UK Act of Parliament
2012
United Kingdom
Finance Act 2012 (introduced Patent Box)
At a glance
Enforced by
What's here
34 compliance obligations, 1 practical guide
Penalty landscape
4 of 34 obligations carry an unlimited fine. 1 carries different penalties and 29 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 12
- Trader 9
- Applicant 1
- Taxable Person 1
- Operator 1
Plus 10 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
1 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 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Applicants also bound by 294 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 46 duties
- Human Medicines Regulations 2012 2012 30 duties
- The Land Registration Rules 2003 2003 25 duties
- Value Added Tax Regulations 1995 1995 18 duties
- Space Industry Regulations 2021 2021 14 duties
Taxable Persons also bound by 10 other Acts (top 5 shown)
- Council Directive 2006/112/EC (EU VAT Directive - retained for reference) 2006 52 duties
- Value Added Tax Regulations 1995 1995 27 duties
- Council Implementing Regulation (EU) No 282/2011 of 15 March 2011 laying down implementing measures for Directive 2006/112/EC on the common system of value added tax (recast) 2011 12 duties
- Air Departure Tax (Scotland) Act 2017 2017 7 duties
- Value Added Tax Act 1994 1994 5 duties
Operators also bound by 730 other Acts (top 5 shown)
- Regulation (EU) No 965/2012 (Air Operations) 2012 138 duties
- Commission Implementing Regulation (EU) 2018/2066 of 19 December 2018 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council and amending Commission Regulation (EU) No 601/2012 (Text with EEA relevance) 2018 121 duties
- Commission Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council (Text with EEA relevance) (repealed) 2012 112 duties
- Space Industry Regulations 2021 2021 75 duties
- Regulation (EU) 2016/429 of the European Parliament and of the Council of 9 March 2016 on transmissible animal diseases and amending and repealing certain acts in the area of animal health (‘Animal Health Law’) (Text with EEA relevance) 2016 66 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 — Income tax, corporation tax and capital gains tax
Browse 54 other sections in this Part — procedural / definitional / commencement
Charge for 2012-13 and rates for 2012-13 and subsequent tax years
Basic rate limit for 2012-13
Personal allowance for 2012-13 for those aged under 65
Personal allowances from 2013
Main rate of corporation tax for financial year 2012
Charge and main rate for financial year 2013
Small profits rate and fractions for financial year 2012
High income child benefit charge
Post-cessation trade or property relief: tax-generated payments or events
Property loss relief against general income: tax-generated agricultural expenses
Gains from contracts for life insurance etc
Settlements: income originating from settlors other than individuals
Champions League final 2013
Cars: security features not to be regarded as accessories
Termination payments to MPs ceasing to hold office
Employment income exemptions: armed forces
Taxable benefits: “the appropriate percentage” for cars for 2014-15
Qualifying time deposits
Profits arising from the exploitation of patents etc
Relief for expenditure on R&D
Real estate investment trusts
Treatment of the receipt of manufactured overseas dividends
Loan relationships: debts becoming held by connected company
Companies carrying on businesses of leasing plant or machinery
Corporate members of Lloyd's: stop-loss insurance and quota share contracts
Abolition of relief for equalisation reserves: general insurers
Election to accelerate receipts under s.26(4)
Deemed receipts under s.26(4): double taxation relief
Transfer of whole or part of the business
Abolition of relief for equalisation reserves: Lloyd's corporate members etc
Tax treatment of financing costs and income
Group relief: meaning of “normal commercial loan”
Company distributions
Annual exempt amount
Foreign currency bank accounts
Collective investment schemes: chargeable gains
Roll-over relief
Seed enterprise investment scheme
Enterprise investment scheme
Venture capital trusts
Plant and machinery: restricting exception for manufacturers and suppliers
Plant and machinery allowances: anti-avoidance
Plant and machinery allowances: fixtures
Expenditure on plant and machinery for use in designated assisted areas
Allowances for energy-saving plant and machinery
Plant and machinery: long funding leases
Foreign income and gains
Employer asset-backed pension contributions etc
Gifts to the nation
Gift aid: giving through self-assessment return
Relief for gift aid and other income of charities etc
Meaning of “community amateur sports club”
Site restoration payments
Changes of accounting policy
Part 2 — Insurance companies carrying on long-term business
Commercial allocation for disposals not wholly dealt with by section 100
- Adopt an acceptable commercial method for allocating BLAGAB gains and losses Trader
Policyholders' rate of tax on policyholders' share of I - E profit
Amended 3 timesRules for determining policyholders' share of I - E profit
Amended 1 timeMeaning of “the adjusted amount”
Amended 3 timesMeaning of “the closing deferred policyholder tax balance” etc
Amended 1 timeApplication of Chapter
Amended 1 timeCommercial allocation of accounting profit or loss and tax adjustments
Amended 1 timeCarry forward of pre-1 April 2017 BLAGAB trade losses against subsequent profits
Amended 3 timesCarry forward of post-1 April 2017 BLAGAB trade losses against subsequent profits
Amended 3 timesExcess carried forward post-1 April 2017 losses: relief against total profits
Amended 3 timesFurther carry forward against subsequent profits of post-1 April 2017 loss not fully used
Amended 3 timesRestriction on deductions from BLAGAB trade profits
Amended 3 timesSection 124D: shock losses excluded from the restriction
Amended 3 timesGroup relief
Amended 1 timeRestrictions in respect of non-trading deficit
Amended 3 timesNo relief against policyholders' share of I - E profit
Amended 2 timesIntra-group transfers and demutualisation
Amended 3 timesSection 133: supplementary
Other duties (1) — Crown / regulator
- HMRC must decide on insurance transfer applications within 30 days Statutory regulator
Meaning of “the long-term business fixed capital”
Amended 1 timeMinor definitions
Amended 5 timesBrowse 81 other sections in this Part — procedural / definitional / commencement
Overview
Meaning of “life assurance business”
Meaning of “basic life assurance and general annuity business”
Section 57: meaning of “pension business”
Section 57: meaning of “child trust fund business”
Section 57: meaning of “individual savings account business”
Section 57: meaning of “overseas life assurance business”
Section 57: meaning of “protection business”
Meaning of “long-term business” and “PHI business”
Meaning of “contract of insurance” and “contract of long-term insurance”
Meaning of “insurance company”
Separate businesses for BLAGAB and other long-term business
Exception where BLAGAB small part of long-term business
Charge to tax on I - E profit
Exclusion of charge under s.35 of CTA 2009 etc
Rules for calculating I - E profit or excess BLAGAB expenses
Charge to tax on profits of non-BLAGAB long-term business
Companies carrying on only PHI business
The I - E basis
Meaning of “income”
Meaning of “BLAGAB chargeable gains” etc
Meaning of “adjusted BLAGAB management expenses”
Section 76: meaning of “ordinary BLAGAB management expenses” etc
Section 76: meaning of other expressions
Spreading of acquisition expenses
Section 79: meaning of “acquisition expenses”
Amounts treated as ordinary BLAGAB management expenses
Restrictions in relation to ordinary BLAGAB management expenses
General annuity business
General annuity business: meaning of “steep-reduction annuity” etc
General annuity business: payments made in pre-1992 accounting periods
Separate property businesses for BLAGAB etc
Losses from property businesses where land held for long-term business
Loan relationships, derivative contracts and intangible fixed assets
Miscellaneous income and losses
Investment return where risk in respect of policy or contract re-insured
Regulations under section 90(4): supplementary provision
Certain BLAGAB trading receipts to count as deemed I - E receipts
Minimum profits test
Adjustment of I - E profit or excess BLAGAB expenses
Use of non-BLAGAB allowable losses to reduce I - E profit
Expenses referable to exempt FOTRA profits
Application of Chapter
Commercial allocation
Application of sections 100 and 101
Assets wholly or partly matched to BLAGAB liabilities
Meaning of “BLAGAB non-taxable distributions” and “shareholders' share”
Deduction for current policyholder tax
Expenses or receipts for deferred policyholder tax
Application of Chapter
Allocations to policyholders
Dividends and other distributions
Index-linked gilt-edged securities
Receipts or expenses relating to long-term business fixed capital
UK life insurance companies
Overseas life insurance companies: rule corresponding to s.116
Transfers of business and transfers within a group
UK life insurance companies
Overseas life insurance companies: rule corresponding to s.119
Sections 119 and 120: supplementary
Assets forming part of long-term business fixed capital
Relief for BLAGAB trade losses against total profits
Relief for transferee in respect of transferor's excess BLAGAB expenses
Transfers between non-group companies: present value of in-force business
Re-insurance in the course of transfer of BLAGAB
Application of ss. 129 and 130 to transfers of non-BLAGAB long-term business
Anti-avoidance
Clearance procedure
Meaning of “group” of companies
Meaning of “BLAGAB trade profit” and “BLAGAB trade loss”
Meaning of assets that are “matched to” liabilities
Abbreviations
Index of defined terms, etc
Power to amend Part 2 etc
Power to amend definition of “insurance business transfer scheme” etc
Power to modify provisions applying to overseas life insurance companies
Orders and regulations
Minor and consequential amendments
Transitional provision
Commencement
Accounting periods straddling 1 January 2013
Part 3 — Friendly societies carrying on long-term business
Payments by non-qualifying societies treated as qualifying distributions
Amended 1 timeMinor definitions
Amended 1 timeIndex of defined terms
Amended 1 timeBrowse 27 other sections in this Part — procedural / definitional / commencement
Overview
Friendly societies subject to same basic rules as mutual insurers
Friendly societies subject to transfer of business rules
Exemption for certain BLAGAB or eligible PHI business
Meaning of “BLAGAB or eligible PHI business”
Meaning of “exempt” BLAGAB or eligible PHI business
Societies with no provision for assuring gross sums exceeding £2,000 etc
Transfers to friendly societies
Transfers from friendly societies to insurance companies etc
Exception in case of breach of maximum benefits payable to members
Maximum benefits payable to members
Section 160: supplementary
Section 160: statutory declarations
Directions given to old societies
Societies registered before 1 June 1973, etc
Incorporated friendly societies
Transfers from friendly societies to insurance companies etc
Transfers between friendly societies
Withdrawal of qualifying status
Transfer schemes under s.6(5) of FSA 1992
Exemption for unregistered friendly societies
Abbreviations
Regulations
Consequential amendments
Transitional provision
Commencement
Accounting periods straddling 1 January 2013
Part 4 — Controlled foreign companies and foreign permanent establishments
Browse 1 other section in this Part — procedural / definitional / commencement
Part 5 — Oil
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 6 — Excise duties
Rates of duty and rebates from 1 August 2012 to 31 December 2012
Other duties (1) — Crown / regulator
- HMRC must apply specific fuel duty rates for Late 2012 Statutory regulator
Rebated fuel: private pleasure craft
Amended 1 timeAir passenger duty
Other duties (1) — Crown / regulator
- HMRC must implement changes to Air Passenger Duty rules Statutory regulator
Machine games duty
Other duties (1) — Crown / regulator
- HMRC must implement Machine Games Duty replacing previous licence fees Statutory regulator
Browse 7 other sections in this Part — procedural / definitional / commencement
Rates of tobacco products duty
Rates of alcoholic liquor duties
Repeal of drawback on British compounds and spirits of wine
Amusement machine licence duty
Rates of gaming duty
Remote gambling: double taxation relief
VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
Part 7 — Value added tax
Browse 9 other sections in this Part — procedural / definitional / commencement
Changes to the categorisation of supplies
Exempt supplies
Supply of goods or services by public bodies
Relief from VAT on low value goods: restriction relating to Channel Islands
Group supplies using an overseas member
Face-value vouchers
Power to require notification of arrival of means of transport in UK
Non-established taxable persons
Administration of VAT
Part 8 — Other taxes
Rate in respect of residential property where consideration over £2m
Amended 1 timeHealth service bodies
Amended 2 timesBrowse 11 other sections in this Part — procedural / definitional / commencement
Standard rate of landfill tax
Landfill sites in Scotland
Climate change levy
Indexation of rate bands
Gifts to charities etc
Settled property: effect of certain arrangements
The bank levy
Prevention of avoidance: subsales etc
Higher rate for certain transactions
Disclosure of stamp duty land tax avoidance schemes
Collective investment schemes: stamp duty and stamp duty reserve tax
Part 9 — Miscellaneous matters
Tax consequences of financial sector regulation
Amended 2 timesTax agents: dishonest conduct
Amended 2 timesBrowse 8 other sections in this Part — procedural / definitional / commencement
Agreement between UK and Switzerland
Penalties: offshore income etc
International military headquarters, EU forces, etc
Removal of special provision for incapacitated persons and minors
Information powers
PAYE regulations: information
New tax on ownership of high-value residential properties or dwellings
Repeals of miscellaneous reliefs etc
Part 10 — Final provisions
Browse 2 other sections in this Part — procedural / definitional / commencement
Interpretation
Short title
Schedules
High income child benefit charge
- Notify HMRC and pay the High Income Child Benefit Charge Any Person
After section 178 insert— The no disqualifying arrangements requirement (1) The relevant shares must not be issued, nor any...
- Do not issue shares or use funds in connection with disqualifying arrangements Trader
After section 299 insert— The no disqualifying arrangements requirement (1) The relevant holding must not have been issued, nor...
- Ensure share issuance and use of funds are not part of disqualifying arrangements Trader
(1) A company that makes an offer in the circumstances...
- Request suspension of tax payment under Patent Box scheme Trader
(1) An individual who makes an offer in the circumstances...
- Formally request HMRC to suspend tax payments during patent gift negotiations Trader
(1) An application under paragraph 18 must—
- Submit written patent box application with full and accurate particulars Applicant
(1) The insurance company— (a) must, by comparing amounts shown...
- Insurance companies must determine and allocate transitional difference items Trader
In section 30 (rate of duty) before subsection (5) insert—...
- Pay doubled APD rate for aircraft weighing ≥20 tonnes with ≤18 passenger seats Operator
(1) A person is liable for machine games duty in...
- Pay machine games duty on dutiable machines available for public use Any Person
(1) The MGD register is to contain such details of...
Other duties (1) — Crown / regulator
- HMRC must provide register entry copies to the public on request Statutory regulator
In Schedule 55 to FA 2009 (penalty for failure to...
Unlimited fine- Fail to make returns on time (Patent Box related) Any Person
(1) A person commits an offence if the person is...
Unlimited fine- Fraudulently evade machine games duty Any Person
The imposition or payment of machine games duty does not...
- Machine games duty does not make illegal activities lawful Any Person
(1) Machine games duty is charged on a taxable person's...
- Calculate and pay Machine Games Duty at the correct rate for each machine type Taxable Person
After section 5D insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
- Claim double taxation relief on betting duties paid abroad Any Person
After section 10 insert— Definition of qualifying foreign tax (1) For the purposes of general betting duty or pool...
Other duties (1) — Crown / regulator
- HMRC must publish and maintain a list of qualifying foreign taxes for betting duties Statutory regulator
Before Schedule 1 insert— SCHEDULE A1 Betting duties: double taxation...
- Repay overclaimed double taxation relief on betting duties and notify HMRC of relevant changes Trader
After Schedule 4A insert— SCHEDULE 4B Remote gaming duty: double...
- Notify HMRC of changes to foreign tax, refunds or tax relief Any Person
In VATA 1994, after Schedule 1 insert— SCHEDULE 1A Registration...
- Register for VAT as a non-UK business making taxable supplies Trader
After Schedule 4 insert— SCHEDULE 4A Stamp duty land tax:...
- Pay 15% SDLT on high-value residential purchases by companies and similar entities Trader
Tax agents: dishonest conduct
2 years imprisonment- Conceal or destroy documents after a conduct notice Any Person
(1) If a document is provided pursuant to a file...
Other duties (1) — Crown / regulator
- HMRC must provide copies of retained documents and compensate for loss or damage Statutory regulator
(1) If the document-holder is a person other than the...
- Comply with a file access notice if upheld or varied on appeal Any Person
(1) A person (“P”) commits an offence if P—
Unlimited fine- Conceal or destroy documents required by HMRC file access notice Any Person
(1) This paragraph applies if— (a) a penalty under paragraph...
Other duties (1) — Crown / regulator
- HMRC can seek increased daily penalties for continued file access failures Statutory regulator
(1) An officer of Revenue and Customs may withdraw a...
Other duties (1) — Crown / regulator
- HMRC must notify you if they withdraw a conduct notice, and the notice expires if no penalty assessed by deadline Statutory regulator
(1) If a person becomes liable to a penalty under...
Other duties (1) — Crown / regulator
- HMRC must notify you if they assess a Patent Box penalty Statutory regulator
(1) FA 2003 is amended as follows.
Unlimited fine- Falsify or destroy documents requested by HMRC Any Person
(1) The Income Tax (Life Assurance Premium Relief) Regulations 1978...
- Submit annual life assurance premium relief claims within statutory deadlines Any Person
Browse 1129 other Schedules — structural / supplementary
Tax treatment of financing costs and income
Enterprise investment scheme
Venture capital schemes
Expenditure on plant and machinery for use in designated assisted areas
Foreign income and gains
Employer asset-backed pension contributions etc
Gifts to the nation
Relief in respect of gift aid and other income
Part 2: transitional provision
Part 3: consequential amendments
Controlled foreign companies and foreign permanent establishments
Reduction of supplementary charge for certain oil fields
Air passenger duty
Machine games duty
Remote gambling: double taxation relief
Categorisation of supplies
Non-established taxable persons
Administration of VAT
Climate change levy
Climate change levy: climate change agreements
Stamp duty land tax: higher rate for certain transactions
International military headquarters, EU forces, etc
In Part 10 of ITEPA 2003 (social security benefits), after...
In section 7 of TMA 1970 (notice of liability to...
After section 13 of the Social Security Administration Act 1992...
After section 11 of the Social Security Administration (Northern Ireland)...
(1) ITEPA 2003 is amended as follows.
(1) ITA 2007 is amended as follows.
(1) The amendments made by this Schedule have effect for...
Profits arising from the exploitation of patents etc
(1) In CTA 2010, after Part 8 insert— PART 8A...
In Part 4 of TIOPA 2010 (transfer pricing), Chapter 3...
In section 166 (exemption for small and medium-sized enterprises), in...
After section 167 insert— Small enterprises: exception from exemption: transfer...
In section 170 (appeals against transfer pricing notices), in subsection...
In section 171 (tax returns where transfer pricing notice given),...
(1) The amendments made by this Schedule have effect in...
(1) In each of the financial years in the Table...
Relief for expenditure on R&D
Part 13 of CTA 2009 (additional relief for expenditure on...
(1) Section 1046 (relief only available where company is going...
(1) Section 1057 (tax credit only available where company is...
Chapter 7 (relief for SMEs and large companies: vaccine research...
(1) Section 1094 (relief only available to SME where company...
(1) Section 1106 (tax credit only available where company is...
(1) Chapter 2 (relief for SMEs: cost of R&D incurred...
(1) Section 1039 (overview of Part 13) is amended as...
In section 1042 (“relevant research and development”), in subsection (3),...
In section 1046 (relief only available where company is going...
In section 1057 (tax credit only available where company is...
(1) Chapter 2 (relief for SMEs: cost of R&D incurred...
Chapter 7 (relief for SMEs and large companies: vaccine research...
(1) Section 1085 (overview of Chapter) is amended as follows....
(1) Section 1087 (deduction in calculating profits of trade) is...
(1) In section 1088 (large companies: declaration about effect of...
Omit sections 1089 and 1090 (which relate only to SMEs)....
(1) In section 1091 (large companies: amount of deduction), in...
Omit sections 1092 to 1096 and 1099 (which relate only...
(1) In section 1100 (large companies: qualifying expenditure “for” an...
Omit sections 1103 to 1111 (tax credits).
(1) Section 1112 (artificially inflated claims for relief or tax...
(1) Chapter 2 (relief for SMEs: cost of R&D incurred...
The heading of Chapter 7 becomes “ Relief for large...
(1) Chapter 8 (cap on aid for R&D) is amended...
In consequence of the amendments made by paragraphs 16 to...
Chapter 9 (supplementary) is amended as follows.
(1) Section 1128 (“externally provided worker”) is amended as follows....
(1) Section 1129 (connected persons) is amended as follows.
(1) Section 1130 (election for connected persons treatment) is amended...
In section 1131 (qualifying expenditure on externally provided workers: other...
The amendments made by paragraphs 2 and 16 to 37...
The amendments made by paragraphs 3 to 8 and 15...
(1) Chapter 3 (relief for SMEs: R&D sub-contracted to SME)...
The amendments made by paragraphs 9 to 14 have effect...
(1) Chapter 4 (relief for SMEs: subsidised and capped expenditure...
(1) Chapter 5 (relief for large companies) is amended as...
(1) Chapter 7 (relief for SMEs and large companies: vaccine...
In consequence of the amendments made by paragraphs 3 to...
Chapter 2 (relief for SMEs: cost of R&D incurred by...
Real estate investment trusts
Part 12 of CTA 2010 (real estate investment trusts) is...
(1) Section 572 (termination by notice given by HMRC) is...
After section 573 insert— Notice under section 572: condition D...
(1) Section 577 (multiple breaches of conditions in Chapter 2)...
(1) The amendments made by paragraph 2 have effect in...
In section 527 (being a UK REIT in relation to...
In section 528 (conditions for company) in subsection (3) for...
After section 528 insert— Further condition relating to shares (1) In the case of a group UK REIT, the...
In section 561 (notice of breach of relevant Chapter 2...
Before section 563 insert— Breach of further condition relating to...
(1) Section 572 (termination by notice given by HMRC) is...
(1) Section 525 (becoming a UK REIT: supplementary provision) is...
Before section 574 insert— Notice under section 572: further condition...
(1) Subject to what follows, the amendments made by paragraphs...
In section 530 (condition as to distribution of profits) in...
After section 530 insert— Condition as to distribution of profits:...
In section 564 (breach of condition as to distribution of...
(1) Section 565 (which defines the amount to be charged...
(1) The amendment made by paragraph 22 has effect in...
(1) Section 531 (conditions as to balance of business) is...
In section 547 (funds awaiting reinvestment) omit subsection (3).
(1) Section 566 (breach of condition B in section 531...
In section 527 (being a UK REIT in relation to...
Omit section 567 (breach of condition B in section 531...
In section 568 (breach of balance of business conditions after...
(1) The amendments made by paragraphs 27, 28 and 31...
(1) Omit sections 538 to 540 (entry charge).
(1) In section 545 (cancellation of tax advantage) in subsection...
(1) In section 556 (disposal of assets) omit subsection (4)....
(1) In section 558 (demergers: disposal of asset) in subsection...
In section 559 (demergers: company leaving group UK REIT) in...
In section 583 (overview of Chapter 10 relating to joint...
Omit sections 595 to 597 (additional entry charges in cases...
(1) Section 528 (conditions for company) is amended as follows....
(1) Section 543 (financing cost ratio) is amended as follows....
(1) Section 544 (meaning of “property financing costs” etc) is...
The amendments made by paragraphs 40 and 41 have effect...
(1) Section 556 (disposal of assets) is amended as follows....
The amendments made by paragraph 43 have effect in relation...
In section 558 (demergers: disposal of asset) in subsections (3)...
In section 559 (demergers: company leaving group UK REIT) in...
In section 561 (notice of breach of relevant Chapter 2...
(1) Section 562 (breach of conditions C and D in...
After section 562 insert— Breach of condition D in section...
Part 7 of TIOPA 2010 (tax treatment of financing costs...
(1) Section 314 (the financing income amounts of a company)...
In section 316 (group treasury companies), omit subsection (4).
(1) Section 329 (the tested expense amount) is amended as...
(1) Section 330 (the tested income amount) is amended as...
After section 331 insert— Elections disapplying sections 329(5) and 330(5)...
(1) Section 337 (meaning of “the worldwide group”) is amended...
(1) In section 339 (meaning of “ultimate parent”), subsection (1)...
In section 348 (non-existent financial statements of the worldwide group),...
After section 348 insert— Financial statements: business combinations to which...
In section 351 (expressions taking their meaning from international accounting...
In section 262 (UK net debt of worldwide group for...
In section 353 (other expressions), at the appropriate place insert—...
After section 353A insert— Power to make regulations where accounting...
(1) The amendment made by paragraph 21 has effect in...
In section 276 (disallowance of deductions: appointment of authorised company...
In section 280 (statement of allocated disallowances: requirements), after subsection...
In section 288 (exemption of financing income: appointment of authorised...
In section 292 (statement of allocated exemptions: requirements), after subsection...
In section 296 (failure of reporting body to submit statement...
In Chapter 6 (tax avoidance), before section 306 insert— Schemes...
(1) Section 313 (the financing expense amounts of a company)...
Seed enterprise investment scheme
In ITA 2007, after Part 5 (enterprise investment scheme) insert—...
In section 169 (directors qualifying for relief despite connection), in...
In section 172 (overview of Chapter 3), after paragraph (aa)...
In section 173A (enterprise investment scheme: maximum amount raised annually...
After that section insert— The spending of money raised by...
(1) Section 246 (identification of shares on a disposal) is...
In section 286 (qualifying holdings: introduction), in subsection (3), after...
In section 292A (venture capital trusts: maximum amount raised annually...
After that section insert— The spending of money raised by...
(1) Schedule 4 (index of defined expressions) is amended as...
TCGA 1992 is amended as follows.
TCGA 1992 is amended as follows.
(1) Section 150A (enterprise investment scheme) is amended as follows....
(1) Section 150B (enterprise investment scheme: reduction of relief) is...
In Schedule 5B (enterprise investment scheme: re-investment), in paragraph 2...
In section 98 of TMA 1970 (special returns, etc)—
(1) Subject to sub-paragraphs (2) and (3), the amendments made...
Before section 151 insert— Seed enterprise investment scheme (1) For the purpose of determining the gain or loss...
After section 150F (inserted by paragraph 3 of this Schedule)...
After Schedule 5B insert— SCHEDULE 5BB Seed enterprise investment scheme:...
ITA 2007 is amended as follows.
In section 2 (overview of Act), after subsection (5) insert—...
In section 26 (tax reductions), in subsection (1)(a), after the...
In section 27 (order of deducting tax reductions: individual), in...
Part 5 of ITA 2007 (enterprise investment scheme) is amended...
In section 179 (meaning of “qualifying business activity”), in subsection...
In section 186 (the gross assets requirement)—
(1) Section 192 (meaning of “excluded activities”) is amended as...
After section 198 insert— Excluded activities: subsidised generation or export...
In section 199 (excluded activities: provision of services or facilities...
In section 200 (power to amend by Treasury order), the...
In section 209 (disposal of shares), after subsection (5) insert—...
In section 239 (date from which interest is chargeable), in...
In section 243 (power to require information in other cases)—...
In section 157 (eligibility for EIS relief), omit subsections (2)...
In section 251 (approved investment fund as nominee), omit subsection...
In section 257 (minor definitions etc), in subsection (1), for...
(1) The amendments made by paragraphs 2 to 6, 7(1)...
(1) The amendments made by paragraphs 7(2), 11 and 12...
(1) Subject to sub-paragraph (2), the amendments made by paragraphs...
(1) The amendment made by paragraphs 18 and 21 are...
TCGA 1992 is amended as follows.
In section 150A (disposal of shares to which EIS relief...
Accordingly, in Schedule 1 to FA 2008, paragraph 48 is...
In paragraph 1 of Schedule 5B to the TCGA 1992...
(1) In section 158 (form and amount of EIS relief),...
After paragraph 11 insert— Disqualifying arrangements (1) Where an individual subscribes for eligible shares (“the shares”)...
In paragraph 16 (information)— (a) in sub-paragraph (6), for “or...
In paragraph 19 (interpretation), in sub-paragraph (1) for the definition...
(1) The amendment made by paragraph 29 comes into force...
(1) The amendments made by paragraphs 27, 28, 30 and...
The amendment made by paragraph 32 is treated as having...
In section 170 (person interested in capital etc of company)—...
In section 172 (overview of Chapter 3), omit the “and”...
(1) Section 173 (the shares requirement) is amended as follows....
(1) Section 173A (the maximum amount raised annually through risk...
In section 175 (the use of the money raised requirement),...
Part 6 of ITA 2007 (venture capital trusts) is amended...
(1) Section 303 (meaning of “excluded activities”) is amended as...
After section 309 insert— Excluded activities: subsidised generation or export...
In section 310 (excluded activities: provision of services or facilities...
In section 311 (power to amend Chapter by Treasury order),...
After section 312 insert— Power to require information relating to...
In section 313 (interpretation of Chapter 4), in subsection (5),...
In section 98 of TMA 1970 (special returns, etc), in...
(1) The amendments made by paragraphs 2 and 3 have...
(1) The amendments made by paragraphs 4, 5, 6(1) and...
(1) Section 274 (requirements for the giving of approval) is...
(1) The amendments made by paragraphs 6(2), 8 and 9...
(1) Paragraph 7 is to be treated as having come...
(1) Subject to sub-paragraph (2), the amendments made by paragraphs...
After section 280A insert— The investment limits condition (1) This section applies for the purposes of the investment...
In section 286 (qualifying holdings: introduction), in subsection (3), omit...
(1) Section 287 (maximum qualifying investment requirement) is amended as...
(1) Section 292A (the maximum amount raised annually through risk...
In section 293 (the use of the money raised requirement),...
In section 297 (the gross assets requirement)—
Capital allowances for plant and machinery: anti-avoidance
For section 215 of CAA 2001 substitute— Transactions to obtain...
In section 57(3) of CAA 2001 (available qualifying expenditure), after...
In section 214 of that Act (connected persons), after “218”...
In section 216 of that Act (sale and leaseback, etc),...
(1) Section 218 of that Act (restriction on B's qualifying...
After section 218 of that Act insert— Restrictions on writing-down...
(1) Section 230 of CAA 2001 (exception for manufacturers and...
After section 268D of CAA 2001 insert— Meaning of “assigns”...
(1) The amendments made by paragraphs 1 to 7 of...
Plant and machinery allowances: fixtures
CAA 2001 is amended as follows.
In section 199 (election to apportion capital sum given by...
The amendments made by paragraphs 2 to 5 have effect—...
The amendments made by paragraph 6 to 10 have effect—...
(1) Where (ignoring this sub-paragraph) plant or machinery would be...
After section 187 insert— Effect of changes in ownership of...
In section 198 (election to apportion sale price on sale...
(1) Section 201 (elections under sections 198 and 199: procedure)...
(1) In section 563 (procedure for determining certain questions affecting...
After section 186 insert— Fixtures on which a business premises...
In section 9 (interaction between fixtures claims and other claims),...
In section 57 (available qualifying expenditure), in subsection (3), after...
In section 198 (election to apportion sale price on sale...
CAA 2001 is amended as follows.
In section 39 (first-year allowances available for certain types of...
After section 45J insert— Expenditure on plant and machinery for...
In section 46 (general exclusions applying to first-year qualifying expenditure),...
(1) Section 52 (first-year allowances) is amended as follows.
In section 52A (prevention of double relief) for the words...
(1) In Chapter 16B (cap on first-year allowances: zero-emission goods...
The amendments made by this Schedule have effect for chargeable...
Chapter A1 of Part 14 of ITA 2007 (remittance basis)...
In section 809Y (property that ceases to be exempt property...
In section 809Z2 (personal use rule), in subsection (2), omit...
In section 809Z4 (temporary importation rule), in subsection (3)—
In section 809M (meaning of “relevant person”), in subsection (1),...
In section 809Z7 (interpretation of Chapter), omit subsection (7).
For the heading of that section substitute “ Meaning of...
After that section insert— Meaning of “the disposal proceeds” (1) In this Chapter, in relation to a sale or...
The amendments made by this Part of this Schedule have...
After section 809Y of ITA 2007 (property that ceases to...
The amendment made by this Part of this Schedule has...
(1) Section 809C (claim for remittance basis by long-term UK...
(1) Section 809I of ITA 2007 (remittance basis charge: income...
The amendments made by this Part of this Schedule have...
(1) Section 809H (claim for remittance basis by long-term UK...
For section 809V substitute— Money paid to the Commissioners (1) Subsection (2) applies to income or chargeable gains of...
The amendments made by this Part of this Schedule have...
For the italic heading preceding section 809V substitute “ Relief...
After section 809V insert— Business investment relief Money or other...
After the sections inserted by paragraph 7 insert the heading...
Immediately before section 809X insert the heading “Exempt property relief”....
In Chapter 4 of Part 4 of FA 2004 (registered...
(1) This paragraph applies if— (a) the section which would...
(1) This paragraph applies if— (a) the section which would...
(1) For the purposes of paragraphs 13 and 14—
(1) This paragraph applies if amount A exceeds the sum...
If the sum of amounts B and C exceeds amount...
In Chapter 4 of Part 4 of FA 2004 (registered...
In section 280(1) of FA 2004 (abbreviations)—
(1) Subject to what follows, the amendments made by paragraphs...
(1) This Part of this Schedule applies if—
For the purposes of this Part of this Schedule—
In section 280(1) of FA 2004 (abbreviations)—
(1) This paragraph applies for the purposes of this Part...
(1) In this Part of this Schedule “the completion day”...
(1) The events falling within this paragraph are those listed...
(1) This paragraph applies if— (a) the section which would...
(1) This paragraph applies if— (a) the section which would...
(1) This paragraph applies if— (a) the section which would...
(1) This paragraph applies if, apart from this Part of...
(1) This paragraph applies if, apart from this Part of...
(1) Section 196G of FA 2004 (as inserted by paragraph...
(1) For the purposes of paragraphs 30 and 31—
(1) The amendment made by paragraph 1 above has effect...
(1) This paragraph applies if amount A exceeds the sum...
If the sum of amounts B and C exceeds amount...
Chapter 5B of Part 13 of ITA 2007 (finance arrangements)...
In section 809BZA (type 1 finance arrangements: definition) after subsection...
(1) Section 809BZF (type 2 finance arrangements: definition) is amended...
In section 809BZH (type 2 finance arrangements: certain tax consequences...
In section 809BZJ (type 3 finance arrangements: definition) after subsection...
Chapter 2 of Part 16 of CTA 2010 (finance arrangements)...
In section 758 (type 1 finance arrangements: definition) after subsection...
(1) Section 763 (type 2 finance arrangements: definition) is amended...
(1) This Part of this Schedule applies if—
In section 765 (type 2 finance arrangements: certain tax consequences...
In section 767 (type 3 finance arrangements: definition) after subsection...
(1) Subject to what follows, the amendments made by paragraphs...
For the purposes of this Part of this Schedule—
(1) This paragraph applies for the purposes of this Part...
(1) In this Part of this Schedule “the completion day”...
(1) The events falling within this paragraph are those listed...
(1) This paragraph applies if— (a) the section which would...
(1) For the purposes of this Schedule, a person makes...
(1) Suspension under paragraph 9 of a potential donor's obligation...
(1) This paragraph applies if a potential donor's obligation to...
(1) This Part applies to a company's liability to corporation...
(1) If a company (“C”) makes a qualifying gift, a...
(1) The portion of C's tax liability for the relevant...
(1) This paragraph explains the effect of paragraph 13 as...
(1) If the amount of C's tax liability for the...
If a qualifying gift is set aside or declared void...
(1) Suspension under paragraph 18 of a potential donor's obligation...
(1) This Part applies to an individual's liability to income...
(1) This paragraph applies if a potential donor's obligation to...
(1) An order under Part 2 or 3 of this...
(1) In this Schedule, “pre-eminent property” means—
(1) For the purposes of paragraph 22, “the relevant Minister”...
In this Schedule— “the Commissioners” means the Commissioners for Her...
Nothing in this Schedule is to give rise to any...
IHTA 1984 is amended as follows.
In section 25 (gifts for national purposes etc), after subsection...
In section 26A (potentially exempt transfer of property subsequently held...
(1) Section 32 (conditionally exempt transfers: chargeable events) is amended...
(1) If an individual (“N”) makes a qualifying gift, a...
(1) Section 32A (associated properties) is amended as follows.
In section 33 (amount of charge under section 32), in...
In section 34 (reinstatement of transferor's cumulative total), in subsection...
(1) This paragraph applies where a person (“ the donor...
(1) This paragraph applies if a person makes a qualifying...
In section 258 of TCGA 1992 (works of art etc),...
In Chapter A1 of Part 14 of ITA 2007 (income...
(1) Parts 2 and 3 of this Schedule have effect...
(1) The portion of N's tax liability for a relevant...
(1) If the tax reduction figure allocated to a relevant...
(1) This paragraph explains the effect of paragraph 3(1) as...
(1) If the amount of N's tax liability for a...
If a qualifying gift is set aside or declared void...
(1) In Part 10 of ITA 2007 (special rules about...
(1) Section 967 of CTA 2010 (set-off of income tax...
(1) Section 42 of TMA 1970 (procedure for making claims...
In consequence of the amendments made by paragraph 11, in...
Schedule 18 to FA 1998 (company tax returns, assessments and...
(1) Paragraph 9 (claims that cannot be made without a...
(1) Paragraph 57 (claims or elections affecting a single accounting...
In consequence of the amendments made by paragraphs 14 and...
(1) The amendments made by paragraphs 1 to 4 and...
Part 11 of CTA 2010 (charitable companies etc) is amended...
(1) In Chapter 2 (gifts and other payments), section 477A...
In Chapter 3 (other exemptions), after section 491 insert— Claims...
Chapter 9 of Part 13 of CTA 2010 (special types...
After section 661C insert— Gifts qualifying for gift aid relief...
After section 665 insert— Claims Claims in relation to interest...
In consequence of the provision made by paragraph 6, in...
In section 59B of TMA 1970 (payment of income tax...
Part 2: minor and consequential amendments
ICTA is amended as follows.
In section 95ZA(3) (taxation of UK distributions received by insurance...
In section 257(2) (supplementary), for paragraphs (a) and (b) substitute—...
(1) Section 261 (special leasing: life assurance business) is amended...
In the heading for Chapter 1 of Part 12, for...
(1) Section 544 (management assets) is amended as follows.
(1) Section 545 (investment assets) is amended as follows.
(1) Section 560 (transfer of insurance company business) is amended...
(1) Schedule A1 (first-year tax credits) is amended as follows....
(1) Part 2 of Schedule 1 (index of defined expressions)...
FA 2003 is amended as follows.
Omit section 156 (overseas life insurance companies).
Omit section 431 (interpretative provisions relating to insurance companies).
ITEPA 2003 is amended as follows.
In section 357(3) (business entertainment and gifts: exception where employer's...
FA 2004 is amended as follows.
In section 196(4) (relief for employers in respect of contributions...
In section 196A(4)(c) (power to restrict relief), for “brought into...
In section 196L(2) (employer asset-backed contributions: supplementary), as inserted by...
In section 197(10)(b) (spreading of relief), for “section 76 of...
In section 199 (deemed contributions), for subsection (5) substitute—
In section 199A(10)(c) (indirect contributions), for “brought into account at...
In section 200 (no other relief for employers in connection...
Omit section 431ZA (election for assets not be foreign business...
(1) Section 246 (restriction of deduction for non-contributory provision) is...
In section 246A(4)(c) (case where no relief for provision by...
In section 280(1) (abbreviations)— (a) omit the “and” before the...
F(No.2)A 2005 is amended as follows.
In section 18(3)(b) (specific powers relating to authorised unit trusts...
ITTOIA 2005 is amended as follows.
In section 48(4A) (car hire)— (a) at the end of...
In section 473(2) (policies and contracts to which Chapter 9...
In section 476(3) (special rules: foreign policies), in the definition...
In section 504(7) (part surrenders: payments under guaranteed income bonds...
Omit section 431A (amendment of Chapter etc).
(1) Section 531 (gains from contracts for life insurance etc:...
In paragraph 118(2) of Schedule 2 (pre-1 January 2005 contracts...
ITA 2007 is amended as follows.
In section 564B(1) (meaning of “financial institution”)—
In section 681DP (relevant tax relief), for paragraph (c) substitute—...
CTA 2009 is amended as follows.
In section A1(2) (overview of the Corporation Tax Acts)—
(1) Section 18Q (UK resident insurance companies: profits of foreign...
For section 24 substitute— Application to insurance companies (1) This section makes provision in a case where the...
In section 36(3) (farming and market gardening), for “of the...
Omit section 431B (meaning of “pension business”).
In section 38(3)(d) (commercial occupation of land other than woodlands),...
In section 39(5)(a) (profits of mines, quarries and other concerns),...
In section 46(3)(a) (generally accepted accounting practice), omit sub-paragraph (ii)...
In section 56(5) (car hire)— (a) at the end of...
In section 130(1)(a) (insurers receiving distributions etc), for “life assurance...
In section 201 (priority rules: provisions which must be given...
In section 203(4) (property businesses)— (a) for “section 432AA of...
(1) Section 298 (meaning of trade and purposes of trade)...
(1) Section 336 (transfers of loans on group transactions) is...
(1) Section 337 (transfers of loans on insurance business transfers)...
Omit section 431BA (meaning of “child trust fund business”).
(1) Section 386 (overview of Chapter 10 of Part 5...
In section 387(1) (treatment of deficit on BLAGAB: introduction), after...
In section 388(3) (basic rule: deficit set off against income...
In section 389 (claim to carry back deficit), after subsection...
(1) Section 390 (meaning of “available profits”) is amended as...
In section 391 (carry forward of surplus deficit to next...
Omit sections 393 and 394 (insurance companies: determination of questions...
In section 399 (index-linked gilt-edged securities), at the end insert—...
In section 464(3) (list of exceptions to general rule that...
In section 471(3) (connections between persons: creditors who are insurance...
Omit section 431BB (meaning of “individual savings account business”).
In section 472(4)(b) (meaning of “control”), for “of an insurance...
In section 473(3)(b) (meaning of “major interest”), for “of an...
In section 486(4) (exclusion of exchange gains and losses in...
In section 502(1) (meaning of “financial institution”)—
In section 560(4) (investment life insurance contracts: introduction)—
In section 561(2) (meaning of “investment life insurance contract”), in...
In section 563(6)(a) (increased non-trading credits for BLAGAB and EEA...
(1) Section 591 (conditions A to E mentioned in section...
(1) Section 634 (insurance companies) is amended as follows.
(1) Section 635 (creditor relationships of insurance companies: embedded derivatives...
Omit section 431C (meaning of “life reinsurance business”).
(1) Section 636 (insurance companies: modifications of Chapter 5 (continuity...
In section 699(3) (list of exceptions to general rule that...
In section 710 (derivative contracts: other definitions)—
In section 746(2)(c) (“non-trading credits” and “non-trading debits”), for “section...
In section 800(3) (excluded assets: introduction), omit paragraph (b) (together...
In section 806(3) (assets excluded from Part 8 (intangible fixed...
In section 810 (mutual trade or business), omit subsection (2)....
In section 815 (election to exclude capital expenditure on software),...
In section 855(4) (further provision about regulations under section 854),...
For section 901 substitute— Effect of application of the I...
Omit sections 431D and 431E (meaning of “overseas life assurance...
Omit sections 902 (excluded assets) and 903 (elections to exclude...
Omit section 904 (transfers of life assurance business: transfers of...
In section 906(3) (list of exceptions to general rule that...
In section 931S(3) (company distributions: meaning of “small company”), in...
In section 931W (provisions which must be given priority over...
In section 985 (references to a deduction being allowed to...
In section 999 (deduction for costs of setting up SAYE...
(1) Section 1000 (deduction for costs of setting up employee...
In section 1013 (relief if shares acquired by employee or...
In section 1021 (relief if employee or other person obtains...
Omit section 431EA (meaning of “gross roll-up business”).
In section 1083 (refunds of expenditure treated as income chargeable...
In section 1143(4) (overview of Part 14)—
(1) Section 1153 (land remediation tax credit: amount of a...
(1) Section 1158 (restriction on losses carried forward where tax...
In the heading for Chapter 4 of Part 14, for...
Omit section 1159 (limitation on relief under Chapter 2 of...
In section 1160 (provision in respect of I minus E...
(1) Section 1161 (relief in respect of I minus E...
(1) Section 1162 (additional relief) is amended as follows.
Omit section 76 (expenses of insurance companies).
Omit section 431F (meaning of “basic life assurance and general...
In the italic heading before section 1164, for “Life assurance”...
(1) Section 1164 (entitlement to tax credit) is amended as...
(1) Section 1165 (meaning of “qualifying life assurance business loss”)...
In section 1166(1) (amount of tax credit)—
In section 1167(1) and (3)(a) (payment of tax credit etc),...
(1) Section 1168 (restriction on carrying forward expenses payable where...
In section 1169(2) (artificially inflated claims for relief or tax...
After section 1223 insert— Exception for basic life assurance and...
(1) Section 1251 (car hire) is amended as follows.
In section 1288(4) (unpaid remuneration)— (a) in paragraph (a), after...
Omit section 431G (company carrying on life assurance business).
(1) Section 1297 (life assurance business) is amended as follows....
In section 1298(2) (business entertainment and gifts), for paragraph (c)...
In section 1304 (crime-related payments), for subsection (3) substitute—
(1) Schedule 2 (transitionals and savings) is amended as follows....
In Schedule 4 (index of defined expressions)—
CTA 2010 is amended as follows.
In section 17(3) (interpretation of Chapter: meaning of “carried-forward amount”)—...
In section 54(2) (non-UK resident company: receipts of interest, dividends...
In Chapter 4 of Part 4 (property losses), after section...
In section 606(5) (groups), in the definition of “insurance company”,...
Omit section 431H (company carrying on life assurance business and...
(1) Section 783 (treatment of payer of manufactured dividend) is...
(1) Section 785 (treatment of payer: REITs) is amended as...
(1) Section 791 (treatment of payer of manufactured overseas dividend)...
In section 799(5) (manufactured payments under arrangements with unallowable purpose),...
In section 835(2) (transferor or associate becomes liable for payment...
In section 836(2) (transferor or associate becomes liable for payment...
(1) Section 839 (deduction under section 76 of ICTA not...
(1) Section 840 (carrying forward parts of payments) is amended...
In section 860 (relevant corporation tax relief), for paragraph (d)...
In section 886 (relevant tax relief), for paragraph (c) substitute—...
Omit section 432YA (PHI business — adjustment consequent of change...
In section 1171(2) (powers under orders and regulations excluded from...
In section 1173(2) (miscellaneous charges), in Part 3 of the...
TIOPA 2010 is amended as follows.
In section 43(7) (profits attributable to permanent establishments for purposes...
In section 72(2) (application of section 73(1)), omit paragraph (b)...
In section 96(1) (companies with overseas branches: restriction of credit)—...
For section 97 substitute— Companies with more than one category...
Omit section 98 (attribution for section 97 purposes if category...
In section 99(7) (allocation of expense etc in calculations under...
Omit section 102 (interpreting sections 99 to 101 for life...
Omit section 432ZA (linked assets).
(1) Section 103 (interpreting sections 99 to 101 for other...
In section 104(3) (interpreting sections 100 and 101: amounts referable...
In section 269(6) (insurance activities and insurance-related activities), in the...
In section 310(2) (meaning of “carried-forward amount”)—
In Part 1 of Schedule 11 (index of defined expressions...
FA 2011 is amended as follows.
In paragraph 73(2) of Schedule 19 (bank levy: meaning of...
In consequence of the amendments made by Parts 1 to...
Omit section 432A (apportionment of income and gains).
Omit section 432AA (property businesses).
Omit section 432AB (losses from property businesses).
Omit sections 432B to 432G (apportionment of receipts brought into...
Omit section 434 (franked investment income etc).
Omit section 76ZA (payments for restrictive undertakings).
Omit section 434A (computation of losses and limitation on relief)....
Omit sections 434AZA to 434AZC (reduced loss relief for additions...
Omit section 436A (gross roll-up business: separate charge on profits)....
Omit section 436B (gains referable to gross-roll up business not...
Omit sections 437 and 437A (general annuity business).
Omit section 438 (pension business: exemption from tax).
Omit section 440 (transfers of assets etc).
Omit section 440A (securities).
Omit section 440B (modifications where tax charged under s.35 of...
Omit section 440C (modifications for change of tax basis).
Omit section 76ZB (seconded employees).
Omit section 440D (modifications in relation to BLAGAB group reinsurers)....
Omit section 442 (overseas business of UK companies).
Omit section 442A (taxation of investment return where risk reinsured)....
Omit sections 444A to 444AED (transfers of business).
Omit sections 444AF to 444AL (surpluses of mutual and former...
In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section...
Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers)....
FA 1989 is amended as follows.
In section 67(2) (employee share ownership trusts), for paragraph (b)...
Omit section 82 (calculation of profits: bonuses etc).
Omit sections 76ZC to 76ZE (counselling and retraining expenses).
Omit section 82A (calculation of profits: policy holders' tax).
Omit section 82B (unappropriated surplus on valuation).
Omit sections 82D to 82F (treatment of profits: life assurance...
Omit section 83 (receipts to be taken into account).
Omit section 83XA (structural assets).
Omit sections 83YA and 83YB (changes in value of assets...
Omit sections 83YC to 83YF (FAFTS).
Omit section 83A (meaning of “brought into account”).
Omit section 83B (changes in recognised accounts: attribution of amounts...
Omit section 85 (charge of certain receipts of basic life...
Omit sections 76ZF to 76ZJ (redundancy payments etc).
Omit section 85A (excess adjusted life assurance trade profits).
Omit section 86 (spreading of relief for acquisition expenses).
Omit section 88 (corporation tax: policy holders' share of profits)....
Omit section 89 (policy holders' share of profits).
FA 1950 is amended as follows.
In section 39(3)(b)(ii) (treatment for taxation purposes of enemy debts...
TMA 1970 is amended as follows.
(1) Section 98 (special returns) is amended as follows.
IHTA 1984 is amended as follows.
In section 59(3)(b) (qualifying interest in possession), for “Chapter I...
Omit section 76ZK (contributions to local enterprise organisations or urban...
FA 1991 is amended as follows.
In paragraph 16(1) of Schedule 7 (transitional relief for old...
TCGA 1992 is amended as follows.
In section 10B (non-resident company with United Kingdom permanent establishment),...
In section 100(2B)(a) (exemption for authorised unit trusts etc), for...
In section 140C (transfer or division of non-UK business), omit...
In section 151I(1) (meaning of “financial institution”)—
(1) Section 171C (elections under s.171A: insurance companies) is amended...
In section 185 (deemed disposal of assets on company ceasing...
In section 204(10)(a) (policies of insurance and non-deferred annuities), for...
Omit sections 76ZL and 76ZM (unpaid remuneration).
(1) Section 210A (ring-fencing of losses) is amended as follows....
(1) Section 210B (disposal and acquisition of section 440A securities)...
In section 210C(2) (losses on disposal of authorised investment fund...
(1) Section 211 (transfers of business) is amended as follows....
In section 211ZA(10) (transfers of business: transfer of unused losses),...
(1) Section 212 (annual deemed disposal of holdings of unit...
(1) Section 213 (spreading of gains and losses under section...
After section 213 insert— Power to modify ss.212 and 213...
(1) Schedule 7AC (exemptions for disposals by companies with substantial...
In paragraph 1 of Schedule 7AD (gains of insurance company...
Omit section 76ZN (car hire).
FA 1993 is amended as follows.
In section 91 (deemed disposals of unit trusts by insurance...
FA 1999 is amended as follows.
In section 81(8) (acquisitions disregarded under insurance companies concession), in...
CAA 2001 is amended as follows.
In section 19(5) (special leasing of plant or machinery), for...
In the italic heading before section 254, for “Life assurance”...
In section 254(1) (introductory), for “life assurance business” substitute “...
For section 255 substitute— Apportionment of allowances and charges (1) This section applies if the long-term business of the...
(1) Section 256 (different giving effect rules for different categories...
(1) This Part of this Schedule makes provision, by reference...
(1) If a relevant computational item (or a part of...
(1) A receipt or expense within paragraph 9 or 10...
(1) For the purposes of this paragraph a “relevant court-protected...
(1) This paragraph applies if— (a) under an insurance business...
(1) This paragraph applies if— (a) under an insurance business...
(1) This paragraph applies if— (a) an insurance company ceases...
(1) This paragraph applies if, as at 1 January 2013,...
(1) This paragraph applies if— (a) on or after 21...
(1) Paragraph 17 does not apply if, on an application...
In this Part of this Schedule— “the 2012 balance sheet”,...
Receipts or expenses are not to be treated as arising...
(1) This paragraph applies if— (a) in its first accounting...
(1) This paragraph applies if, for an accounting period ending...
For the purposes of section 76 an expense is to...
(1) This paragraph applies to assets— (a) which, under the...
(1) The rules in sections 116 to 118 apply in...
(1) The rules in sections 119 to 121 apply in...
(1) This paragraph applies if— (a) immediately before 1 January...
(1) This paragraph applies in a case where—
(1) Any unused losses arising to an insurance company in...
(1) This paragraph applies if an insurance company does not...
(1) Any unused losses arising to an insurance company in...
(1) The appropriate part of any unused life assurance trade...
(1) This paragraph applies if, but for this Part of...
(1) This paragraph applies if, but for this Part of...
(1) This paragraph applies if— (a) an insurance company carries...
(1) This paragraph applies in relation to assets of an...
(1) Sub-paragraph (2) applies to assets which by reason of...
(1) This paragraph applies where any provision of this Part...
(1) The Treasury may by regulations make further transitional, transitory...
Any regulations made by the Treasury under any provision of...
The following expressions have the same meaning in this Schedule...
(1) This paragraph applies if an insurance company does not...
(1) In the case of an insurance company, a comparison...
(1) Each of the items determined in accordance with paragraph...
(1) Each relevant computational item must be apportioned between—
(1) If a relevant computational item (or a part of...
ICTA is amended as follows.
Omit section 465 (old societies).
Omit section 465A (assets of branch of registered friendly society...
Omit section 466 (interpretation of Chapter 2 of Part 12)....
(1) Schedule 15 (qualifying policies) is amended as follows.
TCGA 1992 is amended as follows.
In section 100(2B)(b) (exemption for authorised unit trusts etc), for...
In section 171(5) (transfers within a group: general provisions), for...
ITTOIA 2005 is amended as follows.
(1) Section 531 (gains from contracts for life insurance etc:...
CTA 2009 is amended as follows.
Omit section 459 (unregistered friendly societies: exemption from tax).
In section A1(2) (overview of the Corporation Tax Acts), after...
In section 564(1) (section 563: interpretation), for “section 460 of...
In section 931S(3) (company distributions: meaning of “small company”), in...
In consequence of the amendments made by this Schedule, omit...
Omit section 460 (exemption from tax in respect of life...
Omit section 461 (taxation in respect of other business).
Omit sections 461A to 461C (taxation in respect of other...
Omit section 461D (transfers of business).
Omit section 462 (conditions for tax exempt business).
Omit section 463 (long-term business of friendly societies: application of...
Omit section 464 (maximum benefits payable to members).
Part 3: transitional provision
Anything which, as a result of section 461(11) or 461A(4)...
(1) This paragraph applies where any provision of this Part...
After Part 9 of TIOPA 2010 insert— PART 9A Controlled...
TMA 1970 is amended as follows.
In section 55 (recovery of tax not postponed) in subsection...
In section 59E (provision about when corporation tax due and...
In section 59F (arrangements for paying tax on behalf of...
In ICTA omit Chapter 4 of Part 17 (controlled foreign...
FA 1998 is amended as follows.
In section 32 (unrelieved surplus advance corporation tax) for subsection...
(1) Schedule 18 (company tax returns) is amended as follows....
Schedule 22 to FA 2000 (tonnage tax) is amended as...
(1) Paragraph 54 is amended as follows.
Chapter 3A of Part 2 of CTA 2009 (foreign permanent...
(1) Paragraph 57 is amended as follows.
In FA 2002 omit section 90 (controlled foreign companies and...
(1) Section 725 of ITA 2007 (transfer of assets abroad:...
(1) Paragraph 3 of Schedule 11 to FA 2007 (technical...
CTA 2009 is amended as follows.
In section A1 (overview of the Corporation Tax Acts) in...
In section 486D (disguised interest: arrangement with no tax avoidance...
(1) Section 486E (disguised interest: excluded shares) is amended as...
In section 521E (unallowable purpose) omit subsections (5) and (6)....
Omit section 870 (intangible fixed assets: assumptions to be made...
In section 18A(1) omit “UK resident”.
In Chapter 2 of Part 9A (exemption of distributions received...
In section 931E (distributions from controlled companies) for subsections (3)...
Part 2 of Schedule 16 to FA 2009 (amendment of...
In paragraph 12— (a) in sub-paragraph (2) omit paragraph (b)...
Omit paragraph 15.
In paragraph 16— (a) in paragraph (a) after “2009” insert...
In the cross-heading before paragraph 17 for “during three years...
CTA 2010 is amended as follows.
In section 398D (restriction on use of losses) for subsection...
(1) Section 938M (group mismatch schemes: controlled foreign companies) is...
After section 18C insert— Income arising from immovable property The references in section 18A(6) to profits which would be...
In section 1139 (definition of “tax advantage”) in subsection (2)...
TIOPA 2010 is amended as follows.
(1) Section 179 (compensating payment if advantaged person is controlled...
In Chapter 4 of Part 7 (exemption for financing income)...
(1) Section 314 (financing income amounts) is amended as follows....
After section 314 insert— The financing income amounts of a...
The Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991) are...
(1) Regulation 8A is amended as follows.
In regulation 8B for “controlled foreign company” substitute “ CFC...
(1) The CFC charge is charged in relation to accounting...
(1) Section 18F is amended as follows.
(1) The repeal of Chapter 4 of Part 17 of...
The amendment made by paragraph 27(3) above has no effect...
The amendment made by paragraph 30 above has no effect...
The amendment made by paragraph 31 above has no effect...
The amendments made by paragraphs 33 to 36 above are...
(1) The amendments made by paragraphs 3, 5 and 9...
(1) This paragraph applies in relation to a CFC the...
(1) This paragraph applies if— (a) during a company's accounting...
(1) This paragraph applies if— (a) there is an exempt...
(1) The Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations...
For sections 18G to 18I substitute— Anti-diversion rule (1) This section applies for the purposes of this Chapter...
After section 18P(2) insert— (3) Subsection (2) does not apply...
In Chapter 5 of Part 4 of FA 1994 (Lloyd's...
In section 15 of CAA 2001 (plant and machinery allowances:...
Relief in respect of decommissioning expenditure
Part 8 of CTA 2010 (oil activities) is amended as...
In section 330 (supplementary charge in respect of ring fence...
After section 330 insert— Decommissioning expenditure taken into account in...
In section 7 of FA 2011 (increase in rate of...
(1) In Chapter 2 of Part 4 of CTA 2010...
(1) The amendments made by this Schedule have effect in...
In Part 8 of CTA 2010 (oil activities), Chapter 7...
(1) Section 344 (activation of field allowance) is amended as...
(1) Section 345 (introduction to sections 346 and 347) is...
(1) Section 346 (reduction of field allowance if equity disposed...
(1) Section 347 (acquisition of field allowance if equity acquired)...
(1) Section 349 (orders) is amended as follows.
Before section 350 insert— Additionally-developed oil field” (1) In this Chapter an oil field is an “additionally-developed...
(1) Section 357 (other definitions) is amended as follows.
The heading of the Chapter becomes “ REDUCTION OF SUPPLEMENTARY...
(1) Part 8 of CTA 2010 (oil activities) is amended...
(1) Schedule 4 to CTA 2010 (index of defined expressions)...
In section 334 (company's pool of field allowances), for “new...
In section 63 of FA 2011 (reduction of supplementary charge...
(1) The amendments made by paragraphs 14, 15 and 16(3)...
(1) The Commissioners for Her Majesty's Revenue and Customs may...
(1) Section 337 (initial licensee to hold a field allowance)...
In section 338 (holding a field allowance on acquisition of...
In section 339 (unactivated amount of field allowance), in subsections...
(1) Section 340 (introduction to section 341) is amended as...
(1) Section 341 (activation of field allowance) is amended as...
In section 342 (introduction to sections 343 and 344), in...
In section 343 (reference periods), in subsection (3), for “the...
In section 30 of FA 1994 (air passenger duty: rates...
(1) Section 33 (registration of aircraft operators) is amended as...
After section 33 insert— Registration of Northern Ireland long haul...
In section 34 (fiscal representatives) in subsection (5)—
After section 41 insert— Northern Ireland long haul rates of...
In section 44 of CRCA 2005 (payment into Consolidated Fund)...
In column 2 of the Table in paragraph 1 of...
Chapter 4 of Part 1 of FA 1994 (air passenger...
In section 28 (introduction to air passenger duty) for subsection...
(1) Section 29 (chargeable aircraft) is amended as follows.
After section 29 insert— Chargeable aircraft: exceptions (1) This section applies for the purposes of this Chapter....
In article 3 of the Air Passenger Duty (Connected Flights)...
In section 30A (as inserted by paragraph 9 above) after...
(1) Section 43 (interpretation) is amended as follows.
The amendments made by this Part of this Schedule have...
The amendments made by this Part of this Schedule have...
(1) Section 30 of FA 1994 (air passenger duty: rates...
In article 3 of the Air Passenger Duty (Connected Flights)...
The amendments made by this Part of this Schedule have...
Chapter 4 of Part 1 of FA 1994 (air passenger...
(1) Section 30 (rates of duty) is amended as follows....
After section 30 insert— Northern Ireland long haul rates of...
A duty of excise, to be known as machine games...
(1) If the calculation of the amount of machine games...
(1) This paragraph sets out who is “responsible” for premises...
(1) A machine is an “excluded dual-use machine” if—
(1) An accounting period for machine games duty is a...
(1) This paragraph applies in valuing prizes for the purposes...
(1) This paragraph applies in determining for the purposes of...
The Commissioners are responsible for the collection and management of...
(1) The Commissioners may make regulations requiring registrable persons to...
(1) The Commissioners may make regulations about payment of machine...
(1) A “machine game” is a game (whether of skill...
(1) The Commissioners must maintain a register of those responsible...
(1) If a person holds a relevant licence or permit...
(1) A “relevant licence or permit” is—
(1) Sub-paragraph (2) applies if— (a) it appears to HMRC...
(1) The Commissioners may make regulations about registration.
(1) Sub-paragraph (2) applies if— (a) it appears to HMRC...
(1) The decisions mentioned in sub-paragraph (2) are to be...
(1) This paragraph applies if an order is made under...
In Schedule 24 to FA 2007 (penalties for errors), in...
(1) A game that would otherwise be a dutiable machine...
In Schedule 41 to FA 2008 (penalties: failure to notify...
In that Schedule, in each of the following provisions, for...
In Schedule 56 to FA 2009 (penalty for failure to...
In that Schedule, in each of the following provisions, for...
(1) Contravention of a provision mentioned in sub-paragraph (2) attracts...
(1) A machine is liable to forfeiture if—
Section 31 of BGDA 1981 applies in relation to machine...
(1) This paragraph applies to orders and regulations under this...
The Treasury may by order specify criteria to be taken...
(1) The Commissioners may by notice direct that regulations under...
(1) Section 1(1) of CEMA 1979 (interpretation) is amended as...
(1) For section 118BC of that Act (inspection powers: gaming...
In section 2 of BGDA 1981 (bookmakers: general bets), in...
(1) Section 26H of BGDA 1981 (exemptions from remote gaming...
In Schedule A1 to BGDA 1981 (betting duties: double taxation...
In Schedule 4B to BGDA 1981 (remote gaming duty: double...
In section 12 of FA 1994 (assessment to excise duty),...
In section 10 of FA 1997 (gaming duty), for subsection...
In section 7 of the Borders, Citizenship and Immigration Act...
(1) Machines are divided into three types for the purposes...
In this Part of this Schedule— “ appeal tribunal ”...
(1) This Part of this Schedule is to be read...
The following provisions of BGDA 1981 are omitted—
(1) Part 3 of that Act (general) is amended as...
In section 102 of CEMA 1979, in subsection (3)(a), omit...
In section 10 of FA 1997 (gaming duty), omit subsection...
In Schedule 41 to FA 2008 (penalties: failure to notify...
In section 7 of the Borders, Citizenship and Immigration Act...
(1) If a licence granted under section 21 of BGDA...
(1) If a licence granted or to be granted under...
(1) This paragraph applies to licences to be granted under...
(1) The enactments repealed by this Part of this Schedule...
For section 23 of VATA 1994 substitute— Value of supplies...
(1) In Part 2 of Schedule 9 to that Act...
(1) Paragraph 9 of Schedule 11 to that Act (administration,...
(1) The provisions of this Schedule have effect as follows....
(1) The Treasury may by regulations make transitional or saving...
(1) A taxable person's net takings in an accounting period...
(1) In calculating the takings and the payouts under paragraph...
(1) The lower rate is 5%. (2) The standard rate...
BGDA 1981 is amended as follows.
In section 13A(2) of FA 1994 (meaning of “relevant decision”),...
(1) The Table in paragraph 1 of Schedule 41 to...
The amendments made by this Schedule have effect in relation...
After section 8 insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
After section 26I insert— Double taxation relief (1) This section applies if— (a) P is liable to...
In section 33 (interpretation)— (a) in subsection (1), after the...
(1) Schedule 1 (betting duties) is amended as follows.
Part 2 of Schedule 8 of VATA 1994 (zero-rating) is...
(1) Group 1 (food) is amended as follows.
(1) Group 6 (protected buildings) is amended as follows.
(1) Group 9 (caravans and houseboats) is amended as follows....
(1) In Part 2 of Schedule 9 to VATA 1994...
(1) Schedule 7A to VATA 1994 (charge at reduced rate)...
(1) Subject to sub-paragraphs (2) and (3), the amendments made...
Anti-forestalling charge to VAT
In this Schedule— “date of the VAT change” means 1...
Regulations under paragraph 2A of Schedule 11 to VATA 1994...
(1) Expressions used in this Schedule and in VATA 1994...
(1) There is an anti-forestalling charge to value added tax...
(1) The descriptions of supplies are— (a) the supply, in...
(1) A supply of services within paragraph 3(1)(a) or (c)...
(1) The Treasury may by order modify this Schedule for...
(1) An anti-forestalling charge under this Schedule on a chargeable...
(1) The amount of the anti-forestalling charge on a chargeable...
(1) This paragraph applies if, on the date on which...
(1) This paragraph applies where— (a) a contract for the...
In section 77 (assessments: time limits and supplementary assessments), in...
(1) Paragraph 1 of Schedule 1 (registration in respect of...
In paragraph 3 of that Schedule, at the end of...
Accordingly, in the heading of that Schedule, at the end...
In paragraph 1 of Schedule 2 (registration in respect of...
In paragraph 1 of Schedule 3 (registration in respect of...
In paragraph 1 of Schedule 3A (registration in respect of...
In paragraph 18 of Schedule 3B (supply of electronic services...
In Schedule 41 to FA 2008 (penalties: failure to notify...
The amendments made by this Schedule have effect in relation...
VATA 1994 is amended as follows.
In section 7 (place of supply of goods), in subsection...
In section 54 (farmers etc), in subsection (2), after “Schedule...
In section 55 (customers to account for tax on supplies...
In section 55A (customers to account for tax on supplies...
In section 69 (breaches of regulatory provisions), in subsection (1)(a),...
In section 73 (failure to make returns etc), in subsection...
In section 74 (interest on VAT recovered or recoverable by...
VATA 1994 is amended as follows.
In Schedule 3 (registration in respect of acquisitions from other...
In Schedule 3A (registration in respect of disposals of assets...
(1) Paragraph 2 of Schedule 11 (accounting for VAT and...
In consequence of the amendments made by this Schedule—
(1) Section 18B (fiscally warehoused goods: relief) is amended as...
(1) Section 18C (warehouses and fiscal warehouses: services) is amended...
In section 35(2) (refund of VAT to persons constructing certain...
(1) Section 39(3) (repayment of VAT to those in business...
(1) Section 48 (VAT representatives) is amended as follows.
In section 54(6)(a) (farmers etc)— (a) omit “the form and...
In Schedule 1 (registration in respect of taxable supplies), in...
In Schedule 2 (registration in respect of supplies from other...
(1) In paragraph 45A(2)(b) of Schedule 6 to FA 2000...
In paragraph 42 (amount payable by way of levy)—
Before the cross-heading before paragraph 44 insert— Supplies for use...
Omit paragraph 45A (reduced-rate supplies: deemed supply).
After paragraph 62(1)(c) (tax credits) insert— (ca) after a taxable...
In paragraph 101(2)(a) (penalty for incorrect notification)—
In paragraph 146(3) (regulations subject to affirmative resolution procedure) omit...
In paragraph 147 (interpretation)— (a) in the definition of “prescribed”,...
Omit section 188 of FA 2003 (climate change levy: exemption...
(1) FA 2011 is amended as follows.
The amendments made by paragraphs 2 to 18 have effect...
Schedule 6 to FA 2000 (climate change levy) is amended...
In paragraph 42(1) of Schedule 6 to FA 2000 (amount...
In paragraph 43B(1) of Schedule 6 to FA 2000 (supplies...
In section 79 of FA 2011 (which provides for a...
The amendments made by paragraphs 20 to 22 have effect...
In paragraph 4(2)(b) (definition of taxable supply) for “45A” substitute...
In paragraph 5(3) (taxable supplies: deemed supplies of electricity) for...
In paragraph 6(2A) (taxable supplies: deemed supplies of gas) for...
In paragraph 14(3A)(a) (use of electricity in an “exemption-retaining” way)...
Omit paragraph 18A (exemption: supply for use in recycling processes)....
In paragraph 34 (time of supply of commodities other than...
In paragraph 39(1)(c) (regulations as to time of supply) for...
Schedule 6 to FA 2000 (climate change levy) is amended...
In paragraph 137(1) (disclosure of information) after paragraph (f) insert—...
The amendments made by this Schedule have no effect in...
In paragraph 44(1)(a), (2A) and (2C) (definition of “reduced-rate” supply)...
In paragraph 45(1) (variation of certificates under paragraph 44) for...
In paragraph 45B(2) and (6) (removal of reduced rate) for...
In the cross-heading before paragraph 47 omit “with Secretary of...
In paragraph 47(1) (definition of “climate change agreement”: direct agreements)—...
(1) Paragraph 48 (definition of “climate change agreement”: combination of...
(1) Paragraph 49 (supplemental provision relating to climate change agreements)...
After paragraph 52 insert— The Administrator etc (1) In this Part of this Schedule references to “the...
Climate change levy: supplies subject to the carbon price support rates and combined heat and power stations
(1) In paragraph 42A(5) of Schedule 6 to FA 2000...
(1) Paragraph 20A of Schedule 6 to FA 2000 (climate...
(1) The following repeals are made in consequence of paragraph...
Inheritance tax: gifts to charities etc
After Schedule 1 to IHTA 1984 insert— SCHEDULE 1A Gifts...
(1) The Schedule inserted by paragraph 1 has effect in...
IHTA 1984 is amended as follows in consequence of paragraph...
In section 7 (rates), in subsection (1), after “(4) and...
In section 33 (amount of charge under section 32), after...
In section 78 (conditionally exempt occasion), in subsection (3), for...
In section 128 (rate of charge: woodlands)—
After section 141 insert— Apportionment of relief under section 141...
In Schedule 4 (maintenance funds for historic buildings etc), in...
In section 142 of IHTA 1984 (alteration of dispositions taking...
Bank levy
Schedule 19 to FA 2011 (bank levy) is amended as...
The amendments made by paragraphs 8 and 9 have effect...
(1) In paragraph 66 (double taxation arrangements), after sub-paragraph (9)...
(1) This paragraph applies where— (a) an amount of the...
In paragraph 6 (steps for determining the amount of the...
In paragraph 7 (special provision for chargeable periods falling wholly...
The amendments made by paragraphs 2 and 3 are treated...
In paragraph 6 (steps for determining the amount of the...
(1) In paragraph 7 (special provision for chargeable periods falling...
The amendments made by paragraph 6 come into force on...
(1) Paragraph 43 (calculation of chargeable equity and liabilities where...
In paragraph 44 (chargeable equity and liabilities of joint venture:...
Part 4 of FA 2003 (stamp duty land tax) is...
(1) Except as mentioned in sub-paragraph (2), the amendments made...
(1) Section 55 (amount of tax chargeable: general) is amended...
After section 55 insert— Amount of tax chargeable: higher rate...
(1) Section 74 (exercise of collective rights by tenants of...
(1) Section 109 (general power to vary Part 4 of...
(1) Schedule 5 (amount of tax chargeable: rent) is amended...
In paragraph 2(4) of Schedule 6B (transfers involving multiple dwellings)—...
(1) Schedule 15 (partnerships) is amended as follows.
Agreement between UK and Switzerland
In this Schedule— (a) “the Agreement” means the agreement signed...
Nothing in this Part entitles any person to a repayment...
(1) This paragraph explains how paragraph 4(2) is to be...
If a one-off payment is refunded by HMRC in accordance...
The taxes affected by this Part are—
(1) This Part applies if— (a) a sum is levied...
(1) The effect of the relevant certificate depends on whether...
(1) P may make an election under this paragraph in...
Other than a credit allowed under Part 3 of TIOPA...
(1) Sub-paragraph (2) applies if the amount of a credit...
The Joint Declaration does not count for the purposes of...
(1) The taxes affected by this Part are—
This Part affects inheritance tax.
(1) This Part applies if— (a) an amount is withheld...
(1) The cleared assets are to be treated as if...
(1) This paragraph applies if the cleared assets for each...
Nothing in this Part entitles any person to a repayment...
No obligation of secrecy (whether imposed by statute or otherwise)...
(1) Part 2 of this Schedule applies to amounts otherwise...
(1) Income or chargeable gains of a person are to...
(1) This paragraph applies if— (a) but for paragraph 26A(1),...
(1) In this Schedule— “ancillary charge” means any interest, penalty,...
(1) This Part applies if— (a) a one-off payment is...
(1) The Part 2 certificate applies to taxable amounts in...
(1) The effect of the Part 2 certificate depends on...
(1) This paragraph sets out the effect of the Part...
(1) The result of “ceasing to be liable” to tax...
(1) This paragraph sets out the effect of the Part...
(1) Where, by virtue of this Part, P ceases to...
(1) Section 74A of FA 1960 (visiting forces and allied...
In section 6 of IHTA 1984 (excluded property), in subsection...
(1) Section 155 of that Act (visiting forces and allied...
(1) Section 303 of ITEPA 2003 (visiting forces and staff...
(1) Section 833 of ITA 2007 (visiting forces and staff...
This Schedule is arranged as follows— (a) this Part explains...
(1) A file access notice may , subject to sub-paragraph...
A file access notice may require documents to be provided—...
Unless otherwise specified in the notice, a file access notice...
(1) The tribunal may not approve the giving of a...
A file access notice only requires the document-holder to provide...
(1) A file access notice does not require the document-holder...
(1) A file access notice does not require the document-holder...
(1) A file access notice does not require the document-holder...
If a document is provided pursuant to a file access...
(1) In this Schedule “ tax adviser ” means—
(1) A person who fails to comply with a file...
If the failure continues after notification of a penalty under...
A failure to do anything required to be done within...
(1) Liability to a penalty under paragraph 22 or 23...
(1) If a person, in purported compliance with a file...
(1) This paragraph applies if HMRC determine that a person...
(1) A person who engages in sanctionable conduct is liable...
(1) For the purposes of paragraph 26, a person “discloses”...
(1) Sub-paragraph (2) applies where— (a) a person is liable...
(1) Potential lost revenue is attributable to a tax adviser’s...
(1) This paragraph applies if HMRC propose to assess a...
(1) The Commissioners must publish information about a person if...
(1) For the purposes of this Schedule, a person “engages...
(1) HMRC may not assess a penalty under this Schedule...
(1) A person may appeal against a decision of HMRC—...
(1) A penalty under this Schedule must be paid—
A person is not liable to a penalty under this...
(1) A person is not liable to a penalty under...
(1) The Treasury may by regulations amend any of paragraphs...
Subject to the provisions of this Schedule, the following provisions...
(1) “Tax” means— (a) income tax, (b) capital gains tax,...
In this Schedule— “appointed” includes engaged; “client” (except in paragraph...
(1) A reference in this Schedule to clients of a...
(1) This paragraph applies if HMRC determine that an individual...
A loss of tax revenue is taken for the purposes...
A reference in this Schedule to working for an organisation...
A reference in a provision of this Schedule to an...
Nothing in this Schedule limits— (a) any liability a person...
TMA 1970 is amended as follows.
Omit— (a) section 20A (power to call for papers of...
(1) Section 20BB (falsification etc of documents) is amended as...
In section 20D (interpretation of sections 20 to 20CC)—
In section 103 (time limits for penalties)—
In section 103ZA (disapplication of sections 100 to 103)—
(1) An individual to whom a conduct notice is given...
In section 118 (interpretation), in the definition of “tax”, omit...
In Schedule 2 to OTA 1975 (management and collection of...
In section 247 of IHTA 1984 (provision of incorrect information),...
In section 16 of the Social Security Contributions and Benefits...
In paragraph 7B of Schedule 1 to that Act (collection...
In paragraph 7B of Schedule 1 to the Social Security...
In section 110ZA of the Social Security Administration Act 1992...
In section 104ZA of the Social Security Administration (Northern Ireland)...
(1) A person (“P”) commits an offence if, after a...
(1) The power in paragraph 8 is exercisable only in...
(1) Subject to paragraph 7, an officer of Revenue and...
(1) “Relevant documents” means the tax adviser’s working papers (whenever...
Repeal of miscellaneous reliefs etc
(1) Section 52 of FA 1946 (exemption from stamp duty...
(1) The amendments made by paragraphs 1 to 5, 6(1),...
The amendments made by paragraph 7 do not have effect...
(1) The amendments made by paragraph 8 do not have...
(1) Any claim for relief under Schedule 6 to FA...
Section 45 of FA 1966 (harbour reorganisation schemes: stamp duty)...
Section 221 of TCGA 1992 (harbour reorganisation schemes: transfer of...
Sections 991 to 995 of CTA 2010 (harbour reorganisation schemes)...
In consequence of the provision made by paragraph 15—
(1) The amendment made by paragraph 14 has effect in...
(1) Section 126 of FA 1990 (capital allowances and IHT:...
Section 74 of FA 1960 (visiting forces and allied headquarters:...
(1) Section 121 of FA 1991 (inheritance tax: pools payments...
(1) In ITTOIA 2005, the following provisions are repealed—
(1) In CTA 2009, the following provisions are repealed—
Section 266 of ICTA (income tax relief for life assurance...
No claim for relief may be made under paragraph 6...
(1) In this paragraph— (a) “the 1980 Regulations” means the...
(1) In this paragraph— (a) “the 1980 Regulations” means the...
(1) The following repeals are made in consequence of the...
(1) This paragraph applies if— (a) a policy which is...
(1) The following provisions are repealed— (a) section 97 of...
(1) In this paragraph “relevant variation” means a variation made...
(1) In ICTA omit sections 268 to 272 (which provide...
(1) In Chapter 6 of Part 8 of ITA 2007...
The following provisions of Part 2 of CAA 2001 (plant...
(1) In consequence of the provision made by paragraph 33,...
The amendments made by paragraphs 33 and 34 have effect—...
Part 4A of CAA 2001 (flat conversion allowances) does not...
Part 4A of CAA 2001 is repealed.
(1) In consequence of the provision made by paragraph 37,...
In consequence of the provision made by paragraphs 37 and...
(1) Section 87 of FA 1985 (certificates) is amended as...
(1) The amendments made by paragraphs 37 to 39 have...
(1) This paragraph applies if, for corporation tax purposes, the...
(1) Nothing in paragraph 37 or 40(1) is to affect...
(1) The following provisions of ITTOIA 2005 (which provide for...
(1) The following provisions of CTA 2009 (which provide for...
(1) Section 201 of TCGA 1992 (mineral leases: royalties) is...
(1) Section 202 of TCGA 1992 (mineral leases: capital losses)...
In section 203 of TCGA 1992 (provisions supplementary to sections...
(1) In section 455 of ITTOIA 2005 (listed securities held...
(1) Section 249 of TCGA 1992 (grants for giving up...
(1) The following provisions are repealed— (a) section 76 of...
(1) Section 89 of ITEPA 2003 (reduction for meal vouchers)...
(1) ALDA 1979 is amended as follows.
(1) In ALDA 1979, omit— (a) section 1(7) (angostura bitters...
(1) The following provisions are repealed— (a) section 750 of...
(1) Section 62(2) and (3) of FA 1946 (compensation for...
(1) Section 130 of FA 2000 (transfers to registered social...
(1) Sections 92 to 92B of, and Schedule 30 to,...
(1) Section 57 of, and Schedule 6 to, FA 2003...
(1) In Part 5 of FA 2003 (stamp duty), the...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- OECD modified nexus approach for IP regimes (BEPS Action 5) (opens in a new tab) Detailed Guidance
- R&D tax relief guidance (opens in a new tab) from HMRC Detailed Guidance
- Intellectual Property Office - apply for a patent (opens in a new tab) Detailed Guidance
- HMRC Patent Box technical guidance (CIRD200000) (opens in a new tab) from HMRC Detailed Guidance
- Patent Box guidance on GOV.UK (opens in a new tab) from HMRC 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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