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Finance (No. 3) Act 2010

2010 c. 33 · Enacted 16 December 2010 · Extends to United Kingdom

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

[16th December 2010]

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: Income tax, corporation tax and capital gains tax
  2. Income tax and corporation tax
  3. 1Shared lives care
  4. 2Payments to special guardians and those in receipt of residence orders
  5. 3Qualifying care relief: capital allowances
  6. 4Seafarers' earnings
  7. 5Venture capital schemes
  8. 6Enterprise management incentives
  9. 7Settlor to return excess repayment to trustees etc
  10. 8Collection of income tax where sum deducted by payer
  11. 9Company distributions
  12. 10REITs: stock dividends
  13. 11Financing costs and income of group companies Repealed
  14. 12Consortium claims for group relief
  15. 13R&D relief for SMEs: removal of intellectual property condition
  16. 14Film tax credit: unused losses
  17. 15Insurance business transfer schemes: non-profit fund transferred assets Repealed
  18. Chargeable gains
  19. 16Capital gains tax private residence relief: adult placement carers
  20. 17Reinvestment of ring fence assets: acquisition by member of group
  21. Capital allowances
  22. 18First-year allowances on zero-emission goods vehicles
  23. Part 2: Other taxes and duties
  24. Value added tax
  25. 19Non-business use of business assets etc
  26. 20Supplies of gas, heat or cooling
  27. 21Supplies of aircraft etc
  28. 22Postal services etc
  29. Tobacco products duty
  30. 23Long cigarettes
  31. Landfill tax
  32. 24Landfill tax: criteria for determining material to be subject to lower rate
  33. Part 3: Administration
  34. 25Interest: corporation tax and petroleum revenue tax
  35. 26Penalties for failure to make returns etc
  36. 27Penalties for failure to pay tax
  37. 28Recovery of overpaid stamp duty land tax and petroleum revenue tax etc
  38. 29Excise duties: compliance checks
  39. Part 4: Miscellaneous provisions
  40. 30Pension scheme under section 67 of Pensions Act 2008
  41. 31Asbestos compensation settlements
  42. Part 5: Final provisions
  43. 32Interpretation
  44. 33Short title
  45. Schedule 1: Shared lives care
  46. Extension of foster-care relief
  47. 1Paragraph 1
  48. 2Paragraph 2
  49. 3Paragraph 3
  50. 4Paragraph 4
  51. 5Paragraph 5
  52. 6Paragraph 6
  53. 7Paragraph 7
  54. 8Paragraph 8
  55. 9Paragraph 9
  56. 10Paragraph 10
  57. 11Paragraph 11
  58. 12Paragraph 12
  59. 13Paragraph 13
  60. 14Paragraph 14
  61. 15Paragraph 15
  62. 16Paragraph 16
  63. 17Paragraph 17
  64. 18Paragraph 18
  65. 19Paragraph 19
  66. 20Paragraph 20
  67. 21Paragraph 21
  68. 22Paragraph 22
  69. 23Paragraph 23
  70. 24Paragraph 24
  71. 25Paragraph 25
  72. 26Paragraph 26
  73. 27Paragraph 27
  74. 28Paragraph 28
  75. 29Paragraph 29
  76. Consequential amendments
  77. 30Paragraph 30
  78. 31Paragraph 31
  79. 32Paragraph 32
  80. 33Paragraph 33
  81. 34Paragraph 34
  82. 35Paragraph 35
  83. Commencement
  84. 36Paragraph 36
  85. Transitional provision
  86. 37Paragraph 37
  87. Schedule 2: Venture capital schemes
  88. Enterprise investment scheme
  89. 1Paragraph 1
  90. Venture capital trusts
  91. 2Paragraph 2
  92. Interpretation
  93. 3Paragraph 3
  94. 4Paragraph 4
  95. Consequential repeal
  96. 5Paragraph 5
  97. Commencement of amendments relating to 70% eligible shares condition
  98. 6Paragraph 6
  99. Commencement of other provisions of this Schedule
  100. 7Paragraph 7
  101. Meaning of “the commencement day”
  102. 8Paragraph 8
  103. Schedule 3: Company distributions
  104. Meaning of “distribution” in the Corporation Tax Acts
  105. 1Paragraph 1
  106. Meaning of “distribution” in Income Tax Acts
  107. 2Paragraph 2
  108. Distributions subject to the charge to corporation tax on income
  109. 3Paragraph 3
  110. Distributions giving rise to deemed disposals
  111. 4Paragraph 4
  112. Commencement
  113. 5Paragraph 5
  114. Treatment of distributions of UK resident companies made before 1 July 2009
  115. 6Paragraph 6
  116. Election to opt out of effect of Schedule in relation to a distribution made before 22 June 2010
  117. 7Paragraph 7
  118. Schedule 4: REITs: stock dividends
  119. Amendment of TCGA 1992
  120. 1Paragraph 1
  121. Amendment of ITA 2007
  122. 2Paragraph 2
  123. Amendment of CTA 2010
  124. 3Paragraph 3
  125. 4Paragraph 4
  126. 5Paragraph 5
  127. 6Paragraph 6
  128. 7Paragraph 7
  129. 8Paragraph 8
  130. 9Paragraph 9
  131. 10Paragraph 10
  132. 11Paragraph 11
  133. Commencement
  134. 12Paragraph 12
  135. Schedule 5: Financing costs and income of group companies Repealed
  136. Introduction Repealed
  137. 1Paragraph 1 Repealed
  138. Amendment of Chapter 1 (introduction) Repealed
  139. 2Paragraph 2 Repealed
  140. Amendments of Chapter 2 (application of Part) Repealed
  141. 3Paragraph 3 Repealed
  142. 4Paragraph 4 Repealed
  143. 5Paragraph 5 Repealed
  144. 6Paragraph 6 Repealed
  145. 7Paragraph 7 Repealed
  146. 8Paragraph 8 Repealed
  147. 9Paragraph 9 Repealed
  148. 10Paragraph 10 Repealed
  149. 11Paragraph 11 Repealed
  150. 12Paragraph 12 Repealed
  151. Amendments of Chapter 3 (disallowance of deductions) Repealed
  152. 13Paragraph 13 Repealed
  153. 14Paragraph 14 Repealed
  154. 15Paragraph 15 Repealed
  155. 16Paragraph 16 Repealed
  156. Amendment of Chapter 4 (exemption of financing income) Repealed
  157. 17Paragraph 17 Repealed
  158. Amendments of Chapter 5 (intra-group financing income where payer denied deduction) Repealed
  159. 18Paragraph 18 Repealed
  160. Amendments of Chapter 7 (“financing expense amount” and “financing income amount”) Repealed
  161. 19Paragraph 19 Repealed
  162. 20Paragraph 20 Repealed
  163. 21Paragraph 21 Repealed
  164. 22Paragraph 22 Repealed
  165. 23Paragraph 23 Repealed
  166. 24Paragraph 24 Repealed
  167. Amendment of Chapter 8 (the “tested expense amount” and “tested income amount”) Repealed
  168. 25Paragraph 25 Repealed
  169. Amendments of Chapter 9 (the “available amount”) Repealed
  170. 26Paragraph 26 Repealed
  171. 27Paragraph 27 Repealed
  172. 28Paragraph 28 Repealed
  173. Amendments of Chapter 10 (other interpretative provisions) Repealed
  174. 29Paragraph 29 Repealed
  175. 30Paragraph 30 Repealed
  176. 31Paragraph 31 Repealed
  177. 32Paragraph 32 Repealed
  178. 33Paragraph 33 Repealed
  179. Amendment of transitional provision Repealed
  180. 34Paragraph 34 Repealed
  181. Amendments of index of defined expressions Repealed
  182. 35Paragraph 35 Repealed
  183. Commencement Repealed
  184. 36Paragraph 36 Repealed
  185. Election to defer the application of some of the amendments made by this Schedule Repealed
  186. 37Paragraph 37 Repealed
  187. Schedule 6: Consortium claims for group relief
  188. Introductory
  189. 1Paragraph 1
  190. Ability to claim group relief where link company established in the EEA
  191. 2Paragraph 2
  192. 3Paragraph 3
  193. 4Paragraph 4
  194. 5Paragraph 5 Repealed
  195. 6Paragraph 6
  196. Limitations on group relief based on proportion of voting power held by company
  197. 7Paragraph 7
  198. 8Paragraph 8
  199. Limitations on group relief where arrangements preventing control are in place
  200. 9Paragraph 9
  201. Commencement
  202. 10Paragraph 10
  203. Schedule 7: First-year allowances for zero-emission goods vehicles
  204. 1Paragraph 1
  205. 2Paragraph 2
  206. 3Paragraph 3
  207. 4Paragraph 4
  208. 5Paragraph 5
  209. 6Paragraph 6
  210. 7Paragraph 7
  211. Schedule 8: Value added tax: non-business use of business assets etc
  212. Input tax
  213. 1Paragraph 1
  214. 2Paragraph 2
  215. Non-business use of certain assets not to be treated as supply of services
  216. 3Paragraph 3
  217. Output tax charge where credit attributable to purported paragraph 5(4) supply
  218. 4Paragraph 4
  219. Schedule 9: Interest
  220. Part 1: Corporation tax
  221. Amendments of sections 101 to 104
  222. 1Paragraph 1
  223. 2Paragraph 2 Not yet in force
  224. 3Paragraph 3 Not yet in force
  225. 4Paragraph 4
  226. 5Paragraph 5
  227. Amendments of Schedule 53 Not yet in force
  228. 6Paragraph 6 Not yet in force
  229. 7Paragraph 7 Not yet in force
  230. 8Paragraph 8 Not yet in force
  231. Amendments of Schedule 54 Not yet in force
  232. 9Paragraph 9 Not yet in force
  233. 10Paragraph 10 Not yet in force
  234. 11Paragraph 11 Not yet in force
  235. New Schedule
  236. 12Paragraph 12
  237. Part 2: Petroleum revenue tax Not yet in force
  238. 13Paragraph 13 Not yet in force
  239. 14Paragraph 14 Not yet in force
  240. 15Paragraph 15 Not yet in force
  241. 16Paragraph 16 Not yet in force
  242. 17Paragraph 17 Not yet in force
  243. 18Paragraph 18 Not yet in force
  244. 19Paragraph 19 Not yet in force
  245. Schedule 10: Penalty for failure to make returns etc
  246. 1Paragraph 1
  247. 2Paragraph 2
  248. 3Paragraph 3
  249. 4Paragraph 4
  250. 5Paragraph 5
  251. 6Paragraph 6
  252. 7Paragraph 7
  253. 8Paragraph 8
  254. 9Paragraph 9
  255. 10Paragraph 10 Repealed
  256. 11Paragraph 11
  257. Schedule 11: Penalty for failure to make payments on time
  258. 1Paragraph 1
  259. 2Paragraph 2
  260. 3Paragraph 3
  261. 4Paragraph 4
  262. 5Paragraph 5
  263. 6Paragraph 6
  264. 7Paragraph 7
  265. 8Paragraph 8
  266. 9Paragraph 9
  267. 10Paragraph 10
  268. Schedule 12: Recovery of overpaid tax etc
  269. Part 1: Stamp duty land tax
  270. 1Paragraph 1
  271. New provisions relating to overpaid tax
  272. 2Paragraph 2
  273. Consequential amendments
  274. 3Paragraph 3
  275. 4Paragraph 4
  276. 5Paragraph 5
  277. Part 2: Petroleum revenue tax
  278. Claims for recovery of overpaid tax etc
  279. 6Paragraph 6
  280. 7Paragraph 7
  281. 8Paragraph 8
  282. 9Paragraph 9
  283. 10Paragraph 10
  284. 11Paragraph 11
  285. Consequential amendments
  286. 12Paragraph 12
  287. 13Paragraph 13
  288. Schedule 13: Excise duties: compliance checks
  289. Part 1: Record-keeping
  290. 1Paragraph 1
  291. 2Paragraph 2
  292. Part 2: Time limits
  293. Assessments
  294. 3Paragraph 3
  295. 4Paragraph 4
  296. 5Paragraph 5
  297. 6Paragraph 6
  298. Claims
  299. 7Paragraph 7
  300. 8Paragraph 8
  301. Part 3: Information and inspection powers
  302. 9Paragraph 9
  303. 10Paragraph 10
  304. 11Paragraph 11
  305. 12Paragraph 12
  306. 13Paragraph 13
  307. 14Paragraph 14
  308. 15Paragraph 15
  309. 16Paragraph 16
  310. Schedule 14: Asbestos compensation settlements
  311. Inheritance tax
  312. 1Paragraph 1
  313. Capital gains tax
  314. 2Paragraph 2
  315. Income tax
  316. 3Paragraph 3