Finance Act 2010 Explanatory Notes

  • Explanatory Notes Table of contents
  1. Introduction

    1. Section 1: Charge, Main Rates, Thresholds and Allowances Etc for 2010-11

      1. Summary

      2. Details of the Section

      3. Background Note

    2. Section 2: Corporation Tax - Charge and Main Rates for Financial Year 2011

      1. Summary

      2. Details of the Section

      3. Background Note

    3. Section 3: Corporation Tax: Small Profits Rates and Fractions for Financial Year 2010

      1. Summary

      2. Details of the Section

      3. Background Note

    4. Section 4: Increase in Entrepreneurs' Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    5. Section 5: Annual Investment Allowance

      1. Summary

      2. Details of the Section

      3. Background Note

    6. Section 6: Relief for First-Time Buyers

      1. Summary

      2. Details of the Section

      3. Background Note

    7. Section 7: Rate in Respect of Residential Property Where Consideration Over £1m

      1. Summary

      2. Details of the Section

      3. Background Note

    8. Section 8: Inheritance Tax: Rates and Rate Bands

      1. Summary

      2. Details of the Section

      3. Background Note

    9. Section 9: Rates of Alcoholic Liquor Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    10. Section 10: Rates of Tobacco Products Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    11. Section 11: Rates for Motorcycles

      1. Summary

      2. Details of the Section

      3. Background Note

    12. Section 12: Fuel Duties: Rates and Rebates from April 2010

      1. Summary

      2. Details of the Section

      3. Background Note

    13. Section 13: Fuel Duties: Further Changes Rates and Rebates

      1. Summary

      2. Details of the Section

      3. Background Note

    14. Section 14: Rates of Air Passenger Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    15. Section 15: Standard Rate of Landfill Tax

      1. Summary

      2. Details of the Section

      3. Background Note

    16. Section 16: Rate of Aggregates Levy

      1. Summary

      2. Details of the Section

      3. Background Note

    17. Section 17: Rates of Climate Change Levy

      1. Summary

      2. Details of the Section

      3. Background Note

    18. Section 18: Climate Change Levy: Reduced-Rate Supplies

      1. Summary

      2. Details of the Section

      3. Background Note

    19. Section 19: Rate of Bingo Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    20. Section 20: Rates of Gaming Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    21. Section 21: Amusement Machine Licence Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    22. Section 22 Schedule 1: Bank Payroll Tax

      1. Summary

      2. Details of the Schedule

        1. Part 1 – The Tax

        2. Part 2 – Collection and Management of Tax

        3. Part 3 – Definitions

      3. Background Note

    23. Section 23 Schedule 2: Pensions: High Income Excess Relief Charge

      1. Summary

      2. Details of the Schedule

        1. New section 213A High income excess relief charge

        2. New section 213B High Income

        3. New section 213C Gross Income

        4. New section 213D Relevant Income

        5. New section 213E The appropriate rate

        6. New section 213F Total pension savings amount

        7. New section 213G Money purchase arrangements other than cash balance arrangements

        8. New section 213H Cash balance arrangements

        9. New section 213I Adjustment of closing rights

        10. New section 213J Defined benefits arrangements

        11. New section 213K Adjustment of closing pension and lump sum

        12. New section 213L Age-related factors

        13. New section 213M Uprating of opening rights, pension and lump sum

        14. New section 213N Hybrid arrangements

        15. New section 213O Anti-avoidance

        16. New section 213P Power to make regulations about charge

      3. Background Note

    24. Section 24 Schedule 3: Sideways Relief Etc

      1. Summary

      2. Details of the Schedule

      3. Background Note

    25. Section 25: Property Loss Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    26. Section 26 Schedule 4: Capital Allowance Buying

      1. Summary

      2. Details of the Schedule

        1. Introduction

        2. Qualifying Change

        3. Relevant excess of allowances

        4. Unallowable purpose

        5. What happens when Chapter applies

      3. Background Note

    27. Section 27 Schedule 5: Leased Assets

      1. Summary

      2. Details of the Schedule

      3. Background Note

    28. Section 28: Cushion Gas

      1. Summary

      2. Details of the Section

      3. Background Note

        1. Rate of

        2. Leases of cushion gas

    29. Section 29: Sale of Lessors: Consortium Relationships

      1. Summary

      2. Details of the Section

      3. Background Note

    30. Section 30 Schedule 6: Charities and Community Amateur Sports Clubs: Definitions

      1. Summary

      2. Details of the Schedule

        1. Part 1 - Definition of “charity”, “charitable company” and “charitable trust”

        2. Part 2 - Repeals of superseded definitions and other consequential amendments

        3. Part 3 - Meaning of “community amateur sports club”

        4. Part 4 - Commencement

      3. Background Note

    31. Section 31 Schedule 7: Gifts of Shares Etc to Charity

      1. Summary

      2. Details of the Schedule

      3. Background Note

        1. Example 1

        2. Example 2

        3. Example 3

        4. Example 4

    32. Section 32 Schedule 8: Miscellaneous Amendments

      1. Summary

      2. Details of the Schedule

        1. Payroll giving

        2. Payments to bodies outside the UK: non-charitable expenditure

        3. Gift Aid: disqualifying overseas gifts

        4. Gift Aid administration

        5. Commencement

      3. Background Note

    33. Section 33:  “Relevant Person”

      1. Summary

      2. Details of the Section

      3. Background Note

    34. Section 34 Schedule 9: Foreign Currency Bank Accounts

      1. Summary

      2. Details of the Schedule

        1. Schedule 8A

      3. Background Note

    35. Section 35 and Schedule 10: Penalties: Offshore Income Etc

      1. Summary

      2. Details of the Section

      3. Details of the Schedule

      4. Background Note

    36. Section 36 Schedule 11: Reliefs and Reductions for Foreign Tax

      1. Summary

      2. Details of the Schedule

      3. Background Note

    37. Section 37: Asset Transfer to Non-Resident Company: Recovery of Postponed Charge

      1. Summary

      2. Details of the Section

      3. Background Note

    38. Section 38 Schedule 12: Transactions in Securities

      1. Summary

      2. Details of the Schedule

        1. Income tax

        2. Corporation Tax

        3. Consequential amendments

        4. Commencement

      3. Background Note

    39. Section 39: Approved Csop Schemes: Eligible Shares

      1. Summary

      2. Details of the Section

      3. Background Note

    40. Section 40 Schedule 13: Unauthorised Unit Trusts

      1. Summary

      2. Details of the Schedule

      3. Background Note

    41. Section 41 Schedule 14: Index-Linked Gilt-Edged Securities

      1. Summary

      2. Details of the Schedule

      3. Background Note

    42. Section 42: Approved Share Incentive Plans

      1. Summary

      2. Details of the Section

      3. Background Note

    43. Section 43 Close Companies: Release of Loans to Participators Etc

      1. Summary

      2. Details of the Section

      3. Background Note

    44. Section 44 Schedule 15: Connected Companies: Release of Debts

      1. Summary

      2. Details of the Schedule

      3. Background Note

    45. Section 45: Relationships Treated as Loan Relationships Etc: Repos

      1. Summary

      2. Details of the Section

      3. Background Note

    46. Section 46 Schedule 16: Risk Transfer Schemes

      1. Summary

      2. Details of the Schedule

      3. Background Note

    47. Section 47: Apportionment of Asset Value Increases

      1. Summary

      2. Details of the Section

      3. Background Note

    48. Section 48: Extension of Special Annual Allowance Charge

      1. Summary

      2. Details of the Section

      3. Background Note

    49. Section 49: Information

      1. Summary

      2. Details of the Section

      3. Background Note

    50. Section 50: Vat - Extension of Reverse Charge Provisions to Supplies of Services

      1. Summary

      2. Details of the Section

      3. Background Note

    51. Scetion 51 Insurance Premium Tax: Separate Contracts

      1. Summary

      2. Details of the Section

      3. Background Note

    52. Section 52: Reversionary Interests of Purchaser Or Settlor Etc in Relevant Property

      1. Summary

      2. Details of the Section

      3. Background Note

    53. Section 53: Interests in Possession

      1. Summary

      2. Details of the Section

      3. Background Note

    54. Section 54: Stamp Duty Reserve Tax: Depositary Receipt Systems and Clearance Services Systems

      1. Summary

      2. Details of the Section

      3. Background Note

    55. Section 55: Sdlt: Partnerships

      1. Summary

      2. Details of the Section

      3. Background Note

    56. Section 56 and Schedule 17: Disclosure of Tax Avoidance Schemes

      1. Summary

      2. Details of the Schedule

      3. Background Note

    57. Section 57: Opening of Postal Packets

      1. Summary

      2. Details of the Section

      3. Background Note

    58. Section 58: Zero and Low Emission Vehicles

      1. Summary

      2. Details of the Section

      3. Background Note

    59. Section 59: Cars With CO Emissions Figure

      1. Summary

      2. Details of the Section

      3. Background Note

    60. Section 60: Salary Sacrifice: Restricting Tax Exemption for Workplace Canteens

      1. Summary

      2. Details of the Section

      3. Background Note

    61. Section 61 Schedule 18: Sale of Lessors: Election Out of Charge on Qualifying Change

      1. Summary

      2. Details of the Schedule

      3. Background Note

    62. Section 62 Schedule 19: Accounting Standards: Loan Relationships and Derivative Contracts

      1. Summary

      2. Details of the Schedule

      3. Background Note

    63. Section 63 Schedule 20: Champions League Final

      1. Summary

      2. Details of the Schedule

      3. Background Note

    64. Section 64:  Fscs Intervention in Relation to Insurance Contracts

      1. Summary

      2. Details of the Section

      3. Background Note

    65. Section 65: Stamp Duty and Sdrt: Clearing Houses

      1. Summary

      2. Details of the Section

      3. Background Note

    66. Section 66: Alcoholic Liquor Duties: Power to Amend Definition of “Cider”

      1. Summary

      2. Details of the Section

      3. Background Note

    67. Section 67: Climate Change Levy: Compatible State Aid

      1. Summary

      2. Details of the Section

      3. Background Note

    68. Section 68: Pensions: Minor Corrections

      1. Summary

      2. Details of the Section

      3. Background Note

    69. Sections 69 & 70: Final Provisions

      1. Section 69: Interpretation

      2. Section 70: Short Title

  2. Hansard References

  • Explanatory Notes Table of contents

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