “outstanding”: loans in currencies other than sterling
- Repayments in currencies other than the loan currency
- Loans made in a depreciating currency
- Meaning of “outstanding”: quasi-loans
- Meaning of “outstanding”: quasi-loans in currencies other than sterling
- Repayments in currencies other than the quasi-loan currency
- Quasi-loans made in a depreciating currency
- ...
- PART 2 Accelerated payments
- Application to HMRC
- Qualifying payments condition
- Commercial terms condition
- ...
- PART 3 Exclusions
- Commercial transactions
- Transfer of employment-related loans
- Transactions under employee benefit packages
- Cases involving employment-related securities
- Employee car ownership schemes
- Acquisition of unlisted employer shares
- Exclusion for relevant step within paragraph 1A where initial step excluded
- PART 3A Duty to provide loan charge information to HMRC
- Duty to provide loan charge information
- “Loan charge information”
- Power to amend paragraph 35D
- Penalties for failure to comply
- Penalties for inaccurate information and documents
- Reasonable excuse
- Assessment of a penalty
- Appeals
- Enforcement
- PART 4 Supplementary provision
- Duty to provide loan charge information to B
- Double taxation
- Remittance basis
- Interpretation
- PART 5 Consequential amendments
- ITEPA 2003
- FA 2011
- SCHEDULE 12 Trading income provided through third parties: loans etc outstanding on 5 April 2019
- Application of sections 23A to 23H of ITTOIA 2005 in relation to loans etc. outstanding on 5 April 2019
- Meaning of “loan” and “quasi loan”
- Meaning of “outstanding”: loans
- Meaning of “outstanding”: loans in currencies other than sterling
- Repayments in currencies other than the loan currency
- Loans made in a depreciating currency
- Meaning of outstanding: “quasi-loans”
- Meaning of “outstanding”: quasi-loans in currencies other than sterling
- Repayments in currencies other than the quasi-loan currency
- Quasi-loans made in a depreciating currency
- Meaning of “approved fixed term loan”
- Approval: application to HMRC
- Approval: qualifying payments condition
- Approval: commercial terms condition
- Accelerated payments
- Duty to provide loan charge information to HMRC
- “Loan charge information”
- Duty to provide loan charge information: penalties
- Penalties under paragraph 25: reasonable excuse
- Penalties under paragraphs 25 and 26: assessment, appeals and enforcement
- SCHEDULE 13 Imported goods fulfilment businesses: penalty
- Liability to penalty
- Amount of penalty
- Reductions for disclosure
- Special reduction
- Assessment
- Reasonable excuse
- Companies: officer's liability
- Double jeopardy
- The maximum amount
- Appeal tribunal
- SCHEDULE 14 Digital reporting and record-keeping for income tax etc: further amendments
- PART 1 Amendments of TMA 1970
- PART 2 Amendments of other Acts
- TCGA 1992
- FA 1998
- CAA 2001
- Tax Credits Act 2002
- ITTOIA 2005
- ITA 2007
- Crossrail Act 2008
- FA 2008
- TIOPA 2010
- FA 2014
- FA 2016
- FA 2022
- SCHEDULE 15 Partial closure notices
- TMA 1970
- TCGA 1992
- FA 1998
- Tax Credits Act 2002
- FA 2008
- TIOPA 2010
- Commencement
- SCHEDULE 16 Penalties for enablers of defeated tax avoidance
- PART 1 Liability to penalty
- PART 2 “Abusive” and “tax arrangements”: meaning
- PART 3 “Defeat” in respect of abusive tax arrangements
- “Defeat” in respect of abusive tax arrangements
- Condition A
- Condition B
- PART 4 Persons who “enabled” the arrangements
- Persons who “enabled” the arrangements
- Designers of arrangements
- Managers of arrangements
- Marketers of arrangements
- Enabling participants
- Financial enablers
- Excluded persons
- Powers to add categories of enabler and to provide exceptions
- PART 5 Amount of penalty
- Amount of penalty
- Reduction of penalty where other penalties incurred
- Mitigation of penalty
- PART 6 Assessment of penalty
- Assessment of penalty
- Special provision about assessment for multi-user schemes
- Time limit for assessment
- PART 7 GAAR Advisory Panel opinion, and representations
- Requirement for opinion of GAAR Advisory Panel
- Notice where Panel opinion already obtained in relation to equivalent arrangements
- Referral to GAAR Advisory Panel
- Notice before decision whether to refer
- Notice of decision whether to refer
- Information to accompany referral
- Notice on making of referral
- Right to make representations to GAAR Advisory Panel
- Decision of GAAR Advisory Panel and opinion notices
- Notice before deciding that arrangements are ones to which Panel opinion applies
- Requirement for court or tribunal to take Panel opinion into account
- PART 8 Appeals
- PART 9 Information
- Information and inspection powers: application of Schedule 36 to FA 2008
- General modifications of Schedule 36 to FA 2008 as applied
- Specific modifications of Schedule 36 to FA 2008 as applied
- Declarations about contents of legally privileged communications
- PART 10 Publishing details of persons who have incurred penalties
- Power to publish details
- Restrictions on power
- Power to amend
- PART 11 Miscellaneous
- Double jeopardy
- Application of provisions of TMA 1970
- PART 12 General
- Meaning of “tax”
- Meaning of “tax advantage”
- Other definitions
- Regulations
- Consequential amendments
- Commencement
- SCHEDULE 17 Disclosure of tax avoidance schemes: VAT and other indirect taxes
- PART A1 Introduction
- PART 1 Duties to disclose avoidance schemes etc
- Preliminary: application of definitions
- “Indirect tax”
- “Notifiable arrangements” and “notifiable proposal”
- “Tax advantage” in relation to VAT
- “Tax advantage” in relation to taxes other than VAT
- “Promoter”
- “Introducer”
- “Makes a firm approach” and “marketing contact”
- Duties of promoter in relation to notifiable proposals or notifiable arrangements
- Duty of promoter: supplemental information
- Duty of person dealing with promoter outside United Kingdom
- Duty of parties to notifiable arrangements not involving promoter
- Duty to provide further information requested by HMRC
- Duty of promoters to provide updated information
- Notice of potential allocation of reference number: arrangements and proposals suspected of being notifiable
- Allocation of reference number to arrangements
- Duty of HMRC to notify persons of reference number
- Right of appeal: paragraph 22(3) case
- Duty to provide further information requested by HMRC: paragraph 22(3) case
- Duty of promoter to notify client of number : paragraph 22(2) case
- Duty to notify client of reference number: paragraph 22(3) case
- Duty of client to notify parties of number
- Duty of client to provide information ...
- Duty of parties to notify HMRC of reference number etc
- Duty ... to provide details of clients
- Enquiry following disclosure of client details
- Pre-disclosure enquiry
- Reasons for non-disclosure: supporting information
- Provision of information to HMRC by introducers
- Legal professional privilege
- Information
- Power to vary certain relevant periods
- PART 2 Penalties
- Penalty for failure to comply with duties under Part 1 ...
- Penalty for failure to comply with duties under paragraph 26
- ...
- Assessment of penalties ...
- Reasonable excuse
- PART 3 Consequential amendments
- VATA 1994
- Promoters of tax avoidance schemes
- Serial tax avoidance
- PART 4 Supplemental
- Regulations
- Interpretation
- SCHEDULE 18 Requirement to correct certain offshore tax non-compliance
- PART 1 Liability for penalty for failure to correct
- Failure to correct relevant offshore tax non-compliance
- Main definitions: general
- “Relevant offshore tax non-compliance”
- “Offshore tax-non compliance” etc
- “Tax non-compliance”
- “Involves an offshore matter” and “involves an offshore transfer”
- “Tax”
- Correcting offshore tax non-compliance
- PART 2 Amount of penalty
- Amount of penalty
- Offshore PLR
- Reduction of penalty for disclosure etc by person liable to penalty
- Procedure for assessing penalty, etc
- Appeals
- Reasonable excuse
- Double jeopardy
- Application of provisions of TMA 1970
- PART 3 Further provisions relating to the requirement to correct
- Extension of period for assessment etc of offshore tax
- Further penalty in connection with offshore asset moves
- Asset-based penalty in addition to penalty under paragraph 1
- Publishing details of persons assessed to penalty or penalties under paragraph 1
- PART 4 Supplementary
- Interpretation: minor
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