Finance Act 2018
Finance Act 2018 (2018 c. 3)
- Finance Act 2018 (2018 c. 3)
- PART 1 Direct taxes
- Income tax and corporation tax: charge
- 1 Income tax charge for tax year 2018-19
- 2 Corporation tax charge for financial year 2019
- Income tax: rates and allowances
- 3 Main rates of income tax for tax year 2018-19
- 4 Default and savings rates of income tax for tax year 2018-19
- 5 Starting rate limit for savings for tax year 2018-19
- 6 Transfer of tax allowance after death of spouse or civil partner
- Employment
- 7 Deductions from seafarers' earnings
- 8 Exemption for armed forces' accommodation allowances
- 9 Benefits in kind: diesel cars
- 10 Termination payments: foreign service
- Disguised remuneration
- 11 Employment income provided through third parties
- 12 Trading income provided through third parties
- Pensions
- 13 Pension schemes
- Investments
- 14 EIS, SEIS and VCT reliefs: risk to capital
- 15 EIS, SI and VCT reliefs: relevant investments
- 16 EIS and VCT reliefs: knowledge-intensive companies
- 17 VCTs: further amendments
- Partnerships
- 18 Partnerships
- Corporation tax
- 19 Research and development expenditure credit
- 20 Intangible fixed assets: realisation involving non-monetary receipt
- 21 Intangible fixed assets: transactions between related parties
- 22 Oil activities: tariff receipts etc
- 23 Hybrid and other mismatches
- 24 Corporate interest restriction
- 25 Education Authority of Northern Ireland
- Chargeable gains
- 26 Freezing of indexation allowance for gains chargeable to corporation tax
- 27 Assets transfer to non-resident company: reorganisations of share capital etc
- 28 Depreciatory transactions within a group of companies
- Capital allowances
- 29 First-year tax credits
- Double taxation relief
- 30 Reduction of relief in cases where losses relieved sideways etc
- 31 Countering effect of avoidance arrangements
- 32 Double taxation arrangements specified by Order in Council
- Miscellaneous
- 33 Bank levy
- 34 Debt traded on a multilateral trading facility
- 35 Settlements: anti-avoidance etc
- 36 Fixed rate deduction for expenditure on vehicles etc
- 37 Carried interest
- PART 2 Indirect taxes
- Value added tax
- 38 Online marketplaces
- 39 VAT refunds to public authorities
- Stamp duty land tax
- 40 Higher rates for additional dwellings
- 41 Relief for first-time buyers
- Landfill tax
- 42 Landfill tax: disposals not made at landfill sites, etc
- Excise duties
- 43 Air passenger duty: rates of duty from 1 April 2019
- 44 VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
- 45 Tobacco products duty: rates
- PART 3 Miscellaneous and final
- Customs enforcement powers
- 46 Power to enter premises and inspect goods
- 47 Power to search vehicles or vessels
- Updating of statutory references
- 48 CO2 emissions figures etc
- Final
- 49 Interpretation
- 50 Short title
- SCHEDULES
- SCHEDULE 1 Employment income provided through third parties
- PART 1 Arrangements relating to earnings charged to tax
- PART 2 Close companies
- Application of Chapter 2 of Part 7A to ITEPA 2003
- Double taxation
- PART 3 Amendments consequential on Part 2
- ITEPA 2003
- ITTOIA 2005
- CTA 2009
- F(No.2)A 2017
- PART 4 Loans etc outstanding on 5 April 2019
- Information requirement
- PAYE: employee of non-UK employer
- PART 5 Commencement
- SCHEDULE 2 Trading income provided through third parties: loans etc outstanding on 5 April 2019
- SCHEDULE 3 Pension schemes
- Amendments of and relating to Part 4 of the Finance Act 2004
- Commencement
- Meaning of “Master Trust scheme”: transitional provision
- Master Trust schemes registered before the passing of this Act
- SCHEDULE 4 EIS and VCT reliefs: knowledge-intensive companies
- Amount of EIS relief
- Maximum amount raised annually by knowledge-intensive company
- Initial investing period: permitted age of knowledge-intensive company
- Commencement
- SCHEDULE 5 Venture capital trusts: further amendments
- Relaxation of restriction where there is a linked sale
- The 70% qualifying holdings condition
- The minimum investment on further issue condition
- Non-qualifying loans
- Qualifying holdings: exclusions
- Commencement
- SCHEDULE 6 Partnerships
- PART 1 Bare trusts
- PART 2 Notional trade and business of indirect partner
- PART 3 Returns: information to be included
- PART 4 Returns: overseas partners in investment partnerships etc
- PART 5 Returns conclusive as to shares of profits and losses
- SCHEDULE 7 Hybrid and other mismatches
- Introductory
- Meaning of “tax” etc and treatment of cases where tax charged at a nil rate
- CFCs and foreign CFCs: qualifying CFC amounts
- Hybrid and other mismatches from financial instruments: qualifying capital amounts
- Hybrid transfer deduction/non-inclusion mismatches: qualifying capital amounts
- Hybrid payee deduction/non-inclusion mismatches
- Multinational payee deduction/non-inclusion mismatches
- Hybrid entity double deduction mismatches: use of restricted deduction
- Imported mismatches: dual inclusion income
- Adjustments in light of subsequent events: accounting treatment
- Commencement
- SCHEDULE 8 Corporate interest restriction
- PART 1 Amendments of Part 10 of TIOPA 2010
- Introductory
- Hedging of tax-interest expense amounts or tax-interest income amounts etc
- Group ratio: leaving R&D expenditure credits out of account
- Public infrastructure
- Identifying members of a worldwide group
- Interest restriction returns
- Other amendments
- Commencement
- PART 2 Other amendments
- SCHEDULE 9 Bank levy
- PART 1 Chargeable equity and liabilities
- Introductory
- Chargeable equity and liabilities: relevant groups and relevant entities
- Definition of “UK allocated equity and liabilities”
- Consequential amendments
- PART 2 Miscellaneous amendments
- Introductory
- Joint ventures
- Joint and several liability
- Meaning of “the responsible member”
- International accounting standards
- PART 3 Commencement
- SCHEDULE 10 Settlements: anti-avoidance etc
- PART 1 Capital gains tax
- TCGA 1992
- PART 2 Income tax
- ITTOIA 2005
- ITA 2007
- Consequential amendments
- Commencement etc of amendments in ITTOIA 2005 and ITA 2007
- SCHEDULE 11 Stamp duty land tax: higher rates for additional dwellings
- Previous residence required to be disposed of entirely
- Exception where purchaser has prior interest in purchased dwelling
- Exception where spouses and civil partners purchasing from one another
- Property adjustment on divorce, dissolution of civil partnership etc
- Purchase etc by person appointed under Mental Capacity Act 2005 to make decisions for a child
- Minor and consequential amendments
- Commencement
- SCHEDULE 12 Landfill tax: disposals not made at landfill sites, etc
- PART 1 Amendments of Part 3 of FA 1996
- Introduction
- Taxable disposals
- Liability to pay landfill tax
- Exemptions
- Taxable activities
- Taxable disposals etc: supplementary and consequential amendments
- Registration
- Registration: supplementary and consequential amendments
- Assessment
- Assessment: supplementary and consequential amendments
- PART 2 Amendments of other Acts
- FA 2008
- FA 2011
- PART 3 Commencement and transitional provisions
- Commencement
- Registration
- Disposals before April 2018 at places other than landfill sites
- Interpretation
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