|
| |
|
“relevant requirement” means— |
| |
(a) | a requirement imposed by regulations under subsection |
| |
| |
(b) | a requirement imposed by virtue of Part 1 of Schedule 36 |
| |
to FA 2008 (powers to obtain information and |
| 5 |
| |
(8) | In section 280(1) of that Act (abbreviations), insert at the appropriate place— |
| |
““FA 2008” means the Finance Act 2008,”. |
| |
53 | Overseas pension schemes: information and inspection powers |
| |
(1) | Part 6 of Schedule 36 to FA 2008 (information and inspection powers: special |
| 10 |
cases) is amended as follows. |
| |
(2) | In paragraph 34B (registered pension schemes etc)— |
| |
(a) | in sub-paragraph (2), omit the “or” at the end of paragraph (b) and, at |
| |
the end of paragraph (c) insert— |
| |
“(d) | a QROPS or former QROPS, or |
| 15 |
(e) | an annuity purchased with sums or assets held for the |
| |
purposes of a QROPS or former QROPS.”; |
| |
(b) | after sub-paragraph (4) insert— |
| |
“(4A) | In relation to a notice to which this paragraph applies that |
| |
refers only to information or documents relating to a matter |
| 20 |
within sub-paragraph (2)(d) or (e), paragraph 20 (old |
| |
documents) has effect as if the reference to 6 years were to 10 |
| |
| |
(c) | after sub-paragraph (7) insert— |
| |
“(7A) | Where the notice relates to a matter within sub-paragraph |
| 25 |
(2)(d) or (e), the officer of Revenue and Customs who gives |
| |
the notice must give a copy of the notice to the scheme |
| |
manager in relation to the pension scheme.”; |
| |
(d) | in sub-paragraph (8), for “and (7)” substitute “to (7A)”. |
| |
(3) | In paragraph 34C (registered pension schemes etc: interpretation), insert at the |
| 30 |
| |
““QROPS” and “former QROPS” have the meanings given by |
| |
section 169(8) of FA 2004;”; |
| |
““scheme manager”, in relation to a pension scheme, has the |
| |
meaning given by section 169(3) of FA 2004.” |
| 35 |
(4) | In paragraphs 34B and 34C of Schedule 36 to FA 2008, references to a former |
| |
QROPS include a scheme that ceased to be a QROPS before this Act was |
| |
| |
|
| |
|
| |
|
| |
| |
Employee shareholder shares |
| |
54 | Employee shareholder shares |
| |
Schedule 22 contains provision about employee shareholder shares. |
| 5 |
Seed enterprise investment scheme |
| |
55 | SEIS: income tax relief |
| |
(1) | ITA 2007 is amended as follows. |
| |
(2) | In section 29 (tax reductions: supplementary), in subsection (4B), after the entry |
| |
for Chapter 1 of Part 5 insert— |
| 10 |
“Chapter 1 of Part 5A (SEIS relief),”. |
| |
(3) | In section 32 (liability not dealt with in the calculation), after the entry for |
| |
| |
“under section 257G (withdrawal or reduction of SEIS relief),”. |
| |
(4) | In section 257DG (the control and independence requirement), for subsection |
| 15 |
| |
“(2) | The independence element of the requirement is that— |
| |
(a) | the issuing company must not at any time in period A (ignoring |
| |
any on-the-shelf period) be within subsection (2A), and |
| |
(b) | no arrangements must be in existence at any time in period A by |
| 20 |
virtue of which the issuing company could be within that |
| |
subsection (whether during period A or otherwise). |
| |
(2A) | The issuing company is within this subsection at any time if it is under |
| |
the control of any other company (or of another company and any other |
| |
person connected with that other company). |
| 25 |
(2B) | In subsection (2)(a) “on-the-shelf period” means a period during which |
| |
| |
(a) | has not issued any shares other than subscriber shares, and |
| |
(b) | has not begun to carry on, or make preparations for carrying on, |
| |
| 30 |
(5) | The amendments made by subsections (2) and (3) have effect for the tax year |
| |
2013-14 and subsequent tax years. |
| |
(6) | The amendment made by subsection (4) has effect in relation to shares issued |
| |
on or after 6 April 2013. |
| |
56 | SEIS: re-investment relief |
| 35 |
(1) | Schedule 5BB to TCGA 1992 (seed enterprise investment scheme: re- |
| |
investment) is amended as follows. |
| |
(2) | In paragraph 1 (SEIS re-investment relief)— |
| |
|
| |
|
| |
|
(a) | in sub-paragraph (2)— |
| |
(i) | in paragraph (a), after “the tax year 2012-13” insert “or the tax |
| |
year 2013-14 (the year in question being referred to in this |
| |
Schedule as “the relevant year”)”, and |
| |
(ii) | in paragraph (b), for “that year” substitute “the relevant year”, |
| 5 |
(b) | in sub-paragraph (3)(a), for “tax year 2012-13” substitute “relevant |
| |
| |
(c) | for sub-paragraph (5) substitute— |
| |
“(5) | The relevant percentage of the available SEIS expenditure is to |
| |
be set against a corresponding amount of the original gain. |
| 10 |
(5A) | In sub-paragraph (5)— |
| |
“the available SEIS expenditure” means so much of the |
| |
| |
(a) | is specified in the claim, |
| |
| 15 |
(c) | does not exceed so much of the original gain as |
| |
| |
“the relevant percentage” means— |
| |
(a) | if the relevant year is the tax year 2012-13, 100%, |
| |
| 20 |
(b) | if the relevant year is the tax year 2013-14, 50%.” |
| |
(3) | In paragraph 2 (restrictions on relief under paragraph 1)— |
| |
(a) | in sub-paragraph (1), for “tax year 2012-13” substitute “relevant year”, |
| |
| |
(b) | in sub-paragraph (2)— |
| 25 |
(i) | for “tax year 2012-13” substitute “relevant year”, and |
| |
(ii) | for “that tax year” substitute “that year”. |
| |
(4) | In paragraph 5 (removal or reduction of relief) in sub-paragraph (2) for “2012- |
| |
13” substitute “in which the shares were issued”. |
| |
(5) | Accordingly, in section 150G of TCGA (which introduces Schedule 5BB), for |
| 30 |
“tax year 2012-13” substitute “tax years 2012-13 and 2013-14”. |
| |
| |
57 | Disincorporation relief |
| |
(1) | A claim for relief under this section (“disincorporation relief”) may be made |
| |
| 35 |
(a) | a company transfers its business to some or all of the shareholders of |
| |
| |
(b) | the transfer of the business is a qualifying business transfer (see section |
| |
| |
(c) | the business transfer date falls within the period of 5 years beginning |
| 40 |
| |
(2) | As to the consequences of a claim for disincorporation relief being made, see— |
| |
sections 162B and 162C of TCGA 1992; |
| |
section 849A of CTA 2009. |
| |
|
| |
|
| |
|
(3) | In this section and sections 58 to 60 “the business transfer date”, in relation to |
| |
the transfer of a business, is the date on which the business is transferred. |
| |
| For this purpose, where the business is transferred under a contract— |
| |
(a) | the date on which the business is transferred is to be determined in |
| |
accordance with section 28 of TCGA 1992, and |
| 5 |
(b) | if the business in question is transferred by more than one contract, |
| |
then for the purposes of that section the contract under which the |
| |
business is transferred is to be taken to be the contract under which the |
| |
goodwill of the business is transferred. |
| |
(4) | This section and sections 58 and 59 apply to a transfer of a business with a |
| 10 |
business transfer date of 1 April 2013 or a later date. |
| |
58 | Qualifying business transfer |
| |
(1) | The transfer of a business from a company to some or all of the shareholders of |
| |
the company is a qualifying business transfer for the purposes of section 57 if |
| |
conditions A to E are met. |
| 15 |
(2) | Condition A is that the business is transferred as a going concern. |
| |
(3) | Condition B is that the business is transferred together with all of the assets of |
| |
the business, or together with all of those assets other than cash. |
| |
(4) | Condition C is that the total market value of the qualifying assets of the |
| |
business included in the transfer does not exceed £100,000. |
| 20 |
(5) | Condition D is that all of the shareholders to whom the business is transferred |
| |
| |
(6) | Condition E is that each of those shareholders held shares in the company |
| |
throughout the period of 12 months ending with the business transfer date. |
| |
(7) | For the purposes of condition D, the reference to individuals includes an |
| 25 |
individual acting as a member of a partnership, but does not include an |
| |
individual acting as a member of a limited liability partnership. |
| |
(8) | Section 60 of TCGA 1992 (nominees and bare trustees) applies for the purposes |
| |
of this section as it applies for the purposes of that Act. |
| |
(9) | In this section “market value”, in relation to an asset, means the price which the |
| 30 |
asset might reasonably be expected to fetch on a sale in the open market. |
| |
(10) | In this section a “qualifying asset” means— |
| |
| |
(b) | an interest in land which is not held as trading stock. |
| |
| 35 |
(1) | A claim for disincorporation relief under section 57— |
| |
(a) | is to be made jointly by the company and all of the shareholders to |
| |
whom the business is transferred, and |
| |
| |
(2) | Any claim for disincorporation relief must be made within the period of 2 years |
| 40 |
beginning with the business transfer date. |
| |
|
| |
|