Finance Act 2016

2016 c. 24 · Enacted 15 September 2016 · Extends to United Kingdom

Contents

1. Part 1: Income tax
2. Charge and principal rates etc
3. 1Income tax charge and rates for 2016-17
4. 2Basic rate limit for 2017-18
5. 3Personal allowance for 2017-18
6. Rate structure
7. 4Savings allowance, and savings nil rate etc
8. 5Rates of tax on dividend income, and abolition of dividend tax credits etc
9. 6Structure of income tax rates
10. Employment income: taxable benefits
11. 7Taxable benefits: application of Chapters 5 to 7 of Part 3 of ITEPA 2003
12. 8Cars: appropriate percentage for 2019-20 and subsequent tax years
13. 9Cars which cannot emit CO2: appropriate percentage for 2017-18 and 2018-19
14. 10Diesel cars: appropriate percentage
15. 11Cash equivalent of benefit of a van
16. 12Tax treatment of payments from sporting testimonials
17. 13Exemption for trivial benefits provided by employers
18. 14Travel expenses of workers providing services through intermediaries
19. 15Taxable benefits: PAYE
20. Employment income: other provision
21. 16Employee share schemes
22. 17Securities options
23. 18Employment income provided through third parties
24. Pensions
25. 19Standard lifetime allowance from 2016-17
26. 20Pensions bridging between retirement and state pension
27. 21Dependants' scheme pensions
28. 22Pension flexibility
29. 23Netherlands Benefit Act for Victims of Persecution 1940-1945
30. Trading and other income
31. 24Fixed-rate deductions for use of home for business purposes
32. 25Averaging profits of farmers etc
33. 26Relief for finance costs related to residential property businesses
34. 27Individual investment plans of deceased investors
35. Reliefs: enterprise investment scheme, venture capital trusts etc
36. 28EIS, SEIS and VCTs: exclusion of energy generation
37. 29EIS and VCTs: definition of certain periods
38. 30EIS and VCTs: election
39. 31VCTs: requirements for giving approval
40. Reliefs: peer-to-peer lending
41. 32Income tax relief for irrecoverable peer-to-peer loans
42. Transactions in securities
43. 33Transactions in securities: company distributions
44. 34Transactions in securities: procedure for counteraction of advantage
45. 35Distributions in a winding up
46. Disguised fees and carried interest
47. 36Disguised investment management fees
48. 37Income-based carried interest
49. 38Income-based carried interest: persons coming to the UK
50. Deduction at source
51. 39Deduction of income tax at source
52. 40Deduction of income tax at source: intellectual property
53. 41Deduction of income tax at source: intellectual property - tax avoidance
54. Receipts from intellectual property
55. 42Receipts from intellectual property: territorial scope
56. 43Receipts from intellectual property: diverted profits tax
57. Supplementary welfare payments: Northern Ireland
58. 44Tax treatment of supplementary welfare payments: Northern Ireland
59. Part 2: Corporation tax
60. Charge and rates
61. 45Charge for financial year 2017
62. 46Rate of corporation tax for financial year 2020
63. Research and development
64. 47Abolition of vaccine research relief
65. 48Cap on R&D aid
66. Loan relationships
67. 49Loan relationships and derivative contracts
68. 50Loans to participators etc: rate of tax
69. 51Loans to participators etc: trustees of charitable trusts
70. Intangible fixed assets
71. 52Intangible fixed assets: pre-FA 2002 assets
72. 53Intangible fixed assets: transfers treated as at market value
73. Creative industry reliefs
74. 54Tax relief for production of orchestral concerts
75. 55Television and video games tax relief: consequential amendments
76. Banking companies
77. 56Banking companies: excluded entities
78. 57Banking companies: restrictions on loss relief etc
79. Oil and gas
80. 58Reduction in rate of supplementary charge
81. 59Investment allowance: disqualifying conditions
82. 60Investment allowance: power to expand meaning of “relevant income”
83. 61Onshore allowance: disqualifying conditions
84. 62Cluster area allowance: disqualifying conditions
85. 63Cluster area allowance: power to expand meaning of “relevant income”
86. Exploitation of patents etc
87. 64Profits from the exploitation of patents etc
88. Miscellaneous
89. 65Power to make regulations about the taxation of securitisation companies
90. 66Hybrid and other mismatches
91. 67Insurance companies carrying on long-term business
92. 68Taking over payment obligations as lessee of plant or machinery
93. Part 3: Income tax and corporation tax
94. Capital allowances
95. 69Capital allowances: designated assisted areas
96. 70Capital allowances: anti-avoidance relating to disposals
97. Trade and property business profits
98. 71Trade and property business profits: money's worth
99. 72Replacement and alteration of tools
100. Property business deductions
101. 73Property business deductions: replacement of domestic items
102. 74Property business deductions: wear and tear allowance
103. Transfer pricing
104. 75Transfer pricing: application of OECD principles
105. Transactions in UK land
106. 76Corporation tax: territorial scope etc
107. 77Corporation tax: transactions in UK land
108. 78Income tax: territorial scope etc
109. 79Income tax: transactions in UK land
110. 80Pre-trading expenses
111. 81Commencement and transitional provision: sections 76, 77 and 80
112. 82Commencement and transitional provision: sections 78 and 79
113. Part 4: Capital gains tax
114. Rate
115. 83Reduction in rate of capital gains tax
116. Entrepreneurs' relief
117. 84Entrepreneurs' relief: associated disposals
118. 85Entrepreneurs' relief: disposal of goodwill
119. 86Entrepreneurs' relief: “trading company” and “trading group”
120. Investors' relief
121. 87Investors' relief
122. Employee shareholder shares
123. 88Employee shareholder shares: limit on exemption
124. 89Employee shareholder shares: disguised fees and carried interest
125. Other provisions
126. 90Disposals of UK residential property by non-residents etc
127. 91NRCGT returns
128. 92Addition of CGT to Provisional Collection of Taxes Act 1968
129. Part 5: Inheritance tax etc
130. 93Inheritance tax: increased nil-rate band
131. 94Inheritance tax: pension drawdown funds
132. 95Inheritance tax: victims of persecution during Second World War era
133. 96Inheritance tax: gifts for national purposes etc
134. 97Estate duty: objects of national, scientific, historic or artistic interest
135. Part 6: Apprenticeship levy
136. Basic provisions
137. 98Apprenticeship levy
138. 99Charge to apprenticeship levy
139. 100A person's pay bill for a tax year
140. Connected companies and charities
141. 101Connected companies
142. 102Connected charities
143. Anti-avoidance
144. 103Anti-avoidance
145. 104Application of other regimes to apprenticeship levy
146. Payment, collection and recovery
147. 105Assessment, payment etc
148. 106Recovery from third parties
149. 107Real time information
150. 108Time limits for assessment
151. 109No deduction in respect of levy to be made from earnings
152. 110Collectors and court proceedings
153. Information and penalties
154. 111Records
155. 112Information and inspection powers
156. 113Penalties
157. Appeals
158. 114Appeals
159. General
160. 115Tax agents: dishonest conduct
161. 116Provisional collection of apprenticeship levy
162. 117Crown application
163. 118Charities which are “connected” with one another
164. 119Connection between charities: further provision
165. 120General interpretation
166. 121Regulations
167. Part 7: VAT
168. 122VAT: power to provide for persons to be eligible for refunds
169. 123VAT: representatives and security
170. 124VAT: joint and several liability of operators of online marketplaces
171. 125VAT: Isle of Man charities
172. 126VAT: women's sanitary products
173. Part 8: SDLT and ATED
174. Stamp duty land tax
175. 127SDLT: calculating tax on non-residential and mixed transactions
176. 128SDLT: higher rates for additional dwellings etc
177. 129SDLT higher rate: land purchased for commercial use
178. 130SDLT higher rate: acquisition under regulated home reversion plan
179. 131SDLT higher rate: properties occupied by certain employees etc
180. 132SDLT: minor amendments of section 55 of FA 2003
181. 133SDLT: property authorised investment funds and co-ownership authorised contractual schemes
182. Annual tax on enveloped dwellings
183. 134ATED: regulated home reversion plans
184. 135ATED: properties occupied by certain employees etc
185. 136ATED: alternative property finance - land in Scotland
186. Part 9: Other taxes and duties
187. Stamp duty and stamp duty reserve tax
188. 137Stamp duty: acquisition of target company's share capital
189. 138Stamp duty: transfers to depositaries or providers of clearance services
190. 139SDRT: transfers to depositaries or providers of clearance services
191. Petroleum revenue tax
192. 140Petroleum revenue tax: rate
193. Insurance premium tax
194. 141Insurance premium tax: standard rate
195. Landfill tax
196. 142Landfill tax: rates from 1 April 2017
197. 143Landfill tax: rates from 1 April 2018
198. Climate change levy
199. 144CCL: abolition of exemption for electricity from renewable sources
200. 145CCL: main rates from 1 April 2017
201. 146CCL: main rates from 1 April 2018
202. 147CCL: main rates from 1 April 2019
203. 148CCL: reduced rates from 1 April 2019
204. Air passenger duty
205. 149APD: rates from 1 April 2016
206. Vehicle excise duty
207. 150VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
208. 151VED: extension of old vehicles exemption from 1 April 2017
209. Other excise duties
210. 152Gaming duty: rates
211. 153Fuel duties: aqua methanol etc
212. 154Tobacco products duty: rates
213. 155Alcoholic liquor duties: rates
214. Part 10: Tax avoidance and evasion
215. General anti-abuse rule
216. 156General anti-abuse rule: provisional counteractions
217. 157General anti-abuse rule: binding of tax arrangements to lead arrangements
218. 158General anti-abuse rule: penalty
219. Tackling frequent avoidance
220. 159Serial tax avoidance
221. 160Promoters of tax avoidance schemes
222. 161Large businesses: tax strategies and sanctions for persistently unco-operative behaviour
223. Offshore activities
224. 162Penalties for enablers of offshore tax evasion or non-compliance
225. 163Penalties in connection with offshore matters and offshore transfers
226. 164Offshore tax errors etc: publishing details of deliberate tax defaulters
227. 165Asset-based penalties for offshore inaccuracies and failures
228. 166Offences relating to offshore income, assets and activities
229. Part 11: Administration, enforcement and supplementary powers
230. Assessment and returns
231. 167Simple assessments
232. 168Time limit for self assessment tax returns
233. 169HMRC power to withdraw notice to file a tax return
234. Judgment debts
235. 170Rate of interest applicable to judgment debts etc: Scotland
236. 171Rate of interest applicable to judgment debts etc: Northern Ireland
237. 172Rate of interest applicable to judgment debts etc: England and Wales
238. Enforcement powers
239. 173Gift aid: power to impose penalties on charities and intermediaries
240. 174Proceedings under customs and excise Acts: prosecuting authority
241. 175Detention and seizure under CEMA 1979: notice requirements etc
242. 176Data-gathering powers: providers of payment or intermediary services
243. 177Data-gathering powers: daily penalties for extended default
244. Payment
245. 178Extension of provisions about set-off to Scotland
246. Raw tobacco
247. 179Raw tobacco approval scheme
248. State aids granted through provision of tax advantages
249. 180Powers to obtain information about certain tax advantages
250. 181Power to publish state aid information
251. 182Information powers: supplementary
252. Qualifying transformer vehicles
253. 183Qualifying transformer vehicles
254. Part 12: Office of Tax Simplification Repealed
255. 184Office of Tax Simplification Repealed
256. 185Functions of the OTS: general Repealed
257. 186Functions of the OTS: reviews and reports Repealed
258. 187Annual report Repealed
259. 188Review of the OTS Repealed
260. 189Commencement Repealed
261. Part 13: Final
262. 190Interpretation
263. 191Short title
264. Schedule 1: Abolition of dividend tax credits etc
265. Main repeals
266. 1Paragraph 1
267. Further amendments in ITTOIA 2005
268. 2Paragraph 2
269. 3Paragraph 3
270. 4Paragraph 4
271. 5Paragraph 5
272. 6Paragraph 6
273. 7Paragraph 7
274. 8Paragraph 8
275. 9Paragraph 9
276. 10Paragraph 10
277. 11Paragraph 11
278. 12Paragraph 12
279. 13Paragraph 13
280. 14Paragraph 14
281. 15Paragraph 15
282. 16Paragraph 16
283. 17Paragraph 17
284. 18Paragraph 18
285. 19Paragraph 19
286. 20Paragraph 20
287. 21Paragraph 21
288. 22Paragraph 22
289. 23Paragraph 23
290. 24Paragraph 24
291. 25Paragraph 25
292. 26Paragraph 26
293. 27Paragraph 27
294. Further amendments in CTA 2010
295. 28Paragraph 28
296. 29Paragraph 29
297. 30Paragraph 30
298. 31Paragraph 31
299. 32Paragraph 32
300. 33Paragraph 33
301. 34Paragraph 34
302. 35Paragraph 35
303. 36Paragraph 36
304. 37Paragraph 37
305. 38Paragraph 38
306. 39Paragraph 39
307. 40Paragraph 40
308. 41Paragraph 41
309. 42Paragraph 42
310. 43Paragraph 43
311. 44Paragraph 44
312. 45Paragraph 45
313. 46Paragraph 46
314. 47Paragraph 47
315. 48Paragraph 48
316. 49Paragraph 49
317. 50Paragraph 50
318. Other amendments
319. 51Paragraph 51
320. 52Paragraph 52
321. 53Paragraph 53
322. 54Paragraph 54
323. 55Paragraph 55
324. 56Paragraph 56
325. 57Paragraph 57
326. 58Paragraph 58
327. 59Paragraph 59
328. 60Paragraph 60
329. 61Paragraph 61
330. 62Paragraph 62
331. 63Paragraph 63
332. 64Paragraph 64
333. 65Paragraph 65
334. 66Paragraph 66
335. 67Paragraph 67
336. 68Paragraph 68
337. 69Paragraph 69
338. 70Paragraph 70
339. 71Paragraph 71
340. 72Paragraph 72
341. Commencement
342. 73Paragraph 73
343. Schedule 2: Sporting testimonial payments
344. Income tax: sporting testimonial payments treated as earnings
345. 1Paragraph 1
346. Income tax: limited exemption for sporting testimonial payments
347. 2Paragraph 2
348. Corporation tax: deductions from total profits for sporting testimonial payments and associated payments
349. 3Paragraph 3
350. Application of this Schedule
351. 4Paragraph 4
352. Schedule 3: Employee share schemes: minor amendments
353. Enterprise management incentives and employee ownership trusts
354. 1Paragraph 1
355. Share incentive plans
356. 2Paragraph 2
357. Notification of plans and schemes to HMRC
358. 3Paragraph 3
359. 4Paragraph 4
360. 5Paragraph 5
361. Price for acquisition of shares under share option
362. 6Paragraph 6
363. 7Paragraph 7
364. Tag-along rights
365. 8Paragraph 8
366. Exercise of EMI options
367. 9Paragraph 9
368. Schedule 4: Pensions: lump sum allowance and lump sum and death benefit allowance: transitional provision
369. Part 1: “Fixed protection 2016”
370. The protection
371. 1Paragraph 1
372. The initial conditions
373. 2Paragraph 2
374. Protection-cessation events
375. 3Paragraph 3
376. Protection-cessation events: interpretation: “benefit accrual”
377. 4Paragraph 4
378. Protection-cessation events: interpretation: “impermissible transfer”
379. 5Paragraph 5
380. Protection-cessation events: interpretation: “permitted transfer”
381. 6Paragraph 6
382. Protection-cessation events: interpretation: “permitted circumstances”
383. 7Paragraph 7
384. Protection-cessation events: interpretation: relieved non-UK pension schemes
385. 8Paragraph 8
386. Part 2: “Individual protection 2016”
387. The protection
388. 9Paragraph 9
389. Amount A (pre-6 April 2006 pensions in payment)
390. 10Paragraph 10
391. Amount B (pre-6 April 2016 benefit crystallisation events)
392. 11Paragraph 11
393. Amount C (uncrystallised rights at end of 5 April 2016 under registered pension schemes)
394. 12Paragraph 12
395. Amount D (uncrystallised rights at end of 5 April 2016 under relieved non-UK schemes)
396. 13Paragraph 13
397. Part 3: Reference numbers etc
398. Issuing of reference numbers for fixed or individual protection 2016
399. 14Paragraph 14
400. Withdrawal of reference numbers
401. 15Paragraph 15
402. Appeals against non-issue or withdrawal of reference numbers
403. 16Paragraph 16
404. Notification of subsequent protection-cessation events
405. 17Paragraph 17
406. Notification of subsequent pension debits
407. 18Paragraph 18
408. Personal representatives
409. 19Paragraph 19
410. Penalties for non-supply, or fraudulent etc supply, of information under paragraph 17 or 18
411. 20Paragraph 20
412. Part 4: Information
413. Preservation of records in connection with individual protection 2016
414. 21Paragraph 21
415. Amendments of regulations
416. 22Paragraph 22
417. 23Paragraph 23
418. 24Paragraph 24
419. 25Paragraph 25
420. 26Paragraph 26
421. 27Paragraph 27
422. Part 5: Amendments in connection with protection of pre-6 April 2006 rights
423. 28Paragraph 28
424. Part 6: Interpretation and regulations
425. Interpretation of Parts 1, 2 and 3
426. 29Paragraph 29
427. Interpretation of Parts 3 and 4 and this Part
428. 30Paragraph 30
429. Regulations
430. 31Paragraph 31
431. Schedule 5: Pension flexibility
432. Serious ill-health lump sums
433. 1Paragraph 1
434. 2Paragraph 2
435. 3Paragraph 3
436. 4Paragraph 4
437. Charity lump sum death benefits
438. 5Paragraph 5
439. Dependants' flexi-access drawdown funds
440. 6Paragraph 6
441. Trivial commutation lump sum
442. 7Paragraph 7
443. 8Paragraph 8
444. 9Paragraph 9
445. Top-up of dependants' death benefits
446. 10Paragraph 10
447. Inheritance tax as respects cash alternatives to annuities for dependants etc
448. 11Paragraph 11
449. Schedule 6: Deduction of income tax at source
450. Part 1: Abolition of duty to deduct tax from interest on certain investments
451. 1Paragraph 1
452. Part 2: Deduction of tax from yearly interest: exception for deposit-takers
453. 2Paragraph 2
454. Part 3: Amendments of or relating to Chapter 2 of Part 15 of ITA 2007
455. Amendments of Chapter 2 of Part 15 of ITA 2007
456. 3Paragraph 3
457. 4Paragraph 4
458. 5Paragraph 5
459. 6Paragraph 6
460. 7Paragraph 7
461. 8Paragraph 8
462. 9Paragraph 9
463. 10Paragraph 10
464. 11Paragraph 11
465. 12Paragraph 12
466. 13Paragraph 13
467. 14Paragraph 14
468. 15Paragraph 15
469. 16Paragraph 16
470. 17Paragraph 17
471. 18Paragraph 18
472. Amendments relating to Chapter 2 of Part 15 of ITA 2007
473. 19Paragraph 19
474. 20Paragraph 20
475. 21Paragraph 21
476. 22Paragraph 22
477. 23Paragraph 23
478. 24Paragraph 24
479. 25Paragraph 25
480. Part 4: Deduction of tax from UK public revenue dividends
481. 26Paragraph 26
482. 27Paragraph 27
483. Part 5: Commencement
484. 28Paragraph 28
485. Schedule 7: Loan relationships and derivative contracts
486. Introductory
487. 1Paragraph 1
488. Non-market loans
489. 2Paragraph 2
490. Transfer pricing
491. 3Paragraph 3
492. 4Paragraph 4
493. Exchange gains and losses
494. 5Paragraph 5
495. 6Paragraph 6
496. 7Paragraph 7
497. 8Paragraph 8
498. 9Paragraph 9
499. 10Paragraph 10
500. 11Paragraph 11
501. Commencement
502. 12Paragraph 12
503. Schedule 8: Tax relief for production of orchestral concerts
504. Part 1: Amendment of CTA 2009
505. 1Paragraph 1
506. Part 2: Consequential amendments
507. ICTA
508. 2Paragraph 2
509. FA 1998
510. 3Paragraph 3
511. 4Paragraph 4
512. 5Paragraph 5
513. 6Paragraph 6
514. CAA 2001
515. 7Paragraph 7 Repealed
516. FA 2007
517. 8Paragraph 8
518. CTA 2009
519. 9Paragraph 9
520. 10Paragraph 10
521. 11Paragraph 11
522. FA 2009
523. 12Paragraph 12
524. CTA 2010
525. 13Paragraph 13
526. 14Paragraph 14
527. 15Paragraph 15
528. Part 3: Commencement
529. 16Paragraph 16
530. 17Paragraph 17
531. 18Paragraph 18
532. Schedule 9: Profits from the exploitation of patents etc: consequential
533. 1Paragraph 1
534. 2Paragraph 2
535. 3Paragraph 3
536. 4Paragraph 4
537. 5Paragraph 5
538. 6Paragraph 6
539. 7Paragraph 7
540. 8Paragraph 8
541. 9Paragraph 9
542. 10Paragraph 10
543. 11Paragraph 11
544. 12Paragraph 12
545. 13Paragraph 13
546. 14Paragraph 14
547. 15Paragraph 15
548. 16Paragraph 16
549. 17Paragraph 17
550. 18Paragraph 18
551. 19Paragraph 19
552. 20Paragraph 20
553. 21Paragraph 21
554. 22Paragraph 22
555. 23Paragraph 23
556. 24Paragraph 24
557. Schedule 10: Hybrid and other mismatches
558. Part 1: Main provisions
559. 1Paragraph 1
560. Part 2: Consequential amendments
561. FA 1998
562. 2Paragraph 2
563. 3Paragraph 3
564. 4Paragraph 4
565. CTA 2009
566. 5Paragraph 5
567. CTA 2010
568. 6Paragraph 6
569. 7Paragraph 7
570. 8Paragraph 8
571. TIOPA 2010
572. 9Paragraph 9
573. 10Paragraph 10
574. 11Paragraph 11
575. 12Paragraph 12
576. 13Paragraph 13
577. 14Paragraph 14
578. 15Paragraph 15
579. 16Paragraph 16
580. 17Paragraph 17
581. Part 3: Commencement
582. 18Paragraph 18
583. 19Paragraph 19
584. 20Paragraph 20
585. 21Paragraph 21
586. 22Paragraph 22
587. 23Paragraph 23
588. 24Paragraph 24
589. 25Paragraph 25
590. Schedule 11: Disposals of non-UK residential property interests
591. 1Paragraph 1
592. 2Paragraph 2
593. 3Paragraph 3
594. 4Paragraph 4
595. 5Paragraph 5
596. Schedule 12: Disposals of residential property interests: gains and losses
597. 1Paragraph 1
598. 2Paragraph 2
599. 3Paragraph 3
600. 4Paragraph 4
601. 5Paragraph 5
602. Schedule 13: Entrepreneurs' relief: “trading company” and “trading group”
603. 1Paragraph 1
604. 2Paragraph 2
605. 3Paragraph 3
606. 4Paragraph 4
607. 5Paragraph 5
608. 6Paragraph 6
609. Schedule 14: Investors' relief
610. 1Paragraph 1
611. 2Paragraph 2
612. 3Paragraph 3
613. Schedule 15: Inheritance tax: increased nil-rate band
614. 1Paragraph 1
615. 2Paragraph 2
616. 3Paragraph 3
617. 4Paragraph 4
618. 5Paragraph 5
619. 6Paragraph 6
620. 7Paragraph 7
621. 8Paragraph 8
622. 9Paragraph 9
623. 10Paragraph 10
624. 11Paragraph 11
625. 12Paragraph 12
626. Schedule 16: Property authorised investment funds and co-ownership authorised contractual schemes
627. Part 1: Co-ownership authorised contractual schemes
628. 1Paragraph 1
629. Part 2: Seeding relief for property authorised investment funds and co-ownership authorised contractual schemes
630. 2Paragraph 2
631. 3Paragraph 3
632. 4Paragraph 4
633. Part 3: Consequential amendments
634. 5Paragraph 5
635. 6Paragraph 6
636. 7Paragraph 7
637. 8Paragraph 8
638. 9Paragraph 9
639. 10Paragraph 10
640. 11Paragraph 11
641. 12Paragraph 12
642. 13Paragraph 13
643. 14Paragraph 14
644. Part 4: Commencement
645. 15Paragraph 15
646. Schedule 17: Aqua methanol etc
647. Part 1: Aqua methanol
648. Introductory
649. 1Paragraph 1
650. Definition
651. 2Paragraph 2
652. 3Paragraph 3
653. Charging of excise duty
654. 4Paragraph 4
655. 5Paragraph 5
656. Mixing of aqua methanol
657. 6Paragraph 6
658. Enforcement
659. 7Paragraph 7
660. Consequential amendments
661. 8Paragraph 8
662. 9Paragraph 9
663. 10Paragraph 10
664. 11Paragraph 11
665. Part 2: Hydrocarbon oils: miscellaneous amendments
666. HODA 1979
667. 12Paragraph 12
668. FA 1994
669. 13Paragraph 13
670. Part 3: Commencement
671. 14Paragraph 14
672. Schedule 18: Serial tax avoidance
673. Part 1: Contents of Schedule
674. 1Paragraph 1
675. Part 2: Entry into the regime and basic concepts
676. Duty to give warning notice
677. 2Paragraph 2
678. Warning period
679. 3Paragraph 3
680. Meaning of “tax”
681. 4Paragraph 4
682. Meaning of “tax advantage” in relation to VAT
683. 5Paragraph 5
684. Meaning of “non-deductible tax”
685. 6Paragraph 6
686. “Tax advantage”: other taxes
687. 7Paragraph 7
688. “DOTAS arrangements”
689. 8Paragraph 8
690. “Disclosable Schedule 11A VAT arrangements”
691. 8AParagraph 8A
692. 9Paragraph 9
693. “Disclosable indirect tax arrangements”
694. 9AParagraph 9A
695. Paragraphs 8 to 9A: “failure to comply”
696. 10Paragraph 10
697. “Relevant defeat”
698. 11Paragraph 11
699. Condition A
700. 12Paragraph 12
701. Condition B
702. 13Paragraph 13
703. Condition C
704. 14Paragraph 14
705. Condition D
706. 15Paragraph 15
707. Condition E
708. 16Paragraph 16
709. Condition F
710. 16AParagraph 16A
711. Part 3: Annual information notices and naming
712. Annual information notices
713. 17Paragraph 17
714. Naming
715. 18Paragraph 18
716. Part 4: Restriction of reliefs
717. Duty to give a restriction relief notice
718. 19Paragraph 19
719. Restriction of relief
720. 20Paragraph 20
721. The restricted period
722. 21Paragraph 21
723. Reasonable excuse
724. 22Paragraph 22
725. Mitigation of restriction of relief
726. 23Paragraph 23
727. Appeal
728. 24Paragraph 24
729. Meaning of “avoidance-related rule”
730. 25Paragraph 25
731. Meaning of “relief”
732. 26Paragraph 26
733. “Claim” for relief
734. 27Paragraph 27
735. VAT and indirect taxes
736. 28Paragraph 28
737. Power to amend
738. 29Paragraph 29
739. Part 5: Penalty
740. Penalty
741. 30Paragraph 30
742. Simultaneous defeats etc
743. 31Paragraph 31
744. Value of the counteracted advantage: basic rule for taxes other than VAT
745. 32Paragraph 32
746. Value of counteracted advantage: losses for purposes of direct tax
747. 33Paragraph 33
748. Value of counteracted advantage: deferred tax
749. 34Paragraph 34
750. Meaning of “the counteracted advantage” in paragraphs 33 and 34
751. 35Paragraph 35
752. Value of the counteracted advantage: Conditions D and E
753. 36Paragraph 36
754. Value of counteracted advantage: delayed VAT
755. 37Paragraph 37
756. Assessment of penalty
757. 38Paragraph 38
758. Alteration of assessment of penalty
759. 39Paragraph 39
760. Aggregate penalties
761. 40Paragraph 40
762. Appeal against penalty
763. 41Paragraph 41
764. Penalties: reasonable excuse
765. 42Paragraph 42
766. Paragraph 42: meaning of “the relevant failure”
767. 43Paragraph 43
768. Mitigation of penalties
769. 44Paragraph 44
770. Part 6: Corporate groups, associated persons and partnerships
771. Representative member of a VAT group
772. 45Paragraph 45
773. Corporate groups
774. 46Paragraph 46
775. Associated persons treated as incurring relevant defeats
776. 47Paragraph 47
777. Meaning of “associated”
778. 48Paragraph 48
779. Partners treated as incurring relevant defeats
780. 49Paragraph 49
781. Partnership returns to which this paragraph applies
782. 50Paragraph 50
783. Partnerships: information
784. 51Paragraph 51
785. Partnerships: special provision about taxpayer emendations
786. 52Paragraph 52
787. Supplementary provision relating to partnerships
788. 53Paragraph 53
789. Part 7: Supplemental
790. Meaning of “adjustments”
791. 54Paragraph 54
792. Time of “use” of defeated arrangements
793. 55Paragraph 55
794. Inheritance tax
795. 56Paragraph 56
796. National insurance contributions
797. 57Paragraph 57
798. General interpretation
799. 58Paragraph 58
800. Consequential amendments
801. 59Paragraph 59
802. 60Paragraph 60
803. 61Paragraph 61
804. 62Paragraph 62
805. Commencement
806. 63Paragraph 63
807. 64Paragraph 64
808. 65Paragraph 65
809. Schedule 19: Large businesses: tax strategies and sanctions
810. Part 1: Interpretation
811. Purpose of Part 1
812. 1Paragraph 1
813. “Relevant body”
814. 2Paragraph 2
815. “UK company”
816. 3Paragraph 3
817. “UK permanent establishment”
818. 4Paragraph 4
819. “Qualifying company”
820. 5Paragraph 5
821. “Group” and related expressions
822. 6Paragraph 6
823. 7Paragraph 7
824. 8Paragraph 8
825. 9Paragraph 9
826. “Qualifying group”
827. 10Paragraph 10
828. “UK sub-group” and “head” (in relation to a UK sub-group)
829. 11Paragraph 11
830. “UK partnership”, “qualifying partnership” and “representative partner”
831. 12Paragraph 12
832. “Financial year”
833. 13Paragraph 13
834. “Turnover” and “balance sheet total”
835. 14Paragraph 14
836. “UK taxation”
837. 15Paragraph 15
838. Part 2: Publication of tax strategies
839. Qualifying UK groups: duty to publish a group tax strategy
840. 16Paragraph 16
841. Content of group tax strategy
842. 17Paragraph 17
843. Penalty for non-compliance with paragraph 16
844. 18Paragraph 18
845. UK sub-groups: duty to publish a sub-group tax strategy
846. 19Paragraph 19
847. Content of a sub-group tax strategy
848. 20Paragraph 20
849. Penalty for non-compliance with requirements of paragraph 19
850. 21Paragraph 21
851. Qualifying companies: duty to publish a company tax strategy
852. 22Paragraph 22
853. Content of a company tax strategy
854. 23Paragraph 23
855. Penalty for non-compliance with paragraph 22
856. 24Paragraph 24
857. Qualifying partnerships: duty to publish a partnership tax strategy
858. 25Paragraph 25
859. Penalties under this Part: general provisions
860. 26Paragraph 26
861. Failure to comply with a time limit
862. 27Paragraph 27
863. Reasonable excuse
864. 28Paragraph 28
865. Assessment of penalties
866. 29Paragraph 29
867. Appeal
868. 30Paragraph 30
869. Enforcement
870. 31Paragraph 31
871. Power to change amount of penalties
872. 32Paragraph 32
873. Application of provisions of TMA 1970
874. 33Paragraph 33
875. Meaning of “tax strategy”
876. 34Paragraph 34
877. Part 3: Sanctions for persistently unco-operative large businesses
878. Large groups falling within Part 3
879. 35Paragraph 35
880. 36Paragraph 36
881. 37Paragraph 37
882. 38Paragraph 38
883. 39Paragraph 39
884. 40Paragraph 40
885. Warning notices
886. 41Paragraph 41
887. Special measures notices
888. 42Paragraph 42
889. 43Paragraph 43
890. 44Paragraph 44
891. 45Paragraph 45
892. Circumstances in which warning and special measures notices are treated as having been given
893. 46Paragraph 46
894. Sanctions: liability for penalties for errors in documents given to HMRC
895. 47Paragraph 47
896. 48Paragraph 48
897. Sanctions: Commissioners publishing information
898. 49Paragraph 49
899. Application of Part 3 to large UK sub-groups
900. 50Paragraph 50
901. Application of Part 3 to large companies
902. 51Paragraph 51
903. Application of Part 3 to large partnerships
904. 52Paragraph 52
905. Meaning of “designated HMRC officer”
906. 53Paragraph 53
907. Part 4: Supplementary
908. Amendment of power under section 122 of FA 2015
909. 54Paragraph 54
910. Regulations
911. 55Paragraph 55
912. Schedule 20: Penalties for enablers of offshore tax evasion or non-compliance
913. Part 1: Liability for penalty
914. Liability for penalty
915. 1Paragraph 1
916. Meaning of “involving offshore activity” and related expressions
917. 2Paragraph 2
918. Amount of penalty
919. 3Paragraph 3
920. Potential lost revenue: enabling Q to commit relevant offence
921. 4Paragraph 4
922. Potential lost revenue: enabling Q to engage in conduct incurring relevant civil penalty
923. 5Paragraph 5
924. Treatment of potential lost revenue attributable to both offshore tax evasion or non-compliance and other tax evasion or non-compliance
925. 6Paragraph 6
926. Reduction of penalty for disclosure etc by P
927. 7Paragraph 7
928. 8Paragraph 8
929. 9Paragraph 9
930. Procedure for assessing penalty, etc
931. 10Paragraph 10
932. 11Paragraph 11
933. Appeals
934. 12Paragraph 12
935. 13Paragraph 13
936. 14Paragraph 14
937. Double jeopardy
938. 15Paragraph 15
939. Application of provisions of TMA 1970
940. 16Paragraph 16
941. Interpretation of Part 1
942. 17Paragraph 17
943. Part 2: Application of Schedule 36 to FA 2008: information powers
944. General application of information and inspection powers to suspected enablers
945. 18Paragraph 18
946. General modifications
947. 19Paragraph 19
948. Specific modifications
949. 20Paragraph 20
950. 21Paragraph 21
951. Part 3: Publishing details of persons found liable to penalties
952. Naming etc of persons assessed to penalty or penalties under paragraph 1
953. 22Paragraph 22
954. 23Paragraph 23
955. Schedule 21: Penalties relating to offshore matters and offshore transfers
956. Amendments to Schedule 24 to the Finance Act 2007 (c. 11)
957. 1Paragraph 1
958. 2Paragraph 2
959. 3Paragraph 3
960. 4Paragraph 4
961. Amendments to Schedule 41 to the Finance Act 2008 (c. 9)
962. 5Paragraph 5
963. 6Paragraph 6
964. 7Paragraph 7
965. 8Paragraph 8
966. Amendments to Schedule 55 to the Finance Act 2009 (c.10)
967. 9Paragraph 9
968. 10Paragraph 10
969. 11Paragraph 11
970. 12Paragraph 12
971. Schedule 22: Asset-based penalty for offshore inaccuracies and failures
972. Part 1: Liability for penalty
973. Circumstances in which asset-based penalty is payable
974. 1Paragraph 1
975. Meaning of standard offshore tax penalty
976. 2Paragraph 2
977. Tax year to which standard offshore tax penalty relates
978. 3Paragraph 3
979. Potential lost revenue threshold
980. 4Paragraph 4
981. Offshore PLR
982. 5Paragraph 5
983. Restriction on imposition of multiple asset-based penalties in relation to the same asset
984. 6Paragraph 6
985. 6AParagraph 6A
986. Part 2: Amount of penalty
987. Standard amount of asset-based penalty
988. 7Paragraph 7
989. Reductions for disclosure and co-operation
990. 8Paragraph 8
991. Special reduction
992. 9Paragraph 9
993. Part 3: Identification and valuation of assets
994. Introduction
995. 10Paragraph 10
996. Capital gains tax
997. 11Paragraph 11
998. Inheritance tax
999. 12Paragraph 12
1000. Asset-based income tax
1001. 13Paragraph 13
1002. Jointly held assets
1003. 14Paragraph 14
1004. Part 4: Procedure
1005. Assessment
1006. 15Paragraph 15
1007. Appeal
1008. 16Paragraph 16
1009. 17Paragraph 17
1010. 18Paragraph 18
1011. Part 5: General
1012. Interpretation
1013. 19Paragraph 19
1014. Consequential amendments etc
1015. 20Paragraph 20
1016. 21Paragraph 21
1017. Schedule 23: Simple assessments
1018. 1Paragraph 1
1019. 2Paragraph 2
1020. 3Paragraph 3
1021. 4Paragraph 4
1022. 5Paragraph 5
1023. 6Paragraph 6
1024. 7Paragraph 7
1025. 8Paragraph 8
1026. 9Paragraph 9 Not yet in force
1027. Schedule 24: Tax advantages constituting the grant of state aid
1028. Part 1: Tax advantages to which section 180(2)applies
1029. Enhanced capital allowances
1030. Creative tax reliefs
1031. Research and development reliefs
1032. Enterprise management incentives exemptions and reliefs
1033. 2Tax advantages to which section 180(5) applies
1034. Schedule 25: Office of Tax Simplification Repealed
1035. Membership Repealed
1036. 1Paragraph 1 Repealed
1037. Term of office Repealed
1038. 2Paragraph 2 Repealed
1039. Appointment of initial members Repealed
1040. 3Paragraph 3 Repealed
1041. Termination of appointments Repealed
1042. 4Paragraph 4 Repealed
1043. 5Paragraph 5 Repealed
1044. Remuneration Repealed
1045. 6Paragraph 6 Repealed
1046. Provision of staff and facilities etc. Repealed
1047. 7Paragraph 7 Repealed
1048. Validity of proceedings Repealed
1049. 8Paragraph 8 Repealed
1050. 9Paragraph 9 Repealed
1051. Supplementary powers Repealed
1052. 10Paragraph 10 Repealed
1053. Finance Repealed
1054. 11Paragraph 11 Repealed
1055. Disqualification Repealed
1056. 12Paragraph 12 Repealed
1057. 13Paragraph 13 Repealed
1058. Freedom of information Repealed
1059. 14Paragraph 14 Repealed
1060. Public sector equality duty Repealed
1061. 15Paragraph 15 Repealed