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Finance (No. 3) Bill

 

Finance (No. 3) Bill

 
 

The Bill is divided into two volumes. Volume I contains the Clauses and Schedules

1 to 3 to the Bill. Volume II contains Schedules 4 to 26 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 (No. 3) Bill are compatible with the

Convention rights.

 

Bill 175                                                                                                

55/1

 

 
 

Finance (No. 3) Bill

 

 
 

The Bill is divided into two volumes. Volume I contains the Clauses and Schedules

1 to 3 to the Bill. Volume II contains Schedules 4 to 26 to the Bill.

Contents

Part 1

Charges, rates, allowances etc

Income tax

1   

Charge and main rates for 2011-12

2   

Basic rate limit for 2011-12

3   

Personal allowance for 2011-12 for those aged under 65

Corporation tax

4   

Main rate for financial year 2011

5   

Charge and main rate for financial year 2012

6   

Small profits rate and fractions for financial year 2011

7   

Increase in rate of supplementary charge

Capital gains tax

8   

Annual exempt amount

9   

Entrepreneurs’ relief

Capital allowances

10   

Plant and machinery writing-down allowances

11   

Annual investment allowance

12   

Short-life assets

Alcohol duties

13   

Rates of alcoholic liquor duties

14   

General beer duty: reduced rate for lower strength beer

15   

New high strength beer duty

Tobacco duties

16   

Rates of tobacco products duty

 

Bill 175                                                                                                

55/1

 

 

Finance (No. 3) Bill

ii

 

Gambling duties

17   

Rates of gaming duty

18   

Amusement machine licence duty

Fuel duties

19   

Fuel duties: rates of duty and rebates from 23 March 2011

20   

Fuel duties: rates of duty and rebates from 1 January 2012

Vehicle excise duty

21   

VED rates for light passenger vehicles, light goods vehicles, motorcycles etc

22   

VED rates for certain goods vehicles without road-friendly suspension

Environmental taxes

23   

Rates of climate change levy

24   

Rate of aggregates levy

25   

Standard rate of landfill tax

Part 2

Income tax, corporation tax and capital gains tax

Anti-avoidance provisions

26   

Employment income provided through third parties

27   

Tainted charity donations

28   

Amounts not fully recognised for accounting purposes

29   

Loan relationships involving connected debtor and creditor

30   

Group mismatch schemes

31   

Company ceasing to be member of group: availability of relief

32   

Leasing businesses

33   

Long funding finance leases

34   

Investment companies

Exemptions and reliefs

35   

Reduction in childcare relief for higher earners

36   

Childcare: salary sacrifice etc and the national minimum wage

37   

Accommodation expenses of MPs

38   

Experts seconded to European Union bodies

39   

Employment income: exemption for fees relating to monitoring schemes

40   

Individual investment plans for children

41   

Gift aid: increase of limits on total value of benefits associated with gifts

42   

Enterprise investment scheme: amount of relief

43   

Relief for expenditure on R&D by SMEs

Chargeable gains

44   

Value shifting

45   

Company ceasing to be member of a group

46   

Pre-entry losses

 

 

Finance (No. 3) Bill

iii

 

Foreign profits

47   

Controlled foreign companies

48   

Profits of foreign permanent establishments etc

Investment trusts

49   

Meaning of “investment trust”

50   

Power to make provision about treatment of transactions

Miscellaneous

51   

Taxable benefits: calculating the appropriate percentage for cars

52   

Furnished holiday lettings

53   

Leases and changes to accounting standards

54   

Leasing companies: withdrawal of election

55   

Companies with small profits: associated companies

56   

Insurance companies: apportionment of amounts brought into account

57   

Tonnage tax: capital allowances in respect of ship leasing

58   

Transfer pricing: application of OECD principles

59   

Offshore funds

60   

Index-linked gilt-edged securities

Part 3

Oil

61   

PRT: areas treated as continuing to be oil fields

62   

Intangible fixed assets: oil licences

63   

Reduction of supplementary charge for certain new oil fields

64   

Chargeable gains: oil activities

Part 4

Pensions

65   

Benefits under pension schemes

66   

Annual allowance charge

67   

Lifetime allowance charge

68   

Borrowing by section 67 pension scheme

69   

Exemption from tax on interest on unpaid relevant contributions

70   

Power to make further provision about section 67 pension scheme

71   

Tax provision consequential on Part 1 of Pensions Act 2008 etc

Part 5

Bank levy

72   

The bank levy

 

 

Finance (No. 3) Bill

iv

 

Part 6

Other taxes

Value added tax

73   

Business samples

74   

Zero-rating: splitting of supplies

75   

Academies

76   

Relief from VAT on imported goods of low value

Climate change levy

77   

Supplies of commodities to be used in producing electricity

78   

Northern Ireland gas supplies

79   

Power to suspend exemption for transport supplies

80   

Power to suspend exemption for supplies used in recycling processes

Aggregates levy

81   

Transitional tax credit

Stamp duty land tax

82   

Prevention of avoidance

83   

Transfers involving multiple dwellings

Stamp duty reserve tax

84   

Interests in collective investment schemes

Part 7

Administration etc

85   

Security for payment of PAYE

86   

Data-gathering powers

87   

Mutual assistance for recovery of taxes etc

Part 8

Miscellaneous provisions

88   

Amendments of section 1 of the Provisional Collection of Taxes Act 1968

89   

Specified investments

90   

Machine games duty

91   

Redundant reliefs

Part 9

Final provisions

92   

Interpretation

93   

Short title

 

 

Finance (No. 3) Bill

v

 

Schedule 1   —   

New high strength beer duty

Schedule 2   —   

Employment income provided through third parties

Schedule 3   —   

Tainted charity donations

Part 1   —   

Income tax

Part 2   —   

Corporation tax

Part 3   —   

Capital gains tax

Part 4   —   

Consequential amendments

Part 5   —   

Commencement and transitional provision

Schedule 4   —   

Amounts not fully recognised for accounting purposes

Schedule 5   —   

Group mismatch schemes

Schedule 6   —   

Leasing businesses

Schedule 7   —   

Investment companies

Schedule 8   —   

Reduction in childcare relief for higher earners

Schedule 9   —   

Value shifting

Schedule 10   —   

Company ceasing to be member of group

Schedule 11   —   

Pre-entry losses

Schedule 12   —   

Controlled foreign companies

Part 1   —   

Exemptions for companies with limited UK connection

Part 2   —   

Amendment of small chargeable profits exception

Part 3   —   

Temporary exemption following reorganisation etc

Part 4   —   

Holding companies: extension of transitional provision

Part 5   —   

Minor and consequential amendments

Part 6   —   

Commencement and transitional provision

Schedule 13   —   

Profits of foreign permanent establishments etc

Part 1   —   

Amendments of CTA 2009

Part 2   —   

Amendments of other Acts

Part 3   —   

Commencement and transitional provision

Schedule 14   —   

Furnished holiday lettings

Part 1   —   

Income tax

Part 2   —   

Corporation tax

Part 3   —   

Capital allowances

Part 4   —   

Chargeable gains

Schedule 15   —   

Chargeable gains: oil activities

Part 1   —   

Licence swaps

Part 2   —   

Reinvestment of ring fence assets

Schedule 16   —   

Benefits under pension schemes

Part 1   —   

Changes to benefits available under pension schemes etc

Part 2   —   

Consequential amendments

Part 3   —   

Commencement and transitional provision

Schedule 17   —   

Annual allowance charge

Part 1   —   

Amendments

Part 2   —   

Commencement and transitional provision

Schedule 18   —   

Lifetime allowance charge

Part 1   —   

Amendments

Part 2   —   

Commencement and transitional provision

Schedule 19   —   

The bank levy

Part 1   —   

Introduction

Part 2   —   

Charging of bank levy

Part 3   —   

Groups covered by the bank levy

Part 4   —   

Chargeable equity and liabilities

Part 5   —   

Supplementary provision

Part 6   —   

Collection and management

 

 

 
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Revised 31 March 2011