Finance Act 2020
Finance Act 2020 (2020 c. 14)
- Finance Act 2020 (2020 c. 14)
- PART 1 Income tax, corporation tax and capital gains tax
- Income tax charge, rates etc
- 1 Income tax charge for tax year 2020-21
- 2 Main rates of income tax for tax year 2020-21
- 3 Default and savings rates of income tax for tax year 2020-21
- 4 Starting rate limit for savings for tax year 2020-21
- Corporation tax charge and rates
- 5 Main rate of corporation tax for financial year 2020
- 6 Corporation tax: charge and main rate for financial year 2021
- Employment income and social security income
- 7 Workers' services provided through intermediaries
- 8 Determining the appropriate percentage for a car: tax year 2020-21 onwards
- 9 Determining the appropriate percentage for a car: tax year 2020-21 only
- 10 Determining the appropriate percentage for a car: tax year 2021-22 only
- 11 Apprenticeship bursaries paid to persons leaving local authority care
- 12 Tax treatment of certain Scottish social security benefits
- 13 Power to exempt social security benefits from income tax
- 14 Voluntary office-holders: payments in respect of expenses
- Loan charge
- 15 Loan charge not to apply to loans or quasi-loans made before 9 December 2010
- 16 Election for loan charge to be split over three tax years
- 17 Loan charge reduced where underlying liability disclosed but unenforceable
- 18 Relief from interest on tax payable by a person subject to the loan charge
- 19 Minor amendments relating to the loan charge
- 20 Repaying sums paid to HMRC under agreements relating to certain loans etc
- 21 Operation of the scheme
- Pensions
- 22 Annual allowance: tapered reduction
- Chargeable gains
- 23 Entrepreneurs' relief
- 24 Relief on disposal of private residence
- 25 Corporate capital losses
- 26 Quarterly instalment payments
- 27 Relief from CGT for loans to traders
- Reliefs for business
- 28 Research and development expenditure credit
- 29 Structures and buildings allowances: rate of relief
- 30 Structures and buildings allowances: miscellaneous amendments
- 31 Intangible fixed assets: pre-FA 2002 assets etc
- Miscellaneous measures affecting companies
- 32 Non-UK resident companies carrying on UK property businesses etc
- 33 Surcharge on banking companies: transferred-in losses
- 34 CT payment plans for tax on certain transactions with EEA residents
- 35 Changes to accounting standards affecting leases
- Investments
- 36 Enterprise investment scheme: approved investment fund as nominee
- 37 Gains from contracts for life insurance etc: top slicing relief
- 38 Losses on disposal of shares: abolition of requirement to be UK business
- PART 2 Digital services tax
- Introduction
- 39 Digital services tax: introduction
- Digital services revenues, UK digital services revenues etc
- 40 Meaning of “digital services revenues”
- 41 Meaning of “UK digital services revenues”
- 42 UK digital services revenues: accommodation and land
- 43 Meaning of “digital services activity” etc
- 44 Meaning of “user” and “UK user”
- 45 Exclusion for online financial marketplaces
- Charge to tax
- 46 Meaning of “the threshold conditions”
- 47 Charge to DST
- 48 Alternative basis of charge
- 49 Section 48: meaning of “relevant operating expenses”
- 50 Relief for certain cross-border transactions
- 51 When DST is due and payable
- Duty to submit returns etc
- 52 Meaning of “the responsible member”
- 53 Continuity of obligations etc where change in the responsible member
- 54 Duty to notify HMRC when threshold conditions are met
- 55 Duty to notify HMRC of change in relevant information
- 56 Duty to file returns
- Groups, parents and members
- 57 Meaning of “group”, “parent” etc
- 58 Section 57: meaning of “relevant entity”
- 59 Continuity of a group over time
- 60 Treatment of stapled entities
- Accounting periods, accounts etc
- 61 Accounting periods and meaning of “a group's accounts”
- 62 Apportionment of revenues or expenses to accounting period
- 63 Meaning of revenues arising, or expenses recognised, in a period
- 64 Meaning of “the applicable accounting standards” etc
- Supplementary
- 65 Anti-avoidance
- 66 Notice requiring payment from other group members
- 67 Interest on overdue DST
- 68 Interest on overpaid DST etc
- 69 Recovery of DST liability
- 70 Minor and consequential amendments
- 71 Review of DST
- General
- 72 Interpretation of Part
- PART 3 Other taxes
- Inheritance tax
- 73 Excluded property etc
- 74 Transfers between settlements etc
- 75 Relief for payments to victims of persecution during Second World War era
- Stamp duty land tax
- 76 Exceptional circumstances preventing disposal of interest in three year period
- Stamp duty and stamp duty reserve tax
- 77 Stamp duty: transfers of unlisted securities and connected persons
- 78 SDRT: unlisted securities and connected persons
- 79 Stamp duty: acquisition of target company's share capital
- Value added tax
- 80 Call-off stock arrangements
- Alcohol liquor duties
- 81 Post-duty point dilution of wine or made-wine
- Tobacco products duty
- 82 Rates of tobacco products duty
- Vehicle taxes
- 83 Rates for light passenger or light goods vehicles, motorcycles etc
- 84 Applicable CO2 emissions figure determined using WLTP values
- 85 Electric vehicles: extension of exemption
- 86 Motor caravans
- 87 Exemption in respect of medical courier vehicles
- 88 HGV road user levy : exempt period
- 88A HGV road user levy: transitional provision for end of exempt period
- Hydrocarbon oil duties
- 89 Rebated fuel: private pleasure craft
- Air passenger duty
- 90 Rates of air passenger duty from 1 April 2021
- Gaming duty
- 91 Amounts of gross gaming yield charged to gaming duty
- Environmental taxes
- 92 Rates of climate change levy until 1 April 2021
- 93 Rates of climate change levy from 1 April 2021
- 94 Rates of landfill tax
- 95 Carbon emissions tax
- 96 Charge for allocating allowances under emissions reduction trading scheme
- Import duty
- 97 International trade disputes
- PART 4 Miscellaneous and final
- Insolvency
- 98 HMRC debts: priority on insolvency
- 99 HMRC debts: regulations
- Joint and several liability
- 100 Joint and several liability of company directors etc
- General anti-abuse rule
- 101 Amendments relating to the operation of the GAAR
- Compensation schemes etc
- 102 Tax relief for scheme payments etc
- Administration
- 103 HMRC: exercise of officer functions
- 104 Returns relating to LLP not carrying on business etc with view to profit
- 105 Interest on unpaid tax in case of disaster etc of national significance
- Coronavirus
- 106 Taxation of coronavirus support payments
- 107 Enterprise management incentives
- 108 Protected pension age of members re-employed as a result of coronavirus
- 109 Modifications of the statutory residence test in connection with coronavirus
- 110 Future Fund: EIS and SEIS relief
- Preparing for new tax
- 111 Preparing for a new tax in respect of certain plastic packaging
- Local loans
- 112 Limits on local loans
- Other
- 113 Interpretation
- 114 Short title
- SCHEDULES
- SCHEDULE 1 Workers' services provided through intermediaries
- PART 1 Amendments to Chapter 8 of Part 2 of ITEPA 2003
- PART 2 Amendments to Chapter 10 of Part 2 of ITEPA 2003
- PART 3 Consequential and miscellaneous amendments
- PART 4 Commencement and transitional provisions
- Commencement
- Transitional provisions
- SCHEDULE 2 The loan charge: consequential amendments
- PART 1 Amendments to F(No.2)A 2017 in consequence of section 15
- PART 2 Amendments in consequence of section 16
- ITEPA 2003
- F(No.2)A 2017
- Social Security (Contributions) Regulations 2001
- SCHEDULE 3 Entrepreneurs' relief
- PART 1 Reduction in lifetime limit
- Reduction in lifetime limit
- Commencement
- Anti-forestalling: unconditional contracts
- Anti-forestalling: reorganisations of share capital
- Anti-forestalling: exchanges of securities etc
- Interpretation
- PART 2 Re-naming the relief
- SCHEDULE 4 Corporate capital losses
- PART 1 Corporate capital loss restriction
- Restriction on deduction from chargeable gains: main provisions
- Insolvent companies
- Companies without a source of chargeable income
- Offshore collective investment vehicles
- Insurance companies: ring fence
- Oil activities: ring fence
- Clogged losses
- Pre-entry losses
- Real estate investment trusts
- Counteraction of avoidance arrangements
- Minor and consequential amendments to Part 7ZA of CTA 2010
- Minor and consequential amendments to Part 7A of CTA 2010
- PART 2 Corporate capital loss deductions: miscellaneous provision
- Companies without a source of chargeable income: carry back of losses
- Insurance companies: minor amendments to TCGA 1992 and FA 2012
- PART 3 Commencement and anti-forestalling provision
- Commencement
- Anti-forestalling provision
- SCHEDULE 5 Structures and buildings allowances
- Introduction
- Research and development allowances
- Contribution allowances
- Minor amendments
- Commencement
- SCHEDULE 6 Non-UK resident companies carrying on UK property businesses etc
- Calculation of non-trading profits and deficits from loan relationships or derivative contracts
- Debits referable to times before UK property business etc is carried on
- Duty to notify chargeability to corporation tax: exceptions
- Period for making election under regulation 6A of the Disregard Regulations
- Commencement
- SCHEDULE 7 CT payment plans for tax on certain transactions with EEA residents
- CT payment plans
- Penalties
- Commencement
- Power of repeal
- SCHEDULE 8 Digital services tax: returns, enquiries, assessments and appeals
- PART 1 Introduction
- PART 2 DST returns
- DST returns
- Amendment of return by responsible member
- PART 3 Duty to keep and preserve records
- Duty to keep and preserve records
- Preservation of information etc
- PART 4 Enquiry into return
- Notice of enquiry
- Scope of enquiry
- Amendment of self-assessment during enquiry to prevent loss of tax
- Amendment of return by responsible member during enquiry
- Referral of questions to the tribunal during enquiry
- Withdrawal of notice of referral
- Effect of referral on enquiry
- Effect of determination
- Completion of enquiry
- Direction to complete enquiry
- PART 5 HMRC determinations
- Determination of tax chargeable if no return delivered
- Determination to have effect as a self-assessment
- Determination superseded by actual self-assessment
- PART 6 HMRC assessments
- Assessments where loss of tax discovered
- Restrictions on assessments
- Time limits for discovery assessments
- Assessment procedure etc
- Liability to amounts charged by way of discovery assessment
- PART 7 Relief in case of overpaid tax
- Claim for relief for overpaid tax
- Making a claim
- Cases in which Commissioners not liable to give effect to claim
- Power to enquire into claims
- Completion of enquiry into claim etc
- Assessment for excessive repayment etc
- Supplementary assessments
- Further provision about assessments under paragraphs 29 and 30
- Time limits for assessments
- PART 8 Appeals against HMRC decisions on tax
- Right of appeal
- Notice of appeal
- Late notice of appeal
- Steps that may be taken following notice of appeal
- Right of appellant to require review
- Offer of review by HMRC
- Nature of review
- Effect of conclusions of review
- Notifying appeal to tribunal after appellant has required review
- Notifying appeal to tribunal after HMRC have offered review
- Interpretation of paragraphs 36 to 42
- Settling of appeals by agreement
- Appeal does not postpone recovery of tax
- Application for payment of tax to be postponed
- Agreement to postpone payment of tax
- Assessments and self-assessments
- Payment of tax where appeal has been determined
- Payment of tax where there is a further appeal
- Tribunal determinations
- PART 9 Penalties
- Failure to deliver return: flat-rate penalty
- Failure to deliver return: tax-related penalty
- Failure to deliver a return: reasonable excuse
- Failure to keep and preserve records: penalty
- Assessment of penalty, etc
- Special reduction
- Right to appeal against penalty
- Procedure on appeal against penalty
- Payments in respect of penalties
- SCHEDULE 9 DST payment notices
- Introduction
- Payment notice: effect
- Payment notice: appeals
- Payment notices: effect of making payment etc
- SCHEDULE 10 Digital services tax: minor and consequential amendments
- Provisional Collection of Taxes Act 1968
- FA 1989
- FA 2007
- FA 2008
- SCHEDULE 11 Private pleasure craft
- Amendments of HODA 1979
- Other amendments
- General
- SCHEDULE 12 Carbon emissions tax
- Introduction
- Power to set emissions allowance
- Power to make further provision by regulations
- Interpretation
- Commencement and transitional provision
- Penalty for failure to make payments on time
- Commencement
- SCHEDULE 13 Joint and several liability of company directors etc
- Introduction
- Tax avoidance and tax evasion cases
- Repeated insolvency and non-payment cases
- Cases involving penalty for facilitating avoidance or evasion
- “Tax-avoidance arrangements”
- “Tax-evasive conduct”
- “Insolvency procedure” etc
- Interaction with penalties
- Withdrawal or modification of notice
- Right of review
- Reviews under paragraph 11
- Right of appeal
- Appeals under paragraph 13
- Appeal in respect of liability of company
- Proceedings for determination of penalty to be imposed on company
- Cases where company has ceased to exist
- Application to limited liability partnerships
- Interpretation
- SCHEDULE 14 Amendments relating to the operation of the GAAR
- Introduction
- Protecting adjustments under the GAAR before time limits expire
- Minor amendments
- Commencement
- SCHEDULE 15 Tax relief for scheme payments etc
- Part 1 Income tax and other related relief
- Introductory
- Qualifying payments
- Exemption from income tax
- Exemptions from capital gains tax
- Relief from inheritance tax
- Part 2 Corporation tax and other related relief
- Introductory
- Relevant compensation payments
- Relevant onward payments
- Exemption from corporation tax
- Exemption from income tax and capital gains tax
- Power to make further provision
- Regulations: general
- Interpretation
- SCHEDULE 16 Taxation of coronavirus support payments
- Accounting for coronavirus support payments referable to a business
- Amounts not referable to activities of a business which is being carried on
- Amounts referable to businesses in certain cases
- Exemptions, reliefs and deductions
- Charge where employment costs deductible by another
- Charge where no business carried on
- Modification of the Tax Acts
- Charge if person not entitled to coronavirus support payment
- Assessments of income tax chargeable under paragraph 8
- Calculation of income tax liability
- Calculation of tax liability: companies chargeable to corporation tax
- Notification of liability under paragraph 8
- Penalty for failure to notify: knowledge of non-entitlement to payment
- Penalties: partnerships
- Liability of officers of insolvent companies
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