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Finance Act 2009

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part 1 Charges, rates, allowances, etc

    1. Income tax

      1. 1.Charge and main rates for 2009-10

      2. 2.Basic rate limit for 2009-10

      3. 3.Personal allowance for 2009-10 for those aged under 65

      4. 4.Reduction of personal allowance for those with income exceeding £100,000

      5. 5.Abolition of personal reliefs for non-residents

      6. 6.Additional rate, dividend additional rate, trust rates and pension tax rates

    2. Corporation tax

      1. 7.Charge and main rates for financial year 2010

      2. 8.Small companies' rates and fractions for financial year 2009

    3. Value added tax

      1. 9.Extension of reduced standard rate and anti-avoidance provision

    4. Stamp duty land tax

      1. 10.Thresholds for residential property

    5. Alcohol and tobacco duties

      1. 11.Rates of alcoholic liquor duty

      2. 12.Rates of tobacco products duty

    6. Vehicle excise duty

      1. 13.Rates for 2009-10

      2. 14.Rates from April 2010

    7. Fuel duties

      1. 15.Rates and rebates from Spring 2009

      2. 16.Rates and rebates from September 2009

    8. Other environmental taxes and duties

      1. 17.Rates of air passenger duty

      2. 18.Standard rate of landfill tax

    9. Gambling duties

      1. 19.Rates of gaming duty

      2. 20.Bingo duty

      3. 21.Amounts of duty on amusement machine licences

      4. 22.Provisions affecting amount of amusement machine licence duty

  3. Part 2 Income tax, corporation tax and capital gains tax

    1. Support for business

      1. 23.Temporary extension of loss carry back provisions

      2. 24.First-year capital allowances for expenditure in 2009-2010

      3. 25.Agreements to forgo tax reliefs

      4. 26.Contaminated and derelict land

      5. 27.Venture capital schemes

      6. 28.Group relief: preference shares

      7. 29.Sale of lessor companies etc: reforms

      8. 30.Tax relief for business expenditure on cars and motor cycles

      9. 31.Reallocation of chargeable gain or loss within a group

      10. 32.Stock lending: chargeable gains in event of insolvency etc of borrower

      11. 33.FSCS payments representing interest

    2. Foreign profits etc

      1. 34.Corporation tax treatment of company distributions received

      2. 35.Tax treatment of financing costs and income

      3. 36.Controlled foreign companies

      4. 37.International movement of capital

      5. 38.Corporation tax: foreign currency accounting

      6. 39.Certain distributions of offshore funds taxed as interest

      7. 40.Income tax credits for foreign distributions

    3. Loan relationships and derivatives

      1. 41.Loan relationships involving connected parties

      2. 42.Release of trade etc debts

      3. 43.Foreign exchange matching: anti-avoidance

    4. Collective investment

      1. 44.Tax treatment of participants in offshore funds

      2. 45.Power to enable dividends of investment trusts to be taxed as interest

    5. Insurance etc

      1. 46.Insurance companies

      2. 47.Equalisation reserves for Lloyd’s corporate and partnership members

    6. Simplification

      1. 48.Disguised interest

      2. 49.Transfer of income streams

      3. 50.SAYE schemes

    7. Residence and domicile

      1. 51.Remittance basis

      2. 52.Exemption for certain non-domiciled persons

    8. Employment income

      1. 53.Taxable benefits: cars

      2. 54.Taxable benefit of cars: price of automatic car for disabled employee

      3. 55.Exemption of benefit consisting of health-screening or medical check-up

      4. 56.MEPs' pay, allowances and pensions under European Parliament Statute

    9. Double taxation

      1. 57.Tax underlying dividends

      2. 58.Manufactured overseas dividends

      3. 59.Payments by reference to foreign tax etc

      4. 60.Anti-fragmentation

    10. Miscellaneous anti-avoidance provisions

      1. 61.Financial arrangements avoidance

      2. 62.Transfers of trade to obtain terminal loss relief

      3. 63.Sale of lessor companies etc: anti-avoidance

      4. 64.Leases of plant or machinery

      5. 65.Long funding leases of films

      6. 66.Real Estate Investment Trusts

      7. 67.Deductions for employee liabilities

      8. 68.Employment loss relief

      9. 69.No loss relief for losses from contracts for life insurance etc

      10. 70.Intangible fixed assets and goodwill

      11. 71.Taxable benefit of living accommodation: lease premiums

  4. Part 3 Pensions

    1. 72.Special annual allowance charge etc

    2. 73.Financial assistance scheme

    3. 74.FSCS intervention in relation to insurance in connection with pensions

    4. 75.Power to make retrospective non-charging provision

  5. Part 4 Value added tax

    1. 76.Place of supply of services etc

    2. 77.Repayment to those in business in other States

    3. 78.Information relating to cross-border supplies of services to taxable recipients

    4. 79.Effect of VAT changes on arbitration of rent for agricultural holdings

  6. Part 5 Stamp taxes

    1. Stamp duty land tax

      1. 80.Exercise of collective rights by tenants of flats

      2. 81.Registered providers of social housing

      3. 82.Rent to shared ownership

    2. Stock lending arrangements

      1. 83.Stamp taxes in event of insolvency

  7. Part 6 Oil

    1. 84.Capital allowances for oil decommissioning expenditure

    2. 85.Blended oil

    3. 86.Chargeable gains

    4. 87.Oil assets put to other uses

    5. 88.Former licensees and former oil fields

    6. 89.Abolition of provisional expenditure allowance

    7. 90.Supplementary charge: reduction for certain new oil fields

    8. 91.Miscellaneous amendments

  8. Part 7 Administration

    1. Standards and values

      1. 92.HMRC Charter

      2. 93.Duties of senior accounting officers of qualifying companies

      3. 94.Publishing details of deliberate tax defaulters

    2. Information etc

      1. 95.Amendment of information and inspection powers

      2. 96.Extension of information and inspection powers to further taxes

      3. 97.Powers to obtain contact details for debtors

      4. 98.Record-keeping

    3. Assessments, claims etc

      1. 99.Time limits for assessments, claims etc

      2. 100.Recovery of overpaid tax etc

    4. Interest

      1. 101.Late payment interest on sums due to HMRC

      2. 102.Repayment interest on sums to be paid by HMRC

      3. 103.Rates of interest

      4. 104.Supplementary

      5. 105.Miscellaneous amendments

    5. Penalties

      1. 106.Penalties for failure to make returns etc

      2. 107.Penalties for failure to pay tax

      3. 108.Suspension of penalties during currency of agreement for deferred payment

      4. 109.Miscellaneous amendments

    6. Miscellaneous

      1. 110.Recovery of debts using PAYE regulations

      2. 111.Managed payment plans

      3. 112.Customs and excise enforcement: movements between member States

  9. Part 8 Miscellaneous

    1. Gambling

      1. 113.VAT exemption for gaming participation fees

      2. 114.Gaming duty

      3. 115.Remote bingo etc

      4. 116.Meaning of “gaming machine” and “gaming”

    2. Climate change levy

      1. 117.Taxable commodities ineligible for reduced-rate supply

      2. 118.Removal of reduced rate where targets not met

    3. Other environmental taxes and duties

      1. 119.Landfill tax: prescribed landfill site activities

      2. 120.Requirement to destroy replaced vehicle registration documents

      3. 121.Hydrocarbon oil duties: minor amendments

    4. Other matters

      1. 122.Inheritance tax: agricultural property and woodlands relief for EEA land

      2. 123.Alternative finance investment bonds

      3. 124.Mutual societies: tax consequences of transfers of business etc

      4. 125.National Savings ordinary accounts: surplus funds

  10. Part 9 Final provisions

    1. 126.Interpretation

    2. 127.Short title

  11. SCHEDULES

    1. SCHEDULE 1

      Income tax: abolition of non-residents' personal reliefs

      1. 1.Introduction

      2. 2.Abolition of reliefs

      3. 3.Consequential amendments

      4. 4.(1) Section 274 (limits on relief under sections 266 and...

      5. 5.In paragraph 6(1) of Schedule 14 (provisions ancillary to section...

      6. 6.Repeals

      7. 7.Commencement

    2. SCHEDULE 2

      Income tax rates

      1. Part 1 Amendments of ITA 2007

        1. 1.ITA 2007 is amended as follows.

        2. 2.(1) Section 6 (rates of income tax) is amended as...

        3. 3.(1) Section 8 (dividend ordinary rate and dividend upper rate)...

        4. 4.(1) Section 10 (income charged at basic and higher rates:...

        5. 5.(1) Section 13 (income charged at dividend ordinary and dividend...

        6. 6.In section 414(2)(b) (relief for gifts to charity), after “limit”...

        7. 7.In section 515(a) (rate of tax in respect of heritage...

        8. 8.(1) Section 989 (definitions) is amended as follows.

        9. 9.(1) Schedule 4 (index of defined expressions) is amended as...

      2. Part 2 Amendments of other Acts

        1. 10.FA 2004

        2. 11.In section 192 (relief for pension contributions at source), for...

        3. 12.In section 208 (unauthorised payments charge), for subsection (6) substitute—...

        4. 13.In section 209 (unauthorised payments surcharge), for subsection (7) substitute—...

        5. 14.In section 215 (amount of lifetime allowance charge), after subsection...

        6. 15.In section 227 (annual allowance charge), after subsection (5) insert—...

        7. 16.In section 240 (amount of scheme sanction charge), after subsection...

        8. 17.In section 242 (de-registration charge), insert at the end—

        9. 18.(1) Section 282 (orders and regulations) is amended as follows....

        10. 19.ITTOIA 2005

        11. 20.In section 640(6)(b) (grossing-up of deemed income)—

        12. 21.In section 669(3) (reduction in residuary income: inheritance tax on...

        13. 22.In section 685A(3) (settlor-interested settlements), for “higher rate” substitute “additional...

        14. 23.(1) Part 2 of Schedule 4 (index of defined expressions)...

        15. 24.F(No.2)A 2005

      3. Part 3 Commencement

        1. 25.(1) The powers conferred by the amendments made by this...

    3. SCHEDULE 3

      VAT: supplementary charge and orders changing rate

      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

        11. 11.Supplies treated as taking place before 31 March 2009

      2. Part 2 Exceptions

        1. 12.Letting etc of assets

        2. 13.Condition B cases involving normal commercial practice

        3. 14.Normal commercial practice

        4. 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

      6. Part 6 Amendments of VATA 1994

        1. 25.(1) VATA 1994 is amended as follows.

    4. SCHEDULE 4

      Vehicle excise duty: further provision about rates of duty etc

      1. 1.VERA 1994 is amended as follows.

      2. 2.(1) Section 3 (duration of licences) is amended as follows....

      3. 3.(1) Section 19 (rebates) is amended as follows.

      4. 4.(1) Section 62 (definitions) is amended as follows.

      5. 5.(1) Schedule 1 (annual rates of duty) is amended as...

      6. 6.(1) Paragraph 25 of Schedule 2 (exempt vehicles: light passenger...

      7. 7.(1) The amendments made by this Schedule have effect in...

    5. SCHEDULE 5

      Air passenger duty

      1. 1.Amendments

      2. 2.(1) Section 30 (rates of duty) is amended as follows....

      3. 3.For section 39 substitute— Schemes for simplified operation of Chapter...

      4. 4.In section 42(4) (orders), after “chargeable passengers” insert “, or...

      5. 5.After Schedule 5 insert— SCHEDULE 5A Air passenger duty: territories...

      6. 6.Consequential repeals

      7. 7.Commencement etc

      8. 8.(1) No agreement for Chapter 4 of Part 1 of...

    6. SCHEDULE 6

      Temporary extension of carry back of losses

      1. 1.Income tax

      2. 2.(1) A claim for relief under paragraph 1 must be...

      3. 3.Corporation tax

    7. SCHEDULE 7

      Contaminated and derelict land

      1. Part 1 Amendments of Part 14 of CTA 2009

        1. 1.Part 14 of CTA 2009 (remediation of contaminated land) is...

        2. 2.In the heading of the Part, after “contaminated” insert “or...

        3. 3.(1) Section 1143 (overview of Part) is amended as follows....

        4. 4.(1) Section 1144 (“qualifying land remediation expenditure”) is amended as...

        5. 5.For section 1145 substitute— Land “in a contaminated state” (1) For the purposes of this Part land is in...

        6. 6.(1) Section 1146 (“relevant land remediation”) is amended as follows....

        7. 7.After that section insert— “Relevant derelict land remediation” (1) For the purposes of this Part “relevant derelict land...

        8. 8.In the heading of Chapter 2, after “contaminated” insert “or...

        9. 9.(1) Section 1147 (deduction for capital expenditure) is amended as...

        10. 10.(1) Section 1149 (additional deduction for qualifying land remediation expenditure)...

        11. 11.(1) Section 1150 (no relief if company responsible for contamination)...

        12. 12.(1) Section 1161 (relief in respect of I minus E...

        13. 13.For section 1162 substitute— Additional relief (1) If a company is entitled to relief under section...

        14. 14.(1) Section 1163 (no relief if company responsible for contamination)...

        15. 15.In section 1165(1)(a) (meaning of “qualifying life assurance business loss”),...

        16. 16.In section 1169(2)(c) and (3)(c) (artificially inflated claims for relief),...

        17. 17.(1) Section 1173 (expenditure incurred because of contamination) is amended...

        18. 18.Omit section 1174 (sub-contractor payments: introductory).

        19. 19.(1) Section 1175 (“qualifying expenditure on sub-contracted land remediation”: connected...

        20. 20.Omit section 1176 (“qualifying expenditure on sub-contracted land remediation”: other...

        21. 21.In section 1178 (persons having a “relevant connection” to a...

        22. 22.After section 1178 insert— “Major interest in land” (1) References in this Part to the acquisition of a...

        23. 23.In section 1179 (definitions), omit the definitions of “harm” and...

      2. Part 2 Amendments of other enactments

        1. 24.ICTA

        2. 25.FA 1998

        3. 26.CTA 2009

      3. Part 3 Commencement

        1. 27.Any power to make orders which is conferred on the...

        2. 28.Subject to that, the amendments made by this Schedule have...

    8. SCHEDULE 8

      Venture capital schemes

      1. 1.Enterprise investment scheme

      2. 2.(1) Paragraph 1(2) (application of Schedule) is amended as follows....

      3. 3.(1) Paragraph 1A (failure of conditions of application) is amended...

      4. 4.(1) Paragraph 9 (other reconstructions and amalgamations) is amended as...

      5. 5.In paragraph 16 (information), omit sub-paragraph (4A).

      6. 6.(1) Section 158 of ITA 2007 (form and amount of...

      7. 7.(1) Section 175 of that Act (use of money raised...

      8. 8.Corporate venturing scheme

      9. 9.Venture Capital Trusts

      10. 10.Consequential repeals

      11. 11.Commencement

      12. 12.The amendments made by paragraph 4 have effect in relation...

      13. 13.(1) The amendments made by paragraph 6 have effect as...

      14. 14.The amendments made by paragraph 9 have effect in relation...

    9. SCHEDULE 9

      Group relief: preference shares

      1. 1.Amendments of Schedule 18 to ICTA

      2. 2.(1) Paragraph 1 is amended as follows.

      3. 3.After that paragraph insert— (1) This paragraph applies to a right to dividends carried...

      4. 4.In paragraph 5B(4)(b), for “fixed-rate” substitute “relevant”.

      5. 5.Commencement

      6. 6.Election to opt out of changes in relation to pre-existing etc shares

      7. 7.An election under paragraph 6— (a) must be made by...

      8. 8.Paragraph 2(7) of Schedule 25 to ICTA

    10. SCHEDULE 10

      Sale of lessor companies etc: reforms

      1. 1.Introduction

      2. 2.Paragraph 7

      3. 3.Paragraph 13A

      4. 4.Paragraph 17

      5. 5.Paragraph 23

      6. 6.Paragraph 23A

      7. 7.Paragraph 32

      8. 8.Paragraph 39

      9. 9.Commencement

    11. SCHEDULE 11

      Tax relief for business expenditure on cars and motor cycles

      1. Part 1 Capital allowances

        1. 1.Plant and machinery allowances for cars and motor cycles

        2. 2.In section 38B (general exclusions from AIA qualifying expenditure), in...

        3. 3.In section 46(2) (general exclusions from first year allowances), in...

        4. 4.Omit sections 74 to 79 (cars above the cost threshold)....

        5. 5.Omit section 81 (extended meaning of “car”) and section 82...

        6. 6.In section 84 (cases in which short-life asset treatment is...

        7. 7.(1) Section 104A (special rate expenditure) is amended as follows....

        8. 8.After that section insert— Meaning of “main rate car” (1) “Main rate car” means— (a) a car that is...

        9. 9.After section 104E insert— Special rate cars: discontinued activity continued...

        10. 10.After section 208 insert— Cars: disposal value in avoidance cases...

        11. 11.After section 268 insert— Cars etc Meaning of “car” and...

        12. 12.Consequential amendments of CAA 2001

        13. 13.In section 33 (personal security), omit subsection (7).

        14. 14.(1) Section 45D (expenditure on cars with low carbon dioxide...

        15. 15.In section 54(3) (single asset pools), omit “section 74 (car...

        16. 16.In section 55(6) (determination of entitlement or liability), after “subject...

        17. 17.In section 65(3) (the final chargeable period), for “sections 77(1)...

        18. 18.In section 66 (list of provisions about disposal values)—

        19. 19.(1) In section 84 (cases in which short-life asset treatment...

        20. 20.(1) Section 86 (short-life assets) is amended as follows.

        21. 21.In section 96 (expenditure on cars excluded from being long-life...

        22. 22.After section 268C (inserted by this Part of this Schedule)...

        23. 23.(1) Part 2 of Schedule 1 (defined expressions) is amended...

        24. 24.In Schedule 3 (transitionals and savings), omit paragraph 19 (cars...

        25. 25.Consequential repeal

        26. 26.Commencement and transitionals: introduction

        27. 27.(1) For the purposes of this Part of this Schedule...

        28. 28.Commencement

        29. 29.(1) The repeal of sections 74 to 78 of CAA...

        30. 30.Transitionals

        31. 31.(1) This paragraph applies where— (a) old expenditure is required...

        32. 32.An order made under section 82(4)(d) of CAA 2001 (qualifying...

        33. 33.Interpretation

      2. Part 2 Restrictions on deductions for hire expenses

        1. 34.Income tax

        2. 35.In section 31(1)(b) (relationship between rules prohibiting and allowing deductions),...

        3. 36.(1) Section 48 (rules restricting deductions from profits: car or...

        4. 37.(1) Section 49 (car or motor cycle hire: supplementary) is...

        5. 38.Omit section 50 (hiring cars with low carbon dioxide emissions)....

        6. 39.After that section insert— Short-term hiring in and long-term hiring...

        7. 40.In section 247(1) (other rules about what counts as post-cessation...

        8. 41.In section 272(2) (profits of a property business: application of...

        9. 42.In section 274(1)(b) (relationship between rules prohibiting and allowing deductions),...

        10. 43.In section 354(2) (other rules about what counts as post-cessation...

        11. 44.In Schedule 2 (transitionals and savings), omit paragraphs 16 and...

        12. 45.Corporation tax

        13. 46.In section 51(1)(b)(i) (relationship between rules prohibiting and allowing deductions),...

        14. 47.(1) Section 56 (rules restricting deductions from profits: car or...

        15. 48.(1) Section 57 (car or motor cycle hire: supplementary) is...

        16. 49.Omit section 58 (hiring cars with low CO2 emissions before...

        17. 50.After section 58 insert— Short-term hiring in and long-term hiring...

        18. 51.In section 191(1) (other rules about what counts as post-cessation...

        19. 52.In section 210(2) (profits of a property business: application of...

        20. 53.In section 214(1)(b)(i) (relationship between rules prohibiting and allowing deductions),...

        21. 54.In section 283(2) (other rules about what counts as post-cessation...

        22. 55.In section 865(3)(a) (debits for expenditure not generally deductible for...

        23. 56.In section 1231(3) (absence of accounts), omit “or motor cycle”....

        24. 57.(1) Section 1251 (car or motor cycle hire: companies with...

        25. 58.In Schedule 2 (transitionals and savings), omit paragraphs 16 and...

        26. 59.ICTA is amended as follows.

        27. 60.(1) Section 76ZN (car or motor cycle hire: expenses of...

        28. 61.Omit section 76ZO (hiring cars (but not motor cycles) with...

        29. 62.(1) Section 578A (rules restricting deductions: car or motor cycle...

        30. 63.(1) Section 578B (expenditure on car or motor cycle hire:...

        31. 64.Consequential repeals

        32. 65.Commencement

        33. 66.(1) The amendments made by this Part of this Schedule...

        34. 67.Election for new regime not to apply in certain cases

        35. 68.Saving

    12. SCHEDULE 12

      Reallocation of chargeable gain or loss within a group

      1. 1.Main provisions

      2. 2.Consequential amendments

      3. 3.(1) Section 136(2) of FA 2006 (Real Estate Investment Trusts:...

      4. 4.In consequence of the amendment made by paragraph 1, omit—...

      5. 5.Commencement

    13. SCHEDULE 13

      Chargeable gains in stock lending: insolvency etc of borrower

      1. 1.TCGA 1992 is amended as follows.

      2. 2.(1) Section 263B (stock lending arrangements) is amended as follows....

      3. 3.After section 263C (stock lending involving redemption) insert— Stock lending:...

      4. 4.(1) The amendments made by paragraphs 2(2) and (3)(c) and...

    14. SCHEDULE 14

      Corporation tax treatment of company distributions

      1. Part 1 Insertion of new Part 9A of CTA 2009

        1. 1.In CTA 2009, after Part 9 insert— Part 9A Company...

      2. Part 2 Other amendments

        1. 2.ICTA

        2. 3.In section 13(7) (small companies' relief), omit “resident in the...

        3. 4.(1) Section 505(1)(c) (charitable companies: general) is amended as follows....

        4. 5.(1) Section 95ZA (taxation of UK distributions received by insurance...

        5. 6.(1) Section 231 (tax credits for certain recipients of qualifying...

        6. 7.In section 795 (double taxation relief: computation of income subject...

        7. 8.(1) Section 799 (double taxation relief: computation of underlying tax...

        8. 9.Omit sections 806A to 806K (double taxation relief in relation...

        9. 10.In section 826 (interest on tax overpaid), omit subsection (7BC)....

        10. 11.(1) Paragraph 2 of Schedule 23A (manufactured dividends on UK...

        11. 12.(1) Paragraph 4 of Schedule 23A (manufactured overseas dividends) is...

        12. 13.In paragraph 5(3)(c) of Schedule 27 (distributing funds: United Kingdom...

        13. 14.In paragraph 5 of Schedule 28AA (provision not at arm’s...

        14. 15.FA 1989

        15. 16.(1) Section 85A (life assurance: excess adjusted Case I profits)...

        16. 17.(1) Section 89 (life assurance: policy holders' share of profits)...

        17. 18.FA 1994

        18. 19.FA 2006

        19. 20.CTA 2009

        20. 21.In section 1(2) (overview of Act), before the “and” at...

        21. 22.For section 130 (traders receiving distributions etc) substitute— Insurers Insurers...

        22. 23.In section 932(1) (overview of Part 10), omit paragraph (a)....

        23. 24.Omit Chapter 2 of Part 10 (taxation of dividends from...

        24. 25.(1) Section 974 (charge to tax in relation to sale...

        25. 26.In section 982(1)(a) and (2)(a) (boundary provisions for Part 10),...

        26. 27.Omit section 1285 (exemption for distributions of UK resident companies)....

        27. 28.In section 1310(4) (orders and regulations subject to affirmative resolution...

        28. 29.In Schedule 4 (index of defined expressions), insert at the...

        29. 30.Consequential repeals

      3. Part 3 Commencement etc

        1. 31.Commencement

        2. 32.Transitional provision

    15. SCHEDULE 15

      Tax treatment of financing costs and income

      1. Part 1 Introduction

        1. 1.Overview

      2. Part 2 Application of this Schedule

        1. 2.Application of Schedule

        2. 3.UK net debt of the worldwide group for period of account of worldwide group

        3. 4.Net debt of a company

        4. 5.Worldwide gross debt of worldwide group for period of account of worldwide group

        5. 6.References to amounts disclosed in balance sheet of relevant group company

        6. 7.Qualifying financial services groups

        7. 8.Qualifying activities

        8. 9.Lending activities and activities ancillary to lending activities

        9. 10.Insurance activities and insurance related activities

        10. 11.Relevant dealing in financial instruments

        11. 12.UK trading income of the worldwide group

        12. 13.Worldwide trading income of the worldwide group

        13. 14.Foreign currency accounting

      3. Part 3 Disallowance of deductions

        1. 15.Application of Part and meaning of “total disallowed amount”

        2. 16.Meaning of “company to which this Part applies”

        3. 17.Appointment of authorised company for relevant period of account

        4. 18.Meaning of “the reporting body”

        5. 19.Statement of allocated disallowances: submission

        6. 20.Statement of allocated disallowances: submission of revised statement

        7. 21.Statement of allocated disallowances: requirements

        8. 22.Statement of allocated disallowances: effect

        9. 23.Company tax returns

        10. 24.Power to make regulations about statement of allocated disallowances

        11. 25.Failure of reporting body to submit statement of allocated disallowances

        12. 26.Powers to make regulations in relation to reductions required under paragraph 25

      4. Part 4 Exemption of financing income

        1. 27.Application of Part and meaning of “total disallowed amount”

        2. 28.Meaning of “company to which this Part applies”

        3. 29.Appointment of authorised company for relevant period of account

        4. 30.Meaning of “the reporting body”

        5. 31.Statement of allocated exemptions: submission

        6. 32.Statement of allocated exemptions: submission of revised statement

        7. 33.Statement of allocated exemptions: requirements

        8. 34.Statement of allocated exemptions: effect

        9. 35.Company tax returns

        10. 36.Power to make regulations about statement of allocated exemptions

        11. 37.Failure of reporting body to submit statement of allocated exemptions

        12. 38.Power to make regulations in relation to reductions required under paragraph 37

        13. 39.Balancing payments between group companies: no charge to, or relief from, tax

      5. Part 5 Intra-group financing income where payer denied deduction

        1. 40.Exemption from tax for certain financing income received from certain EEA companies

        2. 41.Meaning of “relevant associate”

        3. 42.Meaning of “tax-resident” and “EEA territory”

        4. 43.Qualifying EEA tax relief for payment in the current period or a previous period

        5. 44.Qualifying EEA tax relief for payment in future period

        6. 45.References to tax of a territory

        7. 46.Financing income amounts of a company

      6. Part 6 Anti-avoidance

        1. 47.Schemes involving manipulation of rules in Part 2

        2. 48.Schemes involving manipulation of rules in Parts 3 and 4

        3. 49.Meaning of “relevant net deduction”

        4. 50.Calculation of amounts

        5. 51.Meaning of “carried-back amount” and “carried-forward amount”

        6. 52.Schemes involving manipulation of rules in Part 5

        7. 53.Meaning of “scheme” and “excluded scheme”

      7. Part 7 “Financing expense amount” and “financing income amount”

        1. 54.The financing expense amounts of a company

        2. 55.The financing income amounts of a company

        3. 56.Interpretation of paragraphs 54 and 55

        4. 57.Group treasury companies

        5. 58.Real estate investment trusts

        6. 59.Companies engaged in oil extraction activities

        7. 60.Intra-group short-term finance: financing expense

        8. 61.Intra-group short-term finance: financing income

        9. 62.Short-term loan relationships

        10. 63.Stranded deficits in non-trading loan relationships: financing expense

        11. 64.Stranded deficits in non-trading loan relationships: financing income

        12. 65.Stranded management expenses in non-trading loan relationships: financing expense

        13. 66.Stranded management expenses in non-trading loan relationships: financing income

        14. 67.Charities

        15. 68.Educational and public bodies

        16. 69.Interpretation of paragraphs 57 to 68

      8. Part 8 The “tested expense amount” and “tested income amount”

        1. 70.The tested expense amount

        2. 71.The tested income amount

        3. 72.Companies with net financing deduction or net financing income that is small

      9. Part 9 The “available amount”

        1. 73.The available amount

        2. 74.Group members with income from oil extraction subject to particular tax treatment in UK

        3. 75.Group members with income from shipping subject to particular tax treatment in UK

        4. 76.Group members with income from property rental subject to particular tax treatment in UK

        5. 77.Meaning of accounting expressions used in this Part

      10. Part 10 Other interpretative provisions

        1. 78.The worldwide group

        2. 79.Meaning of “group”

        3. 80.Meaning of “ultimate parent”

        4. 81.Meaning of “corporate entity”

        5. 82.Meaning of “relevant non-corporate entity”

        6. 83.Treatment of entities stapled to corporate entities or relevant non-corporate entities

        7. 84.Treatment of business combinations

        8. 85.Meaning of “large” in relation to a group

        9. 86.Meaning of “UK group company” and “relevant group company”

        10. 87.Financial statements of the worldwide group

        11. 88.Non-compliant financial statements of worldwide group

        12. 89.Non-existent financial statements of worldwide group

        13. 90.References to amounts disclosed in financial statements

        14. 91.Translation of amounts disclosed in financial statements into sterling

        15. 92.Expressions taking their meaning from international accounting standards

        16. 93.Meaning of “relevant accounting period”

        17. 94.Meaning of “the Commissioners” and “HMRC”

      11. Part 11 Consequential amendments and commencement

        1. 95.Consequential amendments

        2. 96.In paragraph 5 of Schedule 28AA to ICTA (provision not...

        3. 97.Commencement

        4. 98.Anti-avoidance: change of period of account of worldwide group

        5. 99.Transitional provision

    16. SCHEDULE 16

      Controlled foreign companies

      1. Part 1 Abolition of acceptable distribution policy exemption

        1. 1.Abolition of acceptable distribution policy exemption

        2. 2.Consequential amendments

        3. 3.In paragraph 116 of Schedule 29 to FA 2002 (assumptions...

        4. 4.In section 870 of CTA 2009 (assumptions for calculating chargeable...

        5. 5.In consequence of the amendments made by paragraphs 1 to...

        6. 6.Commencement

        7. 7.Periods straddling 1 July 2009

        8. 8.Transitional provision

        9. 9.Interpretation

      2. Part 2 Amendment of exempt activities exemption

        1. 10.Abolition of special rules for holding companies other than local holding companies

        2. 11.In consequence of the amendments made by paragraph 10, omit—...

        3. 12.Commencement

        4. 13.Meaning of “qualifying holding company” and “exempt holding company”

        5. 14.Periods straddling 1 July 2009

        6. 15.Qualifying holding companies: periods straddling 1 July 2011

        7. 16.Qualifying holding companies: definition of “relevant accounting period”

        8. 17.Qualifying holding companies: treatment during two years before 1 July 2011

        9. 18.Meaning of “ultimate corporate parent” and “group” for the purposes of paragraph 17(3)

        10. 19.Reference periods: anti-avoidance

        11. 20.Interpretation

      3. Part 3 Reduction in chargeable profits for certain financing income

        1. 21.Reduction in chargeable profits for certain financing income

        2. 22.In the following provisions, after “751A” insert “or 751AA”—

        3. 23.After section 751A insert— Reduction in chargeable profits for certain...

        4. 24.(1) Section 751B (supplementary) is amended as follows.

        5. 25.Commencement

    17. SCHEDULE 17

      International movement of capital

      1. Part 1 Abolition of existing regime

        1. 1.In ICTA, omit— (a) section 765 (prior Treasury consent required...

        2. 2.In section 98 of TMA 1970 (special returns etc)—

        3. 3.In consequence of the amendments made by paragraphs 1 and...

      2. Part 2 Reporting requirement

        1. 4.Reporting requirement

        2. 5.Meaning of “reporting body”

        3. 6.Groups with more than one UK corporate parent: nomination of single reporting body

        4. 7.Meaning of “UK corporate parent”

        5. 8.Reportable events and transactions

        6. 9.Excluded transactions

        7. 10.Penalty for failure to comply with reporting requirement

        8. 11.Regulations and orders

        9. 12.Interpretation

      3. Part 3 Commencement etc

        1. 13.Commencement

        2. 14.Transitional provision

    18. SCHEDULE 18

      Corporation tax: foreign currency accounting

      1. 1.Amendments of FA 1993

      2. 2.In section 92(2) (the basic rule: sterling to be used),...

      3. 3.In section 92B (company operating in currency other than sterling...

      4. 4.In section 92C (company preparing accounts in currency other than...

      5. 5.For section 92D (translating amounts into equivalent in different currency)...

      6. 6.(1) Section 92E (meaning of “accounts”, “return of accounts” and...

      7. 7.Commencement and transitional provision

      8. 8.Sterling equivalent if amount carried back to pre-commencement accounting period

      9. 9.Sterling equivalent if amount carried forward from earlier period

      10. 10.Adjustment of sterling loss if amount carried back to pre-commencement accounting period

      11. 11.Adjustment of sterling loss if amount carried forward from earlier period

      12. 12.Interpretation

      13. 13.Right of company to elect for different commencement and transitional provision to apply

    19. SCHEDULE 19

      Income tax credits for foreign distributions

      1. 1.ITTOIA 2005

      2. 2.(1) Section 397A (tax credits for distributions of non-UK resident...

      3. 3.After section 397A insert— Tax credit under section 397A: conditions...

      4. 4.(1) Section 397B (tax credits under section 397A: manufactured overseas...

      5. 5.After that section insert— Meaning of “qualifying territory” (1) For the purposes of section 397AA “qualifying territory” means—...

      6. 6.(1) Section 397C (meaning of “minority shareholder”) is amended as...

      7. 7.In section 398(1) (increase in amount or value of dividends...

      8. 8.In section 873 (orders and regulations), after subsection (3) insert—...

      9. 9.Consequential amendments of other Acts

      10. 10.In ICTA— (a) in section 824(4A)(b) (repayment supplements: individuals and...

      11. 11.In section 171(2B) of FA 1993 (Lloyd’s underwriters etc: taxation...

      12. 12.In Part 2 of Schedule 1 to ITEPA 2003 (definitions),...

      13. 13.In ITA 2007— (a) in section 504(4)(b) (provisions that do...

      14. 14.Commencement

    20. SCHEDULE 20

      Loan relationships: connected parties

      1. 1.Introduction

      2. 2.Section 374

      3. 3.Sections 375 and 376

      4. 4.(1) Section 376 (interpretation of section 375) is amended as...

      5. 5.Section 377

      6. 6.Section 407

      7. 7.Sections 409 and 410

      8. 8.(1) Section 410 (interpretation of section 409) is amended as...

      9. 9.Commencement and transitional provision

    21. SCHEDULE 21

      Foreign exchange: anti-avoidance

      1. 1.Loan relationships

      2. 2.In section 328 (exchange gains and losses), after subsection (4)...

      3. 3.After that section insert— Arrangements that have a “one-way exchange...

      4. 4.Derivative contracts

      5. 5.For the heading before section 606 (exchange gains and losses)...

      6. 6.(1) Section 606 is amended as follows

      7. 7.After that section insert— Arrangements that have a “one-way exchange...

      8. 8.Immediately before section 607 (pre-contract or abortive expenses) insert— Miscellaneous...

      9. 9.Interpretation

      10. 10.Consequential revocation

      11. 11.Commencement

    22. SCHEDULE 22

      Offshore funds

      1. Part 1 Meaning of “offshore fund”

        1. 1.FA 2008

        2. 2.Before section 41 (tax treatment of participants in offshore funds)...

        3. 3.(1) Section 41 (tax treatment of participants in offshore funds)...

        4. 4.(1) Section 42 (regulations under section 41: supplementary) is amended...

        5. 5.After that section insert— Regulations: procedure (1) Regulations under this group of sections are to be...

        6. 6.Restriction on regulation-making power under section 41 of FA 2008

      2. Part 2 Application of TCGA 1992 to offshore funds

        1. 7.TCGA 1992

        2. 8.In Chapter 3 of Part 3 (collective investment schemes), insert...

        3. 9.Accordingly, in the title of Part 3 and in the...

        4. 10.In section 288(1) (interpretation), in the definition of “company”, for...

        5. 11.Consequential provision

        6. 12.Commencement: general

        7. 13.Commencement: certain consequential amendments

        8. 14.Commencement orders

        9. 15.Election modifying commencement

        10. 16.Making an election

        11. 17.Giving effect to elections

        12. 18.Modification of acquisition cost

    23. SCHEDULE 23

      Insurance companies

      1. 1.Transfer from non technical account not to be receipt

      2. 2.No deduction for capital allocations to with-profits policy holders

      3. 3.Limits on loss relief for addition to non-profit funds

      4. 4.FAFTS and contingent loans

      5. 5.Apportionment: foreign business assets

      6. 6.In consequence of the amendments made by paragraph 5, omit—...

      7. 7.(1) The amendments made by paragraphs 5 and 6 have...

      8. 8.Value shifting attributable to transfer of business

    24. SCHEDULE 24

      Disguised interest

      1. 1.Amendments of Part 6 of CTA 2009

      2. 2.(1) Section 477(2) (overview of Part 6) is amended as...

      3. 3.After Chapter 2 insert— Chapter 2A Disguised interest Overview (1) This Chapter provides for Part 5 to apply in...

      4. 4.After Chapter 6 insert— Chapter 6A Shares accounted for as...

      5. 5.Amendments and repeals

      6. 6.In section 26 of F(No.2)A 2005 (tax arbitrage), for subsection...

      7. 7.(1) Schedule 4 to CTA 2009 (index of expressions) is...

      8. 8.Repeals

      9. 9.Omit the following provisions (which relate to the provisions repealed...

      10. 10.In section 542(2) of CTA 2009 (introduction to Chapter 10...

      11. 11.Commencement

      12. 12.The amendments (and repeals) made by paragraphs 2(3) and 4...

      13. 13.(1) This paragraph applies where any of the provisions repealed...

      14. 14.(1) This paragraph applies where Chapter 7 of Part 6...

      15. 15.(1) This paragraph applies where— (a) Chapter 7 of Part...

      16. 16.An election under— (a) section 486D(2) of CTA 2009, or...

    25. SCHEDULE 25

      Transfers of income streams

      1. Part 1 Company transferors

        1. 1.Application of Part

        2. 2.Value of transferred income stream treated as income

        3. 3.Exception: amount otherwise taxed

        4. 4.Exception: transfer by way of security

        5. 5.Partnership shares

        6. 6.Interpretation

      2. Part 2 Non-corporate transferors

        1. 7.In ITA 2007, after section 809 insert— Chapter 5A Transfers...

      3. Part 3 Company transferees

        1. 8.(1) Part 6 of CTA 2009 (relationships treated as loan...

      4. Part 4 Consequential amendments and repeals

        1. 9.(1) In ICTA, omit— (a) section 730 (transfers of rights...

      5. Part 5 Commencement

        1. 10.This Schedule has effect in relation to transfers on or...

    26. SCHEDULE 26

      Certification of SAYE savings arrangements

      1. 1.Chapter 4 of Part 6 of ITTOIA 2005 (SAYE interest)...

      2. 2.Transfer of certain functions from Treasury to HMRC

      3. 3.In section 706(1) and (2) (withdrawal and variation of certifications...

      4. 4.In section 707(1) (authorisation of providers), for “Treasury” substitute “Commissioners”....

      5. 5.(1) Section 708 (withdrawal and variation of authorisations) is amended...

      6. 6.Removal of requirement that notice be sent by post

      7. 7.Reduction of notice period for withdrawals and variations

      8. 8.Power to provide for withdrawals and variations not to affect certain contracts

    27. SCHEDULE 27

      Remittance basis

      1. Part 1 Amendments of ITA 2007

        1. 1.Chapter A1 of Part 14 of ITA 2007 (remittance basis)...

        2. 2.In section 809C (claim for remittance basis by long-term UK...

        3. 3.(1) Section 809D (application of remittance basis without claim where...

        4. 4.(1) Section 809E (application of remittance basis without claim: other...

        5. 5.In section 809H (claim for remittance basis by long-term UK...

        6. 6.(1) Section 809L (meaning of “remitted to the United Kingdom”)...

        7. 7.(1) Section 809M (meaning of “relevant person” for purposes of...

        8. 8.In section 809P (amount remitted), insert at the end—

        9. 9.(1) Section 809T (foreign chargeable gains accruing on disposals made...

        10. 10.(1) Section 809X (property which is exempt property) is amended...

        11. 11.(1) Section 809Z5 (notional remitted amount) is amended as follows....

      2. Part 2 Amendments of other Acts

        1. 12.TCGA 1992

        2. 13.ITTOIA 2005

        3. 14.FA 2008

      3. Part 3 Commencement

        1. 15.(1) The amendments made by paragraphs 2 to 5, 10,...

    28. SCHEDULE 28

      Taxable benefits: cars

      1. 1.Introduction

      2. 2.Abolition of “price cap”

      3. 3.In section 145(5) (modifications of provisions where car temporarily replaced),...

      4. 4.In section 147(1) and (2) (classic cars), for “amount carried...

      5. 5.In section 170(1) (Treasury orders increasing various amounts), omit paragraph...

      6. 6.Cars with CO2 emissions figures: the appropriate percentage

      7. 7.Electrically propelled cars: the appropriate percentage

      8. 8.In section 142 (special provision for cars registered before 1998)—...

      9. 9.Consequential repeal

      10. 10.Commencement

    29. SCHEDULE 29

      Manufactured overseas dividends

      1. 1.Repos

      2. 2.Stock lending

      3. 3.Commencement

    30. SCHEDULE 30

      Financial arrangements avoidance

      1. 1.Interest payments: arrangements appearing very likely to produce post-tax advantage

      2. 2.Amounts not fully recognised for accounting purposes

      3. 3.(1) In CTA 2009, after section 599 insert— Amounts not...

      4. 4.Loan relationships involving connected debtor and creditor where debits exceed credits

      5. 5.Credits and debits for manufactured interest

    31. SCHEDULE 31

      Sale of lessor companies etc: anti-avoidance

      1. 1.Introduction

      2. 2.Paragraph 6

      3. 3.Paragraph 7

      4. 4.Paragraph 7A

      5. 5.Paragraph 17

      6. 6.Paragraph 17A

      7. 7.Paragraph 22

      8. 8.Paragraph 40

      9. 9.Paragraph 41

      10. 10.Paragraph 42

      11. 11.Consequential repeal

      12. 12.Commencement

    32. SCHEDULE 32

      Leases of plant or machinery

      1. 1.Disposal values: commencement of long funding finance leases

      2. 2.Accordingly, in FA 2008, in Schedule 20, omit paragraph 4....

      3. 3.(1) Section 25A of TCGA 1992 (long funding leases of...

      4. 4.Accordingly, in FA 2008, in Schedule 20, omit paragraph 5....

      5. 5.(1) The amendments made by paragraphs 1 and 2 have...

      6. 6.Disposal values: termination etc of long funding leases

      7. 7.(1) Section 70E of CAA 2001 (long funding leases: disposal...

      8. 8.The amendments made by paragraphs 6 and 7 have effect...

      9. 9.Capital receipts treated as income

      10. 10.(1) Section 809ZB of ITA 2007 (plant and machinery leases:...

      11. 11.(1) The amendments made by paragraphs 9 and 10 have...

      12. 12.Transfer and long funding leaseback: restrictions on lessee’s allowances

      13. 13.In section 52(5) of CAA 2001 (first-year allowances), insert at...

      14. 14.In section 57(3) of CAA 2001 (available qualifying expenditure), insert...

      15. 15.In CAA 2001, after section 70D insert— Transfer and long...

      16. 16.In section 70H of CAA 2001 (lessee: requirement for tax...

      17. 17.The amendments made by paragraphs 12 to 16 have effect...

      18. 18.Transfer followed by hire-purchase etc: restrictions on hirer’s allowances

      19. 19.In section 52(5) of CAA 2001 (first-year allowances), after “217”...

      20. 20.In section 57(3) of CAA 2001 (available qualifying expenditure), after...

      21. 21.In CAA 2001, after section 229 insert— Transfer followed by...

      22. 22.The amendments made by paragraphs 18 to 21 have effect...

      23. 23.Finance leaseback

      24. 24.In section 221(1)(b)(i) of CAA 2001 (meaning of “sale and...

      25. 25.The amendment made by paragraph 23 has effect—

      26. 26.The amendment made by paragraph 24 has effect—

      27. 27.Interpretation

    33. SCHEDULE 33

      Long funding leases of films

      1. 1.In ICTA, after section 502GC insert— Cases where ss 502B...

      2. 2.In ITTOIA 2005, after section 148FC insert— Cases where ss...

      3. 3.The amendments made by paragraphs 1 and 2 have effect...

      4. 4.Paragraphs 5 to 8 apply in respect of a long...

      5. 5.(1) Section 502B of ICTA or section 148A of ITTOIA...

      6. 6.(1) For the purpose of calculating the profits of the...

      7. 7.Section 502C of ICTA or section 148B of ITTOIA 2005...

      8. 8.(1) If section 502D of ICTA or section 148C of...

      9. 9.For the purposes of paragraphs 3 to 8—

    34. SCHEDULE 34

      Real Estate Investment Trusts

      1. 1.Introduction

      2. 2.Property rental business

      3. 3.Conditions for company

      4. 4.Conditions for balance of business

      5. 5.Entry notice: conditions for company

      6. 6.Profit: financing-cost ratio

      7. 7.Funds awaiting re-investment

      8. 8.Connected persons

    35. SCHEDULE 35

      Pensions: special annual allowance charge

      1. 1.Special annual allowance charge

      2. 2.Calculation of relevant income

      3. 3.Total adjusted pension input amount: general

      4. 4.Total adjusted pension input amount: modifications of sections 229 to 237 of FA 2004

      5. 5.(1) Sections 230(1), 233(1) and 234(1) of FA 2004 have...

      6. 6.Total adjusted pension input amount: modification in cases of avoidance scheme

      7. 7.Protected pension input amounts: general

      8. 8.Protected pension input amounts: existing defined benefits arrangements

      9. 9.Protected pension input amounts: existing cash balance arrangements

      10. 10.Protected pension input amounts: other existing money purchase arrangements under occupational and public service pension schemes

      11. 11.Protected pension input amounts: other existing money purchase arrangements under other pension schemes

      12. 12.Protected pension input amounts: existing hybrid arrangements

      13. 13.Protected pension input amounts: new and re-activated arrangements

      14. 14.Protected pension input amounts: anti-avoidance

      15. 15.Relevant refunded amounts

      16. 16.Pre-22 April 2009 pension input amount

      17. 17.Increased special annual allowance

      18. 18.Taxation of contributions refund lump sums

      19. 19.Power to amend

      20. 20.Currently-relieved non-UK pension schemes

      21. 21.Tax years to which Schedule applies

      22. 22.Minor amendment

      23. 23.Interpretation

    36. SCHEDULE 36

      VAT: place of supply of services etc

      1. Part 1 Amendments coming into force in 2010

        1. 1.VATA 1994 is amended as follows.

        2. 2.In section 6(14A) (time of supply), omit “In relation to...

        3. 3.(1) Section 7 (place of supply) is amended as follows....

        4. 4.After that section insert— Place of supply of services (1) This section applies for determining, for the purposes of...

        5. 5.(1) Section 8 (reverse charge on supplies received from abroad)...

        6. 6.For section 9 substitute— Place where supplier or recipient of...

        7. 7.(1) Section 43 (groups of companies) is amended as follows....

        8. 8.(1) Section 96 (interpretation) is amended as follows.

        9. 9.Section 97(4)(a) (orders subject to requirement of Parliamentary approval after...

        10. 10.Section 97A(1) (place of supply orders: transitional provision), for “on...

        11. 11.After Schedule 4 insert— SCHEDULE 4A Place of supply of...

        12. 12.Omit Schedule 5 (services supplied where received).

        13. 13.In Article 5 of the Value Added Tax (Tour Operators)...

        14. 14.(1) The powers contained in section 7A(6) of VATA 1994...

      2. Part 2 Amendments coming into force in 2011

        1. 15.Admission to cultural, educational and entertainment activities etc

        2. 16.The amendments made by this Part have effect in relation...

      3. Part 3 Amendments coming into force in 2013

        1. 17.In Schedule 4A to VATA 1994 (inserted by paragraph 11),...

        2. 18.The amendment made by this Part has effect in relation...

      4. Part 4 Transitional provisions

        1. 19.(1) This paragraph applies where— (a) amendments made by this...

    37. SCHEDULE 37

      Stock lending: stamp taxes in the event of insolvency

      1. Part 1 Stamp duty

        1. 1.FA 1986 is amended as follows.

        2. 2.In Part 3 (stamp duty), after section 80C insert— Repurchases...

        3. 3.(1) In consequence of the amendment made by paragraph 2,...

      2. Part 2 Stamp duty reserve tax

        1. 4.Part 4 of FA 1986 (stamp duty reserve tax) is...

        2. 5.After section 89AA insert— Section 87: exception for repurchases and...

    38. SCHEDULE 38

      Capital allowances for oil decommissioning expenditure

      1. 1.CAA 2001 is amended as follows.

      2. 2.(1) Section 163 (meaning of “general decommissioning expenditure”) is amended...

      3. 3.(1) Section 164 (general decommissioning expenditure incurred before cessation of...

      4. 4.(1) Section 165 (general decommissioning expenditure after ceasing ring fence...

      5. 5.The amendments made by this Schedule have effect in relation...

    39. SCHEDULE 39

      PRT: blended oil

      1. 1.Part 5 of FA 1987 (oil taxation) is amended as...

      2. 2.For section 63 substitute— Blends of oil from two or...

      3. 3.(1) Schedule 12 (supplementary provisions as to blended oil) is...

      4. 4.The amendments made by this Schedule have effect in relation...

    40. SCHEDULE 40

      Oil: chargeable gains

      1. Part 1 Licence swaps

        1. 1.TCGA 1992 is amended as follows.

        2. 2.In section 35(3) (assets held on 31 March 1982, including...

        3. 3.In section 55 (assets owned on 31 March 1982 or...

        4. 4.In section 175(2C)(b) (replacement of business assets by members of...

        5. 5.After section 195 insert— Oil licence swaps (1) Sections 195B to 195E apply for the purposes of...

        6. 6.(1) Section 196 (interpretation of sections 194 and 195) is...

        7. 7.In Schedule 3 (assets held on 31 March 1982), in...

        8. 8.The amendments made by this Part have effect in relation...

      2. Part 2 Reinvestment of ring fence assets

        1. 9.Amendment of TCGA 1992

        2. 10.Roll-over relief

        3. 11.Alternative to roll-over relief

        4. 12.After that section insert— Ring fence reinvestment: whole consideration reinvested...

        5. 13.The amendments made by this Part have effect in relation...

    41. SCHEDULE 41

      Oil assets put to other uses

      1. Part 1 Petroleum revenue tax

        1. 1.Allowance of decommissioning and restoration expenditure

        2. 2.Amounts which are not chargeable tariff receipts

        3. 3.No reduction of allowable expenditure

        4. 4.Commencement

      2. Part 2 Capital allowances

        1. 5.General decommissioning expenditure

        2. 6.In section 165(4A) of CAA 2001 (general decommissioning expenditure after...

        3. 7.Commencement

    42. SCHEDULE 42

      PRT: former licensees and former oil fields

      1. Part 1 Persons who cease to be licensees because of cessation events

        1. 1.OTA 1975 is amended as follows.

        2. 2.(1) Section 12 (interpretation of Part 1) is amended as...

        3. 3.In Schedule 5 (allowance of expenditure other than abortive exploration...

        4. 4.The amendments made by this Part have effect in relation...

      2. Part 2 Areas treated as continuing to be oil fields

        1. 5.OTA 1975 is amended as follows.

        2. 6.In section 12(1) (interpretation of Part 1), in the definition...

        3. 7.(1) Schedule 1 (determination of oil fields) is amended as...

        4. 8.The amendments made by this Part have effect in relation...

    43. SCHEDULE 43

      PRT: abolition of provisional expenditure allowance

      1. 1.Interpretation

      2. 2.Abolition of allowance

      3. 3.Amendments consequential on abolition

      4. 4.Savings

    44. SCHEDULE 44

      Supplementary charge: reduction for certain new oil fields

      1. Part 1 Reduction of adjusted ring fence profits

        1. 1.(1) A company’s adjusted ring fence profits for an accounting...

      2. Part 2 Pool of field allowances

        1. 2.Company’s pool of field allowances

        2. 3.Carrying part of pool of field allowances into following period

        3. 4.Carrying whole of pool of field allowances into following period

      3. Part 3 Field allowance: when held and unactivated amount

        1. 5.Initial licensee to hold a field allowance

        2. 6.Holding a field allowance on acquisition of equity share

        3. 7.Unactivated amount of a field allowance

      4. Part 4 No change in equity share: activation of allowance

        1. 8.Introduction

        2. 9.Activation of field allowance

      5. Part 5 Change in equity share: activation of allowance

        1. 10.Introduction

        2. 11.Reference periods

        3. 12.Activation of field allowance

      6. Part 6 Change in equity share: transfer of field allowance

        1. 13.Introduction

        2. 14.Reduction of field allowance if equity disposed of

        3. 15.Acquisition of field allowance if equity acquired

      7. Part 7 Miscellaneous

        1. 16.Adjustments

        2. 17.Orders

      8. Part 8 Interpretation

        1. 18.New oil fields

        2. 19.Authorising development

        3. 20.Qualifying oil fields

        4. 21.Small oil field

        5. 22.Ultra heavy oil field

        6. 23.Ultra high pressure/high temperature oil field

        7. 24.Total field allowance for new oil field

        8. 25.Other interpretation

    45. SCHEDULE 45

      Oil: miscellaneous amendments

      1. 1.OTA 1975

      2. 2.OTA 1983

      3. 3.FA 1993

      4. 4.ICTA

    46. SCHEDULE 46

      Duties of senior accounting officers of qualifying companies

      1. 1.Main duty of senior accounting officer

      2. 2.Certificate for Commissioners

      3. 3.Notifying Commissioners of name of senior accounting officer

      4. 4.Penalty for failure to comply with main duty

      5. 5.Penalties for failure to provide certificate etc

      6. 6.More than one senior accounting officer

      7. 7.Penalty for failure to notify Commissioners of name of senior accounting officer

      8. 8.Reasonable excuse

      9. 9.Assessment of penalties

      10. 10.Appeal

      11. 11.Enforcement of penalties

      12. 12.Power to change amount of penalties

      13. 13.Application of provisions of TMA 1970

      14. 14.Meaning of “appropriate tax accounting arrangements”

      15. 15.Meaning of “qualifying company”

      16. 16.Meaning of “senior accounting officer”

      17. 17.Regulations

      18. 18.Other definitions

    47. SCHEDULE 47

      Amendment of information and inspection powers

      1. 1.Schedule 36 to FA 2008 (information and inspection powers) is...

      2. 2.(1) Paragraph 3 (approval etc of taxpayer notices and third...

      3. 3.(1) Paragraph 5 (power to obtain information and documents about...

      4. 4.In paragraph 6 (notices), insert at the end—

      5. 5.(1) Paragraph 10 (power to inspect business premises etc) is...

      6. 6.(1) Paragraph 11 (power to inspect premises used in connection...

      7. 7.In paragraph 12(5) (carrying out inspections)— (a) for “with the...

      8. 8.(1) Paragraph 13 (approval of inspections) is amended as follows....

      9. 9.(1) Paragraph 21 (taxpayer notices) is amended as follows.

      10. 10.(1) Paragraph 35 (special cases: groups of undertakings) is amended...

      11. 11.(1) Paragraph 37 (special cases: partnerships) is amended as follows....

      12. 12.After paragraph 37 insert— Information in connection with herd basis...

      13. 13.(1) Paragraph 39 (standard penalties) is amended as follows.

      14. 14.In the heading before paragraph 40 (daily default penalties), insert...

      15. 15.After that paragraph insert— Penalties for inaccurate information and documents...

      16. 16.(1) Paragraph 41 (power to change amount of penalties) is...

      17. 17.(1) Paragraph 46 (assessment of penalty) is amended as follows....

      18. 18.(1) Paragraph 47 (right to appeal) is amended as follows....

      19. 19.In the heading before paragraph 48 (procedure on appeal), omit...

      20. 20.(1) Paragraph 49 (enforcement) is amended as follows.

      21. 21.(1) Paragraph 63 (tax) is amended as follows.

      22. 22.(1) Paragraph 64 (tax position) is amended as follows.

    48. SCHEDULE 48

      Extension of information and inspection powers

      1. 1.Schedule 36 to FA 2008 (information and inspection powers) is...

      2. 2.In paragraph 5(4)(b) (power to obtain information and documents about...

      3. 3.After paragraph 10 insert— Power to inspect business premises etc...

      4. 4.(1) Paragraph 12 (carrying out inspections) is amended as follows....

      5. 5.After that paragraph insert— Powers to inspect property for valuation...

      6. 6.(1) Paragraph 13 (approval of tribunal) is amended as follows....

      7. 7.In paragraph 17(b) (power to record information), after “premises,” insert...

      8. 8.(1) Paragraph 21 (restrictions on giving taxpayer notices) is amended...

      9. 9.After that paragraph insert— Taxpayer notices following land transaction return...

      10. 10.In paragraph 28 (restrictions on inspection of business documents), and...

      11. 11.After paragraph 34 insert— Involved third parties (1) This paragraph applies to a third party notice or...

      12. 12.In paragraph 35 (special cases: groups of undertakings), in sub-paragraph...

      13. 13.In paragraph 37 (special cases: partnerships), after sub-paragraph (2) insert—...

      14. 14.After paragraph 61 insert— Involved third parties (1) In this Schedule “involved third party” means a person...

      15. 15.(1) Paragraph 62 (meaning of “statutory records”) is amended as...

    49. SCHEDULE 49

      Powers to obtain contact details for debtors

      1. 1.Requirement for contact details for debtor

      2. 2.Power to obtain details

      3. 3.Complying with notices

      4. 4.Right to appeal

      5. 5.Penalty

      6. 6.Power to change amount of penalty

      7. 7.Application of provisions of TMA 1970

      8. 8.General interpretation

    50. SCHEDULE 50

      Record-keeping

      1. 1.Insurance premium tax

      2. 2.In consequence of the amendment made by paragraph 1(3), in...

      3. 3.Stamp duty land tax

      4. 4.Schedule 10 (stamp duty land tax: returns, enquiries, assessments and...

      5. 5.(1) Paragraph 9 (duty to keep and preserve records) is...

      6. 6.For paragraph 10 (preservation of information instead of original records)...

      7. 7.Accordingly, in the heading before paragraph 10, for “instead of...

      8. 8.Schedule 11 (record-keeping where transaction is not notifiable) is amended...

      9. 9.(1) Paragraph 4 (duty to keep and preserve records) is...

      10. 10.For paragraph 5 (preservation of information instead of original records)...

      11. 11.Accordingly, in the heading before paragraph 5, for “instead of...

      12. 12.Schedule 11A (claims not included in returns) is amended in...

      13. 13.(1) Paragraph 3 (duty to keep and preserve records) is...

      14. 14.After that paragraph insert— Preservation of information etc The duty under paragraph 3 to preserve records may be...

      15. 15.Aggregates levy

      16. 16.(1) Paragraph 2 (records) is amended as follows.

      17. 17.Omit paragraph 3 (evidence of records that are required to...

      18. 18.Climate change levy

      19. 19.(1) Paragraph 125 (records) is amended as follows.

      20. 20.Omit paragraph 126 (evidence of records that are required to...

      21. 21.Landfill tax

    51. SCHEDULE 51

      Time limits for assessments, claims etc

      1. 1.Insurance premium tax

      2. 2.In paragraph 8(4) (recovery of overpaid tax), for “three years”...

      3. 3.In paragraph 22(9) (interest payable by Commissioners), for “three years”...

      4. 4.(1) Paragraph 26 (assessments: time limits) is amended as follows....

      5. 5.Inheritance tax

      6. 6.In section 131 (transfers within 7 years before death: the...

      7. 7.In section 146(2)(a) (Inheritance (Provision for Family and Dependants) Act...

      8. 8.In section 150 (voidable transfers), insert at the end—

      9. 9.In section 179 (sale of shares etc from deceased’s estate:...

      10. 10.In section 191 (sale of land from deceased’s estate: the...

      11. 11.(1) Section 240 (underpayments) is amended as follows.

      12. 12.After that section insert— Underpayments: supplementary (1) This section applies for the purposes of section 240....

      13. 13.In section 241(1) (overpayments), for “six years” substitute “4 years”....

      14. 14.Stamp duty land tax

      15. 15.(1) Schedule 10 (returns, enquiries, assessments and appeals) is amended...

      16. 16.(1) Paragraph 8 of Schedule 14 (time limit for determination...

      17. 17.Petroleum revenue tax

      18. 18.(1) The Table in paragraph 1(1) of Schedule 2 (applying...

      19. 19.In paragraph 10 of Schedule 2 (assessments to tax and...

      20. 20.(1) Paragraph 12 of Schedule 2 (further assessments and determinations)...

      21. 21.In paragraph 12A(1) of Schedule 2 (time limit for assessment...

      22. 22.In that Schedule, after paragraph 12A insert— (1) In a case involving a relevant situation brought about...

      23. 23.(1) Paragraph 2 of Schedule 5 (allowance of expenditure other...

      24. 24.(1) Paragraph 9 of Schedule 5 (allowance of expenditure other...

      25. 25.(1) Schedule 6 (allowance of expenditure (other than abortive exploration...

      26. 26.In paragraph 1(3) of Schedule 7 (allowance of abortive exploration...

      27. 27.Aggregates levy

      28. 28.In section 32(1) (repayments of overpaid aggregates levy), for “three...

      29. 29.(1) Paragraph 4 of Schedule 5 (time limits for assessments)...

      30. 30.In paragraph 2(10) of Schedule 8 (interest payable by Commissioners),...

      31. 31.(1) Paragraph 4 of Schedule 10 (time limits on penalty...

      32. 32.Climate change levy

      33. 33.In paragraph 64(1) (repayments of overpaid climate change levy), for...

      34. 34.In paragraph 66(10) (interest payable by the Commissioners), for “three...

      35. 35.(1) Paragraph 80 (time limits for assessments) is amended as...

      36. 36.(1) Paragraph 108 (time limits on penalty assessments) is amended...

      37. 37.Landfill tax

      38. 38.In paragraph 14(4) (recovery of overpaid tax), for “three years”...

      39. 39.In paragraph 29(8) (interest payable by Commissioners), for “three years”...

      40. 40.(1) Paragraph 33 (assessments: time limits) is amended as follows....

      41. 41.Minor and consequential provision

      42. 42.In Schedule 39 to FA 2008, omit paragraph 66 (saving...

      43. 43.In consequence of the amendments made by this Schedule, omit—...

    52. SCHEDULE 52

      Recovery of overpaid tax etc

      1. Part 1 Income tax and capital gains tax

        1. 1.Claims for recovery of overpaid tax etc

        2. 2.After Schedule 1AA to that Act insert— SCHEDULE 1AB Recovery...

        3. 3.Consequential amendments

        4. 4.For the heading before section 32 substitute “Overpaid tax, excessive...

        5. 5.(1) Section 43A (further assessments etc) is amended as follows....

        6. 6.(1) In paragraph 1 of Schedule 1A (claims etc not...

        7. 7.(1) Paragraph 4 of that Schedule (giving effect to claims...

        8. 8.In Schedule 3ZA (date by which payment to be made...

        9. 9.(1) Section 70H of CAA 2001 (lessee: requirement for tax...

        10. 10.Transitional provision

        11. 11.Saving for petroleum revenue tax

      2. Part 2 Corporation tax

        1. 12.Claims for recovery of overpaid tax etc

        2. 13.For paragraph 51 (and the heading before that paragraph) substitute—...

        3. 14.Accordingly, in the heading of Part 6, at the beginning...

        4. 15.(1) Paragraph 62 (consequential claims etc that may be made)...

        5. 16.In paragraph 88 (conclusiveness of amounts stated in return), insert...

        6. 17.Consequential amendment

    53. SCHEDULE 53

      Late payment interest

      1. Part 1 Special provision: amount carrying late payment interest

        1. 1.Payments on account and balancing payment

        2. 2.Payments on account and overpayment

      2. Part 2 Special provision: late payment interest start date

        1. 3.Amendments and discovery assessments etc

        2. 4.Amounts postponed pending appeal under TMA 1970

        3. 5.Overpayment of tax

        4. 6.Recovery of payment of tax credit or interest

        5. 7.Inheritance tax payable by instalments

        6. 8.Certain other amounts of inheritance tax

        7. 9.In the case of an amount which is payable under...

        8. 10.VAT due from persons not registered as required

        9. 11.Unauthorised VAT invoices

        10. 12.Death of taxpayer

      3. Part 3 Special provision: date to which late payment interest runs

        1. 13.Deduction of income tax at source

        2. 14.Property accepted in lieu of inheritance tax

      4. Part 4 Effect of interest on reliefs

        1. 15.(1) Where conditions A and B are met—

        2. 16.(1) Where— (a) income tax or capital gains tax has...

    54. SCHEDULE 54

      Repayment interest

      1. Part 1 Repayment interest start date: general rule

        1. 1.Introductory

        2. 2.Repayment of amounts paid to HMRC

        3. 3.Date A is the date on which the amount was...

        4. 4.Date B is, in the case of an amount which—...

        5. 5.Payment of amounts on return or claim

      2. Part 2 Special provision as to repayment interest start date

        1. 6.Income tax deducted at source

        2. 7.Carry back of losses and averaging

        3. 8.MIRAS

        4. 9.Income accumulated under certain trusts

        5. 10.Certain amounts of inheritance tax

        6. 11.In the case of an amount which is repayable on...

        7. 12.In the case of an amount which is repayable under...

      3. Part 3 Supplementary

        1. 13.Attribution of repayments

        2. 14.Interpretation

    55. SCHEDULE 55

      Penalty for failure to make returns etc

      1. 1.Penalty for failure to make returns etc

      2. 2.Amount of penalty: occasional returns and annual returns

      3. 3.P is liable to a penalty under this paragraph of...

      4. 4.(1) P is liable to a penalty under this paragraph...

      5. 5.(1) P is liable to a penalty under this paragraph...

      6. 6.(1) P is liable to a penalty under this paragraph...

      7. 7.Amount of penalty: CIS returns

      8. 8.P is liable to a penalty under this paragraph of...

      9. 9.(1) P is liable to a penalty under this paragraph...

      10. 10.(1) P is liable to a penalty under this paragraph...

      11. 11.(1) P is liable to a penalty under this paragraph...

      12. 12.(1) P is liable to a penalty under this paragraph...

      13. 13.(1) This paragraph applies— (a) at any time before P...

      14. 14.Reductions for disclosure

      15. 15.(1) Where a person who would otherwise be liable to...

      16. 16.Special reduction

      17. 17.Interaction with other penalties and late payment surcharges

      18. 18.Assessment

      19. 19.(1) An assessment of a penalty under any paragraph of...

      20. 20.Appeal

      21. 21.(1) An appeal under paragraph 20 is to be treated...

      22. 22.(1) On an appeal under paragraph 20(1) that is notified...

      23. 23.Reasonable excuse

      24. 24.Determination of penalty geared to tax liability where no return made

      25. 25.Partnerships

      26. 26.Double jeopardy

      27. 27.Interpretation

    56. SCHEDULE 56

      Penalty for failure to make payments on time

      1. 1.Penalty for failure to pay tax

      2. 2.Assessments and determinations in default of return

      3. 3.Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more

      4. 4.(1) This paragraph applies in the case of a payment...

      5. 5.Amount of penalty: PAYE and CIS amounts

      6. 6.(1) P is liable to a penalty under this paragraph...

      7. 7.If any amount of the tax is unpaid after the...

      8. 8.If any amount of the tax is unpaid after the...

      9. 9.Special reduction

      10. 10.Suspension of penalty during currency of agreement for deferred payment

      11. 11.Assessment

      12. 12.(1) An assessment of a penalty under any paragraph of...

      13. 13.Appeal

      14. 14.(1) An appeal under paragraph 13 is to be treated...

      15. 15.(1) On an appeal under paragraph 13(1) that is notified...

      16. 16.Reasonable excuse

      17. 17.Double jeopardy

      18. 18.Interpretation

    57. SCHEDULE 57

      Amendments relating to penalties

      1. Part 1 Amendments of Schedule 24 to FA 2007

        1. 1.Schedule 24 to FA 2007 (penalties for errors) is amended...

        2. 2.In paragraph 2 (under-assessment by HMRC), insert at the end—...

        3. 3.In paragraph 5 (normal rule for calculating potential lost revenue),...

        4. 4.In paragraph 9(1)(b) and (c) (reductions for disclosure), for “supply...

        5. 5.In paragraph 13 (assessment), insert at the end—

        6. 6.For paragraph 16(2) (appeals) substitute— (2) Sub-paragraph (1) does not...

        7. 7.(1) Paragraph 19 (companies: officers' liability) is amended as follows....

        8. 8.Omit paragraph 28(da) (interpretation of references to assessment).

        9. 9.In paragraphs 30 and 31 (consequential amendments) for “paragraph 7”...

      2. Part 2 Amendments of Schedule 41 to FA 2008

        1. 10.Schedule 41 to FA 2008 (penalties for failure to notify...

        2. 11.For paragraph 18(2) (appeals) substitute— (2) Sub-paragraph (1) does not...

        3. 12.(1) Paragraph 22 (companies: officers' liability) is amended as follows....

      3. Part 3 Other amendments

        1. 13.(1) TMA 1970 is amended as follows.

        2. 14.In FA 2008 omit— (a) paragraph 74 of Schedule 36...

    58. SCHEDULE 58

      Recovery of debts under PAYE regulations

      1. 1.PAYE regulations

      2. 2.In subsection (1), omit “for Her Majesty’s Revenue and Customs”....

      3. 3.(1) Subsection (2) is amended as follows.

      4. 4.After subsection (3) insert— (3A) PAYE regulations under item 2A...

      5. 5.In paragraph (a) of subsection (7A), after “tax” insert “or...

      6. 6.After that subsection insert— (7AA) In this section “relevant debt”,...

      7. 7.In subsection (7C), before the definition of “payer” insert— “the...

      8. 8.Consequential provision

      9. 9.(1) Part 11 of ITEPA 2003 (pay as you earn)...

      10. 10.(1) The Treasury may by order make provision—

    59. SCHEDULE 59

      Climate change levy: removal of reduced rate

      1. Part 1 New provision for removal of reduced rate

        1. 1.In Schedule 6 to FA 2000 (climate change levy), after...

      2. Part 2 Consequential amendments

        1. 2.Schedule 6 to FA 2000 is amended as follows.

        2. 3.(1) Paragraph 40 (persons liable to account for levy) is...

        3. 4.In paragraph 41(2A) (application of Part 7 where person liable...

        4. 5.In paragraph 42 (amount payable by way of levy), after...

        5. 6.In paragraph 44(2) (definition of “reduced-rate supply” to have effect...

        6. 7.In paragraph 45A (deemed supplies), after sub-paragraph (2) insert—

        7. 8.(1) Paragraph 91 (interpretation etc of Part 7 of the...

        8. 9.In paragraph 147 (interpretation), in the definition of “reduced-rate supply”,...

    60. SCHEDULE 60

      Landfill tax: prescribed landfill site activities

      1. 1.Introduction

      2. 2.Prescribed landfill site activities to be treated as disposals

      3. 3.In section 71(7) (orders and regulations), after paragraph (c) insert—...

      4. 4.Material temporarily held

      5. 5.Material at landfill sites

      6. 6.For the heading before paragraph 1 substitute— Information: general

      7. 7.After paragraph 1 insert— Information: material at landfill sites (1) Regulations may make provision about giving the Commissioners information...

      8. 8.For the heading before paragraph 2 substitute— Records: registrable persons...

      9. 9.After paragraph 2 insert— Records: material at landfill sites (1) Regulations may require a person to make records relating...

      10. 10.Site restoration

      11. 11.In Part 1 of Schedule 5 (information), after paragraph 1A...

      12. 12.Landfill tax returns

      13. 13.Commencement and savings

    61. SCHEDULE 61

      Alternative finance investment bonds

      1. Part 1 Introductory

        1. 1.Interpretation

      2. Part 2 Issue, transfer and redemption of rights under arrangements

        1. 2.Issue, transfer and redemption of rights under bond not be treated as chargeable transaction

        2. 3.Relief not available where bond-holder acquires control of underlying asset

        3. 4.(1) But paragraph 3(1) does not apply (and, accordingly, section...

      3. Part 3 Transactions relating to underlying assets consisting of land

        1. Introductory

          1. 5.General conditions for operation of reliefs etc

        2. Stamp duty land tax

          1. 6.Relief from stamp duty land tax: first transaction

          2. 7.(1) This paragraph applies if— (a) the interest in the...

          3. 8.Relief from stamp duty land tax: second transaction

          4. 9.Discharge of charge when conditions for relief met

        3. Taxation of capital gains

          1. 10.Relief from taxation of capital gains: first transaction

          2. 11.(1) This paragraph applies if— (a) the interest in the...

          3. 12.Relief from taxation of capital gains: second transaction

        4. Capital allowances

          1. 13.Introductory

          2. 14.Treatment for purposes of capital allowances

          3. 15.Loss or destruction of asset

          4. 16.Q retaining asset when no longer held for purposes of bond

          5. 17.Q transferring asset to third person

        5. Supplementary

          1. 18.Substitution of asset

          2. 19.HMRC to notify Registrar of discharge of charge

          3. 20.Relief not available where bond-holder acquires control of underlying asset

          4. 21.(1) But paragraph 20 does not prevent the reliefs being...

          5. 22.Relief not available if purpose of arrangements is improper

          6. 23.Regulations

      4. Part 4 Supplementary

        1. 24.Consequential amendments of FA 2003

        2. 25.After section 73B insert— Alternative finance investment bonds Schedule 61 to the Finance Act 2009 makes provision for...

        3. 26.In section 86 (payment of tax), after subsection (5) insert—...

        4. 27.Consequential amendments of FA 2005

        5. 28.Consequential amendment of CTA 2009

        6. 29.Commencement

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