OpenLegislation

Finance Act 2011

2011 c. 11 · Enacted 19 July 2011 · Extends to United Kingdom

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 1 April 2026.

See the changes not yet applied
ProvisionChangeMade by
s. 63(3)omittedFinance Act 2012 Sch. 22 para. 20
Sch. 23 para. 45(1)(ia)insertedFinance Act 2017 Sch. 11 para. 6(3)
Sch. 23 para. 24 and cross-headinginsertedFinance Act 2017 Sch. 11 para. 6(2)
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.[19th July 2011]

Most Gracious Sovereign

WE, Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: Charges, rates, allowances etc
  2. Income tax
  3. 1Charge and main rates for 2011-12
  4. 2Basic rate limit for 2011-12
  5. 3Personal allowance for 2011-12 for those aged under 65
  6. Corporation tax
  7. 4Main rate for financial year 2011
  8. 5Charge and main rate for financial year 2012
  9. 6Small profits rate and fractions for financial year 2011
  10. 7Increase in rate of supplementary charge
  11. Capital gains tax
  12. 8Annual exempt amount
  13. 9Entrepreneurs' relief
  14. Capital allowances
  15. 10Plant and machinery writing-down allowances
  16. 11Annual investment allowance
  17. 12Short-life assets
  18. Alcohol duties
  19. 13Rates of alcoholic liquor duties
  20. 14General beer duty: reduced rate for lower strength beer
  21. 15New high strength beer duty
  22. Tobacco duties
  23. 16Rates of tobacco products duty
  24. Gambling duties
  25. 17Rates of gaming duty
  26. 18Amusement machine licence duty
  27. Fuel duties
  28. 19Fuel duties: rates of duty and rebates from 23 March 2011
  29. 20Fuel duties: rates of duty and rebates from 1 January 2012
  30. Vehicle excise duty
  31. 21VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
  32. 22VED rates for certain goods vehicles without road-friendly suspension
  33. Environmental taxes
  34. 23Rates of climate change levy
  35. 24Rate of aggregates levy
  36. 25Standard rate of landfill tax
  37. Part 2: Income tax, corporation tax and capital gains tax
  38. Anti-avoidance provisions
  39. 26Employment income provided through third parties
  40. 27Tainted charity donations
  41. 28Amounts not fully recognised for accounting purposes
  42. 29Loan relationships involving connected debtor and creditor
  43. 30Group mismatch schemes
  44. 31Company ceasing to be member of group: availability of relief
  45. 32Leasing businesses
  46. 33Long funding finance leases
  47. 34Investment companies
  48. Exemptions and reliefs
  49. 35Reduction in childcare relief for higher earners
  50. 36Childcare: salary sacrifice etc and the national minimum wage
  51. 37Accommodation expenses of MPs
  52. 38Experts seconded to European Union bodies
  53. 39Employment income: exemption for fees relating to monitoring schemes
  54. 40Individual investment plans for children
  55. 41Gift aid: increase of limits on total value of benefits associated with gifts
  56. 42Enterprise investment scheme: amount of relief
  57. 43Relief for expenditure on R&D by SMEs
  58. Chargeable gains
  59. 44Value shifting
  60. 45Company ceasing to be member of a group
  61. 46Pre-entry losses
  62. Foreign profits
  63. 47Controlled foreign companies
  64. 48Profits of foreign permanent establishments etc
  65. Investment trusts
  66. 49Meaning of “investment trust”
  67. 50Power to make provision about treatment of transactions
  68. Miscellaneous
  69. 51Taxable benefits: calculating the appropriate percentage for cars
  70. 52Furnished holiday lettings
  71. 53Leases and changes to accounting standards Repealed
  72. 54Leasing companies: withdrawal of election
  73. 55Companies with small profits: associated companies
  74. 56Insurance companies: apportionment of amounts brought into account Repealed
  75. 57Tonnage tax: capital allowances in respect of ship leasing
  76. 58Transfer pricing: application of OECD principles
  77. 59Offshore funds
  78. 60Index-linked gilt-edged securities
  79. Part 3: Oil
  80. 61PRT: areas treated as continuing to be oil fields
  81. 62Intangible fixed assets: oil licences
  82. 63Reduction of supplementary charge for certain new oil fields
  83. 64Chargeable gains: oil activities
  84. Part 4: Pensions
  85. 65Benefits under pension schemes
  86. 66Annual allowance charge
  87. 67Lifetime allowance charge
  88. 68Borrowing by section 67 pension scheme
  89. 69Exemption from tax on interest on unpaid relevant contributions
  90. 70Power to make further provision about section 67 pension scheme
  91. 71Tax provision consequential on Part 1 of Pensions Act 2008 etc
  92. 72Foreign pensions of UK residents
  93. Part 5: Bank levy
  94. 73The bank levy
  95. Part 6: Other taxes
  96. Value added tax
  97. 74Business samples
  98. 75Zero-rating: splitting of supplies
  99. 76Academies
  100. 77Relief from VAT on imported goods of low value
  101. Climate change levy
  102. 78Supplies of commodities to be used in producing electricity Repealed
  103. 79Northern Ireland gas supplies
  104. 80Power to suspend exemption for supplies used in recycling processes Repealed
  105. Aggregates levy
  106. 81Transitional tax credit
  107. Stamp duty land tax
  108. 82Prevention of avoidance
  109. 83Transfers involving multiple dwellings Repealed
  110. Stamp duty reserve tax
  111. 84Interests in collective investment schemes
  112. Part 7: Administration etc
  113. 85Security for payment of PAYE
  114. 86Data-gathering powers
  115. 87Mutual assistance for recovery of taxes etc
  116. Part 8: Miscellaneous provisions
  117. 88Amendments of section 1 of the Provisional Collection of Taxes Act 1968
  118. 89Specified investments
  119. 90Machine games duty
  120. 91Redundant reliefs
  121. Part 9: Final provisions
  122. 92Interpretation
  123. 93Short title
  124. Schedule 1: New high strength beer duty
  125. High strength beer duty
  126. 1Paragraph 1
  127. Consequential amendments in ALDA 1979
  128. 2Paragraph 2
  129. 3Paragraph 3
  130. 4Paragraph 4
  131. 5Paragraph 5
  132. 6Paragraph 6
  133. 7Paragraph 7
  134. 8Paragraph 8
  135. 9Paragraph 9
  136. 10Paragraph 10
  137. 11Paragraph 11
  138. 12Paragraph 12
  139. Schedule 2: Employment income provided through third parties
  140. Main provision
  141. 1Paragraph 1
  142. Other amendments to ITEPA 2003
  143. 2Paragraph 2
  144. 3Paragraph 3
  145. 4Paragraph 4
  146. 5Paragraph 5
  147. 6Paragraph 6
  148. 7Paragraph 7
  149. 8Paragraph 8
  150. 9Paragraph 9
  151. 10Paragraph 10
  152. 11Paragraph 11
  153. 12Paragraph 12
  154. 13Paragraph 13
  155. 14Paragraph 14
  156. 15Paragraph 15
  157. 16Paragraph 16
  158. 17Paragraph 17
  159. 18Paragraph 18
  160. 19Paragraph 19
  161. 20Paragraph 20
  162. 21Paragraph 21
  163. 22Paragraph 22
  164. 23Paragraph 23
  165. 24Paragraph 24
  166. 25Paragraph 25
  167. 26Paragraph 26
  168. 27Paragraph 27
  169. 28Paragraph 28
  170. 29Paragraph 29
  171. 30Paragraph 30
  172. 31Paragraph 31
  173. 32Paragraph 32
  174. 33Paragraph 33
  175. 34Paragraph 34
  176. Amendments to ITTOIA 2005
  177. 35Paragraph 35
  178. 36Paragraph 36
  179. 37Paragraph 37
  180. 38Paragraph 38
  181. 39Paragraph 39
  182. Amendments to ITA 2007
  183. 40Paragraph 40
  184. 41Paragraph 41
  185. 42Paragraph 42
  186. 43Paragraph 43
  187. Amendments to CTA 2009
  188. 44Paragraph 44
  189. 45Paragraph 45
  190. 46Paragraph 46
  191. 47Paragraph 47
  192. 48Paragraph 48
  193. Other amendments
  194. 49Paragraph 49
  195. 50Paragraph 50
  196. 51Paragraph 51
  197. Commencement and transitional provision relating to Part 7A of ITEPA 2003
  198. 52Paragraph 52
  199. 53Paragraph 53
  200. 54Paragraph 54
  201. 55Paragraph 55
  202. 56Paragraph 56
  203. 57Paragraph 57
  204. 58Paragraph 58
  205. 59Paragraph 59
  206. Other commencement provision
  207. 60Paragraph 60
  208. 61Paragraph 61
  209. 62Paragraph 62
  210. 63Paragraph 63
  211. Power to make provision dealing with interactions etc
  212. 64Paragraph 64 Repealed
  213. Schedule 3: Tainted charity donations
  214. Part 1: Income tax
  215. 1Paragraph 1
  216. Part 2: Corporation tax
  217. 2Paragraph 2
  218. Part 3: Capital gains tax
  219. 3Paragraph 3
  220. Part 4: Consequential amendments
  221. Capital Allowances Act 2001
  222. 4Paragraph 4
  223. Income Tax (Employment and Pensions) Act 2003
  224. 5Paragraph 5
  225. Income Tax (Trading and Other Income) Act 2005
  226. 6Paragraph 6
  227. Income Tax Act 2007
  228. 7Paragraph 7
  229. 8Paragraph 8
  230. 9Paragraph 9
  231. 10Paragraph 10
  232. 11Paragraph 11
  233. 12Paragraph 12
  234. 13Paragraph 13
  235. 14Paragraph 14
  236. 15Paragraph 15
  237. Housing and Regeneration Act 2008
  238. 16Paragraph 16
  239. Corporation Tax Act 2009
  240. 17Paragraph 17
  241. 18Paragraph 18
  242. Corporation Tax Act 2010
  243. 19Paragraph 19
  244. 20Paragraph 20
  245. 21Paragraph 21
  246. 22Paragraph 22
  247. 23Paragraph 23
  248. 24Paragraph 24
  249. 25Paragraph 25
  250. 26Paragraph 26
  251. Part 5: Commencement and transitional provision
  252. Commencement
  253. 27Paragraph 27
  254. Treatment of existing arrangements
  255. 28Paragraph 28
  256. Treatment of substantial donor transactions
  257. 29Paragraph 29
  258. 30Paragraph 30
  259. Housing (Scotland) Act 2010 (asp 17)
  260. 31Paragraph 31
  261. Schedule 4: Amounts not fully recognised for accounting purposes
  262. Loan relationships
  263. 1Paragraph 1
  264. 2Paragraph 2
  265. 3Paragraph 3
  266. 4Paragraph 4
  267. 5Paragraph 5
  268. 6Paragraph 6
  269. Derivative contracts
  270. 7Paragraph 7
  271. 8Paragraph 8
  272. 9Paragraph 9
  273. 10Paragraph 10
  274. 11Paragraph 11
  275. Consequential repeals
  276. 12Paragraph 12
  277. Commencement
  278. 13Paragraph 13
  279. Schedule 5: Group mismatch schemes
  280. Insertion of new Part 21B of CTA 2010 and consequential amendments
  281. 1Paragraph 1
  282. 2Paragraph 2
  283. 3Paragraph 3
  284. 4Paragraph 4
  285. 5Paragraph 5
  286. Commencement of new Part 21B of CTA 2010 and consequential amendments
  287. 6Paragraph 6
  288. Repeal of sections 418 to 419 of CTA 2009
  289. 7Paragraph 7
  290. Repeal of section 453 of CTA 2009
  291. 8Paragraph 8
  292. Schedule 6: Leasing businesses
  293. Businesses carried on by companies alone
  294. 1Paragraph 1
  295. 2Paragraph 2
  296. 3Paragraph 3
  297. 4Paragraph 4
  298. 5Paragraph 5
  299. 6Paragraph 6
  300. 7Paragraph 7
  301. 8Paragraph 8
  302. 9Paragraph 9
  303. Businesses carried on by companies in partnership
  304. 10Paragraph 10
  305. 11Paragraph 11
  306. 12Paragraph 12
  307. 13Paragraph 13
  308. 14Paragraph 14
  309. 15Paragraph 15
  310. Anti-avoidance provisions
  311. 16Paragraph 16
  312. 17Paragraph 17
  313. 18Paragraph 18
  314. 19Paragraph 19
  315. General interpretation of sales of lessors Chapters
  316. 20Paragraph 20
  317. 21Paragraph 21
  318. 22Paragraph 22
  319. Consequential amendments
  320. 23Paragraph 23
  321. 24Paragraph 24
  322. 25Paragraph 25
  323. 26Paragraph 26
  324. Application of new provisions
  325. 27Paragraph 27
  326. Schedule 7: Investment companies
  327. Amendments of Chapter 4 of Part 2 of CTA 2010
  328. 1Paragraph 1
  329. 2Paragraph 2
  330. 3Paragraph 3
  331. 4Paragraph 4
  332. Amendments of ICTA
  333. 5Paragraph 5
  334. Amendments of CTA 2009
  335. 6Paragraph 6
  336. 7Paragraph 7
  337. Commencement
  338. 8Paragraph 8
  339. Schedule 8: Reduction in childcare relief for higher earners
  340. Introduction
  341. 1Paragraph 1
  342. Childcare vouchers
  343. 2Paragraph 2
  344. 3Paragraph 3
  345. Childcare provided otherwise than at employer's premises etc
  346. 4Paragraph 4
  347. 5Paragraph 5
  348. 6Paragraph 6
  349. Commencement and transitional provision
  350. 7Paragraph 7
  351. 8Paragraph 8
  352. 9Paragraph 9
  353. 10Paragraph 10
  354. Schedule 9: Value shifting
  355. Amendments of TCGA 1992
  356. 1Paragraph 1
  357. 2Paragraph 2
  358. 3Paragraph 3
  359. 4Paragraph 4
  360. Consequential repeals
  361. 5Paragraph 5
  362. Commencement and transitionals
  363. 6Paragraph 6
  364. Schedule 10: Company ceasing to be member of group
  365. Degrouping
  366. 1Paragraph 1
  367. 2Paragraph 2
  368. 3Paragraph 3
  369. 4Paragraph 4
  370. 5Paragraph 5
  371. Substantial shareholding exemption
  372. 6Paragraph 6
  373. Intangible fixed assets: degrouping
  374. 7Paragraph 7
  375. Consequential repeals
  376. 8Paragraph 8
  377. Commencement
  378. 9Paragraph 9
  379. Schedule 11: Pre-entry losses
  380. TCGA 1992
  381. 1Paragraph 1
  382. 2Paragraph 2
  383. 3Paragraph 3
  384. 4Paragraph 4
  385. 5Paragraph 5
  386. 6Paragraph 6
  387. 7Paragraph 7
  388. 8Paragraph 8
  389. 9Paragraph 9
  390. Consequential repeals
  391. 10Paragraph 10
  392. Commencement
  393. 11Paragraph 11
  394. Transitional provision
  395. 12Paragraph 12
  396. Schedule 12: Controlled foreign companies
  397. Part 1: Exemptions for companies with limited UK connection
  398. 1Paragraph 1
  399. 2Paragraph 2
  400. 3Paragraph 3
  401. Part 2: Amendment of small chargeable profits exemption
  402. 4Paragraph 4
  403. 5Paragraph 5
  404. Part 3: Temporary exemption following reorganisation etc
  405. 6Paragraph 6
  406. 7Paragraph 7
  407. 8Paragraph 8
  408. Part 4: Holding companies: extension of transitional provision
  409. 9Paragraph 9
  410. Part 5: Minor and consequential amendments
  411. 10Paragraph 10
  412. 11Paragraph 11
  413. 12Paragraph 12
  414. 13Paragraph 13
  415. Part 6: Commencement and transitional provision
  416. 14Paragraph 14
  417. Schedule 13: Profits of foreign permanent establishments etc
  418. Part 1: Amendments of CTA 2009
  419. 1Paragraph 1
  420. 2Paragraph 2
  421. 3Paragraph 3
  422. 4Paragraph 4
  423. 5Paragraph 5
  424. 6Paragraph 6
  425. 7Paragraph 7
  426. 8Paragraph 8
  427. 9Paragraph 9
  428. 10Paragraph 10
  429. 11Paragraph 11
  430. Part 2: Amendments of other Acts
  431. ICTA
  432. 12Paragraph 12
  433. TCGA 1992
  434. 13Paragraph 13
  435. CAA 2001
  436. 14Paragraph 14
  437. 15Paragraph 15
  438. 16Paragraph 16
  439. 17Paragraph 17
  440. ITA 2007
  441. 18Paragraph 18
  442. 19Paragraph 19
  443. 20Paragraph 20
  444. 21Paragraph 21
  445. 22Paragraph 22 Repealed
  446. 23Paragraph 23 Repealed
  447. 24Paragraph 24 Repealed
  448. TIOPA 2010
  449. 25Paragraph 25
  450. 26Paragraph 26
  451. 27Paragraph 27
  452. 28Paragraph 28
  453. 29Paragraph 29 Repealed
  454. 30Paragraph 30 Repealed
  455. Part 3: Commencement and transitional provision
  456. Commencement
  457. 31Paragraph 31
  458. Condition B of motive test
  459. 32Paragraph 32
  460. 33Paragraph 33
  461. Large pre-commencement losses
  462. 34Paragraph 34
  463. 35Paragraph 35
  464. Section 62A of CAA 2001
  465. 36Paragraph 36
  466. Section 43(8) of TIOPA 2010: free assets
  467. 37Paragraph 37
  468. Schedule 14: Furnished holiday lettings
  469. Part 1: Income tax Repealed
  470. FA 2004 Repealed
  471. 1Paragraph 1 Repealed
  472. ITTOIA 2005 Repealed
  473. 2Paragraph 2 Repealed
  474. ITA 2007 Repealed
  475. 3Paragraph 3 Repealed
  476. Commencement Repealed
  477. 4Paragraph 4 Repealed
  478. 5Paragraph 5 Repealed
  479. 6Paragraph 6 Repealed
  480. Part 2: Corporation tax Repealed
  481. CTA 2009 Repealed
  482. 7Paragraph 7 Repealed
  483. CTA 2010 Repealed
  484. 8Paragraph 8 Repealed
  485. Commencement Repealed
  486. 9Paragraph 9 Repealed
  487. 10Paragraph 10 Repealed
  488. 11Paragraph 11 Repealed
  489. Part 3: Capital allowances Repealed
  490. CAA 2001 Repealed
  491. 12Paragraph 12 Repealed
  492. Commencement Repealed
  493. 13Paragraph 13 Repealed
  494. Part 4: Chargeable gains Repealed
  495. TCGA 1992 Repealed
  496. 14Paragraph 14 Repealed
  497. Commencement etc Repealed
  498. 15Paragraph 15 Repealed
  499. 16Paragraph 16 Repealed
  500. 17Paragraph 17 Repealed
  501. Schedule 15: Chargeable gains: oil activities
  502. Part 1: Licence swaps
  503. 1Paragraph 1
  504. 2Paragraph 2
  505. 3Paragraph 3
  506. 4Paragraph 4
  507. Part 2: Reinvestment of ring fence assets
  508. 5Paragraph 5
  509. 6Paragraph 6
  510. Schedule 16: Benefits under pension schemes
  511. Part 1: Changes to benefits available under pension schemes etc
  512. Unsecured and alternatively secured pension to be replaced by drawdown pension
  513. 1Paragraph 1
  514. Meaning of “drawdown pension”
  515. 2Paragraph 2
  516. 3Paragraph 3
  517. 4Paragraph 4
  518. 5Paragraph 5
  519. Member's drawdown pension fund
  520. 6Paragraph 6
  521. Drawdown pension year and basis amount for drawdown pension year
  522. 7Paragraph 7
  523. 8Paragraph 8
  524. 9Paragraph 9
  525. Flexible drawdown: minimum income requirement etc
  526. 10Paragraph 10 Repealed
  527. Dependants' drawdown pension
  528. 11Paragraph 11
  529. Meaning of “dependants' drawdown pension”
  530. 12Paragraph 12
  531. 13Paragraph 13
  532. 14Paragraph 14
  533. 15Paragraph 15
  534. Dependant's drawdown pension fund
  535. 16Paragraph 16
  536. Drawdown pension year and basis amount for drawdown pension year
  537. 17Paragraph 17
  538. 18Paragraph 18
  539. 19Paragraph 19
  540. Flexible drawdown: minimum income requirement etc
  541. 20Paragraph 20 Repealed
  542. Foreign pensions: temporary non-residents
  543. 21Paragraph 21
  544. Pensions under registered pension schemes: temporary non-residents
  545. 22Paragraph 22
  546. Lump sums to be payable to persons aged 75 or over
  547. 23Paragraph 23
  548. 24Paragraph 24
  549. 25Paragraph 25
  550. 26Paragraph 26
  551. 27Paragraph 27
  552. 28Paragraph 28
  553. 29Paragraph 29
  554. 30Paragraph 30
  555. 31Paragraph 31
  556. Lump sum death benefits to be payable to persons aged 75 or over
  557. 32Paragraph 32
  558. 33Paragraph 33
  559. 34Paragraph 34
  560. 35Paragraph 35
  561. 36Paragraph 36
  562. 37Paragraph 37
  563. 38Paragraph 38
  564. 39Paragraph 39
  565. Serious ill-health lump sum charge
  566. 40Paragraph 40 Repealed
  567. Special lump sum death benefits charge
  568. 41Paragraph 41
  569. Exemption from income tax of certain lump sums and lump sum death benefits
  570. 42Paragraph 42
  571. Lifetime allowance charge: benefit crystallisation events
  572. 43Paragraph 43
  573. 44Paragraph 44
  574. Annual allowance charge: persons meeting flexible drawdown conditions
  575. 45Paragraph 45 Repealed
  576. Removal of certain charges to inheritance tax in respect of pension schemes
  577. 46Paragraph 46
  578. 47Paragraph 47
  579. 48Paragraph 48
  580. Part 2: Consequential amendments
  581. Inheritance Tax Act 1984
  582. 49Paragraph 49
  583. 50Paragraph 50
  584. 51Paragraph 51
  585. 52Paragraph 52
  586. 53Paragraph 53
  587. 54Paragraph 54
  588. 55Paragraph 55
  589. 56Paragraph 56
  590. 57Paragraph 57
  591. Pension Schemes Act 1993
  592. 58Paragraph 58
  593. Pension Schemes (Northern Ireland) Act 1993
  594. 59Paragraph 59
  595. Income Tax (Earnings and Pensions) Act 2003
  596. 60Paragraph 60
  597. 61Paragraph 61
  598. Finance Act 2004
  599. 62Paragraph 62
  600. 63Paragraph 63 Repealed
  601. 64Paragraph 64
  602. 65Paragraph 65
  603. 66Paragraph 66
  604. 67Paragraph 67
  605. 68Paragraph 68
  606. 69Paragraph 69
  607. 70Paragraph 70
  608. 71Paragraph 71
  609. 72Paragraph 72
  610. 73Paragraph 73
  611. 74Paragraph 74
  612. 75Paragraph 75
  613. 76Paragraph 76
  614. 77Paragraph 77
  615. 78Paragraph 78
  616. 79Paragraph 79
  617. 80Paragraph 80
  618. 81Paragraph 81
  619. 82Paragraph 82
  620. Income Tax Act 2007
  621. 83Paragraph 83 Repealed
  622. Consequential repeals
  623. 84Paragraph 84
  624. Part 3: Commencement and transitional provision
  625. General
  626. 85Paragraph 85
  627. Entitlement to unsecured or alternatively secured pension on 5 April 2011
  628. 86Paragraph 86
  629. 87Paragraph 87
  630. Member's unsecured or alternatively secured pension fund existing on 5 April 2011
  631. 88Paragraph 88
  632. Current unsecured pension year to become drawdown pension year
  633. 89Paragraph 89
  634. Previous limit on amount of pension payable in year to apply for limited period
  635. 90Paragraph 90
  636. 91Paragraph 91
  637. Drawdown pension year and basis amount where person's whereabouts unknown at age 75
  638. 92Paragraph 92
  639. Current alternatively secured pension year to become drawdown pension year
  640. 93Paragraph 93
  641. Entitlement to dependants' unsecured or alternatively secured pension on 5 April 2011
  642. 94Paragraph 94
  643. 95Paragraph 95
  644. Dependant's unsecured or alternatively secured pension fund existing on 5 April 2011
  645. 96Paragraph 96
  646. Current unsecured pension year to become drawdown pension year
  647. 97Paragraph 97
  648. Previous limit on amount of pension payable in year to apply for limited period
  649. 98Paragraph 98
  650. 99Paragraph 99
  651. Current alternatively secured pension year to become drawdown pension year
  652. 100Paragraph 100
  653. Lump sums and lump sum death benefits
  654. 101Paragraph 101
  655. 102Paragraph 102
  656. 103Paragraph 103
  657. Lifetime allowance charge
  658. 104Paragraph 104
  659. Inheritance tax
  660. 105Paragraph 105
  661. 106Paragraph 106
  662. Consequential repeals
  663. 107Paragraph 107
  664. Power to make retrospective provision in orders and regulations under Part 4 of FA 2004
  665. 108Paragraph 108
  666. Application of rules of pension schemes
  667. 109Paragraph 109
  668. Schedule 17: Annual allowance charge
  669. Part 1: Amendments
  670. 1Paragraph 1
  671. 2Paragraph 2
  672. 3Paragraph 3
  673. 4Paragraph 4
  674. 5Paragraph 5
  675. 6Paragraph 6
  676. 7Paragraph 7
  677. 8Paragraph 8
  678. 9Paragraph 9
  679. 10Paragraph 10
  680. 11Paragraph 11
  681. 12Paragraph 12
  682. 13Paragraph 13
  683. 14Paragraph 14
  684. 15Paragraph 15
  685. 16Paragraph 16
  686. 17Paragraph 17
  687. 18Paragraph 18
  688. 19Paragraph 19
  689. 20Paragraph 20
  690. 21Paragraph 21
  691. 22Paragraph 22
  692. 23Paragraph 23
  693. 24Paragraph 24
  694. 25Paragraph 25
  695. 26Paragraph 26
  696. Part 2: Commencement and transitional provision
  697. 27Paragraph 27
  698. 28Paragraph 28
  699. 29Paragraph 29
  700. 30Paragraph 30
  701. 31Paragraph 31
  702. 32Paragraph 32
  703. 33Paragraph 33
  704. 34Paragraph 34
  705. Schedule 18: Lifetime allowance charge
  706. Part 1: Amendments
  707. 1Paragraph 1
  708. 2Paragraph 2
  709. 3Paragraph 3
  710. 4Paragraph 4
  711. 5Paragraph 5
  712. 6Paragraph 6
  713. 7Paragraph 7 Repealed
  714. 8Paragraph 8
  715. 9Paragraph 9
  716. 10Paragraph 10
  717. 11Paragraph 11
  718. 12Paragraph 12
  719. Part 2: Commencement and transitional provision
  720. 13Paragraph 13
  721. 14Paragraph 14
  722. 15Paragraph 15
  723. 16Paragraph 16
  724. 17Paragraph 17
  725. Schedule 19: The bank levy
  726. Part 1: Introduction
  727. 1Paragraph 1
  728. 2Paragraph 2
  729. 3Paragraph 3
  730. Part 2: Charging of bank levy
  731. Bank levy to be charged in relation to certain groups of entities
  732. 4Paragraph 4
  733. Bank levy to be charged in relation to certain entities which are not members of groups
  734. 5Paragraph 5
  735. Steps for determining the amount of the bank levy
  736. 6Paragraph 6
  737. Special provision for chargeable periods falling wholly or partly before 1 January 2021
  738. 7Paragraph 7
  739. Part 3: Groups covered by the bank levy
  740. Definitions of “ UK banking group”, “building society group”, “foreign banking group” and “relevant non-banking group”
  741. 8Paragraph 8
  742. 9Paragraph 9
  743. 10Paragraph 10
  744. 11Paragraph 11
  745. Definition of “banking group”
  746. 12Paragraph 12
  747. 13Paragraph 13
  748. Part 4: Chargeable equity and liabilities
  749. Definition of “assets”, “equity” and “liabilities”
  750. 14Paragraph 14
  751. Chargeable equity and liabilities: relevant groups
  752. 15Paragraph 15
  753. Chargeable equity and liabilities: relevant entities
  754. 15AParagraph 15A
  755. Meaning of “UK sub-group”
  756. 15BParagraph 15B
  757. Meaning of “chargeable UK resident entity”
  758. 15CParagraph 15C
  759. Election to disregard non-UK allocated equity and liabilities
  760. 15DParagraph 15D
  761. 15EParagraph 15E
  762. 15FParagraph 15F
  763. Determining the assets, equity and liabilities of UK resident entities
  764. 15GParagraph 15G
  765. Determining the UK-based equity and liabilities of UK resident entities
  766. 15HParagraph 15H
  767. 15IParagraph 15I
  768. Determining the UK-based equity and liabilities of UK sub-groups
  769. 15JParagraph 15J
  770. 15KParagraph 15K
  771. 15LParagraph 15L
  772. Adjustments: general
  773. 15MParagraph 15M
  774. 15NParagraph 15N
  775. Step 2 in paragraph 15N: equity and liability adjustments and netting
  776. 15OParagraph 15O
  777. 15PParagraph 15P
  778. 15QParagraph 15Q
  779. 15RParagraph 15R
  780. 15SParagraph 15S
  781. 15TParagraph 15T
  782. 15UParagraph 15U
  783. Step 3 in paragraph 15N: loss absorbing instruments issued by overseas subsidiaries
  784. 15VParagraph 15V
  785. 15WParagraph 15W
  786. 15XParagraph 15X
  787. 15YParagraph 15Y
  788. Step 4 in paragraph 15N: high quality liquid assets
  789. 15ZParagraph 15Z
  790. Designated FPE entities: non-UK allocated equity and liabilities etc
  791. 15Z1Paragraph 15Z1
  792. 15Z2Paragraph 15Z2
  793. Netting: non-UK allocated equity and liabilities
  794. 15Z3Paragraph 15Z3
  795. 15Z4Paragraph 15Z4
  796. Equity and liabilities: threshold amount
  797. 15Z5Paragraph 15Z5
  798. Definition of “UK allocated equity and liabilities”
  799. 24Paragraph 24
  800. 25Paragraph 25
  801. 26Paragraph 26
  802. 27Paragraph 27
  803. 27AParagraph 27A
  804. 27BParagraph 27B
  805. 27CParagraph 27C
  806. 27DParagraph 27D
  807. “Excluded” equity and liabilities
  808. 28Paragraph 28
  809. 29Paragraph 29
  810. 30Paragraph 30
  811. 31Paragraph 31
  812. 32Paragraph 32
  813. 33Paragraph 33
  814. 34Paragraph 34
  815. 35Paragraph 35
  816. 36Paragraph 36
  817. 37Paragraph 37
  818. 38Paragraph 38
  819. 38AParagraph 38A
  820. 39Paragraph 39
  821. Part 5: Supplementary provision
  822. Netting agreements
  823. 40Paragraph 40
  824. Chargeable periods: entities which do not prepare financial statements
  825. 41Paragraph 41
  826. Financial statements etc
  827. 42Paragraph 42
  828. Joint ventures
  829. 43Paragraph 43 Repealed
  830. 44Paragraph 44 Repealed
  831. Residence
  832. 45Paragraph 45
  833. Bank levy to be ignored for other tax purposes
  834. 46Paragraph 46
  835. Anti-avoidance
  836. 47Paragraph 47
  837. 48Paragraph 48
  838. Part 6: Collection and management
  839. Responsibility for collection and management
  840. 49Paragraph 49
  841. Payment of the bank levy through the corporation tax system
  842. 50Paragraph 50
  843. 51Paragraph 51
  844. 52Paragraph 52
  845. Joint and several liability
  846. 53Paragraph 53
  847. 53AParagraph 53A
  848. Meaning of “the responsible member”
  849. 54Paragraph 54
  850. 55Paragraph 55
  851. 55AParagraph 55A
  852. Consequential amendment to section 1 of PCTA 1968
  853. 56Paragraph 56
  854. Consequential amendments to TMA 1970
  855. 57Paragraph 57
  856. 58Paragraph 58
  857. 59Paragraph 59
  858. Consequential amendments to Schedule 18 to FA 1998
  859. 60Paragraph 60
  860. 61Paragraph 61
  861. 62Paragraph 62
  862. 63Paragraph 63
  863. 64Paragraph 64
  864. Transitional provision
  865. 65Paragraph 65
  866. Part 7: Double taxation reliefETC
  867. Arrangements affording double taxation relief
  868. 66Paragraph 66
  869. Power to provide for double taxation relief
  870. 67Paragraph 67
  871. Disclosure of information to foreign tax authorities etc
  872. 67AParagraph 67A
  873. ...
  874. 68Paragraph 68
  875. Consequential amendment to the Constitutional Reform and Governance Act 2010
  876. 69Paragraph 69
  877. Foreign levies to be ignored for purposes of income tax or corporation tax
  878. 69AParagraph 69A
  879. Part 8: Definitions
  880. General
  881. 70Paragraph 70
  882. “Asset management activities”
  883. 71Paragraph 71
  884. “Capital resources condition”
  885. 72Paragraph 72
  886. “Excluded entity”
  887. 73Paragraph 73
  888. “Long term” equity and liabilities
  889. 74Paragraph 74
  890. 75Paragraph 75
  891. 76Paragraph 76
  892. 76AParagraph 76A
  893. 77Paragraph 77
  894. “Relevant foreign bank”
  895. 78Paragraph 78
  896. “Relevant regulated activity”
  897. 79Paragraph 79
  898. “ UK resident bank”
  899. 80Paragraph 80
  900. Part 9: Powers to amend
  901. 81Paragraph 81
  902. Schedule 20: Supplies of commodities to be used in producing electricity
  903. 1Paragraph 1 Repealed
  904. 2Paragraph 2 Repealed
  905. 3Paragraph 3 Repealed
  906. 4Paragraph 4 Repealed
  907. 5Paragraph 5 Repealed
  908. 6Paragraph 6 Repealed
  909. 7Paragraph 7 Repealed
  910. 8Paragraph 8 Repealed
  911. 9Paragraph 9 Repealed
  912. Schedule 21: Prevention of SDLT avoidance
  913. Introduction
  914. 1Paragraph 1
  915. Alternative property finance
  916. 2Paragraph 2
  917. 3Paragraph 3
  918. Exchanges
  919. 4Paragraph 4
  920. Commencement
  921. 5Paragraph 5
  922. 6Paragraph 6
  923. Schedule 22: Transfers involving multiple dwellings Repealed
  924. New relief Repealed
  925. 1Paragraph 1 Repealed
  926. 2Paragraph 2 Repealed
  927. 3Paragraph 3 Repealed
  928. Other amendments of Part 4 of FA 2003 Repealed
  929. 4Paragraph 4 Repealed
  930. 5Paragraph 5 Repealed
  931. 6Paragraph 6 Repealed
  932. 7Paragraph 7 Repealed
  933. 8Paragraph 8 Repealed
  934. Commencement Repealed
  935. 9Paragraph 9 Repealed
  936. Schedule 23: Data-gathering powers
  937. Part 1: Power to obtain data
  938. Power to give notice
  939. 1Paragraph 1
  940. Purpose of power
  941. 2Paragraph 2
  942. Specifying relevant data
  943. 3Paragraph 3
  944. Compliance
  945. 4Paragraph 4
  946. Approval by tribunal
  947. 5Paragraph 5
  948. Power to copy documents
  949. 6Paragraph 6
  950. Power to retain documents
  951. 7Paragraph 7
  952. Part 2: Relevant data-holders
  953. Introduction
  954. 8Paragraph 8
  955. Salaries, fees, commission etc
  956. 9Paragraph 9
  957. 10Paragraph 10
  958. 11Paragraph 11
  959. Interest etc
  960. 12Paragraph 12
  961. Income, assets etc belonging to others
  962. 13Paragraph 13
  963. Merchant acquirers etc
  964. 13AParagraph 13A
  965. Providers of electronic stored-value payment services
  966. 13BParagraph 13B
  967. Business intermediaries
  968. 13CParagraph 13C
  969. 13DMoney service businesses
  970. Payments derived from securities
  971. 14Paragraph 14
  972. 15Paragraph 15
  973. Grants and subsidies out of public funds
  974. 16Paragraph 16
  975. Licences, approvals etc
  976. 17Paragraph 17
  977. Rent and other payments arising from land
  978. 18Paragraph 18
  979. Dealing etc in securities
  980. 19Paragraph 19
  981. Dealing in other property
  982. 20Paragraph 20
  983. Lloyd's
  984. 21Paragraph 21
  985. Investment plans etc
  986. 22Paragraph 22
  987. Petroleum activities
  988. 23Paragraph 23
  989. Insurance activities
  990. 24Paragraph 24
  991. Environmental activities
  992. 25Paragraph 25
  993. Settlements
  994. 26Paragraph 26
  995. Charities
  996. 27Paragraph 27
  997. Part 3: Appeals against data-holder notices
  998. Right of appeal
  999. 28Paragraph 28
  1000. Procedure for appeal
  1001. 29Paragraph 29
  1002. Part 4: Penalties
  1003. Penalties for failure to comply
  1004. 30Paragraph 30
  1005. Daily default penalties for failure to comply
  1006. 31Paragraph 31
  1007. Penalties for inaccurate information or documents
  1008. 32Paragraph 32
  1009. Failure to comply with time limit
  1010. 33Paragraph 33
  1011. Reasonable excuse
  1012. 34Paragraph 34
  1013. Assessment of penalties
  1014. 35Paragraph 35
  1015. Right to appeal against penalty
  1016. 36Paragraph 36
  1017. Procedure on appeal against penalty
  1018. 37Paragraph 37
  1019. Increased daily default penalty
  1020. 38Paragraph 38
  1021. 39Paragraph 39
  1022. Enforcement of penalties
  1023. 40Paragraph 40
  1024. Power to change amount of penalties
  1025. 41Paragraph 41
  1026. Double jeopardy
  1027. 42Paragraph 42
  1028. Part 5: Miscellaneous provision and interpretation
  1029. Application of provisions of TMA 1970
  1030. 43Paragraph 43
  1031. Regulations
  1032. 44Paragraph 44
  1033. Tax
  1034. 45Paragraph 45
  1035. Statutory records
  1036. 46Paragraph 46
  1037. General interpretation
  1038. 47Paragraph 47
  1039. 48Paragraph 48
  1040. 49Paragraph 49
  1041. Crown application
  1042. 50Paragraph 50
  1043. Part 6: Consequential provisions
  1044. TMA 1970
  1045. 51Paragraph 51
  1046. FA 1973
  1047. 52Paragraph 52
  1048. FA 1974
  1049. 53Paragraph 53
  1050. FA 1986
  1051. 54Paragraph 54
  1052. ICTA
  1053. 55Paragraph 55
  1054. FA 1989
  1055. 56Paragraph 56
  1056. ITTOIA 2005
  1057. 57Paragraph 57
  1058. FA 2005
  1059. 58Paragraph 58
  1060. CRCA 2005
  1061. 59Paragraph 59
  1062. FA 2008
  1063. 60Paragraph 60
  1064. 61Paragraph 61
  1065. 62Paragraph 62
  1066. CTA 2009
  1067. 63Paragraph 63
  1068. CTA 2010
  1069. 64Paragraph 64
  1070. Part 7: Application of this Schedule
  1071. 65Paragraph 65
  1072. Schedule 24: Amendments of Schedule 36 to FA 2008
  1073. 1Paragraph 1
  1074. 2Paragraph 2
  1075. 3Paragraph 3
  1076. 4Paragraph 4
  1077. 5Paragraph 5
  1078. 6Paragraph 6
  1079. Schedule 25: Mutual assistance for recovery of taxes etc
  1080. MARD
  1081. 1Paragraph 1
  1082. HMRC functions
  1083. 2Paragraph 2
  1084. Exchange of information
  1085. 3Paragraph 3
  1086. Onward disclosure of information received from HMRC
  1087. 4Paragraph 4
  1088. 5Paragraph 5
  1089. Enforcement of foreign claims in the UK
  1090. 6Paragraph 6
  1091. The relevant UK authority
  1092. 7Paragraph 7
  1093. Corresponding UK claim
  1094. 8Paragraph 8
  1095. Application of relevant enactments
  1096. 9Paragraph 9
  1097. Power to make further provision
  1098. 10Paragraph 10
  1099. Contested claims
  1100. 11Paragraph 11
  1101. Claims determined in taxpayer's favour
  1102. 12Paragraph 12
  1103. Liability to pay
  1104. 13Paragraph 13
  1105. Presumption of validity
  1106. 14Paragraph 14
  1107. Regulations
  1108. 15Paragraph 15
  1109. Interpretation
  1110. 16Paragraph 16
  1111. Consequential amendments etc
  1112. 17Paragraph 17
  1113. 18Paragraph 18
  1114. Application
  1115. 19Paragraph 19
  1116. Schedule 26: Redundant reliefs
  1117. Part 1: Income tax and corporation tax
  1118. Transitional relief for charities etc on abolition of payment of tax credits on distributions
  1119. 1Paragraph 1
  1120. Gifts of money for relief in poor countries (“Millennium Gift Aid”)
  1121. 2Paragraph 2
  1122. Supplement payable in connection with payroll deduction scheme
  1123. 3Paragraph 3
  1124. National Savings Bank ordinary account interest
  1125. 4Paragraph 4
  1126. Part 2: Stamp duty
  1127. Exemptions from stamp duty
  1128. 5Paragraph 5
  1129. 6Paragraph 6
  1130. 7Paragraph 7