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Finance (No. 2) Bill (HC Bill 154)

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EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section
19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Finance (No. 2) Bill are compatible with the
Convention rights.

Contents

    The Bill is divided into three volumes. Volume I contains the Clauses to the Bill.
    Volume II contains Schedules 1 to 28 to the Bill. Volume III contains Schedules 29
    to 49 to the Bill.

  1. Part 1

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter 1

      Charges, rates etc

      1. Income tax

        1. 1. Charge for 2013-14

        2. 2. Personal allowance for 2013-14 for those born after 5 April 1948

        3. 3. Basic rate limit for 2013-14

      2. Corporation tax

        1. 4. Charge and main rate for financial year 2014

        2. 5. Small profits rate and fractions for financial year 2013

        3. 6. Main rate for financial year 2015

      3. Capital allowances

        1. 7. Temporary increase in annual investment allowance

    2. Chapter 2

      Income tax: general

      1. Exemptions and reliefs

        1. 8. London Anniversary Games

        2. 9. Glasgow Commonwealth Games

        3. 10. Expenses of elected representatives

        4. 11. Exemption from income tax of contributions to pension schemes

        5. 12. Childcare exemptions: meaning of disabled child

        6. 13. Income tax exemption for universal credit

        7. 14. Tax advantaged employee share schemes

        8. 15. Abolition of tax relief for patent royalties

        9. 16. Limit on income tax reliefs

      2. Trade profits

        1. 17. Cash basis for small businesses

        2. 18. Deductions allowable at a fixed rate

      3. Other provisions

        1. 19. Employment income: duties performed in the UK and overseas

        2. 20. Remittance basis: exempt property

        3. 21. Payments on account

        4. 22. Arrangements made by intermediaries

        5. 23. Taxable benefit of cars: the appropriate percentage

        6. 24. Gains from contracts for life insurance etc

        7. 25. Qualifying insurance policies

        8. 26. Transfer of assets abroad

        9. 27. Payments of interest

        10. 28. Disguised interest

    3. Chapter 3

      Corporation tax: general

      1. Losses

        1. 29. Restriction on surrender of losses: controlled foreign company cases

        2. 30. Loss relief surrenderable by non-UK resident established in EEA state

        3. 31. Arrangements for transfers of companies

        4. 32. Change in company ownership: company reconstructions

        5. 33. Change in company ownership: shell companies

      2. Other reliefs

        1. 34. R&D expenditure credits

        2. 35. Relief for television production and video games development

      3. Exemption from charge

        1. 36. Health service bodies: exemption

        2. 37. Chief constables etc (England and Wales): exemption

      4. Other provisions

        1. 38. Real estate investment trusts: UK REITs which invest in other UK REITs

        2. 39. Corporation tax relief for employee share acquisitions etc

        3. 40. Derivative contracts: property total return swaps etc

        4. 41. Corporation tax: tax mismatch schemes

        5. 42. Tier two capital

        6. 43. Financing costs and income: group treasury companies

        7. 44. Condition for company to be an “investment trust”

        8. 45. Community amateur sports clubs

    4. Chapter 4

      Pensions

      1. 46. Lifetime allowance charge: power to amend the transitional provision in Part
        2 of Schedule 18 to FA 2011 etc

      2. 47. Lifetime allowance charge: new standard lifetime allowance for the tax year
        2014-15 and subsequent tax years

      3. 48. Annual allowance: new annual allowance for the tax year 2014-15 and
        subsequent tax years

      4. 49. Drawdown pensions and dependants’ drawdown pensions

      5. 50. Bridging pensions

      6. 51. Abolition of contracting out of state second pension: consequential
        amendments etc

      7. 52. Overseas pension schemes: general

      8. 53. Overseas pension schemes: information and inspection powers

    5. Chapter 5

      Other provisions

      1. Employee shareholder shares

        1. 54. Employee shareholder shares

      2. Seed enterprise investment scheme

        1. 55. SEIS: income tax relief

        2. 56. SEIS: re-investment relief

      3. Disincorporation

        1. 57. Disincorporation relief

        2. 58. Qualifying business transfer

        3. 59. Making a claim

        4. 60. Effect of disincorporation relief

      4. Capital gains

        1. 61. Attribution of gains to members of non-resident companies

        2. 62. Heritage maintenance settlements

        3. 63. EMI options and entrepreneurs’ relief etc

        4. 64. Charge on certain high value disposals by companies etc

        5. 65. Currency used in tax calculations: chargeable gains and losses

      5. Capital allowances

        1. 66. Allowances for energy-saving plant and machinery: Northern Ireland

        2. 67. Cars with low carbon dioxide emissions

        3. 68. Gas refuelling stations: extension of time limit for capital allowance

        4. 69. First-year allowance to be available for ships and railway assets

        5. 70. Hire cars for disabled persons

      6. Miscellaneous

        1. 71. Community investment tax relief

        2. 72. Lease premium relief

        3. 73. Manufactured payments: stock lending arrangements

        4. 74. Manufactured payments: general

        5. 75. Relationship between rules prohibiting and allowing deductions

        6. 76. Close companies

  2. Part 2

    Oil

    1. Decommissioning relief agreements

      1. 77. Decommissioning relief agreements

      2. 78. Meaning of “decommissioning expenditure”

      3. 79. Annual report

      4. 80. Effect of claim on PRT

      5. 81. Terminal losses accruing by virtue of another’s default

      6. 82. Claims under agreement not to affect oil allowance

    2. Decommissioning security settlements

      1. 83. Removal of IHT charges in respect of decommissioning security settlements

      2. 84. Loan relationships arising from decommissioning security settlements

    3. Decommissioning expenditure etc

      1. 85. Decommissioning expenditure taken into account for PRT purposes

      2. 86. Miscellaneous amendments relating to decommissioning

    4. Capital allowances

      1. 87. Expenditure on decommissioning onshore installations

      2. 88. Expenditure on decommissioning certain redundant plant or machinery

      3. 89. Expenditure on site restoration

      4. 90. Restrictions on allowances for certain oil-related expenditure

  3. Part 3

    Annual tax on enveloped dwellings

    1. The charge to tax

      1. 91. Charge to tax

      2. 92. Entitlement to interests

      3. 93. Person liable

      4. 94. Liability of persons jointly entitled

      5. 95. Collective investment schemes: liability for and collection of tax

      6. 96. Amount of tax chargeable

      7. 97. Interim relief

      8. 98. Indexation of annual chargeable amounts

      9. 99. Taxable value

      10. 100. Section 99: “substantial” acquisitions and disposals

      11. 101. No double charge

    2. Adjustment of amount charged

      1. 102. “Adjusted chargeable amount”

      2. 103. Adjustment of amount chargeable

    3. Chargeable interests and “single-dwelling interest”

      1. 104. Chargeable interests

      2. 105. Meaning of “single-dwelling interest”

      3. 106. Different interests held in the same dwelling

      4. 107. Interests held by connected persons

      5. 108. Sections 106 and 107: superior and inferior interests

      6. 109. Different interests held in the same dwelling: effect of reliefs etc

    4. Meaning of “dwelling”

      1. 110. Meaning of “dwelling”

      2. 111. Substantial performance of “off plan” purchase

      3. 112. Power to modify meaning of “use as a dwelling”

      4. 113. Parts of a greater whole

      5. 114. Dwelling in grounds of another dwelling

      6. 115. Dwellings in the same building

      7. 116. Section 115: supplementary

      8. 117. Terraces etc

    5. Acquisitions and disposals

      1. 118. Acquisitions and disposals of chargeable interests

      2. 119. Date of acquisition or disposal

      3. 120. Contract and conveyance: the purchaser

      4. 121. Contract and conveyance: the vendor

    6. New dwellings, conversions, demolition etc

      1. 122. New dwellings

      2. 123. Dwellings produced from other dwellings

      3. 124. Demolition of a dwelling

      4. 125. Demolition without replacement

      5. 126. Demolition and replacement: new dwellings

      6. 127. Demolition and replacement: other cases

      7. 128. Conversion of dwelling for non-residential use

      8. 129. Damage to a dwelling

    7. Reliefs

      1. 130. Effect of reliefs under sections 131 to 150

      2. 131. Property rental businesses

      3. 132. Rental property: preparation for sale, demolition etc

      4. 133. Non-qualifying occupation: look-forward and look-back

      5. 134. Meaning of “non-qualifying individual” and “qualifying individual”

      6. 135. Dwellings opened to the public

      7. 136. Property developers

      8. 137. Property developers: exchange of dwellings

      9. 138. Property developers: supplementary

      10. 139. Property traders

      11. 140. Property traders: supplementary

      12. 141. Financial institutions acquiring dwellings in the course of lending

      13. 142. Section 141: supplementary

      14. 143. Occupation by certain employees or partners

      15. 144. Meaning of “qualifying employee” and “qualifying partner” in section 143

      16. 145. Meaning of “10% or greater share in a company”

      17. 146. Farmhouses

      18. 147. “Farm worker” and “former long-serving farm worker”

      19. 148. Charitable companies

      20. 149. Section 148: supplementary

      21. 150. Providers of social housing

    8. Exemptions

      1. 151. Public bodies

      2. 152. Bodies established for national purposes

      3. 153. Dwelling conditionally exempt from inheritance tax

    9. Power to modify reliefs

      1. 154. Modification of reliefs

    10. Alternative property finance

      1. 155. Land sold to financial institution and leased to person

    11. Administration and payment of tax

      1. 156. Responsibility for collection and management

      2. 157. Annual tax on enveloped dwellings return

      3. 158. Return of adjusted chargeable amount

      4. 159. Return to include self assessment

      5. 160. Returns, enquiries, assessments and other administrative matters

      6. 161. Payment of tax

      7. 162. Information and enforcement

      8. 163. Collection and recovery of tax etc

    12. Application of provisions

      1. 164. Companies

      2. 165. Partnerships

    13. Supplementary provisions

      1. 166. Miscellaneous amendments and transitory provision

      2. 167. Orders and regulations

    14. Interpretation

      1. 168. Meaning of “chargeable day” and “within the charge”

      2. 169. References to the state of affairs “on” a day

      3. 170. Connected persons

      4. 171. Connected persons: cell companies

      5. 172. General interpretation of Part 3

  4. Part 4

    Excise duties and other taxes

    1. Inheritance tax

      1. 173. Open- ended investment companies and authorised unit trusts

      2. 174. Treatment of liabilities for inheritance tax purposes

      3. 175. Election to be treated as domiciled in United Kingdom

      4. 176. Transfer to spouse or civil partner not domiciled in United Kingdom

    2. Fuel

      1. 177. Fuel duties: rates of duty and rebates from 1 April 2013

    3. Alcohol

      1. 178. Rates of alcoholic liquor duties

    4. Tobacco

      1. 179. Rates of tobacco products duty

      2. 180. Meaning of “tobacco products”

    5. Gambling

      1. 181. Rates of gaming duty

      2. 182. Combined bingo

    6. Air passenger duty

      1. 183. Air passenger duty: rates of duty from 1 April 2013

      2. 184. Air passenger duty: miscellaneous provision

    7. Vehicle excise duty

      1. 185. VED rates for light passenger vehicles, light goods vehicles, motorcycles etc

      2. 186. Not exhibiting licence: period of grace

      3. 187. Vehicles not kept or used on public road

      4. 188. Vehicle licences for disabled people

    8. Value added tax

      1. 189. Repayments of value added tax to health service bodies

      2. 190. Valuation of certain supplies of fuel

      3. 191. Reduced rate for energy-saving materials

    9. Stamp duty land tax

      1. 192. Pre-completion transactions: existing cases

      2. 193. Pre-completion transactions

      3. 194. Relief from higher rate

      4. 195. Leases

    10. Landfill tax

      1. 196. Standard rate of landfill tax

    11. Climate change levy

      1. 197. Climate change levy: main rates

      2. 198. Climate change levy: supplies subject to carbon price support rates etc

    12. Insurance premium tax

      1. 199. Contracts that are not taxable

    13. Bank levy

      1. 200. Bank levy: rates from 1 January 2013

      2. 201. Bank levy: rates from 1 January 2014

      3. 202. No deductions for UK or foreign bank levies

  5. Part 5

    General anti-abuse rule

    1. 203. General anti-abuse rule

    2. 204. Meaning of “tax arrangements” and “abusive”

    3. 205. Meaning of “tax advantage”

    4. 206. Counteracting the tax advantages

    5. 207. Consequential relieving adjustments

    6. 208. Proceedings before a court or tribunal

    7. 209. Relationship between the GAAR and priority rules

    8. 210. Consequential amendment

    9. 211. Interpretation of Part 5

    10. 212. Commencement and transitional provision

  6. Part 6

    Other provisions

    1. Trusts

      1. 213. Trusts with vulnerable beneficiary

    2. Unit trusts

      1. 214. Unauthorised unit trusts

    3. Residence

      1. 215. Statutory residence test

      2. 216. Ordinary residence

    4. International matters

      1. 217. Controlled foreign companies etc

      2. 218. Agreement between UK and Switzerland

      3. 219. International agreements to improve tax compliance

    5. Disclosure

      1. 220. Disclosure of tax avoidance schemes

    6. Powers

      1. 221. Powers under Proceeds of Crime Act 2002

      2. 222. Definition of “goods” for certain customs purposes

      3. 223. Power to detain goods

      4. 224. Penalty instead of forfeiture of larger ships

      5. 225. Data-gathering from merchant acquirers etc

    7. Payment

      1. 226. Corporation tax: deferral of payment of exit charge

      2. 227. Penalties: late filing, late payment and errors

      3. 228. Overpayment relief: generally prevailing practice exclusion and EU law

      4. 229. Overpayment relief: time limit for claims

    8. Administration

      1. 230. Self assessment: withdrawal of notice to file etc

  7. Part 7

    Final provisions

    1. 231. Interpretation

    2. 232. Short title

    1. Schedule 1

      Annual investment allowance: periods straddling 1 January
      2013 or 1 January 2015

    2. Schedule 2

      Tax advantaged employee share schemes

      1. Part 1

        Retirement of participants

      2. Part 2

        “Good leavers” (other than retirees)

      3. Part 3

        Material interest rules

      4. Part 4

        Restricted shares

      5. Part 5

        Share incentive plans: partnership shares

      6. Part 6

        Share incentive plans: dividend shares

      7. Part 7

        Share incentive plans: employee share ownership trusts

      8. Part 8

        Enterprise management incentives: consequences of
        disqualifying events

    3. Schedule 3

      Limit on income tax reliefs

    4. Schedule 4

      Cash basis for small businesses

      1. Part 1

        Main provisions

      2. Part 2

        Consequential amendments

      3. Part 3

        Commencement and transitional provision

    5. Schedule 5

      Deductions allowable at a fixed rate

    6. Schedule 6

      Employment income: duties performed in the UK and
      overseas

      1. Part 1

        Apportionment of earnings

      2. Part 2

        Remittance basis of taxation: special mixed fund rules

      3. Part 3

        Commencement

    7. Schedule 7

      Remittance basis: exempt property

    8. Schedule 8

      Gains from contracts for life insurance etc

    9. Schedule 9

      Qualifying insurance policies

      1. Part 1

        Amendments of Schedule 15 to ICTA etc

      2. Part 2

        Restricted relief qualifying policies

      3. Part 3

        Information powers

    10. Schedule 10

      Transfer of assets abroad

      1. Part 1

        Introduction

      2. Part 2

        New exemption for genuine transactions etc

      3. Part 3

        Amendments relating to the charges under sections 720 and
        727

    11. Schedule 11

      Deduction of income tax at source etc

    12. Schedule 12

      Disguised interest

    13. Schedule 13

      Change in ownership of shell company: restriction of relief

    14. Schedule 14

      R&D expenditure credits

      1. Part 1

        Amendments of CTA 2009

      2. Part 2

        Consequential amendments

      3. Part 3

        Abolition of certain relief under Part 13 of CTA 2009

      4. Part 4

        Commencement and transitional provision

    15. Schedule 15

      Tax relief for television production

      1. Part 1

        Amendments of CTA 2009

      2. Part 2

        Commencement

    16. Schedule 16

      Tax relief for video games development

      1. Part 1

        Amendments of CTA 2009

      2. Part 2

        Commencement

    17. Schedule 17

      Television and video games tax relief: consequential
      amendments

    18. Schedule 18

      Real estate investment trusts: UK REITs which invest in other
      UK REITs

    19. Schedule 19

      Tax mismatch schemes

    20. Schedule 20

      Community amateur sports clubs

    21. Schedule 21

      Transitional provision relating to reduction in standard
      lifetime allowance etc

      1. Part 1

        “Fixed protection 2014”

      2. Part 2

        Other provision

    22. Schedule 22

      Employee shareholder shares

      1. Part 1

        Income tax treatment of employee shareholder shares

      2. Part 2

        Capital gains tax exemption for employee shareholder shares

      3. Part 3

        Corporation tax

      4. Part 4

        Commencement

    23. Schedule 23

      EMI options and entrepreneurs’ relief etc

    24. Schedule 24

      Charge on certain high value disposals by companies etc

      1. Part 1

        Taxation of Chargeable Gains Act 1992

      2. Part 2

        Other amendments

      3. Part 3

        Commencement

    25. Schedule 25

      Community investment tax relief

    26. Schedule 26

      Lease premium relief

    27. Schedule 27

      Manufactured payments

      1. Part 1

        Income tax

      2. Part 2

        Corporation tax

      3. Part 3

        Consequential etc amendments

      4. Part 4

        Commencement

    28. Schedule 28

      Close companies

      1. Part 1

        Amendments of Part 10 of CTA 2010

      2. Part 2

        Other amendments

    29. Schedule 29

      Miscellaneous amendments relating to decommissioning

      1. Part 1

        Abandonment guarantees and abandonment expenditure

      2. Part 2

        Receipts arising from decommissioning

      3. Part 3

        Commencement

    30. Schedule 30

      Restrictions on allowances for certain oil-related expenditure

      1. Part 1

        Decommissioning expenditure

      2. Part 2

        Expenditure on site restoration

      3. Part 3

        Amendments of TIOPA 2010

    31. Schedule 31

      Annual tax on enveloped dwellings: returns, enquiries,
      assessments and appeals

      1. Part 1

        Returns

      2. Part 2

        Duty to keep and preserve records

      3. Part 3

        Enquiry into return

      4. Part 4

        HMRC determination where no return delivered

      5. Part 5

        HMRC assessments

      6. Part 6

        Relief in case of overpaid tax or excessive assessment

      7. Part 7

        Reviews and appeals

      8. Part 8

        Supplementary

    32. Schedule 32

      Annual tax on enveloped dwellings: information and
      enforcement

      1. Part 1

        Information and inspection powers

      2. Part 2

        Penalties

    33. Schedule 33

      Annual tax on enveloped dwellings: miscellaneous
      amendments and transitory provision

      1. Part 1

        Miscellaneous amendments

      2. Part 2

        Transitory provision: the first chargeable period

    34. Schedule 34

      Treatment of liabilities for inheritance tax purposes

    35. Schedule 35

      Vehicle licences for disabled people

    36. Schedule 36

      Valuation of certain supplies of fuel

    37. Schedule 37

      Stamp duty land tax: transactions entered into before
      completion of contract

    38. Schedule 38

      Stamp duty land tax: relief from 15% rate

    39. Schedule 39

      Stamp duty land tax on leases

    40. Schedule 40

      Climate change levy: supplies subject to carbon price support
      rates etc

      1. Part 1

        Earlier provision not to have effect

      2. Part 2

        New provision having effect from 1 April 2013

      3. Part 3

        Carbon price support rates from 1 April 2014

      4. Part 4

        Carbon price support rates from 1 April 2015

    41. Schedule 41

      General anti-abuse rule: procedural requirements

    42. Schedule 42

      Trusts with vulnerable beneficiary

    43. Schedule 43

      Statutory residence test

      1. Part 1

        The rules

      2. Part 2

        Key concepts

      3. Part 3

        Split year treatment

      4. Part 4

        Anti-avoidance

      5. Part 5

        Miscellaneous

    44. Schedule 44

      Ordinary residence

      1. Part 1

        Income tax and capital gains tax: remittance basis of taxation

      2. Part 2

        Income tax: arising basis of taxation

      3. Part 3

        Capital gains tax: accruals basis of taxation

      4. Part 4

        Other amendments

    45. Schedule 45

      Controlled foreign companies

    46. Schedule 46

      Proceeds of crime: powers of officers of Revenue and Customs

    47. Schedule 47

      Corporation tax: deferral of payment of exit charge

    48. Schedule 48

      Penalties: late filing, late payment and errors

    49. Schedule 49

      Withdrawal of notice to file etc

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Contents page 1-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-88 90-106 Last page