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Finance Act 2014

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Finance Act 2014. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

    1. Section 1: Income Tax: Charge, Rates, Basic Rate Limit and Personal Allowance for 2014-15

      1. Summary

      2. Details of the Section

      3. Background Note

    2. Section 2: Basic Rate Limit for 2015-16 and Personal Allowances from 2015

      1. Summary

      2. Details of the Section

      3. Background Note

    3. Section 3: the Starting Rate for Savings and the Savings Rate Limit.

      1. Summary

      2. Details of the Section

      3. Background Note

    4. Section 4: Indexation of Limits and Allowances under ITA 2007

      1. Summary

      2. Details of the Section

      3. Background Note

    5. Section 5: Corporation Tax: Charge for Financial Year 2015

      1. Summary

      2. Details of the Section

      3. Background Note

    6. Section 6: Corporation Tax: Small Profits Rate and Fractions for Financial Year 2014

      1. Summary

      2. Details of the Section

      3. Background Note

    7. Section 7 and Schedule 1: Corporation Tax: Rates for Ring Fence Profits and Abolition of Small Profits Rate for Non-Ring Fence Profits

      1. Summary

      2. Details of the Schedule

        1. Part 1

        2. Part 2

        3. Part 3

      3. Background Note

    8. Section 8: Capital Gains Tax Annual Exempt Amount for 2014-15

      1. Summary

      2. Details of the Section

      3. Background Note

    9. Section 9: Capital Gains Tax Annual Exempt Amount for 2015-16

      1. Summary

      2. Details of the Section

      3. Background Note

    10. Section 10 and Schedule 2: Temporary Increase in Annual Investment Allowance

      1. Summary

      2. Details of the Section

      3. Details of the Schedule

        1. Part 1

        2. Part 2

      4. Background Note

    11. Section 11: Transferable Tax Alllowance for Married Couples and Civil Partners

      1. Summary

      2. Details of the Section

      3. Background Note

    12. Section 12: Recommended Medical Treatment

      1. Summary

      2. Details of the Section

      3. Background Note

    13. Section 13: Relief for Loan Interest: Loan to Buy Interest in Close Company

      1. Summary

      2. Details of the Section

      3. Background Note

    14. Section 14: Relief for Loan Interest: Loan to Buy Interest in Employee-Controlled Company

      1. Summary

      2. Details of the Section

      3. Background Note

    15. Section 15 and Schedule 3: Restrictions on Remittance Basis

      1. Summary

      2. Details of the Schedule

        1. Condition 1: The UK employments test

        2. Condition 2: The associated employer test

        3. Condition 3: The related employments test

        4. Condition 4: The 65% test

        5. Condition 5: The regulatory requirement test

      3. Background Note

    16. Section 16: Treatment of Agency Workers

      1. Summary

      2. Details of the Section

      3. Background Note

    17. Section 17: Recovery under PAYE Regulations from Certain Company Officers

      1. Summary

      2. Details of the Section

        1. Regulation 97ZA

        2. Regulation 97ZB

        3. Regulation 97ZC

        4. Regulation 97ZD

        5. Regulation 97ZE

        6. Regulation 97ZF

      3. Background Note

    18. Section 18: Employment Intermediaries: Information Powers and Related Penalties

      1. Summary

      2. Details of the Section

      3. Background Note

    19. Section 19: Payments Made by Employer on Account of Tax Where Deduction Not Possible

      1. Summary

      2. Details of the Section

      3. Background Note

    20. Section 20: PAYE Obligations of UK Intermediary in Cases Involving Non-UK Employer

      1. Summary

      2. Details of the Section

      3. Background Note

    21. Section 21: Oil and Gas Workers on the Continental Shelf: Operation of PAYE

      1. Summary

      2. Details of the Section

      3. Background Note

    22. Section 22: Threshold for Benefit of Loan to Be Treated as Earnings

      1. Summary

      2. Details of the Section

      3. Background Note

    23. Section 23: Taxable Benefits: Cars, Vans and Related Benefits

      1. Summary

      2. Details of the Section

      3. Background Note

    24. Section 24: Cars: the Appropriate Percentage

      1. Summary

      2. Details of the Section

      3. Background Note

    25. Section 25: Cars and Vans: Payments for Private Use

      1. Summary

      2. Details of the Section

      3. Background Note

    26. Section 26: Release of Debts: Stabilisation Powers under Banking Act 2009

      1. Summary

      2. Details of the Section

      3. Background Note

    27. Section 27: Holdings Treated as Rights under Loan Relationships

      1. Summary

      2. Details of the Section

      3. Background Note

    28. Section 28: De-Grouping Charges (Loan Relationships Etc)

      1. Summary

      2. Details of the Section

      3. Background Note

    29. Section 29: Disguised Distribution Arrangements Involving Derivative Contracts

      1. Summary

      2. Details of the Section

      3. Background Note

    30. Section 30: Avoidance Schemes Involving the Transfer of Corporate Profits

      1. Summary

      2. Details of the Section

      3. Background Note

    31. Section 31: R&D Tax Credits for Small Or Medium-Sized Enterprises

      1. Summary

      2. Details of the Section

      3. Background Note

    32. Section 32: Film Tax Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    33. Section 33: Television Tax Relief: Activities to Be Treated as a Separate Trade

      1. Summary

      2. Detail of the Section

      3. Background Note

    34. Section 34: Video Games Development

      1. Summary

      2. Details of the Section

      3. Background Note

    35. Section 35: Corporate Gift Aid for Community Amateur Sports Clubs

      1. Summary

      2. Details of the Section

        1. General provisions

        2. Anti-abuse provisions

        3. Donations from companies to CASCs

      3. Background Note

        1. Example 1:

        2. Example 2:

    36. Section 36 and Schedule 4: Tax Relief for Theatrical Production

      1. Summary

      2. Details of the Schedule

        1. Part 1: Introduction

        2. Part 2: Consequential Amendments

        3. Part 3: Commencement

      3. Background Note

    37. Section 37: Changes in Company Ownership

      1. Summary

      2. Details of the Section

      3. Background Note

    38. Section 38: Transfer of Deductions: Research and Development Allowances

      1. Summary

      2. Details of the Section

      3. Background Note

    39. Section 39: Tax Treatment of Financing Costs and Income

      1. Summary

      2. Details of the Section

      3. Background Note

    40. Section 40:  Determination of Beneficial Entitlement for Purposes of Group Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    41. Section 41: Pension Flexibility: Drawdown

      1. Summary

      2. Details of the Section

      3. Background Note

    42. Section 42: Pension Flexibility: Taking Low-Value Pension Rights as Lump Sum

      1. Summary

      2. Details of the Section

      3. Background Note

    43. Section 43 and Schedule 5: Pension Flexibility: Further Amendments

      1. Summary

      2. Details of the Schedule

      3. Background Note

    44. Section 44 and Schedule 4: Transitional Provision for New Standard Lifetime Allowance for 2014-15 Etc

      1. Summary

      2. Details of the Schedule

        1. Part 1

        2. Part 2

        3. Part 3

      3. Background Note

    45. Section 45: Taxable specific income: effect on pension input amount for non-UK schemes

      1. Summary

      2. Details of the Section

      3. Background Note

    46. Section 46 and Schedule 7: Pension Schemes

      1. Summary

      2. Details of the Schedule

        1. Registration of pension schemes

        2. De-registration of pension schemes

        3. Declarations required from person who is to be a scheme administrator

        4. Payments by registered pension schemes: surrender

        5. Orders for money etc to be restored to pension schemes

        6. Liabilities of trustees appointed by Pensions Regulator etc

      3. Background Note

    47. Section 47: Glasgow Grand Prix

      1. Summary

      2. Details of the Section

      3. Background Note

    48. Section 48: Major Sporting Events: Power to Provide for Tax Exemptions

      1. Summary

      2. Details of the Section

      3. Background Note

    49. Section 49: Share Incentive Plans: Increases in Maximum Annual Awards Etc

      Section 50: Share Incentive Plans: Power to Adjust Maximum Annual Awards Etc

      1. Summary

      2. Details of the Sections

        1. Section 49: Share Incentive Plans: Increase in Maximum Annual Awards Etc

        2. Section 50: Share Incentive Plans: Power to Adjust Maximum Annual Awards Etc

      3. Background Note

    50. Section 51 and Schedule 8: Employee Share Schemes

      1. Summary

      2. Details of the Schedule

        1. Part 1: Share Incentive Plans

        2. Part 2: SAYE Option Schemes

        3. Part 3: CSOP Schemes

        4. Part 4: Enterprise Management Incentives

        5. Part 5: Other Employee Share Schemes

      3. Background

    51. Section 52 Schedule 9: Employment-Related Securities Etc

      1. Summary

      2. Details of the Schedule

        1. Part 1: Internationally mobile employees

        2. Part 2: Restricted securities and securities acquired for less than market value:

        3. Part 3: Corporation tax relief for employee share acquisitions

        4. Part 4: Commencement and transitional provision

      3. Background Note

    52. Section 53 and Schedule 10: Venture Capital Trusts

      1. Summary

      2. Details of the Schedule

      3. Background Note

    53. Section 54: Removing Time Limit on SEIS Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    54. Section 55: Removing the Time Limit on CGT Relief in Respect of Re-Investment under SEIS

      1. Summary

      2. Details of the Section

      3. Background Note

    55. Section 56: Exclusion of Incentivised Electricity or Heat Generation Activities.

      1. Summary

      2. Details of the Section

      3. Background Note

    56. Section 57 and Schedules 11 & 12: Tax Relief for Social Investment

      1. Summary

      2. Details of Schedule 11

        1. Part 1

          1. Chapter 1

          2. Chapter 2

          3. Chapter 3

          4. Chapter 4

          5. Chapter 5

          6. Chapter 6

          7. Chapter 7

          8. Chapter 8

          9. Chapter 9

        2. Part 2

      3. Details of Schedule 12

      4. Background Note

    57. Section 58: Relief on Disposal of Private Residence

      1. Summary

      2. Details of the Section

      3. Background Note

    58. Section 59: Remittance Basis and Split Year Treatment

      1. Summary

      2. Details of the Section

      3. Background Note

    59. Section 60: Termination of Life Interest and Death of Life Tenant: Disabled Persons

      1. Summary

      2. Details of the Section

      3. Background Note

    60. Section 61: Capital Gains Roll-Over Relief: Relevant Classes of Assets

      1. Summary

      2. Details of the Section

      3. Background Note

    61. Section 62: Capital Gains Rollover Relief: Intangible Fixed Assets

      1. Summary

      2. Details of the Section

        1. Amendment to Section 156ZB TCGA 1992

        2. New section 870A CTA 2009

        3. Commencement

      3. Background Note

    62. Section 63: Avoidance Involving Losses

      1. Summary

      2. Details of the Section

      3. Background Note

    63. Section 64: Extension of Capital Allowances

      1. Summary

      2. Details of the Section

      3. Background Note

    64. Section 65 and Schedule 13: General Block Exemption Regulation

      1. Summary

      2. Details of the Schedule

      3. Background Note

    65. Section 66: Business Premises Renovation Allowances

      1. Summary

      2. Details of the Section

      3. Background Note

    66. Section 67: Mineral Extraction Allowances: Activities Not Within the Charge to Tax

      1. Summary

      2. Details of the Section

      3. Background Note

    67. Section 68: Mineral Extraction Allowances: Expenditure on Planning Permission

      1. Summary

      2. Details of the Section

      3. Background Note

    68. Section 69 Schedule 14: Oil and Gas Fiscal Regime: Extended Ring Fence Expenditure Supplement for Onshore Activities

      1. Summary

      2. Details of the Schedule

      3. Background Note

    69. Section 70 and Schedule 15: Supplementary Charge: Onshore Allowance

      1. Summary

      2. Details of the Schedule

        1. Part 1

          Amendments to Part 8 of CTA 2010

        2. Part 2

          Minor and consequential amendments

        3. Part 3

          Commencement and transitional provisions

      3. Background Note

    70. Section 71: Oil and Gas: Reinvestment after Pre-Trading Disposal

      1. Summary

      2. Details of the Section

        1. New section 198J

        2. New section 198K

        3. New Section 198L

      3. Background Note

    71. Section 72: Substantial Shareholder Exemption: Oil and Gas

      1. Summary

      2. Details of the Section

      3. Background Note

    72. Section 73 and Schedule 16: Oil Contractor Activities: Ring-Fence Trade Etc.

      1. Summary

      2. Details of the Schedule

      3. Background Note

    73. Section 74 and Schedule 17: Partnerships (Part 1): Limited Liability Partnerships: Treatment of Salaried Members

      1. Summary

      2. Details of the Schedule

      3. Background Note

    74. Section 74 and Schedule 17: Partnerships (Part 2): Partnerships With Mixed Membership

      1. Summary

      2. Details of the Schedule

      3. Background Note

    75. Section 74 and Schedule 17: Partnerships (Part 3): Alternative Investment Fund Managers: Deferred Remuneration Etc

      1. Summary

      2. Details of the Schedule

      3. Background Note

    76. Section 74 and Schedule 17: Partnerships (Part 4): Disposals of Assets through Partnerships

      1. Summary

      2. Details of the Schedule

        1. Income tax

        2. Corporation tax

      3. Background Note

    77. Section 75: Transfer Pricing: Restriction on Claims for Compensation Adjustments

      1. Summary

      2. Details of the Section

      3. Background Note

    78. Section 76: Rates of Alcoholic Liquor Duties

      1. Summary

      2. Details of the Section

      3. Background Note

    79. Section 77: Rates of Tobacco Products Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    80. Section 78: Air Passenger Duty: Rates of Duty from 1 April 2014

      1. Summary

      2. Details of the Section

      3. Background Note

    81. Section 79: Air Passenger Duty: Rates of Duty from 1 April 2015

      1. Summary

      2. Details of the Section

      3. Background Note

    82. Section 80: Air Passenger Duty: Adjustments to Part 3 of Schedule 5A to FA 1994

      1. Summary

      2. Details of the Section

      3. Background Note

    83. Section 81: VED Rates for Light Passenger Vehicles, Light Goods Vehicles, Motorcycles Etc.

      1. Summary

      2. Details of the Section

      3. Background

    84. Section 82: VED Rates: Rigid Goods Vehicle With Trailers

      1. Summary

      2. Details of the Section

      3. Background Note

    85. Section 83: VED Rates: Vehicles With Exceptional Loads, Rigid Goods Vehicles and Tractive Units

      1. Summary

      2. Details of the Section

      3. Background Note

    86. Section 84: VED: Extension of Old Vehicles Exemption from            1 April 2014

      Section 85: VED: Extension of Old Vehicles Exemption from            1 April 2015

      1. Summary

        1. Details of Section 84

        2. Details of Section 85

      2. Background Note

    87. Section 86 Schedule 18: Abolition of Reduced VED Rates for Vehicles Satisfying Reduced Pollution Requirements

      1. Summary

      2. Details of the Schedule

      3. Background Note

    88. Section 87: Six Month Licence: Tractive Units

      1. Summary

      2. Details of the Section

      3. Background Note

    89. Section 88: Vehicles Subject to HGV Road User Levy: Amount of   6 Month Licence

      1. Summary

      2. Details of the Section

      3. Background Note

    90. Section 89: Payment of Vehicle Excise Duty by Direct Debit

      1. Summary

      2. Details of the Section

      3. Background Note

    91. Section 90: Definition of “Revenue Weight”

      1. Summary

      2. Details of the Section

      3. Background Note

    92. Section 91 Schedule 19: Vehicle Excise and Registration: Other Provisions

      1. Summary

      2. Details of the Schedule

      3. Background Note

    93. Section 92: HGV Road User Levy: Rates Tables

      1. Summary

      2. Details of the Section

      3. Background Note

    94. Section 93: HGV Road User Levy: Disclosure of Information by HMRC

      1. Summary

      2. Details of the Section

      3. Background Note

    95. Section 94: Aggregates Levy: Removal of Certain Exemptions

      1. Summary

      2. Details of the Section

      3. Background Note

    96. Section 95: Aggregates Levy: Power to Restore Exemptions

      1. Summary

      2. Details of the Section

      3. Background Note

    97. Section 96: Climate Change Levy: Main Rates for 2015-16

      1. Summary

      2. Details of the Section

      3. Background Note

    98. Section 97: Climate Change Levy: Carbon Price Support Rates for 2014-15 and 2015-16

      1. Summary

      2. Details of the Section

      3. Background Note

    99. Section 98: Climate Change Levy: Carbon Price Support Rates from 1 April 2016

      1. Summary

      2. Details of the Section

      3. Background Note

    100. Section 99 and Schedule 20: Climate Change Levy: Exemptions for Metallurgical and Mineralogical Processes

      1. Summary

      2. Details of the Schedule

        1. Part 1

        2. Part 2

      3. Background Note

    101. Section 100: Rates of Landfill Tax

      1. Summary

      2. Details of the Section

      3. Background Note

    102. Section 101 and Schedule 21: Goods Carried as Stores

      1. Summary

      2. Details of the Section

      3. Details of the Schedule

      4. Background Note

    103. Section 102: Penalties under Section 26 of FA 2003: Extension to Excise Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    104. Section 103: Value Added Tax: Special Schemes

      1. Summary

      2. Details of the Schedule

        1. Part 1

        2. Part 2

        3. Part 3

        4. Part 4

      3. Background Note

        1. Transposition note

    105. Section 104: VAT: Place of Belonging

      1. Summary

      2. Background Note

    106. Section 105: VAT: Place of Supply Orders: Disapplication of Transitional Provisions

      1. Summary

      2. Background Note

    107. Section 106: Value Added Tax: Supply of Services through Agents

      1. Summary

      2. Background Note

    108. Section 107: VAT: Refunds to Health Service Bodies

      1. Summary

      2. Details of the Section

      3. Background Note

    109. Section 108: VAT: Prompt Payment Discounts

      1. Summary

      2. Details of the Section

      3. Background Note

    110. Sections 109 - 110: Annual Tax on Enveloped Dwellings

      1. Summary

      2. Details of the Sections

        1. Section 109: ATED Reduction in Threshold from 1 April 2015

        2. Section 110: ATED Further Reduction in Threshold from 1 April 2016

      3. Background Note

    111. Section 111: Stamp Duty Land Tax: Threshold for Higher Rate Applying to Certain Transactions

      1. Summary

      2. Details of the Section

      3. Background Note

    112. Section 112: SDLT: Exercise of Collective Rights by Tenants of Flats

      1. Summary

      2. Details of the Section

      3. Background Note

    113. Section 113: Stamp Duty Land Tax: Charities Relief

      1. Summary

      2. Details of the Schedule

      3. Background Note

    114. Section 114: Abolition of Stamp Duty Reserve Tax on Certain Dealings in Collective Investment Schemes

      1. Summary

      2. Details of the Section

      3. Background Note

    115. Section 115 and Schedule 24: Abolition of Stamp Duty and Stamp Duty Reserve Tax (SDRT): Securities on Recognised Growth Markets

      1. Summary

      2. Details of the Schedule

        1. Part 1

          Stamp Duty Reserve Tax (SDRT)

        2. Part 2

          Stamp Duty

      3. Background Note

    116. Section 116: Temporary Statutory Effect of House of Commons Resolution

      1. Summary

      2. Details of the Section

      3. Background Note

    117. Section 117 and Schedule 25: Inheritance Tax

      1. Summary

      2. Details of the Schedule

        1. Rate bands for tax years 2015-16, 2016-17 and 2017-18

        2. Treatment of certain liabilities

        3. Ten year anniversary charge

        4. Delivery of account and payment of tax

      3. Background Note

        1. Rate bands for tax years 2015-16, 2016-17 and 2017-18

        2. Treatment of certain liabilities

        3. Ten year anniversary charge

        4. Delivery of account and payment of tax

    118. Section 118: Gifts to the Nation: Estate Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    119. Section 119: Bank Levy: Rates from 1 January 2014

      1. Summary

      2. Details of the Section

      3. Background Note

    120. Section 120 and Schedule 26: the Bank Levy: Miscellaneous Changes

      1. Summary

      2. Details of the Schedule

      3. Background Note

    121. Section 121: Rates of Gaming Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    122. Section 122: Rate of Bingo Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    123. Section 123: Exemption from Bingo Duty: Small-Scale Amusements Provided Commercially

      1. Summary

      2. Details of the Section

      3. Background Note

    124. Section 124: Rates of Machine Games Duty

      1. Summary

      2. Details of the Section

      3. Background Note

    125. Sections 125–198 and Schedules 27–29: Betting and Gaming Duties

      1. Summary

      2. Details of the Sections and Schedules

        1. Part 3 – General betting duty, pool betting duty and remote gaming duty

          1. Chapter 1 General betting duty

          2. Chapter 2 Pool betting duty

          3. Chapter 3 Remote gaming duty

          4. Chapter 4 General

      3. Background Note

    126. Sections 199 to 233 and Schedules 30-33: Follower Notices and Accelerated Payments

      1. Summary

      2. Details of the Sections

        1. Chapter 1 Introduction

          1. Overview

          2. Main definitions

        2. Chapter 2 Follower Notices

          1. Giving of follower notices

          2. Representations

          3. Penalties

          4. Partners and partnerships

          5. Appeals out of time

          6. Transitional provision

          7. Defined terms

        3. Chapter 3 Accelerated Payments

          1. Accelerated payment notices

          2. Forms of accelerated payment

          3. Penalties

          4. Withdrawal etc of accelerated payment notice

          5. Partners and partnerships

          6. Defined terms

        4. Chapter 4 Miscellaneous and general provision

          1. Stamp duty land tax and annual tax on enveloped dwellings

          2. Extension of Part by order

          3. Consequential amendments

      3. Details of the Schedules

        1. Schedule 30: Section 208 Penalty: Value of the denied advantage

        2. Schedule 31: Follower notices and partnerships

        3. Schedule 32: Accelerated payments and partnerships

        4. Schedule 33 Consequential amendments

      4. Background Note

    127. Sections 234-283 Promoters of Tax Avoidance Schemes

      1. Summary

      2. Details of the Sections

        1. Introduction

        2. Conduct notices

        3. Monitoring notices: procedure and publication

        4. Allocation and distribution of promoter reference number

        5. Obtaining information and documents

        6. Obtaining information and documents: appeals

        7. Obtaining information and documents: supplementary

        8. Penalties

        9. Offences

        10. Supplemental

      3. Details of the Schedules

        1. Schedule 34, Part 1

        2. Schedule 34, Part 2

        3. Schedule 34, Part 3

        4. Schedule 35

        5. Schedule 36 – Partnerships Part 1

        6. Schedule 36 - Partnerships Part 2

        7. Schedule 36 - Partnerships Part 3

        8. Schedule 36 - Partnerships Part 4

      4. Background Note

    128. Section 284: Dislcosure of Tax Avoidance Schemes: Information Powers

      1. Summary

      2. Details of the Section

      3. Background Note

    129. Sections 285 - 288: the Code of Practice on Taxation for Banks

      1. Summary

      2. Details of the Sections

        1. Section 285: HMRC to Publish Reports

        2. Section 286: “participating” groups or entities

        3. Section 287: Operation & Breaches of the Code

        4. Section 288: Documents Relating to the Code

      3. Background Note

    130. Section 289: Undertakings for Collective Investment in Transferable Securities and Alternative Investment Funds

      1. Summary

      2. Details of the Section

      3. Background Note

    131. Section 290 & Schedule 37: Companies Owned by Employee-Ownership Trusts

      1. Summary

      2. Details of the Schedule

        1. Part 1: capital gains tax relief

        2. Part 2: employment income exemption

          1. New Section 312A

          2. New Section 312B

          3. New Section 312C

          4. New Section 312D

          5. New Section 312E

          6. New Section 312F

          7. New Section 312G

          8. New Section 312H

          9. New Section 312I

        3. Part 3: minor amendments

          1. Inheritance Tax Act 1984

        4. Part 4. Miscellaneous amendments

          1. Finance Act 1986

          2. Taxation of Chargeable Gains Act 1992

          3. Income Tax (Earnings and Pensions) Act 2003

          4. Corporation Tax Act 2009 (“CTA2009”)

      3. Background Note

    132. Section 291: Trusts With Vulnerable Beneficiary: Meaning of “Disabled Person”

      1. Summary

      2. Details of the Section

      3. Background Note

    133. Section 292: Amounts Allowed by Way of Double Taxation Relief

      1. Summary

      2. Details of the Section

      3. Background Note

    134. Sections 293 & 294: Controlled Foreign Companies: Qualifying Loan Relationships

      1. Summary

      2. Details of the Sections

        1. Section 293

        2. Section 294

      3. Background Note

    135. Section 295: Tax Consequences of Financial Sector Regulation

      1. Summary

      2. Details of the Section

      3. Background Note

    136. Section 296 and Schedule 38: Scottish Basic, Higher and Additional Rates of Income Tax

      1. Summary

      2. Details of the Schedule

        1. Part 1

        2. Part 2

      3. Background Note

    137. Section 297: Report on Administration of the Scottish Rate of Income Tax

      1. Summary

      2. Details of the Section

      3. Background Note

    138. Section 298: Co-Operative Societies Etc and Schedule 39: Taxation of Cooperative Societies Etc.

      1. Summary

      2. Details of the Schedule

      3. Background Note

    139. Section 299: Removal of Extended Time Limit Restriction for EU Cases

      1. Summary

      2. Details of the Section

      3. Background Note

    140. Section 300: Increase in Limit for Local Loans

      1. Summary

      2. Details of the Section

      3. Background Note

    141. Section 301, 302 & 303: Final Provisions

      1. Section 301

      2. Section 302

      3. Section 303

  2. Hansard References

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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