• Accessibility
• Email alerts
• RSS feeds
• Contact us

House of Commons

Session 2013 - 14 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill
[AS AMENDED IN PUBLIC BILL COMMITTEE]
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 18                                                                                                  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
71    Contribution allowances: plant and machinery
Finance Bill iv
Miscellaneous
72    Community investment tax relief
73    Lease premium relief
74    Manufactured payments: stock lending arrangements
75    Manufactured payments: general
76    Relationship between rules prohibiting and allowing deductions
77    Close companies
Part 2
Oil
Decommissioning relief agreements
78    Decommissioning relief agreements
79    Meaning of “decommissioning expenditure”
80    Annual report
81    Effect of claim on PRT
82    Terminal losses accruing by virtue of another’s default
83    Claims under agreement not to affect oil allowance
Decommissioning security settlements
84    Removal of IHT charges in respect of decommissioning security settlements
85    Loan relationships arising from decommissioning security settlements
Decommissioning expenditure etc
86    Decommissioning expenditure taken into account for PRT purposes
87    Miscellaneous amendments relating to decommissioning
Capital allowances
88    Expenditure on decommissioning onshore installations
89    Expenditure on decommissioning certain redundant plant or machinery
90    Expenditure on site restoration
91    Restrictions on allowances for certain oil-related expenditure
Part 3
Annual tax on enveloped dwellings
The charge to tax
92    Charge to tax
93    Entitlement to interests
94    Person liable
95    Liability of persons jointly entitled
96    Collective investment schemes: liability for and collection of tax
97    Amount of tax chargeable
98    Interim relief
99    Indexation of annual chargeable amounts
100    Taxable value
101    Section 100: “substantial” acquisitions and disposals
Finance Bill v
102    No double charge
Adjustment of amount charged
103    “Adjusted chargeable amount”
104    Adjustment of amount chargeable
Chargeable interests and “single-dwelling interest”
105    Chargeable interests
106    Meaning of “single-dwelling interest”
107    Different interests held in the same dwelling
108    Interests held by connected persons
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 148
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”
135    Dwellings opened to the public
136    Property developers
137    Property developers: exchange of dwellings
Finance Bill vi
138    Property developers: supplementary
139    Property traders
140    Property traders: supplementary
141    Financial institutions acquiring dwellings in the course of lending
142    Section 141: supplementary
143    Occupation by certain employees or partners
144    Meaning of “qualifying employee” and “qualifying partner” in section 143
145    Meaning of “10% or greater share in a company”
146    Farmhouses
147    “Farm worker” and “former long-serving farm worker”
148    Providers of social housing
Exemptions
149    Charitable companies
150    Section 149: supplementary
151    Public bodies
152    Bodies established for national purposes
153    Dwelling conditionally exempt from inheritance tax
Power to modify reliefs
154    Modification of reliefs
Alternative property finance
155    Land sold to financial institution and leased to person
Administration and payment of tax
156    Responsibility for collection and management
157    Annual tax on enveloped dwellings return
158    Return of adjusted chargeable amount
159    Return to include self assessment
160    Returns, enquiries, assessments and other administrative matters
161    Payment of tax
162    Information and enforcement
163    Collection and recovery of tax etc
Application of provisions
164    Companies
165    Partnerships
Supplementary provisions
166    Miscellaneous amendments and transitory provision
167    Orders and regulations
Interpretation
168    Meaning of “chargeable day” and “within the charge”
169    References to the state of affairs “on” a day
170    Connected persons
Finance Bill vii
171    Connected persons: cell companies
172    General interpretation of Part 3
Part 4
Excise duties and other taxes
Inheritance tax
173    Open- ended investment companies and authorised unit trusts
174    Treatment of liabilities for inheritance tax purposes
175    Election to be treated as domiciled in United Kingdom
176    Transfer to spouse or civil partner not domiciled in United Kingdom
Fuel
177    Fuel duties: rates of duty and rebates from 1 April 2013
Alcohol
178    Rates of alcoholic liquor duties
Tobacco
179    Rates of tobacco products duty
180    Meaning of “tobacco products”
Gambling
181    Rates of gaming duty
182    Combined bingo
Air passenger duty
183    Air passenger duty: rates of duty from 1 April 2013
184    Air passenger duty: miscellaneous provision
Vehicle excise duty
185    VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
186    Not exhibiting licence: period of grace
187    Vehicles not kept or used on public road
188    Vehicle licences for disabled people
Value added tax
189    Repayments of value added tax to health service bodies
190    Valuation of certain supplies of fuel
191    Reduced rate for energy-saving materials
Stamp duty land tax
192    Pre-completion transactions: existing cases
193    Pre-completion transactions