Finance (No. 2) Act 2015
Finance (No. 2) Act 2015 (2015 c. 33)
- Finance (No. 2) Act 2015 (2015 c. 33)
- PART 1 Principal rates etc
- Tax lock
- 1 Income tax lock
- 2 VAT lock
- Personal allowance and basic rate limit for income tax
- 3 Personal allowance and national minimum wage
- 4 Personal allowance and national minimum wage: Chancellor's duties
- 5 Personal allowance from 2016
- 6 Basic rate limit from 2016
- Corporation tax
- 7 Rate of corporation tax for financial years 2017-2020
- Capital allowances
- 8 Annual investment allowance
- PART 2 Inheritance tax
- Rate bands
- 9 Increased nil-rate band where home inherited by descendants
- 10 Rate bands for tax years 2018-19, 2019-20 and 2020-21
- Settlements
- 11 Calculation of rate of inheritance tax on settled property
- 12 Exemption from ten-yearly charge for heritage property
- 13 Settlements with initial interest in possession
- 14 Distributions etc from property settled by will
- Interest
- 15 Inheritance tax: interest
- PART 3 Banking
- Bank levy
- 16 Bank levy rates for 2016 to 2021
- Banking companies
- 17 Banking companies: surcharge
- 18 Banking companies: expenses relating to compensation
- 19 Banks established under Savings Bank (Scotland) Act 1819: loss allowance
- 20 Definitions relating to banks
- PART 4 Income tax, corporation tax and capital gains tax
- Income tax
- 21 Pensions: special lump sum death benefits charge
- 22 Pensions: some lump sum death benefits taxed as pension income
- 23 Pensions: annual allowance
- 24 Relief for finance costs related to residential property businesses
- 25 Enterprise investment scheme
- 26 Venture capital trusts
- 27 EIS, VCTs etc: excluded activities
- 28 EIS, VCTs and EMI: meaning of “farming”
- 29 Travel expenses of members of local authorities etc
- 30 London Anniversary Games
- Corporation tax
- 31 R&D expenditure credits: ineligible companies
- 32 Loan relationships and derivative contracts
- 33 Intangible fixed assets: goodwill etc
- 34 Election of designated currency by UK resident investment company
- 35 Group relief
- 36 CFC charge: abolition of relief
- 37 CFC charge: tax avoidance involving carried-forward losses
- 38 Restitution interest payments
- 39 Corporation tax instalment payments
- Income tax and corporation tax
- 40 Changes in trading stock not made in course of trade
- 41 Valuation of trading stock on cessation
- 42 Transfer of intangible assets not at arm's length
- Income tax and capital gains tax
- 43 Carried interest
- 44 Disguised investment management fees
- 45 Carried interest and disguised investment management fees: “arise”
- PART 5 Excise duties and other taxes
- Vehicle excise duty
- 46 Vehicle excise duty
- Insurance premium tax
- 47 Insurance premium tax: standard rate
- Aggregates levy
- 48 Aggregates levy: restoration of exemptions
- Climate change levy
- 49 CCL: removal of exemption for electricity from renewable sources
- PART 6 Administration and enforcement
- 50 International agreements to improve compliance: client notification
- 51 Enforcement by deduction from accounts
- 52 Rate of interest applicable to judgment debts etc in taxation matters
- PART 7 Final
- 53 Interpretation
- 54 Short title
- SCHEDULES
- SCHEDULE 1 Rate of tax charged under Chapter 3 of Part 3 IHTA 1984
- SCHEDULE 2 Bank levy rates for 2016 to 2021
- Bank levy rate for 2016
- Bank levy rate for 2017
- Bank levy rate for 2018
- Bank levy rate for 2019
- Bank levy rate for 2020
- Bank levy rate for 2021
- SCHEDULE 3 Banking companies: surcharge
- PART 1 Main provisions
- PART 2 Consequential amendments
- TMA 1970
- FA 1998
- CTA 2010
- TIOPA 2010
- FA 2015
- PART 3 Commencement
- Surcharge
- CFCs
- Diverted profits tax
- Interpretation
- SCHEDULE 4 Pensions: annual allowance
- PART 1 Alignment of pension input periods with tax years
- PART 2 Annual allowance for, and carry-forward from, 2015-16
- PART 3 Calculation of pension input amounts for periods ending in 2015-16
- PART 4 Reduction of annual allowance for high-income individuals
- PART 5 Other amendments
- SCHEDULE 5 Enterprise investment scheme
- Introductory
- Limiting eligibility for relief to investments made before 2025
- The investor
- General requirements
- The issuing company
- Repayment etc of share capital
- Information to be provided by issuing company etc
- Acquisition of issuing company
- Powers to amend Part 5 of ITA 2007
- “Knowledge-intensive companies”
- Consequential repeals
- Commencement and transitional provision
- SCHEDULE 6 Venture capital trusts
- Introductory
- Limiting eligibility for relief to investments made before 2025
- Requirements for the giving of VCT approval
- VCT approvals
- The first commercial sale condition and the no business acquisition condition
- Qualifying holdings
- Power to amend Chapter 4 of Part 6
- Interpretation of Chapter 4 of Part 6
- Acquisitions for restructuring purposes
- Power to amend Chapters 3 and 4 of Part 6 of ITA 2007
- Interpretation of Part 6
- Repeal of saving for investment of “protected money”
- Consequential repeal
- Application and transitional provision
- SCHEDULE 7 Loan relationships and derivative contracts
- PART 1 Loan relationships: amendments of Parts 5 and 6 of CTA 2009
- PART 2 Derivative contracts: amendments of Part 7 of CTA 2009
- PART 3 Amendments of TCGA 1992 relating to loan relationships
- PART 4 Consequential amendments
- PART 5 Repeal of uncommenced repeal provisions
- PART 6 Commencement and transitional provisions
- Introductory
- Commencement: the general rule
- Commencement: sections 321, 349 and 605 of CTA 2009
- Commencement: insolvency, corporate rescue etc
- Commencement: anti-avoidance provisions etc
- Transitional adjustments relating to loan relationships
- Transitional adjustments relating to derivative contracts
- Straddling accounting periods treated as split for certain purposes
- Transitional provision relating to abolition of “fairly represents” test
- Transitional provision relating to fixed capital asset or project
- SCHEDULE 8 Enforcement by deduction from accounts
- PART 1 Scheme for enforcement by deduction from accounts
- Introduction
- “Relevant sum”
- Information notice
- Hold notice
- Persons at a particular disadvantage in dealing with Revenue and Customs affairs
- Effect of hold notice
- Determination of held amounts
- Duty to notify HMRC and account holders etc
- Cancellation or variation of effects of hold notice
- Making objections to hold notice
- Consideration of objections
- Appeals
- Deduction notice
- Penalties
- Assessment of penalty
- Appeal against penalty
- Enforcement of penalty
- Protection of deposit-takers acting in good faith
- Power to modify amounts and time limits
- Power to make further provision
- Regulations
- Joint accounts
- Defined terms
- Extent
- PART 2 Miscellaneous amendments
- TMA 1970
- Insolvency Act 1986
- Insolvency (Northern Ireland) Order 1989
- FA 1998
- FA 2003
- FA 2013
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