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Finance (No. 4) Bill

Finance (No. 4) Bill

vi

 

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

 

 

Finance (No. 4) Bill

vii

 

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

 

 

Finance (No. 4) Bill

viii

 

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

 

 

Finance (No. 4) Bill

ix

 

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

 

 

Finance (No. 4) Bill

x

 

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   

Rebated fuel: private pleasure craft

Air passenger duty

189   

Air passenger duty

Gambling duties

190   

Machine games duty

191   

Amusement machine licence duty

192   

Rates of gaming duty

193   

Remote gambling: double taxation relief

Vehicle excise duty

194   

VED rates for light passenger vehicles, light goods vehicles, motorcycles etc

Part 7

Value added tax

195   

Anti-forestalling charge to value added tax

196   

Exempt supplies

197   

Supply of goods or services by public bodies

198   

Relief from VAT on low value goods: restriction relating to Channel Islands

199   

Group supplies using an overseas member

200   

Power to require notification of arrival of means of transport in UK

201   

Non-established taxable persons

202   

Administration of VAT

Part 8

Other taxes

Landfill tax

203   

Standard rate of landfill tax

204   

Landfill sites in Scotland

 

 

Finance (No. 4) Bill

xi

 

Climate change levy

205   

Climate change levy

Inheritance tax

206   

Indexation of rate bands

207   

Gifts to charities etc

208   

Settled excluded property: effect of certain arrangements

Bank levy

209   

The bank levy

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

210   

Prevention of avoidance: subsales etc

211   

Rate in respect of residential property where consideration over £2m

212   

Higher rate for certain transactions

213   

Disclosure of stamp duty land tax avoidance schemes

214   

Health service bodies

215   

Collective investment schemes: stamp duty and stamp duty reserve tax

Part 9

Miscellaneous matters

International matters

216   

Agreement between UK and Switzerland

217   

Penalties: offshore income etc

218   

International military headquarters, EU forces, etc

Financial sector regulation

219   

Tax consequences of financial sector regulation

Incapacitated persons and minors

220   

Removal of special provision for incapacitated persons and minors

Administration

221   

Tax agents: dishonest conduct

222   

Information powers

223   

PAYE regulations: information

High value residential property or dwellings

224   

New tax on ownership of high-value residential properties or dwellings

Miscellaneous reliefs etc

225   

Repeals of miscellaneous reliefs etc

 

 

Finance (No. 4) Bill

xii

 

Part 10

Final provisions

226   

Interpretation

227   

Short title

Schedule 1   —   

High income child benefit charge

Schedule 2   —   

Profits arising from the exploitation of patents etc

Part 1   —   

Amendments of CTA 2010

Part 2   —   

Amendments of TIOPA 2010

Part 3   —   

Commencement and transitional provision

Schedule 3   —   

Relief for expenditure on R&D

Schedule 4   —   

Real estate investment trusts

Schedule 5   —   

Tax treatment of financing costs and income

Schedule 6   —   

Seed enterprise investment scheme

Part 1   —   

The scheme

Part 2   —   

Relief for capital gains

Part 3   —   

Consequential amendments

Part 4   —   

Commencement

Schedule 7   —   

Enterprise investment scheme

Part 1   —   

Enterprise investment scheme

Part 2   —   

Enterprise investment scheme: chargeable gains

Schedule 8   —   

Venture capital schemes

Schedule 9   —   

Capital allowances for plant and machinery: anti-avoidance

Schedule 10   —   

Plant and machinery allowances: fixtures

Schedule 11   —   

Expenditure on plant and machinery for use in designated

assisted areas

Schedule 12   —   

Foreign income and gains

Part 1   —   

Increased remittance basis charge

Part 2   —   

Remittance for investment purposes

Part 3   —   

Sales of exempt property

Part 4   —   

Nominated income

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

Part 2   —   

Transitional provision relating to Part 1

Part 3   —   

Denial of relief for contributions paid on or after 22 February

2012

Part 4   —   

Transitional provision relating to Part 3

Part 5   —   

Other provision relating to finance arrangements

Schedule 14   —   

Gifts to the nation

Part 1   —   

Introduction

Part 2   —   

Income tax and capital gains tax

Part 3   —   

Corporation tax

Part 4   —   

General provision

Part 5   —   

Related changes

Part 6   —   

Commencement

Schedule 15   —   

Relief in respect of gift aid and other income

Schedule 16   —   

Part 2: minor and consequential amendments

Part 1   —   

Amendments of ICTA

 

 

 
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Revised 28 March 2012