UK Act of Parliament
2024
United Kingdom
Finance Act 2024
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Enforced by
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Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
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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.
Schedules
Browse 384 other Schedules — structural / supplementary
FA 1998
FA 2007
CTA 2009
CTA 2010
TIOPA 2010
FA 2013
General commencement of Parts 1 and 2
Assignments and nominations
Avoidance of overlaps and gaps in entitlement during transition
Transitional provision relating to claim notifications
In Part 3, omit Chapter 6A (R&D expenditure credit).
Transitional provision relating to the R&D intensity condition
Higher rate of payable credit for R&D-intensive SMEs from 1 April 2023
In the heading of Part 13, omit “Additional relief for”....
(1) Chapter 1 of Part 13 is amended as follows....
After Chapter 1 of Part 13 insert— Chapter 1A R&D...
(1) Chapter 2 of Part 13 (relief for SMEs on...
Omit Chapter 6 of Part 13 (further provision about Chapters...
For Chapter 8 of Part 13 (cap on aid for...
(1) Chapter 9 of Part 13 (supplementary provision) is amended...
After Part 14 of CTA 2009 insert— Part 14A Films,...
FA 1998
FA 2007
CTA 2009
FA 2009
CTA 2010
FA 2016
General commencement
Closure of existing regimes to new productions
Opting into new regime during transitional period
Productions not moving into new regime
Films Act 1985
Continuity between regimes: taxation as separate trade
Continuity between regimes: calculation of expenditure credit
Continuity between regimes: British certification
Continuity between regimes: UK expenditure (films and television programmes)
Transition of video games from European expenditure condition to UK expenditure condition
Transfer of terminal losses between productions in existing and new regimes
FA 1998
FA 2007
CTA 2009
CTA 2010
In CTA 2009, omit Parts 15 to 15B.
Films Act 1985
ICTA
Introduction
Relief not to be available for companies in insolvency
Transitional provision in relation to paragraph 5
Transitional provision in relation to paragraph 6
Meaning of “theatrical production”
Meaning of “core expenditure”
Provision to emphasise that capital expenditure does not generally qualify for relief
UK expenditure threshold to replace EEA expenditure threshold
EEA expenditure not to qualify for relief
Profit element of non-arm's-length payments to connected parties not to qualify for relief
Amendment of R&D exclusion
Restriction where tax liabilities outstanding: meaning of “payment period”
Introduction
Relief not to be available for companies in insolvency
Transitional provision in relation to paragraph 5
Transitional provision in relation to paragraph 6
Time of election for orchestral concerts to be treated as a series
Meaning of “core expenditure”
Provision to emphasise that capital expenditure does not generally qualify for relief
UK expenditure threshold to replace EEA expenditure threshold
EEA expenditure not to qualify for relief
Profit element of non-arm's-length payments to connected parties not to qualify for relief
Amendment of exclusion for other reliefs
Restriction where tax liabilities outstanding: meaning of “payment period”
Introduction
Transitional provision in relation to paragraph 4
Transitional provision in relation to paragraph 5
Museum and gallery exhibitions not to be wholly remote
Meaning of “core expenditure”
UK expenditure threshold to replace European expenditure threshold
EEA expenditure not to qualify for relief
Profit element of non-arm's-length payments to connected parties not to qualify for relief
Amendment of exclusion for R&D relief and other creative sector reliefs
Restriction where tax liabilities outstanding: meaning of “payment period”
Relief not to be available for companies in insolvency
Power to recover overpayments
Time limit for claims
Supporting information
Amendment of CTA 2010
Holders of excessive rights
Corporate interest restriction and disposal of interests in UK property rich companies
CoACS to be institutional investors
Non-close condition
Certain institutional investors required to meet GDO or non-close condition
Paragraph 4: transitional provision
Insurance companies may be included in group UK REIT
Property financing costs
Single property rule
Disposal of rights or interests in UK property rich funds
Introduction
Qualifying companies to include companies managing qualifying ships
Daily profits of managed ships
Tonnage tax activities include activities in managing ships
Effect of temporarily ceasing to manage or operate qualifying ships
Training requirement
Disapplication of 75% limit for ship managers
Commencement
Part 4 of FA 2004 (pension schemes etc) is amended...
In section 272A (liabilities of independent trustee), in subsection (7)...
(1) Section 256 (enhanced lifetime allowance regulations) is amended as...
(1) Section 261 (enhanced lifetime allowance regulations: documents and information)...
(1) Section 262 (enhanced lifetime allowance regulations: failures to comply)...
(1) Section 263 (lifetime allowance enhanced protection: benefit accrual) is...
Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006
In regulation 2 (interpretation), in paragraph (1)—
(1) In regulation 3 (provision of information by scheme administrator...
(1) Regulation 7 (percentage of standard lifetime allowance expended on...
(1) Regulation 8 (death: provision of information by scheme administrator...
(1) Regulation 9 (death: provision of information by insurance company...
In section 280 (abbreviations and general index), in the table...
(1) Regulation 10 (death: provision of information by personal representatives...
(1) Regulation 11 (information provided by member to scheme administrator:...
Omit regulation 11B (information provided by members to scheme administrators:...
In regulation 11BA (information provided by members to scheme administrators:...
In regulation 11BB (information provided by members to scheme administrators:...
Omit regulation 12 (information about scheme administrator’s liability for a...
(1) Regulation 12A (provision of information about liability for overseas...
(1) Regulation 14 (information provided to members by scheme administrators...
In regulation 14ZCA (further information provided by scheme administrators on...
(1) Regulation 15 (information between scheme administrators) is amended as...
In Schedule 28 (pension rules and pension death benefit rules),...
(1) Regulation 16 (pensions and annuities in payment: information provided...
(1) Regulation 17 (payments to insurance companies from drawdown pension...
Omit regulations 19 (lump sums to which paragraph 1B of...
Amendments of the Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006
Commencement
Availability of individual’s lump sum allowance
Availability of individual’s lump sum and death benefit allowance
Transitional tax-free amount certificates
Availability of member’s overseas transfer allowance
Provision of information by individuals to certification administrators
Provision of information by scheme administrators to members
Paragraphs 125 to 128: interpretation
(1) Schedule 32 (meaning of expressions relating to benefit crystallisation...
Statements for certain members who would not otherwise receive one in the tax year 2024-25
Lump sums paid on or after 6 April 2024 where entitlement arose before that date
Lump sum death benefits paid on or after 6 April 2024 that crystallised before that date
Modifications of scheme rules
Continuity of the law
Power to make further transitional provision
Power to make further provision in connection with the abolition of lifetime allowance charge
In Schedule 34 (non-UK schemes: application of certain charges) omit...
Amendments of Part 4 of FA 2004 (pension schemes etc)
In section 164 (authorised member payments), in subsection (2)(c), for...
(1) Section 166 (lump sum rule) is amended as follows....
In section 168 (lump sum death benefit rule), in subsection...
In section 227G (when pension rights are first flexibly accessed)...
In section 204 (tax charges: authorised pensions and lump sums),...
(1) Section 228ZA (tapered reduction of annual allowance: high-income individual)...
In section 264 (false statements etc), in subsection (1)(a), for...
(1) Section 265 (winding-up to facilitate payment of lump sums)...
After section 278 (market value) insert— Disqualifying pension credits (1) For the purposes of this Part, a pension credit...
In section 280 (abbreviations and general index), in the table...
Schedule 29 (authorised lump sums - supplementary) is amended in...
(1) Paragraphs 1 to 3A (pension commencement lump sums) are...
(1) Paragraph 4 (serious ill-health lump sum) is amended as...
(1) Paragraph 4A (uncrystallised funds pension lump sum) is amended...
(1) Paragraph 5 (short service refund lump sum) is amended...
Omit sections 214 to 226 (lifetime allowance charge) and the...
(1) In paragraph 7 (trivial commutation lump sum), in sub-paragraph...
In paragraph 10 (winding-up lump sum), in sub-paragraph (1)(d), for...
Omit paragraph 11 (lifetime allowance excess lump sum) and the...
Omit paragraph 11A (transitional 2013/14 lump sum) and the italic...
In the italic heading before paragraph 12 omit “of Part...
(1) Paragraph 12 (interpretation) is amended as follows.
After paragraph 12 insert— (1) In this Part of this Schedule, a reference to...
(1) In paragraph 13 (defined benefits lump sum death benefit)...
Amendments of Part 9 of ITEPA 2003
In section 565 (structure of Part 9), for the paragraph...
(1) Section 232 (annual allowance charge: cash balance arrangements: adjustments...
(1) Section 566 (nature of charge to tax on pension...
For Chapter 15A substitute— Chapter 15A Lump sums under registered...
Amendments of the Registered Pension Schemes (Authorised Payments) Regulations 2009
Amendments of Part 4 of FA 2004
In section 244 (non-UK schemes: application of certain charges), after...
For section 244A (overseas transfer charge) substitute— Overseas transfer charge:...
(1) Section 244B (exclusion: member and receiving scheme in same...
(1) Section 244C (exclusion: receiving scheme in EEA state or...
In section 244D (exclusion: receiving scheme is an occupational pension...
In section 244E (exclusion: receiving scheme set up by international...
(1) Section 236 (annual allowance charge: defined benefits arrangements: adjustments...
In section 244F (exclusion: receiving scheme is an overseas public...
(1) Section 244G (exclusions: avoidance of double charge, and transitional...
In section 244H (power to provide for further exclusions)—
In section 244I (circumstances in which exclusions do not apply),...
After section 244I insert— Overseas transfer charge: transfers exceeding available...
(1) Section 244J (persons liable to charge) is amended as...
After section 244J insert— Amount of charge (1) Where the overseas transfer charge arises under section 244AC...
(1) Section 244K (amount of charge) is amended as follows....
In section 244M (repayments of charge on subsequent excluding events),...
(1) Schedule 33 (overseas pension schemes: migrant member relief) is...
In section 237B (annual allowance: liability of scheme administrator), in...
(1) Schedule 34 (non-UK schemes: application of certain charges) is...
Amendments of Chapter 4 of Part 9 of ITEPA 2003
Amendments of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006
Amendments of Schedule 29 to FA 2004
Amendments of Schedule 34 to FA 2004
Amendments of Part 2 of Schedule 36 to FA 2004
In the heading, for “lifetime allowance charge” substitute “enhancement of...
Before paragraph 7 and the italic heading before it insert—...
For paragraph 7 (primary protection) substitute— (1) This paragraph applies in the case of an individual...
(1) Paragraph 11 (primary protection: pension debit on or after...
In section 255 (assessments under Part 4 of FA 2004),...
(1) Paragraph 11A (primary protection: pension debit on or after...
(1) Paragraph 12 (enhanced protection) is amended as follows.
In paragraph 13 (enhanced protection: relevant benefit accrual), in sub-paragraph...
(1) Paragraph 15 (enhanced protection: relevant benefit accrual: interpretation) is...
In paragraph 16 (post-commencement earnings limit), in subsection (3), for...
For paragraph 18 (pre-commencement pension credits) substitute— (1) This paragraph applies in the case of an individual...
(1) Paragraph 19 (individuals permitted to take pension before normal...
(1) Paragraph 20 (pre-commencement pensions) is amended as follows.
After paragraph 20 insert— Pension credits from previously crystallised rights...
Amendments of Part 3 of Schedule 36 to FA 2004
Omit section 267 (discharge of liability of scheme administrator to...
Omit paragraph 23A (pre-commencement benefit rights: lump sums before normal...
(1) In paragraph 24 (pre-commencement benefit rights: lump sum rights...
For paragraph 27 (pre-commencement benefit rights: enhanced protection: permitted maximum)...
(1) Paragraph 28 (pre-commencement benefit rights: no enhanced protection: permitted...
For paragraph 29 (pre-commencement benefit rights: enhanced protection: applicable amount)...
After paragraph 29 (substituted by paragraph 84) insert— Chapter 15A of Part 9 of ITEPA 2003 (pension income:...
Omit paragraph 30 (pre-commencement benefit rights: exemption for pension commencement...
For paragraph 34 (pre-commencement benefit rights: application of Schedule 29...
Omit paragraph 35 (pre-commencement benefit rights: winding-up lump sums paid...
Amendment of Part 4 of Schedule 36 to FA 2004
(1) Section 269 (appeal against decision on discharge of liability)...
Amendments of Schedule 18 to FA 2011
Amendments of Schedule 22 to FA 2013
Amendments of Schedule 6 to FA 2014
Amendments of Schedule 4 to FA 2016
Amendments of the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006
Amendments of the Taxation of Pension Schemes (Transitional Provisions) Order 2006
Amendments of the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011
Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013
Amendments of the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014
Amendments of Part 4 of FA 2004
Introduction of cash basis default
Before section 24 insert the following italic heading— Professions and...
Before section 25C (inserted by paragraph 5 of this Schedule)...
Before section 27 insert the following italic heading— Rules relating...
Before section 30 insert the following italic heading— Animals kept...
Before section 31 insert the following italic heading— Rules relating...
Amendments of other provisions
Omit section 31C (excluded persons) (but see paragraph 11, which...
In section 32A (application of Chapter 4 of Part 2...
In section 56A (application of Chapter 5 of Part 2...
In section 58 (incidental costs of obtaining finance), in subsection...
After section 24 insert— Basis of accounting Cash basis to...
In section 94E (excluded vehicles), in subsection (3)(b), for “25A”...
(1) Section 96A (capital receipts under, or after leaving, cash...
Section 96B (section 96A: supplementary provision), in subsection (3)—
In section 97A (cash basis: value of trading stock on...
In section 97B (cash basis: value of work in progress...
In section 227A (application of Chapter 17 of Part 2...
In section 227B (cash basis treatment: full relief under Chapter...
In section 239A (spreading on leaving cash basis), in subsection...
In section 240B (meaning of “entering the cash basis”)—
In section 246 (basic meaning of “post-cessation receipt”), in subsection...
In section 25 (generally accepted accounting practice)—
In section 254 (allowable deductions), for subsection (2A) substitute—
In section 783AE (full relief: introduction), in subsection (3)—
In section 786 (meaning of “rent-a-room receipts”), in subsection (5),...
In section 805 (meaning of “qualifying care receipts”), in subsection...
In section 820 (periods of account not ending on 5...
In Part 2 of Schedule 4 (index of defined expressions),...
TMA 1970
TCGA 1992
CAA 2001
(1) Section 1A (capital allowances and charges: cash basis) is...
Omit section 25A (cash basis for small businesses).
In section 4(2ZA)(a) (capital expenditure)— (a) for “an election under...
In section 66A(6) (persons leaving cash basis)—
(1) Section 431D (persons leaving cash basis) is amended as...
(1) Section 462A (persons leaving cash basis) is amended as...
(1) Section 477A (persons leaving cash basis) is amended as...
ITA 2007
Consequential repeals
Commencement
Transitional provision
(1) This paragraph has effect for the purposes of construing...
Before section 26 insert— Election for profits to be calculated...
Paragraphs 48 and 49 apply to professions and vocations as...
Removal of turnover restrictions etc
Removal of interest payments restriction
Removal of loss restrictions
Other amendments of Chapter 3 of Part 2
Introduction
In section 95A (depositary receipts: exception for replacement securities)—
(1) Before section 96 (SDRT: clearance services) insert— Other charges:...
(1) Section 97 (clearance services: exceptions) is amended as follows....
(1) Section 97AA (clearance services: further exception) is renumbered section...
(1) Section 97A (clearance services: election for alternative system of...
After section 97A insert— Depositary receipts and clearance services: further...
In section 97B (transfer between depositary receipt system and clearance...
Omit section 97C (transfers to non-EU depositary receipt and clearance...
In section 79 of FA 1986 (stamp duty: loan capital:...
(1) Schedule 15 to FA 1999 (stamp duty: bearer instruments)...
Stamp duty
In section 131 of FA 1976 (Inter-American Development Bank), in...
(1) In section 126 of FA 1984 (tax exemptions in...
In section 99 of FA 1986 (interpretation), in subsection (10),...
(1) Section 50 of FA 1987 (warrants to purchase Government...
(1) Section 143 of FA 1988 (stamp duty: paired shares)...
Commencement
Transitional provision: depositary receipts: exception from SDRT for replacement securities
Transitional provision: clearance services: exception from SDRT for replacement securities
Transitional provision: bearer instruments
Transitional provision: warrants to purchase Government stock etc
In section 69 (depositary receipts: supplementary), in subsection (1), in...
In section 70 (stamp duty: clearance services)—
After section 72 (clearance services: supplementary) insert— Meaning of “exempt...
Stamp duty reserve tax
(1) In the italic heading before section 93 (SDRT: depositary...
In section 94 (depositary receipts: supplementary), in subsection (1), in...
In section 95 (depositary receipts: exceptions)— (a) in subsection (1),...
(1) F(No.2)A 2023 is amended in accordance with Parts 2...
Adjustments where life assurance business carried on
Exclusion of certain insurance reserve movement expense
Permanent establishment income and expense attribution
Election to spread certain capital gains
Transparent entities etc
Covered taxes
Tax equity partnerships
Reallocation of tax expense
Controlled foreign company tax regimes
Blended CFC regimes
Partnerships
Qualifying foreign tax credits (substitute loss carry forward assets)
Substance based income exclusion: inter-jurisdictional employees and assets
Substance based income exclusion: inclusion of payroll costs and assets voluntary
Substance based income exclusion: impairment losses
Substance based income exclusion: dual use assets
Substance based income exclusion: leases
Substance based income exclusion: power to make further provision
Transfer of assets or liabilities to a member of a multinational group
Investment entity tax transparency election
Meaning of country-by-country report
Qualifying non-profit subsidiaries
Joint ventures
Insurance investment entities
Location of entities
Currency
Application of Pillar Two rules to members of a group
Qualifying domestic top-up tax not treated as accruing
Consistency with Pillar Two rules
Overpaid tax
Intragroup transfers before entry into regime
Transitional safe harbour
Charging permanent establishments of intermediate/partially-owned parent members
Transitional reporting election
Qualifying domestic top-up tax safe harbour
Securitisation entities
Investment entities
Treatment of qualifying refundable tax credits
Effect of becoming subject to Pillar Two rules
Dividends from protected cell companies
Consistency with Pillar Two rules
Chapter 2 of Part 3 (qualifying multinational groups and their members)
Chapter 3 of Part 3 (effective tax rate)
De-merged groups
Chapter 4 of Part 3 (calculation of adjusted profits)
Chapter 5 of Part 3 (covered tax balance)
Chapter 6 of Part 3 (calculation of top-up amounts)
Chapter 7 of Part 3 (allocating top-up amounts)
Chapter 8 of Part 3 (further adjustments)
Chapter 9 of Part 3 (special provision for investment entities etc)
Chapter 10 of Part 3 (definitions etc)
Part 4 (domestic top-up tax)
Schedules 14 to 17
Adjustment for changes in accounting policies and prior period errors
Pension expense
Tax credits
Adjustments for companies in distress
Disqualification for promoting tax avoidance
Minor and consequential amendments
In the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I....
Extent
Practice and procedure
Interpretation
Browse 39 other sections — procedural / definitional / commencement
Permanent full expensing etc for expenditure on plant or machinery
New regime for research and development carried out by companies
Films, television programmes and video games produced by companies
Theatrical productions made by companies
Orchestral concerts produced by companies
Museum and gallery exhibitions produced by companies
Sections 3 to 6: administration of reliefs
Miscellaneous amendments relating to REITs
Managers of ships
Increase in capital allowances limit for ship leasing
Extension of EIS relief and VCT relief to shares issued before 6 April 2035
Relief for payments of compensation by government etc to companies
Enterprise management incentives: time limits
Provision in connection with abolition of the lifetime allowance charge
MPs’ pension scheme etc: rectification of discrimination
Provision relating to the cash basis
PAYE regulations: special types of payer or payee
Carer’s allowance supplement: correction of statutory reference
Growth market exemption: qualifying UK multilateral trading facilities etc
Capital-raising arrangements etc
New investment exemption
Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc
Rates of tobacco products duty
Rates of vehicle excise duty
Rates of air passenger duty
Rebate on heavy oil and certain bioblends used for heating
Vehicle excise duty exemption for foreign vehicles
Interpretation of VAT and excise law
Rates of landfill tax
Rate of aggregates levy
Rate of plastic packaging tax
Increase in maximum terms of imprisonment for tax offences
Disqualification of directors etc promoting tax avoidance schemes
Promoters of tax avoidance: failure to comply with stop notice etc
Construction industry scheme: gross payment status
Additional information to be contained in returns under TMA 1970 etc
Commencement of rules imposing penalties for failure to make returns etc
Abbreviations used in Act
Short title
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Help with labour supply chain assurance (tax risks) (opens in a new tab) Detailed Guidance
- HMRC CIS fraud guidance (opens in a new tab) Publication
- Report tax fraud or avoidance to HMRC (opens in a new tab) Detailed Guidance
- Supply chain due diligence principles (opens in a new tab) Publication
- Mini umbrella company fraud (opens in a new tab) Detailed Guidance
- Check for signs of payroll company fraud (opens in a new tab) Detailed Guidance
- Tackling Construction Industry Scheme fraud (opens in a new tab) Publication
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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