Finance Act 2012
Finance Act 2012 (2012 c. 14)
- Finance Act 2012 (2012 c. 14)
- PART 1 Income tax, corporation tax and capital gains tax
- CHAPTER 1 Income tax and corporation tax charges and rate bands
- Income tax
- 1 Charge for 2012-13 and rates for 2012-13 and subsequent tax years
- 2 Basic rate limit for 2012-13
- 3 Personal allowance for 2012-13 for those aged under 65
- 4 Personal allowances from 2013
- Corporation tax
- 5 Main rate of corporation tax for financial year 2012
- 6 Charge and main rate for financial year 2013
- 7 Small profits rate and fractions for financial year 2012
- CHAPTER 2 Income tax: general
- Child benefit
- 8 High income child benefit charge
- Anti-avoidance
- 9 Post-cessation trade or property relief: tax-generated payments or events
- 10 Property loss relief against general income: tax-generated agricultural expenses
- 11 Gains from contracts for life insurance etc
- 12 Settlements: income originating from settlors other than individuals
- Reliefs
- 13 Champions League final 2013
- 14 Cars: security features not to be regarded as accessories
- 15 Termination payments to MPs ceasing to hold office
- 16 Employment income exemptions: armed forces
- Other provisions
- 17 Taxable benefits: “the appropriate percentage” for cars for 2014-15
- 18 Qualifying time deposits
- CHAPTER 3 Corporation tax: general
- Support for business
- 19 Profits arising from the exploitation of patents etc
- 20 Relief for expenditure on R&D
- 21 Real estate investment trusts
- Anti-avoidance
- 22 Treatment of the receipt of manufactured overseas dividends
- 23 Loan relationships: debts becoming held by connected company
- 24 Companies carrying on businesses of leasing plant or machinery
- Insurance
- 25 Corporate members of Lloyd's: stop-loss insurance and quota share contracts
- 26 Abolition of relief for equalisation reserves: general insurers
- 27 Election to accelerate receipts under s.26(4)
- 28 Deemed receipts under s.26(4): double taxation relief
- 29 Transfer of whole or part of the business
- 30 Abolition of relief for equalisation reserves: Lloyd's corporate members etc
- Miscellaneous
- 31 Tax treatment of financing costs and income
- 32 Group relief: meaning of “normal commercial loan”
- 33 Company distributions
- CHAPTER 4 Capital gains
- 34 Annual exempt amount
- 35 Foreign currency bank accounts
- 36 Collective investment schemes: chargeable gains
- 37 Roll-over relief
- CHAPTER 5 Miscellaneous
- Enterprise incentives
- 38 Seed enterprise investment scheme
- 39 Enterprise investment scheme
- 40 Venture capital trusts
- Capital allowances
- 41 Plant and machinery: restricting exception for manufacturers and suppliers
- 42 Plant and machinery allowances: anti-avoidance
- 43 Plant and machinery allowances: fixtures
- 44 Expenditure on plant and machinery for use in designated assisted areas
- 45 Allowances for energy-saving plant and machinery
- 46 Plant and machinery: long funding leases
- Foreign income and gains
- 47 Foreign income and gains
- Pensions
- 48 Employer asset-backed pension contributions etc
- Charitable giving etc
- 49 Gifts to the nation
- 50 Gift aid: giving through self-assessment return
- 51 Relief for gift aid and other income of charities etc
- 52 Meaning of “community amateur sports club”
- Other provisions
- 53 Site restoration payments
- 54 Changes of accounting policy
- PART 2 Insurance companies carrying on long-term business
- CHAPTER 1 Introductory
- Outline of provisions of Part
- 55 Overview
- Meaning of “life assurance business”
- 56 Meaning of “life assurance business”
- Meaning of “basic life assurance and general annuity business”
- 57 Meaning of “basic life assurance and general annuity business”
- 58 Section 57: meaning of “pension business”
- 59 Section 57: meaning of “child trust fund business”
- 60 Section 57: meaning of “individual savings account business”
- 61 Section 57: meaning of “overseas life assurance business”
- 62 Section 57: meaning of “protection business”
- Meaning of “long-term business” and “PHI business”
- 63 Meaning of “long-term business” and “PHI business”
- Meaning of contract of “insurance” or “long-term insurance” and “insurance company”
- 64 Meaning of “contract of insurance” and “contract of long-term insurance”
- 65 Meaning of “insurance company”
- CHAPTER 2 Charge to tax on I - E basis etc
- Separate businesses etc
- 66 Separate businesses for BLAGAB and other long-term business
- 67 Exception where BLAGAB small part of long-term business
- BLAGAB taxed on I - E basis
- 68 Charge to tax on I - E profit
- 69 Exclusion of charge under s.35 of CTA 2009 etc
- 70 Rules for calculating I - E profit or excess BLAGAB expenses
- Non-BLAGAB long-term business
- 71 Charge to tax on profits of non-BLAGAB long-term business
- PHI only business
- 72 Companies carrying on only PHI business
- CHAPTER 3 The I - E basis
- Introduction
- 73 The I - E basis
- Definitions of expressions comprising “I”
- 74 Meaning of “income”
- 75 Meaning of “BLAGAB chargeable gains” etc
- Definitions of expressions comprising “E”
- 76 Meaning of “adjusted BLAGAB management expenses”
- 77 Section 76: meaning of “ordinary BLAGAB management expenses” etc
- 78 Section 76: meaning of other expressions
- 79 Spreading of acquisition expenses
- 80 Section 79: meaning of “acquisition expenses”
- 81 Amounts treated as ordinary BLAGAB management expenses
- 82 Restrictions in relation to ordinary BLAGAB management expenses
- 83 General annuity business
- 84 General annuity business: meaning of “steep-reduction annuity” etc
- 85 General annuity business: payments made in pre-1992 accounting periods
- Special rules applying to I - E basis
- 86 Separate property businesses for BLAGAB etc
- 87 Losses from property businesses where land held for long-term business
- 88 Loan relationships, derivative contracts and intangible fixed assets
- 89 Miscellaneous income and losses
- 90 Investment return where risk in respect of policy or contract re-insured
- 91 Regulations under section 90(4): supplementary provision
- Deemed I - E receipts
- 92 Certain BLAGAB trading receipts to count as deemed I - E receipts
- Minimum profits charge
- 93 Minimum profits test
- 94 Adjustment of I - E profit or excess BLAGAB expenses
- Non-BLAGAB allowable losses
- 95 Use of non-BLAGAB allowable losses to reduce I - E profit
- Overseas life insurance companies
- 96 Expenses referable to exempt FOTRA profits
- CHAPTER 4 Apportionment rules for I - E charge
- Introduction
- 97 Application of Chapter
- Allocation of income, losses and expenses
- 98 Commercial allocation
- Allocation of chargeable gains and allowable losses on disposals of assets
- 99 Application of sections 100 and 101
- 100 Assets wholly or partly matched to BLAGAB liabilities
- 101 Commercial allocation for disposals not wholly dealt with by section 100
- CHAPTER 5 I - E profit: policyholders' rate of tax
- Tax rate on policyholders' share of I - E profit
- 102 Policyholders' rate of tax on policyholders' share of I - E profit
- 103 Rules for determining policyholders' share of I - E profit
- 104 Meaning of “the adjusted amount”
- 105 Meaning of “BLAGAB non-taxable distributions” and “shareholders' share”
- Policyholder tax and calculation of BLAGAB trade profit or loss
- 106 Deduction for current policyholder tax
- 107 Expenses or receipts for deferred policyholder tax
- 108 Meaning of “the closing deferred policyholder tax balance” etc
- CHAPTER 6 Trade calculation rules applying to long-term business
- 109 Application of Chapter
- 110 Allocations to policyholders
- 111 Dividends and other distributions
- 112 Index-linked gilt-edged securities
- 113 Receipts or expenses relating to long-term business fixed capital
- CHAPTER 7 Trading apportionment rules
- 114 Application of Chapter
- 115 Commercial allocation of accounting profit or loss and tax adjustments
- CHAPTER 8 Assets held for purposes of long-term business
- Transfers of assets from different categories
- 116 UK life insurance companies
- 117 Overseas life insurance companies: rule corresponding to s.116
- 118 Transfers of business and transfers within a group
- Share pooling rules
- 119 UK life insurance companies
- 120 Overseas life insurance companies: rule corresponding to s.119
- 121 Sections 119 and 120: supplementary
- Long-term business fixed capital
- 122 Assets forming part of long-term business fixed capital
- CHAPTER 9 Relief for BLAGAB trade losses etc
- The reliefs
- 123 Relief for BLAGAB trade losses against total profits
- 124 Carry forward of pre-1 April 2017 BLAGAB trade losses against subsequent profits
- 124A Carry forward of post-1 April 2017 BLAGAB trade losses against subsequent profits
- 124B Excess carried forward post-1 April 2017 losses: relief against total profits
- 124C Further carry forward against subsequent profits of post-1 April 2017 loss not fully used
- 124D Restriction on deductions from BLAGAB trade profits
- 124E Section 124D: shock losses excluded from the restriction
- 125 Group relief
- Restrictions
- 126 Restrictions in respect of non-trading deficit
- 127 No relief against policyholders' share of I - E profit
- CHAPTER 10 Transfers of long-term business
- Transfers of BLAGAB
- 128 Relief for transferee in respect of transferor's excess BLAGAB expenses
- 129 Intra-group transfers and demutualisation
- 130 Transfers between non-group companies: present value of in-force business
- 130A Re-insurance in the course of transfer of BLAGAB
- Transfers of non-BLAGAB long-term business
- 131 Application of ss. 129 and 130 to transfers of non-BLAGAB long-term business
- Transfers of long-term business: anti-avoidance
- 132 Anti-avoidance
- 133 Clearance procedure
- 134 Section 133: supplementary
- Interpretation
- 135 Meaning of “group” of companies
- CHAPTER 11 Definitions
- 136 Meaning of “BLAGAB trade profit” and “BLAGAB trade loss”
- 137 Meaning of “the long-term business fixed capital”
- 138 Meaning of assets that are “matched to” liabilities
- 139 Minor definitions
- 140 Abbreviations
- 141 Index of defined terms, etc
- CHAPTER 12 Supplementary
- Powers conferred on Treasury or HMRC Commissioners
- 142 Power to amend Part 2 etc
- 143 Power to amend definition of “insurance business transfer scheme” etc
- 144 Power to modify provisions applying to overseas life insurance companies
- 145 Orders and regulations
- Minor and consequential amendments and transitional provision
- 146 Minor and consequential amendments
- 147 Transitional provision
- Commencement etc
- 148 Commencement
- 149 Accounting periods straddling 1 January 2013
- PART 3 Friendly societies carrying on long-term business
- Outline of provisions of Part
- 150 Overview
- Long-term business rules to apply to friendly societies
- 151 Friendly societies subject to same basic rules as mutual insurers
- 152 Friendly societies subject to transfer of business rules
- Exempt BLAGAB or eligible PHI business
- 153 Exemption for certain BLAGAB or eligible PHI business
- 154 Meaning of “BLAGAB or eligible PHI business”
- 155 Meaning of “exempt” BLAGAB or eligible PHI business
- 156 Societies with no provision for assuring gross sums exceeding £2,000 etc
- 157 Transfers to friendly societies
- 158 Transfers from friendly societies to insurance companies etc
- 159 Exception in case of breach of maximum benefits payable to members
- Exempt BLAGAB or eligible PHI business: benefits payable by friendly societies etc
- 160 Maximum benefits payable to members
- 161 Section 160: supplementary
- 162 Section 160: statutory declarations
- Exempt BLAGAB or eligible PHI business: directions to old societies
- 163 Directions given to old societies
- Exemption for other business
- 164 Societies registered before 1 June 1973, etc
- 165 Incorporated friendly societies
- 166 Transfers from friendly societies to insurance companies etc
- 167 Transfers between friendly societies
- 168 Withdrawal of qualifying status
- 169 Payments by non-qualifying societies treated as qualifying distributions
- Miscellaneous
- 170 Transfer schemes under s.6(5) of FSA 1992
- 171 Exemption for unregistered friendly societies
- Interpretation
- 172 Minor definitions
- 173 Abbreviations
- 174 Index of defined terms
- Regulations
- 175 Regulations
- Consequential amendments and transitional provision
- 176 Consequential amendments
- 177 Transitional provision
- Commencement etc
- 178 Commencement
- 179 Accounting periods straddling 1 January 2013
- PART 4 Controlled foreign companies and foreign permanent establishments
- 180 Controlled foreign companies and foreign permanent establishments
- PART 5 Oil
- 181 Transfers within a group by companies carrying on ring fence trade
- 182 Supplementary charge
- 183 Relief in respect of decommissioning expenditure
- 184 Reduction of supplementary charge for certain oil fields
- PART 6 Excise duties
- Tobacco products duty
- 185 Rates of tobacco products duty
- Alcoholic liquor duties
- 186 Rates of alcoholic liquor duties
- 187 Repeal of drawback on British compounds and spirits of wine
- Hydrocarbon oil etc duties
- 188 Rates of duty and rebates from 1 August 2012 to 31 December 2012
- 189 Rebated fuel: private pleasure craft
- Air passenger duty
- 190 Air passenger duty
- Gambling duties
- 191 Machine games duty
- 192 Amusement machine licence duty
- 193 Rates of gaming duty
- 194 Remote gambling: double taxation relief
- Vehicle excise duty
- 195 VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
- PART 7 Value added tax
- 196 Changes to the categorisation of supplies
- 197 Exempt supplies
- 198 Supply of goods or services by public bodies
- 199 Relief from VAT on low value goods: restriction relating to Channel Islands
- 200 Group supplies using an overseas member
- 201 Face-value vouchers
- 202 Power to require notification of arrival of means of transport in UK
- 203 Non-established taxable persons
- 204 Administration of VAT
- PART 8 Other taxes
- Landfill tax
- 205 Standard rate of landfill tax
- 206 Landfill sites in Scotland
- Climate change levy
- 207 Climate change levy
- Inheritance tax
- 208 Indexation of rate bands
- 209 Gifts to charities etc
- 210 Settled property: effect of certain arrangements
- Bank levy
- 211 The bank levy
- Stamp duty land tax, stamp duty reserve tax and stamp duty
- 212 Prevention of avoidance: subsales etc
- 213 Rate in respect of residential property where consideration over £2m
- 214 Higher rate for certain transactions
- 215 Disclosure of stamp duty land tax avoidance schemes
- 216 Health service bodies
- 217 Collective investment schemes: stamp duty and stamp duty reserve tax
- PART 9 Miscellaneous matters
- International matters
- 218 Agreement between UK and Switzerland
- 219 Penalties: offshore income etc
- 220 International military headquarters, EU forces, etc
- Financial sector regulation
- 221 Tax consequences of financial sector regulation
- Incapacitated persons and minors
- 222 Removal of special provision for incapacitated persons and minors
- Administration
- 223 Tax advisers: sanctionable conduct
- 224 Information powers
- 225 PAYE regulations: information
- High value residential property or dwellings
- 226 New tax on ownership of high-value residential properties or dwellings
- Miscellaneous reliefs etc
- 227 Repeals of miscellaneous reliefs etc
- PART 10 Final provisions
- 228 Interpretation
- 229 Short title
- SCHEDULES
- SCHEDULE 1 High income child benefit charge
- The high income child benefit charge
- Consequential amendments
- Commencement
- SCHEDULE 2 Profits arising from the exploitation of patents etc
- PART 1 Amendments of CTA 2010
- PART 2 Amendments of TIOPA 2010
- PART 3 Commencement and transitional provision
- Application
- Special treatment of profits from patents etc to be phased in
- SCHEDULE 3 Relief for expenditure on R&D
- Introductory
- Amount of relief for expenditure on R&D by small or medium-sized enterprises (“SMEs”)
- Removal of R&D threshold
- Company not a going concern when in administration or liquidation
- Removal of limit on amount of tax credit based on PAYE and NIC liabilities
- Abolition of vaccine research relief for SMEs
- Qualifying expenditure on externally provided workers
- Application
- SCHEDULE 4 Real estate investment trusts
- Introduction
- Being a UK REIT: conditions for company - close companies
- Being a UK REIT: conditions for company - trading of shares on recognised stock exchange
- Being a UK REIT: condition as to distribution of profits
- Being a UK REIT: conditions as to balance of business
- Abolition of entry charge
- Financing cost ratio
- Disposal of assets
- SCHEDULE 5 Tax treatment of financing costs and income
- SCHEDULE 6 Seed enterprise investment scheme
- PART 1 The scheme
- PART 2 Relief for capital gains
- Introductory
- Disposal of shares to which SEIS relief is attributable
- Seed enterprise investment scheme: re-investment relief
- PART 3 Consequential amendments
- ITA 2007
- TCGA 1992
- TMA 1970
- PART 4 Commencement
- SCHEDULE 7 Enterprise investment scheme
- PART 1 Enterprise investment scheme
- Introduction
- Minimum subscription
- Increase in amount of relief
- Loan capital
- Overview of Chapter 3
- Relaxation of the shares requirement
- Increase in the maximum amount permitted to be raised annually
- Acquisition of shares or stock
- No disqualifying arrangements requirement
- Meaning of “qualifying business activity”
- Increase in the gross assets limits
- Relaxation of restriction on number of employees
- Subsidised generation or export of electricity
- Powers to amend
- Disposal of shares
- Date from which interest is chargeable
- Information
- Approved investment fund as nominee
- Interpretation
- Commencement and transitional provision
- PART 2 Enterprise investment scheme: chargeable gains
- Introduction
- Disposal of shares to which EIS relief is attributable
- Maximum annual investment
- No disqualifying arrangements
- Information
- Meaning of “arrangements”
- Commencement
- SCHEDULE 8 Venture capital schemes
- Introduction
- VCT approvals
- Qualifying holdings: introduction
- Relaxation of maximum qualifying investment requirement
- Increase in the maximum amount permitted to be raised annually
- Acquisition of shares
- Increase in the gross assets limits
- Relaxation of restriction on number of employees
- No disqualifying arrangements requirement
- Subsidised generation or export of electricity
- Powers to amend
- Information
- Consequential amendment
- Commencement and transitional provision
- SCHEDULE 9 Capital allowances for plant and machinery: anti-avoidance
- Transactions to obtain allowances
- Restrictions on writing-down allowances
- Restriction of exception for manufacturers and suppliers
- Relevant transactions
- Commencement
- SCHEDULE 10 Plant and machinery allowances: fixtures
- Introductory
- Changes in ownership
- Fixtures on which business premises renovation allowance has been made
- Commencement and transitionals
- SCHEDULE 11 Expenditure on plant and machinery for use in designated assisted areas
- SCHEDULE 12 Foreign income and gains
- PART 1 Increased remittance basis charge
- Increased charge
- Application of Part 1
- PART 2 Remittance for investment purposes
- Relief for investments
- Formerly exempt property used to make investment
- Interpretation provisions
- Application of Part 2
- PART 3 Sales of exempt property
- Relief from deemed remittance rule
- Application of Part 3
- PART 4 Nominated income
- Disapplication of ordering rules
- Application of Part 4
- SCHEDULE 13 Employer asset-backed pension contributions etc
- PART 1 Denial of relief for contributions paid during period 29 November 2011 to 21 February 2012
- PART 2 Transitional provision relating to Part 1
- Application and interpretation
- Certain tax consequences not to have effect
- Adjustments
- PART 3 Denial of relief for contributions paid on or after 22 February 2012
- PART 4 Transitional provision relating to Part 3
- Application and interpretation
- Certain tax consequences not to have effect
- Adjustments
- PART 5 Other provision relating to finance arrangements
- Chapter 5B of Part 13 of ITA 2007
- Chapter 2 of Part 16 of CTA 2010
- Commencement
- SCHEDULE 14 Gifts to the nation
- PART 1 Introduction
- Qualifying gifts
- PART 2 Income tax and capital gains tax
- Taxes affected
- The basic rule
- The portion treated as satisfied
- Order in which benefit is applied
- Effect of basic rule on interest and penalties
- Changes to N's tax liability
- Gifts set aside etc
- Suspension pending negotiations
- Conclusion of negotiations
- PART 3 Corporation tax
- Taxes affected
- The basic rule
- The portion treated as satisfied
- Effect of basic rule on interest and penalties
- Changes to C's tax liability
- Gifts set aside etc
- Suspension pending negotiations
- Conclusion of negotiations
- PART 4 General provision
- Orders
- Pre-eminent property
- The relevant Minister
- General interpretation
- PART 5 Related changes
- IHTA 1984
- Estate duty etc
- TCGA 1992
- ITA 2007
- PART 6 Commencement
- SCHEDULE 15 Relief in respect of gift aid and other income
- Claims by charitable trusts etc
- Claims by charitable companies etc
- Community amateur sports clubs: gift aid and other income
- Treatment of income tax deducted or repaid
- Administration of claims under ITA 2007
- Administration of claims under CTA 2010
- Application
- SCHEDULE 16 Part 2: minor and consequential amendments
- PART 1 Amendments of ICTA
- PART 2 Amendments of FA 1989
- PART 3 Amendments of other Acts
- Finance Act 1950
- Taxes Management Act 1970
- Inheritance Tax Act 1984
- Finance Act 1991
- Taxation of Chargeable Gains Act 1992
- Finance Act 1993
- Finance Act 1999
- Capital Allowances Act 2001
- Finance Act 2003
- Income Tax (Earnings and Pensions) Act 2003
- Finance Act 2004
- Finance (No.2) Act 2005
- Income Tax (Trading and Other Income) Act 2005
- Income Tax Act 2007
- Corporation Tax Act 2009
- Corporation Tax Act 2010
- Taxation (International and Other Provisions) Act 2010
- Finance Act 2011
- PART 4 Consequential repeals
- SCHEDULE 17 Part 2: transitional provision
- PART 1 Deemed receipts or expenses
- General outline of the provision of this Part of this Schedule
- Basic concepts
- The comparison etc
- Deemed receipts or expenses of BLAGAB or non-BLAGAB long-term business
- Period over which deemed receipts or expenses arise
- Financing-arrangement-funded transfers to shareholders in relation to non-profit funds
- Anti-avoidance
- Overseas life insurance companies
- PART 2 Specific transitional provisions
- Insurance company with BLAGAB consisting wholly of protection business
- Disregard of amounts previously taken into account for tax purposes
- Intangible fixed assets
- Assets held for purposes of long-term business
- Carry-forward of trading losses and excess management expenses
- Relief for BLAGAB trade losses for accounting period beginning on or after 1 January 2013
- Assets of the shareholder fund
- PART 3 Supplementary
- General transitional provision in relation to provisions re-enacted in Part 2 of this Act
- Power to make supplementary transitional provision etc
- Interpretation
- SCHEDULE 18 Part 3: consequential amendments
- Income and Corporation Taxes Act 1988
- Taxation of Chargeable Gains Act 1992
- Income Tax (Trading and Other Income) Act 2005
- Corporation Tax Act 2009
- Consequential repeals
- SCHEDULE 19 Part 3: transitional provision
- Approvals given for purposes of section 461 or 461C of ICTA
- General transitional provision in relation to provisions re-enacted in Part 3 of this Act
- SCHEDULE 20 Controlled foreign companies and foreign permanent establishments
- PART 1 Controlled foreign companies
- PART 2 Foreign permanent establishments
- Main provision
- Lloyd's underwriters
- Plant and machinery allowances
- PART 3 Other amendments
- TMA 1970
- ICTA
- FA 1998
- FA 2000
- FA 2002
- ITA 2007
- FA 2007
- CTA 2009
- FA 2009
- CTA 2010
- TIOPA 2010
- Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)
- PART 4 Commencement provision
- Commencement provision relating to controlled foreign companies etc
- Commencement provision relating to foreign permanent establishments
- PART 5 Transitional provision
- First accounting periods
- Elections under section 9A of CTA 2010
- Exempt periods
- Designer rate tax provisions
- SCHEDULE 21 Relief in respect of decommissioning expenditure
- Restriction of relief available in respect of decommissioning expenditure
- Extension of loss relief available in respect of decommissioning expenditure
- Application
- SCHEDULE 22 Reduction of supplementary charge for certain oil fields
- Amendments of Chapter 7 of Part 8 of CTA 2010
- Consequential amendments
- Commencement
- SCHEDULE 23 Air passenger duty
- PART 1 Northern Ireland long haul rates of duty from 1 November 2011 to 31 March 2012
- PART 2 Rates of duty from 1 April 2012
- PART 3 Devolution of Northern Ireland long haul rates of duty
- PART 4 Other provision
- SCHEDULE 24 Machine games duty
- PART 1 Imposition of duty
- The duty
- Dutiable machine games
- Types of machine
- How the duty is charged
- Net takings per machine
- The rates
- Negative amounts of duty
- Who is liable
- Responsible for premises
- Excluded dual-use machines
- Accounting periods
- Valuing prizes
- Valuing charges
- Collection and management
- Returns
- Assessment and payment
- Registration
- Registrable persons
- Compulsory registration
- Procedure for registration, de-registration etc
- Publication of register
- Profit-sharers
- Reviews and appeals
- Interest
- Penalties and enforcement
- Forfeiture
- Offences
- Protection of officers
- Orders and regulations
- Transitional provision
- Consequential amendments
- Interpretation
- PART 2 Removal of amusement machine licence duty
- Amendment of BGDA 1981
- Amendment of other enactments
- Transitional provision and savings
- PART 3 VAT exemption
- Amendment of VATA 1994
- PART 4 Miscellaneous
- Application
- SCHEDULE 25 Remote gambling: double taxation relief
- Unilateral relief
- Consequential amendments
- Commencement
- SCHEDULE 26 Categorisation of supplies
- PART 1 Zero-rated supplies
- Introductory
- Food
- Protected buildings
- Caravans
- PART 2 Exempt supplies
- Land: self storage and facilities to supply hairdressing services
- PART 3 Supplies chargeable at reduced rate
- PART 4 Commencement and transitional provision
- SCHEDULE 27 Anti-forestalling charge to VAT
- PART 1 Anti-forestalling charge to VAT
- Introductory
- The charge
- The supplies
- Supplies linked to the post-change period
- Power to modify this Schedule
- PART 2 Liability and amount
- Liability
- Amount
- PART 3 Administration and interpretation
- Person ceasing to be taxable person before anti-forestalling charge due
- Adjustment of contracts following the VAT change
- Invoices
- Interpretation: general
- SCHEDULE 28 Non-established taxable persons
- New Schedule 1A
- Other amendments of VATA 1994
- Amendments of other Acts
- Application
- SCHEDULE 29 Administration of VAT
- SCHEDULE 30 Climate change levy
- PART 1 Reduced-rate supplies on or after 1 April 2011: deemed supply
- PART 2 Taxable supplies on or after 1 April 2012 for use in recycling processes
- PART 3 Rates of climate change levy for supplies on or after 1 April 2013
- SCHEDULE 31 Climate change levy: climate change agreements
- SCHEDULE 32 Climate change levy: supplies subject to the carbon price support rates and combined heat and power stations
- PART 1 Main provision
- Amendments to Schedule 6 to FA 2000
- Provision relating to Schedule 20 to FA 2011
- Commencement
- PART 2 Carbon price support rates from 1 April 2014
- PART 3 Electricity produced in combined heat and power stations
- SCHEDULE 33 Inheritance tax: gifts to charities etc
- Reduced rate of inheritance tax
- Consequential amendments
- Instruments of variation to be notified to charities etc
- Commencement
- SCHEDULE 34 Bank levy
- Introductory
- Rates 2012
- Rates from 2013
- Joint ventures
- Double taxation relief
- Transitional provision
- SCHEDULE 35 Stamp duty land tax: higher rate for certain transactions
- Introductory
- Higher rate of tax: main provisions
- Higher rate of tax: exercise of collective rights by tenants of flats
- Minor and consequential amendments
- Application of amendments
- SCHEDULE 36 Agreement between UK and Switzerland
- PART 1 Introduction
- The Agreement and the Joint Declaration
- PART 2 The past
- Taxes affected
- Application of this Part
- Qualifying amounts
- Eligibility for clearance
- Effect if P eligible for clearance
- Ceasing to be liable to tax
- Effect if P not eligible for clearance
- Interest, penalties etc
- Repayments
- Paragraph 4: supplementary provision
- Refund of one-off payment
- PART 3 The future: income tax and capital gains tax
- Taxes affected
- Application of this Part
- Effect of relevant certificate
- Election
- Other credits to be allowed first
- Repayments
- Relationship with special withholding tax rules
- PART 4 The future: inheritance tax
- Taxes affected
- Application of this Part
- Effect of Article 32 certificate
- Election in respect of Article 32 certificates
- Repayments
- PART 5 General provisions
- Information exchange
- Amounts recoverable as if they were VAT
- Transfers to HMRC under Agreement
- General interpretation
- SCHEDULE 37 International military headquarters, EU forces, etc
- FA 1960
- IHTA 1984
- ITEPA 2003
- ITA 2007
- SCHEDULE 38 Tax advisers: sanctionable conduct
- PART 1 Introduction
- Overview
- Tax adviser
- Sanctionable conduct
- PART 2 Establishing dishonest conduct
- Conduct notice
- Appeal against determination
- Offence of concealment etc in connection with conduct notice
- PART 3 Power to obtain tax adviser’s files etc
- Circumstances in which power is exercisable
- File access notice
- Relevant documents
- Content of notice
- Compliance
- Approval by tribunal
- Documents not in person's possession or power
- Types of information
- Old documents
- Privileged communications between professional legal advisers and clients
- Power to copy documents
- Power to retain documents
- Appeal against file access notice
- Offence of concealment etc in connection with file access notice
- Penalty for failure to comply
- Daily penalty for failure to comply
- Increased daily default penalty
- Failure to comply with time limit
- Reasonable excuse
- Penalties for inaccurate documents
- Part 3A Conduct notices
- Giving of conduct notice
- Withdrawal of conduct notice
- PART 4 Sanctions for sanctionable conduct
- Penalty for sanctionable conduct
- Disclosure of conduct
- Increased penalties
- Potential lost revenue
- Special reduction
- Power to publish details
- PART 5 Penalties: assessment etc
- Assessment of penalties
- Appeal against penalty
- Enforcement of penalty
- Double jeopardy
- Power to change amount of penalties
- PART 6 Miscellaneous provision and interpretation
- Application of provisions of TMA 1970
- Tax
- General interpretation
- Relationship with other enactments
- PART 7 Consequential provisions
- TMA 1970
- OTA 1975
- IHTA 1984
- Social Security Contributions and Benefits Act 1992
- Social Security Contributions and Benefits (Northern Ireland) Act 1992
- Social Security Administration Act 1992
- Social Security Administration (Northern Ireland) Act 1992
- FA 2003
- SCHEDULE 39 Repeal of miscellaneous reliefs etc
- PART 1 Stamp duty and stamp duty land tax
- Nationalisation schemes
- Visiting forces and allied headquarters
- Shared ownership transactions
- Instruments subject to duty of fixed amount
- Acquisitions
- Transfers to registered social landlords
- Land in disadvantaged areas
- Leases granted by registered social landlords
- Application and transitional provision
- PART 2 Repeal of harbour reorganisation scheme reliefs
- PART 3 Payments relating to reductions in pool betting duty
- PART 4 Life assurance
- Abolition of income tax relief for life assurance premiums under section 266 of ICTA
- Removal of claw-backs on relief given under section 266 of ICTA
- Abolition of income tax relief relating to certain payments made for benefit of family members etc
- PART 5 Capital allowances
- Safety at sports grounds
- Flat conversion allowances
- PART 6 Mineral leases or agreements
- Income tax
- Corporation tax on income
- Chargeable gains
- PART 7 Miscellaneous
- Deeply discounted securities: incidental expenses
- Grants for giving up agricultural land
- Reduction for meal vouchers
- Black beer
- Angostura bitters
- Tax reserve certificates
- Tax assessors
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