Legalize / United Kingdom / Public General Act

Finance Act 2011

Type Public General Act

Publication 2011-07-19

Last updated 2025-03-20

State In force

Department Statute Law Database

Source legislation.gov.uk

articles Not indexed

Reform history JSON API

15

(1) A person who makes a payment derived from securities that has been received from or is paid on behalf of another is a relevant data-holder.

(2) “ Payment derived from securities ” has the same meaning as in paragraph 14.

Grants and subsidies out of public funds

16

(1) A person by whom a payment out of public funds is made by way of grant or subsidy is a relevant data-holder.

(2) For these purposes, a payment is a payment out of public funds if it is provided directly or indirectly by—

(a) the Crown,

(b) any government, public or local authority whether in the United Kingdom or elsewhere, or

Licences, approvals etc

17

(1) A person by whom licences or approvals are issued or a register is maintained is a relevant data-holder.

(2) “ Register ” includes—

(a) any record or list that a local authority maintains, and

(b) any record or list that any other person is required or permitted to maintain by or under an enactment.

Rent and other payments arising from land

18

(1) Each of the following is a relevant data-holder—

(a) a lessee (or successor in title of a lessee),

(b) an occupier of land,

(d) a person who, as agent, manages land or is in receipt of rent or other payments arising from land.

(2) The reference to a person who manages land includes a person who markets property to potential tenants, searches for tenants or provides similar services.

Dealing etc in securities

19

(1) Each of the following is a relevant data-holder—

(a) a person who effects or is a party to securities transactions wholly or partly on behalf of others (whether as agent or principal),

(b) a person who, in the course of business, acts as registrar or administrator in respect of securities transactions (including a person who manages a clearing house or a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories for any terminal market in securities),

(c) a person who makes a payment derived from securities to anyone other than the registered or inscribed holder of the securities,

(d) a person who makes a payment derived from bearer securities, and

(e) an accountable person within the meaning of the Stamp Duty Reserve Tax Regulations 1986 ( S.I. 1986/1711).

(2) “ Payment derived from securities ” has the same meaning as in paragraph 14 (and “payment derived from bearer securities” is to be read accordingly).

(3) “ Securities transactions ” means—

(a) transactions in securities,

(b) transactions under which a representative payment has been, is to be or may be made, or

(4) In sub-paragraph (3)—

“ representative payment ” means a payment that is representative of an amount payable out of or in respect of securities or rights attaching to securities;

“ transactions in securities ” means transactions, of whatever description, relating to securities, and includes in particular— the purchase, sale or exchange of securities,issuing or securing the issue of new securities,applying or subscribing for new securities, andaltering or securing the alteration of rights attached to securities.

Dealing in other property

20

Each of the following is a relevant data-holder—

(a) the committee or other person or body of persons responsible for managing a clearing house or a central securities depository (as defined in paragraph 19) for any terminal market in commodities,

(b) an auctioneer,

(d) a person carrying on a business of acting as an agent or intermediary in dealings in any description of tangible movable property.

Lloyd’s

21

A person who is registered as managing agent at Lloyd's in relation to a syndicate of underwriting members of Lloyd's is a relevant data-holder.

Investment plans etc

22

Each of the following is a relevant data-holder—

(a) a plan manager (see section 696 of ITTOIA 2005), and

(b) an account provider in relation to a child trust fund (as defined in section 3 of the Child Trust Funds Act 2004).

Petroleum activities

23

Each of the following is a relevant data-holder—

(a) the holder of a licence granted under Part 1 of the Petroleum Act 1998, and

(b) the responsible person in relation to an oil field (within the meaning of Part 1 of OTA 1975).

Insurance activities

24

Each of the following is a relevant data-holder—

(a) a person who is involved (in any capacity) in an insurance business (as defined for the purposes of Part 3 of FA 1994),

(b) a person who makes arrangements for persons to enter into contracts of insurance, and

(c) a person who is concerned in a business that is not an insurance business and who has been involved in the entering into of a contract of insurance that provides cover for any matter associated with the business.

Environmental activities

25

A person who is involved (in any capacity) in any of the following activities is a relevant data-holder—

(a) subjecting aggregate to exploitation in England, Wales or Northern Ireland (as defined for the purposes of Part 2 of FA 2001) or connected activities,

(b) making or receiving supplies of taxable commodities (as defined for the purposes of Schedule 6 to FA 2000) or connected activities, and

Settlements

26

(1) Each of the following is a relevant data-holder—

(a) a person who makes a settlement,

(b) the trustees of a settlement,

(d) any other person to whom income is payable under a settlement.

(2) Section 620 of ITTOIA 2005 (meaning of “settlement” etc ) applies for the purposes of this paragraph.

Charities

27

A charity is a relevant data-holder.

Part 3 — Appeals against data-holder notices

Right of appeal

28

(1) The data-holder may appeal against a data-holder notice, or any requirement in such a notice, on any of the following grounds—

(a) it is unduly onerous to comply with the notice or requirement,

(b) the data-holder is not a relevant data-holder, or

(2) Sub-paragraph (1)(a) does not apply to a requirement to provide data that form part of the data-holder's statutory records.

(3) Sub-paragraph (1) does not apply if the tribunal approved the giving of the notice in accordance with paragraph 5.

Procedure for appeal

29

(1) Notice of an appeal under paragraph 28 must be given—

(a) in writing,

(b) before the end of the period of 30 days beginning with the date on which the data-holder notice was given, and

(2) It must state the grounds of appeal.

(3) On an appeal that is notified to the tribunal, the tribunal may confirm, vary or set aside the data-holder notice or a requirement in it.

(4) If the tribunal confirms or varies the notice or a requirement in it, the data-holder must comply with the notice or requirement—

(a) within such period as is specified by the tribunal, or

(b) if the tribunal does not specify a period, within such period as is reasonably specified in writing by an officer of Revenue and Customs following the tribunal's decision.

(5) A decision by the tribunal under this Part is final (despite the provisions of sections 11 and 13 of the Tribunals, Courts and Enforcement Act 2007).

(6) Subject to this paragraph, the provisions of Part 5 of TMA 1970 relating to appeals have effect in relation to appeals under paragraph 28 as they have effect in relation to an appeal against an assessment to income tax.

Part 4 — Penalties

Penalties for failure to comply

30

(1) If the data-holder fails to comply with a data-holder notice, the data-holder is liable to a penalty of £300.

(2) A reference in this Schedule to failing to comply with a data-holder notice includes—

(a) concealing, destroying or otherwise disposing of a material document, or

(b) arranging for any such concealment, destruction or disposal.

(3) A document is a material document if, at the time when the data-holder acts—

(a) the data-holder has received a data-holder notice requiring the data-holder to provide the document or data contained in the document, or

(b) the data-holder has not received such a notice but has been informed by an officer of Revenue and Customs that the data-holder will do so or is likely to do so.

(4) A document is not a material document by virtue of sub-paragraph (3)(a) if the data-holder notice has already been complied with, unless—

(a) the data-holder has been notified in writing by an officer of Revenue and Customs that the data-holder must continue to preserve the document, and

(b) the notification has not been withdrawn.

(5) A document is not a material document by virtue of sub-paragraph (3)(b) if more than 6 months have elapsed since the data-holder was (or was last) informed.

Daily default penalties for failure to comply

31

If—

(a) a penalty under paragraph 30 is assessed, and

(b) the failure in question continues after the data-holder has been notified of the assessment,

the data-holder is liable to a further penalty, for each subsequent day on which the failure continues, of an amount not exceeding £60 for each such day.

Penalties for inaccurate information or documents

32

(1) This paragraph applies if—

(a) in complying with a data-holder notice, the data-holder provides inaccurate data, and

(b) condition A, B or C is met.

(2) Condition A is that the inaccuracy is—

(a) due to a failure by the data-holder to take reasonable care, or

(b) deliberate on the data-holder's part.

(3) Condition B is that the data-holder knows of the inaccuracy at the time the data are provided but does not inform HMRC at that time.

(4) Condition C is that the data-holder—

(a) discovers the inaccuracy some time later, and

(b) fails to take reasonable steps to inform HMRC.

(5) If this paragraph applies, the data-holder is liable to a penalty not exceeding £3,000.

Failure to comply with time limit

33

A failure to do anything required to be done within a limited period of time does not give rise to liability under paragraph 30 or 31 if the thing was done within such further time (if any) as an officer of Revenue and Customs may have allowed.

Reasonable excuse

34

(1) Liability to a penalty under paragraph 30 or 31 does not arise if the data-holder satisfies HMRC or (on an appeal notified to the tribunal) the tribunal that there is a reasonable excuse for the failure.

(2) For the purposes of this paragraph—

(a) an insufficiency of funds is not a reasonable excuse unless attributable to events outside the data-holder's control,

(b) if the data-holder relies on another person to do anything, that is not a reasonable excuse unless the data-holder took reasonable care to avoid the failure,

(c) if the data-holder had a reasonable excuse for the failure but the excuse has ceased, the data-holder is to be treated as having continued to have the excuse if the failure is remedied without unreasonable delay after the excuse ceased.

Assessment of penalties

35

(1) If the data-holder becomes liable to a penalty under paragraph 30, 31 or 32, HMRC may assess the penalty.

(2) If they do so, they must notify the data-holder.

(3) An assessment of a penalty under paragraph 30 or 31 must be made within the period of 12 months beginning with the latest of the following—

(a) the date on which the data-holder became liable to the penalty,

(b) the end of the period in which notice of an appeal against the data-holder notice (or a requirement in it) could have been given, and

(4) An assessment of a penalty under paragraph 32 must be made—

(a) within the period of 12 months beginning with the date on which the inaccuracy first came to the attention of an officer of Revenue and Customs, and

(b) within the period of 6 years beginning with the date on which the data-holder became liable to the penalty.

Right to appeal against penalty

36

(1) The data-holder may appeal against a decision by an officer of Revenue and Customs—

(a) that a penalty is payable under paragraph 30, 31 or 32, or

(b) as to the amount of such a penalty.

(2) But sub-paragraph (1)(b) does not give a right of appeal against the amount of an increased daily penalty payable by virtue of paragraph 38.

Procedure on appeal against penalty

37

(1) Notice of an appeal under paragraph 36 must be given—

(a) in writing,

(b) before the end of the period of 30 days beginning with the date on which notification under paragraph 35 was given, and

(2) It must state the grounds of appeal.

(3) On an appeal under paragraph 36(a) that is notified to the tribunal, the tribunal may confirm or cancel the decision.

(4) On an appeal under paragraph 36(b) that is notified to the tribunal, the tribunal may—

(a) confirm the decision, or

(b) substitute for the decision another decision that the officer of Revenue and Customs had power to make.

(5) Subject to this paragraph and paragraph 40, the provisions of Part 5 of TMA 1970 relating to appeals have effect in relation to appeals under paragraph 36 as they have effect in relation to an appeal against an assessment to income tax.

Increased daily default penalty

38

(1) This paragraph applies if—

(a) a penalty under paragraph 31 is assessed under paragraph 35,

(b) the failure in respect of which that assessment is made continues for more than 30 days beginning with the date on which notification of that assessment is given, and

(c) the data-holder has been told that an application may be made under this paragraph for an increased daily penalty to be assessable.

(2) If this paragraph applies, an officer of Revenue and Customs may make an application to the tribunal for an increased daily penalty to be assessable on the data-holder.

(3) If the tribunal decides that an increased daily penalty should be assessable—

(a) the tribunal must determine the day from which the increased daily penalty is to apply and the maximum amount of that penalty (“the new maximum amount”);

(b) from that day, paragraph 31 has effect in the data-holder’s case as if “the new maximum amount” were substituted for “£60”.

(4) The new maximum amount may not be more than £1,000.

(5) But subject to that, in determining the new maximum amount the tribunal must have regard to—

(a) the likely cost to the data-holder of complying with the data-holder notice,

(b) any benefits to the data-holder of not complying with it, and

39

(1) If the tribunal makes a determination under paragraph 38, HMRC must notify the data-holder.

(2) The notification must specify the new maximum amount and the day from which it applies.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enforcement of penalties

40

(1) A penalty under this Schedule must be paid before the end of the period of 30 days beginning with the date mentioned in sub-paragraph (2).

(2) That date is—

(a) the date on which notification under paragraph 35 ... is given in respect of the penalty, or

(b) if (in the case of a penalty under paragraph 30, 31 or 32) a notice of appeal under paragraph 36 is given, the date on which the appeal is finally determined or withdrawn.

(3) A penalty under this Schedule may be enforced as if it were income tax charged in an assessment and due and payable.

Power to change amount of penalties

41

(1) If it appears to the Treasury that there has been a change in the value of money since the last relevant date, they may by regulations substitute for the sums for the time being specified in paragraphs 30(1), 31, 32(5) and 38(4) such other sums as appear to them to be justified by the change.

(2) “Relevant date”, in relation to a specified sum, means—

(a) the day on which this Act is passed, and

(b) each date on which the power conferred by sub-paragraph (1) has been exercised in relation to that sum.

(3) Regulations under this paragraph do not apply to—

(a) a failure which began before the date on which they come into force, or

(b) an inaccuracy in any data or document provided to HMRC before that date.

Double jeopardy

42

The data-holder is not liable to a penalty under this Schedule in respect of anything in respect of which the data-holder has been convicted of an offence.

Part 5 — Miscellaneous provision and interpretation

Application of provisions of TMA 1970

43

Subject to the provisions of this Schedule, the following provisions of TMA 1970 apply for the purposes of this Schedule as they apply for the purposes of the Taxes Acts—

(a) section 108 (responsibility of company officers),

(b) section 114 (want of form), and

Regulations

44

(1) Regulations under this Schedule are to be made by statutory instrument.

(2) The first regulations to be made under paragraph 1(3) may not be made unless the instrument containing them has been laid in draft before, and approved by a resolution of, the House of Commons.

(3) Subject to sub-paragraph (2), a statutory instrument containing regulations under this Schedule is subject to annulment in pursuance of a resolution of the House of Commons.

Tax

45

(1) In this Schedule “tax” means any or all of the following—

(a) income tax,

(b) capital gains tax,

(ca) diverted profits tax,

(d) VAT,

(e) insurance premium tax,

(f) inheritance tax,

(g) stamp duty land tax,

(h) stamp duty reserve tax,

(i) petroleum revenue tax,

(j) aggregates levy,

(k) climate change levy,

(l) landfill tax, and

(m) relevant foreign tax.

(2) “Corporation tax” includes any amount assessable or chargeable as if it were corporation tax.

(3) “VAT” means—

(a) value added tax charged in accordance with VATA 1994, ...

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

and includes any amount that is recoverable under paragraph 5(2) of Schedule 11 to VATA 1994 (amounts shown on invoices as VAT).

(4) “Relevant foreign tax” means—

(a) a tax of a member State ... which is covered by the provisions for the exchange of information under the Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation (as amended from time to time), and

(b) any tax or duty which is imposed under the law of a territory in relation to which arrangements having effect by virtue of section 173 of FA 2006 (international tax enforcement arrangements) have been made and which is covered by the arrangements.

Statutory records

46

(1) For the purposes of this Schedule data form part of a data-holder's statutory records if they are data that the data-holder is required to keep and preserve under or by virtue of any enactment relating to tax.

(2) Data cease to form part of a data-holder's statutory records when the period for which the data are required to be preserved under or by virtue of that enactment has expired.

General interpretation

47

In this Schedule—

“address” includes an electronic address;

“body of persons” has the same meaning as in TMA 1970;

“chargeable period” means a tax year, accounting period or other period for which a tax is charged;

“charity” has the meaning given by paragraph 1(1) of Schedule 6 to FA 2010;

“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs;

“company” has the meaning given by section 288(1) of TCGA 1992;

“data” includes information held in any form;

“the data-holder”, in relation to a data-holder notice, means the person to whom the notice is addressed;

“data-holder notice” is defined in paragraph 1;

“dividend” includes any kind of distribution;

“document” includes a copy of a document (see also section 114 of FA 2008);

“employment”, “employee” and “employer” have the same meaning as in Parts 2 to 7 of ITEPA 2003 (see, in particular, sections 4 and 5 of that Act);

“HMRC” means Her Majesty's Revenue and Customs;

“local authority” has the meaning given in section 999 of ITA 2007;

“provide” includes make available for inspection;

“specify” includes describe;

“securities” includes—shares and stock,debentures, including debenture stock, loan stock, bonds, certificates of deposit and other instruments creating or acknowledging indebtedness, andwarrants or other instruments entitling the holder to subscribe for or otherwise acquire anything within paragraph (a) or (b),issued by or on behalf of a person resident in, or a government or public or local authority of, any country (including a country outside the United Kingdom);

“shares” is to be construed in accordance with section 99 of TCGA 1992;

“tax functions” means functions relating to tax;

“the tribunal” means the First-tier Tribunal or, where determined by or under the Tribunal Procedure Rules, the Upper Tribunal.

48

A reference in this Schedule to providing data includes—

(a) preparing and delivering a return, statement or declaration, and

(b) providing documents.

49

(1) A reference in this Schedule to the carrying on of a business also includes—

(a) the letting of property,

(b) the activities of a charity, and

(c) the activities of a government department, a local authority, a local authority association or any other public authority.

(2) “Local authority association” has the meaning given in section 1000 of ITA 2007.

Crown application

50

This Schedule applies to the Crown but not to Her Majesty in Her private capacity (within the meaning of the Crown Proceedings Act 1947).

Part 6 — Consequential provisions

TMA 1970

51

(1) TMA 1970 is amended as follows.

(2) Omit—

(a) section 13 (persons in receipt of taxable income belonging to others),

(b) section 14 (return of lodgers and inmates),

(d) section 15A (non-resident's staff are UK client's employees for section 15 purposes),

(e) section 16 (fees, commissions etc),

(f) section 16A (agency workers),

(g) section 17 (interest paid or credited by banks, building societies etc without deduction of income tax),

(h) section 18 (interest paid without deduction of income tax),

(i) section 18A (other payments and licences etc),

(j) section 19 (information for purposes of charge on profits of UK property businesses or under Schedule A),

(k) section 21 (stock jobbers' transactions),

(l) section 23 (power to obtain copies of registers of securities),

(m) section 24 (power to obtain information as to income from securities),

(n) section 25 (issuing houses, stockbrokers, auctioneers etc),

(o) section 26 (nominee shareholders),

(p) section 27 (settled property),

(q) section 76 (protection for certain trustees, agents and receivers), and

(r) section 77I (information from petroleum licence-holders).

(3) In the Table in section 98 (special returns etc), omit the entries (so far as they continue to have effect) relating to—

(a) section 77I of TMA 1970,

(b) paragraph 2 of Schedule 15 to FA 1973,

(d) paragraph 3 of Schedule 12 to FA 1989,

(e) sections 302B and 647 of ITTOIA 2005,

(f) section 241 of CTA 2009, and

(g) sections 728, 1046(5) to (7) and 1097(1) and (2) of CTA 2010.

(4) In that Table—

(a) for the entry relating to section 31 of CTA 2010 substitute the following entry— “ Section 31(3) and (4) of CTA 2010. ”,

(b) for the entry relating to section 465 of CTA 2010 substitute the following entry— “ Section 465(3) and (4) of CTA 2010. ”, and

(c) for the entry relating to section 1102 of CTA 2010 substitute the following entry— “ Section 1102(4) and (5) of CTA 2010. ”

(5) In section 103ZA (disapplication of sections 100 to 103)—

(a) omit “or” at the end of paragraph (d), and

(b) at the end of paragraph (e) insert

, or (f) Schedule 23 to FA 2011 (data-gathering powers).

FA 1973

52

In Schedule 15 to FA 1973 (territorial extension of charge to tax: supplementary provisions), omit paragraph 2 so far as it continues to have effect (see section 381 of TIOPA 2010).

FA 1974

53

(1) In section 24 of FA 1974 (returns of persons treated as employees), for the words from “section 15” to the end substitute “ any notice given under section 8 of the Taxes Management Act 1970 to the person performing the duties (P) may require a return of P's income to include particulars of any general earnings paid to P. ”

(2) Sub-paragraph (1) applies so far as section 24 of FA 1974 continues to have effect (see section 381 of TIOPA 2010).

FA 1986

54

In Schedule 18 to FA 1986 (securities: other provisions), omit paragraph 8(4) and (5).

ICTA

55

Omit the following provisions of ICTA so far as they continue to have effect (see section 1184 of CTA 2010 and section 381 of TIOPA 2010)—

(a) section 42(7) (information required to decide whether to give provisional notice of determination),

(b) section 217(4) (information about person for whom chargeable payment is received),

(d) section 768(9) (information about change in ownership of company: disallowance of trading losses), and

(e) section 816(3) (disapplication of bank exemption).

FA 1989

56

In Schedule 12 to FA 1989 (close companies), omit paragraph 3 so far as it continues to have effect (see section 1184 of CTA 2010).

ITTOIA 2005

57

(1) ITTOIA 2005 is amended as follows.

(2) In Chapter 4 of Part 3 (profits of property businesses: lease premiums etc), omit section 302B(3) and (4).

(3) In Chapter 5 of Part 5 (settlements: amounts treated as income of settlor), omit section 647.

FA 2005

58

In Schedule 2 to FA 2005 (alternative finance arrangements: further provisions), omit paragraph 2 so far as it continues to have effect (see section 1329 of CTA 2009).

CRCA 2005

59

In Schedule 2 to CRCA 2005 (functions of Commissioners and officers: restrictions etc), omit paragraph 2.

FA 2008

60

FA 2008 is amended as follows.

61

In section 39 (dormant bank and building society accounts), in subsection (1), omit paragraph (a).

62

(1) Schedule 36 (information and inspection powers) is amended as follows.

(2) Omit paragraph 34A.

(3) In paragraph 61A (involved third parties)—

(a) in sub-paragraph (2), omit “ “relevant information”,”,

(b) in each entry in the second column of the Table, for “Information and documents” substitute “ Documents ”, and

CTA 2009

63

In Chapter 4 of Part 4 of CTA 2009 (profits of property businesses: lease premiums etc), omit section 241(3) and (4).

CTA 2010

64

(1) CTA 2010 is amended as follows.

(2) Omit—

(a) section 31(1) (companies with small profits: power to obtain information),

(b) section 465(1) (close companies: power to obtain information),

(d) section 1046(5) to (7) (information about purchase by unquoted trading company of its own shares),

(e) section 1097 (information about person for whom chargeable payment is received), and

(f) section 1102(2) (non-qualifying distributions etc: additional information).

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 7 — Application of this Schedule

65

(1) This Schedule—

(a) comes into force on 1 April 2012, and

(b) applies from then on to relevant data with a bearing on any period (whether before, on or after that date), subject to paragraph 3(2).

(2) The provisions repealed or otherwise amended by Part 6 of this Schedule continue to have effect in relation to notices given, or requests made, pursuant to any of the repealed provisions before 1 April 2012 as if the repeals and other amendments had not been made.

SCHEDULE 24

1

Schedule 36 to FA 2008 (information and inspection powers) is amended as follows.

2

(1) Paragraph 5 (power to obtain information and documents about persons whose identity is not known) is amended as follows.

(2) In sub-paragraph (2), omit “UK”.

(3) In sub-paragraph (4)—

(a) in paragraph (b), for the words from “the Taxes Acts” to the end substitute “ the law (including the law of a territory outside the United Kingdom) relating to tax, ”, and

(b) in paragraph (c), omit “UK”.

(4) Omit sub-paragraph (5).

(5) The amendments made by this paragraph—

(a) come into force on 1 April 2012, and

(b) apply from then on in relation to tax regardless of when the tax became due (whether before, on or after that date).

3

(1) Paragraph 40A (penalties for inaccurate information and documents) is amended as follows.

(2) In sub-paragraph (1)(b), for “A or B” substitute “ A, B or C ”.

(3) After sub-paragraph (3) insert—

(3A) Condition B is that the person knows of the inaccuracy at the time the information is provided or the document produced but does not inform HMRC at that time.

(4) In sub-paragraph (4), for “B” substitute “ C ”.

(5) The amendments made by this paragraph have effect in relation to any inaccuracy in information provided, or in documents produced, on or after 1 April 2012.

4

(1) After paragraph 49 insert—

(49A) (1) This paragraph applies if— (a) a penalty under paragraph 40 is assessed under paragraph 46 in respect of a person's failure to comply with a notice under paragraph 5, (b) the failure continues for more than 30 days beginning with the date on which notification of that assessment was issued, and (c) the person has been told that an application may be made under this paragraph for an increased daily penalty to be imposed. (2) If this paragraph applies, an officer of Revenue and Customs may make an application to the tribunal for an increased daily penalty to be imposed on the person. (3) If the tribunal decides that an increased daily penalty should be imposed, then for each applicable day (see paragraph 49B) on which the failure continues— (a) the person is not liable to a penalty under paragraph 40 in respect of the failure, and (b) the person is liable instead to a penalty under this paragraph of an amount determined by the tribunal. (4) The tribunal may not determine an amount exceeding £1,000 for each applicable day. (5) But subject to that, in determining the amount the tribunal must have regard to— (a) the likely cost to the person of complying with the notice, (b) any benefits to the person of not complying with it, and (c) any benefits to anyone else resulting from the person's non-compliance. (6) Paragraph 41 applies in relation to the sum specified in sub-paragraph (4) as it applies in relation to the sums mentioned in paragraph 41(1). (49B) (1) If a person becomes liable to a penalty under paragraph 49A, HMRC must notify the person. (2) The notification must specify the day from which the increased penalty is to apply. (3) That day and any subsequent day is an “applicable day” for the purposes of paragraph 49A(3). (49C) (1) A penalty under paragraph 49A must be paid before the end of the period of 30 days beginning with the date on which the notification under paragraph 49B is issued. (2) A penalty under paragraph 49A may be enforced as if it were income tax charged in an assessment and due and payable.

(2) The amendment made by this paragraph has effect in relation to failures to comply with a notice under paragraph 5 that begin on or after 1 April 2012.

5

(1) Paragraph 50 (tax-related penalty) is amended as follows.

(2) In sub-paragraph (1)(d), omit “(within the meaning of paragraph 46)”.

(3) After sub-paragraph (6) insert—

(7) In sub-paragraph (1)(d) “the relevant date” means— (a) in a case involving an information notice against which a person may appeal, the latest of— (i) the date on which the person became liable to the penalty under paragraph 39, (ii) the end of the period in which notice of an appeal against the information notice could have been given, and (iii) if notice of such an appeal is given, the date on which the appeal is determined or withdrawn, and (b) in any other case, the date on which the person became liable to the penalty under paragraph 39.

(4) The amendments made by this paragraph have effect where a person becomes liable to a penalty under paragraph 39 of Schedule 36 to FA 2008 on or after the day on which this Act is passed.

6

In paragraph 61A (involved third parties), in the first column of item 11 of the Table, after “receiving” insert “ supplies of ”.

SCHEDULE 25

MARD

1

In this Schedule “MARD” means Council Directive 2010/24/EU.

HMRC functions

2

(1) The Commissioners are a competent authority in the United Kingdom for the purposes of all matters under MARD.

(2) HMRC is designated as the central liaison office in the United Kingdom for the purposes of all matters under MARD.

Exchange of information

3

(1) No obligation of secrecy imposed by statute or otherwise precludes a public authority (or anyone acting on behalf of a public authority) from disclosing information if the disclosure is made for the purpose of giving effect, or enabling effect to be given, to MARD or a MARD-related instrument.

(2) Sub-paragraph (1) applies, in particular, to any disclosure (to persons in the United Kingdom or elsewhere) in connection with a request or proposed request by or on behalf of an applicant authority of the United Kingdom or of any member State for assistance in accordance with MARD.

(3) Sub-paragraph (2) is not to be taken to limit sub-paragraph (1).

Onward disclosure of information received from HMRC

4

(1) A public authority commits an offence if—

(a) it discloses relevant information, and

(b) the disclosure is not permitted by sub-paragraph (3).

(2) “Relevant information” is information that—

(a) the public authority has received from HMRC by virtue of paragraph 3, and

(b) relates to a person whose identity is specified in the disclosure or can be deduced from it.

(3) A disclosure is permitted by this sub-paragraph if it is made—

(a) in accordance with paragraph 3,

(b) in accordance with another enactment (or an instrument made under an enactment) permitting the disclosure,

(d) for the purposes of civil proceedings (whether or not within the United Kingdom),

(e) for the purposes of a criminal investigation or criminal proceedings (whether or not within the United Kingdom),

(f) with the consent of each person to whom the information relates, or

(g) with the consent of the Commissioners.

(4) Sub-paragraph (1) applies to each of the following as it applies to a public authority—

(a) an employee or agent of the public authority;

(b) anyone providing services or exercising functions on behalf of the public authority;

5

(1) It is a defence for a person charged with an offence under paragraph 4 to prove that the person reasonably believed—

(a) that the disclosure was lawful, or

(b) that the information had already and lawfully been made available to the public.

(2) A person guilty of an offence under paragraph 4 is liable—

(a) on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine, or both;

(b) on summary conviction, to imprisonment for a term not exceeding 12 months the general limit in a magistrates’ court or a fine not exceeding the statutory maximum, or both.

(3) A prosecution for an offence under paragraph 4 may be instituted in England and Wales only by or with the consent of the Director of Public Prosecutions.

(4) A prosecution for an offence under paragraph 4 may be instituted in Northern Ireland only—

(a) by the Commissioners, or

(b) with the consent of the Director of Public Prosecutions for Northern Ireland.

(5) In the application of this paragraph—

(a) in England and Wales, in relation to an offence committed before 2 May 2022, or

(b) in Northern Ireland,

the reference in sub-paragraph (2)(b) to 12 months the general limit in a magistrates’ court is to be read as a reference to 6 months.

Enforcement of foreign claims in the UK

6

(1) This paragraph applies if an applicant authority of a member State makes a request in accordance with MARD for the recovery in the United Kingdom of a claim.

(2) The claim in relation to which such a request is made is referred to as “the foreign claim”.

(3) Such steps may be taken by or on behalf of the relevant UK authority to enforce the foreign claim as might be taken (whether or not by the relevant UK authority) to enforce a corresponding UK claim.

(4) “Steps” includes any legal or administrative steps, whether by way of legal proceedings, distress, diligence or otherwise.

(5) See paragraphs 7 and 8 for the meaning of “the relevant UK authority” and “corresponding UK claim”.

(6) The steps mentioned in sub-paragraph (3) include exercising any powers of set-off that the relevant UK authority would have been entitled to exercise if the foreign claim had been payable to it under an enactment.

(7) Any enactment or rule of law relating to a corresponding UK claim is to apply, with any necessary adaptations, in relation to the foreign claim.

(8) The enactments applied by sub-paragraph (7) include in particular those relating to the recovery of penalties and to the charging and recovery of interest on unpaid amounts.

The relevant UK authority

7

(1) “The relevant UK authority” is—

(a) if the foreign claim relates to anything other than an agricultural levy, the Commissioners;

(b) if the foreign claim relates to an agricultural levy and the steps are ones to be taken in or in relation to England, the Commissioners concurrently with the Secretary of State;

(c) if the foreign claim relates to an agricultural levy and the steps are ones to be taken in or in relation to Wales, the Commissioners concurrently with the Welsh Ministers;

(d) if the foreign claim relates to an agricultural levy and the steps are ones to be taken in or in relation to Scotland, the Commissioners concurrently with the Scottish Ministers;

(e) if the foreign claim relates to an agricultural levy and the steps are ones to be taken in or in relation to Northern Ireland, the Commissioners concurrently with the Department of Agriculture and Rural Development.

(2) A reference in this paragraph to claims relating to an agricultural levy includes claims for penalties, fees, surcharges, interest or costs arising in connection with an agricultural levy.

Corresponding UK claim

8

(1) In relation to a foreign claim, “corresponding UK claim” means a claim in the United Kingdom of a kind that appears to the relevant UK authority to correspond most closely to the kind of foreign claim to which the foreign claim belongs.

(2) But if the relevant UK authority concludes that there is nothing in the United Kingdom of a kind that is similar to that kind of foreign claim, “corresponding UK claim” is taken to mean a claim for income tax charged in an assessment and due and payable.

Application of relevant enactments

9

(1) In relation to any kind of foreign claim, the relevant UK authority may by regulations make provision as to the application, non-application or adaptation of any enactment or rule of law relating to corresponding UK claims.

(2) Paragraph 6(7) is subject to any provision so made.

Power to make further provision

10

The Treasury may by regulations make provision about procedural or other supplementary matters for the purpose of giving effect to MARD and any MARD-related instrument.

Contested claims

11

(1) The taking or continuation of steps against a person under paragraph 6(3) must be suspended if the person shows that relevant proceedings are pending, or about to be instituted, before a court, tribunal or other competent body in the member State in question.

(2) “Relevant proceedings” are proceedings relevant to the person's liability on the foreign claim.

(3) Relevant proceedings are “pending” so long as an appeal may be brought against any decision in the proceedings.

(4) Sub-paragraph (1) does not apply to steps that may be taken or continued against the person by the application (by virtue of paragraphs 6(7) and 9) of an enactment or rule of law that permits such steps to be taken or continued in similar circumstances in the case of a corresponding UK claim.

(5) Sub-paragraph (1) ceases to apply if the relevant proceedings are not prosecuted or instituted with reasonable speed.

Claims determined in taxpayer’s favour

12

(1) Steps under paragraph 6(3) must not be taken or continued against a person if a final decision on the foreign claim has been given in the person's favour by a court, tribunal or other competent body in the member State in question.

(2) For this purpose, a final decision is one against which no appeal lies or against which an appeal lies within a period that has expired without an appeal having been brought.

(3) If the person shows that such a decision has been given in respect of part of the foreign claim, steps under paragraph 6(3) must not be taken or continued in relation to that part.

Liability to pay

13

In relation to any steps against a person under paragraph 6(3), no question may be raised as to the person's liability on the foreign claim except as mentioned in paragraph 12.

Presumption of validity

14

For the purposes of any steps under paragraph 6(3), a request made by an applicant authority in a member State is taken to be duly made in accordance with MARD unless the contrary is proved.

Regulations

15

(1) Regulations under this Schedule are to be made by statutory instrument.

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

Interpretation

16

In this Schedule—

“agricultural levy” has the meaning given by section 6 of the European Communities Act 1972;

“applicant authority” has the same meaning as in MARD;

“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs;

“enactment” includes—an Act of the Scottish Parliament,a Measure or Act of the National Assembly for Wales, andany Northern Ireland legislation as defined by section 24(5) of the Interpretation Act 1978;

“HMRC” means Her Majesty's Revenue and Customs;

“MARD-related instrument” means any EU instrument (including one made after the passing of this Act) that lays down detailed rules for implementing MARD;

“public authority” means a person with functions of a public nature;

“requested authority” has the same meaning as in MARD.

Consequential amendments etc

17

(1) Section 134 of and Schedule 39 to FA 2002 (which concern Council Directive 2008/55/EC) are repealed with effect from 1 January 2012.

(2) Any outstanding request for assistance made in accordance with Council Directive 2008/55/EC before that date is to be treated on and after that date for the purposes of this Schedule as if it had been made in accordance with MARD.

18

(1) Section 322 of FA 2004 (mutual assistance: customs union with the Principality of Andorra) is amended as follows.

(2) In subsection (2), in the definition of “the Mutual Assistance Recovery Directive”, after “as” insert “ MARD has ”.

(3) In that subsection, for the definition of “the UK mutual assistance provisions” substitute—

“the UK mutual assistance provisions” means the provisions of section 87 of the Finance Act 2011 (mutual assistance for recovery of taxes etc) and Schedule 25 to that Act.

(4) For subsection (3) substitute—

(3) In the UK mutual assistance provisions as they have effect in accordance with subsection (1)— (a) references (except for the one in paragraph 1 of Schedule 25) to MARD are to be read as references to the EC-Andorra Mutual Assistance Recovery Decision, (b) references to another member State are to be read as references to the Principality of Andorra, (c) references to an applicant authority of another member State are to be read as references to the competent authority of the Principality of Andorra, (d) references to a MARD-related instrument are to be disregarded, and (e) paragraph 10 of Schedule 25 (power to make further provision) is to be treated as omitted.

(5) In subsection (4), for “section 134(6) of the Finance Act 2002 and paragraph 3 of Schedule 39” substitute “ section 87(2) of the Finance Act 2011 and paragraph 9 of Schedule 25 ”.

(6) The amendments made by this paragraph have effect from 1 January 2012.

(7) Any regulations made by virtue of subsection (4) of section 322 of FA 2004 and in force immediately before 1 January 2012 are to have effect on and after that date as if made by virtue of that subsection as amended by sub-paragraph (5).

Application

19

This Schedule has effect in relation to the recovery of sums becoming due at any time, whether before or after this Act is passed.

SCHEDULE 26

Part 1 — Income tax and corporation tax

Transitional relief for charities etc on abolition of payment of tax credits on distributions

1

(1) Section 35 of, and Schedule 5 to, F(No.2)A 1997 (transitional relief for charities etc and limitations on entitlement to the relief) are repealed.

(2) Accordingly—

(a) in section 231B of ICTA, in subsection (4)—

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) omit paragraph (d) (and the “and” before it), and

(b) the following provisions are repealed—

(i) in ITA 2007, paragraph 379 of Schedule 1;

(ii) in FA 2010, paragraph 14 of Schedule 6.

Gifts of money for relief in poor countries (“Millennium Gift Aid”)

2

(1) Section 48 of FA 1998 (gifts of money for relief in poor countries etc) is repealed.

(2) Accordingly, the following provisions are repealed—

(a) in FA 1999, sections 56 and 57;

(b) in FA 2000, section 42;

Supplement payable in connection with payroll deduction scheme

3

(1) Section 38 of FA 2000 (supplement payable in connection with payroll deduction scheme) is repealed.

(2) Accordingly, the following provisions are repealed—

(a) in ITEPA 2003, paragraph 243 of Schedule 6;

(b) in FA 2003, section 146;

National Savings Bank ordinary account interest

4

Section 691 of ITTOIA 2005 (National Savings Bank ordinary account interest) is repealed.

Part 2 — Stamp duty

Exemptions from stamp duty

5

Section 45 of FA 1944 (exemption of certain assignments by seamen from stamp duty) is repealed.

6

Section 31 of FA 1953 (instruments relating to National Savings) is repealed.

7

(1) In Schedule 13 to FA 1999 (stamp duty: instruments chargeable and rates of duty), paragraph 24(b) is repealed (instruments for sale etc of ship or vessel etc).

(2) Accordingly, in that Act—

(a) in section 123(3), in the entry for paragraph 24 of Schedule 13, omit “, (b)”, and

(b) in Part V(6) of Schedule 20, in paragraph (d) of the entry for Schedule 13, omit “, (b)”.

Charge and main rates for 2011-12

Personal allowance for 2011-12 for those aged under 65

Main rate for financial year 2011

Charge and main rate for financial year 2012

Annual exempt amount

Plant and machinery writing-down allowances

Annual investment allowance

Short-life assets

Rates of alcoholic liquor duties

General beer duty: reduced rate for lower strength beer

New high strength beer duty

Fuel duties: rates of duty and rebates from 1 January 2012

VED rates for light passenger vehicles, light goods vehicles, motorcycles etc

VED rates for certain goods vehicles without road-friendly suspension

Rates of climate change levy

Employment income provided through third parties

Group mismatch schemes

Leasing businesses

Investment companies

Gift aid: increase of limits on total value of benefits associated with gifts

Enterprise investment scheme: amount of relief

Relief for expenditure on R&D by SMEs

Value shifting

Furnished holiday lettings

Companies with small profits: associated companies

Insurance companies: apportionment of amounts brought into account

Reduction of supplementary charge for certain new oil fields

Benefits under pension schemes

Power to make further provision about section 67 pension scheme

Business samples

Chargeable gains: oil activities

Benefits under pension schemes

Relief from VAT on imported goods of low value

Supplies of commodities to be used in producing electricity

Amendments of section 1 of the Provisional Collection of Taxes Act 1968

Supplies of commodities to be used in producing electricity

Northern Ireland gas supplies

Interpretation

Amendments of section 1 of the Provisional Collection of Taxes Act 1968

Specified investments

Interpretation

High strength beer duty

Consequential amendments in ALDA 1979

Main provision

Other amendments to ITEPA 2003

Amendments to ITTOIA 2005

Amendments to ITA 2007

Amendments to CTA 2009

Other amendments

Commencement and transitional provision relating to Part 7A of ITEPA 2003

Other commencement provision

Power to make provision dealing with interactions etc

Capital Allowances Act 2001

Income Tax (Employment and Pensions) Act 2003

Income Tax (Trading and Other Income) Act 2005

Income Tax Act 2007

Housing and Regeneration Act 2008

Corporation Tax Act 2009

Corporation Tax Act 2010

Commencement

Treatment of existing arrangements

Treatment of substantial donor transactions

Housing (Scotland) Act 2010 (asp 17)

Loan relationships

Derivative contracts

Consequential repeals

Commencement

Insertion of new Part 21B of CTA 2010 and consequential amendments

Commencement of new Part 21B of CTA 2010 and consequential amendments

Repeal of sections 418 to 419 of CTA 2009

Repeal of section 453 of CTA 2009

Businesses carried on by companies alone

Businesses carried on by companies in partnership

Anti-avoidance provisions

General interpretation of sales of lessors Chapters

Consequential amendments

Application of new provisions

Amendments of Chapter 4 of Part 2 of CTA 2010

Amendments of ICTA

Amendments of CTA 2009

Commencement

Introduction

Childcare vouchers

Childcare provided otherwise than at employer's premises etc

Commencement and transitional provision

Amendments of TCGA 1992

Consequential repeals

Commencement and transitionals

Degrouping

Substantial shareholding exemption

Intangible fixed assets: degrouping

Consequential repeals

Commencement

TCGA 1992

Consequential repeals

Commencement

Transitional provision

ICTA

TCGA 1992

CAA 2001

ITA 2007

TIOPA 2010

Commencement

Condition B of motive test

Large pre-commencement losses

Section 62A of CAA 2001

Section 43(8) of TIOPA 2010: free assets

FA 2004

ITTOIA 2005

ITA 2007

Commencement

CTA 2009

CTA 2010

Commencement

CAA 2001

Commencement

TCGA 1992

Commencement etc

Unsecured and alternatively secured pension to be replaced by drawdown pension

Meaning of “drawdown pension”

Member's drawdown pension fund

Drawdown pension year and basis amount for drawdown pension year

Flexible drawdown: minimum income requirement etc

Dependants' drawdown pension

Meaning of “dependants' drawdown pension”

Dependant's drawdown pension fund

Drawdown pension year and basis amount for drawdown pension year

Flexible drawdown: minimum income requirement etc

Foreign pensions: temporary non-residents

Pensions under registered pension schemes: temporary non-residents

Lump sums to be payable to persons aged 75 or over

Lump sum death benefits to be payable to persons aged 75 or over

Serious ill-health lump sum charge

Special lump sum death benefits charge

Exemption from income tax of certain lump sums and lump sum death benefits

Lifetime allowance charge: benefit crystallisation events

Annual allowance charge: persons meeting flexible drawdown conditions

Removal of certain charges to inheritance tax in respect of pension schemes

Inheritance Tax Act 1984

Pension Schemes Act 1993

Pension Schemes (Northern Ireland) Act 1993

Income Tax (Earnings and Pensions) Act 2003

Finance Act 2004

Income Tax Act 2007

Consequential repeals

General

Entitlement to unsecured or alternatively secured pension on 5 April 2011

Member's unsecured or alternatively secured pension fund existing on 5 April 2011

Current unsecured pension year to become drawdown pension year

Previous limit on amount of pension payable in year to apply for limited period

Drawdown pension year and basis amount where person's whereabouts unknown at age 75

Current alternatively secured pension year to become drawdown pension year

Entitlement to dependants' unsecured or alternatively secured pension on 5 April 2011

Dependant's unsecured or alternatively secured pension fund existing on 5 April 2011

Current unsecured pension year to become drawdown pension year

Previous limit on amount of pension payable in year to apply for limited period

Current alternatively secured pension year to become drawdown pension year

Lump sums and lump sum death benefits

Lifetime allowance charge

Inheritance tax

Consequential repeals

Power to make retrospective provision in orders and regulations under Part 4 of FA 2004

Application of rules of pension schemes

Bank levy to be charged in relation to certain groups of entities

Bank levy to be charged in relation to certain entities which are not members of groups

Steps for determining the amount of the bank levy

Special provision for chargeable periods falling wholly or partly before 1 January 2021

Definitions of “ UK banking group”, “building society group”, “foreign banking group” and “relevant non-banking group”

Definition of “banking group”

Definition of “assets”, “equity” and “liabilities”

Chargeable equity and liabilities: relevant groups

Chargeable equity and liabilities of a foreign banking group

Chargeable equity and liabilities of a relevant non-banking group

Chargeable equity and liabilities of UK resident banks and building societies which are not members of groups

Chargeable equity and liabilities of relevant foreign banks which are not members of groups

Definition of “UK allocated equity and liabilities”

“Excluded” equity and liabilities

Netting agreements

Chargeable periods: entities which do not prepare financial statements

Financial statements etc

Joint ventures

Residence

Bank levy to be ignored for other tax purposes

Anti-avoidance

Responsibility for collection and management

Payment of the bank levy through the corporation tax system

Joint and several liability

Meaning of “the responsible member”

Consequential amendment to section 1 of PCTA 1968

Consequential amendments to TMA 1970

Consequential amendments to Schedule 18 to FA 1998

Transitional provision

Arrangements affording double taxation relief

Power to provide for double taxation relief

...

Consequential amendment to the Constitutional Reform and Governance Act 2010

General

“Asset management activities”

“Capital resources condition”

“Excluded entity”

“Long term” equity and liabilities

“Relevant foreign bank”

“Relevant regulated activity”

“ UK resident bank”

Introduction

Alternative property finance

Exchanges

Commencement

New relief

Other amendments of Part 4 of FA 2003

Commencement

Power to give notice

Purpose of power

Specifying relevant data

Compliance

Approval by tribunal

Power to copy documents

Power to retain documents

Introduction

Salaries, fees, commission etc

Interest etc

Income, assets etc belonging to others

Payments derived from securities

Grants and subsidies out of public funds

Licences, approvals etc

Rent and other payments arising from land

Dealing etc in securities

Dealing in other property

Lloyd's

Investment plans etc

Petroleum activities

Insurance activities

Environmental activities

Settlements

Charities

Right of appeal

Procedure for appeal

Penalties for failure to comply

Daily default penalties for failure to comply

Penalties for inaccurate information or documents

Failure to comply with time limit

Reasonable excuse

Assessment of penalties

Right to appeal against penalty

Procedure on appeal against penalty

Increased daily default penalty

Enforcement of penalties

Power to change amount of penalties

Double jeopardy

Application of provisions of TMA 1970

Regulations

Tax

Statutory records

General interpretation

Crown application

TMA 1970

FA 1973

FA 1974

FA 1986

ICTA

FA 1989

ITTOIA 2005

FA 2005

CRCA 2005

FA 2008

CTA 2009

CTA 2010

MARD

HMRC functions

Exchange of information

Onward disclosure of information received from HMRC

Enforcement of foreign claims in the UK

The relevant UK authority

Corresponding UK claim

Application of relevant enactments

Power to make further provision

Contested claims

Claims determined in taxpayer's favour

Liability to pay

Presumption of validity

Regulations

Interpretation

Consequential amendments etc

Application

Transitional relief for charities etc on abolition of payment of tax credits on distributions

Gifts of money for relief in poor countries (“Millennium Gift Aid”)

Supplement payable in connection with payroll deduction scheme

National Savings Bank ordinary account interest

Exemptions from stamp duty

Editorial notes

[^c22554601]: Words in s. 5(2)(a) substituted (retrospective to 1.4.2012) by Finance Act 2012 (c. 14), s. 5(1)(2)

[^c21253431]: S. 23: power to repeal conferred by Finance (No. 2) Act (c. 31), {ss. 5(1)}

[^c21240911]: S. 29 repealed (with effect in accordance with Sch. 5 para. 7(3)(4) of the repealing Act) by Finance Act 2011 (c. 11), s. 30, Sch. 5 paras. 6(1)(3), 7(2)(e)

[^c21240891]: S. 42(6) power fully exercised: 13.10.2011 appointed by {S.I. 2011/2459}, art. 2

[^c21240881]: S. 43(12) power fully exercised: 15.9.2011 appointed by {S.I. 2011/2280}, art. 2

[^c21240811]: S. 49(6) power fully exercised: 1.1.2012 appointed by {S.I. 2011/2977}, art. 2

[^c21070561]: S. 79 wholly in force at Royal Assent; s. 79(2)(3) in force retrospective to 1.4.2011, see s. 79(6)

[^c21240901]: S. 88(9) power fully exercised: 30.12.2011 appointed by {S.I. 2011/2934}, art. 2

[^c22554661]: Sch. 3 para. 27 modified (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 8

[^c22554671]: Sch. 3 para. 27 modified (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 9

[^c21242521]: Word in Sch. 19 para. 25(1)(a) omitted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by virtue of The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(2)(a)(i)

[^c21243521]: Words in Sch. 19 para. 25(1)(a) omitted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by virtue of The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(2)(a)(ii)

[^c21242551]: Sch. 19 para. 25(1)(b) substituted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(2)(b)

[^c21242571]: Sch. 19 para. 25(3)(b) substituted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(3)(a)

[^c21242591]: Sch. 19 para. 25(3)(c) and following word omitted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by virtue of The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(3)(b)

[^c21242611]: Words after Sch. 19 para. 25(3)(d) inserted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(3)(c)

[^c21243541]: Sch. 19 para. 25(4) omitted (14.12.2011 with effect in relation to chargeable periods ending on or after 1.1.2011) by virtue of The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (S.I. 2011/3015) , arts. 1(2) , 7(4)

[^key-ad78eeef4151d1ec215cae72fee74c69]: Words in Sch. 18 para. 14(11) inserted (6.4.2012 retrospective) by Finance Act 2013 (c. 29), s. 47(2)(c)(4)

[^key-5806f0b7b8b7f97a814f6941ab0e0bbe]: Words in Sch. 18 para. 14(7) omitted (6.4.2012 retrospective) by virtue of Finance Act 2013 (c. 29), s. 47(2)(b)(4)

[^key-e11c3d8be8dc19505902385625526b7d]: Sch. 19 para. 67A and cross-heading inserted (17.7.2012) by Finance Act 2012 (c. 14) , Sch. 34 para. 11(2)

[^key-5e0578e5b246c3649d770785f16deb1e]: Sch. 19 para 68 (crossheading)(disclosure)(of)(information)(to)(foreign)(tax)(authorities) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14) , Sch. 34 para. 11(3)

[^key-6903c5053ba62792982084d704cd502d]: Word in s. 79(2) omitted (with effect in accordance with Sch. 30 para. 19 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 30 para. 18(2)(a)

[^key-5f4ce8663197a86b22fe929806ccf35b]: S. 79(2)(ba) inserted (with effect in accordance with Sch. 30 para. 19 of the amending Act) by Finance Act 2012 (c. 14), Sch. 30 para. 18(2)(b)

[^key-f428b033435afa81955870af83d01bc7]: Words in s. 7(6) inserted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 4

[^key-7fe1ee37733bfa4d78d55a55d5520d4c]: S. 43(7)-(11) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 32(c)

[^key-bb510fb65d51ccd5e6a52269bf38f158]: S. 56 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(y)

[^key-3fa87efd3dd8a5c7c1c5f8b63e0cbefe]: S. 80 omitted (with effect in accordance with Sch. 30 para. 19 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 30 para. 18(3)

[^key-174662e87e2841a457ee64472bd43dfd]: Sch. 19 para. 66(9A) inserted (17.7.2012) by Finance Act 2012 (c. 14) , Sch. 34 para. 11(1)

[^key-119bb8d9c6c88e57e446d3c4824d7cae]: Words in Sch. 19 para. 73(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 246

[^key-07bdb263fc9aab072c92b92c81bafa5f]: Word in s. 79(3)(a) substituted (with effect in accordance with Sch. 30 para. 23 of the amending Act) by Finance Act 2012 (c. 14), Sch. 30 para. 22

[^key-02adec938687d5a64c241d53d9f37322]: Sch. 19 para. 7(1)(2) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 34 paras. 6(1), 7 (with Sch. 34 para. 12 )

[^key-969c2defa59c1fc8b9144442ecfd6f34]: Word in Sch. 19 para. 7(2) substituted (1.1.2013 retrospective) by Finance Act 2013 (c. 29) , s. 202(3)(b) (5) (with s. 202(6)-(13) )

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