OpenLegislation

Finance Act 2019

2019 c. 1 · Enacted 12 February 2019 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 May 2026.

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.[12th February 2019]

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: Direct taxes
  2. Charge to tax
  3. 1Income tax charge for tax year 2019-20
  4. 2Corporation tax charge for financial year 2020
  5. Income tax rates, allowances and limits
  6. 3Main rates of income tax for tax year 2019-20
  7. 4Default and savings rates of income tax for tax year 2019-20
  8. 5Basic rate limit and personal allowance
  9. 6Starting rate limit for savings for tax year 2019-20
  10. Employment and social security income
  11. 7Optional remuneration arrangements: arrangements for cars and vans
  12. 8Exemption for benefit in form of vehicle-battery charging at workplace
  13. 9Exemptions relating to emergency vehicles
  14. 10Exemption for expenses related to travel
  15. 11Beneficiaries of tax-exempt employer-provided pension benefits
  16. 12Tax treatment of social security income
  17. Chargeable gains: interests in UK land etc
  18. 13Disposals by non-UK residents etc
  19. 14Disposals of UK land etc: payments on account of capital gains tax
  20. International matters
  21. 15Offshore receipts in respect of intangible property
  22. 16Avoidance involving profit fragmentation arrangements
  23. 17Non-UK resident companies carrying on UK property businesses etc
  24. 18Diverted profits tax
  25. 19Hybrid and other mismatches: scope of Chapter 8 and “financial instrument”
  26. 20Controlled foreign companies: finance company exemption and control
  27. 21Permanent establishments: preparatory or auxiliary activities
  28. 22Payment of CGT exit charges
  29. 23Corporation tax exit charges
  30. 24Group relief etc: meaning of “UK related” company
  31. Corporation tax: miscellaneous
  32. 25Intangible fixed assets: restrictions on goodwill and certain other assets
  33. 26Intangible fixed assets: exceptions to degrouping charges etc
  34. 27Corporation tax relief for carried-forward losses
  35. 28Corporate interest restriction
  36. 29Debtor relationships of company where money lent to connected companies
  37. Capital allowances
  38. 30Construction expenditure on buildings and structures
  39. 31Special rate expenditure on plant and machinery
  40. 32Temporary increase in annual investment allowance
  41. 33First-year allowances and first-year tax credits
  42. 34First-year allowance: expenditure on electric vehicle charge points
  43. 35Qualifying expenditure: buildings, structures and land
  44. Leases
  45. 36Changes to accounting standards etc
  46. Oil activities and petroleum revenue tax
  47. 37Oil activities: transferable tax history
  48. 38Petroleum revenue tax: post-transfer decommissioning expenditure
  49. Miscellaneous reliefs
  50. 39Entrepreneurs' relief
  51. 40Gift aid etc: restrictions on associated benefits
  52. 41Charities: exemption for small trades etc
  53. Part 2: Other taxes
  54. Stamp duty land tax
  55. 42Relief for first-time buyers in cases of shared ownership
  56. 43Repayment to first-time buyers in cases of shared ownership
  57. 44Higher rates of tax for additional dwellings etc
  58. 45Exemption in respect of financial institutions in resolution
  59. 46Changes to periods for delivering returns and paying tax
  60. Stamp duty and SDRT
  61. 47Stamp duty: transfers of listed securities and connected persons
  62. 47AStamp duty: transfers of unlisted securities and connected persons
  63. 48SDRT: listed securities and connected persons
  64. 48ASDRT: unlisted securities and connected persons
  65. 49Stamp duty: exemption in respect of financial institutions in resolution
  66. 50Stamp duty and SDRT: exemptions in respect of share incentive plans
  67. Value added tax
  68. 51Duty of customers to account for tax on supplies
  69. 52Treatment of vouchers
  70. 53Groups: eligibility
  71. Alcohol
  72. 54Rates of duty on cider, wine and made-wine
  73. 55Excise duty on mid-strength cider
  74. Tobacco
  75. 56Rates
  76. 57Tobacco for heating
  77. Vehicle duties
  78. 58VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
  79. 59VED: taxis capable of zero emissions
  80. 60HGV road user levy
  81. Air passenger duty
  82. 61Rates of duty from 1 April 2020
  83. Gaming
  84. 62Remote gaming duty: rate
  85. 63Gaming duty
  86. Environmental taxes
  87. 64Climate change levy: exemption for mineralogical and metallurgical processes
  88. 65Landfill tax rates
  89. Inheritance tax
  90. 66Residence nil-rate band
  91. Soft drinks industry levy
  92. 67Application of penalty provisions
  93. 68Isle of Man
  94. Part 3: Carbon emissions tax Repealed
  95. Introductory Repealed
  96. 69Carbon emissions tax Repealed
  97. Charge to tax Repealed
  98. 70Charge to carbon emissions tax Repealed
  99. 71“Reported carbon emissions” Repealed
  100. 72“Emissions report” and “reporting period” Repealed
  101. 73“Emissions allowance” Repealed
  102. 74Liability to pay carbon emissions tax Repealed
  103. Administration etc. Repealed
  104. 75Power to make further provision about carbon emissions tax Repealed
  105. 76Consequential provision Repealed
  106. General Repealed
  107. 77Interpretation Repealed
  108. 78Regulations Repealed
  109. 79Commencement and transitional provision Repealed
  110. Part 4: Administration and enforcement
  111. Time limits for assessments etc
  112. 80Offshore matters or transfers: income tax and capital gains tax
  113. 81Offshore matters or transfers: inheritance tax
  114. Security deposits
  115. 82Construction industry scheme and corporation tax etc
  116. International agreements
  117. 83Resolution of double taxation disputes
  118. 84International tax enforcement: disclosable arrangements Repealed
  119. Payment of unlawful advance corporation tax
  120. 85Interest in respect of unlawful ACT
  121. 86Section 85: supplementary
  122. Voluntary returns
  123. 87Voluntary returns
  124. Interest
  125. 88Interest under section 178 of FA 1989 and section 101 of FA 2009
  126. Part 5: Miscellaneous and final
  127. Regulatory capital securities
  128. 89Regulatory capital securities and hybrid capital instruments
  129. EU withdrawal
  130. 90Minor amendments in consequence of EU withdrawal
  131. Preparatory expenditure
  132. 91Emissions reduction trading scheme: preparatory expenditure
  133. Reviews
  134. 92Impact analyses of the anti-avoidance provisions of this Act
  135. 93Review of effectiveness of provisions on tax avoidance
  136. 94Review of public health effects of gaming provisions
  137. 95Review of changes made by sections 80 and 81
  138. Other
  139. 96Interpretation
  140. 97Short title
  141. Schedule 1: Chargeable gains accruing to non-residents etc
  142. Part 1: Extending cases in which non-residents are charged to tax etc
  143. 1Paragraph 1
  144. 2Paragraph 2
  145. 3Paragraph 3
  146. 4Paragraph 4
  147. 5Paragraph 5
  148. 6Paragraph 6
  149. 7Paragraph 7
  150. 8Paragraph 8
  151. 9Paragraph 9
  152. 10Paragraph 10
  153. 11Paragraph 11
  154. 12Paragraph 12
  155. 13Paragraph 13
  156. 14Paragraph 14
  157. 15Paragraph 15 Repealed
  158. 16Paragraph 16
  159. 17Paragraph 17
  160. 18Paragraph 18
  161. 19Paragraph 19
  162. 20Paragraph 20
  163. 21Paragraph 21
  164. Part 2: Consequential amendments
  165. TMA 1970
  166. 22Paragraph 22
  167. TCGA 1992
  168. 23Paragraph 23
  169. 24Paragraph 24
  170. 25Paragraph 25
  171. 26Paragraph 26
  172. 27Paragraph 27
  173. 28Paragraph 28
  174. 29Paragraph 29
  175. 30Paragraph 30
  176. 31Paragraph 31
  177. 32Paragraph 32
  178. 33Paragraph 33
  179. 34Paragraph 34
  180. 35Paragraph 35
  181. 36Paragraph 36
  182. 37Paragraph 37
  183. 38Paragraph 38
  184. 39Paragraph 39
  185. 40Paragraph 40
  186. 41Paragraph 41
  187. 42Paragraph 42
  188. 43Paragraph 43
  189. 44Paragraph 44
  190. 45Paragraph 45
  191. 46Paragraph 46
  192. 47Paragraph 47
  193. 48Paragraph 48
  194. 49Paragraph 49
  195. 50Paragraph 50
  196. 51Paragraph 51
  197. 52Paragraph 52
  198. 53Paragraph 53
  199. 54Paragraph 54
  200. 55Paragraph 55
  201. 56Paragraph 56
  202. 57Paragraph 57
  203. 58Paragraph 58
  204. 59Paragraph 59
  205. 60Paragraph 60
  206. 61Paragraph 61
  207. 62Paragraph 62
  208. 63Paragraph 63
  209. 64Paragraph 64
  210. 65Paragraph 65
  211. 66Paragraph 66
  212. 67Paragraph 67
  213. 68Paragraph 68
  214. 69Paragraph 69
  215. 70Paragraph 70
  216. 71Paragraph 71
  217. 72Paragraph 72
  218. 73Paragraph 73
  219. 74Paragraph 74
  220. 75Paragraph 75
  221. 76Paragraph 76
  222. 77Paragraph 77
  223. 78Paragraph 78
  224. 79Paragraph 79
  225. 80Paragraph 80
  226. 81Paragraph 81
  227. 82Paragraph 82
  228. 83Paragraph 83
  229. 84Paragraph 84
  230. 85Paragraph 85
  231. 86Paragraph 86
  232. 87Paragraph 87
  233. 88Paragraph 88
  234. 89Paragraph 89
  235. 90Paragraph 90
  236. 91Paragraph 91
  237. 92Paragraph 92
  238. 93Paragraph 93
  239. IHTA 1984
  240. 94Paragraph 94
  241. 95Paragraph 95
  242. FA 2005
  243. 96Paragraph 96
  244. 97Paragraph 97
  245. 98Paragraph 98
  246. ITA 2007
  247. 99Paragraph 99
  248. 100Paragraph 100
  249. 101Paragraph 101
  250. 102Paragraph 102
  251. 103Paragraph 103
  252. 104Paragraph 104
  253. 105Paragraph 105
  254. 106Paragraph 106
  255. 107Paragraph 107
  256. CTA 2009
  257. 108Paragraph 108
  258. 109Paragraph 109
  259. 110Paragraph 110
  260. 111Paragraph 111
  261. 112Paragraph 112
  262. CTA 2010
  263. 113Paragraph 113
  264. 114Paragraph 114
  265. 115Paragraph 115
  266. 116Paragraph 116
  267. 117Paragraph 117
  268. 118Paragraph 118
  269. 119Paragraph 119
  270. Part 3: Commencement and transitional provisions etc
  271. 120Paragraph 120
  272. 121Paragraph 121
  273. 122Paragraph 122
  274. 123Paragraph 123
  275. 124Paragraph 124
  276. 125Paragraph 125
  277. 126Paragraph 126
  278. Schedule 2: Returns for disposals of UK land etc
  279. Part 1: Returns and payments on account: disposals of UK land etc
  280. Disposals to which Schedule applies
  281. 1Paragraph 1
  282. 2Paragraph 2
  283. Obligation to deliver a return to officer of Revenue and Customs
  284. 3Paragraph 3
  285. 4Paragraph 4
  286. 5Paragraph 5
  287. Obligation to make a payment on account of capital gains tax
  288. 6Paragraph 6
  289. Calculation of an amount of capital gains tax notionally chargeable
  290. 7Paragraph 7
  291. Repayments of amounts previously paid on account of capital gains tax
  292. 8Paragraph 8
  293. 9Paragraph 9
  294. Collective investment vehicles to which Sch.5AAA to TCGA 1992 applies
  295. 10Paragraph 10
  296. 11Paragraph 11
  297. 12Paragraph 12
  298. Effect of s.144(2) or 144A(2)(b) of TCGA 1992 when asset sold on exercise of option
  299. 13Paragraph 13
  300. Making of assumptions, reasonable estimates etc
  301. 14Paragraph 14
  302. 15Paragraph 15
  303. Contents of return
  304. 16Paragraph 16
  305. Interpretation of “residential property gains”
  306. 16AParagraph 16A
  307. 16BParagraph 16B
  308. 16CParagraph 16C
  309. 16DParagraph 16D
  310. 16EParagraph 16E
  311. 16FParagraph 16F
  312. 16GParagraph 16G
  313. 16HParagraph 16H
  314. Other interpretation
  315. 17Paragraph 17
  316. Part 2: Notification of chargeable amounts, amendments of returns, enquiries etc
  317. Requirement to notify HMRC of amounts chargeable to tax
  318. 18Paragraph 18
  319. Amendments of returns
  320. 19Paragraph 19
  321. Enquiries
  322. 20Paragraph 20
  323. Amendments of returns during enquiry etc
  324. 21Paragraph 21
  325. Revenue determinations
  326. 22Paragraph 22
  327. Discovery assessments
  328. 23Paragraph 23
  329. Interpretation
  330. 24Paragraph 24
  331. Part 3: Consequential amendments
  332. Amendments of TMA 1970
  333. 25Paragraph 25
  334. Amendments of other Acts
  335. 26Paragraph 26
  336. 27Paragraph 27
  337. 28Paragraph 28
  338. 29Paragraph 29
  339. 30Paragraph 30
  340. Late payment interest
  341. 31Paragraph 31
  342. Commencement
  343. 32Paragraph 32
  344. Schedule 3: Offshore receipts in respect of intangible property Repealed
  345. 1Paragraph 1 Repealed
  346. 2Paragraph 2 Repealed
  347. 3Paragraph 3 Repealed
  348. 4Paragraph 4 Repealed
  349. 5Paragraph 5 Repealed
  350. 6Paragraph 6 Repealed
  351. 7Paragraph 7 Repealed
  352. 8Paragraph 8 Repealed
  353. 9Paragraph 9 Repealed
  354. 10Paragraph 10 Repealed
  355. 11Paragraph 11 Repealed
  356. 12Paragraph 12 Repealed
  357. 13Paragraph 13 Repealed
  358. 14Paragraph 14 Repealed
  359. Schedule 4: Avoidance involving profit fragmentation arrangements
  360. Introduction and overview
  361. 1Paragraph 1
  362. Profit fragmentation arrangements
  363. 2Paragraph 2
  364. Transfer of value deriving directly or indirectly from a business
  365. 3Paragraph 3
  366. The enjoyment conditions
  367. 4Paragraph 4
  368. Tax mismatch
  369. 5Paragraph 5
  370. Tax mismatch: resulting reduction and resulting increase
  371. 6Paragraph 6
  372. Adjustments required to be made in relation to arrangements
  373. 7Paragraph 7
  374. Double taxation
  375. 8Paragraph 8
  376. Reimbursement payments ignored for tax purposes
  377. 9Paragraph 9
  378. Treatment of a person who is a member of a partnership
  379. 10Paragraph 10
  380. Other defined terms
  381. 11Paragraph 11
  382. Commencement
  383. 12Paragraph 12
  384. Schedule 5: Non-UK resident companies carrying on UK property businesses etc
  385. Part 1: Extension of scope of charge
  386. 1Paragraph 1
  387. 2Paragraph 2
  388. 3Paragraph 3
  389. 4Paragraph 4
  390. 5Paragraph 5
  391. Part 2: Supplementary & Consequential amendments
  392. FA 1998
  393. 6Paragraph 6
  394. FA 2004
  395. 7Paragraph 7
  396. ITTOIA 2005
  397. 8Paragraph 8
  398. ITA 2007
  399. 9Paragraph 9
  400. CTA 2009
  401. 10Paragraph 10
  402. 11Paragraph 11
  403. 12Paragraph 12
  404. 13Paragraph 13
  405. 14Paragraph 14
  406. 15Paragraph 15
  407. 16Paragraph 16
  408. 17Paragraph 17
  409. 18Paragraph 18
  410. 19Paragraph 19
  411. 20Paragraph 20
  412. 21Paragraph 21
  413. 22Paragraph 22
  414. 23Paragraph 23
  415. 24Paragraph 24
  416. 25Paragraph 25
  417. 26Paragraph 26
  418. 27Paragraph 27
  419. CTA 2010
  420. 28Paragraph 28
  421. 29Paragraph 29
  422. 30Paragraph 30
  423. 31Paragraph 31
  424. TIOPA 2010
  425. 32Paragraph 32
  426. 33Paragraph 33
  427. 34Paragraph 34
  428. Part 3: Commencement and transitional provisions
  429. Commencement
  430. 35Paragraph 35
  431. Transitional provisions
  432. 36Paragraph 36
  433. 37Paragraph 37
  434. 38Paragraph 38
  435. 39Paragraph 39
  436. 40Paragraph 40
  437. 41Paragraph 41
  438. 42Paragraph 42
  439. 43Paragraph 43
  440. 44Paragraph 44
  441. 45Paragraph 45
  442. 46Paragraph 46
  443. 47Paragraph 47
  444. 48Paragraph 48
  445. 49Paragraph 49
  446. 50Paragraph 50
  447. Schedule 6: Diverted profits tax
  448. Introduction
  449. 1Paragraph 1
  450. Calculation of taxable diverted profits
  451. 2Paragraph 2
  452. 3Paragraph 3
  453. 4Paragraph 4
  454. 5Paragraph 5
  455. 6Paragraph 6
  456. 7Paragraph 7
  457. 8Paragraph 8
  458. Extension of period for issuing a preliminary notice
  459. 9Paragraph 9
  460. Relief from corporation tax
  461. 10Paragraph 10
  462. Extension of the review period
  463. 11Paragraph 11
  464. Extension of period for amendment of company tax return
  465. 12Paragraph 12
  466. Schedule 7: Payment of CGT exit charges
  467. CGT exit charge payment plans
  468. 1Paragraph 1
  469. 2Paragraph 2
  470. Penalties
  471. 3Paragraph 3
  472. 4Paragraph 4
  473. 5Paragraph 5
  474. CT exit charge payment plans
  475. 6Paragraph 6
  476. Commencement
  477. 7Paragraph 7
  478. Schedule 8: Corporation tax exit charges
  479. Part 1: CT exit charge payment plans
  480. 1Paragraph 1
  481. 2Paragraph 2
  482. 3Paragraph 3
  483. 4Paragraph 4
  484. 5Paragraph 5
  485. 6Paragraph 6
  486. 7Paragraph 7
  487. 8Paragraph 8
  488. Part 2: Repeal of certain postponement provisions
  489. 9Paragraph 9
  490. 10Paragraph 10
  491. Part 3: Treatment of assets subject to EU exit charges
  492. 11Paragraph 11
  493. 12Paragraph 12
  494. Schedule 9: Intangible fixed assets: restrictions on goodwill and certain other assets
  495. 1Paragraph 1
  496. 2Paragraph 2
  497. 3Paragraph 3
  498. 4Paragraph 4
  499. 5Paragraph 5
  500. 6Paragraph 6
  501. 7Paragraph 7
  502. Schedule 10: Corporation tax relief for carried-forward losses
  503. Restrictions on deductions from profits
  504. 1Paragraph 1
  505. 2Paragraph 2
  506. 3Paragraph 3
  507. 4Paragraph 4
  508. 5Paragraph 5
  509. 6Paragraph 6
  510. 7Paragraph 7
  511. 8Paragraph 8
  512. 9Paragraph 9
  513. 10Paragraph 10
  514. 11Paragraph 11
  515. 12Paragraph 12
  516. 13Paragraph 13
  517. 14Paragraph 14
  518. 15Paragraph 15
  519. 16Paragraph 16
  520. 17Paragraph 17
  521. 18Paragraph 18
  522. 19Paragraph 19
  523. 20Paragraph 20
  524. Terminal losses: straddling periods
  525. 21Paragraph 21
  526. Group relief for carried-forward losses
  527. 22Paragraph 22
  528. 23Paragraph 23
  529. 24Paragraph 24
  530. 25Paragraph 25
  531. Transferred trades
  532. 26Paragraph 26
  533. 27Paragraph 27
  534. 28Paragraph 28
  535. 29Paragraph 29
  536. 30Paragraph 30
  537. Deduction buying
  538. 31Paragraph 31
  539. Commencement
  540. 32Paragraph 32
  541. Schedule 11: Corporate interest restriction
  542. Introductory
  543. 1Paragraph 1
  544. Tax-interest amounts: amounts capitalised in intangible fixed assets
  545. 2Paragraph 2
  546. Carry forward of interest allowance: new holding company
  547. 3Paragraph 3
  548. Carry forward of excess debt cap: new holding company
  549. 4Paragraph 4
  550. Adjusted net group-interest expense: capitalised interest
  551. 5Paragraph 5
  552. 6Paragraph 6
  553. 7Paragraph 7
  554. Adjusted net group-interest expense: impairment debts and credits and connected companies
  555. 8Paragraph 8
  556. Interest allowance (alternative calculation) election: unpaid employees' remuneration
  557. 9Paragraph 9
  558. Interest allowance (alternative calculation) election: changes in accounting policy
  559. 10Paragraph 10
  560. Interest allowance (non-consolidated investment) election
  561. 11Paragraph 11
  562. Public infrastructure
  563. 12Paragraph 12
  564. 13Paragraph 13
  565. Real Estate Investment Trusts
  566. 14Paragraph 14
  567. Interest restriction returns
  568. 15Paragraph 15
  569. 16Paragraph 16
  570. 17Paragraph 17
  571. 18Paragraph 18
  572. Consequential amendments
  573. 19Paragraph 19
  574. 20Paragraph 20
  575. 21Paragraph 21
  576. Commencement
  577. 22Paragraph 22
  578. 23Paragraph 23
  579. 24Paragraph 24
  580. 25Paragraph 25
  581. 26Paragraph 26
  582. Transitional provision in case of interest allowance (alternative calculation) elections
  583. 27Paragraph 27
  584. Schedule 12: Eliminating tax mismatch for certain debt
  585. Loan relationships with qualifying link
  586. 1Paragraph 1
  587. 2Paragraph 2
  588. Commencement and transitional provisions
  589. 3Paragraph 3
  590. 4Paragraph 4
  591. Power to amend section 352B of CTA 2009
  592. 5Paragraph 5
  593. Schedule 13: Annual investment allowance: periods straddling 1 January 2019 or 1 April 2023
  594. Chargeable periods which straddle 1 January 2019
  595. 1Paragraph 1
  596. Chargeable periods which straddle 1 April 2023
  597. 2Paragraph 2
  598. Operation of annual investment allowance where restrictions apply
  599. 3Paragraph 3
  600. Schedule 14: Leases: changes to accounting standards etc
  601. Part 1: Finance leases: amendments as a result of changes to accounting standards
  602. 1Paragraph 1
  603. 2Paragraph 2
  604. 3Paragraph 3
  605. 4Paragraph 4
  606. 5Paragraph 5
  607. Commencement
  608. 6Paragraph 6
  609. Part 2: Long funding leases
  610. Amendments to Part 2 of CAA 2001
  611. 7Paragraph 7
  612. Meaning of “short lease”
  613. 8Paragraph 8
  614. The lease payments test: interest rate implicit in lease
  615. 9Paragraph 9
  616. Commencement
  617. 10Paragraph 10
  618. Part 3: Changes to accounting standards and tax adjustments
  619. Repeal of section 53 of FA 2011
  620. 11Paragraph 11
  621. Transitional provisions following repeal of section 53 of FA 2011: introductory
  622. 12Paragraph 12
  623. Cases where asset first recognised for period of account beginning on or after 1 January 2019
  624. 13Paragraph 13
  625. Cases where asset first recognised for an earlier period of account
  626. 14Paragraph 14
  627. Certain cases where there is a transfer of a lease
  628. 15Paragraph 15
  629. Cases where lessee permanently ceases to carry on activities
  630. 16Paragraph 16
  631. Application of paragraphs 12 to 16 to lease portfolios
  632. 17Paragraph 17
  633. Corporate interest restriction: changes of accounting policy
  634. 18Paragraph 18
  635. Corporate interest restriction: treatment of certain adjustments
  636. 19Paragraph 19
  637. Schedule 15: Oil activities: transferable tax history
  638. Part 1: Election to transfer tax history
  639. Entitlement to make a TTH election
  640. 1Paragraph 1
  641. 2Paragraph 2
  642. Part 2: The total TTH amount
  643. The total TTH amount
  644. 3Paragraph 3
  645. Limits on total TTH amount
  646. 4Paragraph 4
  647. The “uplifted decommissioning costs estimate”
  648. 5Paragraph 5
  649. 6Paragraph 6
  650. 7Paragraph 7
  651. 8Paragraph 8
  652. 9Paragraph 9
  653. 10Paragraph 10
  654. Consecutive accounting periods
  655. 11Paragraph 11
  656. The transferred profits amount
  657. 12Paragraph 12
  658. “Eligible ring fence profits”
  659. 13Paragraph 13
  660. 14Paragraph 14
  661. Part 3: Effect of a TTH election on the seller
  662. Application of this Part
  663. 15Paragraph 15
  664. Effect of a TTH election: corporation tax
  665. 16Paragraph 16
  666. 17Paragraph 17
  667. 18Paragraph 18
  668. Effect of a TTH election: supplementary charge
  669. 19Paragraph 19
  670. 20Paragraph 20
  671. 21Paragraph 21
  672. 22Paragraph 22
  673. Part 4: Effect of a TTH election on the purchaser
  674. Application of this Part
  675. 23Paragraph 23
  676. 24Paragraph 24
  677. Effect of trade loss relief provisions
  678. 25Paragraph 25
  679. Repayment of supplementary charge
  680. 26Paragraph 26
  681. 27Paragraph 27
  682. Supplementary provision: repayment and enquiries
  683. 28Paragraph 28
  684. 29Paragraph 29
  685. Part 5: TTH activation
  686. TTH activation event
  687. 30Paragraph 30
  688. Decommissioning expenditure amount
  689. 31Paragraph 31
  690. 32Paragraph 32
  691. 33Paragraph 33
  692. 34Paragraph 34
  693. 35Paragraph 35
  694. Part 6: Allocation of activated TTH amount
  695. Application of this Part
  696. 36Paragraph 36
  697. 37Paragraph 37
  698. “Total activated TTH amount”
  699. 38Paragraph 38
  700. 39Paragraph 39
  701. 40Paragraph 40
  702. 41Paragraph 41
  703. 42Paragraph 42
  704. Allocation of activated TTH to an accounting period
  705. 43Paragraph 43
  706. 44Paragraph 44
  707. Transferred profits amount for a pre-acquisition accounting period
  708. 45Paragraph 45
  709. “Unused transferred profits amount”
  710. 46Paragraph 46
  711. “Available activated TTH amount”
  712. 47Paragraph 47
  713. “Closing balance of activated TTH”
  714. 48Paragraph 48
  715. “Closing balance of the total TTH amount”
  716. 49Paragraph 49
  717. Part 7: Supplementary charge: recalculation of adjusted ring fence profits
  718. Recalculation: steps
  719. 50Paragraph 50
  720. “Reduced ARFP amount”
  721. 51Paragraph 51
  722. 52Paragraph 52
  723. “Activated ARFP amount”
  724. 53Paragraph 53
  725. “ARFP uplift amount”
  726. 54Paragraph 54
  727. “Adjusted finance cost amount”
  728. 55Paragraph 55
  729. Part 8: TTH elections: conditions and procedure
  730. Election conditions: associated companies
  731. 56Paragraph 56
  732. Election conditions: decommissioning relief agreements
  733. 57Paragraph 57
  734. Timing of election
  735. 58Paragraph 58
  736. Content
  737. 59Paragraph 59
  738. Timing of an enquiry: cases where the corporate restructuring condition is met
  739. 60Paragraph 60
  740. Part 9: TTH elections: approval
  741. Approval notice
  742. 61Paragraph 61
  743. Deemed approval
  744. 62Paragraph 62
  745. Conditions of approval
  746. 63Paragraph 63
  747. Profit tracking requirements
  748. 64Paragraph 64
  749. 65Paragraph 65
  750. Senior tracking officers
  751. 66Paragraph 66
  752. 67Paragraph 67
  753. 68Paragraph 68
  754. 69Paragraph 69
  755. 70Paragraph 70
  756. Part 10: TTH elections: effective date and withdrawal
  757. Effective date of a TTH election
  758. 71Paragraph 71
  759. Withdrawal of a TTH election by an officer of Revenue and Customs
  760. 72Paragraph 72
  761. Part 11: TTH elections: inaccuracies
  762. Penalties for errors
  763. 73Paragraph 73
  764. Amendment of TTH election: amounts discovered to be incorrect
  765. 74Paragraph 74
  766. 75Paragraph 75
  767. Part 12: Chargeable gains
  768. Transferred tax history is not to be regarded as an asset
  769. 76Paragraph 76
  770. Consideration for transferred tax history to be treated as consideration for the licence interest
  771. 77Paragraph 77
  772. Market value of the licence interest: value of transferred tax history to be taken into account
  773. 78Paragraph 78
  774. Licence swaps: references to disposal include references to transfer of tax history
  775. 79Paragraph 79
  776. Interpretation of this Part
  777. 80Paragraph 80
  778. Part 13: Onward sale
  779. Application of paragraphs 83 to 90
  780. 81Paragraph 81
  781. 82Paragraph 82
  782. Original TTH amount treated as eligible ring fence profits
  783. 83Paragraph 83
  784. 84Paragraph 84
  785. Original TTH amount transferred before eligible ring fence profits (subject to opt-out)
  786. 85Paragraph 85
  787. 86Paragraph 86
  788. 87Paragraph 87
  789. Opt-out under paragraph 85(2): further provision about the application of this Schedule
  790. 88Paragraph 88
  791. Supplementary charge: treatment of transferred adjusted ring fence profits
  792. 89Paragraph 89
  793. Tracking
  794. 90Paragraph 90
  795. Sale by the second purchaser or subsequent sale
  796. 91Paragraph 91
  797. Part 14: Supplementary
  798. Multiple interests in the same oil field
  799. 92Paragraph 92
  800. Multiple TTH elections
  801. 93Paragraph 93
  802. Appeals
  803. 94Paragraph 94
  804. Anti-avoidance
  805. 95Paragraph 95
  806. 96Paragraph 96
  807. Part 15: Interpretation
  808. Introductory
  809. 97Paragraph 97
  810. 98Paragraph 98
  811. “UK oil licence”
  812. 99Paragraph 99
  813. “Licensed area” and “transferred oil field”
  814. 100Paragraph 100
  815. “Licence transfer date”
  816. 101Paragraph 101
  817. The seller's “reference accounting period”
  818. 102Paragraph 102
  819. The purchaser's “reference accounting period”
  820. 103Paragraph 103
  821. The seller's “pre-transfer accounting periods”
  822. 104Paragraph 104
  823. The purchaser's “pre-acquisition accounting periods” and “post-acquisition accounting periods”
  824. 105Paragraph 105
  825. Accounting periods before the purchaser comes within the charge to corporation tax
  826. 106Paragraph 106
  827. “Transferred profits amount” and “activated transferred profits amount”
  828. 107Paragraph 107
  829. “Trade loss relief provisions”
  830. 108Paragraph 108
  831. Schedule 16: Entrepreneurs' relief
  832. Periods throughout which conditions for relief must be met
  833. 1Paragraph 1
  834. Additional requirements relating to the beneficial ownership of companies
  835. 2Paragraph 2
  836. Relief where company ceases to be individual's personal company
  837. 3Paragraph 3
  838. Commencement
  839. 4Paragraph 4
  840. Schedule 17: VAT treatment of vouchers
  841. 1Paragraph 1
  842. 2Paragraph 2
  843. 3Paragraph 3
  844. 4Paragraph 4
  845. 5Paragraph 5
  846. 6Paragraph 6
  847. Schedule 18: VAT groups: eligibility Not yet in force
  848. Part 1: Eligibility of individuals and partnerships Not yet in force
  849. 1Paragraph 1 Not yet in force
  850. 2Paragraph 2 Not yet in force
  851. Part 2: Consequential amendments Not yet in force
  852. VATA 1994 Not yet in force
  853. 3Paragraph 3 Not yet in force
  854. 4Paragraph 4 Not yet in force
  855. 5Paragraph 5 Not yet in force
  856. 6Paragraph 6 Not yet in force
  857. 7Paragraph 7 Not yet in force
  858. 8Paragraph 8 Not yet in force
  859. 9Paragraph 9 Not yet in force
  860. 10Paragraph 10 Not yet in force
  861. 11Paragraph 11 Not yet in force
  862. 12Paragraph 12 Not yet in force
  863. 13Paragraph 13 Not yet in force
  864. 14Paragraph 14 Not yet in force
  865. 15Paragraph 15 Not yet in force
  866. Schedule 19: Gaming duty
  867. Accounting periods
  868. 1Paragraph 1
  869. 2Paragraph 2
  870. 3Paragraph 3
  871. Carrying forward of losses
  872. 4Paragraph 4
  873. Removal of obligation to make payments on account
  874. 5Paragraph 5
  875. 6Paragraph 6
  876. Commencement
  877. 7Paragraph 7
  878. 8Paragraph 8
  879. Schedule 20: Taxation of hybrid capital instruments
  880. Part 1: Revocation of special rules for regulatory capital securities
  881. 1Paragraph 1
  882. Part 2: Corporation tax, income tax and capital gains tax
  883. Distributions in respect of hybrid capital instruments
  884. 2Paragraph 2
  885. 3Paragraph 3
  886. 4Paragraph 4
  887. Loan relationships: credits and debits to be brought into account
  888. 5Paragraph 5
  889. Normal commercial loans
  890. 6Paragraph 6
  891. Consequential amendments
  892. 7Paragraph 7
  893. 8Paragraph 8
  894. 9Paragraph 9
  895. Commencement for purposes of corporation tax
  896. 10Paragraph 10
  897. 11Paragraph 11
  898. 12Paragraph 12
  899. 13Paragraph 13
  900. 14Paragraph 14
  901. 15Paragraph 15
  902. Commencement for purposes of income tax and CGT
  903. 16Paragraph 16
  904. 17Paragraph 17
  905. 18Paragraph 18
  906. Power to amend definition of “hybrid capital instrument”
  907. 19Paragraph 19
  908. Part 3: Stamp duty and stamp duty reserve tax
  909. 20Paragraph 20
  910. 21Paragraph 21