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Finance Act 2012

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Introductory Text

PART 1 Income tax, corporation tax and capital gains tax

CHAPTER 1 Income tax and corporation tax charges and rate bands

Income tax

1.Charge for 2012-13 and rates for 2012-13 and subsequent tax years
2.Basic rate limit for 2012-13
3.Personal allowance for 2012-13 for those aged under 65
4.Personal allowances from 2013

Corporation tax

5.Main rate of corporation tax for financial year 2012
6.Charge and main rate for financial year 2013
7.Small profits rate and fractions for financial year 2012

CHAPTER 2 Income tax: general

Child benefit
8.High income child benefit charge

Anti-avoidance

9.Post-cessation trade or property relief: tax-generated payments or events
10.Property loss relief against general income: tax-generated agricultural expenses
11.Gains from contracts for life insurance etc
12.Settlements: income originating from settlors other than individuals

Reliefs

13.Champions League final 2013
14.Cars: security features not to be regarded as accessories
15.Termination payments to MPs ceasing to hold office
16.Employment income exemptions: armed forces

Other provisions

17.Taxable benefits: “the appropriate percentage” for cars for 2014-15
18.Qualifying time deposits

CHAPTER 3 Corporation tax: general

Support for business

19.Profits arising from the exploitation of patents etc
20.Relief for expenditure on R&D
21.Real estate investment trusts

Anti-avoidance

22.Treatment of the receipt of manufactured overseas dividends
23.Loan relationships: debts becoming held by connected company
24.Companies carrying on businesses of leasing plant or machinery

Insurance

25.Corporate members of Lloyd's: stop-loss insurance and quota share contracts
26.Abolition of relief for equalisation reserves: general insurers
27.Election to accelerate receipts under s.26(4)
28.Deemed receipts under s.26(4): double taxation relief
29.Transfer of whole or part of the business
30.Abolition of relief for equalisation reserves: Lloyd's corporate members etc

Miscellaneous

31.Tax treatment of financing costs and income
32.Group relief: meaning of “normal commercial loan”
33.Company distributions

CHAPTER 4 Capital gains

34.Annual exempt amount
35.Foreign currency bank accounts
36.Collective investment schemes: chargeable gains
37.Roll-over relief

CHAPTER 5 Miscellaneous

Enterprise incentives

38.Seed enterprise investment scheme
39.Enterprise investment scheme
40.Venture capital trusts

Capital allowances

41.Plant and machinery: restricting exception for manufacturers and suppliers
42.Plant and machinery allowances: anti-avoidance
43.Plant and machinery allowances: fixtures
44.Expenditure on plant and machinery for use in designated assisted areas
45.Allowances for energy-saving plant and machinery
46.Plant and machinery: long funding leases

Foreign income and gains
47.Foreign income and gains

Pensions
48.Employer asset-backed pension contributions etc

Charitable giving etc

49.Gifts to the nation
50.Gift aid: giving through self-assessment return
51.Relief for gift aid and other income of charities etc
52.Meaning of “community amateur sports club”

Other provisions

53.Site restoration payments
54.Changes of accounting policy

PART 2 Insurance companies carrying on long-term business

CHAPTER 1 Introductory

Outline of provisions of Part
55.Overview

Meaning of “life assurance business”
56.Meaning of “life assurance business”

Meaning of “basic life assurance and general annuity business”

57.Meaning of “basic life assurance and general annuity business”
58.Section 57: meaning of “pension business”
59.Section 57: meaning of “child trust fund business”
60.Section 57: meaning of “individual savings account business”
61.Section 57: meaning of “overseas life assurance business”
62.Section 57: meaning of “protection business”

Meaning of “long-term business” and “PHI business”
63.Meaning of “long-term business” and “PHI business”

Meaning of contract of “insurance” or “long-term insurance” and “insurance company”

64.Meaning of “contract of insurance” and “contract of long-term insurance”
65.Meaning of “insurance company”

CHAPTER 2 Charge to tax on I - E basis etc

Separate businesses etc

66.Separate businesses for BLAGAB and other long-term business
67.Exception where BLAGAB small part of long-term business

BLAGAB taxed on I - E basis

68.Charge to tax on I - E profit
69.Exclusion of charge under s.35 of CTA 2009 etc
70.Rules for calculating I - E profit or excess BLAGAB expenses

Non-BLAGAB long-term business
71.Charge to tax on profits of non-BLAGAB long-term business

PHI only business
72.Companies carrying on only PHI business

CHAPTER 3 The I - E basis

Introduction
73.The I - E basis

Definitions of expressions comprising “I”

74.Meaning of “income”
75.Meaning of “BLAGAB chargeable gains” etc

Definitions of expressions comprising “E”

76.Meaning of “adjusted BLAGAB management expenses”
77.Section 76: meaning of “ordinary BLAGAB management expenses” etc
78.Section 76: meaning of other expressions
79.Spreading of acquisition expenses
80.Section 79: meaning of “acquisition expenses”
81.Amounts treated as ordinary BLAGAB management expenses
82.Restrictions in relation to ordinary BLAGAB management expenses
83.General annuity business
84.General annuity business: meaning of “steep-reduction annuity” etc
85.General annuity business: payments made in pre-1992 accounting periods

Special rules applying to I - E basis

86.Separate property businesses for BLAGAB etc
87.Losses from property businesses where land held for long-term business
88.Loan relationships, derivative contracts and intangible fixed assets
89.Miscellaneous income and losses
90.Investment return where risk in respect of policy or contract re-insured
91.Regulations under section 90(4): supplementary provision

Deemed I - E receipts
92.Certain BLAGAB trading receipts to count as deemed I - E receipts

Minimum profits charge

93.Minimum profits test
94.Adjustment of I - E profit or excess BLAGAB expenses

Non-BLAGAB allowable losses
95.Use of non-BLAGAB allowable losses to reduce I - E profit

Overseas life insurance companies
96.Expenses referable to exempt FOTRA profits

CHAPTER 4 Apportionment rules for I - E charge

Introduction
97.Application of Chapter

Allocation of income, losses and expenses
98.Commercial allocation

Allocation of chargeable gains and allowable losses on disposals of assets

99.Application of sections 100 and 101
100.Assets wholly or partly matched to BLAGAB liabilities
101.Commercial allocation for disposals not wholly dealt with by section 100

CHAPTER 5 I - E profit: policyholders' rate of tax

Tax rate on policyholders' share of I - E profit

102.Policyholders' rate of tax on policyholders' share of I - E profit
103.Rules for determining policyholders' share of I - E profit
104.Meaning of “the adjusted amount”
105.Meaning of “BLAGAB non-taxable distributions” and “shareholders' share”

Policyholder tax and calculation of BLAGAB trade profit or loss

106.Deduction for current policyholder tax
107.Expenses or receipts for deferred policyholder tax
108.Meaning of “the closing deferred policyholder tax balance” etc

CHAPTER 6 Trade calculation rules applying to long-term business

109.Application of Chapter
110.Allocations to policyholders
111.Dividends and other distributions
112.Index-linked gilt-edged securities
113.Receipts or expenses relating to long-term business fixed capital

CHAPTER 7 Trading apportionment rules

114.Application of Chapter
115.Commercial allocation of accounting profit or loss and tax adjustments

CHAPTER 8 Assets held for purposes of long-term business

Transfers of assets from different categories

116.UK life insurance companies
117.Overseas life insurance companies: rule corresponding to s.116
118.Transfers of business and transfers within a group

Share pooling rules

119.UK life insurance companies
120.Overseas life insurance companies: rule corresponding to s.119
121.Sections 119 and 120: supplementary

Long-term business fixed capital
122.Assets forming part of long-term business fixed capital

CHAPTER 9 Relief for BLAGAB trade losses etc

The reliefs

123.Relief for BLAGAB trade losses against total profits
124.Carry forward of BLAGAB trade losses against subsequent profits
125.Group relief

Restrictions

126.Restrictions in respect of non-trading deficit
127.No relief against policyholders' share of I - E profit

CHAPTER 10 Transfers of long-term business

Transfers of BLAGAB

128.Relief for transferee in respect of transferor's BLAGAB expenses
129.Intra-group transfers and demutualisation
130.Transfers between non-group companies: present value of in-force business

Transfers of non-BLAGAB long-term business
131.Application of ss. 129 and 130 to transfers of non-BLAGAB long-term business

Transfers of long-term business: anti-avoidance

132.Anti-avoidance
133.Clearance procedure
134.Section 133: supplementary

Interpretation
135.Meaning of “group” of companies

CHAPTER 11 Definitions

136.Meaning of “BLAGAB trade profit” and “BLAGAB trade loss”
137.Meaning of “the long-term business fixed capital”
138.Meaning of assets that are “matched to” liabilities
139.Minor definitions
140.Abbreviations
141.Index of defined terms, etc

CHAPTER 12 Supplementary

Powers conferred on Treasury or HMRC Commissioners

142.Power to amend Part 2 etc
143.Power to amend definition of “insurance business transfer scheme” etc
144.Power to modify provisions applying to overseas life insurance companies
145.Orders and regulations

Minor and consequential amendments and transitional provision

146.Minor and consequential amendments
147.Transitional provision

Commencement etc

148.Commencement
149.Accounting periods straddling 1 January 2013

PART 3 Friendly societies carrying on long-term business

Outline of provisions of Part
150.Overview

Long-term business rules to apply to friendly societies

151.Friendly societies subject to same basic rules as mutual insurers
152.Friendly societies subject to transfer of business rules

Exempt BLAGAB or eligible PHI business

153.Exemption for certain BLAGAB or eligible PHI business
154.Meaning of “BLAGAB or eligible PHI business”
155.Meaning of “exempt” BLAGAB or eligible PHI business
156.Societies with no provision for assuring gross sums exceeding £2,000 etc
157.Transfers to friendly societies
158.Transfers from friendly societies to insurance companies etc
159.Exception in case of breach of maximum benefits payable to members

Exempt BLAGAB or eligible PHI business: benefits payable by friendly societies etc

160.Maximum benefits payable to members
161.Section 160: supplementary
162.Section 160: statutory declarations

Exempt BLAGAB or eligible PHI business: directions to old societies
163.Directions given to old societies

Exemption for other business

164.Societies registered before 1 June 1973, etc
165.Incorporated friendly societies
166.Transfers from friendly societies to insurance companies etc
167.Transfers between friendly societies
168.Withdrawal of qualifying status
169.Payments by non-qualifying societies treated as qualifying distributions

Miscellaneous

170.Transfer schemes under s.6(5) of FSA 1992
171.Exemption for unregistered friendly societies

Interpretation

172.Minor definitions
173.Abbreviations
174.Index of defined terms

Regulations
175.Regulations

Consequential amendments and transitional provision

176.Consequential amendments
177.Transitional provision

Commencement etc

178.Commencement
179.Accounting periods straddling 1 January 2013

PART 4 Controlled foreign companies and foreign permanent establishments
180.Controlled foreign companies and foreign permanent establishments

PART 5 Oil

181.Transfers within a group by companies carrying on ring fence trade
182.Supplementary charge
183.Relief in respect of decommissioning expenditure
184.Reduction of supplementary charge for certain oil fields

PART 6 Excise duties

Tobacco products duty
185.Rates of tobacco products duty

Alcoholic liquor duties

186.Rates of alcoholic liquor duties
187.Repeal of drawback on British compounds and spirits of wine

Hydrocarbon oil etc duties

188.Rates of duty and rebates from 1 August 2012 to 31 December 2012
189.Rebated fuel: private pleasure craft

Air passenger duty
190.Air passenger duty

Gambling duties

191.Machine games duty
192.Amusement machine licence duty
193.Rates of gaming duty
194.Remote gambling: double taxation relief

Vehicle excise duty
195.VED rates for light passenger vehicles, light goods vehicles, motorcycles etc

PART 7 Value added tax

196.Changes to the categorisation of supplies
197.Exempt supplies
198.Supply of goods or services by public bodies
199.Relief from VAT on low value goods: restriction relating to Channel Islands
200.Group supplies using an overseas member
201.Face-value vouchers
202.Power to require notification of arrival of means of transport in UK
203.Non-established taxable persons
204.Administration of VAT

PART 8 Other taxes

Landfill tax

205.Standard rate of landfill tax
206.Landfill sites in Scotland

Climate change levy
207.Climate change levy

Inheritance tax

208.Indexation of rate bands
209.Gifts to charities etc
210.Settled property: effect of certain arrangements

Bank levy
211.The bank levy

Stamp duty land tax, stamp duty reserve tax and stamp duty

212.Prevention of avoidance: subsales etc
213.Rate in respect of residential property where consideration over £2m
214.Higher rate for certain transactions
215.Disclosure of stamp duty land tax avoidance schemes
216.Health service bodies
217.Collective investment schemes: stamp duty and stamp duty reserve tax

PART 9 Miscellaneous matters

International matters

218.Agreement between UK and Switzerland
219.Penalties: offshore income etc
220.International military headquarters, EU forces, etc

Financial sector regulation
221.Tax consequences of financial sector regulation

Incapacitated persons and minors
222.Removal of special provision for incapacitated persons and minors

Administration

223.Tax agents: dishonest conduct
224.Information powers
225.PAYE regulations: information

High value residential property or dwellings
226.New tax on ownership of high-value residential properties or dwellings

Miscellaneous reliefs etc
227.Repeals of miscellaneous reliefs etc

PART 10 Final provisions

228.Interpretation
229.Short title

SCHEDULES

SCHEDULE 1
High income child benefit charge

The high income child benefit charge
1.In Part 10 of ITEPA 2003 (social security benefits), after...

Consequential amendments

2.In section 7 of TMA 1970 (notice of liability to...
3.After section 13 of the Social Security Administration Act 1992...
4.After section 11 of the Social Security Administration (Northern Ireland)...
5.(1) ITEPA 2003 is amended as follows.
6.(1) ITA 2007 is amended as follows.

Commencement
7.(1) The amendments made by this Schedule have effect for...

SCHEDULE 2
Profits arising from the exploitation of patents etc

PART 1 Amendments of CTA 2010
1.(1) In CTA 2010, after Part 8 insert— PART 8A...

PART 2 Amendments of TIOPA 2010

2.In Part 4 of TIOPA 2010 (transfer pricing), Chapter 3...
3.In section 166 (exemption for small and medium-sized enterprises), in...
4.After section 167 insert— Small enterprises: exception from exemption: transfer...
5.In section 170 (appeals against transfer pricing notices), in subsection...
6.In section 171 (tax returns where transfer pricing notice given),...

PART 3 Commencement and transitional provision

Application
7.(1) The amendments made by this Schedule have effect in...

Special treatment of profits from patents etc to be phased in
8.(1) In each of the financial years in the Table...

SCHEDULE 3
Relief for expenditure on R&D

Introductory
1.Part 13 of CTA 2009 (additional relief for expenditure on...

Amount of relief for expenditure on R&D by small or medium-sized enterprises (“SMEs”)
2.(1) Chapter 2 (relief for SMEs: cost of R&D incurred...

Removal of R&D threshold

3.(1) Chapter 2 (relief for SMEs: cost of R&D incurred...
4.(1) Chapter 3 (relief for SMEs: R&D sub-contracted to SME)...
5.(1) Chapter 4 (relief for SMEs: subsidised and capped expenditure...
6.(1) Chapter 5 (relief for large companies) is amended as...
7.(1) Chapter 7 (relief for SMEs and large companies: vaccine...
8.In consequence of the amendments made by paragraphs 3 to...

Company not a going concern when in administration or liquidation

9.Chapter 2 (relief for SMEs: cost of R&D incurred by...
10.(1) Section 1046 (relief only available where company is going...
11.(1) Section 1057 (tax credit only available where company is...
12.Chapter 7 (relief for SMEs and large companies: vaccine research...
13.(1) Section 1094 (relief only available to SME where company...
14.(1) Section 1106 (tax credit only available where company is...

Removal of limit on amount of tax credit based on PAYE and NIC liabilities
15.(1) Chapter 2 (relief for SMEs: cost of R&D incurred...

Abolition of vaccine research relief for SMEs

16.(1) Section 1039 (overview of Part 13) is amended as...
17.In section 1042 (“relevant research and development”), in subsection (3),...
18.In section 1046 (relief only available where company is going...
19.In section 1057 (tax credit only available where company is...
20.Chapter 7 (relief for SMEs and large companies: vaccine research...
21.(1) Section 1085 (overview of Chapter) is amended as follows....
22.(1) Section 1087 (deduction in calculating profits of trade) is...
23.(1) In section 1088 (large companies: declaration about effect of...
24.Omit sections 1089 and 1090 (which relate only to SMEs)....
25.(1) In section 1091 (large companies: amount of deduction), in...
26.Omit sections 1092 to 1096 and 1099 (which relate only...
27.(1) In section 1100 (large companies: qualifying expenditure “for” an...
28.Omit sections 1103 to 1111 (tax credits).
29.(1) Section 1112 (artificially inflated claims for relief or tax...
30.The heading of Chapter 7 becomes “ Relief for large...
31.(1) Chapter 8 (cap on aid for R&D) is amended...
32.In consequence of the amendments made by paragraphs 16 to...

Qualifying expenditure on externally provided workers

33.Chapter 9 (supplementary) is amended as follows.
34.(1) Section 1128 (“externally provided worker”) is amended as follows....
35.(1) Section 1129 (connected persons) is amended as follows.
36.(1) Section 1130 (election for connected persons treatment) is amended...
37.In section 1131 (qualifying expenditure on externally provided workers: other...

Application

38.The amendments made by paragraphs 2 and 16 to 37...
39.The amendments made by paragraphs 3 to 8 and 15...
40.The amendments made by paragraphs 9 to 14 have effect...

SCHEDULE 4
Real estate investment trusts

Introduction
1.Part 12 of CTA 2010 (real estate investment trusts) is...

Being a UK REIT: conditions for company - close companies

2.(1) Section 525 (becoming a UK REIT: supplementary provision) is...
3.In section 527 (being a UK REIT in relation to...
4.(1) Section 528 (conditions for company) is amended as follows....
5.In section 558 (demergers: disposal of asset) in subsections (3)...
6.In section 559 (demergers: company leaving group UK REIT) in...
7.In section 561 (notice of breach of relevant Chapter 2...
8.(1) Section 562 (breach of conditions C and D in...
9.After section 562 insert— Breach of condition D in section...
10.(1) Section 572 (termination by notice given by HMRC) is...
11.After section 573 insert— Notice under section 572: condition D...
12.(1) Section 577 (multiple breaches of conditions in Chapter 2)...
13.(1) The amendments made by paragraph 2 have effect in...

Being a UK REIT: conditions for company - trading of shares on recognised stock exchange

14.In section 527 (being a UK REIT in relation to...
15.In section 528 (conditions for company) in subsection (3) for...
16.After section 528 insert— Further condition relating to shares (1) In the case of a group UK REIT, the...
17.In section 561 (notice of breach of relevant Chapter 2...
18.Before section 563 insert— Breach of further condition relating to...
19.(1) Section 572 (termination by notice given by HMRC) is...
20.Before section 574 insert— Notice under section 572: further condition...
21.(1) Subject to what follows, the amendments made by paragraphs...

Being a UK REIT: condition as to distribution of profits

22.In section 530 (condition as to distribution of profits) in...
23.After section 530 insert— Condition as to distribution of profits:...
24.In section 564 (breach of condition as to distribution of...
25.(1) Section 565 (which defines the amount to be charged...
26.(1) The amendment made by paragraph 22 has effect in...

Being a UK REIT: conditions as to balance of business

27.(1) Section 531 (conditions as to balance of business) is...
28.In section 547 (funds awaiting reinvestment) omit subsection (3).
29.(1) Section 566 (breach of condition B in section 531...
30.Omit section 567 (breach of condition B in section 531...
31.In section 568 (breach of balance of business conditions after...
32.(1) The amendments made by paragraphs 27, 28 and 31...

Abolition of entry charge

33.(1) Omit sections 538 to 540 (entry charge).
34.(1) In section 545 (cancellation of tax advantage) in subsection...
35.(1) In section 556 (disposal of assets) omit subsection (4)....
36.(1) In section 558 (demergers: disposal of asset) in subsection...
37.In section 559 (demergers: company leaving group UK REIT) in...
38.In section 583 (overview of Chapter 10 relating to joint...
39.Omit sections 595 to 597 (additional entry charges in cases...

Financing cost ratio

40.(1) Section 543 (financing cost ratio) is amended as follows....
41.(1) Section 544 (meaning of “property financing costs” etc) is...
42.The amendments made by paragraphs 40 and 41 have effect...

Disposal of assets

43.(1) Section 556 (disposal of assets) is amended as follows....
44.The amendments made by paragraph 43 have effect in relation...

SCHEDULE 5
Tax treatment of financing costs and income

1.Part 7 of TIOPA 2010 (tax treatment of financing costs...
2.In section 262 (UK net debt of worldwide group for...
3.In section 276 (disallowance of deductions: appointment of authorised company...
4.In section 280 (statement of allocated disallowances: requirements), after subsection...
5.In section 288 (exemption of financing income: appointment of authorised...
6.In section 292 (statement of allocated exemptions: requirements), after subsection...
7.In section 296 (failure of reporting body to submit statement...
8.In Chapter 6 (tax avoidance), before section 306 insert— Schemes...
9.(1) Section 313 (the financing expense amounts of a company)...
10.(1) Section 314 (the financing income amounts of a company)...
11.In section 316 (group treasury companies), omit subsection (4).
12.(1) Section 329 (the tested expense amount) is amended as...
13.(1) Section 330 (the tested income amount) is amended as...
14.After section 331 insert— Elections disapplying sections 329(5) and 330(5)...
15.(1) Section 337 (meaning of “the worldwide group”) is amended...
16.(1) In section 339 (meaning of “ultimate parent”), subsection (1)...
17.In section 348 (non-existent financial statements of the worldwide group),...
18.After section 348 insert— Financial statements: business combinations to which...
19.In section 351 (expressions taking their meaning from international accounting...
20.In section 353 (other expressions), at the appropriate place insert—...
21.After section 353A insert— Power to make regulations where accounting...
22.(1) The amendment made by paragraph 21 has effect in...

SCHEDULE 6
Seed enterprise investment scheme

PART 1 The scheme
1.In ITA 2007, after Part 5 (enterprise investment scheme) insert—...

PART 2 Relief for capital gains

Introductory
2.TCGA 1992 is amended as follows.

Disposal of shares to which SEIS relief is attributable
3.Before section 151 insert— Seed enterprise investment scheme (1) For the purpose of determining the gain or loss...

Seed enterprise investment scheme: re-investment relief

4.After section 150F (inserted by paragraph 3 of this Schedule)...
5.After Schedule 5B insert— SCHEDULE 5BB Seed enterprise investment scheme:...

PART 3 Consequential amendments

ITA 2007

6.ITA 2007 is amended as follows.
7.In section 2 (overview of Act), after subsection (5) insert—...
8.In section 26 (tax reductions), in subsection (1)(a), after the...
9.In section 27 (order of deducting tax reductions: individual), in...
10.In section 169 (directors qualifying for relief despite connection), in...
11.In section 172 (overview of Chapter 3), after paragraph (aa)...
12.In section 173A (enterprise investment scheme: maximum amount raised annually...
13.After that section insert— The spending of money raised by...
14.(1) Section 246 (identification of shares on a disposal) is...
15.In section 286 (qualifying holdings: introduction), in subsection (3), after...
16.In section 292A (venture capital trusts: maximum amount raised annually...
17.After that section insert— The spending of money raised by...
18.(1) Schedule 4 (index of defined expressions) is amended as...

TCGA 1992

19.TCGA 1992 is amended as follows.
20.(1) Section 150A (enterprise investment scheme) is amended as follows....
21.(1) Section 150B (enterprise investment scheme: reduction of relief) is...
22.In Schedule 5B (enterprise investment scheme: re-investment), in paragraph 2...

TMA 1970
23.In section 98 of TMA 1970 (special returns, etc)—

PART 4 Commencement
24.(1) Subject to sub-paragraphs (2) and (3), the amendments made...

SCHEDULE 7
Enterprise investment scheme

PART 1 Enterprise investment scheme

Introduction
1.Part 5 of ITA 2007 (enterprise investment scheme) is amended...

Minimum subscription
2.In section 157 (eligibility for EIS relief), omit subsections (2)...

Increase in amount of relief
3.(1) In section 158 (form and amount of EIS relief),...

Loan capital
4.In section 170 (person interested in capital etc of company)—...

Overview of Chapter 3
5.In section 172 (overview of Chapter 3), omit the “and”...

Relaxation of the shares requirement
6.(1) Section 173 (the shares requirement) is amended as follows....

Increase in the maximum amount permitted to be raised annually
7.(1) Section 173A (the maximum amount raised annually through risk...

Acquisition of shares or stock
8.In section 175 (the use of the money raised requirement),...

No disqualifying arrangements requirement
9.After section 178 insert— The no disqualifying arrangements requirement (1) The relevant shares must not be issued, nor any...

Meaning of “qualifying business activity”
10.In section 179 (meaning of “qualifying business activity”), in subsection...

Increase in the gross assets limits
11.In section 186 (the gross assets requirement)—

Relaxation of restriction on number of employees
12.In section 186A (the number of employees requirement), in subsections...

Subsidised generation or export of electricity

13.(1) Section 192 (meaning of “excluded activities”) is amended as...
14.After section 198 insert— Excluded activities: subsidised generation or export...
15.In section 199 (excluded activities: provision of services or facilities...

Powers to amend
16.In section 200 (power to amend by Treasury order), the...

Disposal of shares
17.In section 209 (disposal of shares), after subsection (5) insert—...

Date from which interest is chargeable
18.In section 239 (date from which interest is chargeable), in...

Information
19.In section 243 (power to require information in other cases)—...

Approved investment fund as nominee
20.In section 251 (approved investment fund as nominee), omit subsection...

Interpretation
21.In section 257 (minor definitions etc), in subsection (1), for...

Commencement and transitional provision

22.(1) The amendments made by paragraphs 2 to 6, 7(1)...
23.(1) The amendments made by paragraphs 7(2), 11 and 12...
24.(1) Subject to sub-paragraph (2), the amendments made by paragraphs...
25.(1) The amendment made by paragraphs 18 and 21 are...

PART 2 Enterprise investment scheme: chargeable gains

Introduction
26.TCGA 1992 is amended as follows.

Disposal of shares to which EIS relief is attributable

27.In section 150A (disposal of shares to which EIS relief...
28.Accordingly, in Schedule 1 to FA 2008, paragraph 48 is...

Maximum annual investment
29.In paragraph 1 of Schedule 5B to the TCGA 1992...

No disqualifying arrangements
30.After paragraph 11 insert— Disqualifying arrangements (1) Where an individual subscribes for eligible shares (“the shares”)...

Information
31.In paragraph 16 (information)— (a) in sub-paragraph (6), for “or...

Meaning of “arrangements”
32.In paragraph 19 (interpretation), in sub-paragraph (1) for the definition...

Commencement

33.(1) The amendment made by paragraph 29 comes into force...
34.(1) The amendments made by paragraphs 27, 28, 30 and...
35.The amendment made by paragraph 32 is treated as having...

SCHEDULE 8
Venture capital schemes

Introduction
1.Part 6 of ITA 2007 (venture capital trusts) is amended...

VCT approvals

2.(1) Section 274 (requirements for the giving of approval) is...
3.After section 280A insert— The investment limits condition (1) This section applies for the purposes of the investment...

Qualifying holdings: introduction
4.In section 286 (qualifying holdings: introduction), in subsection (3), omit...

Relaxation of maximum qualifying investment requirement
5.(1) Section 287 (maximum qualifying investment requirement) is amended as...

Increase in the maximum amount permitted to be raised annually
6.(1) Section 292A (the maximum amount raised annually through risk...

Acquisition of shares
7.In section 293 (the use of the money raised requirement),...

Increase in the gross assets limits
8.In section 297 (the gross assets requirement)—

Relaxation of restriction on number of employees
9.In section 297A (the number of employees requirement), in subsections...

No disqualifying arrangements requirement
10.After section 299 insert— The no disqualifying arrangements requirement (1) The relevant holding must not have been issued, nor...

Subsidised generation or export of electricity

11.(1) Section 303 (meaning of “excluded activities”) is amended as...
12.After section 309 insert— Excluded activities: subsidised generation or export...
13.In section 310 (excluded activities: provision of services or facilities...

Powers to amend
14.In section 311 (power to amend Chapter by Treasury order),...

Information

15.After section 312 insert— Power to require information relating to...
16.In section 313 (interpretation of Chapter 4), in subsection (5),...

Consequential amendment
17.In section 98 of TMA 1970 (special returns, etc), in...

Commencement and transitional provision

18.(1) The amendments made by paragraphs 2 and 3 have...
19.(1) The amendments made by paragraphs 4, 5, 6(1) and...
20.(1) The amendments made by paragraphs 6(2), 8 and 9...
21.(1) Paragraph 7 is to be treated as having come...
22.(1) Subject to sub-paragraph (2), the amendments made by paragraphs...

SCHEDULE 9
Capital allowances for plant and machinery: anti-avoidance

Transactions to obtain allowances
1.For section 215 of CAA 2001 substitute— Transactions to obtain...

Restrictions on writing-down allowances

2.In section 57(3) of CAA 2001 (available qualifying expenditure), after...
3.In section 214 of that Act (connected persons), after “218”...
4.In section 216 of that Act (sale and leaseback, etc),...
5.(1) Section 218 of that Act (restriction on B's qualifying...
6.After section 218 of that Act insert— Restrictions on writing-down...

Restriction of exception for manufacturers and suppliers
7.(1) Section 230 of CAA 2001 (exception for manufacturers and...

Relevant transactions
8.After section 268D of CAA 2001 insert— Meaning of “assigns”...

Commencement
9.(1) The amendments made by paragraphs 1 to 7 of...

SCHEDULE 10
Plant and machinery allowances: fixtures

Introductory
1.CAA 2001 is amended as follows.

Changes in ownership

2.After section 187 insert— Effect of changes in ownership of...
3.In section 198 (election to apportion sale price on sale...
4.(1) Section 201 (elections under sections 198 and 199: procedure)...
5.(1) In section 563 (procedure for determining certain questions affecting...

Fixtures on which business premises renovation allowance has been made

6.After section 186 insert— Fixtures on which a business premises...
7.In section 9 (interaction between fixtures claims and other claims),...
8.In section 57 (available qualifying expenditure), in subsection (3), after...
9.In section 198 (election to apportion sale price on sale...
10.In section 199 (election to apportion capital sum given by...

Commencement and transitionals

11.The amendments made by paragraphs 2 to 5 have effect—...
12.The amendments made by paragraph 6 to 10 have effect—...
13.(1) Where (ignoring this sub-paragraph) plant or machinery would be...

SCHEDULE 11
Expenditure on plant and machinery for use in designated assisted areas

1.CAA 2001 is amended as follows.
2.In section 39 (first-year allowances available for certain types of...
3.After section 45J insert— Expenditure on plant and machinery for...
4.In section 46 (general exclusions applying to first-year qualifying expenditure),...
5.(1) Section 52 (first-year allowances) is amended as follows.
6.In section 52A (prevention of double relief) for the words...
7.(1) In Chapter 16B (cap on first-year allowances: zero-emission goods...
8.The amendments made by this Schedule have effect for chargeable...

SCHEDULE 12
Foreign income and gains

PART 1 Increased remittance basis charge

Increased charge

1.Chapter A1 of Part 14 of ITA 2007 (remittance basis)...
2.(1) Section 809C (claim for remittance basis by long-term UK...
3.(1) Section 809H (claim for remittance basis by long-term UK...
4.For section 809V substitute— Money paid to the Commissioners (1) Subsection (2) applies to income or chargeable gains of...

Application of Part 1
5.The amendments made by this Part of this Schedule have...

PART 2 Remittance for investment purposes

Relief for investments

6.For the italic heading preceding section 809V substitute “ Relief...
7.After section 809V insert— Business investment relief Money or other...
8.After the sections inserted by paragraph 7 insert the heading...
9.Immediately before section 809X insert the heading “Exempt property relief”....

Formerly exempt property used to make investment

10.In section 809Y (property that ceases to be exempt property...
11.In section 809Z2 (personal use rule), in subsection (2), omit...
12.In section 809Z4 (temporary importation rule), in subsection (3)—

Interpretation provisions

13.In section 809M (meaning of “relevant person”), in subsection (1),...
14.In section 809Z7 (interpretation of Chapter), omit subsection (7).
15.For the heading of that section substitute “ Meaning of...
16.After that section insert— Meaning of “the disposal proceeds” (1) In this Chapter, in relation to a sale or...

Application of Part 2
17.The amendments made by this Part of this Schedule have...

PART 3 Sales of exempt property

Relief from deemed remittance rule
18.After section 809Y of ITA 2007 (property that ceases to...

Application of Part 3
19.The amendment made by this Part of this Schedule has...

PART 4 Nominated income

Disapplication of ordering rules
20.(1) Section 809I of ITA 2007 (remittance basis charge: income...

Application of Part 4
21.The amendments made by this Part of this Schedule have...

SCHEDULE 13
Employer asset-backed pension contributions etc

PART 1 Denial of relief for contributions paid during period 29 November 2011 to 21 February 2012

1.In Chapter 4 of Part 4 of FA 2004 (registered...
2.In section 280(1) of FA 2004 (abbreviations)—
3.(1) The amendment made by paragraph 1 above has effect...

PART 2 Transitional provision relating to Part 1

Application and interpretation

4.(1) This Part of this Schedule applies if—
5.For the purposes of this Part of this Schedule—
6.(1) This paragraph applies for the purposes of this Part...
7.(1) In this Part of this Schedule “the completion day”...
8.(1) The events falling within this paragraph are those listed...

Certain tax consequences not to have effect

9.(1) This paragraph applies if— (a) the section which would...
10.(1) This paragraph applies if— (a) the section which would...
11.(1) This paragraph applies if— (a) the section which would...

Adjustments

12.(1) For the purposes of paragraphs 13 and 14—
13.(1) This paragraph applies if amount A exceeds the sum...
14.If the sum of amounts B and C exceeds amount...

PART 3 Denial of relief for contributions paid on or after 22 February 2012

15.In Chapter 4 of Part 4 of FA 2004 (registered...
16.In section 280(1) of FA 2004 (abbreviations)—
17.(1) Subject to what follows, the amendments made by paragraphs...

PART 4 Transitional provision relating to Part 3

Application and interpretation

18.(1) This Part of this Schedule applies if—
19.For the purposes of this Part of this Schedule—
20.(1) This paragraph applies for the purposes of this Part...
21.(1) In this Part of this Schedule “the completion day”...
22.(1) The events falling within this paragraph are those listed...

Certain tax consequences not to have effect

23.(1) This paragraph applies if— (a) the section which would...
24.(1) This paragraph applies if— (a) the section which would...
25.(1) This paragraph applies if— (a) the section which would...
26.(1) This paragraph applies if, apart from this Part of...
27.(1) This paragraph applies if, apart from this Part of...
28.(1) Section 196G of FA 2004 (as inserted by paragraph...

Adjustments

29.(1) For the purposes of paragraphs 30 and 31—
30.(1) This paragraph applies if amount A exceeds the sum...
31.If the sum of amounts B and C exceeds amount...

PART 5 Other provision relating to finance arrangements

Chapter 5B of Part 13 of ITA 2007

32.Chapter 5B of Part 13 of ITA 2007 (finance arrangements)...
33.In section 809BZA (type 1 finance arrangements: definition) after subsection...
34.(1) Section 809BZF (type 2 finance arrangements: definition) is amended...
35.In section 809BZH (type 2 finance arrangements: certain tax consequences...
36.In section 809BZJ (type 3 finance arrangements: definition) after subsection...

Chapter 2 of Part 16 of CTA 2010

37.Chapter 2 of Part 16 of CTA 2010 (finance arrangements)...
38.In section 758 (type 1 finance arrangements: definition) after subsection...
39.(1) Section 763 (type 2 finance arrangements: definition) is amended...
40.In section 765 (type 2 finance arrangements: certain tax consequences...
41.In section 767 (type 3 finance arrangements: definition) after subsection...

Commencement
42.(1) Subject to what follows, the amendments made by paragraphs...

SCHEDULE 14
Gifts to the nation

PART 1 Introduction

Qualifying gifts
1.(1) For the purposes of this Schedule, a person makes...

PART 2 Income tax and capital gains tax

Taxes affected
2.(1) This Part applies to an individual's liability to income...

The basic rule
3.(1) If an individual (“N”) makes a qualifying gift, a...

The portion treated as satisfied
4.(1) The portion of N's tax liability for a relevant...

Order in which benefit is applied
5.(1) If the tax reduction figure allocated to a relevant...

Effect of basic rule on interest and penalties
6.(1) This paragraph explains the effect of paragraph 3(1) as...

Changes to N's tax liability
7.(1) If the amount of N's tax liability for a...

Gifts set aside etc
8.If a qualifying gift is set aside or declared void...

Suspension pending negotiations

9.(1) An individual who makes an offer in the circumstances...
10.(1) Suspension under paragraph 9 of a potential donor's obligation...

Conclusion of negotiations
11.(1) This paragraph applies if a potential donor's obligation to...

PART 3 Corporation tax

Taxes affected
12.(1) This Part applies to a company's liability to corporation...

The basic rule
13.(1) If a company (“C”) makes a qualifying gift, a...

The portion treated as satisfied
14.(1) The portion of C's tax liability for the relevant...

Effect of basic rule on interest and penalties
15.(1) This paragraph explains the effect of paragraph 13 as...

Changes to C's tax liability
16.(1) If the amount of C's tax liability for the...

Gifts set aside etc
17.If a qualifying gift is set aside or declared void...

Suspension pending negotiations

18.(1) A company that makes an offer in the circumstances...
19.(1) Suspension under paragraph 18 of a potential donor's obligation...

Conclusion of negotiations
20.(1) This paragraph applies if a potential donor's obligation to...

PART 4 General provision

Orders
21.(1) An order under Part 2 or 3 of this...

Pre-eminent property
22.(1) In this Schedule, “pre-eminent property” means—

The relevant Minister
23.(1) For the purposes of paragraph 22, “the relevant Minister”...

General interpretation

24.In this Schedule— “the Commissioners” means the Commissioners for Her...
25.Nothing in this Schedule is to give rise to any...

PART 5 Related changes

IHTA 1984

26.IHTA 1984 is amended as follows.
27.In section 25 (gifts for national purposes etc), after subsection...
28.In section 26A (potentially exempt transfer of property subsequently held...
29.(1) Section 32 (conditionally exempt transfers: chargeable events) is amended...
30.(1) Section 32A (associated properties) is amended as follows.
31.In section 33 (amount of charge under section 32), in...
32.In section 34 (reinstatement of transferor's cumulative total), in subsection...

Estate duty etc
33.(1) This paragraph applies if a person makes a qualifying...

TCGA 1992
34.In section 258 of TCGA 1992 (works of art etc),...

ITA 2007
35.In Chapter A1 of Part 14 of ITA 2007 (income...

PART 6 Commencement
36.(1) Parts 2 and 3 of this Schedule have effect...

SCHEDULE 15
Relief in respect of gift aid and other income

Claims by charitable trusts etc
1.(1) In Part 10 of ITA 2007 (special rules about...

Claims by charitable companies etc

2.Part 11 of CTA 2010 (charitable companies etc) is amended...
3.(1) In Chapter 2 (gifts and other payments), section 477A...
4.In Chapter 3 (other exemptions), after section 491 insert— Claims...

Community amateur sports clubs: gift aid and other income

5.Chapter 9 of Part 13 of CTA 2010 (special types...
6.After section 661C insert— Gifts qualifying for gift aid relief...
7.After section 665 insert— Claims Claims in relation to interest...
8.In consequence of the provision made by paragraph 6, in...

Treatment of income tax deducted or repaid

9.In section 59B of TMA 1970 (payment of income tax...
10.(1) Section 967 of CTA 2010 (set-off of income tax...

Administration of claims under ITA 2007

11.(1) Section 42 of TMA 1970 (procedure for making claims...
12.In consequence of the amendments made by paragraph 11, in...

Administration of claims under CTA 2010

13.Schedule 18 to FA 1998 (company tax returns, assessments and...
14.(1) Paragraph 9 (claims that cannot be made without a...
15.(1) Paragraph 57 (claims or elections affecting a single accounting...
16.In consequence of the amendments made by paragraphs 14 and...

Application
17.(1) The amendments made by paragraphs 1 to 4 and...

SCHEDULE 16
Part 2: minor and consequential amendments

PART 1 Amendments of ICTA

1.ICTA is amended as follows.
2.Omit section 76 (expenses of insurance companies).
3.Omit section 76ZA (payments for restrictive undertakings).
4.Omit section 76ZB (seconded employees).
5.Omit sections 76ZC to 76ZE (counselling and retraining expenses).
6.Omit sections 76ZF to 76ZJ (redundancy payments etc).
7.Omit section 76ZK (contributions to local enterprise organisations or urban...
8.Omit sections 76ZL and 76ZM (unpaid remuneration).
9.Omit section 76ZN (car hire).
10.In section 95ZA(3) (taxation of UK distributions received by insurance...
11.Omit section 431 (interpretative provisions relating to insurance companies).
12.Omit section 431ZA (election for assets not be foreign business...
13.Omit section 431A (amendment of Chapter etc).
14.Omit section 431B (meaning of “pension business”).
15.Omit section 431BA (meaning of “child trust fund business”).
16.Omit section 431BB (meaning of “individual savings account business”).
17.Omit section 431C (meaning of “life reinsurance business”).
18.Omit sections 431D and 431E (meaning of “overseas life assurance...
19.Omit section 431EA (meaning of “gross roll-up business”).
20.Omit section 431F (meaning of “basic life assurance and general...
21.Omit section 431G (company carrying on life assurance business).
22.Omit section 431H (company carrying on life assurance business and...
23.Omit section 432YA (PHI business — adjustment consequent of change...
24.Omit section 432ZA (linked assets).
25.Omit section 432A (apportionment of income and gains).
26.Omit section 432AA (property businesses).
27.Omit section 432AB (losses from property businesses).
28.Omit sections 432B to 432G (apportionment of receipts brought into...
29.Omit section 434 (franked investment income etc).
30.Omit section 434A (computation of losses and limitation on relief)....
31.Omit sections 434AZA to 434AZC (reduced loss relief for additions...
32.Omit section 436A (gross roll-up business: separate charge on profits)....
33.Omit section 436B (gains referable to gross-roll up business not...
34.Omit sections 437 and 437A (general annuity business).
35.Omit section 438 (pension business: exemption from tax).
36.Omit section 440 (transfers of assets etc).
37.Omit section 440A (securities).
38.Omit section 440B (modifications where tax charged under s.35 of...
39.Omit section 440C (modifications for change of tax basis).
40.Omit section 440D (modifications in relation to BLAGAB group reinsurers)....
41.Omit section 442 (overseas business of UK companies).
42.Omit section 442A (taxation of investment return where risk reinsured)....
43.Omit sections 444A to 444AED (transfers of business).
44.Omit sections 444AF to 444AL (surpluses of mutual and former...
45.In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section...
46.Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers)....

PART 2 Amendments of FA 1989

47.FA 1989 is amended as follows.
48.In section 67(2) (employee share ownership trusts), for paragraph (b)...
49.Omit section 82 (calculation of profits: bonuses etc).
50.Omit section 82A (calculation of profits: policy holders' tax).
51.Omit section 82B (unappropriated surplus on valuation).
52.Omit sections 82D to 82F (treatment of profits: life assurance...
53.Omit section 83 (receipts to be taken into account).
54.Omit section 83XA (structural assets).
55.Omit sections 83YA and 83YB (changes in value of assets...
56.Omit sections 83YC to 83YF (FAFTS).
57.Omit section 83A (meaning of “brought into account”).
58.Omit section 83B (changes in recognised accounts: attribution of amounts...
59.Omit section 85 (charge of certain receipts of basic life...
60.Omit section 85A (excess adjusted life assurance trade profits).
61.Omit section 86 (spreading of relief for acquisition expenses).
62.Omit section 88 (corporation tax: policy holders' share of profits)....
63.Omit section 89 (policy holders' share of profits).

PART 3 Amendments of other Acts

Finance Act 1950

64.FA 1950 is amended as follows.
65.In section 39(3)(b)(ii) (treatment for taxation purposes of enemy debts...

Taxes Management Act 1970

66.TMA 1970 is amended as follows.
67.(1) Section 98 (special returns) is amended as follows.

Inheritance Tax Act 1984

68.IHTA 1984 is amended as follows.
69.In section 59(3)(b) (qualifying interest in possession), for “Chapter I...

Finance Act 1991

70.FA 1991 is amended as follows.
71.In paragraph 16(1) of Schedule 7 (transitional relief for old...

Taxation of Chargeable Gains Act 1992

72.TCGA 1992 is amended as follows.
73.In section 10B (non-resident company with United Kingdom permanent establishment),...
74.In section 100(2B)(a) (exemption for authorised unit trusts etc), for...
75.In section 140C (transfer or division of non-UK business), omit...
76.In section 151I(1) (meaning of “financial institution”)—
77.(1) Section 171C (elections under s.171A: insurance companies) is amended...
78.In section 185 (deemed disposal of assets on company ceasing...
79.In section 204(10)(a) (policies of insurance and non-deferred annuities), for...
80.(1) Section 210A (ring-fencing of losses) is amended as follows....
81.(1) Section 210B (disposal and acquisition of section 440A securities)...
82.In section 210C(2) (losses on disposal of authorised investment fund...
83.(1) Section 211 (transfers of business) is amended as follows....
84.In section 211ZA(10) (transfers of business: transfer of unused losses),...
85.(1) Section 212 (annual deemed disposal of holdings of unit...
86.(1) Section 213 (spreading of gains and losses under section...
87.After section 213 insert— Power to modify ss.212 and 213...
88.(1) Schedule 7AC (exemptions for disposals by companies with substantial...
89.In paragraph 1 of Schedule 7AD (gains of insurance company...

Finance Act 1993

90.FA 1993 is amended as follows.
91.In section 91 (deemed disposals of unit trusts by insurance...

Finance Act 1999

92.FA 1999 is amended as follows.
93.In section 81(8) (acquisitions disregarded under insurance companies concession), in...

Capital Allowances Act 2001

94.CAA 2001 is amended as follows.
95.In section 19(5) (special leasing of plant or machinery), for...
96.In the italic heading before section 254, for “Life assurance”...
97.In section 254(1) (introductory), for “life assurance business” substitute “...
98.For section 255 substitute— Apportionment of allowances and charges (1) This section applies if the long-term business of the...
99.(1) Section 256 (different giving effect rules for different categories...
100.In section 257(2) (supplementary), for paragraphs (a) and (b) substitute—...
101.(1) Section 261 (special leasing: life assurance business) is amended...
102.In the heading for Chapter 1 of Part 12, for...
103.(1) Section 544 (management assets) is amended as follows.
104.(1) Section 545 (investment assets) is amended as follows.
105.(1) Section 560 (transfer of insurance company business) is amended...
106.(1) Schedule A1 (first-year tax credits) is amended as follows....
107.(1) Part 2 of Schedule 1 (index of defined expressions)...

Finance Act 2003

108.FA 2003 is amended as follows.
109.Omit section 156 (overseas life insurance companies).

Income Tax (Earnings and Pensions) Act 2003

110.ITEPA 2003 is amended as follows.
111.In section 357(3) (business entertainment and gifts: exception where employer's...

Finance Act 2004

112.FA 2004 is amended as follows.
113.In section 196(4) (relief for employers in respect of contributions...
114.In section 196A(4)(c) (power to restrict relief), for “brought into...
115.In section 196L(2) (employer asset-backed contributions: supplementary), as inserted by...
116.In section 197(10)(b) (spreading of relief), for “section 76 of...
117.In section 199 (deemed contributions), for subsection (5) substitute—
118.In section 199A(10)(c) (indirect contributions), for “brought into account at...
119.In section 200 (no other relief for employers in connection...
120.(1) Section 246 (restriction of deduction for non-contributory provision) is...
121.In section 246A(4)(c) (case where no relief for provision by...
122.In section 280(1) (abbreviations)— (a) omit the “and” before the...

Finance (No.2) Act 2005

123.F(No.2)A 2005 is amended as follows.
124.In section 18(3)(b) (specific powers relating to authorised unit trusts...

Income Tax (Trading and Other Income) Act 2005

125.ITTOIA 2005 is amended as follows.
126.In section 48(4A) (car hire)— (a) at the end of...
127.In section 473(2) (policies and contracts to which Chapter 9...
128.In section 476(3) (special rules: foreign policies), in the definition...
129.In section 504(7) (part surrenders: payments under guaranteed income bonds...
130.(1) Section 531 (gains from contracts for life insurance etc:...
131.In paragraph 118(2) of Schedule 2 (pre-1 January 2005 contracts...

Income Tax Act 2007

132.ITA 2007 is amended as follows.
133.In section 564B(1) (meaning of “financial institution”)—
134.In section 681DP (relevant tax relief), for paragraph (c) substitute—...

Corporation Tax Act 2009

135.CTA 2009 is amended as follows.
136.In section A1(2) (overview of the Corporation Tax Acts)—
137.(1) Section 18Q (UK resident insurance companies: profits of foreign...
138.For section 24 substitute— Application to insurance companies (1) This section makes provision in a case where the...
139.In section 36(3) (farming and market gardening), for “of the...
140.In section 38(3)(d) (commercial occupation of land other than woodlands),...
141.In section 39(5)(a) (profits of mines, quarries and other concerns),...
142.In section 46(3)(a) (generally accepted accounting practice), omit sub-paragraph (ii)...
143.In section 56(5) (car hire)— (a) at the end of...
144.In section 130(1)(a) (insurers receiving distributions etc), for “life assurance...
145.In section 201 (priority rules: provisions which must be given...
146.In section 203(4) (property businesses)— (a) for “section 432AA of...
147.(1) Section 298 (meaning of trade and purposes of trade)...
148.(1) Section 336 (transfers of loans on group transactions) is...
149.(1) Section 337 (transfers of loans on insurance business transfers)...
150.(1) Section 386 (overview of Chapter 10 of Part 5...
151.In section 387(1) (treatment of deficit on BLAGAB: introduction), after...
152.In section 388(3) (basic rule: deficit set off against income...
153.In section 389 (claim to carry back deficit), after subsection...
154.(1) Section 390 (meaning of “available profits”) is amended as...
155.In section 391 (carry forward of surplus deficit to next...
156.Omit sections 393 and 394 (insurance companies: determination of questions...
157.In section 399 (index-linked gilt-edged securities), at the end insert—...
158.In section 464(3) (list of exceptions to general rule that...
159.In section 471(3) (connections between persons: creditors who are insurance...
160.In section 472(4)(b) (meaning of “control”), for “of an insurance...
161.In section 473(3)(b) (meaning of “major interest”), for “of an...
162.In section 486(4) (exclusion of exchange gains and losses in...
163.In section 502(1) (meaning of “financial institution”)—
164.In section 560(4) (investment life insurance contracts: introduction)—
165.In section 561(2) (meaning of “investment life insurance contract”), in...
166.In section 563(6)(a) (increased non-trading credits for BLAGAB and EEA...
167.(1) Section 591 (conditions A to E mentioned in section...
168.(1) Section 634 (insurance companies) is amended as follows.
169.(1) Section 635 (creditor relationships of insurance companies: embedded derivatives...
170.(1) Section 636 (insurance companies: modifications of Chapter 5 (continuity...
171.In section 699(3) (list of exceptions to general rule that...
172.In section 710 (derivative contracts: other definitions)—
173.In section 746(2)(c) (“non-trading credits” and “non-trading debits”), for “section...
174.In section 800(3) (excluded assets: introduction), omit paragraph (b) (together...
175.In section 806(3) (assets excluded from Part 8 (intangible fixed...
176.In section 810 (mutual trade or business), omit subsection (2)....
177.In section 815 (election to exclude capital expenditure on software),...
178.In section 855(4) (further provision about regulations under section 854),...
179.For section 901 substitute— Effect of application of the I...
180.Omit sections 902 (excluded assets) and 903 (elections to exclude...
181.Omit section 904 (transfers of life assurance business: transfers of...
182.In section 906(3) (list of exceptions to general rule that...
183.In section 931S(3) (company distributions: meaning of “small company”), in...
184.In section 931W (provisions which must be given priority over...
185.In section 985 (references to a deduction being allowed to...
186.In section 999 (deduction for costs of setting up SAYE...
187.(1) Section 1000 (deduction for costs of setting up employee...
188.In section 1013 (relief if shares acquired by employee or...
189.In section 1021 (relief if employee or other person obtains...
190.(1) Section 1080 (entitlement to relief: I minus E basis)...
191.In section 1083 (refunds of expenditure treated as income chargeable...
192.In section 1143(4) (overview of Part 14)—
193.(1) Section 1153 (land remediation tax credit: amount of a...
194.(1) Section 1158 (restriction on losses carried forward where tax...
195.In the heading for Chapter 4 of Part 14, for...
196.Omit section 1159 (limitation on relief under Chapter 2 of...
197.In section 1160 (provision in respect of I minus E...
198.(1) Section 1161 (relief in respect of I minus E...
199.(1) Section 1162 (additional relief) is amended as follows.
200.In the italic heading before section 1164, for “Life assurance”...
201.(1) Section 1164 (entitlement to tax credit) is amended as...
202.(1) Section 1165 (meaning of “qualifying life assurance business loss”)...
203.In section 1166(1) (amount of tax credit)—
204.In section 1167(1) and (3)(a) (payment of tax credit etc),...
205.(1) Section 1168 (restriction on carrying forward expenses payable where...
206.In section 1169(2) (artificially inflated claims for relief or tax...
207.After section 1223 insert— Exception for basic life assurance and...
208.(1) Section 1251 (car hire) is amended as follows.
209.In section 1288(4) (unpaid remuneration)— (a) in paragraph (a), after...
210.(1) Section 1297 (life assurance business) is amended as follows....
211.In section 1298(2) (business entertainment and gifts), for paragraph (c)...
212.In section 1304 (crime-related payments), for subsection (3) substitute—
213.(1) Schedule 2 (transitionals and savings) is amended as follows....
214.In Schedule 4 (index of defined expressions)—

Corporation Tax Act 2010

215.CTA 2010 is amended as follows.
216.In section 17(3) (interpretation of Chapter: meaning of “carried-forward amount”)—...
217.In section 54(2) (non-UK resident company: receipts of interest, dividends...
218.In Chapter 4 of Part 4 (property losses), after section...
219.In section 606(5) (groups), in the definition of “insurance company”,...
220.(1) Section 783 (treatment of payer of manufactured dividend) is...
221.(1) Section 785 (treatment of payer: REITs) is amended as...
222.(1) Section 791 (treatment of payer of manufactured overseas dividend)...
223.In section 799(5) (manufactured payments under arrangements with unallowable purpose),...
224.In section 835(2) (transferor or associate becomes liable for payment...
225.In section 836(2) (transferor or associate becomes liable for payment...
226.(1) Section 839 (deduction under section 76 of ICTA not...
227.(1) Section 840 (carrying forward parts of payments) is amended...
228.In section 860 (relevant corporation tax relief), for paragraph (d)...
229.In section 886 (relevant tax relief), for paragraph (c) substitute—...
230.In section 1171(2) (powers under orders and regulations excluded from...
231.In section 1173(2) (miscellaneous charges), in Part 3 of the...

Taxation (International and Other Provisions) Act 2010

232.TIOPA 2010 is amended as follows.
233.In section 43(7) (profits attributable to permanent establishments for purposes...
234.In section 72(2) (application of section 73(1)), omit paragraph (b)...
235.In section 96(1) (companies with overseas branches: restriction of credit)—...
236.For section 97 substitute— Companies with more than one category...
237.Omit section 98 (attribution for section 97 purposes if category...
238.In section 99(7) (allocation of expense etc in calculations under...
239.Omit section 102 (interpreting sections 99 to 101 for life...
240.(1) Section 103 (interpreting sections 99 to 101 for other...
241.In section 104(3) (interpreting sections 100 and 101: amounts referable...
242.In section 269(6) (insurance activities and insurance-related activities), in the...
243.In section 310(2) (meaning of “carried-forward amount”)—
244.In Part 1 of Schedule 11 (index of defined expressions...

Finance Act 2011

245.FA 2011 is amended as follows.
246.In paragraph 73(2) of Schedule 19 (bank levy: meaning of...

PART 4 Consequential repeals
247.In consequence of the amendments made by Parts 1 to...

SCHEDULE 17
Part 2: transitional provision

PART 1 Deemed receipts or expenses

General outline of the provision of this Part of this Schedule
1.(1) This Part of this Schedule makes provision, by reference...

Basic concepts

2.In this Part of this Schedule— “the 2012 balance sheet”,...
3.(1) This paragraph applies if an insurance company does not...
4.(1) This paragraph applies if an insurance company does not...

The comparison etc

5.(1) In the case of an insurance company, a comparison...
6.(1) The insurance company— (a) must, by comparing amounts shown...
7.(1) Each of the items determined in accordance with paragraph...
8.(1) Each relevant computational item must be apportioned between—

Deemed receipts or expenses of BLAGAB or non-BLAGAB long-term business

9.(1) If a relevant computational item (or a part of...
10.(1) If a relevant computational item (or a part of...

Period over which deemed receipts or expenses arise

11.(1) A receipt or expense within paragraph 9 or 10...
12.(1) For the purposes of this paragraph a “relevant court-protected...
13.(1) This paragraph applies if— (a) under an insurance business...
14.(1) This paragraph applies if— (a) under an insurance business...
15.(1) This paragraph applies if— (a) an insurance company ceases...

Financing-arrangement-funded transfers to shareholders in relation to non-profit funds
16.(1) This paragraph applies if, as at 1 January 2013,...

Anti-avoidance

17.(1) This paragraph applies if— (a) on or after 21...
18.(1) Paragraph 17 does not apply if, on an application...
19.(1) An application under paragraph 18 must—

Overseas life insurance companies
20.Receipts or expenses are not to be treated as arising...

PART 2 Specific transitional provisions

Insurance company with BLAGAB consisting wholly of protection business
21.(1) This paragraph applies if— (a) in its first accounting...

Disregard of amounts previously taken into account for tax purposes

22.(1) This paragraph applies if, for an accounting period ending...
23.For the purposes of section 76 an expense is to...

Intangible fixed assets
24.(1) This paragraph applies to assets— (a) which, under the...

Assets held for purposes of long-term business

25.(1) The rules in sections 116 to 118 apply in...
26.(1) The rules in sections 119 to 121 apply in...
27.(1) This paragraph applies if— (a) immediately before 1 January...
28.(1) This paragraph applies in a case where—

Carry-forward of trading losses and excess management expenses

29.(1) Any unused losses arising to an insurance company in...
30.(1) Any unused losses arising to an insurance company in...
31.(1) The appropriate part of any unused life assurance trade...
32.(1) This paragraph applies if, but for this Part of...
33.(1) This paragraph applies if, but for this Part of...

Relief for BLAGAB trade losses for accounting period beginning on or after 1 January 2013
34.(1) This paragraph applies if— (a) an insurance company carries...

Assets of the shareholder fund
35.(1) This paragraph applies in relation to assets of an...

PART 3 Supplementary

General transitional provision in relation to provisions re-enacted in Part 2 of this Act
36.(1) This paragraph applies where any provision of this Part...

Power to make supplementary transitional provision etc

37.(1) The Treasury may by regulations make further transitional, transitory...
38.Any regulations made by the Treasury under any provision of...

Interpretation
39.The following expressions have the same meaning in this Schedule...

SCHEDULE 18
Part 3: consequential amendments

Income and Corporation Taxes Act 1988

1.ICTA is amended as follows.
2.Omit section 459 (unregistered friendly societies: exemption from tax).
3.Omit section 460 (exemption from tax in respect of life...
4.Omit section 461 (taxation in respect of other business).
5.Omit sections 461A to 461C (taxation in respect of other...
6.Omit section 461D (transfers of business).
7.Omit section 462 (conditions for tax exempt business).
8.Omit section 463 (long-term business of friendly societies: application of...
9.Omit section 464 (maximum benefits payable to members).
10.Omit section 465 (old societies).
11.Omit section 465A (assets of branch of registered friendly society...
12.Omit section 466 (interpretation of Chapter 2 of Part 12)....
13.(1) Schedule 15 (qualifying policies) is amended as follows.

Taxation of Chargeable Gains Act 1992

14.TCGA 1992 is amended as follows.
15.In section 100(2B)(b) (exemption for authorised unit trusts etc), for...
16.In section 171(5) (transfers within a group: general provisions), for...

Income Tax (Trading and Other Income) Act 2005

17.ITTOIA 2005 is amended as follows.
18.(1) Section 531 (gains from contracts for life insurance etc:...

Corporation Tax Act 2009

19.CTA 2009 is amended as follows.
20.In section A1(2) (overview of the Corporation Tax Acts), after...
21.In section 564(1) (section 563: interpretation), for “section 460 of...
22.In section 931S(3) (company distributions: meaning of “small company”), in...

Consequential repeals
23.In consequence of the amendments made by this Schedule, omit...

SCHEDULE 19
Part 3: transitional provision

Approvals given for purposes of section 461 or 461C of ICTA
1.Anything which, as a result of section 461(11) or 461A(4)...

General transitional provision in relation to provisions re-enacted in Part 3 of this Act
2.(1) This paragraph applies where any provision of this Part...

SCHEDULE 20
Controlled foreign companies and foreign permanent establishments

PART 1 Controlled foreign companies
1.After Part 9 of TIOPA 2010 insert— PART 9A Controlled...

PART 2 Foreign permanent establishments

Main provision

2.Chapter 3A of Part 2 of CTA 2009 (foreign permanent...
3.In section 18A(1) omit “UK resident”.
4.After section 18C insert— Income arising from immovable property The references in section 18A(6) to profits which would be...
5.(1) Section 18F is amended as follows.
6.For sections 18G to 18I substitute— Anti-diversion rule (1) This section applies for the purposes of this Chapter...
7.After section 18P(2) insert— (3) Subsection (2) does not apply...

Lloyd's underwriters
8.In Chapter 5 of Part 4 of FA 1994 (Lloyd's...

Plant and machinery allowances
9.In section 15 of CAA 2001 (plant and machinery allowances:...

PART 3 Other amendments

TMA 1970

10.TMA 1970 is amended as follows.
11.In section 55 (recovery of tax not postponed) in subsection...
12.In section 59E (provision about when corporation tax due and...
13.In section 59F (arrangements for paying tax on behalf of...

ICTA
14.In ICTA omit Chapter 4 of Part 17 (controlled foreign...

FA 1998

15.FA 1998 is amended as follows.
16.In section 32 (unrelieved surplus advance corporation tax) for subsection...
17.(1) Schedule 18 (company tax returns) is amended as follows....

FA 2000

18.Schedule 22 to FA 2000 (tonnage tax) is amended as...
19.(1) Paragraph 54 is amended as follows.
20.(1) Paragraph 57 is amended as follows.

FA 2002
21.In FA 2002 omit section 90 (controlled foreign companies and...

ITA 2007
22.(1) Section 725 of ITA 2007 (transfer of assets abroad:...

FA 2007
23.(1) Paragraph 3 of Schedule 11 to FA 2007 (technical...

CTA 2009

24.CTA 2009 is amended as follows.
25.In section A1 (overview of the Corporation Tax Acts) in...
26.In section 486D (disguised interest: arrangement with no tax avoidance...
27.(1) Section 486E (disguised interest: excluded shares) is amended as...
28.In section 521E (unallowable purpose) omit subsections (5) and (6)....
29.Omit section 870 (intangible fixed assets: assumptions to be made...
30.In Chapter 2 of Part 9A (exemption of distributions received...
31.In section 931E (distributions from controlled companies) for subsections (3)...

FA 2009

32.Part 2 of Schedule 16 to FA 2009 (amendment of...
33.In paragraph 12— (a) in sub-paragraph (2) omit paragraph (b)...
34.Omit paragraph 15.
35.In paragraph 16— (a) in paragraph (a) after “2009” insert...
36.In the cross-heading before paragraph 17 for “during three years...

CTA 2010

37.CTA 2010 is amended as follows.
38.In section 398D (restriction on use of losses) for subsection...
39.(1) Section 938M (group mismatch schemes: controlled foreign companies) is...
40.In section 1139 (definition of “tax advantage”) in subsection (2)...

TIOPA 2010

41.TIOPA 2010 is amended as follows.
42.(1) Section 179 (compensating payment if advantaged person is controlled...
43.In Chapter 4 of Part 7 (exemption for financing income)...
44.(1) Section 314 (financing income amounts) is amended as follows....
45.After section 314 insert— The financing income amounts of a...

Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)

46.The Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991) are...
47.(1) Regulation 8A is amended as follows.
48.In regulation 8B for “controlled foreign company” substitute “ CFC...

PART 4 Commencement provision

Commencement provision relating to controlled foreign companies etc

49.(1) The CFC charge is charged in relation to accounting...
50.(1) The repeal of Chapter 4 of Part 17 of...
51.The amendment made by paragraph 27(3) above has no effect...
52.The amendment made by paragraph 30 above has no effect...
53.The amendment made by paragraph 31 above has no effect...
54.The amendments made by paragraphs 33 to 36 above are...

Commencement provision relating to foreign permanent establishments
55.(1) The amendments made by paragraphs 3, 5 and 9...

PART 5 Transitional provision

First accounting periods
56.(1) This paragraph applies in relation to a CFC the...

Elections under section 9A of CTA 2010
57.(1) This paragraph applies if— (a) during a company's accounting...

Exempt periods
58.(1) This paragraph applies if— (a) there is an exempt...

Designer rate tax provisions
59.(1) The Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations...

SCHEDULE 21
Relief in respect of decommissioning expenditure

Restriction of relief available in respect of decommissioning expenditure

1.Part 8 of CTA 2010 (oil activities) is amended as...
2.In section 330 (supplementary charge in respect of ring fence...
3.After section 330 insert— Decommissioning expenditure taken into account in...
4.In section 7 of FA 2011 (increase in rate of...

Extension of loss relief available in respect of decommissioning expenditure
5.(1) In Chapter 2 of Part 4 of CTA 2010...

Application
6.(1) The amendments made by this Schedule have effect in...

SCHEDULE 22
Reduction of supplementary charge for certain oil fields

Amendments of Chapter 7 of Part 8 of CTA 2010

1.In Part 8 of CTA 2010 (oil activities), Chapter 7...
2.In section 334 (company's pool of field allowances), for “new...
3.(1) Section 337 (initial licensee to hold a field allowance)...
4.In section 338 (holding a field allowance on acquisition of...
5.In section 339 (unactivated amount of field allowance), in subsections...
6.(1) Section 340 (introduction to section 341) is amended as...
7.(1) Section 341 (activation of field allowance) is amended as...
8.In section 342 (introduction to sections 343 and 344), in...
9.In section 343 (reference periods), in subsection (3), for “the...
10.(1) Section 344 (activation of field allowance) is amended as...
11.(1) Section 345 (introduction to sections 346 and 347) is...
12.(1) Section 346 (reduction of field allowance if equity disposed...
13.(1) Section 347 (acquisition of field allowance if equity acquired)...
14.(1) Section 349 (orders) is amended as follows.
15.Before section 350 insert— Additionally-developed oil field” (1) In this Chapter an oil field is an “additionally-developed...
16.(1) Section 357 (other definitions) is amended as follows.
17.The heading of the Chapter becomes “ REDUCTION OF SUPPLEMENTARY...

Consequential amendments

18.(1) Part 8 of CTA 2010 (oil activities) is amended...
19.(1) Schedule 4 to CTA 2010 (index of defined expressions)...
20.In section 63 of FA 2011 (reduction of supplementary charge...

Commencement

21.(1) The amendments made by paragraphs 14, 15 and 16(3)...
22.(1) The Commissioners for Her Majesty's Revenue and Customs may...

SCHEDULE 23
Air passenger duty

PART 1 Northern Ireland long haul rates of duty from 1 November 2011 to 31 March 2012

1.In section 30 of FA 1994 (air passenger duty: rates...
2.In article 3 of the Air Passenger Duty (Connected Flights)...
3.The amendments made by this Part of this Schedule have...

PART 2 Rates of duty from 1 April 2012

4.(1) Section 30 of FA 1994 (air passenger duty: rates...
5.In article 3 of the Air Passenger Duty (Connected Flights)...
6.The amendments made by this Part of this Schedule have...

PART 3 Devolution of Northern Ireland long haul rates of duty

7.Chapter 4 of Part 1 of FA 1994 (air passenger...
8.(1) Section 30 (rates of duty) is amended as follows....
9.After section 30 insert— Northern Ireland long haul rates of...
10.(1) Section 33 (registration of aircraft operators) is amended as...
11.After section 33 insert— Registration of Northern Ireland long haul...
12.In section 34 (fiscal representatives) in subsection (5)—
13.After section 41 insert— Northern Ireland long haul rates of...
14.In section 44 of CRCA 2005 (payment into Consolidated Fund)...
15.In column 2 of the Table in paragraph 1 of...

PART 4 Other provision

16.Chapter 4 of Part 1 of FA 1994 (air passenger...
17.In section 28 (introduction to air passenger duty) for subsection...
18.(1) Section 29 (chargeable aircraft) is amended as follows.
19.After section 29 insert— Chargeable aircraft: exceptions (1) This section applies for the purposes of this Chapter....
20.In section 30 (rate of duty) before subsection (5) insert—...
21.In section 30A (as inserted by paragraph 9 above) after...
22.(1) Section 43 (interpretation) is amended as follows.
23.The amendments made by this Part of this Schedule have...

SCHEDULE 24
Machine games duty

PART 1 Imposition of duty

The duty
1.A duty of excise, to be known as machine games...

Dutiable machine games

2.(1) A “machine game” is a game (whether of skill...
3.(1) A game that would otherwise be a dutiable machine...
4.The Treasury may by order specify criteria to be taken...

Types of machine
5.(1) Machines are divided into two types for the purposes...

How the duty is charged
6.(1) Machine games duty is charged on a taxable person's...

Net takings per machine

7.(1) A taxable person's net takings in an accounting period...
8.(1) In calculating the takings and the payouts under paragraph...

The rates
9.(1) The standard rate is 20%. (2) The lower rate...

Negative amounts of duty
10.(1) If the calculation of the amount of machine games...

Who is liable
11.(1) A person is liable for machine games duty in...

Responsible for premises
12.(1) This paragraph sets out who is “responsible” for premises...

Excluded dual-use machines
13.(1) A machine is an “excluded dual-use machine” if—

Accounting periods
14.(1) An accounting period for machine games duty is a...

Valuing prizes
15.(1) This paragraph applies in valuing prizes for the purposes...

Valuing charges
16.(1) This paragraph applies in determining for the purposes of...

Collection and management
17.The Commissioners are responsible for the collection and management of...

Returns
18.(1) The Commissioners may make regulations requiring registrable persons to...

Assessment and payment
19.(1) The Commissioners may make regulations about payment of machine...

Registration
20.(1) The Commissioners must maintain a register of those responsible...

Registrable persons

21.(1) If a person holds a relevant licence or permit...
22.(1) A “relevant licence or permit” is—

Compulsory registration
23.(1) Sub-paragraph (2) applies if— (a) it appears to HMRC...

Procedure for registration, de-registration etc
24.(1) The Commissioners may make regulations about registration.

Publication of register
25.(1) The MGD register is to contain such details of...

Profit-sharers
26.(1) Sub-paragraph (2) applies if— (a) it appears to HMRC...

Reviews and appeals
27.(1) The decisions mentioned in sub-paragraph (2) are to be...

Interest
28.(1) This paragraph applies if an order is made under...

Penalties and enforcement

29.In Schedule 24 to FA 2007 (penalties for errors), in...
30.In Schedule 41 to FA 2008 (penalties: failure to notify...
31.In Schedule 55 to FA 2009 (penalty for failure to...
32.In that Schedule, in each of the following provisions, for...
33.In Schedule 56 to FA 2009 (penalty for failure to...
34.In that Schedule, in each of the following provisions, for...
35.(1) Contravention of a provision mentioned in sub-paragraph (2) attracts...

Forfeiture
36.(1) A machine is liable to forfeiture if—

Offences
37.(1) A person commits an offence if the person is...

Protection of officers
38.Section 31 of BGDA 1981 applies in relation to machine...

Orders and regulations
39.(1) This paragraph applies to orders and regulations under this...

Transitional provision
40.(1) The Commissioners may by notice direct that regulations under...

Consequential amendments

41.(1) Section 1(1) of CEMA 1979 (interpretation) is amended as...
42.(1) For section 118BC of that Act (inspection powers: gaming...
43.In section 2 of BGDA 1981 (bookmakers: general bets), in...
44.(1) Section 26H of BGDA 1981 (exemptions from remote gaming...
45.In Schedule A1 to BGDA 1981 (betting duties: double taxation...
46.In Schedule 4B to BGDA 1981 (remote gaming duty: double...
47.In section 12 of FA 1994 (assessment to excise duty),...
48.In section 10 of FA 1997 (gaming duty), for subsection...
49.In section 7 of the Borders, Citizenship and Immigration Act...

Interpretation

50.In this Part of this Schedule— “appeal tribunal” means the...
51.(1) This Part of this Schedule is to be read...
52.The imposition or payment of machine games duty does not...

PART 2 Removal of amusement machine licence duty

Amendment of BGDA 1981

53.The following provisions of BGDA 1981 are omitted—
54.(1) Part 3 of that Act (general) is amended as...

Amendment of other enactments

55.In section 102 of CEMA 1979, in subsection (3)(a), omit...
56.In section 10 of FA 1997 (gaming duty), omit subsection...
57.In Schedule 41 to FA 2008 (penalties: failure to notify...
58.In section 7 of the Borders, Citizenship and Immigration Act...

Transitional provision and savings

59.(1) If a licence granted under section 21 of BGDA...
60.(1) If a licence granted or to be granted under...
61.(1) This paragraph applies to licences to be granted under...
62.(1) The enactments repealed by this Part of this Schedule...

PART 3 VAT exemption

Amendment of VATA 1994

63.For section 23 of VATA 1994 substitute— Value of supplies...
64.(1) In Part 2 of Schedule 9 to that Act...
65.(1) Paragraph 9 of Schedule 11 to that Act (administration,...

PART 4 Miscellaneous

Application

66.(1) The provisions of this Schedule have effect as follows....
67.(1) The Treasury may by regulations make transitional or saving...

SCHEDULE 25
Remote gambling: double taxation relief

Unilateral relief

1.BGDA 1981 is amended as follows.
2.After section 5D insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
3.After section 8 insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
4.After section 10 insert— Definition of qualifying foreign tax (1) For the purposes of general betting duty or pool...
5.After section 26I insert— Double taxation relief (1) This section applies if— (a) P is liable to...
6.In section 33 (interpretation)— (a) in subsection (1), after the...
7.Before Schedule 1 insert— SCHEDULE A1 Betting duties: double taxation...
8.(1) Schedule 1 (betting duties) is amended as follows.
9.After Schedule 4A insert— SCHEDULE 4B Remote gaming duty: double...

Consequential amendments

10.In section 13A(2) of FA 1994 (meaning of “relevant decision”),...
11.(1) The Table in paragraph 1 of Schedule 41 to...

Commencement
12.The amendments made by this Schedule have effect in relation...

SCHEDULE 26
Categorisation of supplies

PART 1 Zero-rated supplies

Introductory
1.Part 2 of Schedule 8 of VATA 1994 (zero-rating) is...

Food
2.(1) Group 1 (food) is amended as follows.

Protected buildings
3.(1) Group 6 (protected buildings) is amended as follows.

Caravans
4.(1) Group 9 (caravans and houseboats) is amended as follows....

PART 2 Exempt supplies

Land: self storage and facilities to supply hairdressing services
5.(1) In Part 2 of Schedule 9 to VATA 1994...

PART 3 Supplies chargeable at reduced rate
6.(1) Schedule 7A to VATA 1994 (charge at reduced rate)...

PART 4 Commencement and transitional provision
7.(1) Subject to sub-paragraphs (2) and (3), the amendments made...

SCHEDULE 27
Anti-forestalling charge to VAT

PART 1 Anti-forestalling charge to VAT

Introductory
1.In this Schedule— “date of the VAT change” means 1...

The charge
2.(1) There is an anti-forestalling charge to value added tax...

The supplies
3.(1) The descriptions of supplies are— (a) the supply, in...

Supplies linked to the post-change period
4.(1) A supply of services within paragraph 3(1)(a) or (c)...

Power to modify this Schedule
5.(1) The Treasury may by order modify this Schedule for...

PART 2 Liability and amount

Liability
6.(1) An anti-forestalling charge under this Schedule on a chargeable...

Amount
7.(1) The amount of the anti-forestalling charge on a chargeable...

PART 3 Administration and interpretation

Person ceasing to be taxable person before anti-forestalling charge due
8.(1) This paragraph applies if, on the date on which...

Adjustment of contracts following the VAT change
9.(1) This paragraph applies where— (a) a contract for the...

Invoices
10.Regulations under paragraph 2A of Schedule 11 to VATA 1994...

Interpretation: general
11.(1) Expressions used in this Schedule and in VATA 1994...

SCHEDULE 28
Non-established taxable persons

New Schedule 1A
1.In VATA 1994, after Schedule 1 insert— SCHEDULE 1A Registration...

Other amendments of VATA 1994

2.VATA 1994 is amended as follows.
3.In section 7 (place of supply of goods), in subsection...
4.In section 54 (farmers etc), in subsection (2), after “Schedule...
5.In section 55 (customers to account for tax on supplies...
6.In section 55A (customers to account for tax on supplies...
7.In section 69 (breaches of regulatory provisions), in subsection (1)(a),...
8.In section 73 (failure to make returns etc), in subsection...
9.In section 74 (interest on VAT recovered or recoverable by...
10.In section 77 (assessments: time limits and supplementary assessments), in...
11.(1) Paragraph 1 of Schedule 1 (registration in respect of...
12.In paragraph 3 of that Schedule, at the end of...
13.Accordingly, in the heading of that Schedule, at the end...
14.In paragraph 1 of Schedule 2 (registration in respect of...
15.In paragraph 1 of Schedule 3 (registration in respect of...
16.In paragraph 1 of Schedule 3A (registration in respect of...
17.In paragraph 18 of Schedule 3B (supply of electronic services...

Amendments of other Acts
18.In Schedule 41 to FA 2008 (penalties: failure to notify...

Application
19.The amendments made by this Schedule have effect in relation...

SCHEDULE 29
Administration of VAT

1.VATA 1994 is amended as follows.
2.(1) Section 18B (fiscally warehoused goods: relief) is amended as...
3.(1) Section 18C (warehouses and fiscal warehouses: services) is amended...
4.In section 35(2) (refund of VAT to persons constructing certain...
5.(1) Section 39(3) (repayment of VAT to those in business...
6.(1) Section 48 (VAT representatives) is amended as follows.
7.In section 54(6)(a) (farmers etc)— (a) omit “the form and...
8.In Schedule 1 (registration in respect of taxable supplies), in...
9.In Schedule 2 (registration in respect of supplies from other...
10.In Schedule 3 (registration in respect of acquisitions from other...
11.In Schedule 3A (registration in respect of disposals of assets...
12.(1) Paragraph 2 of Schedule 11 (accounting for VAT and...
13.In consequence of the amendments made by this Schedule—

SCHEDULE 30
Climate change levy

PART 1 Reduced-rate supplies on or after 1 April 2011: deemed supply
1.(1) In paragraph 45A(2)(b) of Schedule 6 to FA 2000...

PART 2 Taxable supplies on or after 1 April 2012 for use in recycling processes

2.Schedule 6 to FA 2000 (climate change levy) is amended...
3.In paragraph 4(2)(b) (definition of taxable supply) for “45A” substitute...
4.In paragraph 5(3) (taxable supplies: deemed supplies of electricity) for...
5.In paragraph 6(2A) (taxable supplies: deemed supplies of gas) for...
6.In paragraph 14(3A)(a) (use of electricity in an “exemption-retaining” way)...
7.Omit paragraph 18A (exemption: supply for use in recycling processes)....
8.In paragraph 34 (time of supply of commodities other than...
9.In paragraph 39(1)(c) (regulations as to time of supply) for...
10.In paragraph 42 (amount payable by way of levy)—
11.Before the cross-heading before paragraph 44 insert— Supplies for use...
12.Omit paragraph 45A (reduced-rate supplies: deemed supply).
13.After paragraph 62(1)(c) (tax credits) insert— (ca) after a taxable...
14.In paragraph 101(2)(a) (penalty for incorrect notification)—
15.In paragraph 146(3) (regulations subject to affirmative resolution procedure) omit...
16.In paragraph 147 (interpretation)— (a) in the definition of “prescribed”,...
17.Omit section 188 of FA 2003 (climate change levy: exemption...
18.(1) FA 2011 is amended as follows.
19.The amendments made by paragraphs 2 to 18 have effect...

PART 3 Rates of climate change levy for supplies on or after 1 April 2013

20.In paragraph 42(1) of Schedule 6 to FA 2000 (amount...
21.In paragraph 43B(1) of Schedule 6 to FA 2000 (supplies...
22.In section 79 of FA 2011 (which provides for a...
23.The amendments made by paragraphs 20 to 22 have effect...

SCHEDULE 31
Climate change levy: climate change agreements

1.Schedule 6 to FA 2000 (climate change levy) is amended...
2.In paragraph 44(1)(a), (2A) and (2C) (definition of “reduced-rate” supply)...
3.In paragraph 45(1) (variation of certificates under paragraph 44) for...
4.In paragraph 45B(2) and (6) (removal of reduced rate) for...
5.In the cross-heading before paragraph 47 omit “with Secretary of...
6.In paragraph 47(1) (definition of “climate change agreement”: direct agreements)—...
7.(1) Paragraph 48 (definition of “climate change agreement”: combination of...
8.(1) Paragraph 49 (supplemental provision relating to climate change agreements)...
9.After paragraph 52 insert— The Administrator etc (1) In this Part of this Schedule references to “the...
10.In paragraph 137(1) (disclosure of information) after paragraph (f) insert—...
11.The amendments made by this Schedule have no effect in...

SCHEDULE 32
Climate change levy: supplies subject to the carbon price support rates and combined heat and power stations

PART 1 Main provision

Amendments to Schedule 6 to FA 2000

1.Schedule 6 to FA 2000 (climate change levy) is amended...
2.In paragraph 4(2)(b) (definition of “taxable supply”) after “24” insert...
3.(1) Paragraph 6 (supplies of gas) is amended as follows....
4.After paragraph 14(5) (exemption: supplies to electricity producers) insert—
5.(1) Paragraph 15 (exemption: supplies to combined heat and power...
6.After paragraph 15 insert— (1) This paragraph applies to a supply of a taxable...
7.After paragraph 24(4) (deemed supplies) insert— (4A) Sub-paragraph (4B) applies...
8.After paragraph 26(3) (electricity or gas: supply when climate change...
9.After paragraph 28 insert— Gas: supply when actually supplied (1) This paragraph applies to supplies of gas where—
10.After paragraph 29(7) (electricity or gas: special utility schemes) insert—...
11.In paragraph 34 (other commodities: deemed supplies)—
12.In paragraph 39(1)(c) (regulations as to time of supply), after...
13.(1) Paragraph 40 (persons liable to account for levy) is...
14.(1) Paragraph 42A (supplies subject to the carbon price support...
15.After paragraph 42A insert— (1) Sub-paragraph (2) applies for the purposes of paragraph 42A(4)...
16.After paragraph 62(1)(b) (tax credits) insert— (ba) after a taxable...

Provision relating to Schedule 20 to FA 2011

17.The amendment of paragraph 101(2) of Schedule 6 to FA...
18.(1) Paragraph 8 of Schedule 20 to FA 2011 (commencement)...

Commencement
19.(1) Paragraph 8 of Schedule 20 to FA 2011 (as...

PART 2 Carbon price support rates from 1 April 2014
20.(1) In paragraph 42A(5) of Schedule 6 to FA 2000...

PART 3 Electricity produced in combined heat and power stations

21.(1) Paragraph 20A of Schedule 6 to FA 2000 (climate...
22.(1) The following repeals are made in consequence of paragraph...

SCHEDULE 33
Inheritance tax: gifts to charities etc

Reduced rate of inheritance tax
1.After Schedule 1 to IHTA 1984 insert— SCHEDULE 1A Gifts...

Consequential amendments

2.IHTA 1984 is amended as follows in consequence of paragraph...
3.In section 7 (rates), in subsection (1), after “(4) and...
4.In section 33 (amount of charge under section 32), after...
5.In section 78 (conditionally exempt occasion), in subsection (3), for...
6.In section 128 (rate of charge: woodlands)—
7.After section 141 insert— Apportionment of relief under section 141...
8.In Schedule 4 (maintenance funds for historic buildings etc), in...

Instruments of variation to be notified to charities etc
9.In section 142 of IHTA 1984 (alteration of dispositions taking...

Commencement
10.(1) The Schedule inserted by paragraph 1 has effect in...

SCHEDULE 34
Bank levy

Introductory
1.Schedule 19 to FA 2011 (bank levy) is amended as...

Rates 2012

2.In paragraph 6 (steps for determining the amount of the...
3.In paragraph 7 (special provision for chargeable periods falling wholly...
4.The amendments made by paragraphs 2 and 3 are treated...

Rates from 2013

5.In paragraph 6 (steps for determining the amount of the...
6.(1) In paragraph 7 (special provision for chargeable periods falling...
7.The amendments made by paragraphs 5 and 6 come into...

Joint ventures

8.(1) Paragraph 43 (calculation of chargeable equity and liabilities where...
9.In paragraph 44 (chargeable equity and liabilities of joint venture:...
10.The amendments made by paragraphs 8 and 9 have effect...

Double taxation relief
11.(1) In paragraph 66 (double taxation arrangements), after sub-paragraph (9)...

Transitional provision
12.(1) This paragraph applies where— (a) an amount of the...

SCHEDULE 35
Stamp duty land tax: higher rate for certain transactions

Introductory
1.Part 4 of FA 2003 (stamp duty land tax) is...

Higher rate of tax: main provisions

2.(1) Section 55 (amount of tax chargeable: general) is amended...
3.After section 55 insert— Amount of tax chargeable: higher rate...
4.After Schedule 4 insert— SCHEDULE 4A Stamp duty land tax:...

Higher rate of tax: exercise of collective rights by tenants of flats
5.(1) Section 74 (exercise of collective rights by tenants of...

Minor and consequential amendments

6.(1) Section 109 (general power to vary Part 4 of...
7.(1) Schedule 5 (amount of tax chargeable: rent) is amended...
8.In paragraph 2(4) of Schedule 6B (transfers involving multiple dwellings)—...
9.(1) Schedule 15 (partnerships) is amended as follows.

Application of amendments
10.(1) Except as mentioned in sub-paragraph (2), the amendments made...

SCHEDULE 36
Agreement between UK and Switzerland

PART 1 Introduction

The Agreement and the Joint Declaration
1.In this Schedule— (a) “the Agreement” means the agreement signed...

PART 2 The past

Taxes affected
2.(1) The taxes affected by this Part are—

Application of this Part
3.(1) This Part applies if— (a) a one-off payment is...

Qualifying amounts
4.(1) The Part 2 certificate applies to taxable amounts in...

Eligibility for clearance
5.(1) The effect of the Part 2 certificate depends on...

Effect if P eligible for clearance
6.(1) This paragraph sets out the effect of the Part...

Ceasing to be liable to tax
7.(1) The result of “ceasing to be liable” to tax...

Effect if P not eligible for clearance
8.(1) This paragraph sets out the effect of the Part...

Interest, penalties etc
9.(1) Where, by virtue of this Part, P ceases to...

Repayments
10.Nothing in this Part entitles any person to a repayment...

Paragraph 4: supplementary provision
11.(1) This paragraph explains how paragraph 4(2) is to be...

Refund of one-off payment
12.If a one-off payment is refunded by HMRC in accordance...

PART 3 The future: income tax and capital gains tax

Taxes affected
13.The taxes affected by this Part are—

Application of this Part
14.(1) This Part applies if— (a) a sum is levied...

Effect of relevant certificate
15.(1) The effect of the relevant certificate depends on whether...

Election
16.(1) P may make an election under this paragraph in...

Other credits to be allowed first
17.Other than a credit allowed under Part 3 of TIOPA...

Repayments
18.(1) Sub-paragraph (2) applies if the amount of a credit...

Relationship with special withholding tax rules
19.The Joint Declaration does not count for the purposes of...

PART 4 The future: inheritance tax

Taxes affected
20.This Part affects inheritance tax.

Application of this Part
21.(1) This Part applies if— (a) an amount is withheld...

Effect of Article 32 certificate
22.(1) The cleared assets are to be treated as if...

Election in respect of Article 32 certificates
23.(1) This paragraph applies if the cleared assets for each...

Repayments
24.Nothing in this Part entitles any person to a repayment...

PART 5 General provisions

Information exchange
25.No obligation of secrecy (whether imposed by statute or otherwise)...

Amounts recoverable as if they were VAT
26.(1) Part 2 of this Schedule applies to amounts otherwise...

General interpretation
27.(1) In this Schedule— “ancillary charge” means any interest, penalty,...

SCHEDULE 37
International military headquarters, EU forces, etc

FA 1960
1.(1) Section 74A of FA 1960 (visiting forces and allied...

IHTA 1984

2.In section 6 of IHTA 1984 (excluded property), in subsection...
3.(1) Section 155 of that Act (visiting forces and allied...

ITEPA 2003
4.(1) Section 303 of ITEPA 2003 (visiting forces and staff...

ITA 2007
5.(1) Section 833 of ITA 2007 (visiting forces and staff...

SCHEDULE 38
Tax agents: dishonest conduct

PART 1 Introduction

Overview
1.This Schedule is arranged as follows— (a) this Part explains...

Tax agent
2.(1) A “tax agent” is an individual who, in the...

Dishonest conduct
3.(1) An individual “engages in dishonest conduct” if, in the...

PART 2 Establishing dishonest conduct

Conduct notice
4.(1) This paragraph applies if HMRC determine that an individual...

Appeal against determination
5.(1) An individual to whom a conduct notice is given...

Offence of concealment etc in connection with conduct notice
6.(1) A person (“P”) commits an offence if, after a...

PART 3 Power to obtain tax agent's files etc

Circumstances in which power is exercisable
7.(1) The power in paragraph 8 is exercisable only in...

File access notice
8.(1) Subject to paragraph 7, an officer of Revenue and...

Relevant documents
9.(1) “Relevant documents” means the tax agent's working papers (whenever...

Content of notice
10.(1) A file access notice may require the provision of—...

Compliance

11.A file access notice may require documents to be provided—...
12.Unless otherwise specified in the notice, a file access notice...

Approval by tribunal
13.(1) The tribunal may not approve the giving of a...

Documents not in person's possession or power
14.A file access notice only requires the document-holder to provide...

Types of information
15.(1) A file access notice does not require the document-holder...

Old documents
16.(1) A file access notice does not require the document-holder...

Privileged communications between professional legal advisers and clients
17.(1) A file access notice does not require the document-holder...

Power to copy documents
18.If a document is provided pursuant to a file access...

Power to retain documents
19.(1) If a document is provided pursuant to a file...

Appeal against file access notice
20.(1) If the document-holder is a person other than the...

Offence of concealment etc in connection with file access notice
21.(1) A person (“P”) commits an offence if P—

Penalty for failure to comply
22.(1) A person who fails to comply with a file...

Daily penalty for failure to comply
23.If the failure continues after notification of a penalty under...

Failure to comply with time limit
24.A failure to do anything required to be done within...

Reasonable excuse
25.(1) Liability to a penalty under paragraph 22 or 23...

PART 4 Sanctions for dishonest conduct

Penalty for dishonest conduct
26.(1) An individual who engages in dishonest conduct is liable...

Special reduction
27.(1) This paragraph applies if HMRC propose to assess an...

Power to publish details
28.(1) The Commissioners may publish information about an individual if...

PART 5 Penalties: assessment etc

Assessment of penalties

29.(1) If a person becomes liable to a penalty under...
30.(1) HMRC may not assess a penalty under this Schedule...

Appeal against penalty
31.(1) A person may appeal against a decision of HMRC—...

Enforcement of penalty
32.(1) A penalty under this Schedule must be paid—

Double jeopardy

33.A person is not liable to a penalty under this...
34.(1) A person is not liable to a penalty under...

Power to change amount of penalties
35.(1) If it appears to the Treasury that there has...

PART 6 Miscellaneous provision and interpretation

Application of provisions of TMA 1970
36.Subject to the provisions of this Schedule, the following provisions...

Tax
37.(1) “Tax” means— (a) income tax, (b) capital gains tax,...

General interpretation

38.In this Schedule— “appointed” includes engaged; “client” (except in paragraph...
39.(1) A reference in this Schedule to clients of a...
40.A loss of tax revenue is taken for the purposes...
41.A reference in this Schedule to working for an organisation...
42.A reference in a provision of this Schedule to an...

Relationship with other enactments
43.Nothing in this Schedule limits— (a) any liability a person...

PART 7 Consequential provisions

TMA 1970

44.TMA 1970 is amended as follows.
45.Omit— (a) section 20A (power to call for papers of...
46.(1) Section 20BB (falsification etc of documents) is amended as...
47.In section 20D (interpretation of sections 20 to 20CC)—
48.In section 103 (time limits for penalties)—
49.In section 103ZA (disapplication of sections 100 to 103)—
50.In section 118 (interpretation), in the definition of “tax”, omit...

OTA 1975
51.In Schedule 2 to OTA 1975 (management and collection of...

IHTA 1984
52.In section 247 of IHTA 1984 (provision of incorrect information),...

Social Security Contributions and Benefits Act 1992

53.In section 16 of the Social Security Contributions and Benefits...
54.In paragraph 7B of Schedule 1 to that Act (collection...

Social Security Contributions and Benefits (Northern Ireland) Act 1992
55.In paragraph 7B of Schedule 1 to the Social Security...

Social Security Administration Act 1992
56.In section 110ZA of the Social Security Administration Act 1992...

Social Security Administration (Northern Ireland) Act 1992
57.In section 104ZA of the Social Security Administration (Northern Ireland)...

FA 2003
58.(1) FA 2003 is amended as follows.

SCHEDULE 39
Repeal of miscellaneous reliefs etc

PART 1 Stamp duty and stamp duty land tax

Nationalisation schemes
1.(1) Section 52 of FA 1946 (exemption from stamp duty...

Visiting forces and allied headquarters
2.Section 74 of FA 1960 (visiting forces and allied headquarters:...

Shared ownership transactions
3.(1) The following provisions are repealed— (a) section 97 of...

Instruments subject to duty of fixed amount
4.(1) Section 87 of FA 1985 (certificates) is amended as...

Acquisitions
5.(1) The following provisions are repealed— (a) section 76 of...

Transfers to registered social landlords
6.(1) Section 130 of FA 2000 (transfers to registered social...

Land in disadvantaged areas

7.(1) Sections 92 to 92B of, and Schedule 30 to,...
8.(1) Section 57 of, and Schedule 6 to, FA 2003...

Leases granted by registered social landlords
9.(1) In Part 5 of FA 2003 (stamp duty), the...

Application and transitional provision

10.(1) The amendments made by paragraphs 1 to 5, 6(1),...
11.The amendments made by paragraph 7 do not have effect...
12.(1) The amendments made by paragraph 8 do not have...
13.(1) Any claim for relief under Schedule 6 to FA...

PART 2 Repeal of harbour reorganisation scheme reliefs

14.Section 45 of FA 1966 (harbour reorganisation schemes: stamp duty)...
15.Section 221 of TCGA 1992 (harbour reorganisation schemes: transfer of...
16.Sections 991 to 995 of CTA 2010 (harbour reorganisation schemes)...
17.In consequence of the provision made by paragraph 15—
18.(1) The amendment made by paragraph 14 has effect in...

PART 3 Payments relating to reductions in pool betting duty

19.(1) Section 126 of FA 1990 (capital allowances and IHT:...
20.(1) Section 121 of FA 1991 (inheritance tax: pools payments...
21.(1) In ITTOIA 2005, the following provisions are repealed—
22.(1) In CTA 2009, the following provisions are repealed—

PART 4 Life assurance

Abolition of income tax relief for life assurance premiums under section 266 of ICTA

23.Section 266 of ICTA (income tax relief for life assurance...
24.No claim for relief may be made under paragraph 6...
25.(1) The Income Tax (Life Assurance Premium Relief) Regulations 1978...
26.(1) In this paragraph— (a) “the 1980 Regulations” means the...
27.(1) In this paragraph— (a) “the 1980 Regulations” means the...
28.(1) The following repeals are made in consequence of the...
29.(1) This paragraph applies if— (a) a policy which is...
30.(1) In this paragraph “relevant variation” means a variation made...

Removal of claw-backs on relief given under section 266 of ICTA
31.(1) In ICTA omit sections 268 to 272 (which provide...

Abolition of income tax relief relating to certain payments made for benefit of family members etc
32.(1) In Chapter 6 of Part 8 of ITA 2007...

PART 5 Capital allowances

Safety at sports grounds

33.The following provisions of Part 2 of CAA 2001 (plant...
34.(1) In consequence of the provision made by paragraph 33,...
35.The amendments made by paragraphs 33 and 34 have effect—...

Flat conversion allowances

36.Part 4A of CAA 2001 (flat conversion allowances) does not...
37.Part 4A of CAA 2001 is repealed.
38.(1) In consequence of the provision made by paragraph 37,...
39.In consequence of the provision made by paragraphs 37 and...
40.(1) The amendments made by paragraphs 37 to 39 have...
41.(1) This paragraph applies if, for corporation tax purposes, the...
42.(1) Nothing in paragraph 37 or 40(1) is to affect...

PART 6 Mineral leases or agreements

Income tax
43.(1) The following provisions of ITTOIA 2005 (which provide for...

Corporation tax on income
44.(1) The following provisions of CTA 2009 (which provide for...

Chargeable gains

45.(1) Section 201 of TCGA 1992 (mineral leases: royalties) is...
46.(1) Section 202 of TCGA 1992 (mineral leases: capital losses)...
47.In section 203 of TCGA 1992 (provisions supplementary to sections...

PART 7 Miscellaneous

Deeply discounted securities: incidental expenses
48.(1) In section 455 of ITTOIA 2005 (listed securities held...

Grants for giving up agricultural land
49.(1) Section 249 of TCGA 1992 (grants for giving up...

Reduction for meal vouchers
50.(1) Section 89 of ITEPA 2003 (reduction for meal vouchers)...

Black beer
51.(1) ALDA 1979 is amended as follows.

Angostura bitters
52.(1) In ALDA 1979, omit— (a) section 1(7) (angostura bitters...

Tax reserve certificates
53.(1) The following provisions are repealed— (a) section 750 of...

Tax assessors
54.(1) Section 62(2) and (3) of FA 1946 (compensation for...