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Finance Bill (HC Bill 47)

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Contents

  1. Part 1

    Income tax

    1. Charge and principal rates etc

      1. 1. Income tax charge and rates for 2016-17

      2. 2. Basic rate limit for 2017-18

      3. 3. Personal allowance for 2017-18

    2. Rate structure

      1. 4. Savings allowance, and savings nil rate etc

      2. 5. Rates of tax on dividend income, and abolition of dividend tax credits etc

      3. 6. Structure of income tax rates

    3. Employment income: taxable benefits

      1. 7. Taxable benefits: application of Chapters 5 to 7 of Part 3 of ITEPA 2003

      2. 8. Cars: appropriate percentage for 2019-20 and subsequent tax years

      3. 9. Cars which cannot emit CO2: appropriate percentage for 2017-18 and 2018-19

      4. 10. Diesel cars: appropriate percentage

      5. 11. Cash equivalent of benefit of a van

      6. 12. Tax treatment of payments from sporting testimonials

      7. 13. Exemption for trivial benefits provided by employers

      8. 14. Travel expenses of workers providing services through intermediaries

      9. 15. Taxable benefits: PAYE

    4. Employment income: other provision

      1. 16. Employee share schemes

      2. 17. Securities options

      3. 18. Employment income provided through third parties

    5. Pensions

      1. 19. Standard lifetime allowance from 2016-17

      2. 20. Pensions bridging between retirement and state pension

      3. 21. Dependants’ scheme pensions

      4. 22. Pension flexibility

      5. 23. Netherlands Benefit Act for Victims of Persecution 1940-1945

    6. Trading and other income

      1. 24. Fixed-rate deductions for use of home for business purposes

      2. 25. Averaging profits of farmers etc

      3. 26. Relief for finance costs related to residential property businesses

      4. 27. Individual investment plans of deceased investors

    7. Reliefs: enterprise investment scheme, venture capital trusts etc

      1. 28. EIS, SEIS and VCTs: exclusion of energy generation

      2. 29. EIS and VCTs: definition of certain periods

      3. 30. EIS and VCTs: election

      4. 31. VCTs: requirements for giving approval

    8. Reliefs: peer-to-peer lending

      1. 32. Income tax relief for irrecoverable peer-to-peer loans

    9. Transactions in securities

      1. 33. Transactions in securities: company distributions

      2. 34. Transactions in securities: procedure for counteraction of advantage

      3. 35. Distributions in a winding up

    10. Disguised fees and carried interest

      1. 36. Disguised investment management fees

      2. 37. Income-based carried interest

      3. 38. Income-based carried interest: persons coming to the UK

    11. Deduction at source

      1. 39. Deduction of income tax at source

      2. 40. Deduction of income tax at source: intellectual property

      3. 41. Deduction of income tax at source: intellectual property - tax avoidance

    12. Receipts from intellectual property

      1. 42. Receipts from intellectual property: territorial scope

      2. 43. Receipts from intellectual property: diverted profits tax

  2. Part 2

    Corporation tax

    1. Charge and rates

      1. 44. Charge for financial year 2017

      2. 45. Rate of corporation tax for financial year 2020

    2. Research and development

      1. 46. Abolition of vaccine research relief

      2. 47. Cap on R&D aid

    3. Loan relationships

      1. 48. Loan relationships and derivative contracts

      2. 49. Loans to participators etc: rate of tax

      3. 50. Loans to participators etc: trustees of charitable trusts

    4. Intangible fixed assets

      1. 51. Intangible fixed assets: pre-FA 2002 assets

      2. 52. Intangible fixed assets: transfers treated as at market value

    5. Creative industry reliefs

      1. 53. Tax relief for production of orchestral concerts

      2. 54. Television and video games tax relief: consequential amendments

    6. Banking companies

      1. 55. Banking companies: excluded entities

      2. 56. Banking companies: restrictions on loss relief etc

    7. Oil and gas

      1. 57. Reduction in rate of supplementary charge

      2. 58. Investment allowance: disqualifying conditions

      3. 59. Investment allowance: power to expand meaning of “relevant income”

      4. 60. Onshore allowance: disqualifying conditions

      5. 61. Cluster area allowance: disqualifying conditions

      6. 62. Cluster area allowance: power to expand meaning of “relevant income”

    8. Exploitation of patents etc

      1. 63. Profits from the exploitation of patents etc

    9. Miscellaneous

      1. 64. Power to make regulations about the taxation of securitisation companies

      2. 65. Hybrid and other mismatches

      3. 66. Insurance companies carrying on long-term business

      4. 67. Taking over payment obligations as lessee of plant or machinery

  3. Part 3

    Income tax and corporation tax

    1. Capital allowances

      1. 68. Capital allowances: designated assisted areas

      2. 69. Capital allowances: anti-avoidance relating to disposals

    2. Trade and property business profits

      1. 70. Trade and property business profits: money’s worth

      2. 71. Replacement and alteration of tools

    3. Property business deductions

      1. 72. Property business deductions: replacement of domestic items

      2. 73. Property business deductions: wear and tear allowance

    4. Transfer pricing

      1. 74. Transfer pricing: application of OECD principles

    5. Transactions in UK land

      1. 75. Corporation tax: territorial scope etc

      2. 76. Corporation tax: transactions in UK land

      3. 77. Income tax: territorial scope etc

      4. 78. Income tax: transactions in UK land

      5. 79. Pre-trading expenses

      6. 80. Commencement and transitional provision: sections 75, 76 and 79

      7. 81. Commencement and transitional provision: sections 77 and 78

  4. Part 4

    Capital gains tax

    1. Rate

      1. 82. Reduction in rate of capital gains tax

    2. Entrepreneurs' relief

      1. 83. Entrepreneurs’ relief: associated disposals

      2. 84. Entrepreneurs’ relief: disposal of goodwill

      3. 85. Entrepreneurs’ relief: “trading company” and “trading group”

    3. Investors' relief

      1. 86. Investors’ relief

    4. Employee shareholder shares

      1. 87. Employee shareholder shares: limit on exemption

      2. 88. Employee shareholder shares: disguised fees and carried interest

    5. Other provisions

      1. 89. Disposals of UK residential property by non-residents etc

      2. 90. NRCGT returns

      3. 91. Addition of CGT to Provisional Collection of Taxes Act 1968

  5. Part 5

    Inheritance tax etc

    1. 92. Inheritance tax: increased nil-rate band

    2. 93. Inheritance tax: pension drawdown funds

    3. 94. Inheritance tax: victims of persecution during Second World War era

    4. 95. Inheritance tax: gifts for national purposes etc

    5. 96. Estate duty: objects of national, scientific, historic or artistic interest

  6. Part 6

    Apprenticeship levy

    1. Basic provisions

      1. 97. Apprenticeship levy

      2. 98. Charge to apprenticeship levy

      3. 99. A person’s pay bill for a tax year

    2. Connected companies and charities

      1. 100. Connected companies

      2. 101. Connected charities

    3. Anti-avoidance

      1. 102. Anti-avoidance

      2. 103. Application of other regimes to apprenticeship levy

    4. Payment, collection and recovery

      1. 104. Assessment, payment etc

      2. 105. Recovery from third parties

      3. 106. Real time information

      4. 107. Time limits for assessment

      5. 108. No deduction in respect of levy to be made from earnings

      6. 109. Collectors and court proceedings

    5. Information and penalties

      1. 110. Records

      2. 111. Information and inspection powers

      3. 112. Penalties

    6. Appeals

      1. 113. Appeals

    7. General

      1. 114. Tax agents: dishonest conduct

      2. 115. Provisional collection of apprenticeship levy

      3. 116. Crown application

      4. 117. Charities which are “connected” with one another

      5. 118. Connection between charities: further provision

      6. 119. General interpretation

      7. 120. Regulations

  7. Part 7

    VAT

    1. 121. VAT: power to provide for persons to be eligible for refunds

    2. 122. VAT: representatives and security

    3. 123. VAT: joint and several liability of operators of online marketplaces

    4. 124. VAT: Isle of Man charities

    5. 125. VAT: women’s sanitary products

  8. Part 8

    SDLT and ATED

    1. Stamp duty land tax

      1. 126. SDLT: calculating tax on non-residential and mixed transactions

      2. 127. SDLT: higher rates for additional dwellings etc

      3. 128. SDLT higher rate: land purchased for commercial use

      4. 129. SDLT higher rate: acquisition under regulated home reversion plan

      5. 130. SDLT higher rate: properties occupied by certain employees etc

      6. 131. SDLT: minor amendments of section 55 of FA 2003

      7. 132. SDLT: property authorised investment funds and co-ownership authorised
        contractual schemes

    2. Annual tax on enveloped dwellings

      1. 133. ATED: regulated home reversion plans

      2. 134. ATED: properties occupied by certain employees etc

      3. 135. ATED: alternative property finance - land in Scotland

  9. Part 9

    Other taxes and duties

    1. Stamp duty and stamp duty reserve tax

      1. 136. Stamp duty: acquisition of target company’s share capital

      2. 137. Stamp duty: transfers to depositaries or providers of clearance services

      3. 138. SDRT: transfers to depositaries or providers of clearance services

    2. Petroleum revenue tax

      1. 139. Petroleum revenue tax: rate

    3. Insurance premium tax

      1. 140. Insurance premium tax: standard rate

    4. Landfill tax

      1. 141. Landfill tax: rates from 1 April 2017

      2. 142. Landfill tax: rates from 1 April 2018

    5. Climate change levy

      1. 143. CCL: abolition of exemption for electricity from renewable sources

      2. 144. CCL: main rates from 1 April 2017

      3. 145. CCL: main rates from 1 April 2018

      4. 146. CCL: main rates from 1 April 2019

      5. 147. CCL: reduced rates from 1 April 2019

    6. Air passenger duty

      1. 148. APD: rates from 1 April 2016

    7. Vehicle excise duty

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

      2. 150. VED: extension of old vehicles exemption from 1 April 2017

    8. Other excise duties

      1. 151. Gaming duty: rates

      2. 152. Fuel duties: aqua methanol etc

      3. 153. Tobacco products duty: rates

      4. 154. Alcoholic liquor duties: rates

  10. Part 10

    Tax avoidance and evasion

    1. General anti-abuse rule

      1. 155. General anti-abuse rule: provisional counteractions

      2. 156. General anti-abuse rule: binding of tax arrangements to lead arrangements

      3. 157. General anti-abuse rule: penalty

    2. Tackling frequent avoidance

      1. 158. Serial tax avoidance

      2. 159. Promoters of tax avoidance schemes

      3. 160. Large businesses: tax strategies and sanctions for persistently unco-operative
        behaviour

    3. Offshore activities

      1. 161. Penalties for enablers of offshore tax evasion or non-compliance

      2. 162. Penalties in connection with offshore matters and offshore transfers

      3. 163. Offshore tax errors etc: publishing details of deliberate tax defaulters

      4. 164. Asset-based penalties for offshore inaccuracies and failures

      5. 165. Offences relating to offshore income, assets and activities

  11. Part 11

    Administration, enforcement and supplementary powers

    1. Assessment and returns

      1. 166. Simple assessments

      2. 167. Time limit for self assessment tax returns

      3. 168. HMRC power to withdraw notice to file a tax return

    2. Judgment debts

      1. 169. Rate of interest applicable to judgment debts etc: Scotland

      2. 170. Rate of interest applicable to judgment debts etc: Northern Ireland

      3. 171. Rate of interest applicable to judgment debts etc: England and Wales

    3. Enforcement powers

      1. 172. Gift aid: power to impose penalties on charities and intermediaries

      2. 173. Proceedings under customs and excise Acts: prosecuting authority

      3. 174. Detention and seizure under CEMA 1979: notice requirements etc

      4. 175. Data-gathering powers: providers of payment or intermediary services

      5. 176. Data-gathering powers: daily penalties for extended default

    4. Payment

      1. 177. Extension of provisions about set-off to Scotland

    5. Raw tobacco

      1. 178. Raw tobacco approval scheme

    6. State aids granted through provision of tax advantages

      1. 179. Powers to obtain information about certain tax advantages

      2. 180. Power to publish state aid information

      3. 181. Information powers: supplementary

    7. Qualifying transformer vehicles

      1. 182. Qualifying transformer vehicles

  12. Part 12

    Office of Tax Simplification

    1. 183. Office of Tax Simplification

    2. 184. Functions of the OTS: general

    3. 185. Functions of the OTS: reviews and reports

    4. 186. Annual report

    5. 187. Review of the OTS

    6. 188. Commencement

  13. Part 13

    Final

    1. 189. Interpretation

    2. 190. Short title

    1. Schedule 1

      Abolition of dividend tax credits etc

    2. Schedule 2

      Sporting testimonial payments

    3. Schedule 3

      Employee share schemes: minor amendments

    4. Schedule 4

      Pensions: lifetime allowance: transitional provision

      1. Part 1

        “Fixed protection 2016”

      2. Part 2

        “Individual protection 2016”

      3. Part 3

        Reference numbers etc

      4. Part 4

        Information

      5. Part 5

        Amendments in connection with protection of pre-6 April
        2006 rights

      6. Part 6

        Interpretation and regulations

    5. Schedule 5

      Pension flexibility

    6. Schedule 6

      Deduction of income tax at source

      1. Part 1

        Abolition of duty to deduct tax from interest on certain
        investments

      2. Part 2

        Deduction of tax from yearly interest: exception for deposit-
        takers

      3. Part 3

        Amendments of or relating to Chapter 2 of Part 15 of ITA 2007

      4. Part 4

        Deduction of tax from UK public revenue dividends

      5. Part 5

        Commencement

    7. Schedule 7

      Loan relationships and derivative contracts

    8. Schedule 8

      Tax relief for production of orchestral concerts

      1. Part 1

        Amendment of CTA 2009

      2. Part 2

        Consequential amendments

      3. Part 3

        Commencement

    9. Schedule 9

      Profits from the exploitation of patents etc: consequential

    10. Schedule 10

      Hybrid and other mismatches

      1. Part 1

        Main provisions

      2. Part 2

        Consequential amendments

      3. Part 3

        Commencement

    11. Schedule 11

      Disposals of non-UK residential property interests

    12. Schedule 12

      Disposals of residential property interests: gains and losses

    13. Schedule 13

      Entrepreneurs’ relief: “trading company” and “trading group”

    14. Schedule 14

      Investors’ relief

    15. Schedule 15

      Inheritance tax: increased nil-rate band

    16. Schedule 16

      Property authorised investment funds and co-ownership
      authorised contractual schemes

      1. Part 1

        Co-ownership authorised contractual schemes

      2. Part 2

        Seeding relief for property authorised investment funds and
        co-ownership authorised contractual schemes

      3. Part 3

        Consequential amendments

      4. Part 4

        Commencement

    17. Schedule 17

      Aqua methanol etc

      1. Part 1

        Aqua methanol

      2. Part 2

        Hydrocarbon oils: miscellaneous amendments

      3. Part 3

        Commencement

    18. Schedule 18

      Serial tax avoidance

      1. Part 1

        Contents of Schedule

      2. Part 2

        Entry into the regime and basic concepts

      3. Part 3

        Annual information notices and naming

      4. Part 4

        Restriction of reliefs

      5. Part 5

        Penalty

      6. Part 6

        Corporate groups, associated persons and partnerships

      7. Part 7

        Supplemental

    19. Schedule 19

      Large businesses: tax strategies and sanctions

      1. Part 1

        Interpretation

      2. Part 2

        Publication of tax strategies

      3. Part 3

        Sanctions for persistently unco-operative large businesses

      4. Part 4

        Supplementary

    20. Schedule 20

      Penalties for enablers of offshore tax evasion or non-
      compliance

      1. Part 1

        Liability for penalty

      2. Part 2

        Application of Schedule 36 to FA 2008: information powers

      3. Part 3

        Publishing details of persons found liable to penalties

    21. Schedule 21

      Penalties relating to offshore matters and offshore transfers

    22. Schedule 22

      Asset-based penalty for offshore inaccuracies and failures

      1. Part 1

        Liability for penalty

      2. Part 2

        Amount of penalty

      3. Part 3

        Identification and valuation of assets

      4. Part 4

        Procedure

      5. Part 5

        General

    23. Schedule 23

      Simple assessments

    24. Schedule 24

      Tax advantages constituting the grant of state aid

      1. Part 1

        Tax advantages to which section 179(2)applies

      2. Part 2

        Tax advantages to which section 179(5) applies

    25. Schedule 25

      Office of Tax Simplification

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