Finance Act 2011
Finance Act 2011 (2011 c. 11)
- Finance Act 2011 (2011 c. 11)
- Part 1 Charges, rates, allowances etc
- Income tax
- 1 Charge and main rates for 2011-12
- 2 Basic rate limit for 2011-12
- 3 Personal allowance for 2011-12 for those aged under 65
- Corporation tax
- 4 Main rate for financial year 2011
- 5 Charge and main rate for financial year 2012
- 6 Small profits rate and fractions for financial year 2011
- 7 Increase in rate of supplementary charge
- Capital gains tax
- 8 Annual exempt amount
- 9 Entrepreneurs' relief
- Capital allowances
- 10 Plant and machinery writing-down allowances
- 11 Annual investment allowance
- 12 Short-life assets
- Alcohol duties
- 13 Rates of alcoholic liquor duties
- 14 General beer duty: reduced rate for lower strength beer
- 15 New high strength beer duty
- Tobacco duties
- 16 Rates of tobacco products duty
- Gambling duties
- 17 Rates of gaming duty
- 18 Amusement machine licence duty
- Fuel duties
- 19 Fuel duties: rates of duty and rebates from 23 March 2011
- 20 Fuel duties: rates of duty and rebates from 1 January 2012
- Vehicle excise duty
- 21 VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
- 22 VED rates for certain goods vehicles without road-friendly suspension
- Environmental taxes
- 23 Rates of climate change levy
- 24 Rate of aggregates levy
- 25 Standard rate of landfill tax
- Part 2 Income tax, corporation tax and capital gains tax
- Anti-avoidance provisions
- 26 Employment income provided through third parties
- 27 Tainted charity donations
- 28 Amounts not fully recognised for accounting purposes
- 29 Loan relationships involving connected debtor and creditor
- 30 Group mismatch schemes
- 31 Company ceasing to be member of group: availability of relief
- 32 Leasing businesses
- 33 Long funding finance leases
- 34 Investment companies
- Exemptions and reliefs
- 35 Reduction in childcare relief for higher earners
- 36 Childcare: salary sacrifice etc and the national minimum wage
- 37 Accommodation expenses of MPs
- 38 Experts seconded to European Union bodies
- 39 Employment income: exemption for fees relating to monitoring schemes
- 40 Individual investment plans for children
- 41 Gift aid: increase of limits on total value of benefits associated with gifts
- 42 Enterprise investment scheme: amount of relief
- 43 Relief for expenditure on R&D by SMEs
- Chargeable gains
- 44 Value shifting
- 45 Company ceasing to be member of a group
- 46 Pre-entry losses
- Foreign profits
- 47 Controlled foreign companies
- 48 Profits of foreign permanent establishments etc
- Investment trusts
- 49 Meaning of “investment trust”
- 50 Power to make provision about treatment of transactions
- Miscellaneous
- 51 Taxable benefits: calculating the appropriate percentage for cars
- 52 Furnished holiday lettings
- 53 Leases and changes to accounting standards
- 54 Leasing companies: withdrawal of election
- 55 Companies with small profits: associated companies
- 56 Insurance companies: apportionment of amounts brought into account
- 57 Tonnage tax: capital allowances in respect of ship leasing
- 58 Transfer pricing: application of OECD principles
- 59 Offshore funds
- 60 Index-linked gilt-edged securities
- Part 3 Oil
- 61 PRT: areas treated as continuing to be oil fields
- 62 Intangible fixed assets: oil licences
- 63 Reduction of supplementary charge for certain new oil fields
- 64 Chargeable gains: oil activities
- Part 4 Pensions
- 65 Benefits under pension schemes
- 66 Annual allowance charge
- 67 Lifetime allowance charge
- 68 Borrowing by section 67 pension scheme
- 69 Exemption from tax on interest on unpaid relevant contributions
- 70 Power to make further provision about section 67 pension scheme
- 71 Tax provision consequential on Part 1 of Pensions Act 2008 etc
- 72 Foreign pensions of UK residents
- Part 5 Bank levy
- 73 The bank levy
- Part 6 Other taxes
- Value added tax
- 74 Business samples
- 75 Zero-rating: splitting of supplies
- 76 Academies
- 77 Relief from VAT on imported goods of low value
- Climate change levy
- 78 Supplies of commodities to be used in producing electricity
- 79 Northern Ireland gas supplies
- 80 Power to suspend exemption for supplies used in recycling processes
- Aggregates levy
- 81 Transitional tax credit
- Stamp duty land tax
- 82 Prevention of avoidance
- 83 Transfers involving multiple dwellings
- Stamp duty reserve tax
- 84 Interests in collective investment schemes
- Part 7 Administration etc
- 85 Security for payment of PAYE
- 86 Data-gathering powers
- 87 Mutual assistance for recovery of taxes etc
- Part 8 Miscellaneous provisions
- 88 Amendments of section 1 of the Provisional Collection of Taxes Act 1968
- 89 Specified investments
- 90 Machine games duty
- 91 Redundant reliefs
- Part 9 Final provisions
- 92 Interpretation
- 93 Short title
- SCHEDULES
- SCHEDULE 1 New high strength beer duty
- High strength beer duty
- Consequential amendments in ALDA 1979
- SCHEDULE 2 Employment income provided through third parties
- Main provision
- Other amendments to ITEPA 2003
- Amendments to ITTOIA 2005
- Amendments to ITA 2007
- Amendments to CTA 2009
- Other amendments
- Commencement and transitional provision relating to Part 7A of ITEPA 2003
- Other commencement provision
- Power to make provision dealing with interactions etc
- SCHEDULE 3 Tainted charity donations
- Part 1 Income tax
- Part 2 Corporation tax
- Part 3 Capital gains tax
- Part 4 Consequential amendments
- Capital Allowances Act 2001
- Income Tax (Employment and Pensions) Act 2003
- Income Tax (Trading and Other Income) Act 2005
- Income Tax Act 2007
- Housing and Regeneration Act 2008
- Corporation Tax Act 2009
- Corporation Tax Act 2010
- Part 5 Commencement and transitional provision
- Commencement
- Treatment of existing arrangements
- Treatment of substantial donor transactions
- Housing (Scotland) Act 2010 (asp 17)
- SCHEDULE 4 Amounts not fully recognised for accounting purposes
- Loan relationships
- Derivative contracts
- Consequential repeals
- Commencement
- SCHEDULE 5 Group mismatch schemes
- Insertion of new Part 21B of CTA 2010 and consequential amendments
- Commencement of new Part 21B of CTA 2010 and consequential amendments
- Repeal of sections 418 to 419 of CTA 2009
- Repeal of section 453 of CTA 2009
- SCHEDULE 6 Leasing businesses
- Businesses carried on by companies alone
- Businesses carried on by companies in partnership
- Anti-avoidance provisions
- General interpretation of sales of lessors Chapters
- Consequential amendments
- Application of new provisions
- SCHEDULE 7 Investment companies
- Amendments of Chapter 4 of Part 2 of CTA 2010
- Amendments of ICTA
- Amendments of CTA 2009
- Commencement
- SCHEDULE 8 Reduction in childcare relief for higher earners
- Introduction
- Childcare vouchers
- Childcare provided otherwise than at employer's premises etc
- Commencement and transitional provision
- SCHEDULE 9 Value shifting
- Amendments of TCGA 1992
- Consequential repeals
- Commencement and transitionals
- SCHEDULE 10 Company ceasing to be member of group
- Degrouping
- Substantial shareholding exemption
- Intangible fixed assets: degrouping
- Consequential repeals
- Commencement
- SCHEDULE 11 Pre-entry losses
- TCGA 1992
- Consequential repeals
- Commencement
- Transitional provision
- SCHEDULE 12 Controlled foreign companies
- Part 1 Exemptions for companies with limited UK connection
- Part 2 Amendment of small chargeable profits exemption
- Part 3 Temporary exemption following reorganisation etc
- Part 4 Holding companies: extension of transitional provision
- Part 5 Minor and consequential amendments
- Part 6 Commencement and transitional provision
- SCHEDULE 13 Profits of foreign permanent establishments etc
- Part 1 Amendments of CTA 2009
- Part 2 Amendments of other Acts
- ICTA
- TCGA 1992
- CAA 2001
- ITA 2007
- TIOPA 2010
- Part 3 Commencement and transitional provision
- Commencement
- Condition B of motive test
- Large pre-commencement losses
- Section 62A of CAA 2001
- Section 43(8) of TIOPA 2010: free assets
- SCHEDULE 14 Furnished holiday lettings
- Part 1 Income tax
- FA 2004
- ITTOIA 2005
- ITA 2007
- Commencement
- Part 2 Corporation tax
- CTA 2009
- CTA 2010
- Commencement
- Part 3 Capital allowances
- CAA 2001
- Commencement
- Part 4 Chargeable gains
- TCGA 1992
- Commencement etc
- SCHEDULE 15 Chargeable gains: oil activities
- Part 1 Licence swaps
- Part 2 Reinvestment of ring fence assets
- SCHEDULE 16 Benefits under pension schemes
- Part 1 Changes to benefits available under pension schemes etc
- Unsecured and alternatively secured pension to be replaced by drawdown pension
- Meaning of “drawdown pension”
- Member's drawdown pension fund
- Drawdown pension year and basis amount for drawdown pension year
- Flexible drawdown: minimum income requirement etc
- Dependants' drawdown pension
- Meaning of “dependants' drawdown pension”
- Dependant's drawdown pension fund
- Drawdown pension year and basis amount for drawdown pension year
- Flexible drawdown: minimum income requirement etc
- Foreign pensions: temporary non-residents
- Pensions under registered pension schemes: temporary non-residents
- Lump sums to be payable to persons aged 75 or over
- Lump sum death benefits to be payable to persons aged 75 or over
- Serious ill-health lump sum charge
- Special lump sum death benefits charge
- Exemption from income tax of certain lump sums and lump sum death benefits
- Lifetime allowance charge: benefit crystallisation events
- Annual allowance charge: persons meeting flexible drawdown conditions
- Removal of certain charges to inheritance tax in respect of pension schemes
- Part 2 Consequential amendments
- Inheritance Tax Act 1984
- Pension Schemes Act 1993
- Pension Schemes (Northern Ireland) Act 1993
- Income Tax (Earnings and Pensions) Act 2003
- Finance Act 2004
- Income Tax Act 2007
- Consequential repeals
- Part 3 Commencement and transitional provision
- General
- Entitlement to unsecured or alternatively secured pension on 5 April 2011
- Member's unsecured or alternatively secured pension fund existing on 5 April 2011
- Current unsecured pension year to become drawdown pension year
- Previous limit on amount of pension payable in year to apply for limited period
- Drawdown pension year and basis amount where person's whereabouts unknown at age 75
- Current alternatively secured pension year to become drawdown pension year
- Entitlement to dependants' unsecured or alternatively secured pension on 5 April 2011
- Dependant's unsecured or alternatively secured pension fund existing on 5 April 2011
- Current unsecured pension year to become drawdown pension year
- Previous limit on amount of pension payable in year to apply for limited period
- Current alternatively secured pension year to become drawdown pension year
- Lump sums and lump sum death benefits
- Lifetime allowance charge
- Inheritance tax
- Consequential repeals
- Power to make retrospective provision in orders and regulations under Part 4 of FA 2004
- Application of rules of pension schemes
- SCHEDULE 17 Annual allowance charge
- Part 1 Amendments
- Part 2 Commencement and transitional provision
- SCHEDULE 18 Lifetime allowance charge
- Part 1 Amendments
- Part 2 Commencement and transitional provision
- SCHEDULE 19 The bank levy
- Part 1 Introduction
- Part 2 Charging of bank levy
- Bank levy to be charged in relation to certain groups of entities
- Bank levy to be charged in relation to certain entities which are not members of groups
- Steps for determining the amount of the bank levy
- Special provision for chargeable periods falling wholly or partly before 1 January 2021
- Part 3 Groups covered by the bank levy
- Definitions of “ UK banking group”, “building society group”, “foreign banking group” and “relevant non-banking group”
- Definition of “banking group”
- Part 4 Chargeable equity and liabilities
- Definition of “assets”, “equity” and “liabilities”
- Chargeable equity and liabilities: relevant groups
- Chargeable equity and liabilities: relevant entities
- Meaning of “UK sub-group”
- Meaning of “chargeable UK resident entity”
- Election to disregard non-UK allocated equity and liabilities
- Determining the assets, equity and liabilities of UK resident entities
- Determining the UK-based equity and liabilities of UK resident entities
- Determining the UK-based equity and liabilities of UK sub-groups
- Adjustments: general
- Step 2 in paragraph 15N: equity and liability adjustments and netting
- Step 3 in paragraph 15N: loss absorbing instruments issued by overseas subsidiaries
- Step 4 in paragraph 15N: high quality liquid assets
- Designated FPE entities: non-UK allocated equity and liabilities etc
- Netting: non-UK allocated equity and liabilities
- Equity and liabilities: threshold amount
- Definition of “UK allocated equity and liabilities”
- “Excluded” equity and liabilities
- Part 5 Supplementary provision
- Netting agreements
- Chargeable periods: entities which do not prepare financial statements
- Financial statements etc
- Joint ventures
- Residence
- Bank levy to be ignored for other tax purposes
- Anti-avoidance
- Part 6 Collection and management
- Responsibility for collection and management
- Payment of the bank levy through the corporation tax system
- Joint and several liability
- Meaning of “the responsible member”
- Consequential amendment to section 1 of PCTA 1968
- Consequential amendments to TMA 1970
- Consequential amendments to Schedule 18 to FA 1998
- Transitional provision
- Part 7 Double taxation reliefETC
- Arrangements affording double taxation relief
- Power to provide for double taxation relief
- Disclosure of information to foreign tax authorities etc
- ...
- Consequential amendment to the Constitutional Reform and Governance Act 2010
- Foreign levies to be ignored for purposes of income tax or corporation tax
- Part 8 Definitions
- General
- “Asset management activities”
- “Capital resources condition”
- “Excluded entity”
- “Long term” equity and liabilities
- “Relevant foreign bank”
- “Relevant regulated activity”
- “ UK resident bank”
- Part 9 Powers to amend
- SCHEDULE 20 Supplies of commodities to be used in producing electricity
- SCHEDULE 21 Prevention of SDLT avoidance
- Introduction
- Alternative property finance
- Exchanges
- Commencement
- SCHEDULE 22 Transfers involving multiple dwellings
- New relief
- Other amendments of Part 4 of FA 2003
- Commencement
- SCHEDULE 23 Data-gathering powers
- Part 1 Power to obtain data
- Power to give notice
- Purpose of power
- Specifying relevant data
- Compliance
- Approval by tribunal
- Power to copy documents
- Power to retain documents
- Part 2 Relevant data-holders
- Introduction
- Salaries, fees, commission etc
- Interest etc
- Income, assets etc belonging to others
- Merchant acquirers etc
- Providers of electronic stored-value payment services
- Business intermediaries
- Money service businesses
- Payments derived from securities
- Grants and subsidies out of public funds
- Licences, approvals etc
- Rent and other payments arising from land
- Dealing etc in securities
- Dealing in other property
- Lloyd's
- Investment plans etc
- Petroleum activities
- Insurance activities
- Environmental activities
- Settlements
- Charities
- Part 3 Appeals against data-holder notices
- Right of appeal
- Procedure for appeal
- Part 4 Penalties
- Penalties for failure to comply
- Daily default penalties for failure to comply
- Penalties for inaccurate information or documents
- Failure to comply with time limit
- Reasonable excuse
- Assessment of penalties
- Right to appeal against penalty
- Procedure on appeal against penalty
- Increased daily default penalty
- Enforcement of penalties
- Power to change amount of penalties
- Double jeopardy
- Part 5 Miscellaneous provision and interpretation
- Application of provisions of TMA 1970
- Regulations
- Tax
- Statutory records
- General interpretation
- Crown application
- Part 6 Consequential provisions
- TMA 1970
- FA 1973
- FA 1974
- FA 1986
- ICTA
- FA 1989
- ITTOIA 2005
- FA 2005
- CRCA 2005
- FA 2008
- CTA 2009
- CTA 2010
- Part 7 Application of this Schedule
- SCHEDULE 24 Amendments of Schedule 36 to FA 2008
- SCHEDULE 25 Mutual assistance for recovery of taxes etc
- MARD
- HMRC functions
- Exchange of information
- Onward disclosure of information received from HMRC
- Enforcement of foreign claims in the UK
- The relevant UK authority
- Corresponding UK claim
- Application of relevant enactments
- Power to make further provision
- Contested claims
- Claims determined in taxpayer's favour
- Liability to pay
- Presumption of validity
- Regulations
- Interpretation
- Consequential amendments etc
- Application
- SCHEDULE 26 Redundant reliefs
- Part 1 Income tax and corporation tax
- Transitional relief for charities etc on abolition of payment of tax credits on distributions
- Gifts of money for relief in poor countries (“Millennium Gift Aid”)
- Supplement payable in connection with payroll deduction scheme
- National Savings Bank ordinary account interest
- Part 2 Stamp duty
- Exemptions from stamp duty
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