Finance (No. 2) Act 2023
Finance (No. 2) Act 2023 (2023 c. 30)
- Finance (No. 2) Act 2023 (2023 c. 30)
- Part 1 Income tax, corporation tax and capital gains tax
- Income tax charge, rates etc
- 1 Income tax charge for tax year 2023-24
- 2 Main rates of income tax for tax year 2023-24
- 3 Default and savings rates of income tax for tax year 2023-24
- 4 Freezing starting rate limit for savings for tax year 2023-24
- Corporation tax charge and rates
- 5 Charge and main rate for financial year 2024
- 6 Standard small profits rate and fraction for financial year 2024
- Capital allowances
- 7 Temporary full expensing etc for expenditure on plant or machinery
- 8 Annual investment allowance to remain at £1M beyond temporary period
- 9 First-year allowance for expenditure on electric vehicle charge points
- Other reliefs relating to businesses
- 10 Relief for research and development
- 11 Treatment of profits from patents etc: small profits rate of corporation tax
- 12 Energy (oil and gas) profits levy: de-carbonisation allowance
- 13 Museums and galleries exhibition tax relief: extension of sunset date
- 14 Extension of the temporary increase in theatre tax credit etc
- 15 Seed enterprise investment scheme: increase of limits etc.
- Reliefs for employees
- 16 CSOP schemes: share value limit and share class
- 17 Enterprise management incentives: restricted shares and declarations
- Pensions
- 18 Lifetime allowance charge abolished
- 19 Certain lump sums to be taxed at marginal rate
- 20 Annual allowance increased
- 21 Money purchase annual allowance
- 22 Annual allowance: tapering
- 23 Modification of certain existing transitional protections
- 24 Collective money purchase arrangements
- 25 Relief relating to net pay arrangements
- Social security
- 26 Payments under Jobs Growth Wales Plus
- 27 Power to clarify tax treatment of devolved social security benefits
- Foster carers etc
- 28 Qualifying care relief: increase in individual’s limit
- Estates in administration and trusts
- 29 Estates in administration and trusts
- Provisions relating to insurance
- 30 Transfer of basic life assurance and general annuity business
- 31 Certain re-insurance sums not to count as deemed I-E receipts
- 32 Insurers in difficulties: write-down orders for corporation tax purposes
- 33 Insurers in difficulties: write-down orders in case of pension schemes
- Miscellaneous corporation tax matters
- 34 Corporate interest restriction
- 35 Investment vehicles
- International matters
- 36 Share exchanges involving non-UK incorporated close companies
- 37 Records relating to transfer pricing
- 38 Double taxation relief: foreign nominal rates
- Chargeable gains
- 39 Payments to farmers under the lump sum exit scheme etc
- 40 Contracts completed after ordinary notification period
- 41 Separated spouses and civil partners
- 42 Carried interest: election to pay tax as scheme profits arise
- 43 Relief on disposal of joint interests in land
- Part 2 Alcohol Duty
- Chapter 1 Charge to alcohol duty
- Alcoholic products
- 44 Meaning of “alcoholic product”
- 45 Alcoholic strength
- 46 Categories of alcoholic products: regulations
- Charge and rates
- 47 Alcohol duty: charge
- 48 Rates
- 49 Excise duty point and payment
- Chapter 2 Draught relief
- 50 Qualifying draught products: reduced rates
- 51 Alcoholic products qualifying for draught relief
- 52 Repackaging qualifying draught products
- 53 Repackaging in contravention of section 52(2)
- Chapter 3 Small producer relief
- Main provisions
- 54 Small producer relief: discounted rates
- 55 Small producer alcoholic products
- 56 Small production premises
- 57 “Alcohol production amount” etc
- 58 Exclusions
- 59 Duty discount for small producer alcoholic products
- 60 Assessments where incorrectly low rate of alcohol duty applied
- Mergers and demergers
- 61 Mergers: general provisions
- 62 Modified “small production premises” test
- 63 Modified duty discount
- 64 Adjusted post-merger amount
- 65 Early termination of merger transition period
- 66 Subsequent mergers
- 67 Simultaneous mergers
- 68 Demergers
- Interpretation of Chapter 3
- 69 “Producer”, “production premises”, “group premises” etc
- 70 Connected persons
- 71 Index of defined expressions: Chapter 3
- Chapter 4 Other reliefs and exemptions
- General
- 72 Exemption: production for personal consumption
- 73 Research and experiments
- 74 Spoilt alcoholic products
- 75 Alcoholic ingredients
- Spirits
- 76 Imported medical articles
- 77 Flavourings
- 78 Authorised use for certain purposes
- 79 Imported goods not for human consumption
- 80 Restrictions on use of certain articles
- Remission and repayment
- 81 Further provision about remission and repayment
- Chapter 5 Regulated activities and approvals
- 82 Approval requirement: producers
- 83 Supplementary provision about approvals
- 84 Exemption: production for personal consumption
- 85 Exemption: research and experiments
- 86 Mixing alcoholic products
- 87 Post-duty point dilution of alcoholic products
- 88 Alcoholic products regulations
- 89 Penalties and forfeiture
- Chapter 6 Denatured alcohol
- 90 Denatured alcohol
- 91 Licence to manufacture and deal wholesale in denatured alcohol
- 92 Regulations relating to denatured alcohol
- 93 Penalties and forfeiture
- 94 Defaults in respect of denatured alcohol: possession of excess alcoholic products
- 95 Defaults in respect of denatured alcohol: supply and use of denatured alcohol
- 96 Inspection of premises etc
- 97 Prohibition of use of denatured alcohol etc as beverage or medicine
- Chapter 7 Wholesaling of controlled alcoholic products
- 98 Definitions
- 99 Further provision relating to definitions
- 100 Approval to carry on controlled activity
- 101 The register of approved wholesalers
- 102 Regulations relating to approval, registration and controlled activities
- 103 Restriction on buying controlled alcoholic products wholesale
- 104 Offences
- 105 Penalties
- 106 Groups
- 107 Index of defined expressions: Chapter 7
- Chapter 8 Supplementary
- 108 Reviews and appeals
- 109 Forfeiture: supplementary provision
- 110 Removal of goods: application of section 95 of CEMA 1979
- 111 Drawback
- 112 Duty stamps
- Chapter 9 repeals, further amendments and transitional provisions
- Repeals and further amendments
- 113 Repeals
- 114 Minor and consequential amendments
- Transitional provision
- 115 Temporary provision: wine
- 116 Temporary provision: cider
- Chapter 10 Final provisions
- 117 Interpretation of this Part
- 118 Regulations: supplementary and general
- 119 Regulations: procedure
- 120 Commencement
- Part 3 Multinational top-up tax
- Chapter 1 Introduction and charge
- 121 Introduction to multinational top-up tax
- 122 Chargeable persons
- 123 Charge to multinational top-up tax
- 124 How to calculate top-up amounts etc
- 125 Administration of multinational top-up tax
- Chapter 2 Qualifying multinational groups and their members
- Multinational groups
- 126 Meaning of “multinational group” and “ultimate parent”
- 127 Excluded entities
- Responsible members
- 128 Responsible members
- Qualifying multinational groups
- 129 Qualifying multinational groups
- 130 Change in composition of multinational group
- 131 Whether de-merged groups meet the revenue threshold
- Chapter 3 Effective tax rate of members of a multinational group in a territory
- 132 Effective tax rate
- Chapter 4 Calculation of adjusted profits of members of a multinational group
- Adjusted profits of a member of a multinational group
- 133 Adjusted profits of a member of a multinational group
- 134 Underlying profits as determined for statements of ultimate parent
- 135 Underlying profits of permanent establishments
- 136 Underlying profits accounts
- 137 No amounts outside of profit and loss account to be included
- 137A Use of substituted values
- Adjustments of underlying profits
- 138 Profits adjusted to be before tax
- 139 Profits adjusted to be profits before consolidation adjustments to eliminate intragroup transactions
- 140 Profits adjusted to be profits before certain purchase accounting adjustments
- 141 General exclusion of dividends
- 142 Excluded equity gain or loss
- 143 Included revaluation method gain or loss
- 144 Adjustments for asymmetric foreign currency income and losses
- 145 Exclusion of expenses for illegal payments, fines and penalties
- 146 Adjustment for changes in accounting policies and prior period errors
- 147 Accrued pension expense
- 147A Treatment of tax credits
- 148 Meaning of qualifying refundable tax credits
- 148A Transferable tax credits
- 148B Value of marketable transferable tax credits: originator
- 148C Value of marketable transferable tax credits: purchaser
- 149 Arm’s length requirement for certain transactions
- 150 Transactions between members of a multinational group: differences with accounting for tax
- 150A Instruments held intragroup: issuer’s accounting treatment to prevail
- 151 Adjustments for companies in distress
- 152 Adjustments where life assurance business carried on
- 153 Exclusion of certain insurance reserve movement expense
- 154 Exclusion of qualifying intra-group financing arrangement expenses
- 155 Qualifying tier one capital
- 156 Exclusion of international shipping profits
- 157 Core international shipping profits
- 158 Ancillary international shipping profits
- Adjustments only applicable to permanent establishments
- 159 Permanent establishment income and expense attribution
- 160 Attribution of losses between permanent establishment and main entity
- Elections to treat certain amounts differently
- 161 Election to use realisation principle
- 162 Election to reflect deductions for stock-based compensation
- 163 Election to spread certain capital gains over five years
- 164 Election to exclude intra-group transactions
- 165 Election to have excluded equity gains and losses included
- 166 Election in relation to hedging currency risk in ownership interests
- Dealing with transparency and entities subject to qualifying dividend regime
- 167 Underlying profits of hybrids
- 168 Underlying profits of transparent ... entities
- 169 Certain non tax resident entities to be treated as flow-through entities
- 170 Adjustments for ultimate parent that is a flow-through entity
- 171 Ultimate parent subject to qualifying dividend regime
- 172 Application of section 171 to members in the same territory as the ultimate parent
- Chapter 5 Covered tax balance
- Amount of covered taxes
- 173 Covered taxes
- 174 Amount of covered tax balance
- 175 Amounts excluded from qualifying current tax expense
- 176 Amounts to be reflected in qualifying current tax expense
- Transferable tax credits
- 176A Meaning of “non-marketable transferable tax credits”
- 176B Value of non-marketable transferable tax credits: originator
- 176C Value of non-marketable transferable tax credits: purchaser
- Tax equity partnerships
- 176D Tax credits etc allocated under tax equity partnerships
- 176E Flow-through tax benefits: proportional amortisation method
- 176F Flow-through tax benefits: subtraction method
- 176G Clawback of earlier qualifying flow-through tax benefits
- Allocation of covered taxes
- 177 Permanent establishments
- 178 Reallocation of tax expense
- 179 Controlled foreign company tax regimes
- 180 Blended CFC regimes
- 180A Section 180: further provision
- 181 Distributions from other members of a group
- 181A Cross-border allocation of current tax under cross-crediting regime
- Cross-border allocation of deferred tax expense
- 181B Cross-border allocation of deferred tax assets and liabilities
- Dealing with deferred tax assets etc
- 182 Total deferred tax adjustment amount
- 183 Qualifying foreign tax credits (substitute loss carry forward assets)
- 183A Alternative to section 183 where carry forward of credits not permitted
- 184 Recaptured deferred tax liabilities
- 185 Inclusion of existing deferred tax assets and liabilities on entry into regime
- 186 Deferred tax assets recorded at less than minimum rate
- 187 Election for losses to be treated as special loss deferred tax assets
- 188 Further provision about elections under section 187
- Eligible distribution tax systems: deemed taxes
- 189 Deemed distribution tax election
- 190 Deemed distribution tax amount
- 191 Reduction of recapture amount
- 192 Recalculation where member leaves the group
- Chapter 6 Calculation of top-up amounts
- 193 Calculation of top-up amounts
- 194 Total top-up amount for a territory
- 195 Substance based income exclusion
- 196 Eligible payroll costs
- 197 Eligible tangible asset amount
- 197A Operating leases
- 198 Eligible payroll costs and eligible tangible asset amount: permanent establishments
- 198ZA Eligible payroll costs: flow-through entities
- 198ZB Eligible tangible asset amount: flow-through entities
- 198ZC Eligible payroll costs and eligible tangible asset amount: flow-through ultimate parent
- 198A Power to make provision about treatment of payroll costs and assets
- 199 Election to treat certain top-up amounts as nil
- Chapter 7 Allocating top-up amounts to responsible members
- 200 Top-up amounts multiplied by inclusion ratio
- 201 Inclusion ratio
- Chapter 8 Further adjustments
- Covered taxes less than nil
- 202 Covered taxes balance less than nil when members in a territory have a profit
- 203 Additional top-up amounts where covered taxes less than expected
- 204 Allocation of collective additional amount under section 203 to members
- 205 Election to carry forward and reduce collective additional amount
- Additional top-up amounts on recalculations
- 206 Additional top-up amounts where recalculations required
- 207 Allocation of collective additional amounts under section 206 to members
- Restructuring of groups
- 208 Member joining or leaving multinational group
- 209 When transfer of controlling interest treated as acquisition of assets and liabilities
- 210 Transfer of assets or liabilities from a member of a multinational group
- 211 Transfer of assets or liabilities to a member of a multinational group
- 212 Meaning of “qualifying reorganisation”
- Elections in relation to investment entities
- 213 Investment entity tax transparency election
- 214 Taxable distribution method election
- 215 Undistributed income amount
- Other adjustments
- 216 Election where assets and liabilities adjusted to fair value for tax purposes
- 217 Post filing adjustments of covered taxes
- 218 Effect of rate changes to deferred tax expense
- 219 Adjustment where covered taxes not paid
- Chapter 9 Special provision for investment entities, joint venture groups and minority-owned members
- Investment entities
- 220 Top-up amount of investment entity
- 221 Substance based income exclusion for investment entity
- 222 Investment entity effective tax rate
- 223 Adjustments
- 224 Additional top-up amounts of investment entities
- 225 Attribution of top-up amounts and additional top-up amounts to responsible member
- Joint venture group
- 226 Joint venture group
- 227 Application of Part to joint venture groups
- Minority owned members
- 228 Minority owned members
- Application to multi-parent groups
- 229 Multi-parent groups
- Chapter 9A Untaxed amounts
- Introduction
- 229A Meaning of potentially undertaxed
- 229B Untaxed amounts
- Allocation of untaxed amounts
- 229C Allocation of untaxed amount to members
- 229D Amount allocated to the United Kingdom
- 229E Allocation to qualifying members
- 229F Election to make one member of a group liable for untaxed amounts
- How to determine number of employees and tangible fixed assets values
- 229G Number of employees
- 229H Value of tangible fixed assets
- Joint ventures
- 229I Joint ventures
- References to responsible members
- 229J References to responsible members
- Chapter 10 Definitions etc
- Introduction
- 230 Meaning of terms and concepts used in this Part
- Meaning of “entity” etc
- 231 Meaning of entity
- 232 Permanent establishments ...
- 232ZA Legal main entity distinct from main entity
- 232A Partnerships
- 233 Treatment of protected cell companies
- 234 Governmental, international and non-profit entities
- 235 Pension funds and pension services entities
- 236 Investment funds and investment entities
- 237 Intermediate and partially-owned parent members
- 238 Tax transparency of entities
- Provision relating to location of entities
- 239 Location of entities
- 240 Location of flow-through entities and permanent establishments
- 241 Pillar Two territories
- Ownership of entities
- 242 Ownership interests and controlling interests
- 243 Calculating percentage ownership interests of a specific entity or individual
- 244 Calculating percentage ownership interests of a class
- 245 Calculating percentage ownership interests: excluded entities
- 246 Calculating percentage direct and indirect ownership interests
- 247 Timing of transfers of interests
- 248 Exclusion of indirect interests held through ultimate parent
- Financial statements and accounting period
- 249 Consolidated financial statements
- 250 Acceptable accounting standards
- 251 Accounting periods
- 251A Meaning of country-by-country report
- Miscellaneous
- 252 Application to sovereign wealth funds
- 253 Disqualified and qualified refundable imputation taxes
- 254 Use of currency
- 255 Pillar Two rules
- 256 Qualifying domestic top-up tax
- 256A Qualifying domestic top-up tax treated as not accruing where contested etc
- 257 Qualifying undertaxed profits tax
- 258 Meaning of “connected”
- 259 Other definitions
- Chapter 11 General and miscellaneous provision
- 260 Transitional provision and safe harbours
- 261 Index of defined expressions
- 262 Power to amend to ensure consistency with Pillar Two
- 263 Regulations
- 264 Multinational top-up tax to apply from 31 December 2023
- Part 4 Domestic top-up tax
- Chapter 1 Introduction
- 265 Introduction to domestic top-up tax
- 266 Qualifying entities
- 267 DTT excluded entities
- 267A Securitisation companies in a group treated as not consolidated
- 268 Permanent establishments
- 268A Partnerships
- Chapter 2 Charge to domestic top-up tax
- 269 Chargeable persons
- 270 Amount charged
- 271 Election to make one member of a group liable for amounts charged
- Chapter 3 Application of multinational top-up tax provisions
- 272 Determining top-up amounts of entity that is a member of a group
- 272A Treatment of covered bond vehicles
- 273 Determining top-up amounts of entity that is not a member of a group
- 273A References to Pillar Two rules
- 273B Effect of becoming subject to Pillar Two rules
- 273C Dividends from protected cell companies
- 274 Application of section 262
- 275 Application of Schedule 14
- 276 Application of transitional provision
- 277 Index of defined expressions
- 278 Domestic top-up tax to apply from 31 December 2023
- Part 5 Electricity generator levy
- Introduction and charge
- 279 Charge on exceptional generation receipts
- 280 Key concepts (generating undertaking etc)
- 281 Benchmark amount
- Calculation of exceptional generation receipts
- 282 Attribution of generation
- 283 Generation receipts
- 284 Allowable costs
- 285 Exceptional generation fuel costs
- 286 Exceptional revenue sharing costs
- Groups, partnerships and joint ventures
- 287 Groups
- 288 Lead member of a group and its qualifying periods
- 289 Liability of members of groups
- 290 Election for members with significant minority shareholding to pay levy
- 291 Qualifying partnerships
- 292 Qualifying joint ventures
- Attribution and surrender of amounts: joint ventures and significant minority shareholders
- 293 Non-chargeable amounts of joint venture to be attributed to participants
- 294 Generation acquired and supplied by JV participants
- 295 Arrangements that reflect receipts (JV participants)
- 296 Generation acquired and supplied by significant minority shareholders
- 297 Arrangements that reflect receipts (significant minority shareholders)
- 298 Surrender of shortfalls
- 299 Amount that may be surrendered and use of that amount
- Treatment of company as transparent as alternative to attribution and surrender
- 300 Election to treat certain companies as transparent
- 301 Effect of company being transparent
- Management and administration
- 302 General application of corporation tax administration
- 303 Company tax returns
- 304 Requirement to provide information about payments
- 305 Claims to shortfall amounts
- 306 Application of Part 5A of TMA 1970 and Instalment Payments Regulations
- Supplemental
- 307 Application of Part 5 of CTA 2010 for the purposes of determining interests
- 308 Anti-avoidance
- 309 Information sharing
- 310 Interaction of electricity generator levy with corporation tax
- 311 Regulations under this Part
- 311A Meaning of “qualifying new generating plant”
- 312 Minor definitions relating to electricity market
- 313 Definitions in this Part
- Part 6 Other taxes
- Stamp duty land tax
- 314 Transactions funded with the assistance of a public subsidy
- Value added tax
- 315 Deposit schemes
- Import duty
- 316 Dumping, subsidisation and safeguarding remedies
- 317 Rulings as to method of valuation of goods
- 318 Discharging goods from free-circulation procedure subject to guarantee
- Fuel duties
- 319 Excepted machines etc
- Tobacco products duty
- 320 Rates of tobacco products duty
- Soft drinks industry levy
- 321 Flavour concentrates
- Air passenger duty
- 322 New bands and rates
- 323 Northern Ireland rates
- Vehicle taxes
- 324 Rates of vehicle excise duty
- 325 Reform of HGV road user levy
- 326 End of exempt period for HGV road user levy
- Environmental taxes
- 327 Rates of landfill tax
- 328 Rates of climate change levy
- 329 Rate of plastic packaging tax
- 330 Aggregates levy: exemptions and exploitation
- Part 7 Miscellaneous and final
- Freeports and investment zones
- 331 Designation of sites
- 332 Sunset date for reliefs
- Administration
- 333 Right to repayment of income tax to be inalienable
- 334 Late payment interest on value added tax
- 335 Penalties for failure to pay value added tax
- 336 VAT credits: repayment interest due where evidence not provided
- 337 Insurance premium tax: power to make regulations about notifications
- 338 Penalties for failure to make payments of plastic packaging tax on time
- Management of customs and excise
- 339 Approval of aerodromes
- 340 Approved aerodromes: minor and consequential amendments
- 341 Temporary approvals etc
- Conditionality
- 342 Licensing authorities: requirements to give or obtain tax information
- 343 Section 342: consequential amendments
- Charities and community amateur sports clubs
- 344 Definition of “charity” restricted to UK charities
- 345 Definition of “community amateur sports club” restricted to UK clubs
- Homes for Ukraine Sponsorship Scheme
- 346 Exemptions from tax
- Office of Tax Simplification
- 347 Abolition of the Office of Tax Simplification
- The dormant assets scheme
- 348 Pension benefits and inheritance tax
- Other
- 349 International arrangements for exchanging information
- 350 Payment of unclaimed money in court into the Consolidated Fund
- 351 Financial sanctions regulations: prohibition on certain payments by HMRC
- 352 Communications data
- Final
- 353 Interpretation
- 354 Short title
- Schedules
- Schedule 1 Relief for research and development
- Part 1 Claim notifications
- Requirement to make claim notifications in relation to certain R&D claims
- Part 2 R&D expenditure on data and cloud computing
- Relief for R&D expenditure on data and cloud computing
- Relief for R&D expenditure on data and cloud computing: consequential amendments
- Part 3 Amendments to Schedule 18 to FA 1998
- Introduction
- Power of HMRC to collect overpaid R&D tax relief or expenditure credit
- Time limits for R&D claims
- Requirement to provide additional information in relation to R&D claims
- Power of HMRC to remove R&D claims made in error from return
- Part 4 Miscellaneous amendments
- Amendment of CTA 2009
- R&D tax relief: circumstances in which enterprises are treated as SMEs
- Accounts treated as prepared on going concern basis
- Meaning of expenditure incurred on payments
- Part 5 Commencement
- Schedule 2 Estates in administration and trusts
- Part 1 Estates in administration
- Chapter 1 Income tax
- The applicable rate for grossing up basic amounts of estate income
- The applicable rate for grossing up for determining shares in an estate in the final tax year
- Income from stock dividends etc treated as bearing income tax at 0%
- Income treated as dividend income and savings income
- Order in which basic amounts are treated as paid from aggregate income
- Chapter 2 Corporation tax
- The applicable rate for grossing up basic amounts of estate income
- The applicable rate for grossing up for determining shares in an estate in the final tax year
- Income from stock dividends etc treated as bearing income tax at 0%
- Order in which basic amounts are treated as paid from aggregate income
- Part 2 Low income trusts and estates
- Chapter 1 Income tax
- Low income estates and trusts: tax liability of personal representatives and trustees
- Low income estates: tax liability of beneficiaries
- Chapter 2 Corporation tax
- Low income estates: tax liability of beneficiaries
- Part 3 Rate of tax charged on trustees’ first slice of trust rate income: income tax
- Part 4 Commencement
- Schedule 3 Corporate interest restriction etc.
- Part 1 Amendments to TIOPA 2010
- Introduction
- Tax-interest expense amounts of a company: charities
- First period of account where new holding company
- Amounts not brought into account in determining a company’s tax-EBITDA
- “Relevant expense amount” and “relevant income amount”
- Adjusted net group-interest expense: debits referable to times before UK property business etc carried on
- Adjusted net group-interest expense: debits in respect of pre-trading expenditure
- Qualifying net group-interest expense: meaning of “equity notes”
- Capitalised interest brought into account for tax purposes in accordance with GAAP
- Interest allowance (non-consolidated investment) election: “non-consolidated associate”
- Public infrastructure
- Partnerships and other transparent entities
- Investments held by investment managers
- Determining the worldwide group: “non-consolidated subsidiary” and “consolidated subsidiary”
- Appointment of a reporting company by Revenue and Customs
- Revised interest restriction return
- Enquiry into interest restriction return
- Determinations by officers of Revenue and Customs
- Consequential claims to company tax returns
- Part 2 Other amendments
- Penalties for errors: CIR alterations to be ignored in calculating potential lost revenue
- Disapplication of carry forward rule for deficits
- Defined expressions used in Part 10 of TIOPA 2010: “insurance company”
- Determining the worldwide group: consequential amendment
- Part 3 Parts 1 and 2: commencement and transitional provision
- Part 4 Tax treatment of financing costs and income
- Schedule 4 Investment vehicles
- Part 1 UK property rich collective investment vehicles etc
- Genuine diversity of ownership
- Part 2 Real estate investment trusts
- Amendment of CTA 2010
- REITs involving single commercial property
- 3-year development rule
- Genuine diversity of ownership
- Amendment of the Real Estate Investment Trusts (Assessment and Recovery of Tax) Regulations 2006
- Part 3 Qualifying asset holding companies
- Amendment of Schedule 2 to FA 2022
- Securitisation companies unable to be QAHCs
- Beneficial entitlement held only through QAHCs
- Determining relevant interests
- Dealing with bodies corporate without share capital
- Genuine diversity of ownership
- Investment strategy condition
- Disposal of derivatives where underlying subject matter is shares
- Alternative finance arrangements
- Schedule 5 Records relating to transfer pricing
- Part 1 Amendments relating to corporation tax
- Records to be kept for the purposes of corporation tax
- Assessments relating to corporation tax
- Part 2 Amendments relating to income tax
- Records to be kept for the purposes of income tax
- Assessments relating to income tax
- Part 3 Amendments relating to corporation tax and income tax
- Penalties for errors
- Information and inspection powers
- Part 4 Commencement
- Schedule 6 Categories of alcoholic products: interpretation
- Spirits
- Beer
- Cider
- Wine
- Other fermented products
- Schedule 7 Rates of alcohol duty
- Schedule 8 Qualifying draught products: reduced rates
- Schedule 9 Small producer alcoholic products: duty discount
- Part 1 Alcoholic products, other than qualifying draught products, of an alcoholic strength of less than 8.5%
- Part 2 Qualifying draught products of an alcoholic strength of less than 8.5%
- Schedule 10 Penalties for contraventions of alcohol wholesaling provisions
- Liability to penalty
- Amount of penalty
- Reductions for disclosure
- Special reduction
- Assessment
- Reasonable excuse
- Companies: officer’s liability
- Double jeopardy
- The maximum amount
- Appeal tribunal
- Schedule 11 Alcohol duty: reviews and appeals
- Schedule 12 Alcohol duty: duty stamps
- Retail containers to be stamped
- Power to alter alcoholic products, and capacity of containers, to which this Schedule applies
- Acquisition of, and payment for, duty stamps
- Regulations
- Offences of possession, sale etc of unstamped containers
- Offence of using premises for sale of alcoholic products in or from unstamped containers
- Alcohol sales ban following conviction for an offence under paragraph 6
- Penalty for altering duty stamps
- Penalty for affixing wrong, altered or forged stamps, or over-labelling
- Penalty for failing to comply with regulations
- Forfeiture of forged, altered or stolen duty stamps
- Interpretation
- Schedule 13 Alcohol duty: minor and consequential amendments
- Part 1 General
- CEMA 1979
- Customs and Excise Duties (General Reliefs) Act 1979
- Excise Duties (Surcharges or Rebates) Act 1979
- FA 1994
- VATA 1994
- FA 2001
- FA 2007
- FA 2008
- TCTA 2018
- Taxation (Post-transition Period) Act 2020
- Part 2 Approvals etc.
- CEMA 1979
- FA 1994
- FA 2007
- FA 2008
- FA 2009
- Schedule 14 Administration of multinational top-up tax
- Part 1 Overview
- Part 2 Meaning of “filing member”
- Part 3 Registration
- Part 4 Information returns
- Part 5 Self-assessment returns
- Part 6 Enquiries into a self-assessment return
- Part 7 Determinations where self-assessment return not submitted
- Part 8 Discovery assessments
- Part 9 Record-keeping requirements
- Part 10 Payments of multinational top-up tax
- Timing of payments
- Group payment notices
- Effect of group payment for tax purposes
- Partnership payment notices
- Recovery of partnership payment and effect for tax purposes etc
- Recovery
- Power to make regulations
- Part 11 Penalties
- Penalties payable in connection with this Schedule
- Penalties under paragraphs 42, 43 and 46: administration and supplemental provision
- Multiple tax-geared penalties in respect of same accounting period
- Part 12 Appeals and claims
- Claims in relation to overpaid tax
- Appeals of decisions: general
- Reviews by HMRC
- Settlement agreements
- Determination by tribunal
- Postponement of payment pending appeal
- Special provisions as to penalties
- Part 13 Other amendments
- Schedule 15 Multinational top-up tax: elections
- Long term elections
- Annual elections
- Schedule 16 Multinational top-up tax: transitional provision
- Part 1 General transitional measures
- Transitional relief for substance-based income exclusion
- Intra-group transfers before entry into regime
- Transitional extension to deadline for elections
- Part 2 Transitional safe harbour
- Chapter 1 General transitional safe harbour election
- Election
- Qualified financial statements and basis of calculations
- Accounts or statements reflecting purchase price accounting adjustments
- Qualifying income tax expense
- Adjustments
- Deduction and non-inclusion arrangements and duplicate loss arrangements
- Duplicate tax recognition arrangements
- Threshold test
- Simplified effective tax rate test
- Routine profits test
- Chapter 2 Application of Chapter 1 to joint ventures etc
- Application in the case of joint venture group
- Application to investment entities in same territory as owners
- Minority owned members
- Part 2A UTPR transitional safe harbour election
- Election
- Part 3 Transitional reporting election
- Transitional reporting election
- Part 4 Pre-entry deferred tax assets and liabilities
- Straddle periods
- Grace period
- General
- Schedule 16A Multinational top-up tax: safe harbours
- Part 1 Qualifying domestic top-up tax safe harbour
- Chapter 1 Qualifying domestic top-up tax safe harbour election
- Election for qualifying domestic top-up tax safe harbour
- Accredited qualifying domestic top-up tax
- Disqualifying conditions
- Chapter 2 Application to non-standard members of a multinational group
- Application in the case of joint venture group
- Application in the case of investment entities
- Application in the case of minority owned members
- Part 2 Untaxed amounts: international expansion of groups
- No untaxed amounts for groups in initial phase of international expansion
- Part 3 Simplified calculations for non-material members of group
- Election in respect of non-material members
- “Non-material member”
- Accounting conditions
- Routine profits test
- De minimis test
- Effective tax rate test
- Interpretation etc
- Schedule 17 Index of expressions defined or explained in Parts 3 and 4
- Schedule 18 Administration of domestic top-up tax
- Introduction
- Meaning of “filing member”
- Registration
- Other administrative provisions
- Amendments: penalties
- Other amendments
- Schedule 19 Dumping, subsidisation and safeguarding remedies
- Part 1 Dumping and subsidisation remedies
- Introduction
- Notification etc
- Provisional remedies
- Definitive remedies
- Reviews etc
- Revocation in the public interest
- Power to request assistance etc
- Part 2 Safeguarding remedies
- Introduction
- Notification etc
- Provisional remedies
- Definitive remedies
- Reviews etc
- Revocation in the public interest
- Power to request assistance etc
- Part 3 Consequential and related provision
- Part 4 Commencement
- Schedule 20 Bilateral safeguarding remedies
- Part 1 Amendments to TCTA 2018
- Part 2 Commencement
- Schedule 21 Soft drinks industry levy: flavour concentrates
- Introduction
- Meaning of “soft drink” and “package”
- Meaning of “prepared drinks”
- Sugar content condition
- Exempt soft drinks
- Levy rates
- Tax credits
- Commencement
- Schedule 22 Reforms of HGV road user levy
- Schedule 23 Freeports and investment zones: consequential amendments
- FA 2003
- CAA 2001
- FA 2021
- National Insurance Contributions Act 2022
- Schedule 24 Homes for Ukraine Sponsorship Scheme: exemptions from tax
- Income tax and corporation tax
- Annual tax on enveloped dwellings
- Stamp duty land tax
- Regulations
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