Finance Act 2013
Finance Act 2013 (2013 c. 29)
- Finance Act 2013 (2013 c. 29)
- PART 1 Income Tax, Corporation Tax and Capital Gains Tax
- CHAPTER 1 Charges, rates etc
- Income tax
- 1 Charge for 2013-14
- 2 Personal allowance for 2013-14 for those born after 5 April 1948
- 3 Basic rate limit for 2013-14
- Corporation tax
- 4 Charge and main rate for financial year 2014
- 5 Small profits rate and fractions for financial year 2013
- 6 Main rate for financial year 2015
- Capital allowances
- 7 Temporary increase in annual investment allowance
- CHAPTER 2 Income tax: general
- Exemptions and reliefs
- 8 London Anniversary Games
- 9 Glasgow Commonwealth Games
- 10 Expenses of elected representatives
- 11 Exemption from income tax of contributions to pension schemes
- 12 Childcare exemptions: meaning of disabled child
- 13 Income tax exemption for universal credit
- 14 Tax advantaged employee share schemes
- 15 Abolition of tax relief for patent royalties
- 16 Limit on income tax reliefs
- Trade profits
- 17 Cash basis for small businesses
- 18 Deductions allowable at a fixed rate
- Other provisions
- 19 Employment income: duties performed in the UK and overseas
- 20 Remittance basis: exempt property
- 21 Payments on account
- 22 Arrangements made by intermediaries
- 23 Taxable benefit of cars: the appropriate percentage
- 24 Gains from contracts for life insurance etc
- 25 Qualifying insurance policies
- 26 Transfer of assets abroad
- 27 Payments of interest
- 28 Disguised interest
- CHAPTER 3 Corporation tax: general
- Losses, other reliefs and deductions
- 29 Restriction on surrender of losses: controlled foreign company cases
- 30 Loss relief surrenderable by non-UK resident established in EEA state
- 31 Arrangements for transfers of companies
- 32 Change in company ownership: company reconstructions
- 33 Change in company ownership: shell companies
- 34 Transfer of deductions
- 35 R&D expenditure credits
- 36 Relief for television production and video games development
- Exemption from charge
- 37 Health service bodies: exemption
- 38 Chief constables etc (England and Wales): exemption
- Other provisions
- 39 Real estate investment trusts: UK REITs which invest in other UK REITs
- 40 Corporation tax relief for employee share acquisitions etc
- 41 Derivative contracts: property total return swaps etc
- 42 Corporation tax: tax mismatch schemes
- 43 Tier two capital
- 44 Financing costs and income: group treasury companies
- 45 Condition for company to be an “investment trust”
- 46 Community amateur sports clubs
- CHAPTER 4 Pensions
- 47 Lifetime allowance charge: power to amend the transitional provision in Part 2 of Schedule 18 to FA 2011 etc
- 48 Lifetime allowance charge: new standard lifetime allowance for the tax year 2014-15 and subsequent tax years
- 49 Annual allowance: new annual allowance for the tax year 2014-15 and subsequent tax years
- 50 Drawdown pensions and dependants' drawdown pensions
- 51 Bridging pensions
- 52 Abolition of contracting out of state second pension: consequential amendments etc
- 53 Overseas pension schemes: general
- 54 Overseas pension schemes: information and inspection powers
- CHAPTER 5 Other provisions
- Employee shareholder shares
- 55 Employee shareholder shares
- Seed enterprise investment scheme
- 56 SEIS: income tax relief
- 57 SEIS: re-investment relief
- Disincorporation
- 58 Disincorporation relief
- 59 Qualifying business transfer
- 60 Making a claim
- 61 Effect of disincorporation relief
- Capital gains
- 62 Attribution of gains to members of non-resident companies
- 63 Heritage maintenance settlements
- 64 EMI options and entrepreneurs' relief etc
- 65 Charge on certain high value disposals by companies etc
- 66 Currency used in tax calculations: chargeable gains and losses
- Capital allowances
- 67 Allowances for energy-saving plant and machinery: Northern Ireland
- 68 Cars with low carbon dioxide emissions
- 69 Gas refuelling stations: extension of time limit for capital allowance
- 70 First-year allowance to be available for ships and railway assets
- 71 Restrictions on buying capital allowances
- 72 Hire cars for disabled persons
- 73 Contribution allowances: plant and machinery
- Miscellaneous
- 74 Community investment tax relief
- 75 Lease premium relief
- 76 Manufactured payments: stock lending arrangements
- 77 Manufactured payments: general
- 78 Relationship between rules prohibiting and allowing deductions
- 79 Close companies
- PART 2 Oil
- Decommissioning relief agreements
- 80 Decommissioning relief agreements
- 81 Meaning of “decommissioning expenditure”
- 82 Annual report
- 83 Effect of claim on PRT
- 84 Terminal losses accruing by virtue of another's default
- 85 Claims under agreement not to affect oil allowance
- Decommissioning security settlements
- 86 Removal of IHT charges in respect of decommissioning security settlements
- 87 Loan relationships arising from decommissioning security settlements
- Decommissioning expenditure etc
- 88 Decommissioning expenditure taken into account for PRT purposes
- 89 Miscellaneous amendments relating to decommissioning
- Capital allowances
- 90 Expenditure on decommissioning onshore installations
- 91 Expenditure on decommissioning certain redundant plant or machinery
- 92 Expenditure on site restoration
- 93 Restrictions on allowances for certain oil-related expenditure
- PART 3 Annual tax on enveloped dwellings
- The charge to tax
- 94 Charge to tax
- 95 Entitlement to interests
- 96 Person liable
- 97 Liability of persons jointly entitled
- 98 Collective investment schemes: liability for and collection of tax
- 99 Amount of tax chargeable
- 100 Interim relief
- 101 Indexation of annual chargeable amounts
- 102 Taxable value
- 103 Section 102: “substantial” acquisitions and disposals
- 104 No double charge
- Adjustment of amount charged
- 105 “Adjusted chargeable amount”
- 106 Adjustment of amount chargeable
- Chargeable interests and “single-dwelling interest”
- 107 Chargeable interests
- 108 Meaning of “single-dwelling interest”
- 109 Different interests held in the same dwelling
- 110 Interests held by connected persons
- 111 Different interests held in the same dwelling: effect of reliefs etc
- Meaning of “dwelling”
- 112 Meaning of “dwelling”
- 113 Substantial performance of “off plan” purchase
- 114 Power to modify meaning of “use as a dwelling”
- 115 Parts of a greater whole
- 116 Dwelling in grounds of another dwelling
- 117 Dwellings in the same building
- 118 Section 117: supplementary
- 119 Terraces etc
- Acquisitions and disposals
- 120 Acquisitions and disposals of chargeable interests
- 121 Date of acquisition or disposal
- 122 Contract and conveyance: the purchaser
- 123 Contract and conveyance: the vendor
- New dwellings, conversions, demolition etc
- 124 New dwellings
- 125 Dwellings produced from other dwellings
- 126 Demolition of a dwelling
- 127 Demolition without replacement
- 128 Demolition and replacement: new dwellings
- 129 Demolition and replacement: other cases
- 130 Conversion of dwelling for non-residential use
- 131 Damage to a dwelling
- Reliefs
- 132 Effect of reliefs under sections 133 to 150
- 133 Property rental businesses
- 134 Rental property: preparation for sale, demolition etc
- 135 Non-qualifying occupation: look-forward and look-back
- 136 Meaning of “non-qualifying individual”
- 137 Dwellings opened to the public
- 138 Property developers
- 139 Property developers: exchange of dwellings
- 140 Property developers: supplementary
- 141 Property traders
- 142 Property traders: supplementary
- 143 Financial institutions acquiring dwellings in the course of lending
- 144 Section 143: supplementary
- 144A Regulated home reversion plans
- 145 Occupation by employees or partners of a qualifying trade or property rental business
- 146 Meaning of “qualifying employee” and “qualifying partner” in section 145
- 147 Meaning of “10% or greater share in a company”
- 147A Caretaker flat owned by management company
- 148 Farmhouses
- 149 “Farm worker” and “former long-serving farm worker”
- 150 Providers of social housing etc
- 150A Meaning of “qualifying housing co-operative”
- Exemptions
- 151 Charitable companies
- 152 Section 151: supplementary
- 153 Public bodies
- 154 Bodies established for national purposes
- 155 Dwelling conditionally exempt from inheritance tax
- Power to modify reliefs
- 156 Modification of reliefs
- Alternative property finance
- 157 Land in England ... or Northern Ireland sold to financial institution and leased to person
- 157A Land in Scotland sold to financial institution and leased to person
- 157B Land in Wales sold to financial institution and leased to person
- Administration and payment of tax
- 158 Responsibility for collection and management
- 159 Annual tax on enveloped dwellings return
- 159A Relief declaration returns
- 160 Return of adjusted chargeable amount
- 161 Return to include self assessment
- 162 Returns, enquiries, assessments and other administrative matters
- 163 Payment of tax
- 164 Information and enforcement
- 165 Collection and recovery of tax etc
- Application of provisions
- 166 Companies
- 167 Partnerships
- Supplementary provisions
- 168 Miscellaneous amendments and transitory provision
- 169 Orders and regulations
- Interpretation
- 170 Meaning of “chargeable day” and “within the charge”
- 171 References to the state of affairs “on” a day
- 172 Connected persons
- 173 Connected persons: cell companies
- 174 General interpretation of Part 3
- PART 4 Excise duties and other taxes
- Inheritance tax
- 175 Open- ended investment companies and authorised unit trusts
- 176 Treatment of liabilities for inheritance tax purposes
- 177 Election to be treated as domiciled in United Kingdom
- 178 Transfer to spouse or civil partner not domiciled in United Kingdom
- Fuel
- 179 Fuel duties: rates of duty and rebates from 1 April 2013
- Alcohol
- 180 Rates of alcoholic liquor duties
- Tobacco
- 181 Rates of tobacco products duty
- 182 Meaning of “tobacco products”
- Gambling
- 183 Rates of gaming duty
- 184 Combined bingo
- Air passenger duty
- 185 Air passenger duty: rates of duty from 1 April 2013
- 186 Air passenger duty: miscellaneous provision
- Vehicle excise duty
- 187 VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
- 188 Not exhibiting licence: period of grace
- 189 Vehicles not kept or used on public road
- 190 Vehicle licences for disabled people
- Value added tax
- 191 Repayments of value added tax to health service bodies
- 192 Valuation of certain supplies of fuel
- 193 Reduced rate for energy-saving materials
- Stamp duty land tax
- 194 Pre-completion transactions: existing cases
- 195 Pre-completion transactions
- 196 Relief from higher rate
- 197 Leases
- Landfill tax
- 198 Standard rate of landfill tax
- Climate change levy
- 199 Climate change levy: main rates
- 200 Climate change levy: supplies subject to carbon price support rates etc
- Insurance premium tax
- 201 Contracts that are not taxable
- Bank levy
- 202 Bank levy: rates from 1 January 2013
- 203 Bank levy: rates from 1 January 2014
- 204 No deductions for UK or foreign bank levies
- 205 High quality liquid assets
- PART 5 General anti-abuse rule
- 206 General anti-abuse rule
- 207 Meaning of “tax arrangements” and “abusive”
- 208 Meaning of “tax advantage”
- 209 Counteracting the tax advantages
- 209AA Protective GAAR notices
- 209AB Adjustments under section 209: notices under Schedule 43 or 43A
- 209ABA Adjustments under section 209: notices under Schedule 43D
- 209AC Sections 209AA to 209ABA: definitions
- 209A Effect of adjustments specified in a provisional counteraction notice
- 209B Notified adjustments: 12 month period for taking action if appeal made
- 209C Notified adjustments: case within section 209B(4)(c)
- 209D Notified adjustments: case within section 209B(4)(d)
- 209E Notified adjustments: case within section 209B(4)(e)
- 209F Appeals against provisional counteractions: further provision
- 210 Consequential relieving adjustments
- 211 Proceedings before a court or tribunal
- 212 Relationship between the GAAR and priority rules
- 212A Penalty
- 212B Penalty: partnerships
- 213 Consequential amendment
- 214 Interpretation of Part 5
- 215 Commencement and transitional provision
- PART 6 Other provisions
- Trusts
- 216 Trusts with vulnerable beneficiary
- Unit trusts
- 217 Unauthorised unit trusts
- Residence
- 218 Statutory residence test
- 219 Ordinary residence
- International matters
- 220 Controlled foreign companies etc
- 221 Agreement between UK and Switzerland
- 222 International agreements to improve tax compliance
- Disclosure
- 223 Disclosure of tax avoidance schemes
- Powers
- 224 Powers under Proceeds of Crime Act 2002
- 225 Definition of “goods” for certain customs purposes
- 226 Power to detain goods
- 227 Penalty instead of forfeiture of larger ships
- 228 Data-gathering from merchant acquirers etc
- Payment
- 229 Corporation tax: deferral of payment of exit charge
- 230 Penalties: late filing, late payment and errors
- 231 Overpayment relief: generally prevailing practice exclusion and EU law
- 232 Overpayment relief: time limit for claims
- Administration
- 233 Self assessment: withdrawal of notice to file etc
- Interim remedies
- 234 Restrictions on interim payments in proceedings relating to taxation matters
- PART 7 Final provisions
- 235 Interpretation
- 236 Short title
- SCHEDULES
- SCHEDULE 1 Annual investment allowance: periods straddling 1 January 2013 or 1 January 2015
- Chargeable periods which straddle 1 January 2013
- Straddling period beginning before the relevant date
- First straddling period beginning on or after the relevant date
- Chargeable periods which straddle 1 January 2015
- Operation of annual investment allowance where restrictions apply
- SCHEDULE 2 Tax advantaged employee share schemes
- PART 1 Retirement of participants
- Introduction
- Share incentive plans
- SAYE option schemes
- CSOP schemes
- Transitional provision
- PART 2 “Good leavers” (other than retirees)
- Introduction
- Share incentive plans
- SAYE option schemes
- CSOP schemes
- Enterprise management incentives
- PART 3 Material interest rules
- Introduction
- Share incentive plans
- SAYE option schemes
- CSOP schemes
- PART 4 Restricted shares
- Introduction
- Share incentive plans
- SAYE option schemes
- CSOP schemes
- PART 5 Share incentive plans: partnership shares
- PART 6 Share incentive plans: dividend shares
- Introduction
- Company's power to direct reinvestment of cash dividends
- Removal of limit on amount reinvested
- Amounts to be carried forward
- PART 7 Share incentive plans: employee share ownership trusts
- PART 8 Enterprise management incentives: consequences of disqualifying events
- SCHEDULE 3 Limit on income tax reliefs
- The limit
- Consequential amendments
- Commencement and transitional provision
- SCHEDULE 4 Cash basis for small businesses
- PART 1 Main provisions
- Introductory
- Eligibility to calculate profits on cash basis
- Rules restricting deductions
- Rules allowing deductions
- Receipts
- Amounts not reflecting commercial transactions
- Herd basis rules
- Sound recordings
- Telecommunication rights
- Long funding leases
- Specific trades
- Changes in trading stock
- Unremittable amounts
- Disposal and acquisition of know-how
- Averaging profits of farmers and creative artists
- Compensation for compulsory slaughter of animal
- Oil activities
- Adjustment income
- Adjustments for capital allowances
- Post-cessation receipts
- Rent-a-room relief
- Qualifying care relief
- PART 2 Consequential amendments
- TMA 1970
- TCGA 1992
- CAA 2001
- ITTOIA 2005
- ITA 2007
- PART 3 Commencement and transitional provision
- SCHEDULE 5 Deductions allowable at a fixed rate
- SCHEDULE 6 Employment income: duties performed in the UK and overseas
- PART 1 Apportionment of earnings
- PART 2 Remittance basis of taxation: special mixed fund rules
- PART 3 Commencement
- SCHEDULE 7 Remittance basis: exempt property
- SCHEDULE 8 Gains from contracts for life insurance etc
- SCHEDULE 9 Qualifying insurance policies
- PART 1 Amendments of Schedule 15 to ICTAetc
- PART 2 Restricted relief qualifying policies
- PART 3 Information powers
- SCHEDULE 10 Transfer of assets abroad
- PART 1 Introduction
- PART 2 New exemption for genuine transactions etc
- PART 3 Amendments relating to the charges under sections 720 and 727
- Main provision
- Commencement and transitional provision
- SCHEDULE 11 Deduction of income tax at source etc
- Deduction from interest payable on compensation
- Deduction from yearly interest: specialties
- Payment of interest in kind
- Commencement
- SCHEDULE 12 Disguised interest
- Key amendments to Part 4 of ITTOIA 2005
- Consequential amendments
- TCGA 1992
- ITTOIA 2005
- FA 2007
- ITA 2007
- CTA 2010
- FA 2010
- Commencement and transitional provision
- SCHEDULE 13 Change in ownership of shell company: restriction of relief
- Amendments of Part 14 of CTA 2010
- Consequential amendments
- Commencement
- SCHEDULE 14 Transfer of deductions
- New Part 14A of CTA 2010
- Consequential amendments
- Commencement and transitional provision
- SCHEDULE 15 R&D expenditure credits
- PART 1 Amendments of CTA 2009
- PART 2 Consequential amendments
- FA 1998
- FA 2007
- CTA 2010
- PART 3 Abolition of certain relief under Part 13 of CTA 2009
- Amendments of Part 13 of CTA 2009
- Consequential amendments
- PART 4 Commencement and transitional provision
- SCHEDULE 16 Tax relief for television production
- PART 1 Amendments of CTA 2009
- PART 2 Commencement
- SCHEDULE 17 Tax relief for video games development
- PART 1 Amendments of CTA 2009
- PART 2 Commencement
- SCHEDULE 18 Television and video games tax relief: consequential amendments
- ICTA
- FA 1998
- CAA 2001
- FA 2007
- CTA 2009
- FA 2009
- CTA 2010
- Consequential renumbering
- Commencement
- SCHEDULE 19 Real estate investment trusts: UK REITs which invest in other UK REITs
- SCHEDULE 20 Tax mismatch schemes
- SCHEDULE 21 Community amateur sports clubs
- Introductory
- Meaning of “open to the whole community”
- Meaning of “organised on an amateur basis”
- Clubs consisting mainly of social members
- Exemptions
- Power to specify income condition
- Commencement
- SCHEDULE 22 Transitional provision relating to reduction in standard lifetime allowance etc
- PART 1 “Fixed protection 2014”
- PART 2 Other provision
- SCHEDULE 23 Employee shareholder shares
- PART 1 Income tax treatment of employee shareholder shares
- PART 2 Capital gains tax exemption for employee shareholder shares
- PART 3 Corporation tax
- PART 4 Employment income exemption
- PART 5 Commencement
- SCHEDULE 24 EMI options and entrepreneurs' relief etc
- Entrepreneurs' relief to apply to shares acquired under EMI option
- Identification of shares acquired under EMI option
- Commencement and transitional provision
- SCHEDULE 25 Charge on certain high value disposals by companies etc
- PART 1 Taxation of Chargeable Gains Act 1992
- PART 2 Other amendments
- Corporation Tax Act 2009
- Corporation Tax Act 2010
- PART 3 Commencement
- SCHEDULE 26 Restrictions on buying capital allowances
- Introductory
- Restrictions where certain conditions met
- Extension of restrictions to other qualifying activities
- Commencement
- SCHEDULE 27 Community investment tax relief
- Income tax: carry forward of relief
- Corporation tax: carry forward of relief
- Corporation tax: limit on State aid
- SCHEDULE 28 Lease premium relief
- Income tax
- Corporation tax
- SCHEDULE 29 Manufactured payments
- PART 1 Income tax
- PART 2 Corporation tax
- PART 3 Consequential etc amendments
- Introductory
- TCGA 1992
- FA 2004
- ITTOIA 2005
- ITA 2007
- FA 2008
- CTA 2009
- FA 2009
- CTA 2010
- TIOPA 2010
- FA 2011
- FA 2012
- PART 4 Commencement
- SCHEDULE 30 Close companies
- PART 1 Amendments of Part 10 of CTA 2010
- PART 2 Other amendments
- Taxes Management Act 1970
- Finance Act 1998
- Income Tax (Trading and Other Income) Act 2005
- SCHEDULE 31 Miscellaneous amendments relating to decommissioning
- PART 1 Abandonment guarantees and abandonment expenditure
- Expenditure on abandonment guarantees
- Expenditure under abandonment guarantees
- Reimbursement by defaulter in respect of abandonment expenditure
- Consequential amendments
- PART 2 Receipts arising from decommissioning
- Calculation of profits chargeable to corporation tax and supplementary charge
- Calculation of profits chargeable to income tax
- PART 3 Commencement
- SCHEDULE 32 Restrictions on allowances for certain oil-related expenditure
- PART 1 Decommissioning expenditure
- PART 2 Expenditure on site restoration
- PART 3 Amendments of TIOPA 2010
- SCHEDULE 33 Annual tax on enveloped dwellings: returns, enquiries, assessments and appeals
- PART 1 Returns
- Contents of return
- Amendment of return by chargeable person
- Correction of return by HMRC
- PART 2 Duty to keep and preserve records
- Duty to keep and preserve records
- Preservation of information etc
- Penalty for failure to keep and preserve records
- PART 3 Enquiry into return
- Notice of enquiry
- Scope of enquiry
- Amendment of self assessment during enquiry to prevent loss of tax
- Referral of questions to tribunal during enquiry
- Withdrawal of notice of referral
- Effect of referral on enquiry
- Effect of determination
- Tribunal to which referrals are made
- Completion of enquiry
- Direction to complete enquiry
- PART 4 HMRC determination where no return delivered
- Determination of tax chargeable if no return delivered
- Determination to have effect as a self assessment
- Determination superseded by actual self assessment
- PART 5 HMRC assessments
- Assessment where loss of tax discovered
- Assessment to recover excessive repayment of tax
- References to “the taxpayer”
- Conditions for making assessment where return has been delivered
- Time limit for assessments
- Losses brought about carelessly or deliberately
- Assessment procedure
- PART 6 Relief in case of overpaid tax or excessive assessment
- Relief in case of double assessment
- Claim for relief for overpaid tax etc
- Cases in which Commissioners are not liable to give effect to a claim
- Making a claim
- The claimant: partnerships
- Assessment of claimant in connection with claim
- Contract settlements
- PART 7 Reviews and appeals
- 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 38 to 44
- 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
- Tribunal determinations
- Payment of tax where appeal has been determined
- Payment of tax where there is a further appeal
- References to “the tribunal”
- PART 8 Supplementary
- Application of Schedule in cases involving joint liability to tax
- Partnerships
- Meaning of “return”
- Meaning of “filing date”
- SCHEDULE 34 Annual tax on enveloped dwellings: information and enforcement
- PART 1 Information and inspection powers
- PART 2 Penalties
- Errors in returns
- Failure to make returns
- Failure to make payments on time
- SCHEDULE 35 Annual tax on enveloped dwellings: miscellaneous amendments and transitory provision
- PART 1 Miscellaneous amendments
- Provisional collection of taxes
- Disclosure of tax avoidance schemes
- Definitions relating to charities
- PART 2 Transitory provision: the first chargeable period
- SCHEDULE 36 Treatment of liabilities for inheritance tax purposes
- IHTA 1984
- Commencement
- SCHEDULE 37 Vehicle licences for disabled people
- SCHEDULE 38 Valuation of certain supplies of fuel
- Introductory
- Valuation of supplies for private use
- Supplies to employees etc at less than open market value
- Commencement and transitional provision
- SCHEDULE 39 Stamp duty land tax: transactions entered into before completion of contract
- SCHEDULE 40 Stamp duty land tax: relief from 15% rate
- Amendments of FA 2003
- Minor and consequential amendments
- Application of amendments
- Transactions to which section 29 of the Scotland Act 2012 applies
- SCHEDULE 41 Stamp duty land tax on leases
- Introduction
- Leases that continue after a fixed term
- Agreement for lease and assignment of agreement for lease
- Abnormal rent increases
- Commencement
- SCHEDULE 42 Climate change levy: supplies subject to carbon price support rates etc
- PART 1 Earlier provision not to have effect
- PART 2 New provision having effect from 1 April 2013
- New provision
- Commencement
- PART 3 Carbon price support rates from 1 April 2014
- PART 4 Carbon price support rates from 1 April 2015
- SCHEDULE 43 General anti-abuse rule: procedural requirements
- The GAAR Advisory Panel
- Meaning of “tax appeal”
- Meaning of “designated HMRC officer”
- Notice to taxpayer of proposed counteraction of tax advantage
- Corrective action by taxpayer
- Referral to GAAR Advisory Panel
- Decision of GAAR Advisory Panel and opinion notices
- Notice of final decision after considering opinion of GAAR Advisory Panel
- Notices may be given on assumption that tax advantage does arise
- HMRC officers
- SCHEDULE 43A Procedural requirements: pooling notices and notices of binding
- Pooling notices
- Notice of proposal to bind arrangements to counteracted arrangements
- Corrective action by a notified taxpayer
- Corrective action by lead taxpayer
- Opinion notices and right to make representations
- Notice of final decision
- “Equivalent arrangements”
- Notices may be given on assumption that tax advantage does arise
- HMRC officers
- Power to amend
- SCHEDULE 43B Procedural requirements: generic referral of tax arrangements
- Notice of proposal to make generic referral of tax arrangements
- Generic referral
- Decision of GAAR Advisory Panel and opinion notices
- Notice of right to make representations
- Notice of final decision after considering opinion of GAAR Advisory Panel
- Notices may be given on assumption that tax advantage does arise
- HMRC officers
- Power to amend
- SCHEDULE 43C Penalty under section 212A or 212B: supplementary provision
- Value of the counteracted advantage: introduction
- Value of the counteracted advantage: basic rule
- Value of counteracted advantage: losses
- Value of counteracted advantage: deferred tax
- Assessment of penalty
- Alteration of assessment of penalty
- Revision of assessment following consequential relieving adjustment
- Aggregate penalties
- Appeal against penalty
- Mitigation of penalties
- Interpretation
- SCHEDULE 43D The GAAR and partnerships
- PART 1 General
- Introductory
- Meaning of “the responsible partner”
- Partnership return made on basis that tax advantage arises
- PART 2 Protective GAAR notices
- Power to give protective GAAR notice to responsible partner
- PART 3 Notices of proposed counteraction
- Power to give notice of proposed counteraction to responsible partner
- Effect of giving a notice under paragraph 5
- Modifications to Schedule 43
- Notices may be given on assumption that tax advantage does arise
- HMRC officers
- PART 4 Pooling notices and notices of binding
- Power to give pooling notice or notice of binding to responsible partner
- Effect of giving notice under paragraph 10
- Modifications to Schedule 43A
- Modifications to Schedule 43B
- Notices may be given on assumption that tax advantage does arise
- HMRC officers
- SCHEDULE 44 Trusts with vulnerable beneficiary
- Inheritance Tax Act 1984
- Taxation of Chargeable Gains Act 1992
- Finance Act 2005
- Interpretation: relevant settlement
- SCHEDULE 45 Statutory residence test
- PART 1 The rules
- Introduction
- Interpretation of enactments
- The basic rule
- The automatic residence test
- The automatic UK tests
- The automatic overseas tests
- The sufficient ties test
- Sufficient UK ties
- PART 2 Key concepts
- Introduction
- Days spent
- Days spent “in” a period
- Home
- Work
- Location of work
- Rules for calculating the reference period
- Significant breaks from UK or overseas work
- Relevant jobs on board vehicles, aircraft or ships
- UK ties
- Family tie
- Accommodation tie
- Work tie
- 90-day tie
- Country tie
- PART 3 Split year treatment
- Introduction
- Definition of a “split year”
- Case 1: starting full-time work overseas
- Case 2: the partner of someone starting full-time work overseas
- Case 3: ceasing to have a home in the UK
- Case 4: starting to have a home in the UK only
- Case 5: starting full-time work in the UK
- Case 6: ceasing full-time work overseas
- Case 7: the partner of someone ceasing full-time work overseas
- Case 8: starting to have a home in the UK
- General rules for construing Cases 1 to 8
- The overseas part
- Priority between Cases 1 to 3
- Priority between Cases 4 to 8
- The UK part
- Special charging rules for employment income
- Special charging rules for pension income
- PAYE income
- Special charging rules for trading income
- Special charging rules for property income
- Special charging rules for savings and investment income
- Special charging rules for miscellaneous income
- Special charging rules for relevant foreign income charged on remittance basis
- Special charging rules for capital gains
- Trustees of a settlement
- Definitions in enactments relating to income tax and CGT
- PART 4 Anti-avoidance
- Introduction
- Meaning of temporarily non-resident
- Residence periods
- Sole UK residence
- Temporary period of non-residence
- Year of departure
- Period of return
- Consequential amendments: income tax
- Consequential amendments: capital gains tax
- New special rule: lump sum payments under pension schemes etc
- New special rule: distributions to participators in close companies etc
- New special rule: chargeable event gains
- PART 5 Miscellaneous
- Interpretation
- Consequential amendments
- Commencement
- Transitional and saving provision
- SCHEDULE 46 Ordinary residence
- PART 1 Income tax and capital gains tax: remittance basis of taxation
- Remittance basis restricted to non-doms
- Treatment of relevant foreign earnings
- Consequential amendments
- Commencement
- Savings
- Interpretation
- PART 2 Income tax: arising basis of taxation
- ICTA
- ITEPA 2003
- ITTOIA 2005
- ITA 2007
- Commencement
- Savings
- PART 3 Capital gains tax: accruals basis of taxation
- TCGA 1992
- Commencement
- PART 4 Other amendments
- FA 1916
- F(No.2)A 1931
- TMA 1970
- IHTA 1984
- FA 2004
- FA 2005
- F(No.2)A 2005
- CTA 2009
- CTA 2010
- TIOPA 2010
- Constitutional Reform and Governance Act 2010
- SCHEDULE 47 Controlled foreign companies
- Relevant finance leases etc
- Limit on double taxation relief in cases involving qualifying loan relationships of CFCs
- Miscellaneous
- Commencement and transitional provision
- Accounting periods ending before 20 March 2013
- Accounting periods ending on or after 20 March 2013
- SCHEDULE 48 Proceeds of crime: powers of officers of Revenue and Customs
- Proceeds of Crime Act 2002
- Commissioners for Revenue and Customs Act 2005
- Relationship of provisions of 2005 Act with provisions of 2002 Act
- Consequential amendments
- SCHEDULE 49 Corporation tax: deferral of payment of exit charge
- Amendments of TMA 1970
- Amendments of FA 2009
- Commencement
- SCHEDULE 50 Penalties: late filing, late payment and errors
- Amendments to Schedule 24 to FA 2007: penalties for errors
- Amendments to Schedule 55 to FA 2009: penalty for failure to make returns
- Amendments to Schedule 56 to FA 2009: penalty for failure to make payments on time
- Consequential amendment
- Commencement
- SCHEDULE 51 Withdrawal of notice to file etc
- TMA 1970
- FA 2008
- FA 2009
- Commencement
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