LegalizeReform history
Finance Act 2020
15 versions
· 2020-07-22
2026-03-18
Finance Act 2020
2025-11-20
Finance Act 2020
2025-04-28
Finance Act 2020
2024-02-22
Finance Act 2020
2023-07-11
Finance Act 2020
2023-04-06
Finance Act 2020
2022-05-12
Finance Act 2020
2022-04-28
Finance Act 2020
2022-02-24
Finance Act 2020
2021-10-01
Finance Act 2020
2021-06-29
Finance Act 2020
2021-06-10
Finance Act 2020
Changes on 2021-06-10
@@ -50,7 +50,7 @@
### Corporation tax charge and rates
#### Losses on disposal of shares: abolition of requirement to be UK business
#### Gains from contracts for life insurance etc: top slicing relief
##### 5
@@ -58,7 +58,7 @@
- (2) Accordingly, omit section 7(2) of F(No.2)A 2015 (which is superseded by the provision made by subsection (1)).
#### Relief for certain cross-border transactions
#### Section 48: meaning of “relevant operating expenses”
##### 6
@@ -2923,7 +2923,7 @@
- (2) Section 6(2) of the 2013 Act (HGV road user levy charged in respect of non-UK heavy goods vehicle for each day on which the vehicle is used or kept on a road to which the Act applies) does not apply in respect of any day in the exempt period.
- (3) The exempt period is the period of 12 months beginning with 1 August 2020.
- (3) The exempt period is the period of 24 months beginning with 1 August 2020.
- (4) Section 7 of the 2013 Act (rebate of levy) has effect as if, after subsection (2A), there were inserted—
@@ -3051,7 +3051,7 @@
##### 95
Schedule 12 makes provision about carbon emissions tax.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charge for allocating allowances under emissions reduction trading scheme
@@ -3426,9 +3426,9 @@
##### 107
- (1) The modifications made by this section apply for the purposes of determining whether a disqualifying event occurs or is treated as occurring in relation to an employee in accordance with section 535 of ITEPA 2003 (enterprise management incentives: disqualifying events relating to employee).
- (2) Paragraph 26 of Schedule 5 to ITEPA 2003 (requirement as to commitment of working time) has effect as if, in sub-paragraph (3)—
- (1) Schedule 5 to ITEPA 2003 (enterprise management incentives) is modified in accordance with subsections (2) and (3).
- (2) Paragraph 26 (requirement as to commitment of working time) has effect as if, in sub-paragraph (3)—
- (a) the “or” at the end of paragraph (c) were omitted, and
@@ -3437,17 +3437,15 @@
> , or
> (e) not being required to work for reasons connected with coronavirus disease (within the meaning given by section 1(1) of the Coronavirus Act 2020).
- (3) Paragraph 27 of that Schedule (meaning of “working time”) has effect as if, in sub-paragraph (1)(b), for “(d)” there were substituted “ (e) ”.
- (4) Section 535 of ITEPA 2003 has effect as if, in the closing words of subsection (3), for “(d)” there were substituted “ (e) ”.
- (3) Paragraph 27 (meaning of “working time”) has effect as if, in sub-paragraph (1)(b), for “(d)” there were substituted “ (e) ”.
- (4) Section 535 of ITEPA 2003 (disqualifying events relating to employee in relation to enterprise management incentives) has effect as if, in the closing words of subsection (3), for “(d)” there were substituted “ (e) ”.
- (5) The modifications made by this section have effect in relation to the period—
- (a) beginning with 19 March 2020, and
- (b) ending with 5 April 2021.
- (6) The Treasury may by regulations made in the tax year 2020-21 amend subsection (5)(b) by replacing “2021” with “2022”.
- (b) ending with 5 April 2022.
#### Protected pension age of members re-employed as a result of coronavirus
@@ -7035,7 +7033,7 @@
##### 21
The Treasury may by regulations make such amendments of any enactment as they consider appropriate in consequence of the coming into force of any of paragraphs 1 to 17.
The Treasury may by regulations make such amendments of any enactment , including Schedule 21 to FA 2021, as they consider appropriate in consequence of the coming into force of any of paragraphs 1 to 17.
##### 22
@@ -7051,120 +7049,43 @@
##### 1
Part 3 of FA 2019 (carbon emissions tax) is amended in accordance with paragraphs 2 to 8.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to set emissions allowance
##### 2
- (1) Section 73 (emissions allowance) is amended in accordance with this paragraph.
- (2) The existing text becomes subsection (1).
- (3) After that subsection insert—
> (2) Regulations under this section—
> (a) may have effect in relation to the reporting period during which they are made, and
> (b) may make provision by reference to data relating to times before they are made.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to make further provision by regulations
##### 3
In section 70 (charge to carbon emission tax), at the end insert—
> (4) The Treasury may by regulations provide that carbon emissions tax is not charged in relation to regulated installations of a specified description.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 4
- (1) Section 75 (power to make further provision about carbon emissions tax) is amended in accordance with this paragraph.
- (2) In subsection (1)(d) (enforcement) after “tax” insert “ (including provision for the imposition of civil penalties for failure to comply with a requirement of regulations under this Part) ”.
- (3) In subsection (2)(d) (review and appeal), omit “of a regulator”.
- (4) In subsection (3) (regulations), for paragraph (b) substitute—
> (b) modify—
> (i) the Monitoring and Reporting Regulation;
> (ii) the Verification Regulation;
> (iii) subordinate legislation relating to the monitoring or regulation of emissions.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 5
In section 76 (consequential provision), in subsection (5), for the words from “amend” to the end substitute
> modify—
> (a) any enactment (whenever passed or made);
> (b) the Monitoring and Reporting Regulation;
> (c) the Verification Regulation.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 6
- (1) Section 78 (regulations) is amended in accordance with this paragraph.
- (2) In subsection (1)—
- (a) in paragraph (a) (conferral of functions etc), after “discretions on” insert “ HMRC, the Secretary of State, ”;
- (b) in paragraph (b) (charges), after “regulations” insert “ or in anticipation of the conferral of such a function ”.
- (3) For subsection (3) (procedure) substitute—
> (3) A statutory instrument containing regulations under section 76(4) that make provision amending or repealing any provision of an Act of Parliament must be laid before the House of Commons after being made and, unless approved by that House before the end of the period of 40 days beginning with the date on which the instrument is made, ceases to have effect at the end of that period.
- (4) After subsection (5) insert—
> (6) The fact that a statutory instrument ceases to have effect as a result of subsection (3) does not affect—
> (a) anything previously done under the instrument, or
> (b) the making of a new instrument.
> (7) In calculating the period of 40 days mentioned in subsection (3), no account is to be taken of any time—
> (a) during which Parliament is dissolved or prorogued, or
> (b) during which the House of Commons is adjourned for more than four days.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation
##### 7
- (1) Section 77 (interpretation) is amended in accordance with this paragraph.
- (2) In subsection (1)—
- (a) after the definition of “installation” insert—
> “*modify*” includes amend, repeal or revoke;
;
- (b) for the definition of “the Monitoring and Reporting Regulation” substitute—
> “*the Monitoring and Reporting Regulation*” means Commission Implementing [Regulation (EU) 2018/2066](https://www.legislation.gov.uk/european/regulation/2018/2066) of 19 December 2018 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive [2003/87/EC](https://www.legislation.gov.uk/european/directive/2003/0087) of the European Parliament and of the Council and amending [Commission Regulation (EU) No 601/2012](https://www.legislation.gov.uk/european/regulation/2012/0601) (as amended from time to time);
;
- (c) in the definition of “reporting period” omit “(subject to section 79(4))”;
- (d) for the definition of “the Verification Regulation” substitute—
> “*the Verification Regulation*” means Commission Implementing [Regulation (EU) No 2018/2067](https://www.legislation.gov.uk/european/regulation/2067/2018) of 19 December 2018 on the verification of data and on the accreditation of verifiers pursuant to Directive [2003/87/EC](https://www.legislation.gov.uk/european/directive/2003/0087) of the European Parliament and of the Council (as amended from time to time).
- (3) For subsection (4) substitute—
> (4) For the purposes of this Part, the Monitoring and Reporting Regulation is to be treated for the purposes of section 3 of the European Union (Withdrawal) Act 2018 as if it is fully in force immediately before IP completion day (even if it is not).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement and transitional provision
##### 8
- (1) Section 79 (commencement and transitional provision) is amended in accordance with this paragraph.
- (2) For subsection (1) substitute—
> (1) This Part comes into force—
> (a) for the purposes of making regulations under section 70, 73, 75 or 76, on the day after the day on which paragraphs 1 to 8 of Schedule 12 to FA 2020 come into force, and
> (b) for all other purposes, on such day as the Commissioners may by regulations appoint.
- (3) Omit subsections (3) to (5).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Penalty for failure to make payments on time
@@ -7176,7 +7097,7 @@
##### 10
Paragraph 9 comes into force on such day as the Treasury may by regulations made by statutory instrument appoint.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 13
@@ -8588,13 +8509,13 @@
- (11) Expressions used in this paragraph and in Schedule 13 have the same meaning in this paragraph as they have in that Schedule (subject to the modification made by sub-paragraph (10)(a)).
#### Main rates of income tax for tax year 2020-21
#### Income tax charge for tax year 2020-21
#### Determining the appropriate percentage for a car: tax year 2020-21 only
#### Determining the appropriate percentage for a car: tax year 2021-22 only
#### Tax treatment of certain Scottish social security benefits
#### Apprenticeship bursaries paid to persons leaving local authority care
#### Voluntary office-holders: payments in respect of expenses
@@ -8602,13 +8523,13 @@
#### Election for loan charge to be split over three tax years
#### Relief from interest on tax payable by a person subject to the loan charge
#### Operation of the scheme
#### Relief on disposal of private residence
#### Quarterly instalment payments
#### Loan charge reduced where underlying liability disclosed but unenforceable
#### Repaying sums paid to HMRC under agreements relating to certain loans etc
#### Entrepreneurs' relief
#### Corporate capital losses
#### Relief from CGT for loans to traders
@@ -8616,57 +8537,57 @@
#### Structures and buildings allowances: rate of relief
#### Intangible fixed assets: pre-FA 2002 assets etc
#### Surcharge on banking companies: transferred-in losses
#### Changes to accounting standards affecting leases
#### Meaning of “digital services revenues”
#### Duty to notify HMRC of change in relevant information
#### Structures and buildings allowances: miscellaneous amendments
#### Non-UK resident companies carrying on UK property businesses etc
#### CT payment plans for tax on certain transactions with EEA residents
#### Digital services tax: introduction
#### Duty to notify HMRC when threshold conditions are met
#### Excluded property etc
#### Transfers between settlements etc
#### Exceptional circumstances preventing disposal of interest in three year period
#### SDRT: unlisted securities and connected persons
#### Rates of tobacco products duty
#### Relief for payments to victims of persecution during Second World War era
#### Stamp duty: transfers of unlisted securities and connected persons
#### Post-duty point dilution of wine or made-wine
#### Applicable CO2 emissions figure determined using WLTP values
#### Electric vehicles: extension of exemption
#### Exemption in respect of medical courier vehicles
#### Rebated fuel: private pleasure craft
#### Rates of climate change levy until 1 April 2021
#### Motor caravans
#### HGV road user levy
#### Amounts of gross gaming yield charged to gaming duty
#### Rates of climate change levy from 1 April 2021
#### Rates of landfill tax
#### Charge for allocating allowances under emissions reduction trading scheme
#### Carbon emissions tax
#### HMRC debts: priority on insolvency
#### Joint and several liability of company directors etc
#### HMRC debts: regulations
#### Interest on unpaid tax in case of disaster etc of national significance
#### Enterprise management incentives: disqualifying events
#### Taxation of coronavirus support payments
#### Protected pension age of members re-employed as a result of coronavirus
#### Modifications of the statutory residence test in connection with coronavirus
#### Preparing for a new tax in respect of certain plastic packaging
#### Short title
#### Future Fund: EIS and SEIS relief
#### Interpretation
### Commencement
@@ -9008,4 +8929,10 @@
[^key-e68e3c6a27fb56ff704c437ab5a58e2b]: [Sch. 12](https://www.legislation.gov.uk/ukpga/2020/14/schedule/12) omitted (10.6.2021) by virtue of [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 112(2)](https://www.legislation.gov.uk/ukpga/2021/26/section/112/2)
[^key-e68e3c6a27fb56ff704c437ab5a58e2b]: [Sch. 12](https://www.legislation.gov.uk/ukpga/2020/14/schedule/12) omitted (10.6.2021) by virtue of [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 112(2)](https://www.legislation.gov.uk/ukpga/2021/26/section/112/2)
[^key-cc23e2c7e3495f4e4b15be404c5ade67]: Word in [s. 88(3)](https://www.legislation.gov.uk/ukpga/2020/14/section/88/3) substituted (10.6.2021) by [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 106](https://www.legislation.gov.uk/ukpga/2021/26/section/106)
[^key-2af8dab5535634073bed5634333d04c3]: [S. 95](https://www.legislation.gov.uk/ukpga/2020/14/section/95) omitted (10.6.2021) by virtue of [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 112(2)](https://www.legislation.gov.uk/ukpga/2021/26/section/112/2)
[^key-3c865df2bc0767f67430939d54044b48]: [S. 107](https://www.legislation.gov.uk/ukpga/2020/14/section/107) substituted (10.6.2021) by [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 24](https://www.legislation.gov.uk/ukpga/2021/26/section/24)
[^key-3080e45dc71d44662d910e29f616a0f6]: Words in [Sch. 11 para. 21](https://www.legislation.gov.uk/ukpga/2020/14/schedule/11/paragraph/21) inserted (10.6.2021) by [Finance Act 2021 (c. 26)](https://www.legislation.gov.uk/ukpga/2021/26), [s. 102(7)](https://www.legislation.gov.uk/ukpga/2021/26/section/102/7)
2021-04-06
Finance Act 2020
2021-02-22
Finance Act 2020
2020-07-22
Finance Act 2020
original version
Text at this date