Finance (No. 2) Act 2010

1. Introductory Text

2. Part 1 Rates etc

   1. Corporation tax

      1. 1. Main rate of corporation tax for financial year 2011

   2. Capital gains tax

      1. 2. Rates of capital gains tax

   3. Value added tax

      1. 3. Rate of value added tax

   4. Insurance premium tax

      1. 4. Rates of insurance premium tax

3. Part 2 Other provisions

   1. Pensions

      1. 5. Power to repeal high income excess relief charge

      2. 6. Treatment of persons at age 75

   2. Income tax

      1. 7. Expenses paid to MPs etc

   3. Corporation tax

      1. 8. Amounts not fully recognised for accounting purposes

      2. 9. Insurance companies: business transfers involving excess assets

   4. Final provisions

      1. 10. Interpretation

      2. 11. Short title

4. SCHEDULES

   1. SCHEDULE 1

      Rates of capital gains tax

      1. 1. Amendments of TCGA 1992

      2. 2. For section 4 (rate of capital gains tax) substitute— Rates...

      3. 3. After section 4A (as substituted by paragraph 2) insert— Deduction...

      4. 4. In section 169H (introduction to entrepreneurs’ relief), in subsection (1),...

      5. 5. (1) Section 169N (amount of relief: general) is amended as...

      6. 6. In section 169O (amount of relief: special provision for certain...

      7. 7. In section 169P (amount of relief: special provision for certain...

      8. 8. For section 169R (reorganisations involving acquisition of qualifying corporate bonds)...

      9. 9. (1) Paragraph 1 of Schedule 5B (enterprise investment scheme: re-investment)...

      10. 10. Amendments of FA 2008

      11. 11. In paragraph 8 of that Schedule (transitionals: EIS and VCT)—...

      12. 12. Commencement

      13. 13. The amendment made by paragraph 3 has effect in relation...

      14. 14. The amendments made by paragraphs 4 to 7 and 9...

      15. 15. The amendment made by paragraph 8 has effect in relation...

      16. 16. The amendment made by paragraph 10 has effect if the...

      17. 17. The amendment made by paragraph 11 has effect if the...

      18. 18. Transitionals

      19. 19. Gains treated as accruing to an individual under section 10A...

      20. 20. (1) Chargeable gains treated as accruing to an individual under...

      21. 21. Chargeable gains treated as accruing to a settlor under section...

      22. 22. (1) This paragraph makes provision, for the purposes of this...

   2. SCHEDULE 2

      Supplementary charge to VAT

      1. Part 1 Supplementary charge to VAT

         1. 1. The charge

         2. 2. Supply spanning the date of the VAT change

         3. 3. Grant of right spanning the date of the VAT change

         4. 4. “Basic time of supply”

         5. 5. Series of supplies

         6. 6. “Relevant consideration” and “related” supplies

         7. 7. Financing

         8. 8. Connected persons

         9. 9. Receipt of payments

         10. 10. Power to change relevant conditions

      2. Part 2 Exceptions

         1. 11. Letting etc of assets

         2. 12. Condition B cases involving normal commercial practice

         3. 13. Condition D cases involving hire purchase, conditional sale or credit sale of goods

         4. 14. Normal commercial practice

         5. 15. Further exceptions

      3. Part 3 Liability and amount

         1. 16. Liability

         2. 17. Amount

      4. Part 4 Listed supplies

         1. 18. “Listed supply”

         2. 19. “Basic time of supply”: listed supplies

      5. Part 5 Administration and interpretation

         1. 20. Person ceasing to be taxable person before supplementary charge due

         2. 21. Adjustment of contracts following the VAT change

         3. 22. Invoices

         4. 23. Orders under this Schedule

         5. 24. Interpretation: general

   3. SCHEDULE 3

      Pensions: treatment of persons at age 75

      1. 1. Introductory

      2. 2. Pension rules applying at age 77 instead of age 75

      3. 3. (1) In paragraphs 6 and 20 of Schedule 28 to...

      4. 4. Sub-paragraphs (6) and (7) of paragraph 11 of Schedule 28...

      5. 5. Treatment of lump sums to which persons become entitled at age 75

      6. 6. (1) Despite paragraph 5, the amount crystallised by benefit crystallisation...

      7. 7. Paragraph 1 of Schedule 29 to FA 2004 (pension commencement...

      8. 8. (1) If there are any remaining uncrystallised funds at the...

      9. 9. Application of rules of pension schemes

      10. 10. Interpretation

   4. SCHEDULE 4

      Expenses paid to MPs etc

      1. 1. Accommodation expenses

      2. 2. UK travel and subsistence expenses

      3. 3. European travel expenses

   5. SCHEDULE 5

      Amounts not fully recognised for accounting purposes

      1. 1. Amendments of sections 311, 312 and 599A of CTA 2009

      2. 2. (1) Section 312 of that Act (determination of credits and...

      3. 3. (1) Section 599A of that Act (derivative contracts: amounts not...

      4. 4. Commencement