File your first Self Assessment tax return
- 1 step
UK Act of Parliament
2009
United Kingdom
Finance Act 2009
At a glance
Enforced by
What's here
4 compliance obligations, 10 practical guides across 2 topics · 15 journeys
Penalty landscape
1 of 4 obligations carry an unlimited fine. 1 carries different penalties and 2 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 2
- Trader 1
- Director or Officer 1
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Respond to a Self Assessment penalty
- 1 step
Respond to a Corporation Tax penalty or enquiry
- 2 steps
Complete your CIS monthly compliance
- 4 steps
Self Assessment quick compliance check
- 1 step
Fix CIS payment errors
- 4 steps
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Supporting — topic alignment
7 guidesMentioned in related content
3 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 749 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 110 duties
- Licensing Act 2003 2003 105 duties
- Merchant Shipping Act 1995 1995 97 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 86 duties
Traders also bound by 219 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 952 duties
- TULRCA 1992 1992 39 duties
- Companies Act 2006 2006 39 duties
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 2013 39 duties
- The Customs (Import Duty) (EU Exit) Regulations 2018 2018 33 duties
Directors and Officers also bound by 224 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 75 duties
- Companies Act 2006 2006 63 duties
- Insolvency Act 1986 1986 46 duties
- CCBSA 2014 2014 22 duties
- CAICEA 2004 2004 18 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Charges, rates, allowances,
Browse 22 other sections in this Part — procedural / definitional / commencement
Charge and main rates for 2009-10
Basic rate limit for 2009-10
Personal allowance for 2009-10 for those aged under 65
Reduction of personal allowance for those with income exceeding £100,000
Abolition of personal reliefs for non-residents
Additional rate, dividend additional rate, trust rates and pension tax rates
Charge and main rates for financial year 2010
Small companies' rates and fractions for financial year 2009
Extension of reduced standard rate and anti-avoidance provision
Thresholds for residential property
Rates of alcoholic liquor duty
Rates of tobacco products duty
Rates for 2009-10
Rates from April 2010
Rates and rebates from Spring 2009
Rates and rebates from September 2009
Rates of air passenger duty
Standard rate of landfill tax
Rates of gaming duty
Bingo duty
Amounts of duty on amusement machine licences
Provisions affecting amount of amusement machine licence duty
Part 2 — Income tax, corporation tax and capital gains tax
Browse 49 other sections in this Part — procedural / definitional / commencement
Temporary extension of loss carry back provisions
First-year capital allowances for expenditure in 2009-2010
Agreements to forgo tax reliefs
Contaminated and derelict land
Venture capital schemes
Group relief: preference shares
Sale of lessor companies etc: reforms
Tax relief for business expenditure on cars and motor cycles
Reallocation of chargeable gain or loss within a group
Stock lending: chargeable gains in event of insolvency etc of borrower
FSCS payments representing interest
Corporation tax treatment of company distributions received
Tax treatment of financing costs and income
Controlled foreign companies
International movement of capital
Corporation tax: foreign currency accounting
Certain distributions of offshore funds taxed as interest
Income tax credits for foreign distributions
Loan relationships involving connected parties
Release of trade etc debts
Foreign exchange matching: anti-avoidance
Tax treatment of participants in offshore funds
Power to enable dividends of investment trusts to be taxed as interest
Insurance companies
Equalisation reserves for Lloyd's corporate and partnership members
Disguised interest
Transfer of income streams
SAYE schemes
Remittance basis
Exemption for certain non-domiciled persons
Taxable benefits: cars
Taxable benefit of cars: price of automatic car for disabled employee
Exemption of benefit consisting of health-screening or medical check-up
MEPs ' pay, allowances and pensions under European Parliament Statute
Tax underlying dividends
Manufactured overseas dividends
Payments by reference to foreign tax etc
Anti-fragmentation
Financial arrangements avoidance
Transfers of trade to obtain terminal loss relief
Sale of lessor companies etc: anti-avoidance
Leases of plant or machinery
Long funding leases of films
Real Estate Investment Trusts
Deductions for employee liabilities
Employment loss relief
No loss relief for losses from contracts for life insurance etc
Intangible fixed assets and goodwill
Taxable benefit of living accommodation: lease premiums
Part 3 — Pensions
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 4 — Value added tax
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 5 — Stamp taxes
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 6 — Oil
Browse 8 other sections in this Part — procedural / definitional / commencement
Capital allowances for oil decommissioning expenditure
Blended oil
Chargeable gains
Oil assets put to other uses
Former licensees and former oil fields
Abolition of provisional expenditure allowance
Supplementary charge: reduction for certain new oil fields
Miscellaneous amendments
Part 7 — Administration
Late payment interest on sums due to HMRC
Amended 51 timesRepayment interest on sums to be paid by HMRC
Amended 39 timesRates of interest
Amended 20 timesFurther provision as to late payment interest and repayment interest
Amended 20 timesSupplementary
Amended 1 timePenalties for failure to make returns etc
Amended 6 timesPenalties for failure to pay tax
Amended 4 timesSuspension of penalties during currency of agreement for deferred payment
Amended 6 timesManaged payment plans
Amended 1 timeBrowse 13 other sections in this Part — procedural / definitional / commencement
HMRC Charter
Duties of senior accounting officers of qualifying companies
Publishing details of deliberate tax defaulters
Amendment of information and inspection powers
Extension of information and inspection powers to further taxes
Powers to obtain contact details for debtors
Record-keeping
Time limits for assessments, claims etc
Recovery of overpaid tax etc
Miscellaneous amendments
Miscellaneous amendments
Recovery of debts using PAYE regulations
Customs and excise enforcement: movements between member States
Part 8 — Miscellaneous
Remote bingo etc
Amended 1 timeAlternative finance investment bonds
Amended 1 timeMutual societies: tax consequences of transfers of business etc
Amended 1 timeBrowse 10 other sections in this Part — procedural / definitional / commencement
VAT exemption for gaming participation fees
Gaming duty
Meaning of “gaming machine” and “gaming”
Taxable commodities ineligible for reduced-rate supply
Removal of reduced rate where targets not met
Landfill tax: prescribed landfill site activities
Requirement to destroy replaced vehicle registration documents
Hydrocarbon oil duties: minor amendments
Inheritance tax: agricultural property and woodlands relief for EEA land
National Savings ordinary accounts: surplus funds
Part 9 — Final provisions
Browse 1 other section in this Part — procedural / definitional / commencement
Short title
Schedules
Penalty for failure to make payments on time
Unlimited fine- Fail to pay tax by the deadline Any Person
- Late payment of tax Any Person
Duties of senior accounting officers of qualifying companies
- Appoint a Senior Accounting Officer and certify tax arrangements Trader
- Ensure proper tax accounting arrangements and provide an annual certificate Director or Officer
Browse 1097 other Schedules — structural / supplementary
Schedule 52 (Online filing requirements)
Income tax rates
Vehicle excise duty: further provision about rates of duty etc
Contaminated and derelict land
Group relief: preference shares
Sale of lessor companies etc: reforms
Tax relief for business expenditure on cars and motor cycles
Reallocation of chargeable gain or loss within a group
Corporation tax treatment of company distributions
Corporation tax: foreign currency accounting
Loan relationships: connected parties
Offshore funds
Insurance companies
Disguised interest
Transfers of income streams
Certification of SAYE savings arrangements
Taxable benefits: cars
Manufactured overseas dividends
Sale of lessor companies etc: anti-avoidance
Leases of plant or machinery
Real Estate Investment Trusts
Capital allowances for oil decommissioning expenditure
PRT : blended oil
Oil: chargeable gains
Oil assets put to other uses
Supplementary charge: reduction for certain new oil fields
Oil: miscellaneous amendments
Amendment of information and inspection powers
Extension of information and inspection powers
Time limits for assessments, claims etc
Late payment interest
Repayment interest
Recovery of debts under PAYE regulations
Climate change levy: removal of reduced rate
Landfill tax: prescribed landfill site activities
Income tax: abolition of non-residents' personal reliefs
Chapter 1 of Part 7 of ICTA (income tax: personal...
Omit— (a) section 256 (general), (b) section 256A (“adjusted net...
(1) Section 266 (life assurance premiums) is amended as follows....
(1) Section 274 (limits on relief under sections 266 and...
In paragraph 6(1) of Schedule 14 (provisions ancillary to section...
Omit— (a) in TMA 1970— (i) in section 36(3A), “section...
The amendments made by this Schedule have effect for the...
ITA 2007 is amended as follows.
Part 4 of FA 2004 (pension schemes etc) is amended...
In section 192 (relief for pension contributions at source), for...
In section 208 (unauthorised payments charge), for subsection (6) substitute—...
In section 209 (unauthorised payments surcharge), for subsection (7) substitute—...
In section 215 (amount of lifetime allowance charge), after subsection...
In section 227 (annual allowance charge), after subsection (5) insert—...
In section 240 (amount of scheme sanction charge), after subsection...
In section 242 (de-registration charge), insert at the end—
(1) Section 282 (orders and regulations) is amended as follows....
ITTOIA 2005 is amended as follows.
(1) Section 6 (rates of income tax) is amended as...
In section 640(6)(b) (grossing-up of deemed income)—
In section 669(3) (reduction in residuary income: inheritance tax on...
In section 685A(3) (settlor-interested settlements), for “higher rate” substitute “...
(1) Part 2 of Schedule 4 (index of defined expressions)...
In section 7(5) of F(No.2)A 2005 (charge to income tax...
(1) The powers conferred by the amendments made by this...
(1) Section 8 (dividend ordinary rate and dividend upper rate)...
(1) Section 10 (income charged at basic and higher rates:...
(1) Section 13 (income charged at dividend ordinary and dividend...
In section 414(2)(b) (relief for gifts to charity), after “limit”...
In section 515(a) (rate of tax in respect of heritage...
(1) Section 989 (definitions) is amended as follows.
(1) Schedule 4 (index of defined expressions) is amended as...
VAT: supplementary charge and orders changing rate
(1) There is a supplementary charge on a supply of...
(1) The Treasury may by order amend this Part of...
In relation to supplies treated as taking place before 31...
(1) This paragraph applies in relation to a supply within...
There is no supplementary charge under this Schedule on a...
In this Part of this Schedule “normal commercial practice” means...
(1) The Treasury may by order provide that there is...
(1) A supplementary charge under this Schedule on a supply...
(1) The amount of the supplementary charge on a supply...
(1) In this Schedule “listed supply” means a supply falling...
(1) For the purposes of this Schedule, in relation to...
(1) For the purposes of this Schedule a supply of...
(1) This paragraph applies if, on the date on which...
(1) This paragraph applies where— (a) a contract for the...
Regulations under paragraph 2A of Schedule 11 to VATA 1994...
(1) An order under this Schedule is to be made...
(1) Expressions used in this Schedule and in VATA 1994...
(1) VATA 1994 is amended as follows.
(1) For the purposes of this Schedule a supply consisting...
(1) In this Schedule the “basic time of supply” is...
(1) This paragraph applies where— (a) the supply or grant...
(1) This paragraph applies for the purposes of condition B...
(1) This paragraph applies for the purposes of condition C...
Section 1122 of CTA 2010 (connected persons) applies for the...
In this Schedule a reference to receipt of a payment...
VERA 1994 is amended as follows.
(1) Section 3 (duration of licences) is amended as follows....
(1) Section 19 (rebates) is amended as follows.
(1) Section 62 (definitions) is amended as follows.
(1) Schedule 1 (annual rates of duty) is amended as...
(1) Paragraph 25 of Schedule 2 (exempt vehicles: light passenger...
(1) The amendments made by this Schedule have effect in...
Air passenger duty
Chapter 4 of Part 1 of FA 1994 (air passenger...
(1) Section 30 (rates of duty) is amended as follows....
For section 39 substitute— Schemes for simplified operation of Chapter...
In section 42(4) (orders), after “chargeable passengers” insert “ ,...
After Schedule 5 insert— SCHEDULE 5A Air passenger duty: territories...
In consequence of the amendments made by section 17 and...
The amendments made by paragraphs 2(3) and 6(a), (b)(i), (c)...
(1) No agreement for Chapter 4 of Part 1 of...
Temporary extension of carry back of losses
(1) A person who has made a loss in a...
(1) A claim for relief under paragraph 1 must be...
(1) Sections 37(3)(b) and 38(1) and (3) of CTA 2010...
Part 14 of CTA 2009 (remediation of contaminated land) is...
(1) Section 1149 (additional deduction for qualifying land remediation expenditure)...
(1) Section 1150 (no relief if company responsible for contamination)...
(1) Section 1161 (relief in respect of I minus E...
For section 1162 substitute— Additional relief (1) If a company is entitled to relief under section...
(1) Section 1163 (no relief if company responsible for contamination)...
In section 1165(1)(a) (meaning of “qualifying life assurance business loss”),...
In section 1169(2)(c) and (3)(c) (artificially inflated claims for relief),...
(1) Section 1173 (expenditure incurred because of contamination) is amended...
Omit section 1174 (sub-contractor payments: introductory).
(1) Section 1175 (“qualifying expenditure on sub-contracted land remediation”: connected...
In the heading of the Part, after “contaminated” insert “...
Omit section 1176 (“qualifying expenditure on sub-contracted land remediation”: other...
In section 1178 (persons having a “relevant connection” to a...
After section 1178 insert— “Major interest in land” (1) References in this Part to the acquisition of a...
In section 1179 (definitions), omit the definitions of “harm” and...
In section 76(7) of ICTA (expenses of insurance companies), in...
In Schedule 18 to FA 1998 (company tax returns etc),...
(1) Schedule 4 to CTA 2009 (index of expressions) is...
Any power to make orders which is conferred on the...
Subject to that, the amendments made by this Schedule have...
(1) Section 1143 (overview of Part) is amended as follows....
(1) Section 1144 (“qualifying land remediation expenditure”) is amended as...
For section 1145 substitute— Land “in a contaminated state” (1) For the purposes of this Part land is in...
(1) Section 1146 (“relevant land remediation”) is amended as follows....
After that section insert— “Relevant derelict land remediation” (1) For the purposes of this Part “relevant derelict land...
In the heading of Chapter 2, after “contaminated” insert “...
(1) Section 1147 (deduction for capital expenditure) is amended as...
Venture capital schemes
Schedule 5B to TCGA 1992 (enterprise investment scheme: re-investment) is...
In consequence of the amendments made by paragraphs 2, 3...
The amendments made by paragraphs 2, 3, 5, 7, 8...
The amendments made by paragraph 4 have effect in relation...
(1) The amendments made by paragraph 6 have effect as...
The amendments made by paragraph 9 have effect in relation...
(1) Paragraph 1(2) (application of Schedule) is amended as follows....
(1) Paragraph 1A (failure of conditions of application) is amended...
(1) Paragraph 9 (other reconstructions and amalgamations) is amended as...
In paragraph 16 (information), omit sub-paragraph (4A).
(1) Section 158 of ITA 2007 (form and amount of...
(1) Section 175 of that Act (use of money raised...
(1) Paragraph 36 of Schedule 15 to FA 2000 (corporate...
(1) Section 293 of ITA 2007 (use of money raised...
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Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Sale of lessor companies : reforms
Part 2 of CAA 2001 (plant and machinery allowances) is...
After section 208 insert— Cars: disposal value in avoidance cases...
After section 268 insert— Cars etc Meaning of “car” and...
CAA 2001 is amended as follows.
In section 33 (personal security), omit subsection (7).
(1) Section 45D (expenditure on cars with low carbon dioxide...
In section 54(3) (single asset pools), omit “section 74 (car...
In section 55(6) (determination of entitlement or liability), after “subject...
In section 65(3) (the final chargeable period), for “sections 77(1)...
In section 66 (list of provisions about disposal values)—
(1) In section 84 (cases in which short-life asset treatment...
In section 38B (general exclusions from AIA qualifying expenditure), in...
(1) Section 86 (short-life assets) is amended as follows.
In section 96 (expenditure on cars excluded from being long-life...
After section 268C (inserted by this Part of this Schedule)...
(1) Part 2 of Schedule 1 (defined expressions) is amended...
In Schedule 3 (transitionals and savings), omit paragraph 19 (cars...
In consequence of the amendments made by this Part of...
For the purposes of this Part of this Schedule—
(1) For the purposes of this Part of this Schedule...
(1) The amendments made by this Part of this Schedule...
(1) The repeal of sections 74 to 78 of CAA...
In section 46(2) (general exclusions from first year allowances), in...
(1) This paragraph applies where expenditure incurred by a person...
(1) This paragraph applies where— (a) old expenditure is required...
An order made under section 82(4)(d) of CAA 2001 (qualifying...
In this Part of this Schedule— (a) “car” and “motor...
ITTOIA 2005 is amended as follows.
In section 31(1)(b) (relationship between rules prohibiting and allowing deductions),...
(1) Section 48 (rules restricting deductions from profits: car or...
(1) Section 49 (car or motor cycle hire: supplementary) is...
Omit section 50 (hiring cars with low carbon dioxide emissions)....
After that section insert— Short-term hiring in and long-term hiring...
Omit sections 74 to 79 (cars above the cost threshold)....
In section 247(1) (other rules about what counts as post-cessation...
In section 272(2) (profits of a property business: application of...
In section 274(1)(b) (relationship between rules prohibiting and allowing deductions),...
In section 354(2) (other rules about what counts as post-cessation...
In Schedule 2 (transitionals and savings), omit paragraphs 16 and...
CTA 2009 is amended as follows.
In section 51(1)(b)(i) (relationship between rules prohibiting and allowing deductions),...
(1) Section 56 (rules restricting deductions from profits: car or...
(1) Section 57 (car or motor cycle hire: supplementary) is...
Omit section 58 (hiring cars with low CO2 emissions before...
Omit section 81 (extended meaning of “car”) and section 82...
After section 58 insert— Short-term hiring in and long-term hiring...
In section 191(1) (other rules about what counts as post-cessation...
In section 210(2) (profits of a property business: application of...
In section 214(1)(b)(i) (relationship between rules prohibiting and allowing deductions),...
In section 283(2) (other rules about what counts as post-cessation...
In section 865(3)(a) (debits for expenditure not generally deductible for...
In section 1231(3) (absence of accounts), omit “or motor cycle”....
(1) Section 1251 (car or motor cycle hire: companies with...
In Schedule 2 (transitionals and savings), omit paragraphs 16 and...
ICTA is amended as follows.
In section 84 (cases in which short-life asset treatment is...
(1) Section 76ZN (car or motor cycle hire: expenses of...
Omit section 76ZO (hiring cars (but not motor cycles) with...
(1) Section 578A (rules restricting deductions: car or motor cycle...
(1) Section 578B (expenditure on car or motor cycle hire:...
In consequence of the amendments made by this Part of...
For the purposes of this Part of this Schedule—
(1) The amendments made by this Part of this Schedule...
(1) This paragraph applies where— (a) a person incurs expenses...
The repeal of section 82 of CAA 2001 (meaning of...
(1) Section 104A (special rate expenditure) is amended as follows....
After that section insert— Meaning of “main rate car” (1) “Main rate car” means— (a) a car that is...
After section 104E insert— Special rate cars: discontinued activity continued...
In TCGA 1992, for section 171A substitute— Election to reallocate...
In section 179A of TCGA 1992 (reallocation within group of...
(1) Section 136(2) of FA 2006 (Real Estate Investment Trusts:...
In consequence of the amendment made by paragraph 1, omit—...
The amendments made by this Schedule have effect in relation...
Chargeable gains in stock lending: insolvency etc of borrower
TCGA 1992 is amended as follows.
(1) Section 263B (stock lending arrangements) is amended as follows....
After section 263C (stock lending involving redemption) insert— Stock lending:...
(1) The amendments made by paragraphs 2(2) and (3)(c) and...
In CTA 2009, after Part 9 insert— Part 9A Company...
In section 826 (interest on tax overpaid), omit subsection (7BC)....
(1) Paragraph 2 of Schedule 23A (manufactured dividends on UK...
(1) Paragraph 4 of Schedule 23A (manufactured overseas dividends) is...
In paragraph 5(3)(c) of Schedule 27 (distributing funds: United Kingdom...
In paragraph 5 of Schedule 28AA (provision not at arm's...
FA 1989 is amended as follows.
(1) Section 85A (life assurance: excess adjusted Case I profits)...
(1) Section 89 (life assurance: policy holders' share of profits)...
In section 219 of FA 1994 (taxation of profits of...
In Schedule 17 to FA 2006 (group REITs modifications), in...
ICTA is amended as follows.
CTA 2009 is amended as follows.
In section 1(2) (overview of Act), before the “and” at...
For section 130 (traders receiving distributions etc) substitute— Insurers Insurers...
In section 932(1) (overview of Part 10), omit paragraph (a)....
Omit Chapter 2 of Part 10 (taxation of dividends from...
(1) Section 974 (charge to tax in relation to sale...
In section 982(1)(a) and (2)(a) (boundary provisions for Part 10),...
Omit section 1285 (exemption for distributions of UK resident companies)....
In section 1310(4) (orders and regulations subject to affirmative resolution...
In Schedule 4 (index of defined expressions), insert at the...
In section 13(7) (small companies' relief), omit “resident in the...
In consequence of the amendments made by this Schedule, omit—...
The amendments made by this Schedule have effect in relation...
(1) This paragraph contains transitional provision in relation to the...
(1) Section 505(1)(c) (charitable companies: general) is amended as follows....
(1) Section 95ZA (taxation of UK distributions received by insurance...
(1) Section 231 (tax credits for certain recipients of qualifying...
In section 795 (double taxation relief: computation of income subject...
(1) Section 799 (double taxation relief: computation of underlying tax...
Omit sections 806A to 806K (double taxation relief in relation...
Tax treatment of financing costs and income
. . . . . . . . . ....
(1) In this Part “ insurance activities ” means—
(1) In this Part “ financial instrument ” means anything...
(1) This paragraph applies in relation to paragraph 7 for...
(1) This paragraph applies in relation to paragraph 7 for...
(1) Subject to the following provisions of this paragraph, references...
(1) This Part applies where, for a period of account...
References in this Part to a company to which this...
(1) The companies to which this Part applies may appoint...
In this Part “ the reporting body ” means—
(1) The reporting body must submit a statement (a “statement...
(1) This Schedule applies to any period of account of...
(1) Where the reporting body has submitted a statement of...
(1) This paragraph applies in relation to a statement of...
A financing expense amount of a company to which this...
(1) This paragraph applies where— (a) a company to which...
The Commissioners may by regulations make further provision about a...
(1) This paragraph applies if no statement of allocated disallowances...
(1) The Commissioners may by regulations make provision for the...
(1) This Part applies where, for a period of account...
References in this Part to a company to which this...
(1) The companies to which this Part applies may appoint...
(1) The reference in paragraph 2 to the “ UK...
In this Part “ the reporting body ” means—
(1) The reporting body must submit a statement (a “statement...
(1) Where the reporting body has submitted a statement of...
(1) This paragraph applies in relation to a statement of...
A financing income amount of a company to which this...
(1) This paragraph applies where— (a) a company to which...
The Commissioners may by regulations make further provision about a...
(1) This paragraph applies if no statement of allocated exemptions...
(1) The Commissioners may by regulations make provision for the...
(1) This paragraph applies where— (a) one or more financing...
(1) References in paragraph 3 to the “net debt” of...
(1) A financing income amount of a company that is...
For the purposes of this Part the payer is a...
(1) For the purposes of this Part the payer is...
(1) For the purposes of this Part qualifying EEA tax...
(1) For the purposes of this Part qualifying EEA tax...
(1) References in this Part to a tax of the...
(1) References in this Part to a “financing income amount”...
(1) A period of account of the worldwide group that,...
(1) Where conditions A to C are met in relation...
(1) In paragraph 48(2) the “ relevant net deduction ”...
(1) The reference in paragraph 2 to the “worldwide gross...
(1) References in paragraph 48 to the calculation of any...
(1) In paragraph 48 “ carried-back amount ” means—
(1) This paragraph applies to a financing income amount of...
(1) For the purposes of this Part “ scheme ”...
(1) References in this Schedule to a “financing expense amount”...
(1) References in this Schedule (except in Part 5 and...
In paragraphs 54 and 55 the following expressions have the...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies for the purpose of construing references...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where— (a) under paragraph 60, the...
(1) For the purposes of paragraph 60 the finance arrangement...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where— (a) under paragraph 63, the...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where— (a) under paragraph 65, the...
(1) This paragraph applies where, apart from this paragraph, an...
(1) This paragraph applies where, apart from this paragraph, an...
In paragraphs 57 to 68 “ finance arrangement ” means—...
(1) The worldwide group is a qualifying financial services group...
(1) References in this Schedule to the “tested expense amount”...
(1) References in this Schedule to the “tested income amount”...
(1) An amount determined in accordance with paragraph 70(2) or...
(1) References in this Schedule to the “available amount” for...
(1) In calculating the available amount, an amount disclosed in...
(1) In calculating the available amount, an amount disclosed in...
(1) In calculating the available amount, an amount disclosed in...
Subject to any provision to the contrary, expressions used in...
In this Schedule “ the worldwide group ” means any...
(1) Subject to sub-paragraphs (2) and (3), in this Schedule...
In this Part “ qualifying activities ” means—
(1) For the purposes of this Schedule “ ultimate parent...
(1) In this Schedule “ corporate entity ” means (subject...
(1) In this Schedule “ relevant non-corporate entity ” means...
(1) Where a corporate entity is stapled to another entity,...
(1) This paragraph applies where two corporate entities are—
(1) For the purposes of this Schedule a group is...
(1) This paragraph applies for the purposes of this Schedule....
(1) This paragraph applies for the purposes of this Schedule....
(1) This paragraph applies where— (a) financial statements of the...
(1) This paragraph applies where financial statements of the worldwide...
(1) In this Part “ lending activities ” means any...
(1) References in this Schedule to amounts disclosed in financial...
(1) References in this Schedule (except in Part 2) to...
(1) For the purposes of this Schedule the following expressions...
For the purposes of this Schedule a “relevant accounting period”...
In this Schedule— “ the Commissioners ” means the Commissioners...
In section 98 of TMA 1970 (special returns etc ),...
. . . . . . . . . ....
This Schedule has effect in relation to periods of account...
This paragraph applies to a period of account of the...
(1) An amount that would, apart from this paragraph, meet...
Controlled foreign companies
(1) ICTA is amended as follows. (2) In section 748(1)...
(1) Part 2 of Schedule 25 to ICTA (exempt activities)...
In consequence of the amendments made by paragraph 10, omit—...
(1) The amendments made by this Part have effect in...
(1) In this Part “qualifying holding company” means a controlled...
(1) Where a controlled foreign company has an accounting period...
(1) Where a qualifying holding company has an accounting period...
For the purposes of paragraph 17 an accounting period of...
(1) In its application in relation to a relevant accounting...
(1) In paragraph 17(3) the “ultimate corporate parent”, in relation...
(1) This paragraph applies where, on or after 9 December...
(1) ICTA is amended as follows. (2) Omit section 754A...
The following expressions have the same meaning for the purposes...
ICTA is amended as follows.
In the following provisions, after “751A” insert “ or 751AA...
After section 751A insert— Reduction in chargeable profits for certain...
(1) Section 751B (supplementary) is amended as follows.
(1) The amendments made by this Part have effect in...
In paragraph 116 of Schedule 29 to FA 2002 (assumptions...
In section 870 of CTA 2009 (assumptions for calculating chargeable...
In consequence of the amendments made by paragraphs 1 to...
The amendments made by this Part have effect in relation...
(1) Where a controlled foreign company has an accounting period...
(1) The amendments made by this Part do not affect...
The following expressions have the same meaning for the purposes...
International movement of capital
In ICTA, omit— (a) section 765 (prior Treasury consent required...
In section 98 of TMA 1970 (special returns etc), in...
(1) Regulations and orders under this Schedule are to be...
(1) For the purposes of this Schedule “control”, in relation...
This Schedule has effect in relation to events taking place...
(1) In its application in relation to an event taking...
In section 98 of TMA 1970 (special returns etc)—
In consequence of the amendments made by paragraphs 1 and...
(1) If a UK corporate parent is a reporting body...
(1) For the purposes of this Schedule a body corporate...
(1) Sub-paragraph (2) applies where— (a) a UK corporate parent...
In this Schedule “UK corporate parent” means a body corporate...
(1) For the purposes of this Schedule an event or...
(1) For the purposes of this Schedule a transaction is...
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Income tax credits for foreign distributions
ITTOIA 2005 is amended as follows.
In ICTA— (a) . . . . . . ....
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In ITA 2007— (a) . . . . . ....
(1) The amendments made by this Schedule have effect in...
(1) Section 397A (tax credits for distributions of non-UK resident...
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(1) Section 397C (meaning of “minority shareholder”) is amended as...
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In section 873 (orders and regulations), after subsection (3) insert—...
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Part 5 of CTA 2009 (loan relationships) is amended as...
(1) Section 374 (late interest: connection between debtor and person...
(1) Section 375 (late interest: loans to close companies by...
(1) Section 376 (interpretation of section 375) is amended as...
(1) Section 377 (late interest: party to loan relationship having...
(1) Section 407 (postponement until redemption of debits for connected...
Section 409(1) (postponement until redemption of debits for close companies'...
(1) Section 410 (interpretation of section 409) is amended as...
(1) The amendments made by this Schedule have effect where...
Foreign exchange: anti-avoidance
Chapter 3 of Part 5 of CTA 2009 (loan relationships:...
The Loan Relationships and Derivative Contracts (Disregard and Bringing into...
(1) The amendments made by this Schedule have effect—
In section 328 (exchange gains and losses), after subsection (4)...
After that section insert— Arrangements that have a “one-way exchange...
Chapter 3 of Part 7 of CTA 2009 (derivative contracts:...
For the heading before section 606 (exchange gains and losses)...
(1) Section 606 is amended as follows
After that section insert— Arrangements that have a “one-way exchange...
Immediately before section 607 (pre-contract or abortive expenses) insert— “...
In Schedule 4 to CTA 2009 (index of defined expressions),...
FA 2008 is amended as follows.
In section 288(1) (interpretation), in the definition of “company”, for...
(1) In TMA 1970, in— (a) section 25(9) (issuing houses,...
(1) The amendments made by this Part of this Schedule...
(1) The amendment made by sub-paragraph (1)(a) of paragraph 11...
(1) An order under paragraph 12(2)(b) or 13(2)—
(1) This paragraph applies if a person makes an election—...
(1) An election under paragraph 15 must be made—
If, in order to give effect to an election under...
(1) This paragraph applies where a participant in a relevant...
Before section 41 (tax treatment of participants in offshore funds)...
(1) Section 41 (tax treatment of participants in offshore funds)...
(1) Section 42 (regulations under section 41: supplementary) is amended...
After that section insert— Regulations: procedure (1) Regulations under this group of sections are to be...
(1) Regulations under section 41 of FA 2008 may not...
TCGA 1992 is amended as follows.
In Chapter 3 of Part 3 (collective investment schemes), insert...
Accordingly, in the title of Part 3 and in the...
(1) In section 83 of FA 1989 (receipts to be...
(1) In section 82 of FA 1989 (calculation of profits),...
(1) In ICTA, after section 434A insert— Reduced loss relief...
(1) In paragraph 4(5) of Schedule 17 to FA 2008...
(1) Section 432E of ICTA (section 432B apportionment: participating funds)...
In consequence of the amendments made by paragraph 5, omit—...
(1) The amendments made by paragraphs 5 and 6 have...
(1) In section 32(1) of TCGA 1992 (value shifting: disposals...
Part 6 of CTA 2009 (relationships treated as loan relationships...
In section 542(2) of CTA 2009 (introduction to Chapter 10...
The amendments made by paragraphs 2(2) and 3 have effect...
The amendments (and repeals) made by paragraphs 2(3) and 4...
(1) This paragraph applies where any of the provisions repealed...
(1) This paragraph applies where Chapter 7 of Part 6...
(1) This paragraph applies where— (a) Chapter 7 of Part...
An election under— (a) section 486D(2) of CTA 2009, or...
(1) Section 477(2) (overview of Part 6) is amended as...
After Chapter 2 insert— Chapter 2A Disguised interest Overview (1) This Chapter provides for Part 5 to apply in...
After Chapter 6 insert— Chapter 6A Shares accounted for as...
(1) Section 116B of TCGA 1992 (shares beginning or ceasing...
In section 26 of F(No.2)A 2005 (tax arbitrage), for subsection...
(1) Schedule 4 to CTA 2009 (index of expressions) is...
In consequence of the amendments made by this Schedule, omit—...
Omit the following provisions (which relate to the provisions repealed...
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This Schedule has effect in relation to transfers on or...
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In ITA 2007, after section 809 insert— Chapter 5A Transfers...
(1) Part 6 of CTA 2009 (relationships treated as loan...
(1) In ICTA, omit— (a) section 730 (transfers of rights...
Chapter 4 of Part 6 of ITTOIA 2005 (SAYE interest)...
(1) Section 705 (certification of arrangements) is amended as follows....
In section 706(1) and (2) (withdrawal and variation of certifications...
In section 707(1) (authorisation of providers), for “Treasury” substitute “...
(1) Section 708 (withdrawal and variation of authorisations) is amended...
In the following provisions omit “by post”—
In section 706(2)(b) (notification of withdrawal and variation of certifications...
In section 706(3) (transitional provision for withdrawals and variations of...
Remittance basis
Chapter A1 of Part 14 of ITA 2007 (remittance basis)...
(1) Section 809X (property which is exempt property) is amended...
(1) Section 809Z5 (notional remitted amount) is amended as follows....
In section 14A(3)(b) of TCGA 1992 (section 13: non-UK domiciled...
In section 648 of ITTOIA 2005 (income arising under a...
In paragraph 86 of Schedule 7 to FA 2008 (remittance...
(1) The amendments made by paragraphs 2 to 5, 10,...
In section 809C (claim for remittance basis by long-term UK...
(1) Section 809D (application of remittance basis without claim where...
(1) Section 809E (application of remittance basis without claim: other...
In section 809H (claim for remittance basis by long-term UK...
(1) Section 809L (meaning of “remitted to the United Kingdom”)...
(1) Section 809M (meaning of “relevant person” for purposes of...
In section 809P (amount remitted), insert at the end—
(1) Section 809T (foreign chargeable gains accruing on disposals made...
Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits:...
(1) The amendments made by paragraphs 6 and 9 have...
(1) Section 121(1) (method of calculating cash equivalent of benefit...
In section 145(5) (modifications of provisions where car temporarily replaced),...
In section 147(1) and (2) (classic cars), for “amount carried...
In section 170(1) (Treasury orders increasing various amounts), omit paragraph...
In section 139(4) (car with a CO 2 emissions figure:...
In section 140(3)(a) (appropriate percentage for electrically propelled cars), for...
In section 142 (special provision for cars registered before 1998)—...
In consequence of the amendment made by paragraph 6, in...
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Financial arrangements avoidance
(1) In ITA 2007, after section 384 insert— Restriction on...
(1) Section 311 of CTA 2009 (loan relationships: amounts not...
(1) In CTA 2009, after section 599 insert— Amounts not...
(1) Section 418 of CTA 2009 (loan relationships treated differently...
(1) In section 540(3) of CTA 2009 (manufactured interest treated...
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
Sale of lessor companies : anti-avoidance
(1) Section 61 of CAA 2001 (disposal events and disposal...
(1) Section 809ZB of ITA 2007 (plant and machinery leases:...
(1) The amendments made by paragraphs 9 and 10 have...
In section 51A(10) of CAA 2001 (annual investment allowances), insert...
In section 52(5) of CAA 2001 (first-year allowances), insert at...
In section 57(3) of CAA 2001 (available qualifying expenditure), insert...
In CAA 2001, after section 70D insert— Transfer and long...
In section 70H of CAA 2001 (lessee: requirement for tax...
The amendments made by paragraphs 12 to 16 have effect...
In section 51A(10) of CAA 2001 (annual investment allowances), after...
In section 52(5) of CAA 2001 (first-year allowances), after “217”...
Accordingly, in FA 2008, in Schedule 20, omit paragraph 4....
In section 57(3) of CAA 2001 (available qualifying expenditure), after...
In CAA 2001, after section 229 insert— Transfer followed by...
The amendments made by paragraphs 18 to 21 have effect...
In section 216(1)(b)(i) of CAA 2001 (sale and leaseback etc),...
In section 221(1)(b)(i) of CAA 2001 (meaning of “sale and...
The amendment made by paragraph 23 has effect—
The amendment made by paragraph 24 has effect—
In this Schedule “commencement” and “inception” have the meaning given...
(1) Section 25A of TCGA 1992 (long funding leases of...
Accordingly, in FA 2008, in Schedule 20, omit paragraph 5....
(1) The amendments made by paragraphs 1 and 2 have...
In section 66 of CAA 2001 (list of provisions outside...
(1) Section 70E of CAA 2001 (long funding leases: disposal...
The amendments made by paragraphs 6 and 7 have effect...
(1) Section 785C of ICTA (plant and machinery leases: capital...
Long funding leases of films
In ICTA , after section 502GC insert— Cases where ss...
In ITTOIA 2005, after section 148FC insert— Cases where ss...
The amendments made by paragraph 2 have effect where the...
Paragraphs 5 to 8 apply in respect of a long...
(1) ...section 148A of ITTOIA 2005 (rental earnings) does not...
(1) For the purpose of calculating the profits of the...
... section 148B of ITTOIA 2005 (exceptional items) does not...
(1) If ...section 148C of ITTOIA 2005 (lessor making termination...
For the purposes of paragraphs 3 to 8—
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Real Estate Investment Trusts
Pensions: special annual allowance charge
(1) A charge to income tax, to be known as...
(1) This paragraph applies in respect of a money purchase...
(1) Sub-paragraph (2) applies in respect of a money purchase...
(1) This paragraph applies in respect of a hybrid arrangement...
(1) This paragraph applies in respect of an arrangement if—...
The amount arrived at under paragraph 3(2) in relation to...
No amount is a protected pension input amount by virtue...
(1) The amount arrived at under paragraph 3(2) in relation...
(1) This paragraph makes provision for the extent (if any)...
(1) This paragraph has effect where the mean of the...
Part 4 of FA 2004 applies in relation to a...
(1) The Treasury may by order made by statutory instrument...
(1) To find the individual's relevant income for the tax...
(1) The Treasury may by order made by statutory instrument...
(1) This Schedule has effect for the tax year 2009-10...
In paragraph 49 of Schedule 36 to FA 2004 (annual...
(1) In this Schedule— “ group personal pension scheme ”...
(1) The total adjusted pension input amount is to be...
(1) Section 229(3) of FA 2004 (no pension input amount...
(1) Sections 230(1), 233(1) and 234(1) of FA 2004 have...
(1) This paragraph applies if there is a scheme the...
(1) The following paragraphs make provision for protected pension input...
(1) This paragraph applies in respect of a defined benefits...
(1) This paragraph applies in respect of a cash balance...
VAT: place of supply of services etc
VATA 1994 is amended as follows.
Section 97A(1) (place of supply orders: transitional provision), for “on...
After Schedule 4 insert— SCHEDULE 4A Place of supply of...
Omit Schedule 5 (services supplied where received).
In Article 5 of the Value Added Tax (Tour Operators)...
(1) The powers contained in section 7A(6) of VATA 1994...
(1) Schedule 4A to VATA 1994 (inserted by paragraph 11)...
The amendments made by this Part have effect in relation...
In Schedule 4A to VATA 1994 (inserted by paragraph 11),...
The amendment made by this Part has effect in relation...
(1) This paragraph applies where— (a) amendments made by this...
In section 6(14A) (time of supply), omit “In relation to...
(1) Section 7 (place of supply) is amended as follows....
After that section insert— Place of supply of services (1) This section applies for determining, for the purposes of...
(1) Section 8 (reverse charge on supplies received from abroad)...
For section 9 substitute— Place where supplier or recipient of...
(1) Section 43 (groups of companies) is amended as follows....
(1) Section 96 (interpretation) is amended as follows.
Section 97(4)(a) (orders subject to requirement of Parliamentary approval after...
Stock lending: stamp taxes in the event of insolvency
FA 1986 is amended as follows.
In Part 3 (stamp duty), after section 80C insert— Repurchases...
(1) In consequence of the amendment made by paragraph 2,...
Part 4 of FA 1986 (stamp duty reserve tax) is...
After section 89AA insert— Section 87: exception for repurchases and...
CAA 2001 is amended as follows.
(1) Section 163 (meaning of “general decommissioning expenditure”) is amended...
(1) Section 164 (general decommissioning expenditure incurred before cessation of...
(1) Section 165 (general decommissioning expenditure after ceasing ring fence...
The amendments made by this Schedule have effect in relation...
Part 5 of FA 1987 (oil taxation) is amended as...
For section 63 substitute— Blends of oil from two or...
(1) Schedule 12 (supplementary provisions as to blended oil) is...
The amendments made by this Schedule have effect in relation...
TCGA 1992 is amended as follows.
In section 198 (replacement of business assets used in connection...
In section 198 (replacement of business assets used in connection...
After that section insert— Ring fence reinvestment: whole consideration reinvested...
The amendments made by this Part have effect in relation...
In section 35(3) (assets held on 31 March 1982, including...
In section 55 (assets owned on 31 March 1982 or...
In section 175(2C)(b) (replacement of business assets by members of...
After section 195 insert— Oil licence swaps (1) Sections 195B to 195E apply for the purposes of...
(1) Section 196 (interpretation of sections 194 and 195) is...
In Schedule 3 (assets held on 31 March 1982), in...
The amendments made by this Part have effect in relation...
TCGA 1992 is amended as follows.
(1) Section 3 of OTA 1975 (allowance of expenditure) is...
(1) Section 6 of OTA 1983 (amounts which are not...
(1) Paragraph 8 of Schedule 1 to OTA 1983 (allowable...
The amendments made by this Part have effect in relation...
(1) Section 163 of CAA 2001 (meaning of “general decommissioning...
In section 165(4A) of CAA 2001 (general decommissioning expenditure after...
(1) The amendments made by paragraph 5 have effect in...
PRT: former licensees and former oil fields
OTA 1975 is amended as follows.
(1) Section 12 (interpretation of Part 1) is amended as...
In Schedule 5 (allowance of expenditure other than abortive exploration...
The amendments made by this Part have effect in relation...
OTA 1975 is amended as follows.
In section 12(1) (interpretation of Part 1), in the definition...
(1) Schedule 1 (determination of oil fields) is amended as...
The amendments made by this Part have effect in relation...
PRT: abolition of provisional expenditure allowance
In this Schedule— “future chargeable period” means a chargeable period...
No provisional expenditure allowance is to be calculated in respect...
(1) Section 2 of OTA 1975 (assessable profits and allowable...
(1) This paragraph applies if provisional expenditure allowance has been...
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(1) OTA 1975 is amended as follows.
(1) OTA 1983 is amended as follows.
(1) Schedule 20A to FA 1993 (as inserted by Part...
(1) In section 502(3A) of ICTA (interpretation of Chapter 5...
(1) The senior accounting officer of a qualifying company must...
(1) A person may appeal against a decision of HMRC...
(1) A penalty under this Schedule must be paid—
(1) If it appears to the Treasury that there has...
Subject to the provisions of this Schedule, the following provisions...
(1) “Appropriate tax accounting arrangements” means accounting arrangements that enable...
(1) A company is a qualifying company in relation to...
(1) “Senior accounting officer”, in relation to a company that...
(1) Regulations under this Schedule are to be made by...
(1) In this Schedule— “the Commissioners” means the Commissioners for...
(1) The senior accounting officer of a qualifying company must...
(1) For each financial year a qualifying company must ensure...
(1) This paragraph applies if a senior accounting officer fails...
(1) This paragraph applies if a senior accounting officer—
(1) This paragraph applies if the identity of the senior...
A qualifying company is liable to a penalty of £5,000...
(1) Liability to a penalty for a failure to comply...
(1) Where a senior accounting officer or a qualifying company...
Schedule 36 to FA 2008 (information and inspection powers) is...
(1) Paragraph 35 (special cases: groups of undertakings) is amended...
(1) Paragraph 37 (special cases: partnerships) is amended as follows....
After paragraph 37 insert— Information in connection with herd basis...
(1) Paragraph 39 (standard penalties) is amended as follows.
In the heading before paragraph 40 (daily default penalties), insert...
After that paragraph insert— Penalties for inaccurate information and documents...
(1) Paragraph 41 (power to change amount of penalties) is...
(1) Paragraph 46 (assessment of penalty) is amended as follows....
(1) Paragraph 47 (right to appeal) is amended as follows....
In the heading before paragraph 48 (procedure on appeal), omit...
(1) Paragraph 3 (approval etc of taxpayer notices and third...
(1) Paragraph 49 (enforcement) is amended as follows.
(1) Paragraph 63 (tax) is amended as follows.
(1) Paragraph 64 (tax position) is amended as follows.
(1) Paragraph 5 (power to obtain information and documents about...
In paragraph 6 (notices), insert at the end—
(1) Paragraph 10 (power to inspect business premises etc) is...
(1) Paragraph 11 (power to inspect premises used in connection...
In paragraph 12(5) (carrying out inspections)— (a) for “with the...
(1) Paragraph 13 (approval of inspections) is amended as follows....
(1) Paragraph 21 (taxpayer notices) is amended as follows.
Schedule 36 to FA 2008 (information and inspection powers) is...
In paragraph 28 (restrictions on inspection of business documents), and...
After paragraph 34 insert— Involved third parties (1) This paragraph applies to a third party notice or...
In paragraph 35 (special cases: groups of undertakings), in sub-paragraph...
In paragraph 37 (special cases: partnerships), after sub-paragraph (2) insert—...
After paragraph 61 insert— Involved third parties (1) In this Schedule “involved third party” means a person...
(1) Paragraph 62 (meaning of “statutory records”) is amended as...
In paragraph 5(4)(b) (power to obtain information and documents about...
After paragraph 10 insert— Power to inspect business premises etc...
(1) Paragraph 12 (carrying out inspections) is amended as follows....
After that paragraph insert— Powers to inspect property for valuation...
(1) Paragraph 13 (approval of tribunal) is amended as follows....
In paragraph 17(b) (power to record information), after “premises,” insert...
(1) Paragraph 21 (restrictions on giving taxpayer notices) is amended...
After that paragraph insert— Taxpayer notices following land transaction return...
Powers to obtain contact details for debtors
(1) This Schedule applies where— (a) a sum is payable...
(1) An officer of Revenue and Customs may by notice...
If a notice is given to the third party under...
(1) The third party may appeal against the notice or...
(1) This paragraph applies if the third party fails to...
(1) If it appears to the Treasury that there has...
Subject to the provisions of this Schedule, the following provisions...
In this Schedule— “business” includes— a profession, and a property...
Record-keeping
(1) Paragraph 1 of Schedule 7 to FA 1994 (insurance...
For paragraph 5 (preservation of information instead of original records)...
Accordingly, in the heading before paragraph 5, for “instead of...
Schedule 11A (claims not included in returns) is amended in...
(1) Paragraph 3 (duty to keep and preserve records) is...
After that paragraph insert— Preservation of information etc The duty under paragraph 3 to preserve records may be...
Schedule 7 to FA 2001 (aggregates levy: information and evidence...
(1) Paragraph 2 (records) is amended as follows.
Omit paragraph 3 (evidence of records that are required to...
Schedule 6 to FA 2000 (climate change levy) is amended...
(1) Paragraph 125 (records) is amended as follows.
In consequence of the amendment made by paragraph 1(3), in...
Omit paragraph 126 (evidence of records that are required to...
In paragraph 2 of Schedule 5 to FA 1996 (landfill...
Part 4 of FA 2003 (stamp duty land tax) is...
Schedule 10 (stamp duty land tax: returns, enquiries, assessments and...
(1) Paragraph 9 (duty to keep and preserve records) is...
For paragraph 10 (preservation of information instead of original records)...
Accordingly, in the heading before paragraph 10, for “instead of...
Schedule 11 (record-keeping where transaction is not notifiable) is amended...
(1) Paragraph 4 (duty to keep and preserve records) is...
Schedule 7 to FA 1994 (insurance premium tax) is amended...
In section 191 (sale of land from deceased's estate: the...
(1) Section 240 (underpayments) is amended as follows.
After that section insert— Underpayments: supplementary (1) This section applies for the purposes of section 240....
In section 241(1) (overpayments), for “six years” substitute “ 4...
Part 4 of FA 2003 (stamp duty land tax) is...
(1) Schedule 10 (returns, enquiries, assessments and appeals) is amended...
(1) Paragraph 8 of Schedule 14 (time limit for determination...
OTA 1975 is amended as follows.
(1) The Table in paragraph 1(1) of Schedule 2 (applying...
In paragraph 10 of Schedule 2 (assessments to tax and...
In paragraph 8(4) (recovery of overpaid tax), for “three years”...
(1) Paragraph 12 of Schedule 2 (further assessments and determinations)...
In paragraph 12A(1) of Schedule 2 (time limit for assessment...
In that Schedule, after paragraph 12A insert— (1) In a case involving a relevant situation brought about...
(1) Paragraph 2 of Schedule 5 (allowance of expenditure other...
(1) Paragraph 9 of Schedule 5 (allowance of expenditure other...
(1) Schedule 6 (allowance of expenditure (other than abortive exploration...
In paragraph 1(3) of Schedule 7 (allowance of abortive exploration...
Part 2 of FA 2001 (aggregates levy) is amended as...
In section 32(1) (repayments of overpaid aggregates levy), for “three...
(1) Paragraph 4 of Schedule 5 (time limits for assessments)...
In paragraph 22(9) (interest payable by Commissioners), for “three years”...
In paragraph 2(10) of Schedule 8 (interest payable by Commissioners),...
(1) Paragraph 4 of Schedule 10 (time limits on penalty...
Schedule 6 to FA 2000 (climate change levy) is amended...
In paragraph 64(1) (repayments of overpaid climate change levy), for...
In paragraph 66(10) (interest payable by the Commissioners), for “three...
(1) Paragraph 80 (time limits for assessments) is amended as...
(1) Paragraph 108 (time limits on penalty assessments) is amended...
Schedule 5 to FA 1996 (landfill tax) is amended as...
In paragraph 14(4) (recovery of overpaid tax), for “three years”...
In paragraph 29(8) (interest payable by Commissioners), for “three years”...
(1) Paragraph 26 (assessments: time limits) is amended as follows....
(1) Paragraph 33 (assessments: time limits) is amended as follows....
In section 36 of TMA 1970 (loss of tax brought...
In Schedule 39 to FA 2008, omit paragraph 66 (saving...
In consequence of the amendments made by this Schedule, omit—...
IHTA 1984 is amended as follows.
In section 131 (transfers within 7 years before death: the...
In section 146(2)(a) (Inheritance (Provision for Family and Dependants) Act...
In section 150 (voidable transfers), insert at the end—
In section 179 (sale of shares etc from deceased's estate:...
In TMA 1970, for sections 33 and 33A substitute— Recovery...
(1) In relation to a relevant claim, paragraph 3(1) of...
The amendments of TMA 1970 made by this Part of...
Schedule 18 to FA 1998 (company tax returns, assessments and...
For paragraph 51 (and the heading before that paragraph) substitute—...
Accordingly, in the heading of Part 6, at the beginning...
(1) Paragraph 62 (consequential claims etc that may be made)...
In paragraph 88 (conclusiveness of amounts stated in return), insert...
In Schedule 1A to TMA 1970 (claims etc not included...
After Schedule 1AA to that Act insert— SCHEDULE 1AB Recovery...
TMA 1970 is amended as follows.
For the heading before section 32 substitute “Overpaid tax, excessive...
(1) Section 43A (further assessments etc) is amended as follows....
(1) In paragraph 1 of Schedule 1A (claims etc not...
(1) Paragraph 4 of that Schedule (giving effect to claims...
In Schedule 3ZA (date by which payment to be made...
(1) Section 70H of CAA 2001 (lessee: requirement for tax...
(1) This paragraph applies where as regards a tax year—...
(1) This paragraph applies where an amount of value added...
(1) This paragraph applies where an unauthorised person issues an...
(1) This paragraph applies where an amount of soft drinks...
(1) This paragraph applies where an amount of plastic packaging...
(1) This paragraph applies to any amount of value added...
(1) This paragraph applies if— (a) a person chargeable to...
(1) This paragraph applies to any income tax which—
If, in the case of any amount of inheritance tax—...
(1) Where conditions A and B are met—
(1) Where— (a) income tax or capital gains tax has...
(1) This paragraph applies where as regards any person (“P”)...
(1) This paragraph applies to any amount which is due...
(1) This paragraph applies to any amount if payment of...
(1) This paragraph applies to any amount of income tax...
. . . . . . . . . ....
(1) The late payment interest start date for each instalment...
An amount of inheritance tax which is underpaid in consequence...
In the case of an amount which is payable under...
(1) This Part sets out the general rule for determining...
An amount of inheritance tax which is overpaid in consequence...
In the case of an amount which is repayable on...
In the case of an amount which is repayable under...
(1) This paragraph applies in the case of a repayment...
In this Part of this Schedule— “ prescribed accounting period...
(1) An amount of VAT credit does not carry interest...
(1) This paragraph applies for the purpose of determining, for...
In this Schedule any reference to income tax deducted at...
In the case of an amount which has been paid...
Date A is the date on which the amount was...
Date B is, in the case of an amount which—...
(1) In the case of an amount which—
In the case of a repayment of income tax deducted...
In the case of any amount which is to be...
In the case of any payment under regulations under section...
In the case of a repayment made in consequence of...
In the case of a repayment made in consequence of...
In the case of a payment made under paragraph 6(1)...
Further provision as to late payment interest and repayment interest
Where each of conditions A to D (see paragraph 2)...
(1) This paragraph applies for the purposes of paragraph 1....
(1) This paragraph applies where— (a) there is a common...
(1) This paragraph applies for the purposes of paragraph 3....
In this Part of this Schedule— “ assessment ” has...
Where each of conditions A to C is met, an...
(1) Condition A is that repayment interest has been paid...
(1) This paragraph applies where there is a common period...
Penalty for failure to make returns etc
(1) A penalty is payable by a person (“P”) where...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(1) This paragraph applies— (a) at any time before P...
(1) Paragraphs 13B to 13E apply in the case of...
(1) P is liable to a penalty under this paragraph...
(1) This paragraph applies if— (a) a penalty period has...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(1) Paragraphs 13G to 13J apply in the case of...
(1) P is liable to a penalty under this paragraph...
(1) This paragraph applies if— (a) a penalty period has...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(A1) In this paragraph, “ relevant information ” means information...
(1) Where a person who would otherwise be liable to...
(1) If a person who would otherwise be liable to...
(1) If HMRC think it right because of special circumstances,...
(1) Where P is liable for a penalty under any...
(1) This paragraph applies where— (a) P is liable for...
(1) This paragraph applies where— (a) P is liable for...
(1) Where P is liable for a penalty under any...
(1) An assessment of a penalty under any paragraph of...
Paragraphs 3 to 6 apply in the case of a...
(1) P may appeal against a decision of HMRC that...
(1) An appeal under paragraph 20 is to be treated...
(1) On an appeal under paragraph 20(1) that is notified...
(1) Liability to a penalty under any paragraph of this...
(1) References to a liability to tax which would have...
(1) This paragraph applies where— (a) the representative partner, or...
P is not liable to a penalty under any paragraph...
(1) This paragraph applies for the construction of this Schedule....
P is liable to a penalty under this paragraph of...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(1) P is liable to a penalty under this paragraph...
(A1) Information is category 0 information if—
(1) This paragraph makes provision in relation to offshore transfers....
Regulations under paragraph 21B of Schedule 24 to FA 2007...
Paragraphs 6C and 6D apply in the case of a...
(1) If P fails during a tax month to make...
(1) P may be liable to one or more penalties...
Paragraphs 8 to 13 apply in the case of a...
P is liable to a penalty under this paragraph of...
(1) P is liable to a penalty under this paragraph...
(1) A penalty is payable by a person (“P”) where...
(1) This paragraph applies if— (a) P fails to pay...
(1) Where P is liable for a penalty under any...
(1) An assessment of a penalty under any paragraph of...
(1) P may appeal against a decision of HMRC that...
(1) An appeal under paragraph 13 is to be treated...
(1) On an appeal under paragraph 13(1) that is notified...
(1) If P satisfies HMRC or (on appeal) the First-tier...
P is not liable to a penalty under any paragraph...
(1) This paragraph applies for the construction of this Schedule....
The circumstances referred to in items 14, 17, 21 and...
(1) PAYE regulations may provide that, in relation to specified...
(1) This paragraph applies in the case of—
(1) This paragraph applies in the case of a payment...
(1) Paragraphs 6 to 8 apply in the case of...
(1) P is liable to a penalty under this paragraph,...
If any amount of the tax is unpaid after the...
If any amount of the tax is unpaid after the...
(1) Paragraphs 8B to 8E apply in the case of...
(1) A penalty period begins to run on the penalty...
(1) This paragraph applies if— (a) a penalty period has...
If any amount of the tax is unpaid after the...
If any amount of the tax is unpaid after the...
(1) Paragraphs 8G to 8J apply in the case of...
(1) A penalty period begins to run on the penalty...
(1) This paragraph applies if— (a) a penalty period has...
If any amount of the tax is unpaid after the...
If any amount of the tax is unpaid after the...
(1) Where P is required, by virtue of an order...
(1) If HMRC think it right because of special circumstances,...
In the application of the following provisions, no account shall...
Amendments relating to penalties
Schedule 24 to FA 2007 (penalties for errors) is amended...
Schedule 41 to FA 2008 (penalties for failure to notify...
For paragraph 18(2) (appeals) substitute— (2) Sub-paragraph (1) does not...
(1) Paragraph 22 (companies: officers' liability) is amended as follows....
(1) TMA 1970 is amended as follows.
In FA 2008 omit— (a) paragraph 74 of Schedule 36...
In paragraph 2 (under-assessment by HMRC), insert at the end—...
In paragraph 5 (normal rule for calculating potential lost revenue),...
In paragraph 9(1)(b) and (c) (reductions for disclosure), for “supply...
In paragraph 13 (assessment), insert at the end—
For paragraph 16(2) (appeals) substitute— (2) Sub-paragraph (1) does not...
(1) Paragraph 19 (companies: officers' liability) is amended as follows....
Omit paragraph 28(da) (interpretation of references to assessment).
In paragraphs 30 and 31 (consequential amendments) for “paragraph 7”...
Section 684 of ITEPA 2003 (PAYE regulations) is amended as...
(1) The Treasury may by order make provision—
In subsection (1), omit “for Her Majesty's Revenue and Customs”....
(1) Subsection (2) is amended as follows.
After subsection (3) insert— (3A) PAYE regulations under item 2A...
In paragraph (a) of subsection (7A), after “tax” insert “...
After that subsection insert— (7AA) In this section “relevant debt”,...
In subsection (7C), before the definition of “payer” insert— “the...
In section 29(5) of the Tax Credits Act 2002 (recovery...
(1) Part 11 of ITEPA 2003 (pay as you earn)...
In Schedule 6 to FA 2000 (climate change levy), after...
Schedule 6 to FA 2000 is amended as follows.
(1) Paragraph 40 (persons liable to account for levy) is...
In paragraph 41(2A) (application of Part 7 where person liable...
In paragraph 42 (amount payable by way of levy), after...
In paragraph 44(2) (definition of “reduced-rate supply” to have effect...
In paragraph 45A (deemed supplies), after sub-paragraph (2) insert—
(1) Paragraph 91 (interpretation etc of Part 7 of the...
In paragraph 147 (interpretation), in the definition of “reduced-rate supply”,...
Part 3 of FA 1996 (landfill tax) is amended as...
Omit section 43C (site restoration).
In Part 1 of Schedule 5 (information), after paragraph 1A...
In section 49(b) (accounting for tax and time for payment),...
(1) The repeal made by paragraph 10 comes into force...
After section 65 insert— Prescribed landfill site activities to be...
In section 71(7) (orders and regulations), after paragraph (c) insert—...
Omit section 62 (taxable disposals: regulations about material temporarily held...
Part 1 of Schedule 5 (information) is amended as follows....
For the heading before paragraph 1 substitute— “ Information: general...
After paragraph 1 insert— Information: material at landfill sites (1) Regulations may make provision about giving the Commissioners information...
For the heading before paragraph 2 substitute— “ Records: registrable...
After paragraph 2 insert— Records: material at landfill sites (1) Regulations may require a person to make records relating...
Alternative finance investment bonds
(1) In this Schedule— “alternative finance investment bond” means arrangements...
(1) This paragraph applies if each of conditions A to...
(1) This paragraph applies if— (a) the interest in the...
(1) The second transaction is not to be regarded for...
(1) Paragraphs 14 to 17 make provision about the treatment,...
(1) This paragraph applies to an asset if—
(1) This paragraph applies to an asset if the first...
(1) This paragraph applies to an asset if the first...
(1) This paragraph applies to an asset if the first...
(1) This paragraph applies if— (a) conditions A to C...
(1) Where a charge ... is discharged in accordance with...
Section 564S of ITA 2007 (treatment of bond-holder and bond-issuer)...
(1) The reliefs provided by paragraphs 6 to 12 (and...
(1) But paragraph 20 does not prevent the reliefs being...
(1) The reliefs provided by paragraphs 6 to 12 (and...
(1) Regulations under any paragraph of this Schedule—
FA 2003 is amended as follows.
After section 73B insert— Alternative finance investment bonds Schedule 61 to the Finance Act 2009 makes provision for...
In section 86 (payment of tax), after subsection (5) insert—...
. . . . . . . . . ....
In CTA 2009, in Schedule 1, omit paragraph 651(a).
(1) The following provisions of this Schedule come into force...
(1) Paragraph 2 does not apply if control of the...
(1) But paragraph 3(1) does not apply (and, accordingly, section...
(1) This paragraph defines conditions A to G for the...
(1) This paragraph applies if— (a) the first transaction relates...
(1) This paragraph applies if paragraph 6 applies but —...
(1) The second transaction is exempt from charge to stamp...
If, after the effective date of the second transaction, Q...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Penalties for failure to notify (CC/FS11) (opens in a new tab) Publication
- HMRC interest rates for late and early payments (opens in a new tab) Publication
- HMRC penalties for errors in returns (opens in a new tab) Detailed Guidance
- Self Assessment penalties (opens in a new tab) Detailed Guidance
- If you cannot pay your tax bill on time (opens in a new tab) Detailed Guidance
- Reasonable excuses for tax penalty appeals (opens in a new tab) Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
HM Revenue & Customs
Tax collection, customs duties, national insurance, tax credits, and enforcement of the National Minimum Wage. Regulates all UK businesses for tax compliance …
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