Finance (No. 4) Bill (HC Bill 325)

(b) causes or permits the falsification, concealment,
destruction or disposal of a relevant document.

(2) A relevant document is a document that the person has
been required by an order under Part 6 of this Schedule to
5deliver.

(3) A person does not commit an offence under this paragraph
if the person acts—

(a) with the written permission of the tribunal or an
officer of Revenue and Customs, or

(b) 10after the document has been delivered.

(4) A person does not commit an offence under this paragraph
if the person acts after the end of the period of 2 years
beginning with the date on which the order is made, unless
before the end of that period an officer of Revenue and
15Customs has notified the person in writing that the order
has not been complied with to the officer’s satisfaction.

(5) A person guilty of an offence under this paragraph is
liable—

(a) on summary conviction, to a fine not exceeding the
20statutory maximum;

(b) on conviction on indictment, to imprisonment for a
term not exceeding 2 years or a fine or to both.”

Section 225

SCHEDULE 38 Repeal of miscellaneous reliefs etc

25Part 1 Stamp duty and stamp duty land tax

Nationalisation schemes

(1) Section 52 of FA 1946 (exemption from stamp duty of documents connected
with nationalisation schemes) is repealed.

(2) 30In consequence of the provision made by sub-paragraph (1)—

(a) section 67 of that Act (short title, construction, etc) is repealed,

(b) in section 41(1) of the Transport Act 1962 (exemptions from stamp
duty), omit the words from “, or in section fifty-two” to “schemes),”,
and

(c) 35in section 160(1) of the Transport Act 1968 (stamp duty), omit the
words from “or in section 52” to “schemes)”.

Visiting forces and allied headquarters

2 Section 74 of FA 1960 (visiting forces and allied headquarters: stamp duty
exemptions) is repealed.

Shared ownership transactions

(1) The following provisions are repealed—

(a) section 97 of FA 1980,

(b) section 108 of FA 1981, and

(c) 5section 54 of FA 1987.

(2) In consequence of the provision made by sub-paragraph (1), omit the
following provisions—

(a) in Schedule 2 to the Housing (Consequential Provisions) Act 1985,
paragraph 43;

(b) 10in FA 1988, section 142(1);

(c) in Schedule 14 to FA 1999, paragraph 6.

Instruments subject to duty of fixed amount

(1) Section 87 of FA 1985 (certificates) is amended as follows.

(2) Omit subsection (2) (power to exempt instruments chargeable to stamp duty
15of a fixed amount).

(3) In subsection (5), omit “or Treasury (as the case may be)”.

Acquisitions

(1) The following provisions are repealed—

(a) section 76 of FA 1986 (rate of stamp duty payable on acquisitions),
20and

(b) section 113 of, and Schedule 35 to, FA 2002 (withdrawal of relief for
company acquisitions).

(2) In consequence of the provision made by sub-paragraph (1), omit the
following provisions—

(a) 25in section 98(5) of TMA 1970, in the Table—

(i) in the first column, the entry relating to paragraph 11 of
Schedule 35 to FA 2002, and

(ii) in the second column, the entry relating to paragraph 7 of
that Schedule;

(b) 30in Schedule 14 to FA 1999, paragraph 15;

(c) in section 127 of FA 2000, subsection (4);

(d) in FA 2002, section 112;

(e) in FA 2003—

(i) section 127, and

(ii) 35in Schedule 19, paragraph 6(3);

(f) in Schedule 21 to the Legal Services Act 2007, paragraph 136;

(g) in Schedule 1 to CTA 2010, paragraphs 196, 372 and 376.

Transfers to registered social landlords

(1) Section 130 of FA 2000 (transfers to registered social landlords etc) is
40repealed.

(2) In consequence of the provision made by sub-paragraph (1), in section 131
of that Act (relief for certain instruments executed before 28 July 2000), omit
subsection (1)(b).

Land in disadvantaged areas

(1) 5Sections 92 to 92B of, and Schedule 30 to, FA 2001 (exemption for land in
disadvantaged areas) are repealed.

(2) In consequence of the provision made by sub-paragraph (1), omit the
following provisions—

(a) in FA 2002, section 110;

(b) 10in Schedule 9 to FA 2005, paragraphs 2, 3 and 5;

(c) in Schedule 1 to CTA 2010, paragraph 366.

(3) Despite the repeal of section 92 of FA 2001, any regulations made under
subsection (4) of that section continue to have effect for the purposes of
section 72DA of the Insolvency Act 1986 (exception from prohibition of
15appointment of administrative receiver in respect of urban regeneration
projects).

(1) Section 57 of, and Schedule 6 to, FA 2003 (disadvantaged areas relief) are
repealed.

(2) In consequence of the provision made by sub-paragraph (1), omit the
20following provisions—

(a) in section 360C of CAA 2001, subsection (2)(b) (and the “or” before
it);

(b) in FA 2003—

(i) section 112(2),

(ii) 25in Schedule 15, paragraph 26, and

(iii) in paragraph 18A of Schedule 17A, sub-paragraph (5)(b) (and
the “or” before it);

(c) in FA 2004, section 298(5);

(d) in FA 2005—

(i) 30section 96, and

(ii) in Schedule 9, paragraphs 1 and 4;

(e) in FA 2008—

(i) section 95(6),

(ii) in Schedule 30, paragraph 6, and

(iii) 35in Schedule 31, paragraphs 4 and 9;

(f) in Schedule 22 to FA 2011, paragraph 4.

(3) In Schedule 15 to FA 2003, in paragraph 25(2), for “paragraphs 26 to 28”
substitute “paragraphs 27 and 28”.

Leases granted by registered social landlords

(1) 40In Part 5 of FA 2003 (stamp duty), the following provisions are repealed—

(a) section 128 (exemption of certain leases granted by registered social
landlords);

(b) section 129 (relief for certain leases granted before section 128 had
effect);

(c) in section 130 (registered social landlords: treatment of certain leases
granted between 1 January 1990 and 27 March 2000), subsections (3)
to (6) and (9).

(2) In consequence of the provision made by sub-paragraph (1), in Schedule 4 to
5CRCA 2005, omit paragraphs 125 to 127.

Application and transitional provision

(1) The amendments made by paragraphs 1 to 5, 6(1), 7 and 9(1)(a) of this
Schedule have effect in relation to instruments executed on or after 6 April
2013.

(2) 10The amendments made by—

(a) paragraphs 6(2) and 9(1)(b) of this Schedule, and

(b) paragraph 9(1)(c) and (2) of this Schedule, so far as relating to the
repeal of section 129 of FA 2003,

have effect in relation to instruments stamped on or after 6 April 2013.

(3) 15The amendments made by paragraph 9(1)(c) and (2), so far as not relating to
that repeal, come into force on 6 April 2013.

(4) The amendments made by paragraph 8 of this Schedule have effect in
relation to transactions of which the effective date is on or after 6 April 2013.

(5) This paragraph is subject to paragraphs 11 and 12.

11 20The amendments made by paragraph 7 do not have effect in relation to an
instrument giving effect to a contract entered into on or before 16 March
2005, unless—

(a) the instrument is made in consequence of the exercise after that date
of any option, right of pre-emption or similar right, or

(b) 25the instrument transfers the property in question to, or vests it in, a
person other than the purchaser under the contract, because of an
assignment (or assignation) or further contract made after that date.

(1) The amendments made by paragraph 8 do not have effect in relation to—

(a) any transaction that is effected in pursuance of a contract entered
30into and substantially performed on or before 16 March 2005, or

(b) (subject to sub-paragraph (2)) any other transaction that is effected in
pursuance of a contract entered into on or before that date.

(2) The exclusion by sub-paragraph (1)(b) of transactions effected in pursuance
of any contract entered into on or before 16 March 2005 does not apply if—

(a) 35there is any variation of the contract or assignment of rights under
the contract after that date,

(b) the transaction is effected in consequence of the exercise after that
date of any option, right of pre-emption or similar right, or

(c) after that date there is an assignment, subsale or other transaction
40relating to the whole or part of the subject-matter of the contract as a
result of which a person other than the purchaser under the contract
becomes entitled to call for a conveyance.

(1) Any claim for relief under Schedule 6 to FA 2003 (disadvantaged areas relief)
which is made in respect of a transaction of which the effective date is on or
45before 5 April 2013 must be made before 6 May 2014.

(2) Sub-paragraph (1) applies—

(a) whether or not the claim is made in a land transaction return or an
amendment of such a return, and

(b) whether the effective date of the transaction is before or after the day
5on which this Act comes into force.

Part 2 Repeal of harbour reorganisation scheme reliefs

14 Section 45 of FA 1966 (harbour reorganisation schemes: stamp duty) is
repealed.

15 10Section 221 of TCGA 1992 (harbour reorganisation schemes: transfer of
assets) is repealed.

16 Sections 991 to 995 of CTA 2010 (harbour reorganisation schemes) are
repealed.

17 In consequence of the provision made by paragraph 15—

(a) 15in section 288(3A)(a) of TCGA 1992, for “221” substitute “220”, and

(b) in Schedule 1 to CTA 2010, omit paragraph 251.

(1) The amendment made by paragraph 14 has effect in relation to instruments
executed on or after 1 April 2013.

(2) The amendments made by paragraphs 15 to 17 have effect in relation to any
20transfer occurring on or after 1 April 2013.

Part 3 Payments relating to reductions in pool betting duty

(1) Section 126 of FA 1990 (capital allowances and IHT: pools payments for
football ground improvements) is repealed.

(2) 25Accordingly, the following are also repealed—

(a) paragraph 72 of Schedule 2 to CAA 2001;

(b) paragraph 416 of Schedule 1 to ITTOIA 2005.

(3) The repeals made by this paragraph—

(a) for corporation tax purposes, have effect in relation to payments
30made on or after 1 April 2013,

(b) for income tax purposes, have effect in relation to payments made on
or after 6 April 2013, and

(c) for inheritance tax purposes, come into force on 6 April 2013 (and
have effect in relation to payments whenever made).

(1) 35Section 121 of FA 1991 (inheritance tax: pools payments to support games
etc) is repealed.

(2) The repeal made by this paragraph comes into force on 6 April 2013 (and has
effect in relation to payments whenever made).

(1) In ITTOIA 2005, the following provisions are repealed—

(a) 40section 162 (deductions in respect of payments by persons liable to
pool betting duty);

(b) section 748 (exemption for payments by persons liable to pool
betting duty).

(2) Accordingly, section 683(4)(g) of that Act is also repealed.

(3) The repeals made by this paragraph have effect in relation to payments
5made on or after 6 April 2013.

(1) In CTA 2009, the following provisions are repealed—

(a) section 138 (deductions in respect of payments by companies liable
to pool betting duty);

(b) section 978 (exemption for payments by persons liable to pool
10betting duty).

(2) Accordingly, section 976(1)(b) of that Act (and the “and” before it) are also
repealed.

(3) The repeals made by this paragraph have effect in relation to payments
made on or after 1 April 2013.

15Part 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 premiums paid by
eligible individuals) applies in relation to a premium or part of a premium
20only if the premium or part of a premium—

(a) becomes due and payable before 6 April 2015, and

(b) is actually paid before 6 July 2015.

24 No claim for relief may be made under paragraph 6 of Schedule 14 to ICTA
(provisions ancillary to section 266) after 5 April 2016.

(1) 25The Income Tax (Life Assurance Premium Relief) Regulations 1978 (S.I.
1978/1159) (“the 1978 Regulations”) have effect in accordance with this
paragraph.

(2) Subject to sub-paragraph (3), an annual claim for the financial year of a life
office must be made no later than—

(a) 30the end of the six-year period allowed by regulation 9(1), or

(b) if earlier, the end of the relevant 6-month period,

and regulation 9(8) has effect accordingly.

(3) An annual claim which a life office is required to make under regulation 9(2)
must be made no later than—

(a) 35the end of the one-year period specified in regulation 9(2), or

(b) if earlier, the end of the relevant 6-month period,

and regulation 9(6) has effect accordingly.

(4) In sub-paragraphs (2) and (3) “the relevant 6-month period” means the
period of 6 months after the end of the life office’s first financial year to end
40after 5 April 2015.

(5) The Board must decide all claims made under the 1978 Regulations no later
than 5 April 2017.

(6) Terms used in this paragraph have the same meaning as they have in the
1978 Regulations.

(1) In this paragraph—

(a) “the 1980 Regulations” means the Friendly Societies (Life Assurance
5Premium Relief) (Change of Rate) Regulations 1980 (S.I. 1980/1947S.I. 1980/1947),
and

(b) terms have the same meaning as they have in the 1980 Regulations.

(2) This paragraph applies in relation to a friendly society which has adopted
the prescribed scheme or an approved scheme in accordance with the
10provisions of the 1977 Regulations.

(3) The prescribed scheme or the approved scheme, and the 1977 Regulations
and the 1980 Regulations, have effect in relation to the friendly society on the
following basis.

(4) That basis is—

(a) 15paragraph 23 above does not remove any person’s entitlement to
relief under section 266 of ICTA but does change the authorised
percentage to 0%,

(b) the effective date in relation to that change is 6 April 2015,

(c) as well as having effect in relation to gross contributions due and
20payable on or after 6 April 2015, that change has effect in relation to
gross contributions due and payable before that date so far as they
are actually paid on or after 6 July 2015 (and, in particular,
regulations 3(1) and 4(1) of the 1980 Regulations are to be read
accordingly), and

(d) 25a resolution under regulation 3(1) of the 1980 Regulations may be
passed in relation to that change at any time before 6 April 2015.

(5) For regulation 5 of the 1980 Regulations substitute—

(1) This regulation applies if a gross contribution is amended under
regulation 4.

(2) 30The friendly society may notify the Financial Services Authority of
a proposal to amend the sum assured or guaranteed by the
contract by an amount determined in accordance with rules which
have been certified by an actuary to be fair in relation to the gross
contribution payable.

(3) 35The proposed amendment may be made at any time after the
expiry of the period of 3 months beginning with the day on which
the proposal is notified to the Financial Services Authority.”

(6) For regulation 8 of the 1980 Regulations substitute—

(1) This regulation applies if a friendly society adopted an approved
40scheme under regulation 7 of the 1977 Regulations.

(2) The friendly society may notify the Financial Services Authority of
a proposal to amend the approved scheme in consequence of any
prospective change in the authorised percentage.

(3) The proposed amendment—

(a) may be made at any time after the expiry of the period of 3
months beginning with the day on which the proposal is
notified to the Financial Services Authority, but

(b) must be made before 6 April 2015.”

(1) 5In this paragraph—

(a) “the 1980 Regulations” means the Industrial Assurance (Life
Assurance Premium Relief) (Change of Rate) Regulations 1980 (S.I.
1980/1948), and

(b) terms have the same meaning as they have in the 1980 Regulations.

(2) 10This paragraph applies in relation to an industrial assurance company or
collecting society which has adopted the prescribed scheme or an approved
scheme in accordance with the provisions of the 1977 Regulations.

(3) The prescribed scheme or the approved scheme, and the 1977 Regulations
and the 1980 Regulations, have effect in relation to the industrial assurance
15company or collecting society on the following basis.

(4) That basis is—

(a) paragraph 23 above does not remove any person’s entitlement to
relief under section 266 of ICTA but does change the authorised
percentage to 0%,

(b) 20the effective date in relation to that change is 6 April 2015,

(c) as well as having effect in relation to gross premiums due and
payable on or after 6 April 2015, that change has effect in relation to
gross premiums due and payable before that date so far as they are
actually paid on or after 6 July 2015 (and, in particular, regulations
253(1) and 4(1) of the 1980 Regulations are to be read accordingly), and

(d) a resolution under regulation 3(1) of the 1980 Regulations may be
passed in relation to that change at any time before 6 April 2015.

(5) For regulation 5 of the 1980 Regulations substitute—

(1) This regulation applies if a gross premium is amended under
30regulation 4.

(2) The industrial assurance company or collecting society may notify
the Financial Services Authority of a proposal to amend the sum
assured or guaranteed by the policy or contract by an amount
determined in accordance with rules which have been certified by
35an actuary to be fair in relation to the gross premium payable.

(3) The proposed amendment may be made at any time after the
expiry of the period of 3 months beginning with the day on which
the proposal is notified to the Financial Services Authority.”

(6) For regulation 8 of the 1980 Regulations substitute—

(1) 40This regulation applies if an industrial assurance company or
collecting society adopted an approved scheme under regulation
7 of the 1977 Regulations.

(2) The industrial assurance company or collecting society may notify
the Financial Services Authority of a proposal to amend the
45approved scheme in consequence of any prospective change in the
authorised percentage.

(3) The proposed amendment—

(a) may be made at any time after the expiry of the period of 3
months beginning with the day on which the proposal is
notified to the Financial Services Authority, but

(b) 5must be made before 6 April 2015.”

(1) The following repeals are made in consequence of the provision made by
paragraph 23 above.

(2) 25In section 989 of ITA 2007 (definitions for the purposes of the Income Tax
Acts) for the definition of “qualifying policy” substitute—

• ““qualifying policy” is to be read in accordance with Schedule
  15 to ICTA,”.

(3) The amendments made by sub-paragraphs (1) and (2) come into force on the
30day appointed by the Treasury by order made by statutory instrument.

(4) An order under sub-paragraph (3) may make transitional provision and
savings.

(5) A statutory instrument containing an order under sub-paragraph (3) is
subject to annulment in pursuance of a resolution of the House of Commons.

(1) 35This paragraph applies if—

(a) a policy which is a qualifying policy (within the meaning of the
Income Tax Acts) is varied or another policy is substituted for such a
policy, and

(b) the variation or substitution is made for the sole purpose of dealing
40with the consequences of the restrictions placed on relief under
section 266 of ICTA by virtue of paragraph 23 above.

(2) In the case of a variation, the variation does not itself affect the policy’s
status as a qualifying policy.

(3) In the case of a substitution, the new policy is to be a qualifying policy.

(1) In this paragraph “relevant variation” means a variation made for the sole
purpose of dealing with the consequences of the restrictions placed on relief
under section 266 of ICTA by virtue of paragraph 23 above.

(2) A relevant variation of a policy is not to be treated as a variation for the
5purposes of—

(a) paragraph 8(1) or (4) of Schedule 14 to ICTA, or

(b) section 485(6) of ITTOIA 2005 (disregard of certain events in relation
to qualifying policies).

(3) A relevant variation of a policy or contract does not itself cause the
10breaching of a limit set out in—

(a) section 460(2)(c)(iii) or 464 of ICTA, or

(b) section 155(3) (so far as relating to contracts made before 14 March
1984) or 160 of this Act.

Removal of claw-backs on relief given under section 266 of ICTA

(1) 15In ICTA omit sections 268 to 272 (which provide for the “claw-back” of
income tax relief given under section 266 of ICTA).

(2) In consequence of the provision made by sub-paragraph (1), omit—

(a) section 824(2D)(a) of ICTA,

(b) paragraph 11 of Schedule 35 to FA 2004,

(c) 20paragraph 123 of Schedule 1 to ITTOIA 2005, and

(d) paragraph 21 of Schedule 39 to FA 2008.

(3) The amendments made by this paragraph have effect in relation to events
occurring in relation to policies on or after 6 April 2015.

Abolition of income tax relief relating to certain payments made for benefit of family members
25etc

(1) In Chapter 6 of Part 8 of ITA 2007 omit section 459 (which provides income
tax relief in relation to certain payments made by individuals for the benefit
of family members).

(2) In ITA 2007—

(a) 30in sections 26(1)(a) and 27(5) omit “section 459 of this Act or section
273 of ICTA (payments for benefit of family members),”,

(b) in section 423(5)—

(i) after paragraph (b) insert “and”, and

(ii) omit paragraph (d) (and the “and” before it),

(c) 35in section 460—

(i) omit subsection (1)(b) (and the “or” before it), and

(ii) in subsection (4) for “, 458 or 459” substitute “or 458”,

(d) in section 809G(2)(c) for “, 458 or 459” substitute “or 458”, and

(e) omit section 811(6)(d) (but not the “and” after it).

(3) 40Section 609 of ITEPA 2003 (annuities for the benefit of dependants) is
amended as follows.

(4) In subsection (1), for the words from the second “which” to the end