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Session 2013 - 14
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Other Bills before Parliament

Finance Bill

Finance Bill
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.
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 Bill are compatible with the Convention
rights.
Bill 1                                                                                                   55/3
Finance Bill
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.
Contents
Part 1
Income Tax, Corporation Tax and Capital Gains Tax
Chapter 1
Charges, rates etc
Income tax
1    Charge for 2013-14
2    Personal allowance for 2013-14 for those born after 5 April 1948
3    Basic rate limit for 2013-14
Corporation tax
4    Charge and main rate for financial year 2014
5    Small profits rate and fractions for financial year 2013
6    Main rate for financial year 2015
Capital allowances
7    Temporary increase in annual investment allowance
Chapter 2
Income tax: general
Exemptions and reliefs
8    London Anniversary Games
9    Glasgow Commonwealth Games
10    Expenses of elected representatives
11    Exemption from income tax of contributions to pension schemes
12    Childcare exemptions: meaning of disabled child
13    Income tax exemption for universal credit
14    Tax advantaged employee share schemes
15    Abolition of tax relief for patent royalties
Bill 1                                                                                                   55/3
Finance Bill ii
16    Limit on income tax reliefs
Trade profits
17    Cash basis for small businesses
18    Deductions allowable at a fixed rate
Other provisions
19    Employment income: duties performed in the UK and overseas
20    Remittance basis: exempt property
21    Payments on account
22    Arrangements made by intermediaries
23    Taxable benefit of cars: the appropriate percentage
24    Gains from contracts for life insurance etc
25    Qualifying insurance policies
26    Transfer of assets abroad
27    Payments of interest
28    Disguised interest
Chapter 3
Corporation tax: general
Losses
29    Restriction on surrender of losses: controlled foreign company cases
30    Loss relief surrenderable by non-UK resident established in EEA state
31    Arrangements for transfers of companies
32    Change in company ownership: company reconstructions
33    Change in company ownership: shell companies
Other reliefs
34    R&D expenditure credits
35    Relief for television production and video games development
Exemption from charge
36    Health service bodies: exemption
37    Chief constables etc (England and Wales): exemption
Other provisions
38    Real estate investment trusts: UK REITs which invest in other UK REITs
39    Corporation tax relief for employee share acquisitions etc
40    Derivative contracts: property total return swaps etc
41    Corporation tax: tax mismatch schemes
42    Tier two capital
43    Financing costs and income: group treasury companies
44    Condition for company to be an “investment trust”
45    Community amateur sports clubs
Finance Bill iii
Chapter 4
Pensions
46    Lifetime allowance charge: power to amend the transitional provision in Part
2 of Schedule 18 to FA 2011 etc
47    Lifetime allowance charge: new standard lifetime allowance for the tax year
2014-15 and subsequent tax years
48    Annual allowance: new annual allowance for the tax year 2014-15 and
subsequent tax years
49    Drawdown pensions and dependants’ drawdown pensions
50    Bridging pensions
51    Abolition of contracting out of state second pension: consequential
amendments etc
52    Overseas pension schemes: general
53    Overseas pension schemes: information and inspection powers
Chapter 5
Other provisions
Employee shareholder shares
54    Employee shareholder shares
Seed enterprise investment scheme
55    SEIS: income tax relief
56    SEIS: re-investment relief
Disincorporation
57    Disincorporation relief
58    Qualifying business transfer
59    Making a claim
60    Effect of disincorporation relief
Capital gains
61    Attribution of gains to members of non-resident companies
62    Heritage maintenance settlements
63    EMI options and entrepreneurs’ relief etc
64    Charge on certain high value disposals by companies etc
65    Currency used in tax calculations: chargeable gains and losses
Capital allowances
66    Allowances for energy-saving plant and machinery: Northern Ireland
67    Cars with low carbon dioxide emissions
68    Gas refuelling stations: extension of time limit for capital allowance
69    First-year allowance to be available for ships and railway assets
70    Hire cars for disabled persons
Finance Bill iv
Miscellaneous
71    Community investment tax relief
72    Lease premium relief
73    Manufactured payments: stock lending arrangements
74    Manufactured payments: general
75    Relationship between rules prohibiting and allowing deductions
76    Close companies
Part 2
Oil
Decommissioning relief agreements
77    Decommissioning relief agreements
78    Meaning of “decommissioning expenditure”
79    Annual report
80    Effect of claim on PRT
81    Terminal losses accruing by virtue of another’s default
82    Claims under agreement not to affect oil allowance
Decommissioning security settlements
83    Removal of IHT charges in respect of decommissioning security settlements
84    Loan relationships arising from decommissioning security settlements
Decommissioning expenditure etc
85    Decommissioning expenditure taken into account for PRT purposes
86    Miscellaneous amendments relating to decommissioning
Capital allowances
87    Expenditure on decommissioning onshore installations
88    Expenditure on decommissioning certain redundant plant or machinery
89    Expenditure on site restoration
90    Restrictions on allowances for certain oil-related expenditure
Part 3
Annual tax on enveloped dwellings
The charge to tax
91    Charge to tax
92    Entitlement to interests
93    Person liable
94    Liability of persons jointly entitled
95    Collective investment schemes: liability for and collection of tax
96    Amount of tax chargeable
97    Interim relief
98    Indexation of annual chargeable amounts
99    Taxable value
100    Section 99: “substantial” acquisitions and disposals
Finance Bill v
101    No double charge
Adjustment of amount charged
102    “Adjusted chargeable amount”
103    Adjustment of amount chargeable
Chargeable interests and “single-dwelling interest”
104    Chargeable interests
105    Meaning of “single-dwelling interest”
106    Different interests held in the same dwelling
107    Interests held by connected persons
108    Section 107: superior and inferior interests
109    Different interests held in the same dwelling: effect of reliefs etc
Meaning of “dwelling”
110    Meaning of “dwelling”
111    Substantial performance of “off plan” purchase
112    Power to modify meaning of “use as a dwelling”
113    Parts of a greater whole
114    Dwelling in grounds of another dwelling
115    Dwellings in the same building
116    Section 115: supplementary
117    Terraces etc
Acquisitions and disposals
118    Acquisitions and disposals of chargeable interests
119    Date of acquisition or disposal
120    Contract and conveyance: the purchaser
121    Contract and conveyance: the vendor
New dwellings, conversions, demolition etc
122    New dwellings
123    Dwellings produced from other dwellings
124    Demolition of a dwelling
125    Demolition without replacement
126    Demolition and replacement: new dwellings
127    Demolition and replacement: other cases
128    Conversion of dwelling for non-residential use
129    Damage to a dwelling
Reliefs
130    Effect of reliefs under sections 131 to 150
131    Property rental businesses
132    Rental property: preparation for sale, demolition etc
133    Non-qualifying occupation: look-forward and look-back
134    Meaning of “non-qualifying individual” and “qualifying individual”
135    Dwellings opened to the public
136    Property developers

© Parliamentary copyright	Revised 8 May 2013

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