Self Assessment for landlords
- 1 step
UK Act of Parliament
2015
United Kingdom
Finance (No. 2) Act 2015
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.
At a glance
What's here
22 compliance obligations, 1 practical guide · 1 journey
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 9
- Trader 7
Plus 6 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Supporting — topic alignment
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
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 — Principal rates
Income tax lock
Other duties (1) — Crown / regulator
- Government must not increase Income Tax rates Crown / Minister / Government department
VAT lock
Other duties (1) — Crown / regulator
- HM Government must cap VAT rates until the next general election Crown / Minister / Government department
Browse 6 other sections in this Part — procedural / definitional / commencement
Part 2 — Inheritance tax
Browse 7 other sections in this Part — procedural / definitional / commencement
Increased nil-rate band where home inherited by descendants
Rate bands for tax years 2018-19, 2019-20 and 2020-21
Calculation of rate of inheritance tax on settled property
Exemption from ten-yearly charge for heritage property
Settlements with initial interest in possession
Distributions etc from property settled by will
Inheritance tax: interest
Part 3 — Banking
Browse 5 other sections in this Part — procedural / definitional / commencement
Part 4 — Income tax, corporation tax and capital gains tax
Browse 25 other sections in this Part — procedural / definitional / commencement
Pensions: special lump sum death benefits charge
Pensions: some lump sum death benefits taxed as pension income
Pensions: annual allowance
Relief for finance costs related to residential property businesses
Enterprise investment scheme
Venture capital trusts
EIS , VCTs etc: excluded activities
EIS, VCTs and EMI: meaning of “farming”
Travel expenses of members of local authorities etc
London Anniversary Games
R&D expenditure credits: ineligible companies
Loan relationships and derivative contracts
Intangible fixed assets: goodwill etc
Election of designated currency by UK resident investment company
Group relief
CFC charge: abolition of relief
CFC charge: tax avoidance involving carried-forward losses
Restitution interest payments
Corporation tax instalment payments
Changes in trading stock not made in course of trade
Valuation of trading stock on cessation
Transfer of intangible assets not at arm's length
Carried interest
Disguised investment management fees
Carried interest and disguised investment management fees: “arise”
Part 5 — Excise duties and other taxes
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 6 — Administration and enforcement
Browse 3 other sections in this Part — procedural / definitional / commencement
Part 7 — Final
Browse 2 other sections in this Part — procedural / definitional / commencement
Interpretation
Short title
Schedules
After section 371UB insert— Payments in respect of a charge...
- Notify HMRC of payment amounts linked to banking surcharge Trader
After section 173A insert— Maximum risk finance investments at the...
- Do not exceed maximum risk finance investment limits Trader
After section 292A insert— Maximum risk finance investments when relevant...
- Do not exceed maximum risk finance investment limit Trader
(1) This paragraph applies if— (a) an overall transitional adjustment...
- Account for remaining loan relationship transitional adjustment on cessation or winding up Trader
(1) This paragraph applies if— (a) an overall transitional adjustment...
- Accelerate remaining tax adjustment when company leaves tax or winds up Trader
After section 320 insert— Amounts recognised in other comprehensive income...
- Recognise loan relationship OCI amounts in profit/loss when derecognition occurs and recycling not expected Trader
After section 604 insert— Amounts recognised in other comprehensive income...
- Bring derecognised derivative OCI amounts into tax accounts Trader
Enforcement by deduction from accounts
- Banks and building societies must freeze accounts on HMRC's instruction Any Person
(1) HMRC must consider any objections made under paragraph 10...
- Cancel or adjust hold notice arrangements within 5 working days of HMRC notice Any Person
(1) Where HMRC makes a decision under paragraph (b) or...
- Deposit-takers must comply with court orders cancelling HMRC hold notices within 5 working days Any Person
(1) If it appears to HMRC that a person in...
- Deduct and pay held amounts to HMRC when you receive a deduction notice Any Person
(1) Where a deposit-taker becomes liable to a penalty under...
Other duties (1) — Crown / regulator
- HMRC must assess penalties and notify deposit-takers in writing Statutory regulator
(1) This paragraph applies if it appears to HMRC that—...
- Deposit-takers must respond to HMRC information requests about account holders Any Person
(1) If it appears to HMRC that—
Other duties (1) — Crown / regulator
- HMRC may freeze bank accounts for unpaid tax debts Statutory regulator
In Schedule 10 to FA 2003 (stamp duty land tax:...
Other duties (1) — Crown / regulator
- HMRC may continue enforcement after a self-assessment replaces a determination Statutory regulator
(1) Before deciding whether or not to exercise the power...
Other duties (1) — Crown / regulator
- HMRC must consider customer vulnerability before using debt powers Statutory regulator
(1) A deposit-taker to whom a hold notice is given...
- Act on hold notices for tax debts within 5 working days Any Person
(1) If there is only one relevant account (see paragraph...
- Calculate the held amount for each relevant account when complying with a hold notice Any Person
(1) This paragraph applies where a deposit-taker receives a hold...
- Notify HMRC about affected accounts within 5 working days of receiving a hold notice Any Person
(1) Where a hold notice has been given to a...
- Deposit-taker must promptly implement HMRC hold notice cancellations or variations Any Person
Browse 247 other Schedules — structural / supplementary
Rate of tax charged under Chapter 3 of Part 3 IHTA 1984
IHTA 1984 is amended as follows.
After section 62 insert— Same-day additions (1) For the purposes of this Chapter, there is a...
(1) Section 66 (rate of ten-yearly charge) is amended as...
In section 68 (rate before ten-year anniversary), in subsection (5)—...
(1) Section 69 (rate between ten-year anniversaries) is amended as...
In section 71F (calculation of settlement rate in order to...
The amendments made by this Schedule have effect in relation...
Bank levy rates for 2016 to 2021
(1) In paragraph 6 of Schedule 19 to FA 2011...
(1) In paragraph 6 of Schedule 19 to FA 2011...
(1) In paragraph 6 of Schedule 19 to FA 2011...
(1) In paragraph 6 of Schedule 19 to FA 2011...
(1) In paragraph 6 of Schedule 19 to FA 2011...
(1) In paragraph 6 of Schedule 19 to FA 2011...
Banking companies: surcharge
In Part 7A of CTA 2010 (banking companies), after Chapter...
Part 3 of FA 2015 (diverted profits tax) is amended...
(1) Section 79 (charge to tax) is amended as follows....
In section 107 (meaning of “effective tax mismatch outcome”), in...
(1) The amendments made by paragraphs 1 and 4 to...
The amendment made by paragraph 3 has effect for accounting...
(1) The amendments made by paragraphs 7 to 10 of...
(1) The amendments made by paragraphs 11 to 13 of...
In this Part of this Schedule— “the commencement date” means...
In section 59E of TMA 1970 (further provision as to...
(1) Schedule 18 to FA 1998 (company tax returns, assessments...
CTA 2010 is amended as follows.
In section 269A (overview of Part 7A), at the end...
In Schedule 4 to CTA 2010 (index of defined expressions),...
Part 9A of TIOPA 2010 (controlled foreign companies) is amended...
In section 371BC (charging the CFC charge), at step 5...
After section 371BH insert— Banking companies (1) In relation to a chargeable company that is a...
Pensions: annual allowance
Part 4 of FA 2004 is amended as follows.
(1) In Part 4 of FA 2004, after section 228...
(1) Part 4 of FA 2004 is amended as follows....
In section 238 (pension input periods)— (a) in the title,...
After section 238 insert— Pension input periods from 9 July...
(1) Omit section 227E (pension input periods ending in, but...
In section 280(2) (index of defined expressions), in the entry...
In Part 4 of FA 2004, after section 228B insert—...
Part 4 of FA 2004 is amended as follows.
In section 229 (total pension input amount), after subsection (4)...
After section 237 insert— Pension input amounts for input periods...
Enterprise investment scheme
Part 5 of ITA 2007 (enterprise investment scheme) is amended...
(1) Section 174 (the purpose of the issue requirement) is...
(1) Section 175 (the use of money raised requirement) is...
After section 175 insert— The permitted maximum age requirement (1) The requirement of this section is that, if the...
In section 186A (the number of employees requirement)—
Omit section 200 (power to amend certain provisions of Chapter...
(1) Section 224 (repayments etc of share capital to other...
In section 241 (information to be provided by the issuing...
In section 247 (continuing of EIS relief where issuing company...
After section 251 insert— Powers to amend Powers to amend...
After section 252 insert— Meaning of “knowledge-intensive company” (1) For the purposes of this Part, the issuing company...
(1) Section 157 (eligibility for EIS relief) is amended as...
(1) In consequence of paragraphs 6(c) and 9, in Schedule...
The amendments made by paragraphs 6(c), 9 and 20(1) have...
The amendments made by paragraph 15 have effect in relation...
(1) The amendments made by paragraphs 3 to 5, 6...
In section 162 (overview of Chapter 2: the investor), omit...
After section 164 insert— The existing shareholdings requirement (1) If, at the time the relevant shares are issued,...
In section 166 (connection with issuing company), after subsection (1)...
In section 172 (overview of Chapter 3: general requirements)—
(1) Section 173A (the maximum amount raised annually through risk...
Omit section 173B (the spending of money raised by SEIS...
Venture capital trusts
Part 6 of ITA 2007 (venture capital trusts) is amended...
In section 293 (the use of the money raised requirement),...
After section 294 insert— The permitted company age requirement (1) The requirement of this section is that, if the...
In section 297A (the number of employees requirement)—
After that section insert— The proportion of skilled employees requirement...
Omit section 311 (power to amend Chapter 4 of Part...
In section 313 (interpretation of Chapter 4 of Part 6),...
(1) Section 326 (restructuring to which section 327 applies) is...
After section 326 insert— Certain requirements of Chapter 3 to...
(1) Section 327 (certain requirements of Chapter 4 to be...
After section 330A insert— Power to amend Part Powers to...
(1) Section 261 (eligibility for VCT relief) is amended as...
After section 331 insert— Meaning of “knowledge-intensive company” (1) For the purposes of this Part, the relevant company...
Paragraph 21(2) and (3) of Schedule 8 to FA 2012...
(1) In consequence of paragraphs 6(3)(c) and 9, in Schedule...
(1) The amendments made by paragraphs 3 to 5 have...
(1) Section 274 (requirements for the giving of approval) is...
(1) Section 280B (the investment limits condition) is amended as...
After section 280B insert— The permitted maximum age condition (1) This section applies for the purposes of the permitted...
(1) Section 286 (qualifying holdings: introduction) is amended as follows....
(1) Section 292A (the maximum amount raised annually through risk...
Omit section 292B (the spending of money raised by SEIS...
Loan relationships and derivative contracts
Part 5 of CTA 2009 (loan relationships) is amended as...
For section 316 substitute— Change of basis of accounting involving...
In Schedule 21 to FA 2009, omit paragraphs 1 to...
(1) Part 21 of CTA 2009 (other general provisions) is...
This Part of this Schedule contains provision about the coming...
The general rule is that the amendments made by Parts...
This general rule— (a) does not apply in relation to...
Part 5 of this Schedule comes into force on the...
(1) Paragraphs 15 and 28 have effect in relation to...
Paragraphs 16 to 18 have effect in relation to the...
Paragraph 33(2) has effect in relation to the release of...
Paragraphs 35 to 37 have effect where the company acquiring...
Omit section 317 (carrying value).
Paragraphs 38 to 40 have effect where the companies become...
The following provisions have effect in relation to arrangements entered...
The following provisions— paragraph 28, so far as relating to...
The following provisions— paragraph 45(b), paragraph 50, so far as...
Paragraph 48 has effect where the scheme was effected, or...
(1) This paragraph applies to a loan relationship of a...
(1) If paragraph 115 applies in relation to a loan...
Paragraphs 115 and 116 do not require an amount to...
(1) This paragraph applies if either of the following provisions...
(1) Section 318 (change of accounting policy following cessation of...
(1) This paragraph applies to a derivative contract of a...
(1) If paragraph 120 applies in relation to a derivative...
Paragraphs 120 and 121 do not require an amount to...
(1) This paragraph applies if either of the following provisions...
If a company has an accounting period which begins before...
If in an accounting period beginning before 1 January 2016,...
If in an accounting period beginning before 1 January 2016,...
If in an accounting period of a company beginning before...
If in an accounting period of a company beginning before...
(1) Section 320 (credits and debits treated as relating to...
Omit section 321 (credits and debits recognised in equity).
(1) Section 322 (credits not required to be brought into...
In section 323 (meaning of expressions relating to insolvency etc.),...
After section 323 insert— Substantial modification: cases where credits not...
In section 324 (restriction on debts resulting from revaluation), after...
In section 306 (overview of Chapter 3 of Part 5),...
(1) Section 328 (exchange gains and losses) is amended as...
Omit sections 328A to 328H (loan relationships: arrangements that have...
(1) Section 329 (pre-loan relationship and abortive expenses) is amended...
After section 330 insert— Company is not, or has ceased...
Omit section 331 (company ceasing to be a party to...
In section 340 (group transfers and transfers of insurance business:...
(1) Section 342 (issue of new securities on reorganisations: disposal...
Omit section 347 (disapplication of Chapter 4 of Part 5...
(1) Section 349 (application of amortised cost basis to connected...
Omit section 350 (companies beginning to be connected) and section...
After section 306 insert— Matters in respect of which amounts...
In section 352 (disregard of related transactions), after subsection (3)...
After section 352 insert— Exclusion of credits on reversal of...
In section 354 (exclusion of debits for impaired or released...
(1) Section 358 (exclusion of credits on release of connected...
(1) Section 359 (exclusion of credits on release of connected...
(1) Section 361 (acquisition of creditor rights by connected company...
Omit section 361A (the corporate rescue exception) and section 361B...
After section 361C insert— Corporate rescue: debt released shortly after...
In section 362 (parties becoming connected where creditor's rights subject...
After section 362 insert— Corporate rescue: debt released shortly after...
(1) Section 307 (general principles about the bringing into account...
In section 363 (companies connected for sections 361 to 362),...
In section 422 (transfer of loan relationship at notional carrying...
(1) Section 424 (reorganisations involving loan relationships) is amended as...
In section 433 (transfer of loan relationship at notional carrying...
(1) Section 435 (reorganisations involving loan relationships) is amended as...
In section 440 (overview of Chapter 15 of Part 5),...
In section 441 (loan relationships for unallowable purposes), after subsection...
In section 442 (meaning of “unallowable purpose”), after subsection (1)...
Omit section 443 (restriction of relief for interest where tax...
In section 450 (meaning of “corresponding debtor relationship”), in subsection...
(1) Section 308 (amounts recognised in determining a company's profit...
Omit section 454 (application of fair value accounting: reset bonds...
In Chapter 15 of Part 5, after section 455A insert—...
After section 465A insert— Tax-adjusted carrying value “Tax-adjusted carrying value”...
In section 475 (meaning of expressions relating to exchange gains...
After section 475 insert— Meaning of “hedging relationship” “Hedging relationship”...
In section 476 (other definitions), in subsection (1)—
Part 6 of CTA 2009 (relationships treated as loan relationships...
In section 521F (shares becoming or ceasing to be shares...
In section 540 (manufactured interest treated as interest under loan...
Part 7 of CTA 2009 (derivative contracts) is amended as...
In section 310 (power to make regulations about recognised amounts)—...
In section 594 (overview of Chapter 3 of Part 7),...
After section 594 insert— Matters in respect of which amounts...
(1) Section 595 (general principles about the bringing into account...
(1) Section 597 (amounts recognised in determining a company's profit...
In section 599B (determination of credits and debits where amounts...
(1) Section 604 (credits and debits treated as relating to...
Omit section 605 (credits and debits recognised in equity).
(1) Section 606 (exchange gains and losses) is amended as...
Omit sections 606A to 606H (derivative contracts: arrangements that have...
(1) Section 313 (basis of accounting) is amended as follows....
(1) Section 607 (pre-contract or abortive expenses) is amended as...
After section 607 insert— Company is not, or has ceased...
Omit section 608 (company ceasing to be party to derivative...
In section 612 (overview of Chapter 4 of Part 7),...
In the italic heading before section 613, for “policy” substitute...
(1) Section 613 (introduction to sections 614 and 615) is...
For section 614 substitute— Change of basis of accounting involving...
(1) Section 615 (change of accounting policy after ceasing to...
In section 622 (contracts ceasing to be derivative contracts), in...
In section 625 (group member replacing another as party to...
In the italic heading before section 315, for “policy” substitute...
Omit section 629 (disapplication of section 625 where transferor party...
In section 653 (shares issued or deferred as a result...
In section 654 (payment instead of disposal on exercise of...
In section 658 (chargeable gain or allowable loss treated as...
In section 666 (allowable loss treated as accruing), in subsection...
In section 671 (meaning of G, L and CV in...
In section 673 (meaning of G, L and CV in...
In section 675 (transfer of derivative contract at notional carrying...
In section 684 (transfer of derivative contract at notional carrying...
In section 689 (overview of Chapter 11 of Part 7),...
(1) Section 315 (introduction to sections 316 to 319) is...
(1) Section 690 (derivative contracts for unallowable purposes) is amended...
In section 691 (meaning of “unallowable purpose”), after subsection (1)...
In section 692 (allowance of accumulated net losses), in Step...
Omit section 698 (derivative contracts: disposals for consideration not fully...
In Chapter 11 of Part 7 of CTA 2009, after...
For section 702 substitute— Tax-adjusted carrying value” (1) This section applies for the purposes of this Part....
In section 705 (expressions relating to exchange gains and losses),...
In section 710 (other definitions)— (a) before the definition of...
(1) Section 151E of TCGA 1992 (exchange gains and losses...
(1) Schedule 4 to CTA 2009 (index of defined expressions)...
This Part of this Schedule contains provision about the collection...
(1) Where a hold notice is given to a deposit-taker,...
(1) This paragraph applies to a deposit-taker who—
(1) A deposit-taker may appeal against— (a) a decision that...
(1) A penalty under paragraph 14 must be paid—
A deposit-taker is not liable for damages in respect of...
(1) The Commissioners may by regulations amend any of the...
(1) In this Part of this Schedule “relevant sum”, in...
(1) The Commissioners may by regulations make provision supplementing this...
(1) Regulations under this Part of this Schedule may—
In this Part of this Schedule a reference to an...
(1) In this Part of this Schedule— “affected account” has...
This Part of this Schedule extends to England and Wales...
In section 28C of TMA 1970 (determination of tax where...
The Insolvency Act 1986 is amended as follows.
In section 126 (power to stay or restrain proceedings against...
In section 128 (avoidance of attachments, etc), after subsection (2)...
In section 130 (consequences of winding-up order), after subsection (3)...
(1) Section 176 (preferential charge on goods distrained) is amended...
In section 183 (effect of execution or attachment (England and...
In section 346 (enforcement procedures), after subsection (1) insert—
(1) In section 347 (distress, etc)— (a) for subsection (3)...
The Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)...
In Article 106 (power to stay or restrain proceedings against...
In Article 108 (avoidance of sequestration or distress)—
In Article 110 (consequences of winding-up order), after paragraph (3)...
(1) Article 150 (preferential charge on goods distrained) is amended...
(1) Article 301 (preferential charge on goods distrained) is amended...
In Schedule 18 to FA 1998 (company tax returns, assessments...
In Schedule 33 to FA 2013 (annual tax on enveloped...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Employment intermediaries: travel expense guidance (opens in a new tab) from HMRC Publication
- Annual Investment Allowance: permanent increase to £200,000 (opens in a new tab) from HMRC Publication
- INTM489892 - Diverted Profits Tax: notification, charging and payment: failure to notify penalties (opens in a new tab) from HMRC Detailed Guidance
- Change to the Diverted Profits Tax rate from 1 April 2023 (opens in a new tab) from HMRC Publication
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