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- Original (As enacted)
Finance Act 2011 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.
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Part 1 Charges, rates, allowances etc
Part 2 Income tax, corporation tax and capital gains tax
SCHEDULES
Consequential amendments in ALDA 1979
3.In section 4 (interpretation), in subsection (1) insert at the...
4.(1) Section 36 (beer: charge of excise duty) is amended...
5.In section 36B (interpretation of provisions relating to small brewery...
8.(1) Section 36G (assessments where incorrectly low rate of duty...
9.In section 36H (power to vary reduced rate provisions), in...
10.In section 41 (exemption from duty of beer produced for...
12.In section 49A (drawback allowable to registered brewer), in subsection...
Employment income provided through third parties
Other amendments to ITEPA 2003
3.In section 1(1)(a) (overview of contents of Act) for “7”...
4.(1) Amend section 3 (structure of employment income Parts) as...
5.For the “or” after section 7(6)(b) (meaning of “specific employment...
6.(1) Amend section 10 (provision relating to “taxable specific income”)...
7.(1) Amend section 13 (person liable for tax) as follows....
9.Under Step 1 in section 218(1) (exclusion of lower-paid employments...
10.In section 222(1)(a) and (3) (payments treated as earnings: payments...
11.After section 227(4) (scope of exemptions to income tax under...
12.(1) Amend section 271 (income tax exemptions: removal benefits and...
13.(1) Amend section 287 (income tax exemptions: limit on exemption...
14.(1) Amend section 394 (employer-financed retirement benefits: charge on benefit...
15.After section 428(6) (restricted employment-related securities: amount of charge) insert—...
16.In section 431(3) (restricted employment-related securities: election for disapplication of...
17.In section 437(1)(a) (convertible employment-related securities: market value) after “option)”...
18.After section 441(9) (convertible employment-related securities: amount of gain realised)...
19.In section 446B(4) (employment-related securities with artificially depressed market value:...
20.After section 446C(4) (employment-related securities with artificially depressed market value:...
21.After section 446S(3) (employment-related securities acquired for less than market...
22.In section 446T(3) (employment-related securities acquired for less than market...
23.In section 446V (employment-related securities acquired for less than market...
24.In section 452(2) (shares in research institution spin-out companies: market...
25.In section 480(5) (employment-related securities options: deductible amounts)—
26.In section 567(5) (pension income: amount charged to tax) before...
28.After section 687(4) (PAYE: payments by intermediary) insert—
29.After section 687 insert— Payment of employment income under Part...
30.(1) Amend section 689 (PAYE: employee of non-UK employer) as...
31.Before section 696 insert— Employment income under Part 7A (1) This section applies if— (a) the value of a...
32.After section 696(2) (PAYE: readily convertible assets) insert—
33.In section 710(2)(a) (PAYE: accounting for tax on notional payments)...
34.(1) Amend section 716A (priority rule in relation to certain...
36.(1) Amend section 39 (employee benefit contributions: meaning of “employee...
37.(1) Amend section 40 (employee benefit contributions: provision of qualifying...
38.(1) Amend section 41 (employee benefit contributions: timing of qualifying...
39.In section 44(1) (employee benefit contributions: interpretation)—
45.(1) Amend section 1291 (employee benefit contributions: meaning of “employee...
46.(1) Amend section 1292 (employee benefit contributions: provision of qualifying...
47.(1) Amend section 1293 (employee benefit contributions: timing of qualifying...
48.In section 1296(1) (employee benefit contributions: interpretation)—
Commencement and transitional provision relating to Part 7A of ITEPA 2003
Part 4 Consequential amendments
8.In section 30 (calculation of income tax liability: additional tax)—...
9.In section 58 (meaning of “adjusted net income), at the...
10.In section 413 (gift aid: overview of Chapter), after subsection...
11.In section 431 (gifts of shares, securities and real property...
12.In section 543 (meaning of “non-charitable expenditure”), omit subsection (1)(g)...
13.Sections 549 to 557 (substantial donor transactions) are repealed.
14.In Schedule 2 (transitionals and savings), omit paragraphs 105 and...
15.In Schedule 4 (index of defined expressions), at the appropriate...
21.In section 189 (relief for qualifying charitable donations), in subsection...
22.In section 496 (meaning of “non-charitable expenditure”), omit subsection (1)(e)...
23.Sections 502 to 510 (substantial donor transactions) are repealed.
24.In Schedule 1 (minor and consequential amendments), omit paragraphs 532...
25.In Schedule 2 (transitionals and savings etc), omit paragraphs 73...
26.In Schedule 4 (index of defined expressions), at the appropriate...
Part 5 Commencement and transitional provision
Amounts not fully recognised for accounting purposes
2.(1) Section 311 (amounts not fully recognised for accounting purposes)...
3.(1) Section 312 (determination of credits and debits where amounts...
4.In section 440 (overview of Chapter 15), in subsection (2),...
5.After section 455 insert— Derecognition Debits arising from derecognition of...
6.In section 464 (priority of Part for corporation tax purposes),...
7.Part 7 of CTA 2009 (derivative contracts) is amended as...
8.(1) Section 599A (amounts not fully recognised for accounting purposes)...
9.(1) Section 599B (determination of credits and debits where amounts...
10.In section 689 (overview of Chapter 11), in subsection (2),...
11.After section 698 insert— Derecognition Debits arising from derecognition of...
Businesses carried on by companies alone
2.(1) Section 387 (“business of leasing plant or machinery”) is...
3.In section 389 (provision supplementing section 388), in subsection (5)(b),...
4.In section 390 (relevant plant or machinery value where relevant...
5.In section 391 (relevant company's income for condition B in...
7.In section 401 (provisions supplementing section 400), in subsection (5)(b),...
8.In section 402 (“PM” where relevant company lessee under long...
1.In section 177A of TCGA 1992 (restriction on set-off of...
2.Schedule 7A to that Act (restriction on set-off of pre-entry...
3.(1) Paragraph 1 (application and construction of Schedule) is amended...
4.Omit paragraphs 2 to 5 (determination of pre-entry proportion of...
5.(1) Paragraph 6 (restrictions on the deduction of pre-entry losses)...
6.(1) Paragraph 7 (gains from which pre-entry losses are to...
7.(1) Paragraph 8 (change of a company's nature) is amended...
8.Omit paragraph 9 (identification of “the relevant group” and application...
9.In paragraph 11 (continuity provisions), omit sub-paragraph (3)(b) (and the...
Profits of foreign permanent establishments etc
2.In section 1(1)(c) (overview of Act), for “Chapter 4” substitute...
3.In section 5(1) (territorial scope), insert at the end “...
4.After section 18 insert— CHAPTER 3A UK RESIDENT COMPANIES: PROFITS...
5.In section 775(4) (intangible fixed assets: cases where transfers within...
6.In section 803(b) (assets held for non-taxable activities excluded from...
7.In section 845(4) (exceptions to rule that transfer between company...
8.After section 848 insert— Assets held for purposes of exempt...
9.In section 1007(2)(b) (relief if employee etc acquires shares), insert...
10.In section 1015(2)(b) (relief if employee etc obtains share option),...
11.In Schedule 4 to that Act (index of defined expressions),...
Part 2 Amendments of other Acts
19.In section 879(1) (interest paid on advances from banks), insert...
20.(1) Section 918 (manufactured dividends on UK shares: REITs) is...
21.In section 919 (manufactured interest on UK securities: payments by...
22.(1) Section 920 (foreign payers of manufactured interest: the reverse...
23.In section 922 (manufactured overseas dividends: payments by UK residents...
24.(1) Section 923 (foreign payers of manufactured overseas dividends: the...
26.In section 18 (entitlement to credit for foreign tax reduces...
27.For section 43 substitute— Profits attributable to permanent establishments for...
28.(1) Section 78 (meaning of “overseas permanent establishment”) is amended...
29.In section 263 (tax treatment of financing costs and income:...
30.After section 317 insert— Companies with permanent establishments profits election...
Part 3 Commencement and transitional provision
Chargeable gains: oil activities
Benefits under pension schemes
Part 1 Changes to benefits available under pension schemes etc
Unsecured and alternatively secured pension to be replaced by drawdown pension
Drawdown pension year and basis amount for drawdown pension year
Meaning of “dependants' drawdown pension”
13.(1) In paragraph 18 (meaning of “dependants' unsecured pension”), for...
14.In paragraph 20 (dependants' short-term annuity), in sub-paragraph (1)—
15.For paragraph 21 (meaning of “dependants' income withdrawal”) substitute— Dependants' income withdrawal” means an amount (other than an annuity)...
Drawdown pension year and basis amount for drawdown pension year
Pensions under registered pension schemes: temporary non-residents
Lump sums to be payable to persons aged 75 or over
24.(1) Paragraph 1 (pension commencement lump sum) is amended as...
25.In paragraph 2 (pension commencement lump sum: calculation of permitted...
26.In paragraph 3 (pension commencement lump sum: calculation of applicable...
27.(1) Paragraph 3A (recycling of pension commencement lump sums) is...
28.(1) Paragraph 4 (serious ill-health lump sum) is amended as...
29.In paragraph 7 (trivial commutation lump sum), in sub-paragraph (1)(e),...
30.In paragraph 10(1) (winding-up lump sum)— (a) at the end...
31.In paragraph 12 (interpretation of Part 1), after sub-paragraph (1)...
Lump sum death benefits to be payable to persons aged 75 or over
33.(1) Paragraph 13 (defined benefits lump sum death benefit) is...
34.(1) Paragraph 14 (pension protection lump sum death benefit) is...
35.(1) Paragraph 15 (uncrystallised funds lump sum death benefit) is...
36.(1) Paragraph 16 (annuity protection lump sum death benefit) is...
37.(1) Paragraph 17 (unsecured pension fund lump sum death benefit)...
38.(1) Paragraph 18 (charity lump sum death benefit) is amended...
39.In paragraph 20(1) (trivial commutation lump sum death benefit), omit—...
Exemption from income tax of certain lump sums and lump sum death benefits
Annual allowance charge: persons meeting flexible drawdown conditions
Removal of certain charges to inheritance tax in respect of pension schemes
Part 2 Consequential amendments
50.(1) Section 12(dispositions allowable for income tax or conferring benefits...
51.In section 151 (treatment of pension rights, etc), in subsection...
52.In section 200 (transfer on death)— (a) in subsection (1),...
53.In section 210 (pension rights, etc), omit subsections (2) and...
54.(1) Section 216 (delivery of accounts) is amended as follows....
55.In section 226 (payment: general rules), in subsection (4)—
56.In section 233 (interest on unpaid tax), in subsection (1)(c)—...
57.In section 272(general interpretation), omit the definition of “scheme administrator”....
63.In section 164 (authorised member payments), in subsection (2)(b), after...
64.In section 165 (pension rules), in subsection (3)(a), for “unsecured...
65.In section 168(1) (lump sum death benefit rule), for paragraph...
66.In section 169 (recognised transfers), in subsection (1D)—
67.(1) Section 172B (increase in rights of connected person on...
68.Omit section 172BA (increase in rights on death arising from...
69.Omit section 181A (minimum level of payment of alternatively secured...
70.(1) Section 182 (unauthorised borrowing: money purchase arrangements) is amended...
71.In section 211 (surchargeable unauthorised member payments: valuation of crystallised...
72.In section 212 (surchargeable unauthorised member payments: valuation of uncrystallised...
73.(1) In section 216 (benefit crystallisation events and amounts crystallised),...
74.In section 241(1) (scheme chargeable payment), omit paragraph (aa) (and...
75.In section 268 (unauthorised payments surcharge and scheme sanction charge),...
76.In section 273A (insurance company liable as scheme administrator), in...
77.(1) Section 280(2) (general index) is amended as follows.
78.In Schedule 28 (pension rules), omit the following provisions—
79.(1) Schedule 29 (authorised lump sums) is amended as follows....
80.(1) Schedule 32 (benefit crystallisation events: supplementary) is amended as...
81.(1) Schedule 34 (non-UK schemes: application of certain charges) is...
82.(1) Schedule 36 (transitional provisions and savings) is amended as...
Part 3 Commencement and transitional provision
Entitlement to unsecured or alternatively secured pension on 5 April 2011
Member's unsecured or alternatively secured pension fund existing on 5 April 2011
Current unsecured pension year to become drawdown pension year
Previous limit on amount of pension payable in year to apply for limited period
Drawdown pension year and basis amount where person's whereabouts unknown at age 75
Current alternatively secured pension year to become drawdown pension year
Entitlement to dependants' unsecured or alternatively secured pension on 5 April 2011
Dependant's unsecured or alternatively secured pension fund existing on 5 April 2011
Current unsecured pension year to become drawdown pension year
Previous limit on amount of pension payable in year to apply for limited period
Current alternatively secured pension year to become drawdown pension year
Power to make retrospective provision in orders and regulations under Part 4 of FA 2004
2.In section 172D(4)(b) (limit on increase in benefits), for “236”...
3.(1) Section 227 (annual allowance charge) is amended as follows....
4.For section 228 substitute— Annual allowance (1) The annual allowance for the tax year 2011-12 and,...
5.After that section insert— Carry forward of unused annual allowance...
6.(1) Section 229 (total pension input amount) is amended as...
7.(1) Section 230 (cash balance arrangements) is amended as follows....
8.In section 231 (cash balance arrangements: uprating of opening value),...
9.(1) Section 232 (cash balance arrangements: adjustments of closing value)...
10.(1) Section 234 (defined benefits arrangements) is amended as follows....
11.(1) Section 235 (defined benefits arrangements: uprating of opening value)...
12.(1) Section 236 (defined benefits arrangements: adjustments of closing value)...
13.After section 236 insert— Post-entitlement enhancements (1) This section applies in relation to the arrangement if,...
14.In subsection (5) of section 237 (hybrid arrangements), for “236”...
15.After that section insert— Liability of individual (1) The individual is liable to the annual allowance charge....
16.(1) Section 238 (pension input period) is amended as follows....
17.After that section insert— Power to make orders about charge...
18.In section 254 (accounting for tax by scheme administrators), after...
19.In section 255(1) (assessments), after paragraph (c) insert—
20.In section 269(1)(a) (appeal against discharge of liability), after “under”...
21.In section 279(1) (other definitions), insert at the appropriate places—...
22.In section 280(2) (general index), insert at the appropriate places—...
23.In section 282(1A) (orders and regulations subject to Commons-only draft...
24.(1) Schedule 34 (currently-relieved non-UK pension schemes etc) is amended...
25.In Schedule 36 (transitional provision etc), omit paragraph 49 (disapplication...
Part 2 Commencement and transitional provision
28.(1) This paragraph applies where— (a) the pension input period...
29.Where paragraph 28 applies in the case of the individual,...
30.(1) This paragraph has effect in relation to the application...
31.In determining under section 233 of FA 2004 the pension...
33.Section 254(7A) has effect in relation to the tax year...
34.Expressions used in this Part of this Schedule and Part...
2.(1) Section 218 (individual's lifetime allowance and standard lifetime allowance)...
4.(1) Paragraph 7 (trivial commutation lump sum) is amended as...
5.(1) Paragraph 10 (winding-up lump sum) is amended as follows....
6.(1) Paragraph 20 (trivial commutation lump sum death benefit) is...
7.(1) Paragraph 21 (winding-up lump sum death benefit) is amended...
8.Schedule 36 (transitional provision) is amended as follows.
9.In paragraph 16(3), for “standard lifetime allowance when the first...
12.In the Registered Pension Schemes (Standard Lifetime and Annual Allowances)...
Part 3 Groups covered by the bank levy
Part 4 Chargeable equity and liabilities
Chargeable equity and liabilities of a UK banking group or a building society group
Chargeable equity and liabilities of a foreign banking group
Chargeable equity and liabilities of a relevant non-banking group
Chargeable equity and liabilities of relevant foreign banks which are not members of groups
“Excluded” equity and liabilities
28.(1) Equity or liabilities are “excluded” so far as they...
29.(1) Liabilities representing protected deposits are excluded.
30.(1) Equity and liabilities which are “tier one capital equity...
31.(1) Sovereign repo liabilities are excluded. (2) “ Sovereign repo...
32.(1) Sovereign stock-lending liabilities are excluded. (2) “ Sovereign stock-lending...
33.(1) Relevant insurance liabilities are excluded. (2) “ Relevant insurance...
34.(1) Relevant property, plant and equipment reserves are excluded.
35.(1) Relevant tax liabilities are excluded. (2) In relation to...
36.(1) Relevant retirement benefit liabilities are excluded.
37.(1) Financial services compensation scheme liabilities are excluded.
38.(1) Liabilities representing clients' money held by an authorised person...
39.(1) Currency liabilities are excluded. (2) “ Currency liabilities ”...
Part 6 Collection and management
Supplies of commodities to be used in producing electricity
1.Supplies of commodities to be used in producing electricity
2.Supplies of commodities to be used in producing electricity
3.Supplies of commodities to be used in producing electricity
4.Supplies of commodities to be used in producing electricity
5.Supplies of commodities to be used in producing electricity
6.Supplies of commodities to be used in producing electricity
7.Supplies of commodities to be used in producing electricity
8.Supplies of commodities to be used in producing electricity
9.Supplies of commodities to be used in producing electricity
Transfers involving multiple dwellings
Amendments of Schedule 36 to FA 2008
1.Schedule 36 to FA 2008 (information and inspection powers) is...
2.(1) Paragraph 5 (power to obtain information and documents about...
3.(1) Paragraph 40A (penalties for inaccurate information and documents) is...
4.(1) After paragraph 49 insert— Increased daily default penalty (1) This paragraph applies if— (a) a penalty under paragraph...
5.(1) Paragraph 50 (tax-related penalty) is amended as follows.
6.In paragraph 61A (involved third parties), in the first column...
Mutual assistance for recovery of taxes etc
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