Finance (No. 2) Act 2015

(2) Paragraph (2A) applies where— (a) any person has distrained upon the goods or effects of the company, or (b) Her Majesty's Revenue and Customs has been paid any amount from an account of the company under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement by deduction from accounts), within the 3 months immediately preceding the date of the winding-up order. (2A) Where this paragraph applies— (a) in a case within paragraph (2)(a), the goods or effects, or the proceeds of their sale, and (b) in a case within paragraph (2)(b), the amount in question, is charged for the benefit of the company with the preferential debts of the company to the extent that the company's property is for the time being insufficient for meeting those debts.

• (3) In paragraph (3) for “(2)” substitute “ (2A) ”.

• (4) Accordingly, in the heading for the Article after “distrained” insert “ , etc ”.

39

• (1) Article 301 (preferential charge on goods distrained) is amended as follows.

• (2) For paragraph (1) substitute—

(1) Paragraph (1A) applies where— (a) any person has distrained upon the goods or effects of an individual who is adjudged bankrupt within 3 months from the distraint, or (b) Her Majesty's Revenue and Customs has been paid any amount from an account of an individual under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement by deduction from accounts) and the individual is adjudged bankrupt within 3 months from the payment. (1A) Where this paragraph applies— (a) in a case within paragraph (1)(a), the goods or effects, or the proceeds of their sale, and (b) in a case within paragraph (1)(b), the amount in question, is charged for the benefit of the bankrupt's estate with the preferential debts of the bankrupt to the extent that the bankrupt's estate is for the time being insufficient for meeting them.

• (3) In paragraph (2) for “(1)” substitute “ (1A) ”.

FA 1998

40

In Schedule 18 to FA 1998 (company tax returns, assessments etc), in paragraph 40, after sub-paragraph (4) insert—

(5) Where— (a) action is being taken under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement of deduction from accounts) for the recovery of an amount (“the original amount”) of any tax charged by a determination under paragraph 36 or 37, and (b) before that action is concluded, the determination is superseded by a self-assessment, that action may be continued as if it were action for the purposes of the recovery of so much of the tax charged by the self-assessment as is due and payable, has not been paid and does not exceed the original amount.

FA 2003

41

In Schedule 10 to FA 2003 (stamp duty land tax: returns etc), in paragraph 27, after sub-paragraph (3) insert—

(4) Where— (a) action is being taken under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement of deduction from accounts) for the recovery of an amount (“the original amount”) of tax charged by a Revenue determination, and (b) before that action is concluded, the determination is superseded by a self-assessment, that action may be continued as if it were action for the purposes of the recovery of so much of the tax charged by the self-assessment as is due and payable, has not yet been paid and does not exceed the original amount.

FA 2013

42

In Schedule 33 to FA 2013 (annual tax on enveloped dwellings: returns etc), in paragraph 20, after sub-paragraph (3) insert—

(4) Where— (a) action is being taken under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement of deduction from accounts) for the recovery of an amount (“the original amount”) of tax charged by an HMRC determination, and (b) before that action is concluded, the determination is superseded by a self-assessment, that action may be continued as if it were action for the purposes of the recovery of so much of the tax charged by the self-assessment as is due and payable, has not yet been paid and does not exceed the original amount.

VAT lock

Personal allowance from 2016

Basic rate limit from 2016

Annual investment allowance

Increased nil-rate band where home inherited by descendants

Calculation of rate of inheritance tax on settled property

Settlements with initial interest in possession

Distributions etc from property settled by will

Inheritance tax: interest

Banking companies: surcharge

Definitions relating to banks

Pensions: some lump sum death benefits taxed as pension income

Pensions: some lump sum death benefits taxed as pension income

Relief for finance costs related to residential property businesses

Venture capital trusts

R&D expenditure credits: ineligible companies

Election of designated currency by UK resident investment company

Group relief

CFC charge: tax avoidance involving carried-forward losses

Restitution interest payments

Vehicle excise duty

Disguised investment management fees

Carried interest and disguised investment management fees: “arise”

Vehicle excise duty

Insurance premium tax: standard rate

Aggregates levy: restoration of exemptions

CCL: removal of exemption for electricity from renewable sources

International agreements to improve compliance: client notification

Rate of interest applicable to judgment debts etc in taxation matters

Short title

Bank levy rate for 2016

Bank levy rate for 2017

Bank levy rate for 2018

Bank levy rate for 2019

Bank levy rate for 2020

Bank levy rate for 2021

TMA 1970

FA 1998

CTA 2010

TIOPA 2010

FA 2015

Surcharge

CFCs

Diverted profits tax

Interpretation

Introductory

Limiting eligibility for relief to investments made before 2025

The investor

General requirements

The issuing company

Repayment etc of share capital

Information to be provided by issuing company etc

Acquisition of issuing company

Powers to amend Part 5 of ITA 2007

“Knowledge-intensive companies”

Consequential repeals

Commencement and transitional provision

Introductory

Limiting eligibility for relief to investments made before 2025

Requirements for the giving of VCT approval

VCT approvals

The first commercial sale condition and the no business acquisition condition

Qualifying holdings

Power to amend Chapter 4 of Part 6

Interpretation of Chapter 4 of Part 6

Acquisitions for restructuring purposes

Power to amend Chapters 3 and 4 of Part 6 of ITA 2007

Interpretation of Part 6

Repeal of saving for investment of “protected money”

Consequential repeal

Application and transitional provision

Introductory

Commencement: the general rule

Commencement: sections 321, 349 and 605 of CTA 2009

Commencement: insolvency, corporate rescue etc

Commencement: anti-avoidance provisions etc

Transitional adjustments relating to loan relationships

Transitional adjustments relating to derivative contracts

Straddling accounting periods treated as split for certain purposes

Transitional provision relating to abolition of “fairly represents” test

Transitional provision relating to fixed capital asset or project

Introduction

“Relevant sum”

Information notice

Hold notice

Persons at a particular disadvantage in dealing with Revenue and Customs affairs

Effect of hold notice

Determination of held amounts

Duty to notify HMRC and account holders etc

Cancellation or variation of effects of hold notice

Making objections to hold notice

Consideration of objections

Appeals

Deduction notice

Penalties

Assessment of penalty

Appeal against penalty

Enforcement of penalty

Protection of deposit-takers acting in good faith

Power to modify amounts and time limits

Power to make further provision

Regulations

Joint accounts

Defined terms

Extent

TMA 1970

Insolvency Act 1986

Insolvency (Northern Ireland) Order 1989

FA 1998

FA 2003

FA 2013

Editorial notes

Basic rate limit from 2016

Annual investment allowance

Increased nil-rate band where home inherited by descendants

Calculation of rate of inheritance tax on settled property

Settlements with initial interest in possession

Distributions etc from property settled by will

Inheritance tax: interest

Definitions relating to banks

Pensions: special lump sum death benefits charge

Relief for finance costs related to residential property businesses

Venture capital trusts

R&D expenditure credits: ineligible companies

Election of designated currency by UK resident investment company

Group relief

CFC charge: tax avoidance involving carried-forward losses

Restitution interest payments

Changes in trading stock not made in course of trade

Disguised investment management fees

Carried interest and disguised investment management fees: “arise”

Insurance premium tax: standard rate

Aggregates levy: restoration of exemptions

CCL: removal of exemption for electricity from renewable sources

International agreements to improve compliance: client notification

Rate of interest applicable to judgment debts etc in taxation matters

Short title