- Latest available (Revised)
- Original (As enacted)
Finance Act 2020
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2020. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 102(ba) inserted by 2024 c. 3 s. 12(3)(a)(ii)
- Sch. 15 Pt. 2 inserted by 2024 c. 3 s. 12(2)
- Sch. 15 Pt. 1 heading inserted by 2024 c. 3 s. 12(3)(b)
PART 1 U.K.Amendments to F(No.2)A 2017 in consequence of section 15
1U.K.Schedule 11 to F(No.2)A 2017 (employment income provided through third parties: loans etc outstanding on 5 April 2019) is amended as follows.
2U.K.In paragraph 1 (application of Part 7A of ITEPA 2003: relevant step) in sub-paragraph (2) for the words from “before” to the end substitute “ before the end of 5 April 2019. ”
3U.K.For the italic heading before paragraph 2 substitute “Meaning of “ loan ” and “quasi loan” ”.
4U.K.In paragraph 2 (meaning of “loan”, “quasi-loan” and “approved repayment date”) omit sub-paragraph (6).
5(1)Paragraph 4 (when an amount of a loan is outstanding: certain repayments to be disregarded) is amended as follows.U.K.
(2)In sub-paragraph (1)(b)(ii) for “the relevant date” substitute “ 5 April 2019 ”.
(3)In sub-paragraph (2) for “the relevant date” substitute “ 5 April 2019 ”.
(4)Omit sub-paragraph (4).
6U.K.In paragraph 5 (meaning of “outstanding”: loans where A or B acquires a right to payment of the loan) in sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
7U.K.In paragraph 13 (meaning of “outstanding”: quasi-loans where A or B acquires a right to the payment or transfer of assets) in sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
8U.K.Omit paragraph 19 (meaning of “approved fixed term loan”) and the italic heading before that paragraph.
9U.K.For the heading of Part 2 substitute “ Accelerated payments ”.
10U.K.Omit paragraphs 20 to 22 and the italic headings before each of those paragraphs.
11U.K.Omit the italic heading before paragraph 23.
12(1)Paragraph 23 (accelerated payments) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (d) for “the relevant date” substitute “ 5 April 2019 ”, and
(b)in paragraph (e) for “the relevant date” substitute “ 5 April 2019 ”.
(3)Omit sub-paragraph (4).
13(1)Paragraph 35A (when the duty to provide loan charge information arises) is amended as follows.U.K.
(2)Omit sub-paragraph (3).
(3)In sub-paragraph (4) in the words before paragraph (a) for “third” substitute “ second ”.
(4)In sub-paragraph (5)—
(a)in the words before paragraph (a) for “fourth” substitute “ third ”,
(b)in paragraph (a) for the words from the beginning to “conditions” substitute “ neither the first nor the second condition ”, and
(c)in paragraph (b)—
(i)for “and (2)(b)” substitute “ and (2) ”, and
(ii)omit the words from “(and if paragraph” to “omitted)”.
(5)In sub-paragraph (6) in the words before paragraph (a) for “fourth” substitute “ third ”.
(6)In sub-paragraph (7) omit paragraph (b).
14U.K.In paragraph 35B (duty of appropriate third party to provide information to A) in sub-paragraph (1) omit “Q,”.
15(1)Paragraph 35D (meaning of “loan charge information”) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (e) omit “, or the loan mentioned in paragraph 35A(3)(a),”,
(b)in paragraph (j) omit “, Q”, and
(c)in paragraph (k) omit “, or in a case within paragraph 35A(3)(a),”.
(3)In sub-paragraph (2) omit paragraph (a).
16(1)Paragraph 36 (duty to provide loan charge information to B) is amended as follows.U.K.
(2)In sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
(3)In sub-paragraph (2) for the words from “the period” to the end substitute “ 15 April 2019 ”.
(4)Omit sub-paragraph (4).
17U.K.Schedule 12 to F(No.2)A 2017 (trading income provided through third parties: loans etc outstanding on 5 April 2019) is amended as follows.
18U.K.For the italic heading before paragraph 2 substitute “Meaning of “ loan ” and “quasi loan” ”.
19U.K.In paragraph 2 (meaning of “loan”, “quasi-loan” and “approved repayment date”) omit sub-paragraph (6).
20U.K.Omit paragraphs 15 to 18 and the italic heading before each of those paragraphs.
21(1)Paragraph 19 (accelerated payments: application of paragraph 20) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (e) for “the relevant date” substitute “ 5 April 2019 ”, and
(b)in paragraph (f) for “the relevant date” substitute “ 5 April 2019 ”.
(3)Omit sub-paragraph (3).
22U.K.In paragraph 23 (meaning of “loan charge information”) in sub-paragraph (2) omit paragraph (a).
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Schedule
PrintThis Part only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.