- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (07/02/2023)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Finance Act 2012.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
PART 1 Income tax, corporation tax and capital gains tax
CHAPTER 1 Income tax and corporation tax charges and rate bands
PART 2 Insurance companies carrying on long-term business
Meaning of “basic life assurance and general annuity business”
Meaning of contract of “insurance” or “long-term insurance” and “insurance company”
CHAPTER 2 Charge to tax on I - E basis etc
CHAPTER 6 Trade calculation rules applying to long-term business
CHAPTER 8 Assets held for purposes of long-term business
CHAPTER 9 Relief for BLAGAB trade losses etc
124.Carry forward of pre-1 April 2017 BLAGAB trade losses against subsequent profits
124A.Carry forward of post-1 April 2017 BLAGAB trade losses against subsequent profits
124B.Excess carried forward post-1 April 2017 losses: relief against total profits
124C.Further carry forward against subsequent profits of post-1 April 2017 loss not fully used
124E.Section 124D: shock losses excluded from the restriction
CHAPTER 10 Transfers of long-term business
PART 3 Friendly societies carrying on long-term business
Exempt BLAGAB or eligible PHI business: benefits payable by friendly societies etc
Exempt BLAGAB or eligible PHI business: directions to old societies
PART 4 Controlled foreign companies and foreign permanent establishments
SCHEDULES
High income child benefit charge
Profits arising from the exploitation of patents etc
PART 2 Amendments of TIOPA 2010
3.In section 166 (exemption for small and medium-sized enterprises), in...
4.After section 167 insert— Small enterprises: exception from exemption: transfer...
5.In section 170 (appeals against transfer pricing notices), in subsection...
6.In section 171 (tax returns where transfer pricing notice given),...
Amount of relief for expenditure on R&D by small or medium-sized enterprises (“SMEs”)
4.(1) Chapter 3 (relief for SMEs: R&D sub-contracted to SME)...
5.(1) Chapter 4 (relief for SMEs: subsidised and capped expenditure...
6.(1) Chapter 5 (relief for large companies) is amended as...
7.(1) Chapter 7 (relief for SMEs and large companies: vaccine...
8.In consequence of the amendments made by paragraphs 3 to...
Company not a going concern when in administration or liquidation
10.(1) Section 1046 (relief only available where company is going...
11.(1) Section 1057 (tax credit only available where company is...
12.Chapter 7 (relief for SMEs and large companies: vaccine research...
13.(1) Section 1094 (relief only available to SME where company...
14.(1) Section 1106 (tax credit only available where company is...
Removal of limit on amount of tax credit based on PAYE and NIC liabilities
Abolition of vaccine research relief for SMEs
17.In section 1042 (“relevant research and development”), in subsection (3),...
18.In section 1046 (relief only available where company is going...
19.In section 1057 (tax credit only available where company is...
20.Chapter 7 (relief for SMEs and large companies: vaccine research...
21.(1) Section 1085 (overview of Chapter) is amended as follows....
22.(1) Section 1087 (deduction in calculating profits of trade) is...
23.(1) In section 1088 (large companies: declaration about effect of...
24.Omit sections 1089 and 1090 (which relate only to SMEs)....
25.(1) In section 1091 (large companies: amount of deduction), in...
26.Omit sections 1092 to 1096 and 1099 (which relate only...
27.(1) In section 1100 (large companies: qualifying expenditure “for” an...
29.(1) Section 1112 (artificially inflated claims for relief or tax...
32.In consequence of the amendments made by paragraphs 16 to...
Being a UK REIT: conditions for company - close companies
2.(1) Section 525 (becoming a UK REIT: supplementary provision) is...
4.(1) Section 528 (conditions for company) is amended as follows....
5.In section 558 (demergers: disposal of asset) in subsections (3)...
6.In section 559 (demergers: company leaving group UK REIT) in...
9.After section 562 insert— Breach of condition D in section...
10.(1) Section 572 (termination by notice given by HMRC) is...
11.After section 573 insert— Notice under section 572: condition D...
12.(1) Section 577 (multiple breaches of conditions in Chapter 2)...
Being a UK REIT: conditions for company - trading of shares on recognised stock exchange
15.In section 528 (conditions for company) in subsection (3) for...
16.After section 528 insert— Further condition relating to shares (1) In the case of a group UK REIT, the...
17.In section 561 (notice of breach of relevant Chapter 2...
18.Before section 563 insert— Breach of further condition relating to...
19.(1) Section 572 (termination by notice given by HMRC) is...
20.Before section 574 insert— Notice under section 572: further condition...
21.(1) Subject to what follows, the amendments made by paragraphs...
34.(1) In section 545 (cancellation of tax advantage) in subsection...
35.(1) In section 556 (disposal of assets) omit subsection (4)....
36.(1) In section 558 (demergers: disposal of asset) in subsection...
37.In section 559 (demergers: company leaving group UK REIT) in...
38.In section 583 (overview of Chapter 10 relating to joint...
39.Omit sections 595 to 597 (additional entry charges in cases...
Tax treatment of financing costs and income
3.In section 276 (disallowance of deductions: appointment of authorised company...
4.In section 280 (statement of allocated disallowances: requirements), after subsection...
5.In section 288 (exemption of financing income: appointment of authorised...
6.In section 292 (statement of allocated exemptions: requirements), after subsection...
7.In section 296 (failure of reporting body to submit statement...
8.In Chapter 6 (tax avoidance), before section 306 insert— Schemes...
9.(1) Section 313 (the financing expense amounts of a company)...
10.(1) Section 314 (the financing income amounts of a company)...
11.In section 316 (group treasury companies), omit subsection (4).
12.(1) Section 329 (the tested expense amount) is amended as...
13.(1) Section 330 (the tested income amount) is amended as...
14.After section 331 insert— Elections disapplying sections 329(5) and 330(5)...
15.(1) Section 337 (meaning of “the worldwide group”) is amended...
16.(1) In section 339 (meaning of “ultimate parent”), subsection (1)...
17.In section 348 (non-existent financial statements of the worldwide group),...
18.After section 348 insert— Financial statements: business combinations to which...
19.In section 351 (expressions taking their meaning from international accounting...
20.In section 353 (other expressions), at the appropriate place insert—...
21.After section 353A insert— Power to make regulations where accounting...
Seed enterprise investment scheme
PART 2 Relief for capital gains
PART 3 Consequential amendments
7.In section 2 (overview of Act), after subsection (5) insert—...
8.In section 26 (tax reductions), in subsection (1)(a), after the...
9.In section 27 (order of deducting tax reductions: individual), in...
10.In section 169 (directors qualifying for relief despite connection), in...
11.In section 172 (overview of Chapter 3), after paragraph (aa)...
12.In section 173A (enterprise investment scheme: maximum amount raised annually...
13.After that section insert— The spending of money raised by...
14.(1) Section 246 (identification of shares on a disposal) is...
15.In section 286 (qualifying holdings: introduction), in subsection (3), after...
16.In section 292A (venture capital trusts: maximum amount raised annually...
17.After that section insert— The spending of money raised by...
18.(1) Schedule 4 (index of defined expressions) is amended as...
Capital allowances for plant and machinery: anti-avoidance
Plant and machinery allowances: fixtures
Fixtures on which business premises renovation allowance has been made
6.After section 186 insert— Fixtures on which a business premises...
7.In section 9 (interaction between fixtures claims and other claims),...
8.In section 57 (available qualifying expenditure), in subsection (3), after...
9.In section 198 (election to apportion sale price on sale...
10.In section 199 (election to apportion capital sum given by...
Expenditure on plant and machinery for use in designated assisted areas
2.In section 39 (first-year allowances available for certain types of...
3.After section 45J insert— Expenditure on plant and machinery for...
4.In section 46 (general exclusions applying to first-year qualifying expenditure),...
5.(1) Section 52 (first-year allowances) is amended as follows.
6.In section 52A (prevention of double relief) for the words...
7.(1) In Chapter 16B (cap on first-year allowances: zero-emission goods...
8.The amendments made by this Schedule have effect for chargeable...
PART 2 Remittance for investment purposes
13.In section 809M (meaning of “relevant person”), in subsection (1),...
14.In section 809Z7 (interpretation of Chapter), omit subsection (7).
15.For the heading of that section substitute “ Meaning of...
16.After that section insert— Meaning of “the disposal proceeds” (1) In this Chapter, in relation to a sale or...
Employer asset-backed pension contributions etc
PART 1 Denial of relief for contributions paid during period 29 November 2011 to 21 February 2012
PART 2 Transitional provision relating to Part 1
PART 3 Denial of relief for contributions paid on or after 22 February 2012
PART 4 Transitional provision relating to Part 3
Certain tax consequences not to have effect
23.(1) This paragraph applies if— (a) the section which would...
24.(1) This paragraph applies if— (a) the section which would...
25.(1) This paragraph applies if— (a) the section which would...
26.(1) This paragraph applies if, apart from this Part of...
27.(1) This paragraph applies if, apart from this Part of...
PART 5 Other provision relating to finance arrangements
Chapter 5B of Part 13 of ITA 2007
32.Chapter 5B of Part 13 of ITA 2007 (finance arrangements)...
33.In section 809BZA (type 1 finance arrangements: definition) after subsection...
34.(1) Section 809BZF (type 2 finance arrangements: definition) is amended...
35.In section 809BZH (type 2 finance arrangements: certain tax consequences...
36.In section 809BZJ (type 3 finance arrangements: definition) after subsection...
Chapter 2 of Part 16 of CTA 2010
37.Chapter 2 of Part 16 of CTA 2010 (finance arrangements)...
38.In section 758 (type 1 finance arrangements: definition) after subsection...
39.(1) Section 763 (type 2 finance arrangements: definition) is amended...
40.In section 765 (type 2 finance arrangements: certain tax consequences...
41.In section 767 (type 3 finance arrangements: definition) after subsection...
PART 2 Income tax and capital gains tax
27.In section 25 (gifts for national purposes etc), after subsection...
28.In section 26A (potentially exempt transfer of property subsequently held...
29.(1) Section 32 (conditionally exempt transfers: chargeable events) is amended...
30.(1) Section 32A (associated properties) is amended as follows.
32.In section 34 (reinstatement of transferor's cumulative total), in subsection...
32A.(1) This paragraph applies where a person (“ the donor...
Relief in respect of gift aid and other income
Part 2: minor and consequential amendments
3.Omit section 76ZA (payments for restrictive undertakings).
5.Omit sections 76ZC to 76ZE (counselling and retraining expenses).
7.Omit section 76ZK (contributions to local enterprise organisations or urban...
10.In section 95ZA(3) (taxation of UK distributions received by insurance...
11.Omit section 431 (interpretative provisions relating to insurance companies).
12.Omit section 431ZA (election for assets not be foreign business...
15.Omit section 431BA (meaning of “child trust fund business”).
16.Omit section 431BB (meaning of “individual savings account business”).
17.Omit section 431C (meaning of “life reinsurance business”).
18.Omit sections 431D and 431E (meaning of “overseas life assurance...
19.Omit section 431EA (meaning of “gross roll-up business”).
20.Omit section 431F (meaning of “basic life assurance and general...
21.Omit section 431G (company carrying on life assurance business).
22.Omit section 431H (company carrying on life assurance business and...
23.Omit section 432YA (PHI business — adjustment consequent of change...
28.Omit sections 432B to 432G (apportionment of receipts brought into...
30.Omit section 434A (computation of losses and limitation on relief)....
31.Omit sections 434AZA to 434AZC (reduced loss relief for additions...
32.Omit section 436A (gross roll-up business: separate charge on profits)....
33.Omit section 436B (gains referable to gross-roll up business not...
38.Omit section 440B (modifications where tax charged under s.35 of...
39.Omit section 440C (modifications for change of tax basis).
40.Omit section 440D (modifications in relation to BLAGAB group reinsurers)....
42.Omit section 442A (taxation of investment return where risk reinsured)....
44.Omit sections 444AF to 444AL (surpluses of mutual and former...
45.In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section...
46.Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers)....
48.In section 67(2) (employee share ownership trusts), for paragraph (b)...
50.Omit section 82A (calculation of profits: policy holders' tax).
52.Omit sections 82D to 82F (treatment of profits: life assurance...
55.Omit sections 83YA and 83YB (changes in value of assets...
58.Omit section 83B (changes in recognised accounts: attribution of amounts...
59.Omit section 85 (charge of certain receipts of basic life...
60.Omit section 85A (excess adjusted life assurance trade profits).
61.Omit section 86 (spreading of relief for acquisition expenses).
62.Omit section 88 (corporation tax: policy holders' share of profits)....
PART 3 Amendments of other Acts
Taxation of Chargeable Gains Act 1992
73.In section 10B (non-resident company with United Kingdom permanent establishment),...
74.In section 100(2B)(a) (exemption for authorised unit trusts etc), for...
75.In section 140C (transfer or division of non-UK business), omit...
77.(1) Section 171C (elections under s.171A: insurance companies) is amended...
78.In section 185 (deemed disposal of assets on company ceasing...
79.In section 204(10)(a) (policies of insurance and non-deferred annuities), for...
80.(1) Section 210A (ring-fencing of losses) is amended as follows....
81.(1) Section 210B (disposal and acquisition of section 440A securities)...
82.In section 210C(2) (losses on disposal of authorised investment fund...
83.(1) Section 211 (transfers of business) is amended as follows....
84.In section 211ZA(10) (transfers of business: transfer of unused losses),...
85.(1) Section 212 (annual deemed disposal of holdings of unit...
86.(1) Section 213 (spreading of gains and losses under section...
87.After section 213 insert— Power to modify ss.212 and 213...
88.(1) Schedule 7AC (exemptions for disposals by companies with substantial...
89.In paragraph 1 of Schedule 7AD (gains of insurance company...
95.In section 19(5) (special leasing of plant or machinery), for...
96.In the italic heading before section 254, for “Life assurance”...
97.In section 254(1) (introductory), for “life assurance business” substitute “...
98.For section 255 substitute— Apportionment of allowances and charges (1) This section applies if the long-term business of the...
99.(1) Section 256 (different giving effect rules for different categories...
100.In section 257(2) (supplementary), for paragraphs (a) and (b) substitute—...
101.(1) Section 261 (special leasing: life assurance business) is amended...
103.(1) Section 544 (management assets) is amended as follows.
104.(1) Section 545 (investment assets) is amended as follows.
105.(1) Section 560 (transfer of insurance company business) is amended...
106.(1) Schedule A1 (first-year tax credits) is amended as follows....
107.(1) Part 2 of Schedule 1 (index of defined expressions)...
113.In section 196(4) (relief for employers in respect of contributions...
114.In section 196A(4)(c) (power to restrict relief), for “brought into...
115.In section 196L(2) (employer asset-backed contributions: supplementary), as inserted by...
116.In section 197(10)(b) (spreading of relief), for “section 76 of...
117.In section 199 (deemed contributions), for subsection (5) substitute—
118.In section 199A(10)(c) (indirect contributions), for “brought into account at...
119.In section 200 (no other relief for employers in connection...
120.(1) Section 246 (restriction of deduction for non-contributory provision) is...
121.In section 246A(4)(c) (case where no relief for provision by...
122.In section 280(1) (abbreviations)— (a) omit the “and” before the...
Income Tax (Trading and Other Income) Act 2005
127.In section 473(2) (policies and contracts to which Chapter 9...
128.In section 476(3) (special rules: foreign policies), in the definition...
129.In section 504(7) (part surrenders: payments under guaranteed income bonds...
130.(1) Section 531 (gains from contracts for life insurance etc:...
131.In paragraph 118(2) of Schedule 2 (pre-1 January 2005 contracts...
136.In section A1(2) (overview of the Corporation Tax Acts)—
137.(1) Section 18Q (UK resident insurance companies: profits of foreign...
138.For section 24 substitute— Application to insurance companies (1) This section makes provision in a case where the...
139.In section 36(3) (farming and market gardening), for “of the...
140.In section 38(3)(d) (commercial occupation of land other than woodlands),...
141.In section 39(5)(a) (profits of mines, quarries and other concerns),...
142.In section 46(3)(a) (generally accepted accounting practice), omit sub-paragraph (ii)...
144.In section 130(1)(a) (insurers receiving distributions etc), for “life assurance...
145.In section 201 (priority rules: provisions which must be given...
146.In section 203(4) (property businesses)— (a) for “section 432AA of...
147.(1) Section 298 (meaning of trade and purposes of trade)...
148.(1) Section 336 (transfers of loans on group transactions) is...
149.(1) Section 337 (transfers of loans on insurance business transfers)...
151.In section 387(1) (treatment of deficit on BLAGAB: introduction), after...
152.In section 388(3) (basic rule: deficit set off against income...
153.In section 389 (claim to carry back deficit), after subsection...
154.(1) Section 390 (meaning of “available profits”) is amended as...
155.In section 391 (carry forward of surplus deficit to next...
156.Omit sections 393 and 394 (insurance companies: determination of questions...
157.In section 399 (index-linked gilt-edged securities), at the end insert—...
158.In section 464(3) (list of exceptions to general rule that...
159.In section 471(3) (connections between persons: creditors who are insurance...
160.In section 472(4)(b) (meaning of “control”), for “of an insurance...
161.In section 473(3)(b) (meaning of “major interest”), for “of an...
162.In section 486(4) (exclusion of exchange gains and losses in...
164.In section 560(4) (investment life insurance contracts: introduction)—
165.In section 561(2) (meaning of “investment life insurance contract”), in...
166.In section 563(6)(a) (increased non-trading credits for BLAGAB and EEA...
167.(1) Section 591 (conditions A to E mentioned in section...
168.(1) Section 634 (insurance companies) is amended as follows.
169.(1) Section 635 (creditor relationships of insurance companies: embedded derivatives...
170.(1) Section 636 (insurance companies: modifications of Chapter 5 (continuity...
171.In section 699(3) (list of exceptions to general rule that...
172.In section 710 (derivative contracts: other definitions)—
173.In section 746(2)(c) (“non-trading credits” and “non-trading debits”), for “section...
174.In section 800(3) (excluded assets: introduction), omit paragraph (b) (together...
175.In section 806(3) (assets excluded from Part 8 (intangible fixed...
176.In section 810 (mutual trade or business), omit subsection (2)....
177.In section 815 (election to exclude capital expenditure on software),...
178.In section 855(4) (further provision about regulations under section 854),...
179.For section 901 substitute— Effect of application of the I...
180.Omit sections 902 (excluded assets) and 903 (elections to exclude...
181.Omit section 904 (transfers of life assurance business: transfers of...
182.In section 906(3) (list of exceptions to general rule that...
183.In section 931S(3) (company distributions: meaning of “small company”), in...
184.In section 931W (provisions which must be given priority over...
185.In section 985 (references to a deduction being allowed to...
186.In section 999 (deduction for costs of setting up SAYE...
187.(1) Section 1000 (deduction for costs of setting up employee...
188.In section 1013 (relief if shares acquired by employee or...
189.In section 1021 (relief if employee or other person obtains...
191.In section 1083 (refunds of expenditure treated as income chargeable...
193.(1) Section 1153 (land remediation tax credit: amount of a...
194.(1) Section 1158 (restriction on losses carried forward where tax...
196.Omit section 1159 (limitation on relief under Chapter 2 of...
199.(1) Section 1162 (additional relief) is amended as follows.
200.In the italic heading before section 1164, for “Life assurance”...
201.(1) Section 1164 (entitlement to tax credit) is amended as...
202.(1) Section 1165 (meaning of “qualifying life assurance business loss”)...
204.In section 1167(1) and (3)(a) (payment of tax credit etc),...
205.(1) Section 1168 (restriction on carrying forward expenses payable where...
206.In section 1169(2) (artificially inflated claims for relief or tax...
207.After section 1223 insert— Exception for basic life assurance and...
209.In section 1288(4) (unpaid remuneration)— (a) in paragraph (a), after...
210.(1) Section 1297 (life assurance business) is amended as follows....
211.In section 1298(2) (business entertainment and gifts), for paragraph (c)...
212.In section 1304 (crime-related payments), for subsection (3) substitute—
213.(1) Schedule 2 (transitionals and savings) is amended as follows....
216.In section 17(3) (interpretation of Chapter: meaning of “carried-forward amount”)—...
217.In section 54(2) (non-UK resident company: receipts of interest, dividends...
218.In Chapter 4 of Part 4 (property losses), after section...
219.In section 606(5) (groups), in the definition of “insurance company”,...
220.(1) Section 783 (treatment of payer of manufactured dividend) is...
221.(1) Section 785 (treatment of payer: REITs) is amended as...
222.(1) Section 791 (treatment of payer of manufactured overseas dividend)...
223.In section 799(5) (manufactured payments under arrangements with unallowable purpose),...
224.In section 835(2) (transferor or associate becomes liable for payment...
225.In section 836(2) (transferor or associate becomes liable for payment...
226.(1) Section 839 (deduction under section 76 of ICTA not...
227.(1) Section 840 (carrying forward parts of payments) is amended...
228.In section 860 (relevant corporation tax relief), for paragraph (d)...
229.In section 886 (relevant tax relief), for paragraph (c) substitute—...
230.In section 1171(2) (powers under orders and regulations excluded from...
231.In section 1173(2) (miscellaneous charges), in Part 3 of the...
Taxation (International and Other Provisions) Act 2010
233.In section 43(7) (profits attributable to permanent establishments for purposes...
234.In section 72(2) (application of section 73(1)), omit paragraph (b)...
235.In section 96(1) (companies with overseas branches: restriction of credit)—...
236.For section 97 substitute— Companies with more than one category...
237.Omit section 98 (attribution for section 97 purposes if category...
238.In section 99(7) (allocation of expense etc in calculations under...
239.Omit section 102 (interpreting sections 99 to 101 for life...
240.(1) Section 103 (interpreting sections 99 to 101 for other...
241.In section 104(3) (interpreting sections 100 and 101: amounts referable...
242.In section 269(6) (insurance activities and insurance-related activities), in the...
243.In section 310(2) (meaning of “carried-forward amount”)—
244.In Part 1 of Schedule 11 (index of defined expressions...
Part 2: transitional provision
PART 1 Deemed receipts or expenses
General outline of the provision of this Part of this Schedule
Deemed receipts or expenses of BLAGAB or non-BLAGAB long-term business
Financing-arrangement-funded transfers to shareholders in relation to non-profit funds
PART 2 Specific transitional provisions
Insurance company with BLAGAB consisting wholly of protection business
Disregard of amounts previously taken into account for tax purposes
Carry-forward of trading losses and excess management expenses
Relief for BLAGAB trade losses for accounting period beginning on or after 1 January 2013
Part 3: consequential amendments
Income and Corporation Taxes Act 1988
2.Omit section 459 (unregistered friendly societies: exemption from tax).
3.Omit section 460 (exemption from tax in respect of life...
5.Omit sections 461A to 461C (taxation in respect of other...
8.Omit section 463 (long-term business of friendly societies: application of...
11.Omit section 465A (assets of branch of registered friendly society...
12.Omit section 466 (interpretation of Chapter 2 of Part 12)....
13.(1) Schedule 15 (qualifying policies) is amended as follows.
Controlled foreign companies and foreign permanent establishments
PART 2 Foreign permanent establishments
4.After section 18C insert— Income arising from immovable property The references in section 18A(6) to profits which would be...
6.For sections 18G to 18I substitute— Anti-diversion rule (1) This section applies for the purposes of this Chapter...
7.After section 18P(2) insert— (3) Subsection (2) does not apply...
25.In section A1 (overview of the Corporation Tax Acts) in...
26.In section 486D (disguised interest: arrangement with no tax avoidance...
27.(1) Section 486E (disguised interest: excluded shares) is amended as...
28.In section 521E (unallowable purpose) omit subsections (5) and (6)....
29.Omit section 870 (intangible fixed assets: assumptions to be made...
30.In Chapter 2 of Part 9A (exemption of distributions received...
31.In section 931E (distributions from controlled companies) for subsections (3)...
Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)
Commencement provision relating to controlled foreign companies etc
Commencement provision relating to foreign permanent establishments
Reduction of supplementary charge for certain oil fields
Amendments of Chapter 7 of Part 8 of CTA 2010
2.In section 334 (company's pool of field allowances), for “new...
3.(1) Section 337 (initial licensee to hold a field allowance)...
4.In section 338 (holding a field allowance on acquisition of...
5.In section 339 (unactivated amount of field allowance), in subsections...
6.(1) Section 340 (introduction to section 341) is amended as...
7.(1) Section 341 (activation of field allowance) is amended as...
8.In section 342 (introduction to sections 343 and 344), in...
9.In section 343 (reference periods), in subsection (3), for “the...
10.(1) Section 344 (activation of field allowance) is amended as...
11.(1) Section 345 (introduction to sections 346 and 347) is...
12.(1) Section 346 (reduction of field allowance if equity disposed...
13.(1) Section 347 (acquisition of field allowance if equity acquired)...
15.Before section 350 insert— Additionally-developed oil field” (1) In this Chapter an oil field is an “additionally-developed...
16.(1) Section 357 (other definitions) is amended as follows.
17.The heading of the Chapter becomes “ REDUCTION OF SUPPLEMENTARY...
PART 1 Northern Ireland long haul rates of duty from 1 November 2011 to 31 March 2012
PART 3 Devolution of Northern Ireland long haul rates of duty
9.After section 30 insert— Northern Ireland long haul rates of...
10.(1) Section 33 (registration of aircraft operators) is amended as...
11.After section 33 insert— Registration of Northern Ireland long haul...
12.In section 34 (fiscal representatives) in subsection (5)—
13.After section 41 insert— Northern Ireland long haul rates of...
14.In section 44 of CRCA 2005 (payment into Consolidated Fund)...
17.In section 28 (introduction to air passenger duty) for subsection...
18.(1) Section 29 (chargeable aircraft) is amended as follows.
19.After section 29 insert— Chargeable aircraft: exceptions (1) This section applies for the purposes of this Chapter....
20.In section 30 (rate of duty) before subsection (5) insert—...
21.In section 30A (as inserted by paragraph 9 above) after...
23.The amendments made by this Part of this Schedule have...
41.(1) Section 1(1) of CEMA 1979 (interpretation) is amended as...
42.(1) For section 118BC of that Act (inspection powers: gaming...
43.In section 2 of BGDA 1981 (bookmakers: general bets), in...
44.(1) Section 26H of BGDA 1981 (exemptions from remote gaming...
45.In Schedule A1 to BGDA 1981 (betting duties: double taxation...
46.In Schedule 4B to BGDA 1981 (remote gaming duty: double...
48.In section 10 of FA 1997 (gaming duty), for subsection...
49.In section 7 of the Borders, Citizenship and Immigration Act...
PART 2 Removal of amusement machine licence duty
Remote gambling: double taxation relief
2.After section 5D insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
3.After section 8 insert— Double taxation relief (1) This section applies if a person (“P”) is liable...
4.After section 10 insert— Definition of qualifying foreign tax (1) For the purposes of general betting duty or pool...
5.After section 26I insert— Double taxation relief (1) This section applies if— (a) P is liable to...
6.In section 33 (interpretation)— (a) in subsection (1), after the...
7.Before Schedule 1 insert— SCHEDULE A1 Betting duties: double taxation...
9.After Schedule 4A insert— SCHEDULE 4B Remote gaming duty: double...
Non-established taxable persons
4.In section 54 (farmers etc), in subsection (2), after “Schedule...
5.In section 55 (customers to account for tax on supplies...
6.In section 55A (customers to account for tax on supplies...
7.In section 69 (breaches of regulatory provisions), in subsection (1)(a),...
8.In section 73 (failure to make returns etc), in subsection...
9.In section 74 (interest on VAT recovered or recoverable by...
10.In section 77 (assessments: time limits and supplementary assessments), in...
11.(1) Paragraph 1 of Schedule 1 (registration in respect of...
13.Accordingly, in the heading of that Schedule, at the end...
14.In paragraph 1 of Schedule 2 (registration in respect of...
15.In paragraph 1 of Schedule 3 (registration in respect of...
16.In paragraph 1 of Schedule 3A (registration in respect of...
17.In paragraph 18 of Schedule 3B (supply of electronic services...
2.(1) Section 18B (fiscally warehoused goods: relief) is amended as...
3.(1) Section 18C (warehouses and fiscal warehouses: services) is amended...
4.In section 35(2) (refund of VAT to persons constructing certain...
5.(1) Section 39(3) (repayment of VAT to those in business...
6.(1) Section 48 (VAT representatives) is amended as follows.
7.In section 54(6)(a) (farmers etc)— (a) omit “the form and...
8.In Schedule 1 (registration in respect of taxable supplies), in...
9.In Schedule 2 (registration in respect of supplies from other...
10.In Schedule 3 (registration in respect of acquisitions from other...
11.In Schedule 3A (registration in respect of disposals of assets...
12.(1) Paragraph 2 of Schedule 11 (accounting for VAT and...
PART 1 Reduced-rate supplies on or after 1 April 2011: deemed supply
PART 2 Taxable supplies on or after 1 April 2012 for use in recycling processes
3.In paragraph 4(2)(b) (definition of taxable supply) for “45A” substitute...
4.In paragraph 5(3) (taxable supplies: deemed supplies of electricity) for...
5.In paragraph 6(2A) (taxable supplies: deemed supplies of gas) for...
6.In paragraph 14(3A)(a) (use of electricity in an “exemption-retaining” way)...
7.Omit paragraph 18A (exemption: supply for use in recycling processes)....
8.In paragraph 34 (time of supply of commodities other than...
9.In paragraph 39(1)(c) (regulations as to time of supply) for...
11.Before the cross-heading before paragraph 44 insert— Supplies for use...
12.Omit paragraph 45A (reduced-rate supplies: deemed supply).
13.After paragraph 62(1)(c) (tax credits) insert— (ca) after a taxable...
14.In paragraph 101(2)(a) (penalty for incorrect notification)—
15.In paragraph 146(3) (regulations subject to affirmative resolution procedure) omit...
16.In paragraph 147 (interpretation)— (a) in the definition of “prescribed”,...
17.Omit section 188 of FA 2003 (climate change levy: exemption...
PART 3 Rates of climate change levy for supplies on or after 1 April 2013
Climate change levy: climate change agreements
2.In paragraph 44(1)(a), (2A) and (2C) (definition of “reduced-rate” supply)...
3.In paragraph 45(1) (variation of certificates under paragraph 44) for...
4.In paragraph 45B(2) and (6) (removal of reduced rate) for...
5.In the cross-heading before paragraph 47 omit “with Secretary of...
6.In paragraph 47(1) (definition of “climate change agreement”: direct agreements)—...
7.(1) Paragraph 48 (definition of “climate change agreement”: combination of...
8.(1) Paragraph 49 (supplemental provision relating to climate change agreements)...
9.After paragraph 52 insert— The Administrator etc (1) In this Part of this Schedule references to “the...
10.In paragraph 137(1) (disclosure of information) after paragraph (f) insert—...
11.The amendments made by this Schedule have no effect in...
Inheritance tax: gifts to charities etc
2.IHTA 1984 is amended as follows in consequence of paragraph...
3.In section 7 (rates), in subsection (1), after “(4) and...
4.In section 33 (amount of charge under section 32), after...
5.In section 78 (conditionally exempt occasion), in subsection (3), for...
7.After section 141 insert— Apportionment of relief under section 141...
8.In Schedule 4 (maintenance funds for historic buildings etc), in...
International military headquarters, EU forces, etc
PART 5 Penalties: assessment etc
Repeal of miscellaneous reliefs etc
PART 1 Stamp duty and stamp duty land tax
Abolition of income tax relief for life assurance premiums under section 266 of ICTA
23.Section 266 of ICTA (income tax relief for life assurance...
25.(1) The Income Tax (Life Assurance Premium Relief) Regulations 1978...
26.(1) In this paragraph— (a) “the 1980 Regulations” means the...
27.(1) In this paragraph— (a) “the 1980 Regulations” means the...
28.(1) The following repeals are made in consequence of the...
30.(1) In this paragraph “relevant variation” means a variation made...
Removal of claw-backs on relief given under section 266 of ICTA
Abolition of income tax relief relating to certain payments made for benefit of family members etc
PART 6 Mineral leases or agreements
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