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House of Lords

Session 2013 - 14 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill
[AS AMENDED ON REPORT IN THE HOUSE OF COMMONS]
EUROPEAN CONVENTION ON HUMAN RIGHTS
Lord Deighton 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.
HL Bill 37                                                                                               55/3
Finance Bill
[AS AMENDED ON REPORT IN THE HOUSE OF COMMONS]
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
HL Bill 37                                                                                               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, other reliefs and deductions
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
34    Transfer of deductions
35    R&D expenditure credits
36    Relief for television production and video games development
Exemption from charge
37    Health service bodies: exemption
38    Chief constables etc (England and Wales): exemption
Other provisions
39    Real estate investment trusts: UK REITs which invest in other UK REITs
40    Corporation tax relief for employee share acquisitions etc
41    Derivative contracts: property total return swaps etc
42    Corporation tax: tax mismatch schemes
43    Tier two capital
44    Financing costs and income: group treasury companies
45    Condition for company to be an “investment trust”
46    Community amateur sports clubs
Finance Bill iii
Chapter 4
Pensions
47    Lifetime allowance charge: power to amend the transitional provision in Part
2 of Schedule 18 to FA 2011 etc
48    Lifetime allowance charge: new standard lifetime allowance for the tax year
2014-15 and subsequent tax years
49    Annual allowance: new annual allowance for the tax year 2014-15 and
subsequent tax years
50    Drawdown pensions and dependants’ drawdown pensions
51    Bridging pensions
52    Abolition of contracting out of state second pension: consequential
amendments etc
53    Overseas pension schemes: general
54    Overseas pension schemes: information and inspection powers
Chapter 5
Other provisions
Employee shareholder shares
55    Employee shareholder shares
Seed enterprise investment scheme
56    SEIS: income tax relief
57    SEIS: re-investment relief
Disincorporation
58    Disincorporation relief
59    Qualifying business transfer
60    Making a claim
61    Effect of disincorporation relief
Capital gains
62    Attribution of gains to members of non-resident companies
63    Heritage maintenance settlements
64    EMI options and entrepreneurs’ relief etc
65    Charge on certain high value disposals by companies etc
66    Currency used in tax calculations: chargeable gains and losses
Capital allowances
67    Allowances for energy-saving plant and machinery: Northern Ireland
68    Cars with low carbon dioxide emissions
69    Gas refuelling stations: extension of time limit for capital allowance
70    First-year allowance to be available for ships and railway assets
71    Restrictions on buying capital allowances
72    Hire cars for disabled persons
73    Contribution allowances: plant and machinery
Finance Bill iv
Miscellaneous
74    Community investment tax relief
75    Lease premium relief
76    Manufactured payments: stock lending arrangements
77    Manufactured payments: general
78    Relationship between rules prohibiting and allowing deductions
79    Close companies
Part 2
Oil
Decommissioning relief agreements
80    Decommissioning relief agreements
81    Meaning of “decommissioning expenditure”
82    Annual report
83    Effect of claim on PRT
84    Terminal losses accruing by virtue of another’s default
85    Claims under agreement not to affect oil allowance
Decommissioning security settlements
86    Removal of IHT charges in respect of decommissioning security settlements
87    Loan relationships arising from decommissioning security settlements
Decommissioning expenditure etc
88    Decommissioning expenditure taken into account for PRT purposes
89    Miscellaneous amendments relating to decommissioning
Capital allowances
90    Expenditure on decommissioning onshore installations
91    Expenditure on decommissioning certain redundant plant or machinery
92    Expenditure on site restoration
93    Restrictions on allowances for certain oil-related expenditure
Part 3
Annual tax on enveloped dwellings
The charge to tax
94    Charge to tax
95    Entitlement to interests
96    Person liable
97    Liability of persons jointly entitled
98    Collective investment schemes: liability for and collection of tax
99    Amount of tax chargeable
100    Interim relief
101    Indexation of annual chargeable amounts
102    Taxable value
103    Section 102: “substantial” acquisitions and disposals
Finance Bill v
104    No double charge
Adjustment of amount charged
105    “Adjusted chargeable amount”
106    Adjustment of amount chargeable
Chargeable interests and “single-dwelling interest”
107    Chargeable interests
108    Meaning of “single-dwelling interest”
109    Different interests held in the same dwelling
110    Interests held by connected persons
111    Different interests held in the same dwelling: effect of reliefs etc
Meaning of “dwelling”
112    Meaning of “dwelling”
113    Substantial performance of “off plan” purchase
114    Power to modify meaning of “use as a dwelling”
115    Parts of a greater whole
116    Dwelling in grounds of another dwelling
117    Dwellings in the same building
118    Section 117: supplementary
119    Terraces etc
Acquisitions and disposals
120    Acquisitions and disposals of chargeable interests
121    Date of acquisition or disposal
122    Contract and conveyance: the purchaser
123    Contract and conveyance: the vendor
New dwellings, conversions, demolition etc
124    New dwellings
125    Dwellings produced from other dwellings
126    Demolition of a dwelling
127    Demolition without replacement
128    Demolition and replacement: new dwellings
129    Demolition and replacement: other cases
130    Conversion of dwelling for non-residential use
131    Damage to a dwelling
Reliefs
132    Effect of reliefs under sections 133 to 150
133    Property rental businesses
134    Rental property: preparation for sale, demolition etc
135    Non-qualifying occupation: look-forward and look-back
136    Meaning of “non-qualifying individual”
137    Dwellings opened to the public
138    Property developers
139    Property developers: exchange of dwellings