- Latest available (Revised)
- Point in Time (11/07/2023)
- Original (As enacted)
Finance Act 2004 is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Part 3 Income tax, corporation tax and capital gains tax
Chapter 1 Income tax and corporation tax charge and rate bands
Chapter 2 Corporation tax: general
Expenses of companies with investment business and insurance companies
Chapter 6 Exemption from income tax for certain interest and royalty payments
Chapter 7 Savings income: double taxation arising from withholding tax
Chapter 2 Registration of pension schemes
153A.Power to require information or documents in relation to applications for registration
153B.Power to inspect documents in relation to applications for registration
153C.Penalties for failure to comply with information notices etc
153E.Penalties for inaccurate information or documents provided under information notice
154.Persons by whom registered pension scheme may be established
155.Persons by whom scheme may be established: supplementary
156A.Cases where application for registration not decided within 6 months
159A.Power to require information or documents for purpose of considering if scheme administrator is fit and proper
159B.Power to inspect documents for purpose of considering if scheme administrator is fit and proper
159C.Penalties for failure to comply with information notices etc
159D.Penalties for inaccurate information or documents provided under information notice
Chapter 3 Payments by registered pension schemes
Chapter 4 Registered pension schemes: tax reliefs and exemptions
196B.Employer asset-backed contributions: denial of relief (1)
196C.Employer asset-backed contributions: “acceptable structured finance arrangement” (1)
196D.Employer asset-backed contributions: denial of relief (2)
196E.Employer asset-backed contributions: “acceptable structured finance arrangement” (2)
196F.Employer asset-backed contributions: denial of relief (3)
196G.Employer asset-backed contributions: “acceptable structured finance arrangement” (3)
196H.Employer asset-backed contributions: “relevant change in relation to the partnership” and “person involved in the relevant change”
196I.Employer asset-backed contributions: change in lender's original position under acceptable structured finance arrangement etc
196J.Employer asset-backed contributions: further events which cause section 196I to apply
196K.Employer asset-backed contributions: “advances” under acceptable structured finance arrangements
200.No other relief for employers in connection with contributions
Chapter 5 Registered pension schemes: tax charges
227D.Pension input amounts in respect of certain hybrid arrangements
227E.Pension input periods ending before rights are first flexibly accessed
227F.Pension input periods in which rights are first flexibly accessed
228ZA.Tapered reduction of annual allowance: high-income individual
228B.Carry forward: certain periods treated as pension input periods
235.Defined benefits arrangements: uprating of opening value
236.Defined benefits arrangements: adjustments of closing value
237ZA.Pension input amounts for input periods ending in 2015-16
238.Pension input period : arrangement commencing before 9 July 2015
238ZA.Pension input periods from 9 July 2015 for existing arrangement
238ZB.Pension input periods for arrangement commencing after 8 July 2015
CHAPTER 5A Registered pension schemes established outside the United Kingdom
Chapter 6 Schemes that are not registered pension schemes
Non-UK schemes: the overseas transfer charge
244C.Exclusion: receiving scheme in EEA state or Gibraltar, and member resident in UK or EEA state
244D.Exclusion: receiving scheme is an occupational pension scheme
244E.Exclusion: receiving scheme set up by international organisation
244F.Exclusion: receiving scheme is an overseas public service scheme
244G.Exclusions: avoidance of double charge, and transitional protections
244L.Accounting for overseas transfer charge by scheme managers
244N.Discharge of liability of scheme administrator or manager
Part 7 Disclosure of tax avoidance schemes
306.Meaning of “notifiable arrangements” and “notifiable proposal”
309.Duty of person dealing with promoter outside United Kingdom
310.Duty of parties to notifiable arrangements not involving promoter
310B.Failure to provide information under section 310A: application to the Tribunal
310D.Notice of potential allocation of reference number: arrangements and proposals suspected of being notifiable
311C.Duty to provide further information requested by HMRC: section 311(3) case
312.Duty of promoter to notify client of number : section 311(2) case
312ZA.Duty to notify client of reference number: section 311(3) case
313ZC.Duty of employer to notify HMRC of details of employees etc
316.Information to be provided in form and manner specified by HMRC
SCHEDULES
Disclosure of value added tax avoidance schemes
Corporation tax: the non-corporate distribution rate: supplementary provisions
Expenses of companies with investment business and insurance companies
Loan relationships: miscellaneous amendments
Late interest: close companies where limited partnership is collective investment scheme etc
Bad debts etc: release of amount where creditor is subject to insolvency proceedings
Bad debt etc: parties having connection and creditor in insolvent administrative receivership
Deemed assignment of assets and liabilities on company ceasing to be resident in UK etc
Discounted securities of close companies: limited partnership collective investment scheme etc
Amendment of enactments that operate by reference to accounting practice
3.For sections 85 and 86 of that Act (authorised accounting...
4.In section 87 of that Act (accounting method where parties...
6.(1) Section 88A of that Act (accounting method where rate...
7.Omit section 90 of that Act (changes of accounting method)....
8.After that section insert— Change of accounting basis applicable to...
9.(1) Omit section 92 of that Act (convertible securities etc....
10.Omit section 92A of that Act (convertible securities etc.: debtor...
12.Omit section 94 of that Act (indexed gilt-edged securities).
13.After that section insert— Loan relationships with embedded derivatives (1) This section applies where a company is permitted or...
14.In section 95 of that Act (gilt strips), in subsection...
16.In section 101 of that Act (financial instruments), after subsection...
17.(1) Section 103 of that Act (interpretation) is amended as...
Special computational provisions
19.In paragraph 3 (1) (options etc.) for “an authorised accruals...
20.(1) Paragraph 5 (bad debts etc.) is amended as follows....
21.(1) Paragraph 5A (bad debts and consortium relief) is amended...
23.(1) Paragraph 6A (bad debts etc.: parties having connection and...
24.(1) Paragraph 6B (bad debts etc. : companies becoming connected)...
25.(1) Paragraph 6C (bad debts etc. : cessation of connection)...
26.In paragraph 8 (restriction on writing off overseas sovereign debts...
27.(1) Paragraph 9 (further restriction on bringing into account losses...
28.In paragraph 10 (imported losses etc. ), for sub-paragraph (1)...
29.In paragraph 10A (deemed disposal on company ceasing to be...
30.In paragraph 11 (transactions not at arm’s length), for sub-paragraph...
31.In paragraph 12 (continuity of treatment: groups etc.), in sub-paragraph...
32.In paragraph 13 (loan relationships for unallowable purposes), in the...
33.(1) Paragraph 14 (debits and credits treated as relating to...
34.In paragraph 16 (amounts imputed under Schedule 28AA to the...
35.(1) Paragraph 19 (partnerships involving companies) is amended as follows....
36.After paragraph 19 insert— Adjustment on change of accounting policy...
Special computational provisions
54.In paragraph 22A of that Schedule (deemed assignment of derivative...
55.In paragraph 23 of that Schedule (derivative contracts for unallowable...
56.(1) Paragraph 25 of that Schedule (debits and credits treated...
57.In paragraph 30 of that Schedule (transactions within groups: authorised...
58.In paragraph 31A of that Schedule (amounts imputed under Schedule...
59.(1) Paragraph 32 of that Schedule (authorised unit trusts: capital...
60.(1) Paragraph 33 of that Schedule (open-ended investment companies: capital...
61.In paragraph 34 of that Schedule (power to amend paragraphs...
62.In paragraph 36 of that Schedule (contracts relating to holdings...
63.For paragraph 38 of that Schedule (investment trusts and venture...
64.In paragraph 48 of that Schedule (election to treat contract...
65.In paragraph 49(4) of that Schedule (partnerships involving companies: provisions...
66.For paragraph 50 of that Schedule (partnerships involving companies: application...
67.After that paragraph insert— Adjustment on company changing to international...
Construction industry scheme: consequential amendments
Claim for repayment in advance of liability being established
Designated international organisations: miscellaneous exemptions
Provisions for securing payment by company of outstanding tax
Supplementary provisions relating to contributions: Great Britain
Supplementary provisions relating to contributions: Northern Ireland
Transitional provisions concerning construction workers supplied by agencies
2.(1) Section 114 (cars, vans and related benefits) is amended...
3.In section 116(2) (when car is first made available and...
4.In section 119 (where alternative to benefit of car offered),...
5.For sections 155 to 166 substitute— Cash equivalent of the...
6.After section 169 insert— Van available to more than one...
Charge to income tax on benefits received by former owner of property
Intangible property comprised in settlement where settlor retains an interest
Chargeable person resident or domiciled outside the United Kingdom
Exemption in cases where aggregate notional annual values do not exceed £5,000
Power of Treasury to confer further exemptions by regulations
Persons chargeable under different provisions by reference to same property
Relationship with Part 3 of Income Tax (Earnings and Pensions) Act 2003
Relief where national insurance contributions met by employee
Minor amendments of or connected with the Income Tax (Earnings and Pensions) Act 2003
Time limit for assessment: income received after year for which it is assessable
Computation of profits or gains under Schedule D: delayed payment of remuneration
Donations to charity by individuals: application to Crown employment
Tax relief for expenditure on R&D or remediation of contaminated land: staff costs
Gains and losses of a company from intangible fixed assets: delayed payment of remuneration
Minor corrections of the Income Tax (Earnings and Pensions) Act 2003
12.Schedule 5B to the Taxation of Chargeable Gains Act 1992...
13.(1) In paragraph 1(2) (definition of qualifying investment)—
15.(1) In paragraph 10 (re-investment in same company, etc)—
16.(1) In paragraph 13 (value received by investor) in sub-paragraph...
17.(1) In paragraph 14 (value received by other persons) in...
18.(1) In paragraph 14A (certain receipts to be disregarded for...
19.(1) In paragraph 16 (information)— (a) in sub-paragraph (6), for...
20.(1) In paragraph 19 (1) (interpretation)— (a) before the definition...
3.In paragraph 15 (introduction) after paragraph (e) insert—
4.In paragraph 20 (the qualifying subsidiaries requirement) for sub-paragraph (2)...
5.(1) Paragraph 21 (meaning of “qualifying subsidiary”) is amended as...
6.After paragraph 21 insert— The property managing subsidiaries requirement (1) The issuing company is not a qualifying issuing company...
8.In paragraph 24 (ceasing to meet trading requirements by reason...
9.In paragraph 25 (meaning of “qualifying trade”) in sub-paragraph (3)(b),...
10.In paragraph 35 (requirement as to the shares) in sub-paragraph...
12.In paragraph 40 (entitlement to claim)— (a) in sub-paragraph (2),...
13.In paragraph 102 (minor definitions etc) after sub-paragraph (7) insert—...
14.In paragraph 103 (index of defined expressions), after the entry...
15.The amendments made by this Schedule have effect in relation...
Finance leasebacks: transitional provision
Computation of UK equivalent profits: creditor relationships
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Treatment of umbrella funds and funds comprising more than one class of interest
Investment conditions to be met by funds seeking certification as distributing fund
Investment conditions to be met by funds seeking certification as distributing fund
Registered pension schemes: authorised pensions—supplementary
Conversion of certain drawdown pension funds into flexi-access drawdown funds
Drawdown pension year and basis amount for drawdown pension year
Unsecured pension year and basis amount for unsecured pension year
Alternatively secured pension year and basis amount for alternatively secured pension year
Alternatively secured pension year and basis amount for alternatively secured pension year
Part 2 Pension death benefit rules
Defined benefits and money purchase arrangements
16AC.(1) This paragraph applies for the purposes of paragraph 16AB(4)....
16AD.(1) This paragraph applies for the purposes of paragraph 16AB(4)....
16AE.(1) In paragraphs 16AC(3) and 16AD(3), U% means the highest...
16B.(1) Where a pension is payable under the pension scheme...
16C.(1) Where a pension is payable under the pension scheme...
Registered pension schemes: authorised lump sums—supplementary
Transitional 2013/14 lump sum, and its related trivial commutation lump sum
Part 2 Lump sum death benefit rule
Taxable property held by investment-regulated pension schemes
Part 1 Investment-regulated pension schemes
Part 4 Amount and timing of unauthorised payment
Acquisition: further provisions
33.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
34.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
35.(1) This paragraph applies where— (a) an investment-regulated pension scheme...
36.(1) The Treasury may by regulations make provision with respect...
Taxation of benefits under registered pension schemes
4.In section 567(4)(a) (amount charged to tax), for “15” substitute...
5.In section 568 (person liable to tax), for “15” substitute...
6.After Chapter 5 insert— Chapter 5A PENSIONS UNDER REGISTERED PENSION...
8.(1) Section 610 (annuities under sponsored superannuation schemes) is amended...
9.In section 611(3) (annuities in recognition of another’s service), for...
10.Omit Chapter 13 (return of surplus additional voluntary contributions under...
11.After Chapter 15 insert— CHAPTER 15A LUMP SUMS UNDER REGISTERED...
13.In section 644(2) (pensions to which section 580 or 590...
14.(1) Section 683 of ITEPA 2003 (PAYE income) is amended...
Registered pension schemes: benefit crystallisation events—supplementary
Avoiding double counting of refunded amounts of overseas transfer charge
Benefit crystallisation events 1, 2 and 4: prevention of overlap
Benefit crystallisation events 1, 2 and 4: prevention of overlap
Benefit crystallisation events 2 and 4: early lifetime annuities
Benefit crystallisation events 5 and 5B: hybrid arrangements
Benefit crystallisation event 5A: “amounts crystallised by benefit crystallisation event 1”
Benefit crystallisation event 5B: meaning of “remaining unused funds”
Benefit crystallisation events 5C and 5D: meaning of “relevant two-year period”
Benefit crystallisation events 5C and 5D: meaning of “relevant unused uncrystallised funds”
Benefit crystallisation event 6: meaning of “relevant lump sum”
Benefit crystallisation event 6: prevention of overlap with other events
Benefit crystallisation event 7: meaning of “relevant lump sum death benefit”
Benefit crystallisation event 8: prevention of overlap with other events
Overseas pension schemes: migrant member relief
Non-UK schemes: application of certain charges
2.(1) The member payment provisions do not apply in relation...
3.(1) The member payment provisions do not apply in relation...
4.(1) The member payment provisions do not apply in relation...
5.Sections 205 to 206 (short service refund lump sum charge,...
5A.(1) Sub-paragraph (2) applies if— (a) a payment is made...
7.(1) The member payment provisions apply with respect to a...
Unauthorised payment charge: alternatively secured pension etc
9.The annual allowance provisions apply by virtue of paragraph 8...
9ZA.(1) For the purposes of determining the annual allowance charge...
9ZB.(1) Sub-paragraph (2) has effect if at any particular time—...
11.(1) Section 233 (1) (other money purchase arrangements) applies by...
12.(1) The annual allowance provisions apply by virtue of paragraph...
13.(1) The provisions of this Part relating to the lifetime...
14.(1) This paragraph applies in relation to the amount crystallised...
16.(1) This paragraph applies on the occurrence of a transfer...
17.Section 217 (persons liable to charge) applies with respect to...
18.(1) This paragraph applies where sums and assets held for...
Pension schemes etc: minor and consequential amendments
Income and Corporation Taxes Act 1988 (c. 1)
3.In section 21A(2) (Schedule A: computation of amount chargeable), insert...
4.In section 56(3)(b) (transfers in deposits and debts: exemption for...
6.In section 129B(2) (stock lending fees), for “sections 592(2), 608(2)(a),...
9.In section 266 (1) (life assurance premiums), for “sections 274...
10.(1) Section 266A (life assurance premiums paid by employer) is...
21.In section 464(5) (policies and contracts to be disregarded in...
22.(1) Section 466 (interpretation of Chapter 2 of Part 12)...
26.In section 613(4) (parliamentary pension funds)— (a) omit “respective” and...
33.In section 824(9) (repayment supplements), after “settlement” insert “, scheme...
Taxation of Chargeable Gains Act 1992 (c. 12)
38.The Taxation of Chargeable Gains Act 1992 is amended as...
39.In section 13(10B)(b) (attribution of gains to members of non-resident...
40.For sections 239A and 239B (cessation of approval of retirement...
41.In section 288 (1) (interpretation), after the definition of “recognised...
42.(1) Paragraph 2 of Schedule 1 (application of exempt amount...
Income Tax (Earnings and Pensions) Act 2003 (c. 1)
54.The Income Tax (Earnings and Pensions) Act 2003 is amended...
55.In section 23(3) (calculation of “chargeable overseas earnings”), in Step...
56.In section 54 (1) (calculation of deemed employment payment), in...
57.In section 56(8) (application of Income Tax Acts in relation...
58.In section 218(4) (“lower-paid employment”: deductions to be subtracted), for...
59.In section 315(5) (limited exemption for expenses connected with certain...
60.(1) Section 327 (deductions from earnings: general) is amended as...
61.In section 381 (deductions from seafarers' earnings: taking account of...
62.(1) Section 407 (payments and benefits on termination of employment:...
63.(1) Section 408 (payments and benefits on termination of employment:...
64.In section 563 (former employees: deductions for liabilities), in the...
65.(1) Schedule 1 (abbreviations and defined expressions) is amended as...
Pension schemes etc: transitional provisions and savings
Part 1 Pre-commencement pension schemes
Part 2 Pre-commencement rights: lifetime allowance charge
7.(1) This paragraph makes provision for the operation of a...
8.(1) The value of the individual’s relevant uncrystallised pension rights...
9.(1) This paragraph applies if any of the individual’s uncrystallised...
10.(1) The value of the individual’s relevant crystallised pension rights...
11.(1) This paragraph applies where— (a) paragraph 7 makes provision...
11A.(1) This paragraph applies where— (a) paragraph 7 makes provision...
11B.(1) This paragraph and paragraphs 11C and 11D specify the...
11C.(1) In arriving at the aggregate mentioned in paragraph 11B(2)...
11D.(1) Sub-paragraph (2) applies where any of the lump sum...
12.(1) This paragraph applies on and after 6th April 2006...
13.Relevant benefit accrual occurs in relation to an individual under...
14.(1) For the purposes of paragraph 13(a) a relevant contribution...
15.(1) For the purposes of paragraph 13(b) “the relevant crystallised...
15A.(1) This paragraph applies where— (a) a person is paid...
16.(1) This paragraph specifies the post-commencement earnings limit if the...
17.(1) This paragraph specifies the post-commencement earnings limit in any...
17A.(1) There is an impermissible transfer into a relevant existing...
Individuals permitted to take pension before normal minimum pension age
Part 3 Pre-commencement benefit rights
Rights to take benefit before normal minimum pension age
22.(1) This paragraph applies in relation to a registered pension...
23.(1) This paragraph applies in relation to a registered pension...
23ZA.(1) Sub-paragraph (2) applies if— (a) there is a recognised...
23ZB.Protected pension age: scheme rights existing before 4 November 2021
23ZC.(1) This paragraph applies in relation to sums or assets...
23A.(1) Where— (a) paragraph 19 applies to a benefit crystallisation...
Lump sum rights exceeding £375,000: primary and enhanced protection
Entitlement to lump sums exceeding 25% of uncrystallised rights
Winding-up lump sums paid by former approved superannuation funds
Pre-commencement holdings of taxable property
37A.(1) This paragraph applies in relation to an investment-regulated pension...
37B.(1) Paragraph 37A ceases to apply to an investment-regulated pension...
37C.(1) This paragraph applies where— (a) on 6th April 2006...
37D.(1) This paragraph applies where— (a) sub-paragraph (1) or (2)...
37E.(1) This paragraph applies where— (a) paragraph 37A would otherwise...
Retirement annuity contracts: carry-back of pre-commencement contributions
Members' contributions to pre-commencement retirement annuity contracts
Taxation of annuities paid under pre-commencement retirement annuity contracts
Pensions taxed pre-commencement but accruing post-commencement
Taxation of certain annuities for dependants purchased pre-commencement
Application of PAYE to certain annuities in payment at commencement
Authorised surplus payments charge: pre-19th March 1986 winding-up
Individuals with pre-commencement entitlement to corresponding relief
Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement
Oil taxation: tax-exempt tariffing receipts and assets producing them
Expenditure incurred on long-term assets other than non-dedicated mobile assets
Exclusion from s.3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts
Expenditure related to exempt gas: asset use giving rise to tax-exempt tariffing receipts
Disposal receipts from assets used in a way that gives rise to tax-exempt tariffing receipts
Subsequent use of new asset otherwise than in connection with a taxable field
Schedule to be inserted as Schedule 19B to the Taxes Act 1988
Stamp duty land tax and stamp duty
Part 1 Amendments to Part 4 of the Finance Act 2003: general
Part 2 Re-enactment, with changes, of amendments made by section 109 regulations
Stamp duty land tax: application to certain partnership transactions
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: