OpenLegislation

Finance (No. 2) Act 2017

2017 c. 32 · Enacted 16 November 2017 · 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 November 2017]

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. Income tax: employment and pensions
  3. 1Taxable benefits: time limit for making good
  4. 2Taxable benefits: ultra-low emission vehicles
  5. 3Pensions advice
  6. 4Legal expenses etc
  7. 5Termination payments etc: amounts chargeable on employment income
  8. 6PAYE settlement agreements
  9. 7Money purchase annual allowance Repealed
  10. Income tax: investments
  11. 8Dividend nil rate for tax year 2018-19 etc
  12. 9Life insurance policies: recalculating gains on part surrenders etc
  13. 10Personal portfolio bonds
  14. 11EIS and SEIS: the no pre-arranged exits requirement
  15. 12VCTs: follow-on funding
  16. 13VCTs: exchange of non-qualifying shares and securities
  17. 14Social investment tax relief
  18. 15Business investment relief
  19. Income tax: trading and property businesses
  20. 16Calculation of profits of trades and property businesses
  21. 17Trading and property allowances
  22. Corporation tax
  23. 18Carried-forward losses
  24. 19Losses: counteraction of avoidance arrangements
  25. 20Corporate interest restriction
  26. 21Museum and gallery exhibitions
  27. 22Grassroots sport
  28. 23Profits from the exploitation of patents: cost-sharing arrangements
  29. 24Hybrid and other mismatches
  30. 25Trading profits taxable at the Northern Ireland rate
  31. Chargeable gains
  32. 26Elections in relation to assets appropriated to trading stock
  33. 27Substantial shareholding exemption
  34. 28Substantial shareholding exemption: institutional investors
  35. Domicile, overseas property etc
  36. 29Deemed domicile: income tax and capital gains tax
  37. 30Deemed domicile: inheritance tax
  38. 31Settlements and transfer of assets abroad: value of benefits
  39. 32Exemption from attribution of carried interest gains
  40. 33Inheritance tax on overseas property representing UK residential property
  41. Disguised remuneration
  42. 34Employment income provided through third parties
  43. 35Trading income provided through third parties
  44. 36Disguised remuneration schemes: restriction of income tax relief
  45. 37Disguised remuneration schemes: restriction of corporation tax relief
  46. Capital allowances
  47. 38First-year allowance for expenditure on electric vehicle charging points
  48. Transactions in UK land
  49. 39Disposals concerned with land in United Kingdom
  50. Co-ownership authorised contractual schemes
  51. 40Co-ownership authorised contractual schemes: capital allowances
  52. 41Co-ownership authorised contractual schemes: information requirements
  53. 42Co-ownership authorised contractual schemes: offshore funds
  54. Part 2: Indirect taxes
  55. 43Air passenger duty: rates of duty from 1 April 2018
  56. 44Petroleum revenue tax: elections for oil fields to become non-taxable
  57. 45Gaming duty: rates
  58. 46Remote gaming duty: freeplay
  59. 47Tobacco products manufacturing machinery: licensing scheme
  60. Part 3: Fulfilment businesses
  61. 48Carrying on an imported goods fulfilment business
  62. 49Requirement for approval
  63. 50Register of approved persons
  64. 51Regulations relating to approval, registration etc.
  65. 52Disclosure of information by HMRC
  66. 53Offence
  67. 54Forfeiture
  68. 55Penalties
  69. 56Appeals
  70. 57Regulations
  71. 58Interpretation
  72. 59Commencement
  73. Part 4: Administration, avoidance and enforcement
  74. Reporting and record-keeping
  75. 60Digital reporting and record-keeping for income tax etc
  76. 61Digital reporting and record-keeping for income tax etc: further amendments
  77. 62Digital reporting and record-keeping for VAT
  78. Enquiries
  79. 63Partial closure notices
  80. Avoidance etc
  81. 64Errors in taxpayers' documents
  82. 65Penalties for enablers of defeated tax avoidance
  83. 66Disclosure of tax avoidance schemes: VAT and other indirect taxes
  84. 67Requirement to correct certain offshore tax non-compliance
  85. 68Penalty for transactions connected with VAT fraud etc
  86. Information
  87. 69Data-gathering from money service businesses
  88. Part 5: Final
  89. 70Northern Ireland welfare payments: updating statutory reference
  90. 71Interpretation
  91. 72Short title
  92. Schedule 1: Social investment tax relief
  93. Part 1: Amendments of Part 5B of ITA 2007
  94. Introductory
  95. 1Paragraph 1
  96. Date by which investment must be made to qualify for SI relief
  97. 2Paragraph 2
  98. The existing investments requirement
  99. 3Paragraph 3
  100. The no disqualifying arrangements requirement
  101. 4Paragraph 4
  102. 5Paragraph 5
  103. Limits on amounts that may be invested
  104. 6Paragraph 6
  105. Number of employees limit
  106. 7Paragraph 7
  107. Financial health requirement
  108. 8Paragraph 8
  109. Purposes for which money raised can be used
  110. 9Paragraph 9
  111. Excluded activities
  112. 10Paragraph 10
  113. Part 2: Consequential amendments
  114. 11Paragraph 11
  115. 12Paragraph 12
  116. 13Paragraph 13
  117. Part 3: Commencement
  118. 14Paragraph 14
  119. 15Paragraph 15
  120. 16Paragraph 16
  121. Schedule 2: Trades and property businesses: calculation of profits
  122. Part 1: Trades etc: amendments of ITTOIA 2005
  123. 1Paragraph 1
  124. 2Paragraph 2
  125. 3Paragraph 3
  126. 4Paragraph 4
  127. 5Paragraph 5
  128. 6Paragraph 6
  129. 7Paragraph 7
  130. 8Paragraph 8
  131. 9Paragraph 9
  132. 10Paragraph 10
  133. 11Paragraph 11
  134. Part 2: Property businesses: amendments of ITTOIA 2005
  135. 12Paragraph 12
  136. 13Paragraph 13
  137. 14Paragraph 14
  138. 15Paragraph 15
  139. 16Paragraph 16
  140. 17Paragraph 17
  141. 18Paragraph 18
  142. 19Paragraph 19
  143. 20Paragraph 20
  144. 21Paragraph 21
  145. 22Paragraph 22
  146. 23Paragraph 23
  147. 24Paragraph 24
  148. 25Paragraph 25
  149. 26Paragraph 26 Repealed
  150. 27Paragraph 27
  151. 28Paragraph 28
  152. 29Paragraph 29
  153. 30Paragraph 30
  154. 31Paragraph 31
  155. 32Paragraph 32
  156. 33Paragraph 33
  157. 34Paragraph 34
  158. 35Paragraph 35
  159. 36Paragraph 36
  160. 37Paragraph 37
  161. 38Paragraph 38
  162. 39Paragraph 39
  163. 40Paragraph 40
  164. 41Paragraph 41
  165. Part 3: Trades etc: amendments of other Acts
  166. TMA 1970
  167. 42Paragraph 42
  168. TCGA 1992
  169. 43Paragraph 43
  170. 44Paragraph 44
  171. 45Paragraph 45
  172. 46Paragraph 46
  173. 47Paragraph 47
  174. CAA 2001
  175. 48Paragraph 48
  176. 49Paragraph 49
  177. 50Paragraph 50
  178. 51Paragraph 51
  179. 52Paragraph 52
  180. 53Paragraph 53
  181. 54Paragraph 54
  182. 55Paragraph 55
  183. 56Paragraph 56
  184. 57Paragraph 57
  185. 58Paragraph 58
  186. 59Paragraph 59 Not yet in force
  187. ITA 2007
  188. 60Paragraph 60
  189. 61Paragraph 61
  190. 62Paragraph 62
  191. 63Paragraph 63
  192. Part 4: Commencement and transitional provision
  193. 64Paragraph 64
  194. Schedule 3: Trading and property allowances
  195. Part 1: Main provisions
  196. 1Paragraph 1
  197. Part 2: Consequential amendments
  198. ITTOIA 2005
  199. 2Paragraph 2
  200. 3Paragraph 3
  201. 4Paragraph 4
  202. 5Paragraph 5
  203. 6Paragraph 6
  204. 7Paragraph 7
  205. 8Paragraph 8
  206. 9Paragraph 9
  207. 10Paragraph 10
  208. 11Paragraph 11
  209. TIOPA 2010
  210. 12Paragraph 12
  211. Part 3: Commencement
  212. 13Paragraph 13
  213. Schedule 4: Relief for carried-forward losses
  214. Part 1: Amendment of general rules about carrying forward losses
  215. Non-trading deficits from loan relationships
  216. 1Paragraph 1
  217. 2Paragraph 2
  218. 3Paragraph 3
  219. 4Paragraph 4
  220. Non-trading losses on intangible fixed assets
  221. 5Paragraph 5
  222. Expenses of management of investment business etc
  223. 6Paragraph 6
  224. Trading losses
  225. 7Paragraph 7
  226. 8Paragraph 8
  227. 9Paragraph 9
  228. 10Paragraph 10
  229. 11Paragraph 11
  230. UK property business losses
  231. 12Paragraph 12
  232. 13Paragraph 13
  233. 14Paragraph 14
  234. Part 2: Restriction on deductions in respect of carried-forward losses
  235. 15Paragraph 15
  236. 16Paragraph 16
  237. 17Paragraph 17
  238. 18Paragraph 18
  239. 19Paragraph 19
  240. 20Paragraph 20
  241. 21Paragraph 21
  242. 22Paragraph 22
  243. Part 3: Group relief for carried-forward losses
  244. 23Paragraph 23
  245. Part 4: Insurance companies: carrying forward BLAGAB trade losses
  246. 24Paragraph 24
  247. 25Paragraph 25
  248. 26Paragraph 26
  249. Part 5: Carrying forward trade losses in certain creative industries
  250. Losses of film trade
  251. 27Paragraph 27
  252. 28Paragraph 28
  253. 29Paragraph 29
  254. 30Paragraph 30
  255. Losses of television programme trade
  256. 31Paragraph 31
  257. 32Paragraph 32
  258. 33Paragraph 33
  259. 34Paragraph 34
  260. Losses of video game trade
  261. 35Paragraph 35
  262. 36Paragraph 36
  263. 37Paragraph 37
  264. 38Paragraph 38
  265. Losses of theatrical trade
  266. 39Paragraph 39
  267. 40Paragraph 40
  268. 41Paragraph 41
  269. 42Paragraph 42
  270. Losses of orchestral trade
  271. 43Paragraph 43
  272. 44Paragraph 44
  273. 45Paragraph 45
  274. 46Paragraph 46
  275. Part 6: Oil activities
  276. 47Paragraph 47
  277. 48Paragraph 48
  278. 49Paragraph 49
  279. 50Paragraph 50
  280. 51Paragraph 51
  281. 52Paragraph 52
  282. 53Paragraph 53
  283. 54Paragraph 54
  284. 55Paragraph 55
  285. Part 7: Oil contractors
  286. 56Paragraph 56
  287. 57Paragraph 57
  288. 58Paragraph 58
  289. 59Paragraph 59
  290. Part 8: Transferred trades
  291. 61Paragraph 61
  292. 62Paragraph 62
  293. 63Paragraph 63
  294. 64Paragraph 64
  295. 65Paragraph 65
  296. 66Paragraph 66
  297. 67Paragraph 67
  298. 68Paragraph 68
  299. Part 9: Tax avoidance
  300. Restriction on refreshing losses
  301. 69Paragraph 69
  302. Change in company ownership
  303. 70Paragraph 70
  304. 71Paragraph 71
  305. 72Paragraph 72
  306. 73Paragraph 73
  307. 74Paragraph 74
  308. 75Paragraph 75
  309. 76Paragraph 76
  310. 77Paragraph 77
  311. 78Paragraph 78
  312. 79Paragraph 79
  313. 80Paragraph 80
  314. 81Paragraph 81
  315. 82Paragraph 82
  316. 83Paragraph 83
  317. 84Paragraph 84
  318. 85Paragraph 85
  319. 86Paragraph 86
  320. 87Paragraph 87
  321. 88Paragraph 88
  322. 89Paragraph 89
  323. 90Paragraph 90
  324. 91Paragraph 91
  325. Deduction buying
  326. 92Paragraph 92
  327. Part 10: Northern Ireland trading losses etc
  328. 93Paragraph 93
  329. 94Paragraph 94
  330. 95Paragraph 95
  331. 96Paragraph 96
  332. 97Paragraph 97
  333. 98Paragraph 98
  334. 99Paragraph 99
  335. 100Paragraph 100
  336. 101Paragraph 101
  337. 102Paragraph 102
  338. 103Paragraph 103
  339. 104Paragraph 104
  340. 105Paragraph 105
  341. Part 11: Minor and consequential amendments
  342. ICTA
  343. 106Paragraph 106
  344. FA 1998
  345. 107Paragraph 107
  346. 108Paragraph 108
  347. 109Paragraph 109
  348. 110Paragraph 110
  349. 111Paragraph 111
  350. 112Paragraph 112
  351. 113Paragraph 113
  352. 114Paragraph 114
  353. 115Paragraph 115
  354. 116Paragraph 116
  355. 117Paragraph 117
  356. 118Paragraph 118
  357. 119Paragraph 119
  358. 120Paragraph 120
  359. 121Paragraph 121
  360. 122Paragraph 122
  361. CAA 2001
  362. 123Paragraph 123
  363. 124Paragraph 124
  364. 125Paragraph 125
  365. 126Paragraph 126 Repealed
  366. Energy Act 2004
  367. 127Paragraph 127
  368. CTA 2009
  369. 128Paragraph 128
  370. 129Paragraph 129
  371. 130Paragraph 130
  372. 131Paragraph 131
  373. 132Paragraph 132
  374. 133Paragraph 133
  375. 134Paragraph 134
  376. 135Paragraph 135
  377. 136Paragraph 136
  378. 137Paragraph 137
  379. 138Paragraph 138
  380. 139Paragraph 139
  381. 140Paragraph 140
  382. 141Paragraph 141
  383. 142Paragraph 142
  384. 143Paragraph 143
  385. 144Paragraph 144
  386. CTA 2010
  387. 145Paragraph 145
  388. 146Paragraph 146
  389. 147Paragraph 147
  390. 148Paragraph 148
  391. 149Paragraph 149
  392. 150Paragraph 150
  393. 151Paragraph 151
  394. 152Paragraph 152
  395. 153Paragraph 153
  396. 154Paragraph 154
  397. 155Paragraph 155 Repealed
  398. 156Paragraph 156
  399. 157Paragraph 157
  400. 158Paragraph 158
  401. 159Paragraph 159
  402. 160Paragraph 160
  403. 161Paragraph 161
  404. 162Paragraph 162
  405. 163Paragraph 163
  406. 164Paragraph 164
  407. 165Paragraph 165
  408. 166Paragraph 166
  409. 167Paragraph 167
  410. 168Paragraph 168
  411. 169Paragraph 169
  412. 170Paragraph 170
  413. 171Paragraph 171
  414. 172Paragraph 172 Repealed
  415. 173Paragraph 173
  416. 174Paragraph 174
  417. TIOPA 2010
  418. 175Paragraph 175
  419. 176Paragraph 176
  420. 177Paragraph 177
  421. 178Paragraph 178
  422. 179Paragraph 179
  423. 180Paragraph 180
  424. 181Paragraph 181
  425. F (No. 3) A 2010
  426. 182Paragraph 182
  427. FA 2012
  428. 183Paragraph 183
  429. 184Paragraph 184
  430. 185Paragraph 185
  431. 186Paragraph 186
  432. 187Paragraph 187
  433. 188Paragraph 188
  434. 189Paragraph 189
  435. Part 12: Commencement etc
  436. Parts 1 to 9 and 11
  437. 190Paragraph 190
  438. 191Paragraph 191
  439. 192Paragraph 192
  440. Part 10
  441. 193Paragraph 193
  442. Transitional provision
  443. 194Paragraph 194
  444. Schedule 5: Corporate interest restriction
  445. Part 1: New Part 10 of TIOPA 2010
  446. 1Paragraph 1
  447. Part 2: New Schedule 7A to TIOPA 2010
  448. 2Paragraph 2
  449. Part 3: Consequential amendments
  450. TMA 1970
  451. 3Paragraph 3
  452. FA 1998
  453. 4Paragraph 4
  454. CTA 2009
  455. 5Paragraph 5
  456. CTA 2010
  457. 6Paragraph 6
  458. 7Paragraph 7
  459. 8Paragraph 8
  460. 9Paragraph 9
  461. TIOPA 2010: consequential renumbering
  462. 10Paragraph 10
  463. TIOPA 2010: repeal of Part 7
  464. 11Paragraph 11
  465. TIOPA 2010: other amendments
  466. 12Paragraph 12
  467. 13Paragraph 13
  468. 14Paragraph 14
  469. 15Paragraph 15
  470. 16Paragraph 16
  471. 17Paragraph 17
  472. 18Paragraph 18
  473. 19Paragraph 19
  474. 20Paragraph 20
  475. 21Paragraph 21
  476. 22Paragraph 22
  477. 23Paragraph 23
  478. 24Paragraph 24
  479. Part 4: Commencement and transitional provision
  480. Commencement: new Part 10 of TIOPA
  481. 25Paragraph 25
  482. Commencement: repeal of Part 7 of TIOPA 2010
  483. 26Paragraph 26
  484. Time limits for elections relating to financial statements of a worldwide group
  485. 27Paragraph 27
  486. Time limit relating to appointment of reporting company or filing interest restriction return
  487. 28Paragraph 28
  488. Change of accounting policy
  489. 29Paragraph 29
  490. Adjustments under Schedule 7 to F(No.2)A 2015
  491. 30Paragraph 30
  492. Power to make elections under Disregard Regulations for pre-1 April 2020 derivative contracts
  493. 31Paragraph 31
  494. Qualifying infrastructure companies
  495. 32Paragraph 32
  496. 33Paragraph 33
  497. Counteracting effect of avoidance arrangements
  498. 34Paragraph 34
  499. Commencement of orders or regulations containing consequential provision
  500. 35Paragraph 35
  501. Interpretation
  502. 36Paragraph 36
  503. Schedule 6: Relief for production of museum and gallery exhibitions
  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. 12Paragraph 12
  523. 13Paragraph 13
  524. 14Paragraph 14
  525. FA 2009
  526. 15Paragraph 15
  527. CTA 2010
  528. 16Paragraph 16
  529. 17Paragraph 17
  530. 18Paragraph 18
  531. FA 2016
  532. 19Paragraph 19
  533. Part 3: Commencement
  534. 20Paragraph 20
  535. 21Paragraph 21
  536. 22Paragraph 22
  537. Schedule 7: Trading profits taxable at the Northern Ireland rate
  538. Part 1: Amendments relating to SMEs
  539. Amendments of CTA 2010
  540. 1Paragraph 1
  541. 2Paragraph 2
  542. 3Paragraph 3
  543. 4Paragraph 4
  544. 5Paragraph 5
  545. 6Paragraph 6
  546. 7Paragraph 7
  547. 8Paragraph 8
  548. 9Paragraph 9
  549. 10Paragraph 10
  550. 11Paragraph 11
  551. 12Paragraph 12
  552. 13Paragraph 13
  553. 14Paragraph 14
  554. 15Paragraph 15
  555. 16Paragraph 16
  556. 17Paragraph 17
  557. 18Paragraph 18
  558. 19Paragraph 19
  559. 20Paragraph 20
  560. 21Paragraph 21
  561. Amendments relating to capital allowances
  562. 22Paragraph 22
  563. 23Paragraph 23
  564. 24Paragraph 24
  565. 25Paragraph 25
  566. Part 2: Minor amendments
  567. 26Paragraph 26
  568. 27Paragraph 27
  569. 28Paragraph 28 Repealed
  570. 29Paragraph 29
  571. Part 3: Commencement etc
  572. 30Paragraph 30
  573. Schedule 8: Deemed domicile: income tax and capital gains tax
  574. Part 1: Application of deemed domicile rule
  575. ICTA
  576. 1Paragraph 1
  577. TCGA 1992
  578. 2Paragraph 2
  579. 3Paragraph 3
  580. 4Paragraph 4
  581. 5Paragraph 5
  582. 6Paragraph 6
  583. 7Paragraph 7
  584. 8Paragraph 8
  585. 9Paragraph 9
  586. ITEPA 2003
  587. 10Paragraph 10
  588. ITA 2007
  589. 11Paragraph 11
  590. 12Paragraph 12
  591. 13Paragraph 13
  592. 14Paragraph 14
  593. 15Paragraph 15
  594. 16Paragraph 16
  595. 17Paragraph 17
  596. Part 2: Protection of overseas trusts
  597. TCGA 1992
  598. 18Paragraph 18
  599. FA 2004
  600. 19Paragraph 19
  601. ITTOIA 2005
  602. 20Paragraph 20
  603. 21Paragraph 21
  604. 22Paragraph 22
  605. 23Paragraph 23
  606. 24Paragraph 24
  607. 25Paragraph 25
  608. 26Paragraph 26
  609. ITA 2007
  610. 27Paragraph 27
  611. 28Paragraph 28
  612. 29Paragraph 29
  613. 30Paragraph 30
  614. 31Paragraph 31
  615. 32Paragraph 32
  616. 33Paragraph 33
  617. 34Paragraph 34
  618. 35Paragraph 35
  619. 36Paragraph 36
  620. 37Paragraph 37
  621. 38Paragraph 38
  622. Commencement of amendments in FA 2004, ITTOIA 2005 and ITA 2007
  623. 39Paragraph 39
  624. FA 2008
  625. 40Paragraph 40
  626. Part 3: Capital gains tax rebasing
  627. 41Paragraph 41
  628. 42Paragraph 42
  629. 43Paragraph 43
  630. Part 4: Cleansing of mixed funds
  631. 44Paragraph 44
  632. 45Paragraph 45
  633. 46Paragraph 46
  634. Schedule 9: Settlements and transfer of assets abroad: value of benefits
  635. Capital gains tax: settlements: value of benefit conferred by certain capital payments
  636. 1Paragraph 1
  637. Income tax: transfer of assets abroad: value of certain benefits
  638. 2Paragraph 2
  639. Commencement
  640. 3Paragraph 3
  641. Schedule 10: Inheritance tax on overseas property representing UK residential property
  642. Non-excluded overseas property
  643. 1Paragraph 1
  644. Consequential and supplementary amendments
  645. 2Paragraph 2
  646. 3Paragraph 3
  647. 4Paragraph 4
  648. 5Paragraph 5
  649. 6Paragraph 6
  650. 7Paragraph 7
  651. 8Paragraph 8
  652. Commencement
  653. 9Paragraph 9
  654. Transitional provision
  655. 10Paragraph 10
  656. 11Paragraph 11
  657. Schedule 11: Employment income provided through third parties: loans etc outstanding on 5 April 2019
  658. Part 1: Application of Part 7A of ITEPA 2003
  659. Relevant step
  660. 1Paragraph 1
  661. 1AParagraph 1A
  662. 1BParagraph 1B
  663. Meaning of “loan” and “quasi loan”
  664. 2Paragraph 2
  665. Meaning of “outstanding”: loans
  666. 3Paragraph 3
  667. 4Paragraph 4
  668. 5Paragraph 5
  669. Meaning of “outstanding”: loans in currencies other than sterling
  670. 6Paragraph 6
  671. 7Paragraph 7
  672. Repayments in currencies other than the loan currency
  673. 8Paragraph 8
  674. Loans made in a depreciating currency
  675. 9Paragraph 9
  676. 10Paragraph 10
  677. Meaning of “outstanding”: quasi-loans
  678. 11Paragraph 11
  679. 12Paragraph 12
  680. 13Paragraph 13
  681. Meaning of “outstanding”: quasi-loans in currencies other than sterling
  682. 14Paragraph 14
  683. 15Paragraph 15
  684. Repayments in currencies other than the quasi-loan currency
  685. 16Paragraph 16
  686. Quasi-loans made in a depreciating currency
  687. 17Paragraph 17
  688. 18Paragraph 18
  689. ...
  690. 19Paragraph 19 Repealed
  691. Part 2: Accelerated payments
  692. Application to HMRC
  693. 20Paragraph 20 Repealed
  694. Qualifying payments condition
  695. 21Paragraph 21 Repealed
  696. Commercial terms condition Repealed
  697. 22Paragraph 22 Repealed
  698. ...
  699. 23Paragraph 23
  700. 24Paragraph 24
  701. Part 3: Exclusions
  702. Commercial transactions
  703. 25Paragraph 25
  704. 26Paragraph 26
  705. Transfer of employment-related loans
  706. 27Paragraph 27
  707. 28Paragraph 28
  708. Transactions under employee benefit packages
  709. 29Paragraph 29
  710. 30Paragraph 30
  711. Cases involving employment-related securities
  712. 31Paragraph 31
  713. 32Paragraph 32
  714. Employee car ownership schemes
  715. 33Paragraph 33
  716. 34Paragraph 34
  717. Acquisition of unlisted employer shares
  718. 35Paragraph 35
  719. Exclusion for relevant step within paragraph 1A where initial step excluded
  720. 35ZAParagraph 35ZA
  721. Part 3A: Duty to provide loan charge information to HMRC
  722. 35ADuty to provide loan charge information
  723. 35BDuty to provide loan charge information
  724. 35CDuty to provide loan charge information
  725. 35D“Loan charge information”
  726. 35EPower to amend paragraph 35D
  727. 35FPenalties for failure to comply
  728. 35GPenalties for inaccurate information and documents
  729. 35HReasonable excuse
  730. 35IAssessment of a penalty
  731. 35JAppeals
  732. 35KEnforcement
  733. Part 4: Supplementary provision
  734. Duty to provide loan charge information to B
  735. 36Paragraph 36
  736. Double taxation
  737. 36AParagraph 36A
  738. 37Paragraph 37
  739. 38Paragraph 38
  740. Remittance basis
  741. 39Paragraph 39
  742. 40Paragraph 40
  743. 41Paragraph 41
  744. 42Paragraph 42
  745. 43Paragraph 43
  746. Interpretation
  747. 44Paragraph 44
  748. 45Paragraph 45
  749. Part 5: Consequential amendments
  750. ITEPA 2003
  751. 46Paragraph 46
  752. FA 2011
  753. 47Paragraph 47
  754. Schedule 12: Trading income provided through third parties: loans etc outstanding on 5 April 2019
  755. Application of sections 23A to 23H of ITTOIA 2005 in relation to loans etc. outstanding on 5 April 2019
  756. 1Paragraph 1
  757. 1AParagraph 1A
  758. Meaning of “loan” and “quasi loan”
  759. 2Paragraph 2 Not yet in force
  760. Meaning of “outstanding”: loans
  761. 3Paragraph 3
  762. Meaning of “outstanding”: loans in currencies other than sterling
  763. 4Paragraph 4
  764. 5Paragraph 5
  765. Repayments in currencies other than the loan currency
  766. 6Paragraph 6
  767. Loans made in a depreciating currency
  768. 7Paragraph 7
  769. 8Paragraph 8
  770. Meaning of outstanding: “quasi-loans”
  771. 9Paragraph 9
  772. Meaning of “outstanding”: quasi-loans in currencies other than sterling
  773. 10Paragraph 10
  774. 11Paragraph 11
  775. Repayments in currencies other than the quasi-loan currency
  776. 12Paragraph 12
  777. Quasi-loans made in a depreciating currency
  778. 13Paragraph 13
  779. 14Paragraph 14
  780. Meaning of “approved fixed term loan”
  781. 15Paragraph 15 Repealed
  782. Approval: application to HMRC
  783. 16Paragraph 16 Repealed
  784. Approval: qualifying payments condition
  785. 17Paragraph 17 Repealed
  786. Approval: commercial terms condition Repealed
  787. 18Paragraph 18 Repealed
  788. Accelerated payments
  789. 19Paragraph 19
  790. 20Paragraph 20
  791. Duty to provide loan charge information to HMRC
  792. 21Paragraph 21
  793. 22Paragraph 22
  794. “Loan charge information”
  795. 23Paragraph 23
  796. 24Paragraph 24
  797. Duty to provide loan charge information: penalties
  798. 25Paragraph 25
  799. 26Paragraph 26
  800. Penalties under paragraph 25: reasonable excuse
  801. 27Paragraph 27
  802. Penalties under paragraphs 25 and 26: assessment, appeals and enforcement
  803. 28Paragraph 28
  804. 29Paragraph 29
  805. 30Paragraph 30
  806. Schedule 13: Imported goods fulfilment businesses: penalty
  807. Liability to penalty
  808. 1Paragraph 1
  809. Amount of penalty
  810. 2Paragraph 2
  811. Reductions for disclosure
  812. 3Paragraph 3
  813. 4Paragraph 4
  814. Special reduction
  815. 5Paragraph 5
  816. Assessment
  817. 6Paragraph 6
  818. Reasonable excuse
  819. 7Paragraph 7
  820. Companies: officer's liability
  821. 8Paragraph 8
  822. Double jeopardy
  823. 9Paragraph 9
  824. The maximum amount
  825. 10Paragraph 10
  826. Appeal tribunal
  827. 11Paragraph 11
  828. Schedule 14: Digital reporting and record-keeping for income tax etc: further amendments Repealed
  829. Part 1: Amendments of TMA 1970 Not yet in force
  830. 1Paragraph 1 Not yet in force
  831. 2Paragraph 2 Not yet in force
  832. 3Paragraph 3 Not yet in force
  833. 4Paragraph 4 Not yet in force
  834. 5Paragraph 5 Not yet in force
  835. 6Paragraph 6 Not yet in force
  836. 7Paragraph 7 Not yet in force
  837. 8Paragraph 8 Not yet in force
  838. 9Paragraph 9 Not yet in force
  839. 10Paragraph 10 Not yet in force
  840. 10AParagraph 10A Not yet in force
  841. 10BParagraph 10B Not yet in force
  842. 10BAParagraph 10BA Not yet in force
  843. 10CParagraph 10C Not yet in force
  844. 11Paragraph 11 Not yet in force
  845. 12Paragraph 12 Not yet in force
  846. 13Paragraph 13 Not yet in force
  847. 14Paragraph 14 Not yet in force
  848. 15Paragraph 15 Not yet in force
  849. 16Paragraph 16 Not yet in force
  850. 17Paragraph 17 Not yet in force
  851. 18Paragraph 18 Not yet in force
  852. 19Paragraph 19 Not yet in force
  853. 20Paragraph 20 Not yet in force
  854. 21Paragraph 21 Not yet in force
  855. 22Paragraph 22 Not yet in force
  856. 23Paragraph 23 Not yet in force
  857. 24Paragraph 24 Not yet in force
  858. 25Paragraph 25 Not yet in force
  859. 26Paragraph 26 Not yet in force
  860. 27Paragraph 27 Not yet in force
  861. 28Paragraph 28 Not yet in force
  862. 29Paragraph 29 Not yet in force
  863. 30Paragraph 30 Not yet in force
  864. Part 2: Amendments of other Acts Not yet in force
  865. TCGA 1992 Not yet in force
  866. 31Paragraph 31 Not yet in force
  867. FA 1998 Not yet in force
  868. 32Paragraph 32 Not yet in force
  869. CAA 2001 Not yet in force
  870. 33Paragraph 33 Not yet in force
  871. Tax Credits Act 2002 Not yet in force
  872. 34Paragraph 34 Not yet in force
  873. ITTOIA 2005 Not yet in force
  874. 35Paragraph 35 Not yet in force
  875. ITA 2007 Not yet in force
  876. 36Paragraph 36 Not yet in force
  877. Crossrail Act 2008 Not yet in force
  878. 37Paragraph 37 Not yet in force
  879. FA 2008 Not yet in force
  880. 38Paragraph 38 Not yet in force
  881. TIOPA 2010 Not yet in force
  882. 39Paragraph 39 Not yet in force
  883. 40Paragraph 40 Not yet in force
  884. 41Paragraph 41 Not yet in force
  885. 42Paragraph 42 Not yet in force
  886. FA 2014 Not yet in force
  887. 43Paragraph 43 Not yet in force
  888. 43AParagraph 43A Not yet in force
  889. 44Paragraph 44 Not yet in force
  890. 45Paragraph 45 Not yet in force
  891. 46Paragraph 46 Not yet in force
  892. FA 2016 Not yet in force
  893. 47Paragraph 47 Not yet in force
  894. 48Paragraph 48 Not yet in force
  895. 49Paragraph 49 Not yet in force
  896. FA 2022 Not yet in force
  897. 50Paragraph 50 Not yet in force
  898. Schedule 15: Partial closure notices
  899. TMA 1970
  900. 1Paragraph 1
  901. 2Paragraph 2
  902. 3Paragraph 3
  903. 4Paragraph 4
  904. 5Paragraph 5
  905. 6Paragraph 6
  906. 7Paragraph 7
  907. 8Paragraph 8
  908. 9Paragraph 9
  909. 10Paragraph 10
  910. 11Paragraph 11
  911. 12Paragraph 12
  912. 13Paragraph 13
  913. 14Paragraph 14
  914. 15Paragraph 15
  915. 16Paragraph 16
  916. 17Paragraph 17
  917. 18Paragraph 18
  918. 19Paragraph 19
  919. 20Paragraph 20
  920. 21Paragraph 21
  921. TCGA 1992
  922. 22Paragraph 22
  923. FA 1998
  924. 23Paragraph 23
  925. 24Paragraph 24
  926. 25Paragraph 25
  927. 26Paragraph 26
  928. 27Paragraph 27
  929. 28Paragraph 28
  930. 29Paragraph 29
  931. 30Paragraph 30
  932. 31Paragraph 31
  933. 32Paragraph 32
  934. 33Paragraph 33
  935. 34Paragraph 34
  936. Tax Credits Act 2002
  937. 35Paragraph 35
  938. FA 2008
  939. 36Paragraph 36
  940. TIOPA 2010
  941. 37Paragraph 37
  942. 38Paragraph 38
  943. 39Paragraph 39
  944. 40Paragraph 40
  945. 41Paragraph 41
  946. 42Paragraph 42
  947. 43Paragraph 43
  948. Commencement
  949. 44Paragraph 44
  950. Schedule 16: Penalties for enablers of defeated tax avoidance
  951. Part 1: Liability to penalty
  952. 1Paragraph 1
  953. 2Paragraph 2
  954. Part 2: “Abusive” and “tax arrangements”: meaning
  955. 3Paragraph 3
  956. Part 3: “Defeat” in respect of abusive tax arrangements
  957. “Defeat” in respect of abusive tax arrangements
  958. 4Paragraph 4
  959. Condition A
  960. 5Paragraph 5
  961. Condition B
  962. 6Paragraph 6
  963. Part 4: Persons who “enabled” the arrangements
  964. Persons who “enabled” the arrangements
  965. 7Paragraph 7
  966. Designers of arrangements
  967. 8Paragraph 8
  968. Managers of arrangements
  969. 9Paragraph 9
  970. Marketers of arrangements
  971. 10Paragraph 10
  972. Enabling participants
  973. 11Paragraph 11
  974. Financial enablers
  975. 12Paragraph 12
  976. Excluded persons
  977. 13Paragraph 13
  978. Powers to add categories of enabler and to provide exceptions
  979. 14Paragraph 14
  980. Part 5: Amount of penalty
  981. Amount of penalty
  982. 15Paragraph 15
  983. 16Paragraph 16
  984. Reduction of penalty where other penalties incurred
  985. 17Paragraph 17
  986. Mitigation of penalty
  987. 18Paragraph 18
  988. Part 6: Assessment of penalty
  989. Assessment of penalty
  990. 19Paragraph 19
  991. 20Paragraph 20
  992. Special provision about assessment for multi-user schemes
  993. 21Paragraph 21
  994. Time limit for assessment
  995. 22Paragraph 22
  996. Part 7: GAAR Advisory Panel opinion, and representations
  997. Requirement for opinion of GAAR Advisory Panel
  998. 23Paragraph 23
  999. 24Paragraph 24
  1000. Notice where Panel opinion already obtained in relation to equivalent arrangements
  1001. 25Paragraph 25
  1002. Referral to GAAR Advisory Panel
  1003. 26Paragraph 26
  1004. 27Paragraph 27
  1005. Notice before decision whether to refer
  1006. 28Paragraph 28
  1007. Notice of decision whether to refer
  1008. 29Paragraph 29
  1009. Information to accompany referral
  1010. 30Paragraph 30
  1011. Notice on making of referral
  1012. 31Paragraph 31
  1013. Right to make representations to GAAR Advisory Panel
  1014. 32Paragraph 32
  1015. Decision of GAAR Advisory Panel and opinion notices
  1016. 33Paragraph 33
  1017. 34Paragraph 34
  1018. Notice before deciding that arrangements are ones to which Panel opinion applies
  1019. 35Paragraph 35
  1020. Requirement for court or tribunal to take Panel opinion into account
  1021. 36Paragraph 36
  1022. Part 8: Appeals
  1023. 37Paragraph 37
  1024. 38Paragraph 38
  1025. 39Paragraph 39
  1026. Part 9: Information
  1027. Information and inspection powers: application of Schedule 36 to FA 2008
  1028. 40Paragraph 40
  1029. General modifications of Schedule 36 to FA 2008 as applied
  1030. 41Paragraph 41
  1031. Specific modifications of Schedule 36 to FA 2008 as applied
  1032. 42Paragraph 42 Not yet in force
  1033. 43Paragraph 43 Not yet in force
  1034. Declarations about contents of legally privileged communications
  1035. 44Paragraph 44
  1036. 45Paragraph 45
  1037. Part 10: Publishing details of persons who have incurred penalties
  1038. Power to publish details
  1039. 46Paragraph 46
  1040. 47Paragraph 47
  1041. Restrictions on power
  1042. 48Paragraph 48
  1043. 49Paragraph 49
  1044. 50Paragraph 50
  1045. Power to amend
  1046. 51Paragraph 51
  1047. Part 11: Miscellaneous
  1048. Double jeopardy
  1049. 52Paragraph 52
  1050. Application of provisions of TMA 1970
  1051. 53Paragraph 53
  1052. Part 12: General
  1053. Meaning of “tax”
  1054. 54Paragraph 54
  1055. Meaning of “tax advantage”
  1056. 55Paragraph 55
  1057. Other definitions
  1058. 56Paragraph 56
  1059. Regulations
  1060. 57Paragraph 57
  1061. Consequential amendments
  1062. 58Paragraph 58
  1063. 59Paragraph 59
  1064. 60Paragraph 60
  1065. 61Paragraph 61
  1066. Commencement
  1067. 62Paragraph 62
  1068. Schedule 17: Disclosure of tax avoidance schemes: VAT and other indirect taxes
  1069. Part A1: Introduction
  1070. A1Paragraph A1
  1071. Part 1: Duties to disclose avoidance schemes etc
  1072. Preliminary: application of definitions
  1073. 1Paragraph 1
  1074. “Indirect tax”
  1075. 2Paragraph 2
  1076. “Notifiable arrangements” and “notifiable proposal”
  1077. 3Paragraph 3
  1078. 4Paragraph 4
  1079. 5Paragraph 5
  1080. “Tax advantage” in relation to VAT
  1081. 6Paragraph 6
  1082. “Tax advantage” in relation to taxes other than VAT
  1083. 7Paragraph 7
  1084. “Promoter”
  1085. 8Paragraph 8
  1086. “Introducer”
  1087. 9Paragraph 9
  1088. “Makes a firm approach” and “marketing contact”
  1089. 10Paragraph 10
  1090. Duties of promoter in relation to notifiable proposals or notifiable arrangements
  1091. 11Paragraph 11
  1092. 12Paragraph 12
  1093. 13Paragraph 13
  1094. 14Paragraph 14
  1095. 15Paragraph 15
  1096. Duty of promoter: supplemental information
  1097. 16Paragraph 16
  1098. Duty of person dealing with promoter outside United Kingdom
  1099. 17Paragraph 17
  1100. Duty of parties to notifiable arrangements not involving promoter
  1101. 18Paragraph 18
  1102. Duty to provide further information requested by HMRC
  1103. 19Paragraph 19
  1104. 20Paragraph 20
  1105. Duty of promoters to provide updated information
  1106. 21Paragraph 21
  1107. Notice of potential allocation of reference number: arrangements and proposals suspected of being notifiable
  1108. 21AParagraph 21A
  1109. Allocation of reference number to arrangements
  1110. 22Paragraph 22
  1111. Duty of HMRC to notify persons of reference number
  1112. 22AParagraph 22A
  1113. Right of appeal: paragraph 22(3) case
  1114. 22BParagraph 22B
  1115. Duty to provide further information requested by HMRC: paragraph 22(3) case
  1116. 22CParagraph 22C
  1117. Duty of promoter to notify client of number : paragraph 22(2) case
  1118. 23Paragraph 23
  1119. Duty to notify client of reference number: paragraph 22(3) case
  1120. 23AParagraph 23A
  1121. Duty of client to notify parties of number
  1122. 24Paragraph 24
  1123. Duty of client to provide information ...
  1124. 25Paragraph 25
  1125. Duty of parties to notify HMRC of reference number etc
  1126. 26Paragraph 26
  1127. Duty ... to provide details of clients
  1128. 27Paragraph 27
  1129. Enquiry following disclosure of client details
  1130. 28Paragraph 28
  1131. Pre-disclosure enquiry
  1132. 29Paragraph 29
  1133. Reasons for non-disclosure: supporting information
  1134. 30Paragraph 30
  1135. Provision of information to HMRC by introducers
  1136. 31Paragraph 31
  1137. Legal professional privilege
  1138. 32Paragraph 32
  1139. Information
  1140. 33Paragraph 33
  1141. 34Paragraph 34
  1142. 35Paragraph 35
  1143. 36Paragraph 36
  1144. 37Paragraph 37
  1145. Power to vary certain relevant periods
  1146. 38Paragraph 38
  1147. Part 2: Penalties
  1148. Penalty for failure to comply with duties under Part 1 ...
  1149. 39Paragraph 39
  1150. 40Paragraph 40
  1151. 41Paragraph 41
  1152. 42Paragraph 42
  1153. 43Paragraph 43 Repealed
  1154. Penalty for failure to comply with duties under paragraph 26
  1155. 44Paragraph 44 Repealed
  1156. ...
  1157. 45Paragraph 45 Repealed
  1158. Assessment of penalties ...
  1159. 46Paragraph 46
  1160. 47Paragraph 47
  1161. Reasonable excuse
  1162. 48Paragraph 48
  1163. 49Paragraph 49
  1164. 50Paragraph 50
  1165. Part 3: Consequential amendments
  1166. VATA 1994
  1167. 51Paragraph 51
  1168. Promoters of tax avoidance schemes
  1169. 52Paragraph 52
  1170. 53Paragraph 53
  1171. 54Paragraph 54
  1172. Serial tax avoidance
  1173. 55Paragraph 55
  1174. Part 4: Supplemental
  1175. Regulations
  1176. 56Paragraph 56
  1177. Interpretation
  1178. 57Paragraph 57
  1179. Schedule 18: Requirement to correct certain offshore tax non-compliance
  1180. Part 1: Liability for penalty for failure to correct
  1181. Failure to correct relevant offshore tax non-compliance
  1182. 1Paragraph 1
  1183. Main definitions: general
  1184. 2Paragraph 2
  1185. “Relevant offshore tax non-compliance”
  1186. 3Paragraph 3
  1187. 4Paragraph 4
  1188. 5Paragraph 5
  1189. 6Paragraph 6
  1190. “Offshore tax-non compliance” etc
  1191. 7Paragraph 7
  1192. “Tax non-compliance”
  1193. 8Paragraph 8
  1194. “Involves an offshore matter” and “involves an offshore transfer”
  1195. 9Paragraph 9
  1196. 10Paragraph 10
  1197. 11Paragraph 11
  1198. “Tax”
  1199. 12Paragraph 12
  1200. Correcting offshore tax non-compliance
  1201. 13Paragraph 13
  1202. Part 2: Amount of penalty
  1203. Amount of penalty
  1204. 14Paragraph 14
  1205. Offshore PLR
  1206. 15Paragraph 15
  1207. Reduction of penalty for disclosure etc by person liable to penalty
  1208. 16Paragraph 16
  1209. 17Paragraph 17
  1210. Procedure for assessing penalty, etc
  1211. 18Paragraph 18
  1212. 19Paragraph 19
  1213. Appeals
  1214. 20Paragraph 20
  1215. 21Paragraph 21
  1216. 22Paragraph 22
  1217. Reasonable excuse
  1218. 23Paragraph 23
  1219. Double jeopardy
  1220. 24Paragraph 24
  1221. Application of provisions of TMA 1970
  1222. 25Paragraph 25
  1223. Part 3: Further provisions relating to the requirement to correct
  1224. Extension of period for assessment etc of offshore tax
  1225. 26Paragraph 26
  1226. Further penalty in connection with offshore asset moves
  1227. 27Paragraph 27
  1228. Asset-based penalty in addition to penalty under paragraph 1
  1229. 28Paragraph 28
  1230. 29Paragraph 29
  1231. Publishing details of persons assessed to penalty or penalties under paragraph 1
  1232. 30Paragraph 30
  1233. 31Paragraph 31
  1234. 4Supplementary
  1235. Interpretation: minor
  1236. 32Paragraph 32