Finance Act 2009
Finance Act 2009 (2009 c. 10)
- Finance Act 2009 (2009 c. 10)
- Part 1 Charges, rates, allowances, etc
- Income tax
- 1 Charge and main rates for 2009-10
- 2 Basic rate limit for 2009-10
- 3 Personal allowance for 2009-10 for those aged under 65
- 4 Reduction of personal allowance for those with income exceeding £100,000
- 5 Abolition of personal reliefs for non-residents
- 6 Additional rate, dividend additional rate, trust rates and pension tax rates
- Corporation tax
- 7 Charge and main rates for financial year 2010
- 8 Small companies' rates and fractions for financial year 2009
- Value added tax
- 9 Extension of reduced standard rate and anti-avoidance provision
- Stamp duty land tax
- 10 Thresholds for residential property
- Alcohol and tobacco duties
- 11 Rates of alcoholic liquor duty
- 12 Rates of tobacco products duty
- Vehicle excise duty
- 13 Rates for 2009-10
- 14 Rates from April 2010
- Fuel duties
- 15 Rates and rebates from Spring 2009
- 16 Rates and rebates from September 2009
- Other environmental taxes and duties
- 17 Rates of air passenger duty
- 18 Standard rate of landfill tax
- Gambling duties
- 19 Rates of gaming duty
- 20 Bingo duty
- 21 Amounts of duty on amusement machine licences
- 22 Provisions affecting amount of amusement machine licence duty
- Part 2 Income tax, corporation tax and capital gains tax
- Support for business
- 23 Temporary extension of loss carry back provisions
- 24 First-year capital allowances for expenditure in 2009-2010
- 25 Agreements to forgo tax reliefs
- 26 Contaminated and derelict land
- 27 Venture capital schemes
- 28 Group relief: preference shares
- 29 Sale of lessor companies etc: reforms
- 30 Tax relief for business expenditure on cars and motor cycles
- 31 Reallocation of chargeable gain or loss within a group
- 32 Stock lending: chargeable gains in event of insolvency etc of borrower
- 33 FSCS payments representing interest
- Foreign profits etc
- 34 Corporation tax treatment of company distributions received
- 35 Tax treatment of financing costs and income
- 36 Controlled foreign companies
- 37 International movement of capital
- 38 Corporation tax: foreign currency accounting
- 39 Certain distributions of offshore funds taxed as interest
- 40 Income tax credits for foreign distributions
- Loan relationships and derivatives
- 41 Loan relationships involving connected parties
- 42 Release of trade etc debts
- 43 Foreign exchange matching: anti-avoidance
- Collective investment
- 44 Tax treatment of participants in offshore funds
- 45 Power to enable dividends of investment trusts to be taxed as interest
- Insurance etc
- 46 Insurance companies
- 47 Equalisation reserves for Lloyd's corporate and partnership members
- Simplification
- 48 Disguised interest
- 49 Transfer of income streams
- 50 SAYE schemes
- Residence and domicile
- 51 Remittance basis
- 52 Exemption for certain non-domiciled persons
- Employment income
- 53 Taxable benefits: cars
- 54 Taxable benefit of cars: price of automatic car for disabled employee
- 55 Exemption of benefit consisting of health-screening or medical check-up
- 56 MEPs' pay, allowances and pensions under European Parliament Statute
- Double taxation
- 57 Tax underlying dividends
- 58 Manufactured overseas dividends
- 59 Payments by reference to foreign tax etc
- 60 Anti-fragmentation
- Miscellaneous anti-avoidance provisions
- 61 Financial arrangements avoidance
- 62 Transfers of trade to obtain terminal loss relief
- 63 Sale of lessor companies etc: anti-avoidance
- 64 Leases of plant or machinery
- 65 Long funding leases of films
- 66 Real Estate Investment Trusts
- 67 Deductions for employee liabilities
- 68 Employment loss relief
- 69 No loss relief for losses from contracts for life insurance etc
- 70 Intangible fixed assets and goodwill
- 71 Taxable benefit of living accommodation: lease premiums
- Part 3 Pensions
- 72 Special annual allowance charge etc
- 73 Financial assistance scheme
- 74 FSCS intervention in relation to insurance in connection with pensions
- 75 Power to make retrospective non-charging provision
- Part 4 Value added tax
- 76 Place of supply of services etc
- 77 Repayment to those in business in other States
- 78 Information relating to cross-border supplies of services to taxable recipients
- 79 Effect of VAT changes on arbitration of rent for agricultural holdings
- Part 5 Stamp taxes
- Stamp duty land tax
- 80 Exercise of collective rights by tenants of flats
- 81 Registered providers of social housing
- 82 Rent to shared ownership
- Stock lending arrangements
- 83 Stamp taxes in event of insolvency
- Part 6 Oil
- 84 Capital allowances for oil decommissioning expenditure
- 85 Blended oil
- 86 Chargeable gains
- 87 Oil assets put to other uses
- 88 Former licensees and former oil fields
- 89 Abolition of provisional expenditure allowance
- 90 Supplementary charge: reduction for certain new oil fields
- 91 Miscellaneous amendments
- Part 7 Administration
- Standards and values
- 92 HMRC Charter
- 93 Duties of senior accounting officers of qualifying companies
- 94 Publishing details of deliberate tax defaulters
- Information etc
- 95 Amendment of information and inspection powers
- 96 Extension of information and inspection powers to further taxes
- 97 Powers to obtain contact details for debtors
- 98 Record-keeping
- Assessments, claims etc
- 99 Time limits for assessments, claims etc
- 100 Recovery of overpaid tax etc
- Interest
- 101 Late payment interest on sums due to HMRC
- 102 Repayment interest on sums to be paid by HMRC
- 103 Rates of interest
- 103A Further provision as to late payment interest and repayment interest
- 104 Supplementary
- 105 Miscellaneous amendments
- Penalties
- 106 Penalties for failure to make returns etc
- 107 Penalties for failure to pay tax
- 108 Suspension of penalties during currency of agreement for deferred payment
- 109 Miscellaneous amendments
- Miscellaneous
- 110 Recovery of debts using PAYE regulations
- 111 Managed payment plans
- 112 Customs and excise enforcement: movements between member States
- Part 8 Miscellaneous
- Gambling
- 113 VAT exemption for gaming participation fees
- 114 Gaming duty
- 115 Remote bingo etc
- 116 Meaning of “gaming machine” and “gaming”
- Climate change levy
- 117 Taxable commodities ineligible for reduced-rate supply
- 118 Removal of reduced rate where targets not met
- Other environmental taxes and duties
- 119 Landfill tax: prescribed landfill site activities
- 120 Requirement to destroy replaced vehicle registration documents
- 121 Hydrocarbon oil duties: minor amendments
- Other matters
- 122 Inheritance tax: agricultural property and woodlands relief for EEA land
- 123 Alternative finance investment bonds
- 124 Mutual societies: tax consequences of transfers of business etc
- 125 National Savings ordinary accounts: surplus funds
- Part 9 Final provisions
- 126 Interpretation
- 127 Short title
- SCHEDULES
- SCHEDULE 1 Income tax: abolition of non-residents' personal reliefs
- Introduction
- Abolition of reliefs
- Consequential amendments
- Repeals
- Commencement
- SCHEDULE 2 Income tax rates
- Part 1 Amendments of ITA 2007
- Part 2 Amendments of other Acts
- FA 2004
- ITTOIA 2005
- F(No.2)A 2005
- Part 3 Commencement
- SCHEDULE 3 VAT: supplementary charge and orders changing rate
- Part 1 Supplementary charge to VAT
- The charge
- Supply spanning the date of the VAT change
- Grant of right spanning the date of the VAT change
- “Basic time of supply”
- Series of supplies
- “Relevant consideration” and “related” supplies
- Financing
- Connected persons
- Receipt of payments
- Power to change relevant conditions
- Supplies treated as taking place before 31 March 2009
- Part 2 Exceptions
- Letting etc of assets
- Condition B cases involving normal commercial practice
- Normal commercial practice
- Further exceptions
- Part 3 Liability and amount
- Liability
- Amount
- Part 4 Listed supplies
- “Listed supply”
- “Basic time of supply”: listed supplies
- Part 5 Administration and interpretation
- Person ceasing to be taxable person before supplementary charge due
- Adjustment of contracts following the VAT change
- Invoices
- Orders under this Schedule
- Interpretation: general
- Part 6 Amendments of VATA 1994
- SCHEDULE 4 Vehicle excise duty: further provision about rates of duty etc
- SCHEDULE 5 Air passenger duty
- Amendments
- Consequential repeals
- Commencement etc
- SCHEDULE 6 Temporary extension of carry back of losses
- Income tax
- Corporation tax
- SCHEDULE 7 Contaminated and derelict land
- Part 1 Amendments of Part 14 of CTA 2009
- Part 2 Amendments of other enactments
- ICTA
- FA 1998
- CTA 2009
- Part 3 Commencement
- SCHEDULE 8 Venture capital schemes
- Enterprise investment scheme
- Corporate venturing scheme
- Venture Capital Trusts
- Consequential repeals
- Commencement
- SCHEDULE 9 Group relief: preference shares
- Amendments of Schedule 18 to ICTA
- Commencement
- Election to opt out of changes in relation to pre-existing etc shares
- Paragraph 2(7) of Schedule 25 to ICTA
- SCHEDULE 10 Sale of lessor companies etc: reforms
- Introduction
- Paragraph 7
- Paragraph 13A
- Paragraph 17
- Paragraph 23
- Paragraph 23A
- Paragraph 32
- Paragraph 39
- Commencement
- SCHEDULE 11 Tax relief for business expenditure on cars and motor cycles
- Part 1 Capital allowances
- Plant and machinery allowances for cars and motor cycles
- Consequential amendments of CAA 2001
- Consequential repeal
- Commencement and transitionals: introduction
- Commencement
- Transitionals
- Interpretation
- Part 2 Restrictions on deductions for hire expenses
- Income tax
- Corporation tax
- Consequential repeals
- Commencement
- Election for new regime not to apply in certain cases
- Saving
- SCHEDULE 12 Reallocation of chargeable gain or loss within a group
- Main provisions
- Consequential amendments
- Commencement
- SCHEDULE 13 Chargeable gains in stock lending: insolvency etc of borrower
- SCHEDULE 14 Corporation tax treatment of company distributions
- Part 1 Insertion of new Part 9A of CTA 2009
- Part 2 Other amendments
- ICTA
- FA 1989
- FA 1994
- FA 2006
- CTA 2009
- Consequential repeals
- Part 3 Commencement etc
- Commencement
- Transitional provision
- SCHEDULE 15 Tax treatment of financing costs and income
- Part 1 Introduction
- Overview
- Part 2 Application of this Schedule
- Application of Schedule
- UK net debt of the worldwide group for period of account of worldwide group
- Net debt of a company
- Worldwide gross debt of worldwide group for period of account of worldwide group
- References to amounts disclosed in balance sheet of relevant group company
- Qualifying financial services groups
- Qualifying activities
- Lending activities and activities ancillary to lending activities
- Insurance activities and insurance related activities
- Relevant dealing in financial instruments
- UK trading income of the worldwide group
- Worldwide trading income of the worldwide group
- Foreign currency accounting
- Part 3 Disallowance of deductions
- Application of Part and meaning of “total disallowed amount”
- Meaning of “company to which this Part applies”
- Appointment of authorised company for relevant period of account
- Meaning of “the reporting body”
- Statement of allocated disallowances: submission
- Statement of allocated disallowances: submission of revised statement
- Statement of allocated disallowances: requirements
- Statement of allocated disallowances: effect
- Company tax returns
- Power to make regulations about statement of allocated disallowances
- Failure of reporting body to submit statement of allocated disallowances
- Powers to make regulations in relation to reductions required under paragraph 25
- Part 4 Exemption of financing income
- Application of Part and meaning of “total disallowed amount”
- Meaning of “company to which this Part applies”
- Appointment of authorised company for relevant period of account
- Meaning of “the reporting body”
- Statement of allocated exemptions: submission
- Statement of allocated exemptions: submission of revised statement
- Statement of allocated exemptions: requirements
- Statement of allocated exemptions: effect
- Company tax returns
- Power to make regulations about statement of allocated exemptions
- Failure of reporting body to submit statement of allocated exemptions
- Power to make regulations in relation to reductions required under paragraph 37
- Balancing payments between group companies: no charge to, or relief from, tax
- Part 5 Intra-group financing income where payer denied deduction
- Exemption from tax for certain financing income received from certain EEA companies
- Meaning of “relevant associate”
- Meaning of “tax-resident” and “EEA territory”
- Qualifying EEA tax relief for payment in the current period or a previous period
- Qualifying EEA tax relief for payment in future period
- References to tax of a territory
- Financing income amounts of a company
- Part 6 Anti-avoidance
- Schemes involving manipulation of rules in Part 2
- Schemes involving manipulation of rules in Parts 3 and 4
- Meaning of “relevant net deduction”
- Calculation of amounts
- Meaning of “carried-back amount” and “carried-forward amount”
- Schemes involving manipulation of rules in Part 5
- Meaning of “scheme” and “excluded scheme”
- Part 7 “Financing expense amount” and “financing income amount”
- The financing expense amounts of a company
- The financing income amounts of a company
- Interpretation of paragraphs 54 and 55
- Group treasury companies
- Real estate investment trusts
- Companies engaged in oil extraction activities
- Intra-group short-term finance: financing expense
- Intra-group short-term finance: financing income
- Short-term loan relationships
- Stranded deficits in non-trading loan relationships: financing expense
- Stranded deficits in non-trading loan relationships: financing income
- Stranded management expenses in non-trading loan relationships: financing expense
- Stranded management expenses in non-trading loan relationships: financing income
- Charities
- Educational and public bodies
- Interpretation of paragraphs 57 to 68
- Part 8 The “tested expense amount” and “tested income amount”
- The tested expense amount
- The tested income amount
- Companies with net financing deduction or net financing income that is small
- Part 9 The “available amount”
- The available amount
- Group members with income from oil extraction subject to particular tax treatment in UK
- Group members with income from shipping subject to particular tax treatment in UK
- Group members with income from property rental subject to particular tax treatment in UK
- Meaning of accounting expressions used in this Part
- Part 10 Other interpretative provisions
- The worldwide group
- Meaning of “group”
- Meaning of “ultimate parent”
- Meaning of “corporate entity”
- Meaning of “relevant non-corporate entity”
- Treatment of entities stapled to corporate entities or relevant non-corporate entities
- Treatment of business combinations
- Meaning of “large” in relation to a group
- Meaning of “UK group company” and “relevant group company”
- Financial statements of the worldwide group
- Non-compliant financial statements of worldwide group
- Non-existent financial statements of worldwide group
- References to amounts disclosed in financial statements
- Translation of amounts disclosed in financial statements into sterling
- Expressions taking their meaning from international accounting standards
- Meaning of “relevant accounting period”
- Meaning of “the Commissioners” and “HMRC”
- Part 11 Consequential amendments and commencement
- Consequential amendments
- Commencement
- Anti-avoidance: change of period of account of worldwide group
- Transitional provision
- SCHEDULE 16 Controlled foreign companies
- Part 1 Abolition of acceptable distribution policy exemption
- Abolition of acceptable distribution policy exemption
- Consequential amendments
- Commencement
- Periods straddling 1 July 2009
- Transitional provision
- Interpretation
- Part 2 Amendment of exempt activities exemption
- Abolition of special rules for holding companies other than local holding companies
- Commencement
- Meaning of “qualifying holding company” and “exempt holding company”
- Periods straddling 1 July 2009
- Qualifying holding companies: periods straddling 1 July 2012
- Qualifying holding companies: definition of “relevant accounting period”
- Qualifying holding companies: treatment during three years before 1 July 2012
- Meaning of “ultimate corporate parent” and “group” for the purposes of paragraph 17(3)
- Reference periods: anti-avoidance
- Interpretation
- Part 3 Reduction in chargeable profits for certain financing income
- Reduction in chargeable profits for certain financing income
- Commencement
- SCHEDULE 17 International movement of capital
- Part 1 Abolition of existing regime
- Part 2 Reporting requirement
- Reporting requirement
- Meaning of “reporting body”
- Groups with more than one UK corporate parent: nomination of single reporting body
- Meaning of “UK corporate parent”
- Reportable events and transactions
- Excluded transactions
- Penalty for failure to comply with reporting requirement
- Regulations and orders
- Interpretation
- Part 3 Commencement etc
- Commencement
- Transitional provision
- SCHEDULE 18 Corporation tax: foreign currency accounting
- Amendments of FA 1993
- Commencement and transitional provision
- Sterling equivalent if amount carried back to pre-commencement accounting period
- Sterling equivalent if amount carried forward from earlier period
- Adjustment of sterling loss if amount carried back to pre-commencement accounting period
- Adjustment of sterling loss if amount carried forward from earlier period
- Interpretation
- Right of company to elect for different commencement and transitional provision to apply
- SCHEDULE 19 Income tax credits for foreign distributions
- ITTOIA 2005
- Consequential amendments of other Acts
- Commencement
- SCHEDULE 20 Loan relationships: connected parties
- Introduction
- Section 374
- Sections 375 and 376
- Section 377
- Section 407
- Sections 409 and 410
- Commencement and transitional provision
- SCHEDULE 21 Foreign exchange: anti-avoidance
- Loan relationships
- Derivative contracts
- Interpretation
- Consequential revocation
- Commencement
- SCHEDULE 22 Offshore funds
- Part 1 Meaning of “offshore fund”
- FA 2008
- Restriction on regulation-making power under section 41 of FA 2008
- Part 2 Application of TCGA 1992 to offshore funds
- TCGA 1992
- Consequential provision
- Commencement: general
- Commencement: certain consequential amendments
- Commencement orders
- Election modifying commencement
- Making an election
- Giving effect to elections
- Modification of acquisition cost
- SCHEDULE 23 Insurance companies
- Transfer from non technical account not to be receipt
- No deduction for capital allocations to with-profits policy holders
- Limits on loss relief for addition to non-profit funds
- FAFTS and contingent loans
- Apportionment: foreign business assets
- Value shifting attributable to transfer of business
- SCHEDULE 24 Disguised interest
- Amendments of Part 6 of CTA 2009
- Amendments and repeals
- Repeals
- Commencement
- SCHEDULE 25 Transfers of income streams
- Part 1 Company transferors
- Application of Part
- Value of transferred income stream treated as income
- Exception: amount otherwise taxed
- Exception: transfer by way of security
- Partnership shares
- Interpretation
- Part 2 Non-corporate transferors
- Part 3 Company transferees
- Part 4 Consequential amendments and repeals
- Part 5 Commencement
- SCHEDULE 26 Certification of SAYE savings arrangements
- Transfer of certain functions from Treasury to HMRC
- Removal of requirement that notice be sent by post
- Reduction of notice period for withdrawals and variations
- Power to provide for withdrawals and variations not to affect certain contracts
- SCHEDULE 27 Remittance basis
- Part 1 Amendments of ITA 2007
- Part 2 Amendments of other Acts
- TCGA 1992
- ITTOIA 2005
- FA 2008
- Part 3 Commencement
- SCHEDULE 28 Taxable benefits: cars
- Introduction
- Abolition of “price cap”
- Cars with CO2 emissions figures: the appropriate percentage
- Electrically propelled cars: the appropriate percentage
- Consequential repeal
- Commencement
- SCHEDULE 29 Manufactured overseas dividends
- Repos
- Stock lending
- Commencement
- SCHEDULE 30 Financial arrangements avoidance
- Interest payments: arrangements appearing very likely to produce post-tax advantage
- Amounts not fully recognised for accounting purposes
- Loan relationships involving connected debtor and creditor where debits exceed credits
- Credits and debits for manufactured interest
- SCHEDULE 31 Sale of lessor companies etc: anti-avoidance
- Introduction
- Paragraph 6
- Paragraph 7
- Paragraph 7A
- Paragraph 17
- Paragraph 17A
- Paragraph 22
- Paragraph 40
- Paragraph 41
- Paragraph 42
- Consequential repeal
- Commencement
- SCHEDULE 32 Leases of plant or machinery
- Disposal values: commencement of long funding finance leases
- Disposal values: termination etc of long funding leases
- Capital receipts treated as income
- Transfer and long funding leaseback: restrictions on lessee's allowances
- Transfer followed by hire-purchase etc: restrictions on hirer's allowances
- Finance leaseback
- Interpretation
- SCHEDULE 33 Long funding leases of films
- SCHEDULE 34 Real Estate Investment Trusts
- Introduction
- Property rental business
- Conditions for company
- Conditions for balance of business
- Entry notice: conditions for company
- Profit: financing-cost ratio
- Funds awaiting re-investment
- Connected persons
- SCHEDULE 35 Pensions: special annual allowance charge
- Special annual allowance charge
- Calculation of relevant income
- Total adjusted pension input amount: general
- Total adjusted pension input amount: modifications of sections 229 to 237 of FA 2004
- Total adjusted pension input amount: modification in cases of avoidance scheme
- Protected pension input amounts: general
- Protected pension input amounts: existing defined benefits arrangements
- Protected pension input amounts: existing cash balance arrangements
- Protected pension input amounts: other existing money purchase arrangements under occupational and public service pension schemes
- Protected pension input amounts: other existing money purchase arrangements under other pension schemes
- Protected pension input amounts: existing hybrid arrangements
- Protected pension input amounts: new and re-activated arrangements
- Protected pension input amounts: contribution paid in accordance with agreement entered into on or before 22 April 2009
- Protected pension input amounts: anti-avoidance
- Relevant refunded amounts
- Pre-22 April 2009 pension input amount
- Increased special annual allowance
- Taxation of contributions refund lump sums
- Power to amend
- Currently-relieved non-UK pension schemes
- Tax years to which Schedule applies
- Minor amendment
- Interpretation
- SCHEDULE 36 VAT: place of supply of services etc
- Part 1 Amendments coming into force in 2010
- Part 2 Amendments coming into force in 2011
- Admission to cultural, educational and entertainment activities etc
- Part 3 Amendments coming into force in 2013
- Part 4 Transitional provisions
- SCHEDULE 37 Stock lending: stamp taxes in the event of insolvency
- Part 1 Stamp duty
- Part 2 Stamp duty reserve tax
- SCHEDULE 38 Capital allowances for oil decommissioning expenditure
- SCHEDULE 39 PRT: blended oil
- SCHEDULE 40 Oil: chargeable gains
- Part 1 Licence swaps
- Part 2 Reinvestment of ring fence assets
- Amendment of TCGA 1992
- Roll-over relief
- Alternative to roll-over relief
- SCHEDULE 41 Oil assets put to other uses
- Part 1 Petroleum revenue tax
- Allowance of decommissioning and restoration expenditure
- Amounts which are not chargeable tariff receipts
- No reduction of allowable expenditure
- Commencement
- Part 2 Capital allowances
- General decommissioning expenditure
- Commencement
- SCHEDULE 42 PRT: former licensees and former oil fields
- Part 1 Persons who cease to be licensees because of cessation events
- Part 2 Areas treated as continuing to be oil fields
- SCHEDULE 43 PRT: abolition of provisional expenditure allowance
- Interpretation
- Abolition of allowance
- Amendments consequential on abolition
- Savings
- SCHEDULE 44 Supplementary charge: reduction for certain new oil fields
- Part 1 Reduction of adjusted ring fence profits
- Part 2 Pool of field allowances
- Company's pool of field allowances
- Carrying part of pool of field allowances into following period
- Carrying whole of pool of field allowances into following period
- Part 3 Field allowance: when held and unactivated amount
- Initial licensee to hold a field allowance
- Holding a field allowance on acquisition of equity share
- Unactivated amount of a field allowance
- Part 4 No change in equity share: activation of allowance
- Introduction
- Activation of field allowance
- Part 5 Change in equity share: activation of allowance
- Introduction
- Reference periods
- Activation of field allowance
- Part 6 Change in equity share: transfer of field allowance
- Introduction
- Reduction of field allowance if equity disposed of
- Acquisition of field allowance if equity acquired
- Part 7 Miscellaneous
- Adjustments
- Orders
- Part 8 Interpretation
- New oil fields
- Authorising development
- Qualifying oil fields
- Small oil field
- Ultra heavy oil field
- Ultra high pressure/high temperature oil field
- Total field allowance for new oil field
- Other interpretation
- SCHEDULE 45 Oil: miscellaneous amendments
- OTA 1975
- OTA 1983
- FA 1993
- ICTA
- SCHEDULE 46 Duties of senior accounting officers of qualifying companies
- Main duty of senior accounting officer
- Certificate for Commissioners
- Notifying Commissioners of name of senior accounting officer
- Penalty for failure to comply with main duty
- Penalties for failure to provide certificate etc
- More than one senior accounting officer
- Penalty for failure to notify Commissioners of name of senior accounting officer
- Reasonable excuse
- Assessment of penalties
- Appeal
- Enforcement of penalties
- Power to change amount of penalties
- Application of provisions of TMA 1970
- Meaning of “appropriate tax accounting arrangements”
- Meaning of “qualifying company”
- Meaning of “senior accounting officer”
- Regulations
- Other definitions
- SCHEDULE 47 Amendment of information and inspection powers
- SCHEDULE 48 Extension of information and inspection powers
- SCHEDULE 49 Powers to obtain contact details for debtors
- Requirement for contact details for debtor
- Power to obtain details
- Complying with notices
- Right to appeal
- Penalty
- Power to change amount of penalty
- Application of provisions of TMA 1970
- General interpretation
- SCHEDULE 50 Record-keeping
- Insurance premium tax
- Stamp duty land tax
- Aggregates levy
- Climate change levy
- Landfill tax
- SCHEDULE 51 Time limits for assessments, claims etc
- Insurance premium tax
- Inheritance tax
- Stamp duty land tax
- Petroleum revenue tax
- Aggregates levy
- Climate change levy
- Landfill tax
- Minor and consequential provision
- SCHEDULE 52 Recovery of overpaid tax etc
- Part 1 Income tax and capital gains tax
- Claims for recovery of overpaid tax etc
- Consequential amendments
- Transitional provision
- Saving for petroleum revenue tax
- Part 2 Corporation tax
- Claims for recovery of overpaid tax etc
- Consequential amendment
- SCHEDULE 53 Late payment interest
- Part 1 Special provision: amount carrying late payment interest
- Payments on account and balancing payment
- Payments on account and overpayment
- Part 2 Special provision: late payment interest start date
- Amendments and discovery assessments etc
- Amounts postponed pending appeal under TMA 1970
- Overpayment of tax
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Inheritance tax payable by instalments
- Certain other amounts of inheritance tax
- VAT due from persons not registered as required
- Unauthorised VAT invoices
- VAT due after excess payment or credit from HMRC
- Soft drinks industry levy due from unregistered persons
- Plastic packaging tax due from unregistered persons
- Death of taxpayer
- Part 3 Special provision: date to which late payment interest runs
- Deduction of income tax at source
- Property accepted in lieu of inheritance tax
- Part 4 Effect of interest on reliefs
- SCHEDULE 54 Repayment interest
- Part 1 Repayment interest start date: general rule
- Introductory
- Repayment of amounts paid to HMRC
- Payment of amounts on return or claim
- Part 2 Special provision as to repayment interest start date
- Income tax deducted at source
- Carry back of losses and averaging
- MIRAS
- Income accumulated under certain trusts
- Tax on payments out of discretionary trust taxable as employment income
- Payments in connection with life assurance premium relief
- Certain amounts of inheritance tax
- VAT payments on account
- PART 2A VAT: special provision as to period for which amount carries interest
- Part 3 Supplementary
- Attribution of repayments
- Interpretation
- Schedule 54A Further provision as to late payment interest and repayment interest
- PART 1 CORPORATION TAX
- Certain amounts of repayment interest recoverable as late payment interest
- Common period rule for corporation tax
- PART 2 Value added tax
- Interpretation
- Certain amounts of repayment interest recoverable as late payment interest
- Common period rules for value added tax
- SCHEDULE 55 Penalty for failure to make returns etc
- Penalty for failure to make returns etc
- Amount of penalty: occasional returns and annual returnsAmount of penalty: occasional returns and returns for periods of 6 months or more
- Amount of penalty: real time information for PAYE and apprenticeship levy
- Amount of penalty: CIS returns
- Amount of penalty: returns for periods of between 2 and 6 months
- Amount of penalty: returns for periods of 2 months or less
- Reductions for disclosure
- Special reduction
- Interaction with other penalties and late payment surcharges
- Cancellation of penalty
- Assessment
- Appeal
- Reasonable excuse
- Determination of penalty geared to tax liability where no return made
- Partnerships
- Double jeopardy
- Interpretation
- SCHEDULE 56 Penalty for failure to make payments on time
- Penalty for failure to pay tax
- Assessments and determinations in default of return
- Different penalty date for certain PAYE payments
- Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more
- Amount of penalty: PAYE and CIS amounts etc.
- Amount of penalty: amounts in respect of periods of between 2 and 6 months
- Amount of penalty: amounts in respect of periods of 2 months or less
- Calculation of unpaid VAT: treatment of payments on account
- Special reduction
- Interaction with other penalties and late payment surcharges
- Suspension of penalty during currency of agreement for deferred payment
- Assessment
- Appeal
- Reasonable excuse
- Double jeopardy
- Interpretation
- SCHEDULE 57 Amendments relating to penalties
- Part 1 Amendments of Schedule 24 to FA 2007
- Part 2 Amendments of Schedule 41 to FA 2008
- Part 3 Other amendments
- SCHEDULE 58 Recovery of debts under PAYE regulations
- PAYE regulations
- Consequential provision
- SCHEDULE 59 Climate change levy: removal of reduced rate
- Part 1 New provision for removal of reduced rate
- Part 2 Consequential amendments
- SCHEDULE 60 Landfill tax: prescribed landfill site activities
- Introduction
- Prescribed landfill site activities to be treated as disposals
- Material temporarily held
- Material at landfill sites
- Site restoration
- Landfill tax returns
- Commencement and savings
- SCHEDULE 61 Alternative finance investment bonds
- Part 1 Introductory
- Interpretation
- Part 2 Issue, transfer and redemption of rights under arrangements
- Issue, transfer and redemption of rights under bond not be treated as chargeable transaction
- Relief not available where bond-holder acquires control of underlying asset
- Part 3 Transactions relating to underlying assets consisting of land
- Introductory
- General conditions for operation of reliefs etc
- Stamp duty land tax
- Relief from stamp duty land tax: first transaction
- Relief from stamp duty land tax: second transaction
- Discharge of charge when conditions for relief met
- Taxation of capital gains
- Relief from taxation of capital gains: first transaction
- Relief from taxation of capital gains: second transaction
- Capital allowances
- Introductory
- Treatment for purposes of capital allowances
- Loss or destruction of asset
- Q retaining asset when no longer held for purposes of bond
- Q transferring asset to third person
- Supplementary
- Substitution of asset
- HMRC to notify Registrar of discharge of charge
- Relief not available where bond-holder acquires control of underlying asset
- Relief not available if purpose of arrangements is improper
- Regulations
- Part 4 Supplementary
- Consequential amendments of FA 2003
- Consequential amendments of FA 2005
- Consequential amendment of CTA 2009
- Commencement
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