Finance Act 2014
Finance Act 2014 (2014 c. 26)
- Finance Act 2014 (2014 c. 26)
- PART 1 Income tax, corporation tax and capital gains tax
- CHAPTER 1 Charge, rates etc
- Income tax
- 1 Charge, rates, basic rate limit and personal allowance for 2014-15
- 2 Basic rate limit for 2015-16 and personal allowances from 2015
- 3 The starting rate for savings and the savings rate limit
- 4 Indexation of limits and allowances under ITA 2007
- Corporation tax
- 5 Charge for financial year 2015
- 6 Small profits rate and fractions for financial year 2014
- 7 Rates for ring fence profits and abolition of small profits rate for non-ring fence profits
- Capital gains tax
- 8 Annual exempt amount for 2014-15
- 9 Annual exempt amount for 2015-16 onwards
- Capital allowances
- 10 Temporary increase in annual investment allowance
- CHAPTER 2 Income tax: general
- Exemptions and reliefs
- 11 Tax relief for married couples and civil partners
- 12 Recommended medical treatment
- 13 Relief for loan interest: loan to buy interest in close company
- 14 Relief for loan interest: loan to buy interest in employee-controlled company
- Other provisions
- 15 Restrictions on remittance basis
- 16 Treatment of agency workers
- 17 Recovery under PAYE regulations from certain company officers
- 18 Employment intermediaries: information powers and related penalties
- 19 Payments by employer on account of tax where deduction not possible
- 20 PAYE obligations of UK intermediary in cases involving non-UK employer
- 21 Oil and gas workers on the continental shelf: operation of PAYE
- 22 Threshold for benefit of loan to be treated as earnings
- 23 Taxable benefits: cars, vans and related benefits
- 24 Cars: the appropriate percentage
- 25 Cars and vans: payments for private use
- CHAPTER 3 Corporation tax: general
- 26 Release of debts: stabilisation powers under Banking Act 2009
- 27 Holdings treated as rights under loan relationships
- 28 De-grouping charges (loan relationships etc)
- 29 Disguised distribution arrangements involving derivative contracts
- 30 Avoidance schemes involving the transfer of corporate profits
- 31 R&D tax credits for small or medium-sized enterprises
- 32 Film tax relief
- 33 Television tax relief: activities to be treated as separate trade
- 34 Video games development
- 35 Community amateur sports clubs
- 36 Tax relief for theatrical production
- 37 Changes in company ownership
- 38 Transfer of deductions: research and development allowances
- 39 Tax treatment of financing costs and income
- 40 Determination of beneficial entitlement for purposes of group relief
- CHAPTER 4 Other provisions
- Pensions
- 41 Pension flexibility: drawdown
- 42 Pension flexibility: taking low-value pension rights as lump sum
- 43 Pension flexibility: further amendments
- 44 Transitional provision for new standard lifetime allowance for 2014-15 etc
- 45 Taxable specific income: effect on pension input amount for non-UK schemes
- 46 Pension schemes
- Sporting events
- 47 Glasgow Grand Prix
- 48 Major sporting events: power to provide for tax exemptions
- Employee share schemes
- 49 Share incentive plans: increases in maximum annual awards etc
- 50 Share incentive plans: power to adjust maximum annual awards etc
- 51 Employee share schemes
- 52 Employment-related securities etc
- Investment reliefs
- 53 Venture capital trusts
- 54 Removing time limit on seed enterprise investment scheme relief
- 55 Removing time limit on CGT relief in respect of re-investment under SEIS
- 56 Exclusion of incentivised electricity or heat generation activities
- Social investment relief
- 57 Relief for investments in social enterprises
- Capital gains
- 58 Relief on disposal of private residence
- 59 Remittance basis and split year treatment
- 60 Termination of life interest and death of life tenant: disabled persons
- 61 Capital gains roll-over relief: relevant classes of assets
- 62 Capital gains roll-over relief: intangible fixed assets
- 63 Avoidance involving losses
- Capital allowances
- 64 Extension of capital allowances
- 65 General Block Exemption Regulation
- 66 Business premises renovation allowances
- 67 Mineral extraction allowances: activities not within charge to tax
- 68 Mineral extraction allowances: expenditure on planning permission
- Oil and gas
- 69 Extended ring fence expenditure supplement for onshore activities
- 70 Supplementary charge: onshore allowance
- 71 Oil and gas: reinvestment after pre-trading disposal
- 72 Substantial shareholder exemption: oil and gas
- 73 Oil contractor activities: ring-fence trade etc
- Partnerships
- 74 Partnerships
- Transfer pricing
- 75 Transfer pricing: restriction on claims for compensation adjustments
- PART 2 Excise duties and other taxes
- Alcohol
- 76 Rates of alcoholic liquor duties
- Tobacco
- 77 Rates of tobacco products duty
- Air passenger duty
- 78 Air passenger duty: rates of duty from 1 April 2014
- 79 Air passenger duty: rates of duty from 1 April 2015
- 80 Air passenger duty: adjustments to Part 3 of Schedule 5A to FA 1994
- Vehicle excise duty
- 81 VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
- 82 VED rates: rigid goods vehicle with trailers
- 83 VED rates: use for exceptional loads, rigid goods vehicles and tractive units
- 84 VED: extension of old vehicles exemption from 1 April 2014
- 85 VED: extension of old vehicles exemption from 1 April 2015
- 86 Abolition of reduced VED rates for meeting reduced pollution requirements
- 87 Six month licence: tractive units
- 88 Vehicles subject to HGV road user levy: amount of 6 month licence
- 89 Payment of vehicle excise duty by direct debit
- 90 Definition of “revenue weight”
- 91 Vehicle excise and registration: other provisions
- HGV road user levy
- 92 HGV road user levy: rates tables
- 93 HGV road user levy: disclosure of information by HMRC
- Aggregates levy
- 94 Aggregates levy: removal of certain exemptions
- 95 Aggregates levy: power to restore exemptions
- Climate change levy
- 96 Climate change levy: main rates for 2015-16
- 97 Climate change levy: carbon price support rates for 2014-15 and 2015-16
- 98 Climate change levy: carbon price support rates for 2016-17
- 99 Climate change levy: exemptions: mineralogical & metallurgical processes etc
- Landfill tax
- 100 Rates of landfill tax
- Excise and customs duties: general
- 101 Goods carried as stores
- 102 Penalties under section 26 of FA 2003: extension to excise duty
- Value added tax
- 103 VAT: special schemes
- 104 VAT: place of belonging
- 105 VAT: place of supply orders: disapplication of transitional provision
- 106 VAT: supply of services through agents
- 107 VAT: refunds to health service bodies
- 108 VAT: prompt payment discounts
- Stamp duty land tax and annual tax on enveloped dwellings
- 109 ATED: reduction in threshold from 1 April 2015
- 110 ATED: further reduction in threshold from 1 April 2016
- 111 SDLT: threshold for higher rate applying to certain transactions
- 112 SDLT: exercise of collective rights by tenants of flats
- 113 SDLT: charities relief
- Stamp duty reserve tax and stamp duty
- 114 Abolition of SDRT on certain dealings in collective investment schemes
- 115 Abolition of stamp duty and SDRT: securities on recognised growth markets
- 116 Temporary statutory effect of House of Commons resolution
- Inheritance tax
- 117 Inheritance tax
- Estate duty
- 118 Gifts to the nation: estate duty
- Bank levy
- 119 Bank levy: rates from 1 January 2014
- 120 Bank levy: miscellaneous changes
- Gaming duty
- 121 Rates of gaming duty
- ...
- 122 Rate of bingo duty
- 123 Exemption from bingo duty: small-scale amusements provided commercially
- Machine games duty
- 124 Rates of machine games duty
- PART 3 General betting duty, pool betting duty and remote gaming duty
- CHAPTER 1 General betting duty
- The duty
- 125 General betting duty
- General , remote and spread bets
- 126 General bets
- 127 General betting duty charge on general bets
- 127A General betting duty charge on remote bets
- 128 Spread bets
- 129 General betting duty charge on financial spread bets
- 130 General betting duty charge on non-financial spread bets
- 131 Ordinary profits
- 132 Retained winnings profits
- 133 Bet-brokers
- Pool betting on horse and dog races
- 134 Chapter 1 pool bets
- 135 General betting duty charge on Chapter 1 pool bets
- 136 Profits on pooled stake Chapter 1 pool bets
- 137 Profits on ordinary Chapter 1 pool bets
- 138 Profits on retained winnings on Chapter 1 pool bets
- Stake money and winnings
- 139 Chapter 1: stake money
- 140 Chapter 1: winnings
- Exchanges
- 141 General betting duty charge on betting exchanges
- Payment
- 142 Liability to pay
- CHAPTER 2 Pool betting duty
- 143 Chapter 2 pool bets
- 144 Pool betting duty charge on Chapter 2 pool bets
- 145 Profits on pooled stake Chapter 2 pool bets
- 146 Profits on ordinary Chapter 2 pool bets
- 147 Profits on retained winnings on Chapter 2 pool bets
- 148 Chapter 2: stake money
- 149 Chapter 2: winnings
- 150 Payments treated as bets
- 151 Payment and recovery
- 152 Notification of reliance on community benefit exemption
- 153 Bets made for community benefit
- CHAPTER 3 Remote gaming duty
- 154 Remote gaming
- 155 Remote gaming duty
- 156 Profits on pooled prize gaming
- 157 Profits on ordinary gaming
- 158 Profits on retained prizes
- 159 Gaming payments
- 159A Play using the results of successful freeplay
- 160 Prizes
- 160A Prizes: freeplay
- 161 Exemptions
- 162 Liability to pay
- CHAPTER 4 General
- Administration
- 163 Administration
- 164 Registration
- 165 Accounting period
- 166 Returns
- 167 Payment
- 168 Information and records
- 169 Stake funds and gaming prize funds
- Security and enforcement
- 170 Security for payment
- 171 Appointment of UK representative
- 172 Security and representatives: review and appeal
- 173 Offence of failing to provide security or appoint representative
- 174 Fraudulent evasion
- 175 Penalties under section 9 of FA 1994
- 176 Interest
- 177 Suspension and revocation of remote operating licences
- Offences and evidence
- 178 Offences by bodies corporate
- 179 Protection of officers
- 180 Evidence by certificate, etc
- 181 Facilities capable of being used in United Kingdom: burden of proof
- Review and appeal
- 182 Review and appeal
- Definitions
- 183 Bet
- 184 Pool betting
- 185 Fixed odds
- 186 UK person
- 187 On-course betting and excluded betting
- 188 Gaming
- 189 Other definitions
- 190 Index
- Supplementary
- 191 Amounts not in sterling
- 192 Limited liability partnerships
- 193 Effect of imposition of duties
- 194 Regulations
- 195 Notices
- 196 Consequential amendments and repeals
- 197 Transitional and saving provisions
- 198 Commencement and effect
- PART 4 Follower notices and accelerated payments
- CHAPTER 1 Introduction
- Overview
- 199 Overview of Part 4
- Main definitions
- 200 “Relevant tax”
- 201 “Tax advantage” and “tax arrangements”
- 202 “Tax enquiry” and “return”
- 203 “Tax appeal”
- CHAPTER 2 Follower notices
- Giving of follower notices
- 204 Circumstances in which a follower notice may be given
- 205 “Judicial ruling” and circumstances in which a ruling is “relevant”
- 206 Content of a follower notice
- Representations
- 207 Representations about a follower notice
- Penalties
- 208 Penalty if corrective action not taken in response to follower notice
- 208A Additional penalty for unreasonable tax appeal
- 209 Amount of a section 208 or 208A penalty
- 210 Reduction of a section 208 penalty for co-operation
- 211 Assessment of a section 208 penalty
- 211A Assessment of a section 208A penalty
- 212 Aggregate penalties
- 213 Alteration of assessment of a section 208 or 208A penalty
- 214 Appeal against a section 208 penalty
- 214A Appeal against a section 208A penalty
- Partners and partnerships
- 215 Follower notices: treatment of partners and partnerships
- Appeals out of time
- 216 Late appeal against final judicial ruling
- Transitional provision
- 217 Transitional provision
- Defined terms
- 218 Defined terms used in Chapter 2
- CHAPTER 3 Accelerated payment
- Accelerated payment notices
- 219 Circumstances in which an accelerated payment notice may be given
- 220 Content of notice given while a tax enquiry is in progress
- 221 Content of notice given pending an appeal
- 222 Representations about a notice
- Forms of accelerated payment
- 223 Effect of notice given while tax enquiry is in progress: accelerated payment
- 224 Restriction on powers to postpone tax payments pending initial appeal
- 225 Protection of the revenue pending further appeals
- Prevention of surrender of losses
- 225A Effect of notice: surrender of losses ineffective, etc
- Penalties
- 226 Penalty for failure to pay accelerated payment
- Withdrawal etc of accelerated payment notice
- 227 Withdrawal, modification or suspension of accelerated payment notice
- Group relief claims after accelerated payment notices
- 227A Group relief claims after accelerated payment notices
- Partners and partnerships
- 228 Accelerated partner payments
- Defined terms
- 229 Defined terms used in Chapter 3
- CHAPTER 4 Miscellaneous and general provision
- Stamp duty land tax and annual tax on enveloped dwellings
- 230 Special case: stamp duty land tax
- 231 Special case: annual tax on enveloped dwellings
- Extension of Part by order
- 232 Extension of this Part by order
- Consequential amendments
- 233 Consequential amendments
- PART 5 Promoters of tax avoidance schemes
- Introduction
- 234 Meaning of “relevant proposal” and “relevant arrangements”
- 235 Carrying on a business “as a promoter”
- 236 Meaning of “intermediary”
- Stop notices
- 236A Power to give stop notices
- 236B Effect of stop notices
- 236C Quarterly returns
- 236D Withdrawal of stop notices
- 236E Appeal against decision not to withdraw stop notice
- 236F Suspension of stop notice pending appeal
- 236G Automatic withdrawal of certain stop notices
- 236H Publication
- 236I Publication where stop notice automatically withdrawn
- 236J Disclosure to clients and intermediaries
- 236K Notification of interested persons by HMRC
- Conduct notices
- 237 Duty to give conduct notice
- 237A Duty to give conduct notice: defeat of promoted arrangements
- 237B Duty to give further conduct notice where provisional notice not complied with
- 237C When a conduct notice given under section 237A(8) is “provisional”
- 237D Judicial ruling upholding asserted tax advantage: effect on conduct notice which is provisional
- 238 Contents of a conduct notice
- 239 Section 238: supplementary
- 239A Conduct notices: transferees
- 240 Amendment , withdrawal or reissue of conduct notice
- 241 Duration of conduct notice
- Defeat notices
- 241A Defeat notices
- 241B Judicial ruling upholding asserted tax advantage: effect on defeat notice
- Monitoring notices: procedure and publication
- 242 Monitoring notices: duty to apply to tribunal
- 243 Monitoring notices: tribunal approval
- 244 Monitoring notices: content and issuing
- 244A Monitoring notices: transferees
- 245 Withdrawal of monitoring notice
- 246 Notification of determination under section 245
- 247 Appeal against refusal to withdraw monitoring notice
- 248 Publication by HMRC
- 249 Publication by monitored promoter
- Allocation and distribution of promoter reference number
- 250 Allocation of promoter reference number
- 251 Duty of monitored promoter to notify clients etc of number
- 252 Duty of those notified to notify others of promoter's number
- 253 Duty of persons to notify the Commissioners
- Obtaining information and documents
- 254 Meaning of “monitored proposal” and “monitored arrangements”
- 255 Power to obtain information and documents
- 256 Tribunal approval for certain uses of power under section 255
- 257 Ongoing duty to provide information following HMRC notice
- 258 Duty of person dealing with non-resident monitored promoter
- 259 Monitored promoters: duty to provide information about clients
- 260 Intermediaries etc: duty to provide information about clients
- 261 Enquiry following provision of client information
- 262 Information required for monitoring compliance with conduct notice
- 263 Duty to notify HMRC of address
- 264 Failure to provide information: application to tribunal
- 265 Duty to provide information to monitored promoter
- Obtaining information and documents: appeals
- 266 Appeals against notices imposing information etc requirements
- Obtaining information and documents: supplementary
- 267 Form and manner of providing information
- 268 Production of documents: compliance
- 269 Exception for certain documents or information
- 270 Limitation on duty to produce documents
- 271 Legal professional privilege
- 272 Tax advisers
- 272A Application of Schedule 36 FA 2008 powers
- 273 Confidentiality
- Penalties
- 274 Penalties
- 275 Failure to comply with Part 7 of the Finance Act 2004
- 276 Limitation of defence of reasonable care
- 277 Extended time limit for assessment
- Offences
- 277A Offences relating to stop notices
- 277B Liability for offences under section 277A committed by a body
- 278 Offence of concealing etc documents
- 279 Offence of concealing etc documents following informal notification
- 280 Penalties for offences
- Supplemental
- 281 Partnerships
- 281A VATand other indirect taxes
- 282 Regulations under this Part
- 283 Interpretation of this Part
- PART 6 Other provisions
- Anti-avoidance
- 284 Disclosure of tax avoidance schemes: information powers
- Code of Practice on Taxation for Banks
- 285 The Code of Practice on Taxation for Banks: HMRC to publish reports
- 286 The Code of Practice on Taxation for Banks: “participating” groups or entities
- 287 The Code of Practice on Taxation for Banks: operation & breaches of the Code
- 288 The Code of Practice on Taxation for Banks: documents relating to the Code
- Offshore funds
- 289 Undertakings for collective investment in transferable securities and alternative investment funds
- Employee-ownership trusts
- 290 Companies owned by employee-ownership trusts
- Trusts
- 291 Trusts with vulnerable beneficiary: meaning of “disabled person”
- International matters
- 292 Amounts allowed by way of double taxation relief
- 293 Controlled foreign companies: qualifying loan relationships (1)
- 294 Controlled foreign companies: qualifying loan relationships (2)
- Financial sector regulation
- 295 Tax consequences of financial sector regulation
- Scotland
- 296 Scottish basic, higher and additional rates of income tax
- 297 Report on administration of the Scottish rate of income tax
- Co-operative societies etc
- 298 Co-operative societies etc
- Limitation periods
- 299 Removal of limitation period restriction for EU cases
- Local loans
- 300 Increase in limit for local loans
- PART 7 Final provisions
- 301 Power to update indexes of defined terms
- 302 Interpretation
- 303 Short title
- SCHEDULES
- SCHEDULE 1 Corporation tax rates
- PART 1 Abolition of small profits rate for non-ring fence profits
- PART 2 Amendments consequential on Part 1 of this Schedule
- Finance Act 1998
- Finance Act 2000
- Capital Allowances Act 2001
- Corporation Tax Act 2009
- Corporation Tax Act 2010
- Finance Act 2012
- Finance Act 2013
- PART 3 Commencement and transitional provision
- SCHEDULE 2 Annual investment allowance: transitional provisions etc
- PART 1 Transitional provisions
- Chargeable periods which straddle start date
- First straddling period beginning before 1 January 2013
- First straddling period beginning on or after 1 January 2013
- Chargeable periods which straddle 1 January 2016
- Operation of annual investment allowance where restrictions apply
- PART 2 Amendments of FA 2013
- SCHEDULE 3 Restrictions on remittance basis
- SCHEDULE 4 Tax relief for theatrical production
- PART 1 Amendments of CTA 2009
- PART 2 Consequential amendments
- ICTA
- FA 1998
- CAA 2001
- FA 2007
- CTA 2009
- FA 2009
- CTA 2010
- PART 3 Commencement
- SCHEDULE 5 Pension flexibility: further amendments
- Temporary extension of period by which commencement lump sum may precede pension
- Temporary relaxation to allow transfer of pension rights after lump sum paid
- Temporary relaxation to allow lump sum to be repaid to pension scheme that paid it
- Calculation of “applicable amount” in certain cases
- Expected pension commencement lump sums treated as trivial commutation lump sums
- Small pot lump sums
- Preservation of protected pension age following certain transfers of pension rights
- Operation of enhanced protection of pre-6 April 2006 rights to take lump sums
- Protected lump sum entitlement following certain transfers of pension rights
- Reporting obligations
- Scheme sanction charges
- Power to make further adjustments
- Commencement
- SCHEDULE 6 Transitional provision relating to new standard lifetime allowance for the tax year 2014-15 etc
- PART 1 “Individual protection 2014”
- The protection
- Amount A (pre-6 April 2006 pensions in payment)
- Amount B (pre-6 April 2014 benefit crystallisation events)
- Amount C (uncrystallised rights at end of 5 April 2014 under registered pension schemes)
- Amount D (uncrystallised rights at end of 5 April 2014 under relieved non-UK pension schemes)
- Interpretation
- PART 2 Regulations
- PART 3 Other provision
- Amendment of section 219(5A) of FA 2004
- Amendment of section 98 of TMA 1970
- SCHEDULE 7 Pension schemes
- Introduction
- Registration of pension schemes
- De-registration of pension schemes
- Declarations required from person who is to be a scheme administrator
- Payments by registered pension schemes: surrender
- Orders for money etc to be restored to pension schemes
- Liabilities of trustees appointed by Pensions Regulator etc
- Other provision
- SCHEDULE 8 Employee share schemes
- PART 1 Share incentive plans
- Amendments to Chapter 6 of Part 7 of ITEPA 2003
- Other amendments: TCGA 1992
- Other amendments: ITEPA 2003 and Part 4 of FA 2004
- Other amendments: ITTOIA 2005
- Other amendments: Part 9 of ITA 2007
- Other amendments: Chapter 1 of Part 11 of CTA 2009
- Other amendments: Individual Savings Account Regulations 1998 (S.I. 1998/1870)
- Revocation of Employee Share Schemes (Electronic Communication of Returns and Information) Regulations 2007 (S.I. 2007/792)
- Commencement and transitional provision
- PART 2 SAYE option schemes
- Amendments to Chapter 7 of Part 7 of ITEPA 2003
- Other amendments: TCGA 1992
- Other amendments: ITEPA 2003, Part 4 of FA 2004, ITTOIA 2005 and CTA 2009
- Other amendments: Individual Savings Account Regulations 1998 (S.I. 1998/1870)
- Commencement and transitional provision
- PART 3 CSOP schemes
- Amendments to Chapter 8 of Part 7 of ITEPA 2003
- Other amendments: TCGA 1992
- Other amendments: ITEPA 2003
- Commencement and transitional provision
- PART 4 Enterprise management incentives
- Amendments to Schedule 5 to ITEPA 2003
- Other amendment: section 98 of TMA 1970
- Commencement and transitional provision
- PART 5 Other employee share schemes
- Amendments to Chapter 1 of Part 7 of ITEPA 2003
- Other amendment: section 98 of TMA 1970
- Commencement and transitional provision
- SCHEDULE 9 Employment-related securities etc
- PART 1 Internationally mobile employees
- ITEPA 2003
- Consequential amendments to other Acts
- PART 2 Restricted securities and securities acquired for less than market value: replacement and additional securities and rollover relief etc
- PART 3 Corporation tax relief for employee share acquisitions
- PART 4 Commencement etc
- SCHEDULE 10 Venture capital trusts
- Time limits for making assessments
- Linked sales
- Approval of VCT: return of capital
- Nominees
- SCHEDULE 11 Tax relief for social investments
- PART 1 New Part 5B of ITA 2007
- PART 2 Consequential amendments
- SCHEDULE 12 Investments in social enterprises: capital gains
- SCHEDULE 13 General Block Exemption Regulation
- SCHEDULE 14 Extended ring fence expenditure supplement for onshore activities
- SCHEDULE 15 Supplementary charge: onshore allowance
- PART 1 Amendments of Part 8 of CTA 2010
- Onshore allowance
- Restriction of field allowance to offshore fields
- PART 2 Minor and consequential amendments
- PART 3 Commencement and transitional provision
- Commencement of onshore allowance
- Option to defer commencement
- Straddling accounting periods
- SCHEDULE 16 Oil contractors: ring-fence trade etc
- CTA 2010
- Commencement etc
- SCHEDULE 17 Partnerships
- PART 1 Limited liability partnerships: treatment of salaried members
- Main provision
- Supplementary provision: deductions
- Supplementary provision: arrangements made by intermediaries
- Commencement
- PART 2 Partnerships with mixed membership
- Main provision
- Commencement
- PART 3 Alternative investment fund managers: deferred remuneration etc
- Main provision
- Supplementary provision
- Power to apply amendments to other types of firms carrying on regulated activities
- Commencement
- PART 4 Disposals of assets through partnerships
- Income tax
- Corporation tax
- SCHEDULE 18 Abolition of reduced rates for vehicles satisfying reduced pollution requirements
- PART 1 Amendments of the Vehicle Excise and Registration Act 1994
- PART 2 Commencement
- Introduction
- Licences taken out on or after 1 April 2014
- Licences taken out on or after 1 April 2016
- Licences taken out on or after 1 January 2017
- I January 2017
- Interpretation
- SCHEDULE 19 Other amendments about vehicle excise duty
- PART 1 Amendments of the Vehicle Excise and Registration Act 1994
- PART 2 Amendments of other enactments
- PART 3 Commencement
- SCHEDULE 20 Climate change levy: exemptions for mineralogical and metallurgical processes etc
- PART 1 The exemptions
- PART 2 Other provision
- SCHEDULE 21 Goods shipped or carried as stores on ships or aircraft
- Meaning of “stores”
- Surplus stores
- Power to make regulations about stores
- Penalties and enforcement
- Review and appeal
- Commencement
- SCHEDULE 22 Supplies of electronic, broadcasting and telecommunication services: special accounting schemes
- PART 1 Union scheme
- New Union scheme for accounting for VAT on certain supplies
- Power to amend provisions about the Union scheme
- PART 2 Non-Union scheme: amendments of Schedule 3B to VATA 1994
- Introduction
- Extension of non-Union scheme to broadcasting and telecommunication services
- Consequential and other amendments
- PART 3 Other amendments: Union and non-Union schemes
- PART 4 Commencement
- SCHEDULE 23 SDLT: charities relief
- SCHEDULE 24 Abolition of stamp duty and SDRT: securities on recognised growth markets
- PART 1 Stamp duty reserve tax
- “Chargeable securities”
- Commencement of Part 1 and transitional provision
- PART 2 Stamp duty
- Main charge
- Charge in relation to the purchase by a company of its own shares
- Charge in relation to property vested by Act or purchased under statutory power
- Interpretation of paragraphs 5 to 7
- Depositary receipts: charge
- Clearance services: charge
- Charge on transfers of partnership interests
- Commencement of Part 2
- SCHEDULE 25 Inheritance tax
- Introductory
- Rate bands for tax years 2015-16, 2016-17 and 2017-18
- Treatment of certain liabilities
- Ten-year anniversary charge
- Delivery of account and payment of tax
- SCHEDULE 26 The bank levy: miscellaneous changes
- Introduction
- High quality liquid assets etc
- Protected deposits
- Tier one capital equity and liabilities
- Liabilities representing QCP margin in relation to trades executed under clearing agreements
- Certain liabilities deemed short term liabilities
- Amendments consequential on regulatory changes
- Transitional provision
- SCHEDULE 27 Suspension and revocation of remote operating licences
- Breach notice
- Final notice
- Direction to suspend remote operating licence
- Reinstatement of remote operating licence
- Revocation of remote operating licence
- Consent requirement for grant of new remote operating licence
- Supplementary
- SCHEDULE 28 Part 3: consequential amendments and repeals
- PART 1 Betting and Gaming Duties Act 1981
- PART 2 Other amendments and repeals
- Customs and Excise Management Act 1979
- Finance Act 1994
- Value Added Tax Act 1994
- Finance Act 1997
- Criminal Justice and Police Act 2001
- Gambling Act 2005
- Finance Act 2008
- Finance Act 2009
- Finance Act 2012
- SCHEDULE 29 Part 3: transitional and saving provisions
- Final accounting periods under BGDA 1981
- Withdrawal of double taxation relief
- Post-commencement receipts etc from pre-commencement general or pool betting
- Post-commencement winnings paid on pre-commencement general or pool betting
- Post-commencement receipts & winnings etc in the case of pre-commencement remote gaming
- Post-commencement relief for unrelieved pre-commencement losses
- Post-commencement winnings on non-dutiable pre-commencement general or pool betting
- Post-commencement winnings on non-dutiable pre-commencement remote gaming
- Saving for amendments and repeals made by Schedule 28
- SCHEDULE 30 Section 208 or 208A penalty: value of the denied advantage
- Introduction
- Value of denied advantage: normal rule
- Value of denied advantage: losses
- Value of denied advantage: deferred tax
- SCHEDULE 31 Follower notices and partnerships
- Introduction
- Interpretation
- Giving of follower notices in relation to partnership returns
- Penalty if corrective action not taken in response to partnership follower notice
- Additional penalty for unreasonable tax appeal
- Calculation of penalty etc
- SCHEDULE 32 Accelerated payments and partnerships
- Interpretation
- Restriction on circumstances when accelerated payment notices can be given
- Circumstances in which partner payment notices may be given
- Content of partner payment notices
- Representations about a partner payment notice
- Effect of partner payment notice
- Penalty for failure to comply with partner payment notice
- Withdrawal, suspension or modification of partner payment notices
- SCHEDULE 33 Part 4: consequential amendments
- Taxes Management Act 1970
- Finance Act 2007
- Finance Act 2008
- Finance Act 2009
- SCHEDULE 33A Promotion structures
- Cases in which a person is a member of a promotion structure.
- Multiple entity promoter
- Acting for a non-resident promoter
- Control of another promoter
- Transfer of promotion business
- SCHEDULE 34 Promoters of tax avoidance schemes: threshold conditions
- PART 1 Meeting the threshold conditions: general
- Meaning of “threshold condition”
- Deliberate tax defaulters
- Breach of the Banking Code of Practice
- Tax advisers
- Non-compliance with avoidance disclosure requirements
- Criminal offences
- Opinion notice of GAAR Advisory Panel
- Disciplinary action against a member of a trade or profession
- Disciplinary action by a regulatory authority
- Exercise of information powers
- Restrictive contractual terms
- Stop notices
- PART 2 Meeting the threshold conditions: bodies corporate and partnerships
- Interpretation
- Relevant bodies controlled etc by other persons treated as meeting a threshold condition
- Persons who control etc a relevant body treated as meeting a threshold condition
- Relevant bodies controlled etc by the same person treated as meeting a threshold condition
- PART 3 Power to amend
- SCHEDULE 34A Promoters of tax avoidance schemes: defeated arrangements
- PART 1 Introduction
- PART 2 Meaning of “relevant defeat”
- “Related” arrangements
- “Promoted arrangements”
- Relevant defeat of single arrangements
- Relevant defeat of related arrangements
- Limit on number of separate relevant defeats in relation to the same, or related, arrangements
- Case 1: counteraction upheld by judicial ruling
- Case 2: judicial ruling that avoidance-related rule applies
- Case 3: proportion-based relevant defeat
- “Defeat” of arrangements
- PART 3 Relevant defeats: associated persons
- Attribution of relevant defeats
- Deemed defeat notices
- Meaning of “relevant body” and “control”
- PART 4 Meeting section 237A conditions: bodies corporate and partnerships
- Relevant bodies controlled etc by other persons treated as meeting section 237A condition
- Persons who control etc a relevant body treated as meeting a section 237A condition
- Relevant bodies controlled etc by the same person treated as meeting a section 237A condition
- Interpretation
- PART 5 Supplementary
- “Adjustments”
- Meaning of “avoidance-related rule”
- “DOTAS arrangements”
- “Disclosable VAT or other indirect tax arrangements”
- “Disclosable Schedule 11A VAT arrangements”
- Paragraphs 26 to 27: supplementary
- “Final” counteraction
- Inheritance tax, stamp duty reserve tax, VAT and petroleum revenue tax
- Power to amend
- SCHEDULE 35 Promoters of tax avoidance schemes: penalties
- Introduction
- Penalties for failure to comply
- Daily default penalties for failure to comply
- Penalties for inaccurate information and documents
- Power to change amount of penalties
- Concealing, destroying etc documents following imposition of a duty to provide information
- Concealing, destroying etc documents following informal notification
- Failure to comply with time limit
- Reasonable excuse
- Assessment of penalty and appeals
- Interest on penalties
- Double jeopardy
- Overlapping penalties
- SCHEDULE 36 Promoters of tax avoidance schemes: partnerships
- PART 1 Partnerships as persons
- “Person” includes a partnership
- Continuity of partnerships
- Meeting of conditions
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- PART 2 Conduct notices and monitoring notices
- Defeat notices
- Conduct notices
- Monitoring notices
- Person continuing to carry on partnership business as a sole trader
- Persons leaving partnership: defeat notices
- Persons leaving a partnership: conduct notices
- Persons leaving a partnership: monitoring notices
- Division of partnership business
- Notices under paragraphs 8 to 10: general
- Publication under section 248
- PART 3 Responsibility of partners
- Responsibility of partners
- Joint and several liability of responsible partners
- Service of notices
- Nominated partners
- PART 4 Interpretation
- Meaning of “controlling member”
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Power to amend definitions
- SCHEDULE 37 Companies owned by employee-ownership trusts
- PART 1 Capital gains tax relief
- Relief on disposals to employee-ownership trusts
- Commencement and transitional provision
- PART 2 Employment income exemption
- PART 3 Inheritance tax relief
- PART 4 Miscellaneous amendments
- Finance Act 1986
- Taxation of Chargeable Gains Act 1992
- Income Tax (Earnings and Pensions) Act 2003
- Corporation Tax Act 2009
- SCHEDULE 38 Scottish basic, higher and additional rates of income tax
- PART 1 Amendments of ITA 2007
- PART 2 Consequential amendments
- SCHEDULE 39 Taxation of co-operative societies etc
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Co-operative and Community Benefit Societies Act 2014 (c. 14)
- Commencement
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