Finance Act 2016 in England
2016 c. 24 · Enacted 15 September 2016 · Extends to United Kingdom
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.
[15th September 2016]
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
- Part 1: Income tax
- Charge and principal rates etc
- 1Income tax charge and rates for 2016-17
- 2Basic rate limit for 2017-18
- 3Personal allowance for 2017-18
- Rate structure
- 4Savings allowance, and savings nil rate etc
- 5Rates of tax on dividend income, and abolition of dividend tax credits etc
- 6Structure of income tax rates
- Employment income: taxable benefits
- 7Taxable benefits: application of Chapters 5 to 7 of Part 3 of ITEPA 2003
- 8Cars: appropriate percentage for 2019-20 and subsequent tax years
- 9Cars which cannot emit CO2: appropriate percentage for 2017-18 and 2018-19
- 10Diesel cars: appropriate percentage
- 11Cash equivalent of benefit of a van
- 12Tax treatment of payments from sporting testimonials
- 13Exemption for trivial benefits provided by employers
- 14Travel expenses of workers providing services through intermediaries
- 15Taxable benefits: PAYE
- Employment income: other provision
- 16Employee share schemes
- 17Securities options
- 18Employment income provided through third parties
- Pensions
- 19Standard lifetime allowance from 2016-17
- 20Pensions bridging between retirement and state pension
- 21Dependants' scheme pensions
- 22Pension flexibility
- 23Netherlands Benefit Act for Victims of Persecution 1940-1945
- Trading and other income
- 24Fixed-rate deductions for use of home for business purposes
- 25Averaging profits of farmers etc
- 26Relief for finance costs related to residential property businesses
- 27Individual investment plans of deceased investors
- Reliefs: enterprise investment scheme, venture capital trusts etc
- 28EIS, SEIS and VCTs: exclusion of energy generation
- 29EIS and VCTs: definition of certain periods
- 30EIS and VCTs: election
- 31VCTs: requirements for giving approval
- Reliefs: peer-to-peer lending
- 32Income tax relief for irrecoverable peer-to-peer loans
- Transactions in securities
- 33Transactions in securities: company distributions
- 34Transactions in securities: procedure for counteraction of advantage
- 35Distributions in a winding up
- Disguised fees and carried interest
- 36Disguised investment management fees
- 37Income-based carried interest
- 38Income-based carried interest: persons coming to the UK
- Deduction at source
- 39Deduction of income tax at source
- 40Deduction of income tax at source: intellectual property
- 41Deduction of income tax at source: intellectual property - tax avoidance
- Receipts from intellectual property
- 42Receipts from intellectual property: territorial scope
- 43Receipts from intellectual property: diverted profits tax
- Supplementary welfare payments: Northern Ireland
- 44Tax treatment of supplementary welfare payments: Northern Ireland
- Part 2: Corporation tax
- Charge and rates
- 45Charge for financial year 2017
- 46Rate of corporation tax for financial year 2020
- Research and development
- 47Abolition of vaccine research relief
- 48Cap on R&D aid
- Loan relationships
- 49Loan relationships and derivative contracts
- 50Loans to participators etc: rate of tax
- 51Loans to participators etc: trustees of charitable trusts
- Intangible fixed assets
- 52Intangible fixed assets: pre-FA 2002 assets
- 53Intangible fixed assets: transfers treated as at market value
- Creative industry reliefs
- 54Tax relief for production of orchestral concerts
- 55Television and video games tax relief: consequential amendments
- Banking companies
- 56Banking companies: excluded entities
- 57Banking companies: restrictions on loss relief etc
- Oil and gas
- 58Reduction in rate of supplementary charge
- 59Investment allowance: disqualifying conditions
- 60Investment allowance: power to expand meaning of “relevant income”
- 61Onshore allowance: disqualifying conditions
- 62Cluster area allowance: disqualifying conditions
- 63Cluster area allowance: power to expand meaning of “relevant income”
- Exploitation of patents etc
- 64Profits from the exploitation of patents etc
- Miscellaneous
- 65Power to make regulations about the taxation of securitisation companies
- 66Hybrid and other mismatches
- 67Insurance companies carrying on long-term business
- 68Taking over payment obligations as lessee of plant or machinery
- Part 3: Income tax and corporation tax
- Capital allowances
- 69Capital allowances: designated assisted areas
- 70Capital allowances: anti-avoidance relating to disposals
- Trade and property business profits
- 71Trade and property business profits: money's worth
- 72Replacement and alteration of tools
- Property business deductions
- 73Property business deductions: replacement of domestic items
- 74Property business deductions: wear and tear allowance
- Transfer pricing
- 75Transfer pricing: application of OECD principles
- Transactions in UK land
- 76Corporation tax: territorial scope etc
- 77Corporation tax: transactions in UK land
- 78Income tax: territorial scope etc
- 79Income tax: transactions in UK land
- 80Pre-trading expenses
- 81Commencement and transitional provision: sections 76, 77 and 80
- 82Commencement and transitional provision: sections 78 and 79
- Part 4: Capital gains tax
- Rate
- 83Reduction in rate of capital gains tax
- Entrepreneurs' relief
- 84Entrepreneurs' relief: associated disposals
- 85Entrepreneurs' relief: disposal of goodwill
- 86Entrepreneurs' relief: “trading company” and “trading group”
- Investors' relief
- 87Investors' relief
- Employee shareholder shares
- 88Employee shareholder shares: limit on exemption
- 89Employee shareholder shares: disguised fees and carried interest
- Other provisions
- 90Disposals of UK residential property by non-residents etc
- 91NRCGT returns
- 92Addition of CGT to Provisional Collection of Taxes Act 1968
- Part 5: Inheritance tax etc
- 93Inheritance tax: increased nil-rate band
- 94Inheritance tax: pension drawdown funds
- 95Inheritance tax: victims of persecution during Second World War era
- 96Inheritance tax: gifts for national purposes etc
- 97Estate duty: objects of national, scientific, historic or artistic interest
- Part 6: Apprenticeship levy
- Basic provisions
- 98Apprenticeship levy
- 99Charge to apprenticeship levy
- 100A person's pay bill for a tax year
- Connected companies and charities
- 101Connected companies
- 102Connected charities
- Anti-avoidance
- 103Anti-avoidance
- 104Application of other regimes to apprenticeship levy
- Payment, collection and recovery
- 105Assessment, payment etc
- 106Recovery from third parties
- 107Real time information
- 108Time limits for assessment
- 109No deduction in respect of levy to be made from earnings
- 110Collectors and court proceedings
- Information and penalties
- 111Records
- 112Information and inspection powers
- 113Penalties
- Appeals
- 114Appeals
- General
- 115Tax agents: dishonest conduct
- 116Provisional collection of apprenticeship levy
- 117Crown application
- 118Charities which are “connected” with one another
- 119Connection between charities: further provision
- 120General interpretation
- 121Regulations
- Part 7: VAT
- 122VAT: power to provide for persons to be eligible for refunds
- 123VAT: representatives and security
- 124VAT: joint and several liability of operators of online marketplaces
- 125VAT: Isle of Man charities
- 126VAT: women's sanitary products
- Part 8: SDLT and ATED
- Stamp duty land tax
- 127SDLT: calculating tax on non-residential and mixed transactions
- 128SDLT: higher rates for additional dwellings etc
- 129SDLT higher rate: land purchased for commercial use
- 130SDLT higher rate: acquisition under regulated home reversion plan
- 131SDLT higher rate: properties occupied by certain employees etc
- 132SDLT: minor amendments of section 55 of FA 2003
- 133SDLT: property authorised investment funds and co-ownership authorised contractual schemes
- Annual tax on enveloped dwellings
- 134ATED: regulated home reversion plans
- 135ATED: properties occupied by certain employees etc
- 136ATED: alternative property finance - land in Scotland
- Part 9: Other taxes and duties
- Stamp duty and stamp duty reserve tax
- 137Stamp duty: acquisition of target company's share capital
- 138Stamp duty: transfers to depositaries or providers of clearance services
- 139SDRT: transfers to depositaries or providers of clearance services
- Petroleum revenue tax
- 140Petroleum revenue tax: rate
- Insurance premium tax
- 141Insurance premium tax: standard rate
- Landfill tax
- 142Landfill tax: rates from 1 April 2017
- 143Landfill tax: rates from 1 April 2018
- Climate change levy
- 144CCL: abolition of exemption for electricity from renewable sources
- 145CCL: main rates from 1 April 2017
- 146CCL: main rates from 1 April 2018
- 147CCL: main rates from 1 April 2019
- 148CCL: reduced rates from 1 April 2019
- Air passenger duty
- 149APD: rates from 1 April 2016
- Vehicle excise duty
- 150VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
- 151VED: extension of old vehicles exemption from 1 April 2017
- Other excise duties
- 152Gaming duty: rates
- 153Fuel duties: aqua methanol etc
- 154Tobacco products duty: rates
- 155Alcoholic liquor duties: rates
- Part 10: Tax avoidance and evasion
- General anti-abuse rule
- 156General anti-abuse rule: provisional counteractions
- 157General anti-abuse rule: binding of tax arrangements to lead arrangements
- 158General anti-abuse rule: penalty
- Tackling frequent avoidance
- 159Serial tax avoidance
- 160Promoters of tax avoidance schemes
- 161Large businesses: tax strategies and sanctions for persistently unco-operative behaviour
- Offshore activities
- 162Penalties for enablers of offshore tax evasion or non-compliance
- 163Penalties in connection with offshore matters and offshore transfers
- 164Offshore tax errors etc: publishing details of deliberate tax defaulters
- 165Asset-based penalties for offshore inaccuracies and failures
- 166Offences relating to offshore income, assets and activities
- Part 11: Administration, enforcement and supplementary powers
- Assessment and returns
- 167Simple assessments
- 168Time limit for self assessment tax returns
- 169HMRC power to withdraw notice to file a tax return
- Judgment debts
- 172Rate of interest applicable to judgment debts etc: England and Wales
- Enforcement powers
- 173Gift aid: power to impose penalties on charities and intermediaries
- 174Proceedings under customs and excise Acts: prosecuting authority
- 175Detention and seizure under CEMA 1979: notice requirements etc
- 176Data-gathering powers: providers of payment or intermediary services
- 177Data-gathering powers: daily penalties for extended default
- Payment
- 178Extension of provisions about set-off to Scotland
- Raw tobacco
- 179Raw tobacco approval scheme
- State aids granted through provision of tax advantages
- 180Powers to obtain information about certain tax advantages
- 181Power to publish state aid information
- 182Information powers: supplementary
- Qualifying transformer vehicles
- 183Qualifying transformer vehicles
- Part 12: Office of Tax Simplification Repealed
- 184Office of Tax Simplification Repealed
- 185Functions of the OTS: general Repealed
- 186Functions of the OTS: reviews and reports Repealed
- 187Annual report Repealed
- 188Review of the OTS Repealed
- 189Commencement Repealed
- Part 13: Final
- 190Interpretation
- 191Short title
- Schedule 1: Abolition of dividend tax credits etc
- Main repeals
- 1Paragraph 1
- Further amendments in ITTOIA 2005
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- Further amendments in CTA 2010
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Paragraph 50
- Other amendments
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- 69Paragraph 69
- 70Paragraph 70
- 71Paragraph 71
- 72Paragraph 72
- Commencement
- 73Paragraph 73
- Schedule 2: Sporting testimonial payments
- Income tax: sporting testimonial payments treated as earnings
- 1Paragraph 1
- Income tax: limited exemption for sporting testimonial payments
- 2Paragraph 2
- Corporation tax: deductions from total profits for sporting testimonial payments and associated payments
- 3Paragraph 3
- Application of this Schedule
- 4Paragraph 4
- Schedule 3: Employee share schemes: minor amendments
- Enterprise management incentives and employee ownership trusts
- 1Paragraph 1
- Share incentive plans
- 2Paragraph 2
- Notification of plans and schemes to HMRC
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Price for acquisition of shares under share option
- 6Paragraph 6
- 7Paragraph 7
- Tag-along rights
- 8Paragraph 8
- Exercise of EMI options
- 9Paragraph 9
- Schedule 4: Pensions: lump sum allowance and lump sum and death benefit allowance: transitional provision
- Part 1: “Fixed protection 2016”
- The protection
- 1Paragraph 1
- The initial conditions
- 2Paragraph 2
- Protection-cessation events
- 3Paragraph 3
- Protection-cessation events: interpretation: “benefit accrual”
- 4Paragraph 4
- Protection-cessation events: interpretation: “impermissible transfer”
- 5Paragraph 5
- Protection-cessation events: interpretation: “permitted transfer”
- 6Paragraph 6
- Protection-cessation events: interpretation: “permitted circumstances”
- 7Paragraph 7
- Protection-cessation events: interpretation: relieved non-UK pension schemes
- 8Paragraph 8
- Part 2: “Individual protection 2016”
- The protection
- 9Paragraph 9
- Amount A (pre-6 April 2006 pensions in payment)
- 10Paragraph 10
- Amount B (pre-6 April 2016 benefit crystallisation events)
- 11Paragraph 11
- Amount C (uncrystallised rights at end of 5 April 2016 under registered pension schemes)
- 12Paragraph 12
- Amount D (uncrystallised rights at end of 5 April 2016 under relieved non-UK schemes)
- 13Paragraph 13
- Part 3: Reference numbers etc
- Issuing of reference numbers for fixed or individual protection 2016
- 14Paragraph 14
- Withdrawal of reference numbers
- 15Paragraph 15
- Appeals against non-issue or withdrawal of reference numbers
- 16Paragraph 16
- Notification of subsequent protection-cessation events
- 17Paragraph 17
- Notification of subsequent pension debits
- 18Paragraph 18
- Personal representatives
- 19Paragraph 19
- Penalties for non-supply, or fraudulent etc supply, of information under paragraph 17 or 18
- 20Paragraph 20
- Part 4: Information
- Preservation of records in connection with individual protection 2016
- 21Paragraph 21
- Amendments of regulations
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- Part 5: Amendments in connection with protection of pre-6 April 2006 rights
- 28Paragraph 28
- Part 6: Interpretation and regulations
- Interpretation of Parts 1, 2 and 3
- 29Paragraph 29
- Interpretation of Parts 3 and 4 and this Part
- 30Paragraph 30
- Regulations
- 31Paragraph 31
- Schedule 5: Pension flexibility
- Serious ill-health lump sums
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Charity lump sum death benefits
- 5Paragraph 5
- Dependants' flexi-access drawdown funds
- 6Paragraph 6
- Trivial commutation lump sum
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Top-up of dependants' death benefits
- 10Paragraph 10
- Inheritance tax as respects cash alternatives to annuities for dependants etc
- 11Paragraph 11
- Schedule 6: Deduction of income tax at source
- Part 1: Abolition of duty to deduct tax from interest on certain investments
- 1Paragraph 1
- Part 2: Deduction of tax from yearly interest: exception for deposit-takers
- 2Paragraph 2
- Part 3: Amendments of or relating to Chapter 2 of Part 15 of ITA 2007
- Amendments of Chapter 2 of Part 15 of ITA 2007
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Amendments relating to Chapter 2 of Part 15 of ITA 2007
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- Part 4: Deduction of tax from UK public revenue dividends
- 26Paragraph 26
- 27Paragraph 27
- Part 5: Commencement
- 28Paragraph 28
- Schedule 7: Loan relationships and derivative contracts
- Introductory
- 1Paragraph 1
- Non-market loans
- 2Paragraph 2
- Transfer pricing
- 3Paragraph 3
- 4Paragraph 4
- Exchange gains and losses
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Commencement
- 12Paragraph 12
- Schedule 8: Tax relief for production of orchestral concerts
- Part 1: Amendment of CTA 2009
- 1Paragraph 1
- Part 2: Consequential amendments
- ICTA
- 2Paragraph 2
- FA 1998
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- CAA 2001
- 7Paragraph 7 Repealed
- FA 2007
- 8Paragraph 8
- CTA 2009
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- FA 2009
- 12Paragraph 12
- CTA 2010
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- Part 3: Commencement
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Schedule 9: Profits from the exploitation of patents etc: consequential
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- Schedule 10: Hybrid and other mismatches
- Part 1: Main provisions
- 1Paragraph 1
- Part 2: Consequential amendments
- FA 1998
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- CTA 2009
- 5Paragraph 5
- CTA 2010
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- TIOPA 2010
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- Part 3: Commencement
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- Schedule 11: Disposals of non-UK residential property interests
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Schedule 12: Disposals of residential property interests: gains and losses
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Schedule 13: Entrepreneurs' relief: “trading company” and “trading group”
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Schedule 14: Investors' relief
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Schedule 15: Inheritance tax: increased nil-rate band
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- Schedule 16: Property authorised investment funds and co-ownership authorised contractual schemes
- Part 1: Co-ownership authorised contractual schemes
- 1Paragraph 1
- Part 2: Seeding relief for property authorised investment funds and co-ownership authorised contractual schemes
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Part 3: Consequential amendments
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Part 4: Commencement
- 15Paragraph 15
- Schedule 17: Aqua methanol etc
- Part 1: Aqua methanol
- Introductory
- 1Paragraph 1
- Definition
- 2Paragraph 2
- 3Paragraph 3
- Charging of excise duty
- 4Paragraph 4
- 5Paragraph 5
- Mixing of aqua methanol
- 6Paragraph 6
- Enforcement
- 7Paragraph 7
- Consequential amendments
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Part 2: Hydrocarbon oils: miscellaneous amendments
- HODA 1979
- 12Paragraph 12
- FA 1994
- 13Paragraph 13
- Part 3: Commencement
- 14Paragraph 14
- Schedule 18: Serial tax avoidance
- Part 1: Contents of Schedule
- 1Paragraph 1
- Part 2: Entry into the regime and basic concepts
- Duty to give warning notice
- 2Paragraph 2
- Warning period
- 3Paragraph 3
- Meaning of “tax”
- 4Paragraph 4
- Meaning of “tax advantage” in relation to VAT
- 5Paragraph 5
- Meaning of “non-deductible tax”
- 6Paragraph 6
- “Tax advantage”: other taxes
- 7Paragraph 7
- “DOTAS arrangements”
- 8Paragraph 8
- “Disclosable Schedule 11A VAT arrangements”
- 8AParagraph 8A
- 9Paragraph 9
- “Disclosable indirect tax arrangements”
- 9AParagraph 9A
- Paragraphs 8 to 9A: “failure to comply”
- 10Paragraph 10
- “Relevant defeat”
- 11Paragraph 11
- Condition A
- 12Paragraph 12
- Condition B
- 13Paragraph 13
- Condition C
- 14Paragraph 14
- Condition D
- 15Paragraph 15
- Condition E
- 16Paragraph 16
- Condition F
- 16AParagraph 16A
- Part 3: Annual information notices and naming
- Annual information notices
- 17Paragraph 17
- Naming
- 18Paragraph 18
- Part 4: Restriction of reliefs
- Duty to give a restriction relief notice
- 19Paragraph 19
- Restriction of relief
- 20Paragraph 20
- The restricted period
- 21Paragraph 21
- Reasonable excuse
- 22Paragraph 22
- Mitigation of restriction of relief
- 23Paragraph 23
- Appeal
- 24Paragraph 24
- Meaning of “avoidance-related rule”
- 25Paragraph 25
- Meaning of “relief”
- 26Paragraph 26
- “Claim” for relief
- 27Paragraph 27
- VAT and indirect taxes
- 28Paragraph 28
- Power to amend
- 29Paragraph 29
- Part 5: Penalty
- Penalty
- 30Paragraph 30
- Simultaneous defeats etc
- 31Paragraph 31
- Value of the counteracted advantage: basic rule for taxes other than VAT
- 32Paragraph 32
- Value of counteracted advantage: losses for purposes of direct tax
- 33Paragraph 33
- Value of counteracted advantage: deferred tax
- 34Paragraph 34
- Meaning of “the counteracted advantage” in paragraphs 33 and 34
- 35Paragraph 35
- Value of the counteracted advantage: Conditions D and E
- 36Paragraph 36
- Value of counteracted advantage: delayed VAT
- 37Paragraph 37
- Assessment of penalty
- 38Paragraph 38
- Alteration of assessment of penalty
- 39Paragraph 39
- Aggregate penalties
- 40Paragraph 40
- Appeal against penalty
- 41Paragraph 41
- Penalties: reasonable excuse
- 42Paragraph 42
- Paragraph 42: meaning of “the relevant failure”
- 43Paragraph 43
- Mitigation of penalties
- 44Paragraph 44
- Part 6: Corporate groups, associated persons and partnerships
- Representative member of a VAT group
- 45Paragraph 45
- Corporate groups
- 46Paragraph 46
- Associated persons treated as incurring relevant defeats
- 47Paragraph 47
- Meaning of “associated”
- 48Paragraph 48
- Partners treated as incurring relevant defeats
- 49Paragraph 49
- Partnership returns to which this paragraph applies
- 50Paragraph 50
- Partnerships: information
- 51Paragraph 51
- Partnerships: special provision about taxpayer emendations
- 52Paragraph 52
- Supplementary provision relating to partnerships
- 53Paragraph 53
- Part 7: Supplemental
- Meaning of “adjustments”
- 54Paragraph 54
- Time of “use” of defeated arrangements
- 55Paragraph 55
- Inheritance tax
- 56Paragraph 56
- National insurance contributions
- 57Paragraph 57
- General interpretation
- 58Paragraph 58
- Consequential amendments
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- Commencement
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- Schedule 19: Large businesses: tax strategies and sanctions
- Part 1: Interpretation
- Purpose of Part 1
- 1Paragraph 1
- “Relevant body”
- 2Paragraph 2
- “UK company”
- 3Paragraph 3
- “UK permanent establishment”
- 4Paragraph 4
- “Qualifying company”
- 5Paragraph 5
- “Group” and related expressions
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- “Qualifying group”
- 10Paragraph 10
- “UK sub-group” and “head” (in relation to a UK sub-group)
- 11Paragraph 11
- “UK partnership”, “qualifying partnership” and “representative partner”
- 12Paragraph 12
- “Financial year”
- 13Paragraph 13
- “Turnover” and “balance sheet total”
- 14Paragraph 14
- “UK taxation”
- 15Paragraph 15
- Part 2: Publication of tax strategies
- Qualifying UK groups: duty to publish a group tax strategy
- 16Paragraph 16
- Content of group tax strategy
- 17Paragraph 17
- Penalty for non-compliance with paragraph 16
- 18Paragraph 18
- UK sub-groups: duty to publish a sub-group tax strategy
- 19Paragraph 19
- Content of a sub-group tax strategy
- 20Paragraph 20
- Penalty for non-compliance with requirements of paragraph 19
- 21Paragraph 21
- Qualifying companies: duty to publish a company tax strategy
- 22Paragraph 22
- Content of a company tax strategy
- 23Paragraph 23
- Penalty for non-compliance with paragraph 22
- 24Paragraph 24
- Qualifying partnerships: duty to publish a partnership tax strategy
- 25Paragraph 25
- Penalties under this Part: general provisions
- 26Paragraph 26
- Failure to comply with a time limit
- 27Paragraph 27
- Reasonable excuse
- 28Paragraph 28
- Assessment of penalties
- 29Paragraph 29
- Appeal
- 30Paragraph 30
- Enforcement
- 31Paragraph 31
- Power to change amount of penalties
- 32Paragraph 32
- Application of provisions of TMA 1970
- 33Paragraph 33
- Meaning of “tax strategy”
- 34Paragraph 34
- Part 3: Sanctions for persistently unco-operative large businesses
- Large groups falling within Part 3
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- Warning notices
- 41Paragraph 41
- Special measures notices
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- Circumstances in which warning and special measures notices are treated as having been given
- 46Paragraph 46
- Sanctions: liability for penalties for errors in documents given to HMRC
- 47Paragraph 47
- 48Paragraph 48
- Sanctions: Commissioners publishing information
- 49Paragraph 49
- Application of Part 3 to large UK sub-groups
- 50Paragraph 50
- Application of Part 3 to large companies
- 51Paragraph 51
- Application of Part 3 to large partnerships
- 52Paragraph 52
- Meaning of “designated HMRC officer”
- 53Paragraph 53
- Part 4: Supplementary
- Amendment of power under section 122 of FA 2015
- 54Paragraph 54
- Regulations
- 55Paragraph 55
- Schedule 20: Penalties for enablers of offshore tax evasion or non-compliance
- Part 1: Liability for penalty
- Liability for penalty
- 1Paragraph 1
- Meaning of “involving offshore activity” and related expressions
- 2Paragraph 2
- Amount of penalty
- 3Paragraph 3
- Potential lost revenue: enabling Q to commit relevant offence
- 4Paragraph 4
- Potential lost revenue: enabling Q to engage in conduct incurring relevant civil penalty
- 5Paragraph 5
- Treatment of potential lost revenue attributable to both offshore tax evasion or non-compliance and other tax evasion or non-compliance
- 6Paragraph 6
- Reduction of penalty for disclosure etc by P
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Procedure for assessing penalty, etc
- 10Paragraph 10
- 11Paragraph 11
- Appeals
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Double jeopardy
- 15Paragraph 15
- Application of provisions of TMA 1970
- 16Paragraph 16
- Interpretation of Part 1
- 17Paragraph 17
- Part 2: Application of Schedule 36 to FA 2008: information powers
- General application of information and inspection powers to suspected enablers
- 18Paragraph 18
- General modifications
- 19Paragraph 19
- Specific modifications
- 20Paragraph 20
- 21Paragraph 21
- Part 3: Publishing details of persons found liable to penalties
- Naming etc of persons assessed to penalty or penalties under paragraph 1
- 22Paragraph 22
- 23Paragraph 23
- Schedule 21: Penalties relating to offshore matters and offshore transfers
- Amendments to Schedule 24 to the Finance Act 2007 (c. 11)
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Amendments to Schedule 41 to the Finance Act 2008 (c. 9)
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- Amendments to Schedule 55 to the Finance Act 2009 (c.10)
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- Schedule 22: Asset-based penalty for offshore inaccuracies and failures
- Part 1: Liability for penalty
- Circumstances in which asset-based penalty is payable
- 1Paragraph 1
- Meaning of standard offshore tax penalty
- 2Paragraph 2
- Tax year to which standard offshore tax penalty relates
- 3Paragraph 3
- Potential lost revenue threshold
- 4Paragraph 4
- Offshore PLR
- 5Paragraph 5
- Restriction on imposition of multiple asset-based penalties in relation to the same asset
- 6Paragraph 6
- 6AParagraph 6A
- Part 2: Amount of penalty
- Standard amount of asset-based penalty
- 7Paragraph 7
- Reductions for disclosure and co-operation
- 8Paragraph 8
- Special reduction
- 9Paragraph 9
- Part 3: Identification and valuation of assets
- Introduction
- 10Paragraph 10
- Capital gains tax
- 11Paragraph 11
- Inheritance tax
- 12Paragraph 12
- Asset-based income tax
- 13Paragraph 13
- Jointly held assets
- 14Paragraph 14
- Part 4: Procedure
- Assessment
- 15Paragraph 15
- Appeal
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Part 5: General
- Interpretation
- 19Paragraph 19
- Consequential amendments etc
- 20Paragraph 20
- 21Paragraph 21
- Schedule 23: Simple assessments
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9 Not yet in force
- Schedule 24: Tax advantages constituting the grant of state aid
- Part 1: Tax advantages to which section 180(2)applies
- Enhanced capital allowances
- Creative tax reliefs
- Research and development reliefs
- Enterprise management incentives exemptions and reliefs
- 2Tax advantages to which section 180(5) applies
- Schedule 25: Office of Tax Simplification Repealed
- Membership Repealed
- 1Paragraph 1 Repealed
- Term of office Repealed
- 2Paragraph 2 Repealed
- Appointment of initial members Repealed
- 3Paragraph 3 Repealed
- Termination of appointments Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- Remuneration Repealed
- 6Paragraph 6 Repealed
- Provision of staff and facilities etc. Repealed
- 7Paragraph 7 Repealed
- Validity of proceedings Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- Supplementary powers Repealed
- 10Paragraph 10 Repealed
- Finance Repealed
- 11Paragraph 11 Repealed
- Disqualification Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- Freedom of information Repealed
- 14Paragraph 14 Repealed
- Public sector equality duty Repealed
- 15Paragraph 15 Repealed