Finance (No. 2) Act 2023

2023 c. 30 · Enacted 11 July 2023 · Extends to United Kingdom

Contents

1. Part 1: Income tax, corporation tax and capital gains tax
2. Income tax charge, rates etc
3. 1Income tax charge for tax year 2023-24
4. 2Main rates of income tax for tax year 2023-24
5. 3Default and savings rates of income tax for tax year 2023-24
6. 4Freezing starting rate limit for savings for tax year 2023-24
7. Corporation tax charge and rates
8. 5Charge and main rate for financial year 2024
9. 6Standard small profits rate and fraction for financial year 2024
10. Capital allowances
11. 7Temporary full expensing etc for expenditure on plant or machinery
12. 8Annual investment allowance to remain at £1M beyond temporary period
13. 9First-year allowance for expenditure on electric vehicle charge points
14. Other reliefs relating to businesses
15. 10Relief for research and development
16. 11Treatment of profits from patents etc: small profits rate of corporation tax
17. 12Energy (oil and gas) profits levy: de-carbonisation allowance
18. 13Museums and galleries exhibition tax relief: extension of sunset date
19. 14Extension of the temporary increase in theatre tax credit etc
20. 15Seed enterprise investment scheme: increase of limits etc.
21. Reliefs for employees
22. 16CSOP schemes: share value limit and share class
23. 17Enterprise management incentives: restricted shares and declarations
24. Pensions
25. 18Lifetime allowance charge abolished Repealed
26. 19Certain lump sums to be taxed at marginal rate Repealed
27. 20Annual allowance increased
28. 21Money purchase annual allowance
29. 22Annual allowance: tapering
30. 23Modification of certain existing transitional protections
31. 24Collective money purchase arrangements
32. 25Relief relating to net pay arrangements
33. Social security
34. 26Payments under Jobs Growth Wales Plus
35. 27Power to clarify tax treatment of devolved social security benefits
36. Foster carers etc
37. 28Qualifying care relief: increase in individual’s limit
38. Estates in administration and trusts
39. 29Estates in administration and trusts
40. Provisions relating to insurance
41. 30Transfer of basic life assurance and general annuity business
42. 31Certain re-insurance sums not to count as deemed I-E receipts
43. 32Insurers in difficulties: write-down orders for corporation tax purposes
44. 33Insurers in difficulties: write-down orders in case of pension schemes
45. Miscellaneous corporation tax matters
46. 34Corporate interest restriction
47. 35Investment vehicles
48. International matters
49. 36Share exchanges involving non-UK incorporated close companies
50. 37Records relating to transfer pricing
51. 38Double taxation relief: foreign nominal rates
52. Chargeable gains
53. 39Payments to farmers under the lump sum exit scheme etc
54. 40Contracts completed after ordinary notification period
55. 41Separated spouses and civil partners
56. 42Carried interest: election to pay tax as scheme profits arise
57. 43Relief on disposal of joint interests in land
58. Part 2: Alcohol Duty
59. Chapter 1: Charge to alcohol duty
60. Alcoholic products
61. 44Meaning of “alcoholic product”
62. 45Alcoholic strength
63. 46Categories of alcoholic products: regulations
64. Charge and rates
65. 47Alcohol duty: charge
66. 48Rates
67. 49Excise duty point and payment
68. Chapter 2: Draught relief
69. 50Qualifying draught products: reduced rates
70. 51Alcoholic products qualifying for draught relief
71. 52Repackaging qualifying draught products
72. 53Repackaging in contravention of section 52 (2)
73. Chapter 3: Small producer relief
74. Main provisions
75. 54Small producer relief: discounted rates
76. 55Small producer alcoholic products
77. 56Small production premises
78. 57“Alcohol production amount” etc
79. 58Exclusions
80. 59Duty discount for small producer alcoholic products
81. 60Assessments where incorrectly low rate of alcohol duty applied
82. Mergers and demergers
83. 61Mergers: general provisions
84. 62Modified “small production premises” test
85. 63Modified duty discount
86. 64Adjusted post-merger amount
87. 65Early termination of merger transition period
88. 66Subsequent mergers
89. 67Simultaneous mergers
90. 68Demergers
91. Interpretation of Chapter 3
92. 69“Producer”, “production premises”, “group premises” etc
93. 70Connected persons
94. 71Index of defined expressions: Chapter 3
95. Chapter 4: Other reliefs and exemptions
96. General
97. 72Exemption: production for personal consumption
98. 73Research and experiments
99. 74Spoilt alcoholic products
100. 75Alcoholic ingredients
101. Spirits
102. 76Imported medical articles
103. 77Flavourings
104. 78Authorised use for certain purposes
105. 79Imported goods not for human consumption
106. 80Restrictions on use of certain articles
107. Remission and repayment
108. 81Further provision about remission and repayment
109. Chapter 5: Regulated activities and approvals
110. 82Approval requirement: producers
111. 83Supplementary provision about approvals
112. 84Exemption: production for personal consumption
113. 85Exemption: research and experiments
114. 86Mixing alcoholic products
115. 87Post-duty point dilution of alcoholic products
116. 88Alcoholic products regulations
117. 89Penalties and forfeiture
118. Chapter 6: Denatured alcohol
119. 90Denatured alcohol
120. 91Licence to manufacture and deal wholesale in denatured alcohol
121. 92Regulations relating to denatured alcohol
122. 93Penalties and forfeiture
123. 94Defaults in respect of denatured alcohol: possession of excess alcoholic products
124. 95Defaults in respect of denatured alcohol: supply and use of denatured alcohol
125. 96Inspection of premises etc
126. 97Prohibition of use of denatured alcohol etc as beverage or medicine
127. Chapter 7: Wholesaling of controlled alcoholic products
128. 98Definitions
129. 99Further provision relating to definitions
130. 100Approval to carry on controlled activity
131. 101The register of approved wholesalers
132. 102Regulations relating to approval, registration and controlled activities
133. 103Restriction on buying controlled alcoholic products wholesale
134. 104Offences
135. 105Penalties
136. 106Groups
137. 107Index of defined expressions: Chapter 7
138. Chapter 8: Supplementary
139. 108Reviews and appeals
140. 109Forfeiture: supplementary provision
141. 110Removal of goods: application of section 95 of CEMA 1979
142. 111Drawback
143. 112Duty stamps Repealed
144. Chapter 9: repeals, further amendments and transitional provisions
145. Repeals and further amendments
146. 113Repeals
147. 114Minor and consequential amendments
148. Transitional provision
149. 115Temporary provision: wine
150. 116Temporary provision: cider
151. Chapter 10: Final provisions
152. 117Interpretation of this Part
153. 118Regulations: supplementary and general
154. 119Regulations: procedure
155. 120Commencement
156. Part 3: Multinational top-up tax
157. Chapter 1: Introduction and charge
158. 121Introduction to multinational top-up tax
159. 122Chargeable persons
160. 123Charge to multinational top-up tax
161. 124How to calculate top-up amounts etc
162. 125Administration of multinational top-up tax
163. Chapter 2: Qualifying multinational groups and their members
164. Multinational groups
165. 126Meaning of “multinational group” and “ultimate parent”
166. 127Excluded entities
167. Responsible members
168. 128Responsible members
169. Qualifying multinational groups
170. 129Qualifying multinational groups
171. 130Change in composition of multinational group
172. 131Whether de-merged groups meet the revenue threshold
173. Chapter 3: Effective tax rate of members of a multinational group in a territory
174. 132Effective tax rate
175. Chapter 4: Calculation of adjusted profits of members of a multinational group
176. Adjusted profits of a member of a multinational group
177. 133Adjusted profits of a member of a multinational group
178. 134Underlying profits as determined for statements of ultimate parent
179. 135Underlying profits of permanent establishments
180. 136Underlying profits accounts
181. 137No amounts outside of profit and loss account to be included
182. 137AUse of substituted values
183. Adjustments of underlying profits
184. 138Profits adjusted to be before tax
185. 139Profits adjusted to be profits before consolidation adjustments to eliminate intragroup transactions
186. 140Profits adjusted to be profits before certain purchase accounting adjustments
187. 141General exclusion of dividends
188. 142Excluded equity gain or loss
189. 143Included revaluation method gain or loss
190. 144Adjustments for asymmetric foreign currency income and losses
191. 145Exclusion of expenses for illegal payments, fines and penalties
192. 146Adjustment for changes in accounting policies and prior period errors
193. 147Accrued pension expense
194. 147ATreatment of tax credits
195. 148Meaning of qualifying refundable tax credits
196. 148ATransferable tax credits
197. 148BValue of marketable transferable tax credits: originator
198. 148CValue of marketable transferable tax credits: purchaser
199. 149Arm’s length requirement for certain transactions
200. 150Transactions between members of a multinational group: differences with accounting for tax
201. 150AInstruments held intragroup: issuer’s accounting treatment to prevail
202. 151Adjustments for companies in distress
203. 152Adjustments where life assurance business carried on
204. 153Exclusion of certain insurance reserve movement expense
205. 154Exclusion of qualifying intra-group financing arrangement expenses
206. 155Qualifying tier one capital
207. 156Exclusion of international shipping profits
208. 157Core international shipping profits
209. 158Ancillary international shipping profits
210. Adjustments only applicable to permanent establishments
211. 159Permanent establishment income and expense attribution
212. 160Attribution of losses between permanent establishment and main entity
213. Elections to treat certain amounts differently
214. 161Election to use realisation principle
215. 162Election to reflect deductions for stock-based compensation
216. 163Election to spread certain capital gains over five years
217. 164Election to exclude intra-group transactions
218. 165Election to have excluded equity gains and losses included
219. 166Election in relation to hedging currency risk in ownership interests
220. Dealing with transparency and entities subject to qualifying dividend regime
221. 167Underlying profits of hybrids
222. 168Underlying profits of transparent ... entities
223. 169Certain non tax resident entities to be treated as flow-through entities
224. 170Adjustments for ultimate parent that is a flow-through entity
225. 171Ultimate parent subject to qualifying dividend regime
226. 172Application of section 171 to members in the same territory as the ultimate parent
227. Chapter 5: Covered tax balance
228. Amount of covered taxes
229. 173Covered taxes
230. 174Amount of covered tax balance
231. 175Amounts excluded from qualifying current tax expense
232. 176Amounts to be reflected in qualifying current tax expense
233. Transferable tax credits
234. 176AMeaning of “non-marketable transferable tax credits”
235. 176BValue of non-marketable transferable tax credits: originator
236. 176CValue of non-marketable transferable tax credits: purchaser
237. Tax equity partnerships
238. 176DTax credits etc allocated under tax equity partnerships
239. 176EFlow-through tax benefits: proportional amortisation method
240. 176FFlow-through tax benefits: subtraction method
241. 176GClawback of earlier qualifying flow-through tax benefits
242. Allocation of covered taxes
243. 177Permanent establishments
244. 178Reallocation of tax expense
245. 179Controlled foreign company tax regimes
246. 180Blended CFC regimes
247. 180ASection 180: further provision
248. 181Distributions from other members of a group
249. 181ACross-border allocation of current tax under cross-crediting regime
250. Cross-border allocation of deferred tax expense
251. 181BCross-border allocation of deferred tax assets and liabilities
252. Dealing with deferred tax assets etc
253. 182Total deferred tax adjustment amount
254. 183Qualifying foreign tax credits (substitute loss carry forward assets)
255. 183AAlternative to section 183 where carry forward of credits not permitted
256. 184Recaptured deferred tax liabilities
257. 185Inclusion of existing deferred tax assets and liabilities on entry into regime
258. 186Deferred tax assets recorded at less than minimum rate
259. 187Election for losses to be treated as special loss deferred tax assets
260. 188Further provision about elections under section 187
261. Eligible distribution tax systems: deemed taxes
262. 189Deemed distribution tax election
263. 190Deemed distribution tax amount
264. 191Reduction of recapture amount
265. 192Recalculation where member leaves the group
266. Chapter 6: Calculation of top-up amounts
267. 193Calculation of top-up amounts
268. 194Total top-up amount for a territory
269. 195Substance based income exclusion
270. 196Eligible payroll costs
271. 197Eligible tangible asset amount
272. 197AOperating leases
273. 198Eligible payroll costs and eligible tangible asset amount: permanent establishments
274. 198ZAEligible payroll costs: flow-through entities
275. 198ZBEligible tangible asset amount: flow-through entities
276. 198ZCEligible payroll costs and eligible tangible asset amount: flow-through ultimate parent
277. 198APower to make provision about treatment of payroll costs and assets
278. 199Election to treat certain top-up amounts as nil
279. Chapter 7: Allocating top-up amounts to responsible members
280. 200Top-up amounts multiplied by inclusion ratio
281. 201Inclusion ratio
282. Chapter 8: Further adjustments
283. Covered taxes less than nil
284. 202Covered taxes balance less than nil when members in a territory have a profit
285. 203Additional top-up amounts where covered taxes less than expected
286. 204Allocation of collective additional amount under section 203 to members
287. 205Election to carry forward and reduce collective additional amount
288. Additional top-up amounts on recalculations
289. 206Additional top-up amounts where recalculations required
290. 207Allocation of collective additional amounts under section 206 to members
291. Restructuring of groups
292. 208Member joining or leaving multinational group
293. 209When transfer of controlling interest treated as acquisition of assets and liabilities
294. 210Transfer of assets or liabilities from a member of a multinational group
295. 211Transfer of assets or liabilities to a member of a multinational group
296. 212Meaning of “qualifying reorganisation”
297. Elections in relation to investment entities
298. 213Investment entity tax transparency election
299. 214Taxable distribution method election
300. 215Undistributed income amount
301. Other adjustments
302. 216Election where assets and liabilities adjusted to fair value for tax purposes
303. 217Post filing adjustments of covered taxes
304. 218Effect of rate changes to deferred tax expense
305. 219Adjustment where covered taxes not paid
306. Chapter 9: Special provision for investment entities, joint venture groups and minority-owned members
307. Investment entities
308. 220Top-up amount of investment entity
309. 221Substance based income exclusion for investment entity
310. 222Investment entity effective tax rate
311. 223Adjustments
312. 224Additional top-up amounts of investment entities
313. 225Attribution of top-up amounts and additional top-up amounts to responsible member
314. Joint venture group
315. 226Joint venture group
316. 227Application of Part to joint venture groups
317. Minority owned members
318. 228Minority owned members
319. Application to multi-parent groups
320. 229Multi-parent groups
321. Chapter 9A: Untaxed amounts
322. Introduction
323. 229AMeaning of potentially undertaxed
324. 229BUntaxed amounts
325. Allocation of untaxed amounts
326. 229CAllocation of untaxed amount to members
327. 229DAmount allocated to the United Kingdom
328. 229EAllocation to qualifying members
329. 229FElection to make one member of a group liable for untaxed amounts
330. How to determine number of employees and tangible fixed assets values
331. 229GNumber of employees
332. 229HValue of tangible fixed assets
333. Joint ventures
334. 229IJoint ventures
335. References to responsible members
336. 229JReferences to responsible members
337. Chapter 10: Definitions etc
338. Introduction
339. 230Meaning of terms and concepts used in this Part
340. Meaning of “entity” etc
341. 231Meaning of entity
342. 232Permanent establishments ...
343. 232ZALegal main entity distinct from main entity
344. 232APartnerships
345. 233Treatment of protected cell companies
346. 234Governmental, international and non-profit entities
347. 235Pension funds and pension services entities
348. 236Investment funds and investment entities
349. 237Intermediate and partially-owned parent members
350. 238Tax transparency of entities
351. Provision relating to location of entities
352. 239Location of entities
353. 240Location of flow-through entities and permanent establishments
354. 241Pillar Two territories
355. Ownership of entities
356. 242Ownership interests and controlling interests
357. 243Calculating percentage ownership interests of a specific entity or individual
358. 244Calculating percentage ownership interests of a class
359. 245Calculating percentage ownership interests: excluded entities
360. 246Calculating percentage direct and indirect ownership interests
361. 247Timing of transfers of interests
362. 248Exclusion of indirect interests held through ultimate parent
363. Financial statements and accounting period
364. 249Consolidated financial statements
365. 250Acceptable accounting standards
366. 251Accounting periods
367. 251AMeaning of country-by-country report
368. Miscellaneous
369. 252Application to sovereign wealth funds
370. 253Disqualified and qualified refundable imputation taxes
371. 254Use of currency
372. 255Pillar Two rules
373. 256Qualifying domestic top-up tax
374. 256AQualifying domestic top-up tax treated as not accruing where contested etc
375. 257Qualifying undertaxed profits tax
376. 258Meaning of “connected”
377. 259Other definitions
378. Chapter 11: General and miscellaneous provision
379. 260Transitional provision and safe harbours
380. 261Index of defined expressions
381. 262Power to amend to ensure consistency with Pillar Two
382. 263Regulations
383. 264Multinational top-up tax to apply from 31 December 2023
384. Part 4: Domestic top-up tax
385. Chapter 1: Introduction
386. 265Introduction to domestic top-up tax
387. 266Qualifying entities
388. 267DTT excluded entities
389. 267ASecuritisation companies in a group treated as not consolidated
390. 268Permanent establishments
391. 268APartnerships
392. Chapter 2: Charge to domestic top-up tax
393. 269Chargeable persons
394. 270Amount charged
395. 271Election to make one member of a group liable for amounts charged
396. Chapter 3: Application of multinational top-up tax provisions
397. 272Determining top-up amounts of entity that is a member of a group
398. 272ATreatment of covered bond vehicles
399. 273Determining top-up amounts of entity that is not a member of a group
400. 273AReferences to Pillar Two rules
401. 273BEffect of becoming subject to Pillar Two rules
402. 273CDividends from protected cell companies
403. 274Application of section 262 Repealed
404. 275Application of Schedule 14
405. 276Application of transitional provision
406. 277Index of defined expressions
407. 278Domestic top-up tax to apply from 31 December 2023
408. Part 5: Electricity generator levy
409. Introduction and charge
410. 279Charge on exceptional generation receipts
411. 280Key concepts (generating undertaking etc)
412. 281Benchmark amount
413. Calculation of exceptional generation receipts
414. 282Attribution of generation
415. 283Generation receipts
416. 284Allowable costs
417. 285Exceptional generation fuel costs
418. 286Exceptional revenue sharing costs
419. Groups, partnerships and joint ventures
420. 287Groups
421. 288Lead member of a group and its qualifying periods
422. 289Liability of members of groups
423. 290Election for members with significant minority shareholding to pay levy
424. 291Qualifying partnerships
425. 292Qualifying joint ventures
426. Attribution and surrender of amounts: joint ventures and significant minority shareholders
427. 293Non-chargeable amounts of joint venture to be attributed to participants
428. 294Generation acquired and supplied by JV participants
429. 295Arrangements that reflect receipts (JV participants)
430. 296Generation acquired and supplied by significant minority shareholders
431. 297Arrangements that reflect receipts (significant minority shareholders)
432. 298Surrender of shortfalls
433. 299Amount that may be surrendered and use of that amount
434. Treatment of company as transparent as alternative to attribution and surrender
435. 300Election to treat certain companies as transparent
436. 301Effect of company being transparent
437. Management and administration
438. 302General application of corporation tax administration
439. 303Company tax returns
440. 304Requirement to provide information about payments
441. 305Claims to shortfall amounts
442. 306Application of Part 5A of TMA 1970 and Instalment Payments Regulations
443. Supplemental
444. 307Application of Part 5 of CTA 2010 for the purposes of determining interests
445. 308Anti-avoidance
446. 309Information sharing
447. 310Interaction of electricity generator levy with corporation tax
448. 311Regulations under this Part
449. 311AMeaning of “qualifying new generating plant”
450. 312Minor definitions relating to electricity market
451. 313Definitions in this Part
452. Part 6: Other taxes
453. Stamp duty land tax
454. 314Transactions funded with the assistance of a public subsidy
455. Value added tax
456. 315Deposit schemes
457. Import duty
458. 316Dumping, subsidisation and safeguarding remedies
459. 317Rulings as to method of valuation of goods
460. 318Discharging goods from free-circulation procedure subject to guarantee
461. Fuel duties
462. 319Excepted machines etc
463. Tobacco products duty
464. 320Rates of tobacco products duty
465. Soft drinks industry levy
466. 321Flavour concentrates
467. Air passenger duty
468. 322New bands and rates
469. 323Northern Ireland rates
470. Vehicle taxes
471. 324Rates of vehicle excise duty
472. 325Reform of HGV road user levy
473. 326End of exempt period for HGV road user levy
474. Environmental taxes
475. 327Rates of landfill tax
476. 328Rates of climate change levy
477. 329Rate of plastic packaging tax
478. 330Aggregates levy: exemptions and exploitation
479. Part 7: Miscellaneous and final
480. Freeports and investment zones
481. 331Designation of sites
482. 332Sunset date for reliefs
483. Administration
484. 333Right to repayment of income tax to be inalienable
485. 334Late payment interest on value added tax
486. 335Penalties for failure to pay value added tax
487. 336VAT credits: repayment interest due where evidence not provided
488. 337Insurance premium tax: power to make regulations about notifications
489. 338Penalties for failure to make payments of plastic packaging tax on time
490. Management of customs and excise
491. 339Approval of aerodromes
492. 340Approved aerodromes: minor and consequential amendments
493. 341Temporary approvals etc
494. Conditionality
495. 342Licensing authorities: requirements to give or obtain tax information
496. 343Section 342: consequential amendments
497. Charities and community amateur sports clubs
498. 344Definition of “charity” restricted to UK charities
499. 345Definition of “community amateur sports club” restricted to UK clubs
500. Homes for Ukraine Sponsorship Scheme
501. 346Exemptions from tax
502. Office of Tax Simplification
503. 347Abolition of the Office of Tax Simplification
504. The dormant assets scheme
505. 348Pension benefits and inheritance tax
506. Other
507. 349International arrangements for exchanging information
508. 350Payment of unclaimed money in court into the Consolidated Fund
509. 351Financial sanctions regulations: prohibition on certain payments by HMRC
510. 352Communications data
511. Final
512. 353Interpretation
513. 354Short title
514. Schedule 1: Relief for research and development
515. Part 1: Claim notifications
516. 1Requirement to make claim notifications in relation to certain R&D claims
517. 2Requirement to make claim notifications in relation to certain R&D claims
518. Part 2: R&D expenditure on data and cloud computing
519. 3Relief for R&D expenditure on data and cloud computing
520. 4Relief for R&D expenditure on data and cloud computing: consequential amendments
521. 5Relief for R&D expenditure on data and cloud computing: consequential amendments
522. 6Relief for R&D expenditure on data and cloud computing: consequential amendments
523. 7Relief for R&D expenditure on data and cloud computing: consequential amendments
524. 8Relief for R&D expenditure on data and cloud computing: consequential amendments
525. 9Relief for R&D expenditure on data and cloud computing: consequential amendments
526. Part 3: Amendments to Schedule 18 to FA 1998
527. 10Introduction
528. 11Power of HMRC to collect overpaid R&D tax relief or expenditure credit
529. 12Time limits for R&D claims
530. 13Requirement to provide additional information in relation to R&D claims
531. 14Power of HMRC to remove R&D claims made in error from return
532. Part 4: Miscellaneous amendments
533. 15Amendment of CTA 2009
534. 16R&D tax relief: circumstances in which enterprises are treated as SMEs
535. 17Accounts treated as prepared on going concern basis
536. 18Meaning of expenditure incurred on payments
537. Part 5: Commencement
538. 19Paragraph 19
539. 20Paragraph 20
540. Schedule 2: Estates in administration and trusts
541. Part 1: Estates in administration
542. Chapter 1: Income tax
543. 1The applicable rate for grossing up basic amounts of estate income
544. 2The applicable rate for grossing up for determining shares in an estate in the final tax year
545. 3Income from stock dividends etc treated as bearing income tax at 0%
546. 4Income treated as dividend income and savings income
547. 5Order in which basic amounts are treated as paid from aggregate income
548. Chapter 2: Corporation tax
549. 6The applicable rate for grossing up basic amounts of estate income
550. 7The applicable rate for grossing up for determining shares in an estate in the final tax year
551. 8Income from stock dividends etc treated as bearing income tax at 0%
552. 9Order in which basic amounts are treated as paid from aggregate income
553. Part 2: Low income trusts and estates
554. Chapter 1: Income tax
555. 10Low income estates and trusts: tax liability of personal representatives and trustees
556. 11Low income estates: tax liability of beneficiaries
557. Chapter 2: Corporation tax
558. 12Low income estates: tax liability of beneficiaries
559. Part 3: Rate of tax charged on trustees’ first slice of trust rate income: income tax
560. 13Paragraph 13
561. Part 4: Commencement
562. 14Paragraph 14
563. Schedule 3: Corporate interest restriction etc.
564. Part 1: Amendments to TIOPA 2010
565. 1Introduction
566. 2Tax-interest expense amounts of a company: charities
567. 3First period of account where new holding company
568. 4First period of account where new holding company
569. 5Amounts not brought into account in determining a company’s tax-EBITDA
570. 6“Relevant expense amount” and “relevant income amount”
571. 7“Relevant expense amount” and “relevant income amount”
572. 8Adjusted net group-interest expense: debits referable to times before UK property business etc carried on
573. 9Adjusted net group-interest expense: debits in respect of pre-trading expenditure
574. 10Qualifying net group-interest expense: meaning of “equity notes”
575. 11Qualifying net group-interest expense: meaning of “equity notes”
576. 12Capitalised interest brought into account for tax purposes in accordance with GAAP
577. 13Interest allowance (non-consolidated investment) election: “non-consolidated associate”
578. 14Public infrastructure
579. 15Public infrastructure
580. 16Public infrastructure
581. 17Partnerships and other transparent entities
582. 18Investments held by investment managers
583. 19Determining the worldwide group: “non-consolidated subsidiary” and “consolidated subsidiary”
584. 20Appointment of a reporting company by Revenue and Customs
585. 21Revised interest restriction return
586. 22Revised interest restriction return
587. 23Enquiry into interest restriction return
588. 24Determinations by officers of Revenue and Customs
589. 25Consequential claims to company tax returns
590. Part 2: Other amendments
591. 26Penalties for errors: CIR alterations to be ignored in calculating potential lost revenue
592. 27Disapplication of carry forward rule for deficits
593. 28Defined expressions used in Part 10 of TIOPA 2010: “insurance company”
594. 29Determining the worldwide group: consequential amendment
595. Part 3: Parts 1 and 2: commencement and transitional provision
596. 30Paragraph 30
597. 31Paragraph 31
598. 32Paragraph 32
599. 33Paragraph 33
600. 34Paragraph 34
601. 35Paragraph 35
602. 36Paragraph 36
603. Part 4: Tax treatment of financing costs and income
604. 37Paragraph 37
605. 38Paragraph 38
606. 39Paragraph 39
607. 40Paragraph 40
608. Schedule 4: Investment vehicles
609. Part 1: UK property rich collective investment vehicles etc
610. 1Genuine diversity of ownership
611. Part 2: Real estate investment trusts
612. 2Amendment of CTA 2010
613. 3REITs involving single commercial property
614. 43-year development rule
615. 5Genuine diversity of ownership
616. 6Amendment of the Real Estate Investment Trusts (Assessment and Recovery of Tax) Regulations 2006
617. Part 3: Qualifying asset holding companies
618. 7Amendment of Schedule 2 to FA 2022
619. 8Securitisation companies unable to be QAHCs
620. 9Beneficial entitlement held only through QAHCs
621. 10Determining relevant interests
622. 11Dealing with bodies corporate without share capital
623. 12Genuine diversity of ownership
624. 13Investment strategy condition
625. 14Disposal of derivatives where underlying subject matter is shares
626. 15Alternative finance arrangements
627. Schedule 5: Records relating to transfer pricing
628. Part 1: Amendments relating to corporation tax
629. 1Records to be kept for the purposes of corporation tax
630. 2Assessments relating to corporation tax
631. Part 2: Amendments relating to income tax
632. 3Records to be kept for the purposes of income tax
633. 4Assessments relating to income tax
634. Part 3: Amendments relating to corporation tax and income tax
635. 5Penalties for errors
636. 6Information and inspection powers
637. Part 4: Commencement
638. 7Paragraph 7
639. Schedule 6: Categories of alcoholic products: interpretation
640. 1Spirits
641. 2Spirits
642. 3Beer
643. 4Beer
644. 5Cider
645. 6Cider
646. 7Cider
647. 8Cider
648. 9Cider
649. 10Cider
650. 11Wine
651. 12Other fermented products
652. Schedule 7Rates of alcohol duty
653. Schedule 8Qualifying draught products: reduced rates
654. Schedule 9: Small producer alcoholic products: duty discount
655. 1Alcoholic products, other than qualifying draught products, of an alcoholic strength of less than 8.5%
656. 2Qualifying draught products of an alcoholic strength of less than 8.5%
657. Schedule 10: Penalties for contraventions of alcohol wholesaling provisions
658. 1Liability to penalty
659. 2Amount of penalty
660. 3Reductions for disclosure
661. 4Reductions for disclosure
662. 5Special reduction
663. 6Assessment
664. 7Reasonable excuse
665. 8Companies: officer’s liability
666. 9Double jeopardy
667. 10The maximum amount
668. 11Appeal tribunal
669. Schedule 11: Alcohol duty: reviews and appeals
670. 1Paragraph 1
671. 2Paragraph 2
672. Schedule 12: Alcohol duty: duty stamps Repealed
673. 1Retail containers to be stamped Repealed
674. 2Power to alter alcoholic products, and capacity of containers, to which this Schedule applies Repealed
675. 3Acquisition of, and payment for, duty stamps Repealed
676. 4Regulations Repealed
677. 5Offences of possession, sale etc of unstamped containers Repealed
678. 6Offence of using premises for sale of alcoholic products in or from unstamped containers Repealed
679. 7Alcohol sales ban following conviction for an offence under paragraph 6 Repealed
680. 8Penalty for altering duty stamps Repealed
681. 9Penalty for affixing wrong, altered or forged stamps, or over-labelling Repealed
682. 10Penalty for failing to comply with regulations Repealed
683. 11Forfeiture of forged, altered or stolen duty stamps Repealed
684. 12Interpretation Repealed
685. Schedule 13: Alcohol duty: minor and consequential amendments
686. Part 1: General
687. 1CEMA 1979
688. 2CEMA 1979
689. 3CEMA 1979
690. 4CEMA 1979
691. 5CEMA 1979
692. 6Customs and Excise Duties (General Reliefs) Act 1979
693. 7Excise Duties (Surcharges or Rebates) Act 1979
694. 8FA 1994
695. 9FA 1994 Repealed
696. 10FA 1994
697. 11FA 1994
698. 12FA 1994
699. 13FA 1994
700. 14FA 1994
701. 15VATA 1994
702. 16FA 2001
703. 17FA 2007
704. 18FA 2008
705. 19TCTA 2018
706. 20Taxation (Post-transition Period) Act 2020
707. Part 2: Approvals etc.
708. 21CEMA 1979
709. 22CEMA 1979
710. 23CEMA 1979
711. 24CEMA 1979
712. 25CEMA 1979
713. 26CEMA 1979
714. 27CEMA 1979
715. 28FA 1994
716. 29FA 2007
717. 30FA 2008
718. 31FA 2009
719. 32FA 2009
720. 33FA 2009
721. Schedule 14: Administration of multinational top-up tax
722. Part 1: Overview
723. 1Paragraph 1
724. Part 2: Meaning of “filing member”
725. 2Paragraph 2
726. 3Paragraph 3
727. 4Paragraph 4
728. 5Paragraph 5
729. Part 3: Registration
730. 6Paragraph 6
731. 7Paragraph 7
732. 8Paragraph 8
733. 9Paragraph 9
734. Part 4: Information returns
735. 10Paragraph 10
736. 11Paragraph 11
737. 12Paragraph 12
738. Part 5: Self-assessment returns
739. 13Paragraph 13
740. 14Paragraph 14
741. Part 6: Enquiries into a self-assessment return
742. 15Paragraph 15
743. 16Paragraph 16
744. 17Paragraph 17
745. 18Paragraph 18
746. 19Paragraph 19
747. 20Paragraph 20
748. 21Paragraph 21
749. 22Paragraph 22
750. 23Paragraph 23
751. Part 7: Determinations where self-assessment return not submitted
752. 24Paragraph 24
753. 25Paragraph 25
754. 26Paragraph 26
755. Part 8: Discovery assessments
756. 27Paragraph 27
757. 28Paragraph 28
758. 29Paragraph 29
759. 30Paragraph 30
760. Part 9: Record-keeping requirements
761. 31Paragraph 31
762. Part 10: Payments of multinational top-up tax
763. 32Timing of payments
764. 33Paragraph 33
765. 33AParagraph 33A
766. 34Group payment notices
767. 35Paragraph 35
768. 36Paragraph 36
769. 37Effect of group payment for tax purposes
770. 37APartnership payment notices
771. 37BRecovery of partnership payment and effect for tax purposes etc
772. 38Recovery
773. 39Power to make regulations
774. Part 11: Penalties
775. 40Penalties payable in connection with this Schedule
776. 41Paragraph 41
777. 42Paragraph 42
778. 43Paragraph 43
779. 44Paragraph 44
780. 45Paragraph 45
781. 46Paragraph 46
782. 47Penalties under paragraphs 42, 43 and 46: administration and supplemental provision
783. 48Paragraph 48
784. 49Paragraph 49
785. 50Multiple tax-geared penalties in respect of same accounting period
786. Part 12: Appeals and claims
787. 51Claims in relation to overpaid tax
788. 52Paragraph 52
789. 53Paragraph 53
790. 54Paragraph 54
791. 55Appeals of decisions: general
792. 56Paragraph 56
793. 57Reviews by HMRC
794. 58Paragraph 58
795. 59Paragraph 59
796. 60Paragraph 60
797. 61Settlement agreements
798. 62Determination by tribunal
799. 63Postponement of payment pending appeal
800. 64Paragraph 64
801. 65Paragraph 65
802. 66Paragraph 66
803. 67Special provisions as to penalties
804. Part 13: Other amendments
805. 68Paragraph 68
806. Schedule 15: Multinational top-up tax: elections
807. 1Long term elections
808. 2Annual elections
809. Schedule 16: Multinational top-up tax: transitional provision
810. Part 1: General transitional measures
811. 1Transitional relief for substance-based income exclusion
812. 2Intra-group transfers before entry into regime
813. 2ATransitional extension to deadline for elections
814. Part 2: Transitional safe harbour
815. Chapter 1: General transitional safe harbour election
816. 3Election
817. 4Qualified financial statements and basis of calculations
818. 4AAccounts or statements reflecting purchase price accounting adjustments
819. 5Qualifying income tax expense
820. 6Adjustments
821. 6ADeduction and non-inclusion arrangements and duplicate loss arrangements
822. 6BDuplicate tax recognition arrangements
823. 7Threshold test
824. 8Simplified effective tax rate test
825. 9Routine profits test
826. Chapter 2: Application of Chapter 1 to joint ventures etc
827. 10Application in the case of joint venture group
828. 11Application to investment entities in same territory as owners
829. 12Minority owned members
830. Part 2A: UTPR transitional safe harbour election
831. 12AElection
832. Part 3: Transitional reporting election
833. 13Transitional reporting election
834. Part 4: Pre-entry deferred tax assets and liabilities
835. 14Straddle periods
836. 15Grace period
837. 16General
838. Schedule 16A: Multinational top-up tax: safe harbours
839. Part 1: Qualifying domestic top-up tax safe harbour
840. Chapter 1: Qualifying domestic top-up tax safe harbour election
841. 1Election for qualifying domestic top-up tax safe harbour
842. 2Accredited qualifying domestic top-up tax
843. 3Disqualifying conditions
844. Chapter 2: Application to non-standard members of a multinational group
845. 4Application in the case of joint venture group
846. 5Application in the case of investment entities
847. 6Application in the case of minority owned members
848. Part 2: Untaxed amounts: international expansion of groups
849. 7No untaxed amounts for groups in initial phase of international expansion
850. Part 3: Simplified calculations for non-material members of group
851. 8Election in respect of non-material members
852. 9“Non-material member”
853. 10Accounting conditions
854. 11Routine profits test
855. 12De minimis test
856. 13Effective tax rate test
857. 14Interpretation etc
858. 15Interpretation etc
859. Schedule 17Index of expressions defined or explained in Parts 3 and 4
860. Schedule 18: Administration of domestic top-up tax
861. 1Introduction
862. 2Meaning of “filing member”
863. 3Registration
864. 4Other administrative provisions
865. 5Other administrative provisions
866. 6Amendments: penalties
867. 7Other amendments
868. Schedule 19: Dumping, subsidisation and safeguarding remedies
869. Part 1: Dumping and subsidisation remedies
870. 1Introduction
871. 2Notification etc
872. 3Provisional remedies
873. 4Definitive remedies
874. 5Reviews etc
875. 6Revocation in the public interest
876. 7Power to request assistance etc
877. Part 2: Safeguarding remedies
878. 8Introduction
879. 9Notification etc
880. 10Provisional remedies
881. 11Definitive remedies
882. 12Reviews etc
883. 13Revocation in the public interest
884. 14Power to request assistance etc
885. Part 3: Consequential and related provision
886. 15Paragraph 15
887. 16Paragraph 16
888. Part 4: Commencement
889. 17Paragraph 17
890. Schedule 20: Bilateral safeguarding remedies
891. Part 1: Amendments to TCTA 2018
892. 1Paragraph 1
893. 2Paragraph 2
894. Part 2: Commencement
895. 3Paragraph 3
896. Schedule 21: Soft drinks industry levy: flavour concentrates
897. 1Introduction
898. 2Meaning of “soft drink” and “package”
899. 3Meaning of “prepared drinks”
900. 4Sugar content condition
901. 5Exempt soft drinks
902. 6Levy rates
903. 7Tax credits
904. 8Commencement
905. Schedule 22: Reforms of HGV road user levy
906. 1Paragraph 1
907. 2Paragraph 2
908. 3Paragraph 3
909. 4Paragraph 4
910. 5Paragraph 5
911. 6Paragraph 6
912. 7Paragraph 7
913. 8Paragraph 8
914. 9Paragraph 9
915. 10Paragraph 10
916. 11Paragraph 11
917. 12Paragraph 12
918. Schedule 23: Freeports and investment zones: consequential amendments
919. 1FA 2003
920. 2FA 2003
921. 3FA 2003
922. 4FA 2003
923. 5FA 2003
924. 6FA 2003
925. 7FA 2003
926. 8FA 2003
927. 9CAA 2001
928. 10CAA 2001
929. 11CAA 2001
930. 12CAA 2001
931. 13CAA 2001
932. 14CAA 2001
933. 15CAA 2001
934. 16CAA 2001
935. 17FA 2021
936. 18FA 2021
937. 19FA 2021
938. 20National Insurance Contributions Act 2022
939. 21National Insurance Contributions Act 2022
940. 22National Insurance Contributions Act 2022
941. 23National Insurance Contributions Act 2022
942. 24National Insurance Contributions Act 2022
943. 25National Insurance Contributions Act 2022
944. 26National Insurance Contributions Act 2022
945. 27National Insurance Contributions Act 2022
946. Schedule 24: Homes for Ukraine Sponsorship Scheme: exemptions from tax
947. 1Income tax and corporation tax
948. 2Annual tax on enveloped dwellings
949. 3Stamp duty land tax
950. 4Regulations