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Finance (No. 2) Act 2010

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  1. Introductory Text

  2. Part 1 Rates etc

    1. Corporation tax

      1. 1.Main rate of corporation tax for financial year 2011

    2. Capital gains tax

      1. 2.Rates of capital gains tax

    3. Value added tax

      1. 3.Rate of value added tax

    4. Insurance premium tax

      1. 4.Rates of insurance premium tax

  3. Part 2 Other provisions

    1. Pensions

      1. 5.Power to repeal high income excess relief charge

      2. 6.Treatment of persons at age 75

    2. Income tax

      1. 7.Expenses paid to MPs etc

    3. Corporation tax

      1. 8.Amounts not fully recognised for accounting purposes

      2. 9.Insurance companies: business transfers involving excess assets

    4. Final provisions

      1. 10.Interpretation

      2. 11.Short title

  4. SCHEDULES

    1. SCHEDULE 1

      Rates of capital gains tax

      1. Amendments of TCGA 1992

        1. 1.TCGA 1992 is amended as follows.

        2. 2.For section 4 (rate of capital gains tax) substitute— Rates...

        3. 3.After section 4A (as substituted by paragraph 2) insert— Deduction...

        4. 4.In section 169H (introduction to entrepreneurs' relief), in subsection (1),...

        5. 5.(1) Section 169N (amount of relief: general) is amended as...

        6. 6.In section 169O (amount of relief: special provision for certain...

        7. 7.In section 169P (amount of relief: special provision for certain...

        8. 8.For section 169R (reorganisations involving acquisition of qualifying corporate bonds)...

        9. 9.(1) Paragraph 1 of Schedule 5B (enterprise investment scheme: re-investment)...

      2. Amendments of FA 2008

        1. 10.In Schedule 3 to FA 2008 (entrepreneurs' relief), in paragraph...

        2. 11.In paragraph 8 of that Schedule (transitionals: EIS and VCT)—...

      3. Commencement

        1. 12.The amendment made by paragraph 2 has effect in relation...

        2. 13.The amendment made by paragraph 3 has effect in relation...

        3. 14.The amendments made by paragraphs 4 to 7 and 9...

        4. 15.The amendment made by paragraph 8 has effect in relation...

        5. 16.The amendment made by paragraph 10 has effect if the...

        6. 17.The amendment made by paragraph 11 has effect if the...

      4. Transitionals

        1. 18.In relation to the tax year 2010-11—

        2. 19.Gains treated as accruing to an individual under section 10A...

        3. 20.(1) Chargeable gains treated as accruing to an individual under...

        4. 21.Chargeable gains treated as accruing to a settlor under section...

        5. 22.(1) This paragraph makes provision, for the purposes of this...

    2. SCHEDULE 2

      Supplementary charge to VAT

      1. Part 1 Supplementary charge to VAT

        1. The charge

          1. 1.(1) There is a supplementary charge to value added tax...

        2. Supply spanning the date of the VAT change

          1. 2.(1) For the purposes of this Schedule, a supply of...

        3. Grant of right spanning the date of the VAT change

          1. 3.(1) For the purposes of this Schedule, a supply consisting...

        4. “Basic time of supply”

          1. 4.(1) In this Schedule the “basic time of supply” is...

        5. Series of supplies

          1. 5.(1) This paragraph applies where— (a) the supply or grant...

        6. “Relevant consideration” and “related” supplies

          1. 6.(1) This paragraph applies for the purposes of condition B...

        7. Financing

          1. 7.(1) This paragraph applies for the purposes of condition C...

        8. Connected persons

          1. 8.Section 1122 of CTA 2010 (connected persons) applies for the...

        9. Receipt of payments

          1. 9.In this Schedule a reference to receipt of a payment...

        10. Power to change relevant conditions

          1. 10.(1) The Treasury may by order amend this Part of...

      2. Part 2 Exceptions

        1. Letting etc of assets

          1. 11.(1) This paragraph applies in relation to a supply within...

        2. Condition B cases involving normal commercial practice

          1. 12.There is no supplementary charge under this Schedule on a...

        3. Condition D cases involving hire purchase, conditional sale or credit sale of goods

          1. 13.There is no supplementary charge under this Schedule on a...

        4. Normal commercial practice

          1. 14.In this Part of this Schedule, “normal commercial practice”, in...

        5. Further exceptions

          1. 15.(1) The Treasury may by order provide that there is...

      3. Part 3 Liability and amount

        1. Liability

          1. 16.(1) A supplementary charge under this Schedule on a supply...

        2. Amount

          1. 17.(1) The amount of the supplementary charge on a supply...

      4. Part 4 Listed supplies

        1. “Listed supply”

          1. 18.(1) In this Schedule “listed supply” means a supply falling...

        2. “Basic time of supply”: listed supplies

          1. 19.(1) For the purposes of this Schedule, in relation to...

      5. Part 5 Administration and interpretation

        1. Person ceasing to be taxable person before supplementary charge due

          1. 20.(1) This paragraph applies if, on the date on which...

        2. Adjustment of contracts following the VAT change

          1. 21.(1) This paragraph applies where— (a) a contract for the...

        3. Invoices

          1. 22.Regulations under paragraph 2A of Schedule 11 to VATA 1994...

        4. Orders under this Schedule

          1. 23.(1) An order under this Schedule is to be made...

        5. Interpretation: general

          1. 24.(1) Expressions used in this Schedule and in VATA 1994...

    3. SCHEDULE 3

      1. Introductory

        1. 1.This Schedule applies to persons who reach the age of...

      2. Pension rules applying at age 77 instead of age 75

        1. 2.(1) The provisions of FA 2004 listed in sub-paragraph (2)...

        2. 3.(1) In paragraphs 6 and 20 of Schedule 28 to...

        3. 4.Sub-paragraphs (6) and (7) of paragraph 11 of Schedule 28...

      3. Treatment of lump sums to which persons become entitled at age 75

        1. 5.Where, by virtue of the operation of sub-paragraph (2) of...

        2. 6.(1) Despite paragraph 5, the amount crystallised by benefit crystallisation...

        3. 7.Paragraph 1 of Schedule 29 to FA 2004 (pension commencement...

        4. 8.(1) If there are any remaining uncrystallised funds at the...

      4. Application of rules of pension schemes

        1. 9.(1) For the purposes of any provision (however framed) that...

      5. Interpretation

        1. 10.Any term used in this Schedule and in Part 4...

    4. SCHEDULE 4

      Expenses paid to MPs etc

      1. Accommodation expenses

        1. 1.(1) ITEPA 2003 is amended as follows.

      2. UK travel and subsistence expenses

        1. 2.(1) In ITEPA 2003, after section 293 insert— UK travel...

      3. European travel expenses

        1. 3.(1) Section 294 of ITEPA 2003 (European travel expenses of...

    5. SCHEDULE 5

      Amounts not fully recognised for accounting purposes

      1. Amendments of sections 311, 312 and 599A of CTA 2009

        1. 1.(1) Section 311 of CTA 2009 (loan relationships: amounts not...

        2. 2.(1) Section 312 of that Act (determination of credits and...

        3. 3.(1) Section 599A of that Act (derivative contracts: amounts not...

      2. Commencement

        1. 4.(1) The amendments made by this Schedule have effect in...

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