Manage your employees
- 1 step
UK Act of Parliament
2016
United Kingdom
Finance Act 2016
At a glance
Enforced by
What's here
24 compliance obligations, 4 practical guides across 3 topics · 1 journey
Penalty landscape
3 of 24 obligations carry an unlimited fine. 2 carry different penalties and 19 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 8
- Trader 6
- Director or Officer 3
- Employer 1
- Client 1
- Responsible Person 1
Plus 4 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
2 guidesMentioned in related content
2 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
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
Clients also bound by 65 other Acts (top 5 shown)
- Construction (Design and Management) Regulations 2015 2015 32 duties
- The Building (Higher-Risk Buildings Procedures) (Wales) Regulations 2025 2025 19 duties
- Building (Higher-Risk Buildings Procedures) (England) Regulations 2023 2023 17 duties
- Building Regulations (Northern Ireland) 2012 2012 14 duties
- Building Regulations 2010 2010 12 duties
Responsible Persons also bound by 104 other Acts (top 5 shown)
- MH(CT)(S)A 2003 2003 45 duties
- Climate Change Levy (General) Regulations 2001 2001 24 duties
- The Offshore Installations (Prevention of Fire and Explosion, and Emergency Response) Regulations 1995 1995 21 duties
- Offshore Installations (Offshore Safety Directive) (Safety Case ) Regulations 2015 2015 21 duties
- The Offshore Installations (Safety Case) Regulations 2005 2005 19 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
EIS and VCTs: election
- Formally elect to opt-out of specific EIS and VCT tax rule changes Trader
Browse 43 other sections in this Part — procedural / definitional / commencement
Income tax charge and rates for 2016-17
Basic rate limit for 2017-18
Personal allowance for 2017-18
Savings allowance, and savings nil rate etc
Rates of tax on dividend income, and abolition of dividend tax credits etc
Structure of income tax rates
Taxable benefits: application of Chapters 5 to 7 of Part 3 of ITEPA 2003
Cars: appropriate percentage for 2019-20 and subsequent tax years
Cars which cannot emit CO 2 : appropriate percentage for 2017-18 and 2018-19
Diesel cars: appropriate percentage
Cash equivalent of benefit of a van
Tax treatment of payments from sporting testimonials
Exemption for trivial benefits provided by employers
Travel expenses of workers providing services through intermediaries
Taxable benefits: PAYE
Employee share schemes
Securities options
Employment income provided through third parties
Standard lifetime allowance from 2016-17
Pensions bridging between retirement and state pension
Dependants' scheme pensions
Pension flexibility
Netherlands Benefit Act for Victims of Persecution 1940-1945
Fixed-rate deductions for use of home for business purposes
Averaging profits of farmers etc
Relief for finance costs related to residential property businesses
Individual investment plans of deceased investors
EIS , SEIS and VCTs: exclusion of energy generation
EIS and VCTs: definition of certain periods
VCTs: requirements for giving approval
Income tax relief for irrecoverable peer-to-peer loans
Transactions in securities: company distributions
Transactions in securities: procedure for counteraction of advantage
Distributions in a winding up
Disguised investment management fees
Income-based carried interest
Income-based carried interest: persons coming to the UK
Deduction of income tax at source
Deduction of income tax at source: intellectual property
Deduction of income tax at source: intellectual property - tax avoidance
Receipts from intellectual property: territorial scope
Receipts from intellectual property: diverted profits tax
Tax treatment of supplementary welfare payments: Northern Ireland
Part 2 — Corporation tax
Browse 24 other sections in this Part — procedural / definitional / commencement
Charge for financial year 2017
Rate of corporation tax for financial year 2020
Abolition of vaccine research relief
Cap on R&D aid
Loan relationships and derivative contracts
Loans to participators etc: rate of tax
Loans to participators etc: trustees of charitable trusts
Intangible fixed assets: pre-FA 2002 assets
Intangible fixed assets: transfers treated as at market value
Tax relief for production of orchestral concerts
Television and video games tax relief: consequential amendments
Banking companies: excluded entities
Banking companies: restrictions on loss relief etc
Reduction in rate of supplementary charge
Investment allowance: disqualifying conditions
Investment allowance: power to expand meaning of “relevant income”
Onshore allowance: disqualifying conditions
Cluster area allowance: disqualifying conditions
Cluster area allowance: power to expand meaning of “relevant income”
Profits from the exploitation of patents etc
Power to make regulations about the taxation of securitisation companies
Hybrid and other mismatches
Insurance companies carrying on long-term business
Taking over payment obligations as lessee of plant or machinery
Part 3 — Income tax and corporation tax
Browse 14 other sections in this Part — procedural / definitional / commencement
Capital allowances: designated assisted areas
Capital allowances: anti-avoidance relating to disposals
Trade and property business profits: money's worth
Replacement and alteration of tools
Property business deductions: replacement of domestic items
Property business deductions: wear and tear allowance
Transfer pricing: application of OECD principles
Corporation tax: territorial scope etc
Corporation tax: transactions in UK land
Income tax: territorial scope etc
Income tax: transactions in UK land
Pre-trading expenses
Commencement and transitional provision: sections 76, 77 and 80
Commencement and transitional provision: sections 78 and 79
Part 4 — Capital gains tax
Browse 10 other sections in this Part — procedural / definitional / commencement
Reduction in rate of capital gains tax
Entrepreneurs' relief: associated disposals
Entrepreneurs' relief: disposal of goodwill
Entrepreneurs' relief: “trading company” and “trading group”
Investors' relief
Employee shareholder shares: limit on exemption
Employee shareholder shares: disguised fees and carried interest
Disposals of UK residential property by non-residents etc
NRCGT returns
Addition of CGT to Provisional Collection of Taxes Act 1968
Part 5 — Inheritance tax etc
Browse 5 other sections in this Part — procedural / definitional / commencement
Inheritance tax: increased nil-rate band
Inheritance tax: pension drawdown funds
Inheritance tax: victims of persecution during Second World War era
Inheritance tax: gifts for national purposes etc
Estate duty: objects of national, scientific, historic or artistic interest
Part 6 — Apprenticeship levy
A person's pay bill for a tax year
Amended 1 timeConnected companies
- Agree and allocate the £15,000 Apprenticeship Levy allowance Trader
Connected charities
- Divide apprenticeship levy allowance between connected charities Employer
Assessment, payment etc
Other duties (1) — Crown / regulator
- HMRC must establish rules for Apprenticeship Levy assessment and payment Statutory regulator
Real time information
- Provide apprenticeship levy information to your service provider Client
No deduction in respect of levy to be made from earnings
- Do not deduct Apprenticeship Levy costs from employee wages Any Person
Browse 18 other sections in this Part — procedural / definitional / commencement
Apprenticeship levy
Charge to apprenticeship levy
Anti-avoidance
Application of other regimes to apprenticeship levy
Recovery from third parties
Time limits for assessment
Collectors and court proceedings
Records
Information and inspection powers
Penalties
Appeals
Tax agents: dishonest conduct
Provisional collection of apprenticeship levy
Crown application
Charities which are “connected” with one another
Connection between charities: further provision
General interpretation
Regulations
Part 7 — VAT
VAT: representatives and security
Amended 1 timeVAT: women's sanitary products
Amended 1 timeBrowse 3 other sections in this Part — procedural / definitional / commencement
Part 8 — SDLT and ATED
Browse 9 other sections in this Part — procedural / definitional / commencement
SDLT: calculating tax on non-residential and mixed transactions
SDLT higher rate: land purchased for commercial use
SDLT higher rate: acquisition under regulated home reversion plan
SDLT higher rate: properties occupied by certain employees etc
SDLT: minor amendments of section 55 of FA 2003
SDLT: property authorised investment funds and co-ownership authorised contractual schemes
ATED: regulated home reversion plans
ATED: properties occupied by certain employees etc
ATED: alternative property finance - land in Scotland
Part 9 — Other taxes and duties
Browse 19 other sections in this Part — procedural / definitional / commencement
Stamp duty: acquisition of target company's share capital
Stamp duty: transfers to depositaries or providers of clearance services
SDRT: transfers to depositaries or providers of clearance services
Petroleum revenue tax: rate
Insurance premium tax: standard rate
Landfill tax: rates from 1 April 2017
Landfill tax: rates from 1 April 2018
CCL : abolition of exemption for electricity from renewable sources
CCL: main rates from 1 April 2017
CCL: main rates from 1 April 2018
CCL: main rates from 1 April 2019
CCL: reduced rates from 1 April 2019
APD: rates from 1 April 2016
VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
VED: extension of old vehicles exemption from 1 April 2017
Gaming duty: rates
Fuel duties: aqua methanol etc
Tobacco products duty: rates
Alcoholic liquor duties: rates
Part 10 — Tax avoidance and evasion
Penalties for enablers of offshore tax evasion or non-compliance
Unlimited fine Amended 1 time- Enable offshore tax evasion or non-compliance Any Person
Offshore tax errors etc: publishing details of deliberate tax defaulters
Amended 1 timeOffences relating to offshore income, assets and activities
Amended 1 timeBrowse 8 other sections in this Part — procedural / definitional / commencement
General anti-abuse rule: provisional counteractions
General anti-abuse rule: binding of tax arrangements to lead arrangements
General anti-abuse rule: penalty
Serial tax avoidance
Promoters of tax avoidance schemes
Large businesses: tax strategies and sanctions for persistently unco-operative behaviour
Penalties in connection with offshore matters and offshore transfers
Asset-based penalties for offshore inaccuracies and failures
Part 11 — Administration, enforcement and supplementary powers
Simple assessments
Amended 2 timesGift aid: power to impose penalties on charities and intermediaries
Amended 1 timeRaw tobacco approval scheme
Amended 2 timesPowers to obtain information about certain tax advantages
- Provide information to HMRC regarding tax advantages and state aid Responsible Person
Information powers: supplementary
Amended 3 timesBrowse 12 other sections in this Part — procedural / definitional / commencement
Time limit for self assessment tax returns
HMRC power to withdraw notice to file a tax return
Rate of interest applicable to judgment debts etc: Scotland
Rate of interest applicable to judgment debts etc: Northern Ireland
Rate of interest applicable to judgment debts etc: England and Wales
Proceedings under customs and excise Acts: prosecuting authority
Detention and seizure under CEMA 1979: notice requirements etc
Data-gathering powers: providers of payment or intermediary services
Data-gathering powers: daily penalties for extended default
Extension of provisions about set-off to Scotland
Power to publish state aid information
Qualifying transformer vehicles
Part 12 — Office of Tax Simplification
Office of Tax Simplification
Amended 1 timeFunctions of the OTS: general
Amended 1 timeFunctions of the OTS: reviews and reports
Amended 1 timeAnnual report
Amended 1 timeReview of the OTS
Amended 1 timeBrowse 1 other section in this Part — procedural / definitional / commencement
Commencement
Part 13 — Final
Browse 2 other sections in this Part — procedural / definitional / commencement
Interpretation
Short title
Schedules
(1) Sub-paragraph (2) applies if, in the case of an...
- Notify HMRC of a protection-cessation event within 90 days Trader
(1) Sub-paragraph (2) applies if an individual receives a discharge...
- Notify HMRC of pension debit details within 60 days of discharge notice Trader
After regulation 14B insert— Individual protection 2016: provision of information...
- Provide pension information to members upon written request Director or Officer
(1) The Commissioners may by regulations amend Part 1, 2...
Other duties (1) — Crown / regulator
- HMRC must not use new regulations to increase tax liability for periods before 6 April 2016 Statutory regulator
Aqua methanol etc
7 years imprisonment- Mix aqua methanol with prohibited substances Any Person
After section 6AF insert— Excise duty on aqua methanol (1) A duty of excise shall be charged on the...
- Pay excise duty on aqua methanol used as fuel or additive Any Person
(1) For the italic heading before section 20A substitute “...
Unlimited fine- Illegally mix aqua methanol with biodiesel or other fuels Any Person
(1) A person (“P”) who has been given a warning...
- Send HMRC periodic information notices after a warning Any Person
(1) This paragraph applies in relation to a UK group...
- Prepare and publish a group tax strategy Director or Officer
(1) This paragraph applies to a UK sub-group of a...
- Publish and maintain a UK sub-group tax strategy Director or Officer
(1) This paragraph applies in relation to a UK company...
- Prepare and publish an annual company tax strategy Trader
(1) The company tax strategy must set out—
- Publish a tax strategy covering risk management, tax planning, and HMRC dealings Trader
(1) Where a person becomes liable to a penalty—
Other duties (1) — Crown / regulator
- HMRC must assess and notify penalties within statutory time limits Statutory regulator
Penalties for enablers of offshore tax evasion or non-compliance
Unlimited fine- Enable offshore tax evasion or non‑compliance Any Person
(1) A penalty is payable by a person (P) who...
- Enable offshore tax evasion or non-compliance Any Person
After paragraph 15 insert— (1) If a person who would otherwise be liable to...
Other duties (1) — Crown / regulator
- HMRC must reduce your penalty to reflect disclosure quality Statutory regulator
Browse 508 other Schedules — structural / supplementary
Abolition of dividend tax credits etc
Sporting testimonial payments
Pensions: lump sum allowance and lump sum and death benefit allowance : transitional provision
Pension flexibility
Deduction of income tax at source
Hybrid and other mismatches
Disposals of non-UK residential property interests
Inheritance tax: increased nil-rate band
Serial tax avoidance
Asset-based penalty for offshore inaccuracies and failures
Tax advantages constituting the grant of state aid
Office of Tax Simplification
(1) In ITTOIA 2005 omit sections 397 to 398, 400,...
In the italic heading before section 397, omit “Tax credits...
(1) Section 399 (qualifying distribution received by person not entitled...
(1) Section 401 (relief: qualifying distribution after linked non-qualifying distribution)...
Omit section 401A (recovery of overpaid tax credit etc).
In section 401B (power to obtain information for the purposes...
Omit sections 406(4A) and 407(4A) (determining entitlement to tax credit)....
In section 408(2A) (interpretation of section 408(2)) omit the words...
In section 411(2) (stock dividends: amount on which tax charged)...
In section 416 (released debts: amount on which tax charged)—...
In section 418(3) (release of loan: tax only on grossed-up...
ITTOIA 2005 is further amended as follows.
In section 651 (meaning of “UK estate” and “foreign estate”)—...
In section 657 (tax charged on estate income from foreign...
In section 663 (applicable rate for purposes of grossing-up under...
In section 670 (applicable rate for purposes of Step 2...
In section 680 (income of an estate that is treated...
In section 680A (estate income treated as dividend income), in...
In section 854(6) (carrying on by partner of notional business:...
Omit section 858(3) (partnerships with foreign element: entitlement to tax...
CTA 2010 is further amended as follows.
(1) Section 279F (ring fence profits: related 51% group company)...
In the heading of Chapter 3 of Part 4, for...
(1) Section 279G (ring fence profits: meaning of “augmented profits”)...
For section 463(7) (loan to trustees of settlement which has...
(1) Section 549 (distributions: supplementary) is amended as follows.
(1) Section 751 (interpretation of Part 15 (transactions in securities))...
Omit section 814D(8) (which excludes entitlement to tax credits).
Omit section 997(5) (which introduces sections 1109 to 1111).
In sections 1026(1)(b) and 1027(2)(b) (cases where amount paid up...
(1) Section 1070 (distributions by company carrying on mutual business)...
(1) Section 1071 (company not carrying on business) is amended...
(1) Section 1100 (qualifying distribution: right to request a statement)...
In section 382(2) (other contents of Chapter 3 of Part...
(1) Section 1101 (non-qualifying distributions etc: returns and information) is...
In section 1103 (regulations about information about non-qualifying distributions)—
(1) Section 1106 (interpretation of sections 1104 and 1105) is...
Omit sections 1110 and 1111 (recovery of overpaid tax credits...
(1) Section 1115 (meaning of “new consideration” in Part 23)...
In section 1119 (definitions for the purposes of the Corporation...
Omit section 1126 (meaning of “franked investment income”).
Omit section 1136 (meaning of “qualifying distribution”).
Omit section 1139(4) (“relief” includes tax credit).
In Schedule 2 (transitionals and savings etc) omit paragraph 106(1)...
Omit section 384(3) (which refers to section 398).
In Schedule 4 (index of defined expressions) omit the entries...
(1) TMA 1970 is amended as follows.
(1) ICTA is amended as follows. (2) Omit section 231B...
In FA 1988, in Schedule 13 omit paragraph 7(c) (post-consolidation...
In FA 1989— (a) omit section 115 (double taxation: tax...
In FA 1993 omit section 171(2B) (which excludes entitlement to...
In FA 1994 omit section 219(4B) (which excludes entitlement to...
(1) F(No.2)A 1997 is amended as follows.
(1) FA 1998 is amended as follows.
In the Commonwealth Development Corporation Act 1999, in Schedule 3...
Omit section 393(5) (determining entitlement to tax credit).
In the Financial Services and Markets Act 2000 (Consequential Amendments)...
(1) ITEPA 2003 is amended as follows.
In ITTOIA 2005, in Schedule 1 (minor and consequential amendments)...
(1) ITA 2007 is amended as follows.
In FA 2008, in Schedule 12 (amendments relating to tax...
(1) CTA 2009 is amended as follows.
(1) FA 2009 is amended as follows.
In Schedule 1 to CTA 2010 (minor and consequential amendments)...
(1) TIOPA 2010 is amended as follows.
In FA 2011— (a) in Part 6 of Schedule 23...
In section 394 (which deems a distribution to be made)—...
In FA 2012, in section 169(2) (payments by certain friendly...
In FA 2013— (a) in paragraph 6(2) of Schedule 19...
In FA 2015, in section 19— (a) in subsection (1),...
(1) Subject to the following sub-paragraphs of this paragraph, the...
In section 395(3) (interpretation of section 395(2)) omit the words...
For section 396A(2)(b) (alternative receipt treated as qualifying distribution for...
After section 226D of ITEPA 2003 (shareholder or connected person...
After section 306A of ITEPA 2003 (exemption for carers) insert—...
After section 996 of CTA 2010 (miscellaneous provisions: use of...
(1) The amendments made by this Schedule have effect in...
Employee share schemes: minor amendments
(1) In section 534 of ITEPA 2003 (disqualifying events relating...
(1) Schedule 2 to ITEPA 2003 (share incentive plans) is...
(1) In Schedule 2 to ITEPA 2003 (share incentive plans),...
(1) In Schedule 3 to ITEPA 2003 (SAYE option schemes),...
(1) In Schedule 4 to ITEPA 2003 (CSOP schemes), Part...
(1) In Schedule 3 to ITEPA 2003 (SAYE option schemes),...
(1) In Schedule 4 to ITEPA 2003 (CSOP schemes), paragraph...
(1) In Schedule 5 to ITEPA 2003 (enterprise management incentives),...
(1) In section 238A of TCGA 1992 (share schemes and...
(1) Sub-paragraph (2) applies at any particular time on or...
(1) To determine amount A— (a) apply sub-paragraph (2) if...
(1) To determine amount B— (a) identify each benefit crystallisation...
Amount C is the total value of the individual's uncrystallised...
(1) To determine amount D— (a) identify each relieved non-UK...
(1) An individual has a reference number for the purposes...
(1) This paragraph applies where a reference number for the...
(1) Where— (a) an application is made for a reference...
If an individual dies— (a) anything which could have been...
The conditions mentioned in paragraph 1(1)(a) are—
In column 2 of the Table in section 98 of...
If an individual is issued with a reference number for...
(1) The Registered Pension Schemes (Provision of Information) Regulations 2006...
In regulation 2(1) (interpretation)— (a) after the entry for “fixed...
(1) In the table in regulation 3(1) (provision of event...
(1) Regulation 11 (information provided to scheme administrator by member...
In consequence of paragraph 24(4), in each of—
(1) In Part 1 of Schedule 29 to FA 2004...
(1) Expressions used in Part 1, 2 or 3 of...
There is a protection-cessation event if the reference number for...
In Parts 3 and 4, and this Part, of this...
(1) For the purposes of paragraph 3(a) there is benefit...
Paragraph 17A of Schedule 36 to FA 2004 (impermissible transfers)...
Sub-paragraphs (7) to (8B) of paragraph 12 of Schedule 36...
Sub-paragraphs (2A) to (2C) of paragraph 12 of Schedule 36...
(1) Subject to sub-paragraphs (2) to (4), paragraph 3 applies...
(1) Sub-paragraphs (2) to (2B) apply at any particular time...
(1) Part 4 of FA 2004 (registered pension schemes etc)...
(1) In paragraph 15 of Schedule 29 to FA 2004...
(1) In section 152 of the Inheritance Tax Act 1984...
(1) Section 636A of ITEPA 2003 (exemption for certain lump...
(1) In consequence of the amendment made by paragraph 1(2),...
The amendments made by paragraphs 1 to 3 have effect...
(1) In paragraph 18(1A) of Schedule 29 to FA 2004...
(1) Part 2 of Schedule 28 to FA 2004 (interpretation...
(1) Paragraph 7 of Schedule 29 to FA 2004 (interpretation...
(1) Section 636B of ITEPA 2003 (taxation of trivial commutation,...
The amendments made by paragraphs 7 and 8 have effect...
In Chapter 2 of Part 15 of ITA 2007 (deduction...
(1) Section 856 (meaning of “relevant investment”) is amended as...
In section 857 (treating investments as being or not being...
Omit— (a) sections 858 to 861 (investments which are not...
In the italic heading preceding section 863, for “Other investments”...
In sections 863, 864, 865 and 868(4) (investments with deposit-takers...
Omit sections 868(3), 869 and 870(2) (investments with building societies)....
Omit section 871 (power to make regulations to give effect...
In section 872 (power to amend Chapter)—
Omit section 873(3) to (6) (interpretation of section 861).
In Schedule 12 to FA 1988 (transfer of building society's...
In section 876 of ITA 2007 (interest paid by deposit-takers),...
(1) In section 564Q(1) of ITA 2007 (alternative finance return:...
In section 847 of ITA 2007 (overview of Part 15)—...
In section 946 of ITA 2007 (collection of tax deducted...
In Schedule 2 to ITA 2007 omit paragraphs 154 to...
In Schedule 4 to ITA 2007 (index of defined expressions)—...
In consequence of the amendments made by Part 1 of...
In section 877 of ITA 2007 (duty to deduct under...
(1) Chapter 5 of Part 15 of ITA 2007 (deduction...
(1) The amendments made by Parts 1 and 3 of...
Chapter 2 of Part 15 of ITA 2007 (deduction of...
For the Chapter heading substitute “ Meaning of “relevant investment”...
(1) Section 850 (overview of Chapter) is amended as follows....
Omit section 852 (power to disapply section 851).
In section 853(1) (meaning of “deposit-taker”), after “In this Chapter”...
In section 854(3) (meaning of “relevant investment” in section 851(1)(b)),...
For section 855(1) (meaning of “investment”) substitute—
Loan relationships and derivative contracts
CTA 2009 is amended as follows.
After section 475A insert— Meaning of “matched” Meaning of “matched”...
(1) Section 694 (derivative contracts: exchange gains and losses) is...
(1) The amendments made by this Schedule have effect in...
In Chapter 15 of Part 5 (loan relationships: tax avoidance),...
In section 446 (loan relationships: bringing transfer-pricing adjustments into account),...
In section 693 (derivative contracts: bringing transfer-pricing adjustments into account),...
In section 447 (exchange gains and losses on debtor relationships:...
In section 448 (exchange gains and losses on debtor relationships:...
In section 449 (exchange gains and losses on creditor relationships:...
In section 451 (exception to section 449 where loan exceeds...
(1) Section 452 (exchange gains and losses where loan not...
Tax relief for production of orchestral concerts
After Part 15C of CTA 2009 insert— PART 15D Orchestra...
In section 1310 of CTA 2009 (orders and regulations), in...
In Schedule 4 to CTA 2009 (index of defined expressions),...
In Schedule 54A to FA 2009 (which is prospectively inserted...
In Part 8B of CTA 2010 (trading profits taxable at...
In Part 8B of CTA 2010, after section 357UI insert—...
(1) Schedule 4 to CTA 2010 (index of defined expressions)...
Any power to make regulations conferred on the Treasury by...
(1) The amendments made by the following provisions of this...
(1) The amendments made by paragraphs 13 to 15 of...
(1) Section 826 of ICTA (interest on tax overpaid) is...
Schedule 18 to FA 1998 (company tax returns, assessments and...
In paragraph 10 (other claims and elections to be included...
(1) Paragraph 52 (recovery of excessive repayments etc) is amended...
In Part 9D (certain claims for tax relief)—
In Schedule A1 to CAA 2001 (first-year tax credits), in...
In Schedule 24 to FA 2007 (penalties for errors), in...
In Part 8 of CTA 2009 (intangible fixed assets), in...
Profits from the exploitation of patents etc: consequential
CTA 2010 is amended in accordance with this Schedule.
(1) Section 357CL (companies eligible to elect for small claims...
In section 357CM (small claims amount), in subsection (1), for...
(1) Section 357D (alternative method of calculating relevant IP profits:...
(1) Section 357DA (relevant IP profits) is amended as follows....
(1) Section 357DC (the mandatory streaming conditions) is amended as...
In section 357EB (allocation of set-off amount within a group)...
In section 357ED (company ceasing to carry on trade etc)...
In section 357FA (incorporation of qualifying items), in subsection (2),...
In section 357FB (tax advantage schemes) in subsection (4)(b) for...
(1) Section 357G (making an election under section 357A) is...
In section 357B (meaning of “qualifying company”), in subsection (3)(b)(ii),...
(1) Section 357GA (revocation of election made under section 357A)...
(1) Section 357GB (application of Part 8A in relation to...
In section 357GC (application of Part 8A in relation to...
(1) Section 357GE (other interpretation) is amended as follows.
In Schedule 4 (index of defined expressions)—
In the heading of Chapter 3 of Part 8A, after...
(1) Section 357C (relevant IP profits) is amended as follows....
In section 357CA (total gross income of a trade), in...
Omit sections 357CB to 357CF.
(1) Section 357CG (adjustments in calculating profits of trade) is...
In section 357CI (routine return figure), in Step 1 in...
Omit sections 357CJ and 357CK.
In TIOPA 2010, after Part 6 insert— PART 6A Hybrid...
In section 1 (overview of Act), in subsection (1)—
In section 157 (direct participation), in subsection (1)—
In section 158 (indirect participation: defined by sections 159 to...
In section 159 (indirect participation: potential direct participant), in subsection...
In section 160 (indirect participation: one of several major participants),...
Omit Part 6 (tax arbitrage).
Omit Part 4 of Schedule 11 (tax arbitrage: index of...
After that Part of that Schedule insert— PART 4A Hybrid...
Chapters 3 to 5 and 7 and 8 of Part...
Chapter 6 of Part 6A of TIOPA 2010 (counteraction of...
Schedule 18 to FA 1998 (company tax returns) is amended...
Chapters 9 and 10 of Part 6A of TIOPA 2010...
Chapter 11 of Part 6A of TIOPA 2010 (imported mismatch...
The following provisions of this Schedule have effect in relation...
For the purposes of paragraph 18 and 21, where a...
For the purposes of paragraphs 19, 20 and 22(b), where...
In this Part of this Schedule “the commencement date” means...
In paragraph 25(3)— (a) insert “ or ” at the...
In paragraph 42(4)— (a) insert “ or ” at the...
In section A1 of CTA 2009 (overview of the Corporation...
CTA 2010 is amended as follows.
In section 938N (group mismatch schemes: priority)—
In section 938V (tax mismatch schemes: priority)—
TIOPA 2010 is amended as follows.
TCGA 1992 is amended in accordance with this Schedule.
In section 14B(1) (meaning of “non-resident CGT disposal”), in paragraph...
Omit section 14C (which introduces Schedule B1 and is superseded...
In Schedule B1 (disposals of UK residential property interests), in...
After Schedule B1 insert— SCHEDULE BA1 Disposals of non-UK residential...
Disposals of residential property interests: gains and losses
TCGA 1992 is amended in accordance with this Schedule.
In section 57A(3) (gains and losses on relevant high value...
After section 57B insert— CHAPTER 7 Computation of gains and...
In Schedule B1 (disposals of UK residential property interests), in...
After Schedule 4ZZB insert— SCHEDULE 4ZZC Disposals of residential property...
Entrepreneurs' relief: “trading company” and “trading group”
TCGA 1992 is amended as follows.
In section 169H(7) (introduction), for “Section 169S contains” substitute “...
In section 169S (interpretation of Chapter), subsection (4A) is treated...
After section 169S insert— Meaning of “trading company” and “trading...
After Schedule 7 insert— SCHEDULE 7ZA Entrepreneurs' relief: “trading company”...
(1) The amendments made by this Schedule (except paragraph 3)...
Investors' relief
(1) In the heading to Part 5 of TGCA 1992,...
In Part 5 of TCGA 1992, after section 169V insert—...
After Schedule 7ZA of TCGA 1992 (inserted by Schedule 13)...
IHTA 1984 is amended as follows.
In section 8K (meaning of “closely inherited”), in subsection (1),...
In section 8L (claims for brought-forward allowance)—
(1) Section 8M (residence nil-rate amount: cases involving conditional exemption)...
(1) Section 8D (extra nil-rate band on death if interest...
(1) Section 8E (residence nil-rate amount: interest in home goes...
In section 8F(4) (list of other relevant sections)—
After section 8F insert— Downsizing addition: entitlement: low-value death interest...
In section 8G (meaning of “brought-forward allowance”), in subsection (3)(a),...
(1) Section 8H (meaning of “qualifying residential interest”) is amended...
After section 8H insert— Qualifying former residential interest”: interests in...
In section 8J (meaning of “inherited”), in subsection (1), for...
Property authorised investment funds and co-ownership authorised contractual schemes
In FA 2003, after section 102 insert— Co-ownership authorised contractual...
In section 118 (market value)— (a) the existing text becomes...
In section 122 (index of defined expressions), at the appropriate...
In Schedule 4A (SDLT: higher rate for certain transactions), in...
In Schedule 6B (transfers involving multiple dwellings), in paragraph 2(4)(b),...
(1) In Schedule 17A (further provisions relating to leases), paragraph...
(1) The amendments made by Parts 2 and 3 of...
FA 2003 is amended in accordance with this Part.
After section 65 insert— PAIF seeding relief and COACS seeding...
After Schedule 7 insert— SCHEDULE 7A Paif seeding relief and...
FA 2003 is amended in accordance with this Part.
In section 75C (anti-avoidance: supplemental), in subsection (4), after “Schedule...
(1) Section 81 (further return where relief withdrawn) is amended...
In section 86 (payment of tax), in subsection (2)—
(1) Section 87 (interest on unpaid tax) is amended as...
HODA 1979 is amended as follows.
In section 16 of FA 1994 (appeals to a tribunal),...
In paragraph 3 of Schedule 41 to FA 2008 (penalties...
In section 20AAA of HODA 1979 (mixing of rebated oil),...
In section 16 of FA 1994 (appeals to a tribunal),...
The amendments made by this Schedule come into force—
After section 2AB insert— Aqua methanol In this Act “aqua methanol” means a liquid fuel which...
In section 2A (power to amend definitions), in subsection (1),...
In section 6A (fuel substitutes), in subsection (1)—
(1) Section 22 (prohibition on use of petrol substitutes on...
In section 23C (warehousing), in subsection (4), after paragraph (d)...
In section 27(1) (interpretation), before the definition of “aviation gasoline”...
In this Schedule— (a) Part 2 provides for HMRC to...
(1) A person “fails to comply” with any provision mentioned...
(1) A person (“P”) incurs a “relevant defeat” in relation...
(1) Condition A is that— (a) P has been given...
(1) Condition B is that (in a case not falling...
(1) Condition C is that (in a case not falling...
(1) Condition D is that— (a) P is a taxable...
(1) Condition E is that the arrangements are disclosable VAT...
(1) Condition F is that— (a) the arrangements are indirect...
(1) The Commissioners may publish information about a person if...
(1) HMRC must give a person a written notice (a...
(1) This paragraph applies where a person incurs a relevant...
(1) Sub-paragraphs (2) to (15) have effect in relation to...
(1) In paragraphs 19 and 20 (and this paragraph) “the...
(1) If a person who has incurred a relevant defeat...
(1) The Commissioners may mitigate the effects of paragraph 20...
(1) A person may appeal against— (a) a relief restriction...
(1) In this Part of this Schedule “avoidance-related rule” means...
The following are “reliefs” for the purposes of this Part...
In this Part of this Schedule “claim for relief” includes...
In this Part of this Schedule “tax” does not include...
(1) The Treasury may by regulations— (a) amend paragraph 20;...
(1) If a person is given a warning notice with...
(1) A person is liable to pay a penalty if...
(1) If a person incurs simultaneously two or more relevant...
(1) In relation to a relevant defeat incurred by virtue...
(1) This paragraph has effect in relation to relevant defeats...
(1) To the extent that the counteracted advantage (see paragraph...
(1) In paragraphs 33 and 34 “the counteracted advantage” means—...
(1) In relation to a relevant defeat incurred by a...
(1) Sub-paragraph (3) of paragraph 36 has effect as follows...
(1) Where a person is liable for a penalty under...
(1) After notification of an assessment has been given to...
(1) In this Schedule “tax” includes any of the following...
(1) The amount of a penalty for which a person...
(1) A person may appeal against a decision of HMRC...
(1) A person is not liable to a penalty under...
(1) In paragraph 42 “the relevant failure”, in relation to...
(1) The Commissioners may in their discretion mitigate a penalty...
(1) Where a body corporate (“R”) is the representative member...
(1) Sub-paragraphs (2) and (3) apply if HMRC has a...
(1) Sub-paragraph (2) applies if a person (“P”) incurs a...
(1) For the purposes of paragraph 47 two persons are...
(1) Where paragraph 50 applies in relation to a partnership...
(1) In this Schedule “tax advantage”, in relation to VAT,...
(1) This paragraph applies in relation to a partnership return...
(1) If paragraph 50 applies in relation to a partnership...
(1) Sub-paragraph (2) applies if a partnership return is amended...
(1) In paragraphs 49 to 52 and this paragraph— “partnership”...
(1) In this Schedule “adjustments” means any adjustments, whether by...
(1) With reference to a particular relevant defeat incurred by...
(1) In the case of inheritance tax, each of the...
(1) In this Schedule references to an assessment to tax...
(1) In this Schedule— “arrangements” has the meaning given by...
In section 103ZA of TMA 1970 (disapplication of sections 100...
(1) In this Schedule “non-deductible tax”, in relation to a...
In section 212 of FA 2014 (follower notices: aggregate penalties),...
(1) The Social Security Contributions and Benefits Act 1992 is...
In the Social Security Contributions and Benefits (Northern Ireland) Act...
Subject to paragraphs 64 and 65, paragraphs 1 to 62...
(1) A relevant defeat is to be disregarded for the...
(1) A warning notice given to a person is to...
In relation to taxes other than VAT, “tax advantage” includes—...
(1) For the purposes of this Schedule arrangements are “DOTAS...
(1) For the purposes of this Schedule arrangements are “disclosable...
For the purposes of paragraph 8A arrangements are “disclosable Schedule...
(1) For the purposes of this Schedule arrangements are “disclosable...
Large businesses: tax strategies and sanctions
This Part defines terms for the purposes of this Schedule....
(1) A group is a “qualifying group” in any financial...
(1) A “UK sub-group” consists of two or more relevant...
(1) “UK partnership” means a body of any of the...
“Financial year”— (a) in relation to a UK company, has...
(1) “Turnover”— (a) in relation to a UK company, has...
(1) “UK taxation” means — (a) income tax,
(1) A group tax strategy required to be published on...
(1) This paragraph applies where paragraph 16 requires a group...
(1) “Relevant body” means a UK company or any other...
(1) Paragraph 17 applies in relation to a sub-group tax...
(1) This paragraph applies where paragraph 19 requires a sub-group...
(1) This paragraph applies where paragraph 22 requires a company...
(1) Paragraphs 22 to 24 apply in relation to a...
(1) Paragraphs 27 to 33 apply in relation to the...
A failure to do anything required by this Part to...
(1) Liability to a penalty for a failure does not...
(1) “UK company” means a company which is (or is...
(1) A person may appeal against a decision of HMRC...
(1) A penalty must be paid— (a) before the end...
(1) If it appears to the Treasury that there has...
Subject to the provisions of this Part, the following provisions...
In this Part “tax strategy” means— (a) a group tax...
A UK group falls within this Part of this Schedule...
(1) A UK group has “engaged in unco-operative behaviour” if—...
(1) A member of a UK group has, or two...
(1) A member of a UK group has “satisfied the...
(1) There is a significant tax issue in respect of...
(1) “UK permanent establishment” means a permanent establishment in the...
The references in paragraphs 36 to 39 to things done...
(1) A designated HMRC officer may give the head of...
(1) This paragraph applies to a UK group if—
(1) A special measures notice— (a) may be withdrawn by...
(1) This paragraph applies to a UK group if—
(1) This paragraph applies in relation to a UK group...
(1) Sub-paragraphs (2) and (3) apply where—
(1) For the purposes of Schedule 24 to FA 2007...
In Schedule 24 to FA 2007 (penalties for errors), at...
(1) If a group is subject to a confirmed special...
(1) A UK company is a “qualifying company” in any...
(1) A UK sub-group of a foreign group falls within...
(1) A UK company falls within this Part if—
(1) A UK partnership falls within this Part if—
In this Part “designated HMRC officer” means an officer of...
The power to make regulations under section 122(6)(c) of FA...
(1) Regulations under this Schedule are to be made by...
(1) “Group” means two or more relevant bodies which together...
(1) “MNE Group” has the same meaning (subject to sub-paragraph...
(1) A “group other than an MNE group” means a...
A group is headed by whichever relevant body within the...
(1) Where a person is found liable for a penalty...
An assessment of a person as liable to a penalty...
A person may appeal against— (a) a decision of HMRC...
(1) An appeal under paragraph 12 is to be treated...
(1) On an appeal under paragraph 12(a) that is notified...
A person is not liable to a penalty under paragraph...
Subject to the provisions of this Part of this Schedule,...
(1) This paragraph applies for the purposes of this Schedule....
(1) Schedule 36 to FA 2008 (information and inspection powers)...
In its application for the purpose mentioned in paragraph 18(1)...
(1) This paragraph has effect for the purposes of this...
The following provisions are excluded from the application of Schedule...
In the application of Schedule 36 to FA 2008 for...
(1) The Commissioners for Her Majesty's Revenue and Customs (“the...
(1) The Treasury may by regulations amend paragraph 22(1) to...
(1) The penalty payable under paragraph 1 is (except in...
(1) The potential lost revenue in a case where P...
(1) The potential lost revenue in a case where P...
(1) This paragraph applies where any amount of potential lost...
(1) If P (who would otherwise be liable to a...
(1) This paragraph applies for the purposes of paragraph 7....
(1) If they think it right because of special circumstances,...
Penalties relating to offshore matters and offshore transfers
Schedule 24 to FA 2007 (penalties for errors) is amended...
(1) Paragraph 14 (reductions for disclosure) is amended as follows....
In paragraph 15 (amount of reduction for disclosure), for the...
(1) Paragraph 9 (reductions for disclosure) is amended as follows....
In paragraph 10 (amount of reduction for disclosure), for the...
After paragraph 10 insert— (1) If a person who would otherwise be liable to...
Schedule 41 to FA 2008 (penalties: failure to notify etc)...
(1) Paragraph 12 (reductions for disclosure) is amended as follows....
In paragraph 13 (amount of reduction for disclosure), for the...
After paragraph 13 insert— (1) If a person who would otherwise be liable to...
Schedule 55 to FA 2009 (penalty for failure to make...
(1) An asset-based penalty is payable by a person (P)...
(1) This Part makes provision about the identification and valuation...
(1) This paragraph applies where the principal tax at stake...
(1) This paragraph applies where the principal tax at stake...
(1) This paragraph applies where the principal tax at stake...
(1) This paragraph applies where an asset-based penalty is chargeable...
(1) Where a person (P) becomes liable for an asset-based...
(1) P may appeal against a decision of HMRC that...
(1) An appeal is to be treated in the same...
(1) On an appeal under paragraph 16(1), the tribunal may...
(1) In this Schedule— “asset” has the same meaning as...
(1) A standard offshore tax penalty is a penalty that...
(1) In section 103ZA to TMA 1970 (disapplication of sections...
Section 97A of TMA 1970 (two or more tax-geared penalties...
(1) Where a standard offshore tax penalty is imposed under...
(1) The potential lost revenue threshold is reached where the...
(1) The offshore PLR, in relation to a tax year,...
(1) Sub-paragraphs (2) and (3) apply where—
Where— (a) a penalty has been imposed on a person...
(1) The standard amount of the asset-based penalty is the...
(1) HMRC must reduce the standard amount of the asset-based...
(1) If HMRC think it right because of special circumstances,...
Simple assessments
TMA 1970 is amended in accordance with paragraphs 2 to...
In section 7 (notice of liability to income tax and...
After section 28G (determination of amount notionally chargeable where no...
In section 31 (appeals: right to appeal), before subsection (4)...
(1) Section 31A (appeals: notice of appeal) is amended as...
After section 31A (notice of appeal) insert— Taxpayer's right to...
(1) Section 59B (payment of income tax and capital gains...
After section 59B insert— Payment of income tax and capital...
(1) Schedule 56 to FA 2009 (penalty for failure to...
(1) The OTS is to consist of not more than...
The OTS may do anything that appears to it to...
(1) The Treasury may make to the OTS such payments...
In Part 2 of Schedule 1 to the House of...
In Part 2 of Schedule 1 to the Northern Ireland...
In Part 6 of Schedule 1 to the Freedom of...
In Part 1 of Schedule 19 to the Equality Act...
(1) A person holds and vacates office as a member...
(1) Sub-paragraphs (2) and (3) apply where a person (“P”)...
A member of the OTS may at any time resign...
(1) The Chancellor of the Exchequer may terminate the appointment...
The Treasury may pay a member of the OTS such...
The Treasury may provide the OTS with such staff, accommodation,...
The OTS may regulate its own procedure.
The validity of anything done by the OTS is not...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- SRA | Tax avoidance - your duties (opens in a new tab) from SRA Detailed Guidance
- 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
- Connected companies guidance (HMRC) (opens in a new tab) from HMRC Publication
- Growth and Skills Levy information (opens in a new tab) Detailed Guidance
- Find apprenticeship training providers (opens in a new tab) Detailed Guidance
- Apprenticeship funding overview (opens in a new tab) Publication
- ... and 3 more
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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Regulators
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