Finance Act 2024
Finance Act 2024 (2024 c. 3)
- Finance Act 2024 (2024 c. 3)
- Part 1 Income tax and corporation tax
- Chapter 1 Reliefs for businesses etc
- Capital allowances for companies
- 1 Permanent full expensing etc for expenditure on plant or machinery
- Research and development
- 2 New regime for research and development carried out by companies
- Films, television programmes, video games etc
- 3 Films, television programmes and video games produced by companies
- 4 Theatrical productions made by companies
- 5 Orchestral concerts produced by companies
- 6 Museum and gallery exhibitions produced by companies
- 7 Sections 3 to 6: administration of reliefs
- Real Estate Investment Trusts
- 8 Miscellaneous amendments relating to REITs
- Tonnage tax
- 9 Managers of ships
- 10 Increase in capital allowances limit for ship leasing
- Other reliefs
- 11 Extension of EIS relief and VCT relief to shares issued before 6 April 2035
- 12 Relief for payments of compensation by government etc to companies
- 13 Enterprise management incentives: time limits
- Chapter 2 Pensions
- 14 Provision in connection with abolition of the lifetime allowance charge
- 15 MPs’ pension scheme etc: rectification of discrimination
- Chapter 3 Other income tax measures
- Calculation of trade profits etc
- 16 Provision relating to the cash basis
- Other
- 17 PAYE regulations: special types of payer or payee
- 18 Carer’s allowance supplement: correction of statutory reference
- Part 2 Other taxes
- Stamp duty and stamp duty reserve tax
- 19 Growth market exemption: qualifying UK multilateral trading facilities etc
- 20 Capital-raising arrangements etc
- Electricity generator levy
- 21 New investment exemption
- Pillar Two
- 22 Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc
- Excise duty rates
- 23 Rates of tobacco products duty
- 24 Rates of vehicle excise duty
- 25 Rates of air passenger duty
- Miscellaneous VAT and excise measures
- 26 Rebate on heavy oil and certain bioblends used for heating
- 27 Vehicle excise duty exemption for foreign vehicles
- 28 Interpretation of VAT and excise law
- Environmental taxes
- 29 Rates of landfill tax
- 30 Rate of aggregates levy
- 31 Rate of plastic packaging tax
- Part 3 Miscellaneous and final
- Evasion, avoidance etc
- 32 Increase in maximum terms of imprisonment for tax offences
- 33 Disqualification of directors etc promoting tax avoidance schemes
- 34 Promoters of tax avoidance: failure to comply with stop notice etc
- 35 Construction industry scheme: gross payment status
- Administration
- 36 Additional information to be contained in returns under TMA 1970 etc
- 37 Commencement of rules imposing penalties for failure to make returns etc
- Final
- 38 Abbreviations used in Act
- 39 Short title
- Schedules
- Schedule 1 Research and development
- Part 1 Main amendments of CTA 2009
- Part 2 Consequential amendments
- FA 1998
- FA 2007
- CTA 2009
- CTA 2010
- TIOPA 2010
- FA 2013
- Part 3 Commencement and transitional and transitory provision
- General commencement of Parts 1 and 2
- Assignments and nominations
- Avoidance of overlaps and gaps in entitlement during transition
- Transitional provision relating to claim notifications
- Transitional provision relating to the R&D intensity condition
- Higher rate of payable credit for R&D-intensive SMEs from 1 April 2023
- Schedule 2 Films, television programmes and video games
- Part 1 New regime for films, television programmes and video games
- Part 2 Amendments consequential on Part 1
- Films Act 1985
- FA 1998
- FA 2007
- CTA 2009
- CTA 2010
- Part 3 Repeal of existing regimes for films, television programmes and video games
- Part 4 Amendments consequential on Part 3
- Films Act 1985
- ICTA
- FA 1998
- FA 2007
- CTA 2009
- FA 2009
- CTA 2010
- FA 2016
- Part 5 Commencement and transitional provision
- General commencement
- Closure of existing regimes to new productions
- Opting into new regime during transitional period
- Productions not moving into new regime
- Continuity between regimes: taxation as separate trade
- Continuity between regimes: calculation of expenditure credit
- Continuity between regimes: British certification
- Continuity between regimes: UK expenditure (films and television programmes)
- Transition of video games from European expenditure condition to UK expenditure condition
- Calculation of expenditure credit where company previously benefiting from video games tax relief
- Transfer of terminal losses between productions in existing and new regimes
- Schedule 3 Theatrical productions
- Part 1 Amendments of Part 15C of CTA 2009
- Introduction
- Meaning of “theatrical production”
- Meaning of “core expenditure”
- Provision to emphasise that capital expenditure does not generally qualify for relief
- UK expenditure threshold to replace EEA expenditure threshold
- EEA expenditure not to qualify for relief
- Profit element of non-arm's-length payments to connected parties not to qualify for relief
- Amendment of R&D exclusion
- Restriction where tax liabilities outstanding: meaning of “payment period”
- Relief not to be available for companies in insolvency
- Part 2 Changes from European to UK expenditure: transitional provision
- Transitional provision in relation to paragraph 5
- Transitional provision in relation to paragraph 6
- Schedule 4 Orchestral concerts
- Part 1 Amendments of Part 15D of CTA 2009
- Introduction
- Time of election for orchestral concerts to be treated as a series
- Meaning of “core expenditure”
- Provision to emphasise that capital expenditure does not generally qualify for relief
- UK expenditure threshold to replace EEA expenditure threshold
- EEA expenditure not to qualify for relief
- Profit element of non-arm's-length payments to connected parties not to qualify for relief
- Amendment of exclusion for other reliefs
- Restriction where tax liabilities outstanding: meaning of “payment period”
- Relief not to be available for companies in insolvency
- Part 2 Changes from European to UK expenditure: transitional provision
- Transitional provision in relation to paragraph 5
- Transitional provision in relation to paragraph 6
- Schedule 5 Museum and gallery exhibitions
- Part 1 Amendments of Part 15E of CTA 2009
- Introduction
- Museum and gallery exhibitions not to be wholly remote
- Meaning of “core expenditure”
- UK expenditure threshold to replace European expenditure threshold
- EEA expenditure not to qualify for relief
- Profit element of non-arm's-length payments to connected parties not to qualify for relief
- Amendment of exclusion for R&D relief and other creative sector reliefs
- Restriction where tax liabilities outstanding: meaning of “payment period”
- Relief not to be available for companies in insolvency
- Part 2 Changes from European to UK expenditure: transitional provision
- Transitional provision in relation to paragraph 4
- Transitional provision in relation to paragraph 5
- Schedule 6 Administration of creative sector reliefs
- Power to recover overpayments
- Time limit for claims
- Supporting information
- Schedule 7 Real Estate Investment Trusts
- Amendment of CTA 2010
- CoACS to be institutional investors
- Non-close condition
- Certain institutional investors required to meet GDO or non-close condition
- Paragraph 4: transitional provision
- Insurance companies may be included in group UK REIT
- Property financing costs
- Single property rule
- Disposal of rights or interests in UK property rich funds
- Holders of excessive rights
- Corporate interest restriction and disposal of interests in UK property rich companies
- Schedule 8 Tonnage tax
- Introduction
- Qualifying companies to include companies managing qualifying ships
- Daily profits of managed ships
- Tonnage tax activities include activities in managing ships
- Effect of temporarily ceasing to manage or operate qualifying ships
- Training requirement
- Disapplication of 75% limit for ship managers
- Commencement
- Schedule 9 Pensions
- Part 1 Abolition of lifetime allowance charge
- Part 2 Taxation of lump sums
- Amendments of Part 4 of FA 2004 (pension schemes etc)
- Amendments of Part 9 of ITEPA 2003
- Amendments of the Registered Pension Schemes (Authorised Payments) Regulations 2009
- Part 3 Non-UK schemes
- Amendments of Part 4 of FA 2004
- Amendments of Chapter 4 of Part 9 of ITEPA 2003
- Amendments of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006
- Part 4 Transitional protections
- Amendments of Schedule 29 to FA 2004
- Amendments of Schedule 34 to FA 2004
- Amendments of Part 2 of Schedule 36 to FA 2004
- Amendments of Part 3 of Schedule 36 to FA 2004
- Amendment of Part 4 of Schedule 36 to FA 2004
- Amendments of Schedule 18 to FA 2011
- Amendments of Schedule 22 to FA 2013
- Amendments of Schedule 6 to FA 2014
- Amendments of Schedule 4 to FA 2016
- Amendments of the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006
- Amendments of the Taxation of Pension Schemes (Transitional Provisions) Order 2006
- Amendments of the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011
- Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013
- Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014
- Part 5 Provision of information
- Amendments of Part 4 of FA 2004
- Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006
- Amendments of the Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006
- Part 6 Commencement and transitional provision etc
- Commencement
- Availability of individual’s lump sum allowance
- Availability of individual’s lump sum and death benefit allowance
- Transitional tax-free amount certificates
- Availability of member’s overseas transfer allowance
- Provision of information by individuals to certification administrators
- Provision of information by scheme administrators to members
- Paragraphs 125 to 128: interpretation
- Statements for certain members who would not otherwise receive one in the tax year 2024-25
- Lump sums paid on or after 6 April 2024 where entitlement arose before that date
- Lump sum death benefits paid on or after 6 April 2024 that crystallised before that date
- Modifications of scheme rules
- Continuity of the law
- Power to make further transitional provision
- Power to make further provision in connection with the abolition of lifetime allowance charge
- Schedule 10 Calculation of trade profits etc
- Part 1 Main provisions
- Introduction of cash basis default
- Removal of turnover restrictions etc
- Removal of interest payments restriction
- Removal of loss restrictions
- Part 2 Minor and consequential amendments
- Chapter 1 Amendments of ITTOIA 2005
- Other amendments of Chapter 3 of Part 2
- Amendments of other provisions
- Chapter 2 Amendments of other Acts
- TMA 1970
- TCGA 1992
- CAA 2001
- ITA 2007
- Consequential repeals
- Part 3 Commencement and transitional provision
- Commencement
- Transitional provision
- Schedule 11 Capital-raising arrangements etc
- Part 1 Depositary receipts and clearance services
- Introduction
- Stamp duty
- Stamp duty reserve tax
- Part 2 Bearer instruments
- Part 3 Minor and consequential amendments
- Part 4 Commencement and transitional provision
- Commencement
- Transitional provision: depositary receipts: exception from SDRT for replacement securities
- Transitional provision: clearance services: exception from SDRT for replacement securities
- Transitional provision: bearer instruments
- Transitional provision: warrants to purchase Government stock etc
- Schedule 12 Pillar Two
- Part 1 Introduction
- Part 2 Multinational top-up tax
- Partnerships
- Qualifying non-profit subsidiaries
- Charging permanent establishments of intermediate/partially-owned parent members
- De-merged groups
- Adjustment for changes in accounting policies and prior period errors
- Pension expense
- Tax credits
- Adjustments for companies in distress
- Adjustments where life assurance business carried on
- Exclusion of certain insurance reserve movement expense
- Permanent establishment income and expense attribution
- Election to spread certain capital gains
- Transparent entities etc
- Covered taxes
- Tax equity partnerships
- Reallocation of tax expense
- Controlled foreign company tax regimes
- Blended CFC regimes
- Qualifying foreign tax credits (substitute loss carry forward assets)
- Substance based income exclusion: inter-jurisdictional employees and assets
- Substance based income exclusion: inclusion of payroll costs and assets voluntary
- Substance based income exclusion: impairment losses
- Substance based income exclusion: dual use assets
- Substance based income exclusion: leases
- Substance based income exclusion: power to make further provision
- Transfer of assets or liabilities to a member of a multinational group
- Investment entity tax transparency election
- Meaning of country-by-country report
- Joint ventures
- Insurance investment entities
- Location of entities
- Currency
- Application of Pillar Two rules to members of a group
- Qualifying domestic top-up tax not treated as accruing
- Consistency with Pillar Two rules
- Overpaid tax
- Intragroup transfers before entry into regime
- Transitional safe harbour
- Transitional reporting election
- Qualifying domestic top-up tax safe harbour
- Part 3 Domestic top-up tax
- Securitisation entities
- Investment entities
- Treatment of qualifying refundable tax credits
- Effect of becoming subject to Pillar Two rules
- Dividends from protected cell companies
- Consistency with Pillar Two rules
- Part 4 Minor and technical changes
- Chapter 2 of Part 3 (qualifying multinational groups and their members)
- Chapter 3 of Part 3 (effective tax rate)
- Chapter 4 of Part 3 (calculation of adjusted profits)
- Chapter 5 of Part 3 (covered tax balance)
- Chapter 6 of Part 3 (calculation of top-up amounts)
- Chapter 7 of Part 3 (allocating top-up amounts)
- Chapter 8 of Part 3 (further adjustments)
- Chapter 9 of Part 3 (special provision for investment entities etc)
- Chapter 10 of Part 3 (definitions etc)
- Part 4 (domestic top-up tax)
- Schedules 14 to 17
- Schedule 13 Promotion of tax avoidance schemes
- Disqualification for promoting tax avoidance
- Minor and consequential amendments
- Extent
- Practice and procedure
- Interpretation
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