Reliefs: enterprise investment scheme, venture capital trusts etc
PART 10 Tax avoidance and evasion
162.Penalties for enablers of offshore tax evasion or non-compliance
163.Penalties in connection with offshore matters and offshore transfers
164.Offshore tax errors etc: publishing details of deliberate tax defaulters
165.Asset-based penalties for offshore inaccuracies and failures
166.Offences relating to offshore income, assets and activities
PART 11 Administration, enforcement and supplementary powers
173.Gift aid: power to impose penalties on charities and intermediaries
174.Proceedings under customs and excise Acts: prosecuting authority
175.Detention and seizure under CEMA 1979: notice requirements etc
176.Data-gathering powers: providers of payment or intermediary services
177.Data-gathering powers: daily penalties for extended default
SCHEDULES
Abolition of dividend tax credits etc
6.Omit section 393(5) (determining entitlement to tax credit).
7.In section 394 (which deems a distribution to be made)—...
8.In section 395(3) (interpretation of section 395(2)) omit the words...
9.For section 396A(2)(b) (alternative receipt treated as qualifying distribution for...
10.In the italic heading before section 397, omit “Tax credits...
11.(1) Section 399 (qualifying distribution received by person not entitled...
12.(1) Section 401 (relief: qualifying distribution after linked non-qualifying distribution)...
14.In section 401B (power to obtain information for the purposes...
15.Omit sections 406(4A) and 407(4A) (determining entitlement to tax credit)....
16.In section 408(2A) (interpretation of section 408(2)) omit the words...
17.In section 411(2) (stock dividends: amount on which tax charged)...
18.In section 416 (released debts: amount on which tax charged)—...
19.In section 418(3) (release of loan: tax only on grossed-up...
20.In section 651 (meaning of “UK estate” and “foreign estate”)—...
21.In section 657 (tax charged on estate income from foreign...
22.In section 663 (applicable rate for purposes of grossing-up under...
23.In section 670 (applicable rate for purposes of Step 2...
25.In section 680A (estate income treated as dividend income), in...
26.In section 854(6) (carrying on by partner of notional business:...
27.Omit section 858(3) (partnerships with foreign element: entitlement to tax...
29.(1) Section 279F (ring fence profits: related 51% group company)...
30.(1) Section 279G (ring fence profits: meaning of “augmented profits”)...
31.For section 463(7) (loan to trustees of settlement which has...
32.(1) Section 549 (distributions: supplementary) is amended as follows.
33.(1) Section 751 (interpretation of Part 15 (transactions in securities))...
34.Omit section 814D(8) (which excludes entitlement to tax credits).
35.Omit section 997(5) (which introduces sections 1109 to 1111).
36.In sections 1026(1)(b) and 1027(2)(b) (cases where amount paid up...
37.(1) Section 1070 (distributions by company carrying on mutual business)...
38.(1) Section 1071 (company not carrying on business) is amended...
39.(1) Section 1100 (qualifying distribution: right to request a statement)...
40.(1) Section 1101 (non-qualifying distributions etc: returns and information) is...
41.In section 1103 (regulations about information about non-qualifying distributions)—
42.(1) Section 1106 (interpretation of sections 1104 and 1105) is...
43.Omit sections 1110 and 1111 (recovery of overpaid tax credits...
44.(1) Section 1115 (meaning of “new consideration” in Part 23)...
45.In section 1119 (definitions for the purposes of the Corporation...
46.Omit section 1126 (meaning of “franked investment income”).
47.Omit section 1136 (meaning of “qualifying distribution”).
49.In Schedule 2 (transitionals and savings etc) omit paragraph 106(1)...
50.In Schedule 4 (index of defined expressions) omit the entries...
53.In FA 1988, in Schedule 13 omit paragraph 7(c) (post-consolidation...
54.In FA 1989— (a) omit section 115 (double taxation: tax...
55.In FA 1993 omit section 171(2B) (which excludes entitlement to...
56.In FA 1994 omit section 219(4B) (which excludes entitlement to...
59.In the Commonwealth Development Corporation Act 1999, in Schedule 3...
60.In the Financial Services and Markets Act 2000 (Consequential Amendments)...
62.In ITTOIA 2005, in Schedule 1 (minor and consequential amendments)...
64.In FA 2008, in Schedule 12 (amendments relating to tax...
67.In Schedule 1 to CTA 2010 (minor and consequential amendments)...
70.In FA 2012, in section 169(2) (payments by certain friendly...
Pensions: lifetime allowance: transitional provision
PART 1 “Fixed protection 2016”
4.Protection-cessation events: interpretation: “benefit accrual”
5.Protection-cessation events: interpretation: “impermissible transfer”
6.Protection-cessation events: interpretation: “permitted transfer”
7.Protection-cessation events: interpretation: “permitted circumstances”
8.Protection-cessation events: interpretation: relieved non-UK pension schemes
21.Preservation of records in connection with individual protection 2016
23.In regulation 2(1) (interpretation)— (a) after the entry for “fixed...
24.(1) In the table in regulation 3(1) (provision of event...
25.(1) Regulation 11 (information provided to scheme administrator by member...
26.After regulation 14B insert— Individual protection 2016: provision of information...
PART 5 Amendments in connection with protection of pre-6 April 2006 rights
Deduction of income tax at source
PART 1 Abolition of duty to deduct tax from interest on certain investments
PART 2 Deduction of tax from yearly interest: exception for deposit-takers
PART 3 Amendments of or relating to Chapter 2 of Part 15 of ITA 2007
4.For the Chapter heading substitute “Meaning of “relevant investment” for...
5.(1) Section 850 (overview of Chapter) is amended as follows....
7.In section 853(1) (meaning of “deposit-taker”), after “In this Chapter”...
8.In section 854(3) (meaning of “relevant investment” in section 851(1)(b)),...
10.(1) Section 856 (meaning of “relevant investment”) is amended as...
11.In section 857 (treating investments as being or not being...
12.Omit— (a) sections 858 to 861 (investments which are not...
13.In the italic heading preceding section 863, for “Other investments”...
14.In sections 863, 864, 865 and 868(4) (investments with deposit-takers...
15.Omit sections 868(3), 869 and 870(2) (investments with building societies)....
16.Omit section 871 (power to make regulations to give effect...
18.Omit section 873(3) to (6) (interpretation of section 861).
20.(1) In section 564Q(1) of ITA 2007 (alternative finance return:...
22.In section 946 of ITA 2007 (collection of tax deducted...
24.In Schedule 4 to ITA 2007 (index of defined expressions)—...
Loan relationships and derivative contracts
4.In section 693 (derivative contracts: bringing transfer-pricing adjustments into account),...
6.In section 448 (exchange gains and losses on debtor relationships:...
7.In section 449 (exchange gains and losses on creditor relationships:...
8.In section 451 (exception to section 449 where loan exceeds...
9.(1) Section 452 (exchange gains and losses where loan not...
10.After section 475A insert— Meaning of “matched” Meaning of “matched”...
11.(1) Section 694 (derivative contracts: exchange gains and losses) is...
Tax relief for production of orchestral concerts
PART 2 Consequential amendments
4.In paragraph 10 (other claims and elections to be included...
5.(1) Paragraph 52 (recovery of excessive repayments etc) is amended...
10.In section 1310 of CTA 2009 (orders and regulations), in...
11.In Schedule 4 to CTA 2009 (index of defined expressions),...
15.(1) Schedule 4 to CTA 2010 (index of defined expressions)...
Profits from the exploitation of patents etc: consequential
2.In section 357B (meaning of “qualifying company”), in subsection (3)(b)(ii),...
4.(1) Section 357C (relevant IP profits) is amended as follows....
7.(1) Section 357CG (adjustments in calculating profits of trade) is...
10.(1) Section 357CL (companies eligible to elect for small claims...
11.In section 357CM (small claims amount), in subsection (1), for...
12.(1) Section 357D (alternative method of calculating relevant IP profits:...
13.(1) Section 357DA (relevant IP profits) is amended as follows....
14.(1) Section 357DC (the mandatory streaming conditions) is amended as...
15.In section 357EB (allocation of set-off amount within a group)...
16.In section 357ED (company ceasing to carry on trade etc)...
17.In section 357FA (incorporation of qualifying items), in subsection (2),...
18.In section 357FB (tax advantage schemes) in subsection (4)(b) for...
19.(1) Section 357G (making an election under section 357A) is...
20.(1) Section 357GA (revocation of election made under section 357A)...
21.(1) Section 357GB (application of Part 8A in relation to...
22.In section 357GC (application of Part 8A in relation to...
23.(1) Section 357GE (other interpretation) is amended as follows.
PART 2 Consequential amendments
11.In section 157 (direct participation), in subsection (1)—
12.In section 158 (indirect participation: defined by sections 159 to...
13.In section 159 (indirect participation: potential direct participant), in subsection...
14.In section 160 (indirect participation: one of several major participants),...
17.After that Part of that Schedule insert— PART 4A Hybrid...
Disposals of residential property interests: gains and losses
Entrepreneurs’ relief: “trading company” and “trading group”
2.In section 169H(7) (introduction), for “Section 169S contains” substitute “Sections...
3.In section 169S (interpretation of Chapter), subsection (4A) is treated...
4.After section 169S insert— Meaning of “trading company” and “trading...
5.After Schedule 7 insert— SCHEDULE 7ZA Entrepreneurs’ relief: “trading company”...
6.(1) The amendments made by this Schedule (except paragraph 3)...
Inheritance tax: increased nil-rate band
2.(1) Section 8D (extra nil-rate band on death if interest...
3.(1) Section 8E (residence nil-rate amount: interest in home goes...
5.After section 8F insert— Downsizing addition: entitlement: low-value death interest...
6.In section 8G (meaning of “brought-forward allowance”), in subsection (3)(a),...
7.(1) Section 8H (meaning of “qualifying residential interest”) is amended...
8.After section 8H insert— Qualifying former residential interest”: interests in...
9.In section 8J (meaning of “inherited”), in subsection (1), for...
10.In section 8K (meaning of “closely inherited”), in subsection (1),...
12.(1) Section 8M (residence nil-rate amount: cases involving conditional exemption)...
Property authorised investment funds and co-ownership authorised contractual schemes
PART 3 Consequential amendments
6.In section 75C (anti-avoidance: supplemental), in subsection (4), after “Schedule...
7.(1) Section 81 (further return where relief withdrawn) is amended...
10.In section 118 (market value)— (a) the existing text becomes...
11.In section 122 (index of defined expressions), at the appropriate...
12.In Schedule 4A (SDLT: higher rate for certain transactions), in...
13.In Schedule 6B (transfers involving multiple dwellings), in paragraph 2(4)(b),...
14.(1) In Schedule 17A (further provisions relating to leases), paragraph...
PART 2 Entry into the regime and basic concepts
10.Paragraphs 8 and 9: “failure to comply”
PART 6 Corporate groups, associated persons and partnerships
Large businesses: tax strategies and sanctions
PART 3 Sanctions for persistently unco-operative large businesses
Penalties for enablers of offshore tax evasion or non-compliance
2.Meaning of “involving offshore activity” and related expressions
4.Potential lost revenue: enabling Q to commit relevant offence
5.Potential lost revenue: enabling Q to engage in conduct incurring relevant civil penalty
6.Treatment of potential lost revenue attributable to both offshore tax evasion or non-compliance and other tax evasion or non-compliance
8.(1) This paragraph applies for the purposes of paragraph 7....
9.(1) If they think it right because of special circumstances,...
14.(1) On an appeal under paragraph 12(a) that is notified...
PART 2 Application of Schedule 36 to FA 2008: information powers
PART 3 Publishing details of persons found liable to penalties
Penalties relating to offshore matters and offshore transfers
2.(1) Paragraph 9 (reductions for disclosure) is amended as follows....
3.In paragraph 10 (amount of reduction for disclosure), for the...
4.After paragraph 10 insert— (1) If a person who would otherwise be liable to...
6.(1) Paragraph 12 (reductions for disclosure) is amended as follows....
7.In paragraph 13 (amount of reduction for disclosure), for the...
8.After paragraph 13 insert— (1) If a person who would otherwise be liable to...
10.(1) Paragraph 14 (reductions for disclosure) is amended as follows....
11.In paragraph 15 (amount of reduction for disclosure), for the...
12.After paragraph 15 insert— (1) If a person who would otherwise be liable to...
Asset-based penalty for offshore inaccuracies and failures
3.After section 28G (determination of amount notionally chargeable where no...
4.In section 31 (appeals: right to appeal), before subsection (4)...
5.(1) Section 31A (appeals: notice of appeal) is amended as...
6.After section 31A (notice of appeal) insert— Taxpayer’s right to...
7.(1) Section 59B (payment of income tax and capital gains...
8.After section 59B insert— Payment of income tax and capital...