- Latest available (Revised)
- Original (As enacted)
Finance Act 2014, CHAPTER 1 is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
In this Part—
(a)sections 200 to 203 set out the main defined terms used in the Part,
(b)Chapter 2 makes provision for follower notices and for penalties if account is not taken of judicial rulings which lay down principles or give reasoning relevant to tax cases,
(c)Chapter 3 makes—
(i)provision for accelerated payments to be made on account of tax,
(ii)provision restricting the circumstances in which payments of tax can be postponed pending an appeal, F1...
(iii)provision to enable a court to prevent repayment of tax, for the purpose of protecting the public revenue[F2, and
(iv)provision restricting the surrender of losses and other amounts for the purposes of group relief.]
(d)Chapter 4—
(i)makes special provision about the application of this Part in relation to stamp duty land tax and annual tax for enveloped dwellings,
(ii)confers a power to extend the provisions of this Part to other taxes, and
(iii)makes amendments consequential on this Part.
Textual Amendments
F1Word in s. 199(c)(ii) omitted (26.3.2015) by virtue of Finance Act 2015 (c. 11), Sch. 18 para. 2
F2S. 199(c)(iv) and preceding word inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 18 para. 2
In this Part, “relevant tax” means—
(a)income tax,
(b)capital gains tax,
(c)corporation tax, including any amount chargeable as if it were corporation tax or treated as if it were corporation tax,
[F3(ca)apprenticeship levy,]
(d)inheritance tax,
(e)stamp duty land tax, and
(f)annual tax on enveloped dwellings.
Textual Amendments
F3S. 200(ca) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 104(4) (with s. 117)
(1)This section applies for the purposes of this Part.
(2)“Tax advantage” includes—
(a)relief or increased relief from tax,
(b)repayment or increased repayment of tax,
(c)avoidance or reduction of a charge to tax or an assessment to tax,
(d)avoidance of a possible assessment to tax,
(e)deferral of a payment of tax or advancement of a repayment of tax, and
(f)avoidance of an obligation to deduct or account for tax.
(3)Arrangements are “tax arrangements” if, having regard to all the circumstances, it would be reasonable to conclude that the obtaining of a tax advantage was the main purpose, or one of the main purposes, of the arrangements.
(4)“Arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
(1)This section applies for the purposes of this Part.
(2)“Tax enquiry” means—
(a)an enquiry under section 9A or 12AC of TMA 1970 (enquiries into self-assessment returns for income tax and capital gains tax), including an enquiry by virtue of notice being deemed to be given under section 9A of that Act by virtue of section 12AC(6) of that Act,
(b)an enquiry under paragraph 5 of Schedule 1A to that Act (enquiry into claims made otherwise than by being included in a return),
(c)an enquiry under paragraph 24 of Schedule 18 to FA 1998 (enquiry into company tax return for corporation tax etc), including an enquiry by virtue of notice being deemed to be given under that paragraph by virtue of section 12AC(6) of TMA 1970,
(d)an enquiry under paragraph 12 of Schedule 10 to FA 2003 (enquiries into SDLT returns),
(e)an enquiry under paragraph 8 of Schedule 33 to FA 2013 (enquiries into annual tax for enveloped dwellings returns), or
(f)a deemed enquiry under subsection (6).
(3)The period during which an enquiry is in progress—
(a)begins with the day on which notice of enquiry is given, and
(b)ends with the day on which the enquiry is completed.
(4)Subsection (3) is subject to subsection (6).
(5)In the case of inheritance tax, each of the following is to be treated as a return—
(a)an account delivered by a person under section 216 or 217 of IHTA 1984 (including an account delivered in accordance with regulations under section 256 of that Act);
(b)a statement or declaration which amends or is otherwise connected with such an account produced by the person who delivered the account;
(c)information or a document provided by a person in accordance with regulations under section 256 of that Act;
and such a return is to be treated as made by the person in question.
(6)An enquiry is deemed to be in progress, in relation to a return to which subsection (5) applies, during the period which—
(a)begins with the time the account is delivered or (as the case may be) the statement, declaration, information or document is produced, and
(b)ends when the person is issued with a certificate of discharge under section 239 of that Act, or is discharged by virtue of section 256(1)(b) of that Act, in respect of the return (at which point the enquiry is to be treated as completed).
In this Part “tax appeal” means—
(a)an appeal under section 31 of TMA 1970 (income tax: appeals against amendments of self-assessment, amendments made by closure notices under section 28A or 28B of that Act, etc), including an appeal under that section by virtue of regulations under Part 11 of ITEPA 2003 (PAYE),
(b)an appeal under paragraph 9 of Schedule 1A to TMA 1970 (income tax: appeals against amendments made by closure notices under paragraph 7(2) of that Schedule, etc),
(c)an appeal under section 705 of ITA 2007 (income tax: appeals against counteraction notices),
(d)an appeal under paragraph 34(3) or 48 of Schedule 18 to FA 1998 (corporation tax: appeals against amendment of a company's return made by closure notice, assessments other than self-assessments, etc),
(e)an appeal under section 750 of CTA 2010 (corporation tax: appeals against counteraction notices),
[F4(ea)an appeal under section 114 of FA 2016 (apprenticeship levy: appeal against an assessment),]
(f)an appeal under section 222 of IHTA 1984 (appeals against HMRC determinations) other than an appeal made by a person against a determination in respect of a transfer of value at a time when a tax enquiry is in progress in respect of a return made by that person in respect of that transfer,
(g)an appeal under paragraph 35 of Schedule 10 to FA 2003 (stamp duty land tax: appeals against amendment of self-assessment, discovery assessments, etc),
(h)an appeal under paragraph 35 of Schedule 33 to FA 2013 (annual tax on enveloped dwellings: appeals against amendment of self-assessment, discovery assessments, etc), or
(i)an appeal against any determination of—
(i)an appeal within paragraphs (a) to (h), or
(ii)an appeal within this paragraph.
Textual Amendments
F4S. 203(ea) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 104(5) (with s. 117)
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 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 Whole Act without Schedules 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.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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: