Finance Act 2004
Finance Act 2004 (2004 c. 12)
- Finance Act 2004 (2004 c. 12)
- Part 1 Excise duties
- Tobacco products duty
- 1 Rates of tobacco products duty
- Alcoholic liquor duties
- 2 Rate of duty on beer
- 3 Rates of duty on wine and made-wine
- 4 Duty stamps for spirits etc
- Hydrocarbon oil etc duties
- 5 Rates
- 6 Road fuel gas
- 7 Sulphur-free fuel
- 8 Definition of “fuel oil”
- 9 Mixing of rebated oil
- 10 Bioethanol
- 11 Biodiesel
- 12 Fuel substitutes
- 13 Warehousing
- 14 Treatment of certain energy products
- Betting and gaming duties
- 15 General betting duty: pool betting
- 16 Rates of gaming duty
- Amusement machine licence duty
- 17 Amusement machine licence duty: rates
- Vehicle excise duty
- 18 Fee for payment of duty by credit card
- Part 2 Value added tax
- 19 Disclosure of VAT avoidance schemes
- 20 Groups
- 21 Reverse charge on gas and electricity supplied by persons outside UK
- 22 Use of stock in trade cars for consideration less than market value
- Part 3 Income tax, corporation tax and capital gains tax
- Chapter 1 Income tax and corporation tax charge and rate bands
- Income tax
- 23 Charge and rates for 2004-05
- 24 Personal allowances for those aged 65 or more
- Corporation tax
- 25 Charge and main rate for financial year 2005
- 26 Small companies' rate and fraction for financial year 2004
- 27 Corporation tax starting rate and fraction for financial year 2004
- 28 The non-corporate distribution rate
- Trusts
- 29 Special rates of tax applicable to trusts
- Chapter 2 Corporation tax: general
- Transfer pricing
- 30 Provision not at arm’s length: transactions between UK taxpayers etc
- 31 Exemptions for dormant companies and small and medium-sized enterprises
- 32 Special applications of paragraph 6 of Schedule 28AA to the Taxes Act 1988
- Penalties: temporary relaxation
- 33 Provision not at arm’s length: temporary relaxation of liability to penalty
- Thin capitalisation
- 34 Payments of excessive interest etc
- 35 Elimination of double counting etc
- 36 Balancing payments and elections to pay tax instead
- Transfer pricing and thin capitalisation: commencement
- 37 Commencement and transitional provisions
- Expenses of companies with investment business and insurance companies
- 38 Expenses of management: companies with investment business
- 39 Accounting period to which expenses of management are referable
- 40 Expenses of insurance companies
- 41 Related amendments to other enactments
- 42 Commencement of sections 38 to 41
- 43 Companies with investment business: transitional provisions
- 44 Insurance companies: transitional provisions
- Amounts reversing expenses of management deducted
- 45 Amounts reversing expenses of management deducted: charge to tax
- Power to make consequential amendments
- 46 Power to make consequential amendments
- Insurance companies: miscellaneous
- 47 Insurance companies etc.
- Loan relationships and derivative contracts
- 48 Loan relationships: miscellaneous amendments
- 49 Derivative contracts: miscellaneous amendments
- Accounting practice
- 50 Generally accepted accounting practice
- 51 Use of different accounting practices within a group of companies
- 52 Amendment of enactments that operate by reference to accounting practice
- 53 Treatment of expenditure on research and development
- 54 Trading profits etc. from securities: taxation of amounts taken to reserves
- Miscellaneous
- 55 Duty of company to give notice of coming within charge to corporation tax
- 55A Section 55: exception to duty to give notice
- 56 Relief for community amateur sports clubs
- Chapter 3 Construction industry scheme
- Introduction
- 57 Introduction
- 58 Sub-contractors
- 59 Contractors
- Deductions on account of tax from contract payments to sub-contractors
- 60 Contract payments
- 61 Deductions on account of tax from contract payments
- 62 Treatment of sums deducted
- Liability for things done in the knowledge of deliberate failures to comply
- 62A Payments made in the knowledge of deliberate failures to comply
- 62B Returns made in the knowledge of deliberate failures to comply
- 62C Regulations
- Registration of sub-contractors
- 63 Registration for gross payment or for payment under deduction
- 64 Requirements for registration for gross payment
- 65 Change in control of company registered for gross payment
- 66 Cancellation of registration for gross payment
- 67 Registration for gross payment: appeals
- 68 Registration for payment under deduction: cancellation and appeals
- Verification, returns , security etc and penalties
- 69 Verification etc of registration status of sub-contractors
- 70 Periodic returns by contractors etc
- 70A Security for payments to HMRC
- 71 Collection and recovery of sums to be deducted
- 72 Penalties: false statements and documentation
- 72A Penalties: deliberate failures to comply
- 72B Penalties under section 72A: officers’ liability
- 72C Appeals in relation to a decision notice under section 72B
- Supplementary
- 73 Regulations under this Chapter: supplementary
- 73A Designated international organisations: exemption from section 59
- 74 Meaning of “construction operations”
- 75 Meaning of “the Inland Revenue” etc and delegation of Board’s functions
- 76 Consequential amendments
- 77 Commencement and transitional provision
- Chapter 4 Personal taxation
- Taxable benefits
- 78 Childcare and childcare vouchers
- 79 Exemption for loaned computer equipment
- 80 Vans
- 81 Emergency vehicles
- 82 European travel expenses of MPs and other representatives
- Gift aid
- 83 Giving through the self-assessment return
- Gifts with a reservation
- 84 Charge to income tax by reference to enjoyment of property previously owned
- Employment-related securities and options
- 85 Relief where national insurance contributions met by employee
- 86 Shares in employee-controlled companies and unconnected companies
- 87 Restricted securities with artificially depressed value
- 88 Shares under approved plans and schemes
- 89 Shares acquired on public offer
- 90 Associated persons etc.
- Miscellaneous
- 91 Income of spouses: jointly held property
- 92 Minor amendments of or connected with ITEPA 2003
- Chapter 5 Enterprise incentives
- 93 Enterprise investment scheme
- 94 Venture capital trusts
- 95 Corporate venturing scheme
- 96 Enterprise management incentives: subsidiaries
- Chapter 6 Exemption from income tax for certain interest and royalty payments
- Introductory
- 97 Introductory
- Exemption from income tax
- 98 Exemption from income tax for certain interest and royalty payments
- 99 Permanent establishments and “25% associates”
- Exemption notices
- 100 Interest payments: exemption notices
- Payment without deduction
- 101 Payment of royalties without deduction at source
- 102 Claim for tax deducted at source from exempt interest or royalty payments
- Special relationships and anti-avoidance
- 103 Special relationships
- 104 Anti-avoidance
- Supplementary
- 105 Consequential amendments
- 106 Transitional provision
- Chapter 7 Savings income: double taxation arising from withholding tax
- Introductory
- 107 Introductory
- Credit etc for special withholding tax
- 108 Income tax credit etc for special withholding tax
- 109 Capital gains tax credit etc for special withholding tax
- 110 Credit under Part 18 of Taxes Act 1988 to be allowed first
- Computation of income etc
- 111 Computation of income etc subject to special withholding tax only
- 112 Computation of income etc subject to foreign tax and special withholding tax
- Certificates to avoid levy of special withholding tax
- 113 Issue of certificate
- 114 Refusal to issue certificate and appeal against refusal
- SupplementaryM
- 115 Supplementary
- Chapter 8 Chargeable gains
- 116 Restriction of gifts relief etc
- 117 Private residence relief
- 118 Authorised unit trusts: treatment of umbrella schemes
- Chapter 9 Avoidance involving loss relief or partnership
- Individuals benefited by film relief
- 119 Individuals benefited by film relief
- 120 “Disposal of a right of the individual to profits arising from the trade”
- 121 “The losses claimed” and “the individual’s capital contribution to the trade”
- 122 Computing the chargeable amount
- 122A Partners: meaning of “capital contribution to the trade”
- 123 “Film-related losses” and “non-taxable consideration”
- Individuals in partnership: restriction of relief
- 124 Restriction of relief: non-active partners
- 125 Partnerships exploiting films
- Individuals in partnership: exit charge
- 126 Losses derived from exploiting licence: introductory
- 127 Charge to income tax
- 128 Definitions for purposes of section 127
- 129 Disposals to which section 126 applies
- 130 “A significant amount of time”
- Companies in partnership
- 131 Companies in partnership
- 132 Companies in partnership: supplementary
- 133 Relationship with chargeable gains
- Chapter 10 Avoidance: miscellaneous
- 134 Finance leasebacks
- 135 Rent factoring of leases of plant or machinery
- 136 Manufactured dividends
- 137 Manufactured payments under arrangements having an unallowable purpose
- 138 Gilt strips
- 139 Gifts of shares, securities and real property to charities etc
- 140 Life policies etc.: restriction of corresponding deficiency relief
- Chapter 11 Miscellaneous
- Reliefs for business
- 141 Relief for research and development: software and consumable items
- 142 Temporary increase in amount of first-year allowances for small enterprises
- 143 Deduction for expenditure by landlords on energy-saving items
- 144 Lloyd’s names: conversion to limited liability underwriting
- Offshore matters
- 145 Offshore funds
- 146 Meaning of “offshore installation”
- Health
- 147 Immediate needs annuities
- 148 Corporation tax: health service bodies
- Part 4 Pension schemes etc
- Chapter 1 Introduction
- Introductory
- 149 Overview of Part 4
- Main concepts
- 150 Meaning of “pension scheme”
- 151 Meaning of “member”
- 152 Meaning of “arrangement”
- Chapter 2 Registration of pension schemes
- Registration
- 153 Registration of pension schemes
- 153A Power to require information or documents in relation to applications for registration
- 153B Power to inspect documents in relation to applications for registration
- 153C Penalties for failure to comply with information notices etc
- 153D Penalties for inaccurate information in applications
- 153E Penalties for inaccurate information or documents provided under information notice
- 153F Penalties for false declarations
- 154 Persons by whom registered pension scheme may be established
- 155 Persons by whom scheme may be established: supplementary
- 156 Appeal against decision not to register
- 156A Cases where application for registration not decided within 6 months
- De-registration
- 157 De-registration
- 158 Grounds for de-registration
- 159 Appeal against decision to de-register
- 159A Power to require information or documents for purpose of considering if scheme administrator is fit and proper
- 159B Power to inspect documents for purpose of considering if scheme administrator is fit and proper
- 159C Penalties for failure to comply with information notices etc
- 159D Penalties for inaccurate information or documents provided under information notice
- Chapter 3 Payments by registered pension schemes
- Introductory
- 160 Payments by registered pension schemes
- 161 Meaning of “payment” etc
- 162 Meaning of “loan”
- 163 Meaning of “borrowing” etc
- Authorised member payments
- 164 Authorised member payments
- 165 Pension rules
- 166 Lump sum rule
- 167 Pension death benefit rules
- 168 Lump sum death benefit rule
- 169 Recognised transfers
- 170 Appeal against decision to exclude recognised overseas pension scheme
- 171 Scheme administration member payments
- Unauthorised member payments
- 172 Assignment
- 172A Surrender
- 172B Increase in rights of connected person on death
- 172BA Increase in rights on death arising from alternatively secured pension fund etc
- 172C Allocation of unallocated employer contributions
- 172D Limit on increase in benefits
- 173 Benefits
- 174 Value shifting
- 174A Taxable property held by investment-regulated pension schemes
- Authorised employer payments
- 175 Authorised employer payments
- 176 Public service scheme payment
- 177 Authorised surplus payment
- 178 Compensation payments
- 179 Authorised employer loan
- 180 Scheme administration employer payments
- Unauthorised employer payments
- 181 Value shifting
- Alternatively secured pensions
- 181A Minimum level of payment
- Borrowing
- 182 Unauthorised borrowing: money purchase arrangements other than collective money purchase arrangements
- 183 Effect of unauthorised borrowing: money purchase arrangements other than collective money purchase arrangements
- 184 Unauthorised borrowing: other arrangements
- 185 Effect of unauthorised borrowing: other arrangements
- Income and gains from taxable property
- 185A Income from taxable property
- 185B Annual profits and deemed profits
- 185C Deemed market value
- 185D Apportionment to pension scheme
- 185E Credit for tax paid
- 185F Gains from taxable property
- 185G Disposal by person holding directly
- 185H Disposal of interest in vehicle
- 185I Credit for tax paid
- Repayments of lump sums
- 185J Effect of repayment of certain pre-6 April 2015 lump sums
- Chapter 4 Registered pension schemes: tax reliefs and exemptions
- Scheme investments
- 186 Income
- 187 Chargeable gains
- Members' contributions
- 188 Relief for contributions
- 189 Relevant UK individual
- 190 Annual limit for relief
- 191 Methods of giving relief
- 192 Relief at source
- 192A. Relief at source: additional relief
- 192B. Relief at source: excessive relief given
- 193 Relief under net pay arrangements
- 193A Net pay arrangements: disparity with relief at source
- 194 Relief on making of claim
- 195 Transfer of certain shares to be treated as payment of contribution
- 195A Life assurance premium contributions
- Employers' contributions
- 196 Relief for employers in respect of contributions paid
- 196A Power to restrict relief
- 196B Employer asset-backed contributions: denial of relief (1)
- 196C Employer asset-backed contributions: “acceptable structured finance arrangement” (1)
- 196D Employer asset-backed contributions: denial of relief (2)
- 196E Employer asset-backed contributions: “acceptable structured finance arrangement” (2)
- 196F Employer asset-backed contributions: denial of relief (3)
- 196G Employer asset-backed contributions: “acceptable structured finance arrangement” (3)
- 196H Employer asset-backed contributions: “relevant change in relation to the partnership” and “person involved in the relevant change”
- 196I Employer asset-backed contributions: change in lender's original position under acceptable structured finance arrangement etc
- 196J Employer asset-backed contributions: further events which cause section 196I to apply
- 196K Employer asset-backed contributions: “advances” under acceptable structured finance arrangements
- 196L Employer asset-backed contributions: supplementary
- 197 Spreading of relief
- 198 Spreading of relief: cessation of business
- 199 Deemed contributions
- 199A Indirect contributions
- 200 No other relief for employers in connection with contributions
- 201 Relief for employees
- Inland Revenue contributions
- 202 Minimum contributions under pensions legislation
- Inheritance tax exemptions
- 203 Inheritance tax exemptions
- Chapter 5 Registered pension schemes: tax charges
- Charges on authorised payments
- 204 Authorised pensions and lump sums
- 205 Short service refund lump sum charge
- 205A Serious ill-health lump sum charge
- 206 Special lump sum death benefits charge
- 206A Partial repayment of section 206 charge where IHT paid by recipient of benefit
- 206B Supplementary charge on refund of overpaid IHT
- 207 Authorised surplus payments charge
- Unauthorised payments charge
- 208 Unauthorised payments charge
- 209 Unauthorised payments surcharge
- 210 Surchargeable unauthorised member payments
- 211 Valuation of crystallised rights for purposes of section 210
- 212 Valuation of uncrystallised rights for purposes of section 210
- 213 Surchargeable unauthorised employer payments
- ...
- 213A High income excess relief charge
- 213B High income
- 213C Gross income
- 213D Relevant income
- 213E The appropriate rate
- 213F Total pension savings amount
- 213G Money purchase arrangements other than cash balance arrangements
- 213H Cash balance arrangements
- 213I Adjustment of closing rights
- 213J Defined benefits arrangements
- 213K Adjustment of closing pension and lump sum
- 213L Age-related factors
- 213M Uprating of opening rights, pension and lump sum
- 213N Hybrid arrangements
- 213O Anti-avoidance
- 213P Power to make regulations about charge
- ...
- 214 Lifetime allowance charge
- 215 Amount of charge
- 216 Benefit crystallisation events and amounts crystallised
- 217 Persons liable to charge
- 218 Individual’s lifetime allowance and standard lifetime allowance
- 219 Availability of individual’s lifetime allowance
- 220 Pension credits from previously crystallised rights
- 221 Non-residence: general
- 222 Non-residence: money purchase arrangements
- 223 Non-residence: other arrangements
- 224 Transfers from recognised overseas pension scheme: general
- 225 Overseas scheme transfers: money purchase arrangements
- 226 Overseas scheme transfers: other arrangements
- Annual allowance charge
- 227 Annual allowance charge
- 227ZA The chargeable amount
- 227A Individuals who meet flexible drawdown conditions
- 227B The alternative chargeable amount
- 227C Meaning of “money-purchase input sub-total”
- 227D Pension input amounts in respect of certain hybrid arrangements
- 227E Pension input periods ending before rights are first flexibly accessed
- 227F Pension input periods in which rights are first flexibly accessed
- 227G When pension rights are first flexibly accessed
- 228 Annual allowance
- 228ZA Tapered reduction of annual allowance: high-income individual
- 228ZB Anti-avoidance in connection with section 228ZA
- 228A Carry forward of unused annual allowance
- 228B Carry forward: certain periods treated as pension input periods
- 228C Annual allowance for, and carry-forward from, 2015-16
- 2015-16 split into two tax years for annual allowance purposes
- Double allowances allocated to earlier part of 2015-16
- Allowances for later part of 2015-16 limited to carried-forward allowances
- Limit on carry-forward of unused allowances from earlier part of 2015-16
- Further provisions about carry-forward of unused allowances
- Supplementary provision
- 229 Total pension input amount
- 230 Cash balance arrangements
- 231 Cash balance arrangements: uprating of opening value
- 232 Cash balance arrangements: adjustments of closing value
- 233 Other money purchase arrangements
- 234 Defined benefits arrangements
- 235 Defined benefits arrangements: uprating of opening value
- 236 Defined benefits arrangements: adjustments of closing value
- 236ZA. Defined benefits arrangements: public service pension schemes
- 236A Post-entitlement enhancements
- 237 Hybrid arrangements
- 237ZA Pension input amounts for input periods ending in 2015-16
- Modified rules for cash balance, or defined benefits, arrangement
- Single input amount to be calculated for combined period
- Apportioning input amount for combined period to tax years
- Calculation and apportionment rules modified in certain cases
- Exceptions in certain cases where individual is deferred member of scheme
- Modifications in some other cases where individual is deferred member of scheme
- Modification where first input period ends with 5 April 2016
- Modification where last input period ends before 9 July 2015
- Alternative modifications where individual is deferred member of scheme
- 237A Liability of individual
- 237B Liability of scheme administrator
- 237BA Time limit for notices under section 237B
- 237C Exceptions
- 237D Discharge of scheme administrator's liability
- 237E Consequential benefit adjustments to be reasonable etc
- 237F Power to modify rules
- 238 Pension input period : arrangement commencing before 9 July 2015
- 238ZA Pension input periods from 9 July 2015 for existing arrangement
- 238ZB Pension input periods for arrangement commencing after 8 July 2015
- 238A Power to make orders about charge
- Scheme sanction charge
- 239 Scheme sanction charge
- 240 Amount of charge
- 241 Scheme chargeable payment
- De-registration charge
- 242 De-registration charge
- CHAPTER 5A Registered pension schemes established outside the United Kingdom
- 242A Meaning of “non-UK registered scheme”
- 242B Meaning of “UK-relieved funds”
- 242C Application of this Part to non-UK registered schemes
- 242D Non-UK registered schemes: annual allowance charge
- 242E Investment-regulated non-UK registered schemes
- Chapter 6 Schemes that are not registered pension schemes
- Non-UK schemes
- 243 Overseas pension schemes: migrant member relief
- 244 Non-UK schemes: application of certain charges
- Non-UK schemes: the overseas transfer charge
- 244A Overseas transfer charge
- 244AA Overseas transfer charge: introduction
- 244AB Overseas transfer charge: interpretation
- 244AC Overseas transfer charge: transfers where no exclusion applies
- 244B Exclusion: member and receiving scheme in same country
- 244C Exclusion: receiving scheme in EEA state or Gibraltar, and member resident in UK or EEA state
- 244D Exclusion: receiving scheme is an occupational pension scheme
- 244E Exclusion: receiving scheme set up by international organisation
- 244F Exclusion: receiving scheme is an overseas public service scheme
- 244G Exclusions: avoidance of double charge, and transitional protections
- 244H Power to provide for further exclusions
- 244I Circumstances in which exclusions do not apply
- 244IA Overseas transfer charge: transfers exceeding available allowance
- 244IB Member’s overseas transfer allowance
- 244IC Availability of member’s overseas transfer allowance
- 244ID Information to be provided by relieved relevant non-UK scheme on block transfer
- 244J Persons liable to charge
- 244JA Amount of charge
- 244K Meaning of “transferred value”
- 244L Accounting for overseas transfer charge by scheme managers
- 244M Repayments of charge on subsequent excluding events
- 244N Discharge of liability of scheme administrator or manager
- Employer-financed retirement benefit schemes
- 245 Restriction of deduction for contributions by employer
- 246 Restriction of deduction for non-contributory provision
- 246A Case where no relief for provision by an employer
- 247 Abolition of income tax charge in respect of employer payments
- 248 Employer’s cost of insuring against non-payment of benefit
- 249 Taxation of non-pension benefits
- Chapter 7 Compliance
- Information
- 250 Registered pension scheme return
- 251 Information: general requirements
- 252 Notices requiring documents or particulars
- 253 Appeal against notices
- Accounting and assessment
- 254 Accounting for tax by scheme administrators
- 255 Assessments under this Part
- Payment
- 255A Electronic payment
- 255B Payments to be cleared payments
- Registration regulations
- 256 Enhanced ... allowance regulations
- Penalties
- 257 Registered pension scheme return
- 258 Information required by regulations
- 259 Documents and particulars required by notice
- 260 Accounting return
- 261 Enhanced ... allowance regulations: documents and information
- 262 Enhanced ... allowance regulations: failures to comply
- 263 ... Enhanced protection: benefit accrual
- 264 False statements etc
- 265 Winding-up to facilitate payment of lump sums
- 266 Transfers to insured schemes
- Relief from liability in respect of returned unauthorised member payments
- 266A Member's liability
- 266B Scheme's liability
- Discharge of tax liability: good faith
- 267 Lifetime allowance charge
- 268 Unauthorised payments surcharge and scheme sanction charge
- 269 Appeal against decision on discharge of liability
- Scheme administrator
- 270 Meaning of “scheme administrator”
- 271 Liability of scheme administrator
- 272 Trustees etc. liable as scheme administrator
- 272A Liabilities of independent trustee
- 272B Liabilities of scheme administrator appointed by independent trustee etc
- 272C Former scheme administrator etc to retain liability
- 273 Members liable as scheme administrator
- 273ZA Income and gains from taxable property
- 273A Insurance company liable as scheme administrator
- 273B Power of trustees or managers to make certain payments
- 274 Supplementary
- Chapter 8 Supplementary
- Master Trust schemes, collective money purchase schemes etc
- 274ZZA Master Trust schemes
- 274ZZB Collective money purchase schemes
- 274ZZC Power to make provision about collective money purchase schemes
- 274ZA Schemes treated as occupational pension schemes
- Dormant pension benefits
- 274ZB Treatment of pension benefits reclaimed from reclaim fund etc
- Interpretation
- 274A Power to split schemes
- 275 Insurance company
- 276 Relevant valuation factor
- 277 Valuation assumptions
- 278 Market value
- 278A Disqualifying pension credits
- 278B Annuities and scheme pensions: meaning of “related to”
- 279 Other definitions
- 280 Abbreviations and general index
- Other supplementary provisions
- 281 Minor and consequential amendments
- 282 Orders and regulations
- 283 Transitionals and savings
- 284 Commencement
- Part 5 Oil
- 285 Certain receipts not to be tariff receipts
- 286 Petroleum extraction activities: exploration expenditure supplement
- 287 Restrictions on expenditure allowable
- 288 Terminal losses
- Part 6 Other taxes
- Climate change levy
- 289 Supplies to producers of commodities
- Aggregates levy
- 290 Transitional tax credit in Northern Ireland: changes to existing scheme
- 291 Transitional tax credit in Northern Ireland: new scheme
- Lorry road-user charge
- 292 Lorry road-user charge
- Inheritance tax
- 293 Delivery of accounts etc
- 294 Grant of probate
- 295 Amendments to penalty regime
- Stamp duty land tax and stamp duty
- 296 Miscellaneous amendments
- Stamp duty land tax
- 297 Leases
- 298 Notification, registration and penalties
- 299 Claims not included in returns
- 300 Assents and appropriations by personal representatives
- 301 Chargeable consideration
- 302 Charities relief
- 303 Shared ownership leases
- 304 Application to certain partnership transactions
- 305 Liability of partners
- Part 7 Disclosure of tax avoidance schemes
- 305A Introduction
- 306 Meaning of “notifiable arrangements” and “notifiable proposal”
- 306A Doubt as to notifiability
- 307 Meaning of “promoter”
- 308 Duties of promoter
- 308A Supplemental information
- 309 Duty of person dealing with promoter outside United Kingdom
- 310 Duty of parties to notifiable arrangements not involving promoter
- 310A Duty to provide further information requested by HMRC
- 310B Failure to provide information under section 310A: application to the Tribunal
- 310C Duty of promoters to provide updated information
- 310D Notice of potential allocation of reference number: arrangements and proposals suspected of being notifiable
- 311 Allocation of reference number to arrangements
- 311A Duty of HMRC to notify persons of reference number
- 311B Right of appeal: section 311(3) case
- 311C Duty to provide further information requested by HMRC: section 311(3) case
- 312 Duty of promoter to notify client of number : section 311(2) case
- 312ZA Duty to notify client of reference number: section 311(3) case
- 312A Duty of client to notify parties of number
- 312B Duty of client to provide information ...
- 313 Duty of parties to notify HMRC of reference number etc
- 313ZA Duty to provide details of clients
- 313ZB Enquiry following disclosure of client details
- 313ZC Duty of employer to notify HMRC of details of employees etc
- 313A Pre-disclosure enquiry
- 313B Reasons for non-disclosure: supporting information
- 313C Provision of information to HMRC by introducers
- 314 Legal professional privilege
- 314A Order to disclose
- 315 Penalties
- 315A Further penalties
- 315B Determination of penalties
- 315C Failure to comply with time limit
- 315D Other exemptions from liability to a penalty
- 315E Regulations to vary amounts
- 316 Information to be provided in form and manner specified by HMRC
- 316A Duty to provide additional information
- 316B Confidentiality
- 316C Publication by HMRC
- 316D Section 316C: subsequent judicial rulings
- 317 Regulations under Part 7
- 317A Special Commissioners: procedure
- 318 Interpretation of Part 7
- 319 Part 7: commencement and savings
- Part 8 Miscellaneous matters
- 320 Exclusion of extended limitation period in England, Wales and Northern Ireland
- 321 Exclusion of extended prescriptive period in Scotland
- 322 Mutual assistance: customs union with the Principality of Andorra
- 323 Ending of shipbuilders' relief
- 324 Government borrowing: preparations for possible adoption of Euro
- 325 Premium bonds
- Part 9 Supplementary provisions
- 326 Repeals
- 327 Interpretation
- 328 Short title
- SCHEDULES
- SCHEDULE 1 New Schedule 2A to the Alcoholic Liquor Duties Act 1979
- SCHEDULE 2 Disclosure of value added tax avoidance schemes
- Part 1 Principal amendments of Value Added Tax Act 1994
- Part 2 Consequential amendments
- SCHEDULE 3 Corporation tax: the non-corporate distribution rate: supplementary provisions
- Part 1 General provisions
- Introduction
- Meaning of “non-corporate distribution”
- Calculation of company’s “underlying rate of corporation tax”
- Matching: distributions not exceeding basic profits
- Matching: distributions exceeding basic profits
- Part 2 Allocation of excess NCDs to other companies
- Allocation of excess NCDs to other companies
- Allocation of excess NCDs to other group companies
- Allocation of excess NCDs: period or periods to which amount to be allocated
- Allocation of excess NCDs: degrouping
- Allocation of excess NCDs: procedure
- Allocation of excess NCDs: amounts proving to be excessive
- Allocation of excess NCDs to companies not resident in the United Kingdom
- Part 3 Other supplementary provisions
- Carry forward of excess NCDs
- Definition of a group
- Accounting period treated as ending if company ceases to be a member of a group
- Treatment of distributions made otherwise than in an accounting period
- Holding companies treated as carrying on a business
- Interpretation
- SCHEDULE 4 Amendments relating to the rate applicable to trusts
- Sums paid to settlor otherwise than as income
- Trustees chargeable to income tax at 30 per cent in certain cases
- Commencement
- SCHEDULE 5 Provision not at arm’s length: related amendments
- Taxes Management Act 1970
- Notice of enquiry
- Income and Corporation Taxes Act 1988
- Petroleum extraction activities: ring fence trade: charges on income
- Assumptions for calculating chargeable profits etc: transfer pricing
- Finance Act 1996
- Loan relationships: introductory
- Transactions not at arm’s length
- Continuity of treatment: groups etc.
- Amounts imputed under Schedule 28AA to the Taxes Act 1988
- Finance Act 1998
- Introductory
- Scope of enquiry
- Finance Act 2000
- Introductory: tonnage tax: transactions not at arm’s length
- Transactions between tonnage tax company and another person
- Transactions between tonnage tax trade and other activities of same company
- Finance Act 2002
- SCHEDULE 6 Expenses of companies with investment business and insurance companies
- Income and Corporation Taxes Act 1988
- Incidental costs of obtaining loan finance
- Change in ownership of investment company: deductions generally.
- Deductions: assets transferred within group
- Change in ownership of company carrying on property business
- Change in ownership of company with unused non-trading loss on intangible fixed assets
- Finance Act 1989
- Charge of certain receipts of basic life assurance business
- Spreading of relief for acquisition expenses
- Finance Act 1996
- SCHEDULE 7 Insurance companies etc
- Transfers of business
- Chargeable gains
- Double taxation
- Meaning of “referable”
- SCHEDULE 8 Loan relationships: miscellaneous amendments
- Introductory
- Late interest: close companies where limited partnership is collective investment scheme etc
- Bad debts etc: release of amount where creditor is subject to insolvency proceedings
- Bad debt etc: parties having connection and creditor in insolvent administrative receivership
- Deemed assignment of assets and liabilities on company ceasing to be resident in UK etc
- Discounted securities of close companies: limited partnership collective investment scheme etc
- Interpretation of references to major interest
- SCHEDULE 9 Derivative contracts: miscellaneous amendments
- Introductory
- Power to amend provisions of Schedule 26
- Deemed assignment of derivative contracts on company ceasing to be resident in UK etc
- Derivative contracts for unallowable purposes
- Open-ended investment companies: capital profits and losses
- SCHEDULE 10 Amendment of enactments that operate by reference to accounting practice
- Part 1 Loan relationships
- Main computational provisions
- Special computational provisions
- Collective investment schemes etc.
- Consequential amendments
- Part 2 Derivative contracts
- Method of taxation
- Accounting methods
- Special provision for bad debt etc.
- Special computational provisions
- Collective investment schemes
- Miscellaneous
- Interpretation
- Consequential amendment
- Part 3 Intangible fixed assets
- Excluded assets: assets in respect of which capital allowances previously made
- Adjustment on change of accounting policy
- References to amounts recognised in profit and loss account
- Consequential amendments
- Part 4 Foreign currency accounting
- Main provisions
- Consequential amendments
- Transitional provision
- SCHEDULE 11 Conditions for registration for gross payment
- Part 1 Conditions to be satisfied by individuals
- General
- The business test
- The turnover test
- The compliance test
- Part 2 Conditions to be satisfied by firms
- General
- The business test
- The turnover test
- The compliance test
- Exception from compliance test: firms
- Part 3 Conditions to be satisfied by companies
- General
- The business test
- The turnover test
- The compliance test
- Exception from the compliance test: companies
- Part 4 Supplementary provisions
- Power to amend conditions for registration for gross payment
- “Qualifying period”
- Regulations under this Schedule
- SCHEDULE 12 Construction industry scheme: consequential amendments
- Records to be kept for purposes of returns
- General rule as to when corporation tax is due and payable
- Claim for repayment in advance of liability being established
- Priority of claim for tax
- Recovery of tax in Scotland
- Priority of claim for tax in Scotland
- Special returns etc
- Special penalties in the case of certain returns
- Sub-contractors in the construction industry
- Designated international organisations: miscellaneous exemptions
- Application of Income Tax Acts to public departments etc
- Provisions for securing payment by company of outstanding tax
- Supplementary provisions relating to contributions: Great Britain
- Supplementary provisions relating to contributions: Northern Ireland
- Transitional provisions concerning construction workers supplied by agencies
- Company tax returns, assessments and related matters
- Calculation of deemed employment payment
- SCHEDULE 13 Childcare and childcare vouchers
- Childcare
- Childcare vouchers
- SCHEDULE 14 Vans
- SCHEDULE 15 Charge to income tax on benefits received by former owner of property
- Introductory
- Land
- Chattels
- Intangible property comprised in settlement where settlor retains an interest
- Excluded transactions
- Exemptions from charge
- Chargeable person non-UK resident or not a long-term UK resident
- Exemption in cases where aggregate notional annual values do not exceed £5,000
- Power of Treasury to confer further exemptions by regulations
- Valuation
- Changes in distribution of deceased’s estate
- Guarantees
- Persons chargeable under different provisions by reference to same property
- Relationship with Part 3 of Income Tax (Earnings and Pensions) Act 2003
- Regulations
- Election for application of inheritance tax provisions
- SCHEDULE 16 Relief where national insurance contributions met by employee
- Income tax relief: restricted securities
- Income tax relief: convertible securities
- Income tax relief: securities options
- Consequential amendments: PAYE
- Consequential amendments: corporation tax relief
- Consequential amendments: capital gains tax
- Other consequential amendments
- SCHEDULE 17 Minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003
- Free or subsidised meals
- Payments to non-approved pension schemes: exception for employment where earnings not within main charging provisions
- Time limit for assessment: income received after year for which it is assessable
- Computation of profits or gains under Schedule D: delayed payment of remuneration
- Donations to charity by individuals: application to Crown employment
- Payments on account of income tax
- Tax relief for expenditure on R&D or remediation of contaminated land: staff costs
- Gains and losses of a company from intangible fixed assets: delayed payment of remuneration
- Minor corrections of the Income Tax (Earnings and Pensions) Act 2003
- Other minor corrections
- SCHEDULE 18 Enterprise investment scheme
- Part 1 Income tax relief
- Part 2 Deferral relief
- Part 3 Commencement
- SCHEDULE 19 Venture capital trusts
- Part 1 Increase in relief on investments and distributions
- Part 2 Abolition of deferral relief
- Main amendments
- Consequential amendment
- Commencement
- Part 3 Miscellaneous
- SCHEDULE 20 Corporate venturing scheme
- SCHEDULE 21 Chargeable gains: restriction of gifts relief etc
- Penalties for failure to furnish particulars etc
- Charge on settlor with interest in settlement etc: supplementary provisions
- Relief for gifts of business assets
- Gifts relief not to be available on certain transfers to settlor-interested settlements etc
- Gifts on which inheritance tax is chargeable etc
- Payment by instalments of tax on gifts
- Recovery of tax from donee
- Application of taper relief
- Relief for gifts of business assets
- Commencement
- SCHEDULE 22 Chargeable gains: private residence relief
- Relief on disposal of private residence
- Amount of relief
- Amount of relief: further provisions
- Private residence occupied under terms of settlement
- Private residence held by personal representatives
- Private residence relief: cases where relief obtained under section 260
- Commencement
- Transitional provision
- SCHEDULE 23 Finance leasebacks: transitional provision
- Introduction
- Section 228B
- Section 228B
- Section 228C
- Section 228C
- Section 228C
- Section 228D
- Section 228D
- Section 228E
- Chargeable gains
- Interpretation
- SCHEDULE 24 Manufactured dividends
- Amendments of sections 231AA, 231AB and 233 of the Taxes Act 1988
- Amendments of paragraph 2A of Schedule 23A to the Taxes Act 1988
- Amendment of the Taxation of Chargeable Gains Act 1992
- SCHEDULE 25 Lloyd’s names: conversion to limited liability underwriting
- SCHEDULE 26 Offshore funds
- Computation of UK equivalent profits: creditor relationships
- Computation of UK equivalent profits: derivative contracts
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Treatment of umbrella funds and funds comprising more than one class of interest
- Investment conditions to be met by funds seeking certification as distributing fund
- Investment conditions to be met by funds seeking certification as distributing fund
- Exchange of interests of different classes
- Correction of cross-reference
- Transitional provision
- SCHEDULE 27 Meaning of “offshore installation”
- Part 1 The new definition
- Part 2 Minor and consequential amendments
- The Taxes Act 1988
- The Taxes Act 1988
- Finance Act 2000 (c. 17)
- Finance Act 2000 (c. 17)
- Capital Allowances Act 2001 (c. 2)
- Capital Allowances Act 2001 (c. 2)
- Capital Allowances Act 2001 (c. 2)
- Capital Allowances Act 2001 (c. 2)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- SCHEDULE 28 Registered pension schemes: authorised pensions—supplementary
- Part 1 Pension rules
- Defined benefits and money purchase arrangements
- Ill-health condition
- Scheme pension
- Money purchase arrangements
- Lifetime annuity
- Drawdown pension
- Short-term annuity
- Income withdrawal
- Member's drawdown pension fund
- Member's flexi-access drawdown fund
- Conversion of certain drawdown pension funds into flexi-access drawdown funds
- Drawdown pension year and basis amount for drawdown pension year
- Unsecured pension year and basis amount for unsecured pension year
- Member’s alternatively secured pension fund
- Alternatively secured pension year and basis amount for alternatively secured pension year
- Alternatively secured pension year and basis amount for alternatively secured pension year
- Relevant annuity
- Minimum income requirement
- The relevant day
- Relevant contributions
- Valid and accepted declarations
- Part 2 Pension death benefit rules
- Defined benefits and money purchase arrangements
- Meaning of “dependant”
- Dependants' scheme pension
- Money purchase arrangements
- Dependants' annuity
- Dependants' drawdown pension
- Dependants' short-term annuity
- Dependants' income withdrawal
- Dependant's drawdown pension fund
- Dependant's flexi-access drawdown fund
- Conversion of certain dependants' drawdown funds into flexi-access drawdown funds
- Drawdown pension year and basis amount for drawdown pension year
- Minimum income requirement
- The relevant day
- Relevant contributions
- Valid and accepted declarations
- Dependant’s alternatively secured pension fund
- Alternatively secured pension year and basis amount for alternatively secured pension year
- Meaning of “nominee”
- Nominees' annuity
- Nominees' drawdown pension
- Nominees' short-term annuity
- Nominees' income withdrawal
- Nominee's flexi-access drawdown fund
- Meaning of “successor”
- Successors' annuity
- Successors' drawdown pension
- Successors' short-term annuity
- Successors' income withdrawal
- Successor's flexi-access drawdown fund
- SCHEDULE 29 Registered pension schemes: authorised lump sums—supplementary
- Part 1 Lump sum rule
- Pension commencement lump sum
- Pension commencement lump sums: anti-avoidance
- Pension commencement excess lump sum
- Serious ill-health lump sum
- Uncrystallised funds pension lump sum
- Short service refund lump sum
- Refund of excess contributions lump sum
- Trivial commutation lump sum
- Winding-up lump sum
- ...
- ...
- Interpretation ...
- Part 2 Lump sum death benefit rule
- Defined benefits arrangements
- Defined benefits lump sum death benefit
- Pension protection lump sum death benefit
- Money purchase arrangements
- Uncrystallised funds lump sum death benefit
- Annuity protection lump sum death benefit
- Drawdown pension fund lump sum death benefit
- Flexi-access drawdown fund lump sum death benefit
- Charity lump sum death benefit
- Transfer lump sum death benefit
- Defined benefits and money purchase arrangements
- Trivial commutation lump sum death benefit
- Interpretation
- Interpretation of Part 2
- SCHEDULE 29A Taxable property held by investment-regulated pension schemes
- Part 1 Investment-regulated pension schemes
- Schemes other than occupational pension schemes
- Occupational pension schemes
- Separate self-controlled section
- Related persons
- Arrangements
- Part 2 Taxable property
- Taxable property
- Residential property
- Tangible moveable property
- Part 3 Acquisition and holding of taxable property
- Acquisition
- Holding
- Direct holding
- Exception to direct holding
- Indirect holding
- Exceptions to indirect holding
- Deemed acquisition
- Associated persons
- Part 4 Amount and timing of unauthorised payment
- Introduction
- Acquisition: basic rules
- Acquisition: further provisions
- Post-acquisition unauthorised payments
- Improvement of taxable property
- Conversion or adaptation as residential property
- Apportionment to pension scheme
- Deemed acquisition: adjustment
- Apportionment to member
- SCHEDULE 30 Registered pension schemes: employer loans
- Definitions
- Charge of adequate value
- Loan repayment date
- Loan year
- Required amount
- Amount of unauthorised payment
- Loan does not comply with section 179(1) when made
- Loan ceases to be secured by charge of adequate value
- Further reduction in value of charge which is not of adequate value
- Loan ceases to comply with repayment terms
- Increase in extent to which loan does not comply with repayment terms
- Prevention of double charging
- Total unauthorised payments not to exceed amount of loan
- Amount 1
- Amount 2
- Amount A
- Amount B
- Amount C
- SCHEDULE 31 Taxation of benefits under registered pension schemes
- SCHEDULE 32 Registered pension schemes: benefit crystallisation events ...
- Introduction
- The benefit crystallisation events
- General: meaning of “the relevant pension schemes”
- ...
- ...
- ...
- ...
- ...
- ...
- Benefit crystallisation events 2 and 4: early lifetime annuities
- Benefit crystallisation event 2: early pensions
- ...
- Benefit crystallisation event 3: disregarding abatement
- Benefit crystallisation event 3: excepted circumstances
- Benefit crystallisation event 3: threshold annual rate
- Benefit crystallisation event 3: permitted margin
- Benefit crystallisation event 3: permitted margin
- ...
- ...
- ...
- ...
- ...
- ...
- ...
- Benefit crystallisation event 6: meaning of “relevant lump sum”
- ...
- ...
- ...
- SCHEDULE 33 Overseas pension schemes: migrant member relief
- Relief for members' etc. contributions
- Relief for employers' contributions
- Meaning of “relevant migrant member”
- Meaning of “qualifying” overseas pension scheme
- SCHEDULE 34 Non-UK schemes: application of certain charges and protections etc
- Member payment charges
- Unauthorised payment charge: alternatively secured pension etc
- Unauthorised payment charge: taxable property
- ...
- Annual allowance charge
- Enhancement of allowances
- ...
- Meaning of “double tax arrangements”
- SCHEDULE 35 Pension schemes etc: minor and consequential amendments
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1990 (c. 29)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1996 (c. 8)
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2002 (c. 23)
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- SCHEDULE 36 Pension schemes etc: transitional provisions and savings
- Part 1 Pre-commencement pension schemes
- Deemed registration of existing schemes
- Opting out of deemed registration
- Power to modify rules of existing schemes
- Scheme administrator
- Post-commencement withdrawal of approval
- Pre-commencement liabilities of scheme administrator
- Part 2 Pre-commencement rights andenhancement of allowances etc
- ...
- “Primary protection”
- “Enhanced protection”
- Pre-commencement pension credits
- Individuals permitted to take pension before normal minimum pension age
- Pre-commencement pensions
- Pension credits from previously crystallised rights
- Non-residence: general
- Non-residence: determination of lump sum and death benefit allowance enhancement factor (money purchase arrangements)
- Non-residence: determination of lump sum and death benefit allowance enhancement factor (other arrangements)
- Transfers from recognised overseas pension scheme: general
- Overseas scheme transfers: determination of relevant relievable amount (money purchase arrangements)
- Overseas scheme transfers: determination of relevant relievable amount (other arrangements)
- Individual’s enhanced lump sum and death benefit allowance
- Part 3 Pre-commencement benefit rights
- Rights to take benefit before normal minimum pension age
- Protected pension age: scheme rights existing before 6 April 2006
- Protected pension age: scheme rights existing before 4 November 2021
- Lump sum rights exceeding £375,000: primary and enhanced protection
- Entitlement to lump sums exceeding 25% of uncrystallised rights
- ...
- Right to payment of lump sum death benefit
- Part 4 Other provisions
- Pre-commencement ill-health insurance contracts
- Pre-commencement holdings of taxable property
- Post-commencement acquisitions of taxable property
- Pre-commencement loans to sponsoring employers
- Retirement annuity contracts: carry-back of pre-commencement contributions
- Members' contributions to pre-commencement retirement annuity contracts
- Employers' contributions relieved before 6th April 2006
- Spreading of employer’s contributions
- Taxation of annuities paid under pre-commencement retirement annuity contracts
- Taxation of pensions accruing (but not taxed) pre-commencement and paid or received post-commencement
- Pensions taxed pre-commencement but accruing post-commencement
- Taxation of certain annuities for dependants purchased pre-commencement
- Application of PAYE to certain annuities in payment at commencement
- Authorised surplus payments charge: pre-19th March 1986 winding-up
- Annual allowance charge: post-commencement contributions to discharge pre-commencement unfunded promises
- ...
- Saving of sections 605 and 651A of ICTA
- Individuals with pre-commencement entitlement to corresponding relief
- Continuing operation of section 392 of ITEPA 2003
- Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement
- Inheritance tax
- SCHEDULE 37 Oil taxation: tax-exempt tariffing receipts and assets producing them
- Part 1 Amendments of the Oil Taxation Act 1983 relating to allowable expenditure and disposal receipts
- Introductory
- Expenditure incurred on long-term assets other than non-dedicated mobile assets
- Exclusion from s.3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts
- Expenditure related to exempt gas: asset use giving rise to tax-exempt tariffing receipts
- Disposal receipts from assets used in a way that gives rise to tax-exempt tariffing receipts
- Assets no longer in use for the principal field
- Brought-in assets
- Subsequent use of new asset otherwise than in connection with a taxable field
- Part 2 Transitional provision
- Expenditure incurred in transitional period: restriction of tax-exempt tariffing receipts
- Part 3 Amendments of the Taxes Act 1988
- Introductory
- Section 496: treatment of tax-exempt tariffing receipts for income and corporation tax
- Part 4 Amendments of other enactments
- Finance Act 1999
- Qualifying assets
- Qualifying assets
- SCHEDULE 38 Schedule to be inserted as Schedule 19B to the Taxes Act 1988
- SCHEDULE 39 Stamp duty land tax and stamp duty
- Part 1 Amendments to Part 4 of the Finance Act 2003: general
- Introduction
- Variation of lease
- Agreement for lease
- Contract providing for conveyance to third party
- Contract and conveyance: effect of transfer of rights
- Relief for sale and leaseback arrangements
- Registration of land transactions
- “Effective date” of a transaction
- Chargeable consideration
- Provisions relating to leases
- Provisions relating to leases
- Transfer of rights after 10th July 2003 relating to earlier contract: applicability of SDLT regime
- Commencement
- Part 2 Re-enactment, with changes, of amendments made by section 109 regulations
- Introduction and revocation
- Meaning of taking possession
- Relief for sale and leaseback arrangements
- Relief for certain acquisitions of residential property
- Initial transfer of assets to trustees of unit trust scheme
- Return or further return in consequence of later linked transaction
- Declaration by person authorised to act on behalf of purchaser
- Crown application
- Further provision relating to leases
- Abolition of stamp duty: application to duplicates and counterparts
- Application of transitional provisions to certain contracts
- Stamping of contract or agreement where transaction on completion or grant of lease subject to stamp duty land tax
- Commencement
- SCHEDULE 40 Stamp duty land tax: claims not included in returns
- SCHEDULE 41 Stamp duty land tax: application to certain partnership transactions
- SCHEDULE 42 Repeals
- Part 1 Excise duties
- Part 2 Income Tax, Corporation Tax and Capital Gains Tax
- Part 3 Pension schemes etc
- Part 4 Other taxes
- Part 5 Miscellaneous matters
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