Finance Act 2009

• (a) plant or machinery, or

• (b) a building or structure (or part of a building or structure).

• (3) For the purposes of CAA 2001—

• (a) expenditure incurred by Q in acquiring the asset by virtue of the first transaction is not to be regarded as capital expenditure, and

• (b) in a case within sub-paragraph (2)(a), Q is not to be regarded as becoming, and P is not to be regarded as ceasing to be, the owner of the asset by virtue of that transaction; and

• (c) in a case within sub-paragraph (2)(b), Q is not to be regarded as acquiring, and P is not to be regarded as ceasing to have, the relevant interest in the asset by virtue of that transaction.

• (4) Sub-paragraph (3) applies in relation to the transactions mentioned in sub-paragraph (5) as it applies in relation to the first transaction (but reading the references to Q as references to P and the reference to P as a reference to Q).

• (5) The transactions are—

• (a) any leaseback agreement entered into by Q and P in order that condition C is met, and

• (b) the second transaction.

• (6) This paragraph is subject to paragraphs 15 to 17.

Loss or destruction of asset

15

• (1) This paragraph applies to an asset if the first and second conditions are met.

• (2) The first condition is that the asset—

• (a) is part of the subject matter of the first transaction, and

• (b) constitutes plant or machinery.

• (3) The second condition is that, at any time when the asset is held as a bond asset, one of the following events occurs—

• (a) the person with possession of the asset loses possession of it in circumstances where it is reasonable to assume that the loss is permanent, or

• (b) the asset ceases to exist as such (as a result of destruction, dismantling or otherwise).

• (4) That event is to be treated as a disposal event (in relation to P) occurring in the chargeable period in which that event occurs.

• (5) For the purposes of sub-paragraph (4), the disposal value that P is required to bring into account is—

• (a) where the case falls within item 3 or 4 of the Table in section 61(2) of CAA 2001 and the amount received by P as mentioned in that item is other than zero, that amount, and

• (b) in any other case, the market value of the asset at the time of the event.

Q retaining asset when no longer held for purposes of bond

16

• (1) This paragraph applies to an asset if the first and second conditions are met.

• (2) The first condition is that the asset is part of the subject matter of the first transaction and constitutes—

• (a) plant or machinery, or

• (b) a building or structure (or part of a building or structure).

• (3) The second condition is that Q—

• (a) ceases to hold the asset as a bond asset (whether at the end of the bond term or at any other time), but

• (b) does not transfer the asset to P or any other person.

• (4) At the time that Q ceases to hold the asset as a bond asset —

• (a) in a case within sub-paragraph (2)(a), Q is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and

• (b) in a case within sub-paragraph (2)(b), Q is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.

• (5) Accordingly, Q's ceasing to hold the asset as a bond asset is to be treated—

• (a) as regards plant or machinery, as a disposal event (in relation to P) occurring in the chargeable period in which the cessation takes place, ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (6) For the purposes of sub-paragraph (5)—

• (a) in the case falling within paragraph (a), the disposal value that P is required to bring into account is the market value of the asset at the time of the transfer, ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Q transferring asset to third person

17

• (1) This paragraph applies to an asset if the first and second conditions are met.

• (2) The first condition is that the asset is part of the subject matter of the first transaction and constitutes—

• (a) plant or machinery, or

• (b) a building or structure (or part of a building or structure).

• (3) The second condition is that Q transfers the asset to any person other than P.

• (4) At the time that Q transfers the asset —

• (a) in a case within sub-paragraph (2)(a), that other person is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and

• (b) in a case within sub-paragraph (2)(b), that other person is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.

• (5) Accordingly, the transfer is to be treated—

• (a) as regards plant or machinery, as a disposal event (in relation to P) occurring in the chargeable period in which the transfer takes place, ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (6) For the purposes of sub-paragraph (5)—

• (a) in the case falling within paragraph (a), the disposal value that P is required to bring into account is the market value of the asset at the time of the transfer, ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary

Substitution of asset

18

• (1) This paragraph applies if—

• (a) conditions A to C and G are met in relation to an interest in land (“the original land”),

• (b) Q ceases to hold the original land as a bond asset (and, accordingly, transfers it to P) before the termination of the alternative finance investment bond,

• (c) P and Q enter into further arrangements falling within paragraph 5(2) relating to an interest in other land (“the replacement land”), and

• (d) the value of the interest in the replacement land at the time that it is transferred from P to Q is greater than or equal to the value of the interest in the original land at the time of the first transaction.

• (2) Paragraphs 6 to 17 apply—

• (a) in relation to the original land with the modification set out in sub-paragraph (3), and

• (b) in relation to the replacement land with the modifications set out in sub-paragraph (4).

• (3) Condition F does not need to be met in relation to the original land if conditions A, B, C, F and G (as modified by sub-paragraph (4)) are met in relation to the replacement land.

• (4) In relation to the replacement land—

• (a) condition E applies as if the reference to the interest in the land were a reference to the interest in the original land, and

• (b) condition G applies as if the reference in paragraph 5(11)(b) to the first transaction were a reference to the first transaction relating to the original land.

• (5) If the replacement land is in England ... or Northern Ireland, the original land ceases to be subject to the charge ... registered in pursuance of condition D when—

• (a) Q provides HMRC with the prescribed evidence that condition G is met in relation to the original land, and

• (b) condition D is met in relation to the replacement land.

• (6) If the replacement land is not in England ... or Northern Ireland, the original land ceases to be subject to the charge ... registered in pursuance of condition D when Q provides HMRC with the prescribed evidence that—

• (a) condition G is met in relation to the original land, and

• (b) each of conditions A to C is met in relation to the replacement land.

• (7) This paragraph also applies where the replacement land is replaced by further replacement land; and in that event—

• (a) the references to the original land (except those in sub-paragraph (4)) are to be read as references to the replacement land, and

• (b) the references to the replacement land are to be read as references to the further replacement land.

HMRC to notify Registrar of discharge of charge

19

• (1) Where a charge ... is discharged in accordance with paragraph 9 or 18(5) or (6), HMRC must—

• (a) in the case of a charge on land in England ..., notify the Chief Land Register of the discharge in accordance with land registration rules (within the meaning of the Land Registration Act 2002),

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (c) in the case of a charge on land in Northern Ireland, notify the Registrar of Titles of the discharge.

• (2) HMRC must do so within the period of 30 days beginning with the date on which Q provides the evidence in question.

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

20

• (1) The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it relates to those paragraphs) are not available if control of the underlying asset is acquired by—

• (a) a bond-holder, or

• (b) a group of connected bond-holders.

• (2) A bond-holder (“BH”), or a group of connected bond-holders, acquires control of the underlying asset if—

• (a) the rights of bond-holders under an alternative finance investment bond include the right of management and control of the bond assets, and

• (b) BH, or the group, acquires sufficient rights to enable BH, or the members of the group acting jointly, to exercise the right of management and control of the bond assets to the exclusion of any other bond-holders.

• (3) In accordance with sub-paragraph (1), in the case of the reliefs provided by paragraphs 6 and 10—

• (a) if BH, or the group, acquires control of the underlying asset before the end of the period of 14 days beginning with the effective date of the first transaction, paragraphs 6 and 10 do not apply, and

• (b) if BH, or the group, acquires control of the underlying asset after the end of that period and conditions A to C have been met, paragraphs 7 and 11 apply.

21

• (1) But paragraph 20 does not prevent the reliefs being available in either of the following cases.

• (2) The first case is where—

• (a) at the time that the rights were acquired BH (or all of the connected bond-holders) did not know and had no reason to suspect that the acquisition enabled the exercise of the right of management and control of the bond assets to the exclusion of other bond-holders, and

• (b) as soon as reasonably practicable after BH (or any of the bond-holders) becomes aware that the acquisition enables that exercise, BH transfers (or some or all of the bond-holders transfer) sufficient rights for that no longer to be possible.

• (3) The second case is where BH—

• (a) underwrites a public offer of rights under the bond, and

• (b) does not exercise the right of management and control of the bond assets.

• (4) In this paragraph—

• “connected” is to be read in accordance with section 1122 of CTA 2010, and

• “underwrite”, in relation to an offer of rights under a bond, means to agree to make payments of capital under the bond in the event that other persons do not make those payments.

Relief not available if purpose of arrangements is improper

22

• (1) The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it relates to those paragraphs) are not available if the arrangements mentioned in paragraph 5(2)—

• (a) are not effected for genuine commercial reasons, or

• (b) form part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.

• (2) In sub-paragraph (1) “tax” means income tax, corporation tax, capital gains tax, stamp duty or stamp duty land tax.

Regulations

23

• (1) Regulations under any paragraph of this Schedule—

• (a) may make provision generally or only for specified purposes, or different provision for different purposes, and

• (b) may make consequential, supplementary or incidental provision (including amendments of any enactment).

• (2) Regulations under any paragraph of this Schedule are to be made by statutory instrument.

• (3) A statutory instrument containing regulations under any paragraph of this Schedule is subject to annulment in pursuance of a resolution of the House of Commons.

Part 4 — Supplementary

Consequential amendments of FA 2003

24

FA 2003 is amended as follows.

25

After section 73B insert—

(73C) Schedule 61 to the Finance Act 2009 makes provision for relief from charge in the case of arrangements falling within section 48A of the Finance Act 2005 (alternative finance investment bonds).

26

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

(5A) The above provisions are also subject to paragraph 7 of Schedule 61 to the Finance Act 2009 (payment of tax where land ceases to qualify for relief in respect of alternative finance investment bonds).

Consequential amendments of FA 2005

27

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consequential amendment of CTA 2009

28

In CTA 2009, in Schedule 1, omit paragraph 651(a).

Commencement

29

• (1) The following provisions of this Schedule come into force on the day on which this Act is passed—

• (a) Part 2,

• (b) Part 1 so far as relating to that Part, and

• (c) paragraphs 24, 25, 27 and 28.

• (2) The following provisions of this Schedule have effect where the effective date of the first transaction (within the meaning given by paragraph 5(2)) is on or after the day on which this Act is passed—

• (a) Part 3,

• (b) Part 1 so far as relating to that Part, and

• (c) paragraph 26.

Charge and main rates for 2009-10

Abolition of personal reliefs for non-residents

Charge and main rates for financial year 2010

Rates of alcoholic liquor duty

Rates of tobacco products duty

Rates from April 2010

Rates and rebates from Spring 2009

Rates and rebates from September 2009

Rates of air passenger duty

Rates of gaming duty

Amounts of duty on amusement machine licences

Temporary extension of loss carry back provisions

Corporation tax treatment of company distributions received

Income tax credits for foreign distributions

Foreign exchange matching: anti-avoidance

Exemption of benefit consisting of health-screening or medical check-up

MEPs' pay, allowances and pensions under European Parliament Statute

Manufactured overseas dividends

Payments by reference to foreign tax etc

Financial arrangements avoidance

Intangible fixed assets and goodwill

HMRC Charter

Financial assistance scheme

Repayment to those in business in other States

VAT exemption for gaming participation fees

Effect of VAT changes on arbitration of rent for agricultural holdings

Exercise of collective rights by tenants of flats

Registered providers of social housing

Stamp taxes in event of insolvency

Blended oil

Duties of senior accounting officers of qualifying companies

Penalties for failure to pay tax

Meaning of “gaming machine” and “gaming”

Taxable commodities ineligible for reduced-rate supply

Landfill tax: prescribed landfill site activities

Alternative finance investment bonds

Interpretation

Short title

Introduction

Abolition of reliefs

Consequential amendments

Repeals

Commencement

FA 2004

ITTOIA 2005

F(No.2)A 2005

The charge

Supply spanning the date of the VAT change

Grant of right spanning the date of the VAT change

“Basic time of supply”

Series of supplies

“Relevant consideration” and “related” supplies

Financing

Connected persons

Receipt of payments

Power to change relevant conditions

Supplies treated as taking place before 31 March 2009

Letting etc of assets

Condition B cases involving normal commercial practice

Normal commercial practice

Further exceptions

Liability

Amount

“Listed supply”

“Basic time of supply”: listed supplies

Person ceasing to be taxable person before supplementary charge due

Adjustment of contracts following the VAT change

Invoices

Orders under this Schedule

Interpretation: general

Amendments

Consequential repeals

Commencement etc

Income tax

Corporation tax

ICTA

FA 1998

CTA 2009

Enterprise investment scheme

Corporate venturing scheme

Venture Capital Trusts

Consequential repeals

Commencement

Amendments of Schedule 18 to ICTA

Commencement

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

Paragraph 2(7) of Schedule 25 to ICTA

Introduction

Paragraph 7

Paragraph 13A

Paragraph 17

Paragraph 23

Paragraph 23A

Paragraph 32

Paragraph 39

Commencement

Plant and machinery allowances for cars and motor cycles

Consequential amendments of CAA 2001

Consequential repeal

Commencement and transitionals: introduction

Commencement

Transitionals

Interpretation

Income tax

Corporation tax

Consequential repeals

Commencement

Election for new regime not to apply in certain cases

Saving

Main provisions

Consequential amendments

Commencement

ICTA

FA 1989

FA 1994

FA 2006

CTA 2009

Consequential repeals

Commencement

Transitional provision

Overview

Application of Schedule

UK net debt of the worldwide group for period of account of worldwide group

Net debt of a company

Worldwide gross debt of worldwide group for period of account of worldwide group

References to amounts disclosed in balance sheet of relevant group company

Qualifying financial services groups

Qualifying activities

Lending activities and activities ancillary to lending activities

Insurance activities and insurance related activities

Relevant dealing in financial instruments

UK trading income of the worldwide group

Worldwide trading income of the worldwide group

Foreign currency accounting

Application of Part and meaning of “total disallowed amount”

Meaning of “company to which this Part applies”

Appointment of authorised company for relevant period of account

Meaning of “the reporting body”

Statement of allocated disallowances: submission

Statement of allocated disallowances: submission of revised statement

Statement of allocated disallowances: requirements

Statement of allocated disallowances: effect

Company tax returns

Power to make regulations about statement of allocated disallowances

Failure of reporting body to submit statement of allocated disallowances

Powers to make regulations in relation to reductions required under paragraph 25

Application of Part and meaning of “total disallowed amount”

Meaning of “company to which this Part applies”

Appointment of authorised company for relevant period of account

Meaning of “the reporting body”

Statement of allocated exemptions: submission

Statement of allocated exemptions: submission of revised statement

Statement of allocated exemptions: requirements

Statement of allocated exemptions: effect

Company tax returns

Power to make regulations about statement of allocated exemptions

Failure of reporting body to submit statement of allocated exemptions

Power to make regulations in relation to reductions required under paragraph 37

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

Exemption from tax for certain financing income received from certain EEA companies

Meaning of “relevant associate”

Meaning of “tax-resident” and “EEA territory”

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

Qualifying EEA tax relief for payment in future period

References to tax of a territory

Financing income amounts of a company

Schemes involving manipulation of rules in Part 2

Schemes involving manipulation of rules in Parts 3 and 4

Meaning of “relevant net deduction”

Calculation of amounts

Meaning of “carried-back amount” and “carried-forward amount”

Schemes involving manipulation of rules in Part 5

Meaning of “scheme” and “excluded scheme”

The financing expense amounts of a company

The financing income amounts of a company

Interpretation of paragraphs 54 and 55

Group treasury companies

Real estate investment trusts

Companies engaged in oil extraction activities

Intra-group short-term finance: financing expense

Intra-group short-term finance: financing income

Short-term loan relationships

Stranded deficits in non-trading loan relationships: financing expense

Stranded deficits in non-trading loan relationships: financing income

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

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

Charities

Educational and public bodies

Interpretation of paragraphs 57 to 68

The tested expense amount

The tested income amount

Companies with net financing deduction or net financing income that is small

The available amount

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

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

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

Meaning of accounting expressions used in this Part

The worldwide group

Meaning of “group”

Meaning of “ultimate parent”

Meaning of “corporate entity”

Meaning of “relevant non-corporate entity”

Treatment of entities stapled to corporate entities or relevant non-corporate entities

Treatment of business combinations

Meaning of “large” in relation to a group

Meaning of “UK group company” and “relevant group company”

Financial statements of the worldwide group

Non-compliant financial statements of worldwide group

Non-existent financial statements of worldwide group

References to amounts disclosed in financial statements

Translation of amounts disclosed in financial statements into sterling

Expressions taking their meaning from international accounting standards

Meaning of “relevant accounting period”

Meaning of “the Commissioners” and “HMRC”

Consequential amendments

Commencement

Anti-avoidance: change of period of account of worldwide group

Transitional provision

Abolition of acceptable distribution policy exemption

Consequential amendments

Commencement

Periods straddling 1 July 2009

Transitional provision

Interpretation

Abolition of special rules for holding companies other than local holding companies

Commencement

Meaning of “qualifying holding company” and “exempt holding company”

Periods straddling 1 July 2009

Qualifying holding companies: periods straddling 1 July 2012

Qualifying holding companies: definition of “relevant accounting period”

Qualifying holding companies: treatment during three years before 1 July 2012

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

Reference periods: anti-avoidance

Interpretation

Reduction in chargeable profits for certain financing income

Commencement

Reporting requirement

Meaning of “reporting body”

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

Meaning of “UK corporate parent”

Reportable events and transactions

Excluded transactions

Penalty for failure to comply with reporting requirement

Regulations and orders

Interpretation

Commencement

Transitional provision

Amendments of FA 1993

Commencement and transitional provision

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

Sterling equivalent if amount carried forward from earlier period

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

Adjustment of sterling loss if amount carried forward from earlier period

Interpretation

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

ITTOIA 2005

Consequential amendments of other Acts

Commencement

Introduction

Section 374

Sections 375 and 376

Section 377

Section 407

Sections 409 and 410

Commencement and transitional provision

Loan relationships

Derivative contracts

Interpretation

Consequential revocation

Commencement

FA 2008

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

TCGA 1992

Consequential provision

Commencement: general

Commencement: certain consequential amendments

Commencement orders

Election modifying commencement

Making an election

Giving effect to elections

Modification of acquisition cost

Transfer from non technical account not to be receipt

No deduction for capital allocations to with-profits policy holders

Limits on loss relief for addition to non-profit funds

FAFTS and contingent loans

Apportionment: foreign business assets

Value shifting attributable to transfer of business

Amendments of Part 6 of CTA 2009

Amendments and repeals

Repeals

Commencement

Application of Part

Value of transferred income stream treated as income

Exception: amount otherwise taxed

Exception: transfer by way of security

Partnership shares

Interpretation

Transfer of certain functions from Treasury to HMRC

Removal of requirement that notice be sent by post

Reduction of notice period for withdrawals and variations

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

TCGA 1992

ITTOIA 2005

FA 2008

Introduction

Abolition of “price cap”

Cars with CO2 emissions figures: the appropriate percentage

Electrically propelled cars: the appropriate percentage

Consequential repeal

Commencement

Repos

Stock lending

Commencement

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

Amounts not fully recognised for accounting purposes

Loan relationships involving connected debtor and creditor where debits exceed credits

Credits and debits for manufactured interest

Introduction

Paragraph 6

Paragraph 7

Paragraph 7A

Paragraph 17

Paragraph 17A

Paragraph 22

Paragraph 40

Paragraph 41

Paragraph 42

Consequential repeal

Commencement

Disposal values: commencement of long funding finance leases

Disposal values: termination etc of long funding leases

Capital receipts treated as income

Transfer and long funding leaseback: restrictions on lessee's allowances

Transfer followed by hire-purchase etc: restrictions on hirer's allowances

Finance leaseback

Interpretation

Introduction

Property rental business

Conditions for company

Conditions for balance of business

Entry notice: conditions for company

Profit: financing-cost ratio

Funds awaiting re-investment

Connected persons

Special annual allowance charge

Calculation of relevant income

Total adjusted pension input amount: general

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

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

Protected pension input amounts: general

Protected pension input amounts: existing defined benefits arrangements

Protected pension input amounts: existing cash balance arrangements

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

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

Protected pension input amounts: existing hybrid arrangements

Protected pension input amounts: new and re-activated arrangements

Protected pension input amounts: anti-avoidance

Relevant refunded amounts

Pre-22 April 2009 pension input amount

Increased special annual allowance

Taxation of contributions refund lump sums

Power to amend

Currently-relieved non-UK pension schemes

Tax years to which Schedule applies

Minor amendment

Interpretation

Admission to cultural, educational and entertainment activities etc

Amendment of TCGA 1992

Roll-over relief

Alternative to roll-over relief

Allowance of decommissioning and restoration expenditure

Amounts which are not chargeable tariff receipts

No reduction of allowable expenditure

Commencement

General decommissioning expenditure

Commencement

Interpretation

Abolition of allowance

Amendments consequential on abolition

Savings

Company's pool of field allowances

Carrying part of pool of field allowances into following period

Carrying whole of pool of field allowances into following period

Initial licensee to hold a field allowance

Holding a field allowance on acquisition of equity share

Unactivated amount of a field allowance

Introduction

Activation of field allowance

Introduction

Reference periods

Activation of field allowance

Introduction

Reduction of field allowance if equity disposed of

Acquisition of field allowance if equity acquired

Adjustments

Orders

New oil fields

Authorising development

Qualifying oil fields

Small oil field

Ultra heavy oil field

Ultra high pressure/high temperature oil field

Total field allowance for new oil field

Other interpretation

OTA 1975

OTA 1983

FA 1993

ICTA

Main duty of senior accounting officer

Certificate for Commissioners

Notifying Commissioners of name of senior accounting officer

Penalty for failure to comply with main duty

Penalties for failure to provide certificate etc

More than one senior accounting officer

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

Reasonable excuse

Assessment of penalties

Appeal

Enforcement of penalties

Power to change amount of penalties

Application of provisions of TMA 1970

Meaning of “appropriate tax accounting arrangements”

Meaning of “qualifying company”

Meaning of “senior accounting officer”

Regulations

Other definitions

Requirement for contact details for debtor

Power to obtain details

Complying with notices

Right to appeal

Penalty

Power to change amount of penalty

Application of provisions of TMA 1970

General interpretation

Insurance premium tax

Stamp duty land tax

Aggregates levy

Climate change levy

Landfill tax

Insurance premium tax

Inheritance tax

Stamp duty land tax

Petroleum revenue tax

Aggregates levy

Climate change levy

Landfill tax

Minor and consequential provision

Claims for recovery of overpaid tax etc

Consequential amendments

Transitional provision

Saving for petroleum revenue tax

Claims for recovery of overpaid tax etc

Consequential amendment

Payments on account and balancing payment

Payments on account and overpayment

Amendments and discovery assessments etc

Amounts postponed pending appeal under TMA 1970

Overpayment of tax

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inheritance tax payable by instalments

Certain other amounts of inheritance tax

VAT due from persons not registered as required

Unauthorised VAT invoices

Death of taxpayer

Deduction of income tax at source

Property accepted in lieu of inheritance tax

Introductory

Repayment of amounts paid to HMRC

Payment of amounts on return or claim

Income tax deducted at source

Carry back of losses and averaging

MIRAS

Income accumulated under certain trusts

Certain amounts of inheritance tax

Attribution of repayments

Interpretation

Penalty for failure to make returns etc

Amount of penalty: occasional returns and annual returnsAmount of penalty: occasional returns and returns for periods of 6 months or more

Amount of penalty: CIS returns

Reductions for disclosure

Special reduction

Interaction with other penalties and late payment surcharges

Assessment

Appeal

Reasonable excuse

Determination of penalty geared to tax liability where no return made

Partnerships

Double jeopardy

Interpretation

Penalty for failure to pay tax

Assessments and determinations in default of return

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

Amount of penalty: PAYE and CIS amounts etc.

Special reduction

Suspension of penalty during currency of agreement for deferred payment

Assessment

Appeal

Reasonable excuse

Double jeopardy

Interpretation

PAYE regulations

Consequential provision

Introduction

Prescribed landfill site activities to be treated as disposals

Material temporarily held

Material at landfill sites

Site restoration

Landfill tax returns

Commencement and savings

Interpretation

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

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

Introductory

General conditions for operation of reliefs etc

Stamp duty land tax

Relief from stamp duty land tax: first transaction

Relief from stamp duty land tax: second transaction

Discharge of charge when conditions for relief met

Taxation of capital gains

Relief from taxation of capital gains: first transaction

Relief from taxation of capital gains: second transaction

Capital allowances

Introductory

Treatment for purposes of capital allowances

Loss or destruction of asset

Q retaining asset when no longer held for purposes of bond

Q transferring asset to third person

Supplementary

Substitution of asset

HMRC to notify Registrar of discharge of charge

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

Relief not available if purpose of arrangements is improper

Regulations

Consequential amendments of FA 2003

Consequential amendments of FA 2005

Consequential amendment of CTA 2009

Commencement

Editorial notes